ISLAMABAD: Pakistan has more than 326 million barrels of oil and 29,790 billion cubic feet of gas reserves, the Senate was told on Wednesday. The petroleum adviser said the country had 185,165 million tonnes of coal reserves, mainly in Sindh. The demand for oil is 19.2 million tonnes a year and that for gas 5.3 million cubic feet a day. He also said there were approximately 4,504 million tonnes of copper-gold resources in Reko Diq in Balochistan, and there are 292 employees working on the project including, 247 local people. Minister for Parliamentary Affairs Babar Awan told the House that out of the $5.9 billion assistance for October 2005 earthquake victims committed by donors, $3.41 billion have been disbursed and the remaining $2.5 billion are in the pipeline. More than Rs 89 billion have been paid as compensation to the earthquake victims – Rs 57 billion in rural housing subsidy, Rs 2.86 billion in urban housing subsidy, Rs 5.2 billion in the Livelihood Support Cash Grant Programme and Rs 13.2 billion as compensation for deaths and injuries.
For more on this article, please click on the following link: Pakistan has 326m barrels in oil reserves, Senate informed: Daily Times
Thursday, January 29, 2009
Pakistan has 326m barrels in oil reserves, Senate informed: Daily Times
Pakistan, Canada discuss cooperation in solar energy: The News
ISLAMABAD: Pakistan and Canada have discussed ways and means to enhance cooperation in promoting solar and green energy generation in Pakistan.
A five-member delegation of Canadian Solar Incorporation (CSI), headed by the Special Adviser to Immigration Minister of Canada Wajid Khan, called on Chairman National Vocational & Technical Education Commission (NAVTEC) Adnan A Khwaja in his office at the Prime Minister’s secretariat here on Tuesday.
During the meeting, ways and means were discussed to promote collaboration between the two countries to increase the volume of solar and green energy generation in Pakistan. Solar energy is generally considered as the energy of the future due to its enormous benefits.
Khwaja told the delegation that currently Pakistan was facing an acute energy shortage and would welcome any initiative from the Canadian firm to set up solar units and train solar technicians.
For more on this article, please click on the following link: Pakistan, Canada discuss cooperation in solar energy: The News
Pakistan To Get $700 Million More In Loans From WB, ADB - Official: EasyBourse
ISLAMABAD-(Dow Jones)- Pakistan is likely to get a combined $700 million worth of loans from the World Bank and the Asian Development Bank, the country's Finance Advisor, Shaukat Tarin, said Monday.
"Pakistan has received $200 million from the Asian Development Bank, while the country is expected to receive $500 million from the World Bank within a fortnight," Tarin told reporters.
"We are also expected to get another $200 million from the Asian Development Bank during the second quarter of 2009."
The new loans will boost the country's foreign-exchange reserves, Tarin said.
Last week, the country received a $500-million loan from China, a senior government official had said Saturday.
By Haris Zamir and Islamabad Bureau, Dow Jones Newswires
For more on this article, please click on the following link: Pakistan To Get $700 Million More In Loans From WB, ADB - Official: EasyBourse
An Open Letter--From Pakistan--To President Obama: Imran Khan: Forbes
Imran Khan
The U.S. and NATO should withdraw from Afghanistan.
Dear President Obama,Your extraordinary ascent to the U.S. Presidency is, to a large part, a reflection of your remarkable ability to mobilize society, particularly the youth, with the message of "change." Indeed, change is what the world is yearning for after eight long and almost endless years of carnage let loose by a group of neo-cons that occupied the White House.
Understandably, your overarching policy focus would be the security and welfare of all U.S. citizens and so it should be. Similarly, our first and foremost concern is the protection of Pakistani lives and the prosperity of our society. We may have different social and cultural values, but we share the fundamental values of peace, harmony, justice and equality before law.
No people desire change more than the people of Pakistan, as we have suffered the most since 9/11, despite the fact that none of the perpetrators of the acts of terrorism unleashed on the U.S. on Sept. 11, 2001, were Pakistani. Our entire social, political and economic fabric is in a state of meltdown. Our sovereignty, dignity and self-respect have been trampled upon. The previous U.S. administration invested in dictators and corrupt politicians by providing them power crutches in return for total compliance to pursue its misconceived war on terror.
There are many threats confronting our society today, including the threat of extremism. In a society where the majority is without fundamental rights, without education, without economic opportunities, without health care, the use of sheer force and loss of innocent lives continues to expand the extremist fringe and contract the space for the moderate majority.
For more on this article, please click on the following link: An Open Letter--From Pakistan--To President Obama: Imran Khan: Forbes
Wednesday, January 28, 2009
Pakistan Ranks Top Ten in the World in at least Ten Categories of Global Competitiveness: ECONOMISTAN
According to the latest findings of the economic analysis think tank Economistan, Pakistan ranked in the top ten countries of the world in many areas of global competitiveness. These areas range from IT outsourcing to wheat production to exports. Pakistan ranked second in the world in terms of IT outsourcing growth according to Odesk and third in the world according to rentacoder. To get the complete list of rankings check out the newsletter by clicking here.
For more on this article, please click on the following link: Pakistan Ranks Top Ten in the World in at least Ten Categories of Global Competitiveness: ECONOMISTAN
Pakistan gets $500 mln from China, officials say: Reuters
KARACHI, Jan 26 (Reuters) - Pakistan has received $500 million from China to help build foreign reserves, two government officials said on Monday.
"The deposit of $500 million from China to Pakistan's central bank is only to build foreign reserves," said one of the officials, both of whom declined to be identified.
"The Ministry of Finance cannot use it for budgetary purposes."
The official also said Pakistan had received $101 million from the United States for logistical support in the campaign against militancy.
Pressure on Pakistan's balance of payments and its currency was easing, partly because of the payments, the official said.
Another government official confirmed that Pakistan had received $500 million from China.
For more on this article, please click on the following link: Pakistan gets $500 mln from China, officials say: Reuters
Pakistan joins world treaty on renewable energy in Bonn: APP
ISLAMABAD, Jan 26 (APP)‑ Pakistan on Monday participated the signing ceremony of the founding treaty of the International Agency for Renewable Resources (IRENA) in Bonn, Germany.
| The purpose of setting up IRENA was to promote renewable energy and help create conditions for their development. The main objective of this agency was to encourage and promote the adoption of renewable energies worldwide. Pakistan was represented by Alternative Energy Development Board (AEDB) Chief Executive Arif Alauddin at the ceremony, participated by representatives of 100 countries across the globe. AEDB has been nominated as the focal body by Government of Pakistan for coordination with the newly set up world body on renewable energy. IRENA would be the only international organization that would be solely dedicated to the promotion of renewable energy, and its membership is open to all United Nations member states. For more on this article, please click on the following link: Pakistan joins world treaty on renewable energy in Bonn: APP |
Ace archaeologist Dr Dani dead: Dawn
SLAMABAD, Jan 26: Internationally acclaimed archaeologist, historian and linguist Prof Dr Ahmad Hasan Dani died here on Monday morning. He was 88.
Dr Dani had been admitted to the Pakistan Institute of Medical Sciences five days ago with heart, kidney and diabetes problems. His condition deteriorated on Sunday night and he was shifted to the ICU where he died.
He is survived by his wife, three sons — Dr Anis Ahmad Dani, Navaid Ahmad Dani, Junaid Ahmad Dani — and daughter Fauzia Iqbal Butt. He has left behind a large number of admirers, students and friends to mourn his death.
President Asif Ali Zardari expressed profound grief over the death of Prof Dani and described it as a great loss to the nation. He said the country had lost an eminent historian. His death, the president said, had left a vacuum that would be hard to fill.
He said Dr Dani’s contribution to setting up of several museums in the country and his vast publications had set the pace for future course of action in this vital field.
Prof Dani was a world renowned historian. He was regarded as an authority on archaeology, culture, linguistics, Buddhism and Central Asian archaeology and history. He was Professor of Emeritus at the Quaid-i-Azam University, a distinction bestowed on him after his retirement as Dean of the Social Sciences Department in recognition of his contributions. He was founding director of the Taxila Institute of Asian Civilisations of the university since its establishment in 1997 and founding director of the Islamabad Museum.
During his long career, Prof Dani had held various academic positions and international fellowships and conducted archaeological excavations and research. He received a number of civil awards in Pakistan and abroad. As a recognised linguist, he was proficient in more than 14 national and international languages and dialects.
For more on this article, please click on the following link: Ace archaeologist Dr Dani dead: Dawn
Pakistan targets 70 bln rupees in T-bill auction: Reuters
KARACHI, Jan 26 (Reuters) - Pakistan's central bank will auction 70 billion rupees ($886 million) worth of 3-, 6-, and 12-month Treasury bills on Wednesday.
Settlement will be due the following day, the State Bank of Pakistan said.
The central bank said last month it would auction 565 billion rupees ($7.15 billion) worth of 3-, 6-, and 12-month T-bills up to the end of March. SBPK11.
For more on this article, please click on the following link: Pakistan targets 70 bln rupees in T-bill auction: Reuters
Zorlu sets up wind farm in Pakistan: Hurriyet
ISTANBUL - Turkey’s Zorlu Enerji is planning a 50-megawatt wind farm in Pakistan at an estimated cost of $120 million, according to a report published on the Power Engineering International Web site. The capacity of the farm may be extended to 250 megawatts at a later stage.
Zorlu Enerji’s Murat Sungar and Karm Buksh Qureshi, chief executive of the Hyderabad Electric Supply Company, or Hesco, have signed an energy purchase agreement for six megawatts of electricity generated at the company facility in Jhimpir, the Web site said.
Pakistan’s plans
Raja Pervez Ashraf, Pakistan’s minister for water and power affairs, also attended the ceremony. Speaking to journalists after the signing ceremony, Ashraf said more than 4,000 megawatts of electricity would be added to the national grid system by the end of the year with the support of the private sector.
For more on this article, please click on the following link: Zorlu sets up wind farm in Pakistan: Hurriyet
The Securities & Investment Institute Enters Pakistan Market: Mondo Visione
The Securities & Investment Institute (SII) is for the first time ever launching its suite of qualifications in Pakistan. The SII, the membership body for those who work in the securities and investment industry, has launched its Education Programme for the Capital Markets with the Karachi Stock Exchange (KSE) as part of the KSE's Education Programme for their Capital Market Participants.
Taster training sessions were made available recently, run by one of the SII's Accredited Training Providers, the College of Accounting and Management Sciences (CAMS) in Karachi. The launch follows a series of roadshows and presentations to leading broking, investment houses, banks and universities which the SII has been offering over the past month with CAMS and its other training providers, USM and IFIS.
The SII's accredited training providers in Pakistan have begun offering face-to-face training courses to the Capital Markets for the SII's Risk Management, Certificates in Securities, International Investment Management and Derivatives, Foundation programmes in Investment and Islamic Finance qualifications. These qualifications will be aimed at Broker-Dealers, Agents, Fund Managers, Bankers, Investment Bankers and Media employees. Candidates will be able to sit their examinations by computer based testing at test centres in Karachi, Lahore and Islamabad where the SII's ATPs are based and receive instant results. Candidates on training courses who register for SII examinations, which are also available by self-study, will receive an SII workbook (study manual) included with their examination entry fee. Further details on training courses in Pakistan can be obtained from siiglobal.org/Pakistan or international@sii.org.uk or from the SII's London office on: +44 20 7645 0703.
For more on this article, please click on the following link: The Securities & Investment Institute Enters Pakistan Market: Mondo Visione
Monday, January 26, 2009
Anti-war activists occupy BBC offices: Dawn
LONDON, Jan 25: Members of a British anti-war group occupied the Glasgow offices of the BBC on Sunday, saying they would stay in the building until the national broadcaster agreed to air a charity fundraising appeal for Palestinians in the Gaza Strip.
The occupation followed criticism from lawmakers and religious leaders who said the BBC’s decision not to air an advertisement from the Disasters Emergency Committee — a group of charities that includes the Red Cross, Oxfam, and Save the Children —- was wrong.
The comments by the Archbishop of Canterbury, Rowan Williams, and another senior church leader seemed likely to add pressure on the broadcaster, which rejected the advertisement because of concerns that showing it might harm its reputation for impartiality, and because it couldn’t be sure the money raised would reach those in need in the chaotic Palestinian territory.
“My feeling is that the BBC should broadcast an appeal,” Mr Williams said.
For more on this article, please click on the following link: Anti-war activists occupy BBC offices: Dawn
Sunday, January 25, 2009
Pakistan set to achieve 25 mln-tonne wheat target: Dawn
An increase in the area planted with wheat, an early end of the cotton crop that made way for wheat sowing and a higher procurement price the government pays farmers were all reasons for the higher output, they said.
‘The target of 25 million tonnes is achievable,’ said Ibrahim Mughal, chairman of the Agri-Forum farmers' association.
‘But in case of unfavourable weather, output is expected to be between 24 million and 25 million tonnes.’
Pakistan produced 21.8 million tonnes of wheat in the 2007/08 crop after the area under cultivation fell 2.6 per cent against a target area of 21 million acres (8.49 million hectares), and the government had to import wheat to cover the shortfall and for reserves.
Pakistan consumes about 22 million tonnes of wheat a year while nearly one million tonnes finds its way to neighbouring Afghanistan and Iran, traders say.
According to the industry officials wheat has been sown over an area of about 22 million acres, largely because of a 52 per cent increase in the procurement price to 950 rupees ($12.05) that encouraged farmers to grow more.
‘The response of farmers has been very good to the increase in procurement price and that is the reason for the increase in the area planted with wheat,’ said Zahoor Agha, a top official of the private All Pakistan Flour Mills Association.
‘God willing, we will achieve the target of 25 million tonnes,’ he said.
Domestic wheat prices had become more competitive compared with the cost of imported wheat because of lower prices in the international market.
For more on this article, please click on the following link: Pakistan set to achieve 25 mln-tonne wheat target: Dawn
Sunday, January 18, 2009
Iran to Set up 1,000-MW Power Plant to Export Electricity to Pakistan: Fars News Agency
TEHRAN (FNA)- Iran is planning to set up a gas-based power plant with a power-generation capacity of 1,000-MW near the southeastern city of Zahedan to export electricity to Pakistan.
The project will serve as an additional source of imported power for Pakistan, which entered into an agreement with Iran in August 2008 to import 1,000-MW to address the power deficit of 4,000-MW in the country. As part of the recently proposed project, an Iranian firm will lay a transmission line between Iran and Pakistan before the power plant is commissioned.
The transmission line will cover a distance of 50-km on the Iranian side and 70-km on the Pakistani side. Delegates from Iran and Pakistan met earlier this month at Islamabad to explore opportunities for Iranian investment in Pakistan's power sector and to assess the progress of ongoing projects. At an earlier meeting in August 2008, Pakistan entered into a memorandum of understanding with Iran to import 100-MW of power for Gwadar Port and 1,000-MW of power for other regions in the country.
The two nations decided to expedite the laying of transmission lines for the requisite import of power to the Gwadar Port region. A transmission network for supplying 100-MW of power between Zahedan in southeast Iran and Quetta in southwest Pakistan is expected to be set up by the end of 2009.
Projects in Pakistan that are currently in need of investment include hydropower projects with an aggregate power generation capacity of 16,000-MW, requiring an investment of $26 billion by 2025. Coal-based power stations with an aggregate capacity of 6,000-MW that are scheduled to be commissioned by 2015 require an investment of $7 billion.
For more on this article, please click on the following link: Iran to Set up 1,000-MW Power Plant to Export Electricity to Pakistan: Fars News Agency
Pakistan, Turkey sign wind energy pact: Thaindian
Islamabad, Jan 17 (Xinhua) Pakistan Saturday signed a wind energy pact with a Turkish firm.Pakistan’s water and power minister Raja Pervez Ashraf and chief executive of the Turkish company signed the agreement in Islamabad, the News Network International news agency reported.
For more on this article, please click on the following link: Pakistan, Turkey sign wind energy pact: Thaindian
State Bank of Pakistan issues Guidelines To Banks For Credit Cards: A Pakistan News
KARACHI: The State Bank of Pakistan Saturday issued operational guidelines for credit card business of commercial banks, outlining code of conduct for various aspects of the business including marketing, interest rate charges, recovery of dues, billing processes etc.
The central bank has advised the banks to quote interest rate and service charges on annual basis and also inform the credit card holder on the interest rate or services charges through advertisement or sending information to them on their addresses.
The SBP has directed the banks not to levy any charge that was not explicitly mentioned either in the User Guide or Application Form or Schedule of Charges provided to the customer at the time of selling credit card, without the prior consent of the card holder.
For more on this article, please click on the following link: State Bank of Pakistan issues Guidelines To Banks For Credit Cards: A Pakistan News
Pakistan receives 8 Chinese-made jet trainers: Times of India
ISLAMABAD: Pakistan's air force said it took delivery of an additional eight Chinese-made jet trainers on Friday, underscoring the close military ties between the two countries.
The planes — known as Hongdu JL-8s in China and Karakoram K-8P trainers in Pakistan, were formally handed over at an unidentified Pakistani air force base, according to a statement from the air force public relations office.
For more on this article, please click on the following link: Pakistan receives 8 Chinese-made jet trainers: Times of India
Pakistan's July/Dec c/a deficit narrows to $6.053 bln: Reuters
KARACHI, Jan 16 (Reuters) - Pakistan's current account deficit narrowed in the six months from July through December to $6.053 billion, compared with $7.269 billion the same period last year, the central bank said on Friday.
The current account deficit for December fell to $458 million from $800 million in November, the State Bank of Pakistan said on its website.
Analysts said this was mainly due to a decrease in international oil prices. Oil was trading at $36 a barrel on Friday, compared to a record high of $147 in July last year.
Analysts said this would ease pressure on the central bank to raise the discount rate in the near term.
A six-monthly monetary policy meeting is due to be announced on Jan. 31, the central bank said on Friday.
For more on this article, please click on the following link: Pakistan's July/Dec c/a deficit narrows to $6.053 bln: Reuters
Pakistan to be gas sufficient in 3 years: OGJ.com
By an OGJ correspondent
KARACHI, Jan. 16 -- Pakistan cannot afford to import gas from Iran and has formulated a government policy to be self-sufficient in gas within 3 years, said Asim Hussain, oil and gas advisor to the prime minister.
Speaking in the National Assembly, Pakistan's Lower House, Asim said Iranian gas would cost $500 million/month.
The government has formulated a policy under which it would be self-sufficient in gas within 3 years, he added.
For more on this article, please click on the following link: Pakistan to be gas sufficient in 3 years: OGJ.com
Obama to triple Pakistan aid to cripple terror: Economic Times
NEW DELHI: The Obama administration plans to triple non-military aid to Pakistan in exchange for commitments on fighting terror from the Pakistan government.
The aim is to use the aid as leverage to get further commitments on terror from the Pakistan government and at the same time fortify the position of the civilian government. This was stated by secretary of state designate Hillary Rodham Clinton. She told the Senate Foreign Relations Committee that the issue is not just about denying al-Qaeda and other extremist groups safe haven, but also to persuade Afghanistan and Pakistan that their security and their future is also at risk.
The Obama administration has indicated that it is planning a review of the Afghanistan policy which would have an impact on Pakistan. Ms Clinton who was testifying before the Senate Foreign Relations Committee was quoted as saying that the administration planned to separate military and non military aid to Pakistan.
For more on this article, please click on the following link: Obama to triple Pakistan aid to cripple terror: Economic Times
Saturday, January 17, 2009
Soldier called 'Paki' by Prince Harry insists there are 'no hard feelings' after apology: Telegraph
By Ben Leach
He also revealed, in an interview with the Sun newspaper, that Prince Harry had personally phoned him to apologise but said he had "no hard feelings".
The 24-year-old said: "The Prince called me by a nickname which is usually very insulting, but I know he didn't mean it that way. He phoned me to apologise and I have no hard feelings. We need to close this chapter now.
"When I spoke to Harry he told me he never meant what people may think about the so-called nickname and I believe him.
"We were close friends when we were training and I know he is not a racist. I have no reason to take up the issue again.
"Since he has apologised, I would say, let bygones be bygones."
Indian Army lacked ammo to attack Pakistan: expert: Daily Times
‘India feared Pakistan might capture land’
NEW DELHI: India’s air force and navy were ready to strike Pakistan after the November 26 Mumbai terrorist attacks, but New Delhi stopped them because its army lacked key artillery equipment and adequate ammunition supplies, an Indian strategic affairs expert said in a newspaper article on Saturday.
The Indian Army could have taken several weeks to begin operations, and New Delhi feared Pakistan could penetrate into Indian territory to make gains that could prove costly “politically rather than militarily”, according to Manoj Joshi.“The 400-odd Bofors guns we bought in the 1980s are falling apart for want of spares. The 600-odd Shilka anti-aircraft cannons are in desperate need of upgrade. And, this is just the tip of the iceberg,” he wrote, quoting an unidentified retired general.
The same general disclosed that India’s numerically vast tank fleet was in poor shape it did not have any mobile artillery to speak of. Joshi said the Indian Air Force was prepared to strike specified targets with the Israeli Popeye – a very destructive and accurate 100-kilometre range flying bomb – and the Paveway GPS-guided bombs. The Indian Navy was also ready to use its conventional solid-fuelled 220-kilometre-range Klub land-attack missiles, he wrote.
For more on this article, please click on the following link: Indian Army lacked ammo to attack Pakistan: expert: Daily Times
FDI surged by 45 percent: Business Recorder
RIZWAN BHATTI
KARACHI (January 16 2009): The Foreign Direct Investment (FDI) has witnessed a raise of some 45 percent during December despite the looming clouds of war between Pakistan and India. The central bank on Thursday revealed that FDI has also crossed the mark of 2 billion dollars during December 2008 with a highest investment of 724 million dollars in a single month during the current fiscal year 2008-09.
"The surged in the FDI is a positive indication and reflected that confidence of foreign investors on Pakistan economy is still retained despite the tensions on Eastern boarders after Mombai attacks," economists said. They said that increasing FDI reflects that country's economic fundamentals are still strong despite several internal and external shocks and have ability to attract foreign investors.
Other economic indicators like foreign reserves and exports are also improving and would attract more investment in the future, they said. "With the current trend we are expecting that country's FDI would be around four billion dollars by the end of current fiscal year 2009", they added.With an increase of some 260.95 million dollars, FDI has reached 2.2327 billion dollars during the first half of current fiscal year 2008-09 (July-December), as compared to 2.0663 billion dollars during the same period of last fiscal year 2008.
Month-on-month basis the country has witnessed highest FDI in December as compared to other first five months of the current fiscal year, as foreign investors have invested some 724.28 million dollars in December 2008.
For more on this article, please click on the following link: FDI surged by 45 percent: Business Recorder
Friday, January 16, 2009
Philippines & Pakistan top oDesk’s “value for money” outsourcing rankings: Odesk
Today we’re going to have some fun with numbers by trying to calculate “value for money” between countries in hiring contractors to your workteam. The following table summarizes oDesk’s average hourly rates and feedback scores in each of our top 7 provider countries.
United States
Pakistan
Ukraine
Canada
Russia
Philippines
India
*We’ve broken out the rates for software development and data entry since they vary quite a bit in both dollar amounts and proportions of work between countries. Note that other categories of work exist on oDesk as well, that aren’t listed here. Looking at this data, it’s obvious that there is much greater variance in average hourly rates ($6.33 to $19.60) than feedback scores (4.01 to 4.40). We therefore scale the numbers to percentiles to compare between countries. We then use a quick-and-dirty calculation, averaging the percentiles, and finally rank the countries to determine their relative “value for money.”
The results … the Philippines and Pakistan rank the highest in this admittedly simplistic analysis, which must be taken with a grain of salt. There are many factors to be taken into consideration when hiring contractors to your workteams. But, in the meantime, congratulations to providers in these two countries for topping the list! Fans of outsourcing to the Philippines and Pakistan will also be glad to know that they were also the fastest growing countries on oDesk, by hours worked, from 2007-2008.
For more on this article, please click on the following link: Philippines & Pakistan top oDesk’s “value for money” outsourcing rankings: Odesk
Miliband condemns US 'war on terror': Business Recorder
MUMBAI (January 16 2009): British Foreign Secretary David Miliband on Thursday delivered a sharp critique of outgoing US President George W. Bush's foreign policy, declaring the concept of a "war on terror" was "mistaken." Speaking in India at one of the hotels targeted in the militant attacks on Mumbai, Miliband distanced the British government from the Bush administration shortly before Barack Obama takes over the White House.
"For a couple of years now the British government has used neither the idea nor the phrase 'war on terror,'" he said. "The reason is that ultimately the notion is misleading and mistaken. Historians will judge whether it has done more harm than good. But we need to move on to meet the challenges we face." Miliband said that the phrase "war on terror" had successfully "captured the gravity of the threats we face.
"But he said it "gave the impression of a unified, transnational enemy, embodied in the figure of Osama bin Laden and the organisation of al Qaeda," when in fact "terrorism is a deadly tactic, not an institution or an ideology." Echoing themes from an article he wrote in the British daily The Guardian ahead of the speech, Miliband suggested the phrase "war on terror" had actually helped extremists.
For more on this article, please click on the following link: Miliband condemns US 'war on terror': Business Recorder
Remittances up, capital outflow halts: Dawn
By Shahid Iqbal
The State Bank on Tuesday reported an inflow of $673.5 million in December 2008, setting a new record of highest inflow in a month. Last record was of $660.35 million in September 2008.
The inflow of December was 40.5 per cent higher than the inflow during the same month of last year. In December 2007, the country received $479.26 million.
The half year (July-Dec 2008) inflows of remittances were 19 per cent higher than the corresponding period of last year, encouraging the market to improve their trust on strength of the rupee.
‘The inflow of remittances is one of the key reasons for strengthening of rupee-dollar parity which now looks settled around Rs79.80 per dollar after a massive depreciation of rupee by 23 per cent during 2008,’ said Atif Ahmed, a currency dealer. During the last six months, the country received $3.640 billion against $3.066 billion of the six months of the preceding year. The monthly average during this period reached $606.67 million which was 18.7 per cent higher than the average of six months of previous year.
Tuesday, January 13, 2009
Muslims in Britain furious over Israeli attacks: minister: Dawn
By M. Ziauddin
LONDON, Jan 12: The Israeli onslaught in Gaza is having a “profoundly acute and unhealthy” effect on British Muslim communities and “patience is running out”, Justice Minister Shahid Malik, himself of Pakistani origin, has said.He told the Guardian on Monday there was “immense anger” in British Muslim communities over developments in the Middle East.
“There is a real feeling of helplessness, hopelessness and powerlessness among Britain’s Muslims in the context of Gaza and the sense of grievance and injustice is both profoundly acute and obviously profoundly unhealthy.”The comments by Mr Malik, the first Muslim to be made a minister in any British government, were echoed by the Conservative shadow security minister, Pauline Neville-Jones, who said she was concerned at the effect the conflict was having on radicalism in the wider Arab world.
Mr Malik expressed alarm that the vast majority of British Muslims were drawing no distinction between current UK government policy and that held by Tony Blair when he failed to condemn immediately an invasion of Lebanon by Israel in 2006.Describing meetings he had held with Muslim communities in the past few days, Mr Malik said: “I was extremely concerned that many British Muslims had failed to distinguish between the UK’s current response and the response in 2006 during the Lebanon crisis. People have become so disillusioned that they almost appear to have stopped listening to politicians.”
For more on this article, please click on the following link: Muslims in Britain furious over Israeli attacks: minister: Dawn
Pakistan’s Fund Buys Shares to Support Stock Market: Bloomberg
By Khalid Qayum
Jan. 13 (Bloomberg) -- National Investment Trust, Pakistan’s biggest money manager, bought stocks for the first time from a 20 billion rupee ($250 million) fund announced this month to stabilize the market after a 58 percent slump last year.
“We bought shares for the first time today and will continue to buy at good rates and values,” Tariq Iqbal Khan, chairman of the state-owned National Investment, said in a telephone interview from Karachi today.
Pakistan shares fell for 13 consecutive sessions starting Dec. 15 when the stock exchange ended a trading curb that had prevented the benchmark index from falling below its Aug. 27 level of 9,144.93 points. The drop in the benchmark index last year was the first annual decline in seven years.
Pakistan’s benchmark Karachi 100 Index rose 0.3 percent to 6059.09 at the 3:30 p.m. local-time close. The gauge fell 1.7 percent yesterday after a 6.8 percent increase in the previous four sessions after National Investment said it would buy shares.
For more on this article, please click on the following link: Pakistan’s Fund Buys Shares to Support Stock Market: Bloomberg
Germany to set up fertilizer plant in Pakistan: The News
ISLAMABAD: Germany is planning to set up a fertilizer plant in Pakistan and in this regard investors from Germany will soon undertake a visit to Pakistan. A German trade delegation met with the Federal Minister for Industries Mian Manzoor Wattoo here on Monday.
For more on this article, please click on the following link: Germany to set up fertilizer plant in Pakistan: The News
Germany keen to set up wind turbine industry: The News
ISLAMABAD: Germany has shown interest in joining hands with Pakistan in setting up wind turbine industries and negotiations are under way. Islamabad has also asked Berlin to invest in Pakistan’s fertiliser sector in order to meet the requirement of the commodity.Federal Minister for Industries and Production, Mian Manzoor Ahmed Wattoo during a meeting with the members of a German trade delegation, headed by Dr Olaf Berlien, Chairman Thyssen Krupp Technology said here on Monday, “Developing wind turbine technology is the need of our farmers and our rural areas in which the German government was rich and showed interest.”
The government would encourage foreign and local investment in setting up fertiliser plants in the country besides other fields as there was immense potential available for investment due to the government’s policy, he said.Wattoo said agro-based industries were also very beneficial for investment. The government would encourage public-private partnership and joint ventures in setting up agro-based industries.
For more on this article, please click on the following link: Germany keen to set up wind turbine industry: The News
Monday, January 12, 2009
Capitalism Freezes in Worldwide Winter of Discontent: Bloomberg
By James G. Neuger
Jan. 12 (Bloomberg) -- As capitalism staggers through its first globalized economic crisis, the costs won’t be measured only in dollars and cents.
From newly rich Russia to eternally impoverished sub- Saharan Africa, social strains are threatening the established political order, putting some countries’ very survival at risk.
In the past month, Nigerian rebels threatened renewed warfare against foreign oil producers, Russia sent riot police from Moscow to quell an anti-tax protest in Siberia and China’s communist leadership warned of social agitation as the 20th anniversary of the Tiananmen Square massacre looms.
The disillusionment and spillover effects of the global recession “are not only likely to spark existing conflicts in the world and fuel terrorism, but also jeopardize global security in general,” says Louis Michel, 61, the European Union’s development aid commissioner in Brussels.
Somewhere in the wreckage may lurk an unexpected test for U.S. President-elect Barack Obama, 47, one that upstages his international agenda just as Afghanistan’s backwardness and radicalism led to the Sept. 11 attacks that defined the era of George W. Bush only eight months into his term.
Among the possible outcomes: instability in Pakistan, a more aggressive if economically stricken Iran, a collapsing Somalia, civil disorder in copper-dependent Zambia, a strengthened, drug-financed insurgency in Colombia and a more warlike North Korea.
Cascading Into a Crisis
The U.S. housing slump that began in 2007 has cascaded into a worldwide crisis that forced central bankers to cut interest rates to near zero to unlock credit markets, pushed governments to bail out their biggest banks amid a $1 trillion of writedowns, and sent titans like General Motors Corp. and American International Group Inc. begging for bailouts.
The World Bank reckons trade will shrink for the first time in more than 25 years, deepening the economic hole for governments in developing nations, where higher food and fuel prices cost consumers an extra $680 billion last year and pushed as many as 155 million people into poverty.
Nuclear-armed Pakistan, once touted by Bush as the key U.S. ally in the war on terror, sits at the nexus between economic insecurity and extremism.
“Blood and tears” may be Pakistan’s fate, says Thaksin Shinawatra, 59, who as prime minister of Thailand fought rural poverty during a stormy five-year tenure until his ouster by a military coup in 2006. “That’s where I’m worried, and also about political stability, and the terrorist activities are there,” he said in an interview.
IMF Bailout
On Nov. 25, Pakistan clinched a $7.6 billion International Monetary Fund bailout to avert a debt default amid ebbing growth and an inflation rate of 25 percent in November that is ruining the livelihoods of its poor.
For more on this article, please click on the following link: Capitalism Freezes in Worldwide Winter of Discontent: Bloomberg
Pakistan Considers A Solar Power Future: Energy Matters
Currently in the throes of an energy crisis due to a massive reduction in hydro-electric power generation, Pakistan is looking towards solar energy to make up the deficit.On Friday, China offered a partnership for generating and manufacturing solar power equipment in Pakistan to help meet its growing power shortages.
Pakistan’s Inflation Slows After Four Rate Increases: Bloomberg
By Khalid Qayum
Jan. 12 (Bloomberg) -- Pakistan’s inflation eased from near a three-decade high in December after the central bank raised its benchmark interest rate four times in 2008.
Consumer prices in South Asia’s second-largest economy increased 23.34 percent from a year earlier after gaining 24.68 percent in November, the Federal Bureau of Statistics said in Islamabad today. Analysts were expecting a 22.6 percent increase.
Slower inflation may allow the State Bank of Pakistan to refrain from another rate increase in its next policy statement later this month, economists said. The central bank promised the International Monetary Fund as part of a $7.6 billion bailout to raise borrowing costs if foreign reserves drop too low.
“Given our declining inflationary numbers and stable exchange rate outlook, we expect interest rates to decline in coming months,” said Muhammad Imran Khan, an analyst at First Capital Securities Ltd. in Karachi. “An interim cut in the key policy rate between January and July cannot be ruled out.”
Former Governor Shamshad Akhtar on Nov. 12 raised the central bank’s key rate by 2 percentage points to 15 percent, describing the move as “the toughest decision of my life.” The bank pledged to the IMF to increase the rate again if foreign reserves fell below $1.165 billion at the end of December.
For more on this article, please click on the following link: Pakistan’s Inflation Slows After Four Rate Increases: Bloomberg
Sunday, January 11, 2009
Emerging Markets: Stumble or Fall? Economist
Will the global financial crisis halt the rise of emerging economies?
Over the five years to 2007, emerging economies grew by an annual average of more than 7%. But in the past three months their total output may have fallen slightly, according to JPMorgan, as the fall in exports was exacerbated by a sudden drying up in trade finance. For 2008 as a whole, average growth in emerging economies was still above 6%, but recent private-sector forecasts suggest that this could slip to less than 4% this year. That is grim compared with the recent past, though still robust set against an expected 2% decline in the GDP of the G7 countries.
Short-term pain is only to be expected. But some economists argue that emerging markets’ longer-term prospects have been badly hurt by the global financial crisis. From Brazil to China, they claim, the boom was driven largely by exports to American consumers, easy access to cheap capital and high commodity prices. All three props have now collapsed. In particular, as America’s housing bust causes households to save more, they will import less over the coming years. This could reduce emerging economies’ future growth rates.
Positive economic news take KSE to 24-week high: The News
By Salman Siddiqui
KARACHI: The Karachi stock market turned positive this week on the back of investment-friendly news, which helped revive interest and put to an end a long period of depression.The benchmark KSE 100-share index continued its upward momentum throughout the week and crossed 6,000 points. The index rose 6 per cent from the previous week to close at 6,143.81 points, a 24-week high.The free-float market capitalisation-based 30-share index surged 437.39 points or over 8 per cent to 5,778.61 at the end of trading week on Friday.
Volume in the ready market showed a substantial improvement over the week as strong activity was seen in top-tier stocks as well, after thin trading in most of these shares since the lifting of index floor on Dec 15 last year, said Atif Zafar of JS Research.Average daily volume in the ready market was recorded at 173.6 million shares compared to 108.99 million, showing a handsome increase of 59.3 per cent from the previous week.
Market capitalisation rose Rs94 billion to Rs1.936 trillion. Foreign portfolio investors, however, withdrew over $25 million during the week.Energy stocks led the rally with exploration and production (E&P) sector up 14.5 per cent, independent power producers (IPPs) 12.2 per cent and refineries 10.5 per cent. It was driven by value-hunters seeking double-digit dividend yield and renewed government commitment to end the thorny issue of inter-corporate debt, said Muhammad Saqib Sajjad of KASB Securities.
For more on this article, please click on the following link: Positive economic news take KSE to 24-week high: The News
AEDB to help set up 10MW renewable energy plant: The News
ISLAMABAD: An American firm Sheladia would undertake a viability study for generation of up to 10 megawatts (MW) of electricity from solid waste in Karachi under a US-funded project.Funds for the study would be channelled through Alternative Energy Development Board (AEDB), the focal point for promotion of renewable energy resources in the country. An agreement to this effect would be formally inked next week between Sheladia and AEDB.
The firm plans to commence the $325,000 project shortly, which would be concluded in about five months. It has been asked to complete the waste management study, defining the best options for converting it to energy and preparing required tender documents for the power plant. The plant will then be set up under public-private partnership.AEDB Chief Executive Officer Arif Alauddin, speaking after a briefing held in connection with the feasibility study, said all efforts would be made to get it completed on a fast track.
“It is really encouraging to note that an agreement between AEDB and Sheladia would be signed in a week’s time for conducting the study for producing 5-10MW through solid waste, which will not only expand electricity production sources, but would also make modest contribution to reducing the energy deficit facing the country,” said Richard O’Shea, representing the US Consulate General and USTDA.
For more on this article, please click on the following link: AEDB to help set up 10MW renewable energy plant: The News
SBP declared second best central bank: The News
KARACHI: The fourth annual Islamic Finance News Poll results are in after a record breaking 2,491 unique votes were cast by the Islamic finance industry’s leading practitioners and participants.In the financial sphere, 2008 was deemed by many as an annus horribilis with the global markets plummeting following in large to the US mortgage industry, said a statement of the State Bank of Pakistan on Saturday.
The Islamic finance industry also succumbed to market forces but by and large fared better than its conventional counterparts, it noted.What is clear, from the results of the 2008 Islamic Finance news poll, is that the more focused and specialised Islamic financial institutions are favoured to those of the larger global historically conventional institutions with Islamic operations.With 2,491 votes cast, this is the industry’s most comprehensive and definitive survey.
In the Best Overall Islamic Bank category, Kuwait Finance House again ran out easy favourites for the second year running. Malaysia’s CIMB Islamic Bank climbed one place to second this year with Saudi Arabia’s Al Rajhi Banking and Investment Corporation taking third spot. One notable absentee from this category is the two times winner and runner-up in 2007, Dubai Islamic Bank.
As more of the world’s financial centres announce their interest in attracting Islamic finance to their shores one would assume the Best Central Bank in Promoting Islamic Finance category would be more competitive. Not so. For the fourth straight year Bank Negara Malaysia was voted number one with more than double the votes of their nearest rival, the State Bank of Pakistan, which itself leapfrogged the Central Bank of Bahrain into second place this year.
For more on this article, please click on the following link: SBP declared second best central bank: The NewsSaturday, January 10, 2009
Pakistan's foreign reserves rise to $10 bln: Reuters
KARACHI, Jan 9 (Reuters) - Pakistan's foreign exchange reserves rose $340 million to $10 billion in the week that ended on Jan. 3, the central bank said on Friday.
(Reporting by Sahar Ahmed; Editing by Robert Birsel)
For more on this article, click on the following link: Pakistan's foreign reserves rise to $10 bln: Reuters
China, Pakistan Plan Solar Partnership to Face Energy Crisis: Red Green and Blue
In an effort to tackle Pakistan’s growing energy shortage, representatives of the burgeoning Chinese solar industry have offered to cooperate with the country on a high profile partnership to manufacture solar energy equipment.
The offer was made at a press conference to promote the 2010 International Solar Cities Congress, to be held in Shangong province. Speaking at the event, Huang Ming, Vice‑President of the International Solar Energy Society said, “Pakistan and China are like brothers. We are eager to promote our solar energy industry in Pakistan.”
Outlining the proposed plan, Yuan Xiuhe, Deputy Mayor of Dezhou City, detailed a three-point plan intended to move the project forward. The first step, he said, was the readiness of Chinese solar power companies to establish offices in Pakistan. Secondly, he said, China is also ready to send a team of technicians from the prominent Hinin Group to set up the manufacturing of high‑quality cost effective solar energy equipment in Pakistan. Finally, the establishment of joint-ventures between Chinese and domestic companies would cement the partnership and promote a solid future for solar power in the country.
Pakistan's Dec trade gap narrows to $816 mln: Forbes
ISLAMABAD, Jan 10 (Reuters) - Pakistan's trade deficit narrowed to $815.92 million in December from $1.19 billion in December 2007, and fell from the deficit of $1.196 billion in November, the Federal Bureau of Statistics said on Saturday.
The deficit in the six months from July through December, the first half of the 2008/09 fiscal year, widened to $9.55 billion as compared to $8.29 billion in the corresponding period last year, the data showed.
For more on this article, please click on the following link: Pakistan's Dec trade gap narrows to $816 mln: Forbes
Canada seeks manpower from Pakistan: The News
ISLAMABAD: Pakistan and Canada are enjoying friendly relations and share a common of perception on important international issues of mutual interest.This was stated by Federal Minister for Labour and Manpower, Syed Khursheed Ahmad Shah in a meeting with a Canadian Minister for Citizenship, Immigration and Multiculturalism, Jason Kenny who called on him here on Friday.The minister said both countries have the resources, the technological ability, the infrastructure and the manpower to bring about a transformation.
There is a need to give substance to bilateral economic relations to fulfill the hopes and aspirations of our people for prosperity.During the meeting, the Canadian Minister, Jason Kenny said that the purpose of his visit to Pakistan is to explore the possibility of development of more close and cordial relations between both the countries for taking skilled and semi-skilled labour, for the development of agriculture, construction and industrial sectors in some provinces of Canada and discussed with the labour minister to find avenues for employment of different categories of workforce from Pakistan.
For more on this article, please click on the following link: Canada seeks manpower from Pakistan: The News
Export of textile, food items increases: The News
ISLAMABAD: Textile exports during the month of November 2008 witnessed increase of 1.22 percent as compared to exports of October 2008. Textile exports during November were recorded at $838 million as against exports $828 million registered in October 2008, according to data released by Federal Bureau of Statistics. However, as compared to the textile exports of the same month of last financial year, exports during November 2008-09 witnessed decrease of 7.2 percent. Textile exports during November (2007-08) were recorded at $903 million.
As compared to October 2008, the export of raw cotton during the month under review was increased by 23.15 percent however, cotton yarn witnessed decrease of 11.02 percent while export of cotton cloth witnessed decline of 3.57 percent. Export of carded cotton was decreased by 56.03 percent, yarn other than cotton yarn by 23.65 percent, towels by 8.77 percent and madeup articles export declined by 8.30 percent.
For more on this article, please click on the following link: Export of textile, food items increases: The News
350 textile units closed in two years: The News
By Shahid ShahKARACHI: The sun of Pakistan’s textile sector is now setting. After a long battle with regional competitors - one of the largest job providers - the textile sector has closed around 350 factories in two years eliminating hundreds of thousands of jobs.The textile sector contributes more than 60 per cent to the country’s total exports, has a share of 46 per cent in total manufacturing and employs 38 per cent of the total workforce. It has a share of 8.5 per cent in the GDP.The textile ministry has acknowledged closure of 90 big units in 2008 alone. Each company employed a minimum of 1,000 workers. “Hundreds of thousands have lost jobs,” Federal Adviser on Textile Dr Mirza Ikhtiar Baig, told The News.According to the minister, these factories were closed in sub-sectors like hosiery and knitwear, polyester filament, spinning, garments, denim and silk and rayon.Baig said that the higher mark-up rates, energy crises, law and order situation and the global recession were the major reasons behind job cuts from textile sector.
A company cannot sustain itself if the production units are shut 15 days a month due to power outage, he said.The import of readymade garments from China has also affected the local manufacturer. “It started from shoes, pencils and ballpoint pens and now happening with the garments,” Baig said.The record of Pakistan Hosiery Manufacturers Association (PHMA) shows closure of 245 companies from the hosiery and knitwear sub-sector alone in last five years. Of which 99 units were closed in 2008 alone. These units employed 100 to more than a few thousand workers each.The 99 factories that closed down in 2008 seven were in Karachi, 78 in Faisalabad, six in Sialkot, two in Islamabad and one factory was operating in Kasur. Before that up to 2007, another 146 mills had shutdown in Karachi. Most of these mills were knitwear manufacturers.
For more on this article, please click on the following link: 350 textile units closed in two years: The News
Pakistan - 181 percent surge in cotton export: Yarns and Fibers
The country's cotton exports registered a healthy growth of 181 percent during the five months of the current fiscal year mainly due to better quality and low prices, market sources said. They said that exporters are getting export orders of huge quantities on the back of on-time availability of cotton, low prices, slow demand by millers and expected better cotton crop as compared to last year. Following international market rates, cotton prices in the country have also reduced by some 35 percent during last few months and at present average quality cotton prices stand at around Rs 3,100 per maund as compared to Rs 4,200 per maund in August. As per crop assessment committee projection, the country is likely to get a cotton crop of over 12 million bales during current fiscal year as compared to 11.6 million bales in last fiscal year.
Official statistics show that cotton export has increased by 181.32 percent during the July-November period of current fiscal year, exporters said. During July-November of current fiscal year, the country has exported cotton worth $48.943 million as compared to $17.404 million during the same period of 2007-08, depicting an increase of 31.539 million dollars during the first five months of the current fiscal 2008.
For more on this article, please click on the following link: Pakistan - 181 percent surge in cotton export: Yarns and Fibers
Friday, January 9, 2009
Islahuddin honoured: Dawn
KARACHI: Former Olympian Islahuddin Siddiqui has been named a goodwill ambassador and awarded the honorary citizenship of Houston by the Mayor of Houston, Bill White for his services to the sport of hockey.
Speaking to Dawn on Monday, a jetlagged yet elated Islah, who just returned from the US where he also attended the 41st FIH Congress as a member of the FIH World Rules Board, said: ‘I had proceeded to Houston, TX after the Congress moot. The honour was bestowed on me in recognition of my services to the game of hockey. I feel extremely proud to have earned this honour for Pakistan.’
Pakistan achieve best ODI winning ratio during 2008: GEO SUPER
by Ghalib Mehmood Bajwa
Though India topped the One-day Internationals table during the year 2008 with most number of matches (29), Pakistan managed to make their presence felt by achieving the best winning percentage leaving behind all others in this competition.Pakistan, who spent a very wretched year with no Test match appearances, got an 85.71 winning percentage, more than the rest of the ICC member countries. World champions Australia remained runners-up in this race with a 76.47 winning ratio. South Africa and New Zealand both won their matches with identical percentage of 75.00.
Pakistan played three bilateral ODI series and two multinational tournaments during the just-ending year. Overall 26 bilateral ODI rubbers and six multinational events were competed among different countries during 2008.Pakistan won 18 out of the 21 ODI matches played during the last 12 months. The highlight of the season for Pakistan was winning the Kitply Cup by beating arch rivals India in the final. However, Pakistan could not maintain their winning sequence in the six-nation Asia Cup at home. They reached the last-four stage before being beaten by India.
For more on this article, please click on the following link: Pakistan achieve best ODI winning ratio during 2008: GEO SUPER
Mobile Phone Repair Industry of Pakistan: Pakistaniat
Babar Bhatti
The huge influx of imported mobile phones in Pakistan has spawned a whole industry around mobile phone repair work. The trend of mobile repair as a small business in Pakistan has taken off rapidly in the last few years. One reason for this could be the increase in handset prices caused by higher duty on handsets and falling value of Rupee. Most of these ”repair technicians” lack formal training and have most likely picked up mobile repairing skills on the job.
The small mobile repair shops have opened up everywhere. In Lahore, markets like Hafeez centre and Hall road are among the most popular for mobile repair work. There are signs outside these shops which claim that they can repair and unlock phones from anywhere in the world. These shops charge around 300 to 500 Rs to unlock a phone, depending on the model and difficulty involved. These shops are equipped with tools, hardware and Internet access (for access to unlock codes I guess).
For more on this article, please click on the following link: Mobile Phone Repair Industry of Pakistan: Pakistaniat
Monday, January 5, 2009
Iran, Pakistan Agree on New Terms in Gas Deal: Fars News
TEHRAN (FNA)- Tehran and Islamabad have agreed on a revised price formula and a new price review mechanism for Iranian gas that will be piped to Pakistan, a senior Iranian official said.
Hojjatollah Ghanimifard, the Iranian oil minister's special representative to the pipeline talks, said both sides agreed to amend terms because of changes in the energy market since 2006.
He said agreement was reached after two days of talks in Tehran.
"We agreed that the formula should be changed," he told Reuters, adding that the price review formula was also amended.
"One of the changes (to the review formula)... was that a year before the commencement of delivery of the gas we are going to have a price review. Of course, this can be an option that either side can use," said Ghanimifard, who is also a senior official in the state-owned National Iranian Oil Company.
He said the changes have to be approved by the authorities in both countries, after which details would be announced.
This could lead to setting a date for signing a contract, he added.
"Almost five years after the contract is signed we hope that the commencement of gas delivery starts," he said.
India had been part of the $7 billion pipeline project, but stayed away from talks in September saying it wanted guaranteed security of supplies as the pipeline should go through a restive province in Pakistan.
Sunday, January 4, 2009
‘Pakistan’ in Indian state of Bihar: Daily Times
LAHORE: The aftermath of the Mumbai attacks and the tensions ensuing between India and Pakistan have spread anxiety among the people of the region, but the people living in a village named ‘Pakistan’ in Porniya district of the Indian state of Bihar do not want to change the name of their village, BBC reported on Friday. According to BBC, the villagers did not want war between the two countries and wanted to spread the message of peace and brotherhood. ‘Pakistan’ is a village on western Bengal’s borders whose the Muslims had migrated to the then East Pakistan in 1947, and in the memory of those Muslims, the local non-Muslims had named the village ‘Pakistan’.
PAF acquires 12 unmanned aerial vehicles: Daily Times
ISLAMABAD: The Pakistan Aeronautical Complex (PAC) has handed over one dozen Predator-type unmanned aerial vehicles (UAVs) to the Pakistan Air Force (PAF), PAC Chairman Air Marshal Khalid Chaudhry said on Thursday.
He said Pakistan had acquired the capability to manufacture UAVs and had initiated indigenous production.
Pakistan targets 565 bln rupees in T-bill auctions: Reuters
KARACHI, Jan 2 (Reuters) - Pakistan's central bank said it would auction 565 billion rupees ($7.15 billion) worth of three-, six-, and 12-month Treasury bills up to the end of March. The State Bank of Pakistan said there would be six auctions before the end of the first quarter of 2009, with the next one on Jan. 14, with a target of 70 billion rupees and with settlement due the following day. Subsequent auctions will be on Jan. 28 and Feb. 11, with a target of 70 billion rupees and 130 billion rupees respectively, and both with settlement due the day after the auction, the bank said. For more on this article, please click on the following link: Pakistan targets 565 bln rupees in T-bill auctions: Reuters
Citigroup Injects $27.5 Million Into Pakistan Operations: CNN Money
The injection increases the total capital of For more on this article, please click on the following link: Citigroup Injects $27.5 Million Into Pakistan Operations: CNN Money
Friday, January 2, 2009
Pakistan to begin serial production of JF-17 combat jet: Thaindian
Islamabad, Jan 2 (IANS) The Pakistan Aeronautical Complex (PAC) is to soon begin serial production of the JF-17 Thunder multi-role combat jet that has been developed in collaboration with China, a parliamentary panel has been informed.PAC chairperson Air Marshal Khalid Chaudhry told the National Assembly’s Standing Committee on Defence Production during its visit to the complex Thursday that a factory for serial production of the JF-17 had already been established. The factory can produce 50 aircraft annually, Chaudhry added. The committee, headed by Sheikh Aftab Ahmad, was also informed that the PAC has the capability to manufacture 75 percent of the avionics and 58 percent of the airframe of modern fighter aircraft, The News reported Friday. For more on this article, please click on the following link: Pakistan to begin serial production of JF-17 combat jet: Thaindian
Pakistan and Iran ink MoU for 50MW wind farm: Daily Times
KARACHI: One of the highlights of the visit of the Iranian Minister of Energy Engr Parviz Fattah was the witnessing of the signing of a MoU between Planet Energy Pvt Ltd and Sunir Co of Iran for the joint development of a 50MW wind farm in Pakistan. The MoU was signed by Chairman Planet Energy Pvt Ltd, Tariq Sayeed and the Managing Director Sunir Co Reza Ebadzadeh. As per the MoU, both companies would jointly invest in developing this wind farm. This is the significant development in the renewable energy sector, especially wind, where a foreign company has shown willingness to invest in Pakistan in present circumstances.
Pakistan Appoints Raza Central Bank Governor After Akhtar Quits: Bloomberg
By Cherian Thomas and Khaleeq Ahmed Dec. 29 (Bloomberg) -- Pakistan appointed Saleem Raza, a former Citigroup Inc. executive, as governor of the central bank after Shamshad Akhtar said she will step down from the post as the nation grapples with its worst economic crisis in a decade. Prime Minister Yousaf Raza Gilani “expressed confidence that the new governor, who has sound experience in the financial sector and international banking, would work to the best of his abilities to meet the enormous economic challenges,” according to a statement from the Prime Minister’s office in Islamabad. The new leader of the State Bank of Pakistan will have to subdue inflation running at more than 24 percent while economic growth is slowing. The governor will also have to deal with conditions imposed last month by theInternational Monetary Fund when it lent $7.6 billion to buffer the nation’s depleting foreign-exchange reserves. “It’s a pretty challenging situation,” said Sakib Sherani, country economist at Royal Bank of Scotland in Islamabad. “The risk is the new person may not be up to speed with the nuances of monetary policy. Continuity would have been good.” For more on this article, please click on the following link: Pakistan Appoints Raza Central Bank Governor After Akhtar Quits: Bloomberg
Pakistan to get $500 million each from China, WB: The Nation
ISLAMABAD (APP) - Advisor to Prime Minister on Finance and Economic Affairs, Shaukat Tarin said on Wednesday that Pakistan would get an amount of US $ 500 million from China by January 5, 2009 while World Bank would extend a similar amount to Pakistan during the next three months.
Malaysia emerges as biggest FDI investor in Pakistan: APP
ISLAMABAD, Dec 31 (APP): Malaysia tops the list of investors making Foreign Direct Investment (FDI) in Pakistan during first six month of year 2008, according to data released by Ministry of Foreign Affairs. The Foreign Direct Investment during the first five months of current financial year reached US$ 1.8 billion registering an increase of 1.5 percent, export reached to US$ 8.2 billion with a growth of 20 percent and foreign remittance at 2.9 billion registered an impressive increase of 15pc. The May Bank made the biggest investment of US$ 907 million in banking sector followed by Saudi Arabia with an investment of US$ 750 million in steel sector and UAE with an investment of US$ 500 million in power sector. The global economic meltdown has not deterred the foreign investors including Malaysia to invest in Pakistan, as the Pakistan’s economy showed extreme resilience and defied the economic recession with registering growth in FDIs, Export and Foreign Remittance. According to the data, another ASEAN member country Singapore has made an investment of US$ 147 million in banking sector and US$ 30 million in power sector and as such trails far beyond Malaysia. Other countries who are flocking Pakistan for FDI in banking sector are Switzerland with an investment of US$ 200 million, United Kingdom US$ 125 and Saudi Arabia US$ 200 million. The countries making investment in Hypermarkets in Pakistan are Germany with an investment of US$ 100, Holland with an investment of US$ 100 million and France with an investment of US$ 40 million, whereas countries making investment in power sector are UAE with an investment of US$ 500 million, OPEC with an investment of US$ 30 million and Turkey with an investment of US$ 130 million. For more on this article, please click on the following link: Malaysia emerges as biggest FDI investor in Pakistan: APP
Yousuf clinches second spot in ICC ranking: The News
According to ICC ranking, West Indies' middle-order batsman Shivnarine Chanderpaul stood grabbed first position.
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