DAILY BUSINESS NEWS AND IN BRIEF: 25.07.2011

DAILY BUSINESS NEWS AND IN BRIEF: 22.07.2011

DAILY BUSINESS NEWS AND IN BRIEF: 21.07.2011

DAILY BUSINESS NEWS AND STOCK MARKET: 20.07.2011

Gold hits new peak of Rs51,150
KARACHI, July 19: Rising international gold prices continued to make an impact on domestic gold rates which hit a new record peak of Rs51,150 per tola, up by Rs300 as compared to the rate prevailing on Saturday.According to rates issued by the All-Sindh Sarafa Association, a jump of Rs257 was recorded in 10 gram gold rate which rose to Rs43,842 on Tuesday as international gold was traded at $1,605 per ounce.
On July 1, the per tola rate (11.664 grams) was Rs48,700 followed by 10 gram rate at Rs41,742 and $1,493 per ounce in world markets.
According to Federal Bureau of Statistics (FBS), gold imports plunged to 2,816kg ($109.6 million) in July-June 2010-2011 as compared to 4,779kg ($139 million) in the same period of last fiscal year.
Export of jewellery plunged to $404 million in July-June 2010-2011 as compared to $638 million the corresponding period of last fiscal year.
Due to surging gold prices, investors continue to show interest in gold trading at Pakistan Mercantile Exchange Limited (PMEX).
An official said that volume of trade in gold in 2010-2011 reached Rs312.7 (1279718 lots) as compared to Rs57 billion (313886 lots) in 2009-2010.
He said traders playing in future trading at PMEX include mix of gold market people and investors looking for inflation hedge and price escalation. He added that most of the PMEX clients are individual investors.
Gold import is not feasible as yellow metal is selling under cost in Pakistan by Rs400 per tola as compared to rates prevailing in Dubai and Saudi Arabia.
Exporters usually import gold for export of jewellery and later they will have to import fine gold from abroad within 180 days.

Yaseen takes over as SBP Acting Governor
KARACHI, July 19: Yaseen Anwar on Tuesday took over as Acting Governor State Bank of Pakistan following the acceptance of the resignation of SBP Governor Shahid H. Kardar, said a press release issued by the State Bank.
The Federal Government on Monday night notified the acceptance of the resignation of Mr Kardar and appointment of Mr Anwar as Acting Governor.
Mr Anwar was also the Acting Governor SBP from June 3 to September 8, 2010 after the resignation of the former SBP governor Syed Salim Raza.
Mr Anwar, who has been serving the State Bank as its Deputy Governor since March 29, 2007, has managed all the four clusters of the central bank i.e. Banking, Reserve Management, Monetary Policy and Operations; SBP subsidiaries — Banking Services Corporation (BSC) and the National Institute of Banking & Finance (NIBAF).
He has served on the Boards of SBP, Pakistan Security Printing Corp. (PSPC), Policy Board of SECP, Board of NIBAF and SAARC Payments Council Board. He is a member of Monetary Policy Committee (MPC) of SBP Central Board and has interacted with the IMF under the Standby Arrangement with Pakistan.
He has also served as an alternate to the governor on the Asian Clearing Union (ACU) Board.
Taliban say Mullah Omar alive, phones hacked
KANDAHAR: The Taliban on Wednesday said Mullah Omar was alive, accusing the Americans of hacking their phones after a text message sent to media from a spokesman's phone said the leader was dead.
In the message, Zabihullah Mujahid said: "Leadership council of IEA announces that Mullah Omar has passed away. May mighty God bless him."
He later denied sending the message, speaking by telephone.
"We strongly reject this claim. We are not aware of such news. Americans have hacked our cellphones with advanced technology and sent the message to the media," said Mujahid.
A second spokesman, Qari Yosuf Ahmadi, also said phones had been hacked.
"That's a false message. The Westerners hacked into our cellphones and sent the message from our numbers to everyone. They want to deceive the Afghan people. It's wrong. He is not dead and is alive," said Ahmadi.
Pakistan ranking slips 8 marks: World Bank 'Doing Business' program: report
The World Bank wants to reduce the cost of doing business in Pakistan, enhance export competitiveness, and accelerate industrialisation while helping to support the National Trade Corridor Improvement Program, which includes targeted investment lending for key ports reforms, railways, the road freight industry, highways, air transports, and other transport logistics.

The World Bank's President, Robert B Zoellick, said in his remarks at the Third Global Review of Aid for Trade at the World Trade Organisation (WTO), held in Geneva, that the trade policy agenda has to keep up with the fast-paced changes in the world economy. The old trade in goods has to shift to a more complex agenda, including behind-the-border issues such as domestic regulation and services, he added. Zoellick said that last year, the World Bank support for transport was around $8.4 billion. Two-thirds of this focused on roads and highways, particularly in the South Asia Region.

He said that the World Bank has been helping the developing countries with tools to improve their regulatory environments. "We are, for example, working with partners to establish knowledge platforms on services and regulatory reform to give policy makers access to the best-practice knowledge, increasingly from other developing countries."

He said, "We need to better assess the impact of trade projects and programs, so we can learn what works best and where we need to make improvements. The World Bank's Trade Facilitation Facility can help finance improvements."

According to 'World Bank report on Doing Business 2011', during the tenure of the PPP-led regime, the overall ranking of Pakistan slipped down by eight marks in just one year from being at the 75th position in the year 2010 to the 83rd position in 2011. The report indicates serious flaws, related to overall governance that created barriers in the way of doing business in Pakistan. The report says, "In 2002, Pakistan implemented the Access to Justice Programme to reduce delays in a number of pilot courts. The improvements cost $350 million and focused on providing more training, such as in case of management techniques. Research analysing court data for 2001-03 shows that after the court reforms, 25 percent more cases were decided in the affected districts."

The WB report said that Pakistan's ranking was downgraded in terms of registering property because of an increase in taxation rate from 2 to 4 percent as it declined to 126th position in 2011 against the 18th position in 2010.

The overall performance of the transport system in Pakistan had not been up to mark, with high economic losses from congestion and poor quality roads. So, it was decided to launch a program titled, 'National Trade Corridor'. The World Bank is a major contributor of the program. The World Bank's financing program consists of a series of Development Policy Loans (DPLs); specific sub project investment lending; and technical assistance loan, to assist with the implementation and monitoring/evaluation of the National Trade Corridor program over the next 5 to 6 years. The Bank is also providing analytical support to develop the framework to guide sub-sector policies (for railways, the road transport industry, ports, air transport and trade facilitation), including pricing, regulation and enforcement, medium term budgetary frameworks, restructuring and progressive commercialisation of public entities and strengthening of institutions (National Highway Authority, Pakistan Railways, etc) and processes to increase sector efficiency.
Brief News:
Navy drone crashes near oil refinery
Zardari, Karzai vow to continue anti-terror war
Pak role ‘vital’ in Afghan peace: UK
Business News in Brief:
Restoration of IMF’s suspended $11.3bn SBA

SECP okays measures for derivates and leverage segments

PAC seeks report on powers and BoDs

Yaseen Anwar takes over as SBP acting governor

Dr Asim admits gas cos failed to end UFG losses

Cements despatches likely to rise

Pak traders urged to avail opportunities in UAE

Smartphone sales on the rise in local markets

Fed govt decides to implement LNG import project

Lint prices decline to Rs 2,700/maund in 20 days

Spot rate declines on selective buying at KCA

PSO and PR at odds over insufficient funds

Stakeholders invited to partake in public-private dialogues

WB official discusses strategy with Shaikh

PMN-Citi launch RM workshop for microfinance practitioners

‘Analytical Review of the PSDP Portfolio’ launched

KSE gains 125 points on record exports, c/a surplus

ISE rises 46 points

Dollar unchanged versus rupee

Euro rangebound against dollar

European shares rise as banks rebound

US stock futures rise

Indian chips snap 2-day fall

Asian markets down on US, European default fears

China likely to face power shortage in Q3

India reveals ‘world’s biggest’ uranium discovery

Gold eases from record highs, eyes euro summit

Coca-Cola profit seen up despite weak US economy

Russia eyes record German trade with gas, minerals

Venezuela tops oil reserves league in OPEC table

Oil gains $2 on dollar, equities


Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND STOCK MARKET: 19.07.2011

State Bank Governor’s resignation accepted
ISLAMABAD: Prime Minister Yousuf Raza Gilani accepted on Monday the resignation of State Bank Governor Shahid Kardar.

A statement issued by the prime minister’s secretariat said the prime minister had appointed senior most Deputy Governor Mr Yasin Anwar as Acting Governor of the State Bank with immediate effect.
The statement ended speculations that Mr Kardar might withdraw his resignation at the insistence of the government because a change of SBP governor in just nine months would not send good vibes to the international community at a time when the country is facing serious economic challenges.
Mr Kardar had tendered his resignation in a letter dated July 15 addressed to the prime minister. The letter said: “I hereby resign from the position of Governor, State Bank of Pakistan. I am grateful for the privilege and great honour bestowed upon me to serve the country.”
Surprisingly, news of Mr Kardar’s resignation has been doing the rounds for more than a week, but the statement said it was dated July 15.
Sources told Dawn that Finance Minister Hafeez Sheikh and Planning Commission Deputy Chairman Dr Nadeem ul Haque had tried to persuade Mr Kardar to take back his resignation and even prevailed upon Mr Gilani not to accept it.
A senior official in the prime minister’s secretariat expressed surprise over the acceptance of Mr Kardar’s resignation because, he said, until Sunday night there were clear indications that the governor would stay.
He said the prime minister left for the UK in the afternoon and it appeared quite odd that the official statement attributed to him was issued when he was not in the country.
The sources said Mr Kardar’s departure after remaining in office just for nine months would not augur well for the country’s economy.
They said the finance minister and the planning commission’s deputy chairman, who worked in close cooperation with the outgoing governor, would be facing a difficult situation in policy-making as far as the SBP was concerned.
Names of Finance Secretary Dr Waqar Masood, former SBP governor Dr Shamshad Akhtar and former National Bank president Ali Raza are being mentioned as potential replacements of Mr Kardar. The government has 90 days to appoint a new governor.
The sources said the decision to accept the resignation had been taken by the presidency which wanted somebody more pliant as SBP governor.

US House bill to cut aid to Pakistan
WASHINGTON: A House panel unveiled a bill Monday that would block US aid to Pakistan, Egypt, Lebanon and the Palestinian Authority unless the Obama administration reassures Congress that they are cooperating in the battling terrorism.
The legislation is a direct challenge to President Barack Obama and his foreign policy authority, and comes as the House is looking at significant cuts in the annual budget for the State Department and foreign assistance. The House Foreign Affairs Committee will consider the bill authorizing the money on Wednesday. Rep. Ileana Ros-Lehtinen, the Republican chairwoman of the panel, released an initial draft on Monday.
While the House is likely to approve the bill, its prospects in the Democratic-controlled Senate are dim. Senate Foreign Relations Committee Chairman John Kerry, a Democrat, is likely to reject many of the bill’s provisions.
The bill would bar aid to Pakistan unless the secretary of state can certify to Congress that Islamabad is “fully assisting the United States with investigating the existence of an official or unofficial support network in Pakistan for Osama bin Laden, including by providing the United States with direct access to Osama bin Laden’s relatives in Pakistan and to Osama bin Laden’s former compound in Abottabad.”
A separate spending bill likely will provide $40 billion for foreign operations next year, $9 billion less than the current amount and $11 billion less than Obama requested.
Ishratul Ibad to resume governorship
KARACHI: Politically isolated and chastened by surprise government moves to scrap the local government system and initiate contact with nemesis Afaq Ahmed, the Muttahida Qaumi Movement on Monday decided to allow Sindh Governor Dr Ishratul Ibad to resume office.
However, it announced that it was in no hurry to rejoin the treasury benches in Islamabad and Karachi.
In Islamabad, the President’s spokesman confirmed the apparent change of heart on both sides. “Mr Ibad is returning to the country from Dubai by Monday midnight and will withdraw his resignation he had sent to President Asif Ali Zardari,” said Farhatullah Babar.
Sources in the presidency said a special plane had been flown to London on the orders of Mr Zardari to bring back Mr Ibad to Karachi.
Dr Ibad tendered his resignation on June 27 hours after the MQM pulled out of the ruling coalition in the province and the centre in protest against the postponement of election on two Karachi seats of the Azad Jammu and Kashmir Legislative Assembly.
According to an MQM press release, Muttahida chief Altaf Hussain directed Dr Ibad to resume his gubernatorial responsibilities at the suggestion of President Asif Ali Zardari.
Dr Ibad — who was uncharitably described by senior Sindh minister Dr Zulfikar Mirza as an absconder in the venomous outburst last week — was set to fly back to Karachi from the United Arab Emirates in the early hours of Tuesday.
According to a source in the Governor’s House, the President specially sent his aircraft to bring back Dr Ibad at the earliest.
“This decision was taken in a telephonic conversation between Mr Hussain and President Zardari in view of the political situation of the country and province,” the MQM press release said.
Dr Ibad was directed to work with the federal and provincial governments in the light of directives issued by the President, the Urdu-language press release said.
It added that Dr Ibad would play an “effective role for stability” in the province and a “proactive role for a change and betterment in ties”.
While the MQM’s decision to let Dr Ibad go back to the Governor’s House predictably incurred the opprobrium of Pakistan Muslim League-Nawaz, most political parties, notably the Awami National Party, hailed the move and said it augured well for peace in the city.
The Sindh chief minister and the home minister also appreciated the move.
However, MQM leader Faisal Subzwari told a television channel that his party would not rejoin the government. He sought to reject the widely held view that the decision to quit the government had been taken by ‘hardliners’ among the MQM.
He said that there were no groupings in the party, adding that crucial decisions in the party were taken by the coordination committee.
Syed Irfan Raza adds from Islamabad: Insiders in Islamabad told Dawn that Pakistan Muslim League-Q (PML-Q) chief Chaudhry Shujaat Hussain, who was sent by President Zardari to Karachi last week for negotiating with the Muttahida, played a key role in restoring ties between MQM and the People’s Party.
Chaudhry Shujaat met the president on Friday to apprise him about the MQM’s point of view.
The Q-League chief had agreed to concede to the MQM two provincial ministries and two posts of advisers in the Sindh cabinet that it had recently obtained, a source told Dawn..
“All the slots given to the Q-League were held by MQM before it parted ways with the ruling coalition. Therefore MQM sought all these posts back as one of the conditions to rejoin the government,” the source said.
The Q-League has now asked President Zardari for alternative portfolios in the Sindh cabinet, the source added.
A spokesman for the Muttahida, however, denied any understanding to this effect.
Political circles felt the Muttahida would eventually join the federal and Sindh cabinets, but the decision to remain in opposition had been taken for now in order to pre-empt criticism.
President Zardari has welcomed the statement of Altaf Hussain asking Ishratul Ibad to resume work as governor, terming it a good omen for harmony and reconciliation not only in the province but also throughout the country.
“The President expressed the hope that it will mark a new era of peace and stability in Sindh,” said Farhatullah Babar, his spokesman.
Raza Haroon, the MQM’s Rabita Committee chief, said Altaf Hussain had asked Mr Ibad to work in harmony with the federal and provincial governments under the guidance of President Zardari.
The decision on the governor’s return was purely made in the “larger national” interest because the party was under immense pressure to at least ask Mr Ibad to retain the office of Governor.
“The pressure was exerted by Ulema, diplomats, lawyers, journalists, business community and scholars who were of the view that the office of governor should be kept above partisan politics,” he said.Mr Haroon said his party believed that Mr Ibad would play his role in restoration of peace in Karachi because he was “impartial and all groups respect him”.
Mr Haroon denied any deal between the PPP and his party on re-joining the government, saying Chaudhry Shujaat had not offered anything when he met MQM leaders last week.
In reply to a question about the restoration of commissioner and the old local bodies systems in the province, the MQM leader said his party would welcome any decision of the government if these laws were withdrawn or amended again, as desired by the MQM.
The Muttahida Qaumi Movement had left the federal cabinet twice before the latest separation, The Sindh governor and the party’s ministers in Sindh cabinet figured in both decisions.

Brief News:

Business News

Tuesday, July 19, 2011 01:35

- PM accepts resignation of Governor SBP
Shahid Kardar had in a letter dated July 15, addressed to the Prime Minister tendered his resignation.

- Stock prices end lower at KSE
The trade volume today stood at 57.34 million shares. (Reuters)

- NEPRA allows KESC to increase tariff
KESC under the monthly fuel adjustment had requested that the tariff be increased. During hearing of the case NEPRA allowed the increase for the month of MAY which will be included in consumers next bills.

- FY10/11 c/a surplus at $542 mln
In June, the current account had a provisional surplus of $501 million, compared with a deficit of $527 million in May. (Reuters)

- Lahore, Gojranawala, Multan CNG stations shut

- Crude prices mixed in Asian trade

- Euro slips against dollar, yen on Greece fears

- Asia stocks mixed on US impasses, EU bank tests

- PM persuades Governor SBP to stay
Shahid Kardar had tendered his resignation a few days back due to his reservations on some of the policies of the government but it was not accepted.

- IMF mission visits Islamabad on July 19
Siddiqui said that tax administration reform would end on December 31, 2011 after which CNIC number would be the national tax number of a taxpayer.

- Zardari welcomes Ebad resuming charge
Taliban video shows policemen’s execution
Indo-Pak officials discuss cross-LoC travel, trade
House bill to limit aid to Pakistan
Reinstatement of Zafar Qureshi
Pakistan looms large as Clinton reaches India
Sanaa | En masse

Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND IN BRIEF: 18.07.2011

Brief News:
MP, top Karzai aide killed
Seven more fall prey to target killings in Karachi
Anjum Aqeel remanded to one-day police custody
Israeli weapons being used in Karachi: Malik
Blasts cloud India’s talks with Pakistan, US
Peshawar | Collecting useables

Several international, domestic flights cancelled

Special inquiry team to probe murder

PIA CBA chairman laid to rest, Soyem today

Commissioner Karachi reviews arrangements for Shab-e-Barat

NFEH names 65 companies for 8th AEEAs

Protest against load shedding

KESC asks union to return hijacked vehicles

Violence, load shedding destroying Karachi economy

Khuhro pays tribute to Faqir Lashari

CS for action against hoarding, overcharging of daily use items

Vigilance body for complaint centre under consideration

MBBS 2nd pro supplementary exam begins tomorrow


Business News

Sunday, July 17, 2011 22:59

- PM persuades Governor SBP to stay
Shahid Kardar had tendered his resignation a few days back due to his reservations on some of the policies of the government but it was not accepted.

- IMF mission visits Islamabad on July 19
Siddiqui said that tax administration reform would end on December 31, 2011 after which CNIC number would be the national tax number of a taxpayer.

- KSE-100 index gains 79.19 points
In the money market, overnight rates closed at between 12.50 percent and 13 percent, compared with Thursday''s close of 13.90 percent amid increased liquidity in the interbank market. (Reuters)

- Governor SBP resignation: IMF-PAK talks delayed
According to sources, the State Bank is central to talks between the IMF and Pakistan. The delay in talks will place the $ 1.7 billion tranche Pakistan is expected to receive from the IMF in danger.

- PSO sends SOS to Govt. for release of Rs60b

- Astronomical rise in prices prior Ramzan

- FBR extends date for payment of taxes
The decision has been taken to facilitate the tax payers who could not pay taxes or file sales tax/FED returns due to law and order situation in Karachi. (PPI)

- Potohar suffering second CNG-less day

- Oil prices rise in Asian trade

- P warning on US debt

DAILY BUSINESS NEWS AND IN BRIEF: 15.07.2011

Gold price hits above Rs50,000
KARACHI, July 13: Gold rates hit a record peak in the history of the country to Rs50,300 per tola on Wednesday, with an increase of Rs550 in its price.
The 10 gram bullion rate swelled to Rs43,114 on Wednesday from Rs42,642 on Tuesday on the back of rising gold price in world market to $1,570 per ounce from $1,547 a day back.
On July 1, per tola rate (11.664 grams) was Rs48,700 followed by 10 gram rate at Rs41,742 and $1,493 per ounce in world market.
President, All Sindh Saraf Association, Haji Haroon Rasheed Chand, claimed that the association had quoted the rate of Rs50,300 per tola based on the world trading rate at 3pm to 4pm in Pakistan, but per tola rate virtually reached Rs50,750 if
actual closing rate at $1,587 per ounce was taken into consideration.
He said it was really hard for consumers to make fresh buying of original gold jewellery sets and other related items. As a result, sales range between 20 and 25 per cent due to high prices and rising cost of living of consumers.
High gold prices, coupled with deteriorating law and order situation, pushed up demand of artificial and imitation jewellery sets.
He said many customers usually try to make new gold sets as per same weight of gold sets they bring for sale or prefer light weight sets for which they have to compromise on quality also.
Haroon said many market people are investing in gold as per their capacity to cash in on the boiling rate in world markets and its impact on domestic rates in the last few years.
According to Federal Bureau of Statistics (FBS), gold imports dropped to 2,690 kg ($104 million) in July-May 2010-2011 as compared to 4,551 kg ($131.5 million) in the same period of last fiscal year.
Export of jewellery plunged to $349 million in July-May 2010-2011 as compared to $515 million the corresponding period of last fiscal year.
He said gold import is not feasible as yellow metal is selling under cost in Pakistan by Rs400 per tola as compared to rates
prevailing in Dubai and Saudi Arabia.
Exporters usually import gold for export of jewellery and later they will have to import fine gold from abroad within 180 days.


US renews commitment to economic support for Pakistan
WASHINGTON: The United States on Thursday renewed its commitment to support Pakistan's economic development with the State Department emphasizing that Washington's economic assistance for Islamabad continues to flow, irrespective of a slowdown in the security aid.
State Department Deputy Spokesman Mark Toner told reporters that US Deputy Secretary of State Thomas Nides spoke by telephone with Pakistani Minister of Finance Dr Abdul Hafeez Shaikh.
"They discussed the importance of continuing cooperation on the US- Pakistan civilian assistance program. And Deputy Secretary Nides reiterated to Minister Shaikh that the United States remains committed to working in partnership with Pakistan to fuel economic growth and to improve its energy, education and health sectors," Toner said at the daily briefing.
The spokesman, speaking days after US decision to pause $800 million in military assistance for Pakistan, stressed that it's "important to note that while there is this slowdown on the security and military side, our civilian assistance continues."He referred to Kerry-Lugar-Berman assistance program and said the US has dispersed about 2 billion dollars in civilian assistance, which includes over $ 550 million in emergency humanitarian assistance that was in response to the floods."So, you know, we do have a slow down on the security side, but our civilian assistance remains undeterred."
The conversation between the US and Pakistani officials, he said, was an "important opportunity to touch base with Pakistan to ensure that this civilian assistance continues and to look at our priorities and make sure that they match Pakistan's.



Brief News:

Business News

Friday, July 15, 2011 08:55

- Asian shares rise after week of selling

- Pakistan''s forex reserves ease to $18.11bn
According to official data, remittances rose to a record $11.2 billion in 2010/11 fiscal year, an increase of 25.77 percent compared with the same period last year.

- Oil mixed in Asian trade

- CNG suspended in four regions of Punjab

- SBP Governor Shahid Kardar resigns: sources

- Cotton domestic prices at 18 months? lowest

- Oil down in Asian trade

- Tokyo shares flat despite yen, eurozone worries

- Yen''s rise worries Japan as euro takes breather

- Car prices decrease
Different brand of Suzuki have decreased by Rs 14,000-37,000, Honda by Rs 25,000-40,000 while Indus motors has decreased by Rs 24,000-40,000.

- Zulfiqar Mirza apologises
- Altaf appeals for ending protests
- US reassures Pakistan on civilian aid
- Talks with Pakistan to go ahead: India
- SC orders disciplinary action against FIA DG
- Any threat to nukes will be thwarted with full force: PM
- Kardar’s resignation jolts banking sector, worries investors

Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND IN BRIEF: 14.07.2011

Zulfikar Mirza’s remarks : Violence in Karachi.
KARACHI: A number of localities in the city descended into violence on Wednesday night soon after provincial minister Dr Zulfikar Mirza heaped scorn on Urdu-speaking people and Muttahida Qaumi Movement chief Altaf Hussain.
In a fiery speech which may widen the growing gulf between the estranged Pakistan People’s Party and MQM, Dr Mirza also confirmed that he had twice met Mohajir Qaumi Movement (Haqiqi) chief Afaq Ahmed and said that if Mr Ahmed was a criminal then Mr Hussain was an even bigger criminal.
“In my view, the real leader of the Mohajir nation is Afaq Ahmed who has been in prison for eight years and not a single case against him has been proved. In fact next to President Asif Ali Zardari he is the biggest political prisoner of the country,” Dr Mirza said while speaking to newsmen at the residence of Awami National Party leader Shahi Syed.
Before being led away by Local Government Minister Agha Siraj Durrani, Dr Mirza urged the people of Karachi and Hyderabad to rise and rid themselves of these ‘kambakht’ (the damned ones).
About the MQM decision of quitting the government, he said the party had miscalculated the situation and played a wrong card on the advice of its friends.
“Now graffiti demanding a separate province has appeared in the city. No-one has the courage to divide Sindh. This was the province which provided you shelter when you came here hungry without clothes.”
Dr Mirza disclosed that at one meeting of the PPP-MQM core committee – which he said was a ‘bore committee’ – Governor Dr Ishratul Ibad had tried to convince him not to own up to meeting Afaq Ahmed. He said he had told Mr Ibad that the MQM-H leader was his prisoner and he was well within his rights to meet him.
As expected, Dr Mirza’s diatribe against Mr Hussain and praise for Mr Ahmed incurred the opprobrium of the MQM whose leader Faisal Subzwari said Dr Mirza’s leader – whom he did not name – was known in the country as Mr 10 per cent and cases against him were filed not only in local courts but also in international courts.
As the night wore on, many city localities echoed with the rattle of gunfire and several vehicles were torched in arson attacks.


Brief News:
ISI chief in US for talks
Pakistan slams Mumbai blasts
Pakistan slams Mumbai blasts
SBP Governor Shahid Kardar resigns
Judicial commission to probe Bugti’s murder
Govt willing to talk to angry Baloch leaders: PM
Pakistan concerned over US aid cuts: Gilani

Mohammed Saleem Mansoori

Mohammed Saleem Mansoori has such a cool profile!

Mohammed Saleem Mansoori has such a cool profile!

DAILY BUSINESS NEWS AND IN BRIEF: 13.07.2011

Tax-to-GDP ratios in Asia: Pakistan needs to increase taxes
Asian countries need to increase taxes and improve their collection systems if they want to raise enough funds for much-needed social welfare programmes, an ADB study released Tuesday said. The Manila-based Asian Development Bank report said the "tax burdens" in the region were lower than the European Union, the Americas, Australia, New Zealand and Africa.

"The review of tax policy... makes it clear that there is ample margin for higher tax levels in Asia through more direct taxation, especially private income tax," the report by economics professor Jorge Martinez-Vazquez said. Martinez-Vazquez, a professor at Georgia State University commissioned by the ADB, conceded that there was a wide variety of tax systems in Asia and that there was not one "Asian model" of taxation.

But he said there were clear trends for the region. Although Asian economies were integrated like in North America and Western Europe, they were not homogenous and had no "supranational authority" to co-ordinate and harmonise their policies, resulting in different tax systems.

Vietnam was cited as having one of the highest tax-to-GDP (gross domestic product) ratios in Asia. But its ratio was still about half of most European Union countries. At the other end of the scale, Pakistan and Nepal had the lowest tax-to-GDP ratios. The low tax burden was credited with creating a more "business-friendly environment" that attracted foreign investment.

But it could also result in a lack of government resources for vital services such as education, health and infrastructure, which could bring about a less equitable society, the report said. The report also found that many Asian countries still had a huge "underground economy", indicating that tax evasion was common.

In Thailand for example, the underground economy accounted for almost 53 percent of the gross national product (GNP). The average for the whole region was 26 percent. Asian countries also relied more heavily on indirect taxes such as value-added and sales taxes, and even taxes on foreign trade, according to the report. It also found that Asian countries still ranked far below the standards of developing countries in regards to tax administration costs and practices, indicating there was much room for improvement.

"Tax administration reform and modernisation should become part of the policy agenda of many countries in Asia," the report said. The report also warned that "the effectiveness of tax enforcement and voluntary compliance depend critically on the perception that evaders are likely to be caught and if so, punished". The study recommended tougher measures to combat tax evasion, such as increased and improved tax audits, and tougher penalties for cheating on taxes, including using the media to publicly shame violators.

Brief News:

Business News

Wednesday, July 13, 2011 08:55

- Tokyo shares flat despite yen, eurozone worries

- Yen''s rise worries Japan as euro takes breather

- Car prices decrease
Different brand of Suzuki have decreased by Rs 14,000-37,000, Honda by Rs 25,000-40,000 while Indus motors has decreased by Rs 24,000-40,000.

- LPG price increased by Rs 18 per kg
The LPG dealers association has strongly condemned the increase in prices.

- KSE 100-index sheds 100 points
In the currency market, the rupee strengthened to close at 85.84/88 to the dollar, up from 85.93/96 a day earlier, as steady dollar inflows outmatched the demand from importers. (Reuters)

- Asian, EU stock markets tumble

- Oil down in Asia on eurozone concerns

- Asian stocks tumble on fresh eurozone fears


Asian stocks tumble on fresh eurozone fears


- CNG remains scarce in Punjab, Sindh, Balochistan

China pledges support for Pakistan
Afghan president’s brother killed
Barrage of US missiles kill 48 in Waziristan
Bus explosion claims 9 lives, scores of others injured
Afghan mortars kill two women in Bajuar
Thousands flee military offensive in Kurram Agency
Islamabad | Looking for clues

Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND IN BRIEF: 12.07.2011

Hussain Haqqani sees forward movement on US aid
WASHINGTON: Ambassador Husain Haqqani voiced hope Monday that a rift over suspension of military aid would not spiral downward and stressed that most US assistance to his country was still coming.
The United States has suspended $800 million in security aid as it presses for greater counter-terrorism cooperation from Pakistan.
But Ambassador Husain Haqqani said civilian aid continued to flow and that "so far all suggestions for an aid cut-off for Pakistan have been defeated" as the US Congress looks at funding for next year.
"A pause or hold in delivery of some elements of military assistance does not constitute aid suspension or cut-off and we do not expect such a decision," Haqqani said.
"We are working on continuing cooperation and several meetings are scheduled over the next few days to move forward positively," he said.
"Pakistan and the United States are two democracies committed to cooperation in eliminating terrorism and to stability and progress in South Asia. We need to build trust that has suffered over the years and I am confident we will be able to do that over time," he said.
The US cut-off amounts to a third of the $2.7 billion which the United States delivers in security assistance to Islamabad each year.
The United States has also authorized $1.5 billion a year in civilian assistance to build democratic institutions, schools and infrastructure and last year committed nearly $700 million more for relief after massive floods.


Brief News:

India welcomes US suspending aid to Pakistan
Suicide bomber kills seven at PML-Q rally in Battagram
US drone strike kills 10 in N Waziristan
7 killed in Karachi violence
Violence on the rise in Pakistan after Osama’s death: ICRC
Hundreds of Afghans protest Pakistan cross-border attacks
Mobs storm US, French embassies in Syria
Battagram | Rescuing mankind

Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND IN BRIEF: 11.07.2011

Pak urges US to share info on Zawahri
Islamabad: Pakistani called on the United States on Sunday to share information about new al Qaeda leader Ayman al-Zawahri after us Defence Secretary Leon Panetta said he believed that Osama bin Laden's successor was in Pakistan. During his first trip to Kabul on Saturday as Pentagon chief, Panetta said he believed that the new al Qaeda leader was living in Pakistan's lawless tribal belt on the Afghan border.
The Pakistani military said its troops were already carrying out "intense operations" against al Qaeda and its affiliates as well as "terrorists leadership" and high value targets (hvts) who pose a threat to Pakistan's security. "We expect U.S. Intelligence establishment to share available information and actionable intelligence regarding Al Zawahri and other hvts with us, enabling Pakistan Army to carry out targeted operations,"
A military spokesman said in a statement. The former ciachief said the strategic defeat of al Qaeda was within reach if the United States could kill or capture up to 20 remaining leaders of the core group and its affiliates. He said these militant leaders were living in Pakistan, Yemen, Somalia and in North Africa. Panetta said now was the time -- in the wake of bin Laden's killing in Pakistan in See # 10 Page 11
Ease in power cuts pledged
Islamabad: Minister for Water and Power Syed Naveed Qamar has said that government is taking all possible steps to minimize the duration of the load-shedding so that people's problems could be reduced during summer. Talking to Pakistan People's Party (ppp) Information Secretaries from various districts gathered here to attend seven-day training workshop. He said about 3000 megawatt electricity have been added to national grid during the last three years. "We are doing our best to bridge the power demand and supply gap" he added. Naveed Qamar said power situation has worsened as pervious government did not start not even a single mega-project to meet growing demands of the country.
He said no area has been exempted from the power cuts. Load-shedding is being done in cities and villages under a well prepared plan and without any discrimination. Maximum electricity is being produced from the existing power production units, he said. The Minister said work on Bhasha dam would be started soon as the formalities have been completed. He said usaid has given 10 million dollar for the construction of a colony at the dam site. He added that enough amount has been allocated for the purchase of land for Bhasha dam project. To a question he said former president Pervez Musharraf only inaugurated the Basha project on paper while practical steps were not taken by his government to initiate work on this mega project.

Brief News:


Pakistan asks US to share intelligence on al Zawahiri
PPP can’t accept MQM’s anti-state demands: PM
Three killed in Quetta sectarian violence
MQM rejects revival of commissionerate system
Sindh govt notifies divisions, districts
US looks east to Pakistan border for Afghan endgame
Karachi | Teary return

Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND IN BRIEF: 08.07.2011

Pakistan relations with US back on track.
ISLAMABAD: Pakistan said on Thursday the difficult phase in ties with the United States was over and relations between the two countries were back on track.
Speaking at a press briefing, Foreign Office spokesperson Tehmina Janjua acknowledged that there had been difficulties in Pak-US relations in the recent past, but said that “through deep discussions with the US, we have tried to address those difficulties as far as possible”.
She, however, said it was an ongoing process.
The statement was contrary to that of Prime Minister Yousuf Raza Gilani who warned the US on Wednesday against pursuing “narrow interests” that hurt Pakistan’s sovereignty and recent remarks by US Ambassador Cameron Munter that relations with Pakistan were going through “rough patch”.
Ms Janjua said the two countries were trying to work on the strategic dialogue process and referred to the recent meeting on law-enforcement and counter-terrorism. “We are constructively engaged on many tracks. We hope that the power of good and innovative ideas and the strength inherent in our joint determination will further facilitate this process.”
She said there was recognition on the part of the US administration of the importance of relationship with Pakistan. “So instead of commenting on negatives, we intend to focus on the positives in the relationship. And the positives are many.”
The spokesperson admitted that the US was in control of the Shamsi airbase, but said it had never been given access to the airbase for carrying out drone attacks. She said the previous government had given access to the base for surveillance purpose.
Ms Janjua said the matter of Washington’s control over the base had been taken up with the US government at the highest level.
CROSS-LoC CBM: She said the current month was significant for Pakistan’s engagement with India, adding that the working group on cross-LoC confidence-building measures would meet in New Delhi on July 18.
About Indian Prime Minister Manmohan Singh’s statement advising Pakistan to forget Kashmir and concentrate on its internal problems, she said Pakistan wanted a constructive, open and result-oriented dialogue with India on all issues and this had been reciprocated by India.
CROSS-BORDER RAIDS: Answering a question, Ms Janjua said cross-border raids were a subject of ongoing discussions on diplomatic and military tracks between Pakistan and Afghanistan.
On Wednesday, Prime Minister Gilani called Afghan President Hamid Karzai to express Pakistan’s concern over militants’ activities along the border. He told Mr Karzai that despite repeated cross-border raids from the Afghan side, the Pakistan army was exercising utmost restraint keeping in view the close brotherly relations.
Ms Janjua said Pakistan had asked ISAF to immediately convene a meeting of regional commanders to defuse the tension.
About reports that Afghanistan is set to convene a Loya Jirga to decide on the question of permanent US bases in Afghanistan, she said: “As far as the jirga is concerned or any discussions with the US on issues that are internal to Afghanistan or bilateral between Afghanistan and the US, we believe that it is up to the people of Afghanistan and their government to take decisions in this regard”.


Karachi 34 die in killing.
KARACHI: Karachi remained in grip of violence for the third consecutive day on Thursday and another 34 people, including a six-year-old girl, were killed in armed attacks on buses and houses.
The death toll in three days of violence rose to 63 with the security administration appearing to be completely paralysed and unable to quell violence.
City Police Chief Saud Mirza said that 18 people were killed in armed attacks in Qasba Colony and parts of Orangi Town, which remained the worst affected areas.
At least 12 people were killed and over 30 injured in attacks on two passenger buses in the areas.
After keeping quiet for the whole day, the political administration came up with a late-night announcement that 1,000 personnel of the Frontier Constabulary had been deployed, but the authorities denied planning any ‘major operation’ in the strife-torn areas.
“Let me make it very clear that there is no operation planned,” Interior Minister Rehman Malik, who arrived here after midnight on instructions of the prime minister, told reporters at the Quaid-i-Azam International Airport.
“But definitely there will be targeted actions in the affected areas and I have ordered deployment of 1,000 FC troops to enforce law in the city.”
Answering a question, he did not blame any party for the worst cycle of ethnic violence in Karachi in many years, but called upon Muttahida Qaumi Movement chief Altaf
Hussain and the Awami National Party to play their role to restore peace in the city.
“Karachi is in a sensitive situation, but we have all the information, we know where the planning was done to start violence, we know who are the elements behind it and we are determined to take action against them,” he added.
Earlier, Sindh Chief Minister Syed Qaim Ali Shah presided over a meeting on the law and order situation.
The meeting, attended by police and Sindh Rangers authorities, ended with shoot-at-sight orders to enforce the writ of the government. It also agreed to move against ‘armed miscreants’ on Friday.
“During the past two days we pointed out strife-torn areas and gathered intelligence,” City Police Chief Saud Mirza told Dawn.
“Now we will definitely move against them (terrorists) with credible information in hand. I can assure you that the situation will start turning better from Friday.”
The bus attacks on Friday targeting mainly Urdu-speaking passengers appeared to be in retaliation of the killing of five Pakhtuns whose bullet-riddled bodies were found in a minibus on Thursday.
Forex: Reserves touch record $18bn.
KARACHI, July 7: Foreign exchange reserves for the first time crossed $18 billion mark on Thursday mainly on account of inflows from World Bank and the Asian Development Bank.
The State Bank said the reserves rose to $18.25 billion after an inflow of $400 million as loans from ADB and WB during this week.
The reserves were mainly helped by the record remittances of $10.1 billion during the 11 months of the previous fiscal, while 23 per cent increase in export also strengthened the external account.
The fiscal year 2011, which ended on June 30, was significant in view of the current account surplus after seven years of deficits.
However, many analysts said inflows of export proceeds would drop this fiscal, FY-12, as the cotton products, which fetched very high price last year, are facing stiff competition in the US and European market and the prices are falling.
The government hopes that the remittances could touch over $11 billion for the whole fiscal 2011. The cumulative figure of remittances for the entire fiscal year is expected in few days.


Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND IN BRIEF: 07.07.2011

Karachi violence-19 killed on second day of target killing.
KARACHI: After the loss of ten lives on Tuesday in a new upsurge in violence in the city, another 19 people, including five passengers of a minibus, were killed and dozens others injured on Wednesday, taking the death toll to 29 in two days.
The violence which broke out in Orangi Town spread to Lyari, Baldia Town, Site and Gulshan-i-Iqbal areas.
Police said that armed men hijacked the minibus from Rashid Minhas Road and shot the five passengers, three of them relatives, in the head. The assailants managed to escape after dumping the vehicle in the Ziaul Haq Colony in Gulshan-i-Iqbal.
In a few hours after Wednesday midnight, at least five people were killed in different parts of the city.
Police said that armed men on motorcycles shot dead two people near Met Office on the University Road.
In Garden area, two watchmen in the furniture market were gunned down in front of Madni Masjid.
At about the same time, a car came under fire and a man was killed and another injured.
A spokesman for the Awami National Party claimed that at least two of its workers were killed and seven wounded in incidents of firing on Wednesday.
Although the government claimed to have sent further reinforcements of police and Rangers to the affected areas, law-enforcement personnel failed to quell the violence.
Police claimed to have arrested 12 suspects in Orangi Town and recovered some weapons from them.





Brief News:

24 more killed in Karachi
US has backup plan if Pak shuts base
Four bodies found in Balochistan
Shahzad’s murder
Suspension of Zafar Qureshi
Govt to welcome opposition’s positive role: Firdaus
Islamabad | Realpolitik at work


Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND IN BRIEF: 06.07.2011

US has backup plan if Pakistan shuts Shamsi Base: officials.
WASHINGTON: The United States plans to keep using an airstrip inside Pakistan for non-lethal drone flights against militants near the Afghanistan border despite demands from some Pakistani officials that Washington vacate the base, three US officials said.
The airstrip at Shamsi in Balochistan will continue to be used for some drone surveillance operations, while the CIA, which is principally responsible for the missions, is already using facilities in Afghanistan to launch some armed drone aircraft strikes on targets over the border in Pakistan.
“The facility remains fully operational and supports American counterterrorism operations in Pakistan,” one of the officials told Reuters on Monday.
But the official added: “If, for whatever reason, it was no longer available, there are certainly other ways to continue the program and to sustain the intense pressure it’s put on al Qaeda and its militant allies.”
The Washington Post reported on Saturday that three months ago the CIA had suspended using the base as a launch site for armed drones targeting al Qaeda and other militants.
However, a US official said any temporary lull in drone operations from the Pakistani base was part of a wider dropoff instituted by the United States during bilateral tensions over Pakistan’s arrest and detention of CIA contractor Raymond Davis on murder charges.
US officials said CIA and Pakistani personnel remain stationed at the Shamsi facility.
Keeping the base open for US drone flights and maintaining Pakistani involvement in base operations is regarded in Washington as a means of ensuring that Islamabad retains a stake in the CIA’s use of the remotely controlled drones.
The two US officials said the United States already has adequate infrastructure outside Pakistan —principally in Afghanistan, though one official said ships could also be used —to continue substantial drone operations against militant targets in Pakistan.

Brief News:

Pak, Lanka agree to hold FTA review meeting, CEPA
PM for enhancing bilateral cooperation with Sri Lanka
Pakistan welcomes Japan cooperation in economy
NIT declares results for all funds for fiscal year 2010-11
Govt to support alternative energy projects: prime minister
KSE surges 16 points on buying in POL, FFC
Afghanistan won’t fire back on Pakistan: Karzai 12 killed in
Karachi violence
Nine soldiers killed in terrorists’ attacks Abbottabad commission seeks
info from publi


Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND IN BRIEF: 05.07.2011

Grand opposition alliance
PML-N reaches out to MQM
* Shahbaz Sharif, Ishaq Dar meet Farooq Sattar

* Both parties’ leaders likely to meet soon

* Dar tasked with holding talks with MQM

* JUI-F refuses to become part of grand opposition alliance


Brief News:

MQM’s grievances will be addressed, PM assures PML-Q
Additional FIA DG Zafar Qureshi suspended
Terrorists’ activities on Pak-Afghan border
Afghan mortar wounds four children in NWA
Hundreds of Afghan-based terrorists launch raid into Pakistan
2 killed as protesters clash with police in Mianwali
Jalalabad | Cover blown
Taxation regime for capital markets reformed
Pakistan, S Lanka Joint Economic Commission meeting begins
Pak, Lanka for enhancing trade ties
Bringing cotton prices to reasonable level
Cement sector faces losses, consumption down by 8.24%
Govt postpones OGDCL bond transaction
Mango export to US NBP initiates awareness campaign
PMEX posts 671 percent annual growth
Hopes of healthy earnings take KSE above 12,500 pts
BUSINESS PERISCOPE: CFAAP Excellence Awards Ceremony held
Seafood exports surge by 28.59%
HBL receives derivatives dealer status
Workshop on media exchange plan for SAARC
Khalid Alvi appointed Nokia head

Mohammed Saleem Mansoori

DAILY BUSINESS NEWS AND IN BRIEF: 04.07.2011

First quarter 2011-12: Govt to borrow Rs800 billion
KARACHI: The government will borrow Rs750 billion from the banking system in the first quarter of this fiscal year, while another Rs50 billion will be raised through auction of Pakistan Investment Bonds (PIBs).
The State Bank of Pakistan on Friday issued the detail of borrowing through auctions of treasury bills for the first quarter of 2011-12 (July-September), showing no steps to reduce the government borrowing from the banking system.
The massive government borrowings from the scheduled banks in the outgoing fiscal year had attracted severe criticism from economists, analysts and the State Bank itself.
Six auctions of treasury bills of all three maturities of three-, six- and 12-month will be held in the first quarter of this fiscal year. The government plans to raise the highest amount of Rs280 billion in September.
The government borrows from banks to finance its fiscal deficit as it did in the previous fiscal year but had failed to contain it.
It is believed that in the absence of any strategy for increasing revenue generation and bolstering economic growth, the government’s borrowing trend would not change during this fiscal year that may again breach the fiscal deficit target of 4 per cent of GDP.The government had set 5.5 per cent fiscal deficit target for 2010-11 which was revised up from 4.5 per cent, but analysts believe that even this revised target could not be achieved as the government continued to borrow heavily till last day of the previous fiscal.
Analysts predict that the revenue shortage would persist during the new fiscal year despite the fact that the Federal Board of Revenue had managed to exceed the revised target for 2010-11 by over Rs2 billion. In the new fiscal the FBR aims to collect about Rs2 trillion or 20 per cent higher over the previous year’s collection.
If the economy does not improve revenue generation, the government will not be able to contain the fiscal deficit resultantly the debt cycle continue eating up the required liquidity in the banking system for the private sector.
The government’s borrowing from banks remains unproductive and creates inflationary pressures. The FY12 will see the same tussle between the government and the private sector for borrowing from the banking system while the interest rate may remain on the higher side.
The auction calendar shows that PIBs would be sold in two auctions for Rs50 billion that will make the cumulative borrowing target of the government during the first quarter at Rs800 billion.
No mid-term polls as it's time for local govt elections : Gilani
MULTAN: Prime Minister Syed Yusuf Raza Gilani on Sunday rejected Opposition's call for mid-term polls and said it was time for local government elections in the country.
Talking to newsmen here, he said, "the government has got passed its fourth budget and will request the PML-N leadership to prepare for the next elections as the time for mid-term polls is over."
He said the Opposition was not giving a tough time to the government as the Pakistan People's Party (PPP) had the support of people.
The Prime Minister said Shaheed Benazir Bhutto had given the vision of politics of reconciliation, foreseeing that in future only coalition governments would be formed and that no single party would be in a position to take majority of seats in the Parliament.
He said from day one, he believed in the politics of reconciliation, which brought about benefits as the government succeeded in unanimous passing of 18th and 19th Constitutional Amendments and approval of 7th National Finance Commission (NFC) Award.
Prime Minister Gilani said he was pleased that the Pakistan Muslim League-Nawaz (PML-N) accepted their viewpoint regarding reconciliation politics by stating that it was ready to talk to the MQM (Muttahida Qaumi Movement).
"Without reconciliation, politics can not succeed in the country. We will continue our politics of reconciliation," he added.
To a question, the Prime Minister clarified that the government did not allow use of Pakistan's airbases to the United States for drone attacks.
The previous government had allowed use of airbases for surveillance purposes only, he added.
He said the government had taken up the issue of incursions from Afghans inside Pakistan's territory and Chief of Army Staff General Ashfaq Parvez Kayani and the Foreign Secretary visited Kabul to discuss the issue.
The Pakistan government protested over border violations and took up the matter with the Afghan government at diplomatic level, he said and added, "Our understanding with the Afghan government has improved and we are making them realize the sensitivity of the situation."
To another question, Gilani said the MQM remained an important ally of the PPP and it supported the government on all important national issues, including 18th and 19th Constitutional Amendments and NFC Award.
As member of the Implementation Commission on Constitutional Reforms, Dr Farooq Sattar worked with Senator Raza Rabbani and was present at the meeting in which the Commission gave a report to the Federal Cabinet, he added.
The Prime Minister said Multan would get all facilities being
accorded to a big city.
He said all the political parties were united on the national issues.
He said the government had to face the most difficult challenges and the the restoration of Constitution was not an easy task. "The credit goes to PPP government that it restored the Constitution of Zulfikar Ali Bhutto to its original form", he added.
He said in the past, the PPP never talked of Seraiki province but as more people were raising demand for the new province, therefore President Asif Ali Zardari formed a committee of the party to look into the issue.
He said the PPP never beleived in hollow slogans and would implement this demand of the people.
The Prime Minister said billions of rupees were spent on electrification of villages which resulted in more demand, and thus power shortage in the country.
The government is working on short, medium and long term projects of three to ten years to meet energy demand, he said and added 2000 megawatts had been added to the national grid and 2000 megawatts more would be added to the system.
He said Thar Coal Project, Diamer Bhasha Dam, TAPI and joint gas and electricity projects with Iran were in pipeline to overcome energy shortage.
PML-N invites all political parties to form grand alliance
LONDON: Punjab Chief Minister Shahbaz Sharif said on Sunday that all political parties, including Muttahida Qaumi Movement (MQM), were invited to be a part of a grand opposition alliance, a private TV channel reported. In his interaction with media men at Heathrow Airport, Shahbaz said there was no condition from N-League for MQM or other parties for coming to the negotiating table. Shahbaz said that meeting with Altaf Hussain in London was just a rumor. “I am going to have meetings with British officials about development in education, health and other sectors,” he said. daily times monitor

Brief News:
PML-N invites all political parties to form grand alliance

Pakistan’s attitude towards terror has altered: Rao
Three-day CNG closure schedule issued
Seven killed in Karachi violence
Afghan army fires mortar shells into Pakistan
US shifts Afghan supply routes to Central Asia: report


Mohammed Saleem Mansoori