International

Pak beat BD in WC warm up match

MD vows to regain PIA lost glory See Page 8

Late Holbrooke’s successor struck See Page 8

*Crude Oil (brent)$/bbl 102.64

*Crude Oil (WTI)$/bbl 85.22

*Cotton $/lb 188.00

*Gold $/ozs 1,373.10

*Silver $/ozs 30.82

Malaysian Palm $ 1,288

GOLD (NCEL) PKR 37,567

KHI Cotton 40Kg PKR 12,325

Yearly(Jul, 2010 up to 14-Feb-2011)

Monthly(Feb, 2010 up to-14-Feb-2011)

Daily (14-Feb-2011)

Total Portfolio Invest (5 Jan-2011)

197.95

-2.80

0.68

3093

-0.38

0.67

3.12

-2.27

0.59

-2.66

0.94

SCRA(U.S $ in million)

Portfolio Investment

FIPI (15-Feb-2011)

Local Companies (15-Feb-2011)

Banks / DFI (15-Feb-2011)

Mutual Funds (15-Feb-2011)

NBFC (15-Feb-2011)

Local Investors (15-Feb-2011)

Other Organization (15-Feb-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (5-Feb-11)

Inflation CPI% (Jul 10-Jan 11)

Exports (Jul 10-Jan 10)

Imports (Jul 10-Jan 10)

Trade Balance (Jul 10-Jan 10)

Current A/C (Jul 10- Dec 10)

Remittances (Jul 10 - Jan 11)

Foreign Invest (Jul 10-Dec 10)

Revenue (Jul 10 Jan 11)

Foreign Debt (Sep 10)

Domestic Debt (Dec 10)

Repatriated Profit (Jul- Dec 10)

LSM Growth (Nov 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.31bn

14.55%

$13.23bn

$22.55bn

$(9.32)bn

$26mn

$6.12bn

$1.05bn

Rs 765bn

$58.41bn

Rs 5497.4bn

$323.6mn

-4.69%

4.10%

$1,051

175.18mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

16.75

2.00

1.70

11.05

PKR/Shares

110.50

142.37

42.50

36.12

37.55

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

09-Feb-2011

09-Feb-2011

09-Feb-2011

29-Nov-2010

15-Feb-2011

15-Feb-2011

15-Feb-2011

15-Feb-2011

15-Feb-2011

15-Feb-2011

15-Feb-2011

15-Feb-2011

15-Feb-2011

15-Feb-2011

15-Feb-2011

13.53%

13.69%

13.86%

14.00%

13.28%

13.62%

13.76%

14.14%

14.26%

14.21%

14.25%

14.25%

14.62%

14.79%

14.98%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.00 86.00

Canadian $ 85.90 86.90

Danish Krone 15.40 15.80

Euro 115.00 116.50

Hong Kong $ 10.90 11.30

Japanese Yen 1.006 1.031

Saudi Riyal 22.73 22.98

Singapore $ 66.11 67.10

Swedish Korona 13.10 13.50

Swiss Franc 88.00 89.00

U.A.E Dirham 23.23 23.53

UK Pound 136.50 138.00

US $ 85.50 85.80

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.31 85.51

Canadian $ 85.98 86.19

Danish Krone 15.39 15.42

Euro 114.72 114.99

Hong Kong $ 10.90 10.92

Japanese Yen 1.019 1.021

Saudi Riyal 22.64 22.69

Singapore $ 66.33 66.48

Swedish Korona 13.10 13.13

Swiss Franc 87.63 87.84

U.A.E Dirham 23.11 23.17

UK Pound 136.33 136.65

US $ 85.00 85.18

Inter-Bank Currency Rates

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WASHINGTON: President Barack Obama makes a statement about US budget

during a news conference on the White House complex in Washington. -Reuters

WASHINGTON: USPresident Barack Obama's2012 budget proposes $3.1 bil-lion financial assistance toPakistan as part of $5.3 billion"in core assistance and diplo-matic support to Iraq,Afghanistan, and Pakistan."

Under the Kerry-Lugar-Berman initiative, the USspends money on a variety ofprograms including develop-ment of democracy and wide-ranging infrastructure projectsto assist Pakistan's economicprogress.

Of this $1.9 billion in assis-tance to Pakistan is earmarkedto "promote a secure, stable,democratic and prosperousPakistan with a focus on ener-gy, economic growth, agricul-ture, the delivery of health andeducation services, andstrengthening the governmentof Pakistan's capacity to governeffectively and accountably."

Another $45 million is pro-posed for "operations to sup-port infrastructure for main-taining US government civilianand diplomatic presence and tosupport educational and cultur-

al exchange programs to buildbridges with civil society".

Pakistan gets $1.2 billionmore for "helping eliminateviolent extremist elements and

See # 1 Page 7

Pakistan to getover $3 billion

LPG goesdown byRs10/kilo

ISLAMABAD: In pursuanceof directives from Ogra, LPGmarketing companies haveannounced to curtail the pricesof LPG by Rs10 per kilogram.

Owing to this decision theprice of domestic cylinder hasbeen reduced by Rs110 andcommercial cylinder by Rs440.The new prices will take effectimmediately.

Chairman LPG DistributorsAssociation Pakistan and LPGzonal standing committee,Muhammad Irfan Khokhar had

See # 8 Page 7

Eid Milad tobe observed

todayISLAMABAD: Eid Milad-un-Nabi would be observed allover the country with religiousfervor and respect onWednesday (today).

As per details, Milad-un-Nabi processions would beheld in all big and small citiesof the country including townsand villages, in this connectiongovernment has announcedWednesday as a public holiday.

Milad-un-Nabi processionswould be held in different citiesincluding Islamabad,Rawalpindi, Sialkot, Karachi,Quetta, Lahore, Faisalabad,Peshawar, Mardan, Swabi, and

See # 6 Page 7

ISLAMABAD: Islamabad hasasked Kabul for furnishing abank guarantee underAfghanistan Pakistan TransitTrade Agreement (APTTA) forits exports to Afghanistan.

"During the AfghanistanPakistan Transit TradeCoordination Authority(APTTCA) meetings, Pakistanhas asked for a bank guaranteeencashment on custom dutiesto the satisfaction of FederalBoard of Revenue (FBR) andthe guarantee should be accept-able to any bank in Pakistan",Secretary Commerce ZafarMehmood told a press confer-ence here this afternoon.

He said that Pakistan hasconcerns regarding APTTAincluding bank guarantee to be

given by the AfghanGovernment on the Pakistaniimports to Afghanistan.

"We want that theAfghanistan's bank guaranteeshould be acceptable andencashed in a Pakistani bank",he remarked.

Secretary Commerce saidthat Afghanistan PakistanTransit Trade Agreement hasbeen signed by the two coun-tries in Kabul for promotion ofbilateral trade between them.

Zafar Mehmood said thatAPTTA provides opportunitiesfor our exports to penetrate ineven Moscow (Russia) throughAfghanistan and in this regard17 routes have been identifiedfor the market access to

See # 11 Page 7

Afghan tradingvia bank urged

ISLAMABAD: SupremeCourt of Pakistan Tuesday,while hearing Hajj scandalcase, directed the authoritiesconcerned to abandon the con-tract of 15 ad hoc officersincluding DG FIA, IG Sindhand others, media reported.

The special bench of the SCheaded by Chief JusticeIftikhar Muhammad Chaudhrywas hearing the case.

The CJP in his remarkslashed out at the government,saying that government hasstarted confrontation with thejudiciary, adding the later isnot complying court orders inletter and spirit.

Supreme Court ordered thegovernment to take back thenotification of the appointmentof Wasim Ahmed as FederalInvestigation Agency DirectorGeneral, besides other contractofficers.

Hearing the Hajj corruptioncase, SC has given a deadlineof Thursday to the governmentto revert the notification, say-ing if the government does nottake the notification back thecourt will pass orders for itsnullification.

The government's lawyerAbdul Hafeez Pirzada askedthe court not to mix Hajj scamcase with the case of contractofficers.

The chief justice said Hajjscam probe was not progress-ing due to contract officers, sothat both cases could not beseparated.

Chief Justice said that thegovernment tended to be inconflict with the judiciary.

Justice Khalil-ur RehmanRamday said in his remark thatgovernment should bring aconstitutional amendment that

See # 9 Page 7

Apex court ruesgovt unruliness

LONDON: Former presidentPervez Musharraf has defendedhimself on social networkingsite 'Facebook' against an arrestwarrant issued by an Islamabadcourt over his alleged involve-ment in the assassination ofBenazir Bhutto.

Last Saturday, Court hadordered the former militaryruler to appear for a hearing onFebruary 19 in the Benazirassassination case.

"The fact that one is witness-ing opposition trying to buildpressure upon myself and other

APML members to show thatthey are afraid of us and ournational movement," The NewYork Post quoted Musharraf, aswriting on his Facebook pro-file.

"Time to stand up againstdeception and injustice that hasconstantly eaten away at ournational unity; Pakistan First!PM," Musharraf added.

His post received more than571 "likes" and was floodedwith messages of support.

One woman wrote, "The See # 10 Page 7

Musharraf urgespeople to stand up

Former president condemns arrest warrant

MOL hits gasat Tal block

Ahmed Siddique

KARACHI: Hungarian oil andgas firm MOL has made a minordiscovery of gas from its TolanjX-1 at Tal block. Tolanj X-wellwas spudded on June 21, 2010.The block is situated Khyber-Pakhtunkhwa.

In the Lumshiwal Formation,upper 48 meters of the drilledsection produced around 16.3standard cubic feet a day of gas(mmscfd) during Barefoot DST

See # 4 Page 7

ISLAMABAD: Capital-starvedgovernment has seen a ray ofhope as International MonetaryFund (IMF) has agreed to sendan economy review mission toDubai by the end of this month.

According to well-placed offi-cials in Finance Ministry, theIMF mission would meet thegovernment's economy team inDubai in last dates of Februaryin a bid to gauge Pakistan'spotential of getting back ongrowth track leaving controver-sial Reform General Sales Tax(RGST) as pending with theParliament.

Senior officials of the FinanceMinistry described it as a break-through after the IMF had prac-tically stalled the Stand-By

Agreement (SBA) conditioningrelease of further tranches with,inter alia, implementation ofRGST.

The IMF high-ups who visitedPakistan early this month todecide whether or not to send aneconomy review mission hadgiven negative indications.

There were reports that theFund would not send a reviewmission unless the governmentfulfills its commitments underthe SBA.

"They (the IMF high-ups)were extremely disappointedwith the government's progresson key issues but they have val-ued the PPP-PML (N) joint ven-ture to address national issues

See # 2 Page 7

Silver lining seenin talks with IMF

KUWAIT: Prime MinisterSyed Yousuf Raza GilaniTuesday urged the two Kuwaitifinancial giants to helpPakistan overcome its' energyshortage and development ofinfrastructure through invest-ments in Thar Coal and build-ing of Gwadar Port's facilities.

"We have one of the world'slargest coal reserves-175 billiontons in Thar. The KuwaitInvestment Authority (KIA)should consider investing in min-ing of that coal and generation ofelectricity with it," he stressed.

Prime Minister pleaded thisduring his separate meetings

with Acting Director GeneralKuwait Fund for ArabEconomic Development(KFAED) Hesham Ibrahim Al-Waqayan and Acting ManagingDirector KIA Othman IbrahimAl-Isa here on the second dayof his two-day official visit tothe oil-rich Arab state.

Gilani who met the Amir ofKuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah,also held wide-ranging talkswith his Kuwaiti counterpartSheikh Nasser Al-MohammadAl-Ahmed Al-Jaber Al-Sabahon Monday to bolster bilateral

See # 3 Page 7

Kuwaiti cos wooedfor Pak energy, coal

ISLAMABAD: Federal Boardof Revenue and SecurityExchange Commission ofPakistan (SECP) have agreedto work closely to exchangedata for broadening the taxbase, says a press releaseissued Tuesday.The agreement to create aninterface of data between thetwo organisations wasachieved at a recent meeting

attended by Member InlandRevenue Service (IRS) FBR,Khawar Khursheed Butt andSECP Chairman MuhammadAli Ghulam Muhammad.The two sides agreed to workout modalities for sharing ofdata within the legal frame-work. A Memorandum ofUnderstanding (MoU) betweenFBR and SECP will also be

See # 5 Page 7

FBR, SECP to share dataOut of 58k entities only 19331 filed returns

Pak cabinetreshufflingdelayed talkwith Isb: US

ISLAMABAD: The actingspokesperson of US EmbassyCourtney Beale has said that thethree-party meeting between theUS, Pakistan and Afghanistanwas postponed due to cabinetreshuffle in Islamabad.

Talking to media, she said thatUS ambassador several timestalked to former foreign ministerShah Mehmood Qureshi on theissue of Raymond Davis.

However, she said, the case ofShah Mehmood Qureshi is aninternal matter of Pakistan andthe US will not get involved init.

The acting spokesperson saidthe press conference of the headof Lahore police before the courtverdict on Raymond Davis wasunnecessary.

She said they have not soughtinternet and other facilities forRaymond Davis in the prisonand there is no pressure onPakistani government.

She said relations betweenPakistan and US are very impor-tant for the security of theregion. -APP

Davis tobe tried inUS: Kerry

ISLAMABAD: US SenatorJohn Kerry Tuesday whiletalking to journalists hereTuesday said Raymond Daviswould be tried in USA andevery efforts would be done toclear up this issue.Senator Kerry said that USrespects Pakistani courts andwould wait for the verdict to comeout but said that Davis was USconsulate employee snad heenjoys diplomatic immunity andPakistan as a signatory of ViennaConvention should respect thatlaw.Earlier, Sen Kerry telephonedformer foreign ministerQureshi and discussed withhim the thorny issue ofRaymond Davis. Qureshi toldOnline that Senator called himand reiterated his stance thatRaymond Davis enjoys diplo-matic immunity and that heshould be released from deten-tion while expressed the desireto meet him when he comes toPakistan.

He told Kerry that if Davis isUS diplomat then proof mustbe provided to the respected

See # 7 Page 7

l $1.9bn for energy, agriculture growth l $1.2bn for counterinsurgencyoperations l $45mn for edu, cultural exchange programs

Supreme Court orders removal of DG FIA

US Upcoming Budget for 2012

Fund agree to meet Pak delegation for next tranche

Karachi, Wednesday, February 16, 2011, Rabi-ul-Awwal 12, Price Rs12 Pages 8

Malik thanks Indiafor releasing Rahat

See on Page 8

Holiday Notice

The offices of The Financial

Daily will remain closed

today on account of Eid-e-

Milad-e-Nabi (PBUH).

Therefore 'The Financial

Daily' will not be published

on Thursday, Feb 17, 2001.

US says will provide evidence in court

Obama tells Pak to respectimmunity, release Davis

WASHINGTON: US President Barack Obama said on TuesdayPakistan must respect the diplomatic immunity of US consulateemployee Raymond Davis, who is jailed there for shooting twoPakistanis in what he says was self-defence. Obama saidWashington was working with Islamabad to secure Davis'release.

The US government has said that it will provide evidence in aPakistani court that US national Raymond Davis is entitled todiplomatic immunity, television reports said.

US State Department spokesman Philip J Crowley on Mondaytold reporters that the US government would file a petition forDavis' release in a court on Thursday and provide evidenceregarding Davis' diplomatic immunity.

Gilani meets financial giants

Pak-Afghan trade delayed till summer

2 Wednesday, February 16, 2011

ISLAMABAD: MirIsrarullah Zehri, Federalminister for Food andAgriculture, has pledged towork for the bettermentand promotion of agricul-ture sector and added thatthe sector is cruciallyimportant as overwhelmingmajority of the countrydepends on this sector for alivelihood.

He said that agricultureto be promoted for thegood of people andPakistan. He said it at abriefing, given bySecretary Minfa, JunaidIqbal on the working of theministry. He said thatvisionary plans needed tobe prepared and executedto avoid shortages andsecure all time self-suffi-ciency in food items.

"More than 70 per centof our people are relatedto the Agriculture sectorof Pakistan, which needsour coordinated efforts forfurther promotion. Wemust ensure an all-timeself sufficiency in the

agricultural produces tofulfill our domesticrequirements and exportthe surpluses and earn for-eign exchange for thenation. Visionary plansmust be prepared andimplemented for theprogress of agriculture inthe country. My being apractical farmer and work-ing experience as provin-cial Agriculture ministerof Baluchistan would helpme to perform my dutiesas federal Agricultureminister in a better way",said the minister.

Zehri added that theagriculture sector ofPakistan has huge potentialand senior officials andtechnical wings of the min-istry must put in their bestfor the welfare of the farm-ing community that plays acrucial role in the nationaleconomy.

"I prefer to work in anopen and friendly environ-ment where everybodyfeels to chip in his/her con-tribution without any hesi-

tation. We must worktogether with open mindstowards promotion ofAgriculture and gettingmaximum output", addedthe minister.

The minister was briefedon the working of the min-istry and its different wingsand departments. The min-ister, however, asked to bebriefed on the flood affect-ed areas and the work donefor the recovery of thoseareas. He also said to bebriefed on all the depart-ments of the ministry oneby one so that he getsdetailed understanding oftheir working.

Additional SecretariesShafqat Hussain Naghmiand Tariq Shafi Chak, JointSecretaries Noor Zaman,Ms Yasmin Masood andSahibzada Faizi, M.DPODB Ghulam IdreesKhan, Chairman PARC Dr.M. Afzal, D.G WaterManagement Tahir Anwarand other senior officialsof the ministry attended thebriefing.- NNI

Zehri pledges toimprove agri sector

ISLAMABAD: PresidentAsif Ali Zardari and PrimeMinister Syed Yousaf RazaGilani underlining thatIslam fully rejects terror-ism and extremism saidthat those who invoke reli-gion to justify their heinousand reprehensible acts ofterrorism have nothing todo with Muslims andIslam.

President Asif Ali Zardariand Prime Minister YousafRaza Gilani expressedthese views during theirseparate messages on 12thRabi ul Awwal - Eid Miladun Nabi- 1432 A.H/2011falling today.

The President in his mes-sage said I greet every oneparticularly the Muslimson the auspicious birth dayof the Holy Prophet (peacebe upon him) today.

The Prophet (peace beupon him) is a source ofblessing for the entirehumanity and his messageof love, tolerance and com-passion is also for theentire humanity and canneither be compartmental-ized nor restricted, he said.

The need for imbibing thetrue message of toleranceand understanding preachedand practiced by the HolyProphet (peace be uponhim) has never been as greatas it is today, he said.

As the benefactor ofentire mankind his teach-ings cannot be monopo-lized by any one to theexclusion of others nor can

any one put exclusiveinterpretations on it.

The Prophet Muhammad(peace be upon him) wassent by Allah to the entiremankind and that was whyhomage is paid to himeverywhere and at all times.

On this occasion, I urgethe people to imbibe theteachings of the HolyProphet (peace be uponhim) of peace, love andcompassion as the guidingprinciples of their lives andpray to Allah.

On the other hand, PMGilani said the blessed lifeof the Holy Prophet (peacebe upon him) is a witnessto the fact that he isparagon of mercy and loveand he is the one who intro-duced humanity to a faithwhich is a complete codeof life till the Day ofJudgment. The entire lifeof the Holy Prophet (peacebe upon him) is the beaconof guidance and he is nodoubt a living representa-tion of the Holy Quran andIslam, PM stressed.

The literal meaning ofword 'Islam' is peace andsecurity. Humanity is thecentre of Islamic teachingsand Islam can rightly becredited with being a guar-antor of man's welfare inthis world and hereafter.

PM said among theissues being faced by theMuslims around the globe,terrorism and extremismfigure prominently. If theseissues are analyzed in the

light of 'seera' of the HolyProphet (peace be uponhim), it becomes clear thatterrorism and extremismhave nothing to do with theteachings given by theHoly Prophet (peace beupon him). Rather thesemisguided individuals areviolative of what Islamstands for and espouses. Apeaceful religion such asIslam fully rejects terror-ism and extremism. Theentire life of the HolyProphet (peace be uponhim) bears testimony to thefact that Islam guaranteesshelter and protection forthe entire humanity. TheHoly Prophet (peace beupon him) chronicled anew chapter of reconcilia-tion by forgiving his worstenemies in an age whichwas known for revenge andvendetta. He even went tothe extent of praying forguidance of his enemies.Therefore, it is not possiblethat a true follower of theHoly Prophet (peace beupon him) resorts to killingand bloodshed in the nameof religion.

It is a matter of immensesatisfaction that the entireIslamic world has con-demned terrorism collec-tively and reminded thecivilized world that thosewho invoke religion to jus-tify their heinous and rep-rehensible acts of terrorismhave nothing to do with theMuslims and Islam, PMsaid.-Online

Islam &terrorism

are antonyms:President, PM

K A R A C H I :E n v i r o n m e n t a lManagement Consultants(EMC) in collaborationwith Korangi Association ofTrade and Industry (KATI)is holding a consultativemeeting to get feedback ofparticipants on Karachitransportation improvementproject (KTIP) tomorrow.

With the joint efforts offederal government, SindhGovernment, City Districtgovernment Karachi andJapan international Co-operation Agency (JICA),an agreement was signedon October 7, 2009 to

undertake study on KTIP.Accordingly, the study waskicked off on April 5, 2010.

The first phase of thestudy would be completedby June 2011 and transportmaster plan with 2030vision would be ready.

Under the second phasefeasibility study report ofselected priority corridorsidentified in the study planand will be made availableby April 2012.The trans-port master plan would besupplemented and com-pleted with order partialstudies and survey includ-ing socio economic and

environmental impactassessment studies alongthe selected/identified pub-lic transport corridor.

JICA has assigned thestudy on socio environ-ment to EMC. The studystarted recently and wouldbe completed within twoand a half months.

The major tasks to beachieved in the study wouldinclude community consul-tation with all concernedstakeholders with view todevelop an effective planand implement transporta-tion corridor smoothly withconsensus.- NNI

EMC, KATIconsultative meetingon KTIP tomorrow

ISLAMABAD: DrFehmida Mirza, SpeakerNational Assembly hassaid that Prophet HazratMuhammad (PBUH) isemblem of tranquility, jus-tice, modesty, peace, loveand brotherhood. She saidthat Ummah should seeksalvage from the difficul-ties by following and prac-ticing the teachings of theHoly Prophet.

She expressed theseviews in her message onthe eve of "EidMilladunnabi. The Speakersaid that the Holy Prophet(PBUH) was a torch bearer

and blessing for the entireuniverse.

She said that it was thestrength of the HolyProphet's character andpreaching through selfexample and charms ofpersonality that molded thehearts and minds of thepeople and compelled theenemies to embrace Islam.

"Holy Prophet articulateda comprehensive code ofconduct for interpersonalrelations and formulating ahealthy society through hispersonal conduct" theSpeaker said.

She said the Prophet

(PBUH) revolutionized theworld in a shortest time andchanged every aspects ofpeople life through his per-sonal example and deeds.She stressed upon theUmmah to follow theSunnah of the HolyProphet (PBUH) whichprovided the guidance inevery sphere of life. Shesaid that Muslim Ummahwas confronting the chal-lenges of sectarianism andterrorism and added thatbest solution to all thoseproblems lied in followingthe teaching of HolyProphet (PBUH).- NNI

Fehmida for followingteachings of Prophet

Staff Reporter

KARACHI: The OverseasInvestors Chamber ofCommerce and Industry(OICCI) invited corporatelegend and philanthropist,Syed Babar Ali, to speakon the "The Role ofCorporate Citizens asPhilanthropists" at theOICCI office in Karachi.The meeting was attendedby representatives ofOICCI member companiesfrom a diverse range ofbusiness sectors.

Syed Babar Ali, thefounder of the LahoreUniversity of ManagementSciences (LUMS) empha-sized the pressing need andvital importance of devel-oping a culture of corporatevolunteerism. He observedthat, while many compa-nies including severalOICCI members, areactive in corporate philan-thropy this must be supple-mented by corporate exec-utives giving their time ascorporate volunteers toworthy causes, and espe-cially to education. Henoted that education has

never been a priority withany government inPakistan and it was up toeveryone who can help out,to come forward and makea contribution to spreadingeducation in the country,especially to the less privi-leged children. In thisregard he stated that, whilefunds are always needed atthe individual level, every-one should try and con-tribute in terms of time.

Talking about theNational OutreachProgramme (NOP) atLUMS, Syed Babar Alitold the participants howthis programme was startedand how it has expanded tocover all costs of educationfor talented students fromless privileged back-grounds. Supported also bya number of OICCI mem-ber companies, the NOPmeets all cost of studentsselected through a compet-itive, merit-based process,including their tuition fee,accommodation charges,meals expenses and cost ofbooks, and even provides anominal stipend for otherpersonal expenses.

Corporatethinking mustincrease: Babar

Visa cardholders security

improved KARACHI: Visa Inc.(NYSE: V) recentlyannounced significantimprovements to its securitycapabilities which will dra-matically improve its abilityto detect and prevent globalelectronic payments fraud.Upgrades to Visa's globalprocessing platform -VisaNet - have allowed Visato develop new fraud modelsthat enhance the speed andaccuracy with which Visadetects attempted paymentcard fraud. An analysis ofpast global transactions sug-gests Visa's enhancementscould help identify $1.5 bil-lion in fraud, representing a29 percent performanceimprovement from 2009 [1].In particular, fraud detectionrates on the riskiest transac-tions improved by 122%over the previous model.

This dramatic increase infraud identification is theresult of an enhancement tothe underlying processingplatform that powers Visa'sAdvanced Authorization.-PR

PIA World Cuppackages

ISLAMABAD: PakistanInternational Airlines(PIA) has announced "SriLanka World Cup-2011"special packages to facili-tate customers for the megacricket event.

Three flights a week(Tuesday, Thursday andSaturday) will start fromFebruary 19 from Karachiand Islamabad to Colombo,an official of PIA informedAPP on Tuesday.

The official said"Standard and PremiumPackages" are introducedfor World Cup.-APP

Awarenessseminar at Biztek

TFD Report

KARACHI: In its effortsto excel Institute ofBusiness and Technology(Biztek) arranged anAwareness Seminar for theInstitute of Electrical andElectronics EngineersPakistan (IEEEP), at itsMain Campus recently.This seminar had beenarranged by the dedicatedand ambitious students ofBiztek to create awarenessabout the IEEEP in Biztek.The students were sup-ported and encouraged by.Yar Muhammad Mughal,Head of ProgramComputing, for thearrangements of thisevent.

Biztek is one of theprestigious business andtechnology schools ofPakistan. It is also intro-ducing a new Degree ofBachelors of Engineeringin Mechatronics. It is rec-ognized by the HigherEducation Commission ofPakistan and is ranked bythe HEC in the top most"AW" category.

Etihad,radio 1 fly

Dubai winners

announcedStaff Reporter

KARACHI: EtihadAirways, the national airlineof United Arab Emirates, inconjunction with Radio 1FM91, has announced thewinners of their recentlyconcluded on-air promo-tions titled 'Chase the Race'offering listeners a chanceto win holiday packages toAbu Dhabi and full daypasses to the newly-openedFerrari World, the world'sfirst Ferrari theme park.

The winners; AtoofaRehan, Sadia Latif andMuhammad Yasir were pre-sented with holiday pack-ages to Abu Dhabi, whichincluded a return CoralEconomy ticket from one ofthe airline's four destina-tions in Pakistan - Karachi,Lahore, Islamabad andPeshawar - to Abu Dhabiand full day passes toFerrari World.

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) recently

held a talk on "The Role of Corporate Citizens as Philanthropicsts" at OICCI office. In the pic-

ture Ms Ameena Saiyid is seen presenting souvenir to the corporate legend and philanthropist,

Syed Babar Ali.-Staff Photo

PESHAWAR: Children participating in ‘Hamd-o-Naat’ contest in connection with Eid-Milad-un-Nabi (PBUH) organised by Roots School System.-APP

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TalibanSwat

commanderheld

KARACHI: CommanderTehrik-e-Taliban Swat hasbeen arrested in injured condi-tion during a joint action ofsecurity agencies and police onTuesday while undergoingtreatment in a Karachi hospital.

According to details, thesecurity agencies and policelaunched joint operationover the secret sources infor-mation about the presence ofCommander Tehrik-e-Taliban Swat SirzameenKhan in a private hospitaland arrested the accusedSirzameen Khan from roomNo 14 of a local hospital.

Police sources added that,Commander Tehrik-e-Taliban Swat SirzameenKhan was wounded during aclash with security forces inSwat and shifted to Karachithrough secret ways for med-ical treatment.-Agencies

Denmarkimports

Pak datesKARACHI: Castus A/S,one of Denmark's leadingfruit snack producers willnow be importing nutri-tional dates from southernof Pakistan to develophealthy fruit bars for chil-dren in Denmark. Castuswill be importing around800 tons of dates per yearcarrying a total value ofUS$ 650,000. This is thefirst time that Pakistan willbe exporting dates toDenmark and creates a newniche for Pakistani prod-ucts on the Danish market.

Castus A/S is a wellknown Danish enterprisewhich has been producingfruit bars of pure naturalingredients, including datesand other dry fruits fordecades. -PR

MUMBAI: The Indian rupeeclosed little changed after fluc-tuating through most of thesession on Tuesday, closelymirroring local share movesand the dollar overseas.

The partially convertiblerupee ended at 45.515/525 perdollar, after trading in a rangeof 45.3925-45.5425 intraday, atad weaker than its 45.49/50close on Monday.

The forex market will remainclosed on Wednesday for a localholiday. "The euro's gain hashelped the rupee, and the sharemarket also ended up. There isdemand for the rupee in the mar-ket. There should be some appre-ciation of the rupee," saidNaveen Raghuvanshi, an associ-ate vice president atDevelopment Credit Bank.

Foreign funds have sold a net$1.7 billion so far this yearuntil Monday, after purchasing

a record $29.3 billion last year.One-month offshore non-

deliverable forward contractswere quoted at 45.77, weakerthan the onshore spot rate. Inthe currency futures market, themost traded near-month dollar-rupee contracts on the NationalStock Exchange, the MCX-SXand the United Stock Exchangeclosed at 45.5900, 45.5975 and45.5975 respectively, with thetotal traded volume at about$5.9 billion. -Reuters

Indian rupee closeslargely steady

3Wednesday, February 16, 2011

Currencies Rate

Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 15/02/2011

A USD GBP CAD EUR JPY

O/N 0.23350 0.55625 0.96000 0.75000 SN 0.10438

1WK 0.25150 0.57563 1.00417 0.83000 0.11250

2WK 0.25600 0.58313 1.04167 0.84125 0.11563

1MO 0.26400 0.61188 1.08217 0.85500 0.12750

2MO 0.28850 0.68250 1.15000 0.92625 0.15313

3MO 0.31350 0.80338 1.21033 1.04375 0.19000

4MO 0.35350 0.88588 1.27617 1.11625 0.24313

5MO 0.41000 0.99150 1.34000 1.20000 0.30000

6MO 0.46570 1.10838 1.40117 1.29125 0.34625

7MO 0.51900 1.18750 1.49033 1.34875 0.39500

8MO 0.57225 1.27313 1.57367 1.40688 0.44313

9MO 0.63025 1.35625 1.64533 1.47188 0.48875

10MO 0.68475 1.43750 1.73450 1.52688 0.51563

11MO 0.73700 1.50563 1.81783 1.58188 0.54250

12MO 0.79875 1.57438 1.90133 1.64813 0.56875

Countries Selling Buying BuyingTT & OD TT Clean OD/T.CHQ

U.S.A. 85.10 84.90 84.72U.K. 136.65 136.33 136.02EURO 114.99 114.72 114.44CANADA 86.19 85.98 85.76SWITZERLAND 87.84 87.63 87.40AUSTRALIA 85.51 85.31 85.08SWEDEN 13.13 13.10 13.06JAPAN 1.02 1.02 1.02NORWAY 14.62 14.58 14.54SINGAPORE 66.48 66.33 66.15DENMARK 15.42 15.39 15.34SAUDI ARABIA 22.69 22.64 22.58HONG KONG 10.92 10.90 10.87CHINA 12.92 12.89 12.85KUWAIT 304.47 303.76 302.96MALAYSIA 27.87 27.80 27.73NEW ZEALAND 64.39 64.24 64.07QATAR 23.37 23.31 23.25U.A.E. 23.17 23.11 23.05KR WON 0.08 0.08 0.08THAILAND 2.77 2.77 2.76

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3511 1.3514 1.3546 1.3463

USD-CHF 0.9707 0.9710 0.9727 0.9683

GBP-USD 1.6148 1.6152 1.6170 1.6008

USD-CAD 0.9870 0.9875 0.9896 0.9853

AUD-USD 0.9998 1.0002 1.0058 0.9989

EUR-JPY 113.3100 113.3500 113.3800 112.3400

EUR-GBP 0.8367 0.8371 0.8447 0.8367

EUR-CHF 1.3121 1.3124 1.3136 1.3064

GBP-JPY 135.3900 135.4400 135.4100 133.5500

CHF-JPY 86.3200 86.3800 86.3400 85.8600

Gold 1371.2800 1372.1000 1376.3000 1360.4500

As per 22.00 PST

Time Source Events Forecast Previous

5:01 GBP Nationwide Consumer Confidence 49 53

14:30 GBP Claimant Count Change -3.2K -4.1K

14:30 GBP Average Earnings Index 3m/y 2.0% 2.1%

14:30 GBP Unemployment Rate 7.9% 7.9%

18:30 USD Building Permits 0.57M 0.63M

18:30 USD PPI m/m 0.9% 1.1%

18:30 USD Core PPI m/m 0.2% 0.2%

18:30 USD Housing Starts 0.55M 0.53M

19:15 USD Capacity Utilization Rate 76.4% 76.0%

19:15 USD Industrial Production m/m 0.5% 0.8%

Source Events Actual Forecast Previous

CNY CPI y/y 4.9% 5.3% 4.6%

CNY PPI y/y 6.6% 6.1% 5.9%

JPY Overnight Call Rate <0.10% <0.10% <0.10%

EUR German Prelim GDP q/q 0.4% 0.5% 0.7%

GBP CPI y/y 4.0% 4.0% 3.7%

EUR German ZEW Economic Sentiment 15.7 20.1 15.4

EUR Flash GDP q/q 0.3% 0.4% 0.3%

EUR ZEW Economic Sentiment 29.5 31.3 25.4

EUR Trade Balance -2.3B -0.9B -3.2B

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada March 1, 2011 September 8, 2010 1%

Bank of England March 10, 2011 March 5, 2009 0.50%

Bank of Japan March 15, 2011 December 19, 2008 0.10%

European Central Bank March 3, 2011 May 7, 2009 1%

Federal Reserve March 15, 2011 December 16, 2008 0.25%

Swiss National Bank March 17, 2011 March 12, 2009 0.25%

The Reserve Bank of Australia March 1, 2011 November 2, 2010 4.75%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, February 15,2011 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS

BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK

ABLN 12.40 12.90 12.50 13.00 12.70 13.20 13.35 13.60 13.60 13.85 13.70 14.20 13.80 14.30 14.00 14.50

JSBL 12.50 13.00 12.75 13.25 12.90 13.40 13.40 13.65 13.60 13.85 13.75 14.25 13.85 14.35 13.95 14.45

ASPK 12.60 13.10 12.75 13.25 12.75 13.25 13.35 13.60 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

CIPK 12.35 12.85 12.55 13.05 12.75 13.25 13.40 13.65 13.65 13.90 13.80 14.30 14.00 14.50 14.10 14.60

DBPK 12.55 13.05 12.60 13.10 12.75 13.25 13.30 13.55 13.40 13.65 13.50 14.00 13.60 14.10 13.80 14.30

FBPK 12.50 13.00 12.60 13.10 12.80 13.30 13.45 13.70 13.55 13.80 13.70 14.20 13.80 14.30 13.90 14.40

FLAH 12.50 13.00 12.60 13.10 12.80 13.30 13.40 13.65 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

HBPK 12.40 12.90 12.65 13.15 12.85 13.35 13.40 13.65 13.55 13.80 13.65 14.15 13.75 14.25 13.85 14.35

HKBP 12.40 12.90 12.70 13.20 12.75 13.25 13.35 13.60 13.50 13.75 13.60 14.10 13.75 14.25 13.85 14.35

NIPK 12.75 13.25 12.85 13.35 13.00 13.50 13.30 13.55 13.40 13.65 13.50 14.00 13.60 14.10 13.70 14.20

HMBP 12.40 12.90 12.70 13.20 12.85 13.35 13.40 13.65 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

SAMB 12.40 12.90 12.60 13.10 12.85 13.35 13.30 13.55 13.50 13.75 13.65 14.15 13.75 14.25 13.85 14.35

MCBK 12.50 13.00 12.50 13.00 12.75 13.25 13.35 13.60 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

NBPK 12.25 12.75 12.50 13.00 12.75 13.25 13.40 13.65 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40

SCPK 12.40 12.90 12.60 13.10 12.70 13.20 13.30 13.55 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

UBPL 12.00 12.50 12.50 13.00 12.65 13.15 13.40 13.65 13.50 13.75 13.65 14.15 13.80 14.30 13.90 14.40

AVE 12.44 12.94 12.61 13.11 12.78 13.28 13.37 13.62 13.51 13.76 13.64 14.14 13.76 14.26 13.86 14.36

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)15/02/2011

Period AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD USD/CAD USD/CHF

1 week -0.89 0.96 0.52 -0.21 -0.82 -0.75 0.27 0.871 month 0.10 0.65 0.61 0.75 0.21 -0.20 0.22 -0.113 months -0.21 0.82 0.36 0.84 0.79 0.29 0.14 0.226 months 0.43 0.70 0.75 0.88 0.78 0.46 -0.27 -0.371 year -0.13 0.82 0.78 0.41 -0.17 -0.29 -0.14 0.332 years -0.46 0.93 0.66 0.71 0.38 -0.40 0.46 0.32

Currencies CorrelationEUR/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.85 12.45 12.60 12.60 12.60 12.40 12.58

8-15dys 12.95 12.75 12.80 12.75 12.70 12.65 12.77

16-30dys 13.00 12.90 12.95 12.90 12.90 12.85 12.92

31-60dys 13.05 13.07 13.05 13.10 13.08 13.05 13.07

61-90dys 13.34 13.30 13.33 13.36 13.35 13.35 13.34

91-120dys 13.45 13.45 13.45 13.50 13.45 13.50 13.47

121-180dys 13.58 13.57 13.55 13.60 13.50 13.58 13.56

181-270dys 13.65 13.63 13.64 13.66 13.60 13.65 13.64

271-365dys 13.78 13.75 13.76 13.78 13.70 13.75 13.75

2-- years 14.10 14.10 14.03 14.00 14.05 14.00 14.05

3-- years 14.19 14.20 14.21 14.22 14.22 14.22 14.21

4-- years 14.21 14.25 14.22 14.25 14.22 14.20 14.23

5-- years 14.23 14.25 14.25 14.26 14.25 14.23 14.25

6-- years 14.23 14.30 14.28 14.28 14.30 14.27 14.28

7-- years 14.24 14.30 14.31 14.30 14.35 14.33 14.31

8-- years 14.24 14.25 14.24 14.30 14.23 14.26 14.25

9-- years 14.25 14.15 14.16 14.20 14.20 14.24 14.20

10--years 14.26 14.25 14.24 14.26 14.26 14.25 14.25

15--years 14.65 14.55 14.55 14.65 14.60 14.70 14.62

20--years 14.85 14.70 14.70 14.90 14.75 14.85 14.79

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for February 15, 2011

NEW YORK: The euro outperformedthe dollar for the first time in four days onTuesday, bouncing from a three-weeklow as investors' appetite for riskimproved, but gains could be fleeting astechnical factors point to losses.

The euro rose above the pivotal level of$1.35 and traded off a 3-week low of$1.3428 in the overnight session, withoptions expirations noted at $1.3500. Theeuro faces obstacles from several direc-tions, however, with sovereign debt riskand interest rate differentials workingdecidedly against the single currency.

In early New York trading the euro wasup 0.3 per cent against the dollar at $1.3522after breaking its 100-day moving averageat $1.3541. Camilla Sutton, chief currencystrategist at Scotia Capital in Toronto, saidnear-term technicals are warning of thepotential of further downside for the euro and

suggest that a test down to $1.3425 is likely.The dollar trimmed gains against the

yen but remained at an 8-week high afterdata showed USretail sales roseless than expect-ed in January.

H i g h e rTreasury yieldshave increasedthe appeal of thedollar versus theyen in recent weeks, with the greenbacklast up 0.6 per cent to 83.79 yen.

"Loose monetary policy in Japan and aslow drift higher in the expectation forthe Fed has put significant upward pres-sure on the US-Japan 2-year spread,"Sutton said, which in turn is pressuringdollar-yen higher. "We expect that USD-JPY will continue to drift higher in the

near-term and accordingly are in favor ofshort-term, long-USDJPY positions."

Peripheral euro-zone yield spreads have

been widening in the past week on uncer-tainty over a rescue package for the region,and there was little sign the recent uneasehad been tempered by an agreement fromEuropean finance ministers on Monday.

Finance ministers agreed on Mondaythat a permanent rescue mechanism beset up from 2013 would total 500 billioneuros, but there was no agreement over

how to beef up its existing rescue fund.The euro showed little reaction to

German analyst and investor sentimentrising slightly in February amid confi-dence in Germany's economic recovery,according to a survey by the ZEW eco-nomic think tank on Tuesday.

Sterling rallied 0.7 per cent after datashowed for the thirteenth consecutivemonth the United Kingdom's inflationrate is above the upper target of the Bankof England. This fueled speculation thatinterest rates will rise in the near term asthe Bank of England seeks to containprice pressures. Wednesday's Bank ofEngland's inflation report is expected tobe hawkish and revise up near-term infla-tion projections, which could boostexpectations that interest rates will risesoon and help the pound retain broadgains made this year. -Reuters

Euro up from 3-wk low vs USDon Asia, Middle East ‘buys’

SHANGHAI: The yuan closed stronger againstthe dollar on Tuesday as sentiment towards theChinese currency was boosted after the People'sBank of China fixed a stronger mid-point,brushing aside a rise in the US dollar Index.

Traders have predicted the yuan will appreci-ate 5 to 6 per cent this year as China is expectedto use the currency as part of its strategy to fightimported inflation.

The country has taken a slew of steps, includ-ing one official interest rate hike and one rise inbank reserve requirement ratios so far this year,to battle inflation.

The government on Tuesday reported lower-than-expected consumer inflation at 4.9 per centin the year to January, but price pressures contin-ued to build and will likely force the centralbank to stick to its course of more tightening.

"Despite a lower CPI reading in January, weare not so positive about the inflation outlook inthe next few months," said economist DongmingXie at Singapore's OCBC bank. "Therefore, wethink the tightening bias in China may remainintact."

On top of strong domestic food prices, surgingglobal commodity prices have contributed tostubbornly high inflation.

Spot yuan closed at 6.5885 to the dollar, upfrom 6.5966 at Monday's close. It has now risen3.61 per cent since its depegging from the dollarin June 2010.

Before trading began, the PBOC fixed its dailymid-point at 6.5929 to the dollar, up fromMonday's 6.5985.

The mid-point, from which the yuan can tradeup or down a maximum 0.5 per cent in a givenday, is the tool that the central bank uses toexpress the government's intention on the cur-rency.

Buoyed by the spot yuan's strength,dollar/yuan offshore forwards fell on Tuesday toimply more yuan appreciation in the future,traders said.

Benchmark one-year dollar/yuan non-deliver-able forwards were bid at 6.4380 late onTuesday, versus 6.4450 at Monday's close. Theirimplied yuan appreciation in a year's time roseto 2.41 per cent from 2.30 per cent. -Reuters

Yuan up as cbanksignals floor at 6.6/USD

LONDON: Sterling hit a 51/2-month high versus a cur-rency basket on Tuesday after asurge in UK inflation to a two-year high fuelled by specula-tion the Bank of England maysoon raise interest rates to con-tain price risks.

The pound initially sold offafter data showed UK con-sumer prices jumped to 4.0 percent year-on-year in January,

disappointing investors whohad been expecting a biggerclimb. But it recovered thoselosses and sterling hit a 5 1/2-month high against a currencybasket after investors took anopen letter by BoE GovernorMervyn King explaining thecentral bank's stance to higherprice pressures to suggest thatinterest rates may soon risefrom a record low 0.5 per cent,as markets expect.

Traders also said the pound'smove higher versus the dollaraccelerated due to demandfrom model-type funds.

"The BoE letter is important,

because it implies that if theydon't hike rates, inflation willbe above target for years," saidGeoff Kendrick, currencystrategist at Nomura.

"As a result, you're starting tosee a move in the gilt strip,with the two-year yield rising,and the impulse we've seen iscurrency positive."

The yield on two-year gilts,the most sensitive among UK

government bond maturities torate speculation, rose to around1.55 per cent according toReuters data and hovers near atwo-year high hit around 1.6per cent hit earlier this month.

Short-term UK rates suggestthe market is fully pricing in a25 basis point rise in BoE ratesby June.

Sterling rallied around 0.8per cent on the day to a sessionhigh of $1.6172. Steady buyingby model funds helped thepound to claw back after an ini-tial slide to $1.6022 immedi-ately after King's letter waspublished.-Reuters

Stg rallies; CPI, BoEadd to rate rise view

SINGAPORE: Asian curren-cies were steady to firmeragainst the dollar on Tuesday,led by gains in the SouthKorean won and Thai baht, aslower-than-expected Chineseinflation data lent support torisk appetite.

Most other emerging Asiancurrencies held steady with theexception of the Taiwan dollar,which remained pressured byrecent signs of capital outflowsfrom Taiwanese equities.

The Taiwan dollar fell due toworries that recent fund out-flows may persist.

A trader at a local bank inTaiwan said foreign banks soldTaiwan dollars early in the daywhen Taiwan's stock index

slumped by about 100 points.Taiwan shares managed to fin-ish 0.4 per cent higher.

The selling in the Taiwandollar came after overseasinvestors posted net sellingworth T$12.5 billion ($417million) of Taiwan shares onMonday, increasing their totalnet selling so far this month toT$54.66 billion.

A trader based in thePhilippines said some marketplayers took short dollar posi-tions against the peso ahead ofthe release of data on remit-tances from Filipinos overseas.

The data showed that remit-tances rose 8.1 per cent inDecember from a year earlier,and that 2010 remittances

reached a record $18.76 bil-lion, up 8.2 per cent from2009.

The dollar dipped to a low ofaround 43.550 against the pesoat one point, but later pared itslosses.

Singapore dollar was trappedin a narrow range, with tradingquiet and lacking a sense ofdirection. The closure ofMalaysian and Indonesianmarkets for a holiday exacer-bated thin market liquidity.

A Singapore-based analystfor the Bank of Tokyo-Mitsubishi UFJ's global mar-kets division said the Singaporedollar was likely to tradebetween 1.26 and 1.33 until theend of March. -Reuters

Asian currencies

Mostly firmer, supportedby tame China CPI

WELLINGTON/SYDNEY: TheAustralian dollar held steady atop$1 on Tuesday after lower-than-expected inflation data in Chinaeased fears of aggressive mone-tary tightening there, auguringwell for continued strong demandfor Australia's commodityexports.

The Australian dollar was hov-ering at $1.0046, from $1.0033late in New York. Chart supportwas seen at $0.9980, around its55-day moving average, withresistance at $1.0073. It also creptto a nine-month high on the yenat 83.80, though resistance wasproving tough.

Chinese data showed consumerprices rose 4.9 per cent in theyear to January, lower than fore-casts of 5.3 per cent, suggesting itcould maintain its gradual tight-ening track.

The Aussie is particularly sensi-tive to any policy move in China,its top export partner, and any riskthat growth there might slow andcrimp demand for Australia's topexports: iron ore and coal. "Theinflation numbers were definitelya good outcome for the Aussie,"said a currency trader.

The Australian dollar hadalready received a boost onMonday when trade figuresshowed Chinese imports fromAustralia in January were up 86pct on the year, underlininghealthy demand in the world's topconsumer of the metal.

In the minutes of its Februarypolicy meeting released onTuesday, the Reserve Bank ofAustralia (RBA) reiterated itsupbeat outlook for domestic

investment and growth. The banksaid it left interest ratesunchanged at 4.75 per centbecause benign inflation andrestrained consumer spendinggave it more time to assess theeconomy.

Last week, RBA GovernorGlenn Stevens said policy wasahead of the game on inflationand rates could be on hold forsome time. Markets are discount-ing just 35 basis points worth oftightening over the next 12months. The New Zealand dollarspent a lacklustre day, lackingany lift from the Chinese inflationdata, as a weak domestic outlookcapped any attempts to climbhigher.

The kiwi hovered around$0.7570, a shade below openinglevels after hitting a three-weeklow of $0.7545 on Monday asanother round of dismal data rein-forced the view no rate rises untilthe second half of 2011. "Thekiwi can't rally at the moment. It'sa sell at the $0.76 handle andwe're looking towards the bottomof the range which is $0.75 at themoment," said Tim Kelleher,CBA vice president of institution-al banking and markets.

If the poor run of data contin-ues analysts may have to pushback expectations even further,with the next move already notpriced in until September. Thediffering fortunes of theAustralian and New Zealandeconomies pushed the cross rateto a 2011 high of NZ$1.3283 inlate offshore trade on Monday.The pair was last aboutNZ$1.3260. -Reuters

Aussie $ relieved atChina inflation news

Swiss franc

gains vs euroZURICH: The Swiss franclooked set to retest a six-dayhigh against the euro, withsome investors seeking safeplays in light of lingering con-cerns about the euro-zone, andgiven Switzerland's strong fun-damentals.

The euro faced headwinds inmoving further away from athree-week low against the dol-lar hit on Monday, whenreports about ailing lenderWestLB triggered another out-break of worries about euro-zone debt and banking prob-lems.

The franc, which investorsregard as a safe haven, rosesome 15 per cent against theeuro last year and touched arecord high of 1.2400 per euroin late December. It has sinceweakened, flirting with the1.32 mark.

The franc was trading virtual-ly flat at 1.3074 per euro at0734 GMT, compared to theNew York close.

Sarasin analyst AlessandroBee also sees the francstrengthening against the euroin the months ahead as euro-zone debt worries resurface.

Credit Suisse sees supportlevels for euro/Swiss at 1.2730and 1.28, and resistance at1.3260 and 1.3800.

The franc was little movedagainst the dollar at 0.9704 perdollar. -Reuters

Greenback at 8-wk high vs yen as US Treasury yields rise

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Needstrongforeign

minister!Withdrawal of Nato forces from Afghanistan

is planned this year requiring Pakistan and USto work on a strategy to maintain peace afterthe withdrawal. There is also a need for greaterinteraction with India and Iran, which also havestakes there. Death of Richard Holbrooke anddelay in the appointment of his successor dis-rupted the consultation process. Added to thishas been Raymond Davis case which has creat-ed a big breach between US and Pakistan.

Change of regime in Egypt and commence-ment of demonstration against president in Iranhas increased volatility in the region. The situ-ation demands presence of a strong foreignminister in Pakistan. If there were some differ-ences those should have been resolved ratherthan substituting a state minister for Qureshi.Knowing-each-other process will consume alot of time of the new incumbent.

Hina Rannai Khar has been appointed as stateminister for foreign affairs. Though, we do notwish to undermine her importance but sheseems to be weaker negotiator, the worst weak-ness being her status of state minister. The USsecretary of state and Indian foreign ministerwill be reluctant in meeting her which willhamper the consultation process. It was also alittle unfair with her because previously shewas a state minister for finance and economicaffairs and this time she should have beengranted the status of full minister. However, herpresence even in the leaner cabinet shows thatshe enjoys some importance.

Davis case has become a thorn in Pak-USrelationship and must be resolved at the earliestfor it's proving a spoiler. The US has been car-rying out pressure tactics rather than presentingthe documents which could prove that he is adiplomat. Since the proceedings are going on itwould be fair to allow the court to decide hisdiplomatic immunity.

Even if president and/or prime minister do notwish to appoint Qureshi as foreign minister, theverbal war against him initiated by some of theparty loyalists must be stopped immediately.The war of words only indicates the split in theparty and hints towards Qureshi-Gilani war asboth belong to Southern Punjab. One can alsorecall that Qureshi was also tipped for the pre-miership but was made foreign minister inrecognition of following he enjoys in the party.

Experts privy to information say last minutedecision of not appointing Qureshi as foreignminister was due to intentions of both the pres-ident and the prime minister to deal with theUS administration directly and appointment ofHina as state minister is termed a cover up.

Whatever maybe the reality the delay in theappointment of full foreign minister couldderail the consultation as Senator John Kerryand newly appointed replacement of Holbrookeare scheduled to visit Pakistan shortly.

4Wednesday, February 16, 2011

Publisher & Editor-in-Chief: Amir A. Ashary

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

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The Financial Daily InternationalVol 4, Issue 184

Mohammed Akmal Pasha

The entirety of 48.6 per centfemale population in Pakistanwould not encompass empow-

erment even equal to 0.6 per centand the remaining 51.4 per cent ofmale population must be well-equipped not to sacrifice its power toown property and the prowess tomaneuver the same to a minimal ofeven 0.4 per cent. When womancould be possessed as property, howcould a property own some otherproperty? She rather should only bebearing and internalising only oneproperty: the very property of con-sidering herself a property, aMarxian connotation of commoditi-fication vis-à-vis the usurper; themale or the male-dominated system.

The present article focuses on sta-tistics pertaining to two of the south-ern Punjab's districts namely DGKhan and the Khanewal. One maylike to adjust these data with respectto his or her respective district, sincethe overall complexion of the dis-tricts of Pakistan would remain thesame. Again, as far as the econo-mists are concerned, tinkering withnumbers and ideas or for that mattertransforming the quantitative datainto guesstimates and convertingwild guesses into quantifiable num-bers even to decimal places hasnever been a big deal for them.

To Disraeli: there are three types ofstatistics; statistics, damn statisticsand the lies. But the same econo-mists devise stylish mathematicalmodels and run sophisticated statis-tical soft-wares to churn out usefulstatistical inferences as well.Sometimes they succeed inunearthing upon the destitute theexact degree of his destitution, aresearch finding in its own place.

To start with, the research method-ology for these two districts wasbased upon questionnaires. The foursectors identified included meat andmeat processing, fisheries, medicalservices and cotton ginning in D.GKhan with a sample size of 30. Thequestion about the women ownedbusiness aimed at knowing the levelof participation of women in thebusiness. In medical services sectora few concerns were female ownedwhich just equaled 7 per cent. Not asingle unit was woman-owned in anyof the other three sectors in the dis-trict D.G Khan. This women owner-ship in medical service sector wasnot sole ownership; rather this wasin partnership or a co-ownershipform. In most of the cases, the own-ership was shared between husbandand the wife where wives had verynegligible contribution in the busi-ness, advisory or consultancy forexample especially at the mercy ofhusband.

In ginning sector, the zero involve-ment of women as owners or co-owners was obvious, given the lowliteracy rate of the women in the dis-trict and the mechanical and techni-cal complexity of the ginning units.At the first instance, women are notmuch literate or trained to run orentirely own a ginning unit, this is sobecause the units have chronicallybeen male-run and the respectivesector is also male-dominated. Thenetworks, market mechanisms, back-ward and forward linkages, in briefevery market element characterisedwith male-orientation. Further, thesocial setup does not allow women'sinteraction with men at ginning unitsor in commercial interfaces.

It was observed in a unit that theowner was even feeling shy toengage women as workforce fearing

social constraints and familial pres-sures. Similar is the case with fish-eries and meat. The physical hassle,mental stability and business acu-men these sectors require is unbe-coming of women to have in a back-ward country like Pakistan. Forexample the fish farms are located infar flung, bushy and lonely areaswhere women's intervention is out ofquestion being even bushy. In caseof meat, the predicament is a bit dif-ferent. For example, visiting animalmarkets, bargaining on animalprices, transporting animals, slaugh-tering and selling; every area needs apeculiar muscularity which is cer-tainly absent in women.

Some 91 per cent of the sampledfirms of the whole district showedzero participation of women in theworkforce and 95 per cent of thesampled enterprises showed thatthere was no role of women in thesphere of management. This provesthat out of 9 per cent of sampledfirms showing women's participa-tion, half of the firms that is 5 percent had women's share in manage-ment. The same statistics were truewith respect to all of sampled gin-ning units and fish farms, 87 per centof medical sector and 80 per cent ofmeat sector. As regards permanentemployment of women the case wasequally feeble. Thus, in the meatsector, 3 per cent of the sampledenterprises employed womenbetween 10 - 30 per cent and 10 percent of sampled enterprisesemployed between 30 - 50 per cent.Again just 3 per cent of each of thesampled units of meat and medicalsector employed women on perma-nent basis.

In case of Khanewal, the four iden-tified sectors included agriculturalimplements' manufacturers (agri

manufacturers), ginners, mangogrowers and medical servicesproviders. Here none of the sampledfirms showed any woman working inany of the selected sectors other thanmedical services. The participationof women in medical services sectorwas between 10-50 per cent. Sincethe three sectors, ginning, agri imple-ment manufacturing and mangogrowing are labor intensive sectors,so this is the reason women are notinvolved in these sectors. Howeverwomen are present in medical servic-es sector. Their role is quite signifi-cant, so they are either doctors andrunning their private clinics or serv-ing in government hospitals or areemployed as nurses and administra-tion staff. However if this phenome-non is cross analyze with the inci-dence of women ownership we canconclude that only 16 per cent of thetotal medical service sector showedwomen ownership. Some 30 per centof the respondents of medical servic-es showed that between 1-10 per centwomen were involved in the manage-ment roles, while another 16 per centbelieved that their involvement wasup to 50 per cent.

Well, the plight of poverty, povertyof inhibition, poverty of resource-lessness and poverty of incapacita-tion manifest from the fathomingdeprivation of women around us ifnot from statistics; is grave. Theplethora of male-chauvinisticintrigues or the socio-political sys-tem proving conducive is altogetherdeplorable. Each one of must playour respective roles, for 'life isaction not contemplation' (Goethe)and expend more energies on revers-ing this plight.

"The philosophers have interpretedthis world, the thing however is tochange it" said Karl Marx.

Gender Based Poverty

Pakistan's unpopulargovernment was mak-ing some progress

winning hearts and minds inNorth Waziristan, a strong-hold of its tenacious militantenemies -- from al Qaeda tothe Taliban.

It upgraded a school andbuilt a new road, lifting thespirits of people like shep-herd Resham Khan, a victimof decades of neglect of theforbidding mountain regionin the northwest.

Then, last June, 15 mem-bers of his extended familywere blown to pieces duringa funeral procession in hisvillage.

Khan, who was nearby andheard the explosion, allegesthe mourners were targetedby pilotless US drone air-craft missiles.

He stares into the distanceblankly when asked todescribe that day. His broth-er, Mulaqat, has to recountthe tragedy because he isstill too traumatised, tospeak at length.

He sits by Khan's side in apsychiatric section of anIslamabad hospital where heis being treated with antide-pressant and anti-psychoticmedicines.

Pakistan needs to win sup-port in key battlegroundslike North Waziristan alongthe Afghan border, a globalhub for militants determinedto destabilise the govern-ment and help defeat US-ledNato forces in Afghanistan.

But the strikes underminepublic support.

"If you expect them tolove the government, youwould be foolish to thinkso," said Khan's psychia-trist, Rizwan Taj, who sayshis patient has made greatprogress since he wasbrought to the hospital on a

stretcher, in a stupor, fourweeks ago.

His grief reflects the priceordinary Pakistanis are pay-ing for the relentless USdrone campaign on theAfghan border, which hasbeen stepped up under theObama administration as itprepares to draw downtroops in the 10-year war inAfghanistan.

The air raids also go to theheart of the resentment thatPakistanis feel against theUnited States, seeing themas an assault on the nation'ssovereignty.

Drone strikes have been amajor source of frictionbetween the United Statesand Pakistan. Tensionsbetween the allies haveheightened further over thecase of Raymond Davis, aUS consular employee whoshot dead two Pakistanis last

month in the eastern city ofLahore in what he said wasan attempted robbery.

The United States saysDavis should be releasedfrom jail because he hasdiplomatic immunity.Pakistan says the courts

should decide his fate, andmany see it as another caseof the Americans refusing tosubject themselves toPakistan laws.

The United States stilldoesn't acknowledge thedrone campaign, soAmerican officials declineto confirm specific inci-dents, underscoring the sen-sitivities on ties withPakistan, a nuclear-armedSouth Asian country.

But they do say the attacksare highly effective.

Drone strikes have killedhigh-value al Qaeda andTaliban figures. But thesevictories for Washingtonand Islamabad often causedevastation for locals likeKhan.AND END TO PRAYERSShortly after the strike, the

52-year-old father of sixsunk into a deep depression

and lost alarming amountsof weight. Then he startedimagining things.

He told relatives that theyshould not eat or drink any-thing because the world'sfood and water supplieswould soon run out. His

brother decid-ed to admithim to hospi-tal whenResham, apious Muslim,did theunthinkable.

"On the 20thof Septemberhe stoppedpraying. Heused to pray

five times a day. But afterthat he totally stopped," saidMulaqat, looking sadly athis brother, who was sport-ing a henna beard and wear-ing old plastic sandals.

"I asked him to offerprayers and he said 'I can't. Idon't have the energy'."

The New AmericanFoundation, which tracksdrone strikes, estimates theyhave killed a total of 2,189people from 2004 throughJanuary of this year. Ofthose, 1,754 were militants.

Only 16 per cent of resi-dents of the tribal areasthink the strikes accuratelytarget militants, 48 per centbelieve they largely killcivilians and another 33 percent feel they kill both, saida study by the think tank.

People in Khan's villagestaged dozens of protestsurging the government to

halt the drone strikes andprovide compensation fordeaths and property damage,said the brother. The gov-ernment promised to do so,but "we don't believe theirpromises," he said.

Khan was so emotionallyparalysed by the drone inci-dent that he stopped takingcaring of his elderly mother.She contracted cholera,probably because of poorsanitation, and died. Hischildren also suffered.

They could not understandhis odd behavior, and weretold to stay away from himbecause he had caught acontagious disease.

This kind of collateraldamage makes it easier forthe Taliban to persuade peo-ple to take their side in theconflict, which has drainedstate coffers.

After the Reuters inter-view with his brother, Khanmustered up the courage tospeak briefly about thedrone strike.

"Stop the drone attacks.We need money. No one ishelping us," he said.

A let-up in the strikes,launched by remote-controlfrom Central IntelligenceAgency headquarters inLangley, Virginia, is highlyunlikely.

Osama bin Laden, hisdeputy Ayman al Zawahriand others on Washington'shit list are believed to be inthe northwest, as are AfghanTaliban militants who crossthe border to attack Westerntroops in Afghanistan.

Mending Life with Death

Today is 12th Rabi-ul-Awal, the birth anniver-sary of Holy Prophet

Mohammad (Peace and bless-ings be upon him), whose birthremoved darkness fromhumanity. He was the one forwhom Allah created the wholeuniverse.

Among his outstandingvirtues and characteristics, hewas an extraordinary husband,a perfect father, and a uniquegrandfather. He was also agreat statesman, judge, andspiritual leader. His most dis-tinctive quality, however, wasthe fact that he was a blessingto all in both word and deed.

His name meant, one who ispraised most. After AlmightyALLAH, he is the one mostpraised and loved by humanbeings.

He infused justice, love,righteousness and dignity in allthose around him. He spreadthe power of brotherhood to theextent that it became excep-tional in human history. The"Muwakhaat" is the ever bestexample of brotherhood.Affirming that these grandvirtues were bestowed on himby Allah the Almighty and thathe prepared his loyal messen-ger to call for the true religion,is part of one's belief.

The Qur'an describes theProphet (peace and blessingsbe upon him) as merciful andkind to the believers. Allah theAlmighty says, (Now hathcome unto you a Messengerfrom amongst yourselves: itgrieves him that ye should per-ish: ardently anxious is he overyou: to the Believers is he mostkind and merciful.) (At-Tawbah 9:128)

Today we should make a vowthat we will spend our livesaccording to the teachings ofHoly Prophet (peace and bless-ings be upon him).

IFTIKHAR SHAHEENMIRZA, ISLAMABAD

Mercy for All!

Few days ago I saw in anewspaper a picture offlood victims in which theywere burning all thosethings which was given bythem for their help includedclothes, blankets, shoes,tents and eating and drink-ing things etc.

In English it is a famoussaying that "Something isbetter than nothing". We allknow that they are in verydifficult situation and wecan not understand their

problems neither we feeltheir emotions but it doesnot mean that by doingthese things they discour-age those people whohelped them a lot in theirdifficult time. We allshould remain thankful toALLAH all the time. But inthe other side ourGovernment should dosomething to get them backinto their normal life assoon as possible.

Anam Qamar, Karachi.

DoMore for

Flood Victims

Only 16 per cent of residents ofthe tribal areas think the strikes

accurately target militants, 48 per centbelieve they largely kill civilians andanother 33 per cent feel they kill both,

said a study by the think tank.

“

FERTILISER000 tonnesUrea Offtake (Jan to Nov 10) 5,463Urea Offtake (Nov 10) 845Urea Price (Rs/50 kg) 870DAP Offtake (Jan to Nov 09) 121DAP Offtake (Nov 10) 152DAP Price (Rs/50 kg) 3,137

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Nov 10) 33,929

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

INDUS MOTOR COProduction (July 10 to Nov 10) 20,987

Sales (July 10 to Nov 10) 20,375

Production (Nov 10) 3,974

Sales (Nov 10) 3,753

HONDA ATLAS CARProduction (July 10 to Nov 10)6,626

Sales (July 10 to Nov 10) 6,247

Production (Nov 10) 1,145

Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

BANKING SECTORScheduled bank (Rs in mn)Deposit (December 3,10) 4,824,464

Advances (December 3,10) 3,050,639

Investments (December 3,10) 1,916,917

Spread (October 10) 7.49%

OIL MARKETING CO(000 tons)MS (Jul 10 to Nov 10) 932

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

Fuel Oil (Jul 10 to Nov 10) 3,641

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

PRICES (Ex-Refinery) RsMS (1 Dec 10) 45.15

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)LOTPTA 16.29 13.12 NCPL 15.88 6.72 NCL 27.39 5.26 SGMLPS 3.75 5.15 JSCL 10.97 4.53

Symbol Close ChangeNESTLE 3,479.63 51.52

SIEM 1,072.80 22.33

ULEVER 4,244.07 14.52

PKGS 124.74 5.94

MCB 213.99 4.12

Symbol Close ChangeRMPL 2,727.95 -111.69AGTL 222.43 -7.61PSEL 159.88 -5.87PAKT 106.55 -5.23APL 362.02 -4.75

Plus 190Minus 76Unchanged 104

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Wednesday, February 16, 2011 5

Opening 11,946.09

Closing 12,078.28

Change 132.19

% Change 1.11

Turnover (mn) 97.04

Opening 3,583.03

Closing 3,642.56

Change 59.53

% Change 1.66

Turnover (mn) 5.05

Opening 2,916.49

Closing 2,955.00

Change 38.51

% Change 1.32

Turnover (mn) 0.03

NEW YORK: (L-R) 2011 SI Swimsuit Models Kenza Fourati, Jessica Gomes, Esti Ginzburg, Shannan Click and CintiaDicker, with the NYSE Euronext Senior Vice President John R. Merrell and Mark Ford, President of Time Inc.

Sports Group, attend the ringing of the NYSE Closing Bell at New York Stock Exchange.-Reuters

HONG KONG/SHANGHAI:Hong Kong shares fell 1 percent on Tuesday as late profit-taking in Shanghai sparked around of selling of China-relat-ed stocks by macro funds andspeculators playing the futuresmarkets.

Shanghai's key stock indexended flat, giving up earliergains, but managed to hold neartwo-month highs as the infla-tion rate rose more slowly thanexpected in January.

In Hong Kong, the bench-mark Hang Seng index fell 1per cent to 22,899.8, slippingfurther below a trendline chartsupport that had held sinceMay. An index of top locallylisted mainland firms, the HangSeng China Enterprises Index(HSCEI), also fell 1 per cent to12,280.3.

A trader at a large European

bank said stop losses had beentriggered on the HSCEI at12,300, spurring commoditytrading advisors and macrofunds to pare positions in goodvolumes, which lifted turnoverin the last half hour of trade.

Investors on the mainlandseemed more confident withtrading volume picking up asthe benchmark ShanghaiComposite remains on a steadyuptrend, rising about 9 per centsince a January low.

Shanghai's index is up 3.2per cent this year, making itsAsia's second-best performingmajor market behind Japan'sNikkei which has risen 5.1 percent.

While inflation came in lowerthan expected, market playerssaid inflationary pressureremained strong and the marketstill expected the central bank

would remain on course formonetary tightening in thelonger term, putting pressureon the index.

Turnover had been lacklustrethrough the day in Hong Kong,echoing slack activity in theUnited States and Europewhere trading volumesovernight were the lowest sofar this year.

Shares of index heavyweightHSBC were down 1.5 per cent,the biggest drag on the bench-mark, as investors took somemoney off the table after thestock's 10 per cent gain so farthis year.

Media reports that Europeanbanks are set to get a "singlerulebook" under plans beingpushed by the bloc's bankingwatchdog provided an excusefor investors to lock in somegains, said traders. -Reuters

HK down as earlyShanghai gains go

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) saw somestrong bullish activities onTuesday to end above 12,000points level after gaining morethan 1 per cent following theapproval of Margin TradingSystem (MTS) regulations bythe KSE board of directors.

The benchmark KSE 100-Index increased by 132 points -1.11 per cent-- to close at12,078 points, KSE 30-Indexby 142 points -1.23 per cent--to close at 11,688 points andKSE All Share Index rose by 89points -1.08 per cent-- to closeat 8,384 points.

"Bullish activity in oversoldmarket followed margin tradingregulations approval", saidAhsan Mehanti, Director ArifHabib Investments.

Bulls were there at the trad-ing floor since the openingbells. Market started the daywith14 plus points and positivenumbers piled up henceforth asinvestors celebrated the go-ahead to the regulations ofmuch awaited MTS for itslaunch now seems likelier thanever.

According to a notice issuedby KSE the board of directorsof the exchange in its meetingon Feb 14 has approved thedraft regulatory amendments

for the introduction of a MTS,with some minor changes.

Therefore, investors tookadvantage of attractive levels asmarket had corrected last weekby around 3 per cent. As aresult, moving up, the indexbreached 12,000 level duringthe early moments of the ses-sion and at about 2:29 PSTtouched an intraday high of12,139 points (+ve 193).Further, buying was also seenon expectations of some betterthan market-consensus upcom-ing corporate results and overthe news of oil discovery atTolanj in the Tal block.However due to some profit-taking towards the end of theday index lost some gains toclose below 12,100 levels.

Volumes too witnessed someimprovement but remainedconfined to midcap stocks. Atotal of about 97 million sharestraded during the day which is28.2 million more as comparedto a turnover of 68.8 million aday earlier.

Lotte Pakistan stood as thevolume leader with 13.1 mil-lion shares followed by NishatChunian Power with 6.7 mil-lion and Nishat Chunian with5.2 million shares.

Of total 370 active issues190 progressed, 76 regressed,while 104 issues neithergained nor lost.

MTStidings

stampedebulls to KSE

TOKYO: Japan's Nikkei stockaverage edged up to log a 10-month closing high on Tuesdayafter Chinese inflation datahelped ease concerns that thecountry will have to tightenmonetary policy more aggres-sively.

It was a second straight dayof gains for the Nikkei, whichhas climbed some 17 per centsince November when foreign-ers began snapping up laggingTokyo stocks, with recentmomentum coming from a bigshift in market focus to devel-oped economies from emergingones.

Chinese inflation was lowerthan expected at 4.9 per centin the year to January, thoughprice pressures continued tobuild and will force the cen-tral bank to stick to its courseof gradual monetary tighten-ing.

The consumer price data fol-lowed upbeat trade figures onMonday that showed an unex-pected surge in imports intoChina, underscoring the coun-try's strong growth trajectory.

The Nikkei average ended up0.2 per cent or 21.13 points to10,746.67, the highest closingprice since April 30, 2010. Thebroader Topix rose 0.4 per centto 962.57.

Some analysts said after astrong run, the Nikkei could bedue for a spell of profit-taking.

"China's inflation concernsmay be receding and a shift todeveloped markets fromemerging markets continuesbut there still are inflation con-cerns in other parts of Asia,"said Chisato Haganuma, chiefstrategist at Mitsubishi UFJMorgan Stanley Securities.

He said a correction forbenchmark could come by lateFebruary.

"Investors may take profitson large global cyclical sharesand pick up smaller stocks," hesaid, adding that stocks with amarket capitalisation of 100-200 billion yen ($1.2-$2.4 bil-lion) could come in focus.

Also on Tuesday, the Bank ofJapan raised its assessment ofthe economy to say it is gradu-ally emerging from a slow-down, further signalling that noimminent monetary easing ison the horizon. It kept ratessteady as widely expected.

Notable gainers includedshares of Japan's No. 3 mobilephone operator Softbank Corp,which jumped on an agreementto partner with China Mobile,Vodafone and others to pro-mote a next generation stan-dard.-Reuters

Nikkei at 10-mthhigh on China data

MUMBAI: The BSE Sensexrose for a third straight ses-sion, climbing 0.4 per centamid choppy trade onTuesday, but investors doubt-ed the sustainability of therally as foreign fundsremained on the backfoot.

Financials led the rise withState Bank of India, ICICIBank and HDFC Bank climb-ing between 0.2 per cent and2.0 per cent, helped by thebroader market rally.

Reliance Communicationsclosed 4.2 per cent higher,reversing a 2.3-per cent slidefollowing a 57-per cent dropin December-quarter profit,its sixth straight quarterlyfall, hit by lower call pricesand debt servicing costs.

The stock is down 30 percent this year.

The 30-share BSE indexgained 0.39 per cent or 71.60points to 18,273.80, its high-est close in nearly two weeks,with 16 of its componentsclosing in the green.

"I don't see much convic-tion in these gains. It is just atemporary bounce back.Investors are looking atopportunities to go short,"said Gajendra Nagpal, CEOof Unicon Financial.

"The buying interest doesnot seem to be coming fromacross the board," he said,adding, foreign funds hadbeen net sellers of stocks in

four sessions to Feb. 11.Investment by foreign

funds, one of the key driversof Indian equities, has beendeclining, hurt by domesticcorruption scandals and stub-born inflation.

Foreign funds have pulledout around $1.8 billion fromIndian stocks this year, whichhas seen the main index shednearly 11 per cent. Animprovement in economicconditions in the developedworld has diverted someflows away from the emerg-ing economies.

Among its emerging marketpeers, China's ShanghaiComposite index andRussia's RTS Indea havegained 3.2 per cent and 6.7per cent respectively, whileBrazil's Bovespa hasdeclined nearly 4 per cent.

Apart from RelianceComm, other Anil Ambani-led companies also surged inlate trade.

Reliance Infrastructure,Reliance Power and RelianceCapital firmed between 1.1per cent and 9.1 per cent.

Unitech shed 3.5 per centafter the second-biggest list-ed real estate companyreported a 37-per cent fall inquarterly profit after markethours on Monday, as highproperty prices and borrow-ing costs hurt demand.-Reuters

Indian sharesgain for 3rd day

US Stocks mid-morning

Wall Streetdrops aftersales data;

NYSE downNEW YORK: US stocks slidon Tuesday as a smaller-than-expected rise in retail salesraised doubts about a reboundin consumer spending, a vitalpart of an economic recovery.

Shares of NYSE Euronext,fell 1.3 per cent at $38.92 afterit agreed to be acquired byDeutsche Boerse to create theworld's largest exchange opera-tor. The deal dodges key ques-tions that could threaten itscompletion.

Shares of other US exchangesalso fell, including NasdaqOMX Group Inc, off 4.8 percent at $38.23.

Sales at US retailers inJanuary fell more than forecast,likely reflecting the effectsfrom snowstorms that hadslammed large parts of thecountry.

The S&P retail index dipped0.1 per cent. The report con-trasted with recent economicdata, most of which has sug-gested the recovery was gain-ing traction.

"If you look at what the equi-ty market has done over the last(several months), you wouldassume the recovery is self-sus-taining," said Subodh Kumar,an investment strategist basedin Toronto. The S&P 500 is up26 per cent since September.

But the day's data was a"splash of cold water" on thatview.

The Dow Jones industrialaverage dropped 56.04 points,or 0.46 per cent, at 12,212.15.The Standard & Poor's 500Index was off 5.73 points, or0.43 per cent, at 1,326.59. TheNasdaq Composite Indexdeclined 13.43 points, or 0.48per cent, at 2,803.75.

Volume totaled about 1.68billion shares, average formorning trade.

Shares of JDS Uniphase Corpfell 6.8 per cent to $25.98 afterBernstein cut its rating on thestock to "market-perform"from "outperform."

In other economic data, agauge of manufacturing inNew York State climbed to itshighest level in eight monthsin February, while US importprices jumped at nearly doublethe forecast rate as energycosts shot up in another sign ofcreeping inflationary pres-sure.-Reuters

Mostly fall as inflation concerns hang around

South East Asian stocks

Banks lead European shares to fresh 29-month high

ANNOUNCEMENTS

Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs)

UniLever Pak Yearly 314%(F)(D) 3273.00 246.00

AL-Ghazi Tractors Yearly 250%(F)(D) 1908.87 44.46

Kohinoor Energy Half Yearly 10%(i)(D) 194.99 1.15

Goodluck Industries Half Yearly - 0.47 1.56

Otsuka Pak Half Yearly - 20.36 2.04

Weakminers

hit FTSE LONDON: Britain's top shareindex closed lower on Tuesdayas strength in banking stocks,inspired by forecast-bustingresults from Barclays, was out-weighed by a retreat in the min-ing sector.

The FTSE 100 index closeddown 23.01 points, or 0.4 percent, at 6,037.08.

Barclays was the standoutblue-chip riser, closing up 5.8per cent. It touched a five-month high after posting a 32per cent rise in 2010 earnings,thanks to a strong end to theyear at investment bankBarclays Capital.

Peers Lloyds Banking Groupand Royal Bank of Scotland,set to unveil full-year resultsnext week, rose 1.8 per cent and2.2 per cent respectively.

But miners, strong risers inthe last two sessions, went intoreverse as copper fell fromrecord highs on concern thatfurther monetary tightening inChina may affect base metalsdemand.

Chinese inflation hit a lower-than-forecast 4.9 per cent inJanuary, but price pressuresexcluding food were theirstrongest in at least a decade andwill force the central bank tokeep tightening policy.-Reuters

LONDON: Copper fell fromrecord highs on Tuesday onconcerns further monetary tight-ening in China may affect basemetals demand and as worriesabout political instability in theMiddle East curbed riskappetite.

Chinese inflation hit a lower-than-forecast 4.9 per cent inJanuary, but price pressuresexcluding food were theirstrongest in at least a decadeand will force the central bankto keep tightening policy.

Benchmark copper on theLME hit a record high of$10,190 a tonne shortly afterChina's headline inflation fig-ures initially appeared to sug-gest there was a reduced risk ofspeedy monetary tightening.

Prices then fell as the fullimplications of the Chinese dataon policy were digested. Itclosed at $10,011 from $10,160a tonne on Monday.

Tin also hit an all-time peak of$32,799. "There are still someconcerns over the situation inthe Middle East which areweakening the sentiment," ana-lyst Andrey Kryuchenkov said.

Copper has climbed by twothirds since June 2010 whenworries about sovereign defaultin the euro-zone sparked severeselling of investments seen asrisky.

Preliminary Chinese tradedata showed copper importsjumped a surprise 5.7 per cent to364,240 tonnes.

Underlying fundamentals arevery supportive but not superbullish. That's the reason for theindecision by traders," StandardChartered analyst Daniel Smith

said.Meanwhile, copper stocks

continued their uptrend, risingby 650 tonnes net to 402,425tonnes to now stand at the high-est level since August 2010, thelatest LME data showed.

Aluminium inventories alsorose, and are now some 40,000tonnes short of record highs.Aluminium finished at $2,502 atonne, versus a $2,514 close onMonday.

Nickel ended at $28,745, from$28,895.

Elsewhere, lead closed at$2,635 a tonne from $2,640 andzinc at $2,491 from $2,521 atthe close on Monday.

Tin, untraded in rings, was bidat $32,500 a tonne, up from$32,450 on Monday. It hasadvanced 22 per cent this yearon the back of supply con-straints from top exporterIndonesia. -Reuters

Copper falls from recordon political, China concerns

6Wednesday, February 16, 2011

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1310 1255

January (3rd Wednesday) 1310 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for February 14 2011

LME Official Prices, US$ per tonne for February 14 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2306 2484 10147.5 2630 28670 32390 2478 2505

Cash seller 2307 2485 10148 2631 28680 32395 2478.5 2508

3-months buyer 2300 2500 10123 2625 28650 32300 2499 2510

3-months seller 2310 2501 10124 2627 28700 32400 2500 2515

15-months buyer 2250 2563 9905 2572 27525 31905 2517 2555

15-months seller 2260 2568 9915 2577 27625 31955 2522 2565

27-months buyer 2250 2607 9475 2527 26175 2500 2610

27-months seller 2260 2612 9485 2532 26275 2505 2620

LONDON METAL EXCHANGE (METALS)

LONDON: Brent crude oilslipped on Tuesday and UScrude climbed as marketsbegan to close the gap betweenthe two benchmarks after alengthy period in which theBrent premium to US crudehad become overextended.

The price differentialbetween the two reached$16.30 on Friday.Analysts andtraders have saidthat a correctionwas overdue.

"It is just notsustainable tohave such highd i f f e r e n t i a l sbetween the two products,"said Thorbjorn Bak Jensen, anoil market analyst at GlobalRisk Management. "Tradeshave just gotten too extendedand now markets are beginningto normalise."

Brent crude for April deliv-ery was down 20 cents to$102.88 barrel by 1445 GMT,after earlier pushing to $104.04in the session. Jensen saidBrent was meeting technicalresistance. US crude for Marchdelivery was up 58 cents to$85.39 at the same time, afterearlier climbing $1.07 to

$85.88. The US benchmarkhad fallen to 2-1/2-month lowsin the previous session.

"West Texas Intermediate isso undervalued relative toBrent and other grades import-ed to the US that it seems tohave rallied more stronglybecause it is so out of line,"said Tony Machacek, a futures

broker at Bache Commodities.US crude has been dogged

by high oil stockpiles at thekey landlocked delivery pointin Cushing, Oklahoma. In con-trast, Brent rallied hard onMonday and stayed strongTuesday morning, supportedby lower than expectedChinese inflation figures andunrest in Bahrain and Iran.

"We are seeing contagionfrom Tunisia and Egypt toother countries that are moreimportant for the oil markets,"said Christophe Barret, oil ana-lyst at Credit Agricole

Corporate and InvestmentBank.

Iran produces about 3.7 mil-lion barrels a day, making it thesecond largest OPEC producer.

"With Saudi Arabia's sparecapacity at roughly 3.5 millionbarrels a day it could have asevere impact on the oil marketif you have any interruption in

oil exportsfrom Iran."

Also lend-ing supportwas China'sc o n s u m e rprice inflationcoming inlower than

expected for January at 4.9 percent.

US retail sales for Januarycame in lower than expected at0.3 per cent, instead of the 0.6per cent forecast, likely reflect-ing poor weather conditionsthat kept shoppers indoors.

The market is now looking toUS weekly crude inventoriesfrom the American PetroleumInstitute (API). A Reuters pollforecast a rise in crude oilstockpiles for the fifth week ina row, to 2.6 million barrels,due to a rebound in imports. -Reuters

Brent oil slips frompeak of Mideast rally

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Tuesday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Feb111010.00, Mar11 1010.00,Apr11 1010.00-16.00,May11/Jul11 1020.00-16.00,Aug11/Oct11 1025.00.

RAPEOIL: Dutch/EU eurotonne fob exmill May11/Jul111025.00-15.00, Aug11/Oct11995.00-15.00, Nov11/Jan121000.00-20.00, Feb12/Apr121010.00-15.00.

SUNOIL: EU dlrs tonneextank six ports optionApr11/Jun11 1450.00-20.00,Jul11/Sep11 1460.00-25.00,Oct11/Dec11 1400.00-30.00.

LINOIL: Any origin dlrstonne extank RotterdamFeb11/Mar11 1545.00-10.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Feb111310.00-10.00, Mar111315.00-7.50, Apr11/Jun111297.50-15.00, Jul11/Sep111267.50-17.50.

PALM OLEIN: RBD dlrstonne fob MalaysiaApr11/Jun11 1285.00-20.00,Jul11/Sep11 1235.00-25.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamFeb11/Mar11 2300.00-20.00,Mar11/Apr11 2280.00-10.00,Apr11/May11 2270.00-10.00,May11/Jun11 2260.00-10.00.

PALMKERNEL OIL:Mal/Indon dlrs tonne cifRotterdam Feb11/Mar112320.00-30.00, Mar11/Apr112320.00+10.00, Apr11/May112300.00+10.00, May11/Jun112220.00-50.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

15-Feb-2011 CRUDE100 MA11 US$ Per Barrel 85.44 86.50 84.63 85.29 252 85.24 85.29 238

15-Feb-2011 CRUDE100 AP11 US$ Per Barrel 89.28 90.29 88.62 89.05 124 89.12 89.05 61

15-Feb-2011 CRUDE100 MY11 US$ Per Barrel 92.64 92.64 92.54 92.54 - 92.68 92.54 3

15-Feb-2011 SILVER - SL500 MA11 US$ Per Troy Ounce 30.05 30.76 30.05 30.74 221 30.62 30.74 43

15-Feb-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 30.10 30.76 30.10 30.76 - 30.64 30.76 1

15-Feb-2011 GOLD 01oz MA11 US$ Per Troy Ounce 1357.70 1374.60 1357.00 1372.60 1,110 1364.50 1372.60 999

15-Feb-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1357.70 1374.80 1357.20 1373.00 2,267 1364.90 1373.00 1,502

15-Feb-2011 GOLD 01oz MY11 US$ Per Troy Ounce 1357.60 1375.50 1357.60 1373.70 1,442 1365.60 1373.70 1,062

15-Feb-2011 GOLD 100oz MA11 US$ Per Troy Ounce 1357.80 1372.60 1357.80 1372.60 - 1364.50 1372.60 -

15-Feb-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1357.40 1374.30 1357.40 1373.00 67 1364.90 1373.00 8

15-Feb-2011 GOLD 100oz MY11 US$ Per Troy Ounce 1358.90 1373.00 1358.90 1373.00 - 1365.60 1373.70 -

15-Feb-2011 GOLD FE11 Per 10 grms 37531.00 37869.00 37385.00 37869.00 2 37567.00 37869.00 14

15-Feb-2011 GOLD MA11 Per 10 grms 37394.00 37878.00 37394.00 37878.00 - 37575.00 37878.00 1

15-Feb-2011 GOLD AP11 Per 10 grms 37500.00 37894.00 37410.00 37894.00 4 37591.00 37894.00 82

15-Feb-2011 KILOGOLD FE11 Per 10 grms 37545.00 37842.00 37358.00 37842.00 1 37539.00 37842.00 -

15-Feb-2011 KILOGOLD MA11 Per 10 grms 37366.00 37851.00 37366.00 37851.00 - 37548.00 37851.00 -

15-Feb-2011 TOLAGOLD50 FE11 Per Tola 43573.00 44138.00 43573.00 44138.00 - 43785.00 44138.00 -

15-Feb-2011 TOLAGOLD100 FE11 Per Tola 43573.00 44138.00 43573.00 44138.00 - 43785.00 44138.00 -

15-Feb-2011 MINIGOLD MON Per 10 grms 38466.00 38945.00 38466.00 38945.00 - 38637.00 38945.00 -

15-Feb-2011 MINIGOLD TUE Per 10 grms 38413.00 38987.00 38413.00 38987.00 - 38677.00 38987.00 -

15-Feb-2011 MINIGOLD WED Per 10 grms 38426.00 38904.00 38426.00 38904.00 - 38596.00 38904.00 -

15-Feb-2011 MINIGOLD THU Per 10 grms 38440.00 38918.00 38440.00 38918.00 - 38610.00 38918.00 -

15-Feb-2011 MINIGOLD FRI Per 10 grms 38453.00 38931.00 38453.00 38931.00 - 38623.00 38931.00 -

15-Feb-2011 TOLAGOLD MON Per Tola 45000.00 45291.00 44202.00 44760.00 21 44401.00 44760.00 7

15-Feb-2011 TOLAGOLD TUE Per Tola 44996.00 45225.00 44140.00 44807.00 3 44448.00 44807.00 2

15-Feb-2011 TOLAGOLD WED Per Tola 44156.00 44712.00 44156.00 44712.00 - 44355.00 44712.00 -

15-Feb-2011 TOLAGOLD THU Per Tola 44171.00 44728.00 44171.00 44728.00 - 44370.00 44728.00 -

15-Feb-2011 TOLAGOLD FRI Per Tola 44187.00 44744.00 44187.00 44744.00 - 44386.00 44744.00 6

15-Feb-2011 IRRI6W 17FE11 Per 100 kg 3203.00 3227.00 3203.00 3227.00 - 3203.00 3227.00 -

15-Feb-2011 RICEIRRI - 6 FE11 Per 100 kg 3201.00 3208.00 3201.00 3208.00 - 3201.00 3208.00 -

15-Feb-2011 RBD PALMOLEIN FE11 Per Maund 5532.00 5532.00 5525.00 5525.00 - 5532.00 5525.00 -

15-Feb-2011 KIBOR3M 11-Mar Per Rs. 100 86.20 86.21 86.20 86.21 - 86.20 86.21 -

15-Feb-2011 KIBOR3M 11-Jun Per Rs. 100 85.59 85.60 85.59 85.60 - 85.59 85.60 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Indian sugarends steady

MUMBAI: Indian sugar pricesended steady on Tuesday as aslight improvement in spotdemand due to ongoing weddingseason outweighed pressurefrom higher supplies forFebruary, dealers said.

India has made available 1.62million tonnes of non-levy sugarfor February, including 300,000tonnes unsold stocks of January.

Non-levy, or free-sale sugar,is sold by millers in the openmarket, but the quantity eachmill can sell is fixed by the fed-eral government on a monthlybasis.

"Millers were struggling to sellallocated quota for the month.Like last month, this month alsothey may fail in selling the entirequota," said a senior official atBombay Sugar MerchantsAssociation (BSMA).

In Kolhapur, a key market intop producing Maharashtra state,the most traded S-variety edgedlower by 0.22 per cent to 2,665rupees ($58.57) per 100 kg.

Sugar contract for Marchdelivery on India's NationalCommodity and DerivativesExchange (NCDEX) provision-ally ended 0.11 per cent up at2,810 rupees per 100 kg.

India is likely to produce 25million tonnes of sugar in thenew season that began in Oct. 1,a producers' body said on Feb. 8,slightly lowering its previousforecast as unseasonal rainstrimmed cane yields in a keystate. -Reuters

TARAKAN: Workers repair an old oil well for reactivation in Tarakan,

Indonesia's East Kalimantan province.-Reuters

NEW YORK: US cottonfutures fell sharply close onMonday, with the key Marchcontract settling down morethan 2 per cent, after optionsexpirations left many specula-tors holding long futures posi-tions, prompting them to grabprofits in a selling spree.

Over the weekend, cotton calloptions that expired in the moneyon Friday were assigned andexercised, resulting in a slew ofnew long futures positionsamong speculative interests atMonday's start, brokers said.

'This morning they showed upwith new positions in theirhands ready to take their profits.If you're long calls and the mar-ket closes at the highest it's everbeen, it's impossible not to haveprofits,' said Ron Lawson,Managing Director, of logicad-visors.com.

Benchmark March cotton con-tracts on ICE Futures US slid2.06 per cent to end down 3.92cents at $1.8605 per lb, afterfalling as low as $1.8510 duringthe session.

On Friday, spot fiber futuresshot up to an all-time high of$1.9455 per lb, a level exceed-ing cotton's previous record.

Until Friday, prices had neversurpassed levels seen during theUS Civil War, estimated by his-torians around $1.89. The CivilWar lasted from 1861 to 1865.

Cotton climbed 13.17 per centlast week. Since the beginningof the year, cotton has advancedover 35 per cent in the secondwave of a rally that began inAugust 2010.

While speculators unwoundsome of their long positions onMonday, analysts said, tightsupply/demand fundamentalsremain in tact for the cottonmarket. Many observers stillexpect prices to head for $2 perlb and even $3 a lb, eventually.

On Monday, the USDepartment of Agriculturereleased its 10-year baseline fig-ures showing planting forecastsrose to 12.8 million acres, yield-ing a crop of 19.3 million balesin 2011 from 17.817 millionbales in 2010.-Reuters

Cotton dropson profit-taking

BD tea prices

edge upDHAKA: The average price ofBangladeshi teas edged up to184.81 taka ($2.60) per kg atthe weekly auction on Tuesday,brokers said.

"The average price went upslightly, even though a largeweight of end-of-season types onoffer were discarded by buyersand withdrawn without any bids,"said an official of the NationalBrokers Limited, the largest teabroking firm in the country.

Some 1.07 million kg, com-prising nearly 53 per cent of theoffer, were sold, while the restfailed to find buyers and wastaken back to storage.

Different grades were soldbetween 100 taka and 246 takaper kg at the auction.

But in an exclusive sale, 100kg of well made PekoeFannings realised the highestprice of 267 taka per kg, fol-lowed by another 250 kg ofChuramoni Dust selling at 251taka per kg.

The next auction will be heldon Tuesday, Feb. 22, with some2.1 million kg on offer. -Reuters

LONDON: Gold rose to a nearfour-week high on Tuesday andwas on track for its biggest one-day climb in a week as the dollarextended losses after soft USretail sales numbers and the mar-ket digested Chinese inflationdata.

Spot gold rose as high as$1,376.50 an ounce and was bidat $1,373.01 an ounce at 1602GMT, against $1,361.67 late inNew York on Monday. US goldfutures for April delivery rose

$8.40 an ounce to $1,373.50.The precious metal is on track

for a third week of gains, recov-ering from the losses it made inJanuary, when rising appetite forrisk fuelled buying of higher-yielding assets.

"Some risk aversion hasreturned -- some euro-zone jit-ters with WestLB and ECB buy-ing of Portuguese bonds lastweek, and the unsettled MiddleEastern situation," said CreditAgricole analyst Robin Bhar.

"For me though, (the move ingold) is more technical. We havemoved above the 100-day mov-ing average at $1,365, which hascapped gains until now."

A softer dollar also under-pinned the precious metal,

although the usual inverse rela-tionship between the two assetshas recently been soft.

Data released earlier showedChinese inflation at a lower-than-expected 4.9 per cent inJanuary, curbing expectationsfor further rate rises fromChina's central bank. Lowerinterest rates tend to supportgold buying.

The Asian giant also changedthe way it calculates the numbersby reshuffling the basket of prices

measured, giving more weight tohousing and less to food.

Some pressure has also comeoff gold after outflows fromexchange-traded funds backedby the precious metal peteredout. Holdings of the largest goldETF, New York's SPDR GoldShares, have held steady for thelast three sessions.

Platinum was at $1,833.24 anounce against $1,825.49, whilepalladium was at $837.97against $831.50.

Silver was bid at $30.78 anounce against $30.59. Holdingsof the world's largest silver-backed ETF, New York's iSharesSilver Trust, rose 22.78 tonneson Monday, their biggest one-day rise since Jan. 24. -Reuters

Gold reaches 4-weekhigh as dollar retreats

Coffee at

13-3/4-yr high

on fund buyingLONDON: Arabica coffeefutures pushed through a new13-3/4-year barrier onTuesday, and robustas hit amulti-year peak as investmentfund buying and tight suppliesof high-quality beans boostedprices.

Cocoa futures on ICE retreat-ed but stayed just below theirone-year top on uncertaintyabout whether an export ban intop grower Ivory Coast wouldbe extended. Sugar fell furtherfrom near 30-year peaks.

New York's May arabicasrose to $2.6675 per lb, the high-est for the second-month con-tract since May 1997, and wereup 3.2 cents or 1.2 per cent at$2.6490 a lb at 1530 GMT.

May robusta coffee on Liffeclimbed to $2,318 a tonne, itshighest since July 2008, beforeeasing slightly to trade up $22or 1 per cent at $2,305 pertonne.

May ICE cocoa futures fell$4 or 0.1 per cent to $3,402 atonne, below their one-yearhigh of $3,444, while Liffe'sMay cocoa was down 6 poundsor 0.3 per cent at 2,204 poundsa tonne, below its six-monthpeak of 2,269 pounds.

The key ICE March rawsugar contract fell 0.1 cents or0.3 per cent to 30.81 cents a lb,dropping further from its 30-year peak of 36.08 cents, whileLondon's May white sugar fell$15.90 or 2.1 per cent to$734.60 per tonne. -Reuters

Shanghai metals mixedBase metals on the Shanghai

Futures Exchange settledmixed on Tuesday, giving upgains as local shares weighedon investor sentiment. Thebenchmark May copper con-tract settled 0.8 per cent higherat 76,600 yuan a metric ton.

TOKYO: Benchmark Tokyorubber futures hit a record highon Tuesday as concerns overtight supply and strong physi-cal rubber prices in producingcountries continued to lendsupport, but a drop in Shanghaifutures capped gains.

The key Tokyo CommodityExchange rubber contract forJuly delivery settled up 0.2 percent or 0.8 yen at 519.5 yen,after climbing to a historic highof 522.5 yen during theevening session on Monday,

which is counted as part ofTuesday's day session.

The most active Shanghairubber futures for May deliv-ery closed down 2.2 per cent at41,905 yuan ($6,352) pertonne. Volume picked up to535,802 lots from Monday's444,090. They marked a recordhigh of 43,500 yuan last week.

Asian physical rubber priceswere steady at relatively highlevels on Tuesday, with thebenchmark Thai RSS3 beingoffered at the record, supported

by tight supply, dealers said. Rubber futures prices in

Tokyo and Shanghai surgedto a lifetime high this yearand are likely to rise furtheron speculative buying andseasonal tight supply. Londoncrude prices extended gainson Tuesday to stand above$103 a barrel, buoyed bysigns of firm oil demand inChina as unrest in the MiddleEast sparked fears of a poten-tial supply disruption. -Reuters

Tokyo rubber at historichigh on supply woes

US retail sales up 0.3pc, lower than forecast

7Wednesday, February 16, 2011

Sports & Continuation

CONTINUATION

MUMBAI: Kolkata andMumbai grounds have beengiven the final clearance tostage Cricket World Cup match-es after concerns about theirreadiness, the head of the gov-erning body told reporters.

"Those venues have all beensquared off, they`re ready,"International Cricket Council(ICC) chief executive HaroonLorgat said in a telephone inter-view ahead of the Feb 19-April2 tournament. "There isn`t anissue about readiness of stadi-ums."

This means only one match,India`s fixture with England onFeb 27, had to be switched fromKolkata`s Eden Gardens toBangalore. Mumbai has beengiven the go-ahead to stage thefinal on April 2 as well as twoother group-stage fixtures.

"We felt they (Kolkata) wouldnot be ready by Feb 27 but theyhad every opportunity to beready for the matches (there) inMarch and we`ve got to thepoint now when all of the ven-ues are going to be ready for thegames scheduled," he said.

"So there isn`t an issue aboutreadiness of the stadiums."

Similarly, Sri Lanka`s threegrounds were also "good to go".

A report from the ICC`sWorld Cup inspection team isexpected on Tuesday to confirmhis comments.

Eden Gardens is one of themost prestigious in India butICC inspectors found renova-tion work on the standstillunfinished in December andsimilarly, Mumbai`s WankhedeStadium needed completing.-Online

Kolkata, Mumbaiaffirmed fit for WC

DHAKA: Bangladesh havelaunched an all-out war on mos-quitoes in and around cricketstadiums to ensure a bite-freeWorld Cup for spectators andplayers, said an official.

The Dhaka City Corporation(DCC) has deployed sprayteams to wipe out mosquitoesat the city’s two stadiums,which will host the openingceremony and six World Cupmatches.

“Mosquitoes have been

breeding alarmingly in recentmonths so we have taken spe-cial measures to get rid ofthem,” said health chiefBrigadier General Nasiruddin.“We want to ensure a mosquito-free World Cup for spectators.”

He said areas near hotels usedby teams and supporters willalso be sprayed. Malaria is usu-ally restricted to rural areas ofBangladesh, but dengue feveris common in towns.

After the opening ceremony

that takes place in Dhaka onFebruary 17, the action beginswith the hosts facing India inthe city on February 19.

The World Cup is the biggestevent that Bangladesh has host-ed since 1971.

Authorities have alreadyevicted hawkers and beggars,forced worn-out buses off theroads and banned laundry frombeing hung out near stadiums toimprove Dhaka’s image.-Agencies

BD warring mosquitoesaround stadia before WC

MELBOURNE: FormerAustralian players foreseetough times for RickyPonting's men in the upcomingWorld Cup despite being thenumber one ODI side as theyfeel co-hosts India and SriLanka are better-equipped toexploit the conditions.

"They (Australia) are certain-

ly up against it," former wick-et-keeper Ian Healy said of theteam, which is chasing a recordfourth World Cup trophy.

"It's not our favoured venuefor a World Cup victory, but it'sa frontier that needs to becrossed again from '87.

There's some hot competitionfrom Sri Lanka and India, and

I'm envisaging a real battle forthe other two semi spots,"Healy was quoted as saying bythe 'Daily Telegraph'.

Healy tipped Sri Lanka toclinch the trophy, saying veter-an off-spinner MuttiahMuralitharan, playing in hislast tournament, would be amajor factor.-Online

India, SL foreseenfavourites for CWC

Staff Reporter

MARIPUR: Pakistan beat

Bangladesh by 88 runs in the

World Cup warm-up match on

Tuesday.

Bangladesh, chasing the 286-

run target set by Pakistan,

were bowled out for 196 in

the 42nd over at the Shere

Bangla National Stadium in

Mirpur.

Teenage opener Ahmed

Shehzad and Test skipper

Misbahul Haq both smashed

centuries as Pakistan piled up

285-9 in the first innings to

set up the win.

All-rounder Abdul Razzaq

was the leading wicket-taker

for Pakistan with three wick-

ets for 31 runs while

Mohammad Hafeez took two

wickets for 41 runs and left

arm spinner Abdur Rehman

took two for 21.

Captain Shahid Afridi and

Wahab Riaz also took one

wicket each.

Shehzad, just 19, top-scored

with 103 off 122 balls with

nine fours and one six while

Misbah cracked a run-a-ball

century with eight boundaries

and four giant sixes.

Despite the pair’s pyrotech-

nics, Pakistan’s other batsmen

failed to fire with the next

best score being a modest 21

from opener Mohammad

Hafeez.

Bangladesh used nine bowlers

with skipper and slow left-

armer Shakib Al Hasan taking

3-49 off his 10 overs.

Seamer Rubel Hossain also

claimed three wickets, but his

10 overs cost 73 runs.

Pakistan burnBD in warmuper

Ahmed, Misbah lift up tons ahead of WC

Dhoni rejects“India arenot ready”

suggestions CHENNAI: India captainMahendra Singh Dhoni onTuesday backtracked on hiscomments that the Indian teamare "not ready" in the lead-up tothe World Cup due to the jam-packed calendar.

Dhoni had warned that India'spreparation had been hit by therigors of constantly switchingbetween tests, one-day interna-tionals and Twenty20 matchesin the run-up to the Feb 19-April 2 World Cup but just 24-hours later, he made a u-turn.

"It was not fatigue at all. It isthe mental preparation level...to be in the same scenario... tobe 100 per cent for a (warm-up)game," Dhoni told reportersahead of India's warm-upmatch against New Zealand onWednesday.

"We are more used to prepar-ing for an (official) game 100per cent and all of a sudden youhave to prepare for a warm-upgame which I have not playedmany, right from the start of mycareer from school cricket ordistrict (level).

"It was a different scenarioand you have to prepare differ-ently. That was the only differ-ence and it had nothing to dowith fatigue."-Reuters

ISLAMABAD: Players run after the ball during a hockey match played between the teams of Bahawalpur and Lahoreduring All Pakistan Inter Board Women Hockey Championship at Naseer Bunda Hockey Stadium.-Online

AMRITSAR : An artist displays a miniature cricket stadiummodel ahead of the 2011 Cricket World Cup.-Reuters

strengthen regional security" under the Overseas ContingencyOperations (OCO) Budget". This includes "$1.1 billion for thePakistan Counterinsurgency Capability Fund to provide criticalequipment and training for Pakistani security forces, increasingthe ability of the Pakistani government to combat insurgentsinside Pakistan and eliminating the insurgent's capacity to conductcross-border operations in Afghanistan that jeopardise US livesand the mission there." "We have $350 million in that part of thebudget for FMF (Foreign Military Financing) programs, which ispart of the five-year agreement that we have made with the gov-ernment of Pakistan," a State Department official told reporters.

In 2010, Pakistan received $79 million under the OCO Budget,which is estimated to jump to $1.3 billion in 2011. In Afghanistan,out of total $2.3 billion assistance $2.2 billion is to target the pri-ority sectors of governance, rule of law, counter-narcotics, agri-culture, economic growth, health, and education in Afghanistan.

This apart, $111 million is for operations to support infrastruc-ture for maintaining US government civilian and diplomatic pres-ence and to support educational and cultural exchange programsto build bridges with civil society.-Agencies

Continued from page 1No #1

including that of economy," the officials requesting not to benamed told Online. The high-level IMF delegation was encour-aged after meeting the PML-N economic wizard Senator IshaqDar who is also heading his party's appointed ParliamentaryCommittee working jointly with the government's ministerialbody with Finance Minister Abdul Hafeez Shaikh in chair.However, the officials were unable to rule out the potential ofAmerican national Raymond Davis's case influencing the IMFtaking a lenient view of Pakistan's economy difficulties. "If theIMF mission does not come to Dubai by the end of February tomeet Pakistan's economy team, you can easily guess that theAmerican influence worked well," the officials added. The offi-cials having remote understanding of the American national'sissue also underlined the possibility of a resolution by then.According to the officials, the government's economy team wouldgo to Dubai meeting with an alternative plan for both resources'generation and cost cutting.

In case the government enables to convince IMF mission inDubai that it would generate Rs100 additional revenue and wouldcurtail expenditures of an equal amount, it might qualify for get-ting next tranche of SBA loan programme in March, the officialsobserved. -Online

Continued from page 1No #2

ties. Prime Minister offered the top executives of KFAED andKIA to take advantage of the liberal investment regime as well asthe investment-friendly incentives in Pakistan. Minister of Statefor Foreign Affairs Hina Rabbani Khar, Chairman Board ofInvestment Salim Mandviwala, senior PPP leader Raja PervaizAshraf, Pakistan's Ambassador in Kuwait Iftikhar Aziz and seniorofficials were also present in the meetings. During his meetingwith Chairman KIA, the Prime Minister said, Pakistan is willing tooffer Kuwait a portion of land of its strategically located Gwadarport for setting up a terminal for the storage of its strategic oil

Continued from page 1No #3

@ 32/64 fixed choke size at flowing wellhead pressure of 2392psi. The discovery is made in the upper part of LumshiwalFormation and drilling shall be continued to penetrate and test thedeeper prospective horizons. The full extent of discovery will beknown once the well reaches the planned total depths during nexttwo months. According to "The Financial Daily" research based onthe testing result, the annualised EPS impact of all three listed com-panies i.e. Oil and Gas Development Company Limited (stake 27.76per cent), Pakistan Petroleum Limited (stake 27.76 per cent) andPakistan Oilfields Limited (stake 21.05 per cent) would increaseprofitability of companies by Rs0.04, Rs0.18 and Rs0.64 per share.

Continued from page 1No #4

signed before March 15, 2011 to put in place a proper frameworkto use the data for broadening the tax base. It may be added thatnearly 58,000 corporate entities are registered with the SECP butonly 19,331 of them had filed income tax returns with the FBR upto January 31, 2011. "The exchange of data will help FBR identi-fy the dormant companies besides reaching out to those activelyengaged in business activities but failing to file their returns," saidthe Member (IRS), hoping the exercise would mark a significantstep in bridging the tax gap in the corporate sector. -Online

Continued from page 1No #5

building and mosque would be illuminated. Strict securitymeasures would be taken on the routes and places of processionsof Eid Milad-un-Nabi and all educational institutions and govern-ment offices would remain closed. Punjab government has direct-ed to all district and Tehsil administration officers to take unprece-dented security measures. Meanwhile the preparations have beenmade for the celebration of Eid-Milad-un-Nabi with religious fer-vor and respect in twin cities Rawalpindi and Islamabad.

Continued from page 1No #6

court. Meanwhile, Senator Kerry would reach Islamabad as theObama administration sought to resolve a diplomatic crisissparked by the detention of a US embassy employee accused ofkilling two Pakistanis. Kerry, the influential chair of the SenateForeign Relations Committee and member of President BarackObama's Democratic party, will meet with senior Pakistani offi-cials, the US embassy in Islamabad said in a statement.-Agencies

Continued from page 1No #7

said consumers would get good news with regard to further cur-tailment in the prices of LPG in next week. Decrease in prices ofLPG by Rs10 per kilogram has led to noticeable decline in theprices of LPG. Owing to this reduction, the price of domesticcylinder has dropped from Rs1270 to Rs1150 in Lahore,

Continued from page 1No #8

no powerful man can be brought to justice. He said that under the law no civil servant would bereappointed and the government had not made any progress on the matter of contract officers in amonth. Chief Justice also expressed his displeasure over the vacation of federal investigation agencyadditional director Javed Bukhari, saying that weather he had taken leave or was sent off. He saidthat those who worked with the court were given a sent off. -Agencies

Continued from page 1No #9

arrest warrant is such a joke, I hope the days of this govt are numbered now." The Facebook commentswere Musharraf's first public statement since his London spokesperson had said on Saturday that the ex-president would not comply with an arrest warrant issued by an Islamabad court over Benazir's assassi-nation. "No, he won't be going back for this hearing," said Fawad Chaudhry, a spokesman for the APMLparty, adding that the warrant against Musharraf in this regard was "totally ridiculous." -Reuters

Continued from page 1No #10

Central Asian Republics and beyond them to Russia. He expressed the hope that issues regardingAfghanistan Pakistan Transit Trade would be resolved within four months and after that it wouldalso be operational. Replying to a question, he said that till the finalization of new agreement theprevious Afghan Pak Transit Trade would be workable for trade between the two countries.-Online

Continued from page 1No #11

reserves. "We would also welcome KIA's investment for the devel-opment of Gwadar Port facilities and its related infrastructure proj-ects", he added. Gilani also sought the KIA's investment for estab-lishment of cold chain and food grain storage facilities, setting upof agro based industries in horticulture commodities and invest-ment in livestock, dairy and poultry sectors in Pakistan. The pro-duce of these projects can then be supplied to the Union ofConsumer Cooperative Society of Kuwait, he added.-Agencies

Justice Khalil-ur Rehman was retired from service last year and he was appointed as ad hoc judge.First extension in service would expire on February, 17 this year and efforts had been started in con-nection with his reappointment as ad hoc judge for another year. Legal and constitutional circles arenot seeing this move with appreciable looks. Some neutral circles have taken the stance that the lawswhich are applicable to government employees are also applicable to judges in superior judiciary.Justice Khalil-ur Rehman Ramday was also member of the bench which had declared re-employ-ment of retired officers as illegal. About former interior secretary Kamal Shah, Justice Ramday hadremarked as to why he was not quitting the office after completion of his service tenure. -Online

Continued from page 12No #12

"These commitments demonstrate the SGX's belief in the merits and benefits of the merger,address concerns that have been expressed, and provide further clarity as to how the merged entitywill operate in the future," Chew said. The ASX and SGX announced plans in October for a merg-er that would create one of the largest and most diversified financial trading hubs.-APP

Continued from page 12No #13

"He should go before the judges to defend himself like anyone else who doesn't have anythingto hide and spare the country the spectacle before the world of a prime minister on trial for juve-nile prostitution and abuse of office," said Dario Franceschini a senior member of the oppositionDemocratic Party. Prosecutors say they have ample evidence that Berlusconi paid el Mahroug forsex when she was under 18 -- an offence in Italy -- and also telephoned a police station to pres-sure officers to release her after she was held on theft allegations. The charges carry a maximumsentence of 3 years for underage prostitution and 12 years for abuse of office. She denies havingsex with Berlusconi but admits receiving at least 7,000 euros ($9,500) after attending a party atthe premier's luxurious private residence at Arcore near Milan. Berlusconi has denied doing any-thing illegal in the case and says he has been targeted by politically motivated judges backed bythe left who are determined to bring him down. He says he has never paid for sex and says thatwhen he telephoned the Milan police station it was because he believed el Mahroug to be thegranddaughter of Egyptian President Hosni Mubarak and he wanted to avoid a diplomatic inci-dent.-Reuters

Continued from page 12No #14

Gujranwala, Sialkot, Nawab Shah, and Karachi; from Rs1330 to Rs1210 in Peshawar, Faisalabad,Multan, Khanewal, Sahiwal, Bahawalpur, Rahim Yar Khan, and Mangora; from Rs1390 to Rs1270per cylinder in Islamabad, Sarai Alamgir, Sargodha, Gujrat, Murree, Kohat, and Rawalpindi; fromRs1690 to Rs1570 in Muzaffarabad, Gilgit, Swat, Fata, Bagh, and Azad Kashmir. Ogra slappedheavy fines on marketing companies for profiteering and these companies have reduced the pricesfollowing the reports of further raids from Ogra teams.

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Aus, S'poreexchanges'fusion planmoves aheadSYDNEY: The Australian andSingapore bourses revampedtheir merger proposal Tuesday,promising an equal number ofdirectors from each country in abid to overcome political hur-dles threatening the massivedeal.

The two exchanges alsopledged to maintain operations,assets and key staff inAustralia, and to invest in newproducts. The deal had prompt-ed a backlash in Australiafocusing on Singapore'sdemocracy and rights record.

"The changes and commit-ments announced today, com-bined with existing regulatoryprotections, strengthen ourbelief that the ASX-SGX merg-er proposal is in the best inter-est of shareholders and in thenational interest of Australia,"ASX chairman David Gonskisaid.

SGX chairman Chew SoonSeng will head the board,which has been cut to 13 andwill include five Singaporeansand five Australians.

It will also have three interna-tional directors, includingASX-SGX CEO-designateMagnus Bocker.

See # 13 Page 7

Full courtreference

for Ramdaycancelled

ISLAMABAD: Full court ref-erence to be given in honor ofJustice Khalil-ur RehmanRamday of Supreme Court(SC) has been cancelled.

As per press release issued bySupreme Court, decision wastaken in SC full court meetingto initiate the process for reap-pointment of Justice Khalil-urRehman Ramday as ad hocjudge in apex court.

Chief Justice of PakistanIftikhar Muhammad Chaudhryhad presided over the meeting.

As the full court meeting hasrecommended for re- appoint-ment of Justice Khalil-urRehman Ramday as ad hocjudge, therefore, the full courtreference and dinner to be host-ed in his honor on February, 17have been cancelled.

A few weeks earlier, SC in itsdecision had declared illegal thereappointment of retired govern-ment employees on contractbasis. However these orders arebeing applied to governmentdepartments only. Due to thisdecision 150 section officers willstand removed from their service.

See # 12 Page 7

ISLAMABAD: Interior MinisterRehman Malik Tuesday thanked hisIndian counterpart P Chidambaramfor the release of Rahat Fateh AliKhan, who was detained by revenueenforcement authorities at the Delhiairport for allegedly carrying over$100,000 on Sunday.

Sources said Malik telephonedChidambaram and thanked him forthe release of the singer, who wasfreed from detention on Mondayevening after questioning by theIndian Directorate of Revenue

Intelligence officials.Malik assured Chidambaram of

Rahat's cooperation in probe into thecase, being investigated by theDirectorate of Revenue Intelligence(DRI).

Sources told that Malik said thatPakistan wants cordial relations withIndia but they should be inrespectable manner and equalitybasis.

He said that investigation ofMumbai attacks is being carried outin an unbiased manner and Pakistani

Commission should be allowed tocome to India at earliest moment

Meanwhile PTI reported that Rahat,whose passport has been seized, hasbeen asked to report to the DRI offi-cials again on Thursday for furtherquestioning.

Indian Officials claimed to haveseized $1.24 lakh in cash and twodemand drafts for over $18,600, fromRahat and some of the members of histroupe on Sunday when they wereplanning to catch a flight to Dubai foronward journey to Karachi.-Online

Malik thanks Delhi

for releasing Rahat

ISLAMABAD: Information MinisterFirdous Ashiq Awan has made it clearthat government will implementSupreme Court (SC) decisions addingapex court verdict is applicable toextension in service of contractual aswell as ad hoc government employees.

Information minister said this whiletalking to media men here on Tuesday.

Responding to a question she saiddemocratic government has honouredall the verdicts of SC and would imple-ment them as well. The apex courtdecision was applicable to all institu-tions and not just one. If SC ruled toterminate the services of contractemployees then it will be respected,she added.

She held that the case of US citizen

Raymond Davis was subjudice and thecourt was to decide about it. Statementgiven by PPP information secretaryFouzia Wahab about Raymond Daviswas her personal opinion, she added.

She said talks were under way aboutthe return of MQM and JUI-F to cabi-net. A single party could not steer thecountry out of crisis, she underlined.All the political forces would have toplay their respective role in thisrespect, she stressed. "Ups and downs"is beauty of politics, she maintained.

She reiterated PPP would continuereconciliation process, adding MQMand JUI-F were democracy loving peo-ple and we want them to rejoin rulingalliance and become part of federalgovernment.-Online

If SC terminates ad-hocists we'll ensure it: Firdous

‘Ruling same forad hoc, contractservice extension’

WASHINGTON: US Secretary ofState Hillary Rodham Clinton isexpected to name a former ambassadorto Turkey as Washington's new specialenvoy to Afghanistan and Pakistan,newspaper reports said early Tuesday.

Marc Grossman, a retired seniordiplomat, is to be named Friday toreplace Richard Holbrooke, who diedsuddenly in December of a torn aorta,the Washington Post reported.

The Post and New York Times citedunnamed officials as their sources.Clinton is expected to announce theappointment Friday at a major speechon Afghanistan and Pakistan at theAsia Society in New York.

Grossman is currently the vice chair-man of a consulting firm.

Holbrooke's death came at a crucialtime for Afghanistan, where USPresident Barack Obama is aiming tostart winding down the US presencelater this year.

US-Pakistan relations have also beenshaky. Late last week, a US diplomat inPakistan denied a report thatWashington had threatened to down-grade its diplomatic relations withIslamabad in an attempt to secure therelease of one of its citizens held fordouble murder.

The report by ABC news said thatUS National Security Advisor TomDonilon had told the Pakistani ambas-sador to the US to release the suspector face diplomatic consequences.-Online

Late Holbrooke's successor found

KARACHI: All efforts to bemade to make PIA a profitableairline. This can be achievedwith the combined efforts of allemployees. We are not afraid ofthe prevailing competition inthe aviation industry and willInsha Allah be successful.

This was stated by ManagingDirector PIA, Nadeem KhanYousufzai during his meetingwith representatives of JointAction Committee of PIAEmployees.

Managing Director PIA,Nadeem Khan Yousufzaiassured representatives of JointAction Committee of theManagement's support.

He said that PIA managementwill provide better facilities tothe employees of theCorporation and employees'performance will be judged onpure merit.

He further said that theemployees housing scheme willcontinue, employees will be

provided subsidy in educationallowance for their children,Car and Motorcycle easyinstallment loans will be pro-vided to employees, PIA willalso provide Marriageallowance to the needy employ-ees on case to case basis,employees will also get UtilityCredit allowance for purchaseat Utility Stores.

He said that establishment of aPIA foundation is his long timedream through which PIAemployees and especially theretired employees will be bene-fited. The working on this proj-ect will be started soon and mayinvolve transfer of some of non-core activities to the PIAFoundation, which will not onlygenerate revenues but will alsoresult in saving for PIA.

The Convener of Joint ActionCommittee of PIA employees &President PALPA, SohailBaloch extended full supportand cooperation to the newly

appointed Managing Director ofPIA.

He also announced to give aportion of Pilots salary for theStaff (employees of Pay groups1 - IV) of the airline.

The Representatives of JointAction Committee includedCaptain Sohail Baloch,President PALPA and ConvenerJoint Action Committee,Captain TM Rabbani, GeneralSecretary PALPA, ShaukatJamshed President SAEP(Society of Aircraft Engineers),Zakir Farooq, General Secretary(SAEP) Aziz Suharwardy andNadeem Afgan, FENA (FlightEngineers Association), NajeebKhan, President ATAP andChaudhry Bashir Ahmed, SVPPeoples Unity - CBA, Nasrullahof PIA Cabin Crew Association,Safdar Anjum (Friends Of PIAAlliance), Shamim Akmal,President Air league andObaidullah, President PIACEU.-Online

New MD vowsrivival of PIA

MILAN: An Italian judge has orderedPrime Minister Silvio Berlusconi tostand trial in April on a charge that hepaid an underage girl for sex, thoughthere seemed no immediate risk thescandal would force him from office.

Following weeks of scandal thathave shaken his struggling center-rightgovernment, trial was set on Tuesdayto start in a criminal court in Milan onApril 6, according to a statement fromthe office of the city's chief judge,Christina Di Censo.

Berlusconi is not obliged to appear inperson before the panel of three judgeson that day, nor is there any legal

obstacle to his continuing to holdoffice throughout any trial proceed-ings, which could take years beforeany conviction.

Throughout several other legal cases,the 74-year-old premier has kept the loy-alty of lieutenants in his own party, whichhe set up after making his fortune in busi-ness. There has been no open push fromhis own allies for him to stand down.

"We did not expect anything differ-ent," Piero Longo, one of Berlusconi'slawyers who sits in parliament for theruling PDL party, told reporters afterthe decision was announced.

See # 14 Page 7

Berlusconi to facecourt over scandal

QUETTA: Police force coming in vehicles during the operation against the armed men who take illegal posses-

sion of government land in the area of Kharot Abad.-Online

‘Efforts to be made to make PIA profitable '

Grossman slated to be new Afpak envoy