ISLAMABAD:Pakistan Software Export Board (PSEB) has reached the figure of USD 175 million annual IT exports during the financial year 2007-08 about USD 13 million more than the USD 162 million target set for the said year.
"We are satisfied with the pace of progress of the local IT sector and ambitious about its further growth in future as this is the only industry in Pakistan that has registered a remarkable growth during the last five years," MD PSEB Talib Baloch said in a recent statement issued here.
Pakistan IT exports of US$116 million for the FY06-07 were also in excess to the set target of US$108 million, he disclosed. "This sector has consecutively registered 50 per cent annual growth in exports for the last five years showing its tremendous potential. If nurtured fully the IT industry could result in voluminous economic and commercial benefits."
He was of the view that the country's annual IT related exports could have been over USD 220 million had the power crisis not hit the national economy. "Longer load shedding hours have adversely affected the productivity of many ICT companies. However, despite these odds, PSEB is hopeful to exceed the targeted volume of exports in the forthcoming year(s)," he added.
For more on this article, please click on the following link: Pakistan's IT exports reach $175 million in 2007-08: PSEB MD: Online News
Monday, June 30, 2008
Pakistan's IT exports reach $175 million in 2007-08: PSEB MD: Online News
F-7P crosses sound barrier: It was sonic boom, not bomb: Daily Times
RAWALPINDI: An F-7P fighter aircraft of Pakistan Air Force (PAF) on Monday crossed the sound barrier, causing a big sonic boom and creating panic in the twin cities and other areas where it was heard loudly.
The boom was heard at 11am not only in the twin cities but also in Chakwal, Attock, Kahuta, Gujar Khan, Kallar Syedian, Murree and some parts of Kashmir.
The aircraft was on a scheduled Functional Control Flight Mission when it transited from 40,000 feet to 15,000 feet altitude, resulting into a mega sonic boom. The boom wave travelled fast from the higher altitude to adjacent areas, it said.
At first, it was mistaken for a bomb blast, fears of which grew stronger from the fact that the garrison town has been a target of suicide attacks for quite some time.
"We have combed Rawalpindi and checked all the main areas and hospitals, but there is nothing," a senior city police official told Reuters about 45 minutes after the sonic boom was heard.
For more on this article, please click on the following link: F-7P crosses sound barrier: It was sonic boom, not bomb: Daily Times
CDA approves 40 acres for cricket ground: Daily Times
ISLAMABAD: The Capital Development Authority (CDA) has allocated 40 acres land for the construction of international level cricket ground in the federal capital. In this regard, the authority is likely to forward a letter to Pakistan Cricket Board (PCB) within next few days.
For more on this article, please click on the following link: CDA approves 40 acres for cricket ground: Daily Times
Pakistan, Iran likely to conclude $7b IPI gas pipeline deal in July: Khaleej Times Online
By Muzaffar Rizvi
30 June 2008
DUBAI — Iran will host a trilateral meeting in Teheran next month to finalise the proposed multi-billion dollar Iran-Pakistan-India gas pipeline project.
"Iran would soon invite the Petroleum Ministers of India and Pakistan to conclude a deal on $7 billion gas pipeline project in July," a top Pakistani official told Khaleej Times yesterday.
In a recent series of meeting, Pakistan's Minister for Finance and Economic Affairs Syed Naveed Qamar met Iran's Minister for Petroleum Gholam Hossein Nozari on Saturday and discussed the proposed pipeline project.
The ministers also exchanged views to further boost cooperation in petroleum sector of the two countries.
Naveed Qamar was in Teheran to head a high level delegation to attend the 17th session of Pak-Iran Joint Economic Commission, which concluded yesterday.
The two sides already agreed that the experts had covered all aspects of the project and that Gas Sales and Purchase Agreement (GSPA) between Iran and Pakistan was now finalised and that it was time to move ahead.
For more on this article, please click on the following link: Pakistan, Iran likely to conclude $7b IPI gas pipeline deal in July: Khaleej Times Online
Direct shipping link can enhance Pakistan-BD trade: Daily Times
Staff Report
KARACHI: The major problem in trade between Pakistan and Bangladesh is lack of direct shipping link, Saquib Ali, deputy High Commissioner Bangladesh said this while
talking to members Karachi Chamber of Commerce and Industry (KCCI) Saturday.
The present trade volume of Bangladesh and Pakistan is $350 million, which includes $80 million of Bangladesh export of jute and tea and $270 million of export from Pakistan to Bangladesh in textile.
He said a sizeable garments orders from EU and USA are moving from China to Bangladesh in near future, so a robust growth of textile exports from Pakistan to Bangladesh opens more avenues for both the countries.
For more on this article, please click on the following link: Direct shipping link can enhance Pakistan-BD trade: Daily Times
Thursday, June 26, 2008
US plans to triple non-security aid to Pakistan in new strategy: AFP
WASHINGTON (AFP) — The United States is considering a new aid strategy for Pakistan that will triple unconditional non-security aid to 1.5 billion dollars annually but tie security funding to counterrorism performance, lawmakers said.
In coming weeks, bipartisan legislation will be introduced in the US Senate laying the foundation for the new approach, senior Democratic Senator Joseph Biden said Wednesday.
Biden, who chaired a hearing of the Senate Foreign Relations Committee on the new strategy, proposed that the central elements of the new plan include tripling non-security aid to 1.5 billion dollars annually over a 10-year period.
"A significant increase in non-security aid, guaranteed for a long period, would help persuade the Pakistani populace that America is not a fair-weather friend but an all-weather friend; it would also help persuade Pakistan's leaders that America is a reliable ally," he said.
For more on this article, please click on the following link: US plans to triple non-security aid to Pakistan in new strategy: AFP
Wednesday, June 25, 2008
US releases $523m in aid: Dawn
By Anwar Iqbal
WASHINGTON, June 24: The United States has released and approved more than $523 million to Pakistan over the past two days, doing away with the impression that Washington may bring financial restrictions on Islamabad to spur it to do more in the war against terror.
The US House of Representatives approved $150 million of economic assistance to Pakistan on Tuesday, which is additional to the aid Pakistan gets under a $3 billion package signed during President Pervez Musharraf's visit to Camp David in 2003.On Monday, the United States transferred $373.841 million to Pakistan from the coalition support fund. The fund is used for reimbursing Pakistan for the expenses it incurs during anti-terrorism operations along the Afghan border.
"We are still looking forward to a long-term commitment from the United States, manifested in a democracy dividend of at least $1.5 billion a year as proposed by two of the wisest senators of the US, Biden and Lugar," said Ambassador Husain Haqqani while commenting on the release of US funds to Pakistan.
"All disagreements between Pakistan and the US will be resolved. And we will not let anything come between our visions of a strategic partnership between the two democracies," he said.
The release of $373 million from the coalition support fund clears dues up to November 2007. Pakistan is still to be reimbursed for November 2007 to March 2008 while Islamabad has not yet submitted bills for the March-May period.
For more on this article, please click on the following link: US releases $523m in aid: Dawn
Malaysia Maybank plans stake in Pakistan takaful firm: Reuters
KUALA LUMPUR, June 25 (Reuters) - Malaysia's Malayan Banking Bhd (MBBM.KL: Quote, Profile, Research), the country's largest in asset terms, plans to buy a 30 percent stake in Pak-Kuwait Takaful Company Ltd, the Malaysian lender said on Wednesday.
Pak-Kuwait Family Takaful is in the process of applying for license from the authorities in Pakistan to operate the family takaful (Islamic insurance) business, it said.
(Reporting by Jalil Hamid)
For more on this article, please click on the following link: Malaysia Maybank plans stake in Pakistan takaful firm: Reuters
Pakistan Ranks Above Iran and Indonesia in the Newest E-readiness rating by The Economist Intelligence Unit
By Saad Sarwar
Pakistan ranked sixty fourth in the latest e-readiness ranking released by the Economist Intelligence Unit.
Pakistan's ranking has come down one spot from 2007 when it was ranked sixty third. However, Pakistan is ranked above Vietnam, Kazakhstan, Algeria, Indonesia, Azerbaijan and Iran. India is ranked fifty fourth while the top spot goes to the US, followed by Hong Kong, Sweden, Australia, Denmark and Singapore.
For the complete report on E-readiness by EIU please click here.
US House approves $ 150 million new assistance for Pakistan: APP
WASHINGTON, June 24 (APP): The U.S. House of Representatives has approved $150 million in new assistance for Pakistan to address economic needs in the next fiscal year.
The assistance is included in the war supplemental budget measure to support efforts into the year 2009, beginning from October 1, 2008.
For more on this article, please click on the following link: US House approves $ 150 million new assistance for Pakistan: APP
Makro to invest $300m in Pakistan: The News
Wednesday, June 25, 2008
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Tuesday said all economic sectors in Pakistan are open to foreign direct investment and a Level-playing field is provided to both local and foreign investors allowing 100 per cent foreign equity.
He was talking to Farhad Zulfiqar, Executive Chairman Makro Habib Pakistan, a joint venture between Makro Cash and Carry, a leading Dutch wholesaler of food and non-food products in Asia and South America and House of Habib, who called on him here at the PM House this morning.
For more on this article, please click on the following link: Makro to invest $300m in Pakistan: The News
China's top financial enterprise to invest in Pakistan's financial sector; other key projects: APP
BEIJING, June 24 (APP): The China's top financial enterprise has assured for financing in major projects particularly in Financial Sector in Pakistan. The assurance was given when Pakistan's Foreign Secretary Salman Bashir met the chief of the China International Capital Corporation, Levin Zhu here, a senior official at Pakistan Embassy said Tuesday.
Zhu while appreciating the economic policies of Pakistan's government, announced that his organization would make massive investment particularly in financial sector that has great potential.
He said that there is big scope for investment in energy, power, mining, oil and gas exploration, infrastructure, agriculture and other important sectors.
The Foreign Secretary on the occasion informed that foreign investment is fully protected in Pakistan and all economic sectors are open to Foreign Direct Investment.
Pakistan makes no distinction between local and foreign investors, as 100% foreign equity, remittance of royalty, profits and dividends is allowed under Pakistani laws, he said.
He said that the establishment of Special Economic Zone (SEZ) would go a long way in facilitating Chinese investment in Pakistan.
For more on this article, please click on the following link: China's top financial enterprise to invest in Pakistan's financial sector; other key projects: APP
Wacetec to Deploy Pakistan's Largest Information Display System: PR.com
Karachi, Pakistan, June 23, 2008 --(PR.com)-- Wavetec has been selected by Islamabad Stock Exchange to deploy Pakistan's largest Information Display System. The information wall is going to be one-of-its kind project in Pakistan; covering almost 5 floors of Islamabad Stock Exchange building.
"We have hit a great milestone by achieving this project and certainly it's the result of our relentless efforts and strategic relationship with clients."
Ayaz Faiz, Country Sales Manager – Wavetec.
For more on this article, please click on the following link: Wacetec to Deploy Pakistan's Largest Information Display System: PR.com
Pakistan Stock Index Surges Most in Six Years on Support Plan: Bloomberg
By Farhan Sharif and Katherine Espina
June 24 (Bloomberg) -- Pakistan's benchmark stock index rose the most in six years after the Karachi exchange curbed the amount equities can decline, banned short selling and announced a planned fund to halt slumping prices.
The Karachi Stock Exchange 100 Index rose 8.6 percent at the close, the biggest climb since May 24, 2002. The exchange will limit share declines to 1 percent a day from 5 percent, and double the cap on increases to 10 percent. More than 30 of the measure's 100 stocks rose by the maximum, led by Oil & Gas Development Co., and 78 exceeded the earlier limit.
For more on this article, please click on the following link: Pakistan Stock Index Surges Most in Six Years on Support Plan: Bloomberg
Monday, June 23, 2008
Eni makes new gas discovery in Pakistan: Forbes
MILAN (Thomson Financial) - Eni SpA said it has made a new on-shore gas discovery in Pakistan located in the Mubarak exploration block in the south eastern province of Sindh.
Eni said it holds a 38 percent stake in the Mubarak block.
The other partners are Petronas Carigali Pakistan Ltd, which is the operator with a stake of 57 percent, and Government Holding Private Limited which has a 5 percent stake.
For more on this article, please click on the following link: Eni makes new gas discovery in Pakistan: Forbes
Sunday, June 22, 2008
Is NATO Lying To Provoke A Pakistan War?: Radio Utopie
There is absolutely no proof of claims by US-led NATO (ISAF) military in Afghanistan
News agency "AFP" cites a "deputy provincial police chief" named "Mohammad Yaqoub Mandozai" who said: "Several rockets were fired on two NATO bases. One rocket landed on a civilian home which killed a woman and a child..The rockets were fired from the Pakistan side of the border."
NATO officials said that "the military responded by firing artillery rounds at the site from where the rockets were launched late Saturday".
This is no proof. This is war talk. Not enough to start any invasion.
At least not this time.
Everybody keep cool, everybody calm down. The NATO institutions are professional liars, like every other military is. Better winning by talk than winning by killing.
But in this case actually it´s about starting producing new casualties by a new war. That´s what the atlantic military pact is after.
For more on this article, please click on the following link: Is NATO Lying To Provoke A Pakistan War?: Radio Utopie
Saturday, June 21, 2008
Pakistan: Another Failed U.S. Policy: NewAmerica.net
A few hours ago I hosted the release of the Terror Free Tomorrow/New America Foundation public attitude survey of Pakistan. The whole event can be viewed here. The report is here.
The poll goes into depth in many areas, with some striking results: more than 50% of Pakistanis support negotiations with the Taliban and al-Qaeda. The United States is more feared as a threat to individual security than India. China is loved with an 82% favorable rating. Nawaz Sharif has an 86% approval rating. Musharraf is down to 23%.
Ken Ballen, president of Terror Free Tomorrow, summed up the findings well. View his comments here. Ken said the poll really strikes at the heart of three myths: that anti-American feelings do not matter; that we cannot change attitudes toward the U.S. anyway; and that they hate us for our freedoms. According to this polling, anti-americanism is driving political preferences, there are clear things the U.S. can do to improve our standing, and its the policies we pursue, not our passport, that piss people off.
When I add it up, I take it in a different direction. I believe you get a resounding repudiation of U.S. strategy towards Pakistan. That strategy has been to treat Pakistan as a central front on the war on terror. It's not hard to see why this has failed: the top issues for Pakistanis are restoring and independent judiciary, a free press, fair elections, and improving the Pakistani economy. But the U.S. has done little, if anything to support the lawyers rebellion calling for the reinstatement of the ousted judges, has poured billions of aid into not the economy but the military, and has stuck by Musharraf until the elections, while still not changing our policy. Worse, from Pakistani eyes, the U.S. is launching hellfire missile strikes and killing Pakistani civilians and military. Violence is at its highest leves in decades.
For more on this article, please click on the following link: Pakistan: Another Failed U.S. Policy: NewAmerica.net
China Mobile to further invest $ 800 mln in Pakistan: APP
BEIJING, June 19 (APP):China Mobile, the world largest telecommunication organization will make further investment amounting to $ 800 million in Pakistan. This was stated by President of China Mobile Wang Gian Zhuo during a meeting with Foreign Secretary Salman Bashir here on Thursday.
China Mobile has already made an investment of $ 800 million in Pakistan.
Wang said that besides making further $ 800 million investment, he would also pursue many internationally acclaimed telecommunication organizations like Sony-Erricson to take part in the development of telecommunication in Pakistan.
He said the Pakistan has great deal of opportunities for Foreign Investors as it offers equal level playing fields for both foreign and domestic investors.
The President of China Mobile said that he had recently held very fruitful meeting with the Pakistani leadership and was impressed about the incentive Pakistan is offering for the Foreign Investors, particularly for Chinese Investors.
For more on this article, please click on the following link: China Mobile to further invest $ 800 mln in Pakistan: APP
Vietnam, Pakistan outdo India in US, EU textile mkts: Economic Times
NEW DELHI: Smaller countries like Vietnam, Bangladesh and Pakistan are outdoing India in textile and clothing exports to the US and EU in the post-quota (2005-2007) period, confirmed a FICCI study.
Vietnam's share in EU25's imports of textile and clothing has increased from 0.8% in 1995 to 1.6% in 2007. India has only been able to keep its rank intact in EU market at number three, while Bangladesh has impoved from sixth position in 2002 to fourth 2007. Similarly, in the US, Vietnam seems to be fast catching up with India's exports.
It may be noted that the appreciation of rupee till a few weeks ago had been hitting India's textile exports. Of late, there are signs of a turnaround. Back home, textile companies are investing heavily thanks to the technology upgradation fund scheme.
Some firms are also trying to expand their manufacturing bases to other countries through either acquisitions of greenfield plants or by taking over firms in low cost economies.
For more on this article, please click on the following link: Vietnam, Pakistan outdo India in US, EU textile mkts: Economic Times
Thursday, June 19, 2008
Pakistan invites China to join IPI: UPI
ISLAMABAD, Pakistan, June 19 (UPI) -- The Pakistani government formally asked China to join the Iran-Pakistan-India Pipeline should India withdraw from the project, Pakistani officials said.
Pakistani President Pervez Musharraf during his visit to Beijing in May invited China to join the $7.4 billion, 1,724-mile natural gas pipeline.
Senior officials in Islamabad told the Daily Times of Pakistan Beijing followed up with a preliminary request for more information on the project. The pipeline will deliver natural gas from the Iranian South Pars field to Pakistan and India.
For more on this article, please click on the following link: Pakistan invites China to join IPI: UPI
Pakistan to help establish special economic zone for Chinese investors: Daily Times
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Wednesday said Pakistan would extend all possible help to establish the first-ever Chinese Overseas Economic Zone in the country.
PM welcomed the Haier Ruba joint venture and said the government would encourage more joint ventures to promote economic cooperation between the two countries.
Talking to Lu Keng, chairman of the Haier Group and Haji Koch Muhammad, chairman Ruba Group at PM House, he said joint ventures between the private sectors was the best way to promote trade and investment between our two countries.
He said foreign investment was fully protected in Pakistan and all economic sectors were open to Foreign Direct Investment.
Pakistan makes no distinction between local and foreign investors, as 100 percent foreign equity, remittance of royalty, profits and dividends is allowed under Pakistani laws, he said.
For more on this article, please click on the following link: Pakistan to help establish special economic zone for Chinese investors: Daily Times
Pakistan invited to International Union for Conservation of Nature Congress in Spain: Daily.pk
International Union for Conservation of Nature (IUCN) Regional Director (Asia) Aban Marker Kabraji called on Federal Minister for Environment Hameed Ullah Jan Afridi Tuesday and invited him to lead the Pakistan delegation in the IUCN Congress scheduled to be held in Barcelona, Spain, in October 2008.
She apprised the federal minister that the IUCN Congress takes place once in four years.
According to the spokesman of Ministry of Environment, the federal minister thanked the IUCN regional director for including Pakistan in its Mangrove for Future (MFF) project, which is meant to restore the coastal eco-system and to bring about multifarious benefits to millions of coastal population, threatened by tsunami-like disasters. He said that Pakistan attaches great importance to its partnership with IUCN and wants to expand it for future sustainable development cooperation in the environmental sector.
For more on this article, please click on the following link: Pakistan invited to International Union for Conservation of Nature Congress in Spain: Daily.pk
Robust growth forecast for telecom sector: The News
Thursday, June 19, 2008
By Jawwad Rizvi
LAHORE: Mobile companies in many regions of the world have not enjoyed the phenomenal subscriber growth witnessed in Pakistan propelling the telecom sector to the stature of a powerhouse in a short span of time.
With mobile penetration at 52 per cent, there is still great potential to be capitalised upon in this market. It must be noted that the overall environment has changed significantly in the last five years where aggressive competition within the industry has translated into benefits for the overall consumer and economy of Pakistan.
An analysis of the telecom industry of Pakistan showed that telecom companies in Pakistan had effectively used a mix of strategic marketing and technological advancement to push their growth and become one of the fastest growing telecom markets in the region.
Until 2001, a few telecom players were providing basic services to a small elite customer base, however, after subsequent deregulation and investor-friendly policies of the government, we are now witnessing a highly competitive market, where telecom services are accessible to all.
With six cellular operators working in Pakistan providing network coverage of almost 90 per cent, significant advantages are being passed on to the end consumers.
For more on this article, please click on the following link: Robust growth forecast for telecom sector: The News
Air Arabia to start daily flights from Karachi: The News
Thursday, June 19, 2008
By Saad Hasan
KARACHI: Air Arabia is looking forward to starting daily flights from Karachi to its hub in Sharjah besides adding Sailkot to its network of two existing destinations, which also includes Peshawar, a top airline official told The News on Wednesday.
The decision to enhance frequency and expand reach in Pakistan reflects UAE's first budget carrier's endeavour to capture the growing middle class in the Southeast Asian region, said Shalini Rajan, Regional Manager for Pakistan, India, Bangladesh, Nepal, Turkey and CIS countries.
"Income of people has increased and there has been a rapid growth in the number of new cost-conscious entrepreneurs," she said, expressing confidence that rising inflation will not hurt the number of people traveling by air.
Air Arabia has grown phenomenally since its launch in 2003 as a low-cost carrier. In a span of just five years, it has carried seven million passengers and expanded the network to 41 destinations.
For more on this article, please click on the following link: Air Arabia to start daily flights from Karachi: The News
Wednesday, June 18, 2008
Pakistan wrap-up: Roby and Marco in blizzard high up on GII: K2climb.net
(K2Climb.net) Focus is on Roby Piantoni and Marco Astory, high up on GII after a snow storm forced them back just meters shy from the summit.
Climbers on K2 retreated back to BC and diplomacy is ahead enroute to Distaghil Sar.
Gasherbrums: Storm thwarts the Italians' summit bid on GII
Sunday, Roby Piantoni and Marco Astori summited G1 and went straight for GII. They checked in Monday from C2 (6,400m) on Gasherbrum La, the col connecting both peaks. "We are resting, eating and drinking, weather is so-so." Roby reported.
Yesterday, in his latest call, Piantoni stated they were at 7,200 meters on GII's East ridge. "I don't like how the weather looks," Roby said. "Let's see what happens."
Later that day, Marco's website said the climbers had climbed further up, until sudden high winds and whiteout forced them back, apparently not far from the top. At 3:00 pm, local time, Roby and Marco were back at 7,300m, crouched behind a rock outcrop to shelter from the wind.
Slovaks Dodo and Vlado are packing up in BC and will move to K2's BC as fast as possible.
For more on this article, please click on the following link: Pakistan wrap-up: Roby and Marco in blizzard high up on GII: K2climb.net
S Korea to export training aircraft parts to Pakistan: Chinaview.cn
SEOUL, June 18 (Xinhua) -- South Korea has reached a preliminary deal with Pakistan to export 1.3 billion (1.2 million U.S. dollars) worth of parts from decommissioned military training aircraft, the Defense Ministry said.
The agreement between the Air Force officials of the two countries will allow South Korea to export engines and other parts of its T-37 training aircraft, the ministry said in a statement.
For more on this article, please click on the following link: S Korea to export training aircraft parts to Pakistan: Chinaview.cn
CKE Restaurants to open 25 Hardee's in Pakistan: St. Louis Business Journal
St. Louis Business Journal - by Matt Allen
CKE Restaurants Inc., parent company of St. Louis-based Hardee's Food Systems Inc., said Tuesday it plans to open 25 restaurants over the next five years in Pakistan.
CKE signed deals with Lahore, Pakistan-based MDS Foods to open 15 Hardee's in Lahore over the next five years and with Karachi, Pakistan-based Global Food Connection to open 10 restaurants over the next four years in Karachi. Financial terms of the deal were not disclosed.
For more on this article, please click on the following link: CKE Restaurants to open 25 Hardee's in Pakistan: St. Louis Business Journal
Tuesday, June 17, 2008
$6 billion remitted in eleven months: Dawn
KARACHI, June 16: Overseas Pakistanis remitted about $6 billion during the first eleven months (July-May) of the current fiscal year, showing an increase of 18.3 per cent over the same period last year.
The State Bank of Pakistan on Monday reported that remittances surged by $915.7 million at $5.903 billion during the period under review.
The monthly average remittances for the period came to $536.71 million as compared to $453.46 million in the corresponding period last year.
Pakistani workers remitted $584.75 million in May 2008, up $46.77 million or 8.69 per cent over $537.98 million sent in May 2007.
For more on this article, please click on the following link: $6 billion remitted in eleven months: Dawn
Monday, June 16, 2008
Pakistan vows to defend sovereignty after Karzai threat: AFP
ISLAMABAD (AFP) — Pakistan's foreign office pledged that the country would defend its territorial sovereignty, state media said Monday after Afghanistan's leader said cross-border attacks on militants were justified.
Afghan President Hamid Karzai threatened on Sunday to attack Taliban insurgents on the soil of his supposed ally in the "war on terror", saying his war-torn country had a right to do so in self-defence.
"Pakistan shall defend its territorial sovereignty," foreign office spokesman Mohammad Sadiq was quoted as saying by the government-run Associated Press of Pakistan news agency.
For more on this article, please click on the following link: Pakistan vows to defend sovereignty after Karzai threat: AFP
Sunday, June 15, 2008
Pakistan buys two calibration aircraft: The Peninsula On-line
Web posted at: 6/15/2008 4:30:42
Source ::: Internews
KARACHI • Pakistan's Civil Aviation Authority has acquired two new calibration aircraft that will arrive in the country at the end of current month, official sources said here yesterday.
Official sources said that these aircraft have a cost $15.2 million, around 90 per cent of which has been paid to the manufacturing company as decided in the contract.
The aviation regulatory authority had signed purchasing contracts with US Company Hawker Beech Corporation in September last year after conducting various studies of aircraft model that were suited for Pakistan's airports.
The primary purpose of purchasing these is to fulfill the country's needs, as Pakistan has 43 airports including nine international airports, which needs to be maintained in accordance with international aviation rules, officials told Daily Times.
For more on this article, please click on the following link: Pakistan buys two calibration aircraft: The Peninsula On-line
Editorial: Alienating Allies: Arab News
The slaying in a US airstrike on Tuesday of 11 Pakistani paramilitary troops on the Pakistani side of the Afghan border is an outrage which demonstrates the bitter failings of the Bush White House foreign policy. Put bluntly, the Americans have still not learned to respect their allies and understand that those allies cannot fall into precise steps behind Washington's lead in the war against terror.
More than a thousand Pakistani troops have perished fighting Taleban militants and their local supporters in the North West Frontier region bordering Afghanistan. President Pervez Musharraf tried the big stick to smash Taleban support and failed. Now Pakistan's new coalition government is taking the sensible approach of seeking to negotiate with the local tribes in order to end their armed confrontation with Islamabad and, by extension, their support for the Taleban.
Whatever Washington's suspicions, there may still be Taleban sympathizers in the Pakistan Army and in particular, its intelligence services, no one can doubt the country's deep opposition to terrorism. A thousand dead soldiers are surely proof enough of that.
For more on this article, please click on the following link: Editorial: Alienating Allies: Arab News
Rs 1.5m prize at Pakistan Mind Games: Daily Times
KARACHI: Prize money of Rs 1.5 million would be at offer in the inaugural Pakistan Mind Games to be held here from August 14 to 17, said chairman, Mind Sports Association of Pakistan (MSAP), Khurshid Hadi, Saturday.
This prize will be on offer for the bridge, chess and scrabble events of the games which are being launched on the occasion of the 61st independence anniversary of Pakistan. The distribution of the prize money is being worked out and will be finalized in during the course of an upcoming meeting of MSAP.
For more on this article, please click on the following link: Rs 1.5m prize at Pakistan Mind Games: Daily Times
Saturday, June 14, 2008
Pakistan beat India in tri-series final: IHT
Reuters
Published: June 14, 2008
DHAKA: Opener Salman Butt and Younis Khan struck centuries on Saturday to help Pakistan beat India by 25 runs in the final of a triangular one-day series.
Pakistan avenged their 140-run defeat to their old rivals in the group stages, bowling India out for 290 from 48.2 overs after amassing 315 for three from their 50 overs.
Pace bowler Umar Gul took four for 57 from nine overs.
Pakistan, who won the toss and opted to bat, got off to a slow start until Younis joined Butt after the departure of Kamran Akmal for 15.
The pair added 205 for the second wicket, a record against India, before Younis was caught for 108 at mid-wicket by Virender Sehwag off Ishant Sharma. Butt retired hurt for 129.
For more on this article, please click on the following link: Pakistan beat India in tri-series final: IHT
Saudis plan to grow crops overseas: Financial Times
By Andrew England in Riyadh
Published: June 12 2008 17:42 | Last updated: June 13 2008 01:52
Saudi Arabia has unveiled plans to develop large-scale overseas agricultural projects to secure food supplies, revealing that Riyadh is in discussions with Ukraine, Pakistan, Sudan, Turkey and Egypt.
Abdullah al-Obaid, the deputy agriculture minister, told the Financial Times the government was planning to set up projects of at least 100,000 hectares in several countries to grow crops such as wheat, corn, rice, soyabeans and alfalfa, a feed for livestock.
The move, which is also aimed at building up strategic reserves, comes as food prices have doubled over the past two years and a series of trade restrictions by exporting countries have limited the oil-rich kingdom's ability to secure supplies.
The massive rises in food prices, particularly wheat and rice, have caused a number of Arab countries to look to develop schemes in other nations. Food costs have also been a significant contributor to the double-digit inflation that is causing mounting concern in the Middle East.
For more on this article, please click on the following link: Saudis plan to grow crops overseas: Financial Times
Microsoft trains govt school teachers: The News
KARACHI: A certificate distribution ceremony for the first batch of government school teachers, who successfully completed their training at the Microsoft IT Academy, was held at SMB Fatima Jinnah School, Karachi, stated a press release.
The Microsoft IT Academy was established by Microsoft and Zindagi Trust at SMB Fatima Jinnah School in March this year.
The event was attended by Sindh Education Secretary Rizwan Mammon, who supports the vision of Microsoft and Zindagi Trust for the development of IT education in Pakistan.
For more on this article, please click on the following link: Microsoft trains govt school teachers: The News
Pakistan Reduces tariffs on Palm Oil import from Malaysia: Online News
ISLAMABAD: Under Closer Economic Partnership Agreement (MPCEPA) signed between Pakistan and Malaysia in November, 2007, Pakistan has reduced the tariffs on seven (7) palm products by 10% Margin of Preference (MoP) with effect from on January 1, 2008, giving a further boost to Palm oil import by Pakistan which is expected to increase by 33% higher in the year 2008 compared 2007.
According to the Commercial Counselor of High Commission for Pakistan in Malaysia, Mr. Majid Qureshi, the tariff will further be reduced by 5% MoP, starting from January 1, 2010, making Malaysia as the first choice for Pakistan to import Palm oil and its products compare to its closest competitors. . The palm oil export to Pakistan by Malaysia has registered 10.4% increase in the year 2007 compared to 2006. In 2007, total export to Pakistan was 10,70,067 tones compared to the year 2006 at 9,68,406 tones.
For more on this article, please click on the following link: Pakistan Reduces tariffs on Palm Oil import from Malaysia: Online News
Stopping the rot: Economist
Just like the bad old days
BRIGHTLY painted Tata lorries, laden with sacks of onions, wait in the noon heat at the Wagah border post between India and Pakistan. Once past customs, the onions will go on to Lahore and beyond. But the lorries must turn back. Their produce is laboriously loaded onto smaller vans, driven by locals.
Pakistan's costly imports of food ($3.5 billion in the first ten months of this fiscal year, which ends on June 30th), fertiliser ($823m) and fuel (over $8.6 billion) may pull the economic rug from under its newly installed government, which presented its first budget, belatedly, on June 11th. The State Bank of Pakistan (SBP), the central bank, reckons the country's current-account deficit might reach 7.8% of GDP this fiscal year, its highest ever (see chart). Growth has slowed to 5.8%, inflation has quickened to over 19% and the government's budget deficit, at about 7% of GDP, is the highest in ten years.
Such macroeconomic disarray will be familiar to the coalition government led by the Pakistan People's Party of Asif Zardari, and to Nawaz Sharif, whose party provides it "outside support". Before Mr Sharif was ousted in 1999, the two parties had presided over a decade of corruption and mismanagement. But since then, as the IMF remarked in a report in January, there has been a transformation. Pakistan attracted over $5 billion in foreign direct investment in the 2006-07 fiscal year, ten times the figure of 2000-01. The government's debt fell from 68% of GDP in 2003-04 to less than 55% in 2006-07, and its foreign-exchange reserves reached $16.4 billion as recently as in October.
For more on this article, please click on the following link: Stopping the rot: Economist
Warid Telecom Pakistan plans $5 Billion Dollars investment to improve services: Daily.pk
The tele-density in Pakistan is said to be more than 50 per cent but it is actually around 40 per cent, Warid Telecom International Group Chief Technical Officer Marwan Zawaydeh said in an interview.
Tele-density is calculated on the basis of sales data that can be misleading as active connections are much less than the sales' figure, Marwan said.
He said there is room for further growth in the telecom industry and it could further contribute to the GDP of the country. "Though Warid and Telenor entered the market almost together, it is true that our competitor has acquired more market share because Telenor captured the market in under-served rural areas whereas we focused more on urban centres. We were left behind in market share but not in quality of service."
He said Warid has recently re-launched itself and has come up with value-added services. Its focus is on untapped areas.
This month, Warid will launch Blackberry and in the near future many more services are likely to come. The company plans to invest $1 billion in the next three years.
For more on this article, please click on the following link: Warid Telecom Pakistan plans $5 Billion Dollars investment to improve services: Daily.pk
Friday, June 13, 2008
Korea to open textile research centre in Karachi Pakistan: Daily.pk
Pakistani industrialists are experiencing hardships in handling the plants imported from Korea for textile units in Pakistan due to software installed therein in Korean language.
President, Karachi Chamber of Commerce and Industry, Shamim Ahmed Shamsi in a meeting with Director of Korea Trade Center in Karachi, Young Hawa Lung who called on him at KCCI, suggested that the software be translated in English language.
The KCCI Chief briefed the Director about the composition and its role towards promotion of business and trade activities locally and globally.
He suggested the Director for sending delegation from Korea to Pakistan for broadening the export base of Pakistani pharmaceutical raw material products. Since Pakistan has been internationally recognised as standard pharmaceutical products' exporter, it would be beneficial for the Korean businessmen to interact more with Pakistani business community to promote trade and investment in this sector.
For more on this article, please click on the following link: Korea to open textile research centre in Karachi Pakistan: Daily.pk
Beeston to Pakistan: Bid to make homes free of smoke: Beeston Today
Published Date: 12 June 2008
By Sheila Holmes
They're thousands of miles apart, but communities in Beeston and Pakistan are set to face the same challenge -
how to make their homes smoke-free.
Leeds Primary Care Trust has already run the campaign successfully in various areas since 2002 and its methods are now being adopted nationally.
Now the smoke-free homes team is targeting Beeston and during the next six months will be visiting primary schools, mosques and community centres to educate people on the dangers of second-hand smoke.
It will focus primarily on the south Asian community where there is a higher level of smoking prevalence and it is hoped that the findings will help develop regional and national health policy.
For more on this article, please click on the following link: Beeston to Pakistan: Bid to make homes free of smoke: Beeston Today
Pakistan Venture Capital Association of Europe launched: APP
LONDON, June 13, (APP)-The Pakistan Venture Capital Association of Europe (PVCAE) has been established as a European based trade association representing the interests of European investors look to invest in the venture capital and private equity markets in Pakistan.
A function in this regard was arranged on Thursday evening in the financial district of the city in which experts threw light on the various aspects of investment opportunities in Pakistan.
Explaining the objectives of the PVCAE, Shaistah Akhtar of SJ Berwin Lending and Leasing Partner, said these are to provide potential investors with the essential market information required to make informed investor decisions, and a platform for networking and sharing knowledge and experiences, as well as a conduit through which to relay to the Pakistan Government and regulatory authorities specifically the Securities and Exchange Commission of Pakistan, the views and concerns of European investors in relation to policy making. The founder members of PVCAE include Nomura, JS Group, Royal Bank of Scotland, Coller Capital, Ithmar Capital and Hamilton Bradshaw. The PVCAE is managed by SJ Berwin , an International law firm and the Commonwealth Business Council. The two keynote speakers Moeen Khawaja, Director, Business Development at JS Group, and Sadeq Sayeed, Special Advisor, spoke of their experiences and noted that Pakistan though currently is passing through a difficult phase, but nevertheless it is a country that made rapid economic growth with its real GDP over 7 percent for the last 4 years..
For more on this article, please click on the following link: Pakistan Venture Capital Association of Europe launched: APP
Canadian lawyers support Pakistan lawyers on the Long March: MWC News
Pakistan: Lawyers Rights Watch Canada (LRWC) applauds the courageous integrity of Pakistan lawyers on the Long March. LRWC supports Pakistan lawyers' advocacy to restore the judiciary and the Constitution and their opposition to state lawlessness.
June 12, 2008: LRWC joins lawyers and others taking part in the Long March of Lawyers in calling for:
1. The reinstatement of all judges removed from office by the Provisional Constitution Order No. 1 of 2007, November 3 2007 in accordance with the Murree Declaration; and
2. The rescission of all laws, including amendments to the Constitution of the Islamic Republic of Pakistan (Constitution), purporting to come into force under authority of the Proclamation of Emergency Declaration of November 3, 2007, the Provisional Constitutional Order No. 1 of 2007 and the Oath of Offices (Judges) Order, 2007
3. Withdrawal of charges laid after November 3/07 against lawyers and others for protesting the imposition of martial law including charges of high treason, sabotage, destroying public property and maintenance of public order.
4. Strict adherence by Pakistan officials to laws validly in force prior to November 3, 2007 and to applicable international standards protecting the independence of lawyers and judges including those embodied in the UN Basic Principles on the Role of Lawyers[1]and the Basic Principles on the Independence of the Judiciary.[2]
The government of Pakistan government must take all measures necessary to protect the safety of all people participating in the March and to protect the rights and duties of the lawyers to engage in public advocacy.
For more on this article, please click on the following link: Canadian lawyers support Pakistan lawyers on the Long March: MWC News
Wednesday, June 11, 2008
Riyadh weighs $4.8B oil aid to Pakistan: UPI
ISLAMABAD, Pakistan, June 11 (UPI) -- Saudi Arabia may supply $4.82 billion worth of crude oil to help Pakistan deal with major financial setbacks, Pakistani officials said Wednesday.
Saudi Arabia and the United Arab Emirates provide around 250,000 barrels and 150,000 barrels per day respectively to Pakistan on a deferred payment program.
Anonymous Pakistani officials told India's business daily, Business Standard, the co-chair of the Pakistan People's Party Asif Ali Zardari secured a deal to obtain 110,000 barrels a day on a two-year line of credit with Saudi Arabia.
Pakistan imports more than 80 percent of its oil from Abu Dhabi, Iran, Qatar and Saudi Arabia.
For more on this article, please click on the following link: Riyadh weighs $4.8B oil aid to Pakistan: UPI
Nato's lost cause: Guardian
The west's 'good war' in Afghanistan has turned bad. A local solution, rather than a neocolonial one, is what's needed
In the latest clashes on the Pakistan-Afghan border, Nato troops have killed 11 Pakistani soldiers and injured many more, creating a serious crisis in the country and angering the Pakistan military high command, already split on the question.
US failure in Afghanistan is now evident and Nato desperation only too visible. Spreading the war to Pakistan would be a disaster for all sides. The Bush-Cheney era is drawing to a close, but it is unlikely that their replacements, despite the debacle in Iraq, will settle the American giant back to a digestive sleep.
The temporary cleavage that opened up between some EU states and Washington on Iraq was resolved after the occupation. They could all unite in Afghanistan and fight the good fight. This view has been strongly supported by every US presidential candidate in the run up to the 2008 elections, with Senator Barack Obama pressuring the White House to violate Pakistani sovereignty whenever necessary. He must be pleased.
That the "good war" has now turned bad is no longer disputed by a number of serious analysts in the US, even though there is no agreed prescription for dealing with the problems. Not least of which for some is the future of Nato, stranded far away from the Atlantic in a mountainous country, the majority of whose people, after offering a small window of opportunity to the occupiers, realised it was a mistake and became increasingly hostile.
For more on this article, please click on the following link: Nato's lost cause: Guardian
Executive Summary of the Economic Survey of Pakistan 2007-2008: The News
Wednesday, June 11, 2008
ISLAMABAD: The government on Tuesday released the Economic Survey 2007-08. Following is the Executive Summary of the survey.
Growth and Investment
Pakistan’s economy has shown great resilience against internal and external shocks of very high intensity and grew robustly at 5.8 percent in 2007-08, as against 6.8 percent last year and this year’s target of 7.2 percent. The Commodity Producing Sector (CPS) registered a growth of 3.2 percent in 2007-08 as against 6.0 percent last year owing mainly to the lackluster performance of agriculture and manufacturing. While agriculture grew by 1.5 percent, the manufacturing sector posted a modest growth of 5.4 percent in 2007-08. The large scale manufacturing (LSM) sector witnessed a modest growth of 4.8 percent, down from 8.6 percent last year. The manufacturing sector has been hard hit by political instability, frequent eruptions of incidents detrimental to law and order and the acute energy shortages. In unison with increasing prices for fuel and energy, all these factors have caused slower growth in LSM. Growth in the small scale manufacturing sub-sector moderated to 7.5 percent in 2007-08 from 8.1 percent during 2006-07.
The poor show of the agriculture sector was the result of a sharp deceleration in the growth of the major crops sub-sector, which posted a negative growth of 3.0 percent in 2007-08 as against a healthy growth of 8.3 percent last year. Minor crops registered a growth of 4.9 percent as against the negative growth of 1.3 percent last year. Fishing and forestry exhibited robust growth of 3.8 percent and 11.0 percent, respectively.
The services sector has surpassed the growth target of 7.1 percent and grew by 8.2 percent in 2007-08 as against the actual achievement of 7.6 percent last year. The finance and insurance sector displayed a stellar growth performance of 17.0 percent during 2007-08 as against 15 percent last year. Value added in the wholesale and retail trade sector grew at 6.4 percent as compared to 5.4 percent last year and the target of 7.8 percent this year. The Transport, Storage and Communication sub-sector saw a deceleration in growth to 4.4 percent in 2007-08 as compared to 6.5 percent of last year.
For more on this article, please click on the following link: Executive Summary of the Economic Survey of Pakistan 2007-2008: The News
For more reports and economics articles visit : www.economistan.com
Citywire: High hopes for Pakistan fund but beware the high risks : Telegraph
By Matt Goodburn
Global markets have been battered in the past few months due to the credit crisis, but investors could consider a new fund investing in Pakistan, to be run by specialist Asian investment house Dalton Strategic Partnership (DSP).
London-based DSP is launching the first Pakistan– focused equities fund for British investors on June 19 in a joint venture with Karachibased KASB, a financial services company established in 1952 and five per cent owned by Merrill Lynch.
Until a month ago, Pakistan had been a relatively safe haven from global market turmoil, not least in India, which has attracted a lot of interest from British investors. In the year to the end of April, the Karachi Stock Exchange (KSE) returned 7.4 per cent, comparing favourably to many other indices.
For example, the Indian Sensex had a 15 per cent slump, the FTSE 100 a six per cent fall, and the US Dow Jones a four per cent drop over the same period. But in May the KSE had a 20 per cen fall, which DSP said it had been expecting after its recent good run.
For more on this article, please click on the following link: Citywire: High hopes for Pakistan fund but beware the high risks : Telegraph
Monday, June 9, 2008
Pakistan joins world’s lowest telecom tariff club: The Post
ISLAMABAD: India can no longer claim of being amongst the world's lowest telecom tariffs", as Pakistan boasts of far more competitive mobile services, especially for international (ISD) calls.
Associated Press of Pakistan
The Worlds Biggest IT Tower to be in Pakistan: Daily.pk
The multi-million rupee IT Tower project will take about 2 years to complete after which it will be the biggest call center in the world, said City Nazim Mustafa Kamal.
The call center in Sydney is presently regarded as the biggest with 8,000 call seats but the IT Tower in Karachi will have 10,000 call seats under one roof.
For more on this article, please click on the following link: The Worlds Biggest IT Tower to be in Pakistan: Daily.pkSunday, June 8, 2008
Pakistan's dairy and agriculture sector opens new business prospects for GCC investors: Arabian Business
Country's agriculture industry outperforms China, India and Malaysia with 4.6 per cent growth rate.
The Pakistan's dairy and agriculture products and investment opportunities Forum was held in Dubai lately, where Al Rabie Saudi Foods Co. Ltd., a pioneering producer of dairy products and juices in the Kingdom of Saudi Arabia and the largest juice manufacturer in the Middle East has participated and was one of the sponsors of this forum as part of initiatives to strengthen its presence among Pakistan market players, this forum has introduced an audience of largely GCC-based corporate houses, financial institutions, fund managers, investors, relevant multinationals, local businesses and high-net individuals.
Mr. Monther Al Harthi, General Manager of Al Rabie Saudi Foods Co. Ltd., has submitted a strategic plan discussing many issues that concerns the dairy industry in the Saudi Arabia kingdom and their achievements in the last 30 years, this strategic plan include the development of dairy industry in the Saudi Arabia kingdom, the individual's consumption of dairy and its products, sources and amounts of dairy products locally and externally in addition to the customers expectations from these products and the role of the government monitoring parties in the dairy industry.
For more on this article, please click on the following link: Pakistan's dairy and agriculture sector opens new business prospects for GCC investors: Arabian Business
Saturday, June 7, 2008
Saudi Arabia offers $300m special grant to Pakistan: Khaleej Times
ISLAMABAD - Saudi Arabia will offer $300 million special grant to help improve Pakistan's ailing economy in the wake of rising fuel prices.
"Saudi Arabia fully realises the difficulties being faced by Pakistan following rising fuel prices and food crisis and would disburse this $300 million shortly," said Saudi Ambassador to Pakistan, Ali S. Awadh Asseri.
Talking to reporters here on Thursday he also said that during the upcoming visit of Prime Minister Yousuf Raza Gillani to the kingdom, several matters will be discussed to further improve economic relations between the two countries.
"The amount of $300 million would be gift to Pakistan as we are committed to Pakistan and would do whatever we can whole- heartedly," the ambassador said.
Ambassador Asseri said the Saudi Embassy in Islamabad and its consulate was issuing work visas to approximately 1,200 Pakistanis every single day, which reflects kingdom's close relationship with Pakistan.
Earlier, addressing the members of Rawalpindi Chamber of Commerce and Industry (RCCI), the Saudi envoy called for greater partnership of private sectors of the two countries. There is enormous scope for expanding our trade and economic relations.
For more on this article, please click on the following link: Saudi Arabia offers $300m special grant to Pakistan: Khaleej Times
Pakistan hope to keep winning: Hindustan Times
Pakistan are on a roll. They have won their last 11 One-day Internationals. Now they are hopeful of continuing the momentum in the Kitply Cup tri-series beginning in Dhaka on Sunday, first up against hosts Bangladesh.
The third team in the competition, India, handed them their last defeat, the series-clincher at Gwalior last November after which Pakistan won the inconsequential fifth ODI at Jaipur to begin their victorious run, slaying Zimbabwe and Bangladesh 5-0 each at home.
For more on this article, please click on the following link: Pakistan hope to keep winning: Hindustan Times
Friday, June 6, 2008
FUND VIEW-Pakistan fund eyes growth despite violence: Reuters
By Peter Apps
LONDON, June 6 (Reuters) - Political uncertainty, occasional bomb blasts and border militant insurgency do not stop Pakistan being a good investment destination, one of the first funds to target the country says, comparing the economy to a smaller India.
The Melchior Selected Trust Pakistan Opportunities Fund, launching this month and aimed at ultimately reaching some $200 million in Pakistani equities, says the country has been poorly portrayed and its economic fundamentals remain appealing.
"We believe Pakistan has been treated unfairly by the international media," David Graham, partner of fund manager Dalton Strategic Partnership.
Pakistan's immediate political future remains uncertain after parties supporting President Pervez Musharraf were defeated in an election while Al-Qaeda this week claimed responsibility for Monday's suicide car bomb attack on the Danish Embassy in Islamabad that killed six people.
"In looking at the Pakistan market, we see many similarities with India," Graham said, noting Pakistan had been described as "India at half the price".
Along with China, India has attracted vast fund volumes from emerging investors in recent years.
For more on this article, please click on the following link: FUND VIEW-Pakistan fund eyes growth despite violence: Reuters
Using MCB Bank to Leverage Political Crisis in Pakistan: Seeking Alpha
J. Christoph Amberger
To leverage political crisis in Pakistan, use MCB Bank ADRs (MCBBI.PK), Pakistan’s most profitable bank. It has a return on average equity of 38 percent and loan profitability of 8 percent. The bank has a market share of 8 percent in terms of assets. It has 1,026 branches across the country and more than 4 million customers.
Baltimore — [TFN]: Pakistani stocks have fallen to their lowest level in almost 14 months on rumors involving political instability surrounding President Pervez Musharraf potential resignation. It also didn’t help that militant Islamists blew up the Danish embassy. Six Pakistani civilians were sacrificed to avenge the perceived blasphemy committed by Danish cartoonists two years ago.
The Karachi Stock Exchange’s 100-share index has dropped to lows not seen since early April, 2007, losing about 25 percent or nearly 3,000 points from a record high in April. The Pakistani rupee has lost more than 10% of its value during the last two weeks, while the Pakistani trade deficit has exceeded $10 billion, due to rising oil prices.
For more on this article, please click on the following link: Using MCB Bank to Leverage Political Crisis in Pakistan: Seeking Alpha
Thursday, June 5, 2008
Pakistan's Faysal Bank to Expand, Open Islamic Unit: Bloomberg
By Naween A. Mangi
June 5 (Bloomberg) -- Faysal Bank Ltd. plans to expand its domestic branch network in Pakistan and start a new Islamic division to take advantage of rising demand for Shariah-compliant products and farm loans. Shares rose.
The bank will increase its number of outlets to 150 by December 2009, and will start the Islamic banking unit next week, Chief Executive Officer Naved A. Khan said in Karachi yesterday, in his first interview since taking the helm in March. Faysal Bank, Pakistan's ninth-biggest, has 107 branches across the nation and plans to add 23 this year.
Khan is seeking to keep up with bigger rivals including Bank Alfalah Ltd. He said he wants to expand to be better prepared for the eventual end of a ``downturn'' in the credit market. Overseas banks such as ABN Amro Holding NV and Standard Chartered Plc are expanding in Shariah-compliant finance, a market Standard & Poor's estimates is worth $500 billion and growing 10 percent annually on booming oil revenue.
For more on this article, please click on the following link: Pakistan's Faysal Bank to Expand, Open Islamic Unit: Bloomberg
Pakistan: roars and whimpers: Oxford Analytica
Lawyers take to the streets again this week, as pressure builds on the government to restore deposed judges. A 'long march' will start on Tuesday in Multan; ex-servicemen and the Pakistan Muslim League (Nawaz) -- which recently withdrew from the Pakistan Peoples' Party-led coalition government -- will join the suits on the road.
Protesters will be united in opposition to President Pervez Musharraf, whose dismissal of former Chief Justice Iftikhar Mohammed Chaudhry in March 2007 triggered a crisis of legitimacy that has yet to be resolved. A judiciary that had showed signs of independence, and had threatened to jeopardise Musharraf re-election plans, was removed, with the imposition of emergency rule in November.
For more on this article, please click on the following link: Pakistan: roars and whimpers: Oxford Analytica
Japan to increase ODA to Pakistan: The News
By By Israr Khan
6/4/2008 ISLAMABAD: The Japanese government on Tuesday assured to increase the volume of its Official Development Assistance (ODA) to Pakistan, with particular emphasis on infrastructure development, including focusing on highways, communication and alike.
It is worth mentioning that in April 2005, after a seven-year suspension, the then Japanese Prime Minister Junichiro Koizumi’s visit to Pakistan announced resumption of yen loan it suspended after Islamabad May 28, 1998 nuclear explosions.
Current level of Japanese assistance to Pakistan is around $500 million per annum and now Tokyo has green signaled to positively review the size of Japanese economic assistance to Islamabad.
Japanese Ambassador to Pakistan, Seiji Kojima called on Syed Naveed Qamar Federal Minister for Finance, Privatisation & Investment here on Tuesday. It was bilaterally discussed that both the countries need to address the current upward spiral in international market oil prices that is impacting the developing countries growth.
For more on this article, please click on the following link: Japan to increase ODA to Pakistan: The News
Tuesday, June 3, 2008
ABB Wins $130 Million Gas Compressor Project in Pakistan: Thomasnet
2008-03-17 - New plant will boost production to feed Pakistan's main pipelines
Sesto San Giovanni (Milan), Italy, - ABB, the leading power and automation technology group, announced that it signed a $130 million contract for the development of the Sawan Gas Field Compressor Project, located 80 km southeast of Sukkur city in Pakistan. OMV Pakistan Exploration G.m.b.H., the largest international gas operator in Pakistan, awarded the project to ABB. The order was booked during the fourth quarter of 2007. The new plant will include compressor facilities near an existing central processing plant. It will increase production needed to feed Pakistan's two main gas pipelines, and will provide a continuous gas flow of 375 million cubic feet per day. In addition to project management, engineering, and related services, ABB will provide automation and electrification systems for the new plant.
ABB's organization in Milan will manage the project engineering, procurement, construction and commissioning. The project delivery includes four 7.5 megawatt (MW) turbo compressors, air cooled heat exchangers, inlet scrubbers, slug catcher, and utilities systems.
"ABB has the oil and gas industry expertise, capabilities, and local resources to successfully manage, supply and execute these large projects for our customers," said Veli-Matti Reinikkala, head of ABB's Process Automation division "This major order is one of several key compressor station projects recently awarded to ABB Group, and underscores our ability to deliver the most comprehensive scope of supply and services needed to flawlessly execute these large projects."
For more on this article, please click on the following link: ABB Wins $130 Million Gas Compressor Project in Pakistan: Thomasnet
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