International Roof collapse kills 40 in Buner See on page 12 No peace talk with Taliban: US See on page 12 Prince William to get married on Apr 29 next year See on page 12 YEONPYEONG ISLAND, SOUTH KOREA: In this image provided by a local resident, smoke rises from South Korea's island near the border against North Korea. -Reuters See on Page 2 Mirza lifts ban on pillion riding in Khi *Crude Oil (brent)$/bbl 83.09 *Crude Oil (WTI)$/bbl 81.10 *Cotton $/lb 112.45 *Gold $/ozs 1,371.30 *Silver $/ozs 27.58 Malaysian Palm $ 1,005 GOLD (NCEL) PKR 37,427 KHI Cotton 40Kg PKR 8,895 Yearly(Jul, 2010 up to 22-Nov-2010) Monthly(Nov, 2010 up to 22-Nov-2010) Daily (22-Nov-2010) Total Portfolio Invest (5 Nov-2010) 154.31 49.59 7.61 2589 3.37 -3.88 -3.26 -2.93 -0.41 8.03 -0.92 SCRA(U.S $ in million) Portfolio Investment FIPI (23-Nov-2010) Local Companies (23-Nov-2010) Banks / DFI (23-Nov-2010) Mutual Funds (23-Nov-2010) NBFC (23-Nov-2010) Local Investors (23-Nov-2010) Other Organization (23-Nov-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (12-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-Oct 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 $16.91bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.13mn Economic Indicators 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 2.60 19.25 2.00 1.70 10.70 PKR/Shares 111.02 164.40 42.70 36.30 36.55 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 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 12.75% 13.11% 13.24% 13.50% 12.77% 13.03% 13.30% 13.67% 13.75% 13.67% 13.73% 13.81% 14.23% 14.34% 14.51% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 82.70 83.70 Canadian $ 82.70 83.70 Danish Krone 16.00 16.50 Euro 114.80 116.30 Hong Kong $ 10.95 11.15 Japanese Yen 1.011 1.037 Saudi Riyal 22.58 22.88 Singapore $ 65.40 66.40 Swedish Korona 12.85 13.00 Swiss Franc 87.30 88.30 UAE Dirham 23.08 23.35 UK Pound 134.80 136.30 US$ 85.25 85.60 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 84.17 84.37 Canadian $ 83.75 83.95 Danish Krone 15.54 15.58 Euro 115.88 116.15 Hong Kong $ 11.00 11.03 Japanese Yen 1.024 1.027 Saudi Riyal 22.76 22.81 Singapore $ 65.53 65.69 Swedish Korona 12.37 12.40 Swiss Franc 86.25 86.45 U.A.E Dirham 23.24 23.29 UK Pound 136.01 136.33 US $ 85.40 85.59 Inter-Bank Currency Rates Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com CITIES MAX-TEMP MIN ISLAMABAD 25°C 7°C KARACHI 29°C 18°C LAHORE 24°C 10°C FAISALABAD 25°C 9°C QUETTA 19°C -2°C RAWALPINDI 25°C 9°C Weather Forecast Index Close Change KSE 100 11,171.09 34.75 Nikkei 225 10,115.19 92.80 Hang Seng 22,896.14 627.88 Sensex 30 19,691.84 265.75 ADX 2,755.81 1.87 SSE COMP. 2,828.28 56.09 FTSE 100 5,625.23 55.60 *Dow Jones 11,042.80 135.78 Global Indices Ishaq Dar, Abbasi term RGST as harmful Special Correspondent/ Agencies ISLAMABAD: The Senate Standing Committee on Finance and Economic Affairs approved Reformed General Sales Tax (RGST) on Tuesday. Minister for Finance and Revenue Abdul Hafeez Shaikh said that Reformed General Sales Tax (RGST) is an attempt by the government to bring reforms in 20 years old General Sales Tax system. Informing the Upper House of the Parliament about the salient features of RGST, he said that RGST is not a new bill rather the government tried to bring reforms in the existing GST system. He said this tax would not affect the common person rather it would replace the current GST which is dis- torted by some influential who are taking benefit from it. He said GST was implement- ed in 1990 but privileged seg- ments and powerful lobbies made it so weak and disfigured. "Under the GST certain sec- tions were exempted from taxes but we want to bring them under the tax net so that there should be a level playing field for all. We want to stand up to those who are powerful and can speak louder," he said. He said that the RGST bill will be passed with the consen- sus of all the stakeholders including the provincial gov- ernments. The Finance Minister said the Reformed GST would be 15 per cent on all items excluding health, education and some food items. He said some elements were misguiding the people by giv- ing an impression that imple- mentation of RGST would increase the prices of edible items, and commodities of See # 7 Page 11 RGST passes Senate body DUBLIN: Ireland's political turmoil intensified Tuesday after Prime Minister Brian Cowen promised to call a gen- eral election in the New Year once parliament passes a budg- et at the centre of an interna- tional bailout. It could take several weeks for the budgetary process to be completed and Cowen would then have to formally dissolve parliament and set an election date, meaning an election may not be held until February or March. Two independent members of parliament on whom the gov- ernment depends to pass legis- lation said they were likely to withhold their support, raising fears that the crucial budget might not be passed at all. Cowen, who entered a coali- tion government with the Green Party in 2008, on Monday bowed to calls from its disgruntled junior partner to call an election in the wake of Ireland accepting a bailout worth up to 90 billion euros (122.5 billion dollars). The prime minister said the debt-ridden country's priority must be to pass the six-billion- euro budget on December 7. "It is my intention at the con- clusion of the budgetary process, with the enactment of the necessary legislation in the New Year, to then seek the dis- solution of parliament," the leader -- alternatively known as the Taoiseach -- told a news conference. "It is imperative for this country that the budget is passed," he added. Opposition parties were angered by Cowen's refusal to call an immediate vote. The main opposition Fine Gael party said the people of Ireland had "absolutely no confidence" in the government and Sinn Fein party president Gerry Adams demanded immediate action. "I totally disagree with the Taoiseach's assertion that the imperative is to get the budget passed," Adams said. "The budget should be suspended. The Taoiseach should call an election now." Ireland's request for financial assistance initiated a day of drama in Dublin on Monday. Green Party leader John Gormley, whose party has six seats in parliament, called on See # 10 Page 11 Bailout pushes Irish govt near collapse Ahmed Siddique KARACHI: The export of tex- tile products soared by 31.5 per cent in the month of October 2010 against the same period of the last year, Federal Bureau of Statistics (FBS) reported on Tuesday. According to the official data, export of textile industry has surged to $1.19 billion in the period under review from $904 million against the same period of previous year. The improvement in textile export was mainly attributed to surge in textile product prices as knitwear export increased by 39.1 per cent to $207.6 million against $149.3 million in October 2009. Similarly, cotton cloth, readymade garments and bed wear exports increased by 37.4 per cent, 37.2 per cent and 14.9 per cent to $202 million, $135 million and $182 million respectively. Similarly, food group export Textile exports up 32pc in Oct Oct textilers export rises to $1.1bn YoY RAWALPINDI: The Chief of Army Staff General Ashfaq Parvez Kayani has ordered a high-level inquiry into alleged NLC irregularities. According to Army spokesman a serving Corps Commander has been nominat- ed to head the inquiry along with two Major Generals as members. Appropriate action will be taken on completion of the court of inquiry, as per relevant Army rules and regulations. According to sources, the National Assembly Public Account Committee in its recent meeting taking notice of involvement of several senior army officers in NLC scandal had ordered action against them. The Auditor General of Pakistan had presented its report in the PAC that NLC in negation of rules and regula- tions had made purchases of vehicles and other stuff, and also invested Rs four billion in stock market against rules and regulations. Sources told that three-mem- ber committee has been direct- ed to complete its work as soon as possible and the report would be sent straight to the Army Chief after which action would be taken against the accused. -APP Probe started on NLC fiscal scam Kayani clamps down on corruption ISLAMABAD: Former National Insurance Company Limited (NICL) chairman and absconder in the NICL scam, Ayaz Khan Niazi has surren- dered, media reported Tuesday. Earlier Tuesday, according to reports, Niazi offered the Federal Investigation Agency (FIA) his conditional arrest through his lawyer. According to reports the accused gave in after hours of negotiations with the FIA offi- cials. According to FIA sources, Ayaz Khan Niazi's counsel, Hafeez Peerzada, proposed to the FIA authorities that if Ayaz's family is not bothered with repeated raids, he will appear to face an inquiry. FIA lawyers discussed the proposal and rejected the offer, said the sources. Nine of the 12 accused in the NICL scam have already been arrested while raids are being conducted to arrest the remain- ing three. -Agencies NICL’s fugitive boss surrenders 19th Amendment on cards: Rabbani ISLAMABAD: Constitutional Reforms Committee (CRC) of Parliament has decided to bring change in the procedure with regard to appointment of judges in superior judiciary under 18th amendment in the light of Supreme Court (SC) interim order and recommendations. Committee met here Tuesday under Senator Raza Rabbani to review the interim order of SC and recommendations in con- nection with the appointment of judges. See # 9 Page 11 Zardari replies to Sharif’s letter ISLAMABAD: President Asif Ali Zardari has replied to the letter written by Nawaz Sharif. According to sources, the president thanked PML-Q leader Nawaz Sharif for sug- gesting solutions to various problems faced by the people and said that the suggestions are being looked into. He said that he would give a detailed response to the letter later on. President Asif Ali Zardari conveyed Eid greetings to PML-N Nawaz Sharif and appreciated his efforts in high- lighting the problems faced by the people and their proposed solutions. President assured the PML-N leader of his full coop- eration in the implementation of charter of democracy. The President informed that suggestions given by the PML- N leader in respect to inflation, corruption and good See # 12 Page 11 Malik vows to eliminate corruption ISLAMABAD: Minister for Interior Rehman Malik said on Tuesday that the anti-corrup- tion drive launched by the gov- ernment would end this menace from the country. Talking to media persons out- side the parliament, he said "the measures taken by the govern- ment would end corruption from all the government depart- ments". The minister said that a com- mittee had been constituted comprising Interior Secretary, four provincial home secre- taries and representatives of National Accountability Bureau (NAB) and intelligence agen- cies to address the complaints of citizens and review corrup- tion cases related to other pub- lic departments. Malik said that initially major public dealing departments of the Interior Ministry, which are frequented by common people, have been picked. He said heads of all the See # 8 Page 11 UK Shell Petroleum confirms Gas LPG shares sale KARACHI: Shell Petroleum Company Ltd, UK said it has transferred all its share in Shell Gas LPG Ltd to the new buyer OPI Gas (Pvt) Ltd in accordance with the sale and purchase agreement executed between the two companies on June 16, 2010. According to a communique despatched to Karachi Stock Exchange (KSE) here Tuesday, Shell Petroleum Company UK confirmed that it has sold 67.91 percent of its stake or 15.372 million shares in Shell Gas (LPG) Pakistan Ltd. -APP Committee chairman misses the meeting FBR could not touch RGST now, Senate informed Govt to bring tax ratio at uniform 15pc: Shaikh Health, education, food items not included DUBLIN: Irish Prime Minister Brian Cowen and and the Minister for Finance speak to the media. -Reuters NKorean artillery strike alarms world powers Karachi, Wednesday, November 24, 2010, Zil Hajj 17, Price Rs12 Pages 12 Panel OKs Flood Surcharge ISLAMABAD: The Senate Standing Committee for Finance has ratified Finance Amendment Bill 2010 to impose the Reformed General Sales Tax (RGST) and flood tax. Finance Minister Hafeez Shaikh said that Pakistan was following IMF programme as the government was bound to fulfill promises made with international community. Talking in the meeting of the Senate about RGST, Shaikh said that he will not hide anything, tax want the problem of the gov- ernment, instead it was the problem of the whole country and we have to correct the mistakes See # 6 Page 11 Flood-tax to help raise Rs42bn ISLAMABAD: The Federal Board of Revenue (FBR) is estimated to generate addition- al revenues of Rs42 billion through measures for meeting extra budgetary expenditures through flood relief surcharge- 2010. FBR sources told APP that to raise additional resources to provide relief to 20 million See # 11 Page 11 Oct oil import bill swells 77pc MoM Ghulam Raza Rajani KARACHI: Country's oil import bill significantly rose 77 per cent MoM to $902 million during October 2010 as compared to $509 million in the month of September, mainly due to rising demand of petroleum products as See # 18 Page 11
Transcript
International
Roof collapse kills 40 in Buner See on page 12
No peace talk with Taliban: US See on page 12
Prince William to get married on Apr 29 next year See on page 12
YEONPYEONG ISLAND, SOUTH KOREA: In this image provided by a local resident,
smoke rises from South Korea's island near the border against North Korea. -Reuters
ISLAMABAD: The SenateStanding Committee onFinance and Economic Affairsapproved Reformed GeneralSales Tax (RGST) on Tuesday.
Minister for Finance andRevenue Abdul Hafeez Shaikhsaid that Reformed GeneralSales Tax (RGST) is an attemptby the government to bringreforms in 20 years old GeneralSales Tax system.
Informing the Upper Houseof the Parliament about thesalient features of RGST, hesaid that RGST is not a new billrather the government tried tobring reforms in the existingGST system. He said this taxwould not affect the commonperson rather it would replacethe current GST which is dis-torted by some influential whoare taking benefit from it.
He said GST was implement-ed in 1990 but privileged seg-
ments and powerful lobbiesmade it so weak and disfigured.
"Under the GST certain sec-
tions were exempted from taxesbut we want to bring themunder the tax net so that thereshould be a level playing fieldfor all. We want to stand up tothose who are powerful and canspeak louder," he said.
He said that the RGST billwill be passed with the consen-sus of all the stakeholdersincluding the provincial gov-ernments. The Finance Ministersaid the Reformed GST wouldbe 15 per cent on all itemsexcluding health, education andsome food items.
He said some elements weremisguiding the people by giv-ing an impression that imple-mentation of RGST wouldincrease the prices of edibleitems, and commodities of
See # 7 Page 11
RGST passesSenate body
DUBLIN: Ireland's politicalturmoil intensified Tuesdayafter Prime Minister BrianCowen promised to call a gen-eral election in the New Yearonce parliament passes a budg-et at the centre of an interna-tional bailout.
It could take several weeksfor the budgetary process to becompleted and Cowen wouldthen have to formally dissolveparliament and set an electiondate, meaning an election maynot be held until February orMarch.
Two independent members ofparliament on whom the gov-
ernment depends to pass legis-lation said they were likely towithhold their support, raisingfears that the crucial budgetmight not be passed at all.
Cowen, who entered a coali-tion government with theGreen Party in 2008, onMonday bowed to calls from itsdisgruntled junior partner tocall an election in the wake ofIreland accepting a bailoutworth up to 90 billion euros(122.5 billion dollars).
The prime minister said thedebt-ridden country's prioritymust be to pass the six-billion-euro budget on December 7.
"It is my intention at the con-clusion of the budgetaryprocess, with the enactment ofthe necessary legislation in theNew Year, to then seek the dis-solution of parliament," theleader -- alternatively known asthe Taoiseach -- told a newsconference.
"It is imperative for thiscountry that the budget ispassed," he added.
Opposition parties wereangered by Cowen's refusal tocall an immediate vote. Themain opposition Fine Gaelparty said the people of Irelandhad "absolutely no confidence"
in the government and SinnFein party president GerryAdams demanded immediateaction.
"I totally disagree with theTaoiseach's assertion that theimperative is to get the budgetpassed," Adams said. "Thebudget should be suspended.The Taoiseach should call anelection now."
Ireland's request for financialassistance initiated a day ofdrama in Dublin on Monday.
Green Party leader JohnGormley, whose party has sixseats in parliament, called on
See # 10 Page 11
Bailout pushes Irish govt near collapse
Ahmed Siddique
KARACHI: The export of tex-tile products soared by 31.5 percent in the month of October2010 against the same period ofthe last year, Federal Bureau ofStatistics (FBS) reported onTuesday.
According to the officialdata, export of textile industryhas surged to $1.19 billion inthe period under review from$904 million against the sameperiod of previous year.
The improvement in textileexport was mainly attributed tosurge in textile product pricesas knitwear export increased by39.1 per cent to $207.6 millionagainst $149.3 million inOctober 2009.
Similarly, cotton cloth,readymade garments and bedwear exports increased by 37.4per cent, 37.2 per cent and 14.9
per cent to $202 million, $135million and $182 millionrespectively.
Similarly, food group export
Textile exportsup 32pc in Oct
Oct textilers export rises to $1.1bn YoY
RAWALPINDI: The Chief ofArmy Staff General AshfaqParvez Kayani has ordered ahigh-level inquiry into allegedNLC irregularities.
According to Armyspokesman a serving CorpsCommander has been nominat-ed to head the inquiry alongwith two Major Generals asmembers.
Appropriate action will betaken on completion of thecourt of inquiry, as per relevantArmy rules and regulations.
According to sources, theNational Assembly PublicAccount Committee in itsrecent meeting taking notice ofinvolvement of several senior
army officers in NLC scandalhad ordered action againstthem.
The Auditor General ofPakistan had presented itsreport in the PAC that NLC innegation of rules and regula-tions had made purchases ofvehicles and other stuff, andalso invested Rs four billion instock market against rules andregulations.
Sources told that three-mem-ber committee has been direct-ed to complete its work as soonas possible and the reportwould be sent straight to theArmy Chief after which actionwould be taken against theaccused. -APP
Probe started onNLC fiscal scam
Kayani clamps down on corruption
ISLAMABAD: FormerNational Insurance CompanyLimited (NICL) chairman andabsconder in the NICL scam,Ayaz Khan Niazi has surren-dered, media reported Tuesday.
Earlier Tuesday, according toreports, Niazi offered theFederal Investigation Agency(FIA) his conditional arrestthrough his lawyer.
According to reports theaccused gave in after hours ofnegotiations with the FIA offi-cials.
According to FIA sources,Ayaz Khan Niazi's counsel,Hafeez Peerzada, proposed tothe FIA authorities that ifAyaz's family is not botheredwith repeated raids, he willappear to face an inquiry. FIAlawyers discussed the proposaland rejected the offer, said thesources.
Nine of the 12 accused in theNICL scam have already beenarrested while raids are beingconducted to arrest the remain-ing three. -Agencies
NICL’s fugitiveboss surrenders
19th Amendmenton cards: Rabbani
ISLAMABAD: Constitutional Reforms Committee (CRC) ofParliament has decided to bring change in the procedure withregard to appointment of judges in superior judiciary under 18thamendment in the light of Supreme Court (SC) interim orderand recommendations.
Committee met here Tuesday under Senator Raza Rabbani toreview the interim order of SC and recommendations in con-nection with the appointment of judges. See # 9 Page 11
Zardarireplies to
Sharif’s letterISLAMABAD: President AsifAli Zardari has replied to theletter written by Nawaz Sharif.
According to sources, thepresident thanked PML-Qleader Nawaz Sharif for sug-gesting solutions to variousproblems faced by the peopleand said that the suggestionsare being looked into. He saidthat he would give a detailedresponse to the letter later on.
President Asif Ali Zardariconveyed Eid greetings toPML-N Nawaz Sharif andappreciated his efforts in high-lighting the problems faced bythe people and their proposedsolutions. President assured thePML-N leader of his full coop-eration in the implementationof charter of democracy.
The President informed thatsuggestions given by the PML-N leader in respect to inflation,corruption and good
See # 12 Page 11
Malikvows to
eliminatecorruption
ISLAMABAD: Minister forInterior Rehman Malik said onTuesday that the anti-corrup-tion drive launched by the gov-ernment would end this menacefrom the country.
Talking to media persons out-side the parliament, he said "themeasures taken by the govern-ment would end corruptionfrom all the government depart-ments".
The minister said that a com-mittee had been constitutedcomprising Interior Secretary,four provincial home secre-taries and representatives ofNational Accountability Bureau(NAB) and intelligence agen-cies to address the complaintsof citizens and review corrup-tion cases related to other pub-lic departments.
Malik said that initially majorpublic dealing departments ofthe Interior Ministry, which arefrequented by common people,have been picked.
He said heads of all the See # 8 Page 11
UK ShellPetroleum
confirms Gas
LPG shares saleKARACHI: Shell PetroleumCompany Ltd, UK said it hastransferred all its share in ShellGas LPG Ltd to the new buyerOPI Gas (Pvt) Ltd in accordancewith the sale and purchaseagreement executed between thetwo companies on June 16,2010.
According to a communiquedespatched to Karachi StockExchange (KSE) here Tuesday,Shell Petroleum Company UKconfirmed that it has sold 67.91percent of its stake or 15.372million shares in Shell Gas(LPG) Pakistan Ltd. -APP
Committee chairman misses the meeting
FBR could not touch RGST now, Senate informed
Govt to bring tax ratio at uniform 15pc: Shaikh
Health, education, food items not included
DUBLIN: Irish Prime Minister Brian Cowen and and theMinister for Finance speak to the media. -Reuters
Panel OKs Flood SurchargeISLAMABAD: The Senate Standing Committee for Financehas ratified Finance Amendment Bill 2010 to impose theReformed General Sales Tax (RGST) and flood tax. FinanceMinister Hafeez Shaikh said that Pakistan was following IMFprogramme as the government was bound to fulfill promisesmade with international community.
Talking in the meeting of the Senate about RGST, Shaikh saidthat he will not hide anything, tax want the problem of the gov-ernment, instead it was the problem of the whole country andwe have to correct the mistakes See # 6 Page 11
Flood-tax tohelp raise
Rs42bnISLAMABAD: The FederalBoard of Revenue (FBR) isestimated to generate addition-al revenues of Rs42 billionthrough measures for meetingextra budgetary expendituresthrough flood relief surcharge-2010.
FBR sources told APP that toraise additional resources toprovide relief to 20 million
See # 11 Page 11
Oct oilimport billswells 77pc
MoMGhulam Raza Rajani
KARACHI: Country's oilimport bill significantly rose77 per cent MoM to $902million during October 2010as compared to $509 millionin the month of September,mainly due to rising demandof petroleum products as
See # 18 Page 11
2 Wednesday, November 24, 2010
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LAHORE: Thousands ofPunjab industrialists, trade& labour leaders and indus-trial workers Tuesdayblocked the GT Road toprotest the suspension ofgas supply to industrialunits and warned the gov-ernment to stage suchprotests in all cities of theprovince if the decision tosuspend gas supply was notwithdrawn immediately.
The protesters, carryingbanners inscribed with slo-gans against the govern-ment and the SNGPLauthorities, demanded ofthe government to reviseits anti-industry and anti-people policies otherwisethey would be bound totake the streets.
The Lahore, Sheikhupura
Chambers of Commerceand Industry, PakistanIndustrial and TradersAssociations Front, AllPakistan Textile ProcessingMills Association,Ferozepur Road IndustrialAssociation, HosieryManufacturers Association,Lahore Township IndustrialAssociation, ShahdraIndustrial Association andKahna Kacha IndustrialAssociation took part in theprotest.
The protest, that contin-ued for well over threehours, was jointly led byLCCI Senior Vice PresidentSheikh MohammadArshad, LCCI VicePresident Sohail Azhar,LCCI former PresidentsMian Anjum Nisar, Shahid
Hassan Sheikh,Mohammad Ali Mian,Central Chairman AllPakistan Textile ProcessingMills Association MaqsoodButt, PIAF
Vice Chairman KhawajaShahzeb Akram, ShahzadAzam Khan of HosieryM a n u f a c t u r e r sAssociation, KhawajaShahzad Nasir, HaroonShafiq Chaudhry,Nasrullah Mughal, SyedMehmood Ghaznavi andFahimur Rehman.
Addressing the protest-ers, the Industry leaderssaid that the gas suspensionplan was a well thought-out conspiracy against thegovernment and the peoplesitting at the helm of affairsmust take notice of it.-PPI
Industrialistsprotest againstgas suspension
KARACHI: SindhMinister for Tourism,Shazia Marri, called onthe Consul General of theRepublic of Indonesia,Rossalis Rosman Adenan,in his office here onTuesday and discussed theways to strengthen furtherthe ties between the twocountries in different sec-tors like trade, culture andtourism.
Shazia Marri expressedher deep sorrow over theloss of human lives andproperties caused by vol-canic eruption inIndonesia.
She also expressed herconcern over the damagescaused by Tsunami.
The Minister said thatboth the countries havestrong historical relationsand we must ensure
strengthening these broth-erly relations by findingways to exchange tradeand promote tourismthrough which the bothnations would come clo-sure to each other.
She emphasised thattourism is a basic tooltoday to promote peaceand harmony among theworld.
Shazia stressed upon theneed to take concreteefforts to promotetourism.
On this occasion,Rossalis Rosman Adenanexplained to Marri thatIndonesia is rich culturally.
He further told that theIndonesia believes in the pol-icy of "unity and diversity".
He supported the idea ofexploring differentavenues of joint venture in
the fields of trade, tourismand culture and informedthat for the purpose theIndonesian Consulate isarranging a solo exhibitionfollowed by a seminarnext month in Karachi.
In the meeting bothsides agreed to enhancepeople to people contact infarm of exchange delega-tions of businessmen,tourists and media com-munity with an aim tostrengthen cooperation inthe fields of economic andculture and create an envi-ronment of better under-standing of each othersperspective.
On this occasion theConsul Economic ofIndonesian ConsulateGeneral TrigustonoSupriyanto was also pres-ent.-APP
Shazia Marri talksbilateral ties withIndonesian envoy
KARACHI: TradeDevelopment Authority ofPakistan (TDAP) in col-laboration with HalalDevelopmental Council(HDC) in organising"Global Halal Congress"to be held on December4th in Karachi, announcedChief Executive TDAPTariq Puri here onTuesday.
The main objective ofthis Conference is tointroduce the concept of"Halal Pakistan"& high-light the potential of Halal
Trade- Investment & JointVenture opportunities inPakistan. It is a point ofconcern that despite beinga large Muslim country,Pakistan is not known as asupplier of certified HalalProducts & thus its sharein this trillion dollar glob-al halal business is negli-gible, he further said.
The turnover of theWorld Halal trade isapproximately $2 trillion,out of which Meat /Chicken constituteapproximately 40 per
cent. There are 35 sub-sectors Non-Food consistsof more than 25 sub-sec-tors from Pharma toPersonal Care to Textiles& Leather Garments. 15sub-sectors from IslamicBanking to Takaful,Supply Chain, Logistics &Hospitality and Tourism,15 sub-sectors relate toWater Purification toTooth Picks and Pencils.The number of productscovered in all these cate-gories comes to more than300.-APP
Global HalalCongress next mth
KARACHI: OrascomTelecom Holding (OTH)and Obopay have part-nered to establish a text-to-donate relief effort inUnited States to providecontinuing funds to theregion in order to rebuildboth the infrastructure andthe lives of those affectedby the disaster, said ahandout issued here
"There is always animmediate sympatheticand monetary reactionwhen disasters like thisoccur," said NaguibSawiris, ExecutiveChairman of OTH, whichoperates in Pakistan asMobilink. "However, thetremendous suffering, and
the need for aid, continuesfor months after the initialtragedy. We want to makesure that funds continue toflow until the job is done.This becomes equally, ifnot more, important," headded.
"The aftermath can endup taking as many lives asthe initial disaster if actionis not continued to restorethe infrastructure--provid-ing food, water and arenewed means of earninga living. And that is a hugeundertaking. By employ-ing Obopay's 'Text-to-Donate' solution, individu-als can provide truly mean-ingful donations which aredelivered rapidly."-PR
Mobilink startsflood relief
donation drive
KARACHI: Sindh Boardof Revenue (BoR) hasallocated 150 acres of landto leading German compa-ny Azur Solar near Dhabejifor setting up $ 150 millionsolar plant to generate 50megawatts of power.
This was stated at a meet-ing at the office of SindhBoard of Investment (SBI)here Tuesday. Director AzurSolar Uwe Stormer, DrSikandar Kholer and DrChristian Bouda and secre-tary Investment YonusDhaga attended the meeting.
Uwe Stormer said thathis company Azur Solarwill start the construction
work at the site in next sixweeks after getting posses-sion of the plot from BoR.
It may be noted that AzurSolar had signed a memo-randum of understanding(MoU) with SBI in Aprilthis year to establish solarpower plant in Sindh. Themeeting was told that pre-liminary work was under-way for setting up thispower plant.
The German delegationalso informed the meetingthat Azur Solar was alsoready to set up small solarplants in Badin for schoolunder community develop-ment scheme.-APP
BoR allocatesland for solarpower plant
KARACHI: VisitingFederation of PakistanChambers of Commerce &Industry President SultanAhmed Chawla Tuesdayasked Indian governmentto ease visa procedures tofacilitate movement ofbusinessmen and boosteconomic ties between theneighbouring countries,said a handout issued here.
The tough visa norms arehurdles to trade. Visa issueis a major issue and biggesthandicap in trade. The waywe are treated by immigra-tion authorities. We have to
wait for 20 days to get visa,while Indian friends get itin two hours," FPCCIPresident Chawla said thereafter meeting with IndianCommerce & IndustryMinister Anand Sharma.
"Unless there is nomovement, business can-not grow," said Chawla.He said he also raisedissue of increasing non-trade barriers between twocountries with IndianCommerce Minister.
"The minister was verypositive... he will take allthose steps which are need-
ed to overcome these non-tariff barriers," Chawlaadded. He said bothnations should facilitateopening of branches bytheir banks in each others''territory.
Top ten items exportedto Pakistan by Indiainclude petroleum, cotton,oil meals, spices, man-made yarn, fabrics, phar-maceuticals, plastics,while top items importedfrom Pakistan by India arecement, leather, chemi-cals, petroleum, cottonyarn.-PPI
FPCCI urges India toease visa procedures
WEDNESDAY
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9:15 Pehla Sauda
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Ten killedin Karachi
firingincidents
KARACHI: At least tenpeople were killed in dif-ferent firing incidents inKarachi during last 24hours, a private mediachannel reported.
In first incident two realbrothers were killed in fir-ing on Tuesday morning atDhani Bux Goth in the lim-its of Sachal police station,police and rescue sourcessaid.
ASI of Sachal policeAleem said four armedattackers barged into ahouse in Bhittai Abad andopened indiscriminate fir-ing. As a result two realbrothers, Owais aged 32and Rizwan aged 27, sonsof Mohammad Umar wereinjured and later suc-cumbed to their wounds.
The father of thedeceased had received thesame fate five month earli-er. The cause behind thedouble murder seemed tobe old enmity. Thedeceased originally hailedfrom Quetta, officialadded.
The bodies were shiftedto Jinnah PostgraduateMedical Center formedico-legal formalities.
In another incident bul-let-riddled body of a manwas found in the wee hoursof Tuesday near Anda Morrin the remit of Sir SyedPolice station, police andrescue sources said.-PPI
Pillionriding ban
lifted inmetropolis
KARACHI: SindhGovernment has lifted banon pillion riding in Karachihere on Tuesday. A notifi-cation has been issued inthis regard.
As per the MediaReports, the Secretary,Sindh Home Ministry con-firming the lifting of theban said that the pillion rid-ing ban was imposed in2008 due to the rising ter-rorist activities and insecu-rity in the city underSection-144. He said thatthe notification wouldcome into immediate effect
Besides that the citizensof Karachi expressed theirgreat joy after lifting pil-lion riding ban.
Meanwhile, in an othernotification Sindh HomeMinistry also issued ordersto end the weeklySaturday's holiday from 27November under the direc-tives of the Federal govern-ment.-Online
Commander5th Corpscalls on
EbadKARACHI: CorpsCommander Lt Gen.Zaheer-ul-Islam onTuesday called on SindhGovernor, Dr Ishrat-ul-Ebad Khan, at theGovernor House here.
The Governor on theoccasion lauded the role ofthe Armed Forces towardsthe relief and rescue of theflood affectees, says aGovernor House statement.
He said that the person-nel of the Armed Forcesplayed a key role in thisrespect.
Dr Ishrat said that theflood affectees are satisfiedthat personnel of theArmed Forces along withthe civil administration arebusy in the rehabilitationworks.
The Corps Commanderassured the Governor thatthe personnel of ArmedForces are ready to meetthe challenge.
He said that they areworking with the civiladministration and the peo-ple in this regard.-APP
39 moredenguepatientsadmitted
KARACHI: Thirty ninenew cases of dengue feverwere reported at differenthospitals in the province onTuesday.
A senior Sindh HealthDepartment official toldAPP that the virus may per-sist till December as thewinters would finally set inand decline in temperaturewill ultimately bring an endto the dengue virus causingmosquitoes.
Of the fresh cases theysaid 26 of these were fromKarachi and 13 from otherparts of the country.
The number of denguepositive patients turned tobe 3601 since January thisyear including 3054 fromKarachi and 547 from inte-rior parts of the province.
Total suspected cases tillTuesday were 5202. Theseincluded 4652 fromKarachi and 550 from otherparts of the province.
While no new case ofdengue fever induced mor-tality was reported onTuesday yet the number ofdeaths since September thisyear has been 22.-APP
Ufonegives Eidgifts to
affecteesStaff Reporter
KARACHI: Ufone carriedout a special flood reliefactivity simultaneously inSukkur and Charsadda aspart of their CorporateSocial Responsibility, saida statement issued here.
Ufone has come out onceagain to show solidaritywith the affectees along-side share the religious fer-vor of Eid. UfoneVolunteers distributed Eidgifts on Eid to ensure thatthe flood affectees alsoenjoy this Eid. The distri-bution comprised of thebare necessities of ghee,atta, sugar and a blanketconsidering the require-ment and climatic changefor the affectees. This ini-tiative by Ufone was wide-ly appreciated by the hun-dreds of families residingat the camps.
LAHORE: Residents and businessmen of Lahore and suburbs are protestingagainst extended Sui gas load-shedding in thier area.-PPI
SUKKUR: Ufone carried out an Eid specific floodrelief activity simultaneously in Sukkur andCharsadda as part of thier Corporate Social
Responsiblity.-Staff Photo
KARACHI: Advisor to Sindh CM on Information Sharmila Farooqi briefs themedia persons about post flood measures.-APP
KARACHI: Corps Commander, 5 Corps calls on Governor Sindh Dr Ishrat Ul Ebad Khanat Governor House.-APP
NSC’sopens newbranch in
MalirKARACHI: NationalSavings Centre (NSC) hasinaugurated their newbranch at Akram ShaheedRoad in Malir Cantonmentrecently.
The Director General,National Savings Zafar MSheikh along with promi-nent Army and civilian per-sonalities graced the cere-mony. The new branch ofnational savings aims toattract huge investment ofthe residents of the areadue to which they willenjoy attractive returns ontheir investment on onehand while on the otherside. It will contribute tothe national economy.-PR
MUMBAI: The Indian rupeeweakened to its lowest in twomonths on Tuesday followingexchange of artillery fire at theKorean peninsula, but a laterecovery in the euro and dollarsales by exporters helped pullthe local unit off lows.
The partially convertiblerupee closed at 45.57/58 perdollar, after having dropped aslow as 45.6750, its lowestsince Sept. 23 and 0.4 per centbelow its 45.405/415 close onMonday.
"The rupee saw brisk weak-ening today, but there wasgood selling interest fromexporters as well. I expect45.00-45.70 range for thisweek," said Vikas Chittiprolu,a senior foreign exchange deal-er with state-run Andhra Bankin Mumbai.
Traders said the rupee senti-ment was generally bearishwith the Korean tensionsadding to the downward pres-sure.
Foreign portfolio funds havesnapped up a record $28.9 bil-lion worth of Indian equities so
far this year, helping the bench-mark stock index climb nearly13 per cent and pushing therupee up 2.1 per cent.
One-month offshore non-deliverable forward contractswere quoted at 45.89, weakerthan the onshore spot rate, sug-gesting a bearish near-termoutlook. In the currency futuresmarket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchange closedat 45.6275, 45.6225 and45.6275 respectively with thetotal traded volume on thethree exchanges at an average$7.6 billion. -Reuters
Indian rupee retreatsfrom 2-month low
3Wednesday, November 24, 2010
Currency Rates
Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).
British Members Association Interest Settlement Rates.
AT 11:00 LONDON TIME 23/11/2010
A USD GBP CAD EUR JPY
O/N 0.23188 0.55313 0.97333 0.44375 SN 0.09188
1WK 0.24953 0.55750 1.01000 0.58375 0.10500
2WK 0.25125 0.56250 1.04667 0.64625 0.10875
1MO 0.25344 0.57500 1.08833 0.76375 0.12125
2MO 0.26828 0.62813 1.13833 0.86000 0.15250
3MO 0.28438 0.73875 1.20167 0.97375 0.19438
4MO 0.33250 0.82250 1.26417 1.03563 0.25688
5MO 0.39219 0.92750 1.33833 1.11500 0.31188
6MO 0.44219 1.03000 1.40417 1.21125 0.36688
7MO 0.49094 1.10875 1.46583 1.26125 0.42938
8MO 0.54469 1.19125 1.55167 1.30625 0.47875
9MO 0.59625 1.27375 1.60750 1.35875 0.52500
10MO 0.64938 1.35000 1.69000 1.40500 0.55250
11MO 0.70406 1.41875 1.76917 1.44875 0.58063
12MO 0.76313 1.48563 1.85000 1.49375 0.61063
Countries Selling Buying BuyingTT & OD TT Clean OD/T.CHQ
The Reserve Bank of Australia Dec 07 2010 Nov 02 2010 4.75%
Major Central Banks Overview
Division of National Bank of Pakistan (NBP)KARACHI, November 23,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:
Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for November 23, 2010
NEW YORK: The dollar rosefor a second straight day onTuesday as fears mounted thatIreland's debt crisis couldspread to other weaker mem-bers of the euro-zone.
Comments by GermanFinance Minister WolfgangSchaeuble that the single cur-rency was at stake due to theIrish debt crisis further pres-sured the euro.
The dollar was also boostedafter government data showedthe US economy grew fasterthan previously estimated inthe third quarter, though ana-lysts said the focus wouldremain on Europe for now.
A shelling exchange in theKorean peninsula, after NorthKorea fired dozens of artilleryshells at a South Korean island,exacerbated the risk aversionruling financial markets andadded to pressure on the euro.
"We're seeing a knee-jerk reac-tion to Korea but the underlyingstory is still the European debtcrisis and contagian fears," saidJohn Doyle, strategist at TempusConsulting in Washington. "That
will drive trading for the rest ofthe month. Korea is a sideshow."
The euro was down 1.1 percent on the day at $1.3575,after shedding around half acent when the Korean clashwas reported. The session lowwas $1.3470.
Against the yen, the dollarwas up 0.1 per cent at 83.35
yen, having risen as high as83.85 yen. Traders said macrofunds buying the dollar afterthe shelling ran into robustoffers from Japanese exporters.
The dollar index was up 0.7
per cent at 79.206, but off itsintra-day high of 79.256.
The US Federal Reserve willrelease minutes from its lastpolicy meeting on Nov. 2-3later in the day, and investorsare focused on gaining moreinsight into the Federal OpenMarket Committee's decisionto embark on a second round ofquantitative easing to stimulate
the economy."The main thing from the
FOMC minutes will be howmuch support for QE2 wasthere at the meeting," saidGeoffrey Yu, currency strate-gist at UBS in London.
Many investors are not con-vinced that aid to Ireland willprevent other heavily indebtedmembers of the 16-countrybloc from seeking aid.
Portugal and Spain are seenas the next weakest links.
The euro has lost 5 per centagainst the greenback thismonth, after hitting a nine-month high on Nov. 4.
Support for the euro is seenat $1.3446, the Nov. 16 trough,a break of which could pavethe way for a retest of $1.3333,the August high, which someanalysts said would confirm adeveloping downtrend for thesingle currency. -Reuters
Euro hit by Irishuncertainty, contagion fear
SHANGHAI: China's yuanclosed down against the dollaron Tuesday, taking cues from aweaker mid-point that indi-cates the People's Bank ofChina is watching the dollar'sglobal performance to guidethe currency's recent move-ments.
The central bank appears tobe more relaxed lately in fixingthe yuan's mid-point, or its ref-erence rate, as there are fewmajor political events remain-ing this year that could pressBeijing to let the yuan appreci-ate further, traders said.
Dealers expect the yuan toremain mostly stable for therest of this year, but that thePBOC could let it touch 6.6 perdollar at some point this year,possibly when the US Treasuryprepares to publish its twice-yearly currency report that wasdelayed from mid-October andcould name China a currencymanipulator.
In the long term, however,appreciation appears inevitablesince China needs to fightagainst imported inflation and
cushion capital inflows,including those from trade andforeign direct investment.
Spot yuan closed at 6.6449versus the dollar, down slightlyfrom Monday's close of 6.6416but it was still up 2.73 per centsince the PBOC depegged thecurrency in mid-June.
It moved in a relatively smallrange of 6.6421 to 6.6521,trading tightly around the day'smid-point of 6.6469, whichwas slightly weaker thanMonday's 6.6389. The mid-point is a level from which theyuan may rise or fall 0.5 percent against the dollar on agiven day.
Offshore dollar/yuan for-wards rebounded sharply alongwith the dollar rebound, whichwas partly driven by tensionsin the Korean peninsula.
One-year non-deliverableforwards jumped to 6.4980 bidlate in the session from 6.4650at Monday's close, with theirimplied yuan appreciation in ayear's time slumping to 2.29per cent from 2.81 per centshown on Monday. -Reuters
Yuan finishes downin narrow trade
Swiss franc
climbs vs euroZURICH: The Swiss francclimbed against the euro onTuesday, temporarily crossingthe 1.34 mark, with the com-mon currency under pressuredue to political uncertainty inIreland and worries about otherperipheral euro-zone members.
Irish Prime Minister BrianCowen defied mounting pressureto quit on Monday, saying hewould stay in office until parlia-ment passed the budget, then callan early election. Moreover, themarket is not convinced that aidto Ireland would prevent otherheavily indebted members of the16-nation bloc from also seekinghelp, analysts said.
Investors regard the franc has asafe haven, and bought into it asa result of the Greek debt crisis,taking it to an all-time high of1.2763 per euro on Sept. 8. Sincethen, however, the franc hasweakened somewhat. The francrose 0.5 per cent against the eurocompared to the New York close,trading at 1.3417 per euro at0732 GMT. The franc was up0.05 per cent against the dollar at0.9890 per dollar. -Reuters
LONDON: Sterling hit a two-month high against the euro onTuesday, helped by fears theeuro-zone's debt crisis couldspread, but it dropped to itslowest in nearly four weeksagainst the dollar as investorsshunned risky assets.
North Korea shelling a SouthKorean island further dentedsentiment in a market alreadyworried about debt troubles in
the euro-zone, with partici-pants seeking the perceivedsafety of the likes of the dollar.
With political uncertainty inIreland leaving the possibility ofa delay to any bailout deal andcontagion fears growing, sterlinggained one per cent against theeuro. But it slid versus the dollaras it is still seen as a risky cur-rency. "This is all about 'risk-off'and dollar buying. Both the euroand sterling are down, but theeuro is down by more because ofcontagion fears," said Michael
Hewson, market analyst at CMCMarkets.
"It is a case of anything butthe euro".
The euro fell one per cent onthe day against sterling to a lowof 84.46 pence, its weakest sincelate September, having earlierdropped below its 100-day mov-ing average around 84.70 pence.Against the dollar, sterling fell0.9 per cent to $1.5807, its weak-
est since October 28, as itextended falls after breakingbelow its 55-day moving aver-age around $1.5841.
Sterling also fell more thanone per cent against the yen,which also benefited from safe-haven buying. Meanwhile,there were more negative signson the state of the UK housingmarket on Tuesday as theBritish Bankers' Associationsaid UK mortgage approvalsfell to their lowest in more than1-1/2 years in October. -Reuters
Stg jumps againsteuro, falls versus $
SEOUL: The won tumbledagainst the dollar on Tuesdayafter a major exchange of artilleryfire between the two Koreas,which dragged other Asian cur-rencies lower as investorsreduced riskier positions.
"The incident promptedinvestors to close dollar short-positions against all currencies.This kind of incident can triggerautomatic stop-loss selling ofnon-dollar currencies," said JeongMy-young, a currency strategistat Samsung Futures Inc in Seoul.
"That may put pressure onemerging Asian currencies,which have enjoyed strong gainsso far this year," Jeong added.
Asian currencies were alreadyunder pressure from renewedworries about Ireland's debt cri-sis. Dollar/won one-month non-deliverable forwards (NDF)jumped more than 4 per cent to1,180 per dollar after the report ofartillery exchange, dealers said.
"It's not a missile into the seaand it's not accidental. I thinkthe won may see 1,200 per dol-lar soon," said June Park, aneconomist at Woori Investment& Securities.
The won was already downwhen the news broke on wor-ries about Ireland's debt crisisand expected dollar demandlinked to Hana Financial Group
Inc's decision to buy KoreaExchange Bank (KEB).
Hana's chairman told Reutersthe group had decided toacquire a controlling stake inKEB from US private equityfirm Lone Star. Local newsagency Yonhap said Hanawould buy a 51 per cent stakefor about 4.7 trillion won ($4.17billion). The Malaysian ringgitwas also down on Ireland theKorean news. Dealers said theyexpected the ringgit to fall fur-ther, dealers said.
"Sentiment is seriously dam-aged. The dollar/ringgit may try3.15 now," said a Kuala Lumpur-based dealer said. -Reuters
Asian currencies
Won tumbles 3.7pc onNKorea; more falls seen
SYDNEY: The Australian dollar fell onTuesday, hurt by Europe's debt concerns andshelling between North and South Korea, whilethe New Zealand dollar continued to nurse loss-es from a ratings warning by S&P.
The Australian dollar dropped to $0.9793, welloff a $0.9955 high hit in New York. Support wasfound at hourly low of $0.9817, with resistanceat hourly peak of $0.9913.
Traders said with Tokyo shut for a holiday, theAustralian dollar was held hostage by fluctua-tions in the euro, which was smarting from wor-ries about the fiscal health of peripheral euro-zone nations. News in late trade that the Northand South Korea were exchanging fire on thepeninsula had taken a further toll on the currency.
With many investors wanting to protect theiryear-to-date profits in coming weeks, some ana-lysts warned the Australian dollar could run intoprofit-taking and struggle amid a dearth of buy-ers for the rest of the year.
This is because Europe's debt woes and doubts
about whether China would further tighten poli-cy would probably lead traders to turn cautiousand shun higher-yielding currencies such as theAustralian dollar, which are deemed to be morerisky. The New Zealand dollar fared no better. Itwas pinned at $0.7696, having sunk from$0.7835 on Monday after S&P revised down thecountry's credit outlook to negative.
The warning had caught the market long andtriggered a wave of stop-loss sales, taking it aslow as $0.7694 before support emerged.
Still, some analysts thought the selling was over-done given S&P itself said New Zealand had twoto three years to lessen its reliance on foreign debt,and that there was only a one-in-three chance ofthe country actually being downgraded. "NewZealand is a long way from being Ireland orGreece," Barclays said in a note to clients.
It noted New Zealand's gross financial liabilitiesas a percentage of gross domestic product stoodaround 40 per cent, well under Ireland's near 100per cent and Greece's 140 per cent. -Reuters
Australian, NZ dollarsfall on Korea shelling
Taiwan dlr hits
4-wk closing lowTAIPEI: The Taiwan dollarfell to a nearly four-week clos-ing low on Tuesday, trackinglosses in regional peers as riskappetite waned after NorthKorea fired at a South Koreanisland.
The currency gave up gainsduring the session to endT$0.171 lower at T$30.799, alevel not seen since Oct 28. Ithad closed at T$30.628 in theprior session.
The dollar rose broadly, USTreasuries gained, andEuropean and Asian shares andUS stock futures all fell onTuesday after the exchange ofartillery fire on the Koreanpeninsula.
The Taiwan dollar has risenabout 3 per cent since lateSeptember, reflecting expecta-tions Asian currencies wouldattract foreign fund inflowsamid US monetary easing.
Since then, Taiwan centralbank has stepped up its verbalcommentary over the curren-cy's rally.
Deputy governor Chou A-ding said last week that localexporters are quoting theirprices stronger than T$30, aremark that some strategiststook to mean the central bankwill hold the currency firm forthe time being. -Reuters
Asia seen down more as risk appetite dampened
US GDP data, Korean peninsula tension helps dollar
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Feudal lords &taxing the richMany of the experts have been saying that
Pakistan's legislative body mostly dominat-ed by feudal lords is the biggest hurdle intaxing the rich. This time the confession hascome from none other than the FederalFinance Minister Dr Abdul Hafeez Shaikh.
Reportedly the finance accused the mem-bers of a Senate committee on Monday ofhaving a tendency to opposing those taxesthat could be imposed on them and propos-ing the ones that are unlikely to hurt them.He also lamented there are so many power-ful people in Pakistan who are attached withone or other kind of business which doesnot allow the government to levy tax onthem. He also admitted all previous govern-ments, both secular and religious, had failedto improve tax-to-GDP ratio.
In Pakistan bulk of the taxes consists ofindirect tax and even the poorest of poor hasto pay through his nose but all the attemptsto impose tax on agriculture income haveproved futile. Federation says it is the pre-rogative of provincial government and allthe four provinces have declined to tax agri-culture income because it would hurt thesmall farmers the most. One completelyfails to understand the logic behind thisrationalisation. The rule of thumb is thehigher the income the higher the tax liabili-ty but there is also a threshold level.
Historically, imposing duties and taxes onplant and machinery (front-loaded projectcost), enhanced borrowing and financialcost and added to cost of production. On topof this charging duties and taxes on rawmaterial also added to the cost of locallyproduced products. Ironically, no one evercontested the rationale but feudal lords havebeen enjoying the benefit of subsidisedagriculture inputs. Growers insist on receiv-ing international prices of agricultural pro-duce but are not ready to pay internationalprices of inputs.
Another anti-poor policy is collection ofbillions of rupees petroleum and gas devel-opment levies. High energy cost has beeneroding competitiveness of the local manu-facturers as well as adding to inflation. Thehike in high speed diesel price also having asubstantial component of petroleum devel-opment levy has been a major cause ofinflation and eroding purchasing power ofthe lower income groups.
Going one step forward most of the poli-cies of the government are also influencedby the feudal lords. The most blatant exam-ple is persistent increase in sugarcane sup-port price and refusal of the government toallow duty free import of raw sugar. Localsugar mills operate at less than 50 per centcapacity utilisation because of acute short-age of sugarcane, which results in highercost of production and spending millions ofdollars on import of refined sugar. Thisproblem can be overcome by importing rawsugar and refining it at the local sugar mills.
4Wednesday, November 24, 2010
Publisher & Editor-in-Chief: Amir A. Ashary
Editor: Shakil H. Jafri
Executive Editor: Manzar Naqvi
Honorary Advisory Board
Haseeb Khan, FCA
Asim Abbas Ashary, CPA
Akhtar M. Zaidi, FCA
Dr. A. Hadi Shahid, FCA
Muhammad Arif
S. Muneer Hussain Rizvi
Khurram Shehzad, CFA
Prof. Zakaria Sajid (KU)
Zahid Bukhari SVP HBL (retd)
Ismat Sabir
Head office
111-C, Jami Commercial Street 11, Phase VII, DHA KarachiTelephone: 92-21-5311893-6 Fax: 92-21-5388428
The adverse impact of floodshas not reflected in the halfyearly results of commercial
banks. Since this was an exception-al happening analysts were readyto witness major deviations in thefinancial results of the commercialbanks for the third and fourth quar-ter. However, the best evaluation ofthe sector is evident from StateBank report for the first half ofCY10.
The overall economic environ-ment has been showing the signs ofweakness since the latter half of2008. The slowdown in economicactivities and deterioration of bor-rowers' repayment capacity result-ed in increased credit risk and sig-nificant growth in Non-performingLoans (NPLs).
Banks accordingly adopted risk-averse strategy of assets allocationthat incidentally emerged in thebackdrop of high credit demandfrom the government for budgetarysupport, commodity operations andinter-corporate receivables of pub-lic sector enterprises (PSEs) andbanking system's asset mix gradu-ally shifted away from loansand advances to investments ingovernment papers and publicsector lending.
Due to higher loan-loss chargesand pressure on profit margins, theearnings of relatively small-sizedbanks have come under strain.However, after facing a transitorystrain in the last quarter of CY08,liquidity profile of banks graduallyeased off as their balance sheetcomposition gradually shiftedtowards liquid assets.
Though the business conditionsremained tenuous, the banking sys-tem witnessed some letup in thebuildup of credit risk as growth inNPLs because of deceleration inlending as well as fresh delinquen-cies. However, banks maintainedtheir risk-averse asset allocationstrategy. Due to adequate provi-sioning charges the aggregate earn-ings of the system remained stable
and in satisfactory ranges. Theshift in asset mix towards govern-ment papers and assets carryinglower risk weights and decline inrisk to capital base from any likelyimpairment in asset quality led tosome improvements in solvencyindicators. The liquidity positionof the system further eased due toliquid-assets-driven growth thatwas adequately supported byinflow of deposits.
The asset base of the bankingsystem increased at to Rs6,782 bil-lion at end June 2010 as compared
to a contraction during previousquarter. The increase in asset base,which was well supported bygrowth in deposits, mainlyoccurred in banks balances, inter-bank lending, gov-ernment papers andpublic sector com-modity finance,while lending toprivate sector camedown and moderat-ed the overallgrowth in loan port-folio. Accordingly,the assets mix shift-ed towards assetscarrying lower riskweights, reflectingthe risk-aversestrategy of banksthat has been invogue since later half of CY08.Besides SME and consumer, cor-porate segment also experienceddecline in lending rates of banks.However lending to agriculturewitnessed some liveliness, whilemost of the leading sectors of theeconomy reduced their bank bor-rowings.
During recent quarters, the NPLsof the banking system hadincreased at a significant rate i.e.an average quarterly rate of nearly
10% from June 2008 to March2010 and their level more thandoubled since CY07. However,shift in NPLs from categoriesrequiring partial provisioning toloss category, the loan loss chargesexceeded the increase in NPLs.Accordingly, provisioning cover-age of NPLs improved to over 73%and risk to solvency of banks low-ered as the capital impairment ratiocame down by 160 bps. Similarly,the loan infection ratios also low-ered.
The profit after tax of Rs36 bil-
lion for first half of CY10remained higher than the corre-sponding period of last year. TheReturn on Assets (ROA) stayed atlast quarter's level, slightly higher
than the level of correspondingperiod of previous year, thoughover this period the asset composi-tion of the system significantlyshifted towards government paperswhich carry lower return as com-pared with loans and advances. Theaggregate earnings of the systemthat have been concentrated in rel-atively large-sized banks for thelast two years or so showed someimprovement for individual banks,as the number of banks with posi-
tive bottom line remained higher ascompared to last year.
In the coming months, the height-ened credit risk and increased port-folio of NPLs will be a major chal-lenge for the banking system. Thestress test results, however, signifythat the system has adequatecapacity to withstand any extraor-dinary, plausible shocks in the keycredit as well as market and liquid-ity risk factors, thus averting thegenesis of any systemic crisis fromsuch shocks.
However, recent unusually highfloods are likely to influence per-formance of banks. Though theirimpacts and economic losses areyet to be precisely assessed, thefloods could cause additional NPLsmainly in agriculture sector andaffect credit activities in sectorsallied to Kharif crop. Increase ingovernment's demand for bankcredit is most likely. The inflow ofdonations, grants and assistanceand expenditures on the rescue offlood affectees and rehabilitationof infrastructure are likely to accel-erate the growth of monetaryaggregates. The banking system inaggregate is expected to poststeady profits, however, these prof-its are likely to remain concentrat-ed in larger size banks having bet-ter earning profile and competitiveadvantage in raising the economi-cal and stable funds.
Though, Advances of the bankingsystem increased,this growth waslargely contributedby growth in pub-lic sector's com-modity financewhich increasedby more than 50%.Lending to privatesector, after wit-nessing a slightgrowth during lastquarter camedown, reflectingthe trend that set inthe last quarter ofCY08, a gradual
increase in public sector credit andcontraction in lending to privatesector.
Disaggregated analysis showsthat Corporate, SME andConsumer Finance segments wit-nessed a marginal decline ofaround 2.5%. However, thisdecline was more than covered bysharp increase in public sectorcommodity finance that was alsoaccompanied by a moderate growthin lending to farmers.
Banks’ IncomeUnder Pressure
The stress test results, however,signify that the system has
adequate capacity to withstand anyextraordinary plausible shocks in
the key credit as well as market andliquidity risk factors, thus avertingthe genesis of any systemic crisis
from such shocks
The increase in asset base,which was well supported by
growth in deposits, mainly occurredin banks’ balances, interbank
lending, government papers andpublic sector commodity finance,
while lending to private sector camedown and moderated the overall
growth in loan portfolio
“
The New York Timessaid on Tuesday that aman it had described as
a "Taliban leader" who hadtaken part in "secret peacetalks" with the Afghan gov-ernment was in fact animpostor.
The newspaper said theman had held three meetingswith Nato and Afghan offi-cials but that US officials hadconfirmed on Monday "theyhad given up hope" he wasthe leader identified asMullah Akhtar MuhammadMansour.
"The fake Taliban leadereven met with PresidentHamid Karzai, having beenflown to Kabul on a Nato air-craft and ushered into thepresidential palace," thenewspaper said, again citingunidentified officials.
On October 20, The NewYork Times quoted anunidentified source as sayingtalks to end the war involved"extensive, face-to-face dis-cussions with Taliban com-manders."
On Tuesday, TheWashington Post reportedtwo senior Afghan officialsbelieved the man was a"lowly shopkeeper" fromQuetta, the Pakistan townwhere the Taliban leadershipfled in late 2001.
A flurry of often unsourced,or at best guardedly sourced,newspaper reports out of theUnited States and Europe last
month sparked interest thathigh-level talks, sponsoredby Nato, had been heldbetween the Afghan govern-ment and Taliban leaders.
However, senior Afghan,
US and Nato officials havesince said the "talks" were lit-tle more than initial contactsbetween the two sides thathave been going on for thepast two years.
Karzai said his governmenthad not met anyone namedMansour. "Do not acceptreports by foreign mediaregarding our meeting withTaliban leaders, it is all pub-licity and lies," he told anews conference at his palaceon Tuesday.
The Afghan ministerresponsible for reintegratingIslamist insurgents toldReuters last month the talkswere little more than "net-working.""WE GAVE HIM A LOT
OF MONEY"The New York Times said
on Tuesday that high-leveldiscussions conducted withthe man they thought wasMansour "appear to haveachieved little."
"It's not him," the news-
paper quoted an unidenti-fied Western diplomat inKabul, who it said was inti-mately involved in the dis-cussions, as saying. "Andwe gave him a lot ofmoney."
Talks with the Taliban arepart of a wider peace planunder Karzai which
includes reintegratingTaliban foot soldiers andoffering amnesties to seniorleaders.
With the war now in its10th year and casualties on
all sides at recordlevels, the need for anegotiated settle-ment to theintractable conflictis being more wide-ly recognized,including inWashington andEuropean Nato capi-tals.
For their part, theTaliban consistentlyreject the idea of
talks until all foreign troopsnow numbering about150,000 have leftAfghanistan.
Their secretive leaderMullah Mohammad Omar,believed to be in hiding in
Pakistan with the rest of theTaliban leadership, lastweek again ruled out talks,
saying the subject was anattempt to "throw dust inthe eyes" of Afghans.
Nato leaders agreed at atwo-day summit in Lisbonlast week to set 2014 as atarget to withdraw all com-bat forces fromAfghanistan, although someUS and Nato leaders havetried to temper that time-line, saying the handovercould spill into 2015.
US President BarackObama, who will review hisAfghanistan war strategynext month, wants to begina gradual drawdown of UStroops from July 2011.
The New York Times,again citing unidentifiedsources, said the realMullah Mansour wasthought to be the secondmost senior Taliban leaderbehind Omar.
One man at the thirdmeeting, howev-er, said he did notr e c o g n i z e"Mansour," theTimes said.
It said WhiteHouse officialshad asked it towithhold thenames of"Mansour" andtwo other Talibanleaders from itsOctober 20 story
about peace talks because itmight put their lives at riskand jeopardize the talks.
How a Quetta ShopkeeperConned Nato, Kabul, all?
Their secretive leader MullahMohammad Omar, believed to be in
hiding in Pakistan with the rest of theTaliban leadership, last week again
ruled out talks, saying the subject wasan attempt to "throw dust in the
eyes" of Afghans
Karzai said his government hadnot met anyone named Mansour.
"Do not accept reports by foreignmedia regarding our meeting with
Taliban leaders, it is all publicity andlies," he told a news conference
at his palace on Tuesday
“
FERTILISER000 tonnesUrea Offtake (Jan to July 10) 3,565Urea Offtake (July 10) 580Urea Price (Rs/50 kg) 879DAP Offtake (Jan to July 09) 374DAP Offtake (July 10) 49DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 09 to June 10) 71,998
Sales (July 09 to June 10) 73,993
Production (July 10) 7,509
Sales (July 10) 4,503
INDUS MOTOR COProduction (July 09 to June 10) 50,557
Sales (July 09 to June 10) 50,823
Production (July 10) 5,162
Sales (July 10) 4,999
HONDA ATLAS CARProduction (July 09 to June 10) 13,500
Sales (July 09 to June 10) 14,120
Production (July 10) 1,560
Sales (July 10) 1,272
DEWAN FAROOQ MOTORSProduction (July 09 to June 10)1,218
Sales (July 09 to June 10) 1,371
Production (July 10) 41
Sales (July 10) 40
BANKING SECTORScheduled bank (Rs in mn)Deposit (August 20,10) 4,595,176
Advances (August 20,10) 3,304,533
Investments (August 20,10) 1,788,671
Spread (July 2010) 7.51%
OIL MARKETING CO(000 tons)MS (Jul 09 to June 10) 1,933
MS (July 10) 188
Kerosene (Jul 09 to June 10) 164
Kerosene (July 10) 15
JP (Jul 09 to June 10) 1,377
JP (July 10) 129
HSD (Jul 09 to June 10) 7,435
HSD (July 10) 664
LDO (Jul 09 to June 10) 75
LDO (July 10) 7
Fuel Oil (Jul 09 to June 10) 9,259
Fuel Oil (July 10) 869
Others (Jul 09 to June 10) 13
Others (July 10) 1
PRICES (Ex-Refinery) RsMS (1 Sep 10) 40.85
MS (1 Aug 10) 41.22
MS % Chg -0.90%
Kerosene (1 Sep 10) 47.14
Kerosene (1 Aug 10) 46.55
Kerosene % Chg 1.27%
JP-1 (1 Sep 10) 47.37
JP-1 (1 Aug 10) 46.78
JP-1 % Chg 1.26%
HSD (1 Sep 10) 50.61
HSD (1 Aug 10) 49.63
HSD % Chg 1.97%
LDO (1 Sep 10) 46.37
LDO (1 Aug 10) 45.29
LDO % Chg 2.38%
Fuel Oil (1 Sep 10) 39,932
Fuel Oil (1 Aug 10) 39,723
Sector Updates
Symbol Close Vol (mn)JSCL 13.80 20.63 LOTPTA 11.84 16.58 NML 57.83 16.35 BYCO 12.04 10.90 NBP 67.20 6.64
Symbol Close ChangeULEVER 4,125.00 74.99 LAKST 340.18 16.19 NESTLE 1,976.67 12.34 BHAT 239.99 10.00 HINO 138.58 6.59
Symbol Close ChangeRMPL 1,927.60 -70.35UPFL 1,040.00 -47SIEM 1,318.35 -30.66BATA 602.72 -21.18NRL 262.25 -5.56
Plus 171Minus 203Unchanged 23
Top 5 Volume Leaders
Major Losers
Major Gainers
KSE-100 Index
LSE-25 Index
ISE-10 Index
Active Issues
Wednesday, November 24, 2010 5
Dhiyan
There might be some technical correction of 200-250 points in thecoming days. However outlook of the market is still bullish and it haspotential to trade between 11,500-12,000 points by the end ofDecember. However it would be contingent on triggers like rise ininternational oil prices, improving economic indicators, fresh foreignbuying, and early launch of Margin Trading System (MTS).Nevertheless, unexpected increase in interest rates could damage themarket. Investors are advised to invest in dividend yielding stocks offertiliser, E&P, bank and cement sector. Market may recover today.
Tariq Hussain Khan, Head of Portfolio & Research United Capital
Syed Faizan Haider, SMH Financial Solution
Market is in overbought region therefore we might see some moreprofit taking ahead. Investors are recommended to buy and orderstop loss at the level of 11,125 because penetrating below 11,125points will exhaust the bulls and prevent them from taking furthercontrol in the market. Our top picks for buying are MCB, NBP, andENGRO. Investors can book profits at 11,550 level. A hike in inter-est rate in the upcoming monetary policy will bring market underpressure. Today, market may move both ways.
MIXED MKT SEEN RECOVERING
Opening 11,205.84
Closing 11,171.09
Change 34.75
% Change 0.31
Turnover (mn) 155.11
Opening 3,537.34
Closing 3,510.24
Change 27.10
% Change 0.77
Turnover (mn) 8.92
Opening 2,894.95
Closing 2,857.71
Change 37.24
% Change 1.29
Turnover (mn) 0.25
HONG KONG: A floor trader (top) is reflected in a mirror as he monitors share prices at the Hong KongStock Exchange on Tuesday.-Reuters
ANNOUNCEMENTS
Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs)
Honda Atlas Cars Half Yearly - -156.44 -1.10
HONG KONG/SHANGHAI:
Shares in Hong Kong andChina fell on Tuesday as astronger dollar promptedinvestors to dump metals andmining stocks, while HongKong developers extendedlosses on fears that new proper-ty curbs will slash earnings.
Investors, already edgy overBeijing's fight against inflationand Europe's debt crisis, werealso rattled by news late in thesession that North Korea hadshelled a South Korean island,prompting a return of fire bythe South.
The attack, the biggest by theNorth in years, sent investorsfleeing to the safety of the USdollar, further weighing on
commodities prices and sharesof resource companies.
"The market remains defen-sive and will be unsettled untilyear-end," said HowardGorges, vice-chairman at SouthChina Financial Holdings.
"We have a messy Europeand in addition we have thisuncertainty on whether therewill be another rate increase inChina and where tighteningmeasures will lead."
Investors continued to unloadHong Kong property shares onexpectations their earningswould be hurt by a new stampduty on residential transactionsand other government measuresto stem fast-rising real estateprices. The measures were
announced on Friday.The benchmark Hang Seng
Index fell 2.7 per cent, itsbiggest single-day per centageloss in six months, to 22,896.14pointgs, its lowest in more thansix weeks.
"The tension in Korea isadding to the negative senti-ment and everyone is avoidingrisky assets," said JacksonWong, investment manager atFulbright Securities.
The property sub-indexdropped 3.7 per cent and wasseen falling further in comingsessions, dealers said.
Bigger developers Sun HungKai Properties Ltd , Hang LungProperties Ltd and
See # 14 Page 11
HK, China down onprofit-taking, Korea
Nawaz Ali
KARACHI: Karachi StockExchange (KSE) ended loweron Tuesday despite continuedforeign interest as local institu-tions booked profits in oilstocks while a decline inregional stock markets alsoinduced traders to sell.
The benchmark KSE 100-Index lost 34 points to close at11,171 points, KSE 30-Indexfell by 14 points to close at10,822 points and KSE all-share index was down by 22points to close at 7,766 points.
"Inline with regional marketslocal bourse also came underselling pressure mainly fromlocal investors", said SamarIqbal, equity dealer at ToplineSecurities.
It is worth mentioning thatthe benchmark index gainedmore than 2 per cent onMonday to close above 11,000level after a period of about 28months.
Though, market opened thesession on a green note touch-ing an intra-day high of 11,248points (+ve 42 points) duringthe early minutes, but bull-runfailed to sustain itself for longas local institutional investorspreferred to book gains atinflated levels. Therefore aftershowing some resistance, mov-
ing on both sides, the mainindex finally decided to cometo rest in the red-zone due tocontinued selling pressuremainly in oil stocks where at amoment it touched a lowestlevel of the day of 11,142points (-ve 63 points). Further,experts also said the decline inAsian stock markets too affect-ed the sentiments.
It should be noted that theAsian markets witnessed adecline on fears of volatility inthe region after exchange ofartillery shells between theNorth and South Korea.
Foreign investors continuedwith their buying as accordingto NCCPL there was a net-for-eign buying of $3.36 million onTuesday. On the local sidecompanies, banks, and mutualfunds did a net-selling of $3.87,$3.26 and $2.92 million respec-tively while individualinvestors a net buying of $8million.
Volumes however continuedto increase as 155.1 millionshares traded during the daywhich is 41.8 million sharesmore as compared to a turnoverof 113.3 million shares onMonday.
Out of total 397 active issues203 declined and 171 advancedwhile 23 issues remainedunchanged.
Institutionstake bite intohard-earnedgains at KSE
MUMBAI: Indian shares fell1.3 per cent on Tuesday, as mil-itary tensions in Korea, a localcorruption scandal andIreland's financials troublesspooked investors.
Traders said the urge was totake money off the table whenthe going was good, and themarket was vulnerable to apullback after rallying forseven of the past nine months.
Financials, which had beenamong the biggest gainers thisyear, attracted profit-taking,while laggard energy majorReliance Industries slipped fur-ther as the Korean exchange offire added to the market jitters.
"There were problems as it iswith Europe issues coming upagain and China's tighteningmeasures. Korea added to thefears," said Vaibhav Sanghavi,
director of Ambit Capital. "Such events prompt
investors to take risk off thetable. There is a negative biasfor the market in the nearterm."
The 30-share BSE indexdropped 1.33 per cent, or265.75 points, to 19,691.84.Only two of its componentsmanaged to close in the posi-tive territory.
The benchmark fell as muchas 3.1 per cent at one stage fol-lowing the Korean firing to itslowest level since Sept. 15.
North Korea fired dozens ofartillery shells at a SouthKorean island, setting buildingson fire and prompting a returnof fire by the South, Seoul'smilitary and media reports said.
Foreign portfolio funds havesnapped up a record $28.7 bil-
lion of Indian equities this year,helping the benchmark stockindex climb nearly 13 per cent,and the market could be vulner-able if the tensions rattleinvestors.
"If the situation escalates,then we will see a sharp impacton the markets in the region,"said K K Mital, head of portfo-lio management services atGlobe Capital in New Delhi.
More than two sharesdeclined for every share thatadvanced in the broader marketon moderate trading volume of405 million shares.-Reuters
There were also politicalworries as the Indian primeminister faced questions in theSupreme Court on Tuesdayover his handling of an allegedmulti-billion dollar telecoms
See # 13 Page 11
Indian shares fall onSeoul-Pyongyang row
FTSE at 6-wk low onEurope, Korean fears
LONDON: Britain's leading share index dropped to a six-weekclosing low on Tuesday, weighed down by weak banks and com-modity issues on worries over the euro zone debt crisis and risingtensions in the Korean peninsula.
The FTSE 100 ended down 99.55 points or 1.8 per cent at5,581.28, its lowest close since October 4.
Banks led the blue-chip fallers, with Standard Chartered theworst off, down 2.7 per cent, as investors already anxious aboutthe euro zone debt situation were unnerved by the Korea situationand sold out of riskier assets. See # 16 Page 11
US stocks mid-day
Wall St fallsas Koreas'tensionsheat up
NEW YORK: US stocksdropped more than 1 per centon Tuesday as rising tensionson the Korean peninsula addedto worries about how euro-zonedebt woes could affect domes-tic markets.
North Korea fired scores ofartillery shells at a SouthKorean island, killing two sol-diers and setting houses ablaze,and South Korea returned fire.The iShares MSCI South KoreaIndex Fund fell 5.5 per cent.
Global stock markets tum-bled, while the US dollarclimbed and US oil futuresprices fell 1.1 per cent to$80.89 a barrel. Energy andmaterials shares were thebiggest losers, includingChevron Corp, which fell 2.6per cent to $81.28.
Light volume, with tradersaway ahead of theThanksgiving holiday, couldalso exacerbate moves as fewerpeople in the market leavesfewer people willing to take theopposite side of a trade.
"The sellers are selling into avacuum because the pros haveleft, for the most part," saidJeffrey Saut, chief investmentstrategist of Raymond James inSt. Petersburg, Florida.
The Dow Jones industrialaverage dropped 170.40 points,or 1.52 per cent, to 11,008.18.The Standard & Poor's 500Index shed 19.20 points, or1.60 per cent, to 1,178.64. TheNasdaq Composite Index lost45.36 points, or 1.79 per cent,to 2,486.70.
Stocks also took their cuefrom the euro, which slumpedto a 7-week low against the dol-lar. The two assets have movedin tandem in the past with bothviewed as proxies for risk.
The European Union urgedIreland to adopt an austeritybudget on time to unlock prom-ised EU/IMF funding, while IrishPrime Minister Brian Cowenrebuffed calls for a snap electionand insisted the budget would goahead as planned on December 7.
Data showed the economygrew faster than previouslyestimated in the third quarter,but still not enough to reducestubbornly high unemploy-ment. Another report showed
See # 15 Page 11
Further pull back; Singapore hits 3-week lows
South East Asian stocks
European shares hit six-week closing low
Wednesday, November 24, 20106
Volume 155,113,062
Value 7,424,870,808
Trades 83,618
Advanced 171
Declined 203
Unchanged 23
Total 397
Current 7,766.50
High 7,818.64
Low 7,748.02
Change i22.89
Current 11,171.09
High 11,249.21
Low 11,142.35
Change i34.75
Current 10,822.62
High 10,880.33
Low 10,787.81
Change i14.56
Market KSE 100 Index All Share Index KSE 30 Index
Current 17,861.46
High 18,028.33
Low 17,817.88
Change i77.71
KMI 30 IndexSymbolsAlert ! Unusual Movements
Technical AnalysisFundamental Highlights
As on Dec 31, 2009
Century Insurance Company Limited
CENI closed up 0.32 at 10.82. Volume was 1,604 per cent above
average (trending) and Bollinger Bands were 36 per cent narrower
than normal. The company's profit after taxation stood at Rs54.776
million which translates into an Earning Per Share of Rs1.20 for the
nine months of current calendar year (9MCY10).
CENI is currently 6.6 per cent below its 200-day moving average and
is displaying an upward trend. Volatility is low as compared to the
average volatility over the last 10 trading sessions. Volume indicators
reflect volume flowing into and out of CENI at a relatively equal pace.
Trend forecasting oscillators are currently bullish on CENI.
RSI (14-day) 49.95 Total Assets (Rs in mn) 1,151.84
MA (10-day) 10.83 Total Equity (Rs in mn) 852.00
MA (100-day) 10.49 Revenue (Rs in mn) 206.65
MA (200-day) 11.44 Interest Expense 0.00
1st Support 10.40 Loss after Taxation (69.96)
2nd Support 9.95 EPS 09 (Rs) (1.53)
1st Resistance 11.40 Book value / share (Rs) 18.63
2nd Resistance 11.95 PE 10 E (x) 2.25
Pivot 10.95 PBV (x) 0.58
Technical AnalysisFundamental Highlights
As on Jun 30, 2009
MWMP closed up 0.04 at 1.57. Volume was 452 per cent above aver-
age (trending) and Bollinger Bands were 19 per cent narrower than
normal. The company's loss after taxation stood at Rs13.042 million
which translates into a Loss Per Share of Rs1.77 for the 1st quarter of
current fiscal year (1QFY11).
MWMP is currently 20.7 per cent below its 200-day moving average
and is displaying an upward trend. Volatility is relatively normal as
compared to the average volatility over the last 10 trading sessions.
Volume indicators reflect volume flowing into and out of MWMP at a
relatively equal pace. Trend forecasting oscillators are currently bullish
on MWMP.
RSI (14-day) 48.06 Total Assets (Rs in mn) 233.68
MA (10-day) 1.62 Total Equity (Rs in mn) (208.12)
MA (100-day) 1.94 Revenue (Rs in mn) 233.30
MA (200-day) 1.98 Interest Expense 5.02
1st Support 1.40 Loss after Taxation (22.74)
2nd Support 1.29 EPS 09 (Rs) (3.092)
1st Resistance 1.66 Book value / share (Rs) (28.29)
2nd Resistance 1.81 PE 10 E (x) -
Pivot 1.55 PBV (x) (0.06)
Mandviwalla Mauser Plastic Ind Ltd
Technical AnalysisFundamental Highlights
As on Dec 31, 2009
BIPL closed up 0.04 at 3.39. Volume was 200 per cent above average
(trending) and Bollinger Bands were 47 per cent narrower than normal.
The company's profit after taxation stood at Rs1.565 million which
translates into an Earning Per Share of Rs0.003 for the nine months of
current calendar year (9MCY10).
BIPL is currently 16.9 per cent below its 200-day moving average and
is displaying an upward trend. Volatility is relatively normal as compared
to the average volatility over the last 10 trading sessions. Volume indi-
cators reflect very strong flows of volume into BIPL (bullish). Trend fore-
casting oscillators are currently bullish on BIPL.
RSI (14-day) 56.37 Total Assets (Rs in mn) 34,286.77
MA (10-day) 3.31 Total Equity (Rs in mn) 4,740.29
MA (100-day) 3.24 Revenue (Rs in mn) 2,193.89
MA (200-day) 4.08 Interest Expense 1,222.17
1st Support 3.32 Loss after Taxation (478.94)
2nd Support 3.21 EPS 09 (Rs) (0.907)
1st Resistance 3.51 Book value / share (Rs) 8.98
2nd Resistance 3.59 PE 10 E (x) 847.50
Pivot 3.40 PBV (x) 0.38
BankIslami Pakistan Limited
Technical AnalysisFundamental Highlights
As on Dec 31, 2009
ANL closed up 0.29 at 11.39. Volume was 125 per cent above average
and Bollinger Bands were 31 per cent narrower than normal. The com-
pany's loss after taxation stood at Rs488.179 million which translates
into a Loss Per Share of Rs1.12 for the nine months of current calen-
dar year (9MCY10).
ANL is currently 13.1 per cent below its 200-day moving average and
is displaying an upward trend. Volatility is relatively normal as compared
to the average volatility over the last 10 trading sessions. Volume indi-
cators reflect very strong flows of volume into ANL (bullish). Trend fore-
casting oscillators are currently bullish on ANL.
RSI (14-day) 58.06 Total Assets (Rs in mn) 38,525.22
MA (10-day) 11.06 Total Equity (Rs in mn) 18,469.71
MA (100-day) 10.79 Revenue (Rs in mn) 11,737.86
MA (200-day) 13.11 Interest Expense 2,424.42
1st Support 11.04 Profit after Taxation 60.53
2nd Support 10.66 EPS 09 (Rs) 0.003
1st Resistance 11.63 Book value / share (Rs) 37.85
2nd Resistance 11.84 PE 10 E (x) -
Pivot 11.25 PBV (x) 0.30
Azgard Nine Limited
OIL AND GAS
Performance of SR Oil and Gas Index
Open High Low Close Change % Change
1,474.08 1,484.08 1,446.68 1,451.96 -22.12 -1.50
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
United Bank Ltd 73.21 59.35 59.05 59.95 60.25 59.65
WorldCall Tele 57.30 2.65 2.55 2.75 2.80 2.70
Company RSI 1st 2nd 1st 2nd Pivot
(14-day) Support Resistance
TECHNICAL LEVELS
Atlas Honda Limited 24-Nov 11:30
Exide Pakistan Limited 27-Nov 3:00
ICC Textiles Limited 27-Nov 11:00
Mirpurkhas Sugar Mills Limited 30-Nov 11:00
BOARD MEETINGS
Company Date Time
Wednesday, November 24, 2010 8
KARACHI: Ali Rahim, President, Income Tax Bar Association, presenting ICAP souvenir to Ashfaq
Yousuf Tola, FCA, Tola & Co, Chartered Accountants, Member Budget Committee FPCCI at the semi-
nar on “Reformed GST and ATT- Suggestions on Way Forward” organised by the Southern Regional
Committee of the Institute of Chartered Accountants of Pakistan at ICAP House, Clifton.-Staff Photo
Staff Reporter
KARACHI: The modern edu-cation system should be adopt-ed with sophisticated computerapplications to boost the learn-ing skills of the students partic-ularly in DG Khan, Rajanpur,Multan, Khanewal,Bahawalpur and other districtshaving lowest literacy rate.
The Punjab governmentcould establish state-of-the artschools to promote educationat large scale in the cities withthe grant of $148 million allo-
cated by USAID for the educa-tion and literacy projects ofprovince.
This project could be theturning point for those unluckychildren who were unable toget quality education due tolack of funds available for edu-cation sector particularly insouthern Punjab.
Education experts are of theopinion that at a time when thefunds for education are scarcethe reach or footprint ofUSAID in education sectorcould be enhanced enormously
through use of proper technol-ogy.
The efforts of the plannersshould be to optimise the usageof funds made available foreducation sector particularly inthe under developed areas ofPunjab province.
Punjab government, throughprudent use of funds last year,demonstrated that high-techcomputer labs could be setupusing desktop virtualisationtechnology at affordable costin secondary schools of thelargest province of the country.
USAID encouragingIT-literacy in Pakistan
Staff Reporter
KARACHI: Association ofChartered CertifiedAccountants of Pakistan(ACCA) is organising an excit-ing event; AccountancyFutures Symposium - Criticalissues for tomorrow's profes-sion on the 24- 25 Novemberin Karachi, it was announcedhere.
In the wake of global eco-nomic crises, it has becomehighly important for businessleaders and policy gurus toquestion the corporate short-comings and public practicesof today and deliberate on the
future best practices, for emer-gence of a sustainable andsound business era.
ACCA foresees account-ants and finance profession-als in all sectors as the truevalue creators across organi-sations; the promoters ofsound business practices thatdrive great performance.More and more businessesdemand from their financefunction the ability to thinkabout the future of the busi-ness, scan the horizon forbusiness opportunities,design new business modelsand contribute to the innova-tion of products, services and
processes.Through the Accountancy
Futures Symposium, ACCAaims to bring together high cal-iber delegates and industryexperts to lead a dialogue ontopics that we see as the mostimportant to the future ofaccounting, auditing, financeand management.
The symposium also promis-es to deliberate on novel agen-da like climate change, carbonemissions and water shortages,probably a bigger threat to oureconomies than security.Additionally, discussions willalso focus on the SME andsmall business agenda.
ACCA, technocrats to debateaccountancy future on 24th
KARACHI: Education playsan important role in progressand prosperity of a nation.
This was stated by the SindhChief Minister, Syed QaimAli Shah, here .
He was presiding over ameeting of the SindhEducation Foundation at theCM House.
Qaim Ali Shah said that inaccordance with the manifestoof Pakistan Peoples Party(PPP), the present govern-ment is making efforts for thepromotion of education.
He stressed the need to providemaximum educational facilitiesin the province particularly inrural areas. A computerised ran-dom selection of 1,200 schoolswas made on this occasion.
The Chief Minister Sindhperformed the task by press-ing the button.
These schools are beingestablished under an educa-tion scheme entitled theIntegrated Education
Learning Programme(IELP). The selected schools will be
awarded to the successfulapplicants after verificationthrough a rapid survey toassess the impact of recentfloods on the proposed schoolsites.
It was further informed thatsupported by Government ofSindh, IELP will support1,500 existing and new pri-vate schools across Sindhthrough a range of implement-ing partners including NGOs,CBO's trusts and individualentrepreneurs.
The meeting was informedthat SEF as the primaryagency will extend financialand technical support to part-ners which will include provi-sion of per child subsidy,teachers professional develop-ment, capacity building ofstakeholders, research, moni-toring and evaluation.
It was further informed thatIELP presents yet another
opportunity to pool expertise,resources and aspirations tobring about a discerniblechange in the lives of thosewho matter the most i.e. thechildren of Sindh.
A collaborating and timelyinitiative of SEF andGovernment of Sindh, theschools established under thisscheme will play a vital rolein providing educationalopportunities to the childrenwho have been deprived offormal schooling as a result ofthe recent floods, the ChiefMinister Sindh was informed.
Prof. Anita Ghulam Ali fur-ther stated that the SindhEducation Foundation teamhas received continuing sup-port and leadership by thechairperson of the board ofgovernors, the chief minister,constant advice, and interestfrom the Ex-Officio ViceChairperson, Pir Mazhar ulHaq, Senior EducationMinister.-APP
CM Sindhdeems edu
as most vital
ISLAMABAD: Speakers at aRegional Policy Dialogue havesaid that linkages betweenindustry and universities areimperative to speed up socialand economic development ofa society.
The speakers were takingpart in an InternationalStrategic Partnership inResearch and Education'sRegional Policy Dialogue(INSPIRE-RPD) launched hereon Tuesday.
This regional dialogue hadhigh-level participation fromPakistan, Afghanistan,Bangladesh, Egypt, Iran,Kazakhstan, Malaysia, Nepal,Sri Lanka, Turkey,Uzbekistan and the UnitedKingdom.
The dialogue was jointlyorganised by the HigherEducation Commission (HEC)and the British Council underthe INSPIRE programme of theBritish Council.
The British Council has beenworking closely with the HECsince 2004 and has connected50 universities in Pakistan withUK's to help the capacity build-ing of higher education institu-tions in Pakistan.
INSPIRE RPD exploresmany critical questions inknowledge transfer in highereducation and how best prac-tices from the region can beimplemented in Pakistan.
The dialogue was formallylaunched by Adam Thomson,British High Commissioner toPakistan.
Speaking on the occasion theBritish High Commissionersaid that the higher educationwas of extreme importance inthe progress of a country.
The opening day exploredthe role and responsibilities ofgovernment in economic,social and cultural develop-ment of a country both nation-ally and internationally.
The second day focuses onthe needs and demands ofindustry and society at largeand the external perspective onHigher Education. The indus-try perspective will be present-ed by Rafiqal Islam, CEORAK PharmaceuticalsBangladesh, Kumru Adanali,MD Carbon Clear Turkey,renowned industrialist andRector of LUMS Abdul RazzakDawood, and other distin-guished guests. -APP
Industry-varsity tiesimperative: experts
KARACHI: The University ofKarachi has received the excel-lence award for maintainingthe best standard of educationand research.
A spokesperson of the insti-tution said here on Mondaythat the award was given in aceremony held recently toobserve the World StandardsDay by the Consumers EyePakistan and Standard GazetteInternational.
The first `Quality StandardAwards 2010' were distributedin various fields including edu-cation, business etc.
The spokesperson said thatfor this award KarachiUniversity outshone all theother Universities of Pakistan.
The Chief Guest of theevent, Muhammad AzamKhan Swati, Federal Ministerof Science and Technology,appreciated the efforts of theVice Chancellor, Prof DrPirzada Qasim Raza Siddiquifor maintaining the highquality of research and edu-cation.
He added that being an alum-nus of this prestigious institu-tion, he has an in-depth knowl-
edge of the challenges that arefaced by the University inmaintaining the high standards.
However, the University issatisfactorily able to do it, headded.
Pro-Vice Chancellor KarachiUniversity, Prof Dr NasiruddinKhan, received this award onbehalf of the University.
Later, Dr Pirzada expressedthat this award will not onlyencourage the teachers and stu-dents of the University but itwill also motivate otherUniversities to work harder forsuccess and recognition.-APP
Fresh laurels make itto Karachi University
Staff Reporter
KARACHI: The Hub Schoolwill soon open its doors to thepeople of Balochistan, Sindh,and the rest of Pakistan.
This was said by AbdulKader Jaffer Chairman AhmedE H Jaffer Foundation at theplaque unveiling ceremony toacknowledge the donationworth Rs50 million given tothe school by PakistanPetroleum Limited (PPL).
Jaffer said the foundation'seducation mission is reflectedin the verses of the HolyQuran which asks human
beings to seek knowledge andread in the name of the Lordand reflect. He pointed out thatit was the foundation's endeav-our to transmit knowledge tothe younger generation and theonly way to do this wasthrough the written word andensure that our children whoare the leaders of tomorrowget the best education whichwould enable them to betterthemselves and coming gener-ations and build a prosperouscountry.
Abdul Kader Jaffer said theJaffer family has been closelyassociated with education,
--which is a cornerstone oftheir public service efforts formore than a century-- and hisgreat grandfather KhanBahadur Jaffer Yousuf had setup a girls school in Pune, Indiaway back in 1907, which isimparting education eventoday.
The Jaffer family, he saidwants to renew the rich tradi-tion of being closely associat-ed with education and hopesthat this tradition would alsogo forward into the future andmake it bright for not onlyPakistan but the whole SouthAsia as well.
Books to be openedshortly at Hub School
Dr ShahidabecomesNationalProfessor
LAHORE: Higher EducationCommission has conferred uponthe title of DistinguishedNational Professor to DrShahida Hasnain, Dean ofPunjab University Faculty ofLife Sciences and Head ofMicrobiology & MolecularGenetics Department in recogni-tion of her contributions in therespective field.
The position would entitle herto receive an amount of Rs75,000 per month as a grant for aperiod of two years, which shewould place in a separateaccount to be opened for thispurpose. It would be her discre-tion either to utilise this amountpartially or entirely on researchetc, or to meet her own require-ments up to a maximum of Rs50,000 per month.
In addition, she would beretaining this title even after twoyears, however, without anyfinancial benefit.
The PU Vice Chancellor ProfDr Mujhaid Kamran has felicitat-ed Dr Shahida on her distinctiveachievement earned by her inview of her research contributionand scholarly services.-APP
IIUI moot,‘womenvarsities’
role’ on 26thISLAMABAD: TheInternational IslamicUniversity, Islamabad (IIUI) isorganising a two-dayInternational Inter-disciplinaryConference at Faisal MasjidCampus on Nov 26-27.
Qamar-uz-Zaman Kaira,Federal Minister forInformation, will be the chiefguest and Prof FatehMuhammad Malik, IIUIRector, will preside over theceremony, said a press releaseissued here.
This multi-disciplinary con-ference will explore the poten-tial of women universities tobolster and strengthen women,a segment of society that hastraditionally been margin-alised.
In view of an increasing real-isation of the indispensablerole of education in the promo-tion of meaningful socialchange, this conference seeksto bring together researchers todiscuss how women universi-ties can serve as a centre-stageand launchpad for a pro-gramme to interrogate andredress gender inequality, toreduce the gender gap, to for-mulate a pedagogy whichinstills critical selfhood andconsciousness in women and topromote higher education andskill development in women.
Some of the major themesbeing explored in the confer-ence included, 'WomenUniversities: WomenEducation', 'FemaleEmpowerment and SocialChange', 'ProfessionalDevelopment of Women','Gender Roles and Culturalforms: Media and LiteraryRepresentation of women','Islam and women empower-ment'.
The conference will bringtogether a group of 42 interna-tional as well as nationalspeakers on a wide range ofthemes dealing with pedagogi-cal, sociological, psychologi-cal, religious, literary and cul-tural issues related to women'seducation, gender studies andfemale empowerment.
There will be five key-notespeakers from different parts ofthe world including Dr MariaJaschok from the University ofOxford, UK, Dr. Sylvia Maierfrom the University of NewYork, USA, Dr. Nor FaridahAbdul Manaf from theInternational IslamicUniversity Malaysia and DrAnees Ahmad (RiphahInternational University) andDr Shahid Siddiqui (LahoreSchool of Economics) fromPakistan.
In addition 37 speakers fromMalaysia, England and all overPakistan will present theirpapers.-APP
KARACHI: Ahmed E H Jaffer Foundation held luncheon at The HUB School. Picture shows Chairman PPL Hidayatullah Pirzada,
M D Khalid Rahman, Chairman Jaffer Foundation Abdul Kadar Jaffer, Deputy Gov SBP Yaseen Anwar and
Lt Gen (Retd) Moinuddin Haider along with other guests.-Staff Photo
9Wednesday, November 24, 2010
POLYPROPYLENE(PP) LINEAR LOW (LL)
Cash & Settlement 1310 1250
December (3rd Wednesday) 1320 1260
January (3rd Wednesday) 1320 1260
LONDON METAL EXCHANGE (PLASTIC)
LME Official Prices, US$ per tonne for November 22 2010
LME Official Prices, US$ per tonne for November 22 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC
LONDON: Oil fell below $81on Tuesday as the dollar gainedafter an exchange of artillery firebetween North and South Koreaand as the euro fell on fearsIreland's debt crisis might lead toproblems elsewhere in Europe.
US crude for January fell$1.46 to a low of $80.28 per bar-rel but then recovered someground and by1411 GMT wastrading around$81, after los-ing 71 cents onMonday. ICEBrent wasdown $1 at$82.96 a barrel.
The euro came under furtherpressure as political uncertain-ty in Ireland and worries aboutother heavily indebted mem-bers of the 16-nation euro-zonesnuffed out optimism over abailout plan for Dublin.
Analysts said the Koreanshelling and Irish meltdownhad come at a time when riskaversion could be expected torise anyway ahead of theThanksgiving weekend in the
United States."We are in front of a very long
weekend," Olivier Jakob atPetromatrix said. "Long week-ends usually lead to short-cover-ing, but the recent politicaluncertainties in Ireland and themilitary escalation betweenNorth and South Korea wouldplead for reduction of risk in
front of the holidays.""Given that the main area of
growth is out of emerging Asia,the escalation of tensionsbetween North and South Koreais not a positive development foroil markets," Jakob added.
Christopher Barret, global oilanalyst at French bank CreditAgricole, said the flight tosafety in financial marketscould be hastened by end-yearaccounting by some funds.
"A lot of funds are clearingpositions for reporting purpos-es at this time of the year any-way and this will encouragethem to reduce exposure evenmore quickly," Barret said.
Expectations of a drawdownin US crude stocks, reflectingdemand in the world's topenergy consumer, could sup-
port prices.Industry data
from the UnitedStates due at 2130GMT is expectedto show a thirdweek of declinefor crude invento-ries following a
surprise heavy drawdown in theprevious week, a Reuters pollshowed on Monday.
The market is also keepingan eye on the political situationin Saudi Arabia as the coun-try's ageing King Abdullaharrived in the United States formedical treatment on Monday,while a frail Crown PrinceSultan hurriedly returned fromabroad to govern the world'slargest oil exporter. -Reuters
Crude oil falls as dollarrises on Korea, euro crisis
Europeanvegetableoil prices
ROTTERDAM: The follow-ing were the Tuesday'sRotterdam vegetable oil price'sat 22:00 PST.
SOYOIL: EU degummedeuro tonne fob exmillFeb11/Apr11 872.00-17.00,May11/Jul11 874.00-19.00.
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
FRESNO - CALIFORNIA: Sandy Smith carries a box of persimmons at her stand at a farmers
market in Fresno, California. -Agencies
KUALA LUMPUR:Malaysian palm oil futures hitthree-week lows on Tuesday,tailing losses in global com-modity markets, as dollarsurged after two Koreasexchange fire in a disputedmaritime border.
Commodity markets werealready under pressure fromthe firming greenback on anxi-ety about euro-zone debt, butthe attack, lifted the dollar byhalf a per cent and US 10-yearTreasury futures up 20/32.
The benchmark Feb. 2011crude palm oil contract onBursa Malaysia Derivatives lost2.2 per cent to settle at 3,115ringgit ($1,005) a tonne, aftergoing as low as 3,103 ringgit --
a level unseen since Nov. 3.Overall traded volume almost
tripled to 26,496 lots of 25tonnes each. "What happenedin Korea has dragged manyAsian equity markets down,eventually pulling Malaysia'spalm oil prices lower," said atrader with foreign brokeragein Kuala Lumpur.
Malaysia palm oil market isweighed further on China'spledge to step up controls onmoney supply and credit lastweek. A Reuters technical analy-sis showed Malaysian palm oilis likely to fall towards 3,079ringgit per tonne. The mostactive Sept. 2011 soyoil contracton China's Dalian CommodityExchange dropped 1.8 per cent
in Asian hours, as concerns overBeijing's inflation-coolingmeasures continued to shadow.
"Firmer US dollar and con-flict in Koreas do little toimpact China's soyoil market.Chinese government's plan tocap food inflation still themajor reason that drove marketdownward," said Zhan ZhiHong, an oil analyst withChina Merchant Futures inShenzhen, after China's finan-cial market closed for the day.
China's central bank said onFriday it will raise banks'reserve requirements for thesecond time in fortnight, step-ping up its battle to rein inprices before inflation has achance to take off. -Reuters
Palm at 3-wk lows onKorea tensions, China
NEW YORK: US cottonfutures ended lower onMonday, after falling by thedaily 6-cent limit for a secondstraight session, as weakovernight prices in No. 1 con-sumer China fed through to theNew York open and a firmerdollar added to the weakertone, dealers said.
The benchmark March cottoncontract on ICE Futures USended down 5.36 cents, or 4.4per cent, at $1.1779 per lb butabove an earlier 6-cent down-side limit move to $1.1715 perlb. That daily trading limit willremain in place for businessconducted on Tuesday, Nov.23, according to the Ice FuturesUS website.
Limits do not expand beyond6 cents, the website said. TheMarch cotton contract is downnearly 23 per cent from its all-time peak at $1.5195 per lb onNov. 10.
Volume was relatively strongat 30,806 lots by 1950 GMT,above Friday's final count of
25,293 lots but nearly 18 percent below the 30-day average37,440 lots, Thomson Reuterspreliminary data showed.
Cotton has been hit hard inrecent days by mounting fearsthat China may take aggressiveaction to curb inflation runningat 25-month high, raising inter-est rates or capping domesticprices with measures that couldcrimp commodity demand ordrain liquidity from bubblingdomestic markets.
In China, the ZhengzhouCommodity Exchange's keyMay cotton contract was lasttraded Monday at 25,870 yuanper tonne, down 1,315 yuan onthe day.
Turning to the fundamentals,cotton arrivals into India duringthe 2010/11 season declined to4.69 million bales as of Nov. 21,from 4.81 million bales duringthe same period a year ago asunseasonal rains dampened har-vesting, state-run Cotton Corp ofIndia said on its website onMonday. -Reutersa
US cotton tracksChina to lower close
LONDON: Copper fell near aone-week low on Tuesday, asworries about a debt crisis inEurope and conflict on theKorean peninsula boosted thedollar, deterring non-USinvestors.
Benchmark copper on theLondon Metal Exchange waslast bid at $8,140/$8,145 atonne against Monday's$8,290.
Earlier on Tuesday, the metalused in power and constructionfell to $8,050 a tonne, its low-est since Nov. 17 and 10 percent below its record high of$8,966 a tonne hit on Nov. 11.
Global financial authoritiesagreed at the weekend to savedebt-swamped Ireland, fanningconcerns that debt problemscould emerge elsewhere inEurope.
Copper extended lossesbriefly in afternoon trade, how-ever, after data showed sales ofpreviously owned homes in theUnited States fell more thanexpected in October.
Investors also fretted aboutthe demand outlook in China,as the market expects theworld's top consumer of basemetals to tighten monetary pol-icy further, locking up cash.
Data this week showed thatcopper imports in China fell byalmost a third in October, butanalysts said the monthly fallwas driven by supply ratherthan by demand.
But analysts maintained con-fidence in Chinese demand.
Signs have emerged of atightening copper market nextmonth as LME inventories
have dropped steadily since thestart of the year, with metal fordelivery on Dec. 15 trading at
"pretty brutal" premiums overthose for one week later, a trad-er said.
Across other metals, alumini-um closed at $2,255 a tonnefrom $2,288 a tonne, whilestainless steel material nickelclosed at $21,600 flat fromMonday's close, which wasalso $21,600.
Zinc, used in galvanising,closed at $2,085 a tonne from$2,138, while lead, used in thebattery sector, fell to as low as$2,164 from $2,250, as fundsresponded to a worsening chartpicture. It later closed at$2,186.5 a tonne.
Tin fell to as low as $23,815a tonne, approaching near two-month lows. It closed at$23,900 from $24,300 late onMonday. Inventories reachedtheir highest levels since earlySeptember, LME data showed,as industry winds downtowards the end of the year. -Reuters
Copper dips on dollar,eurozone debt worries
Shanghai copper weakensCopper prices fell more than
two per cent in London and 3per cent Shanghai, weigheddown by a rally in the dollaron reports that North Koreahad fired artillery shells at aSouth Korean island.
Three-month copper on theLondon Metal Exchange fell$194 to $8,096 a tonne by0800 GMT, extending the pre-vious session's 1.4 per centloss. Shanghai copper fell 3per cent to 61,430 yuan.
BD tea edges
up at wkly saleDHAKA: The average price ofBangladeshi teas edged up to199.55 taka ($2.84) per kg atthe weekly auction on Tuesday,brokers said.
Nearly 1.79 million kg weresold at the sale, leaving 4.8 percent of the offer to be carriedback. Bangladeshi buyersincluding exporters, mainly tothe Commonwealth ofIndependent States andPakistan, participated in theauction, held in the main portcity Chittagong.
"A strong demand prevailedin the sale that took place aftera fortnightly break due to Eidal-Adha holidays," said anexecutive of the NationalBrokers Limited, the largest teabroking firm in the country.
The previous sale was heldon Nov. 9. Different gradeswere sold between 170 taka and237 taka per kg in the auction.The next auction will be heldon Tuesday, Nov. 30, withsome 1.88 million kg on offer. -Reuters
Indian sugarends steady
in thin tradesMUMBAI: India's spot sugarprice ended steady amid lowervolume trades on Tuesday asdemand was weak from bulkconsumers, dealers said.
"Demand was weak frombulk buyers. Millers also keptprices unchanged," said a mem-ber of the Bombay SugarMerchants Association.
Unseasonal rains over thetwo key Indian sugar producingstates have pared the recoveryrate by nearly 1 per cent, initialreports show, and governmentand industry officials worrypersistent rains could potential-ly hit output and trim exports.
In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyended steady at 2,800 rupees($61.4) per 100 kg.
India is likely to produce 24.5million tonnes of sugar in2010/11, the junior farm minis-ter said last week, lower than aprevious trade estimate andbelow a likely threshold forexports. -Reuters
Sugar, coffeefall as $ rallyLONDON: ICE sugar, coffeeand cocoa futures fell onTuesday as the dollar gainedafter an exchange of firebetween North and SouthKorea and as the euro fell onfears Ireland's debt crisis mightlead to problems elsewhere.
ICE March raw sugar extend-ed losses as the dollar gainedand stood 0.55 cent or 2 percent lower at 25.95 cents a lb at1458 GMT. Liffe March whitesugar fell $5.20 or 0.8 per centto $668.50 per tonne in lightvolume of 1,993 lots.
Outside markets were keydrivers of soft commodityfutures, dealers said.
Sugar markets, meanwhile,are underpinned by tight exportavailability from top producerBrazil. ICE cocoa futures edgedlower in light volumes with sec-ond-month March down $7 or0.3 per cent at $2,832 per tonnein turnover of 3,068 lots.
London March cocoa was up3 pounds or 0.2 per cent to1,872 pounds per tonne in lowvolume of 3,821 lots.
"We've seen light hedging andlight long liquidation," aLondon-based cocoa futuresdealer said. ICE arabica coffeefutures fell as the dollar roseacross the board after tensions inthe Korean peninsula promptedinvestors to trim risky assets.
ICE March arabicas stood at$2.0390 per lb, down 3.25 centor 1.6 per cent. Robusta coffeefutures on Liffe were lower,weighed partly by an improv-ing outlook for the harvest inVietnam. Liffe second-monthrobusta coffee futures slipped$28 or 1.50 per cent to $1,820per tonne.
Rains falling in Vietnam'sCentral Highlands coffee beltin the past week are forecast toend early next week, a state-runnewspaper said, enabling cof-fee cherries to ripen before theharvest starts in earnest inabout 10 days. -Reuters
LONDON: Gold neared two-week highs on Tuesday as anartillery clash between Northand South Korea and Europe'sdebt crisis prompted safehaven buying and eroded themetal's traditional inverse linkwith the US dollar.
The US currency reaped thebenefit from theeuro's decline,rising by over 1per cent againsta basket of majorcurrencies, whilegold rose by asmuch as 1 percent earlier inthe day to a session high of$1,379.95, before retreating toshow a 0.7 per cent gain on theday at $1,375.00.
US gold futures rose some 1per cent to $1,372.7.
Gold's negative correlationto the dollar softened for the
first time since last Thursday,echoing the events of May thisyear, when Greece asked forfinancial aid and bullion's rela-tion to gold turned stronglypositive as investors shed theirholdings of euros.
Gold priced in euros was at1,025.89 euros an ounce, up
over 2 per cent on the day, hav-ing broken through the 1,000-euro mark on Monday for thefirst time in a week.
Traders in London also citedstrong buying of gold futuresrelated to the expiry ofCOMEX December options on
Tuesday.Speculators in New York
have cut their exposure to goldfutures by 4 million ounces inthe last month and holdings ofgold in the world's largest bul-lion-backed exchange-tradedfund, the SPDR Gold Trust,have fallen by 1.5 per cent.
Spot silver fellby 1.5 per centto $27.45 anounce, as theprecious metalsc o m p l e xremained underp r e s s u r e ,although hold-
ings of metal in the iSharesSilver Trust, the world's largestphysically-backed exchange-traded fund, hit a record high.
Platinum fell by 1 per cent to$1,643.74 an ounce, while pal-ladium was down by 2 per centat $677.22. -Reuters
Gold nears 2-wk highon safe-haven buying
Book-squaring before US Thanksgiving accelerates decline
10Wednesday, November 24, 2010
Kazakhstan’s Yakovleva beats China’sBai to score a try during their gold medal
Rugby Sevens match at Asian Games
Marshextends hisassistanceto Kamran
Monitoring Desk
KARACHI: FormerAustralia wicket-keeperRodney Marsh has offeredto help Kamran Akmal withhis problems behind thestumps and reminded theout-of-favour Pakistani thatconsistency was the key tobecoming a better gloves-man.
Akmal was omitted fromthe UAE-bound squad andhas been subject to a lot ofcriticism for his poor wick-et-keeping, especially inTest matches.
"I have no idea aboutPakistan selection and itsnot my decision but theymight have some extremelytalented wicket-keepers whodon't get a chance," Marshtold a local daily. "I person-ally believe that Kamran isvery good and an experi-enced one but I think thereare things needed to be donefor improvement."
Kamran, who has been onICC's radar after Pakistan'ssurprise defeat to Australiain the Sydney Test earlierthis year, was dropped fromthe team during the Englandtour over poor performance,paving the way forZulqarnain Haider's debut.An injury to Haider, howev-er, earned Kamran a recallfor the final Test. The selec-tors again chose Haider forthe UAE series and after hisabandoning the team, AdnanAkmal, Kamran's youngerbrother, was instead sent asa replacement.
Marsh backed Pakistan'sregular wicket-keeper andsaid that consistency was hisonly problem. "I don't seeany problem with the way hekeeps but consistency is theissue. To be a great wicket-keeper, you must beconsistent."
GUANGZHOU: FormerPakistan great JavedMiandad has pleaded withforeign teams to tour thetroubled Asian nation, sayingcricket there is sufferingbecause of the absence oftop-level competition.
Pakistan have been forcedto play home series overseasbecause of security fears inthe country, where thousandshave been killed in suicideattacks and bombings blamedon homegrown Taliban andother Islamist extremist net-works.
No foreign side has touredPakistan since an attack by
armed militants on the SriLankan team bus in Lahorelast year, which left eightpeople dead and injuredseven visiting players andtheir assistant coach.
Even before that incident,foreign teams had been refus-ing to tour Pakistan due tosecurity concerns.
But Miandad, director gen-eral of the Pakistan CricketBoard, said that the wholeworld faced the scourge ofterrorism and "nobody cansay which place is safe,"arguing that if one team cameto Pakistan it might get theball rolling again.-APP
Miandad urgesforeign teams
to tour Pak
Goalie revives hockey history after 20 years
Akbar’s takes Pak to Asian hockey final
BRISBANE: The loss of theAshes in last year's series isburning inside the Australianplayers and is motivating themto win the urn back againstEngland, batsman MarcusNorth said on Tuesday.
North said his team-mateswere spurred on by the emo-tions experienced at The Ovalin August last year as theEngland players were present-ed with the Ashes urn follow-ing their 2-1 series victory.
The West Australian number
six batsman said it was allabout controlling the angst atlosing the trophy and channel-ing it into winning this year'sseries, getting under way atGabba ground on Thursday.
"I certainly felt numb and alittle bit in disbelief and I thinkthat was a reflection of theseries, how tight it was," Northrecalled.
"I remember a lot of ustalked about that night and thedays after that. There's going tobe a burning desire in a lot us
for the next couple of years."It would've been disappoint-
ing having that experience in2009 and not being able tohave some sort of impact onwinning the Ashes back.
"It's certainly been burninginside all of us. It's now aboutcontrolling that and using itwell."
North, like fellow WestAustralian Michael Hussey,heads into the first Test underpressure to justify his place inthe team.-APP
Last year Ashes defeat‘burning’ Aussie team
ABU DHABI: South Africa lostmomentum after a brisk start totheir second innings but will takea lead of 323 runs over Pakistaninto the final day of the secondand final test at the SheikhZayed Stadium.
Hashim Amla, who becamethe third batsman after India'sSachin Tendulkar and VirenderSehwag to score a thousand testruns a calendar year, hit a run-a-ball 62 as South Africa reached
173 for four at the close onTuesday.
Amla's departure in the sixthover after tea resulted in a loss ofmomentum with slow left-armerAbdur Rehman and off-spinnerMohammad Hafeez applyingthe brakes with economicalspells.
Pakistan's tailenders had earli-er frustrated South Africa whohad dismissed Misbah-ul-Haq(77) with the first ball of the day,
trapped lbw trying to drive aDale Steyn in-swinger.
Rehman made his highest testscore of 60 as Pakistan surpassedthe follow-on mark of 385before being bowled out for 434.
Rehman put on 59 with TanvirAhmed (30), who hit someswashbucking drives, in anentertaining and crucial ninth-wicket stand.
The first test in Dubai wasdrawn.-Reuters
Proteas leadby 323 runs
n Amla hits 1,000 test runs this year
ISLAMABAD: President AsifAli Zardari on Tuesdayannounced award of Rs0.5 mil-lion each to the players andRs0.2 million each to thecoaches of the national cricketteam of women which wongold medal in the 16th AsianGames in Guangzhou, China.
He made this announcementat a reception hosted for theplayers at the Presidency tofelicitate them on their victory.
The reception was alsoattended by coaches, managers,officials of Pakistan CricketBoard (PCB) and the newlyappointed Chairperson WomenWing PCB Bushra Aitzaz.
Mir Aijaz Hussain Jakhrani,
Federal Minister for Sports,Qamar Zaman Kaira, FederalMinister for Information &Broadcasting, Dr FirdousAshiq Awan, Federal Ministerfor Population Welfare, AsmaArbab Alamgir, Shehnaz WazirAli, Fouzia Wahab, FouziaHabib and Chairman of ZariTaraqiati Bank Ltd TBL ZakaAshraf were also present on theoccasion.
The President hoped that theprecedent set by the nationalwomen's cricket team during16th Asian Games would pro-vide impetus to other potentialwomen athletes to bag morevictories thus bringing laurelsto the country.
`Ours is a talented nation', thePresident remarked, ̀ with poten-tial to rise in every field. Theimportant factor is how the talentis groomed and guided to maxi-mize its true potential', he said.
The President while interact-ing with the team members,congratulated them for theirhistoric victory and hoped thatthey would continue to maketheir mark in the field and winmore laurels for themselvesand the country.
He said that the whole nationwas proud of the young athletesnot only for their victory butalso for introducing Pakistaniwomen as a symbol of talentand great potential.-APP
Cash prizes forwomen cricketers
Indiaeyes 2012MotoGP
crownNEW DELHI: The promot-ers of India's inauguralFormula One Grand Prix in2011 are in talks withMotoGP bosses to bring theworld motorcycling champi-onship to the country, a com-pany spokesman said onTuesday.
"We are negotiating withDorna Sports (MotoGP com-mercial rightholders) tobring MotoGP to India butit's quite an early stage andwe have not reached a dealyet," a Jaypee SportsInternational spokesman toldReuters.
The 5.14 km track beingbuilt at Greater Noida, some35km from Delhi, will hostthe 18th leg of next year'sFormula One championshipon Oct. 30, subject to finalapproval, and the race pro-moters are looking at otheroptions to make the trackfinancially viable.
"We have been talking toDorna as we have been talk-ing to others to explore vari-ous other opportunities. Yes,MotoGP might come to Indiabut it's definitely not before2012," the spokesman said.
Indian automakerMahindra Group is enthusedby the development and willlaunch a team in the 125cccategory, the Times of Indianewspaper reported onTuesday.-Reuters
Chelseacoach
quashes quitrumours
LONDON: Chelsea coachCarlo Ancelotti moved to quashrumours about his future onMonday, saying he had nointention of quitting the clubdespite coming under pressurefollowing his team's dip inform.
British media widely reportedthat the 51-year-old Italian wason the verge of leaving thePremier League champions butAncelotti emphatically deniedhaving any such intention as hespoke at a media conferencebefore Chelsea's ChampionsLeague match against Zilina onTuesday.
"These rumours are totallyuntrue," he said. "I don't knowwhy these rumours came outtoday in the papers.
"I have a contract here until2012, I would like to stay here,I love this club and these play-ers, I have a lot of confidence inthe squad.
"Obviously I am under pres-sure because at a team likeChelsea we want to win everygame, but I am focused on (get-ting) my team to play betterthan we are doing at thismoment."-Reuters
ABU DHABI: Ashwell Prince plays a shot as Adnan Akmal and Younis Khanlook on in their second innings on the fourth day of the second Test match
between South Africa and Pakistan.-Reuters
KARACHI: Group Photo of Dow University & BahriaCollege Girls Throwball Teams along with Maqbool
Ahmed Secretary Pakistan Throwball Federation,Eijaz-ul-Haq, Qudaisa Raja, M Arshad, Muhammad Ali
at the opening ceremony of Culligan throwball GirlsChampionship 2010.-Staff Photo
GUANGZHOU: Pakistangoalkeeper Salman Akbarsaved the last shot of a penaltyshoot-out against South Koreato steer his team into the AsianGames men's hockey final onTuesday.
Both teams were locked 1-1in 70 minutes of regulationtime and failed to break theimpasse after 15 minutes ofextra-time in an absorbingsemi-final at the Aoti HockeyCentre.
Waqas Muhammad putPakistan ahead in the 22ndminute, before Kang Moon-Kyu drew level four minutesinto the second session.
When the first five penaltyshots produced a 3-3 deadlock,the sudden death rule wasapplied, which produced evenmore drama.
Sohail Abbas and Jang Jong-hyun saw their shots saved, butHaseem Khan scored off thenext to put Pakistan 4-3 ahead.
Jang Jong-ho stepped in forthe next shot amid mountingtension and his feeble push waseasily saved by Akbar to carryPakistan into their first Asiadfinal since 1990.
"I have never played such anerve-wrecking game in mylife," said Akbar, a veteran of300 internationals.
"When the penalties began,my only thought was of myparents back home and I thinkit is their prayers which helpedme and Pakistan win.
"This win will certainly boostour morale for the final."
Pakistan await the winner ofTuesday's second semi-finalbetween India and Malaysia inThursday's gold medal match.
Pakistan, who won the last oftheir seven Asian Games goldmedals in Beijing in 1990, havenot bagged a major title sincethe World Cup triumph inSydney in 1994.
Zeeshan Ashraf's men aredesperate to make amends inGuangzhou after finishing anembarrassing last at the WorldCup and lowly sixth at theCommonwealth Games thisyear.
The Koreans had the onlypenalty corner in the first half,which was wasted, and a swiftPakistani counter-attack sawWaqas pounce on a pass fromthe left and sound the boardsfrom the top of the circle.
Veteran Abbas, the world'sleading scorer with 312 goals,missed three successive penaltycorners early in the second half.
Pakistan were reduced to 10men when Muhammad Imranwas sent off with a yellow card,and the Koreans seized theadvantage when Kang pushed theball in past Akbar to make it 1-1.
South Korea had a chance toseal victory when they earned apenalty corner in extra-time,but Jang's stinging shot wassaved by defender MuhammadRashid.
The Koreans, whose hopes ofbagging a hat-trick of titlesended, will return on Thursdayto fight for the bronze medal.-Agencies
GUANGZHOU: Goalkeeper Salman Akbar of saves last goal against South Korea in their fieldhockey semi-final match at the 16th Asian Games.-Reuters
11Wednesday, November 24, 2010
International & Continuation
CONTINUATION
WASHINGTON: The USeconomy grew faster than pre-viously estimated in the thirdquarter, but still not enough toreduce stubbornly high unem-ployment and lift very lowinflation.
Gross domestic productgrowth was revised up to anannual rate of 2.5 per cent from2.0 per cent as spending andexports were stronger than ini-tially thought, the CommerceDepartment said in its secondestimate on Tuesday.
Gross domestic productgrowth was revised up to anannual rate of 2.5 per cent from2.0 per cent as spending andexports were stronger than ini-tially thought, the CommerceDepartment said in its secondestimate on Tuesday.
Optimism over the accelera-tion in growth, which wastouch above economists' fore-casts for a 2.4 per cent pace,was dampened somewhat bynews of a bigger-than-expecteddrop in sales of previouslyowned homes in October.
"It's a step in the right direc-tion, but it's not strong enoughto make a dent in the unem-ployment rate," said RyanSweet, a senior economist atMoody's Analytics in WestChester, Pennsylvania. "It sup-ports the Fed's decision toresume quantitative easing."
Concerns about the slowgrowth pace and low inflationspurred the Federal Reserveearly this month to ease mone-tary policy further throughcontroversial purchases of$600 billion worth of govern-ment bonds, also known as
quantitative easing, to driveultra low interest rates evenlower.
There are signs economicactivity picked up mildly as thefourth quarter started, butgrowth will likely remainbelow the 3.5 per cent rate thateconomists say is needed toappreciably reduce a 9.6 percent unemployment rate.
GDP growth, which meas-ures total goods and servicesoutput within US borders,increased at a 1.7 per cent ratein the second quarter.
US financial markets werelittle moved by the data asinvestors kept a wary eye onthe rising tensions on theKorean peninsula. Stocks onWall Street fell, with all threeindices down more than 1.0 percent in morning trade.
Prices for US Treasury debtwere higher, while the dollarrose against the euro.
Sales of existing US homesfell 2.2 per cent to a seasonallyadjusted 4.43 million unit ratein October, worse than econo-mists' expectations for a 1.0per cent drop.
Housing remains one of theweak spots in the economy asit recovers from the worstrecession since the 1930s. TheFed is expected to cut growthforecasts for this year through2012 when it releases minutesof its Nov. 2-3 meeting later onTuesday.
The government revisedthird-quarter growth to reflectsturdy consumer, governmentand business spending.Consumer spending, whichaccounts for more than two-
thirds of US economic activity,grew at a 2.8 per cent rate inthe July-September periodinstead of 2.6 per cent.
It was still the fastest pacesince the fourth quarter of 2006and was an acceleration fromthe second quarter's 2.2 percent pace. Government spend-ing increased at a 4.0 per centrate rather than 3.4 per cent,due to an upward revision instate and local expenditures.
"The rise in consumptionsuggests that household spend-ing may be starting to gainsome traction," said PaulDales, a US economist atCapital Economics in Toronto.
Business investment was atouch higher than initially esti-mated, lifted by much strongerspending on equipment andsoftware, though investment instructures was weak. Businessspending increased at a 10.3per cent rate instead of 9.7 percent.
That was still a step downfrom the second quarter's brisk17.2 per cent rate. Spending onsoftware and equipment grewat a 16.8 per cent rate insteadof 12.0 per cent.
The contribution from busi-ness inventories was surpris-ingly smaller than initially esti-mated, the report showed.Business inventories increased$111.5 billion, instead of$115.5 billion in last month'sestimate, adding 1.3 per cent-age points to third-quarterGDP.
Excluding inventories, theeconomy expanded at a 1.2 percent pace rather than 0.6 percent.-Reuters
US third-quartergrowth revisedup on spending
OTTAWA: Canada's annualinflation rate unexpectedlyjumped to a two-year high of2.4 per cent in October, butanalysts differed on whetherthe data would prompt theBank of Canada to raise inter-est rates sooner than expected.
The October figure, releasedby Statistics Canada onTuesday, was higher than the2.2 per cent forecast by marketoperators. Higher prices forgasoline and energy explainedmuch of the year-on-yearincrease.
The closely watched corerate, which strips out volatileitems and the effects of taxchanges, rose to 1.8 per centfrom 1.5 per cent in
September. The Bank of Canada kept
interest rates on hold lastmonth after three consecutivehikes and said it would thinkcarefully about raising themagain.
It also predicted both meas-ures of inflation would rise toits 2.0 per cent target by theend of 2012.
Benjamin Reitzes, an econo-mist at BMO Capital Markets,said October's overall figurewas much higher than expect-ed.
"(There was) strength acrossthe board here. If that contin-ues, that would put some doubton the fact that the Bank (ofCanada) would be able to stay
on hold for as long as peopleare currently expecting," hesaid.
Before Tuesday's data werereleased, a Reuters survey hadshowed virtually all marketoperators expected the Bank tokeep rates steady next month.
Craig Alexander, chief econ-omist at Toronto-DominionBank, said he doubted whetherthe central bank would movesoon.
"There is still an awful lot ofuncertainty related to the eco-nomic outlook as we're look-ing at unsettled financial mar-kets related to what's going onin Ireland and continued con-cerns about the US economy,"he said.-Reuters
Canada inflation at2-yr high, stirs rate talk
BERLIN: Germany's growthrate slowed in the third quarteras a construction boom ran outof steam, but the outlookstayed upbeat as a more bal-anced recovery took hold anda survey showed businessactivity accelerated inNovember.
Quarterly gross domesticproduct growth in Europe'slargest economy eased to 0.7per cent from 2.3 per cent inthe second quarter, seasonallyadjusted figures from theFederal Statistics Office onTuesday, confirming prelimi-
nary data.But a detailed breakdown
pointed to an increasingly bal-anced recovery, with exportexpansion easing and foreigntrade playing a smaller role inan overall positive growth pic-ture that stands in increasinglystark contrast to the economicgloom enveloping many otherparts of the euro zone.
A separate report surveyingpurchasing managers suggest-ed the economy perform betterthan expected going into 2011,as growth in the services sec-tor helped add jobs and reduce
unemployment. The GDP data showed that
spending on the seasonallyvolatile construction sectorcontributed nothing to growth,having added 0.7 points in thesecond quarter. The newgrowth mix was welcomed byeconomists and ministers.
"Germany will remain thegrowth engine of the euro zonein 2011 -- we're expecting aself-sustaining upturn that willbe increasingly supported bydomestic demand," said UlrikeKastens from Sal.Oppenheim.-Reuters
German growth eases inQ3 but outlook upbeat
fighter to the area.YTN showed pictures of plumes of smokepouring from the island and quoted a witness as saying fires wereburning out of control. -Reuters
Continued from page 12No #1
army for doing the operation. The government should be realis-tic towards these military operations and accept that it will notprove positive for the country.
JUI leader said that it is the prime responsibility of the governmentto provide peace and security to the people. Maulana further told themedia that he is very disappointed with the remarks of Ansar Burneyregarding imposing a ban on his entry to Britain as he always con-sidered him a friend although he cannot do much about the Britishlaws but can talk to his own government if he pleases.
It is relevant to mention here that former federal minister andchairman Ansar Burney Trust Ansar Burney has requested the UKGovernment 'not to allow' entry into the country of Pakistanipolitician Maulana Fazlur Rehman due to his nefarious andextremist political background and known links with the Taliban.
The head of the UK based law firm 'Burney Legal Solicitors',Ansar Burney, sent legal representations to the British HomeSecretary Theresa May demanding the curtailment of any permis-sion granted to Maulana Rehman to enter the UK and requestedthat the extremist politician be banned from ever entering thecountry. -Agencies
Continued from page 12No #2
However, the rescue operation is in progress while the DPOdeclared emergency in hospitals to cope with the situation. -Online
Continued from page 12No #3
government had appointed their members on important posts,on its personal likes.He said that government should respect man-date of other parties as it likes discipline in its own party. He fur-ther said that if the government thinks that our team was goodthen it should admit it openly. -Online
Continued from page 12No #4
Warraich on this post and directed to federal minister to use allcapacity to make it more popular, active and effective in province.
It is patently mention here that Imtiaz Safdar played key role inthe success of PPP candidate in by-election and defeated the PML(N) candidate. -APP
Continued from page 12No #5
committed in the past. He said that taxes have to be imposed iffacilities are to be provided to people. He said that the countrywas facing financial crunch since 2007 as rupee value startedfalling, foreign loans got increased and forex reserves fell instant-ly. There was no way, instead getting loan from IMF, he added.
He said that IMF was not dictating the country but some methodhas to be chalked out to return the loans.He said that no new taxwas being imposed, and politicians should avoid point scoring andthe matter should be discussed in a positive manner. He said thatno one wanted to pay taxes but time has come to get taxes fromthe affluent class.
Continued from page 1No #6
basic use, adding in fact the government seeks a reduction inthe GST rate to 15 per cent from 17 per cent, doing away withmultiple rates. "We want to simplify the things. We want stabili-ty in rates so that no body, FBR or any body else could increaseor decrease these taxes."
He said under the RGST the retailers limit has been increasedfrom five million rupees to 7.5 million rupees with an aim to pro-vide concessions to the low income people. Hafeez Shaikh saidthere were some serious discrepancies in the taxation of the coun-try and the government intends to do away with these discrepan-cies with implementation of RGST. He said that a wrong concep-tion was being projected and professed amongst the masses as ifthe government was implementing some new taxes whereas thecase was the other way round and the government just wanted toreform the taxes already present. He said the government wants
Continued from page 1No #7
departments of Interior Ministry have been categorically askedto curb corruption in their respective departments."The govern-ment will not allow corruption in any form and there will be zerotolerance in this regard," Malik said. He assured that action wouldbe taken against those elements only, who were found involved incorrupt practices not against law-abiding officials. -Agencies
Continued from page 1No #8
Talking to media men after the meeting, Senator Raza Rabbanisaid option for introducing 19th amendment was there to changethe procedure for induction of judges.
Under article 267-A of the constitution, the difficulties if facedin any constitutional issue can be removed by presenting a resolu-tion in the joint sitting of both the houses of parliament, he point-ed out. The SC recommendations would be included for changingthe procedure for appointment of judges and no member of com-mittee had raised any objection on this count.He hoped the com-mittee would soon complete its work in this respect and present itsreport to parliament. 19th amendment could be tabled if need be,he added.The other options were also being considered. The workin connection with change in the procedure for appointment ofjudges would be finalized with consensus. "We hope no dissidentnote would come from any member of the committee in thisregard", he added. -Agencies
Continued from page 1No #9
Cowen to name a date for the country to go to the polls, sayingthe Irish people needed "political certainty."
In a sign of the anger about the bailout a hundred protestersforced their way through the gates of the parliament buildingbefore being pushed back by police.Cowen's party faces a by-election on Thursday in the northern constituency of DonegalSouth-West which it is likely to lose.Ireland's request for aid wasapproved by EU officials who were desperate to quell fears thatother heavily-indebted euro economies such as Portugal could besucked into the crisis. -Agencies
Continued from page 1No #10
flood affectees and to fund the rehabilitation and reconstruction work, extra budgetary revenuemeasures are required. They said that introduction of the Flood Relief Surcharge and increase inSpecial Excise Duty on imports as well as on domestic produce or manufactures under the FederalExcise Act, 2005 is estimated to generate additional revenues to the extent of Rs42 billion for theremainder of financial year 2010-11.Giving details of the proposed measures and estimated revenuecollection, they informed that a surcharge called, "Flood Relief Surcharge" may be payable by everytaxpayer at the rate of 10 per cent of the income tax payable.
This surcharge, they added may be applicable with pro-rata till the period ending on June 30, 2011."This is estimated to yield about Rs31 billion for the remaining period of the current financial year.
Continued from page 1No #11
governance will be considered on a priority basis. He also appreciated the support of PML-N instrengthening the democratic institutions. PML-N member Ishaq Dar has confirmed the reply letterof the president and said this is a positive gesture and he hopes that the President considers the sug-gestion given by Nawaz Sharif seriously and implements them as well. -Online
Continued from page 1No #12to take benefit from the technology improved during the last 20years, and for the purpose the government is introducing automa-tion system.
He said those who are afraid of automation were creatingwrong conception about RGST. He said when the PPP-ledgovernment came into power there was economic recession inthe world and the country was also passing through econom-ic crunch, adding that rupee was devaluing, inflation wasincreasing.
He said that the government had an agreement with theInternational Monetary Fund to implement the reformed GeneralSales Tax (GST). He clarified that IMF was a lending institutionthat provides bail out packages to the countries facing balance ofpayment crisis. The Minister said the impression that IMF is dic-tating the government is not right, adding that as per its rules, theIMF has to consider how a country asking for a loan could repayand for this purpose it proposes measures for mobilizing theinternal resources. Earlier, a consensus was reached as expectedon the reformed general sales tax (RGST) at a meeting of theSenate's standing committee on finance.The legislation processon RGST will commence on November 27, said FinanceSecretary Salman Siddique, while addressing the Senate commit-tee.Pakistan Muslim League-Nawaz (PML-N) Senator Ishaq Darcriticised the decision to impose the tax, saying that businessmenand traders were not consulted on the issue even six months afterthe proposal was presented.
Pakistan Peoples Party's (PPP) Safdar Abbasi said the RGSTbill stands to weaken provincial autonomy.The chairman of thecommittee, Muttahida Qaumi Movement (MQM) senator SafdarAhmad Ali, did not show up in the meeting.Addressing the sen-ate's standing committee on finance, Finance Minister Dr AbdulHafeez Shaikh said that the economy would not be affected sig-nificantly if the International Monetary Fund (IMF) did notrelease the sixth financial tranche.He said, however, that stateinstitutions would be affected by such a decision by the IMF.
Euro zonerecovery
acceleratesthis month
LONDON: Economic recov-ery in a divergent euro zoneaccelerated this month as astrong resurgence in privatesector growth in Germanyand France offset persistentstagnation in periphery mem-bers, surveys showed onTuesday.
Markit's Eurozone FlashServices PurchasingManagers' Index, made up ofsurveys of around 2,000 busi-nesses ranging from banks tohotels, bounced to 55.2 inNovember from a final read-ing of 53.3 in October.
The index comfortablyexceeded consensus expecta-tions in a Reuters poll, whichwere for it to fall to 53.1. Theservices PMI has now beenabove the 50.0 mark thatdivides growth from contrac-tion since August 2009.
"They surprised to theupside largely due to thestrength of the core of theeuro area, in particularGermany," said Ken Wattretat BNP Paribas.
"Although we inevitablyfocus on the euro zone as awhole, I think we are seeing apersistent divergence betweenthe core countries and thoseon the periphery, and that ishere to stay."
The European Union andInternational Monetary Fundagreed on Sunday to help bailout Ireland with loans to tack-le its banking and budget cri-sis in a bid to protect Europe'sfinancial stability.
It will be the second eurozone bailout in six months,after Greece accepted help inMay and there are concernsthat this may not be the lastrescue package in the region.-Reuters
scam, while the parliament remained paralysed over demands by the opposition for a full probe. Banks, which have been the second-best sector performer for 2010 after healthcare, declined as
investors booked profits. The banking sector index shed 1.3 per cent, but is up 38.4 per cent year-to-date. Top lender State Bank of India fell 2.8 per cent, while rival ICICI Bank lost nearly 2 percent. Reliance Industries, which has the highest weighting on the Sensex , shed 1.7 per cent, takingits losses so far this year to 8.7 per cent. The negative sentiment also weighed on Oil and NaturalGas Corp, which fell 2 per cent shrugging off an Economic Times report the government hadapproved a two-for-one stocks split proposal by the state-run explorer.
The 50-share NSE index shed 1.25 per cent to 5,934,75. Elsewhere in the region, China's ShanghaiComposite Index and Hong Kong's Hang Seng dropped 1.9 per cent and 2.7 per cent respectively,while the Korea Composite Stock Price Index (KOSPI) lost 0.8 per cent.-Reuters
Continued from page 5No #13
Swire Pacific Ltd were much more expensive than their peers.Sun Hung Kai trades at 15.4 times forward 12-month price-to-earnings compared with the aver-
age 11.1 times for the sector, according to Thomson Reuters Starmine data. Swire Pacific is tradingat 15.8 times and Hang Lung at 21.4 times.Sun Hung Kai dropped 3.3 per cent, while Hang Lungfell 3.2 per cent and Swire shed 2 per cent. China's key stock index fell 1.9 per cent to a six-weekclosing low, weighed down by metals firms and miners
The Shanghai Composite Index closed at 2,828.3 points, trading well below its 250-day movingaverage, now at 2,886 points. It fell by more than 3 per cent at one point in early afternoon trade.
Recent falls may be overdone, with the 14-day Relative Strength Index (RSI) trading at 39, nearoversold territory.Retail investors, who account for more than two-thirds of turnover, piled into thestock market in October, sending volume to multi-year highs. They are now taking profits after themarket started to slump in the wake of monetary tightening.-Reuters
Continued from page 5No #14
existing home sales fell more than forecast in October after two months of gains.Paul Ballew, chief economist at Nationwide in Columbus, Ohio, said that while there were some
positives in the GDP report, it didn't change the market's expectations for where the economy isheading and was overshadowed by international events. On the upside, J Crew Group Inc surged16.4 per cent to $43.83 after the retailer agreed to a $2.86 billion buyout by two private equity firms.Minutes of the Federal Reserve's November 3 Open Market Committee meeting that included itsdecision for more quantitative easing will be released at 2 pm EST.-Reuters
Continued from page 5No #15
North Korea fired dozens of artillery shells at a South Korean island on Tuesday, killing two sol-diers and prompting a return of fire by the South.
Meanwhile, Ireland's government was on a knife-edge on Tuesday with damaged Prime MinisterBrian Cowen challenging the opposition to let an austerity budget pass and trigger an EU/IMFbailout before early elections.European partners and the International Monetary Fund agreed in prin-ciple on Sunday to rescue Ireland with an expected 80 billion (67.7 billion pounds) to 90 billioneuros (76 billion pounds) in loans to tackle a banking and budget crisis. "Markets are trading 'riskoff' today on a trifecta of different factors; Irish bailout fears and political uncertainty (and) Koreanmilitary tensions," said Michael Hewson, market analyst at CMC Markets.
"This has made for a rather heady cocktail for investors to digest, and has caused significant riskaversion today, with banks and commodity stocks the primary movers to the downside." US bluechips were hit by the same worries, shedding 1.4 per cent by London's close, with news of a slightupward revision in US third-quarter GDP offset by weak October existing home sales.-Reuters
Continued from page 5No #16
registered an increase of 19.2 per cent to $274 million in October versus $230 million in identicalperiod last year.In food group, rice export registered a jump of 30.6 per cent to $ 179 million against$137 million export of rice witnessed in October 2009.
Whereas fish and fish-preparation-export surged 24.6 per cent and meat & meat-preparation rose25.4 per cent over the same period last year.
Continued from page 1No #17
power generation demands more furnace oil.According to the sector-wise trade data, in petroleum sector, the import of both crude and manu-
factured products went up significantly. Imports of manufactured petroleum product went up 80.8per cent to $656 million against $363 million witnessed in September.
Similarly, crude oil import hiked 67.4 per cent to $246 million versus $147 million inSeptember.In food group, import registered a marginal increase of 1 per cent to $482 million inOctober 2010 against $478 million witnessed in last month.
Highest import was seen in sugar which registered a surge of 29.7, spices import increased 16per cent, and pulses import bill registered a hike of 14.3 per cent over the last month.
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.
INCHEON: North Korea Tuesdayfired dozens of artillery shells at aSouth Korean island, killing two sol-diers and setting houses ablaze, inone of the heaviest attacks on itsneighbor since the Korean Warended in 1953.
The attack, with South Koreareturning fire came as the reclusivestate has been pressing regionalpowers to return to negotiationsabout its nuclear weapons program,and it follows revelations at theweekend that Pyongyang is fastdeveloping another source of materi-al to make atomic bombs.
It also follows moves by ironleader Kim Jong-il to make hisyoungest son heir apparent to thefamily dynasty.
Experts say that for decades theKorean leadership has played a care-fully calibrated game of provoca-tions to win concessions from theinternational community andimpress his own military. The risk isthat the leadership transition hasupset this balance and that eventsspin out of control.
South Korean President LeeMyung-bak, who has pursued a hardline with the reclusive North sincetaking office nearly three years ago,said a response had to be firm fol-lowing the attack on Yeonpyeongisland, just 120 km (75 miles) westof Seoul.
"Houses and mountains are on fireand people are evacuating. You can'tsee very well because of plumes ofsmoke," a witness on the island toldYTN Television before the shellingended after about an hour.
News of the attack rattled globalmarkets, already unsettled byIreland's debt woes and shifting toless risky assets.
North Korea said its wealthyneighbor started the fight.
"Despite our repeated warnings,South Korea fired dozens of shellsfrom 1 pm, and we've taken strongmilitary action immediately," itsKCNA news agency said in a briefstatement.
South Korea has been conductingmilitary exercises this week but itwas not clear whether there had been
any drills near the island that couldhave triggered the incident.
Russian Foreign Minister SergeiLavrov said the latest rise in tensionrepresented a "colossal danger."
China, the impoverished North'sonly powerful ally, was careful toavoid taking sides, calling on bothKoreas to "do more to contribute topeace."
"China hopes that the relevant par-ties will do more to contribute topeace and stability in the region, it isimperative now to resume the six-party talks," a spokesman for theChinese Foreign Ministry, Hong Lei,told reporters.
YTN said at least 200 NorthKorean shells hit Yeonpyeong,which lies off the west coast of thedivided peninsula near a disputedmaritime border. Most landed on amilitary base there.
South Korea's military said twosoldiers were killed in the attack, 17were wounded and three civilianswere also hurt. South Korean mili-tary returned the fire and sent a jet
See # 1 Page 11
Two Koreas swapshells, two killed
Despite repeated warnings South fired first, says Pyongyang
PARIS: US and NATO commander in Afghanistan General David Petraeus, addresses
political science students, in Paris. -Reuters
WASHINGTON: Special US repre-sentative to Afghanistan and PakistanRichard Holbrooke Tuesday said thattop leadership of al Qaeda terroristnetwork is in the AfPak borderregion.
"Al Qaeda is in many places, but itsleadership is in the border areasbetween Afghanistan and Pakistan,"Holbrooke told the MSNBC news inan interview.
During the course of his interview,the US diplomat ruled out any nego-tiations with Taliban.
"There's no negotiation going on.There's nothing that comes close thatword - There is no single enemy outthere in the way that there was a HoChi Minh or Yasser Arafat or aSlobodan Milosevic to negotiatewith," he argued.
"It's a lot of different people. One
group al Qaeda, there's no negotiat-ing with, the others the Afghan-Taliban, the Pakistani-Taliban, othergroups are split and they're in contactregularly with Karzai and his peo-ple," he said.
"They'll continue to and I want tostress because everyone knowsthere's no simple military solution tothis. That we support Afghan-led dis-cussions of that sort, but don't use theword negotiations because there'snothing remotely resembling it goingon," Holbrooke said.
"If domestic and European opinionwere to force a precipitous withdraw-al, it would be an international tri-umph for the al Qaeda and Talibanwhich would deeply damageAmericas' interest throughout theworld," he said in response to a ques-tion. -Online
Not talking peacewith Taliban: US
LONDON: Prince William and KateMiddleton will marry April 29 inWestminster Abbey, the historicLondon church where PrincessDiana's funeral was held.
Royal officials said Tuesday thatthe couple chose the venue for itsbeauty, intimacy and historic royal
connections, and the date becausethey wanted a spring wedding. It alsothe feast day of St. Catherine ofSiena, whose name Middleton shares— though that is a coincidence.
The government said the day, aFriday, would be a public holiday.
Prince William's private secretary,Jamie Lowther-Pinkerton, said thecouple chose the 1,000-year-oldabbey in central London becausedespite its size — it holds 2,200 peo-ple — it has a sense of intimacy.
"Even at the altar, it seems like aparish church," he said.
It also has centuries of royal his-tory. William's grandmother,Queen Elizabeth II, and her motherboth married at the abbey, whereBritish kings and queens arecrowned and where 17 monarchsare buried. -Agencies
William, Kate to tieknot on April 29 next
14 die as cesspit
lid collapses
in BunerBUNER: At least fourteen personsincluding 10 women and a child diedwhile more than 40 sustainedinjuries in an area of Jorre, Bunerwhen the cesspit lid collapsed, uponwhich they were sitting.
As per details, an incident tookplace here on Tuesday morning, whenthe people of village Jorre gathered ina house to express their condolencewith the bereaved family.
An eyewitness told that mayhemoccurred when more than 50 peoplewere in the house out of which most-ly were sitting on the roof of thehouse when suddenly the roof of thehouse collapsed.
The roof crumbled due to its dilap-idated condition.
As a result 14 persons died on-the-spot including 10 women, a childand 3 men while more than 40 sus-tained injured, they have beenrushed in hospitals of Bonair andDagger for medical treatment. Fromwhere doctors informed that some ofthem are in critical condition. While13 who were in critical conditionshave been shifted to Peshawar.
Meanwhile, Deputy Police Officer(DPO) Buner, Falak Naz has con-firmed the accident. The dead bodiesof 14 people have been recoveredand shifted to the nearby hospitals.
See # 3 Page 11
No deal overHiraj job: ‘Q’
LAHORE: President PakistanMuslim League-Q SenatorChaudhry Shujaat Hussain has refut-ed that the PML-Q was consulted onappointment of MNA Hamid YarHiraj as Chairman ERRA saying thathe has neither talk to Prime Ministernor has Prime Minister discussed thematter with him.
According to details, PresidentPakistan Muslim League-Q SenatorChaudhry Shujaat Hussain said thatit is wrong to say that Hamid Hirajhas been appointed as result of dealbetween PML-Q and PPP becausewe are not from those who deal innight.
He said that if any deal would bemade then deed would come in frontof public.
He said "We can't imagine makingany step or decision without takingparty leaders into confidence".Chaudhry Shujaat Hussain said thatit is not first time that the
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Warraich madePPP Punjab
presidentISLAMABAD: Co-chairman of thePakistan Peoples Party PresidentAsif Ali Zardari has appointedImtiaz Safdar Warraich Minister ofState and presently divisional coor-dinator of the PPP Gujranwala asprovincial President of the PPPPunjab.
A notification to this effect hasbeen issued by Political SecretaryFauzia Habib.
PPP sources told that the charge ofPresident of Punjab PPP was vacat-ed after Qasim Zia and severalnames were under consideration forthis post including Punjab Financeminister Tanvir Ashraf Kaira.
However co-chairman of PPPappointed the federal minister forcommunication Imtiaz Safdar
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ISLAMABAD: The Tethyan CopperCompany Pakistan Limited (TCC)has strongly denied the allegationsand misrepresentation of facts aboutthe company and the Riko diq projectwhich have been appearing in newsin a section of press.
A company spokesperson said in apress release issued here Tuesday,that it was unfortunate that a projectof great national importance wasbeing sabotaged through misrepre-sentation of facts. She said it was agood sign for Pakistan that despiteproblems being faced by it on accountof low trend of FDI, two major min-ing companies were interested inmaking an investment in the country'smining sector after having undertakenthe full risk of mineral exploration.She said Chaghi district, where theproject was being developed, was oneof the most backward and least-devel-oped areas of Pakistan with very lowhuman development indicators.
It was in this context that a projectlike Riko diq could really boost theeconomy and social uplift by employ-ing and training local people, promot-ing local procurement, communityinvestment programmes, and revenuegeneration for the provincial govern-ment through profits, taxes and royal-ties and transferring technology. Theestimations of the minable quantity ofresource for the Riko diq project andcalculations of projected prices ofcopper and gold have not been doneby TCC but through one of theworld's top three engineering firmswhich prepared the feasibility studyalong with long-term prices workedout by international analysts of cop-per and gold pricing, she said, addingbankable feasibility study was sub-mitted to the Government ofBalochistan more than two monthsago to be examined by themselves orby independent external experts ontheir behalf. -Agencies
Riko diq projectstill under cloud
Project to help Pak social uplift: TTC
LAHORE: JUI chief Maulana Fazl-ur-Rehman has said that he will sup-port Reformed General Sales Tax ifit's not burdening the nation.
JUI leader Maulana Fazl-ur-Rehman talking to the media aftercondoling the death of PML-Qleader Mushahid Hussain Syed'smother, said military operation is notin Pakistan's favour, he elaboratedthat America can never be successful
in this region and Pakistani militaryoperation cannot achieve positiveoutcome unless a policy is formulat-ed according to the resolution of theparliament.
Maulana said when asked aboutthe RGST that "I am in the process ofdialogue with the government on thetax issue, if the government hadtaken us into confidence on this issuebefore, a lot of hue and cry could be
avoided but never the less we willsee if there is no burden on the peo-ple, we will support the implementa-tion of RGST."
Maulana said that military opera-tion within the country is very unfor-tunate villages after villages arebeing destroyed and none of thepolitical party is saying anythinginstead they are appreciating the
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JUI-F greenlights Reformed GST Burney writes to UK to ban Fazl’s entry
