International

Ties with US on new heights: Pak See on Page 8

Senate body divided over ministry shift See on Page 8

Freedom of expression bill soon See on Page 8

Crude Oil (brent)$/bbl 97.60

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Cotton $/lb 156.94

Gold $/ozs 1,341.00

Silver $/ozs 27.43

Malaysian Palm $ 1,220

GOLD (NCEL) PKR 37,965

KHI Cotton 40Kg PKR 10,824

Yearly(Jul, 2010 up to 21-Jan-2011)

Monthly(Dec, 2010 up to-21-Jan-2011)

Daily (21-Jan-2011)

Total Portfolio Invest (14 Jan-2010)

194.97

-0.42

1.41

3057

0.28

0.43

2.21

-0.21

-0.56

-2.52

0.37

SCRA(U.S $ in million)

Portfolio Investment

FIPI (21-Jan-2011)

Local Companies (21-Jan-2011)

Banks / DFI (21-Jan-2011)

Mutual Funds (21-Jan-2011)

NBFC (21-Jan-2011)

Local Investors (21-Jan-2011)

Other Organization (21-Jan-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (15-Jan-11)

Inflation CPI% (Jul 10-Dec 10)

Exports (Jul 10-Dec 10)

Imports (Jul 10-Dec 10)

Trade Balance (Jul 10-Dec 10)

Current A/C (Jul 10- Dec 10)

Remittances (Jul 10 - Dec 10)

Foreign Invest (Jul 10-Dec 10)

Revenue (Jul 10 Dec 10)

Foreign Debt (Sep 10)

Domestic Debt (Nov 10)

Repatriated Profit (Jul- Nov 10)

LSM Growth (Nov 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.28bn

14.61%

$10.98bn

$19.13bn

$(8.15)bn

$26mn

$5.29bn

$1.05bn

Rs 638bn

$58.41bn

Rs 5348.6bn

$287.9mn

-4.69%

4.10%

$1,051

174.95mn

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

18.50

2.00

1.70

11.03

PKR/Shares

111.45

158.60

42.87

36.44

37.82

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

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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)

12-Jan-2011

12-Jan-2011

12-Jan-2011

29-Nov-2010

22-Jan-2011

22-Jan-2011

22-Jan-2011

22-Jan-2011

22-Jan-2011

22-Jan-2011

22-Jan-2011

22-Jan-2011

22-Jan-2011

22-Jan-2011

22-Jan-2011

13.37%

13.50%

13.73%

14.00%

13.32%

13.62%

13.76%

14.09%

14.20%

14.22%

14.23%

14.26%

14.61%

14.81%

14.98%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.50 85.50

Canadian $ 85.90 86.90

Danish Krone 14.00 14.70

Euro 116.20 117.70

Hong Kong $ 10.90 11.00

Japanese Yen 1.038 1.138

Saudi Riyal 22.85 23.05

Singapore $ 66.20 67.20

Swedish Korona 12.00 12.10

Swiss Franc 86.30 86.90

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Euro 115.74 116.01

Hong Kong $ 11.01 11.03

Japanese Yen 1.035 1.037

Saudi Riyal 22.85 22.91

Singapore $ 66.59 66.75

Swedish Korona 12.90 12.93

Swiss Franc 88.73 88.94

U.A.E Dirham 23.33 23.39

UK Pound 136.55 136.87

US $ 85.73 85.92

Inter-Bank Currency Rates

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KARACHI: Federal Minister for Finance Dr Abdul Hafeez Sheikh addressing to members of

Overseas Investors Chamber of Commerce & Industry (OICCI).-APP

Karachi, Sunday, January 23, 2011, Safar-ul-Muzaffar 18, Price Rs12 Pages 8

Govt serious forGB uplift: Gilani

WASHINGTON: With Chinabeing Pakistan's 'all-weatherfriend', Islamabad is part ofAmerica's ongoing dialoguewith the Chinese leaders, theObama Administration hassaid.

"We do talk to China aboutPakistan. Obviously, they'reneighbors. They've got a rela-tionship and a history. And so itis part of our ongoing dialoguewith China," State Department

spokesman P J Crowley toldreporters at his daily news con-ference.

Pakistan and other regionalissues did figure in talksbetween US President BarackObama, and his Chinese coun-terpart Hu Jintao, at the WhiteHouse on Wednesday, but nodetails were available.

"There was a detailed region-al discussion. And I can't sayspecifically what every topic

that was part of the discussionbetween President Obama andPresident Hu Jintao together.But a lot of work was donewith the respective teams,"Crowley said in response to aquestion.

"The joint statement is areflection not only of what thepresidents themselves dis-cussed personally, but alsowhat the presidents endorsed interms of the policy understand-

ings that we have reached withChina in a wide range ofissues," he said.

So one of the benefits of thiskind of high-level meeting isthat there is a lot of work that'sdone both in the preparation forthe summit and then the sum-mit and the endorsement by theleaders of the understandingsthat are achieved, then helpinform our policies going for-ward, Crowley said.

"Certainly in this processthere was a great deal of dis-cussion on a wide range ofregional issues, and it hasinformed what we'll be doingright now," he said.

"For example, in the after-math of the summit, you've gotDeputy Secretary Steinberggoing back out to the region tofollow up on our discussionwith our other partners in theSix-Party process.

So this gives you an exampleof the broad sweep of the prepa-ration for this summit," he said.

But I'm sure that thePresident Obama andPresident Hu Jintao did takenote of a broad range ofregional developments acrossthe Asia-Pacific region,Crowley said when asked ifSouth Asia came up for discus-sion between Obama and Huearly this week. -Online

Pak, subject of talk with China, says USA

Staff Reporter/ agencies

ISLAMABAD/ KARACHI:Approving a 'decisive opera-tion' against elements involvedin targeted killings in Karachi,President and Prime Ministerhave directed that peace mustbe restored in the city.

The decision was taken in ameeting of the PakistanPeoples Party's senior leader-ship at the Aiwan-e-Sadr.

Key ministers and the party'scentral leadership attended themeeting.

See # 3 Page 7

Khi operation getsFed’s green-signal

President, PM, Interior Minister meet

Staff Reporter/ Agencies

KARACHI: Government hasblatantly slashed developmentbudget allocated for greatergood of the public by Rs100billion but left untouched theproject of constructing luxuri-ous building within parliamentlodges to be completed at a jawdropping cost of Rs3 billion.

Addressing the business com-munity at Federation of PakistanChamber of Commerce Industry(FPCCI), Finance MinisterAbdul Hafeez Shaikh said thecountry was facing very difficultchallenges of rising oil prices,dire impact of floods on econo-my and deteriorating law andorder situation.

He said that development hasbrought down to Rs180 billionfrom Rs280 billion and hintedthat there would be more cutsin the days to come.

Shaikh said that governmentexpenses would also be broughtdown added that rising oilprices in the international mar-

ket is of grave concern for thePakistan but we could not doanything in this regard.

Meanwhile, addressing themembers of Overseas Investors'Chamber of Commerce andIndustry (OICCI), FinanceMinister said that the govern-ment will stick to its bestnational interest in dialoguewith International MonetaryFund (IMF).

Responding to a query atOICCI meeting regarding anews report that the govern-ment was planning to cut devel-opment expenditure by 50 percent and scaling down revenuetarget to win over IMF, he saidthat it was in the national inter-est to stay on course with thereform programme.

"It is in our own nationalinterest to also fulfill our inter-national commitment. We arecontinuing dialogue with IMFand they are our developmentpartners", he added.

However, he made it clear thatthe government will not com-

promise on national interests."Our primary concern will

remain the same. Do what is inour best national interest tobecome self reliant to domesticresources mobilisation to getback on our growth trajectory",he noted.

Shaikh has announced to con-stitute a committee to resolveall the issues including incometax and sales tax refunds, facingmembers of Overseas Investors'Chamber of Commerce andIndustry (OICCI).

Responding to queries ofOICCI members, he said thatthe committee consisting ofOICCI members and seniorofficials of Federal Board ofRevenue (FBR) will work tillthe redressal of all the issues.

The committee will also lookinto the matters relating to theimplementation of MoUbetween FBR and PakistanExploration and ProductionCompanies Association(PEPCA).

See # 1 Page 7

Rs100bn axedoff uplift fund

Finance minister set up committee for RGST

Printing notes to meet deficit will put economy at stake

ISLAMABAD: Securities andExchange Commission ofPakistan (SECP) has reducedthe stamp duty and registrationfee for real estate investmenttrust (REIT) properties inPunjab and Sindh.

A statement issued by theCommission here Saturday saidthat SECP has successfullysecured concessional rates ofstamp duty and registration feefor real estate investment trust(REIT) properties in Punjaband Sindh.

The stamp duty on REITproperty purchases has beenreduced from 2 per cent to 0.5per cent in Punjab. On REITproperty sales the duty has beencut from 2 to 1 percent, it added.

It said that in Sindh the stampduty on purchases has beenreduced from 3 percent to 0.5per cent and on sales it has beenbrought down from 3 per centto 1 per cent.

In both provinces, the regis-tration free on purchases has

See # 6 Page 7

Stamp duty onrealty reduced

ISLAMABAD: MemberNational Assembly StandingCommittee on Information andBroadcasting Shireen Arshadhas recommended bringingPakistan Electronic MediaRegulatory Authority (PEMRA)under Cabinet division.

A meeting of NationalAssembly Standing Committeeon Information andBroadcasting, presided byChairperson of the committeeBelum Husnain was held here inParliament House on Saturday.

During the meeting ShireenArshad has proposed to makePEMRA under Cabinet divisionas against ministry ofInformation.

During the meeting "Freedomof Information (Amendment)bill" moved by Dr Donya Azizwas reviewed. The minister ofInformation and broadcastingQamar Zaman Kaira informedthe committee that the presentgovernment also wantedamendments in Freedom of

See # 7 Page 7

Govt plans torein in Pemra

Pemra under Cabinet Division

KARACHI: Decision regard-ing the dismissal of KESCemployees has been put on holdafter Governor House meetinghere Saturday, and furtherprogress will be made aftercommittee recommendations.

KESC's management hadannounced to sack all 4000 plusemployees who have complet-ed 25-year of service, but thesacked employees termed thisdecision as a brutal move fromthe administration andannounced to resist it sternly.

According to media reports,an important meeting regarding

the issue of KESC employeeswas held at Governor HouseKarachi among the KESCadministration and GovernorSindh Dr Ishratul Ebad.

It has told in the meeting thata special committee comprisingof government officials has beenset up with the consultation ofCM Sindh Syed Qaim Ali Shahand the committees will presentits recommendations withinthree days to provincial govern-ment regarding the issue of thedismissal KESC employees andStake holders.

See # 9 Page 7

Sacking of KESCworkers paused

MQM submits adjournment motion in Senate

JC nominatesUsmani asSC judge

ISLAMABAD: The JudicialCommission in its meetingSaturday recommended eleva-tion of Justice Sarmad JalalUsmani, the Chief Justice ofSindh High Court, to theSupreme Court.

The meeting was chaired byChief Justice IftikharMohammed Chaudhry.

The Commission also recom-mended appointment of JusticeMushir Alam as the ChiefJustice of Sindh High Court.

The meeting also discussedthe regularization of the

See # 8 Page 7

BB murder case

Saud,Shahzadremandextended

RAWALPINDI: A special anti-terrorism court (ATC) onSaturday extended the physicalremand of two former policeofficials, Saud Aziz andKhurram Shahzad, for ten daysin Benazir Bhutto's murder case.

According to a private TV, theFederal Investigation Agency(FIA) produced the accusedbefore court and pleaded for aten day extension in their physi-cal remand.

See # 4 Page 7

LEAs empowered

to act: MalikISLAMABAD: FederalMinister for Interior RehmanMalik has said that the Rangersand Police have been vested withpowers to take action .

He went on to say recentaction in Orangi Town inKarachi was a law enforcementmeasure in the same context

. See # 2 Page 7 SECP Commissioner

Governmentignores rules

ISLAMABAD: The govern-ment is set to re appoint TariqAusaf Hussain asCommissioner Legal in theSecurities and ExchangeCommission of Pakistan(SECP) for another three years.Legal experts termed the reap-pointment of Tariq Ausaf inviolation of SECP rules.

Section 7(3) of the SECPAct does not allow extensionand appointment after the ageof 62 years and Hussain hascrossed that limit. He will cel-ebrate his 63 birthday inMarch 2011.

According to the sources, asummary for the extension ofhis service has already beenforwarded to the PMSecretariat, which will beapproved next week.-Agencies

WeeklyInflation

down 0.32pc ISLAMABAD: The SensitivePrice Indicator (SPI), for theweek ended on January 20, forthe lowest income group up toRs3000, has registered adecrease of 0.32 per cent overthe previous week.

The SPI for the week underreview in the above mentionedgroup was recorded at 300.06points as against 301.02 pointsregistered in the previous week,according to provisional figures ofFederal Bureau of Statistics (FBS).

See # 5 Page 7

ISLAMABAD: Governmenthas decided to undertake right-sizing of the Federal Cabinet,Federal Law Minister BabarAwan said here Saturday.

"Government has also decid-ed to bring about right sizingin the Federal Cabinet," BabarAwan said while talking tonewsmen.

He said the decision was takenat a meeting presided over by

President Asif Ali Zardari andPrime Minister Yousuf RazaGilani.

It has been decided to reducethe number of ministers in thenew Cabinet with a view to cutdown government expenditures.

The inclusion of existing min-isters in the new cabinet will bemade on the basis of their pastperformance. The decision wasmade in Pakistan People's

Party's (PPP) Core Committeemeeting.

Meanwhile, Presidentialspokesman on Saturday saidthat Federal cabinet will be cut.

Talking to mediaPresidential spokesmanFarhatullah Babar said thatPresident and Prime Minsterhad not decided to dissolve thefederal cabinet but it

See # 10 Page 7

Right-sizing ofCabinet decided

Fed cabinet is not being dissolved: Presidency

See Page 8

Senate body seeks report on issue

2 Sunday, January 23, 2011

ISLAMABAD: Pakistanand Tajikistan have agreed toorganize fourth meeting ofthe Tajikistan-Pakistan JointMinisterial Commission(JMC) at Dushanbe fromFeb 9-12.

According to a pressrelease issued here onSaturday, this was decidedduring a meeting held withFederal Minister for Waterand Power, Raja Pervez

Ashraf and Ambassador ofTajikistan Dr. Zubaydullo N.Zubaydov.

Both, the Minister and theambassador discussed theCASA-1000 power project,trilateral trade agreementamong Pakistan-Afghanistanand Tajikistan, direct roadlink from Pakistan toTajikistan via Wakhan, directPIA flights from Pakistan toTajikistan, visit of Tajik

President to Pakistan inMarch 2011 and variousmatters of bilateral coopera-tion to further enhance eco-nomic ties between the twocountries. The Minister saidthat Pakistan attaches highpriority to its historic rela-tions with Tajikistan. He saidthe decision to be taken inthe upcoming 4th JMC willopen new vistas betweentwo countries -Online

Pak,Tajik to holdJMC at Dushanbe

ISLAMABAD: Pakistanis confronted with seriousproblems of unemploy-ment AND poverty whileInformation Technology(IT) is one of the areas thatcan offer enormous oppor-tunities for creating count-less jobs and improvingeconomy, thus governmentshould give attention topromote and exploite thepotential of IT sector.

This was stated byMahfooz Elahi, President,Islamabad Chamber ofCommerce and Industrywhile addressing a meet-ing at ICCI. He said thatcountry is facing a numberof challenges for its eco-nomic revival, therefore,with other initiatives, ITindustry should be flour-ished for technologicaladvancement, generatingrevenues, reducing unem-ployment and poverty.

He said that it was a

healthy sign that IT sectorof Pakistan has shownmarked improvement andit's ranking has gone up to56th from 73rd last year.

However, much more isdesired to harness the fullpotential of this sector.Elahi was of the opinionthat by tapping full poten-tial of IT Pakistan can alsograb a substantial share inthe international IT marketand enhance its exports aswell. He said USA,Canada, Middle East,Malaysia, UK and othercountries have outsourcedmany functions of theirbusinesses to specializedfirms as cost cutting meas-ures and by providing cost-effective services,

Pakistan can realize thepotential of outsourcing aswell.

He said that modernworld economies of scalealso greatly depend on IT

as its usage can enhancethe performance of almostevery sector of economyby improving businessprocesses, cutting costsand increasing productivityand emphasized thatPakistan should also thinkon these lines.

President ICCI said thatinadequate legal frame-work has been the mainhindrance in proper growthof this sector, beside issuesof IT infrastructure andfinance and called upon thegovernment to addressthese issues on priority toreap full benefits from agrowing IT sector.

Elahi said over the lasttwo decades IT sector hasemployed over half a mil-lion youngsters in differentcapacities ranging fromsoftware developers, hard-ware engineers, CallCenter operators and cablehandlers etc. -Online

ICCI chief for exploitingpotential of IT sector

KARACHI: SindhMinister of Commerceand Industries hasordered to abolish legalsection of SITE Ltd andinstructed to concernedauthority to hire servicesof a private legal firm andadjust and officials andstaff of SITE legal sectionto any other department.

In an urgent meeting athis office Rauf Siddiquiordered to cancel allthose industrial plotswhich had not established

industries since 10 yearsalthough they have takepossession of these plotson the condition of theestablish industries. Landgrabbers are the big hur-dle in industrial develop-ment in the province, wewill not accept any pres-sure in this regard. Heinstructed the authority totake serious legal actionagainst land grabbers inindustrial zone with thehelp of Pakistan RangersSindh and Police. He

asked the officials andemployees to performthie duties honestly andsaid if any one was foundguilty of corruption hewill be terminated fromservice and strong legalaction will take againsthim.

Secretary industriesZameer Ahmed Khan,MD SITE Abdul RasheedSolangi, DMD TechnicalShams Uddin Sehto werealso present in the meet-ing.-Online

Rauf orderscancellation of empty

industrial plots

Staff reporter

KARACHI: SindhMinister for Electric Power,Oil and Gas, Ms. ShaziaMarri has said that theGovernment of PakistanPeoples Party is fully deter-mined to eradicate pneumo-nia, polio and other deadlydiseases causing loss to theprecious lives of childrenunder five years or leavingthem with disabilities andcalled upon the society tocome forward and joinhands with efforts of thegovernment in this regard.

This she said whileaddressing as chief guest toa symposium arranged byAdvocacy Forum "UnitedAgainst Pneumonia" here atlocal hotel Saturday.Women activists largelyattended the symposium,which was organized withthe collaboration of MediaWomen Publishers andjournalists Organization.

Marri said she was verymuch inspired by the atten-dance of women at a largelevel in the symposium and

now she can hope that oursociety will be saved fromthe damages of children'skiller diseases. She said itis unfortunate for societythat at present our media'spriorities are lacking socialissues and development ofsociety and urged uponmedia people to focussocial problems and educatesociety in right direction.

Shazia Marri focused theefforts of presentGovernment to eradicatepolio from Pakistan andurged the need of largescale mass awareness cam-paign to save children frompneumonia, polio, measles,diphtheria other deadly dis-eases. She called upon liter-ate women of country tocome forward and play roleto save children from thesedisease and build a strongerand egalitarian society onsustainable basis. She saidthe Government is fullyprepared to not only facechallenges in this regard butit is trying hard to deliversociety with maximum pos-sible opportunities in health

sector. Earlier, renowned med-

ical practitioner Dr. JamilAkhtar in his keynotespeech, revealed thatPakistan is facing challengeof polio, pneumonia otherdiseases being a great threatto the lives of childrenmainly under five. He saidthat pneumonia is maindeath cause of childrenunder five in Pakistan andthere is dire need of collab-orative efforts by societyand the government to pre-vent our future generationfrom these killer diseasesthrough immunization andother preventive measuresand mass awareness.

Among others, the chiefof Advocacy Forum"United AgainstPneumonia" Ms. Qurat-ul-Ain Marri, President MediaWomen Publishers andJournalists OrganizationsMs. Qudsia Qadriaddressed the symposiumand stressed the need of col-lective and concrete effortsfor socio-economic devel-opment of society.

SYMPOSIUM TOLD

Pneumonia main killerof children under five

Staff Reporter

KARACHI: Challengespertaining to EuropeanUnion (EU) trade conces-sions for Pakistan's TextileIndustry were discussed ata seminar held at theManagement ExcellenceCentre, Institute ofBusiness Management(IoBM), Korangi Creek,Karachi.

The highlights of thisseminar, says a Pressrelease of the IoBM PublicAffairs Section, envi-sioned discussion onGerman assistance to thetextile Industry ofPakistan, an overview ofthe European Union, poli-tics of the MFN regime,challenges and trends inthe textile Industry of

Pakistan in the EU per-spective.

The speakers at the sem-inar included Dr. MirzaIkhtiar Baig, FederalAdvisor on Textile,Government of Pakistan;Zafar Mahmood, SecretaryCommerce, Governmentof Pakistan; Tariq Puri,Chairman TradeDevelopment Authority ofPakistan; Dieter Freund,Deputy Head of GermanConsulate in Karachi,Prof. Dr. Naveed AhmedTahir, Chairperson, AreaStudy Centre for Europe,Karachi University andcontributors to the interac-tive session from the hostInstitute.

The seminar acknowl-edged EU supporting tradeconcessions for Pakistan.

Seminar on EUtrade concessions

Ban on

pillion

riding

extendedTFD Report

KARACHI: The SindhGovernment has extendedthe ban on pillion ridingfor another seven days toensure law and order inKarachi. The ban will nowremain effective till Jan29.

The provincial govern-ment has also put a ban oncarrying arms (bothlicensed and unlicensed)for three days, effectivefrom Saturday.The ban hasbeen imposed as part ofsecurity arrangementsahead of chehlum ofHazrat Imam Hussain(A.S).

‘Livestockexports

should be

banned’Staff Reporter

KARACHI: The issues oflivestock smuggling andauthorities' nod to live-stock export would betaken up to the federal gov-ernment as the meat pricesin the country are not goingskyrocketing but leatherindustry's future has beenthreatened, this was statedby the Patron In-Chief andChairman, KorangiAssociation of Trade andIndustry, S M Muneer onWednesday.

Senator and ChairmanKITE Ltd, Senator AbdulHaseeb Khan, Presidentand former chairman PTA,Gulzar Firoz, Chairman,KATI, Syed Johar AliQandhari, FormerChairman, KATI andPresident, PBIF, MianZahid Husain and ViceChairman, PTA, HamidZahoor were also presenton the occasion.

Addressing to a receptionhosted by Pakistan TannersAssociation (PTA) in hishonour, Muneer said that itwas a matter of seriousconcern that government isnot taking any measure tocurb massive smuggling oflivestock to Iran andAfghanistan due to whichprices of hides and skinshave become so expensivelocally due to shortage andthe exporters are facingsheer difficulties in meet-ing export orders. "It's aheight of anomaly thatgovernment has allowedunregulated export of live-stock due to which massivesmuggling is continuingunder the garb of export",Muneer said adding thatgovernment should have totake immediate action tostop this menace in order tosave country's secondlargest export sector.

He also lamented the atti-tude of the EOBIChairman, who is harass-ing the industrialists. Hementioned that EOBI chiefhas recently sealed a facto-ry rendering many workersjobless.

REAPopposes

increase by

transportersTFD Report

KARACHI: RiceExporters Association ofPakistan (REAP) hasstrongly opposed the cur-rent increase of transporta-tion charges by the localtransporters. Talking withnews reporters, ChelaRam, the Acting Chairmanof REAP said that com-mon man is already facinghuge problems in connec-tion with the increasedrates of food items and ifno action taken against thisunlawful practice toincrease the charges exor-bitantly without consultingstakeholders then it willresult into very grave situ-ation and the basic fooditems will be out of reachof common man.

Elaborating further, hesaid the Shipping linesare also charging higherexchange rate of US dollar.He appealed to theGovernment of Pakistan tointervene in the matter andplay its due role to preventsuch harmful practices forthe over all trade and takecorrective measures toforce the transporters towithdraw the currentincrease as well as theShipping Lines to followthe State Bank rules so thattrade may benefit.

IPDF,GIZsign MoU

ISLAMABAD: In aneffort to promote energyefficiency and developrenewable energy projectsthrough Public PrivatePartnership (PPP) inPakistan IPDF and the GIZhave signed aMemorandum ofUnderstanding (MOU) out-lining their plans to worktogether in strong coher-ence in terms of mutualexchange of information topromote Public-PrivatePartnerships, as well asexplore new vistas toimprove efficiency andeffectiveness of RenewableEnergy and EnergyEfficiency Programme(REEE) in Pakistan.

IPDF was represented byits CEO, Adil Anwar, whileBernhard Meyhoefer repre-sented GIZ at the signingceremony.

The MOU between IPDFand the GIZ lays out plansfor promoting renewableenergy and energy efficienttechnologies through devel-opment of PPP projects,which includes SolarThermal, Solar PV/LEDlights, Solar/Energy EfficientPumping and mini/micro-hydal projects and any otherprojects pertaining to energysector in accordance withREEE programme and theGovernment policy concern-ing Public PrivatePartnership (PPP). Majorstakeholders under this part-nership include Governmentof Pakistan, as well as theProvincial Governments ofSindh, Punjab, KhyberPakhtoonKhwa. The partner-ship will also extend to proj-ect promotional and capacitybuilding activities such asroad shows and study trips.-Online

Doctorsdemand

protectionKARACHI: LiaquatNational Hospital doctorsobserved token protestSaturday against killings ofover 70 doctors during pastyears across the country.

Dr. Salman Faridi,Medical Director LiaquatNational Hospital,expressed his sorrow andstrongly condemned therecent assassination of Dr.Imran Wasih Haider whowas targeted in front ofLyari General Hospital onhis way home after finish-ing his duty.

It is worth mentioningthat during pas few years,more than 70 leading doc-tors were targeted and thisstory is being repeatedagain.

Dr. Salman said that thedoctors have been peace-fully delivering their basicservices towards the nobleprofession of health care."However, current wave ofviolence directed at themedical community wouldnot only affect the per-formance of doctors andparamedical staff but inturn would have a heavycharge on the overall qual-ity of healthcare system ofthe country.

Senior Faculty of LNHpassed a resolutionexpressing their concernsthat a peaceful communitythat caters need of bothrich and needy had beentargeted. They stressedupon providing the medicalprofessionals completeprotection as well as finan-cial compensation to thefamilies of the victims.

They demanded of thegovernment to punishkillers of the doctors and togive them exemplary pun-ishment.-Online

KARACHI: A Group photo of Khalid Tawwab, Mian Zahid, S M. Muneer, Speaker Sindh

Assembly Nisar Ahmed Khoro, Deputy Speaker Sindh Assembly Shehla Raza, Dr Mirza

Ikhtiar Baig and Shaikh Manzar Aalam taken at a dinner hosted in honour of S. M.

Muneer by Chancellor Indus Institute Khalid Ameen at his residence. -Staff photo

KARACHI: Provincial Minister Shazia Marri snapped with participants ofseminar on Pneumonia. -Staff photo

ISLAMABAD: Ambassador of Tajikistan Zubaidullo Zabaidov called on the Federal Minister for Waterand Power Raja Pervaiz Ashraf. -APP

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Sunday, January 23, 2011

Latest Gadgets Cisco ups homenetworking antewith E4200 routerCisco company created backbone for Internet

on which you’re on at the moment, and withsuch pedigree behind them, going by the model,Linksys E4200 Maximum Performance Dual-Band Wireless-N Router. E4200 is more thancapable of playing nice with latest entertainmentdevices, where among them include the newergeneration of Internet TVs, all pervasive AppleiPad, video game consoles, smartphones, e-bookreaders, and VoIP devices.

VTech, all in onecommunication

systemVTech intends to make sure your stay

connected by family and friends wheneveryou are at home, thanks to their latest all-in-one, complete home communicationsystem. This entire setup will comprise ofVTech’s new DECT 6.0 cordless headset,a base unit and two cordless handsets.Youwill get a push-to-talk intercom and hands-free talking capabilities, where theLS6375-3 package will deliver fast andconvenient communication for any house-hold or small office.

The WoweeOne Portable

SpeakerThe WOWee ONE is not related to

Wowwee, a company made famous forall sorts of nifty robot toys, but thecompany with the single w “WOWee”are makers of a speaker for iPod, iPad,MP3, MP4, and anything else with aheadphone jack.

The speaker has a unique ability thatI have seen before. You place it on aflat surface, such as a table, and itbecomes a speaker.

Sony CLM-V55 clip-onLCD monitor

Fancy a clip-on LCD monitor for your DSLR camera? Well,that is what Sony intends to deliver with their spanking newSony CLM-V55 clip-on LCD monitor. This will offer DSLRcamera owners a brand new option to view their footage whileshooting HD video, sporting a bigger area for your eyes to feastupon. To put it basically, the CLM-V55 is a portable video mon-itor that boasts a high-resolution WVGA (800 x 480 pixels) 5”LCD panel.

1202 2,100

1203 2,050

1208 2,300

1209 2,250

1280 2,075

1616 2,450

1800 2,700

2220 Slide 4,500

2330 Classic 4,400

2600 Classic 4,950

2690 5,200

2700 Classic 6,900

2730 Classic 7,500

3600 slide 12,900

3610 Fold 9,600

5030 3,100

5130 8,300

5220 10,400

5230 13,600

5250 13,600

5233 11,500

5310 12,400

5320 14,900

5530 17,200

5630 17,200

5730 23,000

5800 22,000

6120 12,000

6220 Classic 17,900

6300 10,800

6303 11,300

6303i 11,000

6600 Slide 18,900

6600 Fold 17,800

6700 Classic 20,300

6720 Classic 19,800

6730 Classic 15,200

6760 Slide 18,800

7210 8,550

7230 10,750

7310 11,000

7510 14,000

7610 13,200

C1-00 3,000

C3 11,500

C5 14,200

E5 21,300

E52 21,200

E55 23,000

E63 16,800

E66 20,000

E71 21,300

E72 27,500

E75 24,000

N78 19,800

N79 26,300

N8 40,000

N82 26,000

N85 8GB 22,800

N86 31,500

N97 39,000

N97 mini 33,000

N900 37,000

X2 9,400

X3 12,000

X3 02 Touch and Type 15,900

X6 16GB 28,000

X6 48,000

T303 8,700

T707 16,800

W302 9,600

W380i 8,800

W350i 7,700

W395 9,700

W595 13,200

W705 19,000

W980 18,200

W902 43,500

W995 25,600

F305 9,400

S302 8,200

C510 12,700

C901 14,800

C902i 15,600

C903 16,100

C905 21,400

G502 14,500

G700 12,800

Aino 30,800

Jalou 17,300

U100 Yari 18,700

Satio Idou 38,700

Xperia X1 33,000

Xperia X10 47,000

B130 2,050

B220 Guru 3,900

B300 3,600

B3210 CorbyTXT 8,700

B3410 9,500

B3410W Chat WIFI 13,400

B5722 15,400

B7300 OMNIALite 24,000

B7320 Omnia PRO 19,200

Guru B100 2,450

E1080 2,200

E1100 2,450

E1125 3,200

E2125 6,050

E250 5,200

D980 (Dual Sim) 20,300

J150 6,550

J700 7,550

M150 5,100

M200 6,200

M620 6,250

M3510 Beat b 9,200

M3710 Corby Beat 12,700

M7500 Armani 30,300

M7603 Beat DJ 32,000

M8910 Pixon 12 40,600

C3010S 5,700

C3053 6,000

C3200 Monte Bar 6,900

C3212 7,300

C3303k Champ 7,600

C3510 Genoa 8,800

C5212 DUOS 9,800

S3310 7,900

S3653 Corby 10,600

S3653 WIFI 10,800

Star S5230 11,000

S5230W Star WIFI 12,300

S5350 Shark 12,000

S5550 Shark 2 14,500

S5560 Marvel 15,600

S5620 Monte 15,500

S7220 Ultra b 21,000

S7350 Ultra s 22,100

S8003 Jet 24,000

S8300 Tocco Ultar Edition 28,200

S8500 Wave 29,900

I900 Omnia 42,500

i5700 Galaxy Spica 25,000

i8000 Omnia II 49,500

i8510 INNOV8 37,000

i8910 Omnia HD 43,700

i9000 Galaxy S 16GB 49,000

Q3i 5,999

E900 6,999

Bold 9000 33,000

Curve 8900 30,900

Peral Flip 8220 30,000

Pearl 8120 27,000

Curve 8310 29,000

ALI ZHORAIZ JAFFRI

Nokia

Mobile Prices

Updated on 22 January, 2011

Sony Ericsson

Samsung

BlackBerry

QMobile

NOTE: Always visit your local shop for the exact

Mobile phone prices.

6

Google Inc co-founderLarry Page will takeover as CEO from

Eric Schmidt, a surprisemove to make the companymore nimble at a time whencompetition heats up withfast-growing rivals likeFacebook.

Page's assumption of day-to-day operations marks areturn to Google's technolog-ical roots, 13 years after heand fellow StanfordUniversity student SergeyBrin founded what hasbecome the world's No. 1Internet search engine with$29 billion (£19 billion) ayear in revenue.

"Day-to-day adult supervi-sion no longer needed!"Schmidt tweeted after theannouncement.

The news came as Googlereported earnings and rev-enue that blew past expecta-tions.

While Google has dominat-ed Internet search for adecade, the company hasstruggled to find its footing insocial networking, with a newcrop of Web companies suchas Facebook and Twitterstealing Web traffic and engi-neering talent.

"As spending was curbedand order restored over thelast few years, some of thatGoogle magic was lost," saidTricia Salinero, managingdirector of NewforthPartners, a mergers andacquisitions advisory firm, in

an email.Schmidt, who will step

aside on April 4 and makeway for Page, told Reuters inan interview that the changewas "not a reaction to com-petitors."

Rather, he said, it was aneffort to speed up decisionmaking at the company,which ended the year with

about 24,000 employees."Google has many different

businesses and the issue thatwe have been getting into isthere's too many ways (in)which these businesses canbe slowed down," Schmidtsaid.

Schmidt, who became CEOin 2001 to bring more manage-ment experience to a then-fledgling company, will assumethe role of executive chairman,focussing on deals and govern-ment outreach, among otherthings. Brin will concentrate onstrategic projects.

Shares in the Internetsearch and advertising leader

rose about 2 percent to $639in extended trading.

Just days ago, Apple IncCEO Steve Jobs announced aleave of absence, leavinglieutenant Tim Cook incharge of day-to-day opera-tions. Like Google, Applealso announced results thisweek that blew past WallStreet's estimates.

"The Street will think it's anegative, that there is proba-bly some issue going on.Google is trying to get moreefficient and trying to get atech guy in the seat to com-pete with Facebook," saidUBS analyst Brian Pitz. "Idon't think it changes any-thing strategically where thecompany is headed."

News of the change came asGoogle reported a 29 percentsurge in both net profit andnet revenue that beat fore-casts.

Net income, excludingitems, of $8.75 a share out-stripped Wall Street's averageforecast of $8.10.

Net revenue, excluding feespaid to partner websites, was$6.37 billion. Analysts polledby Thomson Reuters I/B/E/S,on average, were expectingnet revenue of $6.06 billion.

Google co-founder Page takesover, targets Facebook

Stereoscopic 3D is whereit is at, and Nintendo isnot slow off the mark to

make sure they are there at thevery beginning to capture apotentially lucrative market withtheir upcoming portable 3D-enabled console,the aptly namedNintendo 3DS.This will definite-ly be yet anothershift in the gam-ing industry, hav-ing first rollingout touch-screengaming in 2004and motion-con-trolled gaming in2006, whereMarch 27 2011will be a date thatmany will look forward to.Nintendo’s 3DS will finally beavailable to the masses, bringingportable entertainment in 3Dwithout having to purchase a pair

of special glasses to begin with.While the initial choice of colorsare pretty disappointing byNintendo’s standards (you canchoose from only Cosmo Blackor Aqua Blue), we are pretty surethat the Big N will be rolling out

more color variants down theroad as they normally do.

The Nintendo 3DS has beencalled to be in a category of itsown – simply because it offers an

experience that cannot be foundanywhere else in terms ofportable gaming. Folks residingStateside will have to fork out$249.99 for this toy, while thoseliving outside of the US Will besubjected to pricing set by local

markets, although youcan be sure that thegaming experiencewill not fall short any-where.

Just in case some ofyou have been livingunder a rock for thepast year, theNintendo 3DS willshare the DNA of itspredecessor in termsof the form factor andnumber of screens –and while the bottom

screen is touch sensitive just likeits ancestors, there is a change tothe top screen since that part isable to display 3D visuals to thenaked eye sans any glasses.

Nintendo 3DS releasedates and prices out

Google Inc co-founderLarry Page will takeover as CEO from

Eric Schmidt, a surprise moveto make the company morenimble at a time when compe-tition heats up with fast-grow-ing rivals like Facebook.

Page's assumption of day-to-day operations marks areturn to Google's technologi-cal roots, 13 years after heand fellow StanfordUniversity student Sergey Brinfounded what has become the

world's No. 1 Internet searchengine with $29 billion (£19

billion) a year in revenue."Day-to-day adult supervision

no longer needed!" Schmidttweeted after the announce-

ment.The news came as Google

reported earnings and revenuethat blew past expectations.

While Google has dominat-ed Internet search for adecade, the company hasstruggled to find its footing insocial networking, with a newcrop of Web companies suchas Facebook and Twitter

stealing Web traffic and engi-neering talent.

Apple tightens thescrews on iPhone 4

If you have a smart phone,online criminals may soonhave your number. Smart

phone malware is gettingincreasingly sophisticated, andnow a security researcher hascreated software that turns asmart phone into a "zombie"that can be controlled remotely.

Georgia Weidman created theprogram, which controls anAndroid phone via short mes-sage service (SMS). She willdemonstrate the software at theShmoocon hacking conferencein Washington, D.C., later thismonth.

Once only theoretical, real-world cell-phone viruses arebecoming more common. LastAugust, a scam in Russiatricked users into installingmalicious software on Android

phones, and using the SMSfunctionality to send messagesto a number that charged a pre-mium fee. In late 2010, aChinese virus for Androiddevices was used to steal per-sonal data.

Botnets, or networks of com-puters that have been compro-mised by cybercriminals, havebecome a staple of Internetcrime. They can be used toattack other systems, hostattack tools, send spam, or juststeal data. So far this kind ofapproach has been rare withmobile devices, but that seemsto be changing.

"We have been taking downInternet botnets for years now,but there is not as much under-standing [of telecom network-ing]," Weidman says. "I defi-nitely see criminals going moreand more toward using thetelco's network."

Weidman's attack works likethis: After infecting a phonewith a low-level programknown as a rootkit, she usesthat phone to send spam textmessages, participate in adenial-of-service, or degradethe communications of the

phone-all without the userknowing. The techniques applyto any smart phone, Weidmansays, but she will use three dif-ferent Android phones for herdemo.

Today's smart phones havemultiple layers of defense. Forone, they can block maliciousapplications. They also havemanaged channels, such as theApple App Store and Google'sAndroid Marketplace, forapplications.

As a result, Weidman says,infecting them is no easy task."The hurdle with any malwareis infecting the phone," shesays, noting that the methodsused by cybercriminals usuallydo not work. "More of whatyou see of malware is peopledownloading applications for

their phone that are infected,"she says.

Weidman's program is one ofthe first known to turn smartphones into nodes of a botnet.

The problem of cybercrimi-nals targeting consumers'phones will only get worse, saysKevin Mahaffey, chief technol-ogy officer of mobile-securitystartup Lookout. Because thecontrol of phones is so easy toturn into cash via premium textmessages, criminals will bedrawn to attack the devices.

"I always tend to look at theeconomics of the problem toask myself whether it will con-tinue in the future," he says."And because there is an incen-tive for attackers to compromisemobile phones, and the cost ofcompromising is not that high,that says it will become moreprevalent in the future."

While phones do not have thecomputing power of more tra-ditional computers, they arehefty enough to handle many ofthe tasks that cybercriminalsdesire, she says. She adds thatthe sheer number of smartphones means that any botnetcould be "a real threat."

Smart PhoneZombie

ApocalypseA researcher creates a botnet

for your pocket-a likely sign ofthings to come.

Xbox 360cannot runpirated Call

of Duty

Microsoft is tryingto fight againstpiracy, and it has

released another update forXbox 360 that will try toput an end to gamers pirat-ing their games.

When it comes toupdates, we expect thatthey fix certain issues,improve stability and simi-lar, but this time, Microsoftdecided to fight the piracywith this latest update.

It turns out that the latestupdate stops the piracy fortwo of the Xbox 360'shottest games, Call OfDuty: Black Ops, and CallOf Duty: Modern Warfare2. Users have noticed thatrunning pirated versions ofthese games is now impos-sible after the latestupdate. As you can see,Microsoft is trying to fightagainst piracy, and so far,only pirated versions ofthese two games are pre-vented from running.

As for the future updates,we don’t know whetherwill Microsoft ban anymore pirated games, butwe’re positive that won’thappen in the next upcom-ing update or anytimesoon.

Disclaimer:All reports and recommendations have been prepared for your information

only. Summary and Analysis are not recommendation to buy or sell. This

information should only be used by investors who are aware of the risk inher-

ent in securities trading. The facts, information, data, indicators and charts

presented have been obtained from sources believed to be reliable, but their

accuracy and completeness cannot be guaranteed. The Financial Daily

International and its employees are not responsible for any loss arising from

use of these reports and recommendations.

Search for thethird hand

While the recent operation by the rangers in

Karachi remains a big mystery, reportedly presi-

dent and prime minister have given node for yet

another operation clean up in the mega city, often

termed mini Pakistan. After every carnage, in

Karachi, both the federal and provincial govern-

ments express the resolve to deal with the culprits

with iron hands but perpetrators cannot be round-

ed up due to political affiliation.

Ironically neither the federal nor the provincial

interior ministers admit they did not order any

operation and even the Sindh chief minister said

he was not aware of such operation. If all this is

true, we have to accept the presence of third hand

which ordered the operation. One may ask are the

rangers free to undertake any action in Karachi

without informing the concerned authorities?

Even if the reply is in yes or no it is a matter of

grave concern and one has to believe in the con-

spiracy theories that certain groups are adamant

at making residents of Karachi their hostage.

The cynics go to the extent of saying that these

pressure groups enjoy more power and even the

law enforcing agencies are helpless. These

groups have ample stock of lethal weapons and

have the services of hardcore criminals at their

disposal. These groups can kill dozens of people

within few minutes and also bring the city to

grinding halt as and when it pleases them. It is

often said that various political parties provide

protection to such criminals to keep their oppo-

nents under the thumb.

One can't even recall the number of operations

undertaken in Karachi since 1986 but can say

with full confidence that all these operations,

including extra judicial murders by the law

enforcing agencies were never aimed at cleaning

the city, rather these operations created safe

heavens for the criminals. The merchants of

death have thousands of most advanced weapons

including rocket launchers and anti aircraft guns

at their disposal. They have also created choke-

points and police just can't dare to touch them,

though fully aware of their activities.

This makes the demand for army operation in

Karachi a logical solution. However, the only

apprehension is that army will have to depend on

the regular sources of information, which may

lead to rounding up of political activists and the

real culprits may never be apprehended. The

other point of concern is that if the operation is

preannounced and confined to few localities the

criminals will take refuge in safer heavens.

Almost all the political parties have consensus

that the aliens, having entered Pakistan illegally

and also having contacts in Afghanistan and

India are involved in the movement of arms and

drugs. They bring tons of ammunition to Karachi

without being stopped any where, which they

ultimately sell to the rival groups. Therefore, the

first step is to stop the influx of weapons into

Karachi. Let this be very clear that the third hand

is very strong but can be taken to task if all the

political parties stop patronizing the hardcore

criminals.

4Sunday, January 23, 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

Head office

111-C, Jami Commercial Street 11, Phase VII, DHA KarachiTelephone: 92-21-35311893-6 Fax: 92-21-35388427

URL: www.thefinancialdaily.comEmail Address: editor@thefinancialdaily.com

Lahore office

24- Peshawar Block, Fortress Stadium, Lahore

Telephone: 92-42-6675595 Fax: 92-42-6664349

Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 159

Syed Zahid Hussain Bukhari

The International MonetaryFund was conceived in July1944 during the United

Nations Monetary and FinancialConference. The representatives of45 governments met in the MountWashington Hotel in the area ofBretton Woods, New Hampshire,United States, with the delegates tothe conference agreeing on a frame-work for international economiccooperation. The IMF was formallyorganized on December 27, 1945,when the first 29 countries signed itsArticles of Agreement. The statuto-ry purposes of the IMF today are thesame as when they were formulatedin 1944.

With the passage of time themembership raised to more then180 countries of the world. Allmembers are working to fosterglobal monetary corporation,secure financial stability, facilitateinternational trade, promote highemployment and sustainable eco-nomic growth and reduce povertyaround the world. The organizationof IMF is a blessing for its membercountries, especially for poor andunder developed countries theworld over.

IMF is governed by its memberstates through its board of governorsusually each country is representedby its finance minister or centralbank.

The IMF's influence in the globaleconomy steadily increased as itaccumulated more members. Thenumber of IMF member countrieshas more than quadrupled from the44 states involved in its establish-ment, reflecting in particular theattainment of political independenceby many developing countries andmore recently the collapse of theSoviet bloc. The expansion of theIMF's membership, together withthe changes in the world economy,has required the IMF to adapt in a

variety of ways to continue servingits purposes effectively.

In 2008, faced with a shortfall inrevenue, the International MonetaryFund's executive board agreed tosell part of the IMF's gold reserves.On April 27, 2008, IMF ManagingDirector Dominique Strauss-Kahnwelcomed the board's decision ofApril 7, 2008 to propose a newframework for the fund, designed toclose a projected $400 million budg-et deficit over the next few years.The budget proposal includes sharpspending cuts of $100 million until2011 that will include up to 380 staffdismissals.

At the 2009 G-20 London summit,it was decided that the IMF wouldrequire additional financial

resources to meet prospective needsof its member countries during theongoing global financial crisis. Aspart of that decision, the G-20 lead-ers pledged to increase the IMF'ssupplemental cash tenfold to $500billion, and to allocate to membercountries another $250 billion viaSpecial Drawing Rights.

On October 23, 2010, theMinisters of Finance of G-20, gov-erning most of the IMF memberquotas, agreed to reform IMF andshift about 6% of the voting sharesto major developing nations andcountries with emerging markets.As of August 2010 Romania ($13.9billion), Ukraine ($12.66 billion),Hungary ($11.7 billion) and Greece($30 billion) are the largest borrow-ers of the fund.

The government of Pakistan wasfirst facilitated financially by IMFduring nineties of last century. Thegovernment of Pakistan failed mis-erably to follow the dictatesattached with the allowed financial

facilities. So much so that wrongfinancial state of affairs, in terms ofgovernment's unproductive expen-diture, budget deficit, growth andinflation were reported to IMF.Soon the hawks of IMF realized thesituation and came out with freshmore stiff terms, even people fromIMF used to visit financial avenuesof Pakistan, to check, audit and ver-ify the provided figures.

At last with large hue and cry, IMFloan was fully adjusted during 2005.And the concerned governmentauthorities mostly ministry offinance and State Bank of Pakistanfelt relived.

Then again while our economywas sinking during last about 2years, our government again

approached IMF with the backingand influence of U.S and otherdeveloped and civilized countriestaken as a front line country againstterrorism. Although IMF had thebad and sore previous experience,but again accommodated, saving usfrom sinking. It appears that ourgovernment's strategy on economicfront to the extent one can be dis-cerned, a simply to gamble onAmerican beneficence and largesse,by giving Pakistan front line statusin war again militancy. Perhaps ourleadership is calculating thatAmerican foreign policy establish-ment will not let Pakistan to sink,come what may. The informationissued by our government abouteconomic state of affairs in thecountry, highlights the ignorance ofthose at the helms of affairs.

Our state of economy which is atthe death bed, taking sever jolts timeand again, has been surviving ontwo counts, because of foreignremittances which Pakistani remit,

living abroad. And secondly it isour luck that there is more then 900km border between Pakistan andAfghanistan. And this closenesswith Afghanistan has forced thepowerful civilized world to keep oureconomy alive. And have been pro-viding all sorts and all kinds offinancial and military help, loans,doles and what not.

The story which we heard duringthe first love has started again.During the second financial accom-modation by IMF. Again IMF pres-surizing Pakistan to come up to theterms and conditions while allowingloan tranches. Our government talk-ing and reassuring IMF to revisebudget targets and reduce, unpro-ductive government expenditure, tosoar the amount of governmenttaxes etc. During last some monthsthe burning point remained theimposition of general sale tax,where the government had to facehorrendous opposition within theparliament and also outside of our.As such government could not levythe RGST. First our governmentrequested IMF for some breathers intime, to come up with the requiredstandards as per IMF terms and con-ditions for at least six months. Nowwe are requesting IMF for resched-uling of the loan. It is assumed thatthe recent visit of President ofPakistan to U.S, will be very fruitfuland the loan will be rescheduled byIMF very soon giving Pakistan to besaved for some time. With thisassumption the stock market crossed13000 points.

Our county has been surroundedby awful economic situation, thegovernments borrowing not onlyfrom the foreign countries, foreignfinancial institutions, but also fromstate bank of Pakistan have belledthe horrible economic situation. Thegovernment's lavish expenditure hasnot as yet ceased. The corruption inevery field is soaring. Honest, hardand intelligent acts, sincerity to ourland have gone with the wind. Theterrorists are on the move always,target killing has become daily rou-tine. The feeling of insecurity in themasses is affecting their mentalpower. What should be done and inwhich direction we are going, Godknows better.

God bless our motherland Pakistan.

(Ex-Sr. Vice President, HBL)

IMF operation in Pakistan

His poll numbers are on the

rise after a tough year, he

has recaptured some of his

old oratorical magic and a few pun-

dits are even debating whether he's

becoming the new "comeback kid."

But the stakes will be high when

President Barack Obama tries to con-

vince Americans he has a plan to

tackle the economy, joblessness and

deficits all at once -- a daunting chal-

lenge crucial to his 2012 re-election

chances.

Obama's State of the Union address

will be a chance not only to set the

tone for the second half of his term

but also to reinforce his shift to the

center since his Democrats were rout-

ed in the November congressional

elections.

And his nationally televised speech

to lawmakers will be a test of whether

gridlock or compromise will prevail

between Obama and a divided

Congress, and whether calls for civil-

ity in U.S. politics following the

January 8 Arizona shooting rampage

will have any lasting effect.

"This speech will be an important

scene-setter for the next two years,"

said Ross Baker, a political scientist

at Rutgers University in New Jersey

and a former congressional aide. "It

will also be a difficult balancing act."

In last year's State of the Union,

Obama declared job creation his "No.

1 focus," then spent much of 2010 on

other priorities like overhauling

healthcare and Wall Street rules.

With the elevated 9.4 percent unem-

ployment rate still ranking as

Americans' top concern, there is little

doubt jobs will again be the center-

piece of Obama's speech.

But more than ever before, Obama

is also expected to use the annual

address to cast himself as more of a

fiscal hawk, possibly a tough sell for

a leader presiding over trillion-dollar-

plus annual budget deficits.

Republicans won the House of

Representatives and weakened the

Democratic majority in the Senate by

tapping into public anxiety over a

broad expansion of government under

Obama, whom they painted as a big-

spending liberal.

Absorbing the lessons of his elec-

toral "shellacking," as he put it,

Obama has made business-friendly

staff changes and retooled his agenda,

hoping to win back moderate voters

who swept him into office two years

ago but deserted his Democrats in

November.

POLITICAL FORTUNES

When Obama stands before a joint

session of Congress next week facing

a newly empowered Republican

opposition, he will still be in better

shape politically than almost anyone

would have predicted just two and a

half months ago.

Since then, his public approval rat-

ing, which hit new lows just before

the midterm elections, has edged up

to 50 percent or above in a number of

recent polls.

This followed a string of legislative

successes in December's "lame duck"

congressional session, including a

compromise tax-cut package with

Republicans and repeal of the ban on

gays serving openly in the military.

That led Washington Post columnist

Charles Krauthammer, usually one of

Obama's sharpest critics, to liken him

to former President Bill Clinton,

deemed the "greatest of all comeback

kids" for his ability to rebound from

his troubles.

Other pundits said it was too early

to draw such a comparison, but

Obama still seems to be getting back

in stride.

His poignant eulogy for victims of

an assassination attempt on lawmaker

Gabrielle Giffords in Tucson won

glowing reviews. The president, who

has sometimes struggled to connect

with Americans, seemed to regain

some of the oratorical footing that

helped propel him into the White

House.

But Obama's State of the Union

speech, businesslike by its very

nature, will be judged more for sub-

stance than rhetoric.

WIDE NET

Obama has cast a wide net for new

ideas, meeting corporate executives,

economists and labor leaders.

Douglas Holtz-Eakin, a former

Congressional Budget Office chief

who advised Republican John

McCain in the 2008 campaign, sug-

gested a coherent strategy still

appeared to be lacking.

"There's no reason to question his

intellect or his intentions," said Holtz-

Eakin, who participated in one of

Obama's meetings. "I just can't figure

out literally what his principles are.

Where does he draw the lines?"

Obama and his aides have stepped

up rhetoric about tackling long-term

deficits but have been short on

specifics. Whatever he commits to on

Tuesday will be couched in the con-

cern that cutting spending too deep,

too fast could hurt the fragile recov-

ery.

Obama faces serious challenges, not

least of which is the clout that may be

wielded by newly elected Republican

Tea Party ultraconservatives resistant

to spending compromises.

With a battle already brewing over

Republican demands for deep spend-

ing cuts in exchange for raising the

national debt limit, the Obama admin-

istration is scrambling to depict itself

as just as fiscally minded as the other

side.

In his speech, Obama is widely

expected to propose some form of tax

reform as a way to reach out to

Republicans.

A risk for Obama is alienating key

liberal constituencies already angered

by concessions he has made to con-

servatives.

While foreign policy traditionally

plays only a small part in State of the

Union speeches, Obama is certain to

address the unpopular war in

Afghanistan, telling Americans that

U.S. troops are on track to start with-

drawing in July as promised.

But no matter what Obama says,

analysts agree the state of the econo-

my and the unemployment rate will

ultimately decide whether he gets re-

elected.

"He rises or falls on jobs, jobs,

jobs," said Bill Schneider, an expert at

George Mason University in Virginia.

-Reuters

Obama faces tough challenges

The IMF's influence in the global economy

steadily increased as it accumulated more

members. The number of IMF member

countries has more than quadrupled from

the 44 states involved in its establishment,

reflecting in particular the attainment of

political independence by many developing

countries and more recently the collapse of

the Soviet bloc.

5Sunday, January 23, 2010

People who drink regular-ly, especially heavydrinkers, may be more

likely than teetotalers to sufferatrial fibrillation, a type ofabnormal heart rhythm, accord-ing to a research review.

In an analysis of 14 studies, ateam led by Satoru Kodama atthe University of TsukubaInstitute of Clinical Medicinein Japan found that the heaviestdrinkers were more likely to bediagnosed with the conditionthan peo-ple whodrank lit-tle to noalcohol.

Thoughd e f i n i -tions of"heavy"drinkingvaried, itmeant atleast twoor mored r i n k sper dayfor men,and oneor more per day for women. Insome studies, heavy drinkersdowned at least six drinks perday.

While doctors have longknown that a drinking binge cantrigger an episode of atrial fib-rillation (AF), the findings --reported in the Journal of theAmerican College ofCardiology -- suggest that usualdrinking habits may also matter.

"What we revealed in the cur-rent (study) is that not onlyepisodic but habitual heavydrinking is associated withhigher risk of AF," saidHirohito Sone, a colleague ofKodama's, told Reuters Healthby email.

Atrial fibrillation is the mostcommon abnormal heartrhythm and is not in itself life-threatening, but patients with itare at significantly higher riskof strokes. It may also result inpalpitations, fainting, chestpain or congestive heart failure.

When all the study resultswere combined, heavy drinkerswere 51 percent more likely to

suffer atrial fibrillation thaneither non-drinkers or occa-sional drinkers.

Overall, the risk edged up 8percent for every increase of 10grams in participants' dailyalcohol intake.

More than 2.6 million U.S.citizens will suffer from atrialfibrillation this year, accordingto the U.S. Centers for DiseaseControl and Prevention. Thecondition becomes more com-mon with age and additional

risk fac-t o r sincludeh i g hb l o o dp r e s -s u r e ,diabetesand obe-sity.

S i n c ec o r o -n a r yh e a r td iseaseis muchm o r ecommon

cause of death than atrial fibril-lation, Sone said moderatedrinking -- up to one or twodrinks per day -- is probablystill a heart-healthy habit formost people.

A better way to show a con-nection is with studies thatmeasure people's drinkinghabits, then follow them overtime to see who develops atrialfibrillation, said KennethMukamal of HarvardUniversity and Beth IsraelDeaconess Medical Center inBoston, who led two of thestudies included in the analysis.

One of Mukamal's studiesfound a connection onlybetween heavy drinking, withmen who had five or moredrinks a day having a higherrisk of developing the conditionover time than occasionaldrinkers.

Mukamal said that, based onlonger-term studies, "there's lit-tle risk from chronic drinkingin moderation, but heavierdrinking -- even rarely -- acute-ly increases risk."-Reuters

We all know that a healthydiet should include lotsof fresh fruits and veg-

etables. But did you also order aside of pesticides with your pro-duce? Probably not. While youmay be resistant to buying organicfruits and veggies because of thecost, or just wondering if it's reallyworth it, healthwise, there is someproduce that's worth the extramoney. Each year, theEnvironmental Working Groupidentifies its "Dirty Dozen," the 12fruits and vegetables that containthe highest amount of pesticides,and thus should be purchased asorganic whenever possible.

The scariest for me? My favoritefruit, the apple, could contain up to42 different varieties of pesticides.Many of which may not be able tobe eliminated with washing oreven peeling.

The top 3 culprits:

1. Celery clocking in with 64

pesticides.2. Peaches with as many as 62

pesticides.3. Strawberries, especially out of

season, with up to 59 pesticides.Find out the other 9 fruits and

vegetables you should buy

organic.

If you can't remember all 12 atthe grocery store, a general rule ofthumb to go by is the thinner theskin the more likely the fruit orvegetable is to contain a highamount of pesticides. Think appleversus banana. If there are pesti-cides on the banana they are mostlikely discarded with the peel,according to Charles Benbrook,technical director of the nonprofitOrganic Center for Education &Promotion . If you don't want torisk it, download the "DirtyDozen" iPhone app, so you alwaysknow when to spend a little extramoney and reach for the organiclabel.

Fruits and Veg:You Should Always

Buy Organic Apert, well-rounded butt not onlysets your vanity quotient soaringbut also has many health benefits.

Fitness instructor Dilip Heble tells youhow to get it

It's almost inexplicable - the obsessionwith one's butt. And it's not without a rea-son. Tightly-shaped buns accentuates aman's V-shape - the wide shoulders andnarrow hip girdle. In a woman, it enhancesthe flare of her waist blending into thehips, giving her a shapely hour-glass fig-ure. Is it any surprise then that a leadingactor reportedly uses bum-bags to addvolume to his posterior?

Health mattersBio-mechanically, the butt (or the

gluteal muscles) help propel the body for-ward. They help us walk with an efficientgait and stride. A tight, strong butt min-imises the chances of lower backache.Usain Bolt and Asafa Powell are examplesof athletes whose butts are strong andpowerful, and not without a reason. Thefitness of their posterior pays off divi-dends in the sorting field. Sprinters andfootball players develop powerful glutealsfor acceleration and speed strength.

The shape of it allThe correct (long-term) way out is to whip

your buns into shape. Depending on the

present condition of the body, one wouldeither need to lose the extra inches by trim-ming excess fat, or add muscles to beef it up.

The gluteals can be geographicallydivided into the rear (or derriere) on whichyou sit. This is the outer area of the hipsthat's in line with the side-seam of yourjeans. In between the two, where a jeans'rear pockets rest, are the saddle-bags.

ExercisesTo lose inches, train the glutes and

upper-most part of the legs by doing aboutthree sets of 15 to 20 repetitions each. Togain inches, the same exercises need to bedone with heavier weights and lowernumber of repetitions.

The following exercises are the simplestones. Most of them can be performed bycanalizing only the body weight as asource of resistance. However, here's aword of caution: Do not focus on the buttalone. Exercise the whole body.

Advantages of having a strong buttn Good stride and gait.n Muscle tone helps create a strong sup-

port base. It relieves pressure on the lowerback.

n Strong gluteals improve posture, andcan help with heavy lifting.

n They help keep the body postureupright.

All for a

well-rounded butt!

Patients who fell severely ill withthe pandemic H1N1 fluresponded well when treated

with antibodies harvested from sur-vivors of the disease, a study in HongKong has found.

The finding, published in the jour-nal Clinical Infectious Diseases,underlines the importance of usingantibodies from recovered patients totreat critically ill people who fail torespond to standard drugs, said leadauthor Kwok-yung Yuen, a virologistat the University of Hong Kong.

"Most (severely ill patients) cometo hospital very late, on day 5 or 7(after onset of symptoms). Our expe-rience has been that antiviral drugsdon't work very well," said Yuen.

"That's why convalescent plasma(antibodies) would have a place insaving patients who are very severelyill and not responding to Tamiflu," hetold Reuters.

Swiss drug maker Roche's Tamiflu,under license from Gilead Sciences,

is the drug of choice to fight the pan-

demic H1N1 flu virus.

The Hong Kong study involved 93

patients who were admitted to hospi-

tal for severe H1N1 infectionbetween September 2009 and June2010. Of these, 20 agreed to receiveantibodies, and the rest who declinedwere given standard treatment.

Twenty percent of those in the anti-body group died compared to nearly55 percent in the other group.

"It turned out that they survivedmuch better than the group that didn'twant the (antibody) treatment. Theresult is very significant," said Yuen.

"Once the patient got plasma (anti-bodies), viral load in respiratorysecretions dramatically decreased andinflammatory parameters alsodropped rapidly."

Seasonal flu kills between 250,000to 500,000 people each year globallyand the H1N1 swine flu may havebeen slightly more deadly, but actualstatistics will take years to gather. Itaffects younger adults and childrenmore severely compared to seasonalflu, which kills more elderly people.-Reuters

Antibodies help seriously ill

H1N1 patients recover

Anew survey of chestpain reports world-wide finds that the

most afflicted country is theAfrican nation of Chad,where 24 percent of the popu-lation has chest pain.

The study, which included52 countries, also showed thatthe fatter you are, the morelikely you are to developchest pain, or angina pectoris.

Angina shares the same riskfactors as other types of car-diovascular disease, such asstroke and heart disease, andis itself a risk factor for heartdisease, study author Dr.Longjian Liu of DrexelUniversity School of PublicHealth told Reuters Health."Therefore, the study of angi-na is also an indicator of theburden of cardiovascular dis-eases across nations," Liunoted.

Cardiovascular disease is the

number one killer worldwide.Among the 52 countries

included in the survey,Tunisia showed the lowestrate of angina, which affectedonly two percent of the popu-lation. Slovakia, with 19 per-cent of adults in the studysample reporting chest pain,had the next highest rate, fol-lowed by the RussianFederation (17.66 percent),United Arab Emirates (16.33percent) and Burkina Faso(15 percent).

The U.S. did not participatein the World Health Survey,developed by the WorldHealth Organization, butother studies have indicatedthat angina affects betweenone and 10 percent ofAmericans, Liu noted.

Angina is chest pain thattypically occurs in response toactivity or stress, which mayfeel like tightness, heavy pres-

sure, squeezing orcrushing pain thatusually begins slowlyand worsens over thenext few minutesbefore going away. Itmay quickly subsidewith medication orrest, but may happenagain with additionalactivity or stress.

Symptoms of angi-na usually occurwhen the coronaryarteries are narrowedor blocked by hard-ening of the arteries(atherosclerosis), orby a blood clot, andtoo little bloodreaches the heart as aresult.

To track rates ofangina worldwide,Liu and his teamreviewed data col-lected from more

than 200,000 adultresidents of 52 coun-tries that participatedin the World HealthSurvey.

By looking at therate of angina acrossmultiple countries,the authors were alsoable to examine theinfluence of differentfactors, such as bodyweight and poverty.

Not surprisingly,they found that peo-ple who were over-weight or obese weremore likely to havechest pain. Amongthe obese, the rate ofangina approached18 percent, versusonly seven percent inpeople with normalweights, the authorsreport in theAmerican Journal of

Cardiology.The link between body

weight and angina makessense, Liu noted in an e-mail,because increased bodyweight is a major cause ofatherosclerosis, which is itselfa cause of chest pain.

When he and his colleaguesexamined the interactionbetween poverty, bodyweight, and angina, things gotmore interesting - they sawthat being overweight orobese appeared to increasethe risk of angina regardlessof where people lived, but therisk was higher among thoseresiding in the wealthiestnations.

In relatively wealthy coun-tries, Liu explained, peopleliving in poverty are morelikely to be obese, whereas inpoor countries, the opposite istrue - the wealthier people arerelative to their compatriots,

the more likely they are to beobese, perhaps because theycan better afford junk andprocessed foods.

In addition, Liu noted, thereare signs that being under-weight can also increase therisk of angina, suggestingadded risk to many of thepoorest people living in poor-er nations as well.

Chad has fairly low rates ofobesity, but an estimated 37percent of its population ismalnourished, according tothe U.N. Food andAgriculture Organization. Inaddition, Chad has relativelyfew health resources. "Theaverage numbers of physi-cians and nurses (or) mid-wives are 0.4 and 2.8 per10,000 (residents), respec-tively," Liu said. In contrast,Tunisia has more than 13 doc-tors and 10 nurses per 10,000residents, he said.-Reuters

Chad is world leader in chest pain

Two doses of chickenpox vaccine beatK

ids are less likely to getchickenpox if they get twodoses of the chickenpox

vaccine instead of just one, sug-gests a new study.

Most infected people simply feelmiserable -- with symptomsincluding an itchy, blister-likerash, fever, headache and fatigue --but some do develop serious com-plications.

While routine vaccination hasmade a big dent in the number ofchickenpox cases in the U.S. overthe past 15 years, it doesn't offerperfect protection -- either becausethe vaccine didn't work the firsttime, or because its effects caneventually wear off.

Seeking to solve that problem,the U.S. Centers for DiseaseControl and Prevention (CDC) andthe American Academy ofPediatrics (AAP) in 2006 recom-

mended a second dose of the vac-cine for kids ages 4 to 6. The firstdose is typically given at 12 to 18months of age.

"Despite the reasonably (high)effectiveness of one dose of thevaccine, there were still outbreaksin schools and daycare centers --even though there was a prettygood rate of vaccination," Dr.Eugene Shapiro, the study's leadauthor from the Yale UniversitySchool of Medicine in New Haven,Connecticut, told Reuters Health.

In the current study, published inThe Journal of Infectious Diseases,Shapiro and his colleagues testedthe effectiveness of adding the sec-ond dose by comparing kids withchickenpox and kids withoutchickenpox to see how many dosesof the vaccine both had received.

Starting right after the CDCupdated its recommendation

through the beginning of 2010,Shapiro and colleagues found 71infected children age 4 and upfrom local pediatricians' offices.

For each of those kids, theresearchers found two others whowere the same age and saw pedia-tricians from the same practice.Then they reviewed their medicalrecords for vaccinations.

Of the 71 patients with chicken-pox, none had gotten two doses ofthe vaccine. Sixty-six of them hadreceived one dose, while five had-n't been vaccinated at all.

Out of the 140 kids who hadnever had chickenpox, 22 of themhad been vaccinated twice, 117once, and only one had never got-ten the vaccine.

Based on those findings, theauthors calculated that one dose ofthe vaccine protected 86 percent ofkids, while two doses were 98 per-

cent effective.Although the study was relative-

ly small and didn't directly com-pare outcomes for kids who hadgotten none, one, or two doses ofthe vaccine, doctors are still opti-mistic about the results.

"We are now in the second periodof (chickenpox) control," an edito-rial in the journal notes, "and ver-sion 2.0 looks promising indeed."

"For most children, one dose (is)enough," said Dr. Margaret Fisher,who was on the AAP committeethat recommended adding the extravaccine dose. "But to really stopthe breakthrough cases, we need toadd that second dose. I'm delightednow that we have a study thatshows that it works."

Two of the study's authors havefinancial ties to Merck, the compa-ny that sells the vaccine. One dosecosts about $80.

The chickenpox vaccine some-times causes soreness or swelling,a fever, or a mild rash, and veryrarely more serious reactions.According to the CDC, side effectsare more common after the firstdose of the vaccine than after thesecond dose.

Although kids who get chicken-pox after receiving a single dosegenerally have a milder version ofthe virus than kids who haven'tbeen vaccinated, they can stillspread chickenpox to others. And,Shapiro said, those kids may alsobe at a higher risk of getting shin-gles, a painful rash that is causedby the same virus as chickenpox,later down the road.

"The recommendation for a sec-ond dose ... certainly carries thedirect cost of additional vaccinedoses," Sarah Clark, of the ChildHealth Evaluation & Research

Unit at the University of Michigan,told Reuters Health in an email.

"But (the vaccine) may be help-ful in reducing some of these othercosts that are incurred because ofbreakthrough cases," she added.

Shapiro said that despite thestudy's convincing results, no onecan be sure how the effectivenessof the second dose of the vaccinewill hold up many years after vac-cination.

When he and his colleagues com-pleted their research, Shapiro said,"It was only three and a half yearssince the new recommendation wasmade. It remains to be seen whatwill happen over the long term."

Both Shapiro and Fisher said thetake-away message from the studywas that parents should make suretheir children get a second dose ofthe vaccine, if they haven'treceived it already.-Reuters

Heavy drinking

may raise abnormal

heart rhythm risk

6Sunday, January 23, 2011

International

Oil's ascent towards $100 abarrel, which OPEC blameson western financial specu-

lators, has handed Iran a windfallto help contain domestic discontentand take the sting out of sanctionsdesigned to squeeze its economy.

Tehran's financial room formanoeuvre is likely to expand,while oil prices are expected tostay firm following a rally that ear-lier this month took it to its highestlevel since October 2008.

"A particular challenge for theUnited States is that rising oilprices undermine policy on Iran,"said Simon Henderson, of the Gulfand Energy Policy Program at theWashington Institute think-tank.

Washington has led the drive toisolate Iran and bring it to thenegotiating table over its nuclearprogramme and says the sanctionsare working.

Along with the other four perma-nent members of the UnitedSecurity Council and Germany, theUnited States and Iran are due tomeet in Istanbul on Saturday andSunday for talks it hopes will leadto an end to the nuclear stand-off.

Henderson cited U.S.Department of Energy figures,however, that put Iran's January-November 2010 revenues at $64billion, $11 billion higher than forthe whole of 2009.

A populous nation with highsocial costs, Iran needs a strongeroil price than its wealthier Gulfneighbours to avoid racking up adeficit.

Its budget reckons on oil at $65 -

- below current prices of around$90 a barrel, although roughly inline with some analysts' calcula-tions of the level Tehran needs tobalance its books.

IHS Global Insight, for instance,assumes export volumes of justover 2 million barrels per day(bpd) from Iran, which means itwould need oil at only $60-$70 fora balanced budget.

Ramin Emadi of Middle Eastconsultancy BEDigest.com pre-dicted an average price of $80 forthe Iranian year that runs untilMarch 20, giving it a surplus of atleast $15 per barrel.

OPEC PRESIDENCYAs holder of the rotating presi-

dency of the Organization of thePetroleum Exporting Countries,Iran has done its best to talk up theprice, saying the world can copewith oil at this level and there is noneed for producers to increase out-put.

"None of the OPEC membersfinds $100 concerning or irra-tional. Some of the OPEC mem-bers see no need for an emergencymeeting even with prices at $110or $120," Oil Minister MassoudMirkazemi said on Sunday.

Other OPEC ministers have alsosaid there is no need for extra oiland that any exuberance in themarket is the result of financialplayers.

For Iran, some of the higher rev-enue will have to go towards meet-ing increased costs connected withthe sanctions.

India, Iran's second-biggest cus-

tomer after China, has embarkedon talks to seek a solution overhow to pay Iran for its oil withoutbreaching restrictions on dealingwith Iranian banks.

Gasoline imports, which Iranneeded following underinvestmentin its refinery industry, have beenvirtually suspended, and it hasadapted its petrochemical industryto produce fuel and achieve what itsays is self-sufficiency.

There are attendant costs in termsof lost petrochemical revenues,which analysts say are very diffi-cult to quantify, while the Iranianpublic is paying a lot more for itsgasoline.

Government-set prices roseseven-fold last month when statesubsidies were finally cut.

None of President MahmoudAhmadinejad's predecessors daredto drive through a cut in subsidieson the prices of fuel, food andother necessities that have costroughly $100 billion a yeay -- abill that rising commodities pricespush higher.

So far the Iranian public hasaccepted price rises without theunrest some analysts had predict-ed. Bill Farren-Price of PetroleumPolicy Intelligence said the sanc-tions -- seen from Tehran as anattack led by its foreign enemies --had provided a political excuse.

"International sanctions are ...having the perverse result ofallowing the government to pushthrough austerity measures on fueland food subsidies that were sim-ply unthinkable in the last two

decades," he said.INTERNATIONAL

NERVOUSNESSWhile Ahmadinejad is empow-

ered by costly oil, the internationalcommunity, still smarting fromeconomic crisis, is nervous aboutaction that could drive oil priceshigher.

Juan Cole, a professor of MiddleEast history at University ofMichigan, said a higher oil pricereduced the risk that Washington or

its Middle East ally Israel wouldattack Iran.

Both have said they could do thatif nothing else halted Iran's nuclearprogramme, which they say isaimed at getting nuclear weapons.Iran says it is entirely peaceful.

"I think the high petroleumprices in the context of a weak U.S.economy make military action lesslikely. You would not want to riskadministering a 'Bush I' to your-self," he told Reuters, referring to

the first President George Bush'swar on Iraq, which he believesexacerbated a U.S. recession.

"Ahmadinejad must enjoy stick-ing the West with this winter's highprices, as a little revenge for thesanctions."

But the sanctions are exacting along-term cost on Iran's oil sector,already hobbled by years of under-investment. One day that couldmean bigger oil costs for the entireworld -Reuters

HIGHER OIL PRICE EMPOWERS

IRAN, BLUNTS SANCTIONS* OIL PRICE SOME $15 HIGHER THAN IRAN BUDGETED FOR * IRAN SAYS WILL NOT

GIVE GROUND AT P5+1 TALKS * SHORT-TERM SOLUTIONS STACK UP FUTURE COSTS

Major Japanese utili-ties could fork out aquarter more for

annual thermal coal contractsthis year, bringing pricesclose to record levels seen in2008 as Queensland floodsforce a flare up in spot val-ues.

Japan, which bought 91.8million tonnes of thermalcoal worth 931 billion yen($11 billion) in 2009, is theworld's biggest importer ofseaborne thermal coal andsets the pace for other dealsin Asia.

"Clearly, the recent weath-er issues have changed theprice dynamics, mainly inAustralia, but also through-out the industry. We knowthat South Africa, Indonesia,and even Colombia are hav-ing issues with weather,"ANZ Bank analyst MarkPervan said.

He estimates that the pricefor the next contract startingApril could be in the range of$125 to $130 per tonne, from$98 per tonne last year and$115 for a much smaller con-tract that began in January.

"When they go to negotia-tions, the coal miners willcertainly be flagging that

spot prices are around $135to $140 a tonne. ParticularlyXstrata, which tends to setthese prices, has been hithardest... I suspect they willplay hardball."

The floods, which analystsestimate have removed aboutthree to five million tonnesof thermal coal fromQueensland, pushedAustralian benchmark pricesto over $143 per tonne on thespot market last week, beforethey eased to around $132per tonne by Tuesday.

According to ANZ Bankabout 8 percent of globalthermal coal supply wasbrought offline during theflooding. SeveralQueensland thermal coalmines, including Xstrata'sRolleston mine and AngloAmerican's Callide mine, areunder force majeure.

Growth in Asianeconomies, including Chinaand India, is also expected tofuel demand for coal andspur prices.

Large Japanese utilitiesTokyo Electric Power Co(TEPCO), Tohoku ElectricPower Co Inc and ChubuElectric , negotiate April toMarch fiscal year thermal

contracts with Xstrata , theworld's largest exporter ofthermal coal.

The contracts are generallyaround spot price levels,often with a supply securitypremium.

Forecasts for the contractprice among coal analystsvary widely, with MacquarieResearch saying $145 pertonne, while others put theprice around the 2008 recordof $125 per tonne.

"We're looking at theJapanese fiscal year contractbeing around the $120 to$125 mark. I can't see a $140price being settled for a con-tract price," said HaydenBairstow, an analyst withCLSA in Sydney.

A Japanese utility sourcebalked at estimates between$130 and $140 per tonne, butsaid it was possible that the$125 per tonne record wouldbe tested.

BUYING PATTERNSTO CHANGE?

The steep rise in pricesmay change buying patternsslightly as some buyers try tonegotiate larger volumes ona floating price basis andothers try to spread out buy-ing over the year.

"There is a bit of a move atthe edges for more index-linked contracting and per-haps more hedging viaswaps, but it doesn't seemlike there is going to be anymonumental change com-ing," said Hayden Atkins, ananalyst with Macquarie inLondon.

Japanese utilities areunlikely to reduce long-term

contract tonnage, but someof them may opt to boostvolumes in contracts begin-ning later in the year.

"For the Japanese utilitiesthe most important thing issupply security rather thanthe price," a Singapore-basedbroker said. Australia sup-plies about 60 percent ofJapan's thermal coal. Japan isAustralia's largest customer,

followed by South Korea andTaiwan.

South Korean utilities maybe more flexible thanJapanese and could moreeasily choose to shift annualcontract tonnage to a quarter-ly, monthly, or tenderedbasis, or switch fromAustralian thermal coal tolower calorific value fromsuppliers such as Indonesia,

traders said.But South Korean utility

sources said first quarterrequirements were coveredand they were unlikely tochange how they structuretheir contracts.

Taiwan's state-owned elec-tricity monopoly, Taipower,may try to lock in more vol-umes under term contractthis year, if supply disrup-tions drag on, reversing itsdecision in recent years tobuy as much as 20 percent ofits yearly consumption in thespot market to take advan-tage of the volatility inprices.

Coal industry analystsstress that the future of ther-mal coal supplies and pricingremains uncertain in the faceof the world-wide impacts ofa La Nina event andAustralia's cyclone seasonstill beginning.

"We haven't even seen acyclone yet, we've only seenflooding. If they get a majorcyclone through there aswell, the whole industry willbe back on its knees again,that would lead prices upabout another $20 pertonne," Pervan said. -Reuters

Japanese thermal coal contract may test record at $125/T

European equityinvestors take note: theemerging markets bet

which paid off so handsomelylast year may have run itscourse for the time being.

For the year ahead, expo-sure to surprisingly strongdomestic European growthmay prove more lucrativethan investing in markets suchas China, still fast growingbut which could be affectednegatively by factors such asrising inflation.

Shares in plenty of compa-nies heavily exposed toemerging markets outper-formed last year, but someinvestors have already startedto seek cheaper valuationsamong stocks which stand tobenefit from domestic

growth."The emerging market story

has got a long, long way to go... (but) in the short term,some of the valuations mightbe a little bit generous. Withthe prospects of recovery inEurope, it's going to be less ofa short-term theme," aLondon-based fund manager,who declined to be identified,said. "It's more likely to becompanies which are poisedfor the recovery in Europe,"he said, adding he favoursEuropean banks, among themDeutsche Bank.

Picking the best domesticplays isn't necessarily easy.

Although not all companiesdisclose how much of theirsales come from emergingmarkets, Thomson Reuters

data shows in 2010 the per-formance of a portfolio ofEuropean stocks with highforeign sales outpaced a bas-ket of domestic-focused firmsby 23 percent.

However, so far this yearthe domestic-centric portfoliohas outpaced the overseasexposed basket by 4.8 per-cent. The change in sentimentwas the result of a mixture ofEurope's improved economicoutlook and concerns aboutinflation and lower returns inemerging markets.

Germany, Europe's biggesteconomy, on Wednesday lift-ed its 2011 economic growthforecast to 2.3 percent from1.8 percent, while strongerthan expected Chinese fourth-quarter GDP raised concerns

of further monetary tighteningin the world's second-biggesteconomy.

In terms of valuations, com-panies relying on domesticsales may offer better value.The domestic-focused basketof European companies car-ries a one-year trailing price-to-earnings of 12.7 times ver-sus the portfolio of foreignexposed stocks's 18.7.

INFLATION FEARS"Germany is obviously

recovering more. At somepoint, it might become lessdramatic between domesticand the emerging marketplays. The emerging marketplays have gone up quitestrong," said Nick Nelson,equity strategist at UBS.

According to Goldman

Sachs, companies with rela-tively high exposure to thecountry's consumers includedAxel Springer, Fielmann,Tomra Systems, Suedzucker,Praktiker, Gagfah, Metro andProSiebenSat1. It also high-lights Volkswagen, which hashigh domestic as well asemerging market exposure.

Some investors have cashedin gains from shares in com-panies with large developingcountry sales after their out-performance in 2010, as con-cerns over inflation in emerg-ing economies grew.

For example, SwatchGroup, the world's largestwatchmaker and whichBarclays Capital said hasabout 35 percent of its sales toemerging markets, have fallen

11 percent so far this yearafter soaring 59 percent in2010. "With inflation pickingup, we have seen tighteningpolicy in reaction to thatwhich will be a headwind foremerging markets or emerg-ing market-related assets, cer-tainly in the first half of thisyear," said Ronan Carr,European equity strategist atMorgan Stanley in London.

Carr said consumer cycli-cals that are operating inemerging markets would losesome of their momentum andMorgan Stanley is under-weight consumer discre-tionary. However, he was pos-itive on emerging marketexposure as a long-term play.The other issue is that the beton companies with high

emerging market sales hasbeen popular, meaning thatthe returns on the trade aresmaller.

"One of the easy trades oflast year was basically buycompanies with exposure inemerging markets ... based onthe fact that growth withindeveloping emerging marketsis considerably above devel-oped markets," said AlecLetchfield, chief investmentofficer at HSBC Global AssetManagement's private clientarm. Letchfield did not expectpolicymakers in emergingmarkets to slam on the braketoo fast to derail growth butsaid the situation hadchanged. "It's not the kind ofslam dunk that it was perhapsof last year," he said. -Reuters

Emerging markets? So last year, some investors say

Sunday, January 23, 2011 7

FRANKFURT: German drug-maker Bayer will launch aphase III trial in several Asiancountries this year to test acompound to treat an eye dis-ease related to severe short-sightedness.

The disease, choroidal neo-vascularisation, occurs whenabnormal blood vessel growthbeneath the retina causes leak-age of fluid and blood in theeye, and can result in blind-ness.

The disease occurs in somepeople with severe myopia,about 1-2 percent of themyopic population. Theabsolute number is sizeablegiven 60-80 percent of peoplein parts of east Asia requirespectacles by the time theyreach high school.

Elke Reissig, who heads

Bayer's healthcare clinicaldevelopment, said 248 patientswill be recruited in China,,Japan, Singapore, South Koreaand Taiwan.

Professor Wong Tien Yin,director of the Singapore EyeResearch Institute, which iscollaborating with Bayer onthe trial, said people withsevere myopia were vulnera-ble.

"One reason is that the eye-ball (can be) abnormally long

in highly shortsighted eyes.Because of that, the supportingstructure in the retina is verythin and weak and allowsblood vessels to grow andleak," Wong told Reuters.

Ressig said the compound,VEGF Trap-Eye, blocks a nat-urally occurring chemical, vas-cular endothelial growth factor,that promotes blood vesselgrowth.

"But in certain conditions(such as people with severemyophia) ... there is ingrowthof vessels in the eye. The resultis it impairs the eye," Ressigtold Reuters by telephone."This compound traps thegrowth factor and renders itineffective."

Bayer expects results of thetrial to be available in 2013. -Reuters

Bayer to test drug totreat eye disease in Asia

BRUSSELS: The EU regulatorsaid it was pressing pharmaceu-tical companies for more infor-mation on their patent dealswith generic companies tomake sure there is no delay incheaper drugs coming to mar-ket.

The move is the latest in aseries of EU crackdowns onpossible anti-competitive prac-tices in the pharmaceutical sec-tor after a 2009 patents enquirypointed to significant risks forEuropean consumers, theCommission said.

It did not mention any compa-ny it requested informationfrom, but Britain's AstraZenecaPLC and GlaxoSmithKline,France's Sanofi-Aventis andNovartis and Roche ofSwitzerland said last year theCommission had contacted

them about drug patent settle-ments.

The European Commission,the competition watchdog ofthe 27-nation EU bloc, said ithad asked firms to submitcopies of their patent settlementagreements concluded in thebloc last year.

Patent settlements are gener-ally fees paid by pharmaceuti-cal companies to generic drugmakers to persuade them todelay selling the generic ver-sion of their medicines.

"Patent settlements are anarea of particular concernbecause they may delay themarket entry of generic medi-cines," CompetitionCommissioner JoaquinAlmunia said in a statement.

"The outcome of our firstmonitoring exercise showed

that potentially problematicagreements had decreased sig-nificantly," he said.

It said the number of suchpatent settlements fell to 10percent of total patent settle-ments in the sector in the periodJuly 2008 to Dec. 2009, com-pared with 22 percent in theperiod covered in the inquiryinto the sector from Jan. 2000to June 2008.

"The amount of moneyinvolved in the settlements,between the so-called 'origina-tor' pharmaceutical companiesand producers of generic drugsalso decreased from more than200 million euros ($266 mil-lion) recorded in the sectorinquiry period, to less than 1million euros, according to the2010 report," the Commissionsaid. -Reuters

EU ramps up drugs patentsettlements scrutiny

HealthAsia

ConferenceK A R A C H I : P a k i s t a nPharmaceutical ManufacturersAssociation (PPMA) has decid-ed in principle to actively sup-port the Health and PharmaAsia International Exhibitionand Conferences to be organ-ized by Ecommerce GatewayPakistan (Pvt.) Ltd.

The Health Asia InternationalExhibition and Conferenceincorporating Pharma Asia isscheduled from March 22-24,2011 at Karachi Expo Center. APPMA source said PPMAChairman, Haroon Qasim in ameeting with PresidentCommerce Gateway, Dr.Khursheed Nizam appreciatedthat Health Asia has beenapproved as a healthcare eventGlobal Association ofExhibition Industry, France(www.ufi.org). It was decidedduring the meeting that PPMAwill establish a pavilion of itsmember companies in the saidExhibition while CommerceGateway would extend maxi-mum facilitation to the membersof Pharmaceutical ManufacturersAssociation. -APP

Suprious,adulterated

agri medicinesdelears arrestedRAWALPINDI: No one wouldbe allowed to sell poisonousagricultural medicines withoutlicense, an official of PunjabAgriculture Department, NasirMazhar here said.

Addressing a 15-day trainingprogram held here, he said thatthe dealership holders can dealbusiness with the private firmsand distributors. He alsowarned that strict action will betaken against the dealers underAgriculture Act who are sellingfake, adulterated and outdatedagriculture medicines. -APP

LONDON: GlaxoSmithKlinewill record a legal charge of2.2 billion pounds ($3.4 bil-lion) for the fourth quarter,effectively wiping out its prof-it, as it settles further claimsrelated to Avandia and salespractices.

The charge equates to anafter-tax cost of 1.8 billionpounds, more than the 1.45 bil-lion the drugmaker had beenexpected to make in netincome during the threemonths to December, accord-ing to Thomson Reuters con-sensus forecasts.

Shares in Britain's biggestpharmaceuticals group fell 1.6percent on the news, underper-forming a 0.7 percent advance

in the European sector."We recognize that this is a

significant charge, but webelieve the approach we aretaking to resolve long-standinglegal matters is in the compa-ny's best interests," the compa-ny's head of global litigation,PD Villarreal, said in a state-ment.

"We have closed out a num-

ber of major cases over the lastyear and we remain determinedto do all we can to reduce ourlitigation risk."

The charge comes after a1.57 billion pounds hit taken inthe second quarter, which wasalso related in part to claimssurrounding GSK's controver-sial diabetes pill Avandia.-Reuters

GSK faces Q4 profit

wipe-out on $3bn legal hit

The minister pointed out that the government was serious inresolving the issue of income and sales tax refunds and hasrefunded Rs12 billion in last three months alone which is 120 percent higher than last year.

The new refund mechanism ensures that there should be "zero"chance of corruption in refund payments. I challenge you to pointout any incident of corruption at any level, he added.

Dr Hafeez said that only senior officials from FBR workingunder "centralised cheques processing system" have the authorityto issue refund cheques. "We have withdrawn cheques issuingauthority from all the offices".

I am personally supervising the issue of refunds so that no ele-ment of corruption comes in payment and also to ensure that pay-ment are made on time and the huge backlog is settled.

Referring to its economic team the minister said that he has triedto develop a credible team and it is with him so that they also tellyou about their plans for improving economic performance.

We would like to have a dialogue with business community andtake your input, feed back and also criticism to correct the courserequired in our policy making, he added.

He said that the government has inherited the fragile economy,but the good news is that the democracy is back and Parliament ispassing marked legislation.

He said that the government had made some achievements dur-ing its first two years regarding GDP growth, inflation control,bringing down fiscal deficit and introducing economic reform.

He said that the floods brought down growth rate from 4.5 percent to 2.5 per cent, negatively affected fiscal deficit, two to threemonths production loss and destroyed home and infrastructurefacilities on large scale. We need to take 2 to 3 years to recoverfrom its impact, he noted.

Dr Hafeez pointed out that the transfer of huge money from fed-eration to provinces has added to the fiscal deficit which rose from4 per cent to 5.2 per cent as provinces could not show surplus intheir budgets. This has left very little room for federal governmentto play around on fiscal deficit, he noted.

He said the government is trying to protect the economic recov-ery that was there prior to floods to remain on stable balance pathby cutting expenditure, mobilising resources and remain on trackand complying with international commitment and go for onlytargeted subsidy rather than general subsidies.

Secretary Finance said the government has decided to stop fur-ther inflow of price differential, pass on the differential to con-sumers and resolve this issue rather than delaying.

Deputy Chairman Planning Commission Dr Nadeem-ul Haq,Finance Secretary Dr Waqar Masood, Chairman FBR SalmanSiddiqui and chairman SECP Mohammad Aziz were also presenton the occasion.

Continued from page 1No #1

It was directed against anti-social elements and land grabbers,he added. No operation, as has been claimed in some sections ofthe press, has been launched in Karachi.

The law enforcement forces are under strict orders to seekinstructions from the Home Department Sindh. Only in casesof authentic and timely intelligence action can be taken fornabbing any culprit. However information of such an actionwill be conveyed to the Home Department at the earliestopportunity. No discretion or arbitrariness will be tolerated inthis regard.

Federal Minister for Interior, Home Minister Sindh and ChiefMinister Sindh are working in full harmony. It is obviously under-stood that the target killers are being handled with an iron handand the actions by DG Rangers Sindh and Police in the recent pastare highly appreciable and they will continue based on the realtime intelligence till the apprehension of the target killers. Thesupport and help provided by MQM, ANP and other leaders ishighly commendable. -Online

Continued from page 1No #2

Interior Minister Rehman Malik briefed the meeting onKarachi's law and order situation and the recent spate of targetedkillings in the city and steps taken so far to restore normalcy.

President Zardari and Prime Minister Gilani directed theSindh government to act against those involved in the unrestwith full force and without discrimination. Moreover, RehmanMalik flew to London where he is expected to meet MuttahidaQaumi Movement (MQM) chief Altaf Hussain.

Malik is expected to take Hussain into confidence over thegovernment's planned course of action. On the other hand,Pakistan Muslim League (Q) chief Chaudhry Shujaat Hussainsaid the government was not giving the situation in Karachi thedue attention. Addressing a press conference with AwamiNational Party (ANP) leader Shahi Syed, Shujaat urged allpolitical parties to work together to restore normalcy in the city,added he had been meeting with the leaders of different politi-cal parties over Karachi's law and order situation.

Shujaat said that time has come to end politics and thinkabout the Karachi situation, adding that the situation is not get-ting better in the city. Terming his meeting with Shahi Syed asfruitful Chaudhry Shujaat Hussain said that we have come toKarachi to review the city situation and to know who is respon-sible for Karachi's worsening situation.

Answering to question he said that it is not time of politics butthe time to improve Karachi situation. He said that the consen-sus of all political parties is in interest of the federation anddemocracy Moreover, PML-Q leader Mushahid Hussain Syedsaid the country's economic stability was directly linked to therestoration of peace in Karachi.

Mushahid said the government should act promptly againstthose involved in the unrest in Karachi, added PML-Q wasready to extend its cooperation in this matter and would not dis-appoint the nation. On the occasion, Shahi Syed said that everycitizen of this country is worried about the law and order situa-tion of Karachi. Meanwhile Chaudhry Shujaat Hussain andMushahid Hussain also visited the sit-in staged by sackedemployees of KESC, to express solidarity with them onSaturday.

Chaudhry Shujaat has said that the party would continue tosupport the sacked employees of Karachi Electric SupplyCompany (KESC) till their reinstatement.

Continued from page 1No #3

Aziz told the court he provided his mobile phone which was inuse during the 2007 assassination of former Prime MinisterBenazir Bhutto to the investigation team.

Aziz's counsel, Wahid Anjum, said there is no such technologyanywhere in the world that can retrieve data from a mobile phone.

After hearing the arguments of both sides, the court reserved itsjudgment for some time before accepting FIA's plea to extend thesuspects' remand. -NNI

Continued from page 1No #4

The weekly SPI was computed with base 2000 2001=100 cov-ering 17 urban centers and 53 essential items for all incomegroups and combined.

The SPI for the combined group also decreased by 0.27 per centas it went down from 285.18 points in the previous week to284.42 points in the week under review.

As compared to the corresponding week of last year, the SPI forthe combined group in the week under review witnessed increaseof 18.12 percent.

As compared to the last week, the SPI for the income groupsranging from Rs.3001 5000, Rs.5001 12000 and above Rs.12000decreased by 0.32 percent, 0.28 percent and 0.20 percent respec-tively.

During the week under review average prices of 11 items regis-tered decrease, 19 increase while prices of 23 items remainedunchanged.-Agencies

Continued from page 1No #5

been completely waived on sales and it has been reduced from 1 percent to 0.5 percent on sale.The SECP has been vigorously pursuing the cause of reduction of duties and taxes on REITs prop-

erties since introduction of its regulatory framework in 2008.It may be recalled that under the Income Tax Ordinance, REITs already enjoy tax-pass-through

status upon distribution of at least 90 per cent profits among their unit-holders.In addition, the sellers of property have also been provided substantial tax incentives under the tax

laws. These measures are likely to encourage transparency in deals and better price mechanism inthe real estate market which would ultimately lead to increase in overall revenue of respective gov-ernments and land authorities. -APP

Continued from page 1No #6

Information bill on which the committee said that first bill should be presented in NationalAssembly in this regard. The Standing Committee said that it would be better if the governmentpresent it's bill jointly with the bill moved by Dr Donya.

During the meeting the committee urged the government to take steps to ensure safety of the jour-nalists working in conflict zones. The committee expressed concerns over killing of the journalists.

Meanwhile, talking to media Information Minister Qamar Zaman Kaira said that the governmentbelieves in freedom of expressions. He said that the three provinces have been consulted regardingFreedom of Information amendment bill while Punjab would be consulted with in two days.

He said about Nabeel Gabol's resignation that it was type of domestic issue that has been resolvedin home. He said that Prime Minister Syed Yusuf Raza Gilani has wooed back the angry NabeelGabol and his reservations would be removed. He said that steps are being taken to maintain lawand order situation in Karachi while on directives of the provincial government the rangers havebeen given the authority of taking action against the miscreants. He further said that no curfew hasbeen imposed in Karachi nor any operation is underway.-Agencies

Continued from page 1No #7

additional judges of high courts. The recommendations of Judicial Commission will be forward-ed to the parliamentary commission for approval.-NNI

Continued from page 1No #8

During that time frame power supply will be switch on to public. The committee showed hope thatall matter will be solved through dialogues. Meanwhile, Muttahida Qaumi Movement (MQM) hassubmitted an adjournment motion in the Upper House against the sacking of over 4000 workers byKarachi Electric Supply Company (KESC).

Senator Tahir Hussain Mashhadi submitted the bill, which has termed the KESC step a cruel actionand demanded an immediate explanation from the Water and Power Ministry on the issue.

MQM leaders also called for steps, which could reduce the plight of working class. Furthermore,Chairman Senate Standing Committee on Water and Power Senator Haji Lashkari Raisani hassought a report from the senior authorities of KESC on the issue of termination of KESC'semploymees. The committee directed the Managing Director KESC to furnish a complete report onthe issue, said a release said. Chairman of the Committee took serious notice of the matter and calledfor an amicable solution of the problem. -Agencies

Continued from page 1No #9

would be reduced according to the 18th constitutional amendment. On the other hand, sources inPrime Minister Secretariat also said that reshuffling of cabinet was being considered and it was not anew proposal. Earlier, Federal Law Minister Babar Awan, while talking to journalist said that rightsizing of cabinet will be made. -Agencies

Continued from page 1No #10

powers, including lifting of sanctions and recognition of its right to enrich uranium and a nuclearfuel cycle. "Any kind of talks and cooperation, as I underlined during the talks with Mrs Ashton,should be based on respecting the nations' rights... including Iran's right to nuclear technology," Jalilisaid at the end of the talks. Uranium enriched to a low degree yields fuel for electricity or, if refinedto a high level, the fissile core of a nuclear bomb.-Agencies

Continued from page 8No #13

Punjab government besides giving no more time to government beyond the stipulated time frameof two and half months.

Mian Nawaz Sharif stayed in Choolistan for 3 days. He was seen off by party legislators, workersand senior officers of local administration at Bahawalpur airport. Stringent security measures weretaken at airport. -Online

Continued from page 8No #11

especially in retaining the freedom of expression and independence of judiciary. He also appreci-ated Pakistan's active role in the Human Rights Council in Geneva.

The two sides agreed to work more closely in multilateral human rights fora, especially in the UNCouncil of Human Rights, to promote shared values and objectives. They also agreed to have regu-lar consultations on issues of human rights and International Humanitarian Law. -Agencies

Continued from page 8No #12

Kaira said that the present government is the ever first regime that supports private member bills,while past tradition was to introduce government's own bills.

He said that Access to Information was not the issue exclusively related with Information Ministry.However as the parliament has assigned this task to the ministry, it is working on preparation of acomprehensive bill draft as early as possible.

He proposed that instead of discussing the amendment bill moved by Dr Donya Aziz at this stageit should be discussed in detail in the next meeting when the final draft of the Access to InformationBill is tabled in the committee. His proposal was accepted by the committee and now the bill movedby MNA Dr. Donya Aziz would be discussed in the next meeting of the committee.

Responding to a point raised by MNA Shireen Arshad, he said that after taking charge of the min-istry in March 2009, he offered the Pakistan Federal union of the Journalists (PFUJ) to hold tripar-tite meeting for resolution of the dispute over implementation of 7th Wage Board Award, but theyopted to get a court verdict, and the matter is still sub judice.

About the job security for private sector media workers, he said that this issue is related to min-istry of law as owners of many media houses have adopted many methods to avoid labour laws.

He said that his ministry would launch the scheme for registration of private working journalistsand non-journalists related with media industry with Employees Old Age Benefit Institute (EOBI)soon. He said that rules of EOBI have been amended so that the journalists' organizations and theindividual media persons can get themselves registered with EOBI.

About threats to the media persons, he said that the ministry has sought proposals from the mediaorganizations for provision of security to working journalists without creating hindrance in duties.

He told the meeting that the government has imported some Kevlar jackets which would soon bedistributed among the media persons working in conflict zones. He further said that the ministry hasalso arranged training for the media-men so that they can take safety measures for while perform-ing their duty. -APP

Continued from page 8No #16

failed to build any meaningful partnerships, with both Hamish Bennett and Jacob Oram flirtingwith hat-tricks. Bennett finished with three for 26 and Oram two for 33.-Agencies

Continued from page 8No #14

introduced as it was in the interest of entire country, adding that now the ministries and depart-ments should be transferred to the provinces. On the other hand PPP members remained silent overthis issue. During the meeting, the members of the committee expressed concern over using of oldairplanes from foreign airline companies for flights in Pakistan and their insufficient service. Theconcerned officers of the foreign airline companies and Civil Aviation Authority were summoned inthe next meeting. The PIA officials told the committee that no agreement has yet been signed withTurkish Airline about air routes; the members also expressed concern over sub-standard foods andother services in the PIA flights and advised the officials to improve the standard. -Online

Continued from page 8No #15

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ISLAMABAD: ForeignSecretary Salman Bashir saidthat Pakistan was undergoingtransformation in terms of pro-moting a transparent, demo-cratic society.

He expressed these views inhis meeting with US AssistantSecretary of State for HumanRights Michael H Posner, whois presently visiting Pakistan,and discussed issues related tohuman rights and InternationalHumanitarian Law, andenhancing bilateral cooperationin these areas with the view topromoting best practices.

According to Foreign officespokesman the ForeignSecretary said that Pakistangreatly valued its relations withthe US.

It was satisfying that therehad been tremendous momen-tum generated in bilateral rela-tions in the last two years to ourmutual benefit. Pakistan deeplyappreciated the internationalagenda of the Obama adminis-tration to promote peace andprosperity around the world.He said the fact that Pakistan

and the US shared human val-ues, there was great scope forbilateral cooperation in the pur-suit of international humanrights agenda.

Briefing the AssistantSecretary of State on multiplechallenges facing Pakistan,especially in the context ofextremism and terrorism, theForeign Secretary said thatPakistan was undergoing trans-formation in terms of promot-ing a transparent, democraticsociety. In this regard, the rolebeing played by country's rap-idly growing civil society,robust media and independentjudiciary was significant.

The Government and the peo-ple of Pakistan were committedto strengthening democracy,and the strides made in the lastthree years were important tostrengthen democratic normsand culture in the country. Headded that educational institu-tions were key to preventingimpressionable minds to belured by extremism.

On international humanrights agenda, the Foreign

Secretary underlined that selec-tive approaches pursued bysome had invariably resulted inmisgivings and damaged thecause of building internationalconsensus on promoting bestpractices. In this regard, hementioned the longstandingJammu and Kashmir disputeand the denial of the right ofself-determination toKashmiris.

He said it was necessary thatpolitics should be kept separatefrom human rights agenda,adding that Pakistan as OICCoordinator in Geneva wasinterested to play a role of con-sensus builder.

Foreign Secretary also dilatedupon the impact of globaliza-tion on traditional societies andhow Pakistan was trying to pre-serve its cultural strengths andsocietal balance while trans-forming itself into a moderndemocratic state.

The Assistant Secretary ofState commended Pakistan'svibrant society and its accom-plishments against heavy odds,

See # 12 Page 7

Ties with US touchingnew heights, says Pak

Foreign Secretary, US Assistant Secretary discuss Pak-US relations

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has said that the soleobjective of according autono-my to the Gilgit-Baltistanregion was good governanceand welfare of the people.

He stressed the need of time-ly implementation of his publicannouncements made duringhis visits to Gilgit-Baltistan(GB) regarding rehabilitationand development of the area.

Prime Minister while talkingto the Chief Minister of Gilgit-Baltistan Syed Mehdi Shahwho called on him at PMHouse here on Saturday askedthe Chief Minister to appointcompetent officers at key posi-tions to ensure public welfare.

He also enquired about theprogress of work on drainageof Attabad Lake and rehabilita-tion of flood affected people aswell as the infrastructure.

Prime Minister directed theChief Minister to make neces-sary preparation in consulta-tion with the relevant quartersfor payment of compensationto Diamir Bhasha dam

affectees.He also discussed resettle-

ment schemes of the Dam'saffectees with the ChiefMinister.

Chief Minister informed thePrime Minister that the work todig a 30 meter deep spillway isin progress which will drainthe whole lake.

He further said that after suc-cessful completion of this proj-ect, it is expected that 17 kmsubmerged portion of theKarakuram highway in the lakewill be open for traffic again.He also discussed administra-tive and financial issues con-cerning Gilgit-Baltistan withthe Prime Minister.

Meanwhile talking to DrFirdaus Ashiq Awan, Ministerfor Women Development hereat the PM House, PrimeMinister Gilani said thewomen have to be empoweredeconomically to help them playa positive role in nation build-ing.

Prime Minister said thePeoples Party's governmentwas committed to take all steps

for emancipation of womenwithin religious, cultural andsocial parameters, in line withShaheed Benazir Bhutto'svision.

Prime Minister expressedconfidence that all theprovinces and Gilgit-Baltistanand AJK will also take initia-tives for women emancipation.

He hoped that the provincialgovernments will makearrangements to implement the"Protection of women againstsexual harassment at workplace" Act passed by theParliament.

Prime Minister said govern-ment was aware of social, eco-nomic and political challengesbeing faced by women.

He assured support of theFederal government in expe-diting pending legislation atprovincial level for protectionof women. He urged theMinistry of PopulationWelfare to utilize all availableresources to streamline energyof youth who constitute themajor chunk of the popula-tion. -Agencies

Govt serious forGB growth: Gilani

Govt to empower women economically

ISTANBUL: World powersfailed to prise any change fromIran in two days of talks on itsnuclear program, with the EUand United States calling thediscussions disappointing andsaying no further meetingswere planned.

"This is not the conclusion I'dhoped for," European Unionforeign policy chief CatherineAshton said at the end of thetalks in Istanbul on Saturday. "Iam disappointed."

That was echoed by a seniorU.S. official, but he said talkshad not broken down and been"very businesslike, but diffi-cult."

The best that the six worldpowers -- the United States,France, Germany, China,Russia and Britain -- can hopefor is that Iran rethinks its posi-tion, once chief negotiatorSaeed Jalili reports back toTehran.

"We now wait to hear...

whether Iran will respond onreflection," said Ashton, thelead negotiator for the sixworld powers.

An aide to Jalili told Reutersthat there would be anotherround of talks, even if the tim-ing and venue were undecided.But Ashton said further talksdepended on a more construc-tive approach from Tehran.

"The process can go forwardif Iran chooses to respond posi-tively," she said. "The doorremains open. The choiceremains in Iran's hands."

The powers have offered anuclear fuel swap that wouldeffectively reduce Iran'sreserves of low enriched urani-um to levels too small to beused to make a bomb. But Iranwould have to drop pre-condi-tions for a deal to happen.

"We proposed the possibilityof an experts-level discussionof the details... The Iranians atthis stage are not prepared to do

that, we came back to the issueof preconditions," the U.S. offi-cial said.

But the failure to make head-way showed increasingly toughsanctions on Iran, a major oilproducer, have had little effectin persuading the Islamic stateto cooperate more, though ana-lysts say the Iranian economy ishurting.

Asked by reporters about thepossibility of more sanctions,the U.S.official told reporters;"I don't want to speculate onwhat decisions will get made.There are certainly optionsthere for the pressure track."

U.S. Secretary of StateHillary Clinton this week toldU.S. networkABC that theObama administration maypropose new unilateral meas-ures against Iran.

But from the outset inIstanbul, Iran put preconditionsdeemed unacceptable by the

See # 13 Page 7

Big powers leave IranN-talks empty-handed

GENEVA: Export restrictionsare a prime cause of current andrecent surges in global foodprices, and countries shouldfind other ways to securedomestic supplies, the head ofthe World Trade Organizationsaid on Saturday.

WTO Director-GeneralPascal Lamy said that only afew years after the 2008 foodcrisis, rising prices were stok-ing global inflation and foment-ing political unrest in severalcountries.

Two weeks ago the UnitedNations Food and AgricultureOrganisation (FAO) said itsfood price index had reached arecord high in 2010, exceeding2008 levels when rising foodprices prompted riots in a num-ber of countries.

Lamy said that one factor thistime was bad weather, forinstance last year's drought inRussia and its Black Sea neigh-bors.

But export restrictions playeda major role in food crises, and

some people considered themthe main cause of the 2008price rise, he told a conferenceof agriculture ministers inBerlin. "Export restrictions leadto panic in markets when differ-ent actors see prices rising atstellar speed," Lamy said. Forinstance there was no funda-mental imbalance in the marketfor rice in 2007-2008 but inter-national trade in the crop fell byseven percent in 2008 fromrecord 2007 levels largelybecause of export restrictions,

he said.Rising prices for cereals in

2010-2011 have much to dowith export restrictions inRussia and Ukraine, imposedafter both countries were hit bydrought, he said.

Such restrictions hurt import-ing countries and can preventthe World Food Programmefrom acquiring the food itneeds to help starving people.

Lamy said countries impos-ing restrictions were driven bythe need to prevent their own

populations starving, but therewere other ways of achievingthis goal.

"The answer to that questionmust reside in more food pro-duction globally, more socialsafety nets, and more food aidand possibly food reserves," hesaid.

"I would argue that what wemust at least explore is theexemption of humanitarianfood aid from export bans."

WTO rules allow members tocurb or ban food exports to

ensure their own food supplies,and efforts by Japan in 2008 tomake it harder for countries torestrict exports found little sup-port.

But Lamy said the long-run-ning Doha round to free upworld trade could helpremove other barriers to com-merce in food, for instance byreducing rich-world subsidiesthat have hurt poor countries'production capacity and ban-ning export subsidies entirely,and bringing down some tar-

iffs."Globally, what we would be

likely to see as a result of Dohais more food being producedwhere this can be done moreefficiently," he said.

WTO members havelaunched a renewed push toconclude the nine-year-oldDoha round this year. In agri-culture they spent the last weeklargely looking at technicalissues needed to implement adeal, and looking at proposalson subsidies. -Agencies

WTO urges alternatives to food export curbs

ISLAMABAD: FederalMinister for Information andBroadcasting Qamar ZamanKaira said on Saturday that thegovernment believes in com-plete freedom of expressionand draft of the bill forFreedom of Information wouldbe finalized by next month andpresented either in the NationalAssembly session or the con-cerned standing committee.

Speaking during NationalAssembly's StandingCommittee on Information andBroadcasting meeting at theParliament House today(Saturday), he said that afterthe passage of 18thAmendment, the bill would be

renamed as Right toInformation Bill. He said thathis ministry has sought inputfrom all stakeholders before thedraft for bill is finalized. Hesaid that the three provinces,civil society and organisationsof journalists have given theirinput. However he said thatresponse from the Punjab andsome of the federal ministries isstill awaited.

He requested theChairperson of the committeeBegum Beelum Husnain toallow the ministry about threeweeks time to complete itshomework and finalize thedraft of the bill.

See # 16 Page 7

Freedom ofexpression billsoon, says Kaira

ISLAMABAD: SenateStanding Committee onTourism and Culture has divid-ed over the shifting of Tourismand Culture Ministry toprovinces, while theChairperson of committeeSenator Nilofar Bakhtiar saidthat no one opposed the 18thamendment as it was in theinterest of all political parties.

As per details, members ofthe committee held negotia-tions with Chairman ofImplementation CommissionSenator Raza Rabbani over theissue of transferring of Tourismand Culture Ministry toprovinces. The committee metunder chairpersonship ofNilofar Bakhtiar at parliamenthouse on Saturday.

On this occasion, the riftoccurred in the committee overthe issue of shifting of theTourism and Culture Ministryto the provinces, while the PPPmembers did not openly opposeor support the transferring ofthe ministry to the provinces.

Opposing the shifting of theculture ministry to theprovinces, Nilofar Bakhtiarpointed out that the provincescould not run culture matters atinternational level, adding thatall the political parties support-ed the 18th amendment as itwas in their interest.

On this occasion, PML-NSenator Pervez Rashid opposedNilofar Bakhtiar's stand, sayingthat the 18 amendment was

See # 15 Page 7

Senate bodydivided overministry shift

ISLAMABAD: Foreign Secretary Salman Bashir in a meeting with US Assistant Secretary of State for Human Rights, Democracy

and Labour Micheal Posner.-APP

No compromiseon rights:

SharifBAHAWALPUR: PML-NQuaid Mian Nawaz Sharif hassaid his party does not want topursue politics of confrontationadding no compromise on therights of people will howeverbe made.

Mian Nawaz Sharif said thiswhile talking to members ofnational and provincial assem-blies from PML-N and itsworkers here Saturday.

Realization of national agendawas top priority, he underlined.Rights of people would not becompromised, he announced.

Sources told PML-N workersdemanded of Mian NawazSharif to dissociate PPP from

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Consultation to

help resolve

problems:

QamarISLAMABAD: FederalMinister for petroleum and nat-ural resources Syed NaveedQamar has said that consulta-tion with allies and oppositionparties to help resolve people'sproblems and national issues.

Talking to private news chan-nel, he said that holding talkswith allies or opposition partiesincluding PML-N is an ongo-ing process and this will helpsresolve people's problem andaddress national issues.

He said government hasresolved many problems likeBalochistan issue, war on terrorand brought 18th amendmentwith consensus.

He said issues like RGST hasbeen put forward by the PML-N would also be resolved onthe scheduled talks on January26 with PML-N.

He said talks are taking placein a good atmosphere and willbring positive results.

He said consultation withother parties in situation coun-try is facing nowadays wouldhelp met challenges. -Agencies

Kiwis beatPakistanby eightwickets

WELLINGTON: NewZealand ended an 11-matchlosing streak in emphatic fash-ion on Saturday, crushingPakistan by nine wickets intheir first one-day internationalat Westpac Stadium.

New Zealand's opening com-bination of Jesse Ryder (55)and Martin Guptill (40 not out)made a mockery of the troublesPakistan's batsmen had with thedrop-in pitch as New Zealandraced to 125 for one in 17.2overs.

Ryder and Guptill brought upthe first 50 runs inside six oversand were then forced to take thescheduled tea break after NewZealand had earlier bowled thevisitors out for 124 in 37.3overs.

Tim Southee took a career-best 5-33, while wicketkeeperBrendon McCullum took fivecatches in an innings for thefourth time.

New Zealand coach JohnWright had said before thematch he wanted to trial somenew batting combinations inthe six-match series againstPakistan as they prepare for theWorld Cup, and that he wouldbreak up the normal openingcombination of Ryder andMcCullum and look at movingeither down to the middleorder.

McCullum, who has relin-quished the gloves in tests, wasscheduled to come in at numbersix but he was not needed asRyder and Guptill savaged thePakistani bowlers.

Ryder scored 32 of NewZealand's first 50 runs withthree fours and two sixes priorto the break and continuedafterwards bringing up hisfourth one-day half century off31 balls before he was caughton the boundary by AsadShafiq off Sohail Tanvir.

Ross Taylor was 23 not outwith Guptill at the end of thegame.

Pakistan, who had won thetoss and opted to bat, neverlooked comfortable with NewZealand's pace bowlers gettinggood bounce, shape and move-ment away, causing them toprod at deliveries.

Test captain Misbah-ul Haqwas again the mainstay ofPakistan's batting effort with50, though the rest of the side

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