Ban thanks Pakistan, other troop contributors to UN’s peacekeeping: APP

UNITED NATIONS, May 28 (APP): Secretary-General Ban Ki-moon has thanked UN member states, especially Pakistan, for contributing troops for the world body’s peacekeeping missions around the globe that have helped keep peace in conflict-torn countries.

“Our special thanks go to the top contributors: Pakistan, India, Bangladesh, Nepal and Nigeria.

Together, these nations of the South contribute nearly half of the United Nations peacekeepers,” he said in a message marking the International Day of United Nations Peacekeepers being observed today.

This year, the annual occasion also marks the sixtieth anniversary of United Nations Peacekeeping.

“Peacekeeping has developed into a flagship enterprise of our organization. Today, we have more than 110,000 men and women deployed in conflict zones around the world. They come from nearly 120 countries—an all time high, reflecting confidence in UN peacekeeping,” the secretary-general said.

“They (peacekeepers) different cultures and experiences to the job, but they are united in their determination to foster peace.”

Pakistan is among the largest troop contributors, with nearly 10,000 soldiers in various UN Peacekeeping Missions around the world.

For more on this article, please click on the following link: Ban thanks Pakistan, other troop contributors to UN’s peacekeeping: APP

Pakistan hails 'historic' nuclear tests 10 years on: AFP

ISLAMABAD (AFP) — Pakistan hailed the tenth anniversary of its first nuclear tests on Wednesday, saying it marked a decade of "responsibility and restraint" by the Islamic world's only atomic power.

The foreign ministry issued a statement marking the anniversary of the detonations on May 28, 1998, which were carried out in response to nuclear tests by regional rival India and caused worldwide alarm.

"It was a historic day in the nation's quest for security," the statement said of the tests.

"Pakistan has taken its responsibilities as a nuclear weapon state seriously. We have not relented in our pursuit for creating a peaceful global and regional environment," it added.

The anniversary comes amid continuing concerns about the security of politically unstable Pakistan's estimated arsenal of around 50 atomic weapons and about its role in nuclear proliferation.

For more on this article, please click on the following link: Pakistan hails 'historic' nuclear tests 10 years on: AFP

100,000 tons of clinker exported to UAE: Dawn

By Parvaiz Ishfaq Rana
KARACHI, May 26: Pakistan has for the first time entered export market of clinker by exporting around 100,000 tons to the United Arab Emirates (UAE) where construction boom has created a strong demand for cement.

The UAE had been importing cement from Pakistan and other sources, but surge in demand has compelled developers and builders to import clinker which could be converted into cement by further processing.

There is a strong demand for Pakistani cement in the Middle East, Africa, Far East and Indian market.

During the current month, around 340,000 tons of cement has, so far, been exported which is the highest in a single month. Around 30,000 tons was exported to India through sea and another around 58,000 tons by rail, official figures disclosed.

However, the biggest impediment in export of cement and clinker is a sudden surge in freight rates which have increased by more than three-fold.

A leading cement exporter Amjad Rafi told Dawn that up to April 15, freight for a 20 feet box to Jabal Ali port was $250, but on April 25 it jumped to $800 per container, leaving exporters in a quandary.

This means, he said, when freight charges were $250 per container of 25 tons capacity, freight charges used to be around $10 per ton but after the increase the per ton freight charges have gone up to $32 whereas the average quoted price of cement to the UAE is $70 per ton f.o.b. Karachi.

He further stated that in the past cement exporters used to book shipments even a month earlier but ever since freight charges are being frequently increased exporters enter into export contracts only week prior to shipping schedule to avoid extra freight cost in case there was any change.

Amjad Rafi said frequent changes in freight charges had forced us to turn down many export inquiries.

On an average, he said, roughly 150,000 to 200,000 tons of export inquiries were being received per month but mostly they were refused owing to highly volatile freight charges.

An official of a leading cement manufacturing group, requesting anonymity, said that since last year we had an exportable surplus of cement and by chance for the first time India also ran into shortage which gave our country a golden opportunity to meet their demand and also improve our balance of trade which had always been in their favour in the ratio of 70:30.

For more on this article, please click on the following link: 100,000 tons of clinker exported to UAE: Dawn

The engine for economy: black gold: The Nation

By By Muhammad Nadeem Mirza

submitted 17 hours 45 minutes ago

In recent years, the combination of rising oil consumption and flat oil production in Pakistan has led to rising oil imports from Middle East exporters. In addition, the lack of refining capacity leaves Pakistan heavily dependent on petroleum product imports. Natural gas accounts for the largest share of Pakistan's energy use, amounting to about 50 percent of total energy consumption. Pakistan currently consumes all of its domestic natural gas production, but without higher production Pakistan will need to become a natural gas importer. As a result, Pakistan is exploring several pipeline and LNG import options to meet the expected growth in natural gas demand. Pakistan's electricity demand is rising rapidly. According to Pakistani government estimates, generating capacity needs to grow by 50 percent by 2010 in order to meet expected demand.
Pakistan had proven oil reserves of 300 million barrels as of January 2006. The majority of produced oil comes from proven reserves located in the southern half of the country, with the three largest oil-producing fields located in the Southern Indus Basin. Additional producing fields are located in the Middle and Upper Indus Basins. Since the late 1980s, Pakistan has not experienced many new oil fields coming online. As a result, oil production has remained fairly flat, at around 60,000 barrels per day (bbl/d). During the first eleven months of 2006, Pakistan produced an average of 58,000 bbl/d of crude oil. However, Pakistan has ambitious plans to increase its current output to 100,000 bbl/d by 2010. Due to Pakistan's modest oil production, the country is dependent on oil imports to satisfy domestic oil demand. As of November 2006, Pakistan had consumed approximately 350 thousand barrels of oil and various petroleum products, of which, more than 80 percent was imported. The majority of oil imports come from the Middle East, with Saudi Arabia as the lead importer.
Pakistan's Ministry of Petroleum and Natural Resources regulates the country's oil sector. The Ministry grants oil concessions by open tender and by private negotiation. To encourage oil sector investment, the Ministry has offered various tax and royalty payment incentives to oil companies. Pakistan's three largest national oil companies (NOCs), include the Oil and Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Pakistan State Oil (PSO). All three operate under joint ventures and partnerships with various international oil companies (IOCs) and other domestic firms. Major IOCs operating in Pakistan include BP (UK), Eni (Italy), OMV (Austria), Orient Petroleum Inc. (OPI, Canada), Petronas (Malaysia) and Tullow (Ireland)...

For more on this article, please click on the following link: The engine for economy: black gold: The Nation

From mystery meat to modern megastore in Pakistan: LA Times

Until the Costco-like facility opened, shopping in Islamabad and Rawalpindi was haphazard and a hygienic gamble.

From the Chicago Tribune
May 24, 2008

ISLAMABAD, PAKISTAN -- Everything is at the new superstore: trampolines, motorcycles, skateboards, romaine lettuce, mutton, live crabs, aluminum ladders. A man roller-blades through the aisles, wearing a giant package advertising "super frozen" flatbread.

The floors gleam. The meat is not a mystery. The frozen food stays frozen, and the expiration dates are not fake. There is only one fly in the fish section. Another section is devoted to cheese.

The superstore, which opened April 3, is a revelation for residents of Pakistan's capital and neighboring Rawalpindi. Customers are mostly thrilled so far, at least according to the feedback cards.

"They're saying: 'We're so happy. It's about time. Some good news for a change,' " said Faiz Hussain Awan, the store's marketing manager.

Until the Metro warehouse store opened, shopping in Islamabad and Rawalpindi was haphazard. Customers bought fruits and vegetables at one small store, canned goods and cereal at another, meats somewhere else. Buying fish was akin to gambling with one's stomach. Slabs of beef hung in open storefronts, and no one seemed bothered enough to brush away the flies...

For more on this article, please click on the following link: From mystery meat to modern megastore in Pakistan: LA Times

From Malaysia to Pakistan, Vodafone Roams Far and Wide to Ring up Growth: Telegraph

Last Updated: 12:30am BST 26/05/2008

The mobile phone giant, unperturbed by the stagnant European market, is busy casting a wider net, writes Dominic White

Two years ago Arun Sarin was on the ropes. His position as chief executive of Vodafone was under threat from a tumbling share price, fears about growth and a boardroom rumpus that peaked with the departure as life president of his predecessor Sir Christopher Gent.

	Vodafone is targeting the Vietnamese market

But Sarin came out fighting and since then his reputation and the Vodafone share price has been rebuilt. Crucially, he seduced investors with his emerging markets strategy, helped by the successful £5.7bn acquisition of India's fast-growing Hutchison Essar in February last year.

But now fresh questions are being asked about the mobile phone giant's ability to offset sluggish growth in its Western European heartland with customer growth in newer regions.

"Vodafone has been investing in emerging markets just as emerging markets as an asset class have started to report less bullish trends," wrote Credit Suisse last week...

For more on this article, please click on the following link: From Malaysia to Pakistan, Vodafone Roams Far and Wide to Ring up Growth: Telegraph

Cement from Pakistan on its way: Times of Oman

Essa Al Masaudi Tuesday, May 20, 2008 12:51:17 AM Oman Time

MUSCAT — The first 17,500-tonne cement shipment from Pakistan will arrive here in the first week of June as announced recently by the Ministry of Commerce and Industry.

The shipment is aimed at meeting the increased demand for cement in the local market. Oman Cement Company, in coordination with the Ministry of Commerce and Industry, will distribute the shipment among dealers across the Sultanate.

Sayyid Qahtan bin Yaroub Al Busaidi, chairman of Oman Cement Company, said the OCC and the Ministry of Commerce and Industry had agreed on a mechanism for distribution of cement.

The consignment will be given to the approved distributors included in the previous list and to the new distributors as well.

All the wilayats will have their share with the exception of Dhofar governorate and Al Wusta region.

For more on this article, please click on the following link: Cement from Pakistan on its way: Times of Oman

Who owns the moon? It's 'complicated,' say experts: CNN

By Lara Farrar

For CNN

LONDON, England (CNN) -- One of Francis Williams' favorite stories to tell is about the time he was pulled over for speeding.

As countries and companies plan to go to the moon, a debate heats up on lunar property rights.

Williams, who had been in London on business, was driving home through the English countryside when a police officer stopped him and wanted to know two things: Was Williams aware of how fast he was driving? And, what was his profession?

It turned out the response to the second question would help Williams resolve the first: "I said, 'I sell land on the moon,'" said Williams. "And [the police officer] said, 'Do you know, my wife has bought some of that.'"

The answer to the first question was subsequently forgotten.

Williams, who describes himself as the "Lunar Ambassador to the United Kingdom," is the owner of MoonEstates. He claims to have sold around 300,000 acres of moon land since he and his wife, Sue, founded the Cornwall-based company eight years ago. One-acre plots of lunar turf go for about $40.

As proof of purchase, new property owners receive a silver tin containing a personalized "Lunar Deed" and a moon map with a tiny black X marking their tract's approximate location. Most of the land Williams sells is in the northwest, in an area known as Oceanus Procellarum, or Ocean of Storms -- a desolate lava plain formed by volcanoes billions of years ago. "I know the Japanese are [selling] further east," he said.

For more on this article, please click on the following link: Who owns the moon? It's 'complicated,' say experts: CNN

Apple lines up iPhone Asia deals: BBC

Apple has signed deals with four mobile phone networks in the Asia-Pacific region, and the firms will offer the iPhone in their respective markets.

SingTel will sell the gadget in Singapore, while Bharti Airtel will introduce it in India.

Globe Telecom has the rights to the iPhone in the Philippines, and Optus will offer it in Australia.

The iPhone was launched in the US and Europe last year. Apple chose a single network provider in each country.

For more on this article, please click on the following link: Apple lines up iPhone Asia deals: BBC

Pakistan's Lucky locks in Kuwaiti customer: Reuters

KARACHI, May 14 (Reuters) - Lucky Cement (LUKC.KA: Quote, Profile, Research), Pakistan's biggest cement maker and exporter, said on Wednesday it had reached an agreement with a Kuwaiti investment firm to export 500,000 tonnes of clinker annually for up to five years...

(Reporting by Sahar Ahmed)

For more on this article, please click on the following link: Pakistan's Lucky locks in Kuwaiti customer: Reuters

Greetings from Pakistan: NetSol Delivers Solid Gains for US Investors: SeekingAlpha.com

My biggest percentage gainer of the year is from…Pakistan? Hard to believe, but NetSol (NTWK), a Pakistani business process outsourcing and lease management software company, is up 90% from where I bought it less than two months ago!

Chevron Pakistan launches first GTS truck: Daily.PK

Tuesday, 13 May 2008 14:46 Bliss

In pursuit of Chevron's Global Marketing Vision "to be 1 in the Hearts and Minds of our Customers," Chevron Pakistan has set yet another benchmark in the oil industry with the launch of the Chevron GTS (Global Trucking Standards) Truck in Pakistan.

In order to ensure safety of people, petroleum products and the environment; the GTS truck incorporates the latest technology and the most advanced safety features such as aluminium tank, maximum power/weight ratio, air bag, ABS braking, rollover stability system, on board computer, air suspension, cruise control, speed limiter, intelligent automatic transmission, fall Protection, vapor recovery, automatic fault diagnosis, etc. Moreover, Chevron GTS trucks are environmentally friendly and conform to Euro-III emission standards to minimise greenhouse gases from the engine exhaust.

Chevron Pakistan is the first company in Pakistan, which has introduced such state-of-the-art trucks conforming to the most stringent international safety and engineering standards. At present, no other oil company in Pakistan has this kind of truck in its fleet for transportation of petroleum products. It is commendable to mention that the price of one such GTS truck is around Rs 16 million (Rs 16,000,000) which is a visible demonstration of Chevron Pakistan's commitment towards the safety and total customer satisfaction...

For more on this article, please click on the following link: Chevron Pakistan launches first GTS truck: Daily.PK

Polo club still stylish respite in Pakistan: Cleveland.com

Tuesday, May 13, 2008

James Palmer

Newhouse News Service

Lahore, Pakistan - Eight helmeted men in white riding pants, leather boots and short-sleeved shirts galloped atop their well-groomed steeds toward the white ball as it bounced on a lush field.

Wooden mallets raised above their heads like swords, the men charged the ball with abandon.

Spectators in the grandstands sat beneath a white canopy and leaned forward in anticipation.

Then one rider burst forward, wound his mallet back as he approached the ball, and unleashed a furious strike that sent a cracking sound through the air. The ball split a pair of black and white striped posts, bringing a round of well-mannered applause from the audience.

Just another balmy Sunday afternoon at the Lahore Polo Club.

Founded in 1886 by a British military officer, the club is one of the oldest in the world. Despite the rise of violent attacks and political tension here, the sport continues to flourish at the club.

"For me, polo is a lifestyle," said Ahmed Mawaz Diwana, 38, a veteran polo player and member of the club. "It's an addiction - I can't let go of it."

The Lahore Polo Club has 225 members, 75 who actively play. A staff of more than 400, including horse trainers, groomers, groundskeepers, kitchen workers and administrators, keeps the club running smoothly....

For more on this article, please click on the following link: Polo club still stylish respite in Pakistan: Cleveland.com

"Router war" caused YouTube outage: Heise Online

The RIPE Network Coordination Centre, which is responsible for coordinating internet resources within Europe, has explained the cause of the YouTube online video service blackout last February. According to Daniel Karrenberg, head of research at RIPE NCC and colleagues Ticiana Refice and Luca Cittadini of the Universita Roma Tre, Pakistan Telecom simply co-opted YouTube's IP address range as its own. Just one minute later the incorrect route, called a /24 block – according to CIDR terminology, of the YouTube address block was entered in numerous routers. As Refice explained, at a meeting of the IP address administrative body RIPE in Berlin on Monday, data traffic then flowed to Pakistan.

For several years, RIPE NCC has had a monitoring infrastructure in place to observe losses of service and attacks. In the analysis of the YouTube attack, the Routing Information System (RIS) helped to evaluate BGP data from some 600 peers at 15 different locations. The data, collected by remote routing collectors, are also archived and made available via a web interface, both now and for later re-examination.

Two additional monitoring systems, Traffic Measurement (TTM) and DNS Monitoring Services (DNSMON), have their fingers on the pulse of the net, via data transfer rates and in the system via root and ccTLD servers. With the help of these tools, At the Berlin meeting, Mark Dranse of RIPE NCC gave a detailed description of the curbed network traffic due to the severed underwater cable in the Near East. Some 60 per cent of Egypt, Sudan and Kuwait were cut off from the Internet as a result.

Using the BGPPlay tool researchers were also able to graphically reconstruct some of the events in the YouTube outage. An hour and twenty minutes after the block in Pakistan, YouTube reacted, announcing the theft of the /24 address block in order to get data traffic back on track. Refice characterised the effect of the block as visible, but not devastating, because there were two competing 208.65.153.0/24 address blocks. Also, the attempt a short time later to decide the battle by co-opting the smaller 208.65.153.0/25 block failed because /25 blocks are usually not disseminated by network operators.The confrontation did not end until it was stopped at Pakistan Telecom or its upstream provider PCCW...

For more on this article, please click on the following link: "Router war" caused YouTube outage: Heise Online

25-year-old woman is Pakistan’s youngest PhD: Gulf Times

Published: Thursday, 8 May, 2008, 05:07 AM Doha Time

LAHORE: A 25-year-old gold medalist from Punjab University, Shaheen Nazir, a female, has become Pakistan’s youngest PhD degree holder in mathematics as Government College University’s Abdus Salam School of Mathematical Sciences declared the results of its third batch of five successful candidates here this week.
The other four PhD holders, all male candidates, are: Zahid Raza of Hafizabad, Imran Ahmad of Lahore, Hani Shaker of Faisalabad and Khurram Shabbir of Lahore. The two earlier batches included three and five PhD scholars.
The theses of the third batch candidates have been evaluated by foreign mathematical scientists specially engaged by the school.
They included Prof Dr Alexander Suciu from the US, Prof Dr Andras Nemethi from Hungary, Prof Dr Stefan Papaelidima from Romania and Prof Dr Laurentiu Paunescue from Australia.

For more on this article, please click on the following link: 25-year-old woman is Pakistan’s youngest PhD: Gulf Times

Pakistan to provide new routes for Beijing Olympic extra-flights: China View

ISLAMABAD, May 8 (Xinhua) -- Pakistan will open new air routes for additional flights to China during the Beijing Olympics, the Geo Channel reported in its website on Thursday.

The report cited civil aviation chief Faruque Rahmatullah as saying that the new air routes for additional flights will help save fuels and add more air traffics to China.

Rahmatullah, director-general of Pakistan Civil Aviation Authority (CAA), said that the flights coming from Europe and Gulf countries could save half an hour in their journey to Beijing through new route.

He said a new aviation policy has been sent to the Prime Minister Yousaf Raza Gilani for his approval, which envisages taking aviation industry share in GDP to one percent in the next four years.

Feeder airports would be constructed in collaboration with the private sector for the growth of industry and air service to far-flung areas, said Rahmatullah, adding that the hotels and other trading constructions in Karachi would be undertaken on a sprawling plot of 1500 acres, which is expected to fetch investments amounting to 3 billion U.S. dollars.

For more on this article, please click on the following link: Pakistan to provide new routes for Beijing Olympic extra-flights: China View

Pakistan's Lucky Cement raises $109 mln via GDRs: Reuters

KARACHI, May 8 (Reuters) - Lucky Cement (LUKC.KA: Quote, Profile, Research), Pakistan's biggest cement maker, said on Thursday it raised $109.3 million through the issue of global depositary receipts (GDRs) to be listed on the London Stock Exchange.

Lucky said it sold 15 million GDRs at $7.28, or 480 Pakistani rupees, each. Each GDR is equivalent to four shares of Lucky.

"An overwhelming response was received from the international investors and the issue was oversubscribed more than 2.5 times," the company said in a statement to the Karachi Stock Exchange.

For more on this article, please click on the following link: Pakistan's Lucky Cement raises $109 mln via GDRs: Reuters

Pakistan tests ballistic missile: BBC

Pakistan has carried out a second successful test of a cruise missile capable of carrying nuclear weapons, its military said.

Hatf-VIII (or Raad, "thunder" in Arabic), was first tested last year.

It has a range of 350km (220 miles) and it has been developed exclusively for launch from the air.

On Wednesday, India tested a ballistic missile with a range of over 3000km (1,865 miles). The two neighbours routinely carry out missile tests.

Tension between Pakistan and India has decreased in recent years amid a series of bilateral overtures.

"It (Hatf-VIII) has enabled Pakistan to achieve a greater strategic stand-off capability on land and at sea," a statement from the Pakistan military said.

For more on this article, please click on the following link: Pakistan tests ballistic missile: BBC

Coke launches Pakistan ad in India: Business Standard

Ashish Sinha / New Delhi May 08, 2008

ADVERTISING: The 30-second commercial, created for consumers in Pakistan and West Asia, is being aired in India during the DLF IPL Twenty20 matches. Taking the 'Jashn Mana Le' tagline of Coke across the border, leading soft-drink company Coca-Cola India is using a 30-second Pakistani Coke television commercial in the ongoing Indian Premier League (IPL) Twenty20 matches. This will be a first for Coca-Cola India where a television commercial created by Ogilvy & Mather (O&M) Lahore for consumers in Pakistan and West Asian countries is also airing on the Indian telly-screens, but with a changed tagline.

The Coca-Cola ad aired in West Asia and Pakistan had the tagline — Khale, Peele, Jilee. For the consumers at home, the tagline has been tweaked to Khale, Peelee, Jashn Mana Le — Coke's current tagline that features actor Hrithik Roshan.

However, the Pakistani Coke commercial has no celebrities. "The ad features a group of friends having fun with a bottle of Coca-Cola while enjoying a meal at a restaurant. The fun of handling the bottle and pouring Coke in glasses has been developed into a sign language between youngsters that brings friends together and aids in bonding across the various tables in the restaurant," a Coca-Cola spokesperson said.

For more on this article, please click on the following link: Coke launches Pakistan ad in India: Business Standard

Where the Dollar Rules: WSJ

U.S. Currency Can Still Buy
A Great Vacation -- In South Africa

By STAN SESSER
May 3, 2008; Page W1

"In the center of South Africa's wine country, about an hour's drive from Cape Town, travelers can stop at the elegant Wijnhuis restaurant in Stellenbosch and order a flight of six local wines. The cost: about $4.

Americans venturing through this area could be excused for thinking that they've gone back in time, when U.S. currency was king. In recent months, the dollar has plunged around the world. In late April, the euro reached a record high against the dollar, with one euro briefly costing more than $1.60. It now costs about $1.54.

But things are different in South Africa. In the past year, while the dollar has plummeted in Europe, Japan and almost everywhere else, it has risen in value in South Africa -- and in at least six other places. Some of them, including Iceland and South Korea, have such a high cost of living that a tourist won't notice any bargains. But three countries -- South Africa, Argentina and Indonesia -- allow Americans to revisit the days of the dollar's glory...

For more on this article, please click on the following link: Where the Dollar Rules: WSJ

Qatar to import 30,000 Pakistani workers this year: ArabianBusiness

Amy Glass on Monday, 05 May 2008

"Qatar has signed a deal that could see 30,000 skilled and semi-skilled Pakistanis migrate to the Gulf state as it looks to solve a growing skills shortage that is affecting the entire region.

The agreement between the Qatari and Pakistan governments aims to boost employment opportunities for Pakistanis looking to migrate to Qatar as well as those already living in the Gulf state, Qatar daily The Peninsula reported on Monday.

The deal is an additional protocol to an existing labour agreement signed between the two countries in 1987, according to the newspaper.

For more on this article, please click on the following link: Qatar to Import Pakistani Workers

Look to Pakistan for Cheaper Medicines: The Manila Times

By Dante “Klink” Ang 2nd, Executive Editor

KARACHI, Pakistan: "The Philippines should look at Pakistan as a source of affordable medicines, an envoy told The Manila Times.

Muhammad Naeem Khan, Pakistan’s ambassador to the Philippines, said he was “shocked” when he bought medicines in Manila, where the prices were as much as 50 percent higher than identical or similar products in his home country.

Philippine lawmakers have been struggling for several years to pass a bill intended to bring down the costs of medicines. On Monday, Philippine Health Undersecretary Alexander Padilla said foreign pharmaceuticals might step up their lobby effort—and even file cases in court—to prevent the bill from becoming a law.

“Our own [pharmaceutical] companies have become very strong,” Khan said, adding that Pakistan now has the capability to export drugs. It’s not Pakistan’s main export products, though, which are mainly garments and agricultural goods.

For more on this article, please click on the following link: Look to Pakistan for Cheaper Medicines

Image: FreeDigitalPhotos.net

Maybank Banking On Pakistan Expansion: Forbes

Vivian Wai-yin Kwok

HONG KONG -"While most Western banks are taking a pause from expansion to solve their credit problems at home, Malayan Banking is accelerating its acquisition ambitions, in an attempt to strengthen its regional footprint. Malaysia's biggest lender said Monday it would buy up to 20% of Pakistan's MCB Bank for $933 million, its third takeover in the region in two months.

Malayan Banking (other-otc: MLYBY - news - people ), widely known as Maybank, said in a filing with the stock exchange in Kuala Lumpur on Monday that it had agreed to buy 15% of MCB Bank, Pakistan's fourth-largest bank by asset value, for 2.17 billion ringgit ($685.5 million). Maybank also has secured the right to buy an additional 5% stake in MCB Bank for a maximum of $247 million from three other institutional investors, potentially bringing its ownership up to 20%.

"It is an attractive opportunity for us to enter a high growth and profitable market. It is extending Maybank's reach in South Asia," in line with its plan to become a key regional player, Chief Executive Abdul Wahid Omar of Maybank told reporters. Volatility in the global financial markets notwithstanding, Pakistan's economic outlook remains steady, and there is "limited execution risk," he added."

For more on this article, please click on the following link: Maybank Banking On Pakistan Expansion

Scope exists for boosting IT ties with Canada: Dawn

By Latafat Ali Siddiqui

TORONTO, May 2: There is a big scope of cooperation between Ottawa and Islamabad in the field of information technology, said the leader of Pakistan’s IT delegation here on Thursday.Headed by Aon Ashraf Rana, Director, Pakistan Software Export Board (PSEB), the 21-member delegation comprised representatives of 16 leading Pakistani IT and software development companies.The delegation visited Ottawa, Montreal and Toronto where they met parliamentarians and officials of leading Canadian IT firms and banks.While in Toronto, the delegation met John Wilkinson, the Provincial Minister for Research and Innovation, and Dr Shafiq Qaadri and Yasir Naqvi, members of Ontario’s Provincial Parliament.The delegation also attended a reception hosted by Canada-Pakistan Business Council (CPBC).Ashraf Rana told Dawn that Pakistan was making rapid progress in the field of information technology. “Our fast growing IT industry will be worth $11 billion in 2011,” he said.He also said Pakistan had been promoting the brand image of its IT industry globally through participation in trade fairs and specialised exhibitions.These fairs and exhibitions, he added, provide an interactive platform to PSEB member companies to practically demonstrate their capabilities and simultaneously promote Pakistan as an “attractive outsourcing gateway of the global IT industry”.Speaking at a reception held here in honour of the delegation, Pakistan’s Consul General Tassaduq Hussain said his country was an attractive destination for IT services, especially for outsourcing as IT and telecommunication were among the fastest growing sectors in Pakistan.

Original Link: http://www.dawn.com/2008/05/03/ebr20.htm

SBP chief gets award: Dawn

KARACHI, April 30: Senior Editor, The Banker Magazine, Ms Karina Robinson presented the ‘Central Bank Governor of the Year in Asia 2008 Award’ to State Bank of Pakistan Governor Dr Shamshad Akhtar at a ceremony held at a local hotel in Karachi on Wednesday.Lauding the services of Dr Akhtar, Karina Robinson said she had been able to restructure many aspects of economy and implement many new policies in the banking sector, including an important financial inclusion strategy.She said Dr Akhtar managed to tighten monetary policy and through decisive actions was successful in 2006 and 2007 in sustaining a downward trend in inflationary pressures while facilitating record strong growth in economy.Monetary tightening has had the important impact of maintaining hard-won macroeconomic stability that has encouraged increased investment flows, she added.Dr Akhtar said that the banking sector reforms have brought in competition within the system, improved internal efficiency and broadened access to the middle class. She said these reforms would not have been possible without the cooperation of chief executives of banks.