International

Kidnapped Afghan envoy Abdul Khaliq Farahi recovered

Democracy icon Suu Kyi set free by Myanmar Junta See on Page 8

Pakistan against India presence in UNSC See on Page 8

Crude Oil (brent)$/bbl 86.34

Crude Oil (WTI)$/bbl 84.88

Cotton $/lb 134.18

Gold $/ozs 1,365.50

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GOLD (NCEL) PKR 38,193

KHI Cotton 40Kg PKR 9,109

Yearly(Jul, 2010 up to 10-Nov-2010)

Monthly(Nov, 2010 up to 10-Nov-2010)

Daily (10-Nov-2010)

Total Portfolio Invest (22 Oct-2010)

120.97

16.25

32.54

2532

2.05

-3.00

-1.80

2.53

0.29

0.28

-0.35

SCRA(U.S $ in million)

Portfolio Investment

FIPI (12-Nov-2010)

Local Companies (12-Nov-2010)

Banks / DFI (12-Nov-2010)

Mutual Funds (12-Nov-2010)

NBFC (12-Nov-2010)

Local Investors (12-Nov-2010)

Other Organization (12-Nov-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (5-Nov-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Nov 10)

Imports (Jul 10-Nov 10)

Trade Balance (Jul 10-Nov 10)

Current A/C (Jul 10- Sep10)

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GDP Growth FY10EPer Capita Income FY10Population

$16.95bn

14.17%

$7.17bn

$12.25bn

$(5.08)bn

$(545)mn

$3.50bn

$455.10mn

Rs 411bn

$58.41bn

Rs 4863bn

$124.90mn

-3.85%

4.10%

$1,051

171.04mn

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

19.30

2.00

1.70

10.07

PKR/Shares

111.02

164.82

42.70

36.30

34.40

T-Bills (3 Mths)

T-Bills (6 Mths)

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Discount Rate

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P.I.B (15 Yrs)

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03-Nov-2010

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03-Nov-2010

29-Sep-2010

12-Nov-2010

12-Nov-2010

12-Nov-2010

12-Nov-2010

12-Nov-2010

12-Nov-2010

12-Nov-2010

12-Nov-2010

12-Nov-2010

12-Nov-2010

12-Nov-2010

12.75%

13.11%

13.24%

13.50%

12.79%

12.97%

13.23%

13.63%

13.71%

13.64%

13.74%

13.82%

14.21%

14.33%

14.50%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

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Danish Krone 15.90 16.40

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GAUNGZHOU: President Asif Ali Zardari addressing the participants during Pakistan-China(Guangdong) Forum on post floods economic reconstruction at White Swan Hotel.-APP

See on Page 2

Mirza reviews security planfor BB’s third anniversary

Karachi, Sunday, November 14, 2010, Zil Hajj 7, Price Rs12 Pages 8

ISLAMABAD: Pakistanwould present to the interna-tional community its economicreform and stabilisation plansat the Pakistan DevelopmentForum meeting at Islamabadover the weekend, a top USofficial said.

The two-day PakistanDevelopment Forum (PDF)will begin here today (Sunday)with an agenda of focusing andsharing with the participantsand development.

"We are holding the Forum in2010, as the last PDF was held

in 2007", Minister for Financeand Economic Affairs Dr AbdulHafeez Shaikh said.

He said that the Forum wouldprovide opportunity to havecomprehensive dialogue withour development partners ongovernment's strategic direc-tion, priorities and policies.

Shaikh said that deliberationsof the PDF influence forthcom-ing the country PartnershipPrograms/Strategies of theDonors adding that in addition,feedback from the developmentcommunity facilitates align-

ment of government policywith international best prac-tices.

He said that the event is par-ticularly significant this year inview of the devastation causedby the floods and the conse-quential economic fallout.

"High level local and interna-tional participation includingUS Special envoy forAfghanistan and PakistanRichard Holbrooke, VicePresident of World Bank andADB , UK Minister for

See # 2 Page 7

Economic reformsplan ready: Shaikh

2-day Pak Development Forum starts today

GUANGZHOU, CHINA:President Asif Ali Zardari onSaturday invited the Chineseinvestors and entrepreneurs tobenefit from Pakistan'sgeostrategic location as well asits trade and economic potentialfor a win-win situation for thetwo neighbourly nations havingtime-tested ties.

"I invite you to take advan-tage of the geostrategic loca-tion, trade and economic poten-tial and the warm-waters ofPakistan, which has all theingredients to become a pro-gressive and developed coun-try," the President said whileaddressing the corporate lead-ers of the Guangdong provincehere at the Pakistan-China(Guangdong) Forum onEconomic Reconstruction.

Besides the Chinese businessleaders, the Forum held here onthe sidelines of the 16th AsianGames and jointly organised byChina Council for thePromotion of InternationalTrade and Pakistan Consulatein Guangzhou was also attend-

ed by Vice Governor ofGuangdong province, Liu Kunand representatives ofGuangdong provincial govern-ment.

The President said Pakistan-China strong bonds, the seedsof which were sown byShaheed Zulfiqar Ali Bhuttoand Chinese leader MauZedong could be furtherstrengthened through unitedefforts and going together ineconomic development.

He said China which was fastemerging as the world econom-ic leader can use the trade andeconomic potential of Pakistanas a multiplier force for its fur-ther development growth.

The President said Pakistanhas been a security centric statefor long, but the country cannotachieve progress and develop-ment through this approach,adding, "Pakistan and Chinacan grow like brothers; whichwe are."

He invited the Chinese con-struction companies and entre-preneurs to help Pakistan in the

reconstruction and infrastruc-ture, destroyed and damaged bythe recent floods.

The President also invited theChinese companies, particular-ly from Guangdong province,to help Pakistan in the estab-lishment of a new city,Zulfiqarabad, in Sindhprovince.

He asked the Chairman BOIto stay back in Guangzhou andhave consultations with theChinese construction compa-nies in this respect.

The President urged theChinese corporate leaders andentrepreneurs to help Pakistanin achieving the goal ofenhanced economic develop-ment and prosperity by invest-ing in various infrastructureand development projects.

The President said that therewere many areas includinginfrastructure development,rehabilitation of irrigation sys-tem, housing, hydro power,alternate energy that offeropportunities for cooperation.

See # 9 Page 7

Pakistan woosChinese trade

Zardari addresses corporate leaders at Pak-China Forum

Investors offered irrigation, housings, energy sectors

WASHINGTON: Former pres-ident Pervez Musharraf hasrejected the allegations thatparts of Pakistan's intelligenceservice- the Inter-ServicesIntelligence- supported theTaliban over the years, sayingthat such accusations wereunhelpful in the fight againstmilitants.

"Accusations against the ISIand the Army" do not helpmuch," Musharraf said in aninterview on National PublicRadio, while replying to a ques-

tion whether the US had "onbalance been helpful to Pakistanin recent years."

It is "absolutely wrong" to saythat the ISI is still connected tothe Taliban, he insisted, adding,"The proof of it I can give is thatthe Army has suffered over 2,500dead by al Qaeda and Taliban."

Musharraf continued, "AlQaeda and Taliban are attackingthe Army and you are sayingthat they are colluding with alQaeda or Taliban. ISI officeshave been attacked through

bomb blasts and suicidebombers all over the country.

Almost 300 people have died,but yet you are saying that ISI iscolluding with those peoplewho are attacking them."

When asked what it would bethat Musharraf would tell theUS to stop doing if he were toreturn to a position of power inPakistan, the former presidentzeroed in on the use of missilesfired from US drones to hit sus-pected terrorists in his country. -Agencies

Musharraf disavowsISI-Taliban links

WASHINGTON: Islamabadused to support terror outfitsas a hedge against India andan unfriendly Afghan regime,so that the two neighbours ofPakistan do not undermine it,US Secretary of State HillaryClinton has said.

"They (Pakistan) have in thepast hedged against both Indiaand an unfriendly regime inAfghanistan by supportinggroups that will be their prox-ies in trying to prevent eitherIndia or an unfriendly Afghangovernment from undermin-

ing their position," she said.Clinton said now things are

"changing", but she cannotconfirm whether Pakistan hasstopped the use of terroragainst India and Afghanistan.

"That is changing, now, Icannot sit here and tell youthat it has changed, but that ischanging," she told ABCNews in an interview, the tran-scripts of which was releasedby the State Department.

Clinton accepted that the UShad created certain radicaloutfits and supported terror-

ists like Osama bin Laden tofight against the erstwhileSoviet Union, but that backinghas boomeranged.

"Part of what we are fightingagainst right now, the UnitedStates created. We created theMujahidin force against theSoviet Union (inAfghanistan). We trainedthem, we equipped them, wefunded them, including some-body named Osama binLaden. And it didn't work outso well for us," she said.

The Secretary of the State

also said Pakistan is paying a"big price" for supportingU.S. war against terror groupsin their own national interest."But I think it is important tonote that as they have madethese adjustments in their ownassessment of their nationalinterests, they're paying a bigprice for it," Clinton said.

"And it's not an easy calcu-lation for them to make. Butwe are making progress (inAfghanistan). We have a longway to go and we can't beimpatient. Well, the head-

lines are bad. We're goinghome. We cannot do that,"she said.

Appearing on the same ABCshow, Secretary of DefenceRobert Gates said Pakistanhas withdrawn an equivalentof about six divisions of itsarmy from the Indian borderand moved them. "And theyare attacking the Taliban.

They're attacking theTaliban - Tehreek-e-TalibanPakistan, and safe havens thatare a problem for us," Gatessaid. "But the other piece of

this, we face in both countrieswhat they call a trust deficit,and it is because they believewe have walked away fromthem in the past at the tough-est moments of their history.

"You can't recreate that(trust) in a heartbeat. You can'trecreate that in a year or two.They both worry that once wesolve the problem inAfghanistan, or if we don'tsolve it, that either way, wewill leave and leave whateverremains in their hands to dealwith," he added. -APP

Pak used terror as a hedge against India: US

ISLAMABAD: FederalMinister of Law Babar Awanhas said Muslim League(Nawaz) unable to stand a clearstance over RGST whichshowed its duplicity over theissue.

Awan said PML-N leaderswere making billions of rupeesbut paying taxes worth only Rs5,000.

Awan further said that thePML-N has one approachtoward the RGST in the parlia-ment and another approachtoward the same in the Councilof Common Interests (CCI).

Speaking with media men out-side the Supreme Court premis-

es here on Saturday Babar Awansaid the apprehensions over thenew mechanism of appointmentof judges proved.

The commission wrote a newchapter of Pakistan's historywith unanimous decision overthe first judicial vacancy.

He said the JC's unanimousselection of Justice EjazChaudhry for appointment asChief Justice Lahore HighCourt explains that reservationspertaining to the 18thAmendment were invalid.

He said the tax culture inthe country needs reforma-tion so that the rich also paytaxes. -Agencies

‘N’ in two mindsover RGST: Awan

ISLAMABAD: A meeting ofthe Judicial Commissionchaired by Chief Justice IftikharChaudhry on Saturday nominat-ed Justice Ejaz AhmedChaudhry as Chief JusticeLahore High Court to take thepost after Justice KhawajaMohammad Sharif retires inDecember.

Members of the Commissiondiscussed which judges will fillup vacant seats of the SupremeCourt bench and the decision ofthe appointment of a chief jus-

tice for the Islamabad HighCourt as well.

Federal Law Minister BabarAwan, Attorney General andrepresentatives of the PakistanBar Council also attended themeeting. Law Minister PunjabRana Sanuallah and JusticeKhawaja Sharif were also inattendance.

The first session of theJudicial Commission to initiatethe process of filling actual andanticipated vacancies in the

See # 7 Page 7

Justice Ejaz to benext LHC chief

ISLAMABAD: TheChairperson, CompetitionCommission of Pakistan (CCP)has announced a new road mapfor CCP that envisions CCP toemerge as a robust autonomousinstitution both internally aswell as a harbinger of positiveand responsible corporatebehavior and ethos.

"Developing internalprocesses and systems is equal-ly important as acting in fairand transparent manner vis-à-vis enforcement actions. I mustsay that day to day challengeswhich have a direct impact onour survival and sustainability

consume a lot of our timewhich could otherwise be farmore fruitfully utilized," shesaid while talking to the media.

"My priority would remainenforcement as theCompetition Commission is alaw enforcement agency;enforcement is something thatwe must do and are expectedto do, and I will continue todo that without fear andfavour and without discrimi-nation as and when any viola-tion is brought to our noticewe must proceed in accor-dance with law."

See # 6 Page 7

CCP rolls outnew road map

Khi seemsterrorists’new target,says Malik

ISLAMABAD: InteriorMinister Rehman Malik hassaid it seems that Karachi isnew target of terrorists.

He said that attack on CIDbuilding could be a back lashas seven to nine terrorists ofbanned Lashkar-e-Jhangviare being arrested on dailybasis.

Talking to BBC Urdu,Rehman Malik said thatextremists know that Karachi isintegral part of country there-fore they are targeting the city.

He said Lashkar-e-Jhangvihas become the front line of alQaeda and it was involved inkilling of Shiite sect Ulemaand recent blasts at holyshrines.

See # 8 Page 7

NA bodyhead quitsover cricket

quarrelISLAMABAD: The head ofan influential Pakistani parlia-mentary committee on sportshas resigned in frustration atthe state of affairs in nationalcricket.

"The state of cricket affairs isbefore everyone, it is in poorshape and yet nothing is beingdone to change the tide," IqbalMuhammad Ali, who headedthe National Assembly stand-ing committee on sports, told anews conference on Saturday.

"I am resigning because thegovernment has not bothered toimplement any of the recom-mendations by this committeefor improvement and better-ment of sports in the country,"Iqbal added.

The national assembly com-mittee has frequently sum-moned officials from thePakistan Cricket Board (PCB)to appear before it, mostrecently on the spot-fixingallegations against three play-ers, and has publicly called forPCB Chairman Ijaz Butt toresign. -Reuters

2 Sunday, November 14, 2010

TV PROGRAMMES

SUNDAY

Time Programmes

7:00 News

8:00 News

9:05 I Samaa (Rpt)

9:30 Taxi News (Rpt)

10:10 The Reema Show

(Rpt)

11:10 Naram Garam

12:00 News

13:10 Faisla Aap Ka (Rpt)

14:10 The Anchor (Rpt)

15:00 News

16:00 News

17:00 News

18:00 News

19:05 I Samaa

19:30 Mutasareen

20:05 The Reema Show

21:00 News

22:03 Faisla Aap Ka

23:05 Tafteesh

SUNDAY

Time Programmes

8:00 Pakista this

week(Rpt)

8:30 Music Scene

9:00 Teesri Nazar(Rpt)

10:00 Smithsonian

Documentry

11:00 Uff Tv(Rpt)

11:30 Dilkash Pakistan

(Rpt)

12:00 Kamyab (Rpt)

13:00 AM Agenda 360 (Rpt)

14:00 Karobari

Duniya(Rpt)

15:00 Teesri Nazar(Rpt)

16:00 Pakistan This Week

(Rpt)

16:30 Tijarti Dunya (Rpt)

17:00 Kamyab (Rpt)

18:00 Dilkash Pakistan

(Rpt)

18:30 Uff Tv(Rpt)

19:00 Sara Jahan

19:30 Red Carpet

20:00 Filmi Samaa

20:30 Munafa Khor

Hoshiyar

21:00 Badalta pakistan

22:00 Agenda 360

23:00 Amnay Samany

0:00 Filmi Samaa(Rpt)

KARACHI: Advisor toChief Minister SindhSharmila Farooqui has saidthat the Provincial DisasterManagement Authority(PDMA) and City DistrictGovernment are conduct-ing joint survey of theentire residential area toassess the loss of propertydue to bomb blast at CIDoffice near PIDC Karachi.

She said this while talk-ing to affected families

residing nearby areas dur-ing her visit to the site ofincident. She was accom-panied by EDO RevenueCDGK and senior repre-sentative of PDMA.

Sharmila said that aftercompletion of surveyPDMA would recommendfor appropriate compensa-tion to the affected familiesin order to rehabilitate them.She also directed EDORevenue to ensure regular

food supply to the affectedfamilies besides ensuringshelter for those familieslying under the open sky.

She also directed forimmediate removal of thedebris from the residentialareas, whereas, the debrisat the scene of offencewould be removed after atleast two days as collectionof possible evidences isstill in progress, informedSP CID Fayyaz Khan.-PPI

Sharmila inspect CID blast-site

Govt evaluatingproperty losses

KARACHI: The Union ofSmall and MediumEnterprises (UNISAME)has invited the attention ofPrime Minister SyedYousuf Raza Gilani to thedire necessity of promotingfarming at all levels as it isthe best remedy for eco-nomic stability and over-come food shortages.

President UnisameZulfikar Thaver urged thePM to direct the Small andMedium Enterprises

Development Authority(SMEDA) to take SMEfarmers in its fold and pre-pare immediate agenda forthe promotion and develop-ment of SME farmers fromgrass root level.

He said SMEDA shouldfocus on increasing the cul-tivation of vegetables,fruits, grains, flowers, puls-es and educate the SMEfarmers on the techniquesof increasing production,storing and preserving by

dehydration and cold stor-age systems, transportationunder refrigeration andmarketing intelligence.

He said SMEDA shouldprepare initially forincreasing cultivation ofonions, potatoes, tomatoes,beet roots and vegetables asthese are the basic require-ments of the people withmeager incomes and it isbecoming increasingly dif-ficult for them to buy thesebasic necessities.-PPI

Agriculture necessary for economic stability

Unisame calls to boost farming

Staff Reporter

KARACHI: KarachiElectricity SupplyCompany (KESC) hasclarified the false impres-sion created in a section ofpress that power supply toCID Centre was discon-nected before bomb blast.In fact the Company madeall out efforts immediatelyafter the blast to illumi-nate the area for restora-tion work.

A KESC official herestated that power supplyto CCPO Office was dis-continued in the early

hours of Thursday morn-ing and it was restored anhour before the bombblast in the evening of thesame day after the pay-ment of outstanding duesof Rs2.9 million from theCCPO Office. Total duestowards PoliceDepartment exceed Rs600million.

On Thursday, immedi-ately after the blast, KESCteams and vehiclesreached the site nearPIDC to save the straypower cables and equip-ment from proving harm-ful. Broken wires were

removed so these don'thurt anyone from the res-cue teams.

KESC also arrangedmobile generator andemergency search lightsto help rescue operation atthe venue. All surroundingfeeders were exemptedfrom load shedding tokeep the lights on in orderto facilitate help andinvestigative activities.

During all this testingtime, the KESC manage-ment was in touch withPolice, Rangers and HomeDepartment to respond toany specific need.

KESC clarifies stanceover CID power-cut

KARACHI: A ship-mounted Rental PowerProject (RPP) would reachthe Bin Qasim Port, here on17th November 2010 withthe capacity of 231megawatt electricity gener-ation, sources privy toMinistry of Water andPower told PPI.

Federal Government hasinstalled some small rentalpower plants in differentareas of the country; how-ever, this would be the first

RPP with the capacity of231 megawatts.

Sources claimed last gov-ernment had initiatedRental Power Plant projectwith signing five-year con-tract in 2007 between theManagement of LakhraPower House Jamshoro anda private firm of Turkey.The present governmentdecided not only to contin-ue the project, but also toget more Rental PowerPlants to meet the electrici-

ty crisis.A local engineering firm

has been working for oneyear and it has almost com-pleted arrangements for thisship-mounted rental powerproject, the source added.

It is pertinent to mentionhere that the federal cabinethad approved on 26th Augustof 2009 the installation of 14rental power plants to gener-ate 1,500MW to partially off-set the overall deficit of2,700MW.-PPI

Rental power plantto dock on Eid day

KARACHI: TheInternational TextileManufacturers Federation(ITMF), at its annual gener-al meeting in Sao Paulo,Brazil, has voiced concernover soaring cotton pricesand their negative implica-tions for international cottontextile value chain fromfiber to fabric.

In a communiqué, theITMF has stated that theglobal textile industry is notin a position to absorb anylonger cotton price increasesof unprecedented dimen-sions recorded during thepast months without risking

its own existence. The ITMFhas called upon the retailindustry to change its busi-ness model to this new busi-ness environment of higherraw material prices.

For the past 20 years, theglobal textile industry hasbeen exposed to a deflation-ary environment with nomi-nal prices for apparel andhome textiles having fallenduring this period on aver-age by approximate 50 percent. This trend is not sus-tainable anymore and has tobe reversed.

A number of factors havealready put the international

textile industry in a predica-ment. Lower than expectedcotton crop and stronger thanexpected demand in manycountries have already driv-en the prices of cotton fromUS cents 60 to US cents 120in October this year.

In this background, theITMF has invited retailers,department stores and dis-tributors around the world todiscuss with their suppliersthe fundamental changestaking place in the globaltextile value chain in orderto better understand the risksand threats involved for allstakeholders.-PPI

ITMF concerned overrising cotton prices

LARKANA: Sindh ChiefMinister and PresidentPPP Sindh Syed Qaim AliShah visited the graves ofthe martyrs of Bhutto fam-ily in Garhi KhudaBakhsh, on Saturday. Hevisited the grave ofShaheed chairperson ofPPP and former primeminister MohtarmaBenazir Bhutto.

He laid floral wreath atthe grave and offered"Fateha" for "Isal-i-Sawab". Syed Qaim AliShah was accompanied bySindh Minister for HomeAffairs Dr Zulfikar AliMirza, Sindh Minister forLaw Muhammad AyazSoomro, Sindh Minister forLocal bodies Agha Siraj

Durrani, Sindh Minister forWorks and ServicesManzoor Hussain Wassan,Sindh Minister for RevenueJam Mehtab Dahar, KhairMuhammad Shaikh,Ghulam Asghar Shaikh,RPO Sukkur region ZulfikarAli Shah, DCO LarkanaAbdul Aleem Lashari, lead-ers and workers of PPP andothers.

Syed Qaim Ali Shah alsolaid floral wreath at thegrave of founder-chairmanof PPP Shaheed ZulfikarAli Bhutto and offered`Fateha'.

He also visited the graveof late Shireen AmirBegum, the first wife ofShaheed Zulfikar AliBhutto and laid floral

wreath at the grave.Sindh Chief Minister

along-with SindhMinisters and others alsovisited the graves ofShaheed Mir MurtazaBhutto and Shaheed MirShahnawaz Bhutto, laidfloral wreaths and offeredfateha.

The Sindh CM alongwith provincial ministersalso went round the on-going development workin Garhi Khuda BakhshBhutto in connection withthe forthcoming thirdanniversary of assassina-tion of chairperson of PPPand former prime ministerShaheed Benazir Bhutto,to be commemorated onDecember 27.-APP

Qaim pays homage at Bhutto mausoleum

SSGC sets

up medical

camp for

affecteesKARACHI: Sui SouthrenGas Company (SSGC)organised on Saturday aday-long free medicalcamp for the flood victimsat Government AllamaIqbal High School, here atSohrab Goth.

According to a handoutissued by SSGC, the com-pany's medical servicesdepartment provided prop-er treatment to a large num-ber of flood affectees whowere suffering from chest,skin infections andanaemic deficiency.

A team of SSGC's expe-rienced doctors and con-sultants, comprising DrAreeba Ahmed, Dr ArifWaheed, Dr Amir Ahmed,Dr Sarwat Raza and DrMumtaz were deputed toserve the flood victimsthroughout the day.-APP

AKU's 23rd

convocation

heldKARACHI: Aga KhanUniversity's (AKU)trustees, alumni, facultyand staff honoured 323graduates at the 23rd AKUConvocation here onSaturday.

This year, theUniversity's Institute forEducational Developmentgraduated 21 students andthe School of Nursing 162nurses, 12 of whomreceived a Master's degree.

The Medical Collegegraduated 97 doctors andgranted 24 Master ofScience degrees. Therewere 19 Master ofBioethics graduates also,the first class from this pro-gramme at the University.

Amidst much applause,Rinam Rahmatullahreceived the Best GraduateAward from the School ofNursing and Dr SaulatSajjad Sheikh from theMedical College.-PR

Sabzwarilauds youth

effortsKARACHI: SindhMinister for Youth AffairsSyed Faisal Ali Sabzwarisaid that he was happy tosee keen interest of youthsin coming 'youth festival'.

He talking to as delega-tion of youths who camefor registration and audi-tions, during the visit ofYouth Festival Secretariaton Saturday at ArtsCouncil of Pakistan, heexpressed his gladness thathuge number of youths aregetting them registered forthe festival.

Sectary Youth AffaireShouib Ahmad Siddiqui,sectary Arts Council ofPakistan, MuhammadAhmad Shah also spoke.

They told the ministerthat so far more than 18hundred entries werereceived and more pouringin with each passing day.-PPI

Dr Baig

visits Khi

blast victimsKARACHI: Dr MirzaIkhtiar Baig, FederalAdvisor on Textile andCentral Leader PPP visitedJPMC and Civil Hospitalto meet the injured of CIAHead Quarter blast inKarachi along with NajmiAlam, President PPPKarachi. Dr Baig appreci-ated the dedication of DrSeemi Jamali, ExecutiveDirector JPMC to provideimmediate medical aid tothe injured.

Dr Baig also advisedIncharge PPP ParamedicalWing at JPMC Syed AmirAli Shah to arrange to sup-ply any blood or medicinesif not available in the hos-pital.-APP

ICMAP

forms

toastmasters

clubhouseISLAMABAD: Instituteof Cost and ManagementAccountants Pakistan(ICMAP) Islamabadformed ICMAPToastmasters Club. This isa distinguished club prima-rily for the ICMAP mem-bers that provides opportu-nities to enhance commu-nication & leadership skillsof its members.

Since 1924 theToastmasters clubs aroundthe globe helps its mem-bers to develop skills in lis-tening, public speaking ingroups and at large, leader-ship through performingvarious roles, giving feed-back, decision-making,delegating and mentoring.

The first charter eventmeeting of the ICMAPToastmasters Club was heldon 11th November 2010 atICMAP Islamabad with theassistance of IslamabadToastmasters Club.-PR

KARACHI: PPP Secretary Information Ms.Fouzia Wahab addressing themembers of Karachi Chambers of Commerce (KCCI) . -APP

KARACHI: Eid festival exhibition of prominent fashion designer was held atGrandeur, gallery. Picture shows CEO of Grandeur Nishmia Ahmed, actress

Ruby Niazi, with designers Amrah Khan, Laleen, Sabahat Nadeem Raja,Shaista, Anum Mukri and Suboohi.-Staff Photo

KARACHI: Muttehda Qaumi Movement (MQM) Leader, Babar Ghouri alongwith other distributes relief goods among affectees of Crime Investigation

Department incident at relief camp in Karachi on Saturday. -PPI

LARKANA: Sindh Chief Minister Syed Qaim Ali Shah along with Cabinet Ministers Dr. Zulfiqar Mirza,Aga Siraj Durrani, Muhammad Ayaz Soomro, Manzoor Wasan, Jam Mehtab Dahar and party workers

offering dua at the grave of Shaheed Zulfiqar Ali Bhutto at Garhi Khuda Bakhsh. -APP

KARACHI: Chairman, Travel Agent Association of Pakistan (TAAP),Yahya Polani, presenting a souvenir to the DCO Hyderabad, Aftab Khatri.

Also seen present on the occasion are Iqbal Nini, Yaqoob Ismail, HabibRehmatullah and Eyjaz Khatri.-Staff Photo

3Sunday, November 14, 2010Analysis & Feature

OILprices are ata 25-monthhigh and

approaching $90 a barrel,raising the question ofwhether the Organization ofthe Petroleum ExportingCountries will raise output.

The 12-member OPECwhich pumps more than athird of the world's oil, haskept its oil output target at24.84 million barrels per day(bpd) for almost two yearssince announcing a recordsupply cut after pricesslumped in 2008.

It meets on Dec 11 inQuito, Ecuador.

Oil hit $88.63 a barrel onThursday, the highest sinceOctober 2008. It has beensupported by the new roundof US economic stimuluswhich has weakened the USdollar, record Chinesedemand and falling USinventories.

Following are scenarios onwhat the rising oil price maymean for OPEC policy.

DO NOTHINGOPEC is unlikely to change

its formal output policy yet,despite the rise in prices.

"They will probably saysomething along the lines ofabove $90 is not justified, butI don't think they really wantto do anything at themoment," said AndreyKryuchenkov, commoditiesstrategist at VTB Capital.

Signs of an upward shift inthe price aspirations of keyOPEC members -- the group

as a whole has no formalprice target -- have bolsteredoil this month.

Saudi Arabian Oil MinisterAli al-Naimi said on Nov. 2oil at $70 to $90 was com-fortable for consumers. Thatwas above the $70 to $80range the top exporter had fortwo years called ideal.

An official from theInternational Monetary Fundsaid the rise in prices was nota threat to global economicrecovery, in effect backingthe view that consumers canlive with current prices.

"It will not act for a while… not until we get to $100 orinventory levels fall," saidTony Nunan, a risk managerwith Mitsubishi Corp inTokyo.

Some OPEC members willbe enjoying the rally andhave made clear they wouldlike it to go further.

Libya has called for oil toreach $100 and Venezuelasaid it was looking for oilbetween $90 and $100 in2011.

INFORMALLY RAISEOUTPUT

As likely as no change informal policy, extra OPECproduction could result fromfurther reductions in compli-ance with output targetsunless prices fall.

Adherence by OPEC as awhole to 4.2 million bpd ofoutput cuts announced inDecember 2008 has declinedto 51 per cent, according toestimates published in

OPEC's monthly oil marketreport on Thursday.

That means OPEC is pump-ing more than 2 million bpdabove its formal output targetin response to recoveringdemand and higher prices.Compliance with the outputcurbs peaked near 80 per centin 2009.

"They should be actingalready. Prices are near thetop of their preferred range.We will see slowly increasingOPEC supply in lower com-pliance to quotas," saidThorbjorn Bak Jensen atGlobal Risk Management inDenmark.

OPEC says it holds morethan 6 million bpd of unusedoil production capacity as aresult of the supply curbsagreed two years ago, a com-fortable cushion equating to 7per cent of world demand.

Much of this is held bySaudi Arabia, with smalleramounts in Kuwait and theUnited Arab Emirates.

The Gulf members areamong the most compliantwith their targets, and so farthere is no sign of that disci-pline breaking down. Thatcould limit the scope forOPEC production to creepsignificantly higher throughquota leakage.

Saudi Arabia, keen to pre-serve long-term demand forits extensive reserves, hastraditionally stepped in to addmore oil if it considers themarket is rising too fast.

Riyadh could face a dilem-

ma on whether to do so if thatrise is mainly a result of USmonetary policy weakeningthe dollar, rather than extrademand for oil.

OUTPUT RISEAnalysts see a further rise

in prices towards $100 wouldbe required before OPECconsiders raising its outputtarget.

"If we reach $100 theymight really do somethingabout quotas. If we reach$100, I think we will have anew scenario for OPEC,"said Frank Schallenberger ofLandesbank. So far, ministersand officials have said theysee no need to raise supply.

The are signs that oil's sup-ply and demand fundamen-

tals -- from OPEC's point ofview -- are improving.Forecasters including OPECitself have been raising esti-mates of global demand. UScrude and fuel inventoriesfell last week.

Even so, OPEC wouldprobably want to see moreevidence of a tightening mar-ket before it responds. Its

report on Thursday saidinventories were not expect-ed to change much in the run-up to the northern hemi-sphere winter.

"As a result, the marketshould be well prepared evenif the winter demand turnsout to be stronger thanexpected," OPEC said. -Reuters

WHAT OIL NEAR $90 MAY

MEAN FOR OPEC POLICY

US President BarackObama's support fora U.N. Security

Council seat for India mayhave given the economicgiant its global coming-outparty, but it still is far fromwielding the diplomatic cloutof powerhouses like China.

India is expected to be oneof the five largest economiesin the world by 2020, grow-ing at near double-digit rates,but the main focus of policy-makers will be to try and liftmillions out of poverty,rather than being an outspo-ken diplomatic voice.

"As Deng Xiaoping said ofChina 20 years ago, it's bet-ter to lay low and bide yourtime," Srinath Raghavan, asenior fellow at the Centrefor Policy Research in NewDelhi, said. "India is a poorcountry. There is a lot moreto be done internally."

India is proud of its softpower, its quiet diplomatic

achievements, but careful ofover-extending its reach.Take Afghanistan, where ithas been happy to pour in$1.3 billion in aid but reluc-tant to do more, like trainingthe police or army.

"India does not have therecent global outspokennessof China. There is a verystrong sense that Chinaknows its time has come andis cashing its cheques in. Notso in India," Raghavan said.

At the G20 talks, it has sofar stood back from the fray,taking more cautious standsthan countries like Germany,China or the United States onissues like the yuan andglobal imbalances.

"Indian aspirations aremore modest than the US orChina," said SiddharthVaradarajan, strategic affairseditor at Hindu newspaper inDelhi. "But I think it haspitched its global role aboutright."

BUSINESS SUPERPOWER

Obama's promise of a per-manent U.N. SecurityCouncil seat has been ademand of India's to reflectwhat it sees as its rightfulplace. The makeup of thefive members -- US, Britain,France, Russia and China --is criticised as a Cold Warrelic.

It is also a pledge thatcould take a decade to real-ize.

Delhi rarely put its eggs inone basket and it is tellingthat after Obama's visit, theleaders of China, France andRussia will visit this year,hungry for a slice of India's$1 trillion dollar economy,from nuclear power to armscontracts.

A global crunch has helpedpush emerging market giantsto diplomatic and economicprominence as the Weststruggles with debt. India,

with its history of non-align-ment and behind-the-scenesdiplomacy, is at the forefrontof the winners.

It has quietly built up itsglobal clout as its privatebusinesses expanded,whether it is Bharti Airtelbuying African mobile busi-nesses for $9 billion, or thebid for Premier League foot-ball club Blackburn byIndian conglomerate Venkys.

"I don't think any policy-maker has spoken of India asa superpower," said KanwalSibal, a former Indian for-eign secretary. "But the busi-ness community, that's goingglobal, buying companieshere and there and are full ofcash, they're the one's who'retalking about the superpowerstatus."

In the absence of a Dohadeal, India has focused onnegotiating trade deals withthe likes of the EuropeanUnion and, in a mark of eco-

nomic power moving fromwest to east, the ASEANbloc of Southeast Asiannations, Japan and Malaysia.

India has also done thiswithout making many ene-mies, unlike the UnitedStates or China.

"Indian does not want tohave to make stark choices,"Raghavan said "It wants tohave multiple diplomaticavenues. India will not beassertive on the world stage."

Raghavan said that canchange when India feels itseconomy is directly threat-ened -- hence its tough standon issues like Doha wherethe government wants to pro-tect its political support baseof millions of farmers fromglobalisation.

PAKISTAN, POVERTYBut with nearly half its

$1.2 billion people livingbelow $1.25 a day, and mal-nutrition rates in some statesworse than sub-Saharan

Africa, India has huge hur-dles at home while much ofits foreign policy is focusedon one unruly neighbour,Pakistan.

India has always had glob-al ambitions. Ever sinceJawaharlal Nehru ran Indiaafter 1947 independence,tellingly as both prime min-ister and foreign minister,India was a global player thatemerged as non-alignedmovement leader.

Still, while Prime MinisterManmohan Singh may flyaround the world stage as anelder statesman, some Indianforeign ministry officials pri-vately say they spend mostof their hours focused ondealing with close-to-homethreats like Pakistan.

On its disputed border withChina, there is a sense thatNew Delhi is playing catch-up with Beijing after years ofChinese investment in infra-structure like roads and air-

ports in the remote regionhas sparked fears India haslost the initiative.

India is often criticised fornot being aggressive enoughin competing with China inits own backyard of the IndiaOcean, where Beijing isbuilding ports in Pakistanand Sri Lanka.

"It has, following theObama visit, become anapprentice big power,"Manoj Joshi wrote in theMail Today.

At the G20, it was tellingthat while Singh may speakof global imbalances, IndianForeign Secretary NirupamaRao reminded reporters onTuesday that India may actu-ally benefit in part from theundervalued yuan because ofcheap imports like steel.

"India gets into issues thatdirectly affect it but youoften don't see too muchstrategic vision," saidRaghavan. -Reuters

Despite Obama, India’s global ambitions modest

Iraq's main factions haveagreed to form a nationalpartnership government,

ending an eight-month dead-lock that deterred someinvestors from venturing intothe war torn land and fuelledfears of renewed sectarian vio-lence.

Incumbent Prime MinisterNuri al-Maliki's Shi'ite-ledalliance will get the prime min-ister post, giving him a secondterm, minority Kurds keep thepresidency and ex-premierIyad Allawi's Sunni-backedIraqiya faction gets the speak-er's post.

Allawi himself will head anew council of strategic poli-cies.

Here are some possibleimplications and outcomes:

WHAT COMES NEXT?* The formation of a govern-

ment won't be immediate asthe prime minister, once nomi-nated, has 30 days to form acabinet.

* Iraqi political factions have

to agree next on who takes thecabinet jobs, in particular the"sovereign ministries" -- interi-or, defence, foreign affairs, oiland finance. Positions down todirector general in the min-istries will be divided up.

* Analysts still expect weeksof power tussles, as each fac-tion tries to grab as many gov-ernment jobs as they can.

* The longer it takes to forma government, the longer it willtake to address public angerabout poor public services,such as lack of electricity,water and unemployment.

* Iraq also needs to passmuch-needed investment andoil laws that have been delayeddue to political squabbles.Emerging from the shadow ofwar, Iraq hopes to lure foreignexpertise and investment tohelp rebuild its battered econo-my.

* "It will be a very slow gov-ernment, with lots of quarrelsand conflict and stalemate. Butthat will be a practice for all

segments of the new politicalclass -- how to live togetherand arrive at a workable agen-da," said Beirut-based IraqiSociologist Faleh Abdul-Jabbar.

IMPACT ON OIL* Iraq signed a series of deals

with international oil compa-nies to unlock its vast oilwealth in a bid to boost its out-put capacity to 12 million bar-rels per day from 2.5 millionbpd now. The deals could cata-pult Iraq into the top league ofoil producers, rivalling SaudiArabia.

* The return of Maliki, aShi'ite, as a prime minister andthe deal where the Kurds retainthe presidency and Sunnis takethe speaker of parliament job,means the new government isvery similar to the last onewhich signed those oil deals.

This is likely to calm fears ofoil executives and investors ofa cancelation or significantalteration of the contracts.

* Clues on the makeup of the

next government are beingwatched closely by the oilcompanies.

At the moment there are noindications that Oil MinisterHussain al-Shahristani, who isclose to Maliki, will bedumped, but the possibility ofa fierce competition for thehigh profile post could makesome edgy.

* Analysts say the oil deals,which would generate revenuedesperately needed by Iraq torebuild its battered economy,are likely to survive any bigchange in the next governmentas few doubt the benefits ofsuch contracts.

* "I think the formation of anew government should bereassuring. There's a dedicatedsecurity force for the oil infra-structure and there have beensome concerns that it's under-resourced. One hope is thatonce the government is inplace, we'll see a boost inresources for them," said SaketVemprala, analyst at Business

Monitor International.IMPACT ON NON-OIL

INVESTMENT* Iraq is isolated from world

markets and has little credit.Only a few dozen companiesare listed on the stockexchange. But its oil wealthand population of 30 millionmean it could be an attractiveretail market and industrialpower in the future.

* Iraq's infrastructure hasbeen degraded by decades ofwar, sanctions and underin-vestment. Officials estimatethat hundreds of billions ofdollars are needed to fix theinfrastructure woes, includinginadequate power generation,decrepit railways, choked portsand a shortfall of 1-3 millionhomes.

* The start of the governmentformation process will be posi-tive for potential infrastructureinvestors who have been sit-ting on the sidelines during thepolitical impasse. In particular,many will be looking for clari-

ty on government plans forspending on infrastructure.

* Investors interested in Iraqare also worried about legaluncertainty with a lack of suf-ficient investment laws and anexcess of bureaucracy thatmakes starting a business diffi-cult.

* Violence is also a concern,particularly for smallerinvestors who lack the budgetto protect their installationsand people from attack.Overall violence has fallensharply in Iraq in the last twoyears, but bombings, suicideassaults and assassinationscontinue on a daily basis.

IMPACT ON SECURITY* The deal on the country's

top government posts bringstogether majority Shi'ites,minority Sunnis and Kurds in apower-sharing arrangement,which could help prevent aslide back into sectarianslaughter unleashed after the2003 US-led invasion.Sectarian bloodshed between

Iraq's Shi'ites and Sunnisalmost ripped Iraq apart in2006-07.

* Iraqiya did win the mostseats in the election, and thathas made many Sunnis feelthat they should have gottenthe prime minister or presi-dent's posts.

* Will that satisfy Sunnis,who dominated Iraq under dic-tator Saddam Hussein andvoted in force for Iraqiya?

* "The development to watchis how Sunnis are treated incabinet formation. If they aregiven portfolios that carryprestige and access to patron-age, risks associated withSunni disaffection willdecrease," said David Bender,a Middle East analyst atEurasia Group.

"On the other hand, if Sunnisfeel they are not being givenappropriate cabinet positions,Sunni feelings that they haveno stake in the success of thenext government will grow." -Reuters

Iraq agrees on new govt, challenges remain

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For the kindattention of

MinisterBijarani

Reading proceedings of the meeting of the

Ministerial Committee on Sugar, chaired by Mir

Hazar Khan Bijarani, Minister for Industries and

Production and attended by nearly a dozen bureau-

crats, representatives of sugar-millers and

importers show complete ignorance of the present

sugar crisis and no one should expect a prudent

decision from such a Committee. Ironically, the

Committee discussed what happened in the past but

paid little attention to what should be done to avoid

another crisis in making.

Interesting, all admitted that the Trading

Corporation of Pakistan (TCP) had ample stock but

still held it, responsible for the current sugar crisis.

The decision to bar the TCP from sugar import

business and imposed restrictions on selling

imported sugar through tenders in future looked

preamble of yet another move to protect the groups

having vested interest and caring least about the

consumers.

In Punjab sugarcane crushing is scheduled to

commence after Eid-ul-Azha but commencing

early crushing in Sindh proved futile effort as most

of the mills face 'no cane' situation or running at

less than 20 per cent capacity utilisation. The pre-

vailing situation is the outcome of cartelisation of

sugarcane growers who wish to sell sugarcane at

three times the support price fixed by the govern-

ment.

The only way out to overcome the situation is to

allow the mills to import duty free raw sugar.

However, groups having vested interest seem to

have prevailed as the Committee decided to allow

the private sector to import 0.6 million tonnes of

white or raw duty-free sugar to bridge the gap. One

wonders the logic behind allowing traders to

import raw sugar, which could not be used without

further processing.

To further complicate the issue it was also decid-

ed, "If the private sector fails to perform well, the

government will consider a deal on government to

government basis". The meeting decided that the

federal government will build up 0.7 million tonnes

strategic reserves next year but also decided that

provincial governments would be responsible for

sugar availability from next year. This clearly con-

tradicts the decision of not allowing the TCP to

import sugar.

One could infer one point from the entire pro-

ceeding of the meeting that the purpose was to

deter the criticism on the government. Since politi-

cians belonging to PPP, PML-Q and PML-N are

not only the owners of sugar mills but are also the

sugarcane growers they only wish to maximise

their profit and care the least about consumers.

All the attempts have proved futile and now it is

time for consumers to make the decision. It is sug-

gested that instead of paying the asking price the

consumers should completely stop buying sugar

immediately. It is their right not to pay an unjusti-

fied price.

4Sunday, November 14, 2010

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: 92-21-5311893-6 Fax: 92-21-5388428

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

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

Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 98

The head of Iraq'smain Sunni-backedpolitical group has

pronounced a new power-sharing deal "dead" and pre-dicted more violence, justdays after the accord aimingto end political infightingwas reached. Former PrimeMinister Iyad Allawi'sIraqiya was the final biggroup to agree to join acoalition this week in anaccord that gave Shi'itePrime Minister Nuri al-Maliki a second term. Buttwo thirds of Iraqiya mem-bers walked out of parlia-ment on Thursday saying adeal between blocs wasbeing violated.

Allawi said some Iraqiyamembers might join thegovernment, but the "mainbulk" of them, includinghim, would stay out. "Wethink the concept of power-sharing is dead now," Allawitold CNN in an interview."It's finished." Asked how

the end of a power-sharingdeal might affect a futuregovernment, he said, "ForIraq, there will be tensions

and violence, probably."However, other Iraqiya fig-ures said on Saturday theparty still planned to join thegovernment, and one calledthe walkout from parliamenta "misunderstanding."

Iraqiya's shifting positionheightens concerns aboutthe future of the governmentdeal, which ended eightmonths of rancorous bar-gaining among Shi'ite,Sunni and Kurdish factions.Maliki has enough supportfrom Shi'ite and Kurdish

parties to rule withoutIraqiya, but Washington andIraq's Sunni Arab neighborsare anxious to ensure that

the Sunni-supported bloc isalso represented.

Iraq needs a stable govern-ment to rebuild infrastruc-ture and exploit its vast oilwealth while violence ebbsseven years after the US-ledinvasion that oustedDictator Saddam Hussein.Under the power-sharingdeal reached three days ago,politicians divided the threetop posts prime minister,president and speaker ofparliament among the mainethic and sectarian political

blocs.Lawmakers elected

Osama al-Nujaifi, a Sunnileader of Iraqiya, as speak-

er, and reap-pointed JalalTalabani, aKurd, as presi-dent. Talabanithen nominatedMaliki as primem i n i s t e r .Allawi wasmade head of a

yet-to-be-created policycouncil. But the show ofunity, which had arch-rivalsMaliki and Allawi sittingside-by-side in parliament,quickly unravelled whenabout two-thirds ofIraqiya's lawmakers walkedout. Allawi told CNN hewas thinking of forming aparliamentary oppositionrather than taking part inthe government.

"I will not be a part of thistheater," he said. "This is anew dictatorship that is hap-

pening in Iraq." OtherIraqiya leaders and mem-bers, however, said the blochad not reversed its decisionto join the government."Iraqiya will take part in thegovernment," said Mustafaal-Hiti, a senior member ofIraqiya.

Jaber al-Jaberi, an Iraqiyalawmaker, called the walk-out from parliament a "mis-understanding." "The inten-tion of Iraqiya is not to boy-cott the political process andthis is the decision of theIraqiya leadership," Jaberisaid. The party could stillboycott the government ifMaliki does not fully imple-ment the agreement, headded. Iraqiya lawmakerTalal al-Zubaie said Iraqiyawould take part in a sessionof parliament scheduled forSaturday. He called Allawi'scomments "a surprisingthing for me." "Iraqiya willtake part and be part of thegovernment." Reuters

Allawi terms powersharing deal dead

, other Iraqiya figures said onSaturday the party still planned to

join the government, and one calledthe walkout from parliament a "mis-

understanding."

ZAHID BUKHARI*

When human beingsstarted showingsigns of distinction

from animals, living in groupscame into being, agriculturestarted and a sense of posses-sion arose, perhaps more thena million of years ago. Thiswas the time when need of asecured place arose to bank thevaluable like cows, sheep,goats, and tools and preciousmetals. Side by side differentfaiths or religions in theirremote forms also came intobeing. The headquarters offaith and religions were alsoestablished with differentnames, for the conveniencehere these might had beencalled temples. These templeswere regarded house of gods,much secured sacred place. Assuch peoples started to banktheir valuables in their worshipplaces or temples. The keepersof the temples were treated asthe representative of spiritsand gods, were supposed to bebank managers. The dire needof security gave rise to places,where their valuables could beplaced, and there was nothinggood then that of temples, thehouses of spirits and gods.

With the passage of timehuman beings made progressin all fields, at all places,though slowly but surely. TheGreek, Chinese, Egyptian, andRoman civilizations remainedin forefront giving enlighten-ment to humanity in most ofthe fields. In Greece bankingwas well enough developed tojustify laws governing bankingoperations even before thebirth of Christ. Ancient Greeceheld further evidence of bank-ing.

Greek temples, as well asprivate and civic entities con-ducted financial transactionssuch as loans, deposits andvalidation of coinage. Thereis evidence too, of credit,where by in return for a pay-ment from a client, a moneylender in one Greek portwould write a credit note forthe client, who could cash thenote in another city, savingthe client from the danger ofcarting coinage with him onhis journey. A Greek mer-chant named as Pythics, whooperated as merchant bankerat the beginning of 5th centu-ry BC was the first individualbanker of whom we haverecords. The fourth centuryBC saw increased use ofcredit based banking in theMediterranean world. InEgypt, from early times,grain had been used as formof money in addition to pre-cious metals, and state's gran-aries functioned as banks.

Ancient Rome perfected theadministration of bankingand saw greater regulation offinancial institutions andfinancial practices, charginginterest on loans and payinginterests on deposits becamehighly developed and com-petitive.

China invented paper some5000 BC and the inventor'sname was Tasai Lun who wasa washer man by professionbut his invention remainedwithin the boundaries of Chinafor at least 3000 years, assecret, and in 1440 Gutemberginvented the modern printingpress. The paper printing presswas one of the greatest inven-tions the world ever saw.Printing of paper currencystarted on large scale whichhelped the banking industry alot. Side by side double entrysystem of book keeping alsocame into practice, which pro-vided a powerful argument infavor of legitimacy andintegrity of the working ofbanks. Double entry system ofbook keeping was introducedin late 1300 in WesternEurope.

Around thetime of AdamSmith (1776)there was am a s s i v egrowth in thebanking indus-try. Banksplayed a keyrole in movingfrom gold andsilver basedcoinage topaper moneyr e d e e m a b l eagainst thebank holdings.England wasthe first coun-try to develop a full fledgedmodern banking system,which then served as a modelfor many parts of the world. Atpresent, after a break duringWorld War II and early postwar years, London againbecame the world's largestinternational banking center.In London are the head officesnot only of the big banks doingordinary domestic business inEngland but also of large over-seas banks with branchesaround the world. Offices aremaintained in London by near-ly 180 US banks. By morethen 500 leading foreign banksactive in international finance,and consortia, banks set upsince 1965 by groups of banks,often from several countries toprovided specialized corporateservices.

What is now England's greatcentral bank, traditionallycalled simply "The Bank" wasfounded in 1694 under Royal

Charter to help raise money totake up the national debt. TheBank of England alwaysplayed the central role in thedevelopment of bankingthrough out the world. It wasthe first bank which issuedcurrency notes. It played majorrole in the development ofinternational trade, formationof capitalism which hasenriched the entire world.After the World War II, UnitedStates of America, with theadopted rules and regulationsof international free trade,business, banking and beingthe leading society of capital-istic order, all over the world,started gaining importance,because being centre of freebanking. The Wall Street, adistrict of New York City start-ed being recognized as one ofmost important centers ofbanking industry in the world.

In the sub-continent, undi-vided India the people inmajority being illiterate andpoverty stricken did not knowof the banks and banking. Thecenter of trade and businesswas mainly in Bombay. InIndia there were branches of

foreign bank, and Indian bankswere mostly owned and run bynon-Muslims, Hindus, Parseesetc. At that time the GreatMuhammad Ali Jinnah,Pakistan's founding fatherrealized the importance offinancial intermediation whilehe was campaigning for thecreation of a separate homeland for the Muslims of India;he also persuaded the distin-guished Habib family to estab-lish a commercial bank thatcould serve the Indian MuslimCommunity.

Till that time there was nobank, not only in India but inthe entire world owned, man-aged or run by Muslims. Hisinitiative resulted in the cre-ation of Habib Bank in 1941,with head office in Bombay(now Mumbai) having fixedcapital of Rs.25,000. TheBank played an importantrole in mobilizing funds fromthe Muslims community to

finance All India MuslimLeague's campaign for theestablishment of Pakistan.Habib Bank also played animportant role in channelingrelief funds for Muslims, hurtin the communal riots andviolence that preceded thedeparture of British fromIndia. After Pakistan wasborn in 1947, Habib Bankmoved its headquarters toKarachi, Pakistan's first capi-tal. This gave Pakistan itsfirst newly formed commer-cial Bank. I consider it neces-sary to mention the names ofthe Habib family who createdfirst successful bank ownedand manage and run byMuslims in the entire world.The head of Habib Familywas Ismail Habib Seth andother members, SethMuhammad Ali Habib,Dawood Habib Seth, DostMuhammad Seth, Rashid D.Habib Seth, HabibMuhammad Ali Habib Seth. Ijoined Habib Bank in 1960,and retired in 1997, and stillfeel honoured to train sons ofHabib family in 1966 to 1967while I was manager of

Mohammad Ali Societybranch of the Bank thosewere Mr. Abbas D. Habib forsome days, while Habib DostMohammad for more then ayear. Mr. Abbas D. Habib isnow the head of Bank Al-Habib while Habib DostMohammad migrated toCanada and living with hiselder brother Mr. Yaseen DostMuhammad. The pearl andshining star of the HabibFamily who marked authen-tic effects on the world bank-ing is Habib Muhammad AliHabib the head of HabibMetropolitan Bank.

It will be highly inappropri-ate if I do not mention name ofMr. Kassim Parekh, ex-Governor, State Bank ofPakistan and now Chairman ofHabib Metropolitan Bank.Before partition, the Hinducommunity tried to fail theHabib Bank in Bombay bydrawing their deposits from

the bank. At that time KassimParekh being the prominentfigure of Memon Community,persuaded the Community ofBombay and Kathiawar todeposit more and more fundsin Habib Bank, and thus gotHindus intentions frustrated.

Habib Family owned andmanaged Habib Bank untilGovernment of Pakistannationalised it on 1st January1974. It is awful to state herethat the Pakistani nation, andMuslim community the worldover, never praised in anyform to great services of HabibFamily for the Muslims, espe-cially in Pakistan and theworld over.

After remaining nationalizedform 1st January 1974 to2 9thDecember2003, thePrivatization Commission ofPakistan announced denation-alization of Habib Bank infavor of Aga Khan Fund with51% share holding against aninvestment of Rs22.409 billionand on 26th February, 2004,management control washanded over to AKFED. TheBoard of Directors was recon-stituted to have four AKFEDnominees including chairmanand president /CEO and thegovernment of Pakistan's threenominees. Thanks God, HabibBank to which I say my bankreached in honest experiencedand trust worthy hands. Thepresident of the Bank Mr.Zakir Mehmood enjoys a greatreputation in internationalbanking and has been playingwonders in managing andimproving HBL. And within ashort period of sever years hasimproved the HBL as No.1bank in Pakistan. RecentlyHBL was praised and awardedfor its exemplary services andrapid progress as the best bankby an international financialforum.

HBL has been doing its bestwith its experienced and ener-getic team work, to remain asthe leading financial institu-tion of Pakistan and a dynamicinternational bank in theemerging markets providingthe bank's customers with apremium set of innovativeproducts and services, andgranting superior values to itsshare holders, stake holders,customers and above all itsemployees. HBL's overseasoperation in the countries areAfghanistan, Australia,Bahrain, Bangladesh,Belgium, Canada, China,France, Hong Kong, Iran,Kenya, Lebanon, Maldives,Nepal, Netherlands, Nigeria,Oman, Singapore, Sri Lanka,Switzerland, Tanzania, Turkey,UAE, U.K and USA.

The Author is Retired SeniorVice President of Habib Bank

HBL enjoys longesthistory of serving Muslims

At that time the Great Muhammad Ali

Jinnah, Pakistan's founding father real-

ized the importance of financial interme-

diation while he was campaigning for

the creation of a separate home land for

the Muslims of India; he also persuaded

the distinguished Habib family to estab-

lish a commercial bank that could serve

the Indian Muslim Community.

5 Sunday, November 14, 2010

Eid ul-Adha; TheFestival of theSacrifice is one of

two major Islamic cele-brations and takes placeon the Islamic monthDhul-Hijjah, in whichmillions of Muslimsfrom around the worldmake an annual pilgrim-age to Makkah in orderto worship Allah and tocommemorate the will-ingness of the ProphetAbraham (PBUH) to sac-rifice his son Ishmael inresponse to a commandfrom God. Satisfied withAbraham's devotion,God replaced Ishmaelwith a sheep at the lastsecond, and the sheepwas slaughtered instead.While pilgrims inMakkah re-enact thisscene by slaughteringsheep of their own,Muslims who can affordit in the rest of the worldalso participate in thisrite by slaughteringsheep, camels and cows.

During the celebrationof Eid al-Adha, Muslimscommemorate andremember Abraham's tri-als, by themselvesslaughtering an animal

Allah has given uspower over animals andallowed us to eat meat.That is why Muslimsslaughter animals bysaying the name of Allahat the time of slaughter-ing. And give charity tothe poor and impover-ished by making contri-butions and distributingmeat for Allah.

These acts certainlyspread happiness andgood cheer amongst somany individuals andtheir families, especiallyduring the festival ofEid-ul-Adha whereMuslims are in the spiritof celebrations.

The meat from the sac-rifice of Eid al-Adha ismostly given away toothers. One-third iseaten by immediate fam-ily and relatives, one-third is given away tofriends, and one-third isdonated to the poor.

"It is not their meatnor their blood thatreaches Allah; it is yourpiety that reaches Him."(Qur'an 22:37)

But the problem is thatwe aren't obeying therule of Islam in order todistribute the meat ofslaughter. We distributeslaughter meat amongthose, who are our rela-tives and friends. We donot distributed meatamong those who reallydeserve it.

Another going wrongprocess is that we savethe meat of slaughter inour deep freezer andpass our three to fourmonths after Eid withsaving meat and withoutbuying Meat from out-door. We spent our Bigtime with saving meatand in this big time weeat a lot of meat whichwe can say meatoverness cause severalserious diseases.

Would it be heretical tosuggest that instead ofsacrificing animals andovereating meat for sev-eral days, pious Muslimsshould donate money tohelp poor people under-go some simple eyeoperations that will saveor restore their sight, ordo some other good deedthat will bring joy to thelives of those who are

deprived of decent livingconditions?

There is no longer anydoubt about the fact thatover eating meat is badfor your health.Similarly if meat is agood item for our health,same as its overness isharmful for our health.

Let's talk about theDisadvantages of inces-santly eating of Meatduring Eid days:

Eating beef and muttonapplies to most humandaily lives.

However, to whatextent the advan-tages and disadvan-tages of eating meatinfluence us?Incessantly meat eat-ing not onlyaffects ourhealth; it alsohas an effecton the envi-ronment, themorals, and theeconomies. Meat con-tains a rich variety ofnutrients like protein,vitamin B, iron and calo-ries. These are importantelements which con-tribute to a healthy body.Nevertheless, consumingtoo much meat wouldgive a side effect. Thiscould include heart dis-ease, high blood pressureand obesity. In fast foodrestaurants and Bar-b-que parties at home dur-ing Eid days, they tendto include meat in mostof their menus and thisbrings a great danger ofobesity. Therefore in thePakistan, where the Bar-b-que parties during Eid

days are most popular,the popularity of obesity

Meat in small amountsis not only useful, but isabsolutely necessary forgrowing children. Forthese, especially at theage of puberty, when thegrowth is stimulated,large amounts of albu-min are necessary, inorder to meetthe require-m e n t so ft h e

organism inregard to this substance.

Moreover, a wholeseries of organs amongthe most important ofour bodies, as the glandsof internal secretion andthe brain,-in fact, all theglandular organs,-consistlargely of nucleins; theyare the tissues of thebody most rich in thissubstance. The greatestquantity of and the mostrapidly assimilatednucleins are at our dis-posal in animal food,especially in the form ofmeat rich in nuclein,such as glandular organs,

sweetbreads, liver, andkidneys, for instance.

Eating meat may betaboo for some people.Although meat is notalways harmful for ourhealth, but for the sakeof health it is better forus not to eat meat toomuch.

H e r e

are some benefits of eat-ing meat for health,according to Buzzle:

ProteinMeat is a rich source of

protein, which is neededby the body in very highquantities. Proteins playan important role forvarious body functions,including development,tissue repair and forma-tion of antibodies thatfight infections.

MineralMeat contains a num-

ber of minerals, espe-cially rich in iron, zincand selenium. The bodyneeds iron to form hemo-globin necessary fortransporting oxygenfrom the lungs to otherbody parts.

Vitamin

Vitamins which aremost prominent in

meat are vitamin A, Bcomplex (B1, B2, B3,B5, B6 and B12) and D.

Vitamin A promotesgood vision, support thedevelopment of bonesand teeth and maintain-ing healthy skin.

Vitamin B supports thecentral nervous systemand improving mentalhealth.

And vitamin D toincrease calcium and

phosphorus, which inturn maintain healthy

bones and teeth.Fat

Fatty acids in meat arelinoleic acid andpalmiotelik. These fatscan prevent the bodyfrom cancer and harmfulviruses. The body alsoneeds fat for brain devel-opment.

But, besides the bene-fits above, eating meatwithout balancing couldbe harmful for health.

Over eating Meat notonly affects our health; italso has an effect on the

environment, themorals, and theeconomies.

Just remember thateating meat "regularly isgood for our health"

because it suppliessome of the essentialnutrients that ourbody needs, but if you

eat too much of it, ofcourse there are somedisadvantages which I

will enumerate some ofthem below.

Here are some disfa-vors of eating a lot ofmeat:Meat contains no fiberFiber helps the diges-

tive system in the body.Without fiber, the bodyis at high risk of certaindiseases such as cancerand heart problems.That's why the people,who eat meat withoutbalanced incessantlyduring Eid with otherhealthy lifestyle, are athigh risk of cancer.

High saturated fatSaturated fat, of course

is not good for health.This is the main enemy

for the blood vessels andheart. Over eating meat

impairs the heart's abili-ty to do its job. Meat anddairy products are highin cholesterol and satu-rated fat. As these fattysubstances, or"plaques," build upinside the walls of arter-ies, blood flow to allareas of the body isimpeded. This arterydamage is called athero-sclerosis. The result,many people have car-diovascular diseasebecause of the habit ofeating meat. Avoidingover eating meat is oneof the best and simplestways to cut down yourfat consumption. Thosewho still eat beef are, inmy view, foolishlyexposing themselves tothe risk of contractingthe horrifying humanversion of Mad CowDisease.

High in nitrate andsalt

Processed meats suchas bacon, hot dogs, hamand others are very badfor health. Meat canbring long-term negativeeffects because is con-tain many nitrates andsalt as a preservative.High content of nitrateand salt can cause highblood pressure and trig-ger cardio vascular dis-eases like heart diseaseand stroke.

Moreover, Anaemia,appendicitis, arthritis,breast cancer, cancer ofthe colon, cancer of theprostate, constipation,diabetes, gall stones,gout, high blood pres-sure, indigestion, obesi-ty, piles, strokes andvaricose veins are justsome of the well knowndisorders which are morelikely to affect big-meat-eaters

Such worries are quiteunnecessary.

If you really want toeat meat, keep in mindnot to eat meat everyday, give your body abreak because meat isfood that is hard todigest. But meat is stillneeded for health, espe-cially for children whoare in its growth age.

Here's the good news:Now that we know thedisadvantages of overeating meat during Eid-ul-Adha, we can preventthem. Studies haveshown that using of veg-etable with meat.

The moral of wholetext is that meat hasalways stayed as a richsource of food in termsof taste, nutrients andalso medicinally attimes. The advantages ofhaving meat are helpfulto younger people in theprocess of growth andthey reach the elder onesas well. The invaluablesource of food, the meathas been serving thepeople from times imme-morial. But the overnessof every thing causemalady and in diet causeharmful health.

Eating meat shouldalso be balanced withhealthy foods like veg-etables and fruits, and donot forget to exerciseregularly.

There are heaps ofbooks available aboutfood. Many books whichcan tell you everythingyou need to know.

I am just painting a pic-ture for you; if you willempathize it, it will begood for you and if youwill not so good luck toyou.

EID-UL-ADHA TOWARDSMEAT’S OVERNESS

ALI ZHORAIZ JAFFRI

Xi3 Corporation Xi3 ModularComputer

Xi3 Corporation plays on this conceptwith the Xi3 Modular Computer whichintends for you to use the same comput-er for many years to come, hence help-ing your household save money in thelong run without having to splash toomuch dough in the process.

Sunday, November 14, 2010

Latest Gadgets AirCurve Play

from Griffin

TechnologyAirCurve is a device designed to increase the

volume of the iPhone 4, but without any elec-tronics that are found within most iPod/iPhonespeaker docksIn addition to having a place for anamplified iDevice, it serves as a stand. This isgood for watching movies, listening to music,and making video calls using FaceTime.

Intel ReaderPoint, Shootand Listen

There are many reasons kids and adultsalike, have difficulty reading. One may bedyslexic, or have poor vision or other read-ing related issues. The Intel Reader hasfound a way to transform the printed wordso now everyone can "read."

SnakescopeCamera USB The USB Snakescope Camera has

created to allow you to see in hardaccessible places. The Snakescope iscapable of producing images in VGAquality (640×480). This qualitygizmo is ideal for exploring therecesses of your sofa and examiningcar engines, cavity walls, mouseholes, loft spaces and more.

GeForce GTX580 inside

Digital Storm has wrought this time aroundwould be to introduce their Black|OPS gamingsystem range that will be equipped withNVIDIA's GeForce GTX 580 running - nay,purring within. With all the additional powerunderneath the hood, gamers will now be ableto leverage the unparalleled performance of theworld's fastest DirectX

Hughes NetworkSystems, one of thelargest satellite broad-

band service providers in theworld, will launch the Jupitersatellite, which will offer morethan 100 gigabits per secondof capacity. This is more than10 times the capacity the com-pany currently offers on itsexisting satellite, launched in2008.

Offering average downloadspeeds of 5Mbps. High-endservices could go up to asmuch as 20Mbps, according toArunas Slekys, vice presidentof corporate marketing forHughes.

While these speeds are notearth-shatteringly fast com-pared with cable modem serv-ices and fiber services fromthe phone companies, they area huge improvement over whatsatellite is able to offer today.Hughes' top tier of service cur-rently offers 2Mbps down-loads with 300Kbps uploadsfor $120 a month. Comparethis with Comcast, which isselling a 12Mbps/2Mbps serv-ice for $43 a month, without abundle service discount. Theprice is actually cheaper ifsubscribers also sign up forTV and home phone service.

Even though satellite broad-band will still not competehead to head with cable interms of performance, it easilymeets the FederalCommunication Commission'sminimum requirement for abroadband service: downloadspeeds of 4Mbps and uploadsof 1Mbps. These speeds also

make it competitive with DSLor 4G wireless services.

The new satellite broadbandspeeds are good news for peo-ple who have traditionally hadfew options when it comes tobroadband. Still, even thoughthe speeds have improved, thepricing compared with DSL oreven 4G wireless services,must come down for it to truly

compete. Today, Hughes offers broad-

band service via theSpaceway3 satellite itlaunched in 2008. This satel-lite has a capacity of 10 giga-bits per second and can poten-tially serve up to around

700,000 subscribers. Jupiter,the next-generation satellitethat will be launched in 2012,will offer 10 times that capaci-ty. Slekeys explained thatlaunching the new Jupitersatellite is roughly a $400 mil-lion investment, similar thecost of launching the previoussatellite.

Today, about 90 per cent of

the US population has accessto either cable modem or DSLbroadband service. This meansthat 10 per cent of the popula-tion does not have access toany broadband. While theseareas are often sparsely popu-lated rural areas.

These are the parts of thecountry currently served bysatellite. And the faster speeds,at any price, will likely feellike a godsend to those alreadyin desperate need of fasterbroadband.

In addition to serving its cur-rent customer base, Hughesalso received $58.7 millionunder the American Recovery

and Reinvestment Act of 2009administered by theDepartment of Agriculture'sRural Utilities Service.Hughes is expected to use thisfunding to bring service tomore consumers in placeswhere broadband is currently

not available. But rural and underserved

consumers aren't the only onesthat Hughes plans to addresswith its new service. The com-pany is also looking to targetthe enterprise and governmentmarkets.

But cost, speed, and capacityaren't the only limitations thatsatellite broadband services,such as those offered byHughes, face. Latency onsatellite broadband is a hugeproblem, given that the satel-lite dish providing access tothe Internet must communi-cate with a satellite in a geo-stationary orbit 22,000 milesabove the Earth's equator. Thisis more of an issue for servicessuch as voice over IP or inter-active gaming. While softwarecan help reduce some of thelatency, engineers cannotchange how quickly signalstravel from earth to the satel-lite and back.

Another consideration is thatbecause the dish must commu-nicate with the satellite toreceive the broadband signal.And as many satellite TV cus-tomers have experienced,weather can also affect recep-tion of satellite broadbandservice. Outages are likely tooccur during heavy rainstormsor other severe weather suchas snow storms.

The upstart cost of satellitebroadband is also pricey.Consumers must buy andinstall the equipment. Someestimates suggest it cost asmuch as $1,000 to get satellitebroadband up and running.

Jupiter, the next generationBroadband Satellite

Googlesearch rollsout ‘instant’site previews

Google has rolled out anew tool onto its web-dominating search

engine that lets you previewsites before actually vistingthem.

Using these "InstantPreviews," netizens are "about5% more likely to be satisfiedwith the results they click,"according to Google tests. Suchtests were spotted in the wildearly last month. "InstantPreviews provides a graphicoverview of a search result andhighlights the most relevantsections, making finding theright page as quick and easy asflipping through a magazine,"the company said in a Tuesdaymorning blog post.

To preview a page, you clickon a small magnifying glassicon that appears beside searchresult. This launches an imageof the page on the right-hand-side of Google's results page.Within this preview, relevanttext may be highlighted andmagnified. If you then hoveryour cursor over any othersearch result, you can previewthose as well.

You can also launch previewsvia your keyboard, navigatingto a particular search result andthen hitting the right arrow key.You can then preview addition-al results as you visit them viathe down and up arrow keys.

Google says the tool willmake it easier and faster to findwhat you're looking for. But abyproduct of the service is thatyou spend more time on Googleand less time actually visitingother sites.

The Asus Eee Pad willfinally arrive inJanuary next year.

Windows-powered 10- and12-inch tablets from the pio-neer of the netbook will justmiss Christmas, whileAndroid versions will hitshops in April 2011.

The first EeePads will runW i n d o w s .T h a tm e a n sy o u ' l lb e

able touse all the featuresand software -- and Flashvideo -- that you use on yourfull-sized computer, but thelook and feel won't be as easyon the eyes and the fingers asAndroid or iOS, which aredesigned specifically forsmaller screens.

Asus will have spent thelast few months coming upwith a finger-friendly inter-face to drape over the top ofWindows, as it did with thetouch-sensitive desktop EeeTop.

It's been half a year since

Asus unveiled the 12-inchEP121 and 10-inch EP101TCWindows-powered tabletPCs. In the meantime, theApple iPad has conquered themarket and attracted a host ofcompetitors. The SamsungGalaxy Tab is the first seriouscontender to hit shops, going

o n

salet h i s

v e r yweek. Just as

Apple hasrevinvented

the marketfor tablets,

Asus was at theforefront of the

last wave of portable comput-ers when it introduced theEee PC budget mini-comput-er back in 2007. Netbookswere so wildly popular wewere inundated with themfrom every manufacturer --with one glaring exception.While the rest of the industrywas churning out teeny-tinybudget netbooks on a nearlydaily basis, Apple was quietlyscheming an alternative takeon the portable computer.

Asus Eee Padgets release date

Even the iPhone 4Gseems to be premieredearly with iPhone OS 4

capabilities however the hard-ware rumors of5MP camera and64GB of storageare still uncon-firmed yet as thedevice becomeofficial presum-ably this June.Then suddenlybeside all this 4thgeneration earlyrumors, theiPhone 5G ismuch way aheadand up withrumor of tauntingan 8MP camerasupplied bySony.

"Apple haspicked Sony's 8-megapixel cam-era chip for the2011 iPhone,according to supply and manu-facturing sources, saidRodman Renshaw analystAshok Kumar."

Currently the iPhone's cam-era is from OmniVision hint

that the 5MP camera will comefrom them too. KnowingSony's phones mounted bytheir camera modules boast

h i g hq u a l i t ycapturedi m a g e sthen Imust sayit's not ab a dcho ice .A l o n gthe waythe 2011m a y b etime for4G net-w o r k sso possi-bly wecan havea ni P h o n e5G with4G sup-port.

In the end, it's too early totell for 2011 iteration of theiPhone, let's just see whatApple has stored for us thissummer, mainly the iPhoneHD and iPhone OS 4.

5G to feature8MP camera

iPhone

Yahoo saysno job-cut ofemployees

Yahoo Inc called a mediareport it was planning tocut one-fifth of its work-

force "misleading and inaccu-rate," but the Web portal stoppedshort of ruling out any layoffs.

Yahoo, which is trying to reviverevenue growth amid competitionfrom search giant Google andfast-growing social networkingservices like Facebook, said in anemailed statement on Thursday itis "always evaluating expenses toalign with the company's finan-cial goals."

"However, a 20 per cent reduc-tion in Yahoo's workforce acrossthe board is misleading and inac-curate," the statement said.

A report on the technology blogTechCrunch on Friday, citing twoanonymous sources, said thatYahoo was planning to lay off 20per cent of its staff. TechCrunchsaid it is sticking by its story basedon its sources. It comes days afterwidespread market and industryspeculation that Google is hikingsalaries by 10 per cent to try andprevent its talent from defecting tohot start-ups and rival companies.

After Yahoo's statement cameout, influential blogAllThingsDigital cited sources assaying that, while Yahoo isindeed preparing layoffs inDecember, they will amount tosomething like 10 per cent of theproduct organization under ChiefProduct Officer Blake Irving.

Motorolasues Microsftover patents

Motorola Inc intensi-fied a legal battleover intellectual

property with MicrosoftCorp on Wednesday, accus-ing the software company ofinfringing 16 of its patents.

The unit, MotorolaMobility, said the infringe-ments relate to a wide rangeof functions in Microsoft'sPC and server software,Windows mobile softwareand its Xbox game console.

The move comes just a dayafter Microsoft accused thephone maker of chargingexcessive royalties on net-work technology used in thesoftware company's Xbox.

Last month, Microsoftaccused former allyMotorola of infringing nineof its patents in Android-based smartphones, whichrun on software built byGoogle Inc.

"It is unfortunate thatMicrosoft has chosen the lit-igation path rather thanentering into comprehensivelicensing negotiations," KirkDaily, Motorola's corporatevice president of intellectualproperty, said in a statementon Wednesday.

Microsoft did not immedi-ately have a comment on thesuits.

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

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3600 slide 12,900

3610 Fold 9,600

5030 3,100

5130 8,300

5220 10,400

5230 13,600

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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

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

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W902 43,500

W995 25,600

F305 9,400

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Aino 30,800

Jalou 17,300

U100 Yar 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

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M8910 Pixon 12 40,600

C3010S 5,700

C3053 6,000

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C3212 7,300

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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

SYED ABUL ABBAS NAQVI

Nokia

Mobile Prices

Updated on 13 November, 2010

Samsung

Sony Ericsson

NOTE:

Always visit your local shop for the exact

Mobile Phone prices.

6

Sunday, November 14, 2010 7

NEW YORK: Big Pharma'sdrive into emerging marketscould make drugmakers look alot more like consumer goodscompanies in future. That maybe no bad thing.

Emerging markets are thenew battleground for pharma-ceutical companies as salesstall in Western markets, butthe focus on volume makesthem a very different businessproposition to premium-pricedmarkets in the United Statesand Europe.

Kris Jenner, who runs the T.Rowe Price Health SciencesFund, believes it gives drug-makers the opportunity to buildsteady, long-term revenuestreams more normally associ-ated with fast-moving con-sumer goods companies.

After the massive de-ratingof the drugs sector in recentyears, that is nothing to sniff at.

"The value that the marketplaces on the earnings streamof Procter & Gamble is sub-stantially greater than that itplaces on Merck or Pfizer,"Jenner said at the ReutersHealth Summit in New Yorkthis week. Pfizer Inc andMerck & Co are both tradingbelow 10 times 2011 earnings,at a discount to P&G at morethan 16 times. Tapping into thehealthcare needs of billions ofnew consumers in places likeChina, India, Brazil, Russiaand the Middle East is chal-lenging, however.

NOT EASY"Making money in these

markets is not easy," saidMurray Aitken, senior vicepresident at pharmaceutical

market information companyIMS Health. "They're mostlydominated by domestic compa-nies that are well-established,well-entrenched and well-con-nected." One way to get afirmer foothold is to go out andbuy the local incumbents --hence the recent rash of dealsby Western drug firms toacquire established businesses.

In one of the largest suchdeals, Abbott Laboratories Incpaid a hefty $3.7 billion in Mayfor the branded generic drugsoperations of India's PiramalHealthcare , after beating com-petition from Western rivals tothe asset. Some companies,including GlaxoSmithKlinePlc , reckon the rush intoemerging markets has drivenup asset prices too far and toofast in some places, particular-ly China and India. As a result,Glaxo is now more likely tomake acquisitions outside theso-called BRIC nations ofBrazil, Russia, India andChina, Chief Strategy OfficerDavid Redfern said.

SPREADING THE RISKIMS forecasts that 17 key

emerging markets will accountfor around 50 per cent of glob-al growth in pharmaceuticalsales worldwide over the nextfive years, making them anirresistible target for Westernmanufacturers.

Next year alone, these mar-kets are expected to grow bybetween 15 and 17 per cent to$170 billion to $180 billion.

"We're getting 15 per centgrowth out of emerging mar-kets, while the US is ex-growth, and we're moving

resources around to make surewe can take advantage of that,"AstraZeneca Plc ChiefExecutive David Brennan toldthe Summit. China, the biggestprize, is set to overtake Japanas the world's second-biggestpharmaceuticals market afterthe United States in 2015, IMSmarket guru Aitken told themeeting. But he warned drug-makers should not bank on justone country for success.

Recent policy shifts in bothRussia and Turkey, which hitprices and access to medicines,underscored the potential dan-gers of overexposure to a sin-gle market, he said.

"Companies that are focusedon one or two or three or fouremerging markets are going tobe hit by volatility," Aitkensaid. "We would suggest aportfolio of markets."

So far, European drugmakerslike Bayer AG, the inventor ofAspirin, Sanofi-Aventis SA ,Glaxo and AstraZeneca havedone best in emerging markets,largely reflecting their longhistories in these countries. ButUS players, such as Pfizer andAbbott, are catching up fast.

Glaxo's Redfern and NovoNordisk Chief Executive LarsSorensen both said success inemerging markets hinged onaddressing as many incomelevels as possible. For Novo,that means a wide range ofproducts and price points fordifferent types of insulin.Glaxo, meanwhile, offerseverything from modern cancerdrugs to single tablets ofPanadol in its top developingworld market of India. -Reuters

Drug industry dosesup on emerging mkts

TOKYO: Japanese drugmak-er Otsuka Holdings plans tosell about $2.8 billion worth ofshares in December, markingthe world's largest initial publicoffering in the pharmaceuticalssector.

Japan's IPO market has beenin the doldrums with theexception of Dai-ichi LifeInsurance Co's $11 billion list-ing in April, which was thebiggest IPO in Japan this year.

Otsuka Holdings, a two-year-old umbrella company for 145subsidiaries and affiliates with39,000 employees, is listing onthe Tokyo Stock Exchange tofund rising costs for develop-ing drugs and expanding itsoperations globally.

"The timing of the IPO is notnecessarily good consideringgenerally weak market condi-

tion in Japan," said KoichiOgawa, chief portfolio manag-er at Daiwa SB Investments.

"Obviously more supplieswould be negative to the mar-ket, but we don't have to beoverly pessimistic consideringthat the IPO of Otsuka hasbeen talked about many timesin the past so we aren't sur-prised." Otsuka will sell 80million shares at 2,400 yeneach, including 41.3 milliontreasury shares, while share-holders will sell 10 millionshares. Otsuka will also sell asmany as 4.5 million shares in apossible green shoe option.

Otsuka's IPO would topMerck KGaA's $1.7 billionoffering in 1995 as the world'sbiggest pharmaceuticals IPO,according to Thomson Reutersdata. The shares will be start

trading on December 15 aftersetting the offer price onDecember 6. The IPO wouldalso be the second largest inJapan this year after Dai-ichiLife, the nation's secondlargest life insurerPerformance of this year's bigIPO shares have been discour-aging. Shares in Dai-ichi Lifeended at 115,000 yen onFriday, 18 per cent below itsoffer price. Paltec Corp , awholesaler of cosmetics anddetergents, which would rankas the No.3 IPO this year afterOtsuka, closed at 1,346 yen, 39per cent below its the offerprice. Japan's IPO volumereached 770 billion yen so farthis year thanks to Dai-ichi'sgiant deal, compared with 28billion yen a year ago, accord-ing to Thomson Reuters.

Otsuka to raise $2.8bnin record pharma IPO

Takeda Pharmasays no interest

in genericdrug market

TOKYO: Japan's TakedaPharmaceutical Co Ltd is noteager to expand into the gener-ic drug market, the company'spresident said on the sidelinesof the G20 business summit inSeoul.

"(We are) always screeningacquisition targets, but we arenot interested in becoming aglobal generic manufacturer."Yasuchika Hasegawa said onthe sidelines of the G20 busi-ness summit conference.

Takeda has no plans to enter theJapanese generic market on a fully-fledged basis. In contrast, globalgiants such as Pfizer Inc andSanofi-Aventis SA as well as theworld's No.1 generic drugmakerTeva Pharmaceuticals IndustriesLtd of Israel and Japan's No.3 drug-maker Daiichi Sankyo Co Ltdrecently entered or have announcedplans to enter the market.

Yasuchika added that Japan'sNo.1 drugmaker had decidedinternally to establish a smallcompany in India to exploreopportunities but was not con-sidering any acquisitions, citinga tough market situation andlow prices. In late October,Takeda Pharmaceutical report-ed a 12 per cent decline in first-half profit as a key drug lostpatent protection, but it liftedits full-year earnings outlook asa stronger yen helped cut over-seas costs. First-half perform-ance contrasted with that ofrival Daiichi Sankyo, whichposted a big jump in earningsand raised its outlook on astrong turnaround at Indiangeneric drug subsidiaryRanbaxy Laboratories Ltd andon cost reductions. -Reuters

SEOUL: Takeda Pharmaceutical Co President Yasuchika Hasegawa attends the

G20 CEO Summit in Seoul. -Reuters

GENEVA: Nestle CEO Paul Bulcke delivers a speech during a press conference at the Swiss

Federal Institute of Technology (EPFL).-Reuters

The proposal, he said, also took into account the concept ofequitable geographic distribution, as envisaged in article 23 of theCharter.

That concept would make little sense if a seat allocated to aregion were to be occupied permanently by one country, whichwas why he respected Africa's position.

"Africa's just demand for permanent presence in the council isfor the entire region and is, therefore, different from those whoseek a seat for themselves," Ambassador Sial said in an obviousreference to the aspirants of permanent membership- India,Brazil, Germany and Japan.

"Similarly, we support the position of the Organization of theIslamic Conference (OIC), demanding adequate representation ofMuslim Ummah in the Security Council," he said.

Commenting on Security Council's report on its meetings, cor-respondence and decisions, the Pakistan envoy said that it couldbe reinforced by analytical explanation of its work and decision-making.

In reviewing the council's work, he focused first on its effective-ness, acknowledging its role in addressing violent conflicts, lay-ing down peacekeeping mandates and ensuring their back up withlogistic support, and noting that such work had been facilitated bytroop-contributing countries.

However, Sial urged the council to recalibrate its efforts to pre-vent conflict and take more recourse to settle disputes peacefullyunder Chapter VI of the Charter, especially important in cases ofinter-State conflict. Unresolved issues, including that of Jammuand Kashmir, had been on the agenda for some time and awaitedsettlement.

Assessing the Council's transparency, the Pakistan envoy saidthe report provided little information or analysis. It was a widelyheld view that decisions evolved mainly behind closed doors, "ifnot behind the scenes by a few major players," he said.

At the outset of his speech, Sial pointed out that the report on thecouncil's work -- prepared by British Ambassador Mark LyallGrant in his capacity as the council's president for the currentmonth -- did not mention the Jammu and Kashmir dispute in thecontext of unresolved long-running situations. "We understand thiswas an inadvertent omission, as Jammu and Kashmir is one of theoldest disputes on agenda of the Security Council," he said. -NNI

Continued from page 8No #1

International development and senior officials of the IMFare expected in the forum", he remarked.

He said that to make the forum more representative theChief Ministers of the provinces and civil society organiza-tions including Non Governmental Organizations (NGOs)would also participate and share the development strategiesin their respective provinces.

Shaikh further said that the main focus of the PDF is on thereforms agenda of Government in social, economic and gov-ernment sectors, both in the short and medium term.

The PDF, he said is sometimes misunderstood as a pledgingforum for donors.

However, he said it is actually an opportunity for theGovernment to chart out its future economic & social strate-gy and have a dialogue with the donors. The donors, as aresult of this dialogue, often re-align their strategies to planand deliver future economic assistance to Pakistan.

The Minister said that the Forum would also give an oppor-tunity to our leading private sector entrepreneurs to interactwith the donor community.

This form will also provide a platform to the local entities,INGOs/NGOs to participate in the dialogue and share theirexperiences and perspective on current development issues.

Delegates from 30 countries and 5 organizations are expect-ed to attend PDF 2010. 264 donor representatives from over-seas or their local missions have confirmed participation, headded.

"The Special US Representative for Afghanistan andPakistan Richard Holbrooke would attend the Forum meetingbeing hosted by Pakistan," State Department spokesman P JCrowley told reporters Saturday.

Holbrooke, who is in Germany, participated in the interna-tional forum on international security architecture and over

Continued from page 1No #2

way for the region's emergence and dynamic economies.His speech was partly a summing up of his eight-day stay in

Asia, which he billed as a mission to pry open export marketsand create American jobs. He argued, despite a sheaf of neg-ative headlines about his diminished political clout followinga "shellacking" by Republicans in mid-term elections, that histrip had successfully reinvigorated US engagement in a vitalregion."Yokohama is my last stop on a journey that has taken me

from Mumbai and New Delhi to Jakarta and Seoul," Obamasaid.

"The security and prosperity of the American people isinextricably linked to the security and prosperity of Asia.That is why this was not my first trip here, and why it will notbe my last.

"America is leading again in Asia." Obama also played amoral card, as he argued for America's continued relevance ina region which is seeing the rise of great powers like Chinaand India and a parallel expansion of influence for SoutheastAsian economies.

"In the last century, the United States of America con-tributed greatly to the security and prosperity of this region.

"The strength of our alliances and the bravery of our menand women in uniform helped keep the peace and the open-ness of our markets helped fuel the rise of the Asian Miracle."

Continued from page 8No #3

On Pak-Afghan Transit Trade Agreement, he said that it wouldnot cause any harm to economy but it would be beneficial for thebusiness community. Speaking on the occasion, the LCCIPresident Shahzad Ali Malik called for immediate and sector-spe-cific measures for the economic revival of the country. -Agencies

Continued from page 8No #4

controversial which is hearing the cases of fake degrees of par-liamentarians.

On the other hand according to sources, Federal minister hasalready given application to Chief Election Commissioner toavoid one sided action.

He requested the CEC to provide him the chance to defend hisdegree. Federal minister said in application that he could notappear in front of committee due to recent flood. -Online

Continued from page 8No #5

However, various aspects owing to their economic impact needto be prioritized in initiating and exercising our discretionarypowers. In this regard, we have determined certain focal areassuch as restricting collusive bidding in public procurement con-tracts, investigating concession agreements expanding the Officeof Fair Trading (OFT) to curb deceptive marketing practices,working on how to restrict associations to their mandate andimproving the legal framework on which the Commission isbased to more effectively implement this new roadmap. -Agencies

Continued from page 1No #6

superior judiciary was held in Islamabad last week.Chairing the meeting, Justice Iftikhar had said the old system

for the selection of judges has been replaced.The nomination will be sent to Prime Minister Yousuf Raza

Gilani, who will forward it to President Asif Ali Zardari for for-mal approval. -Agencies

Continued from page 1No #7

Interior Minister said that he is sure it was Lashkar-e-Jhangvi that was involved in CIDbuilding attack and Tehreek e Taliban (TTP) is taking the responsibility of blasts to deviateattention from LeJ. He said that there is no need of army operation in Karachi and policeworking is well. -Online

Continued from page 1No #8

He invited the investors from China, particularly from Guangdong province to becomePakistan's partner in reconstruction and development of Pakistan. Chinese investment inPakistan is vital to our economic development, he said.

The President said that there existed a great potential between Pakistan and China to fur-ther expand their bilateral trade and Pakistan was keen to welcome greater Chinese invest-ment in the country.

He said that Pakistan and China have established a Joint Investment Company (JIC) withthe help of China Development Bank to assist joint ventures and signed the Free TradeAgreement on goods and services, which were helping integration of Pakistani and Chineseeconomies.

The President said that the Government has put in place policies directed towards rapid eco-nomic growth, employment generation, poverty alleviation and encouragement of the privatesector.

He said that by energizing the private sector the Government wanted to step up agricultur-al and rural growth, ensure water security and invest in the energy infrastructure.

The President said that attractive opportunities exist in a number of sectors of economyincluding energy, oil exploration, cement and housing for investors from China reiteratingthat the Government was committed to provide an investment friendly environment.Mentioning the relaxed share-holding restrictions in the sectors of construction, telecom,finance, healthcare, environmental protection, tourism, transportation research, and develop-ment, the President assured that from an investor's perspective, Pakistan remains an attractivedestination. -Agencies

Continued from page 1No #9

the weekend will be moving to Islamabad for the PakistanDevelopment Forum.

This will be follow-on to the recent Friends of DemocraticPakistan meeting in Brussels, two UN-hosted meetings andthe US-Pakistan strategic dialogue here in Washington,Crowley said. "It will be an opportunity for Pakistan to pres-ent its economic reform and stabilization plans to the interna-tional community. There will be a focus on things like energyreform, tax reform and fiscal consolidation," he said.

During the Forum meeting US is expected to makeannouncement for more American aid to Pakistan.

This is the first high-level visit of a top US official toPakistan after President Barack Obama's recent India visit. -Agencies

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LAHORE: Federal Minister forCommerce Makhdoom Amin Fahim hassaid that hectic talks were on to winFree Trade Agreements with the UnitedStates, other countries and governmentwas quite hopeful of a positive outcomein near future.

The Federal Minister was speaking atLahore Chamber of Commerce andIndustry on Saturday.

LCCI President Shahzad Ali Malik,Senior Vice President SheikhMohammad Arshad, Vice PresidentSohail Azhar, former PresidentsShahzada Alam Monnoo, Mohsin RazaBukhari, Sheikh Mohammad Asif, MianMisbah-ur Rehman and Mian MuzaffarAli also spoke on the occasion.

The Federal Minister said that theFree Trade Agreements have attained aspecial status due to ongoing economicsituation world over. Therefore, thegovernment is utilizing both the busi-ness and diplomatic channels to finalizetrade agreements with developed coun-tries.

Talking about EU trade concessions,the Federal Minister said that theEuropean Union did not consult the gov-ernment while finalising the list of items

granted free Market access. He, however,made it clear that the stake-holders' par-ticipation would be ensured in all trade-related international agreements.

On Trade Policy, the Federal Ministerurged the Lahore Chamber ofCommerce and Industry to forward itsproposals/suggestions to the govern-ment so that the same could be incorpo-rated in the upcoming Trade Policy. Hesaid that a number of hurdles in the wayof economic growth had already beenidentified and would be removed withthe consultation of business community.

The Federal Minister said that thegovernment would consider allowingcotton seed import from India to givemuch-needed boost to Agriculture yieldas the Agriculture sector is a major vic-tim of recent devastating floods.

Makhdoom Amin Fahim said that theAgriculture yield in Pakistan was thelowest in the region and the governmentwas quite conscious on this issue andwas ready to take all possible measureto increase yield. He said that educationof the farming community and transferof technology was the other areas whichwere being pursued head-on.

See # 4 Page 7

Efforts on to winFTA with US: Fahim

Leader put under

house arrest by

Myanmar junta

for two decades

YANGON: Myanmar's democracyleader Aung San Suu Kyi wasreleased from house arrest Saturday,an official said, as crowds of excitedsupporters waited outside her homefor a glimpse of their idol.

The crowd cheered and began tosurge forward as police beganremoving barricades around hercrumbling mansion where she hasbeen locked up by the military juntafor most of the past two decades.

The authorities went inside to readthe order to release her from housearrest, a government official said.

"She is released now," said theofficial, who did not want to benamed.

More than 1,000 people weregathered outside in hope of seeingthe 65-year-old dissident, known toher supporters simply as "TheLady".

Although she has been sidelinedand silenced by the junta - occasion-ally released briefly only to be put

back in confinement - for many inthe impoverished nation she stillembodies hope of a better future.

"I think of her as my mother andalso my sister and grandmotherbecause she's the daughter of ourindependence leader General AungSan," said 45-year-old Naing Win.

"She has her father's blood."Despite the risks of opposing themilitary regime in a country withmore than 2,200 political prisoners,many supporters wore T-shirts bear-ing her image and the words: "Westand with Aung San Suu Kyi."

Undercover police were photo-graphing and filming the crowds.

Myanmar's most famous dissidenthas been under house arrest since2003 - just one of several stretchesof detention at the hands of the rul-ing generals.

Her sentence was extended lastyear over a bizarre incident in whichan American swam uninvited to herlakeside home, sparking internation-al condemnation and keeping her offthe scene for the first election in 20years.

The democracy icon swept herparty to victory in elections twodecades ago, but it was neverallowed to take power.

When last released in 2002 she

Suu Kyiwalksfree

YOKOHAMA: President BarackObama defended his economicrecovery policies Saturday after toppowers rebuffed US plans for bind-ing trade targets and curbs on curren-cy manipulation at the G20 summit.

Top administration officials pushedback against the notion that the G20meeting, which ended in SeoulFriday, had turned into a global dis-play of opposition to US policy, say-ing important core principles hadbeen agreed.

Ahead of a Pacific Rim summit inJapan, Obama said he had neverbeen more confident in what theUnited States had to offer, despitecriticism that its slow rebound is asign of waning US might as regionalgiants rise.

"Yes, the challenges that remain aregreat. There will be setbacks and dis-agreements and we won't solve everyissue in one meeting or one trip oreven in one term," Obama said at abusiness conference in Yokohama,Japan.

He was speaking a day after G20nations agreed to avoid currencymanipulation and protectionism, but

failed to fulfill US hopes for bindingrestrictions on issues at the core ofdeep global economic disputes.

"The United States tried to push anidea too fast, at a time when the foun-dation for cooperation is not asstrong as it was during the crisis" thatshook the world economy in 2008-09, IMF chief Dominique Strauss-Kahn told AFP.

Obama's top aides however, insist-ed that important progress had beenmade in Seoul, and argued that theissues in play were so complex andfundamental to each nation's econo-my, that it was not surprising theywere so contentious.

"What is remarkable about the out-come - the extraordinary thing is thedegree of consensus that has beenestablished that was on display inSeoul, where you had an agreementon the balanced growth framework,"said National Security Advisor TomDonilon.

"It has been a very important organi-sation and I think quite successful,"hesaid pointing out that the grouping wasestablished by the United States andwas often driven by a US agenda.

The president argued in his speechthat G20 developed and developingnations had shown an underlyingdetermination to keep focused onglobal economic expansion despitedisagreements on other issues.

"As the largest economy in theworld, an engine for global growth,that's particularly important for theUnited States," Obama said in aspeech ahead of the 21-member AsiaPacific Economic Cooperation(APEC) talks.

"That is why we passed an eco-nomic plan that has led to five con-secutive quarters of economic growthand 10 consecutive months of privatesector job growth.

"That's why we passed and areimplementing the toughest set offinancial reforms since the GreatDepression - something our G20partners need to do with the samesense of urgency.

"And that's why we're cutting backon non-essentials in the face of seri-ous fiscal challenges." Obama main-tained that American human andfinancial resources had paved the

See # 3 Page 7

US pushed too fast at G20: IMFObama mounts strong defence of policy

UNITED NATIONS: Pakistanwhile strongly opposing newpermanent seats on the UNSecurity Council (UNSC),called for "flexibility and com-promise" on part of countriespushing competing proposalsfor enlarging the 15-memberbody so as to move the stalledreform process forward.

Speaking in the GeneralAssembly's annual debate onachieving equitable representa-tion in the 15-member council,Pakistan's acting ambassadorAmjad Hussain Sial said hiscountry was committed toreform that would make itmore representative, transpar-ent and effective.

Pakistan is always support-ing an expansion of non-per-manent members of UNSC.

The deadlock was evidentduring the assembly debate,which wrapped up Friday:Supporters of three rival pro-posals to reform the councilshowed no signs of budging.The two-day debate took placein the wake of the UnitedStates support for India's bidfor a permanent seat on UN'shigh table.

Five permanent membershold veto power - China,France, Russia, UnitedKingdom and United States -and 10 non-permanent mem-bers, with no veto, are electedfor two-year terms.

Most countries have argued

that this structure does not rep-resent the realities of today'sworld. Key issues under dis-cussion are the category ofmembership, the question ofveto, regional representation,the size of an enlarged Council,and the Council's workingmethods and its relationshipwith the General Assembly.

In his speech, AmbassadorSial stated Pakistan's positionas set out by Prime MinisterYousaf Raza Gilani that aneffective, feasible reform couldonly be achieved through con-sensus decisions that wereendorsed by the wider UNmembership.

Pakistan remained construc-tively engaged in ongoingnegotiations, and its positionwas structured around four pil-lars: that reform should becomprehensive; based on prin-ciple of sovereign equality;should enhance the Council'saccountability to the generalmembership, and result in amore united, strengthened UN.

The Pakistan envoy said the"Uniting for Consensus"Group, which is led by Italyand Pakistan, had shown flexi-bility by moving from its 2005position. Its proposals allowedfor variable arrangements anddifferent options, providingrelevance to representation forregions, as well as for smallStates.

See # 1 Page 7

Pakistangoes up againstnew permanentseats in UNSC

Fake degree

No ECPnotice

received,says Zehri

ISLAMABAD: FederalMinister for Postal ServicesIsrarullah Zehri has said that hedid not receive three noticesregarding the fake degree casehearing by ElectionCommission of Pakistan(ECP).

He said that ECP could nottake one sided action againsthim and if ECP will take suchkind of action against him, thenhe will go to apex court.

Talking to Online exclusivelyZehri said he has not receivedany summon notice by ECP.Federal Minster said if hereceived any notice then hewould have gone to ECP anddefend his degree, howevernow he would defend hisdegree in Supreme Court.

He further said that the spe-cial committee of ECP is

See # 5 Page 7

YANGOON: Myanmar's pro-democracy leader Aung San Suu Kyi, left, smiles after she

received flowers from her supporters as she stands at the gate of her home Saturday. -Reuters

Kyi won polls two decades ago but not allowed to take power

drew huge crowds wherever she went - areminder, that years of detention had notdimmed her immense popularity.

Some fear that junta chief Than Shwewill continue to put restrictions on the free-dom of his number one enemy.

But her lawyer Nyan Win has suggestedshe would refuse to accept any conditions

on her release, as in the past when she triedin vain to leave Yangon in defiance of theregime's orders. She has not seen her twosons for about a decade and has never mether grandchildren. Partial election resultsshow that the military and its political prox-ies have secured a majority in parliament. -Agencies