A friendly game of cricket: Chicago Tribune

In Bolingbrook, Indians and Pakistanis have found a home for their cultures and their favorite sport

By Joel Hood | Chicago Tribune reporter
July 27, 2008

Baseball is still the great American pastime. But in Bolingbrook, legions of immigrants from Pakistan, India and elsewhere are making the internationally beloved sport of cricket the summer game of 2008.

Men and boys in jersey tops and spiked shoes scamper around grass fields. Bats crack and white balls soar against a high blue sky.

Call it a cultural riff on a summer classic.

Each weekend, dozens of players suit up for club matches on fields in southwest suburban Bolingbrook. And on Sunday, thousands of fans are expected for a free exhibition match between assembled teams representing India and Pakistan at Indian Chase Meadows Park. Organizers and village officials are calling the match a landmark event for a community richly flavored by transplants from two historic adversaries.

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Pakistan plans USD 12.4 billion investment in power sector: Steel Guru

Daily Times reported that Pakistan is eying USD 12.4 billion investment in the power sector to generate 13,335MW power by 2016.

Sources said that Pakistan's government is encouraging the private sector to make investment in the power sector and is hoping that the private sector would invest USD 12.4 billion by 2016 on the 51 power projects that are under process by Private Power Infrastructure Board.

According to the power projects under process in PPIB, the focus is being laid on the hydel power generation and as many as 20 hydel power projects would be operational that would generate 4,478MW power by 2016. In the said sector, first project would start generating hydel power of 84MW in the year 2011 and three additional power projects would be added to hydel power generation that would generate 332MW by 2012.

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Finance, telecom help fetch $5.1bn in FDI: Dawn

By Shahid Iqbal


KARACHI, July 26: Increased attraction for financial business, telecommunications and oil and gas exploration collectively pushed foreign direct investment even higher than last year despite continued political uncertainties and poor economic performance.

The State Bank of Pakistan reported that while the telecommunications still maintained its attraction for the FDI, the financial business proved more attractive and invited more foreign investment than the telecom.

Researchers said for the first time financial business attracted more FDI than telecom sector during the last five years.

Telecom was still the second highest attractive sector despite decline in volume of investment in 2007-08 compared to last year.

Total FDI which crossed $5.152 billion compared to $5.139 billion of last year, a growth of 0.3 per cent, surprised many analysts and economists, painting a bleak picture for the economy.

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UAE-Pakistan trade touches $7b: Gulf News

By Himendra Mohan Kumar, Staff Reporter
Published: July 24, 2008, 23:37

Abu Dhabi: The size of Pakistan-UAE bilateral trade touched $7 billion in the last fiscal year ended June 30 with the balance of trade in favour of the UAE, Pakistan's outgoing ambassador to the UAE Ahsan Ullah Khan said.

"Pakistan's exports to the UAE during 2007-2008 were valued at $1.8 billion as compared with $1.3 billion the previous year," he said. "Pakistan's imports from the UAE for the same period rose to $5.2 billion from $3.4 billion," he added.

Khan, however, said, "The foreign direct investment from the UAE in Pakistan in the last fiscal fell to $800 million from $1.4 billion the previous year."

He further informed that annual remittances to Pakistan from the UAE through official banking channels by non-resident Pakistanis rose to $1.2 billion from $860 million the year earlier.

For more on this article, please click on the following link: UAE-Pakistan trade touches $7b: Gulf News

Japan offers to install 500MW power plants: The News

Thursday, July 24, 2008
By Israr Khan

ISLAMABAD: Japanese government on Wednesday offered Pakistan installation of two 500-megawatt power plants and showed interest in increasing investment in the automobile industry, while Islamabad assured Tokyo of establishment of Special Economic Zone (SEZ) for Japanese investors on priority basis, which would be equipped with basic infrastructure.

Federal Minister for Finance, Privatisation & Investment Syed Naveed Qamar assured this in a meeting with a visiting 15-member Pak-Japan Business Forum delegation led by Makoto Kakebayashi held here on Wednesday.

Qamar said in order to curtail the smuggling of diesel to the neighboring countries, the subsidies on certain petroleum products would be reduced gradually.

Pakistani workers remittances have gone up to $6.5 billion as compared to the previous year's figure of $5.5 billion, he informed. The minister also directed the Board of Investment (BOI) to work together with the Pak-Japan Business Forum in knuckling down to study to find out the impediments being faced by the investors in general and the Japanese investors, in particular. A workable report should also be prepared in the light of this study suggesting remedial measures to remove all sort of hindrances and bottlenecks and all-out efforts should be made to encourage the Japanese business sector to enhance operations and investment in the country, he added.

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Barclays Bank commences operation in Pakistan: Daily Times

By Arshad Hussain

KARACHI: Barclays Bank Plc., a prominent bank of the United Kingdom, has become a scheduled bank in Pakistan from July 23 by opening its four branches, said Shazi Ashraf, head of corporate affairs of the Bank.

"The Bank has commenced its two-branches in Karachi, one in Lahore and one in Islamabad from Wednesday (July 23) and the people are joining bank by opening their accounts," she said. "These branches are absolutely new and we have hired staff in every section of the bank," she said. Ms Shazi said, "the bank is neither interested to acquire any Pakistani bank till now nor it is negotiating for any merger."

Barclays Bank Plc entered into Pakistan with an initial investment of $100 million aiming to open ten branches throughout the country. It has commenced four branches in Pakistan while other six branches would be started by the end of this year.

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Pakistan 2008-09 rice crop seen over 6 million tonnes: Khaleej Times

ISLAMABAD - Pakistan's rice output should rise at least 10 per cent to over 6 million tonnes in the 2008-09 fiscal year on a larger planted area, officials and growers said yesterday, and exports could top 4 million tonnes.

A large rice harvest would add to the picture of growing supplies that has seen Asian benchmark prices come off 30 per cent from a record high reached in March.

Pakistan, the world fifth-largest rice exporter, produced 5.5 million tonnes of rice in the year to June and exported 3.33 million tonnes.

Fresh grain will start flowing to the market in late August, according to rice traders.

"There is nearly a 10 per cent increase in the cultivation area and the production is likely between 6.2-6.4 million tonnes," said Ibrahim Mughal, chairman of the Agri-Forum, a farmers' association.

For more on this article, please click on the following link: Pakistan 2008-09 rice crop seen over 6 million tonnes: Khaleej Times

Maybank may raise stake in MCB in August: Daily Times

KUALA LUMPUR: Malaysia's Maybank is set to buy another 5 percent of Pakistan's MCB Bank as early as next month, in a deal estimated at $218 million, sources familiar with the matter said Thursday.

Malayan Banking Bhd, Malaysia's leading lender, bought a 15 percent stake in MCB Bank, Pakistan's top lender, for $680 million in May.

That deal included a clause whereby Maybank was obliged to buy up to another 5 percent of MCB Bank shares within one year of the first transaction.

The price for this stake was then agreed at Rs 490 per share, plus holding cost, with the total price not exceeding Rs 510 per share.

"The deal is very much on, the talks have started, and if all goes well, it should materialise sometime in August," said a source close to the transaction.

A spokesman at Maybank declined comment. A spokesman at MCB Bank said any stake purchase by Maybank would be in line with the previous agreement, but he did not give a time frame for the new purchase.

Shares in MCB Bank were up 5 percent at Rs 256.3.

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Pakistan's Stocks Rise After 20 Billion Rupee Fund Is Activated: Bloomberg

By Farhan Sharif

July 25 (Bloomberg) -- Pakistan stocks rose to a two-week high, with the index among only two Asian winners, after the bourse activated a 20 billion rupee ($282 million) government- backed support fund to halt this year's 21 percent slide.

The Karachi Stock Exchange 100 index rose 123.94, or 1.1 percent, to 11,280.62 at 10:14 a.m. local time, the highest since July 11. MCB Bank Ltd., the nation's biggest lender by market value, was among at least seven of the 100 companies on index that rose by the maximum 5 percent.

The index has risen 7.5 percent since July 22, when Finance Minister Syed Naveed Qamar visited the exchange to announce government backing for the fund to start operating. He spoke after a 15-day slump triggered violent protests last week.

``The initiation of the fund as announced by the minister added to investors' confidence,'' said Farhan Rizvi, an economist at JS Global Capital Ltd. in Karachi. ``The sentiment has supported the market to rise further, but it might see some correction in the later hours of the day due to the fast recovery in the last few days.''

Pakistan and the Sri Lanka Stock Market Colombo All-Share Index were the only measures to gain so far today. The MSCI Asia Pacific Index lost 2.2 percent to 133.79, the most since June 12 and extending its decline this year to 15 percent.

The fund formed by a group of institutions including government agencies will eventually be increased to 50 billion rupees, according to earlier statements by the exchange. Initially, it will be run by the state-owned National Investment Trust but later it will be turned into an ``open-end fund,'' said Nasim Beg, who manages the equivalent of $300 million in stocks and bonds as chief executive officer at Arif Habib Investment Management Ltd. in Karachi.

`Technically Active'

``The fund is technically active from today but will only start buying if the market falls 20 percent within 30 days,'' Beg said.

For more on this article, please click on the following link: Pakistan's Stocks Rise After 20 Billion Rupee Fund Is Activated: Bloomberg

Pakistan troops rescue climbers: BBC

Nanga Parbat is one of the most dangerous mountains in the world

Pakistan's army has rescued two Italian mountaineers stranded for 10 days on Nanga Parbat - one of the highest and deadliest Himalayan peaks.

Climbers Simon Kehrer and Walter Nones got into difficulties on 15 July when fellow climber Karl Unterkircher fell into a crevasse and died.

The two were stuck at about 6,600m (21,600 feet) above sea level.

Nanga Parbat is sometimes called the "Killer Mountain" because of the problems it poses climbers.

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Champions Trophy 2008: Pakistan confirmed as hosts: Cricinfo

Cricinfo staff

July 24, 2008

he ICC board has decided to go ahead with staging the Champions Trophy in Pakistan, as originally planned, ending months of speculation over the venue in light of security concerns. Cricinfo has learnt that a majority of the governing body's executive board, which conducted a teleconference on Thursday to decide on the issue, felt any shift would "set a precedent" and be "a tremendous blow to the region, especially ahead of the 2011 World Cup", to be jointly organised by the four Asian boards.

However, while seven of the ICC board's ten Full Members, spearheaded by India, expressed their overwhelming support for Pakistan, it is believed that at least three - England, Australia and New Zealand - have informed the governing body that their players "don't want to" play in Pakistan due to the prevailing security climate there".

The ICC's chief executive, Haroon Lorgat, later told reporters in Colombo that no player opting to pull out would be penalised, nor would their respective boards.

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US to shift aid to Pakistan fighter jet upgrade: ABC

By Washington correspondent Kim Landers

The United States has confirmed it is shifting hundreds of millions of dollars in aid to Pakistan from counter-terrorism programs to upgrading the country's F-16 fighter jets.

The Bush Administration says the F-16s are used in counter-terrorism operations and it is rejecting criticism that Pakistan wants the planes to be upgraded as part of its military rivalry with neighbouring India.

State Department spokesman Gonzalo Gallegos says the upgrade will enhance the US-made fighter jets' ability to strike insurgents accurately.

For more on this article, please click on the following link: US to shift aid to Pakistan fighter jet upgrade: ABC