International Karachi, Sunday, July 24, 2011, Shaban-ul-Muazzam 21, Price Rs12 Pages 8
Mushraff assets detail submmitted in court See on Page 8 Economic Indicators $18.23bn 13.92% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5873bn $758mn -2.28% 4.20% $1,051 176.71mn
Forex Reserves (16-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul 10 - May 11) LSM Growth (May 11)
GDP Growth FY12E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
-14.65 -14.65 -6.78 2805
Yearly(Jul, 2011 up to 22-Jul-2011) Monthly(Jun, 2011 up to 22-Jul-2011) Daily (22-Jul-2011) Total Portfolio Invest (9-Jul-2011)
NCCPL (U.S $ in million)
FIPI (22-Jul-2011) Local Companies (22-Jul-2011) Banks / DFI (22-Jul-2011) Mutual Funds (22-Jul-2011) NBFC (22-Jul-2011) Local Investors (22-Jul-2011) Other Organization (22-Jul-2011)
-3.82 0.68 2.81 -0.70 -0.39 1.35 0.07
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 SSE COMP. FTSE 100 Dow Jones
Close 12,476.77 10,132.11 22,444.80 18,722.30 2,770.79 5,935.02 12,681.16
Change 2.00 121.72 457.51 286.11 4.90 35.13 43.25
GDR update $.Price PKR/Shares Symbols 111.84 MCB (1 GDR= 2 Shares) 2.60 147.55 OGDC (1 GDR= 10 Shares) 17.15 43.02 UBL (1 GDR= 4 Shares) 2.00 36.56 LUCK (1 GDR= 4 Shares) 1.70 38.92 HUBC (1 GDR= 25 Shares) 11.31
Money Market Update T-Bills (3 Mths) 13-Jul-2011 T-Bills (6 Mths) 13-Jul-2011 T-Bills (12 Mths) 13-Jul-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 23-Jul-2011 Kibor (3 Mths) 23-Jul-2011 Kibor (6 Mths) 23-Jul-2011 Kibor (9 Mths) 23-Jul-2011 23-Jul-2011 Kibor (1 Yr) 23-Jul-2011 P.I.B (3 Yrs) 23-Jul-2011 P.I.B (5 Yrs) 23-Jul-2011 P.I.B (10 Yrs) 23-Jul-2011 P.I.B (15 Yrs) 23-Jul-2011 P.I.B (20 Yrs) 23-Jul-2011 P.I.B (30 Yrs)
13.48% 13.74% 13.90% 14.00% 13.77% 13.60% 13.81% 14.13% 14.24% 13.97% 14.01% 14.03% 14.25% 14.35% 14.46%
Commodities Crude Oil (brent)$/bbl Crude Oil (WTI)$/bbl Cotton $/lb Gold $/ozs Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
118.67 99.87 98.64 1,601.50 40.12 1,048 44,066 5,894
Buy (Rs)
Sell (Rs)
Australian $ 92.70 93.80 Canadian $ 90.10 91.20 Danish Krone 16.00 16.30 Euro 122.80 124.30 Hong Kong $ 10.70 10.95 Japanese Yen 1.090 1.100 Saudi Riyal 22.83 23.03 Singapore $ 70.60 72.00 Swedish Korona 13.10 13.40 Swiss Franc 98.80 99.80 U.A.E Dirham 23.33 23.55 UK Pound 139.50 141.00 US $ 85.90 86.20 Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 93.17 93.38 Canadian $ 90.58 90.79 Danish Krone 16.54 16.58 Euro 123.32 123.61 Hong Kong $ 11.03 11.05 Japanese Yen 1.095 1.097 Saudi Riyal 22.91 22.96 Singapore $ 71.08 71.25 Swedish Korona 13.57 13.60 Swiss Franc 104.93 105.17 U.A.E Dirham 23.39 23.44 UK Pound 140.01 140.33 US $ 86.03 86.22 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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See on Page 8
Cheap electricity for masses soon: Qamar
See on Page 8
IPI to be completed by Dec 2014: Dr Asim
See on Page 8
Pak says won’t accept Indian hegemony MQM ministers status still intact: Gilani ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Saturday said Pakistan will not accept any country's hegemony in the region. Talking to newsmen here at PM Secretariat after presiding over 13th annual awards ceremony of National Highways and Motorway Police, the Prime Minister said, "We don't want any Chaudhry (regional chief) in the region." The Prime Minister was responding to statement of Secretary of State Hillary Clinton in which she urged India to match its economic progress by taking a more assertive political role in Central and East Asia. Gilani said, Pakistan will not accept hegemony of any country in the region. Replying to another question
about the resignations of MQM Ministers, he said the resignations tendered by Sindh Governor, provincial and federal ministers of the MQM had not been accepted therefore, their status as ministers is still intact. On a question about the arrest of Dr. Ghulam Nabi Fai, head of Kashmir Center in Washington, he clarified that Dr. Fai is not a Pakistani citizen, and he was a citizen of Occupied Kashmir. About Fai's reported link with a sensitive agency, the Prime Minister said the matter is being investigated and "Let the facts come; we will see it then." Replying to a question about law and order situation of Karachi, he said it is a provincial subject and the Federal Government is in touch with
the provincial government to improve the situation in this mega city. The Prime Minister said, "We respect the mandate of the provincial government." He, however, said Opposition members had requisitioned the sessions of Senate and National Assembly to discuss the law and order situation in Karachi. Gilani said he especially asked the Chief Whip of National Assembly to ensure the quorum in the session so that the members could discuss the law and order situation of Karachi and it was ensured that there should be no problem of quorum. He said he himself attended the session and the members expressed their point of view on the Karachi situation. See # 5 Page 7
India serious over composite dialogue
No need for cajoling on militancy: Hina NUSA DUA, Indonesia: Pakistan's new foreign minister, who held talks on Saturday with US Secretary of State Hillary Clinton, said the two countries shared the strategic objective of combating terror groups and Islamabad did not need any cajoling on the issue. Hina Rabbani Khar, Pakistan's first female and youngest-ever foreign minister, also told reporters on the sidelines of an Asian security conference that she expected positive results from a meeting with her Indian counterpart next week, in what could be a major turning point in ties between the two countries since they resumed peace talks earlier this
year. Asked if Clinton prodded her on tackling militants operating from within Pakistan, Khar said: "We have the same strategic objective. "Pakistan is the first one to suffer because of terrorism, because of militancy. Pakistan is doing it for itself. You don't need cajoling on that is in our national interest." On her talks with Indian Foreign Minister S. M. Krishna scheduled for next Wednesday in New Delhi, Khar said: "My expectation is to have positive development in our relationship with India." See # 6 Page 7
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Textile city to create 80k jobs: Shaikh
Interior Minister addresses Saarc moot
No retreat in war on terror: Malik THIMPHU: Interior Minister Rehman Malik says nothing can deter Pakistan from its resolve to defeat terrorism at all costs. Addressing the fourth South Asian Association for Regional Cooperation (SAARC) Interior Ministers' Conference, held here in Bhutanese Capital‚ Thimphu on Saturday. He said Pakistan has paid a heavy price in the fight against terrorism. He said Pakistan is following the policy of dialogue‚ development and deterrence to tackle the issue. Rehman Malik, who was chairing the
Conference, suggested that there is need for constitution of a Saarc-Pol on the pattern of Interpol. He said there was also need of a Saarc Commission with the objective to promote harmony and at the same time a joint ask Force need to be formed to control incidents of pirates in Indian Ocean. The Minister said Pakistan, its people and armed forces had offered great services and sacrifices in the war against terrorism and to prevent the terrorists from fanning out to other parts of the country See # 7 Page 7
Under EFS: SBP nods relaxation to exporters KARACHI: The State Bank of Pakistan (SBP) has allowed some relaxations in the Export Finance Scheme (EFS) for the benefit of exporters whose export proceeds are overdue. An exporter shall be eligible to avail financing under EFS Part-I and/or PartII, if the total amount of overdue export bills at the time of availing the facility is not more than 5 per cent of the previous year's export performance, says IH & SMEFD Circular No 08 of July 23, 2011. In case the overdue export position of
an exporter is greater than 5 per cent of the previous year's exports, the exporter will not be entitled to avail the EFS facility till such time that the overdue position is reduced to the 5 per cent benchmark level, the Circular said, adding that these instructions, which will come into effect from October 01, 2011, have been issued by SBP to streamline the procedure for availing finance under EFS by exporters who have overdue export proceeds. Each exporter will be required to give See # 8 Page 7
NUSA DUA: US Secretary of State Hillary Clinton and Hina Rabbani Khar during a bilateral meeting on the sidelines of the ASEAN Regional Forum (ARF) Meeting in Nusa Dua.-Reuters
Zardari forms 4-man body for talks with MQM, others KARACHI: President Asif Ali Zardari Saturday formed a 4-member committee comprising senior leaders of Pakistan People's Party for holding talks with Muttahida Qaumi Movement (MQM) and other parties as part of reconciliation process, Geo News reported. A meeting chaired by President Zardar was held here at Bilawal House which was attended by Sindh Chief Minister Syed Qaim Ali Shah, provincial ministers Dr. Zulfiqar Mirza, Agha Siraj Durrani, Manzoor Wasan, Ayaz Soomro, Sharjeel Memon, Murad Ali Shah and Shazia Marri. The meeting held consultations and discussions on the prevailing political situation and PPP's relations with the coalition partners. The President directed the party leaders to make law and order in Sindh province their foremost priority and that he wanted to take all the allies along. See # 9 Page 7
2
Sunday, July 24, 2011
‘My-Karachi’ expo to paint soft image of Pakistan Staff Reporter
The Karachi Chamber of Commerce & Industry organised its 8th International Exhibition “My KarachiOasis of Harmony” at Karachi Expo Centre. -PR
Karachiites to get Ramazan package on 26th Staff Reporter KARACHI: A special meeting is scheduled to be held on 26th July to fix the prices of utility items for Ramazan-ul-Mubarak. Trader's Associations have been asked to submit their suggestions in this regard before 26th July as the government was determined to strictly implement the prices fixed for daily used items in city. This was announced by the Commissioner Karachi Muhammad Hussain Syed while addressing a meeting in his office on Saturday. The meeting was attended by Municipal Commissioner KMC with district municipal commissioners and zonal commissioners of all five districts of Karachi, former EDO E&IP, representative of Consumers Rights Council of Karachi, Consumers Association Karachi, Consumers Forum Karachi, Karachi Wholesale & Grocery Association, Karachi Retailers Grocery Association, Karachi Meet Merchants Association, Wholesalers & Retailers Poultry Association, Association of Khajoor Merchants, Vegetable &
Fruit Merchants Association, Joria Bazar Association of Traders, Chakki Aata Association, Sugar Wholesalers & Retailers Association and other associations of traders. The meeting which was continued for 4 hours decided that the trader's representatives would submit their suggestions by 26th of July which will be taken into consideration while finally fixing the rates of utility items for Ramaza-ul-Mubarak. It was noticed during the meeting that the meat merchants were not implementing the rates fixed by the government while the rates of poultry items were too being fixed two times a week which is wrong. Special Magistrates and Assistant Commissioners with the help of police take joint action to control profiteering in city. Commissioner Karachi who also holds the charge of Administrator KMC expressed regret on that the Muslim traders were involved in raising prices of daily used items in Ramzan-ul-Mubarak which ultimately resulted
in more trouble for consumers during the holy month. He said the people were already having lot of problems in their daily life and therefore the traders and government should jointly workout such an effective system which could provide convenience to public. "Traders could give a voluntary Ramazan Package to citizens that would provide real ease to people in the holy month, government will in trun facilitate the traders if they facilitate the people," he added. Commissioner Muhammad Hussain Syed on this occasion also expressed the government's resolve to take strict action against profiteering in daily used items in city. He also directed assistant commissioners to conduct surprise raids with police party against the sale of pressurized meat and arrest the persons involved in this practice. The deputy commissioners were instructed to take measures for holding of Ramazan Buchat Bazar in their respective areas so that the consumers could avail the opportunity to buy cheaper daily used items.
President briefed on Khi situation KARACHI: After gory incident in Karachi which claimed fourteen lives on Friday, Provincial Interior Minister Manzoor Wasan briefed President Asif Ali Zardari over present law and order situation in the metropolitan. After incident of firing between two rival groups in Landhi and Malir on early morning of Friday which claimed fourteen lives, Presidents Asif Ali Zardari called Provincial Interior Minister Manzoor Wasan here on Saturday at Presidential camp House Bilawal House. On this juncture Interior Minister Manzoor Wasan briefed the President Asif Ali Zardari over the present law and order situation. Talking to media after the meeting, Manzoor Wasan said that the incident happened due to old enmity while eight extremists have been arrested in this connection and being investigated. He further said that the political parties should avoid blame game in present situation otherwise others would take advantage of that. He said that the rangers have taken control over Khokhrapar, Qaid-aBad, Landhi-89 and Sherpao colony. He said that after targeting Katti Pahari and Qasba colony the militants are now targeting other places. -NNI
TV PROGRAMMES SUNDAY Time Programmes 7:00 8:00 9:00 11:05 12:00 13:05 14:00 14:05 15:00 16:00 17:30 18:00 19:05 19:30 20:03 21:00 22:03 23:00 23:05
News News News Newsbeat (Rpt) News Faisla Aap Ka (Rpt) News Interrogation (Rpt) News News Fimli Chakkar News Taxi News I Samaa Newsbeat News Faisla Aap Ka News Meri Kahani Meri Zabani
KARACHI: Karachi Chamber of Commerce & Industry's My-Karachi, Oasis of Harmony Exhibition is successful venture to depict the soft and real image of Karachi as peaceful city & economic, financial and industrial capital of Pakistan. These views were expressed by Muhammad Zubair Motiwala, Chairman, Sindh Board of Investment (SBI) on the inauguration ceremony at Karachi Expo Centre. He focused that the 8th sequel of KCCI's flagship International "My-Karachi, Oasis of Harmony Exhibition 2011" endorse the success of the regular event to promote commercial and industrial activities. The event had gained due recognition of national and international exhibitors since last 8 years. Shedding light on the aim of SBI to promote and enhancement investment opportunities in Sindh, he informed that Government of Sindh, while committed to uplift
the economy of Karachi, particularly and Sindh generally, is offering excellent investment opportunities to the local and foreign investors. He said that Sindh has great potential of business, trade and investment; all relevant details are available at SBI webportal www.sbi.gov.pk. He highlighted that 13 different sectors of potential investment including education, agriculture, alternate energy, horticulture etc. Sindh Government has given top priority to education and allocated 9000 acres of land for establishing Education City where more than 20 national and international universities will provide quality professional education to the youth to groom them as professional human resource to cater national needs of trade and industry. He highly admired the organizing of Education & Youth Pavilion at MyKarachi Exhibition and termed it as a unique example to be followed by others to promote education. Muhammad Saeed Shafiq, President-KCCI,
Staff Reporter KARACHI: During the ongoing My-Karachi Expo being held in the metropolis, prize distribution ceremony was held here on Saturday under the Coordinator Education Pavilion KCCI Ateeq-ur Rehman. Rear Admiral Syed Khawar Ali, Commander Karachi, Saeed Shafique President KCCI distributed prizes. First Prize of Rs 5 lacs was awarded to Sir Syed University of Engineering and Technology (SSUET) for Solar Power Generating System. It was sponsored by Medicam Group. Second prize of Rs 4 lacs also awarded to SSUET for solar electric car. It was sponsored by Firpo Group. The third prize of Rs 2 lac awarded to NED for hydrogen fuel cell car -- sponsored by Chaudhry Ansar Javed. While the special prize of Rs 1.5 lac awarded to Bahria University for solar power tracking system. in his welcome speech, stated that the KCCI is steadfast to uplift the economy and promote trade and industry. He said that despite of several hardships, internal and external problems viz. War against terror, post effects of recession, energy crisis etc., our economy which is backed by the business and industrial community showed resilience. He said that by the Grace
of Almighty Allah, our country achieved the historic export figure of US$ 25 Billion. He enlightened that Karachi Chamber started My-Karachi exhibition in 2004 with the initiative of Siraj Kassam Teli, the then President of KCCI, when he himself was the Senior Vice President, the exhibition received great acclamation on both National & International forums.
Women Entrepreneurs Eid Expo Commences
SECP grants licenses to 15 not for profit associations
ISLAMABAD: Mian Akram Farid, Chairman of the Skill Development Council (SDC) on Saturday said all resources would be used to empower women entrepreneurs without which Pakistan cannot excel in the comity of nations. Women can play a very active role in economic revival of Pakistan; he said adding that delivery of national goals cannot be achieved unless growth of women is focused. Speaking to business women after officially inaugurating 2-day Women Entrepreneurs Eid Expo, he said that such events provide chance to reflect on the role that women entrepreneurs play in the economy. Appreciating the initiative, Mian Akram Farid said that women entrepreneurs in the informal sector which are largely invisible also need our attention. He said that SDC will provide all possible facilities to business women while he will provide them free display facilities.
Mian Akram Farid said that such initiatives should be supported by the concerned government organs as well as business community including chambers of commerce and associations. Building capacity of women-52 per cent of the total population - has become a great challenge, the veteran business leader observed. Farid said that strong skill development of women is the key to the economic well-being and such creative events are imperative for development of women entrepreneurs. He said that women are more focused on garments, fashion, jewellery and beauty salons ignoring many sectors that badly need their attention. He advised women to share skills, ideas, experiences and explore branding, advertising, e-marketing and start making personal, business and product profile to boost businesses. Speaking on the occasion, Samina Fazil,
88,980 Hajj pleas accepted
ISLAMABAD: Federal Minister for Communication Dr Arbab Alamgir Khan cutting cake on the occasion of National Day of Egypt. -APP
KCCI edu committee awards cash prizes
ISLAMABAD: The Ministry of Religious Affairs has declared 88,980 applicants as successful for performing hajj during the current year, Joint Secretary Hajj, Hafiz Sher Ali said Saturday. Talking to APP here, he said Ministry of Religious Affairs has declared 88,980 intending pilgrims as successful. Responding to a question, he said a total of 179,210 Pakistanis will perform Hajj out of which 89,605 would perform hajj under private schemes and the same number of people, under government scheme. -APP
President, Islamabad Women Chamber of Commerce and Industry said the expo will provide an opportunity to the women entrepreneurs to expand their businesses. She said that women have the potential to get their skills recognised but the missing link if provision of opportunity. Our main objective is to facilitate poor segment of the society, especially women, to help them stand their own feet and earn livelihood in a decent manner, said Samina Fazil. She told women that they should not leave with the same friends that you had when you came here. Lack of confidence is keeping you from progress. Business women showcased garments, leather goods, jewellery, handmade embroidery, dresses, decoration pieces, traditional pots, and bridal accessories in the expo. Different government organisations including Stone Development Company were also represented in the event. NNI
KARACHI: Securities and Exchange Commission of Pakistan (SECP) has granted licenses to 15 not-for-profit associations from April to June, 2011. According to SECP here on Saturday, five licenses were issued to organisations in education sector, three each in the social services sector and the healthcare sector, two in the commerce sector and one each in the charity and sports sectors. They are Pakturk Education Foundation, Let's Serve Humanity, Darmaan Welfare Foundation, Teach for Pakistan, and Aman Institute for Vocational Training, Farz Foundation, Pakistan Youth Alliance, Quick Action Foundation, Aman Health Care Services and White Crescent Foundation, Pakistan Optometric Society, Pakistan Romania Business Council, The Mind Sports Association of Pakistan, and A.N.K Rana Foundation. -APP
DEFUNCT TALUKA MUNICIPAL ADMINISTRATION SEHWAN SHARIF
Corrigendum PSDP SCHEME OF SINDH GOVERNMENT In continuation of this office N.I.T No: TMA/S/ 802 dated: 08.07.2011 schemes mentioned at Serial No. 1 &2 may be corrected and read as under:S.N
NAME OF SCHEME
1.
Water Desalination Plant Capacity - 1
ESTIMATE
EARNEST TENDER
COST
MONEY
FEE
4.76 (M)
Rs.3,0001'- 12 Months
Million Gallons Per Day for Bubak Town and 68 Villages Located in the Vicinity of 238.00 (M)
EDB initiates digging into bike production data ISLAMABAD: The Engineering Development Board (EDB) has initiated an inquiry to check the production data of locally produced bikes and rickshaws as it believes that assemblers are not providing correct data. The EDB has asked the excise and taxation departments of four provinces to provide details about the company's name and its brand concerning the two and three wheelers registered during the year 2009-10 and 2010-11 (up to March 31, 2011). According to information collected from the EDB,
the assemblers produce more that one bike and rickshaws with same engine and chassis number and they sell these motorcycles and 3-wheelers in four different provinces and pay the general sales tax on one bike and rickshaw. In order to check this malpractice, EDB has suggested centralization of registration of vehicles so that real production data of two and three wheelers could be determined. The EDB in a letter had informed all four provincial excise department that certain assemblers of 2-3
wheelers were producing components from illegal sources and misreport their production and sales. The EDB said that it had been notices that certain unscrupulous assemblers had been found involved in getting their products registered with provincial authorities against invalid and bogus manufacturing certificates, purportedly issued by the EDB. This malpractice is not only affecting the genuine assemblers but also defeating the regulatory regime and depriving national exchequer of its legitimate
revenue. In order to put an end to the illegal assembly of bikes and consequent loss to the national kitty, the EDB has established a database to maintain and reconcile the data of production and sales of bikes to ensure proper payments of taxes and duties. It may be recalled that the assemblers are allocated a quota of completely knocked down kits for imports under concessionary regime for the assemble of vehicles during a year based on the production of previous year. -Agencies
PERIOD
Taluka Sehwan Sharif District Jamshoro.
BONUS PRODUCTION FUNDS. S.N
NAME OF SCHEME
1.
Construction of Rural Water Supply
ESTIMATE
EARNEST TENDER
COST
MONEY
FEE.
116.000 (M)
2.320 (M)
Rs.3,000/-
PERIOD
Scheme Jhangara, Bajara & Adjoining Villages (Improvement & Extension)
12 Months
Taluka Sehwan Sharif District Jamshoro.
DEFUNCT TALUKA MUNICIPAL ADMINISTRATION SEHWAN SHARIF FUNDS 3. All the works would remain same as per title and cost etc.
Date of issuing and opening Tenders now may be considered as under:l Date of issuing from the date of publication of corrigendum upto 08.08.2011. l
Date of receiving back 09.08.2011 and opening.
Call deposit may be drawn in favor of the undersigned. Other terms and conditions will remain same.
INF-KRY 2640/11
TAY1 Officer Town Committee Sehwan Sharif/
3
Sunday, July 24, 2011
With space shuttle era over
US Robots Set for Mars NASA moved on to a new chapter in space exploration on Friday, a day after the end of its shuttle program, by announcing details of plans to determine if Mars has or ever had the ingredients for life. Managers at the U.S. space agency said a robotic science laboratory, being prepared for a November 25 launch, will land in August 2012 near a mountain in a crater on the planet most like Earth in the solar system. The announcement came after the final curtain fell on NASA's 30-year-old space shuttle program with Thursday's landing of shuttle Atlantis at the Kennedy Space Center. A detailed blueprint of NASA's follow-on space exploration strategy is still pending and many Americans fear the demise of the shuttle program means the United States is relinquishing its leadership in space. But U.S. President Barack Obama has said the objective is to build new spaceships that can travel beyond the shuttle's near-Earth orbit and eventually send astronauts to asteroids, Mars and other destinations in deep space. At a Cape Canaveral briefing next Wednesday, NASA officials will discuss preparations for the agency's upcoming Juno mission to Jupiter. The unmanned spacecraft, set for launch in August, is expected to reach Jupiter's orbit in July 2016 and should further understanding of the solar system's beginnings by revealing the origin and evolution of its largest planet. "A lot of attention has been given to the event that concluded yesterday with the landing of the space shuttle, marking really the turning of the page to a new chapter in human exploration of space," said NASA chief scientist Waleed Abdalati. "Things change, things evolve, but what remains constant is the urge to explore, to reach out beyond where we are and under-
stand our surroundings and our place in it," Abdalati said at the National Air and Space Museum in Washington, D.C., where the landing site for the Mars Science Laboratory was announced. NASA plans to turn over its three space shuttles to museums and regroup for development of the new manned exploration program. This will be aimed at the inner solar system, which so far has only been explored by robots, albeit increasingly more capable ones. Among the most sophisticated probes in the offing is the plutonium-powered roving Mars Science Lab, nicknamed Curiosity, which is being prepared for launch in November. Twice as long and five times heavier than previous Mars rovers, Curiosity packs 10 science instruments, including two for on-site chemical analysis of pulverized rock. With it, scientists hope to learn if Mars has or ever had the organics necessary for life -- at least life as it appears on Earth. "STUNNING" ROCK MOUNTAIN Scientists spent five years mulling 60 possible landing sites before narrowing the list to four: Eberwalde Crater, Mawrth Vallis, Holden Crater and -- the winner -- Gale Crater, which sports a stunning three-mile-(5 km)high mountain of rocks rising from the crater floor. That's about twice the height of the stack of rocks exposed in the Grand Canyon. Analysis from Mars-orbiting spacecraft shows the base of Gale Crater's mountain includes both clays and sulfate salts, the only site among the four finalists with both types of materials available. "Those are key classes of minerals that tell us about the environment on Mars and the interaction with water. Water is critical to habitability," said geologist Dawn Sumner, with the University of California at Davis.
Scientists do not know how the mountain formed, but it may be the eroded remnant of sediment that once completely filled the crater. "If you start at the bottom and you go to the top, it's like reading a novel and we think that Gale Crater is going to be a great novel," said lead mission scientist John Grotzinger, with the California Institute of Technology in Pasadena. Though Curiosity's mission is scheduled to last two years, scientists hope the rover will live past its warranty.
One of a pair of Mars rovers that arrived for concurrent three-month surveys in January 2004 is still working. Its twin succumbed to the harsh Martian environment only last year. They returned evidence that Mars was once far wetter and warmer than the dry, cold desert that exists today. "Gale Crater is interesting to explore because it crosses what we think is a major time boundary on Mars recorded in its mineral history," said Brown University geologist Jack Mustard.
"That boundary marks a change from an early wet, hospitable environment that would have been suitable for life to a middle period where conditions may have become more hostile. We believe that at Gale Crater, we have located that boundary where life may have sprung up and where it may have been extinguished. That's why we're going there," he added. Kennedy Space Center is overseeing preparations for Curiosity's launch from Cape Canaveral Air Force Station, which is adjacent to the space shuttle's now-dormant launch pads.
Microsoft Apple rolls Aging PC giants profit set to rise but PC worries see writing out new Macs, dominate on the wall M shares set record
ilicon Valley's old guard is waking up to the fact that the era of consumer PC may be in its twilight, accelerating the need to invest and adapt to rapidly changing tastes. This week's earnings from the giants of technology had one thing in common: they underscored yet again how consumers are increasingly shunning desktop PCs and going mobile. Intel, which had argued that pessimistic expectations about the market were out of whack, reduced its 2011 PC forecast. Microsoft Windows sales, that reliable indicator of PC market
S
strength, fell short of expectations for the third straight quarter. And Apple Inc, which singlehandedly showed with its iPad that many consumers are more than happy with an unladen, light and mobile computer, obliterated all estimates by selling a whopping 9 million tablets. "The desktop, at least for consumers, probably doesn't have a great future, and the iPad and similar tablets can deliver a lot of the functionality of a laptop," said Tim Ghriskey, chief investment officer of Solaris Asset Management. Worldwide shipments of smartphones are already overtaking PCs, and by 2015, more than 300 million tablets will ship -- not far behind 479 million PCs expected to be made, according to IHS iSuppli. To be sure, there's time left for PCs. Adoption and sale continue to grow rapidly in emerging markets and among corporate
users. But even there, increasingly powerful smartphones are entrenched and tablets are creeping in. Research in Motion's Playbook -- despite poor reviews as the minnow of the tablet market -- became the first to win U.S. government certification. Judging by share performances, Wall Street is taking notice as well. Shares of Apple reached a record this week and are up 21 percent in 2011. Intel has gained 10 percent, a bit better than the broader market, but Microsoft is down about 3 percent.
In January, the board of Advanced Micro Devices, frustrated about the company's lack of progress in mobile computing, forced out then-Chief executive Dirk Meyer. It is still searching for a candidate to spearhead a major push into mobile. "It's important for us to keep our eyes and ears wide open. This compute space is evolving and our technology is evolving so that we can take it beyond the traditional segments we serve today," AMD Chief Financial Officer Thomas Seifert, standing in as CEO, told Reuters. HYPER-COMPETITIVE Amid economic uncertainty and boding poorly for the rest of the year, PC sales edged up just 2.3 percent in the second quarter, according to tech research firm Gartner, well below earlier projections. Top executives argued that personal computers still shine. But they also say they're hurrying to adapt to changing con-
sumer preferences, with Microsoft stepping up its mobile strategy by creating future versions of Windows just for tablets. ARM Holdings' energy-efficient technology now all but dominates mobile computing, but Intel and AMD are increasing their focus on processors suited for smaller devices. They're pushing manufacturers to use their chips to build laptops that are in many ways touchscreen tablets. The market for processors used in smartphones and tablets is about $6.7 billion this year,
MKM Partners analyst Daniel Berenbaum estimates. That's just 12 percent of Intel's expected 2011 revenue, but that proportion is growing. Intel is speeding up plans to use its most cutting-edge technology to manufacture chips aimed a mobile devices, and Chief Executive Paul Otellini said this week the company would be "hyper-competitive" in getting its silicon into tablets running Microsoft's upcoming version of Windows. "In the next generation it's going be hard to tell the difference between a tablet and a netbook," said Stifel Nicolaus analyst Kevin Cassidy. "To me a tablet is just a netbook that has a solid-state drive and a touchscreen." For now, PC-reliant companies can take comfort in under-saturated markets like oft-mentioned China -- the world's second-largest PC market and one where millions remain unfamiliar with computing in general. -Reuters
icrosoft Corp is expected to post a 9 percent increase in fiscal fourthquarter profit on Thursday, helped by solid sales of its Windows and Office mainstays, but investors may be distracted by evidence of flickering computer sales, which are key to its success. The world's largest software maker is set to follow Google Inc, Apple Inc, and IBM in reporting surprisingly good results as technology spending holds up relatively well in an uncertain economy. But the latest signs from chipmaker Intel Corp on Wednesday that PC growth will not be as strong as it expected this year cast doubt on how long Microsoft's strong performance can continue. "The mature market consumer segment is still soft," Intel Chief Executive Paul Otellini told analysts on a conference call on Wednesday, after the company cut its 2011 PC growth projection to a range of 8 percent to 10 percent from earlier estimates in the low double digits. Even that could be optimistic. PC sales grew only 2.3 percent last quarter, according to research firm Gartner, as cashstrapped consumers held off buying or opted for an iPad instead. The number of PCs sold -- 90 percent of which come preloaded with Windows -- directly affects Microsoft's top and bottom line. There are already signs that sales of its popular Windows 7 operating system are levelling off. Microsoft said last week it has now sold more than 400 million Windows 7 licenses since launch in October 2009, up from 350 million three months ago. That suggests 50 million Windows sales in the quarter, about the number it sold the quarter before that. Windows 7 has already become old news for investors eying 'Windows 8' -- the provisional name for the next tabletfriendly operating system expected late next year. Wall Street analysts expect Microsoft to post a profit of 58 cents per share for the quarter, up from 51 cents a year ago, while sales are expected to rise 7 pct to $17.23 billion (10.66 billion pounds), according to Thomson Reuters I/B/E/S. Reuters
Apple Inc is within sight of catching up with Exxon Mobil as the most valuable company in the world. Based on Apple's growth trajectory, and a number of catalysts in the pipeline -- from a possible new iPhone this fall to expansions in China -investors and analysts say Apple could unseat Exxon in the next six months, or latest by the middle of next year. The market value of the top U.S. technology company was only $52 billion (32 billion pounds) short of Exxon's $410 billion on Wednesday, even though the largest of the oil majors rakes in more than four times Apple's annual revenue. In the past month alone, Apple's market capitalisation has risen by $66 billion to $357.8 billion, fuelled by optimism of a monstrous second half that could include the iPhone 5 and the new online music and data storage service called iCloud. "Apple has the business momentum and the growth to become the largest capitalized company in the U.S." said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York. "It's certainly headed in that direction. It almost seems inevitable." The only hitch to the ascent of Apple shares would be Exxon increasing its growth on the back on higher crude oil prices, which is unlikely, Ghriskey said. Assuming that Exxon shares stay flat, Apple will become the most valuable U.S. company when the stock hits about $444, which is only about 15 percent away from current levels. Exxon shares have risen 14 percent so far this year, outperforming its peers. Gains have largely been fuelled by high crude prices and improving demand for gasoline and diesel in developing countries. Analysts on average expect shares of Exxon, which last paid a quarterly dividend of 47 cents in June, to climb about 12 percent in the next year to $93.
This could increase its market value to $458 billion. The estimates for Apple, on the other hand, are much higher. Strong iPhone sales and robust growth in Asia, which helped Apple's quarterly results beat Wall Street's expectations, prompted a number of analysts to increase their price targets on Wednesday.
Wall Street now expects Apple stock to jump 25 percent on average to about $485, with Ticoderoga Securities analyst Brian White forecasting that it could reach $666, the highest target price for the stock currently. "Looking into the second-half of 2011, we believe Apple enjoys the hottest tech portfolio for the back to school season and holidays," White said. "As such, we expect this rally to have legs." Being the No.1 on the stock market would be a dramatic reversal for a company that some analysts in 2002, when Apple was in a turnaround mode, valued it based on real estate holdings and cash in hand. CAUTION AHEAD? In the next few months, Apple is expected to roll out the iPhone 5, which is likely to give its earnings another shot in the arm and offer a challenge to rivals such as Google Inc and Research in Motion. Apple sold a record 20.34 million iPhones during the last quarter, even though its newest
model is over a year old. The company is also expected sign a deal with one of the largest mobile carriers in China that will likely bring millions of new consumers. Furthermore, Apple enjoys an early lead in the red-hot tablet market and sold more than 9 million iPads in the June quarter, above expectations. While iPhones remain its flagship device, the company touted its new line of Intelpowered Mac computers on Wednesday and the latest version of its operating software, the multi-touch enabled Mac OS X Lion. All this, along with rapid growth in emerging markets, is expected to increase Apple's revenue by 65 percent to about $107 billion this fiscal year. Exxon's revenue in 2011, on the other hand, is expected to rise 24 percent to $477 billion. But Apple's seemingly-unstoppable momentum is not without risks. Apart from the health of Chief Executive Steve Jobs -- a survivor of a rare form of pancreatic cancer and the inspiration behind many of Apple's most iconic products -- Wall Street is worried about the rising popularity of Google-powered smartphones. "We view Google's Android mobile operating system as a significant threat to Apple's iOS," Robert Baird analyst William Power said in a note. "Android's $0 licensing fee, robust quality, and consumerfriendly interface make it an easy choice for smartphone and tablet (makers) looking to compete against the iPhone and iPad." Also, Apple's iPod sales appears to have peaked as the market for stand-alone music players has shrunk with smartphones now rapidly eating into it. Apple expects iPod sales to fall significantly in the current quarter. The other major risks are intensifying competition in digital content against both Google and Amazon.com, and numerous patent lawsuits, the financial implications of which are unclear. -Reuters
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Sunday, July 24, 2011
The Financial Daily International Vol 4, Issue 261
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
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
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Well done textilers According to the data released by the Federal Bureau of Statistics (FBS), Pakistan's exports of textiles and clothing have grown by more than 35 per cent during FY11 ended June 30, 2011 as compared to the exports of 2009-10. Total export of textiles and clothing during FY11 were more than US$13.8 billion as compared to export of $10.2 billion during FY10. The massive growth can be termed broad based by some products contributing more as compare dto their usual share. Export of yarn grew to $2.184 billion from $1.433 billion registering a substantial growth of over 52 per cent. Export of knitwear, bed wear and towels increased by 31 per cent, 20 per cent and 14.5 per cent respectively while the exports of ready made garments increased by almost 40 per cent, art silk and synthetic textile by 50 per cent made ups (excluding towels and bedwear) by 17 percent while the exports of other textile commodities grey by 36 per cent during the period. While a novice may be more than happy on these numbers, the sector experts are least happy because the single largest factors responsible for the growth in export of textiles and clothing was skyrocketing raw cotton prices, whereas increase in quantity of percentage of value addition was either marginal or completely missing. Export of raw cotton and yarn may have helped the country in earning a few extra million dollars but supported Pakistan's traditional exporters who mainly focus on greater value addition. It may not be wrong to say that while Pakistanis were more than contended in exporting raw cotton and yarn they never realized the damage being caused to the valued added sector. Ironically, policy makers were also carried away by the euphoria and were not ready to put even any quantitative restriction on the export of raw cotton and yarn. This policy has caused irreparable damage to the manufacturers and exporters of made ups. They may take years to regain their share in the global markets. Though, Textile Ministry has been in operation for considerably long time it has failed to perform its basic duty. To be honest no one knows the exact number of spindles, rotors and looms installed and operating in the country. Numbers are floated only to achieve some selfish motive. There used to be the Office of Textile Commissioners, which was required to maintain monthly yarn production data, only to facilitate the spinners to have ample supply of cotton available in the country. Then were the category passbooks of exporters maintained by the respective trade associations. However, with the phasing out of quota regime no data is being maintained even by the association. If Pakistan is serious in boosting exports of textiles and clothing complete ban has to be imposed on export of raw cotton, yarn and unprocessed cloth. This may be too harsh but seems the only way out to teach a lesson to those who have not learnt to work hard despite lapse of more than half a century .
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.
Posturing and bluff in Asia's phony war Politicians plant flags on Southeast Asian atolls, mysterious structures appear on rocks miles from dry land, ships flit in and out of territorial waters, and diplomats trade verbal salvoes. The oil-rich South China Sea, where half a dozen countries have bickered for more than fifty years over who owns what, is occupying regional policymakers, and has provoked fears that an argument will blow out into war. The reality is more complicated, and less dramatic. "While the absolute worst case scenario -- military confrontation between China and the Southeast Asian nations, backed by the U.S. -- is clearly extremely serious, the probability of this taking place is incredibly low," said Tai Hui, regional head of research for Southeast Asia at Standard Chartered in Singapore. "All parties have much to lose, not only militarily, but also economically." Though not a party to the dispute, key to it is the United States, which traditionally has a strong relationship with the Philippines, and newly enhanced ties with Vietnam, both of which have had recent scrapes over the South China Sea with China. Vietnam, recently visited by the U.S. navy, and the Philippines are China's most vocal rivals in the area. In mid-July, a group of Philippines lawmakers landed on Pagasa (Hope) Island in the South China Sea and,
amid anthem-singing, politician Walden Bello declared Filipinos were "willing to die for their soil." 'Chinese aggression' is often blamed for many of these stand-offs, and fingers are quickly pointed at China's rapidly growing military might: this month, Beijing said it would test its first aircraft carrier soon, and in June dispatched its largest civilian patrol ship through the disputed waters. China's smaller neighbours are hypersensitive to any perceived threat from a nation so economically and militarily dominant. This drives them to press their claims in the South China Sea urgently, which in turn needles Beijing. "What it means for Vietnam and other claimants is that they have a very narrow window before China has the area under lockdown, that's why they are upping the ante, and trying to persuade the U.S. to back them," said Gary Li, intelligence analyst at Exclusive Analysis. "This is seen as provocation by Beijing." "PETTY SQUABBLES" Trying to gain leverage through numbers, Vietnam wants to build a bloc against China, which would include Malaysia and the Philippines. "You are seeing this bloc slowly forming, which is another problem for China," Li said. "What's happening now is the U.S. is getting involved as the senior partner in an anti-China bloc -- this is how
Beijing sees it." The other countries laying claim to South China Sea territories are Brunei, which has remained largely silent, and Taiwan, which has a far bigger problem of sovereignty to resolve with Beijing. While this annoys China, it is deeply embedded in the regional economy through trade as well as direct investment. Beijing exports more to Vietnam than it imports from there, and if it were to try exerting pressure by threatening to pull investment it would in many cases be self-defeating. "China's direct investments in Southeast Asia are often led by its need for commodity resources, hence it would be in China's interest also to see these through," Standard Chartered's Hui said. The tone of the rhetoric this year has at times indicated the United States and China were headed for major disagreement.Washington irked Beijing when it said it had a national interest at stake in ensuring freedom of navigation and trade, while China has told the United States not to get involved, accusing it of stirring up trouble by holding naval drills in the region. Then in late July, both China and the United States tried to calm tensions. On Friday, America's top diplomat Hillary Clinton and Chinese Foreign Minister Yang Jiechi hailed new conduct guidelines for the South China Sea agreed between Beijing and ten-nation
Southeast Asian grouping ASEAN. American attention may discourage China from bullying its rivals, though direct military intervention from U.S. forces, stretched in Afghanistan and Iraq, is hugely unlikely. "The more active participation by the U.S. in the South China Sea probably implies China would be more inclined to negotiate, instead of leaning on its Southeast Asian neighbours," said Hui. For all the recent talk of higher tensions and the threat of violence, the last major clash in the area was in 1988, when China and Vietnam fought a short naval battle. Private deals with rival claimants are likely: China's style is to try to settle border disputes bilaterally, rather than in an international forum. The biggest risk is if one of the smaller states feels sufficiently emboldened to push hard against China -- which claims more of the area than anyone else -- and pricks it into responding with force. But this remains unlikely. "The highest leadership in China know full well that they need to avoid getting sucked (or suckered) into such scenarios," said Bill Durodie, associate fellow at think tank Chatham House. "China has much to lose from such petty squabbles and knows full well that it needs to keep a low profile in international affairs for at least another generation in order to get its own house in order first." -Reuters
Questions over Far-Right link in Norwegian attacks A report that Norway's bomb and gun rampage may be the work of a far-right militant confronts Europe with the possibility that a new paramilitary threat is emerging, a decade after al Qaeda's Sept. 11 attacks. One analyst called the attacks possibly Europe's "Oklahoma City" moment, a reference to American rightwing militant Timothy McVeigh who detonated a truck bomb at a federal building in Oklahoma City in 1995, killing 168 people. Police forces in many western European countries worry about rising far-right sentiment, fuelled by a toxic mix of anti-Muslim and anti-immigrant bigotry and increasing economic hardship. But violence, while sometimes fatal, has rarely escalated beyond group thuggery and the use of knives. That may have changed in Oslo and on the holiday island of Utoeya on Friday. Seven people were killed in a bombing in the capital -- Western Europe's worst since the 2005 London al Qaeda-linked suicide attacks that killed 52 people -- and at least 10 in a shooting rampage by a lake. Independent Norwegian television TV2 reported on Saturday that the Norwegian man detained after the attacks had links to right-wing extremism. Police were searching a flat in west Oslo where he lived,
TV2 said. "If true this would be pretty significant - such a far-right attack in Europe, and certainly Scandinavia, would be unprecedented," said Hagai Segal, a security specialist at New York University in London. "It would be the European/Scandinavian equivalent of Oklahoma City - an attack by a individual (with extremist anti-government views, linked to certain groups) aimed at the government by attacking its buildings/institutions." "The next key question is whether he was acting alone, or whether he is part of a group." A report by European police agency Europol on security in 2010 said that there was no right-wing terrorism on the continent in that period. GROWING PROFESSIONALISM But it added the far right was becoming very professional at producing online propaganda of an anti-Semitic and xenophobic nature and was increasingly active in online social networking. "Although the overall threat from right-wing extremism appears to be on the wane and the numbers of right-wing extremist criminal offences are relatively low, the professionalism in their propaganda and organisation shows that rightwing extremist groups have the will to enlarge and spread
their ideology and still pose a threat in EU member states," it said. If the unrest in the Arab world, especially in North Africa, leads to a major influx of immigrants into Europe, "right-wing extremism and terrorism might gain a new lease of life by articulating more widespread public apprehension about immigration from Muslim countries into Europe", it added. Public manifestations of right-wing extremism can often provoke counter-activity by extreme left-wing groups. Such confrontations invariably result in physical violence. In May 2010, a far-right supporter was assaulted and knifed in Sweden during a demonstration staged by a white supremacist movement. An activist was arrested on suspicion of aggravated assault and attempted murder. The Swedish Security Service says on its website that the so-called White Power scene is made up individuals, groups and networks with right-wing extremist views prepared to use violence for political gain. In a speech in September 2010, Jonathan Evans, the Director-General of Britain's MI5 Security Service, cited a notorious far-right militant in a passage describing the security outlook for the country. "Determination can take you a long way and even determined amateurs can cause dev-
astation. The case of the neoNazi David Copeland, who attacked the gay and ethnic minority communities with such appalling results in 1999, is a good example of the threat posed by the determined lone bomber." Copeland struck three targets in London with nail bombs. Three people were killed and scores were wounded at a gay bar in Soho. It followed attacks against the Muslim community in Brick Lane, east London, and a market in Brixton, south London. In an unclassified 2011 national security outlook published by the Norway Police Security Service (PST) in February 2011, the service said it saw a picture of "increased uncertainty". Part of that was due to what it called an expected increased level of activity in 2011 by farright militants. "Norwegian far-right extremists are in contact with Swedish far-right extremists, as well as with other far-right extremist groups in Europe. Contact also takes place between Norwegian and Russian far-right extremists," it said. "An increased level of activity among some antiIslamic groups could lead to increased polarisation and unease, especially during, and in connection with, commemorations and demonstrations." In Britain, police chiefs and Muslim groups are worried about a rise in attacks by far-
right groups, and in 2009 one senior officer, Commander Shaun Sawyer, from London's counter-terrorism unit, told a meeting of the Muslim Safety Forum that senior officers had increased surveillance of suspects to monitor their ability to stage attacks. "I fear that they will have a spectacular ... They will carry out an attack that will lead to a loss of life or injury to a community somewhere," he said. An analysis by Michael Whine, the Government and International Affairs Director at the Community Security Trust, an agency of the UK Jewish community, said the willingness to employ extreme violence in defence of European 'values' is apparent in the ideology of several groups, among them the British Patriots of the White European Resistance (POWER), which emerged in 2006, and which claims supporters in Croatia, the Netherlands, Norway, Poland, Serbia, Switzerland, Slovenia, and Sweden. Security specialist Segal said of Friday's bombing and shootings: "The tactics and actuality of these attacks would be quite striking if carried out by a domestic far-right actor - trying to kill Norway's PM is one thing and not surprising from any extremist elements, but killing average citizens in this manner is very, very unusual indeed for far-right/supremacists, and certainly for ones in Europe."
Options for debt limit talks Talks between President Barack Obama and Republicans to raise the U.S. debt limit collapsed on Friday after John Boehner, the top Republican in Congress, walked out of negotiations. With just 11 days before an Aug. 2 deadline, when the Treasury Department says the United States will run out of ways to service government debt without an increase in the borrowing cap, options to avert a devastating default are narrowing. Obama and Boehner both said on Friday night they are confident the United States will not default. Here are some scenarios for raising the limit by the August deadline. MCCONNELL "FALLBACK" PLAN A backup "failsafe" plan first proposed by Mitch McConnell, the top Senate Republican, has reemerged as perhaps the most realistic option that will allow the debt limit to be raised in time. Through a complex back-and-forth between the White House and Congress, it would allow Obama to raise the debt limit by $2.4 trillion in three installments through November 2012, when Obama and most lawmakers are up for re-election. The Obama administration says the borrowing cap needs to be extended by $2.4 trillion to let the U.S. government meet its obligations through that time period. Under the McConnell plan, Republicans would not have to vote to raise the debt limit.
Obama said on Friday that "at a minimum" the debt has to be raised and that he will take responsibility for that if the McConnell plan passes Congress. AN ALL SPENDING CUTS, NO REVENUES PLAN The great sticking point in the debt talks has been the question of taxes. Obama has wanted a "balanced" approach to deficit reduction -- a combination of spending cuts and revenue increases. Obama said on Friday he had been seeking $1.2 trillion in revenues by closing tax loopholes, but not hiking tax rates. The House Republican leadership has insisted that any deal that involves revenue increases will not have the votes to pass the chamber, and it was the issue of revenues that led to the collapse of talks on Friday. One package that could pass the House is a deal that contains just spending cuts. Yet whether that could pass the Democratic-controlled Senate is far from clear. TALKS RESUME Friday night saw Obama and Boehner both hold press conferences. Boehner blamed Obama's demands for more revenues on the impasse. Obama blamed House Republican intransigence. It offered both the chance to claim how far they had been willing to go to reach a deal. It is not inconceivable that after the drama of Friday night -
- and the shock of negotiations breaking down -the air could be cleared and Obama-Boehner talks could resume. Remarkably, it emerged on Friday night -- after insisting for weeks that revenue increases were out of the question -- that Boehner had been looking at $800 billion in revenue increases through tax loophole closures before the talks collapsed, suggesting a deal was closer at hand than thought. Boehner said he had accepted an invitation to return to the White House on Saturday for more talks with Obama, along with the top Democrats in the House and Senate and the top Senate Republican. OBAMA INVOKES THE CONSTITUTION Some have argued that Obama could ignore Congress and order continued borrowing, by relying on the 14th Amendment of the U.S. Constitution, if it fails to raise the debt limit. The fourth section of the 14th Amendment states the United States' public debt "shall not be questioned". Former Democratic president Bill Clinton said this week that if it came to averting default, he would invoke the 14th Amendment, raise the debt ceiling and "force the courts to stop me". Obama said on Friday White House lawyers had explored the option and they are "not persuaded" that it is a winning argument. But he did not rule it out. Reuters
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Sunday, July 24, 2011
How to Conserve Water s we all know from school the earth's water is constantly in movement, the water cycle or hydrologic cycle, describes the movement of water above, below, and under the earths surface. As the name 'water cycle' implies there is no beginning or end to this process and while water may change state from liquid, to vapour, to ice depending on the part of the water cycle that you are looking at, the amount of water on Earth remains constant over time. Unfortunately there are now more and more people on the planet to share this limited resource with, and the only way to deal with the growing shortage is to conserve as much water as possible by using what we have in the most responsible way. Even when water seems abundant it's important that we all do our bit to conserve as much as possible, aside from the obvious benefits of conserving water in an effort to reduce costs to you or your business, the widely publicised environmental concerns should also give us all a real incentive to conserve water. Many of the worlds people face serious water shortages, the BBC claim that "People in rich countries use 10 times more water than those in poor ones." and that "water-borne diseases already kill one child every eight seconds" CONSERVING TAP WATER The average running tap uses approximately 10 liters of water every minute and dripping taps can use up to 90 liters of water per week. TOP TIPS TO CONSERVE TAP WATER Mend any dripping taps with appropriate
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washers and ball-valves Don't waste clean water on plants, put a bowl in your sink and use water from your washing up or cooled cooking water instead Don't run tap water until it is cold, use your fridge to chill water or purchase a specialist under-sink chiller or water cooler Put a bowl in your sink or use the plug to avoid cleaning clothes etc under a running tap. Don't overfill your kettle; boiling unnecessary amounts of water is wasteful and will increase your bills CONSERVING WATER IN THE BATHROOM Flushing a toilet uses up to 10 liters of water every time and accounts for a third of the water used in the home. According to experts "A standard shower uses 35 liters every 5 minutes. An average depth bath uses 80 liters and "a 'Power Shower' uses 80 liters" TOP TIPS TO CONSERVE WATER IN THE BATHROOM Have a shower rather than a bath but don't spend too long under the shower. Don't run water continuously when cleaning your teeth perhaps make use of a glass or mug. Fit a Hippo in your cistern. A Hippo is a small plastic bag which retains water in the bag every time that you flush. Use a waste basket instead of your toilet to dispose of those small bits of rubbish that are often created in the bathroom. CONSERVING WATER WHEN USING YOUR WASHING MACHINE Washing machines use a massive amount of water, on each cycle this can amount to as much as 70 to 120 liters of water at a time. A full load uses less water than 2 half
loads. TOP TIPS TO CONSERVE WATER WHEN USING YOUR WASHING MACHINE Make sure that your machine has a full load before turning it on, if you have to use your machine half full use the half load button. When buying a new machine make sure it is efficient as possible CONSERVING WATER WHEN USING YOUR DISHWASHER A Dishwasher uses up to 60 liters of water each time that it is used. TOP TIPS TO CONSERVE WATER WHEN USING YOUR DISHWASHER Make sure that your machine is fully loaded prior to use. Avoid pre-rinsing dishes and cutlery under a flowing tap, this is almost always unnecessary CONSERVING WATER WITH PROPER MAINTENANCE Maintaining your home or business premises can save you money and help conserve water. TOP TIPS TO CONSERVE WATER BY MAINTAINING YOUR HOME OR BUSINESS PREMISES Maintain your plumbing systems and fix all leaks as soon as possible Insulate venerable pipes to avoid them freezing and bursting in the cold weather. Make sure you know where your stop tap is so that you can isolate any leaks as soon as possible. CONSERVING WATER IN THE GARDEN As a nation of garden lovers it's important that we are all careful when tending our
Mutant Gene reduces male fertility: study genetic mutation that removes a coating of carbohydrates around sperm reduces their mobility and may explain why some men are less fertile than others, researchers said on Thursday. The study, published in the journal Science Translational Medicine, found that couples who had the most trouble conceiving were those where the men inherited both copies of this mutant gene, one from their father and one from their mother. The loss of this coating makes it more difficult for sperm to travel through fluids in the female reproductive
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tract, which in turn reduces the rate of conception, lead author Theodore Tollner said. Using semen donated from 19 participants, Tollner and colleagues observed that sperm from donors who had both copies of the mutant DEFB126 gene exhibited most mobility problems. "We found that sperm from donors lacking the normal gene have difficulty penetrating or swimming in the mucus surrogate (on laboratory dishes)," wrote Tollner, assistant adjunct professor at the Center for Health and the Environment, University of California. "The rate at which they are
able to penetrate the mucuslike gel is only 15 to 20 percent of the rate observed for sperm from donors with the normal gene," Tollner said in an email, replying to questions from Reuters. The World Health Organization defines infertility as the inability of a couple to conceive after a year of unprotected sex, and the problem occurs to around 13 to 14 percent of couples in many countries across the world. In about half of infertile couples, the cause lies with the men and experts have traditionally blamed low sperm count. This paper by Tollner and colleagues is the first time
that experts are pointing to the loss of a coating around sperm. Steven Rozen of Duke University-NUS Graduate Medical School Singapore, who was not related to the study, said this genetic mutation is "quite common". "That means that a large proportion of men would be affected. Depending on the population, 20 percent to 30 percent of men have two copies of the low fertility variant, which means their sperm lack the coating," Rozen told Reuters. COUPLES TRACKED To test their hypothesis, the scientists recruited 509 young
couples in China and tracked them for nearly two years. The average age of the men was 25.8 and the women 23.4. The couples were put into three groups depending on the DNA of the men: men without the gene mutation, men with one copy of the mutant gene and men with both copies of the mutation. By the end of the study, wives of 71 percent of men with both copies of the mutant gene had conceived, compared to 81 percent of wives of men with either one or none of the mutant gene. "Our key finding was that the rate of births among couples where the husband had two copies of the
DEFB126 mutation was 30 percent lower than in other couples," wrote Scott Venners, assistant professor of epidemiology at the Simon Fraser University Faculty of Health Sciences. "This most likely indicates that the DEFB126 mutation reduced the rate of conception in these couples and so it took them longer to achieve pregnancy," he told Reuters. When helping couples conceive, doctors may consider using more direct interventions such as in vitro fertilisation or intrauterine insemination if they find that the male partner has this gene mutation, Tollner said.
WHO seeks ban on TB blood tests, hits makers GENEVA: The World Health Organization (WHO) called on Wednesday for an immediate ban on the use of blood tests to detect active tuberculosis, saying they produced wrong results and left millions of lives at risk. And in unusually frank terms, the U.N. agency suggested that mainly Western test-kit manufacturers misled their customers in developing countries with unfounded claims about their worth and used "perverse financial incentives" to boost sales. A year-long rigorous analysis by its own and independent health experts uncovered "overwhelming evidence....that the blood tests produced an unacceptable level of wrong results," a statement from the WHO said. In at least 50 percent of cases, the tests -- only used in developing countries and mainly in the private sector -- found sick people to be TB-free and healthy people to have the disease, the agency's Mario Raviglione told a news conference. "This means that tens of thousands of people with TB get no treatment, so they are highly likely to infect many, many others," he said. "And a similar number of healthy people are given useless treatment." The tests, which have no regulatory approval anywhere and are not used in richer nations, "must be stopped immediately and everywhere," Raviglione said. UNUSUAL MOVE It is the first time the WHO has issued an explicit "negative" policy recommendation against a practice used in the care of TB -which kills 1.7 million people a year. At least two million of the tests are carried out each year in some 17 poorer countries -including China and India -almost exclusively in the private or semi-private sector, according to the WHO. WHO TB specialist Karin Weyer told the news conference that the WHO had been asked by the government of India to launch a detailed analysis of the tests -- on sale since the mid1990s. They were often "targeted at countries with weak regulatory mechanisms for diagnostics, where questionable marketing incentives can override the interests of patients," Weyer said. "It is a multi-million dollar business centered on selling substandard tests with unreliable results." A separate WHO policy statement said most of the tests "have no published evidence to support their claims of accuracy. And it declared that there were "perverse financial incentives that may encourage the blood tests to be used by doctors, laboratories, diagnostic companies and other stakeholders" in those countries. -Reuters
gardens in order to conserve as much of the mains water supply as possible. TOP TIPS TO CONSERVE WATER IN THE GARDEN Install a water butt or similar to make use of all of that rain water that lands on your roof. Rainwater is a great natural resource which should be used where possible to fulfill some of the more basic requirements in the garden. Installing a water butt is the best way to harness this natural asset, and it's a fact that rainwater is better for garden plants than tap water. Use waste kitchen water wherever possible to water your plants Water your garden during the evening or late afternoon when it's cooler to help reduce evaporation. Don't use a garden sprinkler these devises are wasteful and unnecessary Reduce the size of your lawn and buy plants that require less moisture Water your lawn once a week only; this will help to preserve your water, it's also better for your lawn as over watering can encourage roots to seek the surface Mulch your garden with tree bark, coconut compost etc to prevent evaporation. CONSERVING WATER BY LIMITING HOSEPIPE USE There's a reason why UK homes have faced hosepipe bans in the past, hosepipes are an incredibly wasteful way of consuming water. TOP TIPS TO LIMIT HOSEPIPE USE Clean paths and driveways with a brush not a hose Clean your vehicles with a bucket and sponge rather than using a hose, or limit the hose to the removal of foam after the vehicle has been cleaned
When only a hose will do you can avoid wasting water by fitting a shutoff valve on your hosepipe Fit a Water Butt (see above) as an alternative to watering your garden with a hosepipe CONSERVING WATER AT WORK As well as ensuring that you follow some of the above measures most notably those that relate to maintenance, taps, hosepipes and toilet facilities businesses can also conduct audits and observe a few additional practices that will help them to conserve water. TOP TIPS TO CONSERVE WATER AT WORK One of the best ways for a business to reduce the amount of waste that it produces is to conduct a waste audit; this audit will cover other factors as well as water wastage. The production of paper uses an incredible amount of water try to reduce your paper use by as much as possible. Eliminate automatic flushing devices in toilet areas and replace with water efficient devices Consult a plumber for advice regarding the potential for pressure reducers and flow restrictors to reduce the use of water. When replacing old equipment ensure that the new models use water efficiently Investigate ways in which your business can reuse cooling water for other purposes Only clean windows as required not on a periodic basis. Involve your staff by offering awards and incentives and put a reporting procedure in place.
Ideal Carbon capture solution still a far cry A
dream climate change cure to turn planet-warming greenhouse gases into useful products from jet fuel to plastics will take years to develop from the lab and pilot projects, a report found on
called carbon capture and storage (CCS). "At the moment it's a relatively new technology in the shadows of CCS," said Sheffield University's Peter Styring, co-author of the report,
using CO2 from a power plant, under the company's "Dream Production" program. In algae applications, CO2 is used to boost natural photosynthesis, in cultures which are then squashed to make bio-oils
Thursday. Pilot projects already use carbon dioxide (CO2) to feed plants, for example to boost tomatoes in glasshouses, while laboratories have tested the manufacture of concrete, plastics and oils, but costs are high and projects depend on concentrated streams of CO2. Scaling up depends on applying the technology to fossil fuel power plants, trapping the greenhouse gas from a diluted mixture of other flue gases. Converting the trapped CO2 into useful products and minerals would avoid the cost of burying it underground in empty oil wells, as planned under another untested process
"Carbon capture and utilization in the green economy," commissioned by the UK-based Center for Low Carbon Futures. Possible applications center around chemical conversion of CO2 to make plastics or fuel, or else feeding the gas to algae to make bio-oils, or combining it with minerals to make construction materials. The report listed pilot projects including the planned manufacture of cement from power plant carbon emissions in Australia, and a synthetic diesel made from CO2 in New Mexico. German chemicals company Bayer earlier this year launched a pilot plant to produce plastics
for a range of products including jet fuel, diesel, cosmetics, food, animal feed or soil conditioner. The trouble is bio-oil costs must be cut ten-fold to be economic, said co-author Hans Reith at the Energy Research Center of the Netherlands. Making construction materials by reacting CO2 with minerals found in naturally occurring rocks or in ash from power plants is challenged by the vast amounts of feedstock required. Practicable applications may be at the local scale, for example trapping CO2 from waste incineration, to feed the gas to algae for the manufacture of diesel to run garbage trucks.
Pakistan faces $4.3b loss annually over eco issues akistan is facing a number of environment problems such as degradation of natural resources and industrial and vehicular pollution which in monetary terms costs the country about $ 4.3 billion annually and accounts for 4.3 percent of gross domestic product (GDP). This was disclosed in a report of Department of Pharmacology and Toxicology of the University of Veterinary and Animal Sciences (UVAS) on hazards
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of environmental pollution. Specific examples in this regard are: air,land and water degradation, drought and desertification, waterlogging, forest depletion, loss of biodiversity, vehicular and industrial pollution and climate change, the report says. According to the report, air pollution appears to be a contributing factor to bronchitis, obstruvtice pulmonary disease and lung cancer. Chemical compounds that contribute to environmental
pollutants include polychlorinated biphenyl, dioxins, asbestos and heavy metals. It has been observed that increase in sulphur dioxide affects human health causing irritation of eyes, nose, throat, damage to lungs when inhaled, acute and chronic asthma, bronchitis and emphysema and lung cancer. It also creates acid rain which can erode buildings, kill aquatic organisms, destroy crop lands and damage natural habitats, the report maintained. -APP
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International Analysis
Sunday, July 24, 2011
Herbie Bancock to promote Jazz as UN Ambassador azz musician Herbie Hancock was appointed a UNESCO goodwill ambassador, pledging to use music to cross cultural boundaries and promote literacy and creativity among youth around the world. The pianist and composer, who has won 14 Grammy awards and seen many of his songs become standards during a career spanning five decades, threw his support behind a UNESCO project to declare an international jazz day on April 30 each year. "The idea is to have performances, but not just performances, to have discussions, to have dances to have perhaps even some fun games to do with the history of jazz that young people might be interested in," Hancock said in an interview before his appointment at a ceremony at
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educational message to many young people, particularly in developing countries. "One idea that is interesting to me is jazz as a metaphor for targeting literacy. With jazz, you don't just pick up an instrument and start improvising: it's about discipline. Freedom with discipline is the ethos of jazz," he said. A devout Buddhist, Hancock's latest musical venture, the Grammy-winning "Imagine Project," featured musicians from around the world and he says he is considering another similar album. "The theme of that record was about a path to peace through global collaboration," he said, saying the interaction of musicians from different cultures had fired his creativity. "I was amazed at what they
UNESCO headquarters late on Friday. The 71-year-old musician, who shot to fame in the 1960s playing with trumpeter Miles Davis, also hopes to use his celebrity to win inclusion for jazz on the list of intangible world cultural heritage of the United Nations Educational, Scientific and Cultural Organization (UNESCO). The list aims to promote respect for cultural heritage and increase mutual respect for communities worldwide. Hancock said he would lobby U.S. officials, including Secretary of State Hilary Clinton, for Washington to recognize the UNESCO convention on intangible cultural heritage. Hancock, who was acclaimed as a child prodigy after he started playing piano in 1947, believes that music can bring a wider
brought from their cultures, and I think they were surprised by what I brought from mine." With a tough schedule of live performance and commitments to other educational projects, such as the Thelonious Monk Institute of Jazz -- an international institution which he chairs devoted to the development of music education worldwide -- the one thing not on Hancock's agenda is retirement. "For me there is no limit to what the possibilities are, and so I feel no need to even entertain the idea of retiring," said the composer of hits such as "Watermelon Man," "Chameleon" and "Cantaloupe Island." "There is so much that I haven't done. There are an infinite number of ways of looking at things."
Record Swiss Franc sends Swiss on holidays to Greece H
olidaymakers don't come happier than 39year-old Swiss private banker Andreas Pletscher, who has just saved 2,000 euros ($2,840) on a two-week family holiday to Greece. Wallets stuffed with the single currency, the Swiss are shunning Alpine resorts and flocking abroad. Sovereign debt woes in the euro zone have driven the safe-haven franc up some 6 percent against the single currency so far this year, after a rise of more than 15 percent in 2010. "It's substantially cheaper. We've saved about a fifth," Pletscher said, smiling as he handed over his passport to check in for a flight to the Greek city of Patras. He plans to spend the extra cash on meals out and shopping. Although the strong franc is a boon for tourists, it has prompted squeals from retailers and hoteliers, who see their profits disappearing into the tills of foreign competitors. Exporters say they are close to breaching the pain threshold, and have lowered prices to keep
orders afloat. Some companies are making staff work longer hours for the same wage, while others warn they may start paying employees in euros to control costs. "The euro is hurting us more than the financial crisis," Guglielmo Brentel, head of the Swiss Hotel Association told the NZZ am Sonntag. Since 2008, the cost of holidaying in Switzerland has risen by a fifth for tourists from the euro zone, while Britons can now reckon with prices that are 35 percent more expensive, consultancy BAK Basel said, forecasting a fall in overnight stays from foreign visitors of 2.6 percent this summer. In some of the worst affected Alpine regions, hoteliers are trying to lure holidaymakers from the single currency bloc by quoting prices in euros at a conversion 20 percent below the current market rate. BARGAINS OVER THE BORDER Not only for holidays are the Swiss splashing their cash abroad. About 70 percent of consumers have shopped across
the border in the past year according to consultancy Fuhrer & Hotz. Retailers estimate they are losing about 2 billion francs a year from socalled "shopping tourists." Swiss supermarket chain Migros plans to halve the floor space in a Basel shopping center store, given the lack of customers. Newspaper pictures depict eerily deserted aisles. And it seems to be a one-way street. The number of foreign drivers filling up on cheaper petrol is also down, according to reports, because the weak euro erodes the price advantage of getting fuel in Switzerland. Last week economy minister Johann Schneider-Ammann prompted outrage from retailers for sympathizing with shoppers who hop across the border to stock up on cheaper food and clothing. But Manuel Calvo, a trader at a bank who deals daily with the tumbling euro, said shops are wrong to blame consumers for hunting for value. "It's true, Swiss shops are suffering extremely under the strong franc. But they're not lowering the prices," Calvo, 30, said as
he headed off on holiday to Mallorca. "We'd be stupid if we didn't go shopping abroad." UNPATRIOTIC Responding to industry woes, the government increased funding for tourism advertising earlier this year, but has since held off implementing further measures. Nevertheless, politicians are keen to set a good example. Tabloid Blick am Abend published photos of prominent parliamentarians enjoying the Swiss mountains and lakes. But such photos are unlikely to cheer Switzerland Tourism Chief Juerg Schmid, who finds the exodus of holidaymakers downright dispiriting. As tens of thousands of Swiss jetted off to foreign climes last weekend to start the school holidays, Schmid urged his compatriots to think of domestic jobs and holiday at home. "The trains are efficient, you get the room you've booked, every mountain has a train up it and everything is clean" he told Sunday tabloid Sonntagsblick. Yet even the prospect of having to endure strikes and disor-
der in Greece is failing to lessen the attraction to the order-loving Swiss. Bookings to the Mediterranean hot-spot are up more than 20 percent, while holidays to Spain have risen by double figures, said Peter Brun,
spokesman for Swiss travel group Kuoni. Competitor TUI Suisse has laid on 14 extra flights over the summer season to the most popular destinations -- among them Kos, Crete and Cyprus -- to cater for the grow-
ing demand, TUI Suisse spokesman Roland Schmid said. "Depending on departure date, prices are now up to 30 percent cheaper than last year due to the favorable dollar and euro." -Reutes
Obama, lawmakers seek to salvage debt deal resident Barack Obama summoned top lawmakers to a Saturday meeting to try to salvage a deal on the government's borrowing limit from the wreckage of deficit talks whose collapse pushed the world's largest economy closer to a catastrophic default. With the Treasury set to run out of money to pay all of its bills on August 2, Obama said the window may have closed for a "grand bargain" of spending cuts and tax increases in exchange for Congress raising the $14.3 trillion debt ceiling. Credit rating agencies also want spending restraints for the United States to keep its prized AAA rating that makes Treasuries the solid foundation for global investors and lowers borrowing costs for state governments, businesses, homeowners and consumers. "We have now run out of time," Obama said on Friday after John Boehner, the top Republican in Congress, broke off talks on a deficit reduction package worth more than $3 trillion over 10 years. Financial markets are growing more edgy and U.S. banks and businesses are making contingency plans for the possibility of a debt default that would drive up interest rates, sink the dollar and ripple through economies around the world. Obama, a Democrat, called Boehner and other congressional leaders to a meeting at 11 a.m. EDT (1500 GMT) at the White House on how the debt ceiling can be raised by August 2. "They are going to have to explain to me how it is that we are going to avoid default," Obama said. Boehner, the speaker of the House of Representatives,
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said he would attend. Senate Republican leader Mitch McConnell, Senate Democratic leader Harry Reid and Nancy Pelosi, the top Democrat in the House, were also summoned. Boehner said he was confident the debt ceiling would be raised next week. But he will have to overcome resistance from Tea Party conservatives in his own party and could run into problems for having signaled a willingness to give ground on revenue increases in closed-door talks at the White House. 'HIGHLY DETRIMENTAL' Both Republicans and Democrats chafed at the compromises a far-reaching deal would require before the presidential and congressional elections in November 2012, with each side accusing the other of not doing enough and demanding too much. Boehner said talks collapsed because the White House insisted on raising taxes while refusing to get serious about cutting spending and overhauling retirement and healthcare programs. Democrats say tax loopholes and Bush-era tax cuts for the wealthy must end as part of a U.S. fiscal rehabilitation. A major barrier was how much revenue would be raised via tax reform -- with Obama wanting $1.2 trillion over 10 years and Boehner putting $800 billion on the table. "If not reversed within the next few days through crisis negotiations, this breakdown will be highly detrimental to the already fragile health of both the U.S. and global economies," Mohamed El-Erian, co-chief investment officer at Pimco, the world's top bond fund manager, told Reuters.
China's most wanted fugitive in Beijing after extradition BEIJING: China's most wanted fugitive was arrested in the capital Beijing Saturday after being deported from Canada where he lived in exile for 12 years. Lai Changxing, 53, arrived at Beijing's international airport Saturday afternoon, where Chinese police "announced his arrest and read him his rights, including hiring lawyers to defend himself, after he was transferred by the Canadian side," state news agency Xinhua reported, citing the ministry of public security. The extradition ended a decades-long saga that had plagued Sino-Canadian relations. Beijing has sought the deportation of Lai, accusing him of running a multibillion-dollar smuggling operation in the southeastern city of Xiamen in the 1990s in one of China's biggest political scandals in decades. A Canadian lawyer for Lai said he had been put on a plane from Canada Friday, after a
court cleared the way on Thursday for Lai's extradition, dismissing concerns that he could be tortured or executed back home. China had promised Canada in a diplomatic note that Lai would not be tortured or executed and that Canadian officials would have access to him. But many legal experts and human rights activists said it was unlikely Lai could receive a fair trial in China. David Matas, another of Lai's Canadian lawyers, said the judge had allowed the extradition despite admitting that the diplomatic assurances would not let Canadian officials attend closed hearings. But Federal Court Judge Michel Shore said Lai "has been found not to be at risk if removed to China on the basis of extraordinary assurances received and held as valid (by the Canadian government)." Canada has no death penalty and will not usually extradite anyone to a state where capital
punishment is practiced without assurances the suspect will not be executed. CORRUPTION CRACKDOWN The case exploded in the special economic zone of Xiamen in Fujian province in the mid1990s when Jia Qinglin, now the ruling Communist Party's fourth most senior leader, was the province's Party boss. China put more than 300 suspects on trial and sentenced 14 to death, including provincial officials and a former vice minister of public security, in a case Beijing has used for a propaganda campaign against corruption. Lai admitted in a 2009 interview with Toronto's Globe and Mail newspaper that he had avoided taxes by exploiting loopholes in the law, but he denies bribery charges. He said that had he not been in Canada he would have been executed. Lai may face life imprisonment, Xinhua cited legal experts as saying Friday. -Reuters
Godrej Consumer Q1 net soars on one-time gain, intl ops MUMBAI: Personal care products maker Godrej Consumer Ltd posted a 94 per cent jump in April-June net profit, driven by a one-time gain, several acquisitions in the past year and steady volume growth that underpinned sales. The firm saw consolidated net profit rise to 2.39 billion rupees, higher than a forecast of 1.27 billion rupees in a Reuters poll of brokerages. Net sales jumped 40 per cent to 9.98 billion rupees. "The results were boosted by a one-time gain and our strong international operations," Chairman Adi Godrej told Reuters on Saturday. Godrej Consumer received 1.78 billion rupees from Sara Lee Corporation , after the latter sold the licence to sell the Kiwi brand of shoe polish the product to SC Johnson. Godrej Consumer and Sara Lee had an Indian joint venture which the Indian firm brought out last year. The Indian firm posted exceptional items of 1.75 billion rupees in this quarter versus 403 million rupees in the same period a year ago. -Reuters
US calls for more clarity on South China Sea claims NUSA DUA: Secretary of State Hillary Clinton on Saturday calledon rivals in the disputed South China Sea to back up territorial claims with legal evidence -- a challenge to China's declaration of sovereignty over vast stretches of the region. "We also call on all parties to clarify their claims in the South China Sea in terms consistent with customary international law," Clinton said in remarks at Asia's largest security conference. "Claims to maritime space in the South China Sea should be derived solely
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from legitimate claims to land features," Clinton said. The South China Sea row has taken center stage at this week's meeting of the ASEAN Regional Forum on the Indonesian island of Bali, where the United States, China and Southeast Asian nations have discussed the future of the potentially resource-rich region. China, Taiwan, and four ASEAN members -- the Philippines, Malaysia, Brunei and Vietnam -- all claim territory in the South China Sea, while Washington has irritated Beijing by
declaring it also has a national interest at stake in ensuring freedom of navigation and trade. China's claim is the biggest and Beijing says it has had undisputable sovereignty over the South China Sea since ancient times. Beijing on Thursday agreed to take preliminary steps with its Southeast Asian nations to establish a "code of conduct" for the South China Sea, a step Clinton said could ease tensions that have rattled the region as disputes between China, Vietnam and the Philippines heat up. But
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"Under American law it is illegal for foreign individuals to make campaign contributions to people in federal office. The people that are working on behalf of foreign governments are also under obligation to register under the Foreign Agents Registration Act. Dr Fai didn't do that either, so that's why he's been arrested," Blake said. -Online
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for Petroleum and natural Resources during the meeting for supply 9MMCFD for the project on which he assured that the same would be provided in the 1st quarter of next year. Mr. Zaheer Hussain CEO Pakistan Textile City briefed the Minister about the progress on the project and informed that construction work on the project was expected to be started in 2 to 3 years time. He further informed the meeting that the processes of selling 277 plots have been started. Those who have attended the meeting Dr. Waqar Masood Khan, Secretary, M/o Finance, Mr. Ali Ahmed Lund, Secretary Local Government, Sindh, Mr. Misbahuddin Fareed, Managing Director KW& SB, Mr. Deep Chand, Chief Engineer, PEPCO, Col 速 Syed Asif Jamal, General Manager Technical Operations, Pakistan Textile City. NNI
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International & Continuations
Sunday, July 24 , 2011
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is the most significant existential challenge to peace and security in South Asia and it is the single largest hindrance to socio-economic development in the region. "The lives and safety of our people continue to remain at significant risk from targeted, deliberate and cowardly terrorist outrages," he said. Chidambaram also expressed India's continuing commitment to discharge its responsibilities in SAARC in an effective manner, saying it would do its best to ensure that the grouping evolves into a vibrant regional economic organisation. "Here, I would like to recall the fruitful meeting that we had during the Conference of the Interior/home ministers of SAARC countries in Islamabad in June 2010 where we last met. We agreed, inter alia, on the broad contours of cooperation to combat terrorism. "I am sure that all of us are equally committed to our common endeavour in eliminating the menace of terrorism," he said. The home minister said the process of taking forward a proactive agenda on cooperation in our neighbourhood was integrally connected with the shared ability to cooperate in eliminating the threats posed by terrorists, drug traffickers, arms smugglers and others whose activities affect the safety and security of our people. "On the positive side, I may note that our leaders have agreed on the need for greater regional connectivity, better transport infrastructure, enhanced flow of material and goods, effective border control regimes, and taking further steps to facilitate integration," Chidambaram said. He said the threat of terrorism, which is a common challenge in the region, can be tackled only with the fullest cooperation amongst the member nations of the SAARC. "We have no alternative but to deploy the best instruments and resources at our disposal in our fight against terrorism. What we need now is to be more proactive in implementing our resolutions in letter and spirit," he said. For instance, he said, much more can be done by sharing information on real-time basis on terrorism and all forms of organised criminal activity. Referring to the existing Convention on Mutual Assistance in Criminal Matters, signed nearly three years ago at the 15th Summit of the grouping, Chidambaram said if SAARC acts on the provisions of the Convention, it will facilitate evidence-sharing and the seizure and confiscation of criminal and terrorist funds. "Cooperation in our region should lead us to enhancing our cooperation in international fora as well. The proposed UN Comprehensive Convention on International Terrorism is long overdue. As a region with the highest incidence of terror, we need to press for such a Convention soon. "For our part, insofar as sharing information and capacity is concerned, India is committed to doing so in a reciprocal manner. We remain open to offering support and cooperation through training programmes in areas of criminal investigation, narcotic drugs and psychotropic substances, cyber crime, economic offences and bank fraud cases," he said. The home minister also announced that New Delhi will host the 'Meeting of SAARC Eminent Experts to Strengthen Anti-Terrorism Mechanism' sometime in October 2011. Chidambaram also emphasised that when an agreement is signed, it must be ratified soon by all concerned. When the members ratify the agreement, there is a need to enact enabling legislation to give effect to the accord. "And where we have legislation in place, we need to apply their provisions to make regional cooperation in security matters substantive and meaningful," he said. On sharing information and capacity-building among member-states with regard to responding proactively on concerns of any of the SAARC partners, the home minister assured his counterparts that India will not be found wanting. "I have no doubt that cooperative action amongst us in areas of common interest and concern will be crucial in meeting our efforts to provide a more secure environment to enable cooperation and development in our countries and the region," he said.
Clinton on Saturday indicated that the United States would push for more clarity on the subject, suggesting that all nations involved should delineate their claims according to the 1982 international Law of the Sea. The Philippines also said China's claims had no validity under international law. US officials said many of the national claims to territory in the region were exaggerated, and that many nations had also preferred to legitimize claims based on historical precedent rather than land features. -Reuters
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BEIRUT: Two Malaysianian UN peacekeeper soldiers take their souvenir pictures at the grave of slain Lebanese Prime Minister Rafik Hariri, in downtown Beirut. -Reuters
Libya wants more talk as NATO strikes hit capital TRIPOLI: Libya is ready to hold more talks with the United States and with rebels trying to overthrow Muammar Gaddafi, but the Libyan leader will not bow to demands he quit, a government spokesman said. Moussa Ibrahim said Libyan officials had a "productive dialogue" with US counterparts last week in a rare meeting that followed American recognition of the rebel government that hopes to end Gaddafi's 41-year rule. "Other meetings in the future ... will help solve Libyan problems," the spokesman told reporters in Tripoli late on Friday. "We are willing to talk to the Americans more." He said Gaddafi would not leave his position nor Libya. Hours later NATO planes bombed targets in the capital, causing damage and casualties, Libyan state television said, without giving details. NATO said it had hit a "command and control node." A Reuters witness heard at least six blasts early on Saturday, the largest to hit the capital in several weeks, four of them shaking the hotel hosting international media. Rebel leader Mustafa Abdel
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electricity daily in the country, the power projects are generating around 13 to 14 thousand megawatts. By establishing new power projects, Naveed Qamar said the government had added 3000 megawatts electricity to the national transmission line which included 1500 megawatts through 12 power projects which started generation since he assumed the portfolio of water and power. About forced load shedding, the Federal Minister informed that he had issued strict directives to authorities concerned to avoid forced load shedding by installing a comprehensive system in order to avoid inconvenience to the consumers. The Minister said that he had also issued directives to power distribution companies to avoid load-shedding during Sehri and Iftar timings during the forthcoming holy month of Ramazan- ulMubarak. Federal Minister for power informed that he has also issued strict directives to the authorities concerned to launch a massive campaign for recovery of outstanding dues from the defaulters as heavy outstanding dues are also causing a burden to those who are paying their electricity bills regularly. The targets of recovery of outstanding dues has already been given to all power distribution companies with a warning of strict action against those who failed to achieve the set targets, the Minister said. -APP
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On the issue of Zafar Qureshi, the Prime Minister said he will give his response to the Apex Court in this regard. About the financial conditions of Pakistan Railways and shortage of funds, the Prime Minister said, sufficient funds, in billions of rupees, have been provided to Railways to improve its economic conditions. Regarding any change in the portfolio of Ministry of Railways, he said Ghulam Ahmed Bilour, the Railway Minister is from a coalition partner and the government has full regard and respect for its coalition partners. Answering a question about the allegations on Federal Board of Revenue (FBR) for fudging in the figures of tax collection, the Prime Minister said the Ministry of Finance has been directed to take notice of these allegations. -Agencies
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Furthermore, Foreign Minister Hina Rabbani Khar on Saturday declared Pakistan-India talks as a positive step and said India was serious over the composite dialogue process. Speaking to a private news channel, she said the priority of her government in the conference with India was to set a future direction in the bilateral relationship. Highlighting Pakistan's position during the upcoming talks with India, she said the government wanted to "look at the entire picture and at the root causes of problems". It was the success of Pakistan to bring India back to the negotiating table, she said. She said during the talks with External Affairs Minister S M Krishna, the two sides will take stock of progress made at secretary-level talks. She said Pakistan was pro-actively engaging with neighboring countries, particularly Afghanistan and India, to achieve sustainable peace and stability in the region. -Agencies
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as well as the whole region. The war against terrorism would continue till its elimination, he added. "Pakistani people are suffering due to terrorism for the last 10 years. We experienced 7485 bomb explosions out of which 3,800 were suicide bombings. More than 35,000 innocent Pakistanis have lost their precious lives in the war against terror," he added.
Jalil said Gaddafi must agree publicly to stand down before any talks could begin. "There are no negotiations with this regime unless he declares his departure and that he is stepping down, he and his sons, from power," he said in a weekly statement to Libyans broadcast on rebel-run television. As Gaddafi clings to power despite five months of civil war and a NATO bombing campaign authorized by a U.N. resolution, the West is increasingly hoping for a negotiated settlement. But the United States also says Gaddafi must go. Ibrahim said Libyan officials - but not Gaddafi himself would be willing to hold further meetings with rebels, who now control roughly half of Libya, only on the government's terms. "Nations do not negotiate with armed gangs," he said. Gaddafi is urging Libyans to persuade rebels to disarm and rejoin the loyal fold -- and to fight them if they don't. His comments came as Libya reported a NATO airstrike near the eastern oil hub of Brega, the scene of recent fighting, which the government said killed six guards at a water
plant. NATO said the strike targeted a "military storage facility" rather than the water pipeline plant. As Western nations intensify diplomatic efforts, a European diplomat said a U.N. envoy would seek to persuade the warring parties to accept a plan that envisages a ceasefire and a power-sharing government, but with no role for Gaddafi. The diplomat said the informal proposals would be canvassed by the special U.N. envoy to Libya, Abdul Elah al-Khatib, who has met both government and rebels several times. Jalil, who heads the rebels' Transitional National Council that many Western nations now recognize as the Libyan authority, told Reuters on Saturday that Khatib's plan for power-sharing could be discussed as long as Gaddafi himself was out. "Any diplomatic solutions are acceptable if they include this main condition," he said. A rebel spokesman told Reuters that Khatib would come to their eastern stronghold of Benghazi early next week.-Reuters
The Minister said after 9/11 Pakistan had paid a heavy price as people were facing incidents of 9/11 and Mumbai each and every day, adding that such incidents could not weaken the morale of Pakistanis, who were committed to eliminate the menace. Rehman Malik said Pakistan has adopted three-D policy to combat terrorism and added "We have further improved rules and regulations regarding border control and immigration in the country." He said in addition to amendments in Anti-terrorism Act, the security forces in Pakistan were being equipped with modern gadgets and they were being imparted training to further improve their performance. "It is important to introduce philosophy of inter-faith harmony. I appreciate King Abdullah of Saudi Arabia who took forward this philosophy. Exploitation within the religion must end. We can also adopt that philosophy for Saarc too because most of the countries of this region were suffering," he added. The Minister also lauded Bhutan which followed the idea of Gross National Product (GNP) to provide basic facilities to its nation. The Minister further informed that Pakistan has imposed ban on activities of 31 organisations as part of its policy to combat terrorism and extremism and emphasized to bring change in mindset of people to control terrorism. "It is very crucial time as people are suffering especially due to terrorism. The whole region of Saarc is suffering from it. Some are suffering heavily while some comparatively less," he said. The Interior Ministers of Saarc region appreciated the address of Rehman Malik, in which he ably highlighted the efforts of Pakistan in the war against terrorism and extremism. Home and Interior Ministers, Secretaries and other relevant officials of Saarc including Pakistan, Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal and Sri Lanka attended the Conference. -NNI
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a Certificate on a prescribed Form showing consolidated position of overdue export bills outstanding against all bank(s) {as per the record of Foreign Exchange Operations Department (FEOD)}, as a percentage of the total exports of the preceding year finalised in EE-1 statements. T he Certificate will be submitted through the bank to the concerned SBP BSC office on a six monthly basis by 31st March & September 30, each year, the Circular said, adding that the certificate will remain valid up to the next six months. Process of submission of the certificate would commence from September 2011. The State Bank has communicated the necessary guidelines to the banks for processing the requests of exporters with overdue export p oceeds for availing the finance under Export Finance Scheme. Any misreporting/ misstatement shall attract imposition of fine on bank/ exporter at the rate prescribed under the Scheme, the Circular added. Moreover, the concerned SBP BSC office(s) shall verify the export overdue position of the exporter from relevant data and check the 5 per cent benchmark, the circular said and added that in normal cases this practice shall be adopted twice a year before granting refinance. -Online
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On the occasion, President Zardari formed a 4-member committee to engage in talks on issues relating to MQM, Muslim League (Functional), Muslim League-Q and Awami National Party. The committee consists of Syed Khursheed Shah, Agha Siraj Durrani, Ayaz Soomro and MNA Abdul Qadir Patel. The committee will engage in contacts with the coalition partners.
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THIMPU: A group photo of 4th Saarc Interior Ministers with PM Bhutan at the inaugural session of Conference.-Online
Pak envoy calls on Ahmedinejad
Pak-Iran role seen critical in region TEHRAN: Iranian President Mahmoud Ahmadinejad said here on Saturday that Iran and Pakistan can guarantee regional peace, security and justice. In a meeting with the new Pakistani ambassador to Tehran Khalid Aziz Babar, the President reiterated that the two Iranian and Pakistani nations enjoy close and amicable ties in all areas. Underlining the need for further expansion of all-out cooperation between the two neighboring states, he reiterated that bilateral cooperation would benefit the whole region. He said there are great potentials in the two countries in various fields of culture, economy,
Court learns about Musharraf's assets detail RAWALPINDI: FIA investigating into Benazir assassination case has presented to court more details of Pervez Musharraf property located in Islamabad and Gwadar. The court was informed that Pervez Musharraf owned a plot of 1000 square feet in Gwadar and a farmhouse in Chak Shahzad Islamabad. Details about his property could not be obtained from DHA Lahore, National Police Foundation and Karachi and such information would be submitted to court as soon as they were received, court was further told. Judge Shahid Rafiq of Anti Terrorism Court (ATC) directed FIA to apprise the court of all details in this respect. The next hearing has been fixed on August 10. It may be recalled that FIA had obtained arrest warrants of Pervez Musharraf after he was nominated as major accused in Benazir Bhutto murder case. Following the refusal from British government for handing over Pervez Musharraf to Pakistan, former president was declared proclaimed offender and proceedings for confiscation of his property were underway. FIA special prosecutor Chaudhry Zulfiqar Ali had presented report containing details about the property of Pervez Musharraf and the information received from State Bank of Pakistan (SBP) to the court on previous hearing. As per report CDA and chief commissioner Islamabad had informed in writing that Pervez Musharraf had no more property in Islamabad except a farm house in Chak Shahzad. As per state bank report former president was having accounts in six banks including Alfalah Bank, and Habib Metropolitan bank. -Online
investment, energy and trade which should be materialized. During the meeting, the new Pakistani ambassador presented his credentials to the Iranian President. He, meanwhile, called for strengthening of amicable ties between the two nations, particularly political and economic relations. Earlier this month, Ahmadinejad in a meeting with his Pakistani counterpart Asif Ali Zardari in Tehran underscored the necessity for the expansion of cooperation between the two neighbors in all arenas, especially in agricultural, industrial and energy fields.
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Iran and Pakistan have in recent years increased their bilateral ties and mutual cooperation in different fields, and officials of both countries have repeatedly underlined that these bonds of friendship and brotherhood, based on commonality of interests, shared traditions, common faith and Islamic heritage, are destined to grow stronger in the years ahead to the mutual benefit of the two nations. The two countries' nations are deeply keen to further strengthen their bilateral ties in all fields. These relations have been marked by frequent highlevel consultations between the leadership of the two countries.-NNI
ISLAMABAD: Federal Minister for Petroleum and Natural Resources Dr Asim Hussain has said that IranPakistan gas pipeline project will be completed by December 2014. He said the project implementation is targeted to be completed in time and first gas flow will be available by end of December 2014. Pakistan is in the grip of a serious energy crisis that is affecting all sectors of the economy and various segments of the society. Analysts in Pakistan believe that Iran-Pakistan gas pipeline is the only solution to resolve Pakistan's gas woes as massive rationing and shortages in recent months have indicated Pakistan is fast running out of gas. Tehran and Islamabad formally signed a multi-billiondollar gas contract in June 2010, based on which Iran's natural gas will be pumped to Pakistan from the South Pars gas field in the southern province of Bushehr. Iran has already constructed more than 900 kilometers of the pipeline, which is to carry 21.5 million cubic meters of natural gas per day to its eastern neighbor. Earlier Iranian Ambassador to Pakistan, Masha'Allah Shakeri had said that any delay in IranPakistan cooperation in energy sector would be detrimental to the industry of Pakistan. Dr Asim Hussain has said total cost of the project is about US $ 1.2445 billion, adding that Gas Sale and Purchase Agreement (GSPA) has already been signed. He said GSPA has become effective and is in its implementation phase. NNI
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Engaging with Pak termed beneficial to US & India WASHINGTON: It is in the best interest of both India and the US to engage Pakistan though both nations have some concerns with regard to that country, Obama Administration's point man for the region has said. "I think the Secretary (of State) and many, many others have repeatedly reaffirmed that it's very much in our interest to engage Pakistan, to help it with many of these challenges (Pak is facing)," Assistant Secretary of State for South and Central Asia Robert Blake said. Blake, who accompanied the Secretary of State Hillary Clinton on a visit to India this week, said that both India and the United States have their own concerns with regard to Pakistan. "Both of us obviously have
concerns. You know very well what India's concerns are. India wants to be sure that there is progress in the trials of the Mumbai suspects," he said. "They want to be sure that the camps on the Pakistani side of the border are dismantled; and more broadly, that Pakistan does not allow the various terrorist groups that are operating inside Pakistan to use Pakistani territory as a platform from which to attack India, or other countries, like the United States. We have very similar interests," Blake said. "In terms of our own dialogue, we've had some progress since Abbottabad raid. We've made a lot of other suggestions about progress where we think -- areas where we think more progress is needed," Blake said.
Refraining to respond to questions about arrest of Syed Ghulam Nabi Fai, who is accused of working for the ISI, Blake said the matter is sub judice. "You're going to have to address all those questions to the Department of Justice, because they're the ones that have the lead on this," he said responding to questions on this issue. "I can't speak for Dr Fai. I can only speak to the facts of the case. And the facts of the case are that the Department of Justice has announced charges against two individuals, one of whom is Dr Fai, for their participation in a long-term conspiracy to hide the fact that they were working for the government of Pakistan," he said. See # 1 Page 7
Textile city to create 80k jobs: Shaikh KARACHI,: A high level meeting on the Pakistan Textile City ltd was held at the regional office of the Pakistan Textile city which was chaired by the Federal Finance Minister Dr Abdul Hafeez Sheikh. The matters relating to the gas supply, water project, release of remaining funds and power plant for the Project were discussed in detail. Briefing the media after the meeting the Federal Finance minister said that an important meeting on Pakistan Textile city was held to discuss the various issues of the project. He said that this project which was spread over an area of 1250acres of land was of utmost importance for the country prosperity. Minister said that this project would be helpful in increasing the textile exports. Abdul Hafeez Shaikh said that at least 820 plots are available in this project for various segments of the textile and would provide jobs to 80, 000 people. The Minister stated that the supply of electricity of 250 megawatt would be started in the early next year to the project. Regarding release of funds for providing and laying 48" dia pipe line for the Textile city the Minister assured that the revised PC-1 of Rs.1351 Million would be got approved in the next meeting of ECNEC. Dr. Hafeez said that he had personally talk with Dr. Asim Federal Minister See # 2 Page 7
Shifting blame no excuse for terror, New Delhi says THIMPHU: In a veiled attack on Pakistan, India on Saturday said that no country can escape its responsibility by blaming non-state actors for terrorist activities emanating from its soil. As long as the territory of a country is used by non-state actors to prepare for terror attacks, that country owes a legal and moral responsibility to its neighbors and to the world to suppress those nonstate actors and bring them to justice, home minister P Chidambaram said. "Sometimes, I think that the distinction between state actors and non-state actors is misplaced and intended to misdirect our efforts to deal with terrorist groups at the very source -- the recruitment centres, the training camps and their safe havens and sanctuaries," he said addressing the 4th meeting of the SAARC interior/home ministers in Thimphu. Describing terrorism as the biggest existentialist challenge in South Asia, Chidambaram said the menace in the
region can be best tackled through effective cooperation among the SAARC nations. "We have no alternative but to deploy the best instruments and resources at our disposal in our fight against terrorism," he said. The home minister emphasised the need for examining the existing mechanisms for countering terrorism, drug trafficking, trafficking in human beings, arms smuggling and counterfeiting, including organised production and distribution of fake Indian currency notes. Chidambaram said South Asia was perhaps the most troubled and vulnerable region in the world as the vast majority of terrorist incidents this year -- as well as last year --occurred there. "Terrorist groups in this region have flourished because of the support they have found from state and non-state actors," he said. The home minister said that terrorism See # 3 Page 7
Cheap electricity for masses soon: Qamar HYDERABAD: Federal Minister for Water and Power Syed Naveed Qamar has said that with the start of new hydel, coal and nuclear power projects, the people of the country would not only get relief against acute power shortage but they would also get electricity on cheap rates. The electricity being generated through furnace oil is costly and the government is facing difficulties in providing electricity to the common people of the country on cheap rate. Costly furnace oil is resulting in increase in power tariff; the Minister stated this while responding to questions of media persons at Hyderabad Press Club where he was honored with life membership on Saturday. He said that the government had decided to reduce the subsidy being granted to the people on electricity in order to bring stability to the economy. The subsidy amount being paid by the government for granting subsidy on electricity production is also a collection from the people in the shape of taxes, he clarified adding that no heavy percent-
age of power tariff is being introduced as being reported in a section of the Press. The electricity charges will be increased with realisation of the socio economic condition of the common man, he assured. Replying to a question, the Minister said that the government is encouraging the conversion of oil- based power stations into coal based so that the people could get electricity on cheap rates. The power generation through hydel, coal and nuclear power project is much cheaper than oil based power projects, he said and informed that the government is discouraging the installation of oil based power projects in the country and now no new permission has been granted in this direction. He said that a number of power projects are in the pipeline and their completion would help is addressing the issue of acute power shortage in the country. At present, the country is facing a shortage of four thousand megawatts electricity daily, he said and added that against the need 17000 to 17500 megawatts See # 4 Page 7
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