International

Proteas win series, defeat Pak in final ODI

Zardari to leave for China on 11th See on Page 8

Musharraf extradition not ordered yet: Malik See on Page 8

*Crude Oil (brent)$/bbl 87.82

*Crude Oil (WTI)$/bbl 86.58

*Cotton $/lb 146.23

*Gold $/ozs 1,391.30

*Silver $/ozs 26.77

Malaysian Palm $ 1,034.00

GOLD (NCEL) PKR 38,190

KHI Cotton 40Kg PKR 10,717

*Last Updated 20:00 PST

Yearly(Jul, 2010 up to 5-Nov-2010)

Monthly(Oct, 2010 up to 5-Nov-2010)

Daily (5-Nov-2010)

Total Portfolio Invest (22 Oct-2010)

107.00

2.28

3.56

2532

2.72

3.46

-4.45

2.12

-0.81

-2.73

-0.32

SCRA(U.S $ in million)

Portfolio Investment

FIPI (08-Oct-2010)

Local Companies (08-Oct-2010)

Banks / DFI (08-Oct-2010)

Mutual Funds (085-Oct-2010)

NBFC (08-Oct-2010)

Local Investors (08-Oct-2010)

Other Organization (08-Oct-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (29-Oct-10)

Inflation CPI% (Jul 10-Sep 10)

Exports (Jul 10-Sep 10)

Imports (Jul 10-Sep 10)

Trade Balance (Jul 10-Sep 10)

Current A/C (Jul 10- Sep10)

Remittances (Jul 10-Sep 10)

Foreign Invest (Jul 10-Sep10)

Revenue (Jul 10-Sep 10)

Foreign Debt (Jun 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Aug 10)

LSM Growth (Aug 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.96bn

13.77%

$5.18bn

$9.03bn

$(3.85)bn

$(545)mn

$2.65bn

$455.10mn

Rs 310bn

$55.63bn

Rs 4863bn

$124.90mn

-3.85%

4.10%

$1,051

170.98mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

19.01

2.00

1.70

9.997

PKR/Shares

110.83

162.06

42.63

36.23

34.09

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

03-Nov-2010

03-Nov-2010

03-Nov-2010

29-Sep-2010

08-Nov-2010

08-Nov-2010

08-Nov-2010

08-Nov-2010

08-Nov-2010

08-Nov-2010

08-Nov-2010

08-Nov-2010

08-Nov-2010

08-Nov-2010

08-Nov-2010

12.75%

13.11%

13.24%

13.50%

12.74%

12.97%

13.24%

13.63%

13.71%

13.65%

13.74%

13.85%

14.21%

14.34%

14.5%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.20 86.20

Canadian $ 84.65 85.65

Danish Krone 16.00 16.50

Euro 120.40 121.90

Hong Kong $ 10.95 11.15

Japanese Yen 1.038 1.064

Saudi Riyal 22.77 22.95

Singapore $ 66.30 67.30

Swedish Korona 12.85 13.00

Swiss Franc 86.90 87.90

U.A.E Dirham 23.10 23.30

UK Pound 137.45 138.45

US $ 85.10 85.50

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.97 86.17

Canadian $ 84.80 85.00

Danish Krone 15.90 15.94

Euro 118.54 118.82

Hong Kong $ 10.96 10.99

Japanese Yen 1.050 1.053

Saudi Riyal 22.67 22.72

Singapore $ 66.07 66.23

Swedish Korona 12.80 12.83

Swiss Franc 88.12 88.33

U.A.E Dirham 23.14 23.20

UK Pound 137.07 137.39

US $ 85.25 85.43

Inter-Bank Currency Rates

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NEW DELHI: US PresidentBarack Obama endorsedMonday India's long-helddemand for a permanent seat onthe United Nations SecurityCouncil (UNSC), whilePakistan expressing its worriesover the announcement said UShopefully will take a reviewwhich otherwise would adds tothe complexity of the processof the reforms of the Council.

President Obama whileaddressing Indian Parliamentsaid, "In the years ahead, I lookforward to a reformed UnitedNations Security Council thatincludes India as a permanentmember."

"Let me suggest that withincreased power comesincreased responsibility," headded at the end of the first legof a 10-day Asian tour that hasalso been seen about gatheringsupport from countries likeIndia to exert pressure on Chinaon its currency.

"The just and sustainableinternational order thatAmerica seeks includes aUnited Nations that is efficient,effective, credible and legiti-mate," Obama said in preparedremarks.

"That is why I can say -- inthe years ahead, I look forwardto a reformed UN SecurityCouncil that includes India as apermanent member."

The announcement does notmean that India will join thefive current permanent SecurityCouncil members anytimesoon. The US is backing itsmembership only in the contextof unspecified reforms to theCouncil that could take years tobring about.

That makes Obama'sannouncement more of a

See # 2 Page 7

Worry as US backs

India's UNSC seat

Obama addresses Indian Parliament

Decision would add to complexity of UNSC reforms: Pak

Obama says USA cannot impose Kashmir solution

NEW DELHI: US President Barack Obama reads from a teleprompter as he delivers a speech at Parliament House in New Delhi. -Reuters

Zardari, Kayanicritique US policy

See on Page 8

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Phone: 35 31 18 93 - 6

subscribe@thefinancialdaily.com,

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Ghulam Raza Rajani

KARACHI: Pakistan's con-sumer price index (CPI) couldreach a 18-month high becauseof an increase in food pricesfollowing massive floods thissummer and a hike in fuelprices, analysts said onMonday.

October consumer pricesrose 16.38 per cent from lastyear, according to a survey of12 analysts and economists.The CPI rose by 15.7 per centin September, a 17-month high.

The Federal Bureau ofStatistics is due to release infla-tion data on or afterWednesday.

"Inflation appears to remainbeyond administrative controlswhereas heavyweight fooditems continued to maintaintheir upward drive," saidFarhan Bashir, analyst at InvestCapital Investment Bank Ltd.

Food prices have beenincreasing following the sum-mer floods, which costPakistan $9.7 billion in eco-nomic damage.

The central bank raised itsforecast for inflation for fiscalyear 2010-11 to between 13.5per cent and 14.5 per cent.Before the floods, inflation wastargeted at 9.5 per cent.

"Given SBP's fixation with See # 10 Page 7

Oct CPI may

hit 18-mth high

Consumer Price Index may touch 16.38pc

SBP likely to hike interest rate by 50bps: analysts

FAISALABAD: Sui NorthernGas Company Limited(SNGCL) suspended gas sup-ply for industries of Faisalabadfor two days - Monday andTuesday -as part of weekly gasholiday, leaving thousands ofdaily-wagers jobless.

Industrialists of Faisalabadprotested against the govern-ment's decision of two-day gascut for industries under gasload management plan.

Textile unions have rejectedthe decision, after which nego-tiations were also held betweenthe textile unions and gas com-pany officials where unions

representing various industrieswere assured of looking intotheir demands.

However, SNGCL despiteassurance and repeateddemands of industrialists hasnot reviewed its decision oftwo-day gas cut to the indus-tries.

According to a notificationissued by Sui Northern Gas, alltextile and other industries ofFaisalabad region will not begiven gas supply for Mondayand Tuesday; where as facto-ries of Multan, Islamabad,Gujranwala and Bahawalpur

See # 12 Page 7

Gas cuts enragetraders, workers

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani Monday directed thePlanning Commission to iden-tify new avenues of resourcegeneration for early rebuildingof damaged infrastructure andcreation of livelihood opportu-nities for the flood affectedpeople.

Addressing the 3rd meetingof the Council of CommonInterests (CCI) that focusedmainly on issues related torehabilitation and reconstruc-tion of flood affected areas,Gilani said it would be a diffi-cult task which should be metwithin a reasonable time of 2-3years.

Gilani said the next meetingof Pakistan Development

Forum (PDF) has been sched-uled in the second week ofNovember and will focus onPakistan's future course ofaction viz-a-viz its develop-ment strategy in the wake ofrecent floods.

"We have determined our pri-orities and the same will beshared with our friends duringthe meeting," the PrimeMinister said.

Gilani said the governmentdid not have the required infra-structure and other emergencyrelief equipments, to combatdevastation of a magnitudewhich impacted 2 million peo-ple in 79 districts.

"Most importantly, I wantedto boost up the morale of our

See # 11 Page 7

Rehabilitation,a tall task: PM

Council of Common Interest meets

Staff Reporter

KARACHI: Deputy GovernorState Bank of Pakistan (SBP),Yaseen Anwar has forecastedthat the current spell of risinginflation being suffered by thecountry is likely to stabilise inthe next couple of monthswhen the influx of crops fromflood-hit areas would begin.

Although Pakistan was goingthrough difficult times, YaseenAnwar seemed pretty muchoptimistic about the future ofPakistan, which currently facesa number of challenges includ-ing severe economic crisis,

unfavorable business environ-ment, poor law and order, dete-riorating image of Pakistan,rising utility tariffs & interestrates, growing poverty &unemployment.

Yaseen Anwar, while reply-ing to various queries at aforum organised by PakistanGerman Business Forum(PGBF) here in a local hotel onWednesday, said, "This is notthe first time when Pakistanwas facing crisis as the countryhad been in crisis from time totime. I am sure Pakistan willonce again come out of this

See # 6 Page 7

SBP sees crisisending shortly

Anwar says inflation to go down in 2mths

ISLAMABAD: The UtilityStores Corporation of Pakistan(USC) here Monday decided toincrease the prices of sugar toRs65 per kg besides enhancingthe per month stock of thecommodity to 100,000 MT forstabilising the prices andensuring its availability at itsoutlets across the country.

"We have decided to increasethe prices of sugar from Rs55per kilogram to Rs65 per kilo-gram at the 5700 utility storesacross the country keeping inview of the international mar-kets trends and huge prices par-ity at the stores and in the openmarket", Managing Director

See # 5 Page 7

USC sugar pricereaches Rs65/kg

TCP sells another 10,000 MT in open mkt

Nation

observes Iqbal

day todayStaff Reporter

KARACHI: The 133rd birthanniversary of Poet of the East,Doctor Allama Muhammad

See # 9 Page 11

Summary to withdraw2 offdays/wksent to GilaniISLAMABAD: Summary towithdraw two weekly holidayshas been sent to PM SyedYousuf Raza Gilani forapproval by ministry of waterand power as electricity short-fall ends.

Minister for water and power,Raja Pervaiz Ashraf while talk-ing to journalist outsideParliament House told thatelectricity load management

See # 8 Page 7

SBP raisesRs52bn thru

Sukuk auctionStaff Reporter

KARACHI: Pakistan raisedRs51.84 billion ($608 million)by selling Islamic bonds in thedomestic market, the State Banksaid on Monday.

The cut-off margin will be thebenchmark six-month TreasuryBill weighted average yield.

In the last Treasury Bill auc-tion on Nov 3, the weightedaverage yield for six-monthswas 13.1099 per cent.

The issue, known as theGovernment of Pakistan IjaraSukuk, is a three-year bond.

The central bank said lastmonth it planned to raise Rs80billion by selling Islamic bonds,with the first auction on Nov 8,with settlement on Nov 15 and a

See # 3 Page 7

Pak says ready toengage with India

ISLAMABAD: Islamabad was willing to engage with NewDelhi, said Pakistan Foreign Minister Shah Mehmood Qureshiwhile reacting to Indian Prime Minister Manmohan Singh's reit-eration that India was committed to talks with Pakistan.

In New Delhi, addressing a joint press conference with visitingUS President Barack Obama, Manmohan Singh said a moderateand peaceful Pakistan is in the interest of India, South Asia andthe world as a whole.

"We are committed to engage with See # 1 Page 7

Mystery

surrounds

Zulqarnain’s

fleeing to UKDUBAI: Pakistan wicketkeep-er Zulqarnain Haider hasarrived in England after myste-riously disappearing hoursbefore the fifth and final one-day international against SouthAfrica in Dubai.

Television pictures clearlyshowed Zulqarnain arriving atHeathrow Airport on Mondayafternoon.

Earlier, Director MediaPakistan Cricket Board (PCB)Nadeem Sarwar confirmed thatHaider was missing, whileteam manager Intikhab Alamsaid that he cannot comment onthis situation as yet.

Sarwar also said that the See # 7 Page 7

China plans

5th N-plant

for PakistanLONDON: China plans to sup-ply Pakistan with a fifth nuclearenergy reactor, acceleratingBeijing's commitments to itsenergy-starved South Asian ally,according to Pakistani govern-ment officials.

See # 4 Page 7

Karachi, Tuesday, November 9, 2010, Zil Hajj 2, Price Rs12 Pages 8

Textile unions slam govt decision

2 Tuesday, November 9, 2010

TV PROGRAMMES

TUESDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere Maya

ke Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

ISLAMABAD: The gov-ernment of Spain hasoffered its used rail materi-al to Pakistan's Ministry ofRailways for purchase tohelp strengthen its capabil-ity and bridge deficiencyof locomotives, reasoningloss of billions to thedepartment.

In this connection,Ambassador of Spain,Gonzalo Maria QuinteroSaravia called on Ministerfor Railways Haji GhulamAhmed Biolur to forwardthis request formally.

The ambassador invitedthe minister and his techni-cal experts for a visit toSpain to examine the qual-ity of rail material beingoffered to Pakistan for pur-chase.

In response the ministerfor railways suggested that

a team of Spanish exertsshould prior visit Pakistanto asses the needs ofPakistan Railways anddevise future strategy.

Minister for RailwaysHaji Ghulam AhmedBilour said railways are abackbone of economy ofany country and suggestedthe Spanish government toinvest capital to improvePakistan's rail infrastruc-ture.

He said Pakistan's rail-way system has been dete-riorating because it hasnever been upgraded sincedecades.

Bilour said the Pakistan'swhole railway system isrunning on 160 engineswhereas more 400 enginesare needed to meet actualneed.

He said Pakistan's rail-

way system has greatpotential for investmentthat would help enrich itsperformance, benefiting toboth the department andinvestor.

Briefing the Spanishenvoy, General ManagerOperations AshfaqKhattak asked the guest toprovide six locomotivesfor a ninety-day period tohelp examine their work-ing as well as quality.

"Once we get satisfyabout working and qualityof that material, we will bein good position to signMoU with your govern-ment," he suggested.

He observed thatPakistan Railways can beput on track or prosperityif only its rolling stock andinfrastructure is upgrad-ed.-PPI

Spain offers help touplift Pak Railways

KARACHI: EtihadAirways has been awardedthe prestigious title of"World's Leading Airline"for a second consecutiveyear at the World TravelA w a r d s(WTA). Theaccolade waspresented toP e t e rBaumgartner,Etihad's ChiefCommercialOfficer, at agala event inLondon. TheAbu Dhabi-based airlinewas alsonamed "World's LeadingFirst Class" airline for thethird year in a row.

James Hogan, EtihadAirways' Chief ExecutiveOfficer, on such a presti-gious occasion for his air-line, commented: "To winthe award for 'World'sLeading Airline' two yearsrunning is a phenomenaland unprecedentedachievement for an airlinethat is only seven yearsold. Even through sternchallenges, whether com-

petition within the indus-try, worldwide security,the global recession, ornatural disasters like theash cloud in Europe,Etihad has shown that it is

well equipped to managethrough these difficultiesand still deliver the bestproduct and service to itscustomer's year on year."

Etihad was the firstMiddle Eastern airline towin the "World's LeadingAirline" award in 2009and was credited for theexcellence of its onboardproduct, luxurious airportlounges and strong serviceethic during a period ofphenomenal growth.

The WTA recognise the

best airline, hospitality andtourism brands in the world,with more than 185,000industry experts votingonline to vet nominations onthe basis of the airlines cus-

tomer relations, creativity,quality of service, productinnovation and businessacumen. Etihad receivedconsiderable praise for con-sistently being the best inthe air and on the ground.

Etihad's success inLondon caps a great yearfor the airline as it hadwon six titles at the WTAceremony for the MiddleEast in May, includingthe coveted title as theregion's LeadingAirline.-Agencies

World leading airlineaward goes to Etihad

Staff Reporter

KARACHI: ZulfikarThaver the ChiefExecutive Officer of theSmall Medium IndustrialLeasing Estates (SMILE)has urged the ChiefMinister of Sindh SyedQaim Ali Shah to re-examine the application ofthe company for allotmentof concessional land forSMEs in Northern Bypassapproved by the scrutinycommittee of the Board ofRevenue (BOR) Sindh in2007 and allot land forSMEs for setting up indus-tries on merit basis.

He said the scrutinycommittee comprising of

almost 20 members hadexamined the applicationthoroughly and the BORhad strongly recommend-ed allotment of 200 acresof land at NorthernBypass to SMILE butunfortunately vestedinterest influenced theprovincial governmentnot to allot land toSMILE.

He said it is noteworthythat 200 industries ofinnovative goods wouldbe set up by the SMEs at atime when investment isshy and this would give abig boost to the sector andthe economy in general.

He invited the attentionof the CM to the fact that

the free industrial zones inUAE were inviting theentrepreneurs and offeringvarious facilities whereasthe provincial governmentis sleeping over the appli-cation instead of promot-ing and facilitating newindustries.

He said if the provincialgovernment does notshow interest and declinesour application we willwind up the companywhich was incorporatedmainly for the develop-ment of state of the artindustrial estate and fileapplication for exit withthe authorities as we areincurring expenditurewithout any purpose.

SMEs demand landon northern bypass

Staff Reporter

KARACHI: The British Deputy HighCommission - Karachi congratulates theUniversity of Sunderland for their 10years existence in Pakistan, said a hand-out issued here on Monday.

The regional office of University ofSunderland was established in Karachi inJune 1999 and started their operations inLahore, Islamabad and Peshawar in the fol-lowing year. The offices since then havefacilitated over 1000 Pakistani studentswho have gone to University of Sunderlandfor higher education.

The university has so far awarded over£1.5m (Rs.195m) worth of scholarshipsbenefiting over 1000 Pakistani studentsover the last 10 years.

Director Trade and Investment in Pakistanand British Deputy High CommissionerKarachi, Robert Gibson said:

"We congratulate the University ofSunderland in celebrating the 10th

anniversary of the relationship betweenthe University and Pakistan. For over acentury University of Sunderland hasbeen providing quality education to stu-dents both in the UK and from across theglobe. I am delighted that it has forgedsuch a close relationship with students inPakistan and that 300 Pakistan studentswill be studying there this academic year."

International Manager for the Universityof Sunderland, Humair Ahmed said:

"Pakistani students have excelled in theiracademic studies and in the last few yearswe have had students who held top posi-tions in BA Business Management, MScNetworks Systems as well as five PhDscholars currently enrolled from Pakistanwho have been funded by the HEC."

The British Deputy High Commission -Karachi hosted a reception for theUniversity of Sunderland last month to cel-ebrate their 10 years in Pakistan. Key stake-holders from the government, educationand corporate sector attended the event.

Sunderland university completes 10 years

in Pakistan

Staff Reporter

KARACHI: United bankLimited (UBL) hasbecome the first bank inPakistan to offer Verifiedby VISA (VbV) service onits entire range of UBLVISA Cards. VbV is apassword-protected iden-tity-checking service thatmakes it safe for cardhold-ers to purchase products orservices online. All that aUBL cardholder isrequired to do is sign upfor the service once, andenjoy the security it offers,on all future transactions.

Usable on Verified byVISA sites worldwide, thisservice confirms the card-holders' identity through asimple check-out processwhile they make purchasesonline. The process veri-

fies the legitimacy of thetwo parties engaged in thetransaction and preventsany unauthorized use of acustomer's VISA card.VISA already has one ofthe world's most trustedelectronic payment sys-tems and the VbV facilityadds another layer of secu-rity to it.

Commenting on the serv-ice launched by UBL,Najeeb Agrawalla, GroupHead Marketing & Product

Management said; "Thelaunch of VbV service forUBL Cards customers rep-resents another technologi-cal innovation that is aimedat providing UBL cus-tomers security and world-class service both withinthe country and abroad.This service will not onlyincrease the confidence ofour customers but alsohelp in mitigating fraudu-lent transactions over theinternet".

UBL introducesVerified-by-Visa

TUESDAY

Time Programmes

8:00 Chai Time (Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:15 Power Lunch

13:00 News

13:05 Islamabad Say (Rpt)

14:00 News

15:02 Akhri Sauda

15:30 Tax Time (Rpt)

16:15 Karobari Dunya

17:05 Ghar Ka Kharch

(Rpt)

18:05 Chai Time

19:00 News

19:05 Aap Ka Paisa

19:30 Mang Raha Hai

Pakistan

20:00 News

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 News

22:05 Doosra Pehlu

23:00 News

23:05 Kamyab (Rpt)

0:00 News

12 cos to attend

Malaysianexhibition

ISLAMABAD: Pakistanwith twelve booths is par-ticipating in a big way inthe INTRADE Malaysia2010, one of Malaysia'spremier International tradeexhibition, to be held inKuala Lumpur, Malaysiafrom 9-11th November,2010, says a press releasereceived here on Monday,from Malaysia.

According to pressrelease issued here onMonday, while giving thedetails, the commercialcounselor for PakistanHigh Commission inMalaysia, Wajiullah Kundisaid in Kuala Lumpur, thatso far twelve firms haveconfirmed their participa-tion in the exhibition repre-senting sectors such asladies apparel, handicrafts,shoes, jewelry, bed linen,health products, hand-made carpets, furniture,ladies designer dresses andsurgical instruments. LG interacts

with Khischool kids

KARACHI: LGElectronics, (LG) recent-ly organised an entertain-ing and interactive activ-ity for Karachi Schoolchildren and women sep-arately at its LG MobileCare and Delight ServiceCenter in Karachi.

LG Mobile Care &Delight invited kinder-garten school kids attheir service center, sinceSep 24th to 28th Oct'10,which will be continuedtill end of this year.

In kids event, everytime 50 students and 8staff members played apart in the activity withchock-full of enthusiasmand fanaticism, the eventprovided entertainmentwith a blend of infotain-ment to the kids as well.The second episodeincorporated 25 ardentwomen from Agha KhanCommunity who partici-pated whole-heartedly.-PR

Aminmeets new

TDAPchief

KARACHI: The FederalMinister of CommerceMakhdoom Amin Fahim,visited Trade DevelopmentAuthority of Pakistan(TDAP) Head quarters atKarachi on Monday, wherehe met with the new CE,TDAP and leadingBusinessmen of the city aswell.

Tariq Iqbal Puri who tookcharge as CE TDAP on 4thOctober 2010, assured theMinister that he woulddirect the Organizationwith determination toachieve the export targetsannounced in the 3-yearTrade policy 2009-12.

The CE gave a detailedpresentation on the newinitiatives at TDAP, to theCommerce Minister.

The CE emphasised, thatto make TDAP a knowledgebased Organization, capaci-ty building of TDAP offi-cers was imperative.Improved interaction withtrade & industry would beundertaken through formingof Sectorial ConsultativeCommittees.-APP

MoneyGram

chips in$0.2mn

into reliefK A R A C H I :MoneyGram Internationaldonates $200,000 to theAmerican Red Cross toassist in flood reliefefforts in Pakistan, said ahandout issued here.

The donation is a resultof a campaign from Aug20 to Sept 20, in whichMoneyGram pledged aportion of its Pakistantransaction send fees tosupport the relief effortsof the global Red Crossand Red Crescent networkon the ground in Pakistan."While the flood watersare receded, a massiveRed Cross response con-tinues to help the familiesdevastated by the disas-ter," says David Meltzer,senior vice president ofInternational Services atthe American Red Cross.

"MoneyGram has beena tremendous partner insupporting this reliefeffort, and we are deeplyappreciative of its gen-erosity."

MoneyGram maximizedthe donation by imple-menting the program in itsleading send countries toPakistan including theUS, UK, Spain and Italy.

"We are very pleasedto be able to give to therelief efforts inPakistan," said NigelLee, MoneyGram'sexecutive vice presidentfor Europe, MiddleEast, Africa and AsiaPacific.-PR

KARACHI: Deputy Governor State Bank YaseenAnwar, was the chief guest at Pakistan - German

Business Forum seminar held here. Consul Generalof Germany Dr Christian Breach, President PGBF,Saifuddin Zoomkawala, Razzak Bangali, Barrister

Abdul R Sattar, Abdul Baqui Khan with otherguests are also present.-Staff Photo

KARACHI: MetLife and Alico celebrate their get together.Chief Guest is Agency Director Taseer Y Makhdoom;

Agency Managers Muhammad Akbar and Mahmood Nisar;Unit Managers S Ali Raza Zaidi, S Shamshad Hussain,Muhammad Saleem; Sales Consultants S Shahid Ikram,Samina Altaf, Saleem Akbar Ali are also present on the

occasion.-Staff Photo

PESHAWAR: Roy Chang, Manager SamsungElectronics, Zeshan Quershi, Head of SamsungMobiles and Danish Haroon, Director TeletecEnterprises at the inauguration ceremony of a

Customer Service Plaza at Bilaur Centre PeshawarCantt.-Staff Photo

KARACHI: The Trade Advisor of Thai government,Arif Suleman, hosted a dinner to bid farewell

Kittiphong, and to welcome Polapat, GM,Thai Airways at his residence. Picture shows

Udom Sapito, Consul General of Thailandand diplomats from Srilanka, Indonesia and

Switzerland along with hosts.-Staff Photo

CEO SMILE urges Qaim for allotment

LAHORE: A man clearing the huge poster of Allama Muhammad Iqbal at Aiwan-e-Karkonan Pakistan.-Online

MUMBAI: The Indian rupeeweakened on Monday asbroad dollar gains weighed onalmost all Asian currencieswhile weak domestic sharesraised concerns about the sus-tainability of foreign fundinflows.

The partially convertiblerupee closed at 44.38/39 perdollar, 0.4 per cent below44.20/21 at close on Thursday.The forex market was closedon Friday for the Diwali holi-day.

"Rupee has been strongrecently only because of capi-tal flows but there is no inher-ent strength really due to thelarge trade deficit. So whenev-er there are no inflows, rupeewill be under pressure," saidAshutosh Khajuria, head oftreasury at IDBI Bank.

Foreign funds have so far in2010 bought shares worth arecord $28.1 billion, in addi-tion to last year's $17.5 billion.The rupee has gained 4.8 percent so far this year.

Traders said the rupeeshould broadly trade in a rangeof 44.20-44.60 per dollar.

One-month offshore non-deliverable forward contractswere at 44.62, weaker com-pared to the onshore spotrate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchange closedat 44.5425, 44.5475 and44.5450 respectively, with thetotal traded volume on thethree exchanges at about $6.2billion. -Reuters

Indian rupee weakenson broad dollar rally

3Tuesday, November 9, 2010

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 08/11/2010

A USD GBP CAD EUR JPY

O/N 0.22563 0.55250 1.01667 0.33500 SN 0.09563

1WK 0.24828 0.55563 1.05000 0.74750 0.10563

2WK 0.25000 0.56000 1.07083 0.76125 0.11313

1MO 0.25344 0.56938 1.10417 0.80625 0.12625

2MO 0.26828 0.62750 1.14583 0.87625 0.15250

3MO 0.28563 0.73850 1.20583 0.99250 0.19500

4MO 0.33250 0.82288 1.26583 1.05188 0.27875

5MO 0.39250 0.92538 1.33000 1.13375 0.33688

6MO 0.44250 1.02938 1.40667 1.23125 0.39625

7MO 0.48975 1.10413 1.46500 1.28125 0.45625

8MO 0.53813 1.18625 1.54833 1.32813 0.50500

9MO 0.58906 1.26688 1.60833 1.37813 0.55000

10MO 0.64313 1.34375 1.68500 1.42125 0.57750

11MO 0.69813 1.41125 1.76500 1.46375 0.60625

12MO 0.75556 1.48038 1.84917 1.51250 0.63250

Countries Selling Buying Buying

TT & OD TT Clean OD/T.CHQ

U.S.A. 85.55 85.35 85.17

U.K. 137.95 137.63 137.32

EURO 119.30 119.02 118.74

CANADA 85.35 85.15 84.92

SWITZERLAND 88.69 88.48 88.25

AUSTRALIA 86.53 86.32 86.10

SWEDEN 12.88 12.85 12.81

JAPAN 1.05 1.05 1.05

NORWAY 14.74 14.71 14.67

SINGAPORE 66.50 66.35 66.17

DENMARK 16.01 15.97 15.93

SAUDI ARABIA 22.81 22.76 22.70

HONG KONG 11.04 11.01 10.98

CHINA 12.83 12.80 12.77

KUWAIT 304.94 304.22 303.42

MALAYSIA 27.67 27.61 27.54

NEW ZEALAND 67.58 67.42 67.24

QATAR 23.50 23.45 23.38

U.A.E. 23.29 23.24 23.18

KR WON 0.08 0.08 0.08

THAILAND 2.89 2.88 2.87

London Inter Bank Offered Rates (LIBOR)

Time Source Events Forecast Previous

5:01 GBP BRC Retail Sales Monitor y/y 0.5%

5:01 GBP RICS House Price Balance -39% -36%

11:45 CHF SECO Consumer Climate 17 16

12:45 EUR French Trade Balance -4.0B -4.9B

14:30 GBP Manufacturing Production m/m 0.3% 0.3%

14:30 GBP Trade Balance -7.9B -8.2B

14:30 GBP Industrial Production m/m 0.5% 0.3%

18:30 CAD NHPI m/m 0.3% 0.1%

Tentative GBP NIESR GDP Estimate 0.5%

20:00 USD IBD/TIPP Economic Optimism 47.8 46.4

20:00 USD Wholesale Inventories m/m 0.6% 0.8%

Source Events Actual Forecast Previous

JPY Leading Indicators 98.9% 99.4% 99.5%

CHF Unemployment Rate 3.6% 3.6% 3.7%

EUR German Trade Balance 15.6B 13.2B 12.0B

EUR Sentix Investor Confidence 14.0 10.1 8.8

EUR German Industrial Production m/m -0.8% 0.6% 1.5%

CAD Housing Starts 168K 181K 185K

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Dec 07 2010 Sep 08 2010 1%

European Central Bank Dec 02 2010 May 07 2009 1%

Federal Reserve Dec 14 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

Bank of England n/a Mar 05 2009 0.50%

The Reserve Bank of Australia n/a Nov 02 2010 4.75%

Bank of Japan n/a Dec 19 2008 0.10%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, November 08,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

ABPL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ABLN 12.00 12.50 12.10 12.60 12.20 12.70 12.65 12.90 12.90 13.15 12.95 13.45 13.20 13.70 13.30 13.80

J S B L 12.00 12.50 12.10 12.60 12.25 12.75 12.70 12.95 13.05 13.30 13.20 13.70 13.30 13.80 13.50 14.00

ASPK 12.00 12.50 12.10 12.60 12.25 12.75 12.70 12.95 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

CIPK 12.00 12.50 12.20 12.70 12.35 12.85 12.60 12.85 13.10 13.35 13.20 13.70 13.30 13.80 13.35 13.85

DB P K 12.05 12.55 12.05 12.55 12.10 12.60 12.65 12.90 12.90 13.15 13.15 13.65 13.25 13.75 13.35 13.85

FBPK 12.00 12.50 12.10 12.60 12.15 12.65 12.65 12.90 13.05 13.30 13.15 13.65 13.15 13.65 13.40 13.90

FLAH 11.90 12.40 12.00 12.50 12.25 12.75 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

HBPK 12.00 12.50 12.15 12.65 12.30 12.80 12.75 13.00 13.00 13.25 13.10 13.60 13.20 13.70 13.35 13.85

HKBP 12.00 12.50 12.10 12.60 12.20 12.70 12.70 12.95 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

N I PK 12.00 12.50 12.25 12.75 12.65 13.15 12.85 13.10 13.00 13.25 13.10 13.60 13.20 13.70 13.30 13.80

HMBP 12.00 12.50 12.20 12.70 12.40 12.90 12.80 13.05 13.00 13.25 13.15 13.65 13.20 13.70 13.30 13.80

SAMB 12.00 12.50 12.10 12.60 12.25 12.75 12.85 13.10 13.00 13.25 13.15 13.65 13.25 13.75 13.35 13.85

MCBK 12.00 12.50 12.10 12.60 12.20 12.70 12.80 13.05 13.05 13.30 13.20 13.70 13.30 13.80 13.50 14.00

NBPK 12.00 12.50 12.10 12.60 12.20 12.70 12.75 13.00 12.80 13.05 13.10 13.60 13.20 13.70 13.30 13.80

SCPK 12.00 12.50 12.00 12.50 12.20 12.70 12.70 12.95 12.95 13.20 13.10 13.60 13.15 13.65 13.30 13.80

UBPL 11.90 12.40 12.00 12.50 12.25 12.75 12.70 12.95 13.00 13.25 13.15 13.65 13.20 13.70 13.35 13.85

AVE 12.00 12.50 12.10 12.60 12.24 12.74 12.72 12.97 12.99 13.24 13.13 13.63 13.21 13.71 13.33 13.83

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)09/11/2010

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

1 week 0.92 -0.75 -0.01 0.81 0.57 0.76 0.87 -0.961 month -0.25 -0.73 0.16 0.60 -0.32 -0.32 -0.41 -0.083 months -0.85 -0.52 -0.87 -0.52 -0.86 -0.68 -0.86 0.706 months -0.88 0.58 -0.46 -0.01 -0.89 -0.91 -0.83 0.471 year -0.52 0.61 0.27 0.54 -0.04 -0.30 -0.56 0.042 years -0.62 0.69 0.18 0.62 -0.06 -0.19 -0.61 0.57

Currencies CorrelationUSD/JPY

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 11.90 12.20 12.15 12.10 12.20 12.25 12.13

8-15dys 12.00 12.25 12.30 12.18 12.15 12.30 12.20

16-30dys 12.10 12.15 12.35 12.25 12.20 12.35 12.23

31-60dys 12.35 12.35 12.50 12.40 12.40 12.45 12.41

61-90dys 12.64 12.68 12.67 12.68 12.70 12.65 12.67

91-120dys 12.82 12.75 12.86 12.82 12.80 12.80 12.81

121-180dys 12.96 13.05 13.00 13.03 12.95 13.00 13.00

181-270dys 13.00 13.10 13.10 13.12 13.10 13.10 13.09

271-365dys 13.20 13.20 13.20 13.22 13.20 13.20 13.20

2-- years 13.35 13.30 13.40 13.40 13.40 13.40 13.38

3-- years 13.65 13.65 13.67 13.65 13.60 13.70 13.65

4-- years 13.72 13.70 13.72 13.68 13.73 13.73 13.71

5-- years 13.74 13.72 13.75 13.74 13.75 13.74 13.74

6-- years 13.75 13.75 13.75 13.75 13.75 13.75 13.75

7-- years 13.75 13.75 13.75 13.76 13.75 13.75 13.75

8-- years 13.78 13.85 13.77 13.77 13.75 13.80 13.79

9-- years 13.80 13.85 13.78 13.65 13.80 13.85 13.79

10--years 13.82 13.80 13.85 13.90 13.85 13.85 13.85

15--years 14.20 14.20 14.20 14.20 14.20 14.25 14.21

20--years 14.35 14.35 14.32 14.35 14.30 14.35 14.34

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for November 08, 2010

NEW YORK: The euro fell onMonday as investors frettedanew about budget problems inIreland and some of the euro-zone's other weaker links andtrimmed recent bets against theUS dollar.

Last week's surprisinglystrong US jobs data also prompt-ed investors to buy the dollar.The greenback has slipped to a9-1/2 month low against the euroafter the Federal Reserve said itwould buy $600 billion ofTreasuries by mid-2011 to lowerinterest rates and reinvigorate asluggish economy. The euro fell0.9 per cent to $1.3905, andtraders said a break through sup-port around $1.3860, its low sofar this month, could trigger anear-term move toward $1.37. Italso fell 1 per cent to 112.88 yen.

"We're finally seeing themarket turn its gaze away fromFed easing and toward these

ongoing problems in peripher-al Europe," said MatthewStrauss, senior strategist atRBC Capital Markets inToronto. "Even before the Fedmeeting, spreads for Ireland,

Greece, Portugal were widen-ing, and now that the Fed hasindicated what it will do, themarket is starting to trade onthese worries."

Current market anxiety wasfocused mainly on Ireland.Although the government isfunded until early 2011, a localnewspaper report questionedits ability to cut spending next

year, casting doubt on futuredemand for government debt.

The cost of protecting Irishgovernment debt againstdefault rose on Monday, as didequivalent insurance for Spain.

China said over the weekendit would help Portugal, anothereuro-zone country withstrained public finances, copewith the crisis but made nopromises about buyingPortuguese government bonds.China has promised to buyGreek bonds in the future.

Weak German industrial out-put data also hurt the euro,

while a general move awayfrom risk weakened theAustralian dollar, which fell0.4 per cent to $1.0113, offFriday's 28-year peak of$1.0183. The New Zealanddollar fell 1.1 per cent to$0.7881. The US dollar was off0.1 per cent at 81.17 yen.

The dollar still faces anuphill climb against mostmajor currencies and emergingmarket currencies, traders said.

While recent jobs data aswell as reports on manufactur-ing and service sector growthwere surprisingly strong, ana-lysts said the economy has yetto show it can sustain suchstrength.

Commodity and FuturesTrading Commission data lastweek showed speculators hadincreased dollar short positionsin anticipation of more Fedeasing. -Reuters

Focus on euro-zone debtworries trips up euro

SHANGHAI: The yuan fellin the spot and offshore for-wards markets on Mondayafter the dollar's globalrebound driven by a strongUS payrolls report, allowedthe People's Bank of China tofix a weaker yuan mid-point.

Dollar/yuan non-deliverableforwards extended rises inlate trade after the benchmarkone-year NDFs scored theirbiggest daily spike in morethan a week on Friday, takingits cue from a stronger USdollar index.

Spot yuan closed lower inline with the PBOC's fixingafter it rallied 0.67 per centover the past four tradingdays as the global dollarrebound permitted the centralbank to generate two-waytrading for the Chinese cur-rency.

Dealers said they continueholding the view that the yuancan appreciate to around 6.6against the dollar sometimebefore the end of this year dueto China's much stronger eco-nomic growth than the United

States and external pressures.China faces a slew of politi-

cal events this month, includ-ing a meeting betweenPresident Hu Jintao and hisUS counterpart BarackObama on Nov. 11 at a Groupof 20 summit in Seoul, whichwill add pressure on the yuanto appreciate against the dol-lar.

One-year dollar/yuan NDFsrose to 6.4780 bid in late tradefrom 6.4360 at Friday's close,with their implied 12-monthyuan appreciation fallingsharply to 2.95 per cent fromFriday's 3.62 per cent basedon Monday's PBOC fixing.

In the spot market, the yuanclosed at 6.6781 versus thedollar, down from Friday'sclose of 6.6566. The currencyhas now risen 2.22 per centsince its depegging to the dol-lar in mid-June.

The PBOC set the mid-point, or its reference ratefrom which the yuan can riseor fall 0.5 per cent in a day, at6.6692 on Monday fromFriday's 6.6610. -Reuters

Yuan ends lowerbut uptrend intact

Swiss francticks up

against euroZURICH: The Swiss francticked up against the euro onMonday but fell against thedollar as traders closed shortgreenback bets on Friday'ssolid US jobs data and sold thecommon currency on renewedeuro-zone debt concerns.

The dollar and franc wereboth supported by a rise in riskaversion as Irish debt woesintensified.

"Swiss labour market datashow employment is stillimproving. Business indicatorslike KOF and PMI are slowingbut remain at high levels," saidSarasin foreign exchange ana-lyst Ursina Kubli.

The seasonally-adjustedSwiss unemployment ratedipped to 3.6 percent in Octoberfrom 3.7 percent in the previousmonth. The franc was slightlyhigher against the euro com-pared to the New York close,trading at 1.3471 francs per euroat 0753 GMT. The franc slippedagainst the dollar to 0.9648francs per dollar. -Reuters

LONDON: Sterling rose to afive-week high against thebroadly weaker euro onMonday as worries about euro-zone debt spooked investors,although it lost ground againstthe dollar which was lifted by about of short covering.

The euro was under pressureon mounting worries aboutIrish debt. The main oppositionparty said on Sunday it would

not back next month's budget,sparking concerns whether itwill be passed in the comingmonths.

A report in the SundayTribune newspaper, citing anunnamed "senior market play-er", said the government's betthat 6 billion euros in cuts willhelp Ireland return to the debtmarkets in 2011 would be hardto implement. Widening ofother euro-zone peripheralbond spreads also weighed onthe single currency.

The euro was down nearly

0.5 per cent on the day at 86.28pence, having fallen to as lowas 86.20, its lowest since Sept.30. Near-term support wasseen at 85.73 pence, the 200-day moving average.

Sterling fell 0.3 per cent to$1.6129, retreating furtherfrom its 10-month high of$1.63 struck last week. Traderssaid Russian companies wereselling sterling, with stops

cited at $1.6080/90."We are seeing some of the

long euro/pound positionsbeing unwound given theseperipheral debt worries," saidAdrian Schmidt, FX strategistat Lloyds TSB FinancialMarkets.

"Sterling has been a bit popu-lar given some good data in therecent past, but 85 pence is abig area of support for the euroand one can expect somedecent buying there." Traderscited options related stops allthe way to 86.00. -Reuters

Stg hits 5-wk high vseuro, slips against $

SINGAPORE: Most emerg-ing Asian currencies fellagainst the dollar on Mondayas surprisingly strong US pay-rolls data late on Fridayprompted dealers to close outof bets against the US curren-cy.

Traders took a cautiousapproach to an upcomingGroup of 20 leaders summitlater in the week, eager to lockin gains in the wake of lastweek's Federal Reserve meet-ing rather than risk gettingchewed up by headlines com-ing from the potentially con-

tentious gathering in Seoul.The won fell against the dol-

lar as dealers spotted the for-eign exchange authorities buy-ing dollars to force the won toweaken beyond 1,110 per dol-lar. The won fell to 1,115.6compared with a previousdomestic close of 1,107.3.

Foreign investors remainednet buyers of local stocks into afalling market, purchasing anet 80.9 billion won on themain exchange as the bench-mark KOSPI slipped 0.27 percent. Foreign investors havebought a net 1.32 trillion won

in shares during the previousfour consecutive sessions.

The peso opened at 42.80 perdollar, falling from Friday'sclose at 42.70. It quickly fellfurther to 42.91 as localinvestors moved to avoid beingsqueezed by tight liquidityshould the central bank contin-ue to refrain from rolling overits forward dollar/peso posi-tions.

The central bank triggered ashort squeeze last Friday as itdecided not to roll over its for-ward book, estimated at some$22 billion. -Reuters

Asian currencies

Under pressure on USdollar short-covering

WELLINGTON/SYDNEY: The New Zealanddollar suffered on Monday its first setback inover a week against a broadly firmer greenback,with the kiwi pulling back from a 31-month highafter last week's stellar run.

"I wouldn't be surprised to see some dollarstrength going into G20," said Tim Kelleher,CBA vice president of institutional banking andmarkets.

The NZ dollar fell 1 per cent to a session lowof $0.7868, before steadying at around $0.7900in late trade. It still looked overstretched, withthe relative strength index showing the kiwi inoverbought area, after a 10-day rally.

The kiwi was also dragged lower on sellingagainst the Australian counterpart, in hopes thatthe Aussie could grind back toward its Octoberpeak of NZ$1.3220.

In addition, a report of a possible bacterialinfection in vines in a local kiwifruit orchardalso weighed on market sentiment. The industryis worth more than NZ$700 million a year in

export earnings."That may have helped support this leg up in

Aussie/kiwi, but at this stage they are just earlyconcerns," said Richard Grace, chief currencystrategist at Commonwealth Bank in Sydney.

The Australian dollar fell as far as $1.0091 butrecouped its losses by late trade to be at $1.0142,little changed from New York.

But with markets taking the US FederalReserve's commitment to inject $600 billion toreinvigorate a flagging economy as green light touse the greenback as a funding currency, the out-look for the Aussie and kiwi remains positive.

The kiwi fall should be limited to $0.7750 onbets that the NZ economic recovery would pick uppace next year, while resistance was seen at the31-month high of $0.7975 hit last week and then$0.8000, where option barriers are said to lie. TheAustralian dollar was firm at NZ$1.2817 , a touchstronger than the NZ$1.2781 seen here late Friday,and bouncing further from near two-month lowsof NZ$1.2702 struck last week. -Reuters

NZ dollar under pressure,underperforms Aussie

Taiwan $slips on

cbank moveTAIPEI: The Taiwan dollarfell on Monday as the centralbank moved to control weeksof market volatility and the UScurrency firmed after the flag-ging No.1 world economy pro-duced a round of solid payrollsdata.

Taiwan's currency ended atT$30.636 per US dollar versusFriday's close of T$30.56 duemainly to a central bank sell-offto curb gains since lateSeptember, a dealer in Taipeisaid.

Taiwan's central bank, likeothers in Asia, is widelyexpected to step up interven-tion if monetary easingannounced last week in theUnited States pumps hot moneyinto the local forex market,raising prices on exporters.

The central bank had boughtnearly $6.7 billion in US dol-lars between Sept. 27 and Nov.5, according to an IFR Marketssurvey of traders.

The Taiwan dollar is expect-ed to lack strong direction untilthe G20 meeting on Nov. 11-12in Seoul, where world leadersare seen facing off againstWashington over the global rip-ple effects of monetary easing.-Reuters

Some say dollar still in weakening trend despite jobs data

Friday's robust US jobs numbers support dollar

Shazia Marri

"Lo, like a candle wrestling withthe night... Over my own self Ipour my flooding tears... I spent

my self, that there might be morelight... More loveliness, more joy." -Allama Muhammad Iqbal. His wordsflow true as day, as Iqbal, through hisrevolutionary poetry, provided anunparalleled service the cause ofMuslims in the subcontinent. Unlikeother poets of the time, Iqbal was not aromantic lyricist. Instead, his poetrycarried a message - of hope, of Islamicrenaissance, and of the economic liber-ation of Muslims of the Indo-Pak sub-continent.

Iqbal's political contribution is wide-ly considered as the starting point inthe struggle for the creation of a sepa-rate, independent, sovereign state,finally become Pakistan. He recog-nised the cultural, political, religious,economic and social dissimilaritiesbetween the two major communities -Hindus and Muslims of theSubcontinent. These difference of out-look, in fact, were greatly instrumentalin giving rise to two distinct politicalideologies which were responsible forthe partition of India into two inde-pendent states.

However, in order to fully appreciatethe weight behind Iqbal's words, weneed to understand the reasons behindthem. To follow the chain of thoughtsand events that led to his unshakeable

faith in the idea of a separate home-land for the Muslims. Iqbal was theproduct of an age which gave a newsocio-political consciousness to thepeople of the subcontinent. He hadstudied the Indian political problemsfrom various angles. He had studiedthe idea of a common nationality aspreached by the Indian NationalCongress in all its details and implica-tions; he was witness to the revolution-ary activities of the Hindus on the eveof the partition of Bengal; he had seenthe bleak results of the UnityConferences held in connection withthe Hindu-Muslim question; he hadseen the outcome of the Minto-Morley

and Montford Reforms; was dejectedat the failure of the KhilafatMovement; he supported and cooper-ated with the Simon Commission onlyto be sorely disappointed by its Reportand the recommendations carriedtherein; The outcome of the NehruReport was also before him; The

results of the Round Table Conferenceof 1930, which he attended, left himdejected. As the entire political phe-nomena revolved around the HinduMuslim question, and the result of allpolitical and constitutional endeavourswas nothing but an increase in the hottempers of both the communities andtheir gradual departure from eachother.

In his Presidential address at theannual session of All India MuslimLeague in Allahabad in 1930, Iqbalvery firmly laid the foundation for aseparate homeland, when he categori-cally said "I would like to see thePunjab, North-West Frontier Province,

Sindh and Balochistan amalgamatedinto a single State." Following this, hecontinued to be one of the most power-ful though tacit precursors of politicalevolution of Muslim India. Indeedwithout Iqbal's persistence, the Quaidwould perhaps never have returnedfrom England in 1934, to head the then

unified Muslim League. Until his death in 1938, Iqbal contin-

ued his close association with theQuaid and the All India MuslimLeague. Ever mindful of the volatilesituation in the sub-continent, Iqbalcontinued to apprise Jinnah throughhis letters. In his letter to the Quaid onJune 21st 1937, Iqbal laments, "I tellyou that we are actually living in astate of civil war which, but for thepolice and military, would becomeuniversal in no time." These letters thatIqbal wrote to the Quaid were hisprized possessions. As Hector Bolithowrites about the Quaid in 'Jinnah -Creator of Pakistan, "He workedalone, with no personal staff and noteven a secretary to copy his letters andkeep his papers tidy. But there was onebundle of letters, in a drawer, to whichhe could turn for consolation: they hadbeen written to him by Sir MuhammadIqbal..."

The Quaid himself said of Iqbal, "Tome he was a friend, guide and philoso-pher and during the darkest momentsthrough which the Muslim League hadto go, he stood like a rock and neverflinched one single moment…"

But Iqbal's contribution towards thecreation of Pakistan can perhaps bebest gauged by Jinnah's words on theeve of the Lahore Resolution 23rdMarch 1940, "Iqbal is no moreamongst us", he said, "but had he beenalive he would have been happy toknow that we did exactly what hewanted us to do."

Let's use today his birthday, toremember what Iqbal wanted, andwhat he helped achieve for this greatnation - a homeland for Muslims, aseparate, sovereign Pakistan. A landacquired after so many years of inces-sant struggles and sacrifices. A land wemust now pledge to protect and devel-op, as envisioned by those who spenttheir lives struggling to achieve it.

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

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

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

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

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

accuracy and completeness cannot be guaranteed. The Financial Daily

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

use of these reports and recommendations.

Dire need forexpanding UN

Security CouncilOne of the reasons for inviting US President

Barack Obama was to seek his country's supportfor India for a permanent seat at UN SecurityCouncil. India is ingeniously seeking expansionin the number of permanent as well as non-per-manent members. It has already won a non-per-manent member seat for two years but considergetting a permanent seat its intrinsic right.

The prevailing position demands for revamp-ing the Security Council to give United Nationsits true image. The general perception is: 1) theUN system has failed in grasping the changes inthe global landscape since World War II, 2) itdoes not have a single Arab country (althoughthe Arab world has about a hundred millioninhabitants) as a permanent member of theCouncil, 3) Japan, the world's third-largesteconomy, is not a permanent member of theCouncil either, nor is there a single LatinAmerican country as a permanent member ofthe Council, and 4) India, with a billion inhabi-tants, and becoming the world's most populousnation in 30 years time is not a permanent mem-ber of the Council. How can anyone expect theCouncil to resolve major crises, wars and otherconflicts within the framework of the UN with-out Africa, without three-quarters of Asia, with-out Latin America, and without a single Arabcountry?

No country seems as vociferous as India andits permanent representative in the UN hasbeen demanding equitable representation andincrease in the membership of the Council.India's contention is 'There are a few whooppose real change, either by filibustering orattempting to put roadblocks. While they maysucceed in slightly deferring the change that isinevitable, they do so at the cost of making theCouncil lose more credibility and effective-ness. Such actions also do a disservice to mul-tilateralism.'

The 15-member Security Council scheduled tomeets next January will have historic represen-tation. The 10 rotating non-permanent memberswill bring some of the world's rising new play-ers on the global stage that include India, SouthAfrica, Germany, Brazil, and Nigeria. All willsit under one roof around the legendary horse-shoe table and negotiate key issues facing theworld.

In the uni-polar world, Pakistan is oftentermed the frontline ally of the US but hasreceived the least support of the sole survivingsuperpower in resolving Kashmir issues formore than six decades. Both India and Pakistanhave attained the status of atomic powers butKashmir remains the flashpoint and the biggestpotential to the security of the region.

Over the six decades India has shown thehighest disregard to the resolutions passed bythe comity of nations asking it to holdplebiscite. It has been treating people ofKashmir in the most inhuman manner.Pakistan's only request to the world is to exam-ine Indian attitude before recommending itsname for a permanent member of the SecurityCouncil.

4Tuesday, November 9, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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The Financial Daily InternationalVol 4, Issue 94

US President BarackObama has called onIndia to bolster peace

efforts with Pakistan whichhave foundered since the 2008Mumbai attacks, relationsseen as crucial to winning theAfghan war.

At the same time, he saidPakistan's fight againstextremism within its borderswas "not as quick as we'dlike," and that India's neigh-bour should do more to helpdevelopment in Afghanistan.

Obama's comments reflect-ed the diplomatic minefieldthat the United States faces inSouth Asia, trying to balanceties with rising power India onthe one hand, and frontlineally Pakistan on the other.

The nuclear-armed nationshave fought three wars sincethey became free nations in1947, and remain deeply dis-trustful of each other.

Following are some of themain issues between them.

SECURITYFor India, security is the top

issue. It has refused to resumea series of talks until Pakistantakes more action againstPakistan-based militant

groups.In particular, India wants

Pakistan to show it is seriousin reining in the militantsbehind the Mumbai attacks, inwhich 166 people were killed.

This is complicated byIndian suspicions that thePakistan security establish-ment backed the militants insome way. This summer,Indian Home Secretary G.K.Pillai directly blamedPakistan's powerful Inter-Services Intelligence (ISI)agency for the attacks.Testimony from Pakistani-American David Headley,who scouted targets for themilitants who staged theattack, says some ISI officerswere connected to the plot.

For its part, Pakistan accus-es India of backing separatistsin its Baluchistan provinceand providing weapons andfunding to Pakistan Talibangroups, charges India denies.

AFGHANISTANAfghanistan is a major source

of friction. The two countrieshave long competed for influ-ence there and Pakistan isdeeply suspicious of a rise inIndia's presence after the fall of

the Islamabad-backed Talibangovernment in 2001.

It accuses India of usingAfghanistan as a base to createproblems inside Pakistan,including backing separatists inits Baluchistan province. Indiadenies the accusations, sayingits focus is on development.

India worries that anAfghanistan dominated byPakistan's allies in the Talibanafter a US pullout wouldallow anti-Indian militants abase from which to launchattacks.

This rivalry is complicatingUS-led efforts to end an inten-sifying Taliban insurgencyand bring stability toAfghanistan more than eightyears after the Taliban wereousted.

KASHMIRThe divided, mostly Muslim

Himalayan region of Kashmiris at the heart of hostilitybetween the neighbours andwas the cause of two of theirthree wars since independencefrom Britain in 1947. Thethird was over the founding ofBangladesh.

Separatists began an insur-gency against Indian rule in

1989 -- a movement almostimmediately backed byPakistan -- and since then tensof thousands of people havebeen killed. Most fighterswant all of Kashmir tobecome part of Pakistan butmany ordinary Kashmiriswant independence from bothIndia and Pakistan.

Pakistan Foreign Ministryspokesman Abdul Basit wasquoted by the news agencyPress Trust of India as sayingthe United States ought toplay an "effective role for anamicable solution of the long-standing issue of Kashmir"given close India-US ties.

The United States, however,has shown no enthusiasm forgetting involved in what itcalls a bilateral issue forPakistan and India.

Violent anti-governmentprotests have swept India-con-trolled Kashmir since June,killing at least 110 people.The region is under an armylockdown.

WATERThe two countries disagree

over use of the water flowingdown rivers that rise in IndianKashmir and run into the

Indus river basin in Pakistan.The use of the water is gov-

erned by the 1960 Indus WaterTreaty under which India wasgranted the use of water fromthree eastern rivers, andPakistan the use of three west-ern rivers. Pakistan says Indiais unfairly diverting waterwith the upstream construc-tion of barrages and dams.India denies the charge.

SIACHENIndian and Pakistani forces

have faced off against eachother in mountains above theSiachen glacier in theKarakoram range, the world'shighest battlefield, since1984.

The two sides have been try-ing to find a solution thatwould allow them to withdrawtroops, but India says it isunwilling to bring its forcesdown until Pakistan officiallyauthenticates the positionsthey hold.

Pakistan has said it is will-ing to do so but on the condi-tion that it is not a finalendorsement of India's claimover the glacier, one source ofmeltwater for Pakistan'srivers.-Reuters

A Bouquet of Thorns

We've entered a newera in global finan-cial markets: the US

is intentionally devaluing thedollar.

For the US, which has longespoused a strong dollar but inreality had a policy of benignneglect, this is the equivalentof pushing the big red ejectbutton in the jet cockpit: some-thing big is going to happenand we will have to see how itwill work out.

The Federal Reserve onWednesday moved to open asecond round of quantitativeeasing, pledging to purchase atotal of $600 billion of longer-dated Treasuries between nowand the end of the second quar-ter of next year. As well, theFed will reinvest $250-300 bil-lion in the same period, mean-ing that the central bank will bebuying up $110 billion a monthin Treasuries and creating alike amount of new money outof the ether.

Perhaps the principal wayQE will boost the economy, theFed hopes, is by loweringeffective interest rates, enticinginvestors to move into riskier

assets, some of which maygenerate inflation and jobs. Aswell there is the wealth effect;the old canard of spendingmore because your retirementaccount and house have goneup in nominal terms.

The bald fact, though, is thatby turning on the printingpresses the Fed will drivedown the value of the dollarabsent a similar move in anoth-er currency. Much of the newinvestment created by QE willbe made not in the US but willbe money borrowed in the US,exchanged into a foreign cur-rency, probably an emergingmarkets one, and investedoverseas. That will drive thedollar down, which will help tomake US industry more com-petitive.

There you have it; competi-tive devaluation, a beggar-thy-neighbor policy. It is not muchof a lever, but it is one of thefew which the Fed has left topull.

Don't expect anyone fromthe Fed or the Treasury to tellyou this in simple declarativesentences, but it's true nonethe-less.

"Devaluation is the intention,and devaluation is what isgoing to happen," AvinashPersaud, Chairman of ElaraCapital told the Forex Forumconference in New York onTuesday.

We can surely expect the USto deny this, as TreasurySecretary Timothy Geithnerdid in October, but the truthwill be seen in the foreignexchange markets, where thedollar has been falling and willfall further as the year windsdown.

GETTING THE GENIEBACK INTO

THE BOTTLEIt is most certainly in the

power of the US to begin aperiod of competitive devalua-tion. The US dollar is a globalreserve currency and the mar-ginal cost to Bernanke of print-ing more is very low indeed.Less certain are the reactionsof the rest of the world.

While the US will surelyhave prepared the way for QE2with its major trading partners(and in fact may be deliberate-ly ticking off the Chinese)there remains a strong chance

that a falling dollar sets off arange of tit-for-tat reactions.Already Korea and Brazil aremoving to stem the apprecia-tion of their own currency.Look too for the possibility ofother countries joining in toQE, in part so that the Japaneseyen, to name just one, does notrise too much against the dol-lar.

A currency war blossominginto a trade war has to be oneof the outside but significantrisks of 2011. If global growthcan recover significantly thismay be averted, but this is farfrom promised.

The second and maybe moreimportant risk is that the US,having lost control over itsown monetary policy manyyears ago due to recycling ofcapital by the Chinese, nowloses control of its currency.Like going broke, this can hap-pen little by little and then allof a sudden.

On the Fed's reckoning itwill go like this; QE2 and verylow rates go on for an extend-ed period, but almost as a mat-ter of mechanics, when the Fedbegins to tighten, the dollar

recovers. The Fed has used thedollar lever to ease and thenuses it to help to tighten. Thedollar remains the principalglobal reserve currency andinvestors respond to the Fed'sincentives.

The alternative is that QE isnot terribly successful inimproving US growth but doestouch off a round of specula-tive investment elsewhere,investments that make returnsin a shrinking dollar lookworse day by day. When thetime comes that the Fed, per-haps hurrying to prove its con-trol, decides to stop QE2, bondinvestors want compensationfor holding US debt -- a lot ofcompensation. US equities,which have been held aloft byQE, duly fall sharply, as doesthe dollar, while yields spike.This is not a central case, but itis a possibility, and as it wouldbe a disaster, one that needs tobe watched closely.

Extraordinary times surelycall for extraordinary meas-ures, but those measures some-times bring extraordinaryresults, and not always theones we hope for.-Reuters

Enter the Era ofDollar Devaluation

Remembering Iqbal

Iqbal's political contribution is widelyconsidered as the starting point in the

struggle for the creation of a separate,independent, sovereign state, finallybecome Pakistan. He recognised the

cultural, political, religious, economic andsocial dissimilarities between the two majorcommunities - Hindus and Muslims of theSubcontinent. These difference of out-look,in fact, were greatly instrumental in giving

rise to two distinct political ideologieswhich were responsible for the partition of

India into two independent states

“

5Tuesday, November 9, 2010

Red Bull Formula One driver Sebastian Vettelof Germany celebrates winning the Brazilian F1

Grand Prix at the Interlagos racetrack

Younisseeks a

major ICCtitle beforeretirement

DUBAI: Former CaptainYounis Khan has said thathe would like to win a majorInternational CricketCouncil (ICC) for Pakistanbefore bowing away fromthe game.

"Its my wish and dreamthat I should win a majortitle for Pakistan in shape ofWorld Cup or other ICCTrophy," he told a group ofPakistan reporters at DubaiSports City Internationalbefore team's training ses-sion on Sunday evening.

Pakistan is always beenfront runner for the majorbut they were bit unlucky toaccomplished the task. "Wealways high rating amongthe top four in the world cupand other events," he com-mented.

Younis Khan, who staginga comeback in the teamafter nearly eight months,said, he wanted the things ofthe past behind him andlook for future andremained focus on it.

He said a couple of halfcenturies has given him alot of boost. "These knocksgave me medal strength andconfidence," 32-year-oldveteran said.

Commenting on his steadymatch winning knock of 73off 115 balls without aboundary. I wanted to playthe role of senior batsmanand stay at the crease aslong as possible and contin-ue in the same vein infuture," he pointed out.

"I am playing the ball onthe merit." My focus is tokeep my form and fitnessfor future, he said.

Younis Khan had alwayscherished his grand knockof 313 against Sri Lanka atNational Stadium Karachion February 2009 and thathas given my career a greatdeal of confidence andboost.

He was looking forward tothe 2-Test match series andhad always enjoyed playingthe premier class of crick-et.-APP

AHMEDABAD: HarbhajanSingh emerged as India'sunlikely batting hero when hescored his maiden hundred tobail the hosts out of a tight sit-uation for a draw in the firsttest against New Zealand onMonday.

The right-handed batsman,who had hit a career-best 69 inthe first innings, combined in a163-run partnership withVangipurappu Laxman for theseventh wicket, and put paid toany hopes the visitors had ofwinning.

A fiery spell of fast bowlingby Chris Martin had reducedIndia to 15 for five on Sunday,and it required a doggedinnings from the dependableLaxman (91) and the unlikelyHarbhajan (115) to arrest thecollapse.

Resuming on a precarious 82for six, India finished theirsecond innings on 266, settingNew Zealand an improbabletarget of 295 runs from 24overs.

The visitors lost TimMcIntosh, who went for agolden duck, to Zaheer Khanand reached 22 for one beforethe captains settled for a draw.

Harbhajan brought up hismaiden test century by loftingNew Zealand captain DanielVettori over the long-offboundary to bring the sparsecrowd for the final day's actionat the Sardar Patel Stadium totheir feet.

He then celebrated by mim-icking the batting stance of histeam mate and scorer of 49-test centuries SachinTendulkar, much to the amuse-

ment of the rest of the team,who were seen laughing on thedressing-room balcony.

Harbhajan danced down thewicket to pacer Martin andreverse swept the spinners, tohit 10 fours and three hugesixes in his knock.

"I never dreamt I would beman of the match in testmatches for my batting. Butit's fantastic to get my first testhundred," Harbhajan said atthe presentation ceremony.

"I just wanted to stay therewith Laxman. It was for him Igot the hundred."

Laxman and Zaheer (0) fellin consecutive deliveries fromleft-arm spinner Vettori, todubious leg before decisionsby umpire Steve Davis.

Television replays appearedto show that on both occasions

the batsmen had managed aninside edge before the ball hittheir pad.

The New Zealand bowlers,hampered by injuries toHamish Bennett and JesseRyder, were unlucky earlier inthe day as they found a num-ber of edges only to watch theball land short of their fielders.

DRAB DRAWIndia captain Mahendra

Singh Dhoni was disappointedwith the draw and hoped con-ditions at the next matchwould suit the bowlers a bitmore.

"It was very difficult to getwickets here especially if youwere willing to play patiently.There was not much turn, alsonot the kind of reverse swingto get batsmen out," Dhonisaid.-Reuters

Harbhajan's maiden ton draws IndiaBhajji adjudged player of the match

KARACHI: Most commenta-tors and former players wouldrank Sachin Tendulkar as thegreatest batsman after DonBradman but former Pakistancaptain Zaheer Abbas has ratedthe Indian icon as the best of alltime, even above the legendaryAustralian.

According to PTI, "Peoplekeep calling him (Bradman)the greatest. I never saw himbat but I know, somehow, thathe couldn't have been betterthan Tendulkar," Abbas, con-sidered one of the finest bats-men Pakistan has produced,said.

"This boy (Tendulkar) hascertainly gone a step ahead ofthe Don. Just look at the guy. Imean he has been playing for21 years, has scored thousandsof runs, dozens of centuries butis still hungry for more as adebutant. It's such an inspiringsight to see him go out there

and still bat like he batted as ateenager. Our batsmen shouldlearn from him," Abbas said.

Abbas lamented he was notplaying in the current era andsaid he envied Tendulkarbecause of his never endingappetite for runs.

"I am proud that I am theonly Asian to have scored over100 first class hundreds butafter 16 years of internationalcricket I just played 78 tests. Iwonder if I was born in the sev-enties. I could have playedtwice as many tests and havescored so many more runs.Probably I was born in thewrong era," he said.

"Tendulkar is so good and solucky to be born at just the righttime. It's a great combination,"said Abbas, who is known asAsian Bradman for his runmaking ability and remains theonly Asian to have 100 firstclass hundreds.-Online

Sachin even betterthan Bradman:Zaheer Abbas

LONDON: In contrast toEngland's policy of no wivesand girlfriends for the first sixweeks of the tour, Australia areto take a more enlightenedstance on Wags when the Ashesseries starts - by allowing themto join their partners wheneverthey wish.

Cricket Australia commis-sioned research from relation-ship experts who revealed thattheir presence eased strain onfamily life and improved teamharmony.

Theory does not always workout in practice though and therehave been flashpoints before

between Wags, most notably onAustralia's 2005 Ashes tour.Writing in his book, TrueColours, Adam Gilchrist recallshow the factions among theplayer's families affectedmorale.

"It was apparent when someof the guys returned from Lord'sto the team hotel during the firstTest, that some personalityclashes had disrupted relationsbetween wives and players,"wrote Gilchrist. "It ended upwith some of the guys sufferingfrom their divided loyalties."

Despite those risks, CricketAustralia is convinced of the

benefits of having such highprofile Wags as Jessica Bratich(Mitchell Johnson's fiancée),Lee Furlong (Shane Watson'swife) and Rianna Ponting jointheir partners through the series.

Like the England and WalesCricket Board, Cricket Australiafoots the bill over the two-weekfestive period that spans theMelbourne and Sydney Tests.Otherwise, with the playersstaying in family-friendly apart-ments, wives and girlfriends arewelcome to stay whenever theylike providing incidentals suchas breakfast and room serviceare paid for.-Agencies

Aussies refuse ban onwives and girlfriends

DUBAI: Though they triedhard enough but it was some-thing not going to happen lastnight as Pakistan lost toSouth Africa in the last anddeciding ODI of the fivematch series, thus losing theseries 3-2.

Pakistan lost by 57 runs, asthe keeper-less side couldn'tmake it to the target set byProteas.

Three wickets in threeovers for Jacques Kallis dent-ed Pakistan's hopes ofpulling off an unlikely 318-run chase in the decidingone-day international atDubai.

After being given an enter-prising start by ShahzaibHasan and MohammadHafeez, who added 81 in theopening 12 overs, Pakistanslid to 129 for 5, with Kallisdoing the bulk of the damage.

A cameo 41-ball 59 fromJP Duminy carried SouthAfrica to 317 in the deciding

one-day international againstPakistan at Dubai.

Capping the good work ofHashim Amla, Jacques Kallisand AB de Villiers, who eachmade half-centuries, Duminyensured a mid-innings stum-ble did not cost South Africaand left Pakistan with amammoth chase as they lookfor their first ODI series winin two years.

64 runs came off the lastfive overs as Duminy laidinto Shoaib Akhtar andWahab Riaz. It justifiedSouth Africa's decision todelay the Powerplay until theend as he cleared the infieldwith inventive and classystrokeplay. He looks to haverecovered his poise this sea-son after a chastening experi-ence last year, and one shotin particular, moving acrosshis stumps to flick Wahabpast short fine-leg, betrayed aman on top of his game.-Agencies

Pak lose series 3-2 to Proteas

DUBAI: International CricketCouncil (ICC) Sunday praisedPakistan Cricket Board (PCB)in showing a determination toprotect the integrity of cricket.

The ICC's Pakistan TaskTeam (PTT) met by teleconfer-ence today to receive an updateon the progress being made bythe PCB.

ICC Director Giles Clarke, aschairman of the PTT, wasjoined by members of the taskteam as well as PCB chairmanIjaz Butt and the PCB SeniorGeneral Manager CricketOperations International,Subhan Ahmad, and ICC ChiefExecutive Haroon Lorgat.

The PTT were impressed bythe progress reported by the

PCB in the development of anAnti-Corruption Code by thePCB. A proposed plan to regu-late agents of Pakistani playersand an enhanced and country-wide education programme

ICC Chief Executive HaroonLorgat said: PCB has clearlyrecognized that it is imperativeto protect the integrity of crick-et and we are indeed impressedby the progress reported. Theirwillingness to play such anactive role on the integrityissue is vital to the future ofinternational cricket. Theyhave shown a clear determina-tion to tackle their challenges.

"The ICC Task Team ismindful of those challengesand is committed to supporting

the PCB." Pakistan Task Teamchairman Clarke said; "ThePCB chairman and his teammust be congratulated for thespeed with which they haveadopted the recommendationsof the ICC Board. Everyone isencouraged by the statementsand actions of the PCB and wemust hope that they continue."

PCB chairman Ijaz Butt said:"The PCB is determined toimplement the recommenda-tions provided by the ICC. Weat the PCB, like the ICC, arecommitted to a zero-toleranceapproach to any form of cor-ruption". There will be no fur-ther comment from the ICC,PTT or PCB at this time, ICCstatement said.-APP

ICC lauds Pak’s willto end corruption

Pak to faceMaldives

todayin soccer

ISLAMABAD: Fourthtimes gold medalist Pakistanwill take on Maldives in16th Asian Games FootballTournament. Pakistan-Maldives clash will the ninthin track record and the sec-ond in U23 football event.

Both the teams will faceeach other in Group-F at theHuangpu Sports Center,Guangzhou on Tuesday, 9November 2010 (4 PM PSTKick Off).

Since 2002 Busan Games,football at the Asian Gameschanged to age-limit andnow it is a "U23 + 3 over-age" tournament.

Pakistan is most successfulnation in SAF Games soc-cer's 26-year history withfour golds. Pakistan won theevent four times in ninthattempts - 1989, 1991, 2004,2006, missing the 1984 and1995 editions at Kathmanduand Chennai respectively.Pakistani also won thebronze in 1987 when eventwas arranged at Kolkata'shuge Eden Garden. Pakistanfailed to reach rostrum in1985, 1993, 1999 and 2010.-PPI

KARACHI: Group Photo of players of Kalr Star, ChampionTeam of First PSO Interclub Football Championship along

with Chief Khalid Khainchi, Qamaryar Khan, Nasir Ali, JanMuhammad Baloch & other.-Staff Photo

DUBAI: South Africa's AB de Villiers plays a shot as Pakistan's Umar Akmal looks on during their fifthone-day international cricket match against Pakistan.-Reuters

Aisam namedUNDP

goodwillembassador

ISLAMABAD: The UnitedNations Development Program(UNDP) has appointed tennisace Aisamul Haq Qureshi as agoodwill ambassador, onMonday.

UNDP will formally makethe announcement in a ceremo-ny in Islamabad today(Monday). Aisam, however,will not be attending the cere-mony as he is in Madrid. Hisparents will represent him,instead.

Aisam and his motherNosheen Ahtasham have othercredits to their names as well.Both of them have received thepride of performance awards.

The current list of UNDPambassadors includes the likesof entertainment and sports big-wigs Antonio Banderas,Christiano Ronaldo, ZinédineZidane, Didier Drogba andMaria Sharapova.

Aisam was runners-up in boththe men's doubles final andmixed doubles final in the USOpen in New York last week.He is Pakistan's most success-ful tennis player, as the 'Indo-Pak Express' of Aisam-ul-HaqQureshi and Rohan Bopannasecured the number 6th spot inATP World Rankings.

Aisam's speech at the end ofthe mixed doubles final was aproud moment for Pakistanis ashe delivered a heartfelt mes-sage about Pakistan's image.

"My parents are watching inPakistan and I love you all,"Qureshi said.-Reuters

Kallis hammers 83, takes 3 wkts

LONDON: Copper was steadyon Monday as the dollar roseand the market decided thatrecent gains were overdone,but prices are expected to beunderpinned by strong funda-mentals over coming months.

Benchmark copper on theLondon Metal Exchange endedat $8,660 a tonne, unchangedfrom the close on Friday whenthe metal used in power andconstruction hit $8,769.50, itshighest since July 2008.

On Monday, copper earliertouched $8,735 a tonne.

"In the short term, moves aregoing to be heavily dictated bycurrency," said Daniel Major,analyst at RBS.

"Stronger data from the USand concerns about euro-zonedebt could result in a strongerdollar and that could weigh oncommodities over coming days."RBS' Major said investor inter-est in base metals will buoyprices even though prices havegone beyond fundamentals.

Copper prices are up about40 per cent since June andcompare with levels below$3,000 a tonne in December

2008 after the collapse ofLehman Brothers raised wor-ries that recession could turn

into a 1930s style depression.US bank Citi said it had raised

its short- to medium-term fore-casts for base metals prices toreflect tighter demand and sup-ply dynamics and a weaker dol-lar. Ratings agency Moody's saidthe global base metals recoverywould continue.

Additional support for cop-

per came from a strike byunion workers at Chile'sCollahuasi, the world's No. 3copper mine, which heads intoa fourth day on Monday withno visible impact on output yetas wage talks remained stalled.

Also in focus are copperexchange-traded products thatgive investors exposure tophysical metal.

Three-month aluminium wasuntraded at the close but bid at$2,429 a tonne from $2,452 onFriday. Traders said news thatChina's State Reserves Bureaurecently sold 95,767 tonnes ofprimary aluminium from itsstockpiles was weighing onprices. Zinc ended at $2,479 atonne from $2,528 on Friday,lead closed at $2,504 from$2,506. Tin was untraded at theclose but bid at $26,595 from$26,440 and nickel ended at$24,125 from $24,450. -Reuters

Copper under pressurefrom firmer dollar

6Tuesday, November 9, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1300 1240

October (3rd Wednesday) 1225 1250

November (3rd Wednesday) 1235 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for November 05 2010

LME Official Prices, US$ per tonne for November 05 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2270 2437 8695 2504 24445 26395 2509 2321

Cash seller 2280 2438 8700 2505 24450 26400 2510 2322

3-months buyer 2245 2468 8710 2530 24505 26375 2531.5 2340

3-months seller 2255 2470 8710.5 2535 24525 26395 2532 2350

15-months buyer 2180 2517 8520 2490 24035 25800 2565 2340

15-months seller 2190 2522 8530 2495 24135 25850 2570 2350

27-months buyer 2180 2557 8140 2440 23150 2515 2395

27-months seller 2190 2562 8150 2445 23250 2520 2405

LONDON METAL EXCHANGE (METALS)

NEW YORK: US oil pricesslipped on Monday as astronger dollar and the euro'sweakness amid renewed euro-zone debt concerns helped pulloil from a two-year peak above$87 a barrel.

US crude for Decemberdelivery fell 30 cents to $86.55a barrel at 1654 GMT, off itsearlier $87.49 intraday peak,the highest pricesince $89.82 wasstruck on Oct. 9,2008. Monday'spull back by oilstalled at Friday's$85.96 low, a bro-ker noted.

US crude priceson Friday marked five straighthigher settlements and posted a6.6 per cent gain for the week,the biggest percentage gainsince the week to Feb. 19.

ICE December Brent crudefell 11 cents to $88 a barrel.

"After the strong surge inrisk appetite last week, itseems like reality and profit-taking are kicking in today.Global equities are in the red,and oil is slightly lower butstill close to a two-year high,"Danske Market analysts wrote

in a note to clients.Current anxiety over euro-

zone debt focused mainly onIreland. The cost of protectingIrish government debt againstdefault rose on Monday, as didequivalent insurance for Spain.

"Following the common pat-tern of recent weeks, crude felloff from two-year highs as theUS dollar strengthened," J.P.

Morgan's commodities team saidin a research note on Monday.

J.P. Morgan's note also saidthe bank expects strength inAsia to drive prices highergoing forward.

Libya's top oil official and andelegate from one of OPEC'sGulf members said on Mondaythey saw no need for OPEC toboost output targets at itsDecember meeting.

"While the price is inchingup, we think the terms of tradeare going against OPEC coun-

tries and the increase in theprice did not even compensatefor the loss in the dollar valueand the increase in the price ofcommodities," said ShokriGhanem, chairman of Libya'sNational Oil Corporation.

Qatari Oil Minister Abdullahal-Attiyah said on Monday thatthe oil market was stable andthat countries would have to

live with high-er prices.

"I think themarket is verystable, but weare seeinghigh invento-ries in othercountries," he

told reporters on the sidelinesof an industry event in Doha.

Last week he said that $70 to$90 per barrel was very reason-able for consumers and produc-ers, echoing a similar commentabout that price range fromSaudi Oil Minister Ali al-Naimi.

The International MonetaryFund also voiced a lack of con-cern about higher oil prices. Asenior official on Saturday saidthe IMF does not see a rise in oilprices as a threat to the globaleconomic recovery. -Reuters

Oil eases from 2-yr peakas dollar strengthens

Europeanvegetableoil prices

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

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr11895.00+5.00, May11/Jul11905.00+15.00, Aug11/Oct11890.00+15.00.

SUNOIL: EU dlrs tonneextank six ports optionJan11/Mar11 1445.00+5.00,Apr11/Jun11 1420.00+10.00,Jul11/Sep11 1450.00+20.00.

LINOIL: Any origin dlrstonne extank RotterdamNov11/Dec11 1300.00-12.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Nov101112.50+2.50, Dec101107.50+2.50, Jan11/Mar111105.00+2.50, Apr11/Jun111105.00+2.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Nov10 1137.50,Dec10 1137.50, Jan11/Mar111135.00.

PALMOIL: RBD dlrs tonnefob Malaysia Nov10 1092.50,Dec10 1092.50, Jan11/Mar111090.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Nov101102.50, Dec10 1102.50,Jan11/Mar11 1100.00+2.50,Apr11/Jun11 1100.00,Jul11/Sep11 1097.50.

PALM STEARIN: Dlrs tonnefob Malaysia Dec10 1080.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Dec10 990.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamOct10/Nov10 1510.00+20.00,Nov10/Dec10 1510.00+20.00,Dec10/Jan11 1510.00+20.00,Jan11/Feb11 1510.00+20.00.

CASTOROIL: Any origindlrs tonne extank RotterdamNov10/Dec10 1925.00+0.00. -Reuters

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

Date Quotation in lots Settlement Settlement in Lots

Price Price

08-Nov-2010 CRUDE100 DE10 US$ Per Barrel 86.81 87.21 86.00 86.41 135 86.90 86.41 55

08-Nov-2010 CRUDE100 JA11 US$ Per Barrel 87.25 87.77 86.76 87.05 36 87.55 87.05 29

08-Nov-2010 CRUDE100 FE11 US$ Per Barrel 87.83 87.83 87.56 87.56 - 88.06 87.56 -

08-Nov-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 26.06 26.90 26.06 26.79 512 26.75 26.79 73

08-Nov-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 26.11 26.82 26.11 26.82 - 26.77 26.82 -

08-Nov-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1381.40 1398.00 1381.40 1391.50 603 1390.50 1391.50 809

08-Nov-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1382.00 1399.00 1382.00 1392.60 1,656 1391.60 1392.60 1,091

08-Nov-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1383.20 1400.00 1383.20 1393.70 800 1392.60 1393.70 408

08-Nov-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1381.40 1397.00 1381.40 1391.50 17 1390.50 1391.50 6

08-Nov-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1382.90 1392.60 1382.90 1392.60 - 1391.60 1392.60 -

08-Nov-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1383.90 1392.60 1383.90 1392.60 - 1392.60 1393.70 -

08-Nov-2010 GOLD NO10 Per 10 grms 38425.00 38425.00 37979.00 38129.00 6 38239.00 38129.00 41

08-Nov-2010 GOLD DE10 Per 10 grms 38435.00 38435.00 37988.00 38138.00 3 38248.00 38138.00 5

08-Nov-2010 GOLD JA11 Per 10 grms 38005.00 38155.00 38005.00 38155.00 - 38265.00 38155.00 -

08-Nov-2010 Kilo GOLD NO10 Per 10 grms 37952.00 38102.00 37952.00 38102.00 - 38212.00 38102.00 -

08-Nov-2010 Kilo GOLD DE10 Per 10 grms 37961.00 38111.00 37961.00 38111.00 - 38221.00 38111.00 -

08-Nov-2010 Tola Gold50 NO10 Per Tola 44277.00 44441.00 44277.00 44441.00 - 44570.00 44441.00 -

08-Nov-2010 Tola Gold100 NO10 Per Tola 44266.00 44441.00 44266.00 44441.00 - 44570.00 44441.00 -

08-Nov-2010 Mini Gold 1-Aug Per 10 grms 39010.00 39214.00 39010.00 39214.00 - 39328.00 39214.00 -

08-Nov-2010 Mini Gold 2-Aug Per 10 grms 39050.00 39160.00 39050.00 39160.00 - 39274.00 39160.00 -

08-Nov-2010 Mini Gold 3-Aug Per 10 grms 39063.00 39173.00 39063.00 39173.00 - 39287.00 39173.00 -

08-Nov-2010 Mini Gold 4-Aug Per 10 grms 39077.00 39187.00 39077.00 39187.00 - 39301.00 39187.00 -

08-Nov-2010 Mini Gold 5-Aug Per 10 grms 39090.00 39200.00 39090.00 39200.00 - 39314.00 39200.00 -

08-Nov-2010 TT Gold 1-Sep Per Tola 44838.00 45077.00 44838.00 45077.00 - 45207.00 45077.00 -

08-Nov-2010 TT Gold 2-Sep Per Tola 45000.00 45015.00 44884.00 45015.00 1 45145.00 45015.00 -

08-Nov-2010 TT Gold 3-Sep Per Tola 44899.00 45031.00 44899.00 45031.00 - 45161.00 45031.00 -

08-Nov-2010 IRRI6W 11NO10 Per 100 kg 2402.00 2402.00 3307.00 3313.00 - 3307.00 3313.00 -

08-Nov-2010 Rice IRRI - 6 NO10 Per 100 kg 3311.00 3318.00 3311.00 3318.00 - 3311.00 3318.00 -

08-Nov-2010 RBD Palm Olein NO10 Per Maund 4616.00 4711.00 4616.00 4711.00 - 4616.00 4711.00 -

08-Nov-2010 KIBOR3M 10-Dec Per Rs. 100 86.74 86.75 86.74 86.75 - 86.74 86.75 -

08-Nov-2010 KIBOR3M 11-Mar Per Rs. 100 86.21 86.21 85.89 85.89 - 85.85 85.89 -

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

Indian sugarrises ondemand,

global cuesMUMBAI: India's spot sugarprices rose on Monday support-ed by domestic demand andtracking firm internationalprices, dealers said.

"There is very good demandeven after Diwali," said a trad-er at Vashi, a major trading cen-tre outside Mumbai.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyrose 0.66 per cent to 2,715rupees ($61.18) per 100 kg.

Raw sugar consolidatedbelow 30-year highs it reachedlast week, supported by tightexport availability from Braziland India. The sugar marketwas focused on a decision byIndia later this month onwhether to allow so-called"open general licence" (OGL)exports to the world market.

Some dealers said India wasexpected to approve sugarexports incrementally. Indianindustry expects sugar exports ofsome 2.5-3.5 million tonnes in2010/11 and has lobbied authori-ties to approve 2 million tonnesof OGL exports, analysts say.Traders and analysts said a delayin cane crushing in Uttar Pradeshmay support prices. -Reuters

AMMAN - JORDAN: Gold jewellery are seen on display in a shop in Amman. -Reuters

LONDON: Gold dipped onMonday following its largesttwo-day gain in a year at theend of last week, but remainednear record highs after the dol-lar rallied against the euro anddented precious metals prices.

The gold price has risen byabout 5 per cent in the last fivetrading days, driven by the dropin the US currency after theFederal Reserve last weekdetailed its plans to buy over half

a trillion dollars' worth ofTreasuries to revive the economy.

Spot gold was last quoted at$1,390.90 an ounce at 1535GMT, down from $1,394.50 inNew York on Friday, when itstaged its biggest two-day gainsince November last year, anddown from an all-time high of$1,398.35 earlier in the day.

US December gold futureswere down $6.5 an ounce at$1,391.30.

Comments from World Bankpresident Robert Zoellick inthe Financial Times calling forleading economies to considerreadopting a modified globalgold standard to guide curren-cy movements did not havemuch impact on the price.

"Gold could potentially play

a small role in the overallframework, but I don't think weare in a position to go back to agold standard," said commodi-ties strategist Nic Brown ofNatixis.

"The world economy hasmoved too far from there and itwould need to be one that wasbuilt around a more inclusiverange of currencies," he said.

Zoellick called for a systemthat "is likely to need to

involve the dollar, the euro, theyen, the pound and (yuan) thatmoves towards internationali-sation and then an open capitalaccount."

The SPDR Gold Trust said itsholdings slipped to 1,291.766tonnes by Nov. 5 from1,292.189 on Nov. 2. The hold-ings hit a record at 1,320.436tonnes on June 29.

Silver hit a fresh 30-yearpeak at $26.98 an ounce andwas last at $26.72 an ounce, up0.4 per cent and near its highestsince March 1980, while plat-inum was down 0.6 per cent at$1,755.00 an ounce, marking asecond successive day ofdeclines and palladium was up1.4 per cent at $693.00, up fora fourth day in a row. -Reuters

Gold eases; marketmulls WB comments

MUMBAI: India wheat futuresmay trade in a tight range withsome positive bias during theweek tracking an increase in gov-ernment support prices and somestate exports to Bangladesh,traders and analysts said.

"India may not allow privateexports but the diplomaticexports are happening now andthen mostly to Bangladesh, this issupporting the prices to a smallextent," said Kamal Mittal, atrader in Karnal, a major tradingcentre. The most-activeNovember wheat on the NationalCommodity and DerivativesExchange (NCDEX) ended at

1,249.6 rupees per 100 kg, up0.11 per cent on Monday.

India raised the price it will payto domestic farmers to buy newseason wheat by 1.82 per cent,the lowest increase in five years,signalling adequate stocks of thegrain. India will pay its farmers1,120 rupees ($25.25) per 100 kgfor the main winter food crop, asagainst 1,100 rupees in the previ-ous season. Analysts and traderssaid though the rise was onlymarginal, it will still act as anincentive to farmers. India growsonly one wheat crop a year, withplanting in October and harvest-ing during March-April.

Farm ministry officials say bet-ter soil moisture, a result of plen-tiful monsoon rains, will helpIndia exceed this year's all-timehigh harvest. The Indian govern-ment will free 2.5 million tonnesof grains from its stocks for saleto states, Farm Minister SharadPawar had said earlier.

India, which curbed grainexports in recent years to head offdomestic price rises, made someconcessions to export to neigh-bouring Bangladesh recentlyafter some global suppliers can-celled deals to ship Black Seawheat since Russia curbed grainexports. -Reuters

Indian wheat weekly outlook

Seen edging up onexports, supports price

Sugar holds

near 30-yr high;

Robusta gainsLONDON: Robusta coffeefutures hit a fresh two-yearhigh on Monday, underpinnedby continuing rainfall inVietnam, while raw sugar con-solidated below 30-year highs,supported by tight export avail-ability from Brazil and India.

Liffe robusta coffee futuresrose on trade and investor buy-ing, supported by worries overthe rains in top producerVietnam, while arabicas firmed,supported by tight supplies fromColombia, dealers said.

Liffe second-month robustastouched a two-year peak of$2,037 per tonne, and later lostsome ground from the high tostand up $40 or 2 per cent at$2,026 per tonne at 1554 GMT.

ICE second-month arabicaswere up 1.55 cent or 0.75 percent to $2.0920 per lb.

Sugar futures fell, weighedby the stronger dollar, consoli-dating after surging to a 30-year high on Friday.

ICE front-month raw sugarstood at 31.55 cents, down 0.21cent or 0.7 per cent, belowFriday's 30-year peak of 32.30cents. Liffe front-month whitesugar fell $3.80 or 0.5 per cent tostand at $772.30 per tonne. OnFriday refined sugar touched arecord high of $783.90 per tonne.London second-month cocoastood at 1,807 pounds, down 8pounds or 0.4 per cent in moder-ate volume of 3,943 lots, whileICE second-month cocoa wasdown $24 or 0.9 per cent at$2,750 per tonne.-Reuters

KUALA LUMPUR:Malaysian crude palm oilfutures jumped more than 4 percent in early trade on Monday,driven by supply worriesstoked by floods in some palmgrowing states in the countryand rising soyoil prices inChina.

January 2011 palm futures onthe Bursa Malaysia DerivativesExchange were up 2.6 per centat 3,273 ringgit ($1,060) atonne, after having risen ashigh as 3,348 ringgit -- a levelunseen since July 18, 2008.

"Traders were covering posi-tions after a three-day holidayas soyoil on China's Dalianrose on speculative buying,"said a trader with a foreign bro-kerage in Kuala Lumpur."Some investors expect pricesto go higher due to the floodsin Northern Malaysia."

A Reuters technical analysisshowed Malaysian palm oilmight hit 3,387 ringgit, basedon its strong momentum.

Top analyst from GodrejInternational, Dorab Mistry, onSunday said Malaysian crudepalm oil futures may hit 3,300

ringgit per tonne in the nextfew weeks as weather concernsplague global oilseed output.

US soyoil for Decemberdelivery fell 0.2 per cent after ithit a fresh two-year high of$52.85 the previous session.

US investors are seekingdirection from the USDepartment of Agriculturereport on world demand/supplyof agricultural commodities tobe released on Tuesday.

On Monday, the most activeSeptember soyoil on China'sDalian Exchange rose 0.7 percent to 10,192 yuan ($1,529)after touching their highest of10,476 yuan since July 31,2008. "Soyoil is extendinggains from the previous weekon overseas commodity mar-kets on expectations on infla-tion," said Zhang Juan Cong,an oil analyst in China'sSouthern city of Hangzhou.

"Worries about palm oil sup-ply shortage due to weatherconcerns in Malaysia also driv-en up palm olein prices."

China most active Septemberpalm olein also climbed 2.5 percent to 9,466 yuan. -Reuters

Palm oil at over 2-yrhighs on floods

Tokyo rubber

trims early gainsTOKYO: Key Tokyo rubberfutures erased earlier gains onprofit taking but hovered near a30-year high on Monday, sup-ported by strength in other com-modity markets and tight supply.

The key Tokyo CommodityExchange rubber contract forApril delivery settled at 359.2yen per kg, down 2.5 yen or 0.7per cent from Friday, after risingas high as 364.2 yen ealrier.

The benchmark contract onFriday jumped nearly 5 per centto a peak of 364.8 yen, the high-est since March 1980, on heavyspeculative buying following theFederal Reserve's latest move toboost the US economy.

The most active Shanghai rub-ber futures contract for May deliv-ery also hit a record high of37,070 yuan per tonne on Mondaybefore retreating to end at 35,865.Volume was heavy at about 1.28million lots. On Friday, the con-tract settled at its daily limit-highof 35,025 yuan per tonne.

Traders have said that whilesupply concerns in producingcountries, hit by heavy flooding,underpinned demand, investorswere wary of the recent rapid paceof gains and took profits when thedollar strengthened. -Reuters

Shanghai copper

weakensBenchmark third-month

Shanghai copper fell 1 percent to 66,380 yuan, whilethe discount for Shanghaimetal to the LME rose to1,200 yuan from almost 900yuan on Friday, though welloff peaks near 2,400 yuan hitlast week.

Libya, Gulf delegate say no output boost needed

7Tuesday, November 9, 2010

International & Continuation

CONTINUATION

MOSCOW: Russia sided withChina ahead of the Group of 20summit, saying on Monday theUnited States should consultother countries before pumpingcash into its economy, butstopped short of calling thepolicy a mistake.

President Dmitry Medvedevwill take part in the summit,where conflict is brewing overthe US Federal Reserve's latestallocation of $600 billion to buyTreasury bonds -- money thatinvestors are likely to redirectinto emerging markets in searchof higher returns, potentiallyfuelling new asset bubbles.

"Russia's President (DmitryMedvedev) will insist .... thatsuch actions are taken withpreliminary consultations withother members of (the Groupof 20 countries)," said RussianG20 negotiator ArkadyDvorkovich.

China has been particularlyvocal in criticism of the policy,which US President Barack

Obama defended on Mondayduring a trip to India, sayingthe Fed's mandate to grow theUS economy was good for theworld as a whole.

Dvorkovich said that theFed's policy was an internalmatter but added that previousdecisions by the G20 requireconsultations on such issues.He said the Fed's move mayeven benefit Russia because itscurrent capital inflows weretoo small.

"Capital inflow for Russianow is a plus. It may not be aplus for other emerging coun-tries such as Brazil or Chinawhere economies are overheat-ed. Our economy is not over-heated," Dvorkovich said.

Dvorkovich also said thatRussia does not support theidea of establishing numericaltarget limits for currentaccount balances, proposed byUS Treasury SecretaryTimothy Geithner when theG20 finance ministers met last

month. "We're against such asimplified approach; it can cre-ate other imbalances, no lessdangerous," Dvorkovich told anews conference. "A system ofcriteria is possible, one criteri-on cannot work."

Dvorkovich said Russia wasnot "fully satisfied" with thereform of the InternationalMonetary Fund (IMF) agreedby G20 finance ministers, sug-gesting that emergingeconomies will push for morevoting rights in the near future.

Dvorkovich said the resultsof US congressional electionsin which Democrats sufferedheavy losses will not slowdown the "reset" policybetween the two countries.Medvedev is due to meet USPresident Barack Obama thisweek. Dvorkovich said theUnited States and other devel-oped nations should open uptheir economies to investmentfrom developing countries.-Reuters

Russia echoesChina, says US

should consult G20LONDON: Leadingeconomies should consideradopting a modified globalgold standard to guide curren-cy rates, World Bank presidentRobert Zoellick said onMonday in a surprise proposalbefore a potentially acrimo-nious G20 summit.

Writing in the FinancialTimes, Zoellick called for anew system of floating curren-cies as a successor to theBretton Woods fixed-exchangerate regime, which broke downin the early 1970s and involvedmeasuring currency ratesagainst gold.

The former US trade repre-sentative, who served in sever-al Republican administrations,said the new system "is likelyto need to involve the dollar,the euro, the yen, the poundand (a Chinese yuan) thatmoves towards internationali-sation and then an open capitalaccount.

"The system should also con-sider employing gold as aninternational reference point ofmarket expectations aboutinflation, deflation and futurecurrency values," he added.

Zoellick did not spell out indetail how this system mightwork, but said it would help torebuild the confidence offinancial markets and the gen-eral public in the global mone-tary system after the financialcrisis.However, policymakersappeared cool to the idea ofreturning to a gold standard,while many analysts said theydoubted it would be imple-mented given practical diffi-culties.

European Central Bank

President Jean-Claude Trichetsaid central bankers fromaround the world did not dis-cuss returning to a gold stan-dard at a meeting of the Bankfor International Settlements inSwitzerland on Monday.

"In my memory such an ideawas mentioned a long time agoby Jim Baker when he was a(US) Secretary of Treasury inthe 1980s. I have no particularcomment," Trichet told a newsconference.

A German government offi-cial, speaking on condition ofanonymity, said Zoellick wascorrect in worrying that curren-cy values were becoming toovulnerable to the whims ofgovernments, but added thatthe idea of a new gold standardwas impractical.

"The diagnosis that Zoellickis making is correct: that mon-etary policy is becoming over-ly politicised," the official said."The system, as it is, is notfunctioning well."

But he added that it wouldnot be practical to use modernmonetary policy tools in a sys-tem that was "based on a com-modity whose availability isdictated by natural conditions".

Analysts said it would bevery difficult to introduce anynew gold standard partlybecause the global supply ofgold was limited and might notbe able to keep pace with theexpansion of global trade andmoney supply.

"Going forward, that wouldbe something that we couldlook towards, but it's not goingto happen within a short periodof time," said Ong Yi Ling atPhillip Futures in Singapore.

The price of gold barelymoved in response toZoellick's proposal. It brieflyhit a record high of $1,398.35an ounce early on Monday onconcern about a weakeningtrend for the dollar, after theUS Federal Reserve last weekdecided to resume buyingTreasury bonds to inflate itsmoney supply.

SUMMIT ACRIMONY?That policy has fed acrimony

among leading economies inthe Group of 20 in the run-upto their summit in Seoul onThursday and Friday.

China and Germany, majorexporting nations, have bothcriticised the Fed's quantitativeeasing -- effectively printingmoney -- which is weakeningthe dollar.

Investors are pumping dol-lars into emerging markets insearch of higher yields, and thepotentially destabilisingimpact of this, along with bigcurrent account deficits andsurpluses as well as China'sreluctance to let the yuanappreciate faster, are set todominate the G20 debate.

France, which takes over theG20 chair after this week'ssummit, says it plans to workon a new international mone-tary system to bring greatercurrency stability.

Beijing's central bank chiefhas suggested an alternativemonetary system based onusing the InternationalMonetary Fund's SpecialDrawing Rights, a notionalunit of value based on a basketof major currencies, instead ofthe dollar as the sole globalreserve currency.-Reuters

WB surprises withgold standard idea

PORT-AU-PRINCE: Atleast 20 people were killedwhen Hurricane Tomas hitHaiti at the weekend, trigger-ing flooding and mudslidesthat also left some 6,000families homeless in theimpoverished Caribbeannation, officials saidMonday.

The hardest hit region wasHaiti's far southwesterndepartment of

Grand'Anse, where nearly

900 homes were destroyedand another 5,000 were dam-aged as the storm skirtedHaiti, civil defense authori-ties said, adding that 36 peo-ple were wounded.

Tomas was the first hurri-cane to batter the countrysince a cataclysmic earth-quake in January killed250,000 people and left morethan a million homeless, andstruck as Haiti was grapplingwith a broadening cholera

epidemic that has left 500people dead.

Authorities and aid groupshave expressed fear thatTomas could further devas-tate a nation trying torebuild, as the governmenthad only been able to accom-modate some 100,000 peoplein schools, churches and hos-pitals ahead of the hurricane-- a fraction of those lefthomeless by the earthquake.-APP

At least 20 killed byHurricane Tomas

Germanoutput dips,exports soar;

growthstill solid

BERLIN: German industrialoutput fell at its sharpestmonthly rate in nearly a year inSeptember while exportssoared, painting a mixed pic-ture of an economy expected tohave posted solid if unspectac-ular growth in the third quarter.

Output fell by 0.8pc on themonth in seasonally adjustedterms, the Economy Ministrysaid on Monday, missing themedian forecast for a 0.5-pcincrease in a Reuters poll andsending the euro to the day'slow against the dollar. Thedecline was the strongest sinceOctober 2009 after output rosestrongly in the previous month -adding up to a rise of 1.2pc ona rolling two-month basis.

"A slight decline inSeptember is not the end of theworld," said Andreas Scheuerleat Dekabank. "The industrialsector and indeed the economyseems to be continuing to growbut at a more moderate rate."

"Third quarter (GDP) couldexpand generously once again,with growth of 0.8 per cent," headded. Gross domestic productdata is due on Nov 12. Themedian estimate in a Reuterspoll of 40 economists is forgrowth of 0.70 per cent.

The German economyexpanded at 2.2pc quarter onquarter in the second quarter ofthe year, its fastest rate in reuni-fied Germany. The strength ofthe euro and a stuttering out-look for some of its global trad-ing partners are likely to weighon demand for German manu-facturing goods but growthshould still hold up.-Reuters

Pakistan," Singh said and asked Pakistan to dismantle anti-Indiaterror infrastructure. Responding to the remarks, Qureshi told anIndian TV news channel that Manmohan Singh means well,Pakistan is willing to engage with India. Collectively we can dis-mantle the terror machines, Qureshi said emphatically.

Stressing that dialogue with India is the need of the hour,Qureshi said after the Obama-Manmohan Singh press conferencehere.We are glad India is finally warming up to Pakistan. We arenot at all feeling marginalised; we are feeling happy about it andare committed to dismantling terror networks.

In response to a question on whether Pakistan was feeling leftout, he said Islamabad had a long history of relations with the USand Obama had announced before his trip to India that he wouldbe visiting Pakistan.

Qureshi said he had a lot of respect for the Indian prime minis-ter. I think he means well. But you have to look at the larger pic-ture until then we will not be able to make progress, he stated.

The policy of the democratically elected government ofPakistan, Qureshi said, was that it condemned terrorism andwould not allow its soil to be used against anyone - that includesIndia. Pakistan is not only committed to dismantling terror net-works. It has shown the determination to do so, the minister said,stressing that Pakistani citizens had lost lives in defeating andfighting terrorism. -Online

Continued from page 1No #1

diplomatic gesture than a concrete step. Nonetheless, it under-scores the importance the US places on fostering ties with thisnation of 1.2 billion people, something Obama has been seekingto accomplish throughout his time here.

Obama is walking a diplomatic tightrope in New Delhi, on theone hand trying to boost diplomatic and business ties with Indiawhile on the other ensuring relations with Pakistan and China,nations often at loggerheads with India, stay stable.

He criticised Pakistan over its failure to clamp down on mili-tants. India has long expressed skepticism at US support forPakistan, saying Islamabad is hoodwinking Washington by takingaid while also backing militants in Afghanistan.

"We will continue to insist to Pakistan's leaders that terroristsafe havens within their borders are unacceptable and that the ter-rorists behind the Mumbai attacks be brought to justice," he said.

Earlier, President Barack Obama said that United States couldnot impose a solution on Indian held Kashmir or other issues inthe volatile India-Pakistan relationship.

'I believe both Pakistan and India have an interest in reducingtensions between the two countries,' Obama said when askedabout the Kashmir dispute at a press conference after he metIndian Prime Minister Manmohan Singh. -Agencies

Continued from page 1No #2

target of Rs40 billion.The second auction will be held on Dec 13to raise another Rs40 billion with settlement on Dec 20.

Continued from page 1No #3

The supply of a fifth nuclear reactor to Pakistan comes afterconfirmation this year of Beijing's agreement to build two650MW nuclear energy reactors at Chashma, in the central part ofPakistan's Punjab province, reported The Financial Times.

China has already built one nuclear energy reactor at Chashmaand is expected to complete a second at the same site next year.

The Pakistan government declined to comment further on theplans for the fifth reactor. "We have an ongoing programme of co-operation for the peaceful use of nuclear energy with China," saidAhmed Mukhtar, Pakistan's defence minister.

A Chinese official said in September there had been discussionsbetween the two countries about building a 1-GW plant inPakistan, in addition to the two 300MW plants that Chinese com-panies are expected to build at Chashma.

Mark Hibbs, an expert on the nuclear industry at the Carnegieendowment think-tank in Washington, said China could exportsmaller 300W reactors using technology that it controls. However,if it wanted to sell Pakistan, or any other country, 600MW or1GW reactors, it would probably need the consent of westerncompanies that have licensed Beijing to use key technologies.

That would give those companies and their governments a cer-tain amount of leverage, he said. Although China has been talking

Continued from page 1No #4

USC Muhammad Arif Khan told a press conference here atmedia center. Principal Information Officer Haji Ahmed and sen-ior officials of the USC were also present on the occasion.

M Arif Khan expressed the hope that decision of the govern-ment would help bring the soaring prices of the sugar to the lowerlevel and as and when the prices of the commodity comes downthe USC would also reduce the prices of the sugar.

Furthermore, Trading Corporation of Pakistan (TCP) has soldanother 10,000 metric tonne sugar at Rs77,500 per tonne (exclud-ing taxes) on the basis of highest responsive bid, against its 2ndtender of first tranche of 50,000 MT.

39 different bidders from all over the country and only threeparties were declared non-responsive on account of not comply-ing with tender conditions.The next tender is scheduled to beopened and awarded on November 10. -Agencies

Continued from page 1No #5

situation as it remains resilient."Consul General of Federal Republic of Germany, Dr Christian

Brecht; President PGBF, Saifuddin Nooruddin Zoomkawala;Managing Director Merck Marker Pakistan, Abdul Baqy Khan;Abdul R Sattar and PGBF members listened to the thought-pro-voking comments of Yaseen Akhtar.

Responding to the reservations expressed by PGBF members,deputy governor SBP said, "Poor law & order situation is a seri-ous issue but we have to face it. Short term investment is notgoing to work here so all investors, who are eyeing Pakistan astheir investment destination, must consider of making it on long-term basis."Yaseen Anwar, while expressing deep concerns oververy low tax to GDP ratio of 9 per cent only, said that the govern-ment must take 'the bitter pills for corrective measures' with aview to enhance its revenue and reduce borrowings from SBP,which will help not only help in dealing with fiscal deficit but alsothe inflation.

Continued from page 1No #6

International Cricket Council (ICC) and the Dubai Police had beeninformed about the situation. Haider left a message on his Facebookpage saying that he is leaving the cricket team because he was toldto lose the match by a man. His brother Reza told media thatZulqarnain had expressed fears after receiving threatening messages.

"The last time I spoke to him he told me he was getting threaten-ing messages after the fourth match and to pray for him," said Rezabefore adding his family was in touch with Zulqarnain and con-cerned about his safety.PCB legal adviser Tafazzul Rizvi toldReuters that Zulqarnain had breached his central contract. "He willdefinitely face an inquiry and disciplinary action whenever he con-tacts us. But we are concerned about this whole situation," saidRizvi. Lahore police official Rana Faisal said they were investigat-ing Zulqarnain's disappearance.

"We have received no official complaint but taking note of themedia reports we have sent some officers to his house (in Lahore)to find out details," Faisal said. -Agencies

Continued from page 1No #7

situation has been improved in last few days due to less con-sumption of electricity in winter season. Minister said that load-shedding for short period has been continuing in few rural parts ofthe country. Answering to a question Raja Pervaiz Ashraf said thatload shedding is expected prior to desalination of canals in thecountry. Ashraf further said that withdrawal of two weekly holi-days would not affect the power load management system. -Online

Continued from page 1No #8

Iqbal would be observed today with traditional zeal and fervour.The day has been declared as a public holiday through out thecountry Special programmers have been arranged in this regard.

On the day, the speakers would pay homage to Allama Iqbal andnewspapers would publish special editions and TV channelswould telecast special programs relating to the life and achieve-ments of Allama Iqbal.National flag will be hoisted on all princi-

Continued from page 1No #9

real interest rates, we expect a further hike of at least 50 basis points in the upcoming monetarypolicy statement," said Ayub Ansari, an analyst at Invest and Finance Securities.

The central bank is due to announce the monetary policy for the next two consecutive monthstowards the end of November.It has maintained a tight monetary policy and raised the key interestrate to 13.5 per cent from 13 per cent in September, its second consecutive hike, in a bid to curb thecountry's deepening fiscal deficit and combat rising inflation. -Reuters

Continued from page 1No #10

people, and to share their burden in their hour of grief," the Prime Minister told the CCI.He said the Armed Forces and the Civil Administration were mobilised on a large scale and

NDMA/PDMAs were nominated as focal relief agencies.He said on the diplomatic front, the United Nations Agencies, EU, OIC, USA, European Union, UK,

Turkey, Saudi Arabia, China, Japan and many other friendly countries were requested to lend helpinghand to Pakistan, who rose to the challenge, and for which they have earned our undying gratitude. Hesaid the IMF has agreed to provide $450 million as budgetary support, while the World Bank isinclined to fast track its share of $ 1 billion on already committed projects. The United Nations has alsocontributed $292 million. Similarly, Asian Development Bank has agreed to fast tracking a significantamount. The CCI deliberated upon the scheduling of the 6th population and housing census and legis-lation regarding Special Economic Zones and Amendments in the NEPRA Act for strengthening theenforcement role of power sector regulator, which requires consensus decision making.

Earlier the CCI offered Fateha for the departed souls of the two recent incidents of suicide attacksduring Friday Prayer in Darra Adam Khel and Karachi Plane Crash.

Earlier, Prime Minister Gilani addressing a ceremony in the metropolis in connection with 'SalaamTeacher Day', made it clear that undoubtedly 18th amendment was approved by the Parliamentstressing it is our sheer duty to implement it in full letter and spirit.We claim that the roots of theparty are among the people of Pakistan and this is how we represent them on every forum national-ly and internationally, PM pointed As a part of our policy, the privileges for the common man needto be raised to the level of the rich to eliminate discrimination in opportunities, PM said. -Online

Continued from page 1No #11

regions will also remain closed for tow days.The textile unions have simply denied accepting this two-day suspension of gas supply. They also

said that if it is forcefully imposed, then Ministry of Petroleum will be responsible for the situation.While on the other side, upon the directives of Prime Minister Syed Yousuf Gilani, Federal

Minister for Textile Rana Farooq Saeed and Minister for Petroleum Naveed Qamar will carry outnegotiations with the heads of textile unions of Faisalabad.

On the other hand textile unions and other organisations representing different industries were alsoflexing muscles to hold country wide protests against unjustified decision of suspension of gas toindustries for two consecutive days in a week. -Agencies

Continued from page 1No #12

publicly for the past two months about its intention to build atleast two more reactors in Pakistan, Chinese officials have not yetspecified how they intend to get around the rules that bar the saleof nuclear technology to countries such as Pakistan that have notsigned the nuclear non-proliferation treaty. -Online

He said the government of India has always been saying that Jammu and Kashmir is a issue thatneeds to be discussed with Pakistan and it cannot be taken into isolation from other issues that wehave to discuss.

What President Obama said is based on sound logic, Omar said adding, it may not make sense toour friends from across the border because they say first Kashmir and everything else later.-Online

Continued from page 8No #13

Diplomatic sources said. He will also meet various Chinese high ups including Chinese BusinessCommunity.-Online

Continued from page 8No #14

to Pitanbar Sewani. The committee directed the controller concerned to check the matter again andsubmit a return reply immediately. While fourteen members who sent their nominated representa-tives included, MNAs Jawad Hussain, Mazhar Hayat, Syed Akhundzada Chatan, MPAs YarMakhdoom Rind, Ejaz Ahmad, Saima Aziz, Syed Suleman Mohsin, and Haji Nasir Mahmood,Abdul Samad, Shama Parveen Magsi, Sardar Ali, Khalifa Abdul Qayyum, and the Provincial sportsminister of KPK, Syed Aaqil Shah.

The ECP, has permanently closed any further hearing of the cases of such continuous absentees asMNA Hayatullah Tareen, MPAs Sardar Mir Khan Badshah Qaisarani, Haji Ali Madad Javak, RehanaBaloch, Mukesh Kumar and have sent their cases to session judges for further actions.

On the occasion, the HEC (Higher Education Commission) presented 19 more verified degreesfrom their respective institutions, which had been declared as genuine.-Online

Continued from page 8No #15

pal government buildings. Their will be special exhibition of books and relics at Iqbal MuseumLahore, National Museum Karachi and Iqbal Manzil Sialkot.Cinema houses will make specialarrangements to screen documentary films on Iqbal's life. The academy of Lahore will arrange abook exhibition on this day. The traditional ceremony of change of guards will also take place on theMazar-e-Iqbal.

Iqbal created revolutionary spirit in the nation through his poetry. Sophism and Islamic touch areprominent of his poetry.His poetry has been translated in Spanish, Chinese, Japanese, English andseveral other languages and he is considered a great philosopher all over the world.

As a great politician, his great achievement was to give the ideology of Pakistan which laterbecame the base of independence of Pakistan.

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ISLAMABAD: Chief of theArmy Staff (COAS) GeneralAshfaq Parvez KayaniMonday met with thePresident Asif Ali Zardariand discussed a host of issuesincluding national security,impact of US president’svisit to India on Pakistan,ongoing military operationsagainst militants, andPresident’s upcoming visit toChina.

According to Aiwan-e-Sadrsources both top executivesreviewed the implications ofUS president Barack Obama’stour to India for Pakistan anddecided that an unequivocalpolicy would be pursuedregarding the US drone

attacks, which are going onunabated, despite strongprotest by Pakistan.

Sources told the newsagency that President Asif AliZardari also took GeneralAshfaq Parvez Kayani intoconfidence on the talks to beheld with Chinese leadershipover defence and securitymatters in his upcoming visitto China. President consultedwith the army chief at lengthon the national security situa-tion.

According to sourcesPresident Asif Ali Zardariwas of the view Pakistanwould not compromise onbasic national strategic inter-ests in the ongoing war

against terrorism and protec-tion of national security andsovereignty would be ensuredat every cost.

Terrorism could not beeliminated by using forceonly, he said and stressed thatits root cause would have tobe addressed for completeeradication of this menace.

The role of the armed forcesin war against terrorism wasbefore all of us, he held, andall the defence requirementsof armed forces would be metin this regard, he maintained.

The two also exchangedviews on the reconciliationprocess between Karzai gov-ernment in Afghanistan andTaliban.-Online

President, COAScritique US policy

Obama’s sojourn to India, nat’l security discussed

ISLAMABAD: On Monday,out of total 24 parliamentari-ans summoned by ElectionCommission of Pakistan's(ECP) committee in connec-tion with fake degrees’ case,only four showed up in per-son, while fourteen sent theirnominated representatives,and six remained absent alto-gether.

Shaukat Aziz Bahatti (PP-4)appeared in person and pleadedhis case. The committeeinformed him in the light of theuniversity record that the

degree submitted by him is ofanother person named ShaukatAziz whose caste is Sheikh.The Committee, therefore,advised him to provide credibledefence in the matter.

Seemal Kamran (PP-Reserved) informed the com-mittee that she had changed hername in 2001 from AnsaWaheed to Seemal Kamranafter her marriage by fulfillingall legal formalities. She alsopresented all her documentaryproofs and the committeedecided to send her documents

for verification. Later on, the committee set

the next hearing for 6thDecember 2010.

Pitanbar Sewani (PS-Reserved) and the Controller ofExamination, BISE, Hyderabadand Controller of University ofSindh, Jamshoro also appearedon ECP's request along with therelevant record. Both the con-trollers informed the committeethat the certificates/degreeswere issued to a person namedWashdev and not

See # 15 Page 7

Only 4 MPs show up atfake degrees’ case hearing

Out of 24 summoned lawmakers, 20 fail to appear in person

KARACHI: Federal InteriorMinister Rehman MalikMonday said that he hadreceived no orders of bringingformer President PervezMusharraf back to the countrythrough Interpol, however ifcourt issued such order thenwe would obey it.

Talking to journalist here atKarachi airport before depart-ing for Doha to attend a ses-sion of Interpol’s GeneralAssembly, Malik said that wehave no objection to bringingMusharraf back to the countrybut he hasn’t received anyorder in this connection yet.

He vowed that if courtdirected him to do so, hewould follow the orders,adding, “if it is declared indis-pensable, he would have noobjection to it.”

He informed the mediamenthat he would highlightPakistan’s sacrifices in thewar on terror as well overthere in Doha.

“I will apprise Interpol'sGeneral Assembly about theloss Pakistan incurred in thecourse of war against terror-ism, as the country has suf-fered a hit worth over $140billion thus far,” he said.

Malik in the strongest wordswarned that bribery and othermodes of corruption wouldnot be tolerated in depart-ments of FIA and police,adding a new website wouldsoon be made for the eradica-tion of corruption.

He added public dealingshould be corruption-free.

Malik lauded the role ofSupreme Court (SC) againstcorruption.

To a question regardingShershah bridge collapse inKarachi, he vowed that allculprits involved would soonbe arrested.-Agencies

Musharraf ‘bring-back’not ordered yet: Malik

Corrupt departments warned of grave consequences

NEW DELHI: Jammu andKashmir Chief Minister OmarAbdullah Monday said heexpected US President BarackObama or the US administra-tion not to mediate but to facil-itate the dialogue processbetween India and Pakistan.

What role I would like to seePresident Obama or any USadministration to play is theone that they have been so farplaying from time to time --that is to facilitate the processbetween India and Pakistan,Omar said to a question at apress briefing here.

We are extremely sensitive toanything that appears evenclose to mediation and thatobviously is not acceptable, he

said, adding but from time totime, the US administration as afriend came forward and facili-tated when it was required,reported The Indian Express.

The Chief Minister said obvi-ously the most high-profileintervention was after Kargilintrusions when President BillClinton had summoned Pakpremier Nawaz Sharif toWashington.

So really if the US wants tohelp, then they can perhaps tryto get Pakistan to see thingsfrom our point of view and helpthe process from behind thescene, he said.

We do not require any sort ofovert mediation and that is toomuch to ask... but, we can at

least expect that they do notlook at India through the prismof Af-Pak policy. I know it isdifficult because they havetroops serving in Afghanistan,but we have our own consider-ations, Omar said.

The Chief Minister said thatsituation should not be seenthrough the prism of Pakistan.

To another query on Obama'ssuggestion on India-Pakistanengagements, he said, I think, ifone understands what he is try-ing to suggest, it is basicallywith the line of policy of gov-ernment of India which is acomprehensive dialogue andnot just tackling one issue butall issues.

See # 13 Page 7

US not seen liaisingbetween Pak, India

America might just assist peace talks, says Omar Abdullah

BRUSSELS: European Unionmember states will have to give upground if a deal is to be struck onnext year's EU budget, theEuropean Parliament's chief budgetnegotiator said Monday.

Most EU member states want theincrease in the 2011 budget to becapped at 2.9 per cent over 2010,raising it to 126.5 billion euros (109billion pounds). But the EuropeanParliament is looking for a 6.2 percent increase.

Britain, Germany and France areamong the countries most insistenton a lower cap, saying it is unac-ceptable for the budget to jumpmore than six per cent at a timewhen most of the EU's 27 memberstates are aggressively cuttingspending.

Poland's Sidonia Jedrzejewska,parliament's rapporteur on thebudget, said she believed a compro-mise could be reached by a deadlinethis week, but it would depend oncountries accepting that the EU can-

not provide more services with lessmoney.

"There is a discrepancy betweenwhat member states expect from theEU and what they are willing to payfor," she told reporters, listing theEU's new diplomatic service, theEAS, as one costly initiative thatstill needed to be funded.

"The member states need tounderstand that if you want to put astop on the EU budget, then youhave to put a stop on your ambitionstoo. You can't have more for less."

British Prime Minister DavidCameron has made a particularpoint of insisting that he will notaccept a budget increase over 2.9per cent and faces a backlash in thedomestic media if he is seen to giveup any ground.

Jedrzejewska suggested that anincrease of 4.5 per cent -- effectivelysplitting the difference between 2.9and 6.2 -- was a possible outcome.

If this month's negotiations failthen the budget, which must be

approved by all member states, willbe frozen at 2010's level and dis-bursed in 12 equal installments.

Jedrzejewska said that should beavoided as it would mean even lessmoney than member states pro-posed to fund EU programmes andrun everything from the EuropeanCommission to the European Courtof Justice.

Even if a 4.5 per cent compromiseis agreed, she said 'amending budg-ets' -- additional spending requestsmade by parliament during thecourse of the year -- would have tobe passed during 2011 to meet allproposed spending.

Among items that still need tobe covered by the budget are pay-ments to Africa, Caribbean andPacific banana producers as partof a WTO trade dispute settle-ment, flood-relief aid to Pakistan,funding for the Palestinian territo-ries and investment in ITER, anuclear fusion facility,Jedrzejewska said.-Reuters

EU top body dragoonsstates over budget cap

TOKYO: Ministers of the 21-memberAsia-Pacific Economic Cooperation(APEC) forum this week are likely toagree on banning fresh protectionistmeasures to safeguard the world econo-my, a report said Monday.

In a two-day ministerial meetingahead of the Apec summit this weekend,they are expected to agree on not takingfresh anti-protectionist measures in thecoming three years to 2013, Japanesepublic broadcaster NHK reported, with-out citing its sources.

The ban on protectionist measures,which Apec member China will alsoagree to, will include a ban on blockingexports after Beijing recently blockedJapan-bound exports of rare earth min-erals amid Sino-Japanese territorial dis-putes, it said.

Apec ministers are also likely to agreeon simplifying cross-border trade proce-dures by introducing integrated circuittags for freight, NHK reported.

The ministers' joint statement, to beannounced by Japanese foreign and

trade ministers on Thursday, willinclude these agreements, it said.

In the talks starting Wednesday inYokohama, ministers are due to discussgrowth strategy and a path towardsregional economic integration, includ-ing the proposed Trans-PacificPartnership (TPP) free-trade talks thatare backed by the United States.

Apec finance ministers on Saturdaypledged to work towards safeguardinggrowth and to avoid weakening eachother's currencies, as the US sought toease tensions over recent economic pro-posals.

China rejected a US proposal thatcountries assign a quantifiable limit fortheir current account surpluses ordeficits to help rebalance the globaleconomy and ease trade tensions.

While the finance chiefs agreed tocurtail "excessive" trade imbalances,many Asian governments are anxiousabout being squeezed if the UnitedStates turns inward and China growseven more assertive.-Agencies

Apec could accordanti-protectionism

Zardari toleave for

Chinaon 11th

ISLAMABAD: President AsifAli Zardari will leave for Chinaon November 11, 2010 to par-ticipate in 16th Asian Gamesinaugural ceremony besidesmeeting his Chinese counter-part and a host of other digni-taries during his short stay.

According to diplomaticsources, President Zardari wascordially invited to participatein the simple but dignified 16thAsian Games inaugural cere-mony.

Great headways are expectedduring President Asif AliZardari's visit to China wherehe will hold key talks withPresident Hu Jintao and PrimeMinister Wen Jiabao.

"The two countries will makedetermined efforts to take therelationship to new heights",

See # 14 Page 7

Ministerstresseson fiscal

disciplineLAHORE: ProvincialMinister for Finance andPlanning & Development,Tanvir Ashraf Kaira has saidthat no department would beallowed to spend fundsunnecessarily and demandsof supplementary budgetwould not be entertained atall.

According to press releaseissued here Monday, heexpressed these views whilepresiding over the meeting ofAusterity Committee at CivilSecretariat here.

The Minister said that aus-terity policy would be imple-mented in letter and spiritand all departments will haveto follow the fiscal disciplinestrictly as we cannot affordany luxury.

He said that governmenthas saved Rs2.80 billion bycurtailing current side expen-diture and we have also tight-ened our belt so that maxi-mum resources could be usedfor flood affected areas andcommon man’s welfare.

He said that governmenthas strictly directed thedepartments to follow fiscaldiscipline and no violationwould be tolerated in thisregard.

The committee reviewedthe demands made by variousdepartments and the ministerdirected to cut 15 per cent to20 per cent of requestedfunds saying all departmentsshould spend within its lim-its.-Online