Page 1

International Karachi, Wednesday, November 17, 2010, Zil Hajj 10, Price Rs12 Pages 8

Flood affectees assured of full assistance: Murad Ali

Devil-stoning done with zeal

See on Page 8

Iran FM to visit Pakistan next week

See on Page 8

Nato moot seen as watershed in Afghan war

See on Page 8

See on Page 2

Parliamentary Committee for Judicial Appointments

Economic Indicators Forex Reserves (5-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10 - Oct 10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Sep 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)

GDP Growth FY10E Per Capita Income FY10 Population

$16.95bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $455.10mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.07mn

Govt handpicks four lawmakers MQM, ANP unhappy over being neglected by govt Special Correspondent/ Agencies

Portfolio Investment SCRA(U.S $ in million)

145.61 Yearly(Jul, 2010 up to 15-Nov-2010) Monthly(Nov, 2010 up to 15-Nov-2010) 40.89 3.39 Daily (15-Nov-2010) 2589 Total Portfolio Invest (05-Nov-2010)

NCCPL

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking with President Asif Ali Zardari at Aiwan-e-Sadr. -APP

(U.S $ in million)

FIPI (16-Nov-2010) Local Companies (16-Nov-2010) Banks / DFI (16-Nov-2010) Mutual Funds (16-Nov-2010) NBFC (16-Nov-2010) Local Investors (16-Nov-2010) Other Organization (16-Nov-2010)

1.26 0.25 0.36 -0.28 -0.36 -1.14 -0.10

Global Indices Index Close KSE 100 10,966.00 Nikkei 225 9,797.10 Hang Seng 23,693.02 Sensex 30 19,865.14 ADX 2,748.92 SSE COMP. 2,894.54 FTSE 100 5,716.56 *Dow Jones 11,123.10 *Last Updated 20:00 PST

Change 56.35 30.41 334.16 444.55 9.52 119.87 103.85 78.87

GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)

$.Price PKR/Shares 2.60 110.98 19.20 163.91 2.00 42.69 1.70 36.28 10.36 35.38

Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)

03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010 16-Nov-2010

12.75% 13.11% 13.24% 13.50% 12.66% 12.99% 13.26% 13.63% 13.71% 13.64% 13.73% 13.82% 14.22% 14.33% 14.50%

Commodities *Crude Oil (brent)$/bbl 85.49 *Crude Oil (WTI)$/bbl 83.45 *Cotton $/lb 132.25 *Gold $/ozs 1,353.10 *Silver $/ozs 25.40 Malaysian Palm $ 1,040.00 GOLD (NCEL) PKR 37,257 KHI Cotton 40Kg PKR 9,109 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.50 Canadian $ 84.60 Danish Krone 16.00 Euro 118.50 Hong Kong $ 10.95 Japanese Yen 1.014 Saudi Riyal 22.50 Singapore $ 65.60 Swedish Korona 12.85 Swiss Franc 87.20 U.A.E Dirham 22.90 UK Pound 136.50 US $ 85.20

84.60 84.70 16.50 119.00 11.15 1.040 22.70 65.70 13.00 88.20 23.10 137.00 85.60

Inter-Bank Currency Rates Symbols

Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $

Buying TT Clean

Selling TT & OD

84.09 84.59 15.58 116.16 11.00 1.027 22.75 65.69 12.42 86.74 23.22 137.03 85.37

84.29 84.79 15.62 116.43 11.03 1.030 22.80 65.84 12.45 86.94 23.28 137.35 85.56

Weather Forecast CITIES

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

28°C 33°C 27°C 28°C 20°C 27°C

MIN

7°C 16°C 11°C 9°C -4°C 8°C

Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

Punjab assured its initiative for LNG Import

LNG project, ECC OK away ISLAMABAD: Federal Minister of Petroleum and Natural Resources, Syed Naveed Qamar Tuesday said that modalities have been penned regarding LNG Project in Pakistan in light of recommendation from Ministry of Law, added this model project would be presented in the Economic Coordination Committee (ECC) soon. Qamar said that all matters with two foreign companies regarding the import of LNG would be settled down by November 30. Regarding IPI gas pipe line project, Minister said that Intrastate Gas Company working expediently on the project. Earlier, Federal Minister has offered wholehearted support for Punjab govt's proposal for LNG import for meeting energy demands of the industrial

sector of Punjab that is presently going through an energy crunch. Qamar was talking to the delegates while chairing a meeting with a delegation from the Punjab Government, headed by Rizwanullah Khan, Vice Chairman, Punjab Board of Investment and Trade, Government of Punjab, that called on him here on Tuesday. In the meeting, the delegation discussed the ways and means of importing Liquefied Natural Gas (LNG), preferably through the private sector, to mitigate the demand-supply gap being faced by the industrial sector in Punjab. The Government of Punjab expressed its resolve to play its role as project facilitator and requested the Federal government to share its experience in the matter. -Agencies

4M C/A deficit shrinks by 55pc Ahmed Siddique KARACHI: Pakistan's current account deficit squeezed by 55 per cent to a provisional $533 million during the first four months of current fiscal year from $1.177 billion in the same period of last year which is highly encouraging for economic executives, showed State Bank of Pakistan's data, released Tuesday. Higher remittances and a lower trade deficit compared with last year were the reasons for the narrowing of the current account deficit, according to the TFD analyst.

According to the latest official data, remittances from Pakistanis working overseas rose 13.3 per cent to $3.5 billion in the first four months of the FY11. However, on a month-onmonth basis, the current account surplus narrowed in October. In October, the current account stood at a provisional surplus of $35 million, compared with a surplus of $424 million in September. The lower surplus from September to October is mainly due to a higher import bill stemming from rising international oil prices.

6-day working week restored ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Tuesday approved the proposal to discontinue the weekly holiday on Saturday from November 27. It may be recalled that the decision for weekly holiday on Saturday was taken by the Council of Common Interest in the wake of electricity

shortage during the summers. Prime Minister Syed Yousuf Raza Gilani took the decision to end the weekly holiday on Saturday after consulting all provincial governments and the ministries concerned. The formal decision has been taken with consensus after taking all stakeholders on board. -APP

20 killed in NWA drone attacks MIRANSHAH: US drones have killed 20 people in the recent attack in which 6 missiles were fired on a building, killing four foreigners -- their identity is still not confirmed. As per local administration in the area of Ghulam Khan in Bugi dara 10-km away from Miranshah two American drones fired 6 missiles on a house and a car killing at least 20 people including four foreigners and injuring many. The nationality of the foreigners is still See # 5 Page 7

Moody's awards ‘ B’ rating to Pak ISLAMABAD: Moody's Investor Service published a report assessing Pakistan's B3 foreign and local-currency issuer rating. Pakistan's modest but lowincome and savings-constrained economy is buffeted by large supply-side shocks, tax collection is inadequate and foreign investment in declining, the report said. Weakening governance and rising internal policy has resulted in limited policy effectiveness, while volatile politics pose considerable event risk, the agency added. "However, external financial assistance coupled with buoyant remittances has bolstered the external payments position, reducing the risk of a balance of crisis in the near term," Moody's said. The outlook on the country is stable, reflecting the adequacy of Pakistan's foreign currency See # 4 Page 7

Younus’ ton leads Pak to draw DUBAI: Younus Khan notched his 17th test hundred to guide Pakistan to a draw against South Africa on the final-day of the first test on Tuesday. Set 451 for victory after the visitors declared their second innings on 318 for two, Younus stroked an unbeaten 131 as Pakistan lost just one wicket on the fifth day to reach 343 for three. See details on page 5 Younus got solid support from skipper Misbah-ul-Haq (76) as the pair put on an unbroken fourth-wicket stand of 186. Their partnership was a record for any Pakistan wicket against South Africa, eclipsing the 161-run second-wicket stand between Kamran Akmal and Younus scored in Lahore during the 2007/8 season. Reuters

ISLAMABAD: The names of four members of Parliament belonging to Treasury Benches for the 8-member Parliamentary Committee for making senior judicial appointments under Article 175(A) of the Constitution were finalised on Tuesday. In a statement spokesperson to the President, Farhatullah Babar said names were finalised in the light of the recommendations made by the Prime Minister in a meeting with the President. He said four members of the Parliament belonging to Treasury comprise of two senators and two members of the National Assembly. He said two National Assembly members nominated as members of the

Parliamentary Committee, including Aftab Shaban Mirani from Sindh and Asma Alamgir Arbab from KhyberPakhtunkhwa (KP). The two Senators nominated to the Parliamentary Committee, including Syed Nayyar Hussain Bukhari from Punjab and Sabir Baloch from Balochistan, he added. The names have been chosen to represent all provinces and also to give representation to women, he said. The names are being communicated to the secretariates of the National Assembly and Senate. Meanwhile, MQM and ANP have expressed their reservations on nomination of four members in respect of parliamentary committee constituted for appointment of judge saying that neither the government consulted them nor took them

Land procurement scam

FIA told to net NICL’s big fish ISLAMABAD: Supreme Court of Pakistan Tuesday directed DG Federal Investigation Agency (FIA) to arrest the highups of National Insurance Company Limited (NICL) scam, including its chairman Ayaz Khan Niazi and Mohsin Warraich without any further delay as the main culprits are yet not arrested. A three-member bench, headed by Chief Justice Iftikhar Muhammad Chaudhry heard a suo moto case regarding the alleged violation of rules by the NICL chairman in procurement of land on highly enhanced rates and causing

huge financial loss to the national exchequer. During the course of hearing, DG FIA informed the court that we have arrested Habibullah Warraich and Interpol has issued red warrant for the arrest of his son Mohsin Warraich, who will also be in the custody very soon. He also informed the court that FIA has also put Ayaz Khan's name on Exit Control List (ECL) and search operations are continuing for his arrest. After hearing the arguments, CJ remarked that the main See # 1 Page 7

No sugar shortage in country, says Bijrani

Plea against Rs72/kg sugar ISLAMABAD: A petition filed in Lahore High Court Tuesday challenged Rs72 per kilogramme rate of sugar. The Government of Punjab has recently fixed sugar at Rs72 per kilogramme. Meanwhile, the court called reply from the federal government within two weeks over a petition in which government's decision about imposition of

Reformed General Sales Tax (RGST) and flood tax have been challenged. Meanwhile, federal minister for industries and production Mir Hazar Khan Bijrani has said that there is no shortage of sugar in the country, it is the hoarders who are to be blamed and without the help of the provincial governments this See # 2 Page 7

into confidence in respect of these nominations. MQM central leader and federal minister Babar Ghauri said MQM would talk to PPP leadership with reference to parliamentary committee. "We are utterly disappointed over the decision taken by the government on this count", he added. He held MQM had not been taken on board on this matter. "We will try issue is resolved through dialogue". On the other hand ANP central leader Senator Zahid Khan said government like tax issue had not consulted his party and ANP had not been taken into confidence on such a vital matter. "ANP is disappointed over this decision", he added. Government should not take such steps which foments discontentment and unrest among other parties, he underlined.

Nation celebrates Eid-ul-Adha today ISLAMABAD: Nation would celebrate Eid-ul-Adha with traditional zeal and religious fervour today (Wednesday). The day would dawn would special Eid sermons where Ulema would stress for unity of Ummah and prayers be held for the prosperity and well being of the country. The largest Eid congregation in the federal capital would be held at Faisal Mosque. In Rawalpindi main Eid congregation would be held at Liaquat Bagh while in Lahore, biggest Eid congregation would be held at Badshahi Mosque. Eid congregations would also be held at Data Darbar, Masjid Shuhada, Masjid Wazir Khan and Bagh Jinnah. Special prayers would be offered for the independence of Palestine and Kashmir and sustainable peace in the region. Ulema and Khateebs from different schools of thought would deliver special sermons and lectures to highlight the significance of the day. To celebrate Eid-ul-Adha, See # 3 Page 7

The Financial Daily

wishes a very happy Eid Mubarak


2

Wednesday, November 17, 2010

Fool proof security on Eid for Karachi

UBL members calls on IG Sindh KARACHI: A four member delegation of United Bank Limited (UBL) South Region called on Inspector General Sindh (IGP) Sindh Sultan Salahuddin Babar Khattak at Central Police Office (CPO) on Tuesday. The delegation informed IGP about their problems and also presented a cheque of Rs 5 million for welfare of police employees and renovation of Sindh Police Hospital. IGP Sindh thanked the delegation and said Sindh police, despite of it limited resources and scarcity of contingent, was striving hard to maintain law and order situation in Karachi. He said police officers and jawans remain alert day and night for performing their duties and they also sacrifice their lives to secure the lives and properties of the citizens. He said Police department was proud of its brave force.-PPI

MOL’s new oil, gas discovery in KP KARACHI: MOL Pakistan Oil and Gas Company BV as an Operator of TAL Block along with joint venture partners i.e. Government Holdings (Private) Limited, Oil & Gas Development Company Limited, Pakistan Petroleum Limited and Pakistan Oilfields Limited has made a gas/oil discovery encountered in its exploratory well, Makori East-1, located in TAL Block of Khyber Pakhtunkhwa Province. The Lockhart formation flowed around 3209 bbls per day of oil per day and 10.7 MMscfd gas per day during Drill Stem Test (DST), a press release said Tuesday.-PPI

KARACHI: People standing in queues to buy sugar one day before Eidul Azha as the government supply remained insufficient to fulfill the demand of sugar in the provincial capital. -Online

Siemens works for flood victims uplift KARACHI: The Siemens Pakistan has donated diesel generating sets for pumping out the stagnating flood water in the affected areas. This was announced by the spokesman of the company here on Tuesday. He said that the Siemens Pakistan has donated more than 30 Diesel Generating sets of various ratings worth Rs. 30 million to the Pakistan Army. These sets will be used to supply power to medical camps and help provide power to pumping motors to pump out water still stagnating in some areas.

The spokesman added that Brig. Sohail Safdar speaking at the hand over ceremony thanked Siemens Pakistan for this generous donation which according to him will go a long way in providing facilities in flood relief camps especially in medical care and other infrastructure needs. The Siemens has also set up a `Tent Village' for 100 families at Sehwan Sharif and provided all facilities including medical camp and a makeshift school. So far the total Siemens donation for flood relief in Pakistan stands at 2.5 million Euro or Rs226.7 million.-APP

Khi Stock Exchange to reopen on 22nd KARACHI: Karachi Stock Exchange Will remain Closed from Wednesday November 17, 2010 (10th Zil Haj) to Friday November 19, 2010 (12th Zil Haj) on account of Eid-ul-Azha and reopen on Monday November 22, 2010.-PPI

Murad Ali assures govt’s help for victims KARACHI: Sindh Finance Minister, Syed Murad Ali Shah, has assured flood affectees of every help and assistance to them from the Government. A statement here on Tuesday said that this assurance was given by him during a visit to various flood affected villages near Bhan Saeedabad in District Dadu. The Provincial Finance Minister stated that Sindh Government is determined to provide every relief and if any official found not cooperating or providing assistance strict action will be taken against the said official. He also assured that he will be visiting their villages regularly to monitor their rehabilitation processes and ensure that ration is supplied to them. Earlier, the affectees made a complaint to Provincial Minister of non supply of ration to them on which he took serious notice of the same and directed the concerned official to immediately resolve the grievances of flood affectees.-APP

Turkish Airlines report 9-mth profits Staff Reporter

tinuous contact with the management and officebearers of Masjids, Imambargahs, organizers of Eidghas and shopping centers, Bachat bazaars and cattle markets. The police are carrying out picketing, patrolling and snap checking at all entry and exit points while arrangements have been completed for the force deployment in the city. Beside, deployment of police in plain clothes for generating intelligence at police station level, the mobile and special squads are asked to patrol in various parts of the city to give a sense of security to people.

Sharmila urges interfaith harmony KARACHI: Advisor to Chief Minister Sindh on Information and Archives Ms Sharmila Farooqui has asked the leaders of political, religious and social organizations to stand united on one platform as Muslims so as to stamp out racial, religious and other differences and to ensure larger interfaith harmony on the eve of Eid-ul-Adha. It is the need of the hour to promote peace in Pakistan through interfaith harmony and remove all hindrances in the way of the socio-economic development process, she said in

a statement on Tuesday. The advisor said Holy Prophet Hazrat Muhammad (PBUH) was a blessing for the humanity so we as Muslims should follow his teachings of interfaith harmony and peace in true spirit. The unity of all the religious leaders is needed to bridge gaps among people belonging to political, religious and civil society organizations for the good of the nation, she said. Sharmila said 21st century is an innovative and right time to resolve issues of national interest, while

the Islam is well-matched with the requirements of modern developments. "It is proper time for us to unite under the flag of Pakistan so as to shun petty differences for peace in the society," Sharmila said. The advisor said we are confronted with alarming challenges of terrorism as the anti-state elements are out to derail the peace process, but we will not let them to succeed in gaining their nefarious designs. The interfaith harmony is the best way to ensure peace and progress in the country, Sharmila concluded.-PPI

During Eid-ul-Azha prayers, vehicle parking would be kept at safe distance from Masajids, Imambargahs, Eidgahs, shopping centers, Bachat bazars and congested public places for foolproof security while bomb blast squads are also on duty. Deployment of traffic cops at all busy roads, lights, signals, intersections and roundabout has been ensured to keep people informed about alternate traffic routes. Implementation of code of conduct regarding hide snatching as issued by Home Department is also being ensured.-PPI

Medics ordered to stay on stations KARACHI: Sindh Health Minster Dr Sagheer Ahmed on Tuesday declared emergency at all public service hospitals in Sindh and directed the authorities to ensure the presence of doctors, paramedical staff and availability of medicines in the hospitals during Eid days. He directed secretary health to make the emergency wards of the hospitals properly functional during Eid days so that medical treatment could be provided to the patients in case of any incident. He also directed to display the duty charts of doctors in hospitals in order to facilitate the patients, adding negligence would not be tolerated in this regard. Sindh Health Minster also directed the Executive District Officers Health and Medical Superintendents of government hospitals in Interior Sindh to ensure the presence of doctors.-PPI

TV PROGRAMMES WEDNESDAY LAHORE: Members of delegation of Turkey standing for a group photo during their visit at Shahi mosque. -Online

Container scam on the rise Staff Reporter

KARACHI: Turkish Airlines 2010 consolidated financial statements were reported to Istanbul Stock Exchange, said a report issued here. According to the reported financial statements, sales revenue increased by 39 per cent to $5 billion. Approximately 79 per cent of our scheduled service revenue was obtained from international lines and 21 per cent was from domestic lines. 9M 2010 net profit and operating profit stood at $169 million and $538 million respectively. Revenue Passenger Kilometer (RPK) increased by 22.7 per cent and Available Seat Kilometer (ASK) increased by 17 per cent. The number of passengers increased by 18 per cent to 22 million, cargo and mail carried increased by 41 per cent to 228 thousands. As a result, passenger load factor increased by 3.4 points from the previous year to 74.2 per cent. 2010 Financial and operational results, which are higher than our expectations, are a good indicator for us to achieve our 2011 growth target. Hence, we are eager to continue to apply our long term growth strategies without making any consession on our profits.

KARACHI: Police finalised a comprehensive security plan for the Eid-ulAdha and further beefed up security at public places, worship places and other important buildings to thwart any untoward incident. This was informed to Sindh Home Minister Dr Zulfiqar Ali Mirza in a report submitted to him. According to the plan over 1600 alert police force would be deployed in Karachi while installation of security cameras has been ensured for monitoring of Eid congregations. All SHOs have been instructed to remain in con-

KARACHI: The malpractice towards scamming and disappearance of container's is mounting in the country due to manual and semiautomated procedures of customs clearances. Reportedly, over 10,000 to 11,000 containers destined for ISAF have not reached Afghanistan yet, causing huge revenue losses to the national exchequer. Recently, Chief Justice of Pakistan Iftikhar Muhammad Chaudhry has taken a suo moto notice of alleged embezzlement of billions of rupees under the garb of supplies made to the International Security Assistance Force (ISAF) and Nato forces operating in Afghanistan, it is learned. Ironically, the customs officials have denied facts as saying that reports per-

taining to 11,000 containers for ISAF in Afghanistan are totally baseless. The Pakistan Automated Customs Computerized System (PaCCS) has disclosed the disappearance of over 10,000 containers of expensive goods. After that the case was taken up by the Supreme Court for hearing. It has been observed that the container scam had been made possible due to the basic critical weaknesses in the manual Customs system, which relies on paper documents and its acceptance at the discretion of colluding Customs officials, since paper documents can be forged the scam was made possible. Such scams are not possible in PaCCS because the Customs server is directly connected to the shipping lines, the agents, the banks, and the terminals, so unless

duties and taxes are not paid in the bank, the computers do not clear the consignments and do not send electronic release. Since no paper documents are involved, they cannot be forged and since no Customs officials are involved in release of containers, they cannot collude. The current mega container scam has shaken the country. These missing containers caused a loss of Rs220 billion to the exchequer. It is clear that the nexus of PRAL and FBR is costing billions to the government of Pakistan. PRAL, a subsidiary of FBR is also the creator of 'One Customs system' which caused a mega container scam in 2007 at QICT, involving hundreds of containers, and revenue losses running into hundreds of millions of rupees.

KARACHI: CCPO Fayaz Laghari adressing the members of business community at KCCI over law and order situation.-APP

Time Programmes 7:00 News 8:00 News 9:00 News 10:05 Subah Savere Maya Kay Sath Eid Speical 11:05 Headlines 12:00 News 15:00 News 16:00 Reports at IDPs Camps 18:00 News 18:05 Chutkulay 19:05 Chutkulay 20:05 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24

WEDNESDAY Time Programmes 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Aap Ka Paisa (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:05 Aap Ka Paisa 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Badalta Pakistan (Rpt) 0:00 News


3

Wednesday, November 17, 2010

City Govt gears up for offals disposal

RAWALPINDI: A large number of passangers waiting for trains as they are leaving for thier hometowns to celebrate Eid-ul-Adha festival with thier love ones, at Rawalpindi Railway Station.-Online

Three Eid holidays announced KARACHI: The Sindh Government has declared November 17 to 19 as public holidays on the occasion of Eidul-Adha throughout the province of Sindh for all its offices, autonomous, semi autonomous bodies, corporations and of local councils under the administrative control of the provincial government. An announcement to this effect was made here on Monday.-APP

No load-shedding during Eid: KESC KARACHI: There will be no load shedding during Eid in the city; this was decided by Karachi Electric Supply Corporation (KESC) on Tuesday. According a KESC spokesman, it has been decided that continuous power supply will be provided during Eid holidays to the metropolis, reported a private TV channel. KESC's Eid power supply schedule will start from

KARACHI: The City District Government Karachi (CDGK) has decided to provide all the resources to the town administrations for the disposal of the offals of the slaughtered animals on the occasion of Eid ul Adha. This was stated by the Administrator Karachi, Fazal ur Rehman, on Monday. He was inspected the trenches dug for the disposal of offals of slaughtered animals. The Administrator was informed on the occasion that every town has dug trenches in accordance with their requirements and that the offals would be disposed of in a scientific manner. Some 20,000 officers, staff and concerned officials of the CDGK and towns would be deployed during the three days of Eid ul Adha. As many as 4,000machinery would also be utilised for the purpose.-APP

Traders Alliance says yes to economic reforms ISLAMABAD: National Traders Alliance supported the standpoint of key lending partners at Pakistan Development Forum (PDF) to introduce economic reforms and tax wealthy instead of looking for loans. According to handout issued here on Tuesday, the views expressed by US Special Envoy for Afghanistan and Pakistan Richard Holbrook and Britain's Secretary of State for International Development Andrew Mitchell and others should be taken seriously. However, he said, the announcements after the meet left much to be desired. We appreciate the statement of Richard Holbrooke in which he said that they are accountable to masses and demanded that rulers, tax collectors and technocrats in Pakistan should also be accountable for their actions, said Malik Sohail Hussain,

Central Vice President of National Traders Alliance, President Traders Welfare Association (TWA), Blue Area and former SVP, ICCI. We do not need debt writeoff; instead, it should be rescheduled for a decade keeping in view our sacrifices in war on terror and devastation caused by floods he said while speaking at a meeting of committee formed to review RGST related developments. He said business community could do without trade concessions provided unjustified trade barriers are lifted. He said that government lack means to impose and execute imposition of Reformed General Sales Tax (RGST). This tax will suffocate the business community, which will result in defaults, unemployment, reduced tax collection and unrest. Banks will also find an additional opportunity to boost

6:00pm Tuesday and end on Saturday at 9:00am. During this entire period, uninterrupted supply of electricity will continue across the city. The spokesman added that it is expected that during Eid, electricity demand will decline; KESC has also made other arrangements to get the required power supply to overcome the difference between demand and supply during these holidays.- ISLAMABAD: As Eid-ul-Adha is at our door steps, women have finalised their preparations with special focus on cooking variety of dishes on Eid. Contrary to the spirit of Eid-ul-Fitr which is all Online about bangles, henna and colourful accessories, Eid-ul-Adha is celebrated with great reverence and simplicity following Sunnat-e-Ibrahimi. After offering Eid prayer, slaughtering sacrificial animals to seek Allah's blessing is the common practice and every individual takes part in `Qurbani' at individual level or in groups as per their convenience. A variety of dishes is cooked on "Eid-i-Qurban" and especially barbecue parties add charm to the Eid moments. A colourful and festive eid cannot be imagined without women as they cook, make dresses and cheer on their family members to finalise preparations for the festival. This time too, women are seen in huge numbers at shopping malls and markets to shop for themselves and help their families in making their shopping decisions. This year, exorbitant prices of sacrificial animals have forced most of the people to go for shared Qurbani.-APP QUETTA: Security of Balochistan including provincial Capital Quetta has placed on high alert on the arrival of Eid in order to prevent terrorist attacks. In this regard police force have been deployed at Eid Gahs. In this connection entry of ISLAMABAD: President true joy." an occasion for the any person would be prohib- Asif Ali Zardari has urged The President said it sad- Muslims throughout the ited before Eid Prayer and the nation to help end dens him that so many of world to affirm unity of Police force has been strictly poverty and exploitation the people are living in action in an imperishable ordered to keep eyes on sus- and remember their less despair and misery brought bond of brotherhood. fortunate brethren on the by unemployment, low President Zardari said picious persons. Eid-ul-Adha symbolises the Sources told that more festive occasion of Eid-ul- wages or lack of justice. "Let us therefore also willingness to sacrifice than 12,000 police officials Adha. The President in a mes- strive and pray on this day one's most prized possesand Balochistan sage on Eid felicitated the that the deprivations of the sion to Allah's will on one Constabulary personals Muslims throughout the people will soon be over hand and the underlying would be deployed for the world and particularly and they regain their civil unity of thought and action security of Eid Gahs where- those in Pakistan but asked and economic rights." of the Muslims on the other. in patrolling has also been the countrymen "not to forHe said the commemoraHe said "Eid-ul-Azha increased throughout get those who suffer and tion of Hazrat Ibrahim's should serve to remind us endure and are deprived of supreme sacrifice was also that we have an obligation Balochistan.-Online

Women sharpen cutlery as Eid nears

Security on high alert in Balochistan

their profits on the cost of depositors and borrowers, he said. Malik Sohail said that government will be remembered for generations if it contain expenditures, trim cabinet, recover written off loans, cut loses in inefficient state enterprises, curb rampant smuggling, break cartels, boost remittances, introduce energy reforms, impose tax on agricultural income and abolish unjustified exemptions and tax immunities. He said that Turkey introduced tax reforms after months of negotiations with all stakeholders but our government didn't care to take any of the stakeholders on board. The trade leader said that taxpayers and business community have not been provided any facility by government and dishonest bureaucracy was main reason behind it.Online

Health check ordered for animals SUKKUR: District Coordination Officer (DCO) Sukkur Inamullah Dharjo on Monday asked the health officials of the district to ensure strict medical check up of sacrificial animals against any possible prevalence diseases among them at cattle markets and other selling points so as to provide healthy meat and mutton to people on the occasion of Eid-ul-Adha.-APP

Zardri urges nation to show spirit of sacrifice

DERA GHAZI KHAN: A skilled man sharpens butcher’s knife at his roadside setup ahead of Eid day.-Online

NA Speaker felicitates nation ISLAMABAD: Dr Fehmida Mirza, Speaker National Assembly has extended her warm greetings to the fellow countrymen on the auspicious occasion of Eid-ul-Adha. In her message, the speaker NA said Eid-ul-Azha reminds us of the great sacrifice laid down by Hazrat Ibrahim. She said the Sacrifice of Hazrat Ibrahim enshrines a wider message for the muslims, that is the message of sacrificing for virtues, humanity, country fellows and also igniting the spirit of patience, tolerance and endurance. The Speaker said that the Eid day brings happiness for us; however the true joy relates with taking care of the needs of our poor brothers and sisters and to include them in our pleasures. "Our acts should help smoothen the social irregularities and promote the spirit of sacrifice, mutual harmony and fraternity. Only then we can provide strong foundation for the establishment of a welfare Islamic society", she said. She said that on this day let us renew our pledge and pray for the prosperity and development of entire Muslim Ummah. She prayed to Almighty Allah to guide all the Muslims to tread right path and help them follow the true spirit of Islam. "May Allah help and protect us all. Amen", she added. The Speaker called upon the nation to stand united on every issue of national importance and not to be deterred by any vested interests. She urged upon the people to stand by democracy and support democratic institutions with determination, unity and will power.-NNI

MNA inaugurates women park in Khi KARACHI: Member National Assembly Abdul Rasheed Godail along with Administrator Jamshed Town Syed Aqiil Tazeem Naqvi inaugurated Aga Khan Women Park in Union Council 11, on Tuesday. The park has been constructed on the area of 40000 square feet with cost Rs9 million. On this occasion MNA Abdul Rasheed Godail said that this park is an Eid gift for the citizens. He said they are following the vision of MQM Chief Altaf Hussain to serve people. He said that Haq Parast leadership is striving hard to provide healthy atmosphere through recreational places, adding skating track and other falsities have also been provided on the park. TO Infra Shahid Ashraf, DTO Solid Waste Ameen-uRehman and other were also present.-PPI

to our community through which we attain a higher purpose in life. So while we celebrate and rejoice let us also pause and ponder." On the festive occasion of Eid-ul-Adha I call upon my countrymen to also remember our less fortunate brethren. We must not forget those who suffer and endure and are deprived of true joy. Let us therefore resolve to end poverty and exploitation wherever we see it.-APP


4 Wednesday, November 17, 2010

Spies of the West

The Financial Daily International Vol 4, Issue 102

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi

S

igns of expanded state-onstate spying by rising powers Honorary Advisory Board like China and India may S. Muneer Hussain Rizvi Haseeb Khan, FCA prompt a more vigorous response from the West, provided its espiKhurram Shehzad, CFA Asim Abbas Ashary, CPA onage agencies can juggle resources Prof. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA already strained by counter-terrorZahid Bukhari SVP HBL (retd) Dr. A. Hadi Shahid, FCA ism work. Ismat Sabir Muhammad Arif In the decade since the Sept 11, Head office 2001, attacks, Western governments have devoted much energy to scour111-C, Jami Commercial Street 11, Phase VII, DHA Karachi ing remote tribal areas of Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Afghanistan, Yemen and Somalia as Email Address: editor@thefinancialdaily.com well as increasing surveillance of Lahore office their own populations. 24- Peshawar Block, Fortress Stadium, Lahore While that will continue, experts Telephone: 92-42-6675595 Fax: 92-42-6664349 say Western espionage agencies Email Address: editor@thefinancialdaily.com may look closer at the decisionmaking and military and cyber might of rival powers such as Russia and China, with the latter in particular seen as more assertive than ever before. Proving what is happening in such a secret world is difficult, but some ex-spies see clear shifts ahead. "In a way, the requirement has always been there, but I think it will become more important as the new emerging powers have greater influence," Nigel Inkster, a former assistant chief of Britain's Secret Intelligence Service (MI6), told Eid-ul-Adha is the commemoration of Reuters. Hazrat Ibrahim's (AH) willingness to sacrifice "Some of these areas have been under-populated because his eldest son Hazrat Ismael (AH) in obedi- relatively of the need to focus so much on ence to the Allah's command --and his son's transnational terrorism." acceptance of this command. While enjoying While direct conflict between the festivities we should not turn our backs to emerging powers and Western states is likely to be rare, competition -our unfortunate brethren. It is sad that many of and occasional confrontation -- is the people are still living in despair and mis- bound to heat up in areas ranging ery in the aftermath of most devastating floods from currency policy to industrial espionage and cyber warfare. that brought hunger and unemployment. The Emerging powers are believed to day of Hazrat Ibrahim's supreme sacrifice is be increasing spying on the West in the occasion for the Muslims throughout the a way not seen since the Cold War, targeting commercial as well as world to affirm unity of action in an imperish- state secrets. But not without setable bond of brotherhood. backs. Regrettably, Muslims have become oblivious President Dmitry Medvedev told once mighty spy agency on of the significance of the practice that the Russia's Friday to put its house in order after Prophet of Islam reestablished amongst his a spymaster betrayed a network of followers. They are so much taken up with agents to the United States in one of most serious intelligence ostentatious behavior of displaying wealth, Russia's failures in decades. with outdoing the other in the size and the Fred Burton, a former US counteramount spent on the sacrificial animal. They terrorism agent who is now vice president of political risk consultan-

To sacrifice for holy cause

have also failed in inculcating the spirit of sacrifice for a greater and righteous cause, of patience and forbearance, of subservience to Allah. On the occasion there is also massive movement of people all over the country wishing to join their dear and near. They are likely to be caught off guard both at the public and private levels to cope with any untoward incident. This year special arrangements have to be made to deal with any adverse law and order situation. While we are celebrating the auspicious day, there is need for all of us to exercise caution, to be extra careful on the roads. And the government must also provide the necessary support in terms of extra transport to meet the heavy rush of travelers. It is also essential that full security is provided during the prayer times to ensure public safety. The ritual also has some worldly and philanthropic aims. The poor must also get their due share in the meat and the hides of the sacrificed animal or proceeds from their sales must reach the most deserving. The underlined objective of Eid-ul-Adha is to infuse among the Muslims the spirit of selflessness and sacrifice towards a greater cause. Our religion emphasises on striking a fine balance between spiritual and temporal attainments and in keeping with ethical and religious injunctions, instead of ritually and annually engaging in the ceremony of animal sacrifice. The real teachings of Islam highlight sacrificing the lust for money and upholding the spirit of devotion to serving the humanity. Let this Eid be a little different and a little more caring for the ones who are less blessed. Let us also display the unanimity by bidding farewell to caste and creed. If Hazrat Ibrahim was willing to sacrifice his beloved son why can't we put our ego at the altar?

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.

cy Stratfor, says the United States has already begun redeploying FBI resources back towards counterespionage from anti-terrorism. "HOSTILE FOREIGN ACTIVITY" "It's a huge challenge for Western intelligence services," he said earlier this year. "For the last 10 years they've been focused on counter-terrorism, Iraq and Afghanistan. Will that focus move back? I think it will. The question is how much." Among signs of a shift in priorities

were already using cyber warfare techniques to attack each other and needed to be constantly vigilant to protect computer systems. The internet lowered "the bar for entry to the espionage game", he said in an Oct. 13 speech. Aldrich sees India's June 2009 deployment of a military spy satellite as a sign that New Delhi fully intends to exploit the intelligence and defence potential of space. In the first public speech by a serving head of MI6 last month,

“

In the decade since the Sept 11, 2001, attacks, Western governments have devoted much energy to scouring remote tribal areas of Afghanistan, Yemen and Somalia as well as increasing surveillance of their own populations.

cited by experts is a Nov. 3 Pentagon announcement that the US military's Cyber Command, responsible for shielding 15,000 military computer networks from intruders, had become fully operational. Another is an announcement in an Oct 19 British military spending review of a 650-million-pound national cyber security programme - a notable increase in spending in a priority-setting exercise that slashed spending overall. "What the Americans and British are too polite to say is that an awful lot of the drivers for these cyber ventures come from China, whether the specific threat be China's government or its people," said UK intelligence analyst Richard Aldrich. Ian Lobban, head of Britain's communications spy agency, the Government Communications Headquarters (GCHQ), said states

John Sawers said that while terrorists might hit the West again "at huge human cost", nuclear proliferation by states was a more far-reaching danger and the risks of failure in tackling challenges in the area by countries like Iran were "grim". Former MI6 officer Inkster -- now head of transnational threats and political risk at the International

Emerging powers are believed to be increasing spying on the West in a way not seen since the Cold War, targeting commercial as well as state secrets. But not without setbacks. Institute for Strategic Studies in London -- said Sawers was probably also dealing with pressing matters daily involving the activities of Russia, China and other powers, and

this would likely increase. "It's the difference between importance and urgency," he said. "Obviously you've got a terrorist plot you've got to do something about it now. Maybe there are other issues that are more important but less urgent." "STATES WITH SHARP ELBOWS" Keeping an eye on emerging powers was not simply a matter of monitoring a direct threat from them to Britain, he said, it was also about gathering enough information to advise policymakers on what steps Moscow, Beijing or New Delhi might take next. Analysing the spending of Britain's MI6 is difficult, as the annual Intelligence and Security Committee report is censored. In 2008-9, it said about 37 per cent of Secret Intelligence Service effort was devoted to international counter-terrorism. But Russia is mentioned, as well as a country whose name is censored. Iran is also cited in the report, which says Tehran's nuclear programme is targeted by an effort that had attracted increasing funding over the last two or three years. Some caution that any shift in priorities will be modest. Western spies' top priority will remain preventing lethal militant attacks, they say. The political cost of letting attacks succeed remains high, both to Western governments and to the heads of intelligence agencies themselves, they argue. "That's not to say the rise of emerging Asia is not important, but I would be surprised to see much in the way of resources pulled away from existing national security threats," said Alastair Newton, a former British Cabinet Office official and now political risk analyst for Japanese bank Nomura. Former UK intelligence coordinator David Omand, now a professor at King's College London, said he would be cautious about overstating the degree to which the world was changing. "States with sharp elbows have always been there and intelligence agencies have responded accordingly," he said.-Reuters

Nukes & Israeli Elephant For the past four decades, there has been an elephant in the room whenever experts and government officials met to discuss nuclear weapons. The elephant is Israel's sizeable nuclear arsenal, undeclared under a US-blessed policy of "nuclear opacity." It means neither confirming nor denying the existence of nuclear weapons. "Deterrence by uncertainty," as Israeli President Shimon Peres has called it. The United States became a silent partner in Israeli opacity with a one-on-one meeting between President Richard Nixon and Israeli Prime Minister Golda Meir on Sept 26, 1969. That policy made strategic and political sense 40 years ago but it has outlived its usefulness, conflicts with Israel's democratic values, is counter-productive and should be abandoned. So argues Avner Cohen, one of the world's leading experts on Israel's bomb, in a new book "The Worst-Kept Secret", which delves deeply into the history and strategic and political implications of the policy. The book's publication coincided with a rising chorus of warnings by US and Israeli hawks over the dire consequences of Iran obtaining a nuclear bomb, an aim Iran firmly denies. In several essays over the summer, American neo-conservatives pounded the drums of war against Iran. On a visit to the US last week, Israeli Prime Minister Benjamin Netanyahu said a "credible threat of military action" from the West was necessary to stop Iran from making a nuclear bomb. In his book, Cohen says it is almost impossible to predict the outcome of the current battle of wills between Iran and the West. But if Iran

were willing to negotiate seriously, it might agree to substantial concessions only on a regional basis, as a step towards establishing a nuclear-free zone.

The Israeli nuclear complex at Dimona in the Negev desert and the nuclear facility at Natanz in central Iran are rarely mentioned in the same breath but they have

“

technician Mordechai Vanunu leaked photographs of nuclear weapons production at Dimona to the Sunday Times of London. His subsequent kidnapping in Italy, after being lured into a trap by a blonde Mossad agent, has become the stuff of books and documentaries. Back in Israel, he was convicted in a closed-door trial, spent 18 years in prison and was banned from leaving Israel after his release in 2004. Iran's secret facility at Natanz became public knowledge in 2002 after an Iranian dissident group disclosed details at a Washington press conference. Until then, the Iranians had pursued their program in a way reminiscent of Israel's strategies in the 1960s - a blend of secrecy, ambiguity, double-talk and denial. Why did Israel's nuclear "don't ask, don't tell" policy continue even after the Dimona disclosure? Cohen says the revelations lacked the political force to affect the policy. "On the contrary, except for Norway, the international community apparently was not willing to translate Vanunu's disclosure into the language of international relations." The policy survived, and so did Israel's monopoly on nuclear weapons in the

It means neither confirming nor denying the existence of nuclear weapons. "Deterrence by uncertainty," as Israeli President Shimon Peres has called it. The United States became a silent partner in Israeli opacity with a one-on-one meeting between President Richard Nixon and Israeli Prime Minister Golda Meir on Sept 26, 1969.

"In such a case, Israel could be pressed to make its own nuclear contribution, possibly even to shut down the Dimona reactor as part of the price for halting Iran's (uranium) enrichment activities at Natanz." Such arguments are not publicly discussed in Israel, under its code of silence on the nuclear bomb. But Cohen can go where Israeli academics and journalists c a n n o t because his book is published in the United States, where he is a non-proliferation scholar at the Monterey Institute for Internal Studies. In Israel, his book is unlikely to have survived the censor.

something in common. Both were secret until their existence was revealed against the will (and to the embarrassment) of the respective governments.

Why did Israel's nuclear "don't ask, don't tell" policy continue even after the Dimona disclosure? Cohen says the revelations lacked the political force to affect the policy. "On the contrary, except for Norway, the international community apparently was not willing to translate Vanunu's disclosure into the language of international relations." ISRAEL'S NUCLEAR MONOPOLY SURVIVES In 1986, Israeli nuclear

Middle East. It has left no doubt that it intends to maintain that monopoly - in 1981, US-supplied Israeli F-16 fighter bombers knocked out Iraq's Osirak reactor near Baghdad. The next perceived threat to the monopoly fell on Sept. 6, 2007, in a bombing raid on a Syrian site. Former US President George W. Bush, in his memoir "Decision Points", provides insight into the episode. Then Israeli Prime Minister Ehud Olmert telephoned him, Bush says, to ask that the United States bomb a suspected nuclear weapons site in the eastern desert of Syria. After checking with the CIA, which had "low confidence of a Syrian weapons program," Bush declined. The Israelis went ahead. In contrast to most Israeli critics of the country's nuclear program, Cohen thinks it has benefitted Israel, as has the policy of opacity. So why change it? Internally, because it is too secretive and lacks accountability. Who runs it? Who would pull the trigger? Externally, in part because President Barack Obama has made "a world without nuclear weapons" one of his chief aims. This is a utopian vision and how seriously the Obama administration is taking it will become clear in 2012, at a conference to discuss a nuclear-free Middle East. The decision to hold this was taken in May at a United Nations meeting to review the nuclear non-proliferation treaty, which is held every five years. Obama welcomed the decision but said his administration would oppose any actions that jeopardised Israel's national security. If that stands for sticking to Israel's nuclear opacity, what does "nuclear-free" mean? The elephant staying in the room?-Reuters


China's team celebrate gold medal after winning men's table tennis event at 16th Asian Games

5

Wednesday, November 17, 2010

Chelsea sidelines Terry over injury

Younus, Misbah secure the day n

DUBAI: Younus Khan notched his 17th test hundred to guide Pakistan to a draw against South Africa on the final day of the first test on Tuesday. Set 451 for victory after the visitors declared their second innings on 318 for two, Younus stroked an unbeaten 131 as Pakistan lost just one wicket on the fifth day to reach 343 for three. Younus got solid support from skipper Misbah-ul-Haq (76) as the pair put on an unbroken fourth-wicket stand

Monitoring Desk

KARACHI: Chelsea's medical team are assessing how to treat a chronic nerve problem in John Terry's right leg which will keep the England centre-back out of action for an indefinite period The extent of Terry's injury will concern Chelsea manager Carlo Ancelotti, who is also without central defender Alex with a knee injury. The flimsiness of his defensive back-up was exposed this weekend, when Sunderland tore into a Chelsea back line consisting of four full-backs. Terry has been struggling with his leg injury since last season, but it has only recently become unbearable. He said: "I have been struggling with a nerve pain coming from the top of my leg down to my hamstring and to the outside of my calf. It started towards the end of last season but with Chelsea being in the mix until the day of the FA Cup final, I didn't have the chance to rest or pull out of games. Then I went straight to the World Cup with England.

India set to rebuff Asiad cricket GUANGZHOU: Cricket may have got a reprieve at the Asian Games, but powerhouse India's reluctance to join the party threatens the sport's future at multisport events. A top Indian cricket official revealed to AFP that he could not guarantee the country's participation at the next Games to be held in the South Korean city of Incheon in 2014. "There is still some time for that, but we are not very excited about taking part in events like the the Asian Games," the official said from New Delhi. "We have a packed schedule in the next Future Tours Program and 2014 will be no exception. India cannot just dismiss its international and domestic commitments." Those comments will come as a body blow to the Asian Cricket Council (ACC), who encouraged the sport's inclusion in Guangzhou and fought hard to retain it for the next edition. The powerful Indian cricket board (BCCI) has already annoyed the Olympic Council of Asia and the ACC by refusing to field teams for cricket's debut at the ongoing Asian Games. India, whose huge cricket-mad television audiences make them an attractive proposition for any organiser, cited a busy international and domestic schedule for their absence from China. "It will be a pity if India do not take part in the Asian Games," said ACC chief executive Ashraful Huq. "Their presence is needed to spread cricket across the continent.-APP

n Younus hits 17th test ton Shares record stand with Misbah of 186. Their partnership was a record for any Pakistan wicket against South Africa, eclipsing the 161-run second-wicket stand between Kamran Akmal and Younus scored in Lahore during the 2007/8 season. South Africa began the day with high hopes of pushing for victory but did not help their chances by spilling three catches. Younus was dropped twice, with his score on 16 and 70, while Misbah was put down at short leg when he had scored

just eight. Pakistan began the day on 109 for two with Azad Ali and Younus at the crease. The duo stretched their third-wicket stand to 82 before Ali, on 63, fell when he was bowled by left-arm spinner Paul Harris with a ball that beat the batsman's defensive prod to peg back his off stump. The two teams will now turn their attention to the second, and final, match of the series which starts in Abu Dhabi on Saturday.-Reuters

Afghans experience international golf

DUBAI: Younis Khan celebrates after scoring a century against South Africa on the last day of the first Test match between Pakistan and South Africa.-Reuters

GUANGZHOU: The only golf course in Afghanistan is a rock-strewn nine-hole affair in the capital Kabul, which puts Ali Ahmad Fazel and Hashmattulah Sarwaree at a distinct disadvantage at the Asian Games. The two are the first players from their war-ravaged country ever to compete at an Asiad or any other international golf event. While the sport was intro-

Gayle frustrates Lanka with triple-ton GALLE: Opener Chris Gayle tormented Sri Lanka with a career best 333 as West Indies took control of the first test before declaring on 5809 on Tuesday. Gayle became the first West Indian to score a triple century on foreign soil and the fourth player to score two triple tons, joining Australian great Don Bradman, India's Virender Sehwag and compatriot Brian Lara. With the batsmen swiping away the Sri Lankan attack with ease on the placid pitch, West Indies looked set for a huge first innings total but the dismissal of Brendan Nash (64) sparked a collapse and the hosts hit back to claim six wickets for 21

runs. Sri Lanka will resume the third day on 54 for one. Jamaican Gayle caressed Ajantha Mendis to the extra cover boundary to bring up his triple century, and promptly dropped down on his knees in celebration while his team mates applauded him loudly from their balcony. Just when it seemed that Gayle could surpass Lara's record mark of 400, spinner Mendis brought Sri Lanka back into the match with a great spell of bowling in the final session and claimed five wickets for 13 runs off 46 balls. He broke a 167-run fourth wicket stand between Gayle and Nash by

trapping the latter lbw. He went on to pick up the scalps of Dwayne Bravo (five), Gayle, Darren Sammy (naught) and Andre Russell (two) to take his second six wicket haul at this venue finishing with figures of six for 169. Gayle looked in control until he suffered cramps on his right leg after passing his previous highest score of 313 and had to be assisted by a runner. He struggled to handle the spinners and eventually was bowled between bat and pad by Mendis when he failed to get to the pitch of the ball. Gayle returned to a standing ovation from the pavilion having scored his runs off 437 balls with 34 fours and nine sixes.-Reuters

Vettel triumphs real racing title ABU DHABI: Sebastian Vettel took just 99 minutes to sweep away the talk of team orders and tainted titles and ensure the 2010Formula One championship is remembered as a triumph for real racing. After a season of record-equalling length, with 19 races from Australia to the Americas, the 23-year-old German won an unprecedented four-way last race showdown on Sunday to emerge on top for the first time this season and take his place as the sport's youngest champion. Starting with a 15 point deficit to Ferrari's Fernando Alonso, Vettel took the Red Bull by the horns and secured the title with a pole to chequered flag victory that owed nothing to pitwall meddling or veiled instructions. In that moment, months of controversy melted away. "We did it our way," said team boss Christian Horner, who had refused to favour one of his drivers over the other and would have faced his own inquisition had Red Bull lost to Ferrari despite having the car of the season. "We chose to back both guys," he told reporters as mechanics and staff celebrated around him. "It could have cost us. We stuck with it, we believe in the principle of backing both equally and I think that's been vindicated today." TAINTED TITLE Had Alonso won and become the youngest triple champion, there would have been endless post-mortems about whether or not his title was truly deserved after the shenanigans of Hockenheim in July. Former FIA president Max Mosley was not the only one suggesting that the title would be tainted if the Spaniard won by less than the seven points he had gained from Ferrari ordering Brazilian team mate Felipe Massa to let him win in Germany. Massa's loyal race engineer Rob Smedley may still win 'moment of the year' awards for saying with a heavy heart over the radio 'So, Fernando is faster than you, Can you confirm you understood that message?", but the sting has been drawn. Had Red Bull's Australian Mark Webber won, there was a danger it too would have been as a result of Vettel

doing 'the right thing' and moving over to give the Australian the points needed to finish ahead of Alonso. Formula One supremo Bernie Ecclestone had said he hoped any switching of positions would at least be done with subtlety. Ultimately, however, it just came down to pure racing. Ferrari messed up Alonso's strategy, Webber was doomed after qualifying fifth and Vettel just went as fast as he could and left the rest to fate. Alonso also won five races but one of them was thanks to Massa moving aside and three others came after the Italian team had laid down the pecking order. Webber pushed Vettel all the way, even if he complained of feeling like a number two and being an 'inconvenient' challenger, and twice led the championship. The Australian won four races and took five poles to Vettel's 10 in a record-equalling season for Red Bull. Massa did not win a race or start on pole. TOTAL FAITH "Ultimately it has come down to what they have done on the track," said Horner, whose team also won the constructors' championship. "Sebastian has had his ups and downs this year, he's had a bit of bad luck, he's never lost belief, always had total faith in the team and himself and he's come out on top." Had Vettel enjoyed Webber's reliability, he might have wrapped matters up earlier. An engine failure in Korea while leading costing him 25 points, a faulty spark plug in Bahrain denying him another win. There was also a brake disk problem in Australia, and accidents of his own causing that had McLaren boss Martin Whitmarsh labelling him 'crash happy'. The lead in the championship has changed hands repeatedly this year, with six different leaders, and even if the end result was not the closest championship ever in points terms -- only a draw could achieve that -- it was the most competitive and hard-fought. Next year, with a record 20 races and a new tyre supplier in Pirelli, will be a fresh challenge for everyone and Red Bull will have to fight hard to defend both titles but the focus on Sunday was all about the last 12 months.-Reuters

duced to the country more than 40 years ago, it is only since 2004 that the public have been allowed to play. "Our national golf federation only formed two-and-a-half years ago," said team coach Mohammad Jama Hekmati, who added that the lush greens of the Dragon Lake Golf Club were a real eye-opener. His players are more used to sand and tar-covered fairways where ball

finders are a necessity. "The only thing we can do is play better," he said. "Compared to China, Singapore and Korea, Afghanistan has a short golfing history. "We have practiced here and also back home, but none of our players have participated in an international competition before so, to be honest, I don't expect them to win a medal."-APP

Ashes win to earn every Oz a free beer SYDNEY: An Australian team sponsor has pledged to buy a beer for every adult in the country should the home side beat England in the upcoming Ashes series. Under the "Shout the nation" commitment, if Australia win back the Ashes from England over the next two months, free coupons for Victoria Bitter (VB) will be printed in five newspapers at the conclusion of the final test on January 8.

Buying a bottle of VB for some 13 million adult Australians would cost nearly $20 million at retail prices, although the brewer has chosen the first series in Australia for many years where England are thought to have a decent chance of victory. "We're going to buy the biggest round in Australian history," VB's Craig Maclean said at the Sydney Cricket Ground (SCG) on Tuesday.-Reuters


Analysis & Feature

6

Wednesday, November 17, 2010

SUU KYI RELEASE POSES THORNY QUESTIONS * CHINESE FIRMS HAVE BENEFITTED FROM WESTERN SANCTIONS * AUNG SAN SUU KYI KEEN NOT TO CHINA * BEIJING HAS BEEN WORRIED BY U.S. RAPPROCHEMENT WITH MYANMAR * CHINA'S PRIORITY TO MAINTAIN STABILITY IN MYANMAR

ALIENATE

T

he release of Myanmar's prodemocracy leader Aung San Suu Kyi poses a host of thorny questions to vex Chinese policymakers, from fears about a loss of influence there to awkward questions about freedom at home. Will she help usher in a government with which the United States and Europe feel it can do business? What would that mean for China's considerable investments in the country that have benefitted from the Western sanctions on Myanmar? "Inevitably a lifting or easing of sanctions would lead to more competition for Chinese companies in Myanmar, but that will not happen overnight just because Suu Kyi has been let out," said Lin Xixing, a Myanmar expert at Guangzhou's Jinan University. "China will be paying close attention to what is happening in Myanmar. What the government most wants is stability there," he added. "There is still a lot of uncertainty about what her release means and what she will be able to do." To be sure, Beijing's worries about their southern neighbour are not new. Their long shared border hides rebel armies and drug lords, whose spats with Myanmar's central government have

spilled into China in the past. China has been pondering how to deal with slowly thawing ties between the former Burma and the United States since President Barack Obama began tentative contacts last year, culminating in a rare meeting with Prime Minister Thein Sein in Singapore. Senator Jim Webb, the chair of a Senate subcommittee on East Asia who is an outspoken proponent of deepening ties with the isolated country, said last month it risked becoming a "a province of China" if it remained out in the cold. Suu Kyi said on Sunday she was willing to enter into dialogue with Western nations to lift sanctions on the country if the Burmese people wanted it. She also assured China that she did not consider it an enemy. "China is a very important neighbour of our country. Don't consider China as an enemy," she said on her first full day of release from house arrest. China has been careful to maintain links with opposition groups in Myanmar despite its close relationship with the current military rulers. "She would know that if she wants to be a political player in Burma then she needs to have ... a fairly clear path from China," said Ian Holliday, a Myanmar expert

at the University of Hong Kong. "It's smart geo-politics on her part. She would not want to make an enemy of Beijing." CLOSE ECONOMIC TIES The sanctions have been good to China. China has invested billions of dollars in Myanmar -- $8.17 billion in the current fiscal year, accounting for two-thirds of its total investment over the past two decades, according to Myanmar state media. Energy projects formed the bulk of the investment, with $5 billion in hydropower and $2.15 billion in the oil and gas sector of the resourcerich nation. However, analysts say official investment data for Myanmar is notoriously unreliable. Bilateral trade grew by more than one-quarter in 2008 to about $2.63 billion, according to Chinese figures. Myanmar also gives China access to the Indian Ocean, not only for imports of oil and gas and exports from landlocked southwestern Chinese provinces, but also potentially for military bases or listening posts. In October, China's state energy group CNPC started building a crude oil port in Myanmar, part of a pipeline project aimed at cutting out the long detour oil cargoes take through the congested and strategically vulnerable Malacca Strait. China could actually bene-

fit if the sanctions are lifted and Myanmar's relations with Washington improve. A richer Myanmar would in turn help development in China's poorer western provinces. "Myanmar would speed up its opening up and reforms, bringing with it even more opportunities for Chinese brands and firms," Yu Changsen, a professor at Guangzhou's Sun Yat-sen University, told the Guangzhou Daily earlier this year. "This will lead to even closer cooperation between the two countries." The Chinese government has yet to give a formal reaction to her release, though it has been reported on by some of the country's closely controlled state media with a strange mix of incredulity and praise for her courage. the Global Times, a popular tabloid run by Communist Party mouthpiece the People's Daily, noted dryly that "the most excited people were Westerners", adding there were many white faces in the crowd when she was released. The regional Chongqing Evening Post called her the person "who causes the military government the worst of headaches", but noted that despite her lack of money or official title, "she owns the hearts of Myanmar's people". In a measure of China's

sensitivity about Nobel Peace Prize winner Suu Kyi, and the that fact that China's

own laureate Liu Xiaobo remains in jail, online comments about her were swift-

ly removed, though not before a few were published. -Reuters

Sarkozy back to right-wing roots with reshuffle F

rench president Nicolas Sarkozy has opted for cementing his rightwing base as his best stab at re-election in 2012, with a reshuffle that ditched centrists and left-wing converts and promoted old-style conservatives. Grappling with dismal ratings ahead of an election battle against a resurgent left, Sarkozy is gambling on redrawing his government along firmly conservative lines even if that means he risks facing a bigger challenge from the centre in 2012. In long-awaited cabinet rejig, Sarkozy retained ally Francois Fillonas prime minister, made former premier Alain Juppe defence minister, promoted no-nonsense con-

servative Michele AlliotMarie to foreign ministerand dropped talent lured from the left and civil society. It marked an end to his old strategy of poaching people and ideas from opposition parties as a way of overpowering them. "This is a government which is here to prepare for the next presidential elections," said Frederic Daby, an analyst with the IFOP polling institute. "This is a government that will please UMP supporters," he said, referring to the ruling party. Sarkozy may be betting that by shoring up his core support base he can secure enough votes to come second in a first-round presidential election, and then scrape a second-round win as far-right

and centrist voters come over to him. The risk is that centrists, now fragmented into several parties that are traditional allies of the centre-right, may manage to unite behind one candidate in 2012. Centrists Jean-Louis Borloo and Herve Morin, piqued after being ditched asenergy and defence ministers in the reshuffle, are potential presidential contenders, as is Francois Bayrou, who polled 18.6 percent on the first ballot in 2007. After appealing to far-right voters with his tough stance on crime and illegal immigration, Sarkozy surprised many on taking office by bringing left-wingers and centrists into his cabinet.

He has now dumped leftwing humanitarian campaigner Bernard Kouchner as foreign minister and passed over the charismatic Borloo for prime minister, prompting him to quit in a huff. Eric Besson, a former Socialist put in charge of immigration and national identity by Sarkozy, was demoted to the less prestigious post of industry minister. The reshuffle also gave Budget Minister Francois Baroin, a protege of formerpresident Jacques Chirac, the additional role of government spokesman. SARKOZYISM IS BACK "The opening to the left is over, the social opening too. We are going back to the fundamentals of Sarkozyism,"

said Jerome Sainte-Marie, head of the ISANA polling institute. "The obsession today is not to maintain a good coherence between the right and the centre-right ... It's to allow a reduced but united right to contain the far-right, or divert it for his benefit," the pollster said. Sarkozy will answer questions on television on Tuesday about the reshuffle, which he timed to follow the entry into force of his flagship pension reform. The decision to retain Fillon, who is much more popular than the president in polls, is a sign of growing reliance on a man who will be largely running domestic politics while Sarkozy is busy pushing his goals for

France's G20presidency. The man behind the campaign that swept Sarkozy to power, Fillon is regarded as a one-day presidential hopeful himself, but for now he is a trusted right-hand man for the president. There are signs that Sarozy's hand may have been forced by lawmakers in his UMP party who rebelled when presidential aides floated Borloo's name last month as a potential premier with a mandate to reach out to trade unions and push social equality. "Fillon keeps Sarkozy on," quipped the daily Liberation on its front page, while La Tribune called Fillon the "hyper" prime minister, giving him a moniker normally used for Sarkozy.

Opinion polls showed that most voters wanted Fillon to stay on. Support for Borloo as prime minister was much lower. "The reappointment of Francois Fillon was the least risky scenario on a political level, but there's a big drawback: it's not going to shake up public opinion," said analyst Jean-Francois Doridot at the Ipsos polling institute. "This will not be enough to reverse the trend," he said, referring to Sarkozy's low popularity. Borloo flounced out of the government on Sunday, saying he wanted his freedom of speech back, and Morin scathingly remarked that the new cabinet was a campaign team of the UMP's old guard. -Reuters

Are Iran nuclear talks doomed to fail again? I

ran is likely to stick to a stalling strategy towards world powers, seeking to blunt their pressure to curb its uranium enrichment drive without making any major concessions over work the West fears has military aims. The Islamic state has agreed to meet with a representative of the six big powers for the first time in more than a year, but diplomats and analysts see little chance of a breakthrough in the long-running dispute over Tehran's nuclear programme. At most, they say, the talks that could take place early next month between Iran's nuclear negotiator Saeed Jalili and European Union foreign policy chief Catherine Ashton may be followed by more meetings to halt a downward spiral in ties. Both sides have expressed readiness to resume discussions on Dec. 5 but they have yet to agree on a venue. [ID:nLDE6AB19X]

A senior Western diplomat in Tehran voiced pessimism about the latest bid to find a diplomatic solution to the row, which has the potential to kindle a regional arms race and spark a military conflict in the Middle East. "I don't believe it will lead anywhere," the diplomat told Reuters. "The fundamental differences are so large and the room for compromise is so small." Iranian officials have a track record of using similar sessions in the past to insist on the country's "inalienable right" to develop nuclear energy while refusing to address Western suspicions that the main aim is to build bombs. "Time is on our side ... every passing hour we advance further," a former Iranian nuclear official said. The six powers leading efforts to resolve the dispute diplomatically -- the United States, China, Russia, Britain,

France and Germany -- hope tougher sanctions implemented against the Islamic Republic since June will make it more flexible. They want Iran ultimately to agree to suspend uranium enrichment, which can have both civilian and military uses, in return for a package of economic and political incentives. But while Iran's international isolation is hurting the oildependent economy,Tehran is signalling no willingness to compromise over a nuclear programme it says is solely designed for peaceful purposes such as producing electricity. For President Mahmoud Ahmadinejad, who has championed a steady expansion of Iran's nuclear work since he came to power in 2005, defiance towards the West is a way to rally nationalist support and distract attention from the country's economic woes. "They are economically under pressure, but they defi-

nitely don't see that as a reason to change their policy on the nuclear issue," the Tehranbased diplomat said. "The antiWestern rhetoric has been stepped up in recent months." Since Jalili last met with representatives of the big powers, in October 2009 in Geneva, Iran has continued to increase its stockpile of low-enriched uranium (LEU) and now has enough for at least two bombs, if it was refined much further. Underlining Western suspicions that Iran will try once again to avoid any talks on its sensitive atomic work, Ahmadinejad and other Iranian officials have in recent weeks suggested that Tehran's rights to nuclear capabilities were non-negotiable. "We believe the issue has been resolved. We will continue our peaceful nuclear activities," Ahmadinejad said last week. Such comments may be directed mainly at a domestic

audience and EU diplomats in Brussels say they do not believe Iran is closing the door to talking about the nuclear issue. But a Western envoy in VIENNA, home to the U.N. nuclear watchdog, said he believed power rivalries within Iran's ruling establishment would block any attempt to reach a deal. "I'm optimistic there will be a meeting and I'm realistic that there won't be any significant forward progress at all." An Iranian analyst who declined to be named said the leadership could not accept an enrichment suspension as it "would harm its prestige among its core supporters". NUCLEAR FUEL SWAP The West may in the end have to accept Iran continuing some enrichment activity, said proliferation expert Mark Fitzpatrick at the International Institute for Strategic Studies. "Iran has made very clear that that is an absolute bottom

line," he said. "A negotiation would explore ways that Iran can satisfy concerns whilst still maintaining some enrichment." But he added: "I'm very pessimistic on the chances that Iran would negotiate a satisfactory outcome." Even the possibility of reviving a plan to swap nuclear fuel, seen by the West as a possible way to build confidence for broader negotiations on Iran's nuclear programme, seems remote. While both Iran and the United States say they are ready to resume talks on a proposal to exchange Iranian LEU for higher-grade material for a Tehran research reactor, they are far apart on how it would take place. A tentative agreement last year under which Iran would send out 1,200 kg of LEU in return for the reactor fuel fell apart after Tehran backed away from its terms and later started

producing higher-enriched material itself. Western diplomats say Iran must now send out much more LEU under any revised deal to reflect the growing size of its stockpile, a demand Iran rejects. Baqer Moin, an Iran expert in London, suggested the most likely scenario for the meeting between Jalili and Ashton was "more talks about talks" rather than substantive discussions. U.S.-based Iran experts Trita Parsi and Reza Marashi said a few meetings could not resolve three decades of enmity between Tehran and Washington since Iran's 1979 Islamic revolution. "Success will only come if diplomats are willing to play the long game, placing a premium on patience and longterm progress rather than quick fixes aimed at appeasing skeptical and impatient domestic political constituencies," they wrote. -Reuters


7 Asia crude buying to drive tanker trade in 2011

International & Continuation

Wednesday, November 17, 2010

Chile's President Sebastian Pinera and his Chinese counterpart Hu Jintao attend a signing ceremony at the Great Hall of the People in Beijing

Prince William to marry long-term girlfriend

CPI rises, Bank ready to act in either direction LONDON: Inflation unexpectedly rose further above its target in October but the Bank of England said it was ready to change policy in either direction as the risks to the outlook were substantial on both sides. The Office for National Statistics said on Tuesday that annual consumer price inflation rose to 3.2 per cent last month, more than a per centage point above the Bank's 2 per cent target. It has now exceeded 3 per cent every month since March. Analysts had expected it to stay at 3.1 per cent and sterling shot up around half a cent against the dollar as traders bet the stubbornly high inflation figures meant the BoE's Monetary Policy Committee will not pump more stimulus into the economy. But Governor Mervyn King, forced by his remit to write a fourth letter of explanation this year as to why inflation is so high, said the rise was likely temporary and that spare capacity in the economy would bring

the CPI rate down in the medium-term. He said that while inflation would likely stay above target for the next year because of a planned VAT rise and higher commodity prices, monetary policy operated with lags and had to balance competing upside and downside risks to inflation. "The committee is ready to adjust policy -- in either direction -- in order to ensure that the risks to the outlook in the medium-term remain evenly balance around the 2 per cent target," the letter said. Finance minister George Osborne replied that he noted King's points. The BoE left interest rates at a record low of 0.5 per cent this month and kept its 200 billion pounds quantitative easing programme on ice but the jury remains out on what the next move in policy will be. The MPC was split 3 ways in October, with one member calling for a rate hike, another for a

cut and the remaining seven for unchanged policy. Minutes showing November's voting record will be published on Wednesday. King and other BoE official are also due to testify to a parliamentary committee later on Tuesday. Policymakers have been grappling with above-target inflation on one side, and on the other, the prospect of recovery from the worst recession since World War 2 being thrown off track by the global economy and planned fiscal tightening. Analysts are also divided about whether rates will rise from their record low of 0.5 per cent or if the BoE will follow the US Federal Reserve and expand its quantitative easing. "There is a non-negligible chance that inflation expectations get dislodged. Under these circumstances, it's difficult to see the MPC embark on another round of quantitative easing," said Amit Kara, economist at UBS.-Reuters

LONDON: Britain's Prince William is to marry his longterm girlfriend Kate Middleton next year, Buckingham Palace said on Tuesday. William, 28, the elder son of heir-to-the-throne Prince Charles and the late Princess Diana, and Middleton, 28, became engaged while on holiday in Kenya. "The Prince of Wales is delighted to announce the engagement of Prince William to Miss Catherine Middleton," Charles's office said in a statement. "The wedding will take place in the spring or summer of 2011, in London. Further details about the wedding day will be announced in due course." The statement said William, who met Middleton, daughter of self-made entrepreneurs, while at university, had informed Queen Elizabeth and also sought the permission of Middleton's father.-Reuters

Adani's coal imports seen rising 40pc this year NEW DELHI: India's Adani Enterprises expects its coal imports to rise about 40 per cent this year, the head of its coal trading unit said, preserving its dominance of the coal trade in Asia's third-largest economy. The energy-to-real-estate group, headquartered in western Gujarat state, is likely to import 32-35 million tonnes of coal in the 2010/11 year ending in March, up from 25 million the previous year, Vinay Prakash, chief executive officer

of the coal trading division, said in emailed replies to questions. India is expected to import nearly 84 million tonnes of the resource in the current financial year, on top of local production of 572.37 million tonnes, Coal Minister S. P. Jaiswal said recently. Adani, which controls Indian power utility Adani Power and its own cape port, Mundra, is able to offer coal at competitive rates owing to its integrated operations. "Coal demand in India is

growing fast, and customers are moving towards index-based pricing methodology," Prakash said. Import requirements are expected to reach around 135 million tonnes by 2012, according to analysts' estimates, as difficulties in mining keep state-run monopoly Coal India from expanding and new mines from coming up. Strong demand from both India and China, which typically buy from Indonesia, South Africa and Australia, has led

analysts to expect prices to stay firm above $100 a tonne. India's coal pricing is set to move to index-based pricing, while freight rates are likely to move higher, Prakash said. "India in future will be a more structured market having established themselves as a priority customer." A falling trend in iron ore exports will make coal freight rates more expensive as ships bringing in coal cannot find iron ore shipments for the return journey, he added.-Reuters

CONTINUATION No #1

Continued from page 1

No #4

Continued from page 1

culprit in NICL scam has yet not arrested and SC would not tolreserves and its manageable domestic borrowing program, erate corruption in the country in this regard as public money was Aninda Mitra, a Moody's Vice President and senior analyst, looted in the scam. said. -Agencies Later, the Supreme Court adjourned the hearing of the case for Continued from page 1 No #5 three weeks. -Agencies not confirmed yet and the number of casualties can increase. As Continued from page 1 No #2 per political analysts North and South Waziristan are two such problem can not be solved. Mir Hazar Khan Bijrani in a state- tribal areas where foreigner fighters and local Talibans have safe ment said that the hoarders are creating this shortfall of sugar in havens. -Online the country. The provincial governments should take action and Continued from page 8 No #6 organise its machinery to deal with the hoarders and without the one-time tax for six months and the Government would get a help of all provincial governments this problem can not be solved. He informed that an ICC meeting was held on Nov 11 and in revenue of about Rs31 billion through this levy. Similarly, it would earn Rs11 billion from increase in the rate of Federal that meeting it was informed that during January-October seven and a half million tonnes of sugar was bought by the traders from Excise Duty on luxury goods, cosmetics, and cigarettes and that too up to June next year.-NNI the sugar-mills which never reached the local market. Since January 2010 till Oct 2010, 2 million 75 thousand tonnes Continued from page 8 No #7 per month has been produced whereas the limit set by the governPakistanis are still in need of urgent humanitarian aid months ment was 3 million 50 thousand tonnes per month. He further informed that he presided over a meeting of the Pakistan sugar after devastating floods hit the country, killing over 1,700. More than seven million people are without shelter in Pakistan association meeting in which the representative of the association Jawad Kiyani has categorically said all the sugar has been sold as water-borne diseases and nutrition are still a grave concern for from the sugar mills and not even a single bag is left. -Agencies the victims of the country's July-August flooding. -Online

No #3

Continued from page 1

No #8

Continued from page 8

burning matters came under discussion. Muslims sacrifice animals according on any of the three days During the meeting different affairs were deliberated to improve of Eid. Different slaughtering points have been set up in different places of federal capital for the convenience of the people. law and order situation in the province while Rehman Malik assured protection of people on part of federation. -Online -Agencies

LONDON: Chinese and Indian crude oil buyers will drive activity on larger tankers in the coming months and rates are expected to hover slightly below historical averages, leading brokerage Poten & Partners said on Tuesday. Earlier this month firm crude buying by China helped earnings for very large crude carriers (VLCCs) on the benchmark Middle East Gulf to Japan route rise to their highest in four months. "The projections are that US demand will stay relatively flat or grow a small amount and Chinese demand will increase at a significantly more rapid pace than US demand," Jeffrey Goetz, managing director with the New York headquartered brokerage and consulting firm, told Reuters in an interview. "So we would expect more spot market activity from Chinese and Indian charterers," he said on a visit to London. Goetz said major tanker charterers included Unipec which is the trading arm of top Chinese refiner Sinopec, Petrochina, state-controlled Indian refiner IOC and Indian conglomerate Reliance Industries.

In contrast, top tanker charterers in 2000 included US energy firm Exxon Mobil, Royal Dutch Shell and state oil company Saudi Aramco's shipping subsidiary Vela. Firmer demand in recent weeks has helped to soak up tanker availability. VLCC rates plunged in October as the end of a speculative trading play, which at one point last year involved an estimated 100 million barrels of crude oil held on tankers at sea, meant the market was awash with tankers. The unwinding of a structure, known as a contango, relied on the price of oil for immediate use being at a deep discount to oil futures. Broker ICAP Shipping estimated on Friday three VLCCs were storing crude at sea. A VLCC can store up to 2 million barrels of oil. Goetz said there was "no economic incentive to keep barrels in storage". "We are starting to see this unwinding of the storage and I don't see it coming back. It will be the same on the products side," he said. Average VLCC earnings reached $19,786 a day on Monday, Baltic Exchange data showed. That was still above the operating cost level of $10,000 a day.

Average VLCC earnings slid to a one-year low last month of $1,661 a day. "The rates will probably be slightly below long-term historical averages but much better than the recent lows that we had," Goetz said. "The 15-year average is probably around $45,000 a day for a VLCC." Earlier this year Poten announced its move into providing broking services in the over-the-counter derivatives market which includes crude oil options and ethanol as well as wet freight derivatives, known as FFAs. "We decided to open a financial brokerage desk to complement our historically strong physical shipping and energy coverage," chief operating officer Steven Garten told Reuters. "We are getting ready to launch a natural gas desk in the first quarter of next year." Poten, which is employeeowned, has eight brokers including two covering FFAs. "We are looking to expand it to London and Singapore as soon as we find people who share our vision. We will grow as fast as we can or as slowly as we have to," Garten said.-Reuters

ENGLAND:Britain's Prince William smiles as he walks with his girlfriend Kate Middleton at RAF Cranwell, central England.-Reuters

Finland seen strongly opposing Ireland EU bailout BRUSSELS: Finland is against putting pressure on Ireland to quickly apply for a European Union bailout, saying EU financial aid must be a last resort. Euro zone finance ministers will discuss Ireland's debt situation at a meeting on Tuesday amid reports some EU countries are keen for Dublin to quickly tap EU emergency funds to calm markets and stop debt concerns from spreading to other countries, like Portugal. "Finland strongly opposes the German position that the mechanism should be used just to make the markets calm down," said one euro zone source familiar with Finland's position. "The mechanism wasn't created for that purpose." Since decisions among finance ministers over activating the European Financial Stability Facility (EFSF), which Ireland may need to access, have to be taken unanimously, Finland's view counts as much as the other 15 members of the euro zone. Finland's staunch opposition to pushing Dublin into asking for help is partly based on its belief that the rules must be strictly adhered to but also out of domestic political concerns

-- there is an election in Finland next year and there is popular opposition to more bailouts. "Finland is already supporting Iceland, Latvia, Greece and, who knows, possibly Ireland and others," said a Finnish EU source who spoke on condition of anonymity. "The government will be politically dead if we accept something that is unacceptable to the average Finn. There is no way of explaining it to the average Finn that we are paying all this money but don't know when it's coming back." As well as opposing Ireland getting quick access to the EFSF -- the Irish government is fully funded until mid-2011 and does not immediately need financing help -- Finland opposes Ireland tapping the EFSF or other EU mechanisms to help its banks. One euro zone source said that if Ireland asked for help in order to bail out its banks, then it should be forced to put up collateral against any loans. The source said Ireland's government had assets worth over 100 billion euros which could be securitised and used as collateral against an EFSF loan if one was requested.Reuters

US drops case against UBS, ends harmful tax row ZURICH: US tax authorities have withdrawn a summons against UBS aimed at getting data on the bank's US clients, the Swiss government said, putting an end to a tax row that had threatened to bring the bank down. The US government agreed last August to drop charges against UBS after Switzerland promised it would transfer the details of around 4,450 clients that UBS had helped dodge taxes, despite strict Swiss bank secrecy. The Swiss government said in a statement on Tuesday that some 4,000 cases had been supplied to the United States so far. Subject to the outcome of pending appeals before the Swiss Administrative Court, information on a number of additional accounts would be delivered to US authorities in coming months, it said. UBS said last month it expected the summons to be dropped on Nov. 15.-Reuters


www.asharys.net

For Subscription

Manager Circulation Ahmad Omer

1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6

Italian Kitchens Karachi

Lahore

tel: 92(21)5860794-5

tel: 92(42)5694061-2

8

Wednesday, November 17, 2010

RIAZ NEWS AGENCY Cell # 0333-5373137

SHAKIL NEWS AGENCY Cell # 0333-4400472

President, PM call for ensuring implementation of 18th Amendment

Gilani, Zardari preach ‘the spirit of sacrifice’

ISLAMABAD: Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar chairing a meeting on gas import with a delegation from the Punjab Government. -Online

Eid celebrated in parts of world

Devil-stoning done in Mina MINA: A human tide of pilgrims carrying bags of pebbles descended on the Mina valley on Tuesday to symbolically stone Satan on the third day of the Hajj, as majority of Muslims worldwide marked the Eid al-Adha with animal sacrifices. Small pebbles whizzed above heads as hundreds of thousands of pilgrims rushed to stone a 30-metre (100 feet) long structure, the longest of three walls said to symbolise the devil, also referred to as Ibleess. Some two million pilgrims taking part in this year's Hajj, the world's largest annual pilgrimage, had overnight arrived at Mina, a tent town in western Saudi Arabia that comes to life five days a year, after returning from rituals marking the peak of the Hajj at nearby Mount Arafat on Monday. Stoning has in the past been marked by deadly stampedes but the Saudi authorities have now revamped the area, expanding the stoning path into a multi-storey bridge. The structure, which resembles a parking lot sits in the middle of a barren valley surrounded by arid rocky hills, aims to prevent the type of trampling that caused the deaths of 364 people in 2006, 251 in 2004 and 1,426 in 1990. The endless flood of white-robed pilgrims were directed Tuesday onto var-

ious levels by police, who made sure all moved in one direction only and that no one stayed too long at the site. Those taking a seat were hastily moved on. After the stoning, each pilgrim sacrifices an animal, usually a lamb, as the third day of Hajj also marks the Muslim major feast, Eid al-Adha. The animal sacrifice is carried out across the Muslim world with devotees in Bangladesh expected to slaughter a record 15 million animals this Eid. The sacrificial rite honours Ibrahim's willingness to sacrifice his son on God's order before he was forestalled with a lamb. Pilgrims after the stoning rituals, which can last two days, head to Makkah, some five kilometres (three miles) west of Mina, to perform Tawaf, or circumambulation of the Kaaba seven times. In recognition of the importance of the event, US President Barack Obama and his wife Michelle on Monday extended good wishes to the world's 1.57 billion Muslims. "On behalf of the American people, we extend our best wishes during this Hajj season -- Eid Mubarak and Hajj Mabrour," he added, using the traditional holiday greetings in Arabic. No major incidents have been registered so far. The Hajj ends on Friday.Agencies

Lisbon Nato moot seen as watershed in Afghan war ISLAMABAD: The Nato summit in Lisbon this weekend will mark a turning point in the prosecution of the war in Afghanistan as it lays out a roadmap to end combat operations by 2014, the top US envoy to the region said on Monday. But that won't spell the end of the international presence in Afghanistan, said US special representative to Afghanistan and Pakistan Richard Holbrooke. "From Lisbon on, we will be on a transition strategy with a target date of the end of 2014 for Afghanistan taking over responsibility for leading the security," he told reporters in the Pakistani capital. "We have a transition strategy. We do not have an exit strategy." He stressed that 2014 would not be a repeat of 1989, when the Soviet Union left Afghanistan in defeat and the West turned its back on its former proxy battleground, leaving it a cauldron of Islamic militancy and civil war. The Taliban emerged from this stew as did

Osama bin Laden. "This does not mean international force will leave completely, and it definitely doesn't mean we're going to repeat 1989 when the US turned its back on Afghanistan as soon as the Soviets left." Many in Pakistan and Afghanistan still point to the abandonment as the United States' original sin and the cause of many of the region's problems. "What happened in 1989 was a straight line to 9/11, and from 9/11 to where we are today," the US envoy said. "It is the most extraordinary story of unintended consequences I think in American foreign policy history." July 2011 would mark the beginning of the withdrawal as planned, he said. US President Barack Obama set next summer as his starting point for the drawdown of US combat personnel following a surge of 30,000 troops he ordered last year. "One thing you can be sure of is that there will be some drawdown by July of next year," Holbrooke said.

56 Parliamentarians' credentials bogus

607 MPs degrees declared genuine ISLAMABAD: The Election Commission of Pakistan (ECP) Tuesday declared the degrees of 607 Parliamentarians as authentic. The ECP spokesperson said that Higher Education Commission (HEC) had declared the degrees of 60 Parliamentarians as fake or bogus, however, during the verification process ECP found four more degrees genuine out of 60. In this way 56 MPs degrees were found bogus including 5

from Senate, 16 National Assembly, 20 Punjab Assembly, 3 Sindh Assembly, 7 Khyber Pakhtunkhwa, and 5 from Balochistan Assembly. The spokesperson said that the degrees of MNAs including Liaqat Abbas, Abdul Hameed, Tasleem Neelam Chaudhry, and Farooq Yousaf Chaudhry are unavailable, however, the verification process of rest of Parliamentarians' is underway.Online

65 dead as building in Delhi comes down crashing NEW DELHI: At least 65 people were killed when a building that housed scores of migrant families collapsed on Tuesday in New Delhi, as rescuers made slow progress through the rubble. Investigators believe the fivestorey building in a working class area of eastern Delhi, which caved in late Monday, had been weakened by recent flooding brought on by some of the strongest monsoon rains in decades. "There are many victims still trapped below the concrete rubble and iron rods. Our challenge is to evacuate them alive," city police spokesman Rajan Bhagat told media. "We can confirm that 65 people are dead," he added, saying 105 were being treated in hospital. He said the number of people missing was unknown. Throughout the night and early morning, rescuers and locals pulled out severely injured people and corpses, with victims including several children who were carried away on stretchers to nearby ambulances. -APP

ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani Tuesday urged the nation that on Eid-ul-Adha the brothers and sisters affected by floods/terrorism should be a part of their celebrations. In his separate message to the people of Pakistan President Asif Ali Zardari said, "On the festive occasion of Eid-ul-Adha I call upon my countrymen to remember their less fortunate brethren. Even as we celebrate Eid-ul-Adha it saddens me that so many of our people are living in misery brought by unemployment, low wages, or lack of justice." President added that Eid-ul-Adha symbolises the willingness to sacrifice one's most prized possession to Allah's will on one hand and the underlying unity of thought and action of the Muslims on the other.

PM Yousuf Raza Gilani in his message to the people said, "Today we should thank Allah Almighty for bestowing his countless blessings on us and to let us celebrate Eid and remember the great sacrifices made by Hazrat Ibrahim." He further said that today we are facing tremendous problems in the form of terrorism and floods, millions of people are living under open skies and millions are unemployed and in order to provide assistance in our own capacity we should all donate generously especially those who are more fortunate than the others must match their fortune while affording financial assistance. In addition to that, during the meeting, Prime Minister and President also discussed the progress made with respect to implementation of 18th Amendment

and steps taken by the government for ending artificial shortage of sugar. President directed the concerned that implementation of 18th Amendment should be ensured on stipulated time so that provinces could be made autonomous. He said that the country is passing through a critical phase and the democratic govt is taking serious measures for improving the situation. He categorically maintained that under the current circumstances the country cannot afford any confrontation. He said that government would have to make difficult decisions for the sake of survival. He said that he is sure things would work out for the country soon. During the meeting President also briefed the PM on his meetings during his China tour.-Online

No RGST on edibles, edu, lifesaving drugs: Kaira ISLAMABAD: Minister for Information and Broadcasting Qamar Zaman Kaira Tuesday clarified that the Reformed General Sales Tax (RGST) would not be imposed on food items, lifesaving drugs, and education sector. Talking to newsmen at National Broadcasting House here, he said food items like wheat, rice, pulses, vegetables, fruit, and edible oil would remain exempt of this tax. The minister explained that the export industry would also be exempt from levy of the RGST to the extent of products meant for

exports but the items being consumed in the local market would come under the net of the RGST. He said that as the farming sector now enjoys better facilities, it has been decided that the RGST would be applicable to agricultural inputs like fertilisers, pesticides and agricultural machinery. He also pointed out that the common man would benefit from the reduction of GST rate, which ranges from 17 to 25 per cent at the moment. Kaira added that currently there is 17 per cent GST on POL products/electricity and with

the introduction of RGST the rate of tax on them would come down by 2 per cent to benefit the consumer. Similarly, he said, tax rate is also different on imports and introduction of uniform rate of 15 per cent would result in reduction of their prices for the consumers. The information minister also clarified that the 10 per cent flood tax would be on the amount of income tax and not the taxable income of an employee. He said flood tax would be a See # 6 Page 7

Iranian FM due next week TEHRAN: Iranian Foreign Minister Manouchehr Mottaki is set to travel to Pakistan next week to attend a summit aimed at fighting illegal drug trafficking, Press TV reported. Deputy Foreign Minister Mehdi Mohammadifard said Iran's Interior Minister Mostafa Mohammad-Najjar would accompany the foreign minister on his trip. The interior minister will be visiting the headquarters of Iranian relief mission in the flood-stricken regions of Pakistan. Iran was among the first countries to dispatch relief supplies to Pakistan and has announced its readiness to help reconstruct the country's flood-ravaged regions. More than 150 Iranian rescue workers have helped Pakistan's flood victims and nearly 100,000 flood-stricken Pakistanis have been sheltered in 14,000 tents. Iran's last relief convoy to Pakistan consisted of 2,700 tonnes of goods carried by 150 trucks. Nearly 14 million See # 7 Page 7

Malik, Taseer discuss sugar crisis ISLAMABAD: Interior Minister, Rehman Malik informed the Governor Punjab Salman Taseer about the steps taken to eliminate artificial sugar crisis. As per details, Malik met Taseer on Tuesday to share his initiatives on the same. During the meeting issues related to the ongoing artificial sugar crisis, law and order situation in the province and other See # 8 Page 7

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

The Financial Daily-Epaper-17-11-2010  

The Financial Daily Epaper

Advertisement