International Karachi, Monday, July 11, 2011, Shaban-ul-Muazzam 8, Price Rs12 Pages 12
Fehmida stresses liaison among Saarc nations See on Page 12 Economic Indicators $18.25bn 13.92% $22.45bn $36.55bn $(14.11)bn $205mn $10.10bn $1.74bn Rs 1598bn $59.54bn Rs 5873bn $725mn 0.88% 4.10% $1,051 176.57mn
Forex Reserves (02-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-May 11) Imports (Jul 10 - May 11) Trade Balance (Jul 10 - May 11) Current A/C (Jul 10- May 11) Remittances (Jul 10 - May 11) Foreign Invest (Jul 10-May 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul- Apr 11) LSM Growth (Apr 11)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
1.85 1.85 0.79 2822
Yearly(Jul, 2011 up to 8-Jul-2011) Monthly(Jun, 2011 up to 8-Jul-2011) Daily (8-Jul-2011) Total Portfolio Invest (25-Jun-2011)
NCCPL (U.S $ in million)
FIPI (8-Jul-2011) Local Companies (8-Jul-2011) Banks / DFI (8-Jul-2011) Mutual Funds (8-Jul-2011) NBFC (8-Jul-2011) Local Investors (8-Jul-2011) Other Organization (8-Jul-2011)
-0.14 0.27 0.00 -0.68 0.04 0.51 0.01
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 SSE COMP. FTSE 100 Dow Jones
Close 12390.12 10137.73 22726.43 18858.04 2797.77 5990.58 12657.20
Change 51.28 66.59 196.25 220.26 3.51 63.97 62.29
GDR update $.Price PKR/Shares Symbols 111.55 MCB (1 GDR= 2 Shares) 2.60 165.69 OGDC (1 GDR= 10 Shares) 19.31 42.90 UBL (1 GDR= 4 Shares) 2.00 36.47 LUCK (1 GDR= 4 Shares) 1.70 38.61 HUBC (1 GDR= 25 Shares) 11.25
Money Market Update T-Bills (3 Mths) 29-Jun-2011 T-Bills (6 Mths) 29-Jun-2011 T-Bills (12 Mths) 29-Jun-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 09-Jul-2011 Kibor (3 Mths) 09-Jul-2011 Kibor (6 Mths) 09-Jul-2011 Kibor (9 Mths) 09-Jul-2011 09-Jul-2011 Kibor (1 Yr) 09-Jul-2011 P.I.B (3 Yrs) 09-Jul-2011 P.I.B (5 Yrs) 09-Jul-2011 P.I.B (10 Yrs) 09-Jul-2011 P.I.B (15 Yrs) 09-Jul-2011 P.I.B (20 Yrs) 09-Jul-2011 P.I.B (30 Yrs)
13.49% 13.74% 13.91% 14.00% 13.64% 13.55% 13.79% 14.13% 14.23% 13.97% 14.02% 14.06% 14.25% 14.34% 14.46%
Commodities Crude Oil (brent)$/bbl Crude Oil (WTI)$/bbl Cotton $/lb Gold $/ozs Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
118.33 96.20 113.88 1,541.60 36.54 1,023 42,436 7,288
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $ 91.85 92.85 Canadian $ 88.60 89.60 Danish Krone 16.15 16.55 Euro 122.60 123.80 Hong Kong $ 10.60 11.10 Japanese Yen 1.041 1.067 Saudi Riyal 22.85 23.05 Singapore $ 69.80 70.80 Swedish Korona 13.20 13.50 Swiss Franc 97.80 98.80 U.A.E Dirham 23.35 23.55 UK Pound 137.80 139.00 US $ 86.00 86.30 Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 92.07 92.28 Canadian $ 89.14 89.35 Danish Krone 16.38 16.42 Euro 122.03 122.32 Hong Kong $ 11.00 11.02 Japanese Yen 1.054 1.057 Saudi Riyal 22.83 22.88 Singapore $ 70.12 70.29 Swedish Korona 13.42 13.45 Swiss Franc 102.26 102.50 U.A.E Dirham 23.31 23.36 UK Pound 137.34 137.66 US $ 85.81 85.99 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
Max-Temp Min-Temp
35°C 35°C 33°C 34°C 37°C 36°C
20°C 29°C 29°C 30°C 15°C 20°C
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Multiple Afghan visa to be issued to Pak traders
See on Page 12
Australia unveils carbon plan in climate fight
See on Page 12
Rs18bn allocated for Diamer-Bhasha dam
See on Page 12
US halts $800mn military aid to Pak WASHINGTON: The Obama administration is suspending and, in some cases, canceling hundreds of millions of dollars of aid to the Pakistani military, in a move to chasten Pakistan for expelling American military trainers and to press its army to fight militants more effectively, The New York Times reported on Sunday. Subsequently a private news channels quoted sources of White House confirming that the said military aid has been stopped. Coupled with a statement from the top American military officer last week linking Pakistan's military spy agency to the recent murder of a
Pakistani journalist, the halting or withdrawal of military equipment and other aid to Pakistan illustrates the depth of the debate inside the Obama administration over how to change the behavior of one of its key counterterrorism partners. Altogether, about $800 million in military aid and equipment, or over one-third of the more than $2 billion in annual American security assistance to Pakistan, could be affected, three senior United States officials said. This aid includes about $300 million to reimburse Pakistan for some of the costs of deploying more than 100,000 soldiers
along the Afghan border to Pentagon and other administra- States wants to send but combat terrorism, as well as tion officials who were granted Pakistan now refuses to accept, hundreds of millions of dollars anonymity to discuss the politi- like rifles, ammunition, body armor and bomb-disposal gear that were withdrawn or held up after Pakistan ordered more than 100 Army Special Forces trainers to leave the country in ISLAMABAD: Pakistan's increasingly "close and effective recent weeks. Some is equipment, such as defense ties" established with China during the past decade will allow Islamabad to "fill the gap" arising from the prospect of radios, night-vision goggles and reduced military aid from the United States, a senior Pakistani helicopter spare parts, which cannot be set up, certified or official said on Sunday after reports emerged of cuts of up to $800 used for training because million in U.S. aid. Pakistan has denied visas to the On Sunday, a senior Pakistani official who spoke to CBS News American personnel needed to on condition of anonymity following the New York Times report operate the equipment, two sensaid, "This tightening of US military See # 6 Page 11 ior Pentagon officials said. in training assistance and mili- cally delicate matter. And some is assistance like tary hardware, according to Some of the curtailed aid is the reimbursements for troop half a dozen Congressional, equipment that the United costs, which is being reviewed
Pak to offset US military cuts from China: official
in light of questions about Pakistan's commitment to carry out counterterrorism operations. For example, the United States recently provided Pakistan with information about suspected bomb-making factories, only to have the insurgents vanish before Pakistani security forces arrived a few days later. "When it comes to our military aid," Secretary of State Hillary Rodham Clinton told a Senate committee last month "we are not prepared to continue providing that at the pace we were providing it unless and until we see certain steps taken." See # 7 Page 11
SECP, KSE mull steps to boost volumes TFD Report KARACHI: Securities and Exchange Commission of Pakistan (SECP) and the Karachi Stock Exchange (KSE) in a joint meeting on Sunday discussed the prevailing market situation and possible measures to address issues faced by the market in particular persistent low trading volumes and lack of retail participation.
According to a press release, the meeting was chaired by the Chairman SECP Muhammad Ali and attended by KSE Chairman Nadeem Naqvi and member directors KSE board, senior management of the Exchange and SECP, and senior market participants. The meeting discussed various developmental areas including KSE's proposal for amendments in Deliverable
MQM’s few demands not acceptable: PM LAHORE: Prime Minister Syed Yousuf Raza Gilani has said that Pakistan People Party (PPP) has always followed the policy of reconciliation but stability of the country could not be put at stake for the sake of party interests. Talking to journalists here on Sunday, Prime Minister Gilani said that for the larger interests of the country, the PPP sought cooperation from political parties for joint efforts to take the country out of prevailing crises. He said that PPP kept on accepting all kinds of MQM's demands in the past but said that those going against the vital national interests could not be accepted.
"PPP cannot accept anti-state demands of MQM," the Premier asserted. Gilani said that formation of Grand Alliance against the government is not visible in the near future, and hoped that the MQM would rejoin the coalition government. He said the PPP was not afraid of sitting on the opposition benches but this should be done through constitutional means. The Prime Minister said this is the first democratic government, san support of army dictatorship, which is going to complete its five-year tenure in the history of Pakistan, he added. - INP
Ease in power cuts pledged ISLAMABAD: Minister for Water and Power Syed Naveed Qamar has said that government is taking all possible steps to minimize the duration of the load-shedding so that people's problems could be reduced during summer. Talking to Pakistan People's Party (PPP) Information Secretaries from various districts gathered here to attend seven-day training workshop. He said about 3000 megawatt electricity have been added to national grid during the last three years. "We are doing our best to bridge the power demand and supply gap" he added. Naveed Qamar said power situation has worsened as pervious government did not start not even a single mega-project to meet growing demands of the country.
He said no area has been exempted from the power cuts. Load-shedding is being done in cities and villages under a well prepared plan and without any discrimination. Maximum electricity is being produced from the existing power production units, he said. The Minister said work on Bhasha dam would be started soon as the formalities have been completed. He said USAID has given 10 million dollar for the construction of a colony at the dam site. He added that enough amount has been allocated for the purchase of land for Bhasha dam project. To a question he said former president Pervez Musharraf only inaugurated the Basha project on paper while practical steps were not taken by his government to initiate work on this mega project. - APP
Futures Market (DFM) and Margin Trading System (MTS). The measures agreed for the Deliverable Futures Contract market include; initial margins to be collected 50 per cent in eligible securities and 50 per cent in cash, mandatory basic deposit requirement to take part in DFM has been withdrawn and a voluntary "Roll-over Facility" shall be See # 8 Page 11
SBR restores previous status of three big cities TFD Monitoring KARACHI: Sindh Board of Revenue has issued official notification for restoration of old status of three major cities of the province including Karachi, Hyderabad and Larkana, a private news channel reported on Sunday. According to SBR notification, now Karachi has been reversed into its old status of comprising five districts including East, West, Central, South and Malir. The notification further describes that Hyderabad's four districts have been eliminated and now it has been converted to its past status while Larkana's old status has been also restored. See # 12 Page 11
Sufficient sugar stock available: TCP RAWALPINID: Chairman Trading Corporation of Pakistan (TCP) Sheikh Anjum Bashir has said that there will be no shortage of sugar particularly during Ramazan as TCP has enough stocks of the commodity. The Chairman said 126 days require to import a commodity and its our prime responsibility to arrange import of required commodity within stipulated timeframe. The main responsibility of the corporation is to import commodities and maintain their stocks so that shortage of essential items in the market could be eliminated, he said adding "We always tried hard in this regard and fulfilled our responsibility in an effective manner." TCP does not control the prices of the commodities See # 13 Page 11
KARACHI: Security personnel stand alert to avert any untoward incident at Katti Pahari. Firing was reported in Qasba Colony after the opening of markets on Sunday.-Online
Govt revived commissionerate system for authoritarianism: Altaf
MQM flexes muscles against magistracy KARACHI: Muttahida Qaumi Movement (MQM) strongly rejecting the government's decision of reviving the commissionerate system in Sindh on Sunday, vowed to challenge it at every level. MQM Deputy Convener Dr Farooq Sattar said this while addressing a press conference after simultaneous meetings of MQM's Coordination Committee London and Karachi. "MQM strongly opposes and rejects the revival of commis-
sionerate system in Sindh and it will go to courts and people to raise its voice against the dictatorial step," he said, adding the government's decision will also be challenged and opposed in the National and provincial assemblies. He termed the restoration of commissionerate system by the government as a conspiracy to deprive the people of their basic rights and aimed only at strengthening the existing feudal system across the country.
He went on to say that the commissionerate system negates the very norms and spirit of democracy. Comparing the commissionerate system with the local government set up, Dr. Farooq Sattar said the LG system ensured transfer of power to the grass roots level and offered a best way to resolve people's issues by public representatives with direct access to citizens. Democracies all over the See # 9 Page 11
Pak urges US to share info on Zawahri ISLAMABAD: Pakistani called on the United States on Sunday to share information about new al Qaeda leader Ayman al-Zawahri after US Defence Secretary Leon Panetta said he believed that Osama bin Laden's successor was in Pakistan. During his first trip to Kabul on Saturday as Pentagon chief, Panetta said he believed that the new al Qaeda leader was living in Pakistan's lawless tribal belt on the Afghan border.
The Pakistani military said its troops were already carrying out "intense operations" against al Qaeda and its affiliates as well as "terrorists leadership" and high value targets (HVTs) who pose a threat to Pakistan's security. "We expect U.S. intelligence establishment to share available information and actionable intelligence regarding Al Zawahri and other HVTs with us, enabling Pakistan Army to carry out targeted operations,"
a military spokesman said in a statement. The former CIA chief said the strategic defeat of al Qaeda was within reach if the United States could kill or capture up to 20 remaining leaders of the core group and its affiliates. He said these militant leaders were living in Pakistan, Yemen, Somalia and in North Africa. Panetta said now was the time -- in the wake of bin Laden's killing in Pakistan in See # 10 Page 11
India for more trading days on LoC NEW DELHI: India has decided to propose to Pakistan to increase the number of trading days from two to four for cross-LoC commerce besides multiple entry permit for 6 months for people of Jammu and Kashmir as part of confidence building measures. The decision to make the pro-
posal was taken at a high-level meeting convened by the Ministry of External Affairs in New Delhi recently which was attended by officials from the Jammu and Kashmir Government and the Home Ministry. It came ahead of the Indo-Pak foreign ministers meeting in New Delhi later this month.
During the meeting, it was agreed upon to propose to Pakistan, the decisions taken by the Cabinet Committee on Security in September 2008, which includes increasing of trading ties from existing two days to four days, official sources said. See # 11 Page 11
2 Monday, July 11, 2011
World Population Day today
Joint action urged to control population ISLAMABAD: President Asif Ali Zardari urged all stakeholders including civil society, NGOs, provincial governments and individuals to put the country on path of progress and prosperity through coordinated efforts in meeting challenges of population growth. In a message on World Population Day to be observed on Monday, he said the World Population Day is being observed to create awareness among masses about population and development issues. The President said the demographic factor alone plays a critical role in the developmental agenda and in order to strike a balance
between population growth and resources required for sustainable development, concerted efforts are needed to obtain realistic estimates and figures. "The fast pace of population growth should make us pause and reflect on its impact on the available resources and infrastructure," he added. He said if the population continues to grow at the current rate; very soon the resources will just not be able to support the people. "This growth rate is also a wakeup call for us to plan our strategy for health and education sectors." He said growing population is a factor behind Pakistan's lagging behind most countries
of the region in the areas of literacy and primary education. It has also contributed to unplanned urbanization, deterioration of the habitat and also strained the capacity to provide shelter to all, he said adding "this state of affairs demands a review of our development priorities and re-examination of our strategies," he added. The President said to overcome the negative impact of population growth, provincial governments have been entrusted with complete responsibility under 18th Amendment to do planning to meet the challenges and issues of exploding population. World Population Day will be observed with the theme
"World at 7 Billion" highlighting importance of family planning in relation with gender equality, poverty, maternal health and human rights. A number of activities including seminars, conference, discussions, educational information sessions and essay competitions are arranged both by public and private organizations across the country every year. World Population Day is an annual event, observed on July 11, which seeks to raise awareness of global population issues. The day was started to be observed by the Governing Council of the United Nations Development Programme in 1989. - APP
JI submits bill for journalists safety in Senate ISLAMABAD: Senators belonging to Jamaat-e-Islami Pakistan, Professor Khurshid Ahmad, Professor Muhammad Ibrahim Khan and Afya Zia have submitted "Journalists' Protection and Welfare Bill 2011" in the Senate Secretariat. In this bill provision of loans on easy installments, provision of special facilities to the journalists, special safety measures, Establishment of journalists' social security fund, National Journalist Council, Functions of the National Journalists' Council have been stressed. The bill said that journalist shall not be compelled to disclose their sources and if matters of national security importance are involved where disclosure of source is demanded, the Supreme Court of Pakistan have the right to ask about the source but it would not be made public.-APP
Mobilink completes model homes for the flood-hit ISLAMABAD: Mobilink, Pakistan's market leader in cellular services and a part of Orascom Telecom Holding, has marked the completion of the first phase of model homes in Rohailan Wali, Muzzaffargarh as part of its continued effort to provide relief and rehabilitation to flood affectees. The Mobilink Foundation has always been at the forefront to help the nation in critical times. Mobilink's Corporate Social Responsibility (CSR) philosophy goes beyond philanthropy and donations. Mobilink is constructing over 60 homes across Pakistan through the Mobilink Foundation.-PR
KARACHI: Supporters of Jamat-e-Islami chanting slogans during the Peace Walk.-INP
Sindh, B'stan, GB ready to adopt NCHD ISLAMABAD: The provinces including Balochistan, GilgitBaltistan and Sindh have come up with their consent over continuing the functionality of National Commission for Human Development (NCHD) and accepting its employees with the demand from federal government to provide the funds. However, the provinces including Punjab and Khyber Pukhtunkhwa are yet to give their input regarding acceptance of NCHD. According to the official source, Chief Minister Balochistan Nawab Aslam Raisani wrote a letter requesting the federal government to provide funds to NCHD for the financial year of 2011-2012 as per PC-I to save the jobs and future of thousands of employees. The members of GB Legislative Assembly have also submitted resolution regarding continuation of NCHD in Gilgit Baltistan. Similarly, Chief Minister Sindh, Syed Qaim Ali Shah, in the meeting of Council of Common Interest (CCI) held on June 1, has also expressed his willingness to allow work-
Kaira claims CoD almost implemented I S L A M A B A D : Information Secretary Pakistan People's Party (PPP), Qamar Zaman Kaira said that about 95 percent points agreed in Charter of Democracy (CoD) have been implemented. Addressing the participants of District Information secretaries gathered for seven days training, he said, appointment of PAC chairman, formation of independent election commission and respecting the mandate of each other are also points that have been implemented. He said the democratic government believed in the supremacy of the Parliament as it repre-
sents the will of the people. Under the leadership and guidance of the PPP CoChairperson and the democratically elected President of Pakistan, Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani, the government is continuing with the mission of Shaheed Zulfikar Ali Bhutto and Shaheed Motharma Benazir Bhutto to facilitate and ensure provincial autonomy for strengthening the federation. Despite many challenges, the democratically elected parliament started its business with a sense of purpose and accomplished unprecedented success in three years.-APP
Diesel-vehicles turning to CNG despite tough ban I S L A M A B A D : Conversion of heavy vehicles from diesel to CNG facility is continuing despite a ban as it is no less than an explosive for the passengers on-board and the people around. Two or three cylinders are installed in a vehicle beneath rear seats. The CNG-fitted public transport is a nuisance for the masses as it may lead to any untoward incident and result into loss of lives. Such a tragedy took place in Lahore few months ago in which three persons were reportedly
killed and a number of others injured critically. Though the people are unaware of the threat they are moving along with a bomb in their vehicles, the blithe attitude of the administrators concerned is more worrisome. Similarly, the CNG filling stations are also no exception to the threat as their storage tanks are also exposed to this menace. In some gruesome incidents of CNG cylinders' explosion, it was seen that the cylinders were much vulnerable as they were installed ignoring the set safety standards.-APP
that the government has shown commitment under 18th amendment that not a single employee would be removed from services. More than 100 parliamentarians signed resolution for supporting NCHD's continuation. NCHD employees have also filed a constitution petition in the Supreme Court under Article 184(3) for the enforcement of the fundamental rights. NCHD supported the government in enrolling 11.56 million out-ofschool children age 5-7 years; established 13,068 community feeder schools to provide access and cater for increased enrollment, and provided 4,719 feeder teachers in government schools, imparting training to 146,225 government teachers on quality education. The Commission also established 145,411 adult literacy centers, where 3.2 million learners were imparted functional literacy; 95 per cent of who were females. NCHD also trained 13 million women in primary healthcare and screened over 2 million children in the primary schools for eyesight and hearing. - APP
ing of NCHD, demanding funds from the federal government. The officials of NCHD are also lobbying in Punjab and Khyber Pakhtunkhwa to prepare the provincial authorities for adopting the employees of NCHD. The employees of NCHD are continuing their protest and sit-in in front of Parliament House against its closure from the last many days. The protesters are holding placards and banners inscribed with demands from the government to protect NCHD for achieving the Millennium Development Goals (MDGs) of education. The closure of NCHD will affect 16,000 employees and their families in 144 districts but also deprive millions of children in underprivileged areas from primary education and millions of adults to be literate through functional literacy programme. They said "We are in the favour of 18th amendment and demand the government to devolve NCHD rather than dissolve or winding up it". The protesters recalled PHONE NO. 0722-653358
NO: T C/ G- 55/650 / OF 2011 JACOBABAD DATED:- 08/07/2011 TENDER NOTICE:Sealed tenders on B-1 form invited from all the interested contractors / firms meeting the eligibility criteria. S.No. Name Estimated cost Earnest Tender Time allowed of Work ( In Million) Money Fee for completion
AS PER LIST ATTACHED 1. The blank tender forms and other documents can be obtained from the office of the undersigned form the date of Publishing of tenders in news paper during office hours on depositing required tender fee shown against each work. The tender will be received back & opening after 15 days from the date of publishing in news paper up to 2.00 P.M and will be opened immediately on the same day in the presence of the committee comprises Executive District Officer Works & Services Jacobabad. District Officer Buildings Jacobabad & Divisional Accounts Officer Buildings Jacobabad. The contractors and their authorized agents arc requested to be present at the time of opening. The works which remain in responded /short responded will be again issue and open the dates as mentioned below. S.No. Issue of tender of on receipt application up to 2 P.M Date of opening of tender respectively.
27.7.2011 3.8.2011 10.8.11 28.7.2011 4.8.2011 11.8.11
3. The earnest money of the amount shown each work be deposited in the Government treasury or any scheduled bank. The call deposit respect as earnest money be produced at the time of applying, for the tender, without which will not be considered. 4. No conditional tender will be entertained and the authority competent to accept tenders. Reserves the right to reject any or all the tenders without assigning any reason there of and his decision will be final. 5. Application for issue of tender without production of call deposit, as earnest money & renewal for the year 2008 will not be accepted. 6. Contract documents, estimates plans and specifications can be seen in the office of the undersigned on any working day during office hours. The terms and condition of the contract/ agreement will becomes operative upon the contractors as soon as the tender is accepted and work order is issued.
LIST OF WORKS S.No.
Name of work
Estimated Earnest Time of Tender cost Money Completion Fee ( Rs. in (M)
1
Construction /Reconstruction of Veterinary Hospital Jacobabad
19.680
0.394
12 Months 3000.00
2
Construction /Reconstruction of Compound wall @ Veterinary Hospital Jacobabad
5.285
0.106
12 Months 3000.0
R/R OF D.H.Q. Hospital @,) Jacobabad. ( Uner P.M. Directives ) 1
Construction of Kitchen Block in Civil Hospital Jacobabad
2.800
0.056
2
Construction of Garages ( 5 Nos ) in Civil Hospital Jacobabad
2.300
0.046
3
M/R to Generator Room at Civil Hospital Jacobabad
0.300
0.006
INF-KRY 2520/11
6 Months
3000.00
6 Months
3000.00
2 Months
500.00
DISTRICT OFFICER BUILDINGS JACOBABAD
3 Monday, July 11, 2011
Asia currencies
Greenback weekly outlook
Dollar likely lower without Mostly gain on growth, interest rate outlooks US debt limit progress Greenback pressured by debt ceiling deadline
Weaker-than-expected US jobs data to continue to weigh NEW YORK: The dollar is likely to trend lower this week in the aftermath of an abysmal US jobs report on Friday and without clear signs of progress on the approaching US debt ceiling deadline. The US dollar fell against the yen, Swiss franc and sterling on Friday as significantly weaker-than-expected US jobs data raised expectations that the Federal Reserve will leave interest rates low well into next year. The US Treasury runs out of cash to pay its bills on Aug. 2 unless the government is legally allowed to borrow more. With the United States long regarded as the most stable country and with its currency used as the global reserve, even talk of a US default has sent
shudders through global markets. The rapidly approaching deadline has for now overshadowed debt problems in the euro-zone. Friday's jobs report showing only meager growth in June payrolls added to the gloom surrounding the US dollar as investors see the government and Federal Reserve as failing in efforts to stoke economic growth despite a huge stimulus program and rise in borrowings. "US policy (on debt) has been extend and pretend," said Douglas Borthwick, managing director of Faros Trading in Stamford, Connecticut. "We've come to an end of that." The euro is down 2 percent against the dollar this past
Spec's boost US dollar shorts in latest week: CFTC NEW YORK: Currency speculators increased bets against the US dollar in the latest week, according to data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net short position rose to $15.08 billion in the week ended July 5, from net shorts of $12.44 billion a week earlier. The Reuters calculation for the aggregate US dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars. Sterling net shorts rose to 31,669 contracts, their largest since July 2010. Speculators increased bets in favor of the Japanese yen and euro, but trimmed long positions in the Swiss franc. The CFTC data also showed speculators reversed bets against the Canadian dollar in the last week. To be short a currency is to bet it will decline in value, while being long a currency is a bet its value will rise. -Reuters
week, its biggest weekly decline since June 12 at current prices, while the dollar is down 0.2 percent against the yen. The euro is now up 6.5 percent against the dollar year to date, while the dollar is down 0.7 percent against the yen in 2011. One-month euro/dollar risk reversals last traded at -2.825 on Friday, according to Reuters data, with a bias toward euro puts and dollar calls, suggesting more investors are betting the euro will fall than will rise. But investors are less bearish than a few weeks ago when the same risk reversal traded at -3.4, its lowest since June 2010. Trying to break a budget deadlock and allow for an increase in the $14.3 trillion debt ceiling, Obama and congressional leaders are aiming for more than $2 trillion in budget savings and possibly as much as $4 trillion. With Republicans and Democrats still far apart, US President Barack Obama has scheduled another round of talks for Sunday. "It's not like there's some imminent deal about to happen," said US House of Representatives Speaker John Boehner at a news conference. "There are serious differences about how to deal with this very serious problem." While no deal is expected, investors will be seeking any
clue that there is at least some compromise. "Any headline indicating they are closer to an agreement will be dollar positive," said Jessica Hoversen, foreign exchange and fixed income analyst at MF Global in New York. BAD JOBS DATA US employment growth ground to a near halt in June, data from the US Labor Department on Friday showed, with employers hiring the fewest workers in nine months, damping down hopes the economy was on the cusp of regaining momentum after stumbling in recent months. The euro initially tumbled to a session low of $1.4204 on Reuters data, then trimmed losses, with traders saying the sharp drop toward the $1.42 level triggered short-term buying. It last traded at $1.4244, down 0.8 percent on the day. "It's a terrible number, there is no good news you can glean from it," said David Semmens, US economist at Standard Chartered in New York, of the payrolls data. "I don't think this puts pressure on the Fed to do more, though." Speculators increased bets against the dollar at least up to the Tuesday before the jobs report was released, according to CFTC data made public on Friday. -Reuters
Corn climbs, Coffee, cocoa slump Copper rally caps wk of on weak US jobs data stalls after strong grain NEW YORK/LONDON: September cocoa contract slid 69 gloomy Coffee and cocoa futures reeled pounds to finish at 1,944 pounds gains on Friday after disappointing US per tonne. US data Arabica coffee futures dropped jobs data rekindled fears a weak
CHICAGO: US corn futures rose 3.4 percent on Friday on surging exports, particularly to China, and concerns that hot weather forecast for the Corn Belt could threaten the developing crop as it enters its crucial pollination stage. Wheat also rallied as funds covered short positions. Soybeans were higher too, supported by the gains in corn as well as worries that heat might damage the crop this summer. The gains capped a week that saw wheat break a string of five straight losing weeks and corn rebound from a more than 20 percent slump, but trading volumes were the lowest of the year as investors remained uncertain about the size of crops and fretted over the state of the US economy. Corn was up 4.9 percent and soybeans gained 2.2 percent, the best weekly performance for both of those markets in seven weeks. Trading volumes were light on Friday as many investors shrugged at this week's gains and kept money on the sidelines due to uncertainty about the size of this year's crops as well as worries about the economy.-Reuters
macro-economic outlook will zap demand. Sugar ended mixed, with raw sugar easing on late investor sales, although losses were minimized by concern that a small cane crop in top producer Brazil will shrink further. Trading was light, with volume in New York soft commodities ranged from one-fifth to 50 percent below the 30-day norm at 1800 GMT when the markets here close for the day, Thomson Reuters preliminary data showed. Country Hedging Inc analyst Sterling Smith said cocoa futures could not sustain an advance that hoisted the market well above $3,000 a tonne in the United States and 2,000 pounds a tonne in London. "Softs reacted a little bit to (this report)," he said, adding though that cocoa's downturn was caused more by profit-taking because its recent surge was overdone. He said the performance of the softs complex next week will "depend on how the macro picture takes shape." New York's September cocoa contract fell $95 to close at $3,091 per tonne. London's
on pressure from lower-thanexpected US nonfarm payroll data while the expiry of August options on Friday, kept the market around the $2.65 per lb level, dealers said. Newedge USA vice president of institutional sales Rodrigo Costa said September is in a range between $2.40 and $2.70. He said it would be hard "to see it going up much higher above this range, especially when we're going through the Brazilian harvest and we probably won't see funds with short positions anymore." ICE September arabica futures lost 5.30 cents to close at $2.633 per lb. Liffe September robusta futures shed $26 to end at $2,437 a tonne. Late investor sales hit the sugar market after raws defied early weakness to push higher for most of the session. Traders said the market's attention is increasingly turning to disappointing yields that will cut Brazil's 2011/12 production of both sugar and ethanol biofuel below last year's levels, the technical director at Brazil's cane industry association Unica told Reuters on Thursday.-Reuters
NY cotton edges higher, ignores jobs report NEW YORK: Cotton futures finishedmarginally higher on Friday on buying by small investors asplayers adjusted positions while waiting for a government cropreport due out next week, brokers said. The key December cotton futures on ICE Futures U.S.rose 0.36 cent to settle at $1.1388 per lb, dealing from $1.1313 to $1.16. Volume traded stood around 8,300 lots at 1843 GMT, some 60 percent below the 30-day norm, ThomsonReuters preliminary data showed. 'The specs are waiting for a
signal, any signal,' said MikeStevens, an independent analyst in Louisiana. That signal may well come from the monthly supply/demandreport of the US Agriculture Department, which is due outnext Tuesday, and the USDA's weekly crop progress report beingreleased on Monday. Cotton futures barely reacted to the weak US jobs reportwhich hit financial markets during Friday's session. The market also did not react to the weekly USDA export-
sales report, which total US cotton sales surprising thetrade by hitting 430,500 running bales (RBs, 500-lbs each),from 39,400 RBs in last week's report. Analysts said most of that cotton sold is likely done by amajor merchant and was quickly discounted by the trade. Open interest in the ICE futures cotton market stood at139,714 lots as of July 7, ICE Futures US data showed. Volumetraded on Thursday stood at 12,875 lots, it added. -Reuters
NEW YORK: Copper fell on Friday, putting the brakes on atwo-week rally as a dismal set of US employment data scaled back somerecovery optimism. Even after Friday's near 1 percent fall, copper posted a second straightweek of gains, rising 2.4 percent to extend its longest rally this year asprices bounce back from below $9,000 per tonne in June to hit their highest inthree months. "Copper was due for a correction and certainly the (jobs) number is a goodreason for a consolidation," said Bill O'Neill, partner of LOGIC Advisors inUpper Saddle River, New Jersey. London Metal Exchange (LME) benchmark copper peaked at $9,789.75 atonne, the highest since April 12, before ending the day at $9,661, down $79from Thursday's close. In New York, the key September COMEX contract fell 3.00 cents tosettle at $4.4120 per lb, after hitting its own 3-month top at $4.4565. Inafter-hours trade, it held near the $4.40 level. Money managers in COMEX copper added 13,008 lots in the week ended July 5,boosting their net long position to 21,901 lots. This marked the largestholding for the key speculator group since the week of April 17, when they held28,030 lots. Copper's inability to maintain gains after posting a new multimonth highcould lead to further losses in the week ahead, traders warned. Copper has taken some comfort this week from the perception that China'sthird rate hike this year would probably be the last in a series aimed atreining in inflationary pressures. In a move that will keep production shut at one of the world's top copperand gold mines, workers at Freeport Indonesia plan to extend a strikeby another week to July 18.-Reuters
BANKOK: Asian currencies rose for a second week, led by Thailand's baht, on speculation the world's fastest economic growth and rising interest rates will spur more fund inflows from abroad. The baht posted its biggest fiveday advance since December 2008 as overseas investors increased holdings of local assets after the Pheu Thai party won a clear majority in elections last weekend, reducing the scope for political unrest. China raised borrowing costs July 6 and the Bank of Thailand is expected to do so this week. Global funds pumped about $1.6 billion into South Korean, Thai and Indonesian equities in the first four days of the week, exchange data show. The baht climbed 1.9 percent to 30.24 per dollar, the Philippine peso strengthened 1 percent to
42.745 and South Korea's won advanced 0.9 percent to 1,057.08. "The difference in growth rates between Asia and developed economies will attract fund inflows," said Frances Cheung, a senior strategist at Credit Agricole CIB in Hong Kong. "Asian currencies will strengthen toward year-end." Developing economies in Asia will expand 8.4 percent in 2011, outpacing growth of 2.5 percent in the US and 2 percent in the euro region, according to International Monetary Fund estimates released last month. Benchmark interest rates of 7.5 percent in India and 6.75 percent inIndonesia compare with a maximum 0.25 percent in the US and Japan. The People's Bank of China this past week boosted one-year lending and deposit rates to 6.56
percent and 3.5 percent, respectively. China's yuan was little changed from a week ago at 6.4650. The baht reached a one-month high after incoming Prime Minister Yingluck Shinawatra said policy makers will let the currency appreciate to tame inflation, according to a Wall Street Journal report on July 7. The Bank of Thailand, which has boosted its benchmark interest rate four times this year, will lift it by a quarter of a percentage point to 3.25 percent on July 13, according to all 13 economists polled. The won climbed to its highest level in almost three years after US companies added twice as many workers as forecast in June, shoring up confidence the global economic recovery will be sustained. -Agencies
Canada $ falls on fears of lacklustre US recovery TORONTO: Canada's dollar weakened against the greenback on Friday after a dismal report on the USlabor market raised concerns that a US economic recovery is further away than anticipated. "That big shock coming out of the US payrolls, certainly had a bigger impact on the Canadian dollar than the Canadian jobs numbers did," said David Watt, senior currency strategist at RBC Capital Markets. "The payrolls number probably had a more jarring impact on the Canadian dollar than any other currency pair." Canadian employment data, released ahead of the American report showed a bigger-thanexpected job gains of 28,400 in June. The Canadian dollar had strengthened after the domestic release, but it immediately
dropped to a session low, falling as far as C$0.9665 to the US dollar, or $1.035, following the US report. The currency finished the day at C$0.9607 to the US dollar, or $1.0409, down from Thursday's finish at C$0.9587. The US economy actually created fewer jobs than its Canadian counterpart in June despite being many times its size. "If we don't get some fairly good news that the US economy is starting to get its legs under it in the second half, its going to be a very challenging backdrop," said Watt. The uncertain external environment, combined with the absence of domestic wage pressures, could be more meaningful to the Bank of Canada than employment gains when it plots the path for interest rates, ana-
lysts said. The central bank could opt to postpone rate hikes in the belief the economy can continue to expand without prices getting out of hand. Higher interest rates tend to help currencies by attracting international capital flows. Yields on overnight index swaps, which trade based on expectations for the central bank policy rate, continued to reflect almost zero chance of a rate move on July 19. Rate hike expectations for September, October and December briefly rose after the Canadian data but fell again after the US release. Commodity prices also fell on the disappointing data, weighing on Canada's natural resourcelinked currency US crude oil fell 2.5 percent, the biggest percentage loss in two weeks. -Reuters
Oil dips on jobs data; Brent/US spread at $22 North Sea supply worry limits Brent losses NEW YORK: Oil ended a strong week on a downbeat note on Friday as a dismal US jobs report cast a pall on the economic outlook. Benchmark Brent crude pared losses by mid-afternoon, closing near flat on the day as news of reduced North Sea production helped drive prices up nearly 6 percent this week. Brent's premium to US crude pushed above $22 a barrel, within $1 of its all-time record three weeks ago. Trading was volatile while volume picked up from recent weak levels, with raw materials faring better than stock markets after news that US jobs growth ground to a near-halt in June. Nonfarm payrolls rose only 18,000, the weakest reading since September and well below expectations. "The employment data has
weighed mightily on oil prices. Employment trends are key to future demand, and this is now two months of poor data," said John Kilduff, partner at hedge fund Again Capital LLC in New York. "The (market's) only supportive feature is further declines in North Sea loadings. These outages coupled with Libya and Nigeria issues are increasingly meaningful," he said. Brent futures for August fell 26 cents to settle at $118.33 a barrel, off their $119.87 peak reached ahead of the US jobs report but well above the $116.88 low. Brent posted a second straight weekly gain, rising 5.87 percent, after gaining 6.33 percent the previous week. A second week of strong gains has pushed prices well above the level prior to the
release of global emergency stockpiles as traders bet the extra 60 million barrels of oil would be insufficient to stop markets tightening later this year. US crude fell $2.47 to settle at $96.20 a barrel, below frontmonth crude's 30-day moving average of $96.84, but off its $95.60 intraday low. For the week, US crude rose 1.33 percent, also a second straight weekly gain. Money managers raised their net-long US crude futures and options positions in the week to Tuesday, the Commodity Futures Trading Commision said on Friday. After lagging early, US crude trading volumes outpaced Brent's, though Brent surpassed its 30-day average, while US volumes were on track to fall just short.-Reuters
Gold sets biggest weekly gain in 19mths on soft jobs NEW YORK/LONDON: Gold prices on Friday posted their biggest weekly rise since November 2009, achieved after a weak US labor market report renewed fears about the health of the world's biggest economy and spurred safe-haven buying. US payrolls growth ground to a near halt in June, as employers hired the fewest workers in nine months, frustrating hopes that economic growth would pick up pace in the second half of the year. Instead, some analysts and investors began speculating about how quickly a next government stimulus plan might be enacted in the United States, triggering safehaven purchases. "I think some people are looking at the jobs data as encouraging the next level of stimulus," said Tom Pawlicki, precious met-
als analyst at MF Global in Chicago, noting that it sent gold futures up towards their next resistance level at $1,550 per ounce. Spot gold rose to a two-week high of $1,545.30 an ounce, then held around $1,543 for the rest of the session, up from $1,531.85 late in New York on Thursday. Spot gold prices remained near the highs into late trade, gaining 3.8 percent, the most since early November 2009. US gold futures for August delivery extended their gains to a fresh two-week high at $1,546, and settled $11.0 higher at $1,541.60, and added to gains in after-hours trade. The weaker-than-forecast June US employment report dashed hopes that economic growth was picking up pace. Nonfarm payrolls rose by a mere 18,000, well
below economists' expectations for a 90,000 rise. The unemployment rate rose to 9.2 percent, its highest in six months. Adding to the weak tenor of the report, the department said the economy created 44,000 fewer jobs in April and May than previously thought. Peter Fertig, a metals consultant at Quantitative Commodity Research noted that disappointing public-sector employment after Thursday's ADP report showing a strong increase in private-sector payrolls sparked safe-haven flows into gold. The dollar dropped against several currencies as the US jobs data strengthened expectations the US Federal Reserve would leave interest rates low into next year, prompting investors to embrace alternate safe-haven assets like gold.-Reuters
4 Monday, July 11, 2011
The Financial Daily International
China June import growth weakest
Vol 4, Issue 248
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 Head office
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Bravo overseas Pakistanis Pakistanis living and working abroad deserve big applause for creating a landmark by sending over US$11.2 billions to Pakistan during financial year 2010-11 as against government's expectation of US$9 billion. It is also a remarkable growth of nearly 26 per cent as compared to 2009-10 when they sent US$8.9 billion. While one just can't undermine the efforts of Pakistanis the credit also goes to the State Bank of Pakistan, Ministry of Finance and Ministry of Overseas Pakistanis for undertaking the joint initiative called 'Pakistan Remittance Initiative (PRI)'. This is aimed at facilitating the flow of remittances to Pakistan through the official channels. This initiative got tremendous response as the remittances sent during 2010-11 surpassed all the previous records. A closer look at the breakup indicates that the largest amount came from Saudi Arabia ($2,670.07 million) followed by UAE ($2,597.74 million), USA ($2,068.67 million), GCC countries ($1,306.18 million), UK ($1,199.67 million) and EU ($354.76 million ). Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries amounted to $1,003.81 million. This clearly indicates that Pakistanis working in the Middle East have made the largest contribution, despite the growing influx of workers from India and Far East. The remittances received from Europe and the United States indicate that it is not only the skilled workers but professionals are also contributing in the progress of the countries they live in. These Pakistanis are our ambassadors as they present a mindset, dedication to their work and above all the patriotism to the motherland. It is on record that Pakistani doctors, engineers and other professional have earned respect in the US and also developed a clout, which has the capacity to influence policies of the US administration. They have been able to counter disinformation spread by the anti-Pakistan lobbies. These elements have been trying to convince the world that Pakistanis are one way or the other involved in some kind of terrorist activities or are funding the terrorist organisations. Ironically, it is because of a few 'black sheep'. Historically, these overseas Pakistanis have been working hard but often feel the pinch of poor state of affairs prevailing in their motherland. They want to help those organisations which promise to impart education, healthcare, improve overall condition of masses and above all improving Pakistan's image. However, they often fall prey to those organizations which collect money in the name of Pakistan and Islam but are involved in some undesirable activities. It is the responsibility of the government as well as the associations of Pakistanis to develop better linkage with these people. Lately, when conditions deteriorated in the Middle East and North Africa the common complaint was that the response from the government was highly inadequate and at time completely disappointing. In such incidences it is the responsibility of the foreign office, embassies and consulates to respond immediately. Many Pakistanis are still in Libya and Bahrain, where the conditions are still far from satisfactory.
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.
hina's import growth fell sharply to its slowest pace in 20 months in June in further evidence of the broad impact of monetary tightening on the economy, while a wider trade surplus suggested capital inflows will remain a challenge for authorities. The substantial drop in June import growth, which decelerated to a 19.3 per cent annual pace from May's 28.4 per cent, is bound to heighten investor concerns about how swiftly the world's second-largest economy is slowing. But, coming a day after data showed June inflation hit a 3-year peak; analysts took the jump in the trade surplus as a sign that China might have to raise rates further, both to rein in prices and to combat capital inflows. "The trade surplus surged in June," said Liu Li-Gang, an economist with ANZ. "We would interpret this to mean the moderation in export and import growth is not big enough to prevent the government from tightening further." "The big trade surplus means PBOC will continue to experience large capital inflows. The PBOC will have to address this inflow problem, so it's unlikely they will pause monetary policy." A slew of indicators in the past few weeks have pointed to a moderation in the heady pace of China's growth, from purchasing manager surveys of new orders to Taiwan's exports to the mainland. But the People's Bank of China has made clear inflation remains a priority for policy. Most analysts agree the resultant growth from that policy
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mix will be slower than the near double-digit pace of the past few years but there is little risk of a hard landing. The government is due to announce second-quarter economic growth data on Wednesday. "Imports were below expectations," noted David Cohen, an economist at Action Economics in Singapore. "We are perhaps seeing some reflection of loss of momentum in China's growth. After all, there has been tightening in policy. "The numbers are consistent with decelerating growth, with the soft landing that many people are looking for." Last week, the central bank raised interest rates for the third time this year, underlying the government's confidence in the economy's ability to cope with tighter monetary policy. Sunday's data showed June exports rose 17.9 per cent from a year ago, slowing from a 19.4 per cent rise in May and pointing to the weakness in overseas demand that has seen exports and new orders soften across most of Asia. Exports hit a record high of $162 billion in June, while imports for the month were $139.7 billion. That left the country with a trade surplus of $22.3 billion in June, compared with $13.1 billion in May. The median forecast of economists polled by Reuters was for exports to rise 18.7 per cent and imports to grow 25.0 per cent, resulting in a trade surplus of $16.3 billion. On a calendar-adjusted basis, exports expanded 16.4 per cent in June from a year earlier, while imports jumped 19.2 per cent, the
customs agency said. Exports rose 3.1 per cent in June from May, while imports fell 3 per cent month-on-month. On a calendaradjusted basis, June exports rose 4.2 per cent from May, while imports fell 2.6 per cent from May. POLICY PAUSE China's inflation data has become its most closely-watched indicator in recent months as investors look for clues on whether Beijing is about to shift its policy stance after nine months of steady tightening. The consumer price index for June rose 6.4 per cent from a year earlier, slightly above economists' forecasts for a 6.3 per cent increase, with sharp rises recorded in food, consumer goods and property. Worryingly, there were signs that inflation pressures were spreading and may persist even if global commodity prices continue to fall. Nonfood prices climbed 3 per cent in their biggest jump since records began in 2002. Analysts are concerned that record pork prices, a key driver of China's food inflation in recent months, are also unlikely to ease anytime soon -a view shared by pork producers due to a pig shortage. China has raised rates five times since October, alongside nine increases in the required reserve ratio for banks. Several economists think Beijing has already fired its pre-emptive shot at inflation and is near the end of its policy tightening. Indeed, China's stock market has risen and onshore swaps too have increasingly priced in chances that policy rates have peaked. A slim majority of analysts sur-
veyed by Reuters this week thought China would raise rates once more this year before standing pat until June 2012. REBALANCING At the same time, Beijing has repeatedly vowed to restructure its economy, cutting its reliance on exports and investment, and promoting domestic consumption in their place. As a result, import growth has become a bellwether for the strength of Chinese demand. A slowdown in China's export growth had been anticipated in response to the slowing US economy and as factory growth in Asia and Europe slid to multi-month lows in June. "For the second half of the year, we expect exports to continue to fall due to the impact from the European debt crisis, Japan's earthquake and other factors," said Tang Jianwei, an economist at Bank of Communications in Shanghai. The surplus in June was the highest in seven months. China's trade surpluses have fueled criticism from key trade partners who accuse Beijing of giving its exporters an unfair boost with a cheap currency. Despite the latest data, China's trade surplus is on track to narrow for a third straight year from last year's $183 billion as the government tries to rebalance the economy in favor of domestic consumption, cutting reliance on exports. "The trade surplus will be maintained in the second half of the year, but domestic demand is still relatively strong. So we are expecting a fullyear surplus of $100 billion," Tang added. -Reuters
EU calls emergency meeting uropean Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for Monday morning, reflecting concern that the crisis could spread to Italy, the region's third largest economy. European Central Bank President Jean-Claude Trichet will attend the meeting along with JeanClaude Juncker, chairman of the region's finance ministers, European Commission President Jose Manuel Barroso and Olli Rehn, the economic and monetary affairs commissioner, three official sources told Reuters. Van Rompuy's spokesman Dirk De Backer said: "It is coordination, not a crisis meeting." He added that Italy would not be on the agenda and declined to say what would be discussed. However, two official sources told Reuters that the situation in Italy would be discussed. The talks were organised after a sharp sell-off in Italian assets on Friday, which has increased fears that Italy, with the highest sovereign debt ratio relative to its economy in the euro zone after Greece, could be next to suffer in the crisis. A second international bailout of Greece will also be discussed, the sources said. The spread of the Italian 10-year government bond yield over benchmark German Bunds hit euro life time highs around 2.45 percentage points on Friday, raising the Italian yield to 5.28 per cent, close to the 5.5-5.7 per cent area which some bankers think could start putting heavy pressure on Italy's finances. Shares in Italy's biggest bank, Unicredit Spa, fell 7.9 per cent on Friday, partly because of worries about the results of stress tests of the health of European banks that will be released on July 15. The leading Italian stock index sank 3.5 per cent. The market pressure is due partly to Italy's high sovereign debt and sluggish economy, but also to concern that Prime Minister Silvio Berlusconi may be trying to undermine and even push out Finance
E
Minister Giulio Tremonti, who has promoted deep spending cuts to control the budget deficit. "We can't go on for many more days like Friday," a senior ECB official said. "We're very worried about Italy." Monday's emergency meeting will precede a previously scheduled gathering of the euro zone's 17 finance ministers to discuss how to secure a contribution of private sector investors to the second bailout of Greece, as well as the results of the stress tests of 91 European banks. GREECE Greece is already receiving 110 billion euros ($157 billion) of international loans under a rescue scheme launched in May last year but this has failed to change market expectations that it will eventually default on its debt. Senior euro zone officials worry that progress toward a second Greek bailout, which would also total around 110 billion euros, is not being made quickly enough and that the delay is poisoning investors' confidence in weak economies around the region. "We need to move on this in the next couple of weeks. It's not a case of waiting until late August or early September as Germany is saying. That's too late and markets will make us pay for it," a top euro zone official told Reuters on Saturday. German officials insist they too want to put together the second Greek bailout as quickly as possible, but the private sector's contribution is proving to be a major sticking point. Germany, the Netherlands, Austria and Finland are determined that banks, insurers and other private holders of Greek government bonds should bear some of the costs of helping Athens. But more than two weeks of negotiations with bankers represented by the Institute of International Finance (IIF), a lobby group, have made next to no progress on agreeing a formula acceptable to all sides. Initially talks focused on a complex French plan
for private creditors to roll over up to 30 billion euros of Greek debt, buying new bonds as their existing ones matured. Around half of proceeds from Greek bonds maturing before the end of 2014 would be rolled over into very long-term debt while 20 per cent would be put into a "guarantee fund" of AAA-rated securities. But as that plan has floundered, Berlin has revived a proposal to swap Greek bonds for longerdated debt that would extend maturities by seven years. Proposals to buy back Greek bonds and retire them have also been floated. In a buy-back, the euro zone's bailout fund, the European Financial Stability Facility, might buy Greek bonds from the market, or the EFSF might lend Greece money to buy bonds. However, these schemes would require further changes to the EFSF's rules and would therefore have to go through national parliaments, an official source said. SQUARE ONE A senior euro zone official told Reuters on Friday that rather than progress being made in the talks with the IIF, as IIF managing director Charles Dallara has said, all sides were close to being "back to square one." Dallara will attend the meeting of euro zone finance ministers in Brussels on Monday. Since the euro zone's debt crisis erupted last year, the region's rich governments have aimed to limit it to Greece, Ireland and Portugal, which have signed up to bailouts totaling 273 billion euros -- a sum that is small compared to the financial resources of the zone as a whole. Spain, commonly seen as the next potential domino in the crisis, has managed to retain its access to market funding through fiscal reforms. But because of the large sizes of the Spain and Italy, pressure on the euro zone would increase dramatically if those countries eventually needed financial assistance. -Reuters
Thank you and Goodbye uite simply, we lost our way," this is what the final editorial in Britain's most selling tabloid, News of The World, had to say to its 7.5 million loyal readers on winding up its operations. "THANK YOU AND GOOD BYE," the front page headline in the last edition said on Sunday, days after James Murdoch, Chairman of News International who owned the tabloid, decided to shut down the 168-yearold paper in the face of the raging phone hacking scandal, where money was swapped for scoops. For well over a century and a half, the tabloid had become part of the fabric of Britain, as central to Sunday as a roast dinner, the editorial noted. The paper has covered six monarchs and 168 years. "We lived through history, we recorded history
Q
and we made history - from the romance of our old hot-metal presses right through to the revolution of the digital age," it noted. "We also recorded the death of Queen Victoria, the sinking of the Titanic, two world wars, the 1966 World Cup victory, the first man on the moon, the death of Diana... the list goes on," the final editorial pointed out. "But we also recorded and most often revealed the great scandals and celebrity stories of the day. Many of them are recalled in this final edition of the News of the World. In sport, too, we have led the way with the best, most informed coverage in the country," it said. "But we touched people's lives most directly through our campaigns," it said, citing one of its campaigns which forced computer
giants to police their sites to protect children. "We praised high standards, we demanded high standards but, as we are now only too painfully aware, for a period of a few years up to 2006 some who worked for us, or in our name, fell shamefully short of those standards," it noted. "Quite simply, we lost our way," the paper admitted. "Phones were hacked, and for that this newspaper is truly sorry. There is no justification for this appalling wrong-doing. No justification for the pain caused to victims, nor for the deep stain it has left on a great history," the editorial said. "Yet when this outrage has been atoned, we hope history will eventually judge us on all our years," it hoped. The paper also welcomed the two public inquiries announced by Prime Minister David Cameron, one
into the police handling of the case and another into the ethics and standards of the Press. However, it did not agree to the move to disband the Press Complaint Commission (PCC), saying it would be a disaster for British democracy and for a free press. "... we do not agree that the Press Complaints Commission should be disbanded. Self-regulation does work. But the current make-up of the PCC doesn't work. It needs more powers and more resources. We do not need government legislation," the editorial said. "That would be a disaster for our democracy and for a free Press," it said. To its 7.5 million readers, the paper said: "Thank you for your support. We'll miss you more than words can express. Farewell." -Reuters
5
Monday, July 11, 2011
European stocks log losses for wk as banks plunge
Asian stocks up for 3rd week as EU debt woes ease
Mideast stocks mkt
Weekly Review
Gunsmoke Safco at 3-wk low chokes KSE on Q2; Saudi petchems fall during last wk
KSE-100 Index Opening Closing Change % Change Turnover (mn)
12484.17 12390.12 94.05 0.75 291.93
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3050.21 3123.02 72.81 2.39 16.68
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2718.17 2768.15 49.98 1.84 0.17
Major Gainers
Symbol
Close
Change
ULEVER 5275.17 MTL 615.21 RMPL 2691.63 POL 372.74 BATA 649.99
20.95 18.83 15.85 13.22 12.19
Major Losers
Symbol
Close
Change
IDYM COLG PECO SRVI AABS
326.10 735.00 78.10 187.21 94.79
-45.64 -34.25 -11.90 -8.46 -5.21
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA JSCL BOP NBP FFBL
13.30 7.53 6.77 53.55 43.90
27.98 25.89 22.99 19.29 13.73
Active Issues Plus Minus Unchanged
196 133 97
Sector Updates FERTILISER Urea Offtake (Jan to Apr 11) 1,714 Urea Offtake (Apr 11) 487 Urea Price (Rs/50 kg) 1,234 DAP Offtake (Jan to Apr 11) 215 DAP Offtake (Apr 11) 55 DAP Price (Rs/50 kg) 4,050
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Apr 11) 71,096 Sales (July 10 to Apr 11) 69,203 Production (Apr 11) 7,220 Sales (Apr 11) 7,510
INDUS MOTOR CO Production (July 10 to Apr 11) 42,670 Sales (July 10 to Apr 11) 41,940 Production (Apr 11) 4,219 Sales (Apr 11) 4,681
HONDA ATLAS CAR Production (July 10 to Apr 11) 14,062 Sales (July 10 to Apr 11) 13,754 Production (Apr 11)
1,582
Sales (Apr 11)
1,640
DEWAN FAROOQ MOTORS Production (July 10 to Apr 11) Sales (July 10 to Apr 11) Production (Apr 11) Sales (Apr 11)
186 203 -
BANKING SECTOR Scheduled bank (Rs in mn) 5,220,669 3,087,531 2,341,433 7.52%
OIL MARKETING CO (000 tons) MS (Jul 10 to Apr 11) MS (Apr 11) Kerosene (Jul 10 to Apr 11) Kerosene (Apr 11) JP (Jul 10 to Apr 11) JP (Apr 11) HSD (Jul 10 to Apr 11) HSD (Apr 11) LDO (Jul 10 to Apr 11)) LDO (Apr 11) Fuel Oil (Jul 10 to Apr 11) Fuel Oil (Apr 11) Others (Jul 10 to Apr 11) Others (Apr 11)
PRICES (Ex-Refinery) MS (1 May 11) MS (1 Apr 11) MS % Chg Kerosene (1 May 11) Kerosene (1 Apr 11) Kerosene % Chg JP-1 (1 May 11) JP-1 (1 Apr 11) JP-1 % Chg HSD (1 May 11) HSD (1 Apr 11) HSD % Chg LDO (1 May 11) LDO (1 Apr 11) LDO % Chg Fuel Oil (1 May 11) Fuel Oil (1 Apr 11)
KARACHI: Volatile security situation in the country's financial hub and tense political scenario after MQM decided to quit the government kept the Karachi Stock Exchange (KSE) in the grip of bears last week which ended below 12,400 levels. The benchmark KSE-100 index fell 94 points to close at 12,390 points - index touched a highest and a lowest level of 12,624 points and 12,315 points respectively. KSE 30index jumped by 195 points to close at 11,790 points and KSE all-share index was down by 58 points to close at 8,596 points. Atif Zafar, equity dealer at JS Global Capital said that after quitting the coalition government MQM joined hands with the largest opposition party PML-N, resulting in speculation over changes in the present setup. Subsequently, law & order too witnessed deterioration leading most business activities to a halt in the later part of the week. On the macro front, SBP in CHINA: Chinese investors check their stock prices at a securities firm in Hefei, east China's its third quarterly report for Anhui province.-Reuters FY11 highlighted concerns over the country's external account, going forward. It remained skeptical on rising TFD Report KARACHI: PICIC Asset Management Company (PICIC AMC) has announced final payouts for remittances while highlighted the period ended June 30, 2011. The payouts are announced for PICIC Income Fund (PICIC-IF) and falling cotton prices and rising oil prices as concerns for the PICIC Cash Fund (PICIC-CF). A bonus of Rs2.80 per unit (2.7962 per cent on the opening Ex-NAV as on March 26, 2011) has country's trade account. CPI been announced in PICIC-IF. An investor holding 100 units as of 30th June, 2011 will get 2.7869 for June was released at 13.13 per cent, taking inflation for units on ex-bonus price of Rs100.4693 per unit, the proportionate will apply to actual holdings. For PICIC-CF, a bonus of Rs1.10 per unit (1.0995 per cent of the Ex-NAV of May 25, 2011) has FY11 to 13.92 per cent while been announced. An investor holding 100 units as on June 30, 2011 will get 1.0988 units on the ex- the country's foreign exchange reserves rose to an all time bonus price of Rs. 100.1108 per unit, the proportionate will apply to actual holdings. PICIC AMC is a wholly owned subsidiary of NIB Bank with an authorized capital of Rs5,000 mil- high of US$18.25 billion, he lion and paid-up capital of Rs3,000 million. The company has been rated AM3 (Positive Outlook) added. Market closed on a positive by JCR-VIS which means that the asset manager meets good investment management industry stannote on the first two days foldards and benchmarks. lowing rise in Asian stock markets, recovery in international oil prices and on hopes of better corporate earnings which would start poring in the coming days. Apart from it, rumors that Federal Board of Revenue (FBR) has asked Managing director, KSE to suggest an
PICIC AMC announces final payouts
000 tonnes
Deposit (May 27,11) Advances (May 27,11) Investments (May 27,11) Spread (April 11)
Nawaz Ali
1,867 196 134 14 1,148 117 5,719 567 44 2 7,252 739 143 15
Rs 62.83 59.35 5.86% 73.63 68.95 6.79% 73.86 70.88 4.20% 78.79 75.02 5.03% 71.55 65.27 9.62% 57,253 56,777
Wall Street weekly outlook
Recipe for a rally? Beat lowered estimates
NEW YORK: Wall Street heads into earnings season this week playing a typical game: Worrying about results a lot, and then rallying on pleasant surprises. Analysts have been lowering earnings estimates of late and nervousness about the US economic picture abounds, especially after Friday's poor June jobs report. However, profit growth could still be strong in the second quarter -- and that could boost stocks. The Standard & Poor's 500 fell 0.4 percent in the second quarter, but rallied in recent days on hopes for economic improvement. Over the last month, analysts have revised downward their earnings estimates for S&P 500 companies, with the mean change in earnings estimates a negative 6.4 percent, according to Thomson Reuters StarMine data. "I think there's going to be a lot of anxiety going into it, and I think companies are going to continue what they've done for the last few quarters: Put out better-than-expected numbers, and guidance should be OK," said Scott Billeaudeau, portfolio manager at Fifth Third Asset Management, in Minneapolis. S&P 500 components' earnings are expected to have increased an average of 7.3 percent in the second quarter from a year ago, down from first-quarter growth of 18.9 percent, Thomson Reuters data showed.
But the number could jump if most companies beat analysts' forecasts. Early estimates for first-quarter profit growth were at about 13 percent. "The general economic data is suggesting some softness in the overall economy both globally and in the US ... so that drives somewhat more realistic expectations for companies," said Natalie Trunow, chief investment officer of equities of Calvert Investment Management in Bethesda, Maryland, which manages about $14.8 billion. This week, the Federal Reserve will release minutes of its June 21-22 policy-making meeting. Among the US economic indicators on tap are June retail sales, June inflation readings from the US Producer Price Index and the US Consumer Price Index, industrial production and capacity utilization for June, and the preliminary July reading on consumer sentiment from the Thomson Reuters/University of Michigan Surveys of Consumers. Financial services companies have seen the biggest downward revisions in earnings estimates in the last 30 days, with banks taking some of the biggest hits, including Goldman Sachs and Morgan Stanley. JPMorgan Chase will be the first of the big banks to report, with results due on Thursday. Results from top tech player Google also are expected Thursday, while aluminum company Alcoa unofficially starts
the season with earnings after the bell on Monday. The S&P financial index dropped 6.3 percent in the second quarter as worries escalated about the impact of the eurozone debt problems on the global economy. The mean change for earnings estimates in the sector in the last 30 days is a negative 34.4 percent, StarMine data showed. Analysts have also said the aftermath of Japan's earthquake, months of extraordinary weather in the United States, and rising food and commodity prices took a toll on companies in the second quarter. StarMine analysis showed companies, including Platinum Underwriters Holdings, were likely to disappoint with results because of tornado damage claims. But companies have kept costs in check and that should support stronger results, while also giving a boost to stock prices, he said. "I think things underneath the macro, global, political noise continue to percolate," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs. But "you're going to see higher-quality companies showing the surprises this quarter (versus) last." Based on his own analysis, he expects industrials and utilities to surprise to the upside, especially for companies involved in "machinery, and roads and rails" and for electric utilities.-Reuters
alternative for the Capital Gains Tax (CGT) for individual investors initiated buying. The index gained 76 and 16 points respectively on Monday and Tuesday. However, the deteriorating law and order situation in the city kept the market under the grip of bears during rest of the week as worried investors preferred to offload their holdings. As a result index lost about 186 points from Wednesday to Friday. According to a report from the Human Rights Commission of Pakistan, a total of 1,138 people were killed in the city during the first six months of the year 2011 Karachi. It is worth mentioning that more than 90 people lost their lives in the country's financial hub Karachi during the week in ethnic and political violence. Following the rising violence in the city, the leading political party of the city Muttahida Qaumi Movement (MQM) called for a day of mourning on Friday therefore investors preferred to stay cautious. On the political front, MQM joined hands with the major opposition party PML-N which raised the political temperature in the country. Most of the index losses were attributed to Nestle Pakistan which has the third highest weightage of KSE 100 index. Its shares saw a major correction of 21 per cent (WoW) alone contributing a loss of 213 points to the index. Volumes remained on the lower side throughout the week however saw slight improvement on week-onweek basis as around 292 million shares traded during the week which is 10 million shares less as compared to a turnover of 282 million shares a week earlier. Out of total 426 active issues; 196 advanced and 133 declined while 97 issues remained unchanged.
DUBAI: Saudi Arabian Fertilizers Co (Safco) slumped to a three-week low on Sunday after the firm's second-quarter profit missed estimates, sparking selling in other petrochemical stocks. Investors had bet high oil prices would boost petrochemical producers' earnings, so Safco's results sparked sectorwide selling, dragging Saudi Arabia's petrochemicals index down 1.6 percent, its biggest decline in five weeks. Safco's shares dropped 1.9 percent to their lowest finish since June 20. It made 790 million riyals ($211 million) in the second quarter, down 13 percent from a year earlier and below analysts' mean forecast of 994 million riyals. "Ammonia and urea prices have increased over 10 percent quarter-on-quarter, so analysts were expecting better earnings from Safco," said Ankit Gupta, senior research analyst at Securities & Investment Co (SICO) in Bahrain. Shares in Saudi Basic Industries Corp (SABIC), which holds a 43 percent stake in Safco, slid 1.4 percent. Cairo's benchmark index fell 1.7 percent to a seven-week low. Tens of thousands of Egyptians packed city centres over the weekend to demand faster reforms and voice frustration at what they regard as foot-dragging by military rulers and government officials. The protests have been peaceful, but demonstrations continued on Sunday. Banks lifted Abu Dhabi's benchmark ahead of quarterly results, with lenders' earnings seen as a barometer for the health of the UAE economy. National Bank of Abu Dhabi and First Gulf Bank added 0.9 and 1.1 percent respectively, while Abu Dhabi Islamic Bank gained 1.5 percent. Dubai's Emaar Properties rose 1 percent, cutting its 2011 losses to 13 percent. The firm is forecast to report a 55-percent drop in second-quarter profit. -Reuters
Dhiyan
RANGE BOUND LIKELY Faisal Dhedhi, Deputy Head of Sales, Al-Habib Capital Markets Some range bound activities are expected in the market moving forward and the index would move between 12,300 and 12,800 points. However a rally can be seen with the commencement of announcements of corporate results where oil and fertilizer sectors are expected to post good earnings. I recommend investors to invest in POL, PPL, OGDC, FFBL, FFC, NBP and ABL in dips. Market would be positive today.
Muzzammil Khan, AVP, BMA Capital Market is likely to witness dull activities with low volumes in the coming days where buying interest would be seen only in dividend yielding stocks. Investors are advised to invest in dividend yielding stocks belonging oil exploration, fertilizer and power sectors at dips. As far as triggers are concerned; foreign buying, political stability and any positive development on Capital Gains Tax (CGT) front would trigger the market, expected to remain range bound today.
6
Monday, July 11 2011
Market
KSE 100 Index
Symbols
Volume
291,933,324
Value
12,910,221,151
Trades
210,472
Advanced Decline Unchanged Total
196 133 97 426
Current High Low Change
All Share Index
12,390.12 12,624.74 12,315.98 i94.05
Current High Low Change
OIL AND GAS
Paid up Cap(mn)
Company Attock Petroleum Attock Refinery BYCO Petroleum
PE
Open
High
High Low 1,585.23 1,527.86 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.45 32.54 Low
Close Chg
691
6.94 376.97
388.70 375.00 383.97
853
4.16 123.51
129.49 123.50 126.93
3921
-
9.05
Mari Gas Company
735
4.36 105.26
National Refinery
800
5.05 355.14
9.36
9.00
9.21
Last 60 days High Low
Volume 219376
2010 Div BR (%) (%)
394.90
363.10
3.42
5297824 143.50
120.40
-
-
0.16
2450987
10.10
7.93
-
-
182844
113.75
300
2011 Div BR (%) (%)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
81.03
89.30
81.06
85.21
4.18
132987
91.20
67.31
40
-
-
-
-
-
PNSC
1321
7.45
24.00
25.89
22.90
25.42
1.42
12622
30.99
22.90
15
-
-
-
-
-
AUTOMOBILE AND PARTS
-
Performance of SR Automobile and Parts Index
98.50
31
323.50
200
-
-
128.75
55
- 30.00
-
Pak Petroleum
- 23.43
11950
7.71 206.22
213.00 206.00 210.75
4.53
2156142 219.70
202.50
90
20B100.00
-
2365
8.22 359.52
378.75 358.20 372.74 13.22
6674873 378.75
318.16
255
-100.00
-
350 44.41
80.24
81.90
78.20
79.50 -0.74
3.83 264.81
273.49 263.30 267.95
685
7.96 225.00
228.89 220.00 224.03 -0.97
3.14
62568
93.00
78.20
-
1465018 291.50
262.31
80
131693
207.00
120
233.00
-
-
-
-
CHEMICALS
Company
Paid up Cap(mn)
BOC (Pak)
250
PE
2010 Div BR (%) (%)
2011 Div BR (%) (%)
7074
99.80
90.50
60
-
27931
167.00
142.50
135
25B
-
-
63.80
61.20
61.63 -1.67
357515
66.00
56.10
50 300B
-
-
Descon Chemical
1996
-
2.05
2.30
1.83
2.13 0.08
729663
2.79
1.83
-
-
-
-
Descon Oxychem Ltd.
1020
9.49
6.14
6.81
6.06
6.45 0.31
2060420
8.59
5.60
-
-
-
-
3663
-
2.62
161.90 158.50 159.00 -3.02
2.99
2.56
2.77 0.15
7451185
-
-
3.65
2.11
-
-
12858421 200.50
155.00
60
20B
-
-
- 27.5R
-
-
-
-
3933 6635
-
10.22
10.70
10.15
10.36 0.14
714018
12.83
10.11
22000
-
16.58
16.85
15.75
15.81 -0.77
13545974 17.05
12.10
-
4991900 157.74
137.51
130
25B 45.00
-
13734055 44.21
40.42
65.5
- 12.50
-
Fauji Fertilizer
8482
9.48 152.43
9341
6.57
Ghani Gases Ltd
725 10.88
ICI Pakistan
1388
Lotte Pakistan
15142
Mandviwala
74
Nimir Ind Chemical Sitara Peroxide
42.30 13.08
8.67 152.41 3.72
13.53
157.00 150.10 154.02 1.59 44.03 13.45
41.76 12.66
43.90 1.60 12.95 -0.13
158.82 150.50 156.00 3.59 13.78
12.56
13.30 -0.23
-
183030
14.49
11.40
-
344624
169.90
148.02
175
-
-
-
27977507 17.36
12.56
5
-
-
-
-
-
-
-
0.90
1.55
0.70
0.96 0.06
20818
1.90
0.18
-
-
-
-
1106 13.65
2.80
3.28
2.80
3.14 0.34
10108426
3.28
2.26
-
-
-
-
16.83
17.53
16.42
17.00 0.17
19.99
16.05
-
-
-
-
551
5.26
760082
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,081.10 Turnover 228,311 P/E (x) 5.49 Company
Paid up Cap(mn)
PE
Open
High
High Low 1,093.97 1,071.81 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47 Low
Close Chg
Company
Paid up Cap(mn)
Close 1,075.69 Listed cap 1,186.83 mn Payout (%) 25.28
Change % Change -5.41 -0.50 Market cap 200-Day High 2,967.98 mn Div Yield (%) 200-Day Low 4.60 -
Last 60 days High Low
Volume
2010 Div BR (%) (%)
144
2011 Div BR (%) (%)
Century Paper
707
-
15.54
15.79
15.25
15.48 -0.06
52468
18.00
13.85
-
-
-
-
Security Paper
411
7.12
40.50
41.00
40.15
40.22 -0.28
173351
42.80
37.00
50
-
-
-
INDUSTRIAL METALS AND MINING
PE
Open
4.34
69.99
High Low 1,048.95 1,011.28 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.04 33.10
Close 1,032.97 Listed cap 3,596.11 mn Payout (%) 30.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Crescent Steel
565
1.84
26.50
27.31
26.05
27.25 0.75
58036
Dost Steels Ltd
675
-
2.00
3.10
2.01
2.65 0.65
Company
Huffaz Pipe XD
555 22.32
International Ind
1199
9.04
Company
1724739
30
3.10
1.62
-
12.38
12.90
12.25
12.50 0.12
24984
13.00
11.05
-
51.80
50.02
50.55 -0.14
270209
53.20
48.52
40
74.85
68.00
90
6.00 224.50
228.00 220.25 226.05
1.55
27891
235.89
205.01
100
124.50 118.31 122.10
2.99
11055
160.00
112.10
50
Dewan Motors
1087
Exide (PAK)
56 598
Ghandhara Nissan
450
Honda Atlas Cars
1428
-
2.83
4.72 220.04 4.36
23.20
-
3.04
-
10.05
7.60 220.00
-
-
-
-
25B 15.00
-
20B
-
15
-
-
-
190.00
60
- 60.00
25B
26.17
22.01
20
-
3.44
3.01
3.15
9.46
10.31
0.26
38031
11.58
9.00
-
0.01
7871
232.53
215.00
150
1.08
39472
72.50
61.35
5
22.65 -0.84
14726
25.50
22.01
10
Pak Suzuki
823 14.33
62.53
65.00
61.35
63.61
Sazgar Engineering
150
23.49
23.50
22.40
17615
4.50
2.16
-
-
-
-
-
-
-
-
-
- 50.00
-
2.20
Interest Expense
1st Support
3.00
Profit after Taxation
2nd Support
2.87
EPS 10 (Rs)
1st Resistance
3.23
Book value / share (Rs)
2nd Resistance
3.33
PE 11 E (x)
Pivot
3.10
PBV (x)
-
-
-
51.71 4.57 0.021
5.84
Sui Southern Gas Company Ltd
FOOD PRODUCERS Performance of SR Food Producers Index Open 2,434.81 Turnover 541,086 P/E (x) 58.32 Company
Paid up Cap(mn)
PE
Open
High
High Low 2,460.87 2,249.02 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.67 30.30 Low
Close Chg
Close 2,259.29 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change % Change -175.53 -7.21 Market cap 200-Day High 336,532.71 mn Div Yield (%) 200-Day Low 0.52 -
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
42.40
Total Assets (Rs in mn)
MA (10-day)
20.92
Total Equity (Rs in mn)
MA (100-day)
22.94
Revenue (Rs in mn)
MA (200-day)
23.52
Interest Expense
5,015.89
1st Support
20.65
Profit after Taxation
4,399.15
174
5.36
100.00
95.00
90.25
94.79
-5.21
18101
103.49
88.35
50
-
-
-
Ansari Sugar
244
-
8.50
9.50
7.53
7.53
-0.97
12000
10.85
6.76
-
-
-
-
2nd Support
20.35
EPS 10 (Rs)
6.554
Colony Sugar Mills
990
3.36
1.80
2.43
1.73
2.15
0.35
203715
3.30
1.51
-
-
-
-
1st Resistance
21.30
Book value / share (Rs)
20.97
Crescent Sugar
214
-
10.75
11.40
10.26
10.40
-0.35
5206
11.91
7.00
-
-
-
-
2nd Resistance
21.65
PE 11 E (x)
5.91
21.00
PBV (x)
1.00
Dewan Sugar
365
-
2.51
2.81
2.37
2.51
0.00
10895
3.85
2.16
-
-
-
-
Pivot
Habib Sugar
750
4.74
26.70
26.98
26.16
26.64
-0.06
137701
28.00
23.00
25
25B
-
-
SSGC closed down -0.06 at 20.97. Volume was 78 per cent
-
below average (consolidating) and Bollinger Bands were 12
Habib-ADM Ltd
200
J D WSugar
5.18
539
12.26
12.94
12.33
12.85
0.59
13.74
11.50
40
-
80.51
81.00
79.50
79.75
5838
84.30
72.75
173
1.71
54.50
57.85
54.00
56.30
1.80
6912
68.48
52.11
35
141
0.27
2.70
2.74
2.51
2.56
-0.14
11888
3.50
2.40
10
-
-
-
Noon Sugar
165
1.52
17.40
17.40
16.02
16.50
-0.90
5246
21.80
14.16
-
-
-
-
average and is displaying a downward trend. Volatility is rela-
57
0.34
5.00
5.00
4.10
4.75
-0.25
30500
6.45
3.80
-
-
-
-
tively normal as compared to the average volatility over the last
223
23.00
2.50
2.83
2.53
2.53
0.03
8500
3.00
1.75
-
-
-
-
10 trading sessions. Volume indicators reflect moderate flows
Shahmurad Sugar
211
Shakarganj Mills
695
UniLever Pakistan
665
1.12
9.00
9.85
1.21
6.34
6.37
19.51 5254.22 5564.67
9.50
9.60
5.41
6.00
-0.34
5208
5150.01 5275.17
20.95
0.60
21790
-
10R
20B 15.00
10B
per cent wider than normal. The company's profit after taxation
1.58
Mehran Sugar
Sakrand Sugar
7010B 12.5R
-
Mirza Sugar
S S Oil
-0.76
8741
stood at Rs2.23 billion which translates into an Earning Per Share of Rs2.66 for the nine months of fiscal year (9MFY11). SSGC is currently 10.8 per cent below its 200-day moving
-
of volume out of SSGC (mildly bearish). Trend forecasting
7.49
5.05
-
-
-
-
oscillators are currently bearish on SSGC.
5600.00
4875.00
492
-
-
-
8952
10.79
7.91
10
-
-
Kohinoor Mills Limited
Performance of SR Household Goods Index Open 674.19 Turnover 208,566 P/E (x) 1.22 Company
High Low 696.36 654.51 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.13 10.64
Close 664.33 Listed cap 3,763.71 mn Payout (%) 6.27
Change % Change -9.86 -1.46 Market cap 200-Day High 4,443.03 mn Div Yield (%) 200-Day Low 5.13 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
1219
-
6.74
7.38
6.65
6.90 0.16
148768
11.45
6.50
-
10B
693
1.57
11.98
12.49
11.65
11.93 -0.05
54808
14.20
11.20
17.5
-
Pak Elektron Tariq Glass Ind
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%) -
-
- 200R
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
37.15
Total Assets (Rs in mn) Revenue (Rs in mn) Interest Expense
1st Support
1.25
Loss after Taxation
2nd Support
1.25
EPS 10 (Rs)
1st Resistance
1.25
Book value / share (Rs)
2nd Resistance
1.25
PE 11 E (x)
Pivot
1.25
PBV (x)
PE
Open
High
Low
Close Chg
Volume
2010 Div BR (%) (%) - 100R
2011 Div BR (%) (%)
2.50
2.60 -0.10
87506
3.25
2.40
48.03
48.92 -0.03
96967
56.49
48.03
50
-
-
-
Balochistan Glass Ltd
858
-
2.00
2.43
1.60
2.00 0.00
8700
2.90
1.51
-
-
-
-
182
-
14.55
15.49
13.41
14.25 -0.30
13.41
- 122R
-
-
-
11054
16.62
Cherat Cement
956 42.19
9.00
9.45
8.51
8.86 -0.14
34395
11.90
8.51
-
-
-
-
Dadabhoy Cement
982 16.77
1.99
2.23
1.60
2.18 0.19
91135
2.24
1.55
-
-
-
-
-
-
1.70
1.85
1.60
1.75 0.05
282580
2.67
1.36
-
-
-
-
DG Khan Cement Ltd
4381 31.59
23.19
24.20
23.01
23.69 0.50
9609265
25.85
21.31
-
20R
-
20R
Fauji Cement
6933
4.11
4.34
4.05
4.13 0.02
1018857
5.04
3.99
-
-
-
92R
7.12
1760
-
1288
-
5.85
6.54
5.86
6.00 0.15
7600
7.60
5.85
-
-
-
-
13126 69.75
2.75
3.00
2.75
2.79 0.04
1804996
3.35
2.10
-
-
-
-
70.96
73.70
70.31
72.33 1.37
1432725
77.43
66.93
40
3234
5.88
1.36
1.47
1.25
1.33 -0.03
94018
1.95
1.20
-
-
-
-
-
-
-
Maple Leaf Cement
5267
-
2.05
2.15
2.01
2.06 0.01
533169
3.05
1.97
-
-
-
-
Pioneer Cement
2271
-
5.45
5.84
5.00
5.33 -0.12
22192
6.34
4.50
-
-
-
-
-
6.85
7.49
6.25
6.86 0.01
117831
7.55
5.25
-
-
- 100R
721
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 987.93 Turnover 428,153 P/E (x) 2.85
High Low 1,017.24 975.67 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.25 43.91
Close 999.37 Listed cap 3,043.31 mn Payout (%) 15.55
Change % Change 11.44 1.16 Market cap 200-Day High 37,161.30 mn Div Yield (%) 200-Day Low 5.45 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Cherat Papersack
172
2.36
47.81
49.00
47.00
48.00 0.19
82923
56.60
46.45
20
25B
-
50R
ECOPACK Ltd
230
-
1.25
1.39
1.10
1.35 0.10
264537
1.90
1.10
-
-
-
-
54.40
53.00
53.95 1.40
25
10B
12.74
10.70
11.74 1.09
48395
15.21
9.78
-
-
-
-
114.00 108.51 111.00 0.50
15026
118.00
103.01
32.5
-
-
-
1067
5.49
52.55
MACPAC Films
389
2.34
10.65
Packages Ltd
844 18.50 110.50
7334
58.50
51.50
2010 Div BR (%) (%)
2011 Div BR (%) (%)
-
-
INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,757.32 Turnover 623,732 P/E (x) 8.66
High Low 1,834.39 1,743.07 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.29 38.02
Company
Paid up Cap(mn)
PE
Open
High
Low
Ados Pak
66
3.24
8.50
9.85
8.45
AL-Ghazi Tractor
215
3.96 223.92
Bolan Casting
104
4.80
47.54
50.20
46.13
Dewan Auto Engineering 214
-
1.59
1.79
1.20
Ghandhara Ind
213 10.12
KSB Pumps
132
Millat Tractors
366
-
8.85
231.50 225.00 229.31
8.30
8.74
8.25
32.90
35.61
31.40
9.35 596.38
Close Chg 0.35
Close 1,803.56 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 6146
Change % Change 46.24 2.63 Market cap 200-Day High 35,447.77 mn Div Yield (%) 200-Day Low 15.18 -
Last 60 days High Low
2010 Div BR (%) (%)
9.85
7.40
-
-
-
Amtex Limited Artistic Denim Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Colony Mills Ltd D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Gadoon Textile XD Gul Ahmed Textile Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Idrees Textile Int Knitwear Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Prosperity Ravi Textile Redco Textile Saif Textile Salfi Textile Sally Textile Sana Ind Saritow Spinning Service Ind Suraj Cotton Thal Ltd Treet Corp Yousuf Weaving Zil Limited
2594 840 4493 37 76 76 64 1150 2442 600 591 978 234 635 222 138 716 3105 300 180 32 107 303 509 2455 145 1621 3516 108 560 185 250 213 264 33 88 55 133 120 180 307 418 400 53
PE
16733
239.00
203.15
400
-
-
-
32189
50.33
44.00
25
10B
-
-
1.40 -0.19
46168
2.15
0.71
-
-
-
-
Open
2.51 7.53 24.00 5.73 0.25 16.00 0.67 15.46 7.65 637.80 0.79 70.63 2.04 1.72 1.52 1.07 - 32.00 1.39 2.00 0.66 68.00 3.16 49.25 0.47 11.00 0.29 0.73 3.89 2.86 41.75 0.99 1.82 4.35 4.26 0.41 1.41 1.05 1.05 3.79 3.71 0.48 3.47 22.61 4.66 50.47 0.66 2.47 19.62 0.93 14.05 0.98 2.63 0.50 0.28 7.06 0.36 64.71 0.29 7.00 3.03 39.00 0.34 1.51 3.19 195.67 0.69 36.95 - 103.03 6.75 52.33 0.52 1.20 6.18 59.19
High
High Low 979.08 960.56 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.53 8.64 Low
Close Chg
2.87 2.50 2.68 0.17 25.00 22.40 23.80 -0.20 6.24 5.65 5.99 0.26 16.00 15.00 15.00 -1.00 16.79 14.70 16.00 0.54 680.56 617.01 649.99 12.19 84.50 70.00 82.07 11.44 2.15 1.76 1.87 -0.17 2.20 1.50 1.65 0.13 1.19 1.01 1.10 0.03 33.50 30.75 32.00 0.00 2.45 1.56 2.11 0.11 70.61 67.50 68.01 0.01 51.94 50.00 50.01 0.76 11.50 10.60 11.35 0.35 0.90 0.15 0.50 0.21 3.90 3.65 3.68 -0.21 41.50 39.50 40.01 -1.74 0.99 0.70 0.90 -0.09 5.20 4.30 4.75 0.40 5.25 3.26 5.23 0.97 1.50 1.29 1.50 0.09 1.24 1.00 1.24 0.19 1.49 1.05 1.25 0.20 3.97 3.26 3.30 -0.41 0.64 0.40 0.40 -0.08 23.49 22.30 22.53 -0.08 53.90 49.80 52.56 2.09 1.49 0.40 0.99 0.33 20.50 18.00 19.78 0.16 14.54 14.00 14.39 0.34 1.30 0.78 1.24 0.26 0.55 0.47 0.50 0.00 8.00 7.06 8.00 0.94 76.50 64.05 70.04 5.33 8.22 6.35 7.50 0.50 40.00 39.00 40.00 1.00 1.80 1.25 1.76 0.25 195.50 187.05 187.21 -8.46 37.00 35.11 35.92 -1.03 104.00 100.75 102.10 -0.93 55.10 51.30 54.00 1.67 1.99 1.10 1.18 -0.02 59.19 57.00 57.06 -2.13
Open 979.34 Turnover 83,623 P/E (x) 6.45
Last 60 days High Low
828400 3.76 8022 26.00 11864178 7.29 6376 17.99 7597 20.99 7356 680.56 11776 84.50 15505 2.73 148123 2.64 139116 1.39 17072 44.00 20816 4.18 14093 93.00 9837 53.65 59511 12.16 15301 1.40 119742 4.95 22079 49.92 5299 2.00 29618 5.98 5941 8.99 7065 2.24 6995 1.75 2013101 2.83 392904 5.25 12363 0.97 1723060 29.35 4243562 66.00 11109 1.98 43296 20.62 7400 16.90 36864 1.48 21000 1.80 12827 11.40 5640 76.50 12191 9.35 7705 41.85 28749 1.99 7967 198.90 5910 42.00 62328 108.90 79996 59.20 6072 1.99 5127 67.20
High Low 1,005.40 966.05 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.44 22.31
Paid up Cap(mn)
PE
Open
High
Low
Abbott (Lab) XD
979
5.80
93.49
95.49
92.00
Company
1.81 20.40 4.40 14.30 14.70 411.00 56.07 1.65 1.40 0.95 30.50 1.56 65.01 47.50 9.52 0.05 3.60 39.50 0.63 3.80 3.26 1.00 0.75 0.71 3.26 0.16 22.22 49.80 0.30 17.01 14.00 0.53 0.30 7.00 49.00 6.00 36.50 1.13 154.00 35.11 97.00 47.95 1.00 55.00
Close 983.55 Listed cap 3,904.20 mn Payout (%) 44.54
2010 Div BR (%) (%) - 30B 20 - 15B 20 280 50 5 15B 70 12.5 10 20B 10 20 10 6 15 25 45R 30 25 10 60 75 50 80 20B 50 900B 35 -
2011 Div BR (%) (%) -
-
Volume
Last 60 days High Low
94.58
1.09
22194
95.49
0.18
6001
10.00
8.00
-
-
-
-
GlaxoSmithKline
2019
10.76
75.12
79.27
74.80
75.30
7972
47.95
30.50
12.5
-
-
-
Highnoon (Lab)
182
6.91
31.13
31.60
29.50
29.85 -1.28
625.70
510.00
650
25B325.00
-
IBL HealthCare Ltd
200
3.89
9.50
10.10
9.00
9.50
0.00
84.11
8,691.98 (88.49) 6,211.71 724.05 (1,136.51) (22.324) (1.74) (0.72)
KML closed up 0.20 at 1.25. Volume was 6,157 per cent above average (trending) and Bollinger Bands were 11 per cent narrower than normal. The company's loss after taxation stood at Rs823.748 million which translates into a Loss Per Share of Rs16.18 for the nine months of fiscal year (9MFY11). KML is currently 51.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of KML (bearish). Trend forecasting oscillators are currently bearish on KML.
Lafarge Pakistan Cement Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
44.34
Total Assets (Rs in mn)
MA (10-day)
2.77
Total Equity (Rs in mn)
MA (100-day)
2.98
Revenue (Rs in mn)
MA (200-day)
3.06
Interest Expense
1st Support
2.75
Loss after Taxation
2nd Support
2.73
EPS 09 (Rs)
1st Resistance
2.82
Book value / share (Rs)
2nd Resistance
2.87
PE 10 E (x)
Pivot
2.80
PBV (x)
19,704.24 9,763.73 8,129.96 1,230.81 (1,278.96) (0.974) 7.44 0.38
LPCL closed up 0.04 at 2.79. Volume was 87 per cent below average (consolidating) and Bollinger Bands were 25 per cent narrower than normal. The company's profit after taxation stood at Rs13.847 million which translates into an Earning Per Share of Rs0.01 for the 1st quarter of current calendar year (1QCY11). LPCL is currently 8.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of LPCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on LPCL.
BOOK CLOSURES
Change % Change 4.21 0.43 Market cap 200-Day High 32,424.29 mn Div Yield (%) 200-Day Low 6.90 -
Close Chg
0.20
507031
Volume
Change % Change -3.09 -0.32 Market cap 200-Day High 122,903.79 mn Div Yield (%) 200-Day Low 2.73 -
Performance of SR Pharma and Bio Tech Index
32.27 -0.63
625.70 592.20 615.21 18.83
Close 967.55 Listed cap 47,070.70 mn Payout (%) 16.68
PHARMA AND BIO TECH
-
5.39
8.50
Company
Paid up Cap(mn)
2011 Div BR (%) (%)
1.05
48.59
Open 970.64 Turnover 22,185,701 P/E (x) 6.11
Change % Change 9.90 1.14 Market cap 200-Day High 64,882.19 mn Div Yield (%) 200-Day Low 2.72 -
2.99
3891
14,072.35
AL-Abbas Sugar
Total Equity (Rs in mn)
Last 60 days High Low
110,759.62 107,736.78
2.14
Close 875.69 Listed cap 54,792.74 mn Payout (%) 19.04
0.54 13.85
1.72
High Low 902.33 855.72 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.50 7.10
118.91
NICL closed up 0.34 at 3.14. Volume was 70 per cent above average and Bollinger Bands were 15 per cent wider than normal. The company's profit after taxation stood at Rs37.293 million which translates into an Earning Per Share of Rs0.17 for the nine months of fiscal year (9MFY11). NICL is currently 39.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into NICL (bullish). Trend forecasting oscillators are currently bullish on NICL.
-
20B 10.00
1,694.64 1,742.80
1.19
51.24
Ghani Glass
1727141
MA (200-day)
MA (200-day)
2.70
Company
1.50
235.00
6870
10.75
786
0.11
3.46
71310
225.89 219.50 220.01
Indus Motors
1.11
0.38
-
Revenue (Rs in mn)
MA (100-day)
48.95
Shabbir Tiles
3.21
22.91 -0.29
15B
2.72
MA (10-day)
-
Lucky Cement
22.70
-
MA (100-day)
PERSONAL GOODS
6.19
Flying Cement Ltd
23.75
20B
15B 65.00
Total Equity (Rs in mn)
Performance of SR Personal Goods Index
866
Kohat Cement
2.80
235.00 218.00 230.71 10.67
330723
2011 Div BR (%) (%)
Total Assets (Rs in mn)
2.89
CONSTRUCTION AND MATERIALS
1828
Lafarge Pakistan Cmt.
3.25
0.48
2010 Div BR (%) (%)
7.62 119.11
General Tyre
70.47
Last 60 days High Low
101
2011 Div BR (%) (%)
- 20.00
Attock Cement
Dewan Cement
69.60
Volume
66.57
MA (10-day)
Performance of SR Construction and Materials Index
Paid up Cap(mn)
Berger Paints
71.42
Close Chg
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
HOUSEHOLD GOODS
2010 Div BR (%) (%)
25.70
50.69
Open 865.78 Turnover 15,266,720 P/E (x) 7.00
Al-Abbas Cement
Last 60 days High Low
Low
2011 Div BR (%) (%)
Change % Change 10.11 0.89 Market cap 200-Day High 42,079.59 mn Div Yield (%) 200-Day Low 5.06 -
719
Change % Change 13.69 1.34 Market cap 200-Day High 15,460.45 mn Div Yield (%) 200-Day Low 9.84 -
29.75
High
Close 1,143.21 Listed cap 6,768.53 mn Payout (%) 20.42
Atlas Battery
Performance of SR Industrial Metals and Mining Index Open 1,019.29 Turnover 2,081,472 P/E (x) 3.14
High Low 1,161.01 1,125.81 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.02 25.35
2010 Div BR (%) (%)
Atlas Honda
-
Engro Corporation Ltd
Fauji Fert.Bin Qasim
163.73 155.00 160.40 -1.32
-
Engro Polymer Fatima Fertilizer
7.17 161.72
96.00 1.15
Last 60 days High Low
Volume
63.30
Dewan Salman
95.00
Close Chg
Change % Change 15.18 0.83 Market cap 200-Day High 381,001.98 mn Div Yield (%) 200-Day Low 5.51 -
3.57
4.85 162.02
96.89
Low
Close 1,851.22 Listed cap 52,251.88 mn Payout (%) 48.81
4813
341
94.85
High
Open 1,133.09 Turnover 2,294,586 P/E (x) 4.04
Agriautos Ind
High Low 1,884.52 1,794.04 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.10 35.00
Dawood Hercules
Clariant Pak
7.23
Open
Company
-
- 80.00 -
Performance of SR Chemicals Index Open 1,836.04 Turnover 81,618,924 P/E (x) 8.86
Change % Change 39.35 5.18 Market cap 200-Day High 12,911.56 mn Div Yield (%) 200-Day Low 2.06 -
7.84
1163033 387.35
1715
Close 799.50 Listed cap 3,242.17 mn Payout (%) 11.08
1092
1399046 157.51
Pak Refinery Limited
High Low 832.10 755.79 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.37 25.53
Paid up Cap(mn)
1.43
-
Open 760.15 Turnover 145,609 P/E (x) 5.37
Pak Int Cont. Terminal
374.00 354.01 365.92 10.78
P.S.O
Nimir Industrial Chemicals Ltd
-
20B115.00
155.60 150.21 153.72
Shell Pakistan
1.43
11,790.05 11,939.17 11,525.92 h195.16
Performance of SR Industrial Transportation Index
Close Change % Change 1,563.93 27.86 1.81 Listed cap Market cap 200-Day High 65,194.15 mn 1,143,870.30 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.27 -
Oil & Gas Development 43009 10.40 152.29
Pak Oilfields
108.40 103.55 106.69
7.00
Current High Low Change
8,596.72 8,746.73 8,548.99 i58.16
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,536.07 Turnover 18,752,417 P/E (x) 10.61
KSE 30 Index
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
-
27557
79.99
71.00
40
15B
-
-
8396
33.50
24.51
25
10B
-
-
17030
12.00
9.00
-
-
-
-
Company
From
To
Sapphire Fibres #
14-Jul
20-Jul
-
-
Exide Pakistan #
18-Jul
25-Jul
-
-
25-Jul
Nina Industries
18-Jul
23-Jul
-
-
-
Service Industries #
23-Jul
30-Jul
-
-
Singer Pakistan #
25-Jul
04-Aug
-
-
04-Aug
(TFC) United Bank
27-Jul
09-Aug
-
-
-
Ruby Textile Mills
29-Jul
04-Aug
33.20 (R)
-
-
31-Jul
13-Aug
-
-
-
29-Aug
04-Sep
-
-
-
(TFC) United Bank Fauji Fertilizer
D/B/R
INDICATIONS # Extraordinary General Meeting
Spot AGM/Date 20-Jul
30-Jul
7
Monday, July 11 2011 Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance Premier Insurance Reliance Insurance Silver Star Insurance Universal Insurance
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 914.87 Turnover 4,677,396 P/E (x) 4.50 Paid up Cap(mn)
Company
High Low 927.18 899.07 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.58 12.84
PE
Open
High
Low
Close Chg
Pak.Telecomm Co A XD 37740 11.59 Telecard 3000 2.63 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
14.22 1.60 2.02 2.01
14.40 1.60 2.10 2.28
14.01 1.41 1.96 1.94
14.14 1.55 2.00 2.17
-0.08 -0.05 -0.02 0.16
Close 908.77 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 2539976 536514 1598986 1633462
Change % Change -6.10 -0.67 Market cap 200-Day High 57,126.67 mn Div Yield (%) 200-Day Low 13.91 -
Last 60 days High Low
2010 Div BR (%) (%)
17.83 1.94 2.60 3.09
17.5 1 -
14.01 1.40 1.94 1.94
2011 Div BR (%) (%)
-
-
443 3.54 391 1.42 457 4.78 1250 13.42 450 7.78 970 5.96 3000 5.56 303 3.67 284 4.51 291 0.91 263 -
28.10 66.25 8.10 35.07 11.10 74.80 15.97 8.25 7.00 5.30 2.00
Paid up Cap(mn)
Company
Altern Energy Genertech Hub Power Japan Power KESC Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
3426 198 11572 1560 7932 8803 3673 3541 191 1367 150
PE
Open
High
Low
7.78 5.48 2.61 2.28 5.39 -
9.10 0.58 37.84 1.20 2.20 42.49 13.89 15.49 19.75 1.31 0.99
8.74 0.64 39.45 1.28 2.29 43.79 14.70 16.20 20.49 1.50 1.19
7.51 0.16 37.60 1.10 2.10 42.30 13.67 15.45 19.29 1.21 0.94
Close 1,364.35 Listed cap 95,369.29 mn Payout (%) 104.13
Open 926.93 Turnover 32,328 P/E (x) 5.29
Change % Change 22.02 1.64 Market cap 200-Day High 104,696.42 mn Div Yield (%) 200-Day Low 7.77 -
Close Chg
Volume
Last 60 days High Low
8.10 0.51 38.74 1.24 2.16 42.70 14.50 16.01 19.47 1.35 0.97
154811 51146 5679363 149832 1528143 898228 1740451 818245 31890 380022 36985
9.93 0.80 39.45 1.70 2.68 44.19 17.25 17.70 23.26 1.80 1.37
-1.00 -0.07 0.90 0.04 -0.04 0.21 0.61 0.52 -0.28 0.04 -0.02
7.51 0.16 36.70 0.97 2.10 41.60 13.47 15.40 17.00 1.13 0.70
2010 Div BR (%) (%) 50 50 20 -
Company
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
5491 14.29 8390 4.73
Open
High
19.82 21.03
20.30 21.49
Low 19.65 20.70
Close Chg 20.00 0.18 20.97 -0.06
Volume 243667 2201620
23.60 23.75
17.64 20.40
2010 Div BR (%) (%) 20 15
Company
-
Paid up Cap(mn)
Allied Bank Limited Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber XR Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 National Bank 16818 Network Mic Bank 300 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 8701 United Bank Ltd 12242
PE
Open
6.34 63.70 5.17 10.97 5.31 9.63 6.19 29.50 2.09 4.89 6.00 10.41 3.50 7.27 9.20 7.33 116.03 5.51 21.30 47.40 2.34 1.40 8.15 198.41 6.12 17.50 4.21 50.83 3.37 1.53 21.25 1.71 15.94 2.61 2.55 5.13 6.59 7.91 3.77 7.27 61.75
High
-
Low
Close Chg
Volume
Last 60 days High Low
72.00
70.00
70.67 1.67
28311
73.25
247407 1222223 9862678 2298717 44461 22990329 1126341 258447 316325 256090 337385 274555 1464272 708235 19289304 137471 3487737 87605 1736203 1289017 13621 460845 990096
68.99 12.35 11.02 30.10 6.25 7.35 4.09 10.50 126.50 22.45 3.00 1.77 210.95 19.49 55.15 3.50 2.05 2.20 3.06 6.94 9.75 4.75 65.01
59.00 10.79 9.42 28.25 4.05 4.51 3.25 9.00 114.10 17.00 2.06 1.16 190.99 16.60 49.51 1.70 1.47 1.62 2.15 5.00 7.70 2.67 61.00
2010 Div BR (%) (%)
50.70
2010 Div BR (%) (%) 50
-
-
High Low 302.04 270.03 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91
Close 293.49 Listed cap 30,336.44 mn Payout (%) 99.56
Change % Change 16.02 5.77 Market cap 200-Day High 14,413.40 mn Div Yield (%) 200-Day Low 4.73 -
PE
225
0.94
21612
0.64
0.26
-
-
-
-
360
5.10
21.00
21.80
20.00
20.00 -1.00
5159
24.97
20.00
-
20B
-
-
450 19.28 3750 3.37 150 2.22 250 -
19.18 25.66 1.54 1.30
19.89 25.99 1.80 1.50
18.15 24.41 1.15 1.01
18.32 25.15 1.40 1.28
71505 4074963 10022 12248
20.20 27.29 2.04 1.99
12.01 20.53 1.15 1.01
30 -
20B -
-
-
441
Open 0.45
High
Low
0.49
Close Chg
0.32
0.45 0.00 -0.86 -0.51 -0.14 -0.02
Last 60 days High Low
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
-
1.93
2.25
1.55
2.00 0.07
51089
2.33
1.55
-
-
-
-
IGI Investment Bank Invest and Fin Sec
2121 7.89 600 20.73
1.61 7.69
1.65 8.21
1.30 7.52
1.50 -0.11 7.67 -0.02
46161 17816
2.04 9.29
1.15 7.00
11.5
-
-
-
Invest Bank
2849
-
0.32
0.45
0.32
0.43 0.11
20454
1.20
0.22
-
-
-
-
Ist Cap Securities Ist Dawood Bank
3166 626
0.64
2.35 1.59
2.50 1.64
2.35 1.35
2.44 0.09 1.43 -0.16
37160 21065
3.27 1.96
2.22 1.30
-
10B -
-
-
Jah Siddiq Co JOV and CO
7633 508
-
6.87 2.56
7.75 2.85
6.65 2.45
7.53 0.66 2.59 0.03
25890214 483032
8.34 3.40
4.82 2.31
10 -
-
-
-
500
5.72
18.57
21.49
18.51
19.90 1.33
18119
22.94
16.42
50
-
-
-
1000 43.83 1000 821 3.83 775 5.54 452 363 -
5.29 3.31 5.57 1.49 0.65 2.00
5.54 3.78 6.39 1.64 0.66 2.00
5.06 3.32 5.55 1.40 0.65 1.99
391140 24209 31501 388307 8000 50098
6.43 4.79 6.39 1.99 1.30 2.55
4.53 3.10 5.00 1.32 0.60 1.50
-
-
-
-
5.26 3.37 6.32 1.55 0.65 2.00
-0.03 0.06 0.75 0.06 0.00 0.00
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index
2011 Div BR (%) (%)
Open 1,531.67 Turnover 2,638,940 P/E (x) 23.35
40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 -
Company
High Low 1,609.65 1,517.61 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.52 2.21
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
264
-
1.46
1.70
1.41
1.51 0.05
Change % Change 23.49 1.53 Market cap 200-Day High 19,703.47 mn Div Yield (%) 200-Day Low 6.97 -
Last 60 days High Low
Volume
-
-
11.10
11.25
10.80
10.92 -0.18
624873
11.32
10.05
18.5
-
5.00
-
1.73
6.50
6.50
6.50
6.50 0.00
200251
6.90
6.11
2.2
-
-
-
B R R Guardian Mod.
780
2.31
2.19
2.40
2.05
2.22 0.03
44011
2.91
1.29
0
-
-
-
Crescent St Modaraba
200
4.00
0.57
0.84
0.42
0.56 -0.01
10348
0.89
0.30
1.2
-
-
-
Elite Cap Modaraba
113
4.03
2.30
3.60
2.10
2.90 0.60
21083
3.60
2.10
5
-
-
-
Equity Modaraba
524
7.32
1.35
1.45
1.18
1.39 0.04
6533
2.50
1.18
-
-
-
-
First Capital Mutual F.
300
1.89
2.50
3.45
1.51
2.50 0.00
6163
4.60
1.51
-
-
-
-
First Dawood Mutual F.
581
1.17
2.29
2.34
1.85
1.95 -0.34
49140
2.47
1.82
-
-
-
-
Golden Arrow
760
2.22
3.24
3.48
3.12
3.35 0.11
85080
3.72
3.11
17
-
-
H B L Modaraba
397
3.80
8.00
8.10
7.65
7.75 -0.25
14653
8.44
7.10
11
-
-
-
NON LIFE INSURANCE
Habib Modaraba
1008
4.25
8.44
8.44
8.15
8.20 -0.24
92276
8.44
7.26
21
-
-
-
Performance of SR Non Life Insurance Index
JS Growth Fund
3180
2.07
5.90
6.25
5.34
6.02 0.12
495923
7.40
5.32
12.5
-
-
-
JS Value Fund
1186
0.56
5.12
5.70
4.91
5.34 0.22
251983
6.68
4.91
10
-
5.00
-
Nat Bank Modaraba
250
3.77
5.91
5.91
5.02
5.02 -0.89
51510
6.00
4.50
10
-
-
-
PICIC Energy Fund
1000
2.21
7.36
7.55
7.35
7.50 0.14
28401
8.25
6.92
10
- 10.00
-
PICIC Growth Fund
2835
2.76
13.30
13.84
13.18
13.45 0.15
311451
13.84
12.00
20
- 12.50
-
PICIC Inv Fund
2841
2.39
5.85
6.20
5.85
6.05 0.20
197007
6.95
5.50
10
-
7.50
-
Prud Modaraba 1st
872
1.47
0.80
0.99
0.81
0.81 0.01
16972
1.10
0.75
3
-
-
-
Stand Chart Modaraba
454
5.90
10.00
10.78
10.01
10.68 0.68
7118
10.90
9.50
17
-
-
-
1237
PE 7.02
Open 64.91
High 66.49
Low 63.97
Close Chg 65.41 0.50
Volume 281302
Change % Change 1.97 0.27 Market cap 200-Day High 46,174.09 mn Div Yield (%) 200-Day Low 8.49 -
Last 60 days High Low 71.99
62.00
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
Tri-Star Mutual
-
2.00
1.15
-
-
2011 Div BR (%) (%)
4.69
AL-Meezan Mutual F.
9428
2010 Div BR (%) (%)
525
Close 744.64 Listed cap 11,111.34 mn Payout (%) 79.54
1st Fid Leasing
Close 1,555.16 Listed cap 29,771.58 mn Payout (%) 104.74
1375
High Low 751.57 734.11 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.49 5.20
Symbols DSML FASM FECS QUICE SEARL SMTM AGL SING NOPK WAHN MTIL FEROZ TSML TRPOL CWSM EWLA RUPL MIRKS FECTC CHAS SRSM MERIT FPRM SCLL SERF CJPL GWLC SITC ADAMS PAKT SHDT ZTL BAWS STJT ISTM TATM PPP SMCPL AKDCL SANSM IDSM DMTM DINT NAGC NATF FRCL EMCO PAKD GATI NATM THCCL PNGRS MSOT NESTLE FCIBL MBF OLSM GFIL ALNRS GUSM PECO DYNO TRSM SUTM PIL BWCL KOSM TREI BILF TSBL FPJM BAPL IDYM GAIL HWQS NJICL AASM AGIC PHDL SFWF CLCPS QUAT KOHE GRAYS DADX SHCI PPVC MFTM ICL PGCL SERT NJLIC JDMT PCAL FCONM JKSM MFFL FTSM GLPL ASIC HUSS RCML COLG ELSM HINO SHTM SIEM SHCM PASM FRSM SZTM UNIC KASBM LIBM ILTM HUSI PAKMI ISIL RMPL SAPL KOHP BAFS REWM WAZIR SHJS NPSM MOON MDTL HADC BWHL BFMOD MEHT JOPP SIBL
2011 Div BR (%) (%)
-
Paid up Cap(mn)
JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Security Leasing
Change % Change 14.83 1.32 Market cap 200-Day High 672,817.65 mn Div Yield (%) 200-Day Low 5.56 -
Last 60 days High Low
Volume
UP TO 5000 VOLUME
-
Atlas Fund of Funds
Paid up Cap(mn)
Adamjee Insurance XD
Close Chg
65.74 63.99 64.25 0.55 11.49 10.80 11.38 0.41 10.24 9.50 10.08 0.45 29.56 28.75 29.23 -0.27 5.15 4.40 4.69 -0.20 7.10 6.05 6.77 0.77 3.95 3.50 3.85 0.35 9.77 9.00 9.60 0.40 120.00 114.53 117.36 1.33 21.72 19.00 19.18 -2.12 2.45 2.25 2.37 0.03 1.55 1.30 1.40 0.00 206.70 197.26 201.82 3.41 18.00 17.08 17.87 0.37 55.15 50.52 53.55 2.72 3.48 3.05 3.10 -0.27 1.56 1.48 1.53 0.00 1.85 1.63 1.70 -0.01 2.67 2.50 2.55 -0.06 5.20 5.00 5.10 -0.03 8.47 8.02 8.17 0.26 3.98 3.72 3.86 0.09 62.89 61.01 61.88 0.13
Open 742.66 Turnover 1,441,329 P/E (x) 9.37 Company
Low
High
69.00
Escorts Bank
Performance of SR Banks Index
Company
Open
JS Global Cap
High Low Close 1,166.83 1,114.16 1,140.81 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49
40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 30 25 - 12.5B - 15B -
Change % Change 15.02 1.62 Market cap 200-Day High 10,442.74 mn Div Yield (%) 200-Day Low 3.81 -
PE
Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities
BANKS Open 1,125.99 Turnover 68,438,519 P/E (x) 7.29
Close 941.95 Listed cap 2,290.72 mn Payout (%) 355.53
9.93
AMZ Ventures
2011 Div BR (%) (%)
25B
High Low 961.52 931.14 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.59 3.85
Open 277.47 Turnover 27,602,968 P/E (x) 11.49
-
Change % Change 3.89 0.30 Market cap 200-Day High 28,575.27 mn Div Yield (%) 200-Day Low 8.02 -
Last 60 days High Low
26.00 63.06 8.00 29.01 10.95 65.10 12.43 8.00 5.76 4.21 1.32
850
Arif Habib Investments
Close 1,298.50 Listed cap 12,202.80 mn Payout (%) 66.79
29.25 105.99 9.75 39.65 12.00 76.12 20.23 10.67 7.50 6.74 2.50
FINANCIAL SERVICES
GAS WATER AND MULTIUTILITIES High Low 1,324.42 1,280.70 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.95 11.41
39674 10449 10655 69730 21452 114140 825100 17804 32518 10300 5236
Performance of SR Financial Services Index
Performance of SR Gas Water and Multiutilities Index Open 1,294.61 Turnover 2,445,287 P/E (x) 8.33
0.40 -1.24 0.50 0.90 0.10 -2.80 0.05 -0.04 0.40 -0.11 -0.50
Paid up Cap(mn)
EFU Life Assurance
2011 Div BR (%) (%)
- 25.00 7.8R - 30.00 - 10.00 -
28.50 65.01 8.60 35.97 11.20 72.00 16.02 8.21 7.40 5.19 1.50
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,394.68 1,328.93 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.25 9.35
27.53 65.00 8.10 35.00 11.20 70.00 15.71 8.11 7.00 4.80 1.50
LIFE INSURANCE
-
ELECTRICITY Open 1,342.33 Turnover 11,469,809 P/E (x) 13.41
28.50 69.00 8.65 36.86 11.46 74.75 16.25 8.50 7.50 5.83 2.00
-
50
0.42
1.58
1.49
1.03
0.63 -0.95
55798
2.00
0.72
-
-
-
-
U D L Modaraba
264
2.34
7.25
7.49
6.81
6.82 -0.43
30411
7.49
6.31
12.5
-
7.50
-
UNICAP Modaraba
136
-
0.40
1.50
0.80
1.50 1.10
20000
1.50
0.13
-
-
-
-
Open
High
3.50 42.26 38.00 2.60 55.07 4.82 19.00 15.60 20.27 36.75 0.50 94.00 52.36 1.21 1.60 1.20 40.80 49.12 5.45 10.19 2.86 25.84 10.00 2.50 0.89 0.60 6.94 100.90 17.50 96.72 13.01 3.48 8.51 28.00 5.95 32.00 42.01 5.50 36.50 12.28 4.21 4.49 27.55 15.00 73.03 2.02 1.61 30.01 52.00 19.96 19.10 3.45 19.50 5515.00 5.24 9.40 2.65 4.40 39.25 7.75 90.00 10.49 1.60 34.00 13.26 12.12 1.59 1.39 1.00 1.86 0.99 6.75 371.74 3.11 11.58 59.68 27.70 8.50 29.22 6.67 1.77 18.15 16.00 41.84 15.70 2.27 2.00 0.81 30.26 19.11 0.25 56.50 14.08 45.60 1.50 7.10 78.25 1.90 57.12 14.00 10.43 27.36 769.25 24.00 111.27 0.30 1094.26 13.90 14.00 18.50 7.00 5.25 2.55 63.65 228.95 2.82 1.00 74.68 2675.78 149.00 2.74 43.73 11.25 5.95 62.95 27.00 8.00 17.30 0.42 31.90 4.90 68.18 9.00 1.72
4.50 45.16 38.25 2.60 56.60 5.79 18.96 14.89 22.15 37.50 0.50 94.00 55.95 0.85 2.40 2.00 41.75 50.00 5.80 10.50 3.69 27.54 11.00 3.00 0.89 1.20 7.90 101.90 18.50 99.00 13.01 4.00 8.51 28.00 6.50 33.33 42.75 5.50 39.49 12.70 4.68 4.65 30.34 15.40 76.90 3.87 1.90 31.00 51.00 25.38 19.98 4.00 20.50 5585.00 5.44 9.85 3.00 5.00 41.15 8.21 86.90 10.89 3.00 34.88 13.26 12.99 1.75 1.39 1.10 2.86 1.20 7.50 353.21 3.43 11.58 59.68 27.50 9.40 30.68 8.65 0.81 19.00 16.90 43.16 16.70 2.40 3.95 0.99 31.50 19.99 0.51 58.99 14.90 46.00 1.90 7.10 78.25 1.90 57.12 17.00 11.06 28.20 779.99 24.90 116.83 0.45 1134.99 15.90 14.25 19.00 7.00 5.25 2.55 60.57 246.75 3.70 1.20 74.68 2699.09 155.00 3.10 43.73 12.10 6.85 65.51 27.00 8.00 17.30 0.70 31.90 5.00 68.20 10.00 2.00
Low
Close
3.50 41.30 38.00 2.30 54.50 4.50 17.35 13.49 19.60 36.60 0.31 91.50 50.00 0.50 1.06 1.31 40.25 47.15 5.15 9.90 2.51 24.35 10.00 2.50 0.35 0.56 6.15 98.00 17.50 91.51 12.00 2.49 8.50 27.76 5.50 32.00 41.51 4.90 35.89 11.60 4.21 3.90 26.50 15.00 72.50 2.02 1.60 29.25 49.01 20.96 18.20 3.45 18.50 4371.64 4.75 9.40 2.50 4.00 38.10 7.45 74.20 10.11 1.50 32.30 11.92 11.20 1.55 1.06 1.00 1.01 1.10 6.50 318.95 3.11 10.60 56.78 26.36 8.50 28.02 6.67 0.81 18.15 15.60 40.05 14.85 2.34 2.00 0.80 30.26 18.88 0.25 55.55 13.10 44.10 1.50 6.11 78.00 1.05 54.27 14.00 10.43 26.00 731.10 24.00 107.60 0.39 1050.00 12.90 13.25 18.50 7.00 5.11 2.25 60.47 235.00 2.82 0.90 70.95 2433.00 149.00 2.60 41.55 11.25 5.11 62.00 25.65 7.00 16.30 0.36 30.32 4.90 68.18 8.90 1.32
4.50 43.02 38.00 2.30 56.01 4.56 18.05 13.90 21.28 36.62 0.31 94.00 52.50 0.60 2.31 1.40 40.27 49.50 5.48 10.00 3.01 26.23 10.25 2.99 0.40 0.56 7.27 101.56 18.00 93.80 12.00 2.52 8.50 28.00 5.99 33.33 42.20 5.00 37.77 11.85 4.68 4.20 30.34 15.40 75.06 2.95 1.77 30.13 49.01 25.38 18.51 3.55 18.65 4371.64 5.01 9.50 2.50 4.21 40.00 8.08 78.10 10.30 3.00 32.30 12.91 11.20 1.55 1.11 1.00 1.01 1.11 6.97 326.10 3.25 10.88 59.50 26.37 9.00 28.02 7.67 0.81 19.00 16.00 40.05 15.70 2.40 3.00 0.80 31.50 19.11 0.51 56.50 14.08 45.60 1.50 7.10 78.25 1.55 57.12 17.00 10.43 27.36 735.00 24.00 111.27 0.30 1101.42 15.90 14.00 18.50 7.00 5.25 2.55 63.65 235.00 2.82 1.00 74.68 2691.63 149.00 2.74 43.73 11.25 5.95 62.95 27.00 8.00 17.03 0.42 31.90 5.00 68.18 9.00 1.72
Change
Vol
1.00 0.76 0.00 -0.30 0.94 -0.26 -0.95 -1.70 1.01 -0.13 -0.19 0.00 0.14 -0.61 0.71 0.20 -0.53 0.38 0.03 -0.19 0.15 0.39 0.25 0.49 -0.49 -0.04 0.33 0.66 0.50 -2.92 -1.01 -0.96 -0.01 0.00 0.04 1.33 0.19 -0.50 1.27 -0.43 0.47 -0.29 2.79 0.40 2.03 0.93 0.16 0.12 -2.99 5.42 -0.59 0.10 -0.85 -1143.36 -0.23 0.10 -0.15 -0.19 0.75 0.33 -11.90 -0.19 1.40 -1.70 -0.35 -0.92 -0.04 -0.28 0.00 -0.85 0.12 0.22 -45.64 0.14 -0.70 -0.18 -1.33 0.50 -1.20 1.00 -0.96 0.85 0.00 -1.79 0.00 0.13 1.00 -0.01 1.24 0.00 0.26 0.00 0.00 0.00 0.00 0.00 0.00 -0.35 0.00 3.00 0.00 0.00 -34.25 0.00 0.00 0.00 7.16 2.00 0.00 0.00 0.00 0.00 0.00 0.00 6.05 0.00 0.00 0.00 15.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.27 0.00 0.00 0.10 0.00 0.00 0.00
5000 4720 4621 4500 4448 4340 4261 4232 4131 4029 4006 3869 3632 3553 3512 3507 3402 3363 3211 3177 3112 3105 3100 3005 3000 2915 2907 2805 2766 2749 2710 2647 2500 2500 2499 2498 2492 2384 2317 2251 2200 2149 2136 2115 2086 2058 2038 1920 1889 1869 1779 1650 1595 1571 1510 1501 1500 1402 1293 1285 1244 1115 1102 1100 1092 1052 1012 1001 1000 1000 989 909 838 816 778 701 606 603 601 601 600 600 578 571 567 541 510 504 501 501 500 500 487 462 429 420 400 368 350 339 306 304 295 269 221 219 210 204 202 200 200 200 200 198 192 152 152 136 119 116 114 113 105 104 102 101 100 100 64 63 55 50 46 46
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Engro Corporation
Fauji Fertiliser Bin Qasim Ltd
Company
Date
Time
Capital Assets Leasing Corp Ltd
11-Jul
11:30
Shakarganj Foods Ltd
12-Jul
Shezan International Ltd
13-Jul
11:00
Unilever Pakistan Ltd
09-Aug
10:30
Unilever Pakistan Foods Ltd
11-Aug
2:30
Kot Addu Power Company Ltd
05-Sep
1:00
7:12
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
51.23
Support 1
12,323.15
MA (5-day)
12,500.37
Support 2
12,256.15
MA (10-day)
12,473.23
Resistance 1
12,449.90
Target Price
Recommendations
65
Buy
Arif Habib Ltd
64.99
Buy
AKD Securities Ltd TFD Research
Arif Habib Ltd AKD Securities Ltd
Technical Outlook
MA (100-day)
11,999.34
Resistance 2
12,509.75
Technical Analysis
MA (200-day)
11,687.34
Pivot
12,382.95
RSI (14-day) MA (10-day)
59.41 52.03
MTS Shares `000 MTS Rs `000
MA (100-day) MA (200-day)
58.12 64.21
MTS Rate ** NOI Rs (mn)
KSE 100 INDEX closed down -94.05 points at 12,390.12. Volume was 56 per cent below average (consolidating) and Bollinger Bands were 38 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,449.90 and 2nd resistance level at 12,509.75, while Index will continue to find its 1st support level at 12,323.15 and 2nd support level at 12,256.15. KSE 100 INDEX is currently 6.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.
AKD Securities Ltd
Arif Habib Ltd
Buy
AKD Securities Ltd
Target Price
9.81 10.10
MTS Rs `000 MTS Rate
21,319.45
6,865.44 -
MA (200-day) 10.12 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 6,799.75 Target price for Dec-11 & **Net Open Interest in future market BAFL closed up 0.45 at 10.08. Volume was 94 per cent below average (consolidating) and Bollinger Bands were 37 per cent narrower than normal. BAFL is currently 0.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of BAFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on BAFL.
47.75
Neutral
TFD Research
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day)
61.57 42.92 41.77
MTS Shares `000 MTS Rs `000 MTS Rate
MA (200-day)
38.33
** NOI Rs (mn)
Free Float Shares (mn) 326.94
335.20 10,761.76 15.00 65.98
Free Float Rs (mn)
65.10
64.35
50.45
51.95
49.45
24.80
25.35
25.60
25.20
18.20
18.05
18.45
18.55
18.30
Buy
Adamjee Insurance
46.09
65.35
65.25
65.55
65.65
65.45
195.41
Neutral
Askari Bank
48.61
11.25
11.15
11.50
11.55
11.35
245.95
Positive
Azgard Nine
49.05
5.90
5.80
6.10
6.25
Attock Petroleum
55.92
382.00
380.05
384.95 385.95 383.00
Attock Refinery
50.01
126.40
125.90
127.50 128.10 127.00
Bank Al-Falah
52.79
10.05
10.00
224
Technical Outlook
14,352.60
Technical Analysis RSI (14-day)
30.17
MA (10-day) MA (100-day)
161.44 195.45
Leverage Position
BankIslami Pak
60.88
Bank.Of.Punjab
57.19
Dewan Cement
49.36
1.70
1.65
1.80
1.85
1.75
D.G.K.Cement
54.85
23.50
23.35
23.85
24.00
23.70
** NOI Rs (mn) Free Float Rs (mn)
217.61 28,387.25
Dewan Salman
52.74
2.75
2.70
2.85
2.90
Dost Steels Ltd
63.70
2.35
2.10
2.85
3.05
2.55
36.65
37.30
35.80
Hub Power Co Ltd
Recommendations
Brokerage House
Target Price
Recommendations
405
Brokerage House
29
Buy
Arif Habib Ltd
Buy
Arif Habib Ltd
Buy
AKD Securities Ltd
386.5
Accumulate
AKD Securities Ltd
Positive
TFD Research
388.3
Neutral
TFD Research
30.6
Technical Analysis RSI (14-day) MA (10-day)
54.98 23.33
MA (100-day) MA (200-day)
23.70 26.03
Free Float Shares (mn) 200.80
436.633 7,603.47
MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
17.13 66.73 4,757.06
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)
69.79 365.46 331.34 305.97 107.95
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
10.500 2,873.09 241.78 40,237.67
Faysal Bank
51.53
9.45
9.30
Fauji Cement
38.97
Fauji Fert Bin
61.54
43.60
43.30
Fauji Fertilizer
60.28
153.00
151.95
155.15 156.25 154.10
Habib Bank Ltd
47.48
116.75
116.10
118.10 118.80 117.45
Hub Power
62.28
38.55
38.40
ICI Pakistan
51.82
155.55
155.15
4.10
4.05
9.70
9.75
9.55
4.20
4.30
4.15
44.10
44.30
43.80
38.95
39.15
38.80
156.35 156.75 155.95
41.50
2.50
2.40
2.70
2.75
2.60
Japan Power
50.94
1.15
1.10
1.25
1.30
1.20
JS Bank Ltd
44.42
2.30
2.25
2.40
2.45
2.35
Jah Siddiq Co
44.21
7.35
7.15
7.75
7.95
7.55
Kot Addu Power
47.63
K.E.S.C
41.53
2.15
2.10
2.25
2.30
2.20
Lotte Pakistan
34.97
13.10
12.95
13.55
13.75
13.35
Lucky Cement
55.03
72.00
42.50
71.65
42.35
72.70
73.05
72.35
MCB Bank Ltd
47.35
200.25
198.65
Maple Leaf Cement
38.72
2.00
1.95
2.10
2.15
2.05
National Bank
59.28
52.95
52.35
54.30
55.10
53.70
Nishat (Chunian)
37.62
22.45
22.40
22.60
22.70
22.55
Netsol Technologies
50.48
21.15
20.90
21.50
21.70
21.30
37.66
Nimir Ind.Chemical
66.46
Nishat Mills
39.66
52.20
51.80
Oil & Gas Dev. XD
53.44
150.95
148.20
PACE (Pakistan) Ltd.
38.82
2.15
2.10
Pervez Ahmed Sec
14.30 416.86 0.07 31,379.71
161.35 162.35 160.50
J.O.V.and CO
NIB Bank
Leverage Position
2.80
34.30
Positive
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
6.80
158.65
Accumulate
62.33 38.15 37.77 36.94 810.01
3.85
35.15
Buy
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)
7.30
159.55
50 42.1
4.00
30.21
Recommendations
49.05
7.05
Engro Corp
Target Price
Technical Outlook
Technical Outlook
Leverage Position MTS Shares `000 MTS Rs `000
6.25
3.90
6.00
10.10
431.081
6.50
3.70
10.25
52,278.15 18.07
EFU General Insurance 51.29
3.75
10.15
MTS Rs `000 MTS Rate
MTS Shares `000
MA (200-day) 193.50 Free Float Shares (mn) 176.98
Pakistan Oilfields Ltd
Technical Outlook
Technical Outlook MA (10-day) MA (100-day)
AKD Securities Ltd
28.72
TFD Research
948.10
Accumulate
64.65
46.95
24.95
54.95
Target price for Dec-11 & **Net Open Interest in future market
Brokerage House
Leverage Position
45.52
63.60
47.95
52.26
Arif Habib Limited
ENGRO closed down -1.32 at 160.40. Volume was 39 per cent below average and Bollinger Bands were 25 per cent wider than normal. ENGRO is currently 17.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of ENGRO at a relatively equal pace. Trend forecasting oscillators are currently bearish on ENGRO.
Hold
MTS Shares `000
Arif Habib Ltd
63.90
35.65
Arif Habib Corp
Target price for Dec-11 & **Net Open Interest in future market
12.2
52.77
Sell
51.94
Attock Cement
Recommendations
FFBL closed up 1.60 at 43.90. Volume was 73 per cent below average (consolidating) and Bollinger Bands were 35 per cent narrower than normal. FFBL is currently 14.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on FFBL.
11.75
Technical Analysis
42.2
1st 2nd Pivot Resistance 2.90 3.20 2.70
Allied Bank Limited
Target Price
Target price for Dec-11 & **Net Open Interest in future market
Recommendations
RSI (14-day)
1,296.944 50,945.85 18.03 59.89
Free Float Rs (mn)
Recommendations
NBP closed up 2.72 at 53.55. Volume was 52 per cent above average and Bollinger Bands were 57 per cent narrower than normal. NBP is currently 16.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecasting oscillators are currently bullish on NBP.
Target Price
Arif Habib Ltd
Leverage Position
Free Float Shares (mn)398.12
Brokerage House
Target Price
Technical Outlook
Dera Ghazi Khan Cement Co Ltd
Bank Al-Falah Ltd
Brokerage House
Brokerage House
RSI 1st 2nd (14-day) Support 44.80 2.40 2.20
46.95
1.50 3.00
1.50
1.45 2.85
1.45
43.00
43.35
42.85
203.45 205.05 201.85
1.60
1.65
1.55
3.25
3.35
3.10
53.05
53.50
52.65
155.75 157.75 152.95 2.25 1.60
2.30 1.65
2.20 1.55
P.I.A.C.(A)
49.65
2.15
2.10
2.25
2.30
2.20
Pioneer Cement
45.58
5.20
5.10
5.55
5.80
5.45
Pak Oilfields
69.74
370.85
368.95
Pak Petroleum
49.24
210.10
209.40
Pak Suzuki
40.44
63.40
63.15
P.S.O. XD
39.36
267.05
266.10
P.T.C.L.A
23.43
14.00
13.90
374.55 376.30 372.60 211.40 212.00 210.70 64.35
65.05
64.10
268.95 269.90 268.00 14.25
14.35
14.15
Target price for Dec-11 & **Net Open Interest in future market
Target price for Dec-11 & **Net Open Interest in future market
Target price for Dec-11 & **Net Open Interest in future market
Shell Pakistan
49.51
222.80
221.60
DGKC closed up 0.50 at 23.69. Volume was 95 per cent below average (consolidating) and Bollinger Bands were 54 per cent narrower than normal. DGKC is currently 9.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DGKC at a relatively equal pace. Trend forecasting oscillators are currently bullish on DGKC.
POL closed up 13.22 at 372.74. Volume was 71 per cent below average (consolidating) and Bollinger Bands were 20 per cent wider than normal. POL is currently 21.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into POL (mildly bullish). Trend forecasting oscillators are currently bullish on POL.
HUBC closed up 0.90 at 38.74. Volume was 70 per cent below average (consolidating) and Bollinger Bands were 5 per cent narrower than normal. HUBC is currently 4.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of HUBC at a relatively equal pace. Trend forecasting oscillators are currently bullish on HUBC.
Sui North Gas
47.91
19.75
19.55
20.20
20.40
19.95
Sitara Peroxide
45.46
16.80
16.55
17.20
17.45
17.00
Sui South Gas
42.41
20.65
20.35
21.30
21.65
21.00
1.50
1.45
225.45 226.90 224.25
Telecard
42.81
TRG Pakistan
48.34
2.60
2.55
2.70
2.75
2.65
United Bank Ltd
40.24
61.60
61.30
62.10
1.60
62.30
1.65
61.80
WorldCall Tele
41.33
1.95
1.90
2.05
2.10
2.00
1.55
Conservative group gives Vermont high insurance ranking 8
Monday, July 11, 2011
Private cover turns out to be better for US heart patients
CALIFORNIA: An Allstate insurance office is shown in San Francisco, California.-Reuters
US: Healthcare tax break on debt talks table WASHINGTON: Limiting the tax break for employerprovided health insurance became a bargaining chip in congressional negotiations to beat an August 2 deadline for averting a US default. "Limiting the deduction for the higher income brackets is something that is on the table," Representative Sandy Levin told Reuters. He is the senior Democrat on the taxwriting US House Ways and Means Committee. The employer-provided healthcare income exclusion cost about $117.3 billion this year. Limiting it could bring in considerably more new government revenues than other, smaller options that have been discussed by negotiators. President Barack Obama and congressional leaders are trying to craft a deal to cut $4 trillion from budget deficits over 10 years to give lawmakers political cover to raise the government's debt ceiling of $14.3 trillion. The employer healthcare tax
break allows employees to exclude from their taxable income the value of contributions toward employer-provided health insurance plans. A cap could be politically feasible because it would not register as a tax increase. The initial pain would be minimal and those affected would be higher-income employees rather than the elderly or the poor, analysts said. Eliminating or capping this tax break was discussed during debate over the 2010 healthcare reform act, but Congress instead put an excise tax on high cost "Cadillac" plans only. It take effects in 2018. Health experts and economists have long seen reining in the healthcare tax exclusion as a way to control soaring healthcare costs. Advocates say individuals would respond to the higher costs that would result by choosing cheaper insurance plans. Analysts would expect any change to take effect gradual-
ly, probably beginning after the November 2012 elections, with a cap set below the expected rate of rising healthcare costs. In 2009, 58.5 per cent of Americans got health insurance coverage through employers. Investors may view potentially limiting the tax break as a negative for health insurers because without the incentive, more employers may stop offering coverage. "The general consensus of non-elected people who pay attention to this is that that's really the way to go. You've got to ease yourself into something like this," said Joseph Antos, a healthcare policy expert at the conservative American Enterprise Institute. Levin said that removing the break too quickly could upset last year's landmark health reform law. "Those provisions are essential to healthcare reform. So you have to be very, very careful," he said. -Reuters
ING to sell car lease unit to BMW for $1bn AMSTERDAM:- Dutch financial services group ING said it is selling its car lease unit to BMW for 700 million euros ($1 billion) in cash, which it will use to help pay back the Dutch state. ING, in the throes of a huge restructuring as a condition of its 10 billion euros state bailout following the 2008 financial crisis, has already sold several assets to repay the state. The car leasing unit however, wasn't earmarked previously as a possible divestment, but responding to media reports on June 20, ING said the unit had been put up for sale.
A Dutch paper in June reported that ING's car lease unit's operations could be worth around 4 billion euros, comprising 3 billion euros of debt and about 750 million euros of extra capital. The unit, which deploys 240,000 cars around Europe, had 1,200 employees and a balance sheet which totalled 3.5 billion euros on December 31, 2010, ING said. "The sale of ING Car Lease illustrates ING's continued actions to streamline our business and simplify the company", said Jan Hommen," CEO of ING Group.
The sale of ING car unit to BMW's car lease unit Alphabet, will release 530 million of capital, adding 17 basis points to the bank's core tier ratio, ING said. "Our priority is to repay the Dutch state, so yes the proceeds will be used to pay back the State," ING spokeswoman Carolien van de Giessen said. The deal is expected to close in the fourth quarter. ING shares were up 0.5 per cent at 8.55 euros, in line with an 0.8 per cent rise of the STOXX Europe 600 Insurance index . -Reuters
GM offers buyers free auto insurance for one year NEW YORK: Auto insurance can really drive up the price of buying a car. Now General Motors is hoping to get more buyers into showrooms by offering a free oneyear policy to customers who purchase or lease new cars before Sept. 6. The promotion is being tested in only Oregon and Washington right now. But the company says it may eventually be rolled out more widely. The Details The offer applies to new 2010, 2011 or 2012 Chevrolet, Buick, GMC and Cadillac cars, trucks and crossovers. The policy, which is being provided by MetLife Auto & Home, includes liability, collision and comprehensive coverage. There is no discount for buyers who decline the offer and opt to find their own policy. MetLife notes that its policy includes the replacement of new vehicles that are damaged beyond repair within the first 15,000 miles or the first year, whichever comes first. Unlike with many other insurers, MetLife says that its policy does not require out-of-pocket expenses to make up for the depreciation of the car at the time of the accident. At the end of the one-year policy, consumers can opt to renew with MetLife. The cost of auto insurance can vary significantly depending on the owner's driving history and other factors. But according to the Insurance Information Institute, consumers on average paid $727 for auto insurance in Oregon. In Washington, the average paid was $840. Nationwide, the average paid for auto insurance was $789 a year. General Motors said it will decide whether to make the program more widely available after the pilot program in Oregon and Washington ends. -Reuters
CHICAGO: Patients who had heart valve replacement surgery who were privately insured had better medical outcomes than the uninsured and Medicaid patients undergoing the same procedure, researchers said. As a result, the type of primary insurance should be considered an independent risk factor as patients and doctors weigh risks for surgery, they concluded. The study, published in the Journal of the American College of Surgeons, found that uninsured and Medicaid status independently increased the risk of in-hospital mortality and the likelihood of complications after the surgery. This was true even after accounting for socioeconomic status, hospitalrelated and other factors associated with low-income patient groups, they said. In addition, Medicaid patients accrued the longest average hospital stay and highest total costs. "The study findings indicate that primary payer status should be considered as an independent risk factor during preoperative patient risk evaluation," said the study's lead author, Dr. Damien LaPar of the University of Virginia Health System.
From 2007 to 2008, the number of uninsured Americans rose by 600,000. Patients covered by Medicaid and Medicare, the US government assistance insurance programs, increased by 4.4 million, while the number of Americans covered by private health insurance fell by 1 million. Previous research has shown that Medicaid and uninsured patients have worse outcomes than privately insured patients after medical admissions. While there have been studies on insurance status as a predictor of disease and the differences in allocation of surgical treatment as a function of the type of insurance a patient has, no study has fully examined the impact of the type of insurance on patients undergoing cardiac valve procedures, nor have they been evaluated in a national database, researchers noted. The study examined 477,932 patients undergoing heart valve operations over a six-year period using discharge data from the Nationwide Inpatient Sample database. Patients in each payer group had different income and risk factors. After adjusting for risk factors, the type of insurance a patient had remained a highly significant predictor of mortality, they said. -Reuters
New York subpoenas life insurers NEW YORK: New York's top legal officer has sent subpoenas to nine leading life insurers seeking information about their practices in identifying and paying out policies for deceased customers, according to a person familiar with the matter. New York Attorney General Eric Schneiderman last month sent subpoenas to units of AXA SA, Genworth Financial Inc, Guardian Life Insurance Co of America, Manulife Financial Corp, Massachusetts Mutual Life Insurance Co, MetLife Inc, New York Life Insurance Co, Prudential Financial Inc, and TIAA-CREF, the source said. This person requested anonymity because the probe is not public. The Wall Street Journal first reported the life insurance investigation. The investigation is looking into whether insurance companies have done enough to identify beneficiaries of life insurance policies once a customer dies, the source told Reuters. Schneiderman's office is also seeking information about unclaimed policy proceeds that are supposed to be turned over to the state.
A spokesman for Guardian told Reuters that it is reviewing the subpoena and intends to "cooperate fully with the Attorney general. "We believe our processes are compliant with all relevant regulations and serve the best interests of our participants," said a spokesman for TIAA-CREF. "We're aware of this industry matter and will fully cooperate with any official requests for information." A Genworth spokesman told the Journal that the company believes it has "compliant and robust practices to determine when claim payments are due and owing, and to adhere to state unclaimed property requirements and regulations." AXA told the newspaper it would cooperate fully with Schneiderman as well as with other states conducting similar reviews. None of the other companies could immediately be reached for a comment by Reuters. Also on Tuesday, New York State Insurance Department said that all life insurers licensed to do business in the state must begin using an official government death list to identify when policyholders have died and death benefits are due to their beneficiaries.-Reuters
US’s Cigna threatens Delaware layoffs WASHINGTON: Health insurance giant Cigna Corp. is using the threat of 500 Delaware layoffs to press a demand that federal policymakers exempt their Claymontbased international insurance business from new rules in last year's federal health care law. The demand from Cigna, a $21.3 billion Philadelphiabased company, comes just months after Gov. Jack Markell's administration awarded the company $2.4 million in grants to keep those employees in Delaware -- and add to the staff here. Markell, economic development director Alan Levin, and members of Delaware's congressional delegation are now working on a fix for Cigna and other insurance companies who offer similar "expatriate" health insurance plans. Behind the scenes, congressional sources close to the discussions say the situation is pressing, but not dire for Delaware's jobs picture. Many say they are confident a deal will get done and that the Delaware jobs are not at risk. "We feel that they're going to be able to get this resolved," said Levin, whose staff offered Cigna the $2.4 million in grants last September. Cigna's expatriate business sells insurance policies to multinational corporations to cover their employees who are based overseas, sometimes in remote locations. Cigna's international business, which includes its expatriate unit, reported $2.4 billion in revenue last year, according to regulatory statements. The company -- and some of its domestic competitors, such as Aetna -- argue it's unfair for those international businesses to be subject to new "medical loss ratio" rules that require insurance companies to spend at least 80 cents of every premium dollar on actual health care, rather than marketing expenses, commissions or profits. Cigna, in a document circulated to lawmakers last month, said administrative expenses to market expatriate plans are markedly higher than on domestic plans. The company must develop global networks of providers, for example, fight fraud in various countries, pay bills in multiple currencies and staff multilingual customer-service centers. Rules limiting administrative expenses would put US-based expatriate businesses at a disadvantage against overseas competitors, the companies and their advocates say. President Barack Obama's administration exempted expatriate insurance plans from the loss ratio rule this year, but Cigna and others are pressing for a permanent reprieve. Ana Gupte, an insurance analyst at Sanford C. Bernstein & Co., said it costs more administratively to run the international insurance businesses, and those costs are often spread over a smaller group of policyholders. So the administrative burden becomes larger as a percentage of the overall cost, she said. "The administrative overhead is higher, the administrative burden is higher and the marketing and distribution cost is higher," Gupte said. Cigna and others put on a lobbying effort last year when the National Association of Insurance Commissioners, a group of state insurance regulators, were helping the federal government, Gupte said.Agencies
9
Monday, July 11, 2011
BCCI has anti-Pak agenda: Ehsan Mani MUMBAI: Former International Cricket Council (ICC) chief Ehsan Mani has said that the Board of Control for Cricket in India (BCCI) was blocking Pakistan under its antiPakistan agenda. In an interview with an Indian newspaper, Ehsan Mani said ICC was not responsible for the current situation in Pakistan as the climate is still not conducive for international cricket. "I criticised them for the way Pakistan was removed as a host of the World Cup. Pakistan made a reasonable demand of letting them host their matches in neutral venues. Sharad Pawar and David Morgan agreed to that but the next day at the steering committee meeting, India persuaded Sri Lanka and Bangladesh to reject Pakistan's request. They were unceremoniously removed as hosts. That was sad. Pakistan always stood by India at the ICC," Ehsan Mani said. The former ICC chief said he stands by his statement in which he said the BCCI was trying to exclude Pakistan from every game. "Yes. The proof is very much in front of us. The BCCI has been very active in that. They did not allow Pakistan players in the IPL. You can see that no Pakistani team is involved in the Champions League. The cricket boards in India and Pakistan have always remained independent of military and political tensions between the countries." Ehsan Mani recalled that during his time at the ICC, there were people like Madhavrao Scindia, AC Muthiah, Rajsingh Dungarpur, IS Bindra and Jagmohan Dalmiya who never let politics come into the game. "The current people, who are running the BCCI, have let politics into cricket." When asked as to how could the BCCI ignore the government's advice, Mani said the Indian government is on record saying that it has not given instruction to the BCCI to exclude Pakistani players from the IPL. "If you see the FTP, only four countries are playing among themselves. And you look at the number of times India played Australia in the last seven or eight years. At the same time, there is no clear cut schedule between India and Pakistan in the new FTP. It is because the ICC is weak. In my time, every country played with every other country in a fouryear cycle. That rule has been corrupted." The former ICC chief said that India-Pakistan series will far exceed the value of England-India or EnglandAustralia series. "This argument of economic viability can hold good from an Australian or English point of view but not from an Indian point of view. The right way forward is to put cricket ahead of politics and financial power. Time is a great healer and things will change soon." He said currently the state of Pakistan cricket is worrisome. "The controversies, from spot fixing to lack of unity, are because of the mismanagement of the PCB." When asked is that possible for Pakistan to de-link from politics under the new ICC guidelines, Mani said the government interference has harmed Pakistan cricket but this whole thing is not targeted at Pakistan at all. "This is motivated by the BCCI because of India's sports ministry's proposed legislation for accountability from the national bodies. The BCCI does not want that and that is the real reason. I welcome this legislation. The BCCI can no longer be able to come to the ICC and say that the government does not want an India-Pakistan series." -INP
Banned Yasir eyes comeback to Pakistan team LAHORE: Discarded test batsman Yasir Hameed is eyeing a return to the Pakistan cricket team after having paid a fine and served a ban for a breach of code of conduct on the England tour last year. "The board's disciplinary committee had fined me 300,000 rupees and banned me for the second half of the last domestic season. I have paid the fine and also served my ban," the PTI quoted Yasir as saying. The stylish right-hander ran into trouble last year after playing in the test series in England when he was hoodwinked by the "News of the World" Sunday tabloid into speaking to an undercover reporter on the spot-fixing issue that had
broken out than involving three players Salman Butt, Muhammad Asif and Muhammad Aamir. Yasir, who has played 25 Tests and 56 onedayers filed a petition through a Lahore based lawyer, Umar Khayyam with the Press Complaints Commission of the United Kingdom against the NOTW for unethical practices and tarnishing his image that of Pakistan cricket. The complaint was based on four points, of inaccurate reporting, a breach of privacy, misrepresentation of character and harassment. The commission ruled in favour of Yasir and the newspaper which Sunday published its last edition had to remove all
material from its website relating to the unauthorized video interview of the batsman. "That decision against the newspaper is the most satisfying moment of my life because they cheated with me and also doctored the video interview to give the impression I had said that Pakistani players were involved in fixing. The truth is this undercover reporter who posed as a business agent kept making statements on this line and throwing them at me," Yasir said. The test batsman said that during the course of correspondence with the Press Complaints Commission of UK and the NOTW some very interesting facts about the spot-
fixing case were revealed that highlighted the unethical practices of the newspaper and its reporter. "I now just want to focus on my cricket again and I have started training hard. I am 33 and I feel I can still give a lot to the team," he said. "The fact that they are now several players in the national team who are over 30 and they are performing well has encouraged me to not give up hope of playing for Pakistan again." Yasir said he would prove his form in the domestic season that starts next month. "I will try to win back the confidence of selectors and board with my performances because that is what matters." -INP
IOC issues final warning to India over doping
China's Liu sets new Asian 110 meter hurdles record
MUMBAI: While the Indian Olympic Association (IOA) and the sports ministry are busy dealing with the dope menace that has rocked the country, a larger issue stares them right in the face. An Indian newspaper quoting sources within the Olympic association reported that the International Olympic Committee (IOC), in a strict and final warning to IOA, has said it will impose sanctions on India the day the proposed sports bill brought into effect. Sports minister Ajay Maken is planning to table the bill during the monsoon session of the parliament that begins on August 1. The IOC discussed the matter during its congress in Durban, which ended on Saturday and its director of national Olympic committee
relations, Pere Miro, said they are 'closely monitoring the issue and that no sanctions have been taken yet.' The world governing body recently said in a statement that the "Indian government is failing to respect the jurisdiction and autonomy of the NOC (in this case, Indian Olympic Association). If the government does go ahead and pass the bill then stringent action will be taken, which may unfortunately impact India's participation in the international events, including the Olympic Games." IOA general secretary Randhir Singh, who is India's representative in the IOC, was to attend the congress but could not go due to illness. An IOA official confirmed that the IOC has sent an official communication to the IOA, brief-
ing them up with their position. Acting IOA president VK Malhotra reiterated that the sports ministry is committing a big mistake by planning to introduce this bill. "We have said it time and again that this move by the ministry will not serve the purpose. It is up to them (whether to introduce the bill or not)," Malhotra said. The ministry, though, is in no mood to relent. "The recent turn of events (doping scandal) has shown that it is necessary the way sports in India are ran. We are just trying to bring in transparency and ensure that more sportspersons are involved in governing the sport. It is for the betterment of sports and not against it," said Injeti Srinivas, joint secretary in the sports ministry. -INP
SHANDOR: Players of Chitral & Gilgit in action during Shandor Polo Festival. -INP
Spirit of Swat Festival conveys message of peace: Major Naeem MINGORA: Spirit of Swat Festival Men Table Tennis got under way at the indoor hall of the Makan Bagh Sports Complex, Mingora, Swat on Sunday. Major Naeem was the chief guest on this occasion who formally inaugurated the event in which 50 players from Malakand Division including Buner, Lower Dir, Upper Dir, Shangla and Malakand are taking part. Coordinator of the Games Tariq Mehmood, Assistant Directors of the Khyber Pakhtunkhwa Sports Board Niamat Ullah Khan, Jamshed Baloch, Mir Bashar Khan,
Secretary of the Khyber Pakhtunkhwa Table Tennis Association Kifayat Ullah Khan, officials, players and large number of spectators were also present. Speaking on this occasion, Tariq Mehmood highlighted the aim and objective of holding 15 different games including four for female i-e Table Tennis, Volleyball, Badminton and Netball. He said UNDP funded PaRRSA a sum of Rs. 5 million for holding sports activities besides other activities like car rallies, polo matches, concert, firework, marathon race, jala competitions, walk for peace and cycle races in order to
aware people that peace has been restored in Swat. "We want that the people from down country should visit Swat, famous for little Switzerland of Pakistan," Tariq Mehmood added. He said along with holding different sporting events, sports gears of worth Rs. 10 million of all games that are part of the overall Spirit of Swat Festival is being distributed with the aim to promote and attract youth toward healthy sports activities. Major Naeem while lauding the efforts of the organizers and those funded for the activities said that it would help in bringing live again to Swat. -APP
KOBE: Chinese star hurdler Liu Xiang set a new Asian Athletics Championships record in the 110-metre hurdles on Sunday in Kobe to successfully defend his title with something to spare. The former world record holder, who turns 28 on Wednesday, clocked a new championship best time of 13.22 seconds to beat his compatriot Shi Dongpeng, who came home in 13.56, and Park Taek-Yong of South Korea in 13.66. It was a repeat performance of the Asian Games last year, when the three finished in the same places. It was the injury-prone Liu's fourth victory out of four Asian championships, following triumphs in 2002, 2005 and 2009. In the women's 200m, Japan's Chisato Fukushima added another continental title to her Asian Games gold medal when she finished first in 23.49 seconds. Gretta Taslakian of Lebanon was second in 24.01 and Saori Imai of Japan third in 24.06. "I'm happy to win the title, but this is not good enough for the world championships," admitted Fukushima, who became only the fourth sprinter to win both the Asian Games and the Asian Championships. "I made several mistakes today. I think I can run faster. I'm going to improve further so that I can compete against top runners in the world in the remaining one month," she added. The men's 200m title went to Femi Seun Ogunode of Qatar, also the Asian Games champion, who clocked 20.41 seconds to beat Japan's Hitoshi Saito in 20.75 and Omar Juma Bilal Alsalfa of the United Arab Emirates in 20.97. In other action, Mohammad Alazemi of Kuwait became the only athlete to win both the 800m and 1,500m at the same Asian championships when he won the men's 800m in 1:46.14. World bronze medallist Yukifumi Murakami of Japan also set a new championship record and a personal best of 83.27m to win the men's javelin, beating Park JaemYoung of South Korea and Ivan Zaitcev of Uzbekistan. China's Su Xiongfeng survived a tough battle against Supanara Sukhasvasti Na Ayudhaya of Thailand and Rikiya Saruyama of Japan to win the men's long jump with a mark of 8.19m. -APP
HYDERABAD: Youngsters giving trials for selection of under-16 cricket team for Hyderabad Region organised by PCB at Niaz Stadium. -APP
Edwards gets debut ton as WIndies battle MIAMI: Kirk Edwards hit a century on his test debut on Saturday to give West Indies faint hope of saving the third and final test with India at Dominica. Edwards, a 26-year-old from Barbados, blasted 110, the highest score by a West Indian on debut for nearly 40 years, as the home side reached 224 for six when stumps were drawn on the fourth day. That left them with a slender overall lead of 81 runs with four second-innings wickets remaining after India captured three scalps near the close to take control. India lead the three test series 1-0 and while West Indies theoretically still have a chance of levelling the series, the tourists will surely fancy their own chances of ending on a high with a second test victory. The only glimmer of hope for West Indies is that Shivnarine Chanderpaul, who in this test broke the record for most test appearances for the Caribbean team, is still at the crease having made an ultra-patient 73 from 201 balls. Skipper Darren Sammy will resume with Chanderpaul Sunday and with only the tail to come he will need to produce a
real captain's innings if they are to set India a challenging target. It could have been a different situation had Indian not picked up those three wickets late in the final session. Edwards finally went caught behind off Harbhajan Singh after becoming the 13th West Indian to score a century on his debut. His 110 was the highest score on debut by a West Indian since Lawrence Rowe made a double hundred against New Zealand in 1972. "It is a special feeling to get a test century on debut for the West Indies but I would have liked to carry on and make a bigger score for the team," Edwards said. "Test cricket is about fighting and I see myself as a fighter. We have a lot of fighting characters in the team and we will continue the fight in this match." Marlon Samuels lasted just three balls, trapped leg before wicket by Harbhajan and then wicketkeeper Carlton Baugh was a victim of the new ball, pushing a simple catch to Abhinav Mukund off Praveen Kumar. It was a soft end to what had been a solid and gritty recovery from West Indies after India had made early inroads before lunch. -Reuters
AUGSBURG, Germany: Australia's Ellyse Perry celebrates a goal against Sweden during their Women's World Cup quarter-final soccer match. - Reuters
10
International
Monday, July 11, 2011
Murdoch in London to brandish last phone-hack paper LONDON: Media baron Rupert Murdoch flew into London on Sunday to tackle a telephone-hacking scandal that has sent tremors through the British political establishment and may cost him a multibillion dollar broadcasting deal. Murdoch, 80, swept into his London headquarters in the front passenger seat of a red Range Rover car, holding up the last edition of the best selling newspaper, the News of the World, that he had closed hours earlier in a bid to contain the crisis. Wearing a white panama-style hat, he ignored reporters massed at the entrance, focusing his attention on the newspaper he bought in 1969 as the cornerstone of a vast media empire. His car sped out of the complex again 15 minutes later but it was not clear what meetings he had planned. Best known for its lurid headlines exposing misadventures of the rich, royal and famous, the last News of the World said simply "Thank You & Goodbye" over a montage of some of its most celebrated splashes of the past 168 years. For admirers it had been a stock feature of lazy Sundays, for critics it had become a symbol of craven irresponsibility in the British media. "All human life was here," the News of the World declared. Murdoch had seemed on the point of clinching approval for a cherished prize, the buyout of broadcaster BSkyB, only last week; but revelations phone-hacking had extended beyond celebrities to relatives of a murdered girl, of victims of 2005 London bomb attacks and of soldiers killed in action stirred broad public
anger. Editor Colin Myler told media massed outside the newspaper's offices he deeply regretted the newspaper's closure. "This is not where we wanted to be and it's not where we deserve to be, but as a final tribute to 7.5 million readers, this is for you and for the staff, thank you." The scandal has raised questions about relations between politicians, including Prime Minister David Cameron -- who hired a former editor of the paper as his spin doctor -and media barons such as News Corp chairman and chief executive Murdoch. It has also brought to light accusations that journalists working for Murdoch and others illegally paid police for information. A senior police officer said the London police force had been 'very damaged' by its failure to press an initial investigation into telephone hacking at the News of the World. Cameron's opponents have scented an opportunity in their efforts to block Murdoch's $14 billion bid for the 61 percent of the profitable payTV operator BSkyB that News Corp, the world's largest news conglomerate, does not already own. Previously, those looking at whether Murdoch should get the goahead have focused on whether it would give him too much power over Britain's media. But allegations that senior editors were involved in illegally accessing thousands of voicemail messages and paying police for information to get scoops have now prompted the
regulator Ofcom to say it will consider whether News Corp directors are "fit and proper" persons to run BSkyB. The government has received more than 135,000 public complaints against the BSkyB deal. Cameron came under growing pressure on Sunday to halt Murdoch's bid for BSkyB, at least until an investigation into phonehacking had been completed. Labour opposition leader Ed Miliband said he would force the issue to a parliamentary vote this week if Cameron failed to act. "He needs to make clear that BSkyB cannot go ahead until the investigation is complete," Miliband told the BBC's Andrew Marr program. Pressure came too from members of the government's junior coalition partner, the Liberal Democrats, who have traditionally had a less cozy relationship with Murdoch. Deputy LibDem leader Simon Hughes said he would be prepared to back Labour's call for the deal to be postponed and urged other LibDems to do the same -- setting the stage for a major test of the coalition's unity "LET DOWN" "We've been let down by people that we trusted, with the result the paper let down its readers," the News Corp chief executive said as he left a media conference in Idaho. News Corp shares fell more than 5 percent in New York last week. Neither Cameron's office nor the Department for Culture, Media and Sport plan to speak to him during the visit, spokespeople said. Police declined to comment on whether
they would try to speak to him. The prime minister's close links with those at the heart of the scandal mean he too has been damaged by it but analysts say that, with probably nearly four years until a parliamentary election, he is unlikely to be sunk by it. Cameron, a friend of former News of the World editor Rebekah Brooks, joined calls for her to step down as chief executive of News Corp's News International arm at a news conference on Friday where he admitted politicians had been in thrall to media for years, and ordered
a public inquiry. British police on Friday arrested Andy Coulson, the former spokesman for Cameron who had resigned as News of the World editor in 2007 after one of his reporters and a private investigator were convicted of hacking the phones of aides to the royal family. Coulson has also said he knew nothing about the phone hacking. "HACKING WAS STANDARD PRACTICE" A senior police officer told the Sunday Telegraph that voicemail hacking had been "standard prac-
tice" at the News of the World and that its executives had failed to cooperate fully with police during an investigation in 2005-06. He said the new investigation had been prompted by "material that was completely available to them in 2005-06." "It makes their assurances in 2005-06 look very shaky." The Sunday Times said at least nine journalists and three police officers were facing jail in connection with the hacking scandal and quoted senior police officers as saying it was likely there would be further arrests soon. - Reuters
EU calls emergency meeting as crisis stalks Italy BRUSSELS: European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for Monday morning, reflecting concern that the crisis could spread to Italy, the region's third largest economy. European Central Bank President Jean-Claude Trichet will attend the meeting along with Jean-Claude Juncker, chairman of the region's finance ministers, European Commission President Jose Manuel Barroso and Olli Rehn, the economic and monetary affairs commissioner, three official sources told Reuters. Van Rompuy's spokesman Dirk De Backer said: "It's a coordination, not a crisis meeting." He added that Italy would not be on the agenda and declined to say what would be discussed. However, two official sources told Reuters that the situation in Italy would be discussed. The talks were organized after a sharp sell-off in Italian assets on Friday, which has increased fears that Italy, with the highest sovereign debt ratio relative to its economy in the euro zone after Greece, could be next to suffer in the crisis. A second interna-
tional bailout of Greece will also be discussed, the sources said. The spread of the Italian 10-year government bond yield over benchmark German Bunds hit euro lifetime highs around 2.45 percentage points on Friday, raising the Italian yield to 5.28 percent, close to the 5.5-5.7 percent area which some bankers think could start putting heavy pressure on Italy's finances. Shares in Italy's biggest bank, Unicredit Spa, fell 7.9 percent on Friday, partly because of worries about the results of stress tests of the health of European banks that will be released on July 15. The leading Italian stock index sank 3.5 percent. The market pressure is due partly to Italy's high sovereign debt and sluggish economy, but also to concern that Prime Minister Silvio Berlusconi may be trying to undermine and even push out Finance Minister Giulio Tremonti, who has promoted deep spending cuts to control the budget deficit. "We can't go on for many more days like Friday," a senior ECB official said. "We're very worried about Italy." Monday's emergency meeting will precede a previously scheduled
gathering of the euro zone's 17 finance ministers to discuss how to secure a contribution of private sector investors to the second bailout of Greece, as well as the results of the stress tests of 91 European banks. GREECE Greece is already receiving 110 billion euros ($157 billion) of international loans under a rescue scheme launched in May last year but this has failed to change market expectations that it will eventually default on its debt. Senior euro zone officials worry that progress toward a second Greek bailout, which would also total around 110 billion euros, is not
being made quickly enough and that the delay is poisoning investors' confidence in weak economies around the region. "We need to move on this in the next couple of weeks. It's not a case of waiting until late August or early September as Germany is saying. That's too late and markets will make us pay for it," a top euro zone official told Reuters on Saturday. German officials insist they too want to put together the second Greek bailout as quickly as possible, but the private sector's contribution is proving to be a major sticking point. Germany, the Netherlands, Austria and Finland are determined
that banks, insurers and other private holders of Greek government bonds should bear some of the costs of helping Athens. But more than two weeks of negotiations with bankers represented by the Institute of International Finance (IIF), a lobby group, have made next to no progress on agreeing a formula acceptable to all sides. Initially talks focused on a complex French plan for private creditors to roll over up to 30 billion euros of Greek debt, buying new bonds as their existing ones matured. Around half of proceeds from Greek bonds maturing before the end of 2014 would be rolled over into very longterm debt while 20 percent would be put into a "guarantee fund" of AAArated securities. But as that plan has floundered, Berlin has revived a proposal to swap Greek bonds for longer-dated debt that would extend maturities by seven years. Proposals to buy back Greek bonds and retire them have also been floated. In a buy-back, the euro zone's bailout fund, the European Financial Stability Facility, might buy Greek bonds from the market, or the EFSF might lend Greece money to buy
bonds. However, these schemes would require further changes to the EFSF's rules and would therefore have to go through national parliaments, an official source said. SQUARE ONE A senior euro zone official told Reuters on Friday that rather than progress being made in the talks with the IIF, as IIF managing director Charles Dallara has said, all sides were close to being "back to square one." Dallara will attend the meeting of euro zone finance ministers in Brussels on Monday. Since the euro zone's debt crisis erupted last year, the region's rich governments have aimed to limit it to Greece, Ireland and Portugal, which have signed up to bailouts totaling 273 billion euros -- a sum that is small compared to the financial resources of the zone as a whole. Spain, commonly seen as the next potential domino in the crisis, has managed to retain its access to market funding through fiscal reforms. But because of the large sizes of the Spain and Italy, pressure on the euro zone would increase dramatically if those countries eventually needed financial assistance. - Reuters
New Australian law to make Muslims lift veils CANBERRA: Muslim women would have to remove veils and show their faces to police on request or risk a prison sentence under proposed new laws in Australia's most populous state that have drawn criticism as culturally insensitive. A vigorous debate that the proposal has triggered reflects the cultural clashes being ignited by the growing influx of Muslim immigrants and the unease that visible symbols of Islam are causing in predominantly white Christian Australia since 1973 when the government relaxed its immigration policy. Under the law proposed by the government of New South Wales, which includes Sydney, a woman who defies police by refusing to remove her face veil could be sentenced to a year in prison and fined 5,500 Australian dollars ($5,900). The bill - to be voted on by the state parliament in August - has been condemned by civil libertarians and many Muslims as an overreaction to a traffic offense case involving a Muslim woman driver in a "niqab," or a veil that reveals only the eyes. The government says the law would require motorists and criminal suspects to remove any head coverings so that police can identify them. Critics say the bill smacks of antiMuslim bias given how few women in Australia wear burqas. In a population of 23 million, only about 400,000 Australians are Muslim. Community advocates estimate that fewer than 2,000 women wear face veils, and it is likely that even a smaller percentage drives. "It does seem to be very heavy handed, and there doesn't seem to be a need," said Australian Council for Civil Liberties spokesman David Bernie. "It shows some
cultural insensitivity." The controversy over the veils is similar to the debate in other Western countries over whether Muslim women should be allowed to wear garments that hide their faces in public. France and Belgium have banned facecovering veils in public. Typical arguments are that there is a need to prevent women from being forced into wearing veils by their families or that public security requires people to be identifiable. Bernie noted that while a bandit disguised with a veil and sunglasses robbed a Sydney convenience store last year, there were no Australian crime trends involving Muslim women's clothing. "It is a religious issue here," said Mouna Unnjinal, a mother of five who has been driving in Sydney in a niqab for 18 years and has never been booked for a traffic offense. "We're going to feel very intimidated and our privacy is being invaded," she added. Unnjinal said she would not hesitate to show her face to a policewoman. But she fears male police officers might misuse the law to deliberately intimidate Muslim women. "If I'm pulled over by a policeman, I might say I want to see a female police lady and he says, 'No, I want to see your face,'" Unnjinal said. "Where does that leave me? Do I get penalized 5,000 dollars and sent to jail for 12 months because I wouldn't?" Sydney's best-selling The Daily Telegraph newspaper declared the proposal "the world's toughest burqa laws." In France, wearing a burqa - the all-covering garment that hides the entire body except eyes and hands - in public is punishable by a 150 euro ($217) fine only. The New South Wales state Cabinet decid-
ed to create the law on July 4 in response to Police Commissioner Andrew Scipione's call for greater police powers. Other states including Victoria and Western Australia are considering similar legislation. "I don't care whether a person is wearing a motorcycle helmet, a burqa, niqab, face veil or anything else - the police should be allowed to require those people to make their identification clear," State Premier Barry O'Farrell said in a statement. The laws were motivated by the bungled prosecution of Carnita Matthews, a 47-yearold Muslim mother of seven who was booked by a highway patrolman for a minor traffic violation in Sydney in June last year. An official complaint was made in Matthews' name against Senior Constable Paul Fogarty, the policeman who gave her the ticket. The complaint accused Fogarty of racism and of attempting to tear off her veil during their roadside encounter. Unknown to Matthews, the encounter was recorded by a camera inside Fogarty's squad car. The video footage showed her aggressively berating a restrained Fogarty and did not support her claim that he tried to grab her veil before she reluctantly and angrily lifted it to show her face. Matthews was sentenced in November to six months in jail for making a deliberately false statement to police. But that conviction and sentence were quashed on appeal last month without her serving any time in jail because a judge was not convinced that it was Matthews who signed the false statutory declaration. The woman who signed the document had worn a burqa and a justice of the peace who witnessed the signing had not looked beneath the veil to confirm her identity.
Bernie, the civil libertarian, said the proposed law panders to public anger against Muslims that the case generated on talk radio and in tabloid newspapers, which itself is a symptom of the suspicion with which immigrants are viewed. Muslims are among the fastest-growing minorities in Australia and mostly live in the two largest cities, Sydney and Melbourne. There are many examples to suggest they are not entirely welcome. Muslim and non-Muslim youths rioted for days at Sydney's Cronulla beach in 2005, drawing international attention to surging ethnic tensions. Proposals to build Islamic schools are resisted by local protest groups. The convictions of a Sydney gang of Lebanese Muslims who raped several non-
Muslim women were likened by a judge to war atrocities and condemned in the media. In 2006, then-Prime Minister John Howard published a book in which he said Muslims were Australia's first wave of immigrants to fail to assimilate with the mainstream. Government leaders have also condemned some Muslim clerics who said husbands are entitled to smack disobedient wives, force them to have sex and for suggesting that women who don't hide their faces behind veils invite rape. "I wouldn't like to go and say this is Muslim bashing," said Ikebal Patel, president of the Australian Federation of Islamic Councils, of the proposed New South Wales laws. "But I think that the timing of this was really bad for Muslims," he said. - Reuters
International & Continuations
Monday, July 11, 2011
US jobless rate at 9.2pc in June WASHINGTON: Job growth came to a near-halt in June, according to surprisingly grim new data released that raise doubts that the economy will bounce back from its spring lull soon. Midway through a year that began with expectations that the ailing US economy would finally take off, the nation is stuck in a muddle, growing too slowly to keep the jobless rate from rising, let alone to put some of the 14 million people looking for work back to earning paychecks. The odds that job creation will take off in the remainder of the year look slimmer with every new piece of data. The 18,000 jobs US employers added to their payrolls in June was less than a fifth of what economists had expected and far below the 125,000 or so needed to keep up with an ever-growing population. The unemployment rate rose to 9.2 per cent from 9.1 per cent. "This does throw a lot of cold water on the idea that we'll get a quick rebound," said Michael Hanson, a senior economist at Bank of America Merrill Lynch. The jobs survey was exceptionally bleak even in its details. Job growth in April and May was revised downward by
a combined 44,000 positions. Temporary employers, often a leading indicator of future activity in the labor market, cut 12,000 jobs. And roughly 272,000 Americans dropped out of the labor force, perhaps out of frustration with their job prospects. The unemployment rate would have risen even higher had they continued their job hunts. A broader measure of unemployment - including those who have given up looking for jobs out of frustration and those with part-time work who want a full-time job - rose to 16.2 percent from 15.8 percent. Financial markets dropped in response to the weaker data, with the Standard & Poor's 500-stock index down 0.7 percent. Money flooded into US Treasury bonds, viewed as a safe port in a storm, with the interest rate the federal government must pay to borrow money for a decade dropping to 3.02 percent from 3.14 percent. It was, "all in all, an employment report with no redeeming features whatsoever," Barclays Capital economist Peter Newland said in a research note. "Employment, unemployment, hours and wages all disappointed."
New defense chief in Iraq to press on drawdown
On one hand, the weak reading on the job market should not come as a complete shock. For the first six months of 2011, the nation averaged 126,000 new jobs created per month, which is just about what one would expect with the 2 per cent growth in economic activity over that period. At the same time, there had been some recent signs that a spring slowdown in the economy was a mere soft patch. The report throws cold water on the idea, embraced by many economists, that the economy was held back by temporary factors in the first few months of 2011 - such as higher oil prices and the Japan earthquake - and was poised for a burst of growth as problems eased. The weak numbers put pressure on policymakers in Washington to find solutions to the jobs problem - at a time when they are more polarized than ever about what those solutions would look like. The Obama administration used the occasion to plea for long-standing priorities, including extending a temporary reduction in payroll taxes, passing trade deals with South Korea and other nations, and investing in transportation and other infrastructure. -Net Monitoring
BAGHDAD: Leon Panetta arrived in Iraq on Sunday on his first trip there as U.S. defense secretary, saying he would press Baghdad to decide on the future US military presence and to go after militants attacking U.S. forces with Iranian rockets. The United States is scheduled to withdraw all of its remaining 46,000 troops from Iraq by the end of this year, under the terms of a bilateral security pact -- despite U.S. and Iraqi military concerns about expected gaps in security. - Reuters
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She said "the present Parliament of Pakistan has also earned a unique place in our national history by remaining a proactive forum in protecting the rights of the under-privileged classes, especially women, children and minorities". She said that current National Assembly has passed 77 Bills during last 3-years out of which more than a dozen relate to women and children. She further said that transparency and financial accountability remains at the centre-stage of public trust therefore, the appointment of the Leader of the Opposition as the Chairman of PAC is one such hallmark of our system, which has not only earned the Parliament the confidence of our people but which has also set a benchmark for many established democracies to follow. The Parliament of Pakistan has not only a strong presence of more than 22 per cent women legislators but also a vibrant forum in shape of Women's Parliamentary Caucus, which is the driving force behind social legislation. Referring to the cooperation between SAARC nations, Dr Fehmida Mirza said that in this spirit that Pakistan recently agreed to accord the "Most Favored Nation" status to India by replacing a ''positive trade list" with a "negative trade list". This vital decision will open new vistas of enhanced commerce and trade in the entire South Asia. She was confident that both the countries would resolve all the outstanding issues through dialogue. She said that the numerous success stories of SAARC region could be replicated in other countries to win over the trust of our respective people. She said that the reduction of child mortality in Sri Lanka, the Maldives leading in universal education, Bangladesh's initiative of ensuring effective women's political empowerment and Nepal making important strides in that vital direction, were big achievements for adoption by other SAARC nations. - APP
Boehner says debt talks scaled back over tax rift
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have inherited common historical, cultural and religious traditions that call for large-heartedness and compromise leading to reciprocal concessions. We will continue to seriously support all of the landlocked countries, he assured the Afghan Consul General. - INP
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Cooperation in Environment agreed upon at the Saarc summit at Thimpu in 2010 deserves to be implemented in full." The Indian prime minister called for development of ingenious models of growth that were based on the nature of resources available in the region and did not blindly follow those of the West. "South Asia cannot afford to copy western lifestyles. We have to tap our own genius to develop models of growth which correspond to our resource endowment and yet enable us to banish the scourge of poverty from our midst." Noting that the countries in the region shared civilisational and cultural heritage going back to many centuries, Dr. Singh said: "Our destinies are bound by history and geography. If we act with wisdom and sagacity, we all stand to benefit‌ we must learn to speak with one voice on the common challenges that face us." He also called for efforts to channel the energies of the youth in the region to productive ends. "Disaffection and alienation provide a fertile breeding ground for intolerance, violence and terrorism, which then threaten our societies and rupture the social fabric." In this context, he welcomed the setting up of the South Asian University as a timely initiative and said it had the potential to become an important centre of learning in the region with the help and the support of all the SAARC nations. - INP
between the White House and Republican leaders on measures to increase the US debt ceiling. "I can't imagine for a second that the United States would default," she said. "But, clearly, this issue of the debt ceiling has to be resolved, as, otherwise, there would a hike in interest rates. There would be you know a much heavier burden to be borne by, you know, all the US taxpayers at the end of the day." She added that a default "would be a real shock, and it would be bad news for the US economy. So I would hope that there is enough bipartisan intelligence and understanding of the challenge that is ahead of the United States, but also of the rest of the world." Lagarde, the former French finance minister, took over the job of managing director of the International Monetary Fund following the resignation of Frenchman Dominique Strauss-Kahn, who is fighting charges of sex assault. She commented that Strauss-Kahn "has done an excellent job as managing director" but added that because of the circumstances there are "wounds" at the international institution. "Some people are very hurt. Other people feel betrayed. It's a very strange chemistry of frustration, irritation, sometimes anger, sometimes very deep sadness as well."
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aid was expected. That's where our long-term relations with China will help to meet this gap." Amid tense relations with the United States, Pakistan officials have increasingly pointed towards Beijing as the country's natural ally, offering the possibility of becoming at least a half-substitute to ties with the U.S. On Sunday, The New York Times reported that the Obama administration was suspending and in some cases canceling up to $800 million in annual military aid and equipment to Pakistan more than one-third of the $2 billion earmarked for security assistance annually to the South Asian country. The US decision would mark a significant punitive measure by Washington which in the past has sought to build up close ties with Pakistan's armed forces (notably the Army and Air Force) in its campaign to defeat al Qaeda and the Taliban in the Afghanistan-Pakistan border region. But relations have continued to deteriorate since the May 2 raid by US Navy SEALs in which Osama bin Laden was targeted and killed in Pakistan's northern city of Abbottabad. In recent weeks, Pakistani officials have pointed towards China's increasing role in the past decade as its main supplier of military hardware, as Pakistan established closer ties to the US campaign against terror following the September 11, 2001 attacks on New York and Washington. During the past decade, Pakistan began jointly producing the JF-17 Thunder fighter plane with China. The Pakistan Air Force (PAF) plans to eventually introduce up to 250 of the JF-17 fighter planes - the largest deployment of any aircraft in its history. Earlier this year, the Pakistani government also publicly announced its approval for the Pakistan Navy to begin negotiations with China for the purchase of up to six new submarines, in a move that - if successful - will become the largest single hardware order by the Navy. - INP
No #7
Antitrust officials probing sale of patents to Google's rivals
NEW YORK: It's not often ment and protected for years. makers of phones with the that search giant Google looks Companies are increasingly Android platform. Oracle is like the little guy. But in a arming themselves with ever- seeking up to $6.1 billion in a move unprecedented in the growing patent portfolios to patent lawsuit against Google, tech world, six of Google's initiate or shield themselves claiming Android infringes rivals - including Apple, from costly lawsuits. upon Oracle's Java patents. Microsoft and Research in The result, these experts say, And Microsoft is suing Motion - combined forces is tantamount to a nuclear Motorola over its Android line. recently to prevent the compa- weapons standoff: Companies The latest tussle over patents ny from buying a critical trove with formidable patent portfo- began when the Canadian teleof patents. lios can use them as cudgels com equipment maker Nortel Federal antitrust enforcers against rivals, while those with Networks declared bankruptcy are scrutinizing whether fewer patents risk being eaten and put up for sale its portfolio Google, often accused of abus- alive in court. of about 6,000 patents covering its Web search power, is For years tech companies did ing an array of wireless and facing an unfair coalition of not go after one another in Internet technologies. Nortel companies that could block its patent lawsuits. But that has described the portfolio as popular Android mobile phone changed recently as the battle touching "nearly every aspect software, according to a source to dominate the mobile phone of telecommunications and close to the matter. space has grown fiercer. additional More worrying, according to Google's Android operating markets as well, including some experts, the $4.5 billion system has rocketed to the top Internet search and social netauction of Nortel Network's slot as the most popular in the working." remaining patents demon- world, just ahead of Apple's Google, which has a relastrates the growing dysfunc- iPhone and RIM's BlackBerry. tively small collection of tion of the country's patent The battle to beat Android patents compared with some WASHINGTON: A broad $4 system, where even the most has already turned into a legal older tech firms, entered a trillion deal on US deficit amorphous ideas can be rub- bonanza. Apple is suing HTC, starting bid of $900 million reduction appeared out of reach ber-stamped by the govern- Samsung and Motorola, all this spring.-Reuters on Saturday as Republican leader John Boehner cited a rift backing the country that finances much of its operations and equipment, or continuing to provide with the White House on taxes secret support for the Taliban and other militants fighting American soldiers in Afghanistan. "We have to continue to emphasize with the Pakistanis that in the end it's in their interest to be able and proposed pursuing a more to go after these targets as well," Defense Secretary Leon E Panetta told reporters on Friday en route modest package. "Despite good-faith efforts to to Afghanistan. In private briefings to senior Congressional staff members last month, Pentagon offifind common ground, the cials made clear that they were taking a tougher line toward Pakistan and reassessing whether it White House will not pursue a could still be an effective partner in fighting terrorists. "They wanted to tell us, 'Guys, we're delivering the message that this is not business as usual and bigger debt-reduction agreement without tax hikes," we've got this under control,' " one senior Senate aide said. There is growing opposition on Capitol Hill to sending security assistance to Pakistan. Last week, Boehner, the speaker of the House of Representatives and the Republican-controlled House approved a Pentagon budget bill that limits the Defense the top Republican in Department from spending more than 25 per cent of its projected $1.1 billion budget for training and equipping Pakistani troops next year, unless the secretaries of defense and state submit a report to Congress, said in a statement. Congress showing how the money will be spent to combat insurgencies. - Reuters The decision to hold back much of the American military aid has not been made public by the Pakistani military or the civilian government. But it is well known at the top levels of the military, and a senior Pakistani official described it as an effort by the Americans to gain "leverage." - INP
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American officials say they would probably resume equipment deliveries and aid if relations improve and Pakistan pursues terrorists more aggressively. The cutoffs do not affect any immediate deliveries of military sales to Pakistan, like F-16 fighter jets, or nonmilitary aid, the officials said. American aid cutoff would probably have a small impact on the overall military budget, but it would most directly affect the counContinued from page 12 No #4 terinsurgency campaign, according to K. Alan Kronstadt of the other coaches to rescue the trapped passengers. Eyewitnesses Congressional Research Service. told reporters that the driver of the train was among those injured While some senior administration officials have concluded that in the mishap. The mishap led to disruption of railway traffic on Pakistan will never be the kind of partner the administration the Allahabad-Kanpur route leading to the cancellation of a cou- hoped for when President Obama entered office, others emphasize ple of trains and diversion of several others. - INP that the United States cannot risk a full break in relations or a complete cutoff of aid akin to what happened in the 1990s, when Continued from page 12 No #5 Pakistan was caught developing nuclear weapons. Lagarde told ABC's "This Week" that she did not expect But many of the recent aid curtailments are clearly intended to Washington to end up in default, despite tense negotiations force the Pakistani military to make a difficult choice between
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allowed for DFM via a special window to be devised and provided by the Exchange for the purpose showing the rate of interest at which the transaction is offered to be rolled over. All other parameter including collection of mark to market losses to be collected in cash shall remain as per existing Rules and Regulations. In relation to MTS, the SECP consented to look into the possibility of allowing individual investors to take part in the MTS market as financiers. Also it was agreed that the FPR ratio shall be reviewed for accepting about 10 per cent eligible securities within the overall 25 per cent cash requirement while keeping the collection of mark to market margins in 100 per cent cash. Further, in order to encourage and enhance the trading activity in various market segments it was agreed to review the existing list of eligible scrips in the MTS DFM, and margin financing with a view to increase the number of securities in this list, for augmenting the same. The Chairman SECP Muhammad Ali reassured the participants that the apex regulator will continue to work in close coordination with the Exchanges and play a facilitators role for the development of capital markets and enhancing investors' confidence. He emphasized upon the Exchange to take concrete measures for educating the investors particularly retail investors here and abroad by organising the road-shows, conferences and seminars. The Chairman KSE while thanking the Chairman SECP for taking this initiative and his keen interest in resolving capital market issues said that Karachi Stock Exchange on its part will also do whatsoever is needed for reaching out to investors and resolving all pending issues, so that they are willing to invest and participate vigorously in the market.
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world have been making a successful use of local government system. He said the commissionerate system was first enforced in British colonial era and only protected the interests of two percent elites. Now this system is non-existent even in Britain, he added. Anees Qaimkhani says MQM would challenge the government's decision in all the courts and strongly oppose it in National and provincial assemblies "It is an attempt to break Pakistan and to divide Sindh and Karachi, it is a conspiracy against Sindi and Urdu speaking communities," he maintained. Earlier, MQM chief Altaf Hussain said that the government has revived the old commissionerate system in Sindh to establish its authoritarianism. In a telephonic conversation with Azad Jammu and Kashmir Prime Minister Sardar Attique Ahmad Khan, the MQM chief said the current government is authoritarian and not a democratic government. He said all the political parties of the country should unite on one-point agenda to end the current dictatorship. The MQM chief said everyone in Pakistan is aware of the fraud in the recent Azad Jammu Kashmir elections. He said the current AJK elections should be cancelled and new elections should be held under the army supervision. Sardar Attique in his conversation with Altaf Hussain condemned the violence in Karachi and the government pressure on MQM during Kashmir elections. Both the leaders agreed to make joint efforts for strengthening of democratic system in AJK. - Agencies
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May -- to intensify efforts to target al Qaeda leadership, adding that the United States would like Pakistan to target Zawahri in the tribal areas. Pakistan is an important U.S. ally, but relations have been seriously damaged after U.S. Navy SEALs killed bin Laden in a secret raid in the Pakistani military town of Abbottabad without informing Islamabad in advance. The United States has also stepped up missile strikes by remotely-piloted drone aircraft in Pakistan's ethnic Pashtun tribal lands, long regarded as a global hub of militants. Pakistan publicly criticises drone strikes and often demands the United States provide intelligence on militant leaders hiding in its tribal regions so it can take action against them. However, there have been persistent suspicions in Washington that Pakistani intelligence agencies maintain ties with these militants. US media last month reported that Panetta confronted Pakistan with evidence that militants had vacated bomb-making factories in Waziristan after the Unites States shared intelligence with Pakistan, suggesting that it had tipped off the insurgents. The Pakistan army denied the reports. - Reuters
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Cross-LoC trade on Poonch-Rawlakote and Salamabad-Chakoti routes is conducted every Tuesday and Wednesday on barter system. The two sides are also expected to discuss the issue of multiple-entry permits for residents of Jammu and Kashmir valid for six months as the Cabinet Committee on Security has given an in-principle approval for the same in 2008. The sources said these decisions were approved by the CCS in September 2008 but were kept in cold-storage after the 26/11 Mumbai attacks. India may also press for introducing banking facilities for cross-LoC trade as the volume of trade and benefit to trading community on either sides of LoC could not be worked out through barter system, the sources said. Pakistan has some reservations over opening up of banking facilities for traders. - INP
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Secretary Sindh Board of Revenue has confirmed issuance of the official notification for reinstatement of old status of Karachi, Hyderabad and Larkana. Statuses of other districts including Qambar, Shahdad Kot, Tando Allahyar, Tando Muhammad Khan and Matyari have been also changed.
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rather the corporation deals with their timely imports and provision on suitable prices so that availability of essential items in open market could be ensured, he added. He said, there would be no shortage of sugar particularly during Ramazan adding, sugar mafia creates artificial shortage of the commodity and blamed TCP for it. - APP
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Fehmida stresses liaison among Saarc nations NEW DELHI: Speaker National Assembly, Dr Fehmida Mirza addressing the working session of the 5th Saarc Speakers & Parliamentarians Conference at Lok Sabha’s Central Grand Hall.-INP
Multiple Afghan visa to be issued to Pak traders ISLAMABAD: Consul General Afghanistan Consulate, Peshawar Syed Muhammad Ebrahim Khil has said that his country is willing to issue multiple visas to Pakistani businessmen to enhance bilateral trade and brotherly relations between the two neighbouring countries. . Talking to Raza Khan, Chairman Coordination, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) here the diplomat said that Afghanistan is the only friendly country bordering Pakistan which is not charging any visa fee from Pakistani brethren. Some people from Punjab think that there is some kind of processing fee which is incorrect, he informed. Syed Muhammad Ebrahim Khil said that around 1000 people approach Peshawar Consulate daily out of which only 300 get visas. "We want to issue more visas but shortage of staff and some other problems are barring us," the Consul General said. The envoy stressed the need for enhanced interaction between the business commu-
nity of the two countries and proposed frequent exchange of delegations with the help of FPCCI to cement ties. He said that security and customs officials of two countries should not hamper bilateral trade for personal gains and that Pakistan should do something about 5000 Afghan containers stranded at Karachi port without valid reason causing loss of around 500,000 dollars every day. Afghanistan Chamber of Commerce and Industries (ACCI) was also very uneasy over the recent developments and has called for urgent measures to resolve the issues, he informed. Ebrahim Khil said that we are willing to issue visas to participants of Tablighi Ijtema (annual gathering of devotees) and they should furnish details at earliest. At the occasion, Raza Khan, Chairman Coordination, FPCCI lauded the supportive role of Afghan Consulates in Karachi, Quetta and especially Peshawar. He said that FPCCI is ready to resolve trade disputes
between businessmen of the two countries so that bilateral trade can be promoted. Peshawar, one of the oldest living cities in Asia, has for centuries been a centre of trade between Afghanistan, South Asia, Central Asia and the Middle East, Raza Khan said. Presently, almost all of our exports to Afghanistan, central Asia and as far as Moscow are conducted through trade convoys from Peshawar which is not possible without help of Kabul, he said. Raza said that Pakistan's government supports, provision of facilities and security can again transform Peshawar into a major trading hub which will not only boost underdeveloped province but also help contain terror. Raza Khan said that a transparent transit trade deal is in the interest of both countries which remain a challenge. Transit trade should not be misused by either side or offer incentives to smugglers on any side of the divide, he said. The FPCCI official added that we share same frontier and See # 2 Page 11
Singh for more efforts to fight terror in SAsia NEW DELHI: Emphasising the need for the South Asia region to prosper as a whole, Indian Prime Minister Manmohan Singh on Saturday highlighted the dangers posed by terrorism in the region and called for greater efforts to fight it. "The scourge of terrorism has (already) taken a huge toll on all our societies. It is a cancer that, if not checked, will consume us all. I would like to believe that we have the will and foresight to prevent such an outcome." Inaugurating a conference of Speakers and Parliamentarians of South Asian Association for Regional Cooperation (SAARC) countries, Dr Singh stressed the need to develop a "culture" for resolving the problems of the region by the
countries themselves, instead of depending on outsiders. "South Asia cannot realise its full potential until and unless we solve our differences peacefully and develop the culture of solving our problems ourselves. Others cannot solve our problems for us." Emphasising that India remained firmly committed to the principles and ideals of Saarc, Dr Singh said it would go the "extra mile" to make it an effective organisation that benefitted all the citizens of the region. "India provides opportunities for all of South Asia to benefit from its economic growth and vast market. We have opened our market and we are committed to pursuing policies that benefit the entire regional economy as a whole."
Welcoming the various initiatives taken in recent times such as declaration of 2010-20 as the 'Decade of Intra-regional Connectivity' in Saarc, and establishment of a Saarc Development Fund and a Saarc Regional Food Bank to meet food emergencies in the region, he said more needed to be done faster. "We are moving in the right direction, but we need to move much faster." Dr Singh called for greater regional cooperation for improving the quality of governance in managing natural resources, preventing land and water degradation and strengthening food, water and energy security. "We should do this at all levels - bilaterally, subregionally and the region as a whole. Saarc Convention on See # 3 Page 11
Rs18bn allocated for Diamer-Bhasha dam ISLAMABAD: About Rs18 billion have been allocated for construction of Diamer-Basha dam in the federal budget 201112. Briefing the participants of the 7-day training program of Pakistan People's Party (PPP) information secretaries, officials of the Planning Commission said that about Rs. 42 billion were required to acquire land for the construction of dam. They said total cost of the dam was Rs. one trillion and it would help generate about 4500 MW electricity.
To a question, they said that former president Pervez Musharraf only inaugurated the Basha project on paper while the required practical steps were not taken by his government to initiate work on this mega project. They said Rs165 billion have been allocated for infrastructure development, while Rs.122 billion have been kept for social sector. They said Rs. 36.13 billion have been allocated for Water and Power Division and Rs14 billion have been allocated for the Higher Education Commission.
They said Rs16 billion have been earmarked for Pakistan Railways to improve its efficiency. To a question, they said the federal government would only provide funding for the "vertical programmes" in the field of health and population welfare. While, projects located in provinces would be financed by the provincial government, they said. Funding for the implementation of the President and the Prime Minister directives would be continued by the federal government, the officials said. - APP
Burney likely to be new Governor Sindh ISLAMABAD: President Asif Zardari is likely to announce the independent and non political Governor of Sindh province within the next two weeks, to run the affairs of Sindh, it has learnt here on Sunday from most reliable sources. According to most reliable sources, the top leadership has indicated to accept the resignation of Dr Ishratul Ebad Khan and may request to Ansar Burney to become the new Governor of Sindh. They said former federal Minister for human rights and world renowned Pakistani human rights activist Ansar Burney is so far the most probable candidate for the Governor Sindh slot. Ansar Burney is the recipient of 'Sitar-e-Imtiaz' first civil/national award in the history of Pakistan in the field of Human Rights. In 2005 the Government of the United States, State Department also declared Mr. Ansar Burney as International human rights 'HERO' in the field of human rights (Anti-human trafficking and Anti Slavery Hero).The name of Burney is most respectable in the country and abroad in the field of human rights and all parties have great respect for him. - Online
35 killed as Indian train derails NEW DELHI: At least 35 people were killed and over 200 injured when 15 bogies of a speeding Delhi-bound Kalka Mail derailed in Fatehpur, Uttar Pradesh, on Sunday in the worst train accident this year. The derailment took place early hours when the packed train from Howrah reached near Malwa station, nearly 120 kms from Lucknow. "15 bogies of the train derailed out of which 10 are in bad shape. The exact cause of the derailment is being ascertained. The Commissioner of Railway Safety has been directed to probe the incident, General Manager, North Central Railway H C Joshi said. He said the train was speeding at about 108 kmph when the accident occurred. "It was almost moving at the speed of 108 kmph which is full speed," Joshi said. Chief Medical Officer (CMO), Fatehpur, KN Joshi said 35 of the passengers had died. "About 200 injured are undergoing treatment in Fatehpur." "Rescue workers have not been able to enter two of the bogies," Superintendent of Police, Fatehpur, Ram Bharose said, adding the dead included women and children. While some of the bogies had toppled, others were turned into mangled heap of metal. The crowded general compartment behind the engine was the worst hit. Gas cutters and other equipment were used to cut through the metal in the AC and See # 4 Page 11
ISLAMABAD: Speaker National Assembly Dr Fehmida Mirza has said that the South Asian Association for Regional Cooperation (SAARC) Nations should contemplate the creation of South Asian Parliament for sustainable peace and prosperity in the region. She said that it would be the largest forum of legislators, commanding the trust of 1.7 billion South Asians enabling our respective countries to negotiate sustainable solutions to our numerous bilateral and multilateral problems. Dr Fehmida Mirza said this in her keynote address at the working session of the 5th Saarc Speakers and Parliamentarians Summit being held in New Delhi, according to a message received from India on Sunday. Dr Fehmida Mirza said that the conception of SAARC parliament would infuse a new life into Saarc forum besides supporting, guiding and protecting the emerging democracies of the region by becoming a vanguard of freedoms in South Asia. She said that "we should collectively resolve to build peace, ignite prosperity and consolidate democracy by strengthening trust between our people and the Parliaments". She said that South Asian region has seen enough bloodshed, wars and conflicts; therefore, the parliamentarians
should jointly bring an end to our people's miseries by joining hands for a meaningful cooperation through experience-sharing, joint resource mobilization and strong networking. She said that all Saarc Parliaments are confronted with identical challenges which bear the burden of more than half of the world's poor, malnourished, illiterate and disease-stricken people. She said that unfortunately democracy could not be consolidated in all the Saarc due to deeply entrenched authoritarianism in our respective societies which never allowed the uninterrupted growth of a vibrant democratic culture. She said that "at the turn of the century, however, our common struggle for freedom, democracy and justice again bore fruits and wave of democracy was finally sweeping across the Saarc region". She said that Pakistan, Bangladesh, Afghanistan, Nepal were witnessing the dawn of a new era of people's power. Dr Fehmida Mirza said that "as parliamentarians, we were duty-bound to address the threats and challenges for managing the consolidate democracy in our respective polities". She that it is imperative for strengthening of democracy that cross sections of society are actively involved into the political arena through free and fair election, an independent
and impartial judicial system which ensures speedy and inexpensive justice, a responsible executive which guarantees people's friendly public administration, a vibrant civil society and free media for overseeing and constructively analyzing the performance of all pillars of the State and above all a fully empowered, supreme and efficient Parliament, which is a true bastion of people's power. She said that the Parliament's competence is now overwhelmingly marked by its ability to enact laws, to hold the Executive accountable for all its acts of omission and commission and to debate and address core issues of poverty eradication, unemployment, universal education, effective healthcare systems, environmental protection, energy crisis and gender mainstreaming. She said that after the comeback of democracy in Pakistan in 2008 and the democratic forces pledged to protect and consolidate it by-building a strong parliament capable of delivering on decade's old promises. She said that historic 18th Constitutional Amendment not only purged the sacred document of encroachments by the dictators, but also translated the long-cherished dreams of provincial autonomy into a beaming reality. See # 1 Page 11
Australia unveils carbon plan in climate fight CANBERRA: Australia unveiled its most sweeping economic reform in decades on Sunday with a plan to tax carbon emissions from the nation's worst polluters, reviving hopes of stronger global climate action with the largest emissions trade scheme outside Europe. Prime Minister Julia Gillard said 500 companies including steel and aluminum manufacturers would pay a A$23 ($24.70) per tonne carbon tax from next year, rising by 2.5 percent a year, moving to a market-based trading scheme in 2015. "It's time to get on with this, we are going to get this done," said Gillard after a bruising battle to win political support for the scheme, which has polarized voters and business. A parliamentary vote on the scheme is expected before year-end. Australia is the developed world's worst per-capita greenhouse gas emitter because of its heavy reliance on cheap coal for power generation. Emissions are set to rise in the booming economy without a carbon cost, the government says. The stakes are high for Gillard's Labor party, which relies on the support of
Greens and independents for a one-seat lower house majority. Her popularity has slumped to record lows over the scheme. With the details now finally released after months of waiting, Gillard will now try to convince voters opposed to the plan ahead of a parliamentary vote, trying to deflect a campaign against it by the hardest hit businesses. "It is absolutely critical that the government sells this very effectively," said Tony Wood, director of the energy program at the Grattan Institute, a policy think tank. Australian retail and cleanenergy stocks were expected to be among the winners, and airlines and miners among the plan's losers, but analysts said financial markets overall were tipped to take the policy in their stride. The scheme aims to cut national emissions by 5 percent of 2000 levels by 2020, which would mean a cut of about 160 million tonne. The package already has the broad support of the Greens and independents, although crossbenchers said they had yet to support extra measures to protect steelmakers and jobs in the vital coal industry.
IMF chief warns US on default TFD Monitoring WASHINGTON: New IMF chief Christine Lagarde warned on Sunday that a US debt default would jeopardize global economic stability and urged warring American politicians to forge a compromise budget deal. A default "would certainly jeopardize the stability, but not just the stability of the US economy, it would jeopardize the stability at large," the first woman to head the International Monetary Fund
told ABC News. "And that's clearly against the purpose and the mission of the International Monetary Fund. So we are -- we are concerned." Without an agreement, she said she could see "interest hikes, stock markets taking a huge hit and real nasty consequences, not just for the United States, but for the entire global economy, because the US is such a big player and matters so much for other countries." See # 5 Page 11
Parliament twice rejected previous attempts to price carbon in 2009 and any fresh rebuff in a vote expected around October would seriously threaten Gillard's government. The danger is that a vigorous campaign by the conservative opposition and business groups opposed to the tax, could erode public support and frighten political backers ahead of elections due by 2013. "This tax is going to go up and up and up as time goes by. I think this package is going to compound the trust problem that has dogged the prime minister. This package certainly sets up the next election to be a referendum on the carbon tax," said conservative opposition leader Tony Abbott. Abbott has seized upon voter fears of a new tax and higher costs from a scheme that aims to transform how the nation generates and uses energy across the economy. To neutralize opposition, Gillard said more than A$24 billion to be raised from pollution permit sales over the next three years would go to households through generous tax cuts worth more than A$15 billion. - Reuters
Boat with 170 people sinks in Russia’s river MOSCOW: A pleasure boat carrying more than 170 people sank in Russia's Volga river Sunday, killing at least one person and leaving dozens missing, emergency officials said. One body has been recovered and 61 people are unaccounted for after the boat, a doubledecked river cruiser called the Bulgaria, sank at 1.58 p.m. (4:58 a.m. EDT) in the Tatarstan region, an Emergency Situations Ministry spokeswoman said. - Reuters
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