Business News
Monday, June 13, 2011 21:17
- KSE-100 Index loses 24 points
The marker analysts foresee volatile sessions ahead.
- IPPs threaten to suspend 825MW power supply
The IPPs sent a letter on 13th May to the Pakistan Electric Power Company (Private) Limited (PEPCO) giving a 30-day deadline to clear Rs 16.5 billion dues.
- crisis persists in Punjab
- Euro down on Greek debt woes
- Asian shares mostly off after Wall St tumbles
- Oil mixed in Asian trade
OPEC also said in Friday''s report that it expected global oil demand to increase by 1.6 percent to 88.14 million barrels per day in 2011, slightly lower than its previous forecast. However, it added, "A volatile oil market is making future oil demand estimates hard to manage." (AFP)
- Trade under Pak-Afghan transit from Monday
Officials said biometric system would be installed within the next three to four weeks.
- KPK presents Rs 249 bn budget
The provincial government will introduce different kind of reforms in making the recovery system more effective and bringing simplicity in it to achieve the expected income and remove deficiencies of the system.
- un business trains
The GM Railways said that an amount of Rs220 million, incurred by private sector, is being spent on renovation of these business trains.
- KP budget with Rs249bn outlay today
US disappointed by failed raids in Pakistan: Gates
WASHINGTON: Defense Secretary Robert Gates says in an Associated Press interview that the Obama administration was disappointed by the unexplained failure of a US effort to share intelligence with Pakistan on the location of militants’ suspected bomb facilities.
As an act of faith to restore relations with Pakistan, US intelligence in recent weeks shared the location of two such compounds in Pakistan’s tribal areas. But by the time authorities reached the facilities, they had been vacated, Gates said.
The soon-to-retire Pentagon chief said he was not certain how or why the effort went awry. He said “’there was clearly disappointment on our part.” Others have raised the possibility that Pakistan’s intelligence service had tipped off the militants.
Zardari for enhancing trade, investment ties
United States Deputy Secretary of State for Management and Resources Thomas R Nides called on President Asif Ali Zardari at the Aiwan-e-Sadr on Monday. He was accompanied by US Ambassador Cameron Munter, Dan Feldman, Deputy Special Representative to Afghanistan and Pakistan, and other officials.
Defence Minister Ahmad Mukhtar, Interior Minister Rehman Malik, Finance Minister Abdul Hafeez Sheikh, Secretary-General Salman Faruqui, Minister of State Hina Rabbani Khar, Senator Sughra Imam, MNA Farahnaz Ispahani, Foreign Secretary Salman Bashir, and Secretary Economic Affairs Division Abdul Wajid Rana were present during the meeting.
Pak-US bilateral relations and mutual co-operation, progress on various segments of strategic dialogue in the multi-faceted fields, issues of regional stability including countering terrorism and peace in Afghanistan were discussed during the meeting.
The President emphasised on government's preference for trade rather than aid and said that the enhanced trade and investment ties between the two countries would promote economic activities and also help address the issues of poverty and unemployment in the under-developed and militancy affected areas.
The President said he was asking the world for helping Pakistan to build its own inherent economic strength through opportunities for greater trade and market access and not just aid. He said that global corporate sector should be incentivised to take part in joint ventures for profit. The President reiterated Pakistan's resolve to cooperate with the international forces in combating terrorism and militancy which he termed the common enemy of the world.
He said that the government and people of Pakistan have made unparalleled human and economic sacrifices in the process of combating militancy and reiterated to continue the fight till complete elimination of the vicious elements and forces involved in killing of innocent people in Pakistan and everywhere in the world.
He said that it was in the interest of both countries that relations based on respect for sovereignty and mutual trust and mutual interest should move on and carried forward in a mutually beneficial manner.
The visiting US Deputy Secretary of State for Management and Resources, Thomas R Nides, thanked the President for meeting and termed Pakistan as an important ally in the war against terrorism and for defeating the violent extremism. He acknowledged the great sacrifices of the people and law enforcing agencies of Pakistan for world's peace in the ongoing struggle against terrorism. He assured continued support and co-operation of the US government in combating terrorism and in all other fields.
Orangi tense after killing of MQM activists
At least six persons including two activists of Muttahida Qaumi Movement fell prey to the fresh spate of killings in Orangi Town on Monday. According to police, ethnic violence engulfed the area after the killing of MQM workers in Aligarh Colony on Monday that later claimed five more lives and injuries to 12 others. Most of the victims had no political affiliation.
Rangers had disappeared from the area, which caused great panic among the residents besides creating problems for police to bring the situation under control. Aligarh Colony, Qasba Mor, Qasba Colony, Bukhari Colony, Kali Pahari, Kati Pahari, Banaras, Islam Chowk, Mohajir Chowk, Mominabad and Pirabad remained tense till filing of this report where miscreants, who took to the streets, resorted to intense firing that halted all commercial activities in the area.
Police said that an activist of All Pakistan Muttahida Student Organisation (APMSO) Shafiq Ahmed Qureshi son of Zaheer Ahmed was killed by armed assailants in Aligarh Colony. The body of the victim was shifted to Abbasi Shaheed Hospital and was later handed over to the family.
Following the incident, ethnic violence erupted in Orangi Town where miscreants, who took to streets and restored to indiscriminate firing in parts of Orangi Town, forced shopkeepers to pull down their shutters. Meanwhile, the killing of one more worker of Muttahida Organising Committee (MOC) of MQM namely Akbar, son of Sultan fuelled violence that claimed four more lives and injured 12 others. The victim Akbar was gunned down by unidentified men within the jurisdiction of Pirabad police station.
Three other persons namely Adeel Dilawar, Abdul Ghafoor and Ashfaq Yaqoob succumbed to their injuries at Abbasi Shaheed Hospital while one Faiz Mohammad lost his life in Civil Hospital, Karachi. The injured namely Alamgir, 25, son of Mujahid, Abdul Ghaffar, 35, son of Wakeel, Roshan Ali, 22, son of Ghulam Hussain and Saad, 25, son of Nawaz were shifted to ASH.
DSP Majeed Abbas said police were striving to bring law and order situation under control and claimed that the killings were made on ethnic ground. He refused to disclose the political affiliations of the victims, saying that it is premature to comment on it as the details in this regard were being collected.
Mohammed Saleem Mansosori
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