FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

Archive for the ‘PAKISTAN’ Category

COTTON PRICES MAINTAIN UPWARD DRIVE (Pakistan)

Posted by Gilmour Poincaree on January 22, 2009

January 22, 2009 Thursday – Muharram 24, 1430

By Our Staff Reporter

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Advertisements

Posted in AGRICULTURE, COMMERCE, COMMODITIES MARKET, COTTON, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PAKISTAN, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

GOVT. TO PROCURE 6.5M TONNES WHEAT THIS YEAR (Pakistan)

Posted by Gilmour Poincaree on January 20, 2009

Tuesday, January 20, 2009

by Jawwad Rizvi

PUBLISHED BY ‘THE NEWS INTERNATIONAL’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE NEWS INTERNATIONAL’ (Pakistan)

Posted in AGRICULTURE, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FARMING SUBSIDIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), INDUSTRIES, INTERNATIONAL, PAKISTAN, RECESSION, THE FLOW OF INVESTMENTS, WHEAT | Leave a Comment »

COAL-FIRED POWER PLANTS: MEETING TO CONSIDER THREE INVESTMENT PROPOSALS (Pakistan)

Posted by Gilmour Poincaree on January 11, 2009

Sunday, 11 Jan, 2009 – 07:01 AM PST

by Sabihuddin Ghausi

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, PAKISTAN, POLLUTION, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

65,000 TONS OF IRANIAN CRUDE ARRIVE ON DEFERRED PAYMENT – A SHIP CARRYING 65,000 TONS OF CRUDE OIL FROM IRAN ARRIVED AT THE PORT ON FRIDAY UNDER THE DEFERRED PAYMENT FACILITY (Pakistan)

Posted by Gilmour Poincaree on January 11, 2009

Sunday, 11 Jan, 2009 – 01:45 PM PST

by Aamir Shafaat Khan

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, PAKISTAN, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, THE FLOW OF INVESTMENTS | Leave a Comment »

COAL-FIRED POWER PLANTS MAY BE CLOSE AT HAND – THE SINDH COAL ENERGY BOARD, HEADED BY CHIEF MINISTER SYED QAIM ALI SHAH, IS HOLDING ITS CRUCIAL MEETING ON TUESDAY (JANUARY 13) TO CONSIDER THREE INVESTMENT PROPOSALS FOR COAL-MINING AND SETTING UP OF COAL-FIRED ELECTRIC POWER GENERATION PLANTS

Posted by Gilmour Poincaree on January 11, 2009

Sunday, 11 Jan, 2009 – 02:13 PM PST

by Sabihuddin Ghausi

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COAL, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, PAKISTAN, POLLUTION, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

NEW OIL POLICY ENVISAGES INCENTIVES FOR EXPLORATION – THE NEW PETROLEUM POLICY APPROVED BY THE ECONOMIC COORDINATION COMMITTEE (ECC) OF THE CABINET ON FRIDAY ENVISAGES AN INCREASE IN TAX EXEMPTIONS AND FISCAL INCENTIVES TO SPUR OIL AND GAS EXPLORATION AND A REDUCTION IN BUREAUCRATIC HURDLES IN THE AWARD OF CONTRACTS FOR EXPLORATION (Pakistan)

Posted by Gilmour Poincaree on January 11, 2009

by Dawn Staff Reporter

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIAL SUBSIDIES, INDUSTRIES, INTERNATIONAL, MACROECONOMY, PAKISTAN, PETROL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STATE TARIFFS, THE FLOW OF INVESTMENTS | Leave a Comment »

EMBARKING ON AN ENERGY AGE – ENERGY POLICIES TEND TO DEVELOP THE BASIC INFRASTRUCTURE FOR ENERGY DEVELOPMENT IN TERMS OF EFFICIENT AND SECURED ENERGY PRODUCTION, DISTRIBUTION AND CONSUMPTION IN ANY COUNTRY

Posted by Gilmour Poincaree on January 11, 2009

Saturday, 10 Jan, 2009 – 01:11 PM PST

by M. Afzal Ghauri and Rizwan Haider

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PAKISTAN, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, RESTRUCTURING OF THE PUBLIC SECTOR | Leave a Comment »

LAWYERS CONDEMN ISRAELI ATROCITIES (Pakistan)

Posted by Gilmour Poincaree on January 11, 2009

Sunday, 11 Jan, 2009 – 06:05 AM PST

by our Reporter

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INTERNATIONAL, MILITARY CONTRACTS, PAKISTAN, RECESSION, THE ARMS INDUSTRY, WEAPONS | Leave a Comment »

PAKISTAN’S TRADE DEFICIT HITS ALL-TIME HIGH – PAKISTAN’S TRADE DEFICIT HIT AN ALL-TIME HIGH OF $9.55 BILLION DURING THE FIRST HALF YEAR OF THE CURRENT FISCAL YEAR, UP BY 15.27 PER CENT FROM $8.29 BILLION OVER THE CORRESPONDING PERIOD LAST YEAR

Posted by Gilmour Poincaree on January 11, 2009

Saturday, 10 Jan, 2009 – 09:17 PM PST

by Mubarak Zeb Khan

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PAKISTAN, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR | Leave a Comment »

DEPRESSED PAKISTANI SEVERS HEAD WITH ELECTRIC SAW – DUBAI: A PAKISTANI BUSINESSMAN, DEPRESSED BY THE IMPACT OF THE ECONOMIC CRISIS, KILLED HIMSELF WITH AN ELECTRIC SAW BY ALMOST SEVERING HIS HEAD AT HIS SHARJAH HOME, AL-ITTIHAD NEWSPAPER SAID ON FRIDAY

Posted by Gilmour Poincaree on January 11, 2009

Friday, 09 Jan, 2009 – 04:30 PM PST

As reported by Agence France-Presse

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in BANKING SYSTEMS, DUBAI, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, PAKISTAN, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS | Leave a Comment »

POTATO EXPORT TO PAKISTAN SEES A SUDDEN JUMP (India)

Posted by Gilmour Poincaree on January 9, 2009

9 Jan 2009, 02:52 hrs IST

PTI

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in AGRICULTURE, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOOD INDUSTRIES, FRUITS AND FRESH VEGETABLES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PAKISTAN, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

GILANI ORDERS IMMEDIATE RELEASE OF AGRICULTURE FUNDS (Pakistan)

Posted by Gilmour Poincaree on January 8, 2009

Wednesday, 07 Jan, 2009 – 02:54 AM PST

by Iftikhar A. Khan

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in AGRICULTURE, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FARMING SUBSIDIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD INDUSTRIES, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PAKISTAN, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

COTTON TRADING REMAINS FIRM ON ACTIVE BUYING (Pakistan)

Posted by Gilmour Poincaree on January 7, 2009

Tuesday, 06 Jan, 2009 – 10:26 AM PST

By Our Staff Reporter

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in AGRICULTURE, COMMERCE, COMMODITIES MARKET, COTTON, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GARMENT INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PAKISTAN, RECESSION, STOCK MARKETS, TEXTILE INDUSTRIES, THE FLOW OF INVESTMENTS, VEGETABLE FIBERS | Leave a Comment »

GROUP FIRMS REGISTRATION REGULATIONS INTRODUCED (Pakistan)

Posted by Gilmour Poincaree on January 7, 2009

Tuesday, 06 Jan, 2009 – 10:31 AM PST

By Our Staff Reporter

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PAKISTAN, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY | Leave a Comment »

PEPCO TO GET 90 PER CENT OF KESC’S FEDERAL SUBSIDY (Pakistan)

Posted by Gilmour Poincaree on January 7, 2009

Tuesday, 06 Jan, 2009 – 09:15 AM

by Sher Baz Khan – PST

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FUELS, INDUSTRIAL PRODUCTION, INDUSTRIAL SUBSIDIES, INDUSTRIES, INTERNATIONAL, JUDICIARY SYSTEMS, PAKISTAN, RECESSION | Leave a Comment »

STATE BANK’S AUTONOMY: LEGAL STATUS AND THE REALITY (Pakistan)

Posted by Gilmour Poincaree on January 5, 2009

January 05, 2009 Monday – Muharram 07, 1430

by Muhammad Ashraf Janjua

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, INTERNATIONAL, PAKISTAN, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY | Leave a Comment »

EU’S NEW REGULATION MAY CAUSE PROBLEM – NO TEXTILE, FOOTWEAR ITEM CAN ENTER EU WITHOUT ‘REACH’ CERTIFICATION AFTER JULY 2009

Posted by Gilmour Poincaree on January 3, 2009

December 29, 2008

by Ismat Sabir

PUBLISHED BY ‘THE DAILY JANG’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE DAILY JANG’ (Pakistan)

Posted in COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, GARMENT INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, PAKISTAN, RECESSION, TEXTILE INDUSTRIES, THE EUROPEAN UNION | Leave a Comment »

TYCOON SET ON SELF-IMMOLATION IF LOAD-SHEDDING PERSISTS (Pakistan)

Posted by Gilmour Poincaree on January 3, 2009

Saturday, January 03, 2009

by our correspondent

PUBLISHED BY ‘THE NEWS’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE NEWS’ (Pakistan)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, EMPLOYMENT, ENERGY, FINANCIAL CRISIS 2008/2009, FOREIGN WORK FORCE - LEGAL, GARMENT INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NATIONAL WORK FORCES, PAKISTAN, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, RESTRUCTURING OF THE PUBLIC SECTOR, TEXTILE INDUSTRIES, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, TRANSPORT INDUSTRIES | Leave a Comment »

GOVT TO PREFER PUBLIC-PRIVATE PARTNERSHIP IN PRIVATISATION (Pakistan)

Posted by Gilmour Poincaree on January 3, 2009

Saturday, January 03, 2009

The News

PUBLISHED BY ‘THE NEWS’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE NEWS’ (Pakistan)

Posted in BANKING SYSTEMS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIES, INTERNATIONAL, PAKISTAN, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, THE FLOW OF INVESTMENTS | Leave a Comment »

WEAK ECONOMY – EXPENDITURE ON THE INCREASE (Pakistan)

Posted by Gilmour Poincaree on January 3, 2009

December 29, 2008

by Zia-ul-Haq Sarhadi

PUBLISHED BY ‘THE DAILY JANG’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE DAILY JANG’ (Pakistan)

Posted in ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INTERNATIONAL, PAKISTAN, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, STATE TARIFFS, THE FLOW OF INVESTMENTS | Leave a Comment »

IS WAR A SOLUTION TO GLOBAL RECESSION? (India)

Posted by Gilmour Poincaree on December 27, 2008

26 Dec 2008, 18:45 hrs IST

by Mandar Nimkar & Saikat Das

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, HISTORY, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, PAKISTAN, RECESSION, THE ARMS INDUSTRY, WARS AND ARMED CONFLICTS, WEAPONS | Leave a Comment »

U.S. WARNING ON SOUTH ASIA TENSION – THE UNITED STATES HAS URGED INDIA AND PAKISTAN TO AVOID UNNECESSARILY RAISING TENSION AMID REPORTS OF TROOP MOVEMENTS TO THE BORDER

Posted by Gilmour Poincaree on December 27, 2008

20:10 GMT, Friday, 26 December 2008

BBC News

PUBLISHED BY ‘BBC NEWS’ (UK)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BBC NEWS’ (UK)

Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, HOUSING CRISIS - USA, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, NATIONAL DEBT - USA, PAKISTAN, RECESSION, THE ARMS INDUSTRY, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, TRADE DEFICIT - USA, USA, WEAPONS | Leave a Comment »

FOREIGN FUNDS TO INDIAN NGOS SOAR, PAK AMONG DONORS (India)

Posted by Gilmour Poincaree on December 24, 2008

24 Dec 2008, 02:10 hrs IST

by Vishwa Mohan – TNN

PUBLISHED BY ‘THE TIMES OF INDIA’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE TIMES OF INDIA’

Posted in ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDIA, INTERNATIONAL, INTERNATIONAL RELATIONS, PAKISTAN, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

NON-TEXTILE EXPORTS UP 36PC IN FIVE MONTHS (Pakistan)

Posted by Gilmour Poincaree on December 20, 2008

December 20, 2008 Saturday Zilhaj 21, 1429

by Our Staff Reporter

PUBLISHED BY ‘DAWN’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PAKISTAN, RECESSION | Leave a Comment »

TEXTILE MILLS CUT ONE-THIRD OF JOBS (Pakistan)

Posted by Gilmour Poincaree on December 17, 2008

Wednesday, December 17, 2008

by our correspondentPUBLISHED BY ‘THE NEWS’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE NEWS’ (Pakistan)

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PAKISTAN, RECESSION, THE WORK MARKET, THE WORKERS | Leave a Comment »

SLIGHT IMPROVEMENT IN COTTON TRADING (Pakistan)

Posted by Gilmour Poincaree on December 14, 2008

December 14, 2008 Sunday Zilhaj 15, 1429

By Our Staff Reporter

PUBLISHED BY ‘DAWN’ (Pakistan)

KARACHI, Dec 13: Trading activity on the cotton market showed a slight improvement on Saturday as a section of the spinners resumed covering operations against their forward sales of textiles.

There was, however, a slight change in the ruling prices as compared to pre-Eid holiday trading sessions owing to absence of leading ginners from the active market for no apparent reasons, floor brokers said.

Although official spot rates were revised downward by Rs50 per maund at Rs2,900, in physical trading, most of the deals were quality-based, they added.

While lint from the central Sindh cotton belt was available around Rs2,700 per maund, fine varieties in the Punjab cotton belt were traded at an average rate of Rs2,900 per maund.

Textile sources said export outlook appears to be a bit bearish because of the prevailing recession in the US and the European markets, and the higher local prices are taking away our competitive edge in our traditional export outlets.

The other destabilising factor on the export front was highly erratic price movements on the New York cotton future market, which had a negative impact on the world cotton trade, they said.

As a result, our traditional partners were not inclined to sign forward import deals for a long period and prefer short-term shipment options, they added.

After last couple of sessions sustained run-up, New York cotton futures on Friday came in for speculative selling and were quoted lower by 1.03 and 0.67 cents per lb at 43.43 and 44.12 for both the ruling March and the forward May contracts, respectively.

The following were some of the deals in rupees per maund in the ready section late on Saturday evening:

SINDH TYPE: 200 bales, each Mirpurkhas and Hala at Rs2,700.

PUNJAB VARIETY: 2,500 bales, DG Khan, 200 bales, Alipur and 100 bales, Bahawalnagar at Rs2,900.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in AGRICULTURE, COMMODITIES MARKET, COTTON, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INTERNATIONAL, PAKISTAN, RECESSION | Leave a Comment »

U.S. ARMS SALES UNDERMINE HUMAN RIGHTS, GROUP SAYS

Posted by Gilmour Poincaree on December 10, 2008

Dec. 10, 2008, 1:31PM

by Barry Schweid – Associated Press

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

WASHINGTON — The U.S. arms trade is booming — sales reached $32 billion last year — and more than half of the purchasers in the developing world are either undemocratic governments or regimes that engaged in human rights abuses, a private think tank reported today.

Timed to the 60th anniversary of the U.N.’s Universal Declaration of Human Rights, the report by the New America Foundation, a nonpartisan policy institute, named 13 of the top 25 arms purchasers in the developing world as either undemocratic or engaged in major human rights abuses.

The 13 listed in the report were Pakistan, Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Egypt, Colombia, Jordan, Bahrain, Oman, Morocco, Yemen and Tunisia.

Sales to these countries totaled more than $16.2 billion over 2006 and 2007.

The total “contrasts sharply with the Bush administration’s pro-democracy rhetoric,” the report said.

Also, the report said that 20 of the 27 nations engaged in major armed conflicts were receiving weapons and training from the United States.

“U.S. arms transfers are undermining human rights, weakening democracy and fueling conflict around the world,” the report said.

William D. Hartung, the lead author of the report, said, “The United States cannot demand respect for human rights and arm human rights abusers at the same time.”

U.S. arms sales grew to $32 billion in 2007, more than three times the level when President Bush took office in 2001, the report said.

The United States is the world’s largest arms supplier. U.S. exports range from combat aircraft to Pakistan, Morocco, Greece, Romania and Chile to small arms and light weapons to the Philippines, Egypt and Georgia.

In 2006 and 2007, the United States sold weapons to more than 174 states and territories.At the beginning of the Bush administration there were 123 arms clients, the report said.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

Posted in BAHRAIN, BANKING SYSTEMS, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, CHILE, COLOMBIA, COMMERCE, COMMODITIES MARKET, DEFENCE TREATIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EGYPT, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, FORMOSA - TAIWAN, GEORGIA, GREECE, HUMAN RIGHTS, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAQ, ISLAMIC BANKS, ISRAEL, JORDAN, KUWAIT, MILITARY CONTRACTS, MOROCCO, OMAN, PAKISTAN, PHILIPPINES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, ROMANIA, SAUDI ARABIA, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS, THE ISRAELI-PALESTINIAN STRUGGLE, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE LEBANESE CIVIL STRUGGLE, THE OCCUPATION WAR IN IRAQ, THE UNITED NATIONS, UNITED ARAB EMIRATES, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS, YEMEN | Leave a Comment »

ECONOMIC WOES: ISLAM’S ANSWER (Saudi Arabia)

Posted by Gilmour Poincaree on December 10, 2008

9 December 2008 Editorial

PUBLISHED BY ‘ARAB NEWS’ (Saudi Arabia)

Major new ideas or radical change tend not to happen in normal times when systems are running smoothly and people are generally content. It is in times of crisis that great change is usually triggered. We are in a time of crisis. Hardly a day passes without new tidings of financial disaster. The latest grim news is from the German insurance industry that predicts that 200,000 businesses will go bust in Europe and 62,000 in the US next year — which suggests that 2009 will not see the start of an economic recovery. Perhaps, given that we live in such “interesting” economic times, it is not so surprising then that on the same day the German report was published came the suggestion, from Saudi Arabia’s Grand Mufti Abdul Aziz Al-Asheikh, that Muslim countries form an economic bloc.

The grand mufti’s comments, made in his address to the nearly three million pilgrims assembled at Mount Arafat for what is the spiritual climax of the annual Haj, has been picked up by the media across the world as if his sermon was political and economic. It was not. The main theme was a call to Muslims to show the world “the bright face of Islam”, to demonstrate forgiveness, love and peace and to shun extremism which can lead to terrorism.

It is far from the first time that the grand mufti has made such calls. What was new, however — and it clearly explains the sudden global interest — is his accompanying comments on the world’s present economic woes, the charge being that they have been brought about by human greed. Specifically it is the use of interest as the foundation of international finance that is to blame. From there has come the proposition that Muslim countries should reject interest, adopt Shariah-compliant economics and unite to form what could become, as he put it, a “formidable economic power”.

The grand mufti is not alone in taking a moral approach to the crisis; other religious leaders around the world have also blamed it on human greed. Nor is the idea of an Islamic economic union new. Calls for one regularly surface. Former Pakistani Prime Minister Shaukat Aziz is a keen supporter of the idea. But the ideas are timely. The remarkable growth in Islamic banking in recent years was because an increasing number of concerned Muslims with financial muscle could see that many aspects of international banking and finance were inimical to Islamic law. They demanded an alternative. But, growing though they are, Shariah-compliant economics has remained the minority system. The Western economic order dominates — across the Muslim world too. The big difference now, however, is that that old order is seen to have demonstrably failed. In these uncertain times, governments and states are looking for ways to stimulate fresh economic growth. In Muslim countries, it is bound to result in renewed interest in Islamic finance and in an economic union. Given the present circumstances, perhaps such a bloc is an idea whose time has come. Certainly it deserves serious consideration. Of course, it would not be a good thing for the world to be divided into potentially competing blocs. That would be dangerous. Large, collaborating blocs, however, are a different matter. Not that an Islamic economic union could happen overnight. It would have to begin small and grow — the European Union’s path to its present existence. How it might come about is one thing; enthusiasm for it is another. In the present climate, it would indeed be remarkable if support for the notion does not grow.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ARAB NEWS’ (Saudi Arabia)

Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INTERNATIONAL, INTERNATIONAL RELATIONS, ISLAM, ISLAMIC BANKS, ISLAMIC DEVELOPMENT BANK, MACROECONOMY, PAKISTAN, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SAUDI ARABIA, THE FLOW OF INVESTMENTS | Leave a Comment »

SHARING THE RESPONSABILITY

Posted by Gilmour Poincaree on December 7, 2008

DECEMBER 3-8, 2008

by Michael Levitin

PUBLISHED BY ‘NEWSWEEK’ – Print Edition – (USA)

He was Chief of Staff to Chancellor Gerhard Schröder, the leading voice behind 'A BIGGER BREAK' - Frank-Walter Steinmeier says the crisis forced the U.S. to leave behind its traditions - Photo by Hans-Christian Plambeck (Laif-Redux)Germany’s refusal to fight in Iraq. Now German Foreign Minister Frank-Walter Steinmeier is the Social Democratic Party candidate for chancellor in next year’s elections, running against the popular Christian Democrat incumbent, Angela Merkel. In his first major interview with the U.S. press, Steinmeier sat down with NEWSWEEK’s Michael Levitin to discuss German troop engagements in Afghanistan, Russia’s recent aggression, the global financial crisis and how Germany might work alongside the United States. Excerpts:

LEVITIN: The day after Barack Obama won the U.S. presidency, Russian President Dmitry Medvedev threatened to install missiles in Kaliningrad if Washington did not “rethink” its deployment of a NATO missile shield in Eastern Europe. Did Moscow’s latest show of aggression shift the dynamic between Russia and Europe? How should you respond- and what should Europe’s response be?

STEINMEIER: Medvedevs announcement the day after the elections was clearly the wrong signal at the wrong time. We have no illusions about Russia. In the last few years it has often proved itself a difficult partner. The question remains how to deal with this huge country in Europe’s immediate neighborhood; having to choose between containment versus engagement, I advocate the latter. We must try to develop relations with Russia that go beyond economic interests and contribute to increased stability and security. After all, it is in our own interest to make sure that a Russia that is looking for its own identity is politically and culturally anchored in die West.

LEVITIN: Do you see Germany as a middleman, acting as a buffer between Russia and the rest of Europe-perhaps at the moment even Russia’s closest EU ally?

STEINMEIER: Russia is aware of our uniquely close relationship with the United States. We are firmly embedded in NATO and the EU and thus we don’t aspire to play the role of a middleman. Together with our European partners we showed a strong and outspoken response to Russia’s role in the conflict in Georgia. I think Europe’s united voice no doubt contributed to the military conflict ending. Now the stabilization of the region as a whole has to continue, and for genuine stability we need Russian cooperation. As for energy links between the EU and Russia, the answer depends on which European country you talk to. But in general, Russia depends as much on Europe and America buying its goods as we rely on Russia supplying us with natural gas and oil. As far as Germany is concerned, it is little known in the United States that we have worked successfully for decades to diversify our suppliers of various forms of energy and fuels, with Russia but also Norway and Africa being important suppliers.

LEVITIN: You mentioned the conflict In Georgia. Should that country and Ukraine be Invited to Join NATO?

STEINMEIER: This is not a simple yes-or-no decision. With national elections looming, the domestic situation in Ukraine has changed, as has the situation in the Caucasus since the conflict broke out this summer. Yes, we remain committed to supporting and assisting these countries on the road ahead. But concerning the Membership Action Plan, Germany and other European governments continue to stand by their position.

LEVITIN: The most urgent U.S. foreign-policy question involving Germany, which Obama raised many times during his campaign, is Afghanistan and whether Germany will contribute more troops there to stabilize the south. How much is your country willing to sacrifice for this partnership, putting its soldiers into harm’s way?

STEINMEIER: I have spoken to Barack Obama twice, and from these exchanges I know that he sees Afghanistan in a very nuanced way. I feel we see eye to eye in our assessment that we’re facing a very difficult security situation, but that military means alone cannot bring about the necessary changes. Our approach has to be a comprehensive one, and contrary to what some people may say, Germany has played its part.

LEVITIN: In the north, certainly. But It’s in the south where the greatest violence has taken place, and where Obama’s asking for greater German participation.

STEINMEIER: We have shouldered our share of the military responsibility and we have also enlarged our engagement. We are about to increase our troops by 30 percent, to 4,500. We are participating in aerial surveillance across the whole of Afghanistan, including the south, and German radio engineers are also stationed in Kandahar. The German Air Force runs flights for all NATO countries throughout Afghanistan, again including the south. We took over the lead of the Quick Reaction Force in the north. And let us not forget that circumstances there have also changed; the north, too, has seen its share of armed opposition activities increasing in the last month. But our engagement in Afghanistan is about much more than military action. We have always said that we will only be successful if we succeed in helping rebuild the country and its economy. Civil reconstruction is the second important pillar of our engagement on the ground, and we’ll continue to increase our contribution in this area next year.

LEVITIN: Given the turmoil in Pakistan, what do you think the next steps forward ought to be?

STEINMEIER: The security of the whole region strongly depends on Pakistan. If we want to combat terrorism in Afghanistan, we have to succeed in stabilizing Pakistan politically and economically. This calls for a strengthened Pakistani commitment to combat terrorism, but it also calls for international assistance for this country. It needs a substantial loan from the IMF. We also need to be ready to help stabilize the country in a lasting way.

LEVITIN: On Iran, what realistic hopes do you see of bringing Mahmoud Ahmadinejad to the table and persuading him to give up Tehran’s nuclear ambitions? And how far will you be willing to push?

STEINMEIER: No doubt there is hope in the international community that after 29 years of standstill, a new approach may be possible. We all remember the reasons for the break-off of relations between the U.S. and Iran. Since then, U.S.-Iranian relations have also been a story of missed opportunities: when Washington signaled openness, Tehran wasn’t willing or able to respond in kind, and vice versa. I think it would be worthwhile trying to have direct talks, but the Iranians have to know it is up to them to prove they do not aspire to nuclear weapons-and that they’re willing to play a constructive role in the region. I have to admit I am skeptical, and can only express my hope that the leaders in Iran seize this opportunity.

LEVITIN: Turning to the financial crisis, the banks got a bailout. Now the automobile manufacturers are seeking the same thing. How do you see EU countries regaining their competition policy-and their legitimacy-after this?

STEINMEIER: I believe the politicians would have lost their legitimacy if they hadn’t acted. What we’re facing here is the very visible failure of the market. We had to make sure that the crisis in the financial markets does not lead to a total breakdown of the financial system as a whole. On both sides of the Atlantic, unconventional means were applied to manage the crisis. Honestly speaking, many of the measures taken in the U.S. seemed a bigger break with American tradition than can be said about European measures.

LEVITIN: How important is it that developing countries play a greater decision-making role In the future? For example, we saw hints of the G8 expanding into a G20 several weeks ago in Washington.

STEINMEIER: What is the most fundamental challenge the world is facing today? To my mind, it consists of integrating the emerging powers of the 21st century into a system of shared global responsibility. I am talk ing about countries like China and India, but also Muslim states such as Saudi Arabia. Can any of the global challenges we face be tackled without them? I don’t think so. That is why we have to make them stakeholders, and in that respect the recent financial summit in Washington was historic. To me it is obvious we cannot stop there.

PUBLISHED BY ‘NEWSWEEK’ (USA)

Posted in 'DOHA TALKS', AFGHANISTAN, AFRICA, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CHINA, COMMERCE, COMMODITIES MARKET, DEFENCE TREATIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY, ENERGY INDUSTRIES, EUROPE, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FOREIGN POLICIES - USA, G20, G8, GEORGIA, GERMANY, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, ISLAM, MILITARY CONTRACTS, NATO, NATURAL GAS, NORWAY, PAKISTAN, PETROL, RECESSION, RUSSIA, SAUDI ARABIA, THE ARMS INDUSTRY, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE OCCUPATION WAR IN IRAQ, THE UNITED NATIONS, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | 1 Comment »

CLOSED-DOOR SESSIONS IN ISLAMABAD ON 16TH, 17TH – World experts to discuss 5-year plan to boost tax collection

Posted by Gilmour Poincaree on December 5, 2008

Friday, December 05, 2008

by Ikram Hoti

PUBLISHED BY ‘THE NEWS’ (Pakistan)

ISLAMABAD: International experts are converging on Islamabad to hold “closed-door” sessions on December 16-17 to devise a five-year plan of taxation in the post-IMF-agreement era to boost tax collection in Pakistan without burdening the poor majority who are already suffering history’s worst stagflation.

The sessions are to be aimed at dealing with Pakistan’s national taxation and introduce sub-national taxation for the first time. Details of this version for Pakistan will be chalked out at the sessions of experts. It is IMF condition to improve collection but Pakistan has remained hesitant and needed international help not only in a foreign exchange injection but also in expert assistance that could plan the rescue without causing much stir, inflation and poverty enhancement.

The World Bank and the DFID are the main sponsors of the Dec 16-17 workshop and the media would not be informed about the conduct of, and decisions, at the workshop but The News has been able to acquire some details.

In the first place, the format for the sessions is “closed door’ so that there can be uninhibited discussion of the “issue and concerns of the main stakeholders.”

International experts will include Professor Martinez-Vasquez, Michael Keen, Christopher Waerzeggars and Carlos Silvani, along with the staff of a number of international agencies including the IMF, WB, WHO and DFID.

A “blueprint” for taxation and reforms will be prepared with a clear plan to increase the collection of taxes from 10 per cent (one of the lowest in the world) of GDP to 14-15 per cent.

A new mechanism would be proposed for this purpose to tax areas where the subsistence economy of the poor does not undergo additional cost. This would be simultaneous with another mechanism that would ensure plugging all slippages by installing an online connectivity between the Customs, Income Tax and Sales Tax Departments.

This connectivity would ensure information input to the three sides from taxable business generated in the country and through imports and exports. Efforts already made administratively and technically in this connection would be examined and the Pakistani bosses would be asked to explain why feet were dragged on this previously IMF-sponsored (1995) mechanism and it could not made operational.

They will also be asked to explain as to why the gap between the businesses generated and the taxes collected on them remained unattended and nothing significant was ever done conclusively to asses the gap and to minimise it. That would be a sensitive issue, as it would relate not only to the corruption and dereliction on the part of the tax machinery but also to politicians, the bureaucratic channels in the civil and military apparatus.

A key element in this regard would be the establishment of a tax system that “does not penalise investment and production incentives or discriminate against the poor, and, at the same time, provides adequate revenues in an orderly manner yet under a tight timeframe of 4-5 years.”

It is projected to achieve economic stability while keeping in view the revenue-incentive objectives. This tax reform strategy would need to be closely dovetailed with the administration reforms. A complete reassessment of the Pakistani tax system has already been conducted for this purpose.

The proposals for reform would be offered by Michael Keen of the IMF (Reforming the Income Tax and GST); Kasper Richter of the World Bank.

(Summary of the Bank’s Project Proposals); Ms Ayda and Mr Petit of the WHO (Excise System); Professor Martinez-Vasquez of Georgia State (Tax Policy Options); Carlos Silvani, head of the WB Review Mission (FBR Reforms Review and the Way Forward); Professors Roy Bahl and Sally Wallace (Sub-national Taxation).

“The purpose of the brainstorming sessions is to achieve the objective of a significant enhancement in Pakistan’s domestic resource mobilization as part of its stabilisation and reform strategy.”

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE NEWS’ (Pakistan)

Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, DEPRESSION, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, IMF, INDUSTRIAL PRODUCTION, INDUSTRIES, INFLATION, INTERNATIONAL, PAKISTAN, REGULATIONS AND BUSINESS TRANSPARENCY, STAGFLATION, STOCK MARKETS, TAX EVADING, THE FLOW OF INVESTMENTS | Leave a Comment »

IMF BARS KSE FROM USING PUBLIC MONEY TO BAIL OUT STOCK MARKET (Pakistan)

Posted by Gilmour Poincaree on December 5, 2008

Thursday, December 04, 2008

by Salman Siddiqui

PUBLISHED BY ‘THE NEWS’ (Pakistan)

KARACHI: The International Monetary Fund (IMF) has barred Karachi Stock Exchange (KSE) from using public money to bailout a cash-starved stocks market, which has crashed by about 41 per cent since mid of April this year.

Earlier, IMF – which had virtually bailed out country by approving a $7.6 billion loan to it – had conditioned KSE not to lift floor without making consultation with it. And in a crucial development now, the Institution has restricted equity market authorities for not using public funds.

The Institution, however, left the decision of lifting floor fixed at KSE on its Board discretion, as when and how the floor should be removed ‘without’ availing market support fund worth Rs20 billion, KSE-MD Adnan Afridi briefed it at an emergent members’ meeting, which was called here on a short notice on Wednesday.

This development came up just after two days from KSE-MD briefed market members on Monday regarding the current status of market support fund and floor removal issue.

In that Monday meeting, MD had officially announced the receive of Rs12.5 billion in account of market support fund (called NIT-State Enterprises Fund) and added that the size of Fund would enlarge to Rs14.5 billion with an additional support of Rs2 billion from National Bank of Pakistan.

NBP was one of participants in NIT-Fund and had already pooled Rs5 billion in Rs20 billion in the Fund.

“IMF argued against the use of public funds to support the market,” told one of meeting participants who added that money, which was supposed to be used for bailing out market was of EOBI, State Life, National Investment Trust and National Bank, which are public institutions, and IMF was against of it, he added.

“Given the weak external position, it is important that the removal of the current floor on stock prices take place only after the macroeconomic situation has stabilized and investor confidence has improved. In addition, the authorities should avoid using public funds to support stock prices,” according to IMF website.

Experts are of the view that floor might be removed immediately after Eid-ul-Azha celebration, which is falling on Dec 9.

A very crucial meeting of Board of Directors of KSE was in progress at the time of filing this report.

Members’ proposal: In an immediate response to the IMF condition that market will not be bailed out by using public money, the members of the Exchange have proposed market authorities to hand over holdings on leverage counter i.e. Continuous Funding System (CFS) to the Fund financers and unfreeze market anytime.

At current there is worth Rs11 billion holdings placed in CFS market.

Members are of the view that the financers will have to bear no loss in case they own holding in CFS instead of asking for recovering their funds stuck-up in CFS market, as CFS financers had already received cash or collateral worth 25 per cent of total holding of Rs11 billion on CFS counter.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE NEWS’ (Pakistan)

Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, IMF, INTERNATIONAL, PAKISTAN, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

ALL STAKEHOLDERS BEING INVOLVED IN PLANNING: TARIN (Pakistan)

Posted by Gilmour Poincaree on December 3, 2008

December 03, 2008 Wednesday Zilhaj 4, 1429

PUBLISHED BY ‘DAWN’ (Pakistan)

By Our Staff Reporter

KARACHI, Dec Finance Adviser Shaukat Tarin 2: Finance Adviser Shaukat Tarin said on Tuesday that the government was operating on a modern concept of associating all stakeholders in planning and implementation and also a periodic review of how the plans were being implemented.

“Modern management concepts are being introduced in government,” the adviser said while inaugurating the 11th Management Association of Pakistan (MAP) Convention 2008 here.

He said the government faced a challenge of unprecedented nature and was almost in an “act or die” situation when it was voted into power.

“The government accepted the challenge and acted to overcome the crisis,” he informed the audience while recalling that the fiscal deficit at one time last fiscal year had touched almost 10 per cent level.

It ended at 7.5 per cent fiscal deficit and 8.4 per cent current account deficit.

He added that when the government took over, the world had come under impact of an unprecedented global financial crisis and Pakistan’s access to international finance market was also blocked.

The government took tough decisions of cutting down heavily on energy subsidies to contain expenditure budget and narrow down budgetary imbalance and reduce dependence on State Bank of Pakistan borrowing.

“The rupee-dollar parity had gone up from Rs62 to Rs84 and foreign exchange reserves had dropped down to a level where these were sufficient for hardly few weeks import when I took over as adviser,” he recalled.

“We went to International Monetary Fund with our home-grown strategy to stabilise the economy in the short- and long-term,” he said.

Mr Tarin raised a question before his audience as to why Pakistan confronts an economic crisis after every decade.

His own answer to this question was to prepare a long-term plan with consultation of stakeholders and then a periodical review.

It is in context of this concept, he said, the Planning Commission is being given a new shape by brining all stakeholders — intellectuals, all relevant government agencies and private sector — at one table to prepare a strategy.

He said the nine-point agenda on which the government was working was a consensus strategy. It would be reviewed quarterly by a body headed by the prime minister.

The nine-point agenda takes care of budgetary and current account imbalance, raising tax-to-GDP ratio to 15 per cent in next five years, provision of safety nets for the poor that include direct government intervention in the form of Benazir Income Support Programme, protecting budgetary allocations for education and health, promotion of productive sector agriculture and industry.

He said the trade and industry were fragmented and needed consolidation which was being taken up.

He blamed all previous governments of ignoring agriculture which has brought down its productive capacity.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in AGRICULTURE, BANKING SYSTEMS, CENTRAL BANKS, CURRENCIES, DOLLAR (USA), ECONOMIC CONJUNCTURE, ECONOMY, FARMING SUBSIDIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, IMF, INDUSTRIAL PRODUCTION, INDUSTRIAL SUBSIDIES, INDUSTRIES, INTERNATIONAL, PAKISTAN, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

ECC APPROVES GAS LOADSHEDDING (Pakistan)

Posted by Gilmour Poincaree on December 3, 2008

December 03, 2008 Wednesday Zilhaj 4, 1429

by Mubarak Zeb Khan

PUBLISHED BY ‘DAWN’ (Pakistan)

ISLAMABAD, Dec 2: The Economic Coordination Committee (ECC) of the cabinet approved on Tuesday a new schedule for load-management of natural gas for winter to overcome a possible shortfall.

The shortfall may exceed 500 million million cubic feet per day (mmcfd) in December and February and 600 mmcfd in January.

A meeting of the ECC, presided over by Adviser to Prime Minister on Finance and Revenue Shaukat Tarin, approved a summary prepared by the petroleum ministry aimed at maintaining uninterrupted supply of gas to domestic consumers, independent power producers and CNG stations for the transport sector.

Under the schedule, gas supply to the cement sector will be suspended from December to February and to the industrial sector it will be reduced by 50 per cent.

While fertiliser companies will carry out their annual maintenance, no gas will be provided to Wapda during the three months.

The schedule was finalised by a committee in consultation with the stakeholders.

The ECC asked the petroleum ministry to ensure uninterrupted supply of gas to domestic consumers. The burden of reduced supply will be shared by the power sector and industry.

On the recommendation of the ministry of water and power, the meeting approved a proposal to extend the tariff provisions of the 2002 power policy and the mechanism developed by Nepra to hydropower projects under the 1995 hydel policy with minimum changes in project agreements.

For increased availability of power, the ECC allowed rental power projects the same tax treatment as applicable to rental power projects under Wapda’s jurisdiction.

The meeting also approved a market intervention price of Rs1465 per 40kg for seed cotton during the 2008-09 season on the basis of current export parity price. The ministries of food and agriculture and commerce have been asked to work out an efficient procurement plan that benefits small farmers and keeps the price stable. The food and agriculture ministry has been asked to make timely announcement of the intervention price.

The ECC allowed procurement of 750,000 tons of additional wheat with better specifications and in a manner that domestic requirements were met satisfactorily and the wheat stock position remained adequate.

The ECC approved a credit guarantee scheme for small banks to help them maintain liquidity through availability of credit facilities from the State Bank. The scheme will be implemented by the SBP which will ensure its effective utilisation and sound operation of the banking system.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in AGRICULTURE, BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FARMING SUBSIDIES, FERTILIZERS, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NATURAL GAS, PAKISTAN, RECESSION, THE FLOW OF INVESTMENTS, WATER, WHEAT | Leave a Comment »

PLAN TO SELL 51PC SHARES OF NPCC APPROVED (Pakistan)

Posted by Gilmour Poincaree on November 27, 2008

November 27, 2008 Thursday Ziqa’ad 28, 1429

by Our Staff Reporter

ISLAMABAD, Nov 26: The board of Privatisation Commission (PC) on TARBELA DAM - PAKISTANWednesday approved a plan for holding an open bidding for the acquisition 51 per cent shares of National Power Construction Company (NPCC).

The meeting chaired by Federal Minister for Privatisation Syed Naveed Qamar gave the go-ahead for the bidding of NPCC together with management control on “as is where is” basis.

An official statement issued here said the PC board also formulated its recommendations for the approval of the Cabinet Committee on Privatisation (CCoP) prior to announcing the bidding schedule for NPCC.

The parties pre-qualified for taking part in the bidding of the NPCC include Pak Elektron Limited (PEL), ICC (Pvt) Limited, Al-Tuwairqi Steel Mills, Karachi, Saudi Cable Company Limited, KSA, JS PE Management, Karachi, Alfanar Construction Company, KSA and Zad Investment Company.

The meeting was informed that the signing ceremony for the share purchase agreement of Hazara Phosphate Fertilisers (Pvt) Limited (HPFL) is being scheduled for Nov 28 at the Privatisation Commission secretariat after receiving the remaining payment and it will be handed over to the successful buyer.

The meeting also reviewed the status and progress of various ongoing and upcoming transactions.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL MARKETS, INDUSTRIES, INTERNATIONAL, PAKISTAN, THE FLOW OF INVESTMENTS | Leave a Comment »

WATER SHORTAGE AFFECTS WHEAT SOWING IN SINDH (Pakistan)

Posted by Gilmour Poincaree on November 27, 2008

November 27, 2008 Thursday Ziqa’ad 28, 1429

by Muzaffar Qureshi

KARACHI, Nov 26: Water shortage, especially in lower Sindh, is adversely affecting wheat sowing, which in other areas has started in full swing.

An official of the Sindh agriculture department confirmed on Wednesday that water shortage is the main problem in wheat sowing which has become a sensitive cash crop in view of the looming food shortage worldwide.

The areas affected by water shortage are: Hyderabad, Thatta, Badin, Matiari, Nawabshah and Naushero Feroze.

Growers complained that the fields situated at the tail-end of water canals were suffering most, and President of Sindh Abadgar Board Majeed Nizamani feared that the wheat target for year 2008-09 would not be achieved if water shortage was not tackled. The growers said that there was no real shortage of water, which has been created by mismanagement in water distribution and corruption in the irrigation department.

The water is supplied to influential and big growers offering incentives to the irrigation staff, they alleged.

Explaining the distribution network in the province, Nizamani said that the water available at the Guddu Barrage irrigates about eight million acres of land on both sides of the barrage through four major canals on the left side and three on the right side. The distribution network comprises about 210 water channels.

He said that the water shortage during the current wheat crop has been estimated at 35 per cent which means that out of four weeks, there will be no water supply to the farms for one week. However, he said that if judicious distribution of the available water is made, wheat target could be achieved.

Mr Nizamani said that otherwise factors, such as availability of phosphate and urea fertilizers, etc., were favourable for a bumper crop.

More land will be available for wheat sowing this year as growers of edible oil crop, who are not keen to grow sunflower in view of declining prices of edible oil in the world market, will instead contribute their land for wheat sowing.

Similarly, he said that if sugarcane is lifted by the sugar mills earlier, more land could be made available for wheat cultivation.

The government has fixed wheat cultivation area in Sindh this year at 2.5 million acres while the production target is 25 million tons.

Another leading wheat grower pointed to the corruption, which has reached its climax in the irrigation department.

The officials of the department are so powerful that the agriculture ministry finds itself helpless in dealing with the department.

He called for proper management of cultivation of various crops as is managed in Australia where the government fixed the land units for sowing of a particular crop, which is decided after assessing the domestic requirements.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in AGRICULTURE, COMMODITIES MARKET, CORRUPTION, ECONOMIC CONJUNCTURE, ECONOMY, FERTILIZERS, INTERNATIONAL, PAKISTAN, SUNFLOWER, WATER, WHEAT | Leave a Comment »

IMF TERMS PACKAGE A STRONG SIGNAL TO DONORS: $3BN TO BE RELEASED INITIALLY, $13BN NEEDED FOR ‘STABILISATION’ (Pakistan)

Posted by Gilmour Poincaree on November 26, 2008

November 26, 2008 Wednesday Ziqa’ad 27, 1429

by Anwar Iqbal

WASHINGTON, Nov 25: The executive board of the International Monetary Fund has approved a $7.6 billion loan for Pakistan under a programme that also requires Islamabad to reduce its fiscal deficit to 3.3 per cent of the GDP and bring down inflation to six per cent.

“By providing large financial support to Pakistan, the IMF is sending a strong signal to the donor community about the country’s improved macroeconomic prospects,” said IMF Deputy Managing Director Takatoshi Kato. The programme was approved at a board meeting at the IMF headquarters in Washington on Monday.

“The programme aims to restore the confidence of domestic and foreign investors with a tightening of fiscal and monetary policies, while maintaining social stability through targeted spending,” the IMF said.

Hours after the approval, IMF’s mission chief to Pakistan, Juan Carlos Di Tata, told a news briefing on Tuesday that most of the adjustments for reducing fiscal deficit would come from eliminating fuel and electricity subsidies and from eliminating exemptions on income and agriculture taxes.

The government has already withdrawn fuel subsidies, while its efforts to increase electricity rates caused widespread protests this summer. Any measure that leads to an increase in fuel prices or electricity rates is bound to cause more violent reactions and may further reduce the already depleting popularity of the current government.

But the IMF assured the people of Pakistan that “expenditure on the social safety net will be increased to protect the poor through both cash transfers and targeted electricity subsidies”.

While many in Pakistan questioned the government’s wisdom in going to the IMF, the Fund’s mission chief for the country warned that Pakistan was not out of the woods yet. He said the country needed as much as $13 billion during the current financial year to stabilise its economy.

Mr Di Tata spelled out some of the conditions attached to the loan, but said the IMF had not asked Pakistan to reduce defence spending because it was for the government to determine how it wanted to bring down its expenditure.

He said that out of the $7.6 billion pledged on Monday, Pakistan would get a total of $4.7 billion during the current fiscal year. The rest will be disbursed after quarterly reviews during the next 23 months.

“The regular monitoring of the economy … will show how the macroeconomic objectives set by the government are being met and whether they need to be adjusted in the light of changing circumstances,” the IMF said.

Besides the IMF, the World Bank and the Islamic Development Bank will also give $3.8 billion to Pakistan during the current fiscal year, while $4.5 billion will come from the Friends of Pakistan club and other donors.

Earlier, the IMF issued a statement saying that Pakistan would get immediate access to $3.1 billion from the $7.6 billion pledged and this amount may be deposited into Pakistan’s account at the US Federal Reserve in New York as early as Thursday.

The IMF expects Pakistan’s economic growth to slow to 3.4 per cent in the current fiscal year from 5.8 per cent the previous year. It is forecast to recover to five per cent next fiscal year.

The Fund expects the country’s budget deficit to be reduced to 4.2 per cent of gross domestic product in the current fiscal year and 3.3 per cent the following year — from 7.4 per cent at the end of June.

“The reduction will be achieved primarily by phasing out energy subsidies, better-prioritising development spending and implementing tax policy and tax administration reforms,” Mr Kato said.

The State Bank of Pakistan, which recently conducted a two-percentage point hike in the discount rate, is expected to bring down inflation and shore up reserves, the IMF said. The central bank is also expected to stop financing the government.

The programme includes measures to improve monetary management and enhance the SBP’s bank resolution capacity, and avoid the use of public resources to support the stock market.

Mr Di Tata noted that the reduction in expenditures would create room to increase spending on the social safety net.

The fiscal programme for 2008-09 envisaged an increase in spending on the social safety net of 0.6 percentage points of GDP to 0.9 per cent of GDP, the IMF said.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GASOLINE, IMF, INTERNATIONAL, ISLAMIC DEVELOPMENT BANK, MACROECONOMY, MILITARY CONTRACTS, NATIONAL WORK FORCES, PAKISTAN, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS, WORLD BANK | 1 Comment »

ABOUT $4BN IMF LOAN LIKELY (Pakistan)

Posted by Gilmour Poincaree on November 24, 2008

November 23, 2008

By Anwar Iqbal

WASHINGTON, Nov 23: The executive board of the International Monetary Fund will consider a $7.6 billion rescue package for Pakistan on Monday to help the country avoid an economic collapse.

The board is likely to approve the package the same day as there seems to be a consensus in Washington that it’s in everybody’s interest to move rapidly to prevent an economic implosion in Pakistan.

If the rescue package is approved by Monday afternoon, the necessary documents allowing the transfer of money to Pakistan can be signed the same day.

Pakistan is likely to get between $3.5 billion and $4 billion initially while the rest will be distributed in six equal instalments.

After the approval the money will be transferred to the State Bank of Pakistan’s account in the US Federal Reserve in New York. The disbursement takes 48 to 72 hours, which means that Pakistan will have the money by Thursday.

This expected rapid disbursement enjoys the support of the US administration which wants to help Pakistan arrest the current economic deterioration as soon as possible.

But Pakistan experts in the US administration, as well as the World Bank and the IMF, also want Islamabad to make structural adjustments to set their economy in the right direction.

In a joint article for Washington’s Middle East Institute, former US ambassador to Islamabad Wendy Chamberlin and a former IMF economist Zubair Iqbal argued that “a rescue plan could have the advantage of presenting an opportunity to force countries like Pakistan to come to grips with entrenched structural distortions in its economy”.

The two authors also argued that countries like Pakistan could not count on the cash from wealthy oil producers in the Gulf for a bailout. Instead, they urged “a more organised approach” to aiding “distressed economies”.

The authors proposed establishing a trust fund made up of multilateral and regional lending agencies, selected GCC countries, and the G-7 to pool resources and facilitate their effective use by vulnerable counties under the IMF/World bank guidance.

The two authors and other experts are also urging Pakistan to reduce expenditure and increase revenue if it wants to have a stable economy. But they also acknowledge that it may be difficult for a political government to reduce expenditure as such steps are unpopular and may cause political repercussions.

So they want Pakistan to increase revenue. “It is particularly difficult to reduce expenditure when the economy is slowing, the private sector is upset and the government has just increased interest rate,” said one such expert.

“So it is essential to increase revenue.”

And when such experts talk about the need to increase revenue, they emphasise the need to introduce agriculture income tax which, they argue, will also raise domestic savings.

They reject Pakistan’s claim that they have introduced agriculture income tax. The experts argue that the taxes introduced in the name of agriculture income tax six or seven years ago were simply the land revenues which are being collected since the British days.

“When we talk about agriculture income tax, we mean agriculture income tax and not an old medicine with a new package,” said an expert.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, IMF, INTERNATIONAL, PAKISTAN | Leave a Comment »

LINT PRICES EASE AS FEARS OF SHORT CROP ALLAYED (Pakistan)

Posted by Gilmour Poincaree on November 20, 2008

November 19, 2008

by Our Staff Reporter

KARACHI, Nov 19: Cotton prices on Wednesday eased from the recent higher levels on active selling by the ginners followed by larger arrival of phutti into the ginneries for the third consecutive month, allying fears of a short crop.

Prices of fine types were lowered by Rs50 per maund but some of the medium staple length lint in the central Sindh cotton belt was traded as lower as 2,700 per maund, signaling fresh pruning may be on the cards, floor brokers said.

In physical trading, fine lots from the southern Punjab cotton belt were traded lower by Rs100 per maund, having negative impact on phutti prices, they said.

“What worries us most is the larger than normal unsold stocks lying in their godowns, said a leading ginner, adding “if the resumption of operations by the TCP is further delayed, prices can ease further.”

He said about Rs30 billion are tied to the unsold stocks and the consequent liquidity crunch is delaying payments to growers as well as limiting our buying capacity.

Spinners said the conditions on the export front are not that ideal as falling prices of textiles owing to recession in the importing countries had cut our profit margins.

Moreover, finished stocks of textiles are piling in our godowns owing to lack of active demand, having an adverse impact on our liquidity, they said.

They said the textile industry being one of major foreign exchange earners for the country is worst hit by the prevailing financial crisis in advanced countries, both in terms of quantum and export proceeds.

New York cotton futures on the other hand resisted fresh fall and ended with fractional gains of 0.02 and 0.22 cents per lb at 39.39 and 41.84 cents for both the maturing December and the ruling March settlement, respectively.

The following are some of the notable deals reported by the brokers in the ready section.

SINDH TYPE: 1,000 bales, Mirpurkhas and Sultanabad at Rs2,700 to 2,750, 400 bales, Hyderabad at 2,900, 600 bales, Shahdadpur at 2,800 and 400 bales, Sanghar at 2,850, 800 bales, Rohri at 2,950 to 3,000, 600 bales and 400, Khairpur and Hala at 2,750.

PUNJAB VARIETY: 1,000 bales, Khanewal at Rs3,045 to 3,050, 1,000 bales, Burewala at 3,000 to 3,075, 1,000 bales, Chani Goth at 3,050, 2,600 bales, DG Khan at 3,025, 1,000 bales, each Shadan Lund and Shah Jamal, 1,400 bales, Rajanpur, at Rs3,000, 800 bales, Mian Channu at 2,950 to 3,075, 800 bales, Liaquatpur at 3,050, 400 bales, each Yazman, 600 bales, Ahmedpur East and Bahawalpur, 400 bales each Faqir Wali, Kabirwala and Rahimyar Khan at 3,000, and 1,200 bales, Bahawalnagar at 2,975.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘Dawn’ (Pakistan)

Posted in COMMODITIES MARKET, COTTON, ECONOMIC CONJUNCTURE, ECONOMY, INTERNATIONAL, PAKISTAN, VEGETABLE FIBERS | Leave a Comment »

SEN. CLINTON’S VIEWS ON U.S. FOREIGN POLICY ISSUES

Posted by Gilmour Poincaree on November 17, 2008

Saturday November 15, 2008

WASHINGTON (Reuters) – Sen. Hillary Clinton has emerged as a candidate for U.S. secretary of state – SENATOR HILLARY CLINTONthe top diplomat in the administration of President-elect Barack Obama, who defeated her for the Democratic presidential nomination.

Here are some views on foreign policy issues expressed by Clinton, wife of former President Bill Clinton.

IRAQ

“Ending the war in Iraq is the first step toward restoring the United States’ global leadership,” Clinton wrote a year ago in an article in Foreign Affairs magazine. U.S. troops had to be brought home safely and stability restored to the region, she said.

But on the campaign trail, Clinton was more reluctant than Obama to commit to a firm timetable for withdrawing U.S. troops from Iraq. She refused to apologize for her 2002 Senate vote authorizing the war, but did say she would like to have that vote back to do over.

AFGHANISTAN, PAKISTAN AND AL QAEDA

During the campaign for the Democratic presidential nomination, Clinton, a member of the Senate Armed Services Committee, said the United States should focus more on improving security in Afghanistan. She has called for greater U.S. troop deployments there. She also has suggested a U.S. envoy who could shuttle between the leaders of Afghanistan and Pakistan to help them in their efforts against a resurgent Taliban and al Qaeda presence in their countries.

IRAN

A big question for Obama’s secretary of state will be how to approach Iran. The Bush administration, which accuses Iran of seeking to build a nuclear bomb and helping militant groups in Iraq, has generally HILLARY RODHAM CLINTONshunned contacts with Tehran.

During the Democratic presidential primary campaign, Clinton charged that Obama’s willingness to meet leaders of Iran, Syria and North Korea was evidence of his naivete about foreign policy. She has threatened to “obliterate” Iran if it uses nuclear weapons against Israel.

But Clinton also has argued for engaging Iran, Syria and other countries of the region in talks about the future of Iraq. And one of her top foreign policy advisors, Richard Holbrooke, a former assistant secretary of state, suggested recently that U.S. contacts with Iran should start through private and confidential channels to determine if there is a basis for continuing.

MIDDLE EAST

Clinton stresses the need for Arab-Israeli peace, but is considered a favorite of the pro-Israel lobby in the United States. She says the fundamentals are a Palestinian state in Gaza and the West Bank in return for a declaration that the conflict is over, recognition of Israel’s right to exist, guarantees of Israeli security, diplomatic recognition of Israel and normalization of its relations with Arab states.

“U.S. diplomacy is critical in helping to resolve this conflict,” she said in her article in Foreign Affairs in November-December 2007. She said the United States should help get Arab support for a Palestinian leadership that is willing to engage in a dialogue with the Israelis.

RUSSIA AND ARMS CONTROL

“I think she would probably be tough-minded toward Russia,” said Kim Holmes, vice president of foreign and defense policy studies at the Heritage Foundation. “She has a reputation of being tough-minded generally, she is known and respected for that.”

Clinton has however criticized the Bush administration’s “obsessive” focus on “expensive and unproven missile defense technology” — one of the major points of contention recently in the U.S. relationship with Russia.

She favors further reducing U.S. and Russian nuclear arsenals, and also favors U.S. Senate approval of the Comprehensive Test Ban Treaty.

CHINA AND NORTH KOREA

Clinton has said the U.S. relationship with China will be the most important bilateral relationship in the world this century. Noting China’s support was important in reaching a multilateral deal to disable North Korea’s nuclear facilities, she says “we should build on this framework to establish a northeast Asian security regime.”

TRADE

Like Obama, Clinton has said the United States should either renegotiate or “opt out” of the North American Free Trade Agreement that was reached with Canada and Mexico during her husband’s administration. She also has called for a “timeout” from new trade agreements and a top-to-bottom review of trade policy.

Copyright © 2008 Reuters

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STAR’ (Malaysia)

Posted in AFGHANISTAN, AL QAEDA, CHINA, COMMONWEALTH OF INDEPENDENT STATES, FOREIGN POLICIES - USA, HUMAN RIGHTS, INTERNATIONAL RELATIONS, IRAN, IRAQ, ISRAEL, LEBANON, MIDDLE EAST, NORTH KOREA, PAKISTAN, PALESTINE, RUSSIA, SYRIA, THE ISRAELI-PALESTINIAN STRUGGLE, THE OCCUPATION WAR IN IRAQ, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »

TALIBAN LEADER: WE HAVE NO FAITH IN OBAMA

Posted by Gilmour Poincaree on November 14, 2008

November 14, 2008 – updated 1 hour, 53 minutes ago

From Reza Sayah and Janullah Hashimzada

“For us, the change of America’s president – we don’t have any good faith in him,” said Muslim Khan, a Barack Hussein Obamagrizzled Taliban spokesman who is one of the most wanted men in Pakistan, in a rare interview with CNN. “If he does anything good, it will be for himself.”

With an assault rifle on his lap, Khan answered 10 written questions, sharing his view on a range of topics from slavery to Obama’s middle name – Hussein.

He spoke in the remote Swat Valley of northwestern Pakistan, the site of frequent and fierce clashes between Pakistani troops and Taliban and al Qaeda militants.

There was no opportunity for follow-up questions.

Khan said Obama’s election may change conditions for black Americans.

“The black one knows how much the black people are discriminated against in America and Europe and other countries,” he said. “For America’s black people, it could be that there will be a change. That era is coming.”

He said he doubted Obama’s victory would lead to changes in relations between the United States and the Taliban.

U.S. forces dislodged the Taliban rulers of Afghanistan shortly after the September 11, 2001 terrorist attacks on New York and Washington.

America and its allies have battled the Taliban and al Qaeda in Afghanistan ever since, with fighting spreading across the border into Pakistan.

“American should take its army out of the country,” Khan said. “They are considered terrorists.”

Obama has minced no words in describing how he would administer U.S. policy toward the Islamic extremists in Afghanistan and Pakistan.

When he accepted the Democratic presidential nomination in August, Obama pledged to “finish the fight against al Qaeda and the Taliban.”

And the president-elect included a blunt warning in remarks on the evening of his election victory: “To those who would tear the world down,” he said, “we will defeat you.”

Khan noted that Obama’s middle name was fairly common in the Muslim world, referring to him at times as “Hussein Barack Obama.”

“If he behaves in the way of a real Hussein, then he has become our brother,” he said. “If Barack Obama pursues the same policies as Bush and behaves like Bush … then he cannot be Hussein. He can only be Obama.”

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CNN’ (USA)

Posted in AFGHANISTAN, ELECTIONS 2008 - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, PAKISTAN, THE OCCUPATION WAR IN IRAQ, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »

PAKISTAN, INDIA ASKED TO SIGN BILATERAL INVESTMENT TREATY

Posted by Gilmour Poincaree on November 14, 2008

November 14, 2008 Friday – Ziqa’ad 15, 1429

ISLAMABAD, Nov 13: The Saarc Chamber of Commerce and Industry (SCCI) has stressed upon the governments of Pakistan and India to sign bilateral investment treaty to foster economic cooperation between the two countries.

“The investment treaty will also motivate other countries of the region to promote intra-regional trade and investment,” SCCI president Tariq Sayeed said while addressing the inaugural session of the “Conference on Pakistan-India Economic Relations” being held in India.

According to a SCCI press release received here on Thursday, the conference has been organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in collaboration with Saarc Chamber of Commerce and Industry and Federation of Pakistan Chambers of Commerce and Industry.

The SCCI president stressed the need for promoting mobility of people, particularly business community of the region and urged upon the governments of the two countries to issue five years multiple visa for 500 businessmen.

He said the number of Saarc Visa Exemption Stickers should be increased from 100 to 300.

Speaking on the occasion, Indian State Minister for Commerce and Power Jairam Ramesh said that the Indian government was trying its best to remove Non-Tariff Trade Barriers (NTBs), which had been identified by various countries.

He said that India had no country-specific restrictions, adding that the only noteworthy NTB was the requirement of certification of standardisation of products imported into India.

Pakistan’s High Commissioner in India Shahid Malik said that Pakistan was willing to established lasting economic cooperation with India based on sincerity and reciprocity.

He said that Pakistan had adopted positive approach to promote trade relations with India, which could be quantified by the increasing volume of trade between two countries.

FPCCI president Tanvir Ahmed Sheikh who led Pakistan’s delegation in his detailed presentation identified areas of cooperation such as iron and steel, tea, leather and textiles and energy.

The newly elected President of India-Pakistan Chamber of Commerce and Industry, S. M. Muneer, in his speech emphasised the need for greater economic cooperation to unleash the untapped potential.

FICCI senior vice-president Singhania in his welcome address presented 10-point agenda to enhance economic cooperation. He said trade volume of $2 billion through legal channel and that of $5 billion through third country was reflective of potential of trade between Pakistan and India.

Dr Amit Mitra, the secretary-general of the FICCI and eminent economist inaugurated the inaugural session. A delegation of 75 leading businessmen from Pakistan is participating in the conference.

NON-TARIFF BARRIERS: Talking to APP in New Delhi Tanvir Ahmed Sheikh urged Indian government to remove non-tariff barriers on Pakistani goods to provide a level-playing in trade. He said negotiations for the purpose were in progress.

He said that major trading items between the two countries were cement and cotton.

He hoped that talks on liberalising visa policy for businessmen would succeed and the trading community would be able to get five-year multiple visa to visit each other’s country.

Mr Sheikh said Pakistan would participate in Indian International Trade Fair in a big way, beginning here on Friday. The fair would help Pakistan to introduce its products to Indian businessmen.—APP

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’

Posted in ASIA, COMMERCE, COMMODITIES MARKET, COTTON, ECONOMIC CONJUNCTURE, ECONOMY, INDIA, INTERNATIONAL, INTERNATIONAL RELATIONS, PAKISTAN, THE FLOW OF INVESTMENTS, THE WORK MARKET, VEGETABLE FIBERS | Leave a Comment »

US EMBARRASSED AS TALIBAN STEAL HUMVEES

Posted by Gilmour Poincaree on November 12, 2008

November 12, 2008

by Bruce Loudon, South Asia correspondent

Article from: The Australian

TALIBAN militants were driving around in captured US army Humvee armoured vehicles in Pakistan’s U.S. Marines, from the 24th Marine Expeditionary Unit, take positions on a berm during a fire fight with Taliban positions near the town of Garmser in Helmand Province of Afghanistan Friday May 2, 2008tribal region close to the historic Khyber Pass last night after hijacking more than a dozen supply trucks travelling along the vital land route that supplies coalition forces in Afghanistan.

The capture of the Humvees – these days the symbol of US intervention in Iraq and elsewhere – is a serious embarrassment to US commanders of the coalition forces.

Pakistani reporters in the area said the militants unloaded the Humvees from shipping containers on the backs of the trucks and drove off in them, after decorating them with flags and banners of the banned umbrella organisation Tehrik-i-Taliban Pakistan, which is led by Baitullah Mehsud. Mehsud is closely allied to Osama bin Laden and the Taliban leader Mullah Omar.

The reporters said the hijackings had taken place “in clear view of (Pakistani) paramilitary personnel” deployed at the nearby Jamrud Fort, who “did not take any action”.

“All this happened on the international highway (linking Pakistan with Afghanistan) and you can imagine the implications this can have for us,” an official told Pakistan newspaper Dawn.

Pakistan army helicopter gunships were later sent to the area, but by then the trucks had been released by the militants, who had decamped with the Humvees as well as bags of wheat.

The hijacking of the supply trucks – and the embarrassment of seeing the militants driving around the area in the Humvees – came amid fast-mounting concern about the security of thevital land route through Pakistan that serves the 35,000-strong coalition force fighting in Afghanistan.

The supply trucks were seized by the militants along a 35km stretch of the narrow, switchback road through the Khyber Pass, the main gateway for essential supplies shipped under cover to the Pakistani port city of Karachi.

More than 350 trucks travel through the perilous pass each day, carrying supplies to Afghanistan, many of them with consignments destined for the coalition forces.

More than 24 transport trucks and oil tankers have reportedly been attacked in the area in the past month as militants have stepped up their assaults on the road convoys, causing serious concern to NATO commanders.

Last weekend, two coalition warplanes, backed by ground artillery from gun emplacements across the border in Afghanistan, crossed into Pakistani territory to attack militants seen in the Tirah valley, close to the Khyber Pass, in what appeared to be a pre-emptive strike against possible attacks on the vital road link.

Pakistani forces have also launched major offensives around the North West Frontier Province’s capital, Peshawar, in an attempt to drive back militants threatening the road.

The militants have responded by launching rocket attacks on Peshawar airport, which is regularly used by civilian aircraft.

Concern about security in the Khyber Pass has recently led US commanders to seek alternative land routes through Central Asia.

Adding to the concerns are mounting fears about the situation in Karachi, which is now a major target for infiltration by militants.

Officials said the trucks had been hijacked without a shot being fired.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN’

Posted in AFGHANISTAN, ASIA, PAKISTAN, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »

FARMERS ASSAIL IMF TERMS FOR LOAN (Pakistan)

Posted by Gilmour Poincaree on November 3, 2008

November 03, 2008 – Monday

Bureau Report

HYDERABAD, Nov 2: The Sindh Abadgar Board has rejected the government proposal for obtaining $5 billion loan from the International Monetary Fund and cautioned that if the government does not change its decision it would be tantamount to signing the death warrant of the national economy.

The board leaders said at a meeting held on Saturday under its chairman Abdul Majeed Nizamani that the IMF always targeted agriculture sector and the fund was more likely to impose condition to end subsidy for agriculture sector.

The meeting pointed out that the IMF loan would be extremely dangerous for the national economy and political stability of the country and demanded that the president and prime minister bring the matter before the National Assembly.

The meeting advised the government to make efforts to obtain $1.5 billion from China by mortgaging shares of government corporations and $800 million reimbursement from the United States under the coalition support fund for war on terror.

The meeting warned that if the government fell into the IMF trap and withdrew subsidy on agriculture, it would have to spend more money on importing food items.

The meeting resolved to make the “Grow More Wheat” campaign a success and demanded that the government make all the purchasing centres for wheat functional in Umerkot, Mirpurkhas, Badin and other areas where wheat was harvested earlier.

The meeting said that keeping in view 35 per cent shortage of water in the system, Irsa should be asked to ensure supply of 11.7 million acre foot water of Sindh’s share.

The meeting stressed the need for safeguarding wheat from the smugglers and disclosing the names of “30 respectable people” involved in the grain’s smuggling as disclosed by the prime minister himself on the floor of the assembly.

The meeting said that sugarcane growers were switching over to other crops largely due to government’s helplessness before PSMA over the past 10 years, which was very dangerous for sugar industry. The sugar mills must start crushing season according to government notification, the meeting demanded.

SCA: The Sindh Chamber of Agriculture warned on Sunday that delay in start of crushing season would seriously affect wheat cultivation and lead to wheat crisis in the coming months.

The senior vice-president of the chamber, Mir Murad Ali Khan Talpur, said at the chamber’s meeting that the government had fixed price of cotton at Rs1,900 per maund but the growers were being forced to sell their produce at Rs400 to Rs500 per maund.

The chamber’s general secretary, Akhund Ghulam Mohammad Siddiqui, complained that open blackmarketing of urea fertiliser had inflicted huge losses on the growers.

Sain Bux Rind said that Pasco’s failure to establish purchase centres for rice had created an opportunity for the rice traders to fleece growers. The government had fixed purchase of Irri-6 at Rs900 per maund but the growers were forced to sell their produce at Rs500 per maund, he said.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in AGRICULTURE, ASIA, COMMERCE, COMMODITIES MARKET, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, GRAINS, IMF, INDUSTRIAL SUBSIDIES, INTERNATIONAL, PAKISTAN, RICE, SMUGGLING, SUGAR, WHEAT | Leave a Comment »

JOINT SCO EFFORTS URGED TO BEAT FINANCIAL WOES – Ensuring the security of China’s economy would be the country’s most important contribution toward global financial stability, Premier Wen Jiabao said

Posted by Gilmour Poincaree on October 31, 2008

UPDATED: October-31-2008

Ensuring the security of China’s economy would be the country’s most important contribution toward Prime ministers representing the Shanghai Cooperation Organization (SCO) member countries poses for a group photo in Astana, October 30, 2008 - Xinhuaglobal financial stability, Premier Wen Jiabao told prime ministers from the Shanghai Cooperation Organization (SCO) Thursday.

“It is necessary to have greater interaction between our financial and business communities,” Wen said. “SCO members must work … to enhance the coordination of monetary policies and improve financial controls to prevent and neutralize financial risks.”

Wen said China would consider issuing loans to members of the organization to ensure food security and support joint projects in the region.

“Because of the increasing relevance of food security, China stands ready to assist SCO member organizations in the establishment of technical facilities for agriculture,” he said.

Food prices have soared across the region over the past year as a result of increasing energy costs and disappointing harvests.

The SCO, an inter-governmental organization founded in Shanghai in 2001, groups China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Pakistan, India, Iran and Mongolia are observer nations.

Wen arrived here Wednesday evening on a three-day official visit to Kazakhstan, the second leg of his two-nation tour after Russia.

(China Daily via Agencies/Xinhua October 31, 2008)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BEIJING REVIEW’ (China)

Posted in AGRICULTURE, ASIA, BANKING SYSTEMS, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, MACROECONOMY, PAKISTAN, THE FLOW OF INVESTMENTS | 1 Comment »

IMF OFFICIALS CONCLUDE FIRST ROUND OF TALKS TO BAIL OUT PAKISTAN

Posted by Gilmour Poincaree on October 31, 2008

Islamabad, October 30, SPA

The International Monetary Fund (IMF) on Thursday concluded the first round of technical talks in Dubai with Pakistani officials about creating a system to save the south Asian nation from economic collapse, officials said according to dpa. Pakistan’s government is facing a tightening balance of payments. Its financing gap stands at around 7 billion dollars for the current fiscal year, which ends June 30, 2009.

“There are one or two points on which both sides could not evolve consensus,” said a senior official, who was part of the returning Pakistani delegation on Thursday. The official, who refused to be named, said to dpa that the IMF was insisting on raising discount rates by 3 to 4 per cent above the existing 13 per cent, in order to curtail inflation, which currently stands at over 30 per cent.

SPA

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘SAUDI PRESS AGENCY’

Posted in ASIA, ECONOMIC CONJUNCTURE, ECONOMY, IMF, INTERNATIONAL, PAKISTAN | Leave a Comment »

TOUGH IMF CONDITIONS DIFFICULT TO ACCEPT: ASIF (Pakistan)

Posted by Gilmour Poincaree on October 29, 2008

October 29, 2008

by our Staff Reporter

ISLAMABAD, Oct 28: President Asif Ali Zardari said on Tuesday the government could ‘ill-afford’ President Asif Ali Zardari - PakistanInternational Monetary Fund’s financial assistance with tough conditions.

“Time is running out and there is an urgent need for the ‘Friends of Pakistan’ to extend a helping hand,” he told Adviser to the British Prime Minister Simon McDonald who had called on him at the President’s House.

Mr Zardari, however, made it clear that Pakistan was not looking for aid, but needed friends’ help to enhance trade and economic and investment opportunities.

According to a Foreign Office news release, the discussion focussed on Friends of Democratic Pakistan Initiative, measures and options being considered by the government to address the economic difficulties, Doha Process, situation in the border region, Afghanistan and bilateral cooperation. The president highlighted the government strategy to handle economic issues, socio-economic initiatives to settle tribal areas, including the Benazir Card for every household, and negotiations with the IMF.

He stressed that the war on terror, which had its roots in other regional events, had now become Pakistan’s war and the country and its people were paying a heavy price that needed to be acknowledged by the international community.

Mr Zardari quantified how one incident of terrorism impacted the already turbulent economy. He stressed the need to identify the forces that were funding militants in this expensive war. He was not convinced that drug money could be the only source of funding.

The president informed the British official about the state of relations with Afghanistan and termed recent exchanges and developments such as mini-jirga a manifestation of growing understanding and forward movement in relations.

Mr McDonald conveyed greetings from Prime Minister Gordon Brown and said that he fondly recalled the president’s visit to the UK in September when they had a fruitful and candid exchange.

The British adviser was highly appreciative of the unanimous resolution adopted by parliament on government’s policy for tackling terrorism.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in ASIA, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, IMF, INTERNATIONAL, PAKISTAN | Leave a Comment »

SUGAR IMPORT MAY PUSH UP PRICES TO RS50 (Pakistan)

Posted by Gilmour Poincaree on October 22, 2008

Tuesday, October 21, 2008

by Aftab Maken

ISLAMABAD: Blame game between policy-makers and millers seems to have further pushed up sugar prices in the local market but its supply is expected to be stable next year, sources in the industry and government confided to The News on Monday.

“Current sugar prices are actual rates compared to suppressed prices of last year,” said Secretary General of Pakistan Sugar Mills Association (PSMA) K A Qazalbash, adding it would be above and around Rs50 per kg if the government allowed traders to import the sweetener.

About last year’s stock of 5.7 million tonnes, Qazalbash said it was exactly what the association projected and “we requested high officials to allow export of surplus 1.5 million tonnes after keeping 4.2 million tonnes for domestic consumption but they did not allow in order to bring down prices in the local market.”

The stock stood at 1.14 million tonnes on Sept 30 and the PSMA secretary general hoped that it was enough to cater to domestic consumption. Allowing imports for domestic consumption would further push up prices of sugar, he added.

About the increase in consumption, he said sugar consumption in downstream industry, particularly bakeries, had increased manifold while its usage in other industries like beverages and pharmaceutical products had also risen.

Millers were citing causes like sugar smuggling to Afghanistan, lower-than-expected cane production, grim situation in the international commodity market and actual prices in the local market, which might push the prices to above Rs50 per kg for the first time, a high official of the Ministry of Industries and Production said.

Government circles, giving the other side of the story, mainly attributed the current increase in sugar prices to under-invoicing of the commodity and export of nearly one million tonnes to Afghanistan through Chaman. However, figures compiled by the Federal Bureau of Statistics (FBS) showed export of nearly 240,000 tonnes, the official said. Current sugarcane crop is expected to be lower at around 53 million tonnes with sugar production at 3.7 million tonnes.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE NEWS’ (Paklistan)

Posted in ASIA, COMMODITIES MARKET, ECONOMY, INTERNATIONAL, PAKISTAN, SUGAR | Leave a Comment »