International & Continuation
Thursday, January 6, 2011
US economy picking up; EU growth mixed NEW YORK: The US services sector grew last month at its quickest pace since mid2006 and private-sector hiring was triple forecasts, boosting optimism the world's biggest economy was picking up speed though recovery in Europe remained mixed. Chinese service sector firms also continued to grow in December even as the government announced a series of measures to tamp down rising inflation. In the United States, the Institute for Supply Management said Wednesday its non-manufacturing sector index for December rose to 57.1, the highest since May 2006, for its 12th straight month of expansion. The report comprises mainly service sector firms.
A separate report showing a surprise surge in private US employment in December extended a run of strong economic data over the last few months, which economists said bodes well for a more comprehensive government jobs report due on Friday. "The key from all the releases today is that small and mid-sized (US) businesses have picked up hiring," said Charlie Smith, chief investment officer at Fort Pitt Capital Group in Pittsburgh. Tim Ghriskey, chief investment officer at Solaris Asset Management in Bedford Hills, New York, called the data "further indication that the economy continues to slowly but surely improve." Economic recovery in Europe, however, looks increasingly lopsided, with
Youngest son of ex Shah of Iran commits suicide
Germany and France spearheading growth while Spain and Ireland struggle. The Markit Eurozone Services purchasing managers' index fell in December to 54.2 from 55.4, though the sector did manage to expand for a 16th straight month. PMIs measure the activities of thousands of businesses. "There is some optimism with regards to the US economy, but that is mixed with concerns over where Europe is going in the short- to medium-term," said Keith Bowman, equity analyst at Hargreaves Lansdown. There remain some concerns on the US side, though, with the jobless rate at 9.8 per cent through November and only expected to have slipped to 9.7 per cent in December.Reuters
WASHINGTON: The youngest son of the late shah of Iran has committed suicide in Boston, weighed down by sorrow at the loss of his father and the upheaval in his homeland, his family said Tuesday. "It is with immense grief that we would like to inform our compatriots of the passing away of Prince Ali Reza Pahlavi," Reza Pahlavi, the shah's oldest son, said on his website. He said his brother, 44, who was studying at Harvard University, had struggled to come to terms with the political troubles in his native Iran. "Like millions of young Iranians, he too was deeply disturbed by all the ills fallen upon his beloved homeland, as well as carrying the burden of losing a father and a sister in his young life," Reza Pahlavi wrote. "Although he had struggled for years to overcome his sorrow, he finally succumbed, and during the night of the 4th of January 2011, in his Boston residence, took his own life, plunging his family and friends into great sorrow." Police could not officially confirm the prince's death. But a law enforcement source said: "I can confirm that an adult male in his mid-40s was found at 141 West Newton Street in Boston. "He died from a fatal gunshot wound. While the manner of death is being investigated is is not believed to be a homicide."-Reuters
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Some of the important amendments include representation of independent and executive directors, roles of chairman and CEO, number of total directorships in listed companies held by an individual, self-evaluation of the boards; directors' education, training and remuneration, additional committees of the board. The SECP has launched a consultation process among stakeholders to reform the Code and received substantive feedback. The SECP will undertake another round of consultations with major stakeholders on the final revised Code. The Senate committee will again be briefed on final revised Code before its implementation. -Online
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regarding above mentioned both recommendations has been prepared and sent to Prime Minister for approval. With the approval and implementation on both recommendations, about 2 lac tons of urea would be produced locally within 15 days. Moreover a two member delegation comprising Federal Secretary Industries & Production and Federal Secretary Food & Agriculture has been tasked to negotiate summarily with the concerned Saudi Authorities for an immediate import of 2 lac 25 thousand tons of urea through SABIC facility. The delegation is going to negotiate with them in a day or two. Delegation of Fertilizer Manufacturers led by CEO ENGRO, Asad Umar attended FPRC meeting and assured that they would reduce recently increased prices of urea (Rs. 190 per 50 kg bag) with the same per centage, the government reduces gas load shedding to their plants. Federal Minister for Industries & Production Mir Hazar Khan Bijarani chaired Fertilizer Price Review Committee meeting to review prices increased by the Fertilizer Manufacturers of urea and its availability. Federal Minister for Food and Agriculture Nazar Muhammad Gondal, Provincial Ministers for Food and Agriculture and all other stake holders at Federal and Provincials level and heads of all Fertilizer Manufacturing Companies attended FPRC meeting.-Online
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He said that the NA has set new trends by giving the chairmanship of Standing Committees to members of the opposition. He further added that the NA Public Accounts Committee is performing well under the chairmanship of the Opposition Leader. Faisal Kundi said that a dedicated TV Channel would be launched to telecast the parliamentary proceedings conducted in the assembly to enhance transparency. He informed that members would soon be able to submit their questions electronically through e-mails. The deputy speaker said that the capacity of the National Assembly Secretariat would be enhanced to assist the MNAs in formulating agenda. He also acknowledged many of the recommendations made by the FAFEN Parliament Monitor Report and other participants. MNA Marvi Memon of the views that the points of order provision was badly misused and therefore a point of public interest should be added to the Rules of Business. She also suggested that the proceedings of the House be made public through video links. This is an obligation for access to information clause of the Constitution. She said that the agenda of the House should be run according to rules.-APP
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our history too", justice Jawad S Khawaja remarked. "The lawyers movement and civil society forced Nawaz Sharif to come on the street for restoration of judiciary", justice MA Shahid Siddiqui observed. Chief justice Iftikhar Muhammad Chaudhry had separated him from the bench on his own, which had heard the case against Pervez Musharraf, Naeem Bokhari contended. November 3 judgment was also given on a miscellaneous petition, he added. History of the country tells only those stayed as judges who took oath under PCO and the remaining did not stay judges, Naeem Bokhari said. -Online
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- DR. Aminullah Jan's entitled facility was a 2- bed room house but he availed hiring facility of 3 bed rooms. - Sher Muhammad, HOC, was entitled for a 2-3 bed room house but he availed hiring of 5-bed room facility. - Tariq Ali, V.C's entitled facility was 2 bed rooms but he availed the facility of 3-bed room house. - Rana Abdul Baqi, (Consul Passport) was entitled for 2-3 bed rooms but details were not found in the available record. - Nasir Mahmood, Consul's entitled facility was 2-3 beds but he availed hiring facility of 7 bed rooms. -APP
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He advised the PML-Q leadership to support the PML-N if it table no-confidence motion against Prime Minister and the party should issue statement in this regard as it would boost image of Ch. Shujaat among masses. PML-Q leader Amir Muqam said that the government has lost sample majority in the National Assembly and suggested new elections. During the CEC meeting, unanimous resolutions were adopted against inflation, price hike of petroleum products and drone attacks. The participants of meeting expressed deep grief and sorrow over the assassination of Punjab Governor Salman Taseer. -Online
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leave for Lahore to attend the funeral of late Governor of the Punjab Salman Taseer. Extending warm welcome to delegation, he Minister of State for Foreign Affairs said that relations between
the two brotherly countries had come a long way, especially in the last two years. "There was complete harmony of views between the two countries. Ties were expanding in all areas to their mutual benefit. Implementation of the Afghanistan-Pakistan Transit Trade Agreement would bolster bilateral commercial ties," he added. Minister of State underlined that the destinies of Pakistan and Afghanistan were intertwined. He wished success to the High Peace Council in its efforts towards promoting peace in Afghanistan and assured Pakistan's full support to Afghanistan-driven efforts in this regard.-APP
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Shaheed Mir Murtaza Bhutto, Shaheed Shahnawaz Bhutto and late Ameer Begum and laid floral wreaths on the Mazar of Shuhada. The PPP Leaders also visited 3 Day Free Eye Camp established by Peoples Doctors Forum District Larkana under the supervision of Dr Karim Khawaja and Dr Shaukat Abro at Garhi Khuda Bux Bhutto, in the camp 110 eye patients were operated and provided lenses, besides 700 eye patients were checked and provided free treatment to the patients.-Online
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John Gerspach and chief operating officer Douglas Peterson. Local commentators said they did not expect the senior US executives to face prosecution. "It is a local case with a very little chance of the main office or top executives of the bank being directly or indirectly involved in the scam," D.H.P Panandiker, an independent economist in New Delhi, told media. Earlier this week, police arrested Sanjay Gupta, a senior manager at India's biggest motorcycle maker, Hero on charges of criminal conspiracy in the fraud case.-Agencies
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"The Nikkei is on an upward trend, and once it breaches the December futures settlement price of 10,420 it may rise that high," said Hiroyuki Fukunaga, chief executive of research firm Investrust.-Reuters
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15.31 million shares and Fauji Fertiliser Bin Qasim with 11.04 million shares. Out of total 405 active issues 224 declined and 170 advanced while 11 issues remained unchanged.
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Fahim, Sindh CM Qaim Ali Shah, Law Minister Babar Awan, Barrister Aitzaz Ahsan, State Minister Samsam Bukhari, Latif Khosa advocate, and a large number of PPP followers attended the funeral. Others include: 6 members of MQM including Babar Ghauri, Haider Abbas Rizvi; Manzoor Wattoo, PMLQ's Chaudhry Zaheerudddin and PML-N's Nadeem Kamran and ANP delegation led by Federal Minister Ghulam Bilour. Intellectuals, businessmen and city elite were also among the attendees of the ceremony. President Asif Ali Zardari was represented by his sister Faryal Talpur. While Chief Minister Shahbaz Sharif did not attend the funeral ceremony as he was stopped by PPP senior Minister Raja Riaz on security grounds.
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Taseer assassination was "symptomatic of the high political risk in Pakistan" but wouldn't impact the country's sovereign credit ratings just yet. Ali said that the nation's dollar-denominated government bonds have already priced in the political turmoil, but any sovereign rating downgrade will push up yields. "The risks for a sovereign downgrade are rising. The five top banks in Pakistan were recently downgraded by Standard and Poor's and if the IMF program gets derailed, it could hurt the sovereign (rating) too," he said. -Agencies
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By providing guarantees that cover the payment risk in trade transactions, ADB's Trade Finance Program and IFC's Global Trade Finance Program help increase trade finance and the flow of goods to and from emerging market countries. For this transaction, IFC assumed 30 per cent of MCB Bank's risk, and ADB 19 per cent. Citibank managed the balance against the original letter of credit established by MCB Bank. Last year, ADB's Trade Finance Program supported over $600 million of cross-border trade in Pakistan. Over the past six months, IFC has provided Pakistani banks with $328 million in trade finance guarantees, a $125 million increase in guarantees compared to the same period last year. The trade financing helps Pakistan increase cross-border trade, and benefits many important business sectors. -Agencies
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order situation. He advised to appoint Larkana's MPA Ghulam Sarwar Sayal as minister in the Sindh cabinet. The killing of Taseer is series of attacks against PPP leadership and the incident is an attempt to scare the political powers, the president underlined. President Zardari said that the terrorism would be competed with full force and vowed the country would be purged from the terrorists. He pointed out that every incident of the terrorism could not terrorize them and vowed that they would continue their struggle against the terrorism. The president advised to the MPAs to make preparations for the Local Governments elections as the next year is the year of the polls. He advised the MPAs to continue contacts with masses and register the names of the people in the voter lists.
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analysts, this would be a sever blow for the Prime Minister, who already under pressure after MQM announced to sit on Opposition Benches, and Pakistan Muslim League-N (PML-N) gave PM Gilani 6 days on reforms and 45 days to implement its 11-point agenda. -Agencies
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beyond means, Gulraiz Ahmed Raza and others of FBR for the bogus sales tax refunds amounting to Rs30 million, Munshi Sheruddin Lashari former tapedar of Malir, Karachi for depriving Pak Ideal Housing Society by transferring 35 acres of land by bogus entries in revenue records and Muhammad Nadeem Khan for misappropriating Rs26 million from ABL Quetta.-NNI
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He further said that he would refrain from giving statement over the interrogation that may affect probe, adding that judicial inquiry could be started if family was not satisfied.-Agencies
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China cbank chief warns of inflation risk BEIJING: China's central bank governor Zhou Xiaochuan warned that inflation was mounting and that more could be done to guide the growth of money, an indication that price pressures still top the list of official concerns. In an interview with a magazine run by the People's Bank of China, Zhou spoke confidently of the country's economic growth prospects, but sounded a more cautious note on inflation, which is running at its fastest in over two years. "China's economy is continuing steady and relatively fast growth. The recovery trend has been further strengthened and growth
momentum is relatively strong," Zhou said. "But our country is also facing rising inflationary pressure and expectations," he said. Zhou's warning on price pressures is the latest from officials in China, where 28month high inflation and record house prices have sown public discontent, a concern for the government. In keeping with recent vows to use a slew of monetary policy tools, Zhou said Chinese lenders could be ordered to lock up differentsized portions of their deposits at the central bank, an administrative measure that limits lending. Of late, Chinese central bank officials have repeat-
edly floated the idea of using such differentiated reserve requirements. Shanghai Securities News, an official paper, said on Wednesday that requirements will be based on a bank's role in the economy, citing unnamed sources. Zhou said such a measure would help ensure reasonable money growth in the world's second-largest economy and should fall under the aegis of an overall policy that is designed to be "counter-cyclical". Without elaborating, he said the central bank was also considering raising capital requirements for "systematically important" Chinese banks to cut risks in the banking sector.-Reuters