8
International Japan approves record 1.1 trillion dollar budget Pak-Afghan-Turkish co-wargames mulled See on Page 8 Pakistani mily spies nailed Rigi: IRNA See on Page 8 *Crude Oil (brent)$/bbl 93.77 *Crude Oil (WTI)$/bbl 91.51 *Cotton $/lb 148.12 *Gold $/ozs 1,380.50 *Silver $/ozs 29.33 Malaysian Palm $ 1,170 GOLD (NCEL) PKR 38,097 KHI Cotton 40Kg PKR 9,645 Yearly(Jul, 2010 up to 23-Dec-2010) Monthly(Nov, 2010 up to-23-Dec-2010) Daily (23-Dec-2010) Total Portfolio Invest (17 Dec-2010) 196.25 33.52 1.51 2783 -0.08 7.72 -8.66 0.62 0.55 -0.42 0.27 SCRA(U.S $ in million) Portfolio Investment FIPI (24-Dec-2010) Local Companies (24-Dec-2010) Banks / DFI (24-Dec-2010) Mutual Funds (24-Dec-2010) NBFC (24-Dec-2010) Local Investors (24-Dec-2010) Other Organization (24-Dec-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (18-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Nov 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Sep 10) GDP Growth FY10E Per Capita Income FY10 Population $16.39bn 14.44% $8.88bn $15.37bn $(6.49)bn $(504)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5234.9bn $287.9mn -2.58% 4.10% $1,051 171.39mn 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 23.01 2.00 1.70 10.71 PKR/Shares 111.37 197.13 42.84 36.41 36.70 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) 15-Dec-2010 15-Dec-2010 15-Dec-2010 29-Nov-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 13.17% 13.39% 13.69% 14.00% 13.30% 13.42% 13.61% 13.95% 14.11% 14.15% 14.20% 14.23% 14.53% 14.72% 14.90% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 85.20 86.20 Canadian $ 83.90 84.90 Danish Krone 15.10 15.20 Euro 112.00 114.00 Hong Kong $ 10.90 11.00 Japanese Yen 1.011 1.037 Saudi Riyal 22.63 22.83 Singapore $ 65.00 66.00 Swedish Korona 12.50 12.70 Swiss Franc 86.90 87.10 U.A.E Dirham 23.13 23.37 UK Pound 131.70 133.20 US $ 85.65 85.95 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 86.02 86.23 Canadian $ 85.04 85.23 Danish Krone 15.10 15.14 Euro 112.13 112.39 Hong Kong $ 11.02 11.05 Japanese Yen 1.033 1.035 Saudi Riyal 22.87 22.92 Singapore $ 65.82 65.98 Swedish Korona 12.53 12.56 Swiss Franc 89.68 89.89 U.A.E Dirham 23.35 23.40 UK Pound 131.88 132.19 US $ 85.67 85.85 Inter-Bank Currency Rates Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com CITIES MAX-TEMP MIN ISLAMABAD 22°C 1°C KARACHI 27°C 13°C LAHORE 20°C 2°C FAISALABAD 21°C 6°C QUETTA 13°C -8°C RAWALPINDI 21°C 3°C Weather Forecast Index Close Change KSE 100 11,858.17 65.34 Nikkei 225 10,279.19 67.29 Hang Seng 22,833.80 69.17 Sensex 30 20,073.66 90.78 ADX 2,706.00 6.27 SSE COMP. 2,835.16 6.19 FTSE 100 6,008.92 12.85 *Dow Jones 11,573.49 0.00 Global Indices NBP President lauds role of media See on Page 2 ISTANBUL: President Asif Ali Zardari during a meeting with the President of Kyrgystan Roza Otunbayeva on the sidelines of the 11th ECO summit. -APP ISLAMABAD: The National Assembly Friday unanimously passed the bill seeking amend- ment in the Rules of Procedure and Conduct of Business in the lower house, which became necessary after the passage of 18th and 19th amendment bills. Minister for Labour and Manpower Syed Khurshid Shah moved the amendments bill in the house for passage. Advisor to Prime Minister Raza Rabbani elaborating the amendment said after the elec- tion of the Speaker and the Deputy Speaker --a general election-- or whenever the office of the Prime Minister falls vacant for any reason, the Assembly shall, to the exclu- sion of any other business, pro- ceed to elect without debate one of its Muslim members to be the Prime Minister. Any member may propose the name of any Muslim mem- ber for election as Prime Minister, hereinafter referred to as the candidate. Every proposal shall be made on a separate nomination paper in the form set out in the First Schedule and shall be signed by the proposer and seconder and also by the candidate stat- ing that he has consented to the nomination. A candidate may be nominat- ed by more than one nomina- tion paper, but no member shall subscribe to more than one nomination paper, either as proposer or as seconder. Every nomination paper shall be delivered by the candidate or his proposer or seconder to the Secretary by 2.00 P.M. on the day preceding the day on which the election of Prime Minister is to be held. After the rule 39, new rules 39A and 39B shall be inserted, namely: "39A. Removal of Leader of the Opposition which says a notice signed by a majority of members of the opposition maybe given to the secretary showing that the leader of opposition has lost the support of the majority of the members of the opposition. It says such notice shall be accompanied by the nomina- tion of a proposed new Leader of the Opposition signed by a majority of the members of the opposition. After verification of the sig- natures of the members, if the Speaker is satisfied that the Leader of the Opposition has lost the support of the majority of the members of the opposi- tion, he shall declare him to be removed from office. When the Leader of the Opposition is removed, the Speaker shall immediately declare the member who has been nominated in sub-rule (2) as Leader of the Opposition. While, 39B says whenever the office of the Leader of Opposition becomes vacant, it shall be filled in the manner as provided in rule 39. That for rule 154, the follow- ing shall be substituted, name- ly: "154 Bills amended, reject- ed or not passed by Senate- (1) If a Bill passed by the Assembly and transmitted to the Senate is rejected or is not See # 6 Page 7 More “amends” make it past NA PESHAWAR: Dozens of Taliban militants Friday morning attacked five secu- rity check posts in tribal agency of Mohmand causing serious collateral damage. The fierce clashes left 24 militants dead and 11 securi- ty personnel martyred. Tehrik-e-Taliban Pakistan (TTP) has accepted the responsibility for the attack. Near 150 militants attacked five check posts in Mohmand agency in the wee hours of Friday, security sources said. The security forces launched a retaliatory opera- tion with helicopter gunships leaving 26 militants and 11 paramilitary troopers killed. About a dozen militants and ten troopers were also wounded in the clashes, said sources. They added that the militants left the dead bodies of their accomplices and fled. The dead bodies have been taken into custody by the security forces. Some tribal sources said that several troopers have gone missing after the inci- dent. However, the report could not be confirmed offi- cially and independently. Tehrik-e-Taliban Pakistan accepting the responsibility of the attack has claimed that 12 security personnel were martyred in the attack and 6 dead bodies of the sol- diers are in their custody while two were captured alive and they have been shifted to an undisclosed location. TTP spokesman Sajjad Mehmand told BBC that Taliban attacked 5 check posts in Mohmand Agency and only two of their com- rades were killed while 12 soldiers were killed and the dead bodies of 6 sol- diers are in their custody.- Online TTP kills 11 troops, suffers 24 casualties Attack carried out on chek posts in Mohmand ISLAMABAD: As part of its ongoing commitment to Pakistan's national defence and joint efforts in the fight against violent extremist groups, the United States gov- ernment delivered more than $633 million in Coalition Support Fund (CSF) to the government of Pakistan on Wednesday, said a handout issued here on Friday. The Coalition Support Fund is designed to reimburse the government of Pakistan for expenses incurred fighting violent extremist groups. The Government of Pakistan expends hundreds of millions of dollars annually in this effort. This reimbursement covers the period of January to June 2010. $110 million was previously released in early November to finalise reimbursement of 2009 claims. Since 2001, the United States has reimbursed Pakistan approximately $8.76 billion in CSF, the spokesman said. CSF is an ongoing reim- bursement programme, whereby the Government of Pakistan periodically submits expenses incurred in support of contingency operations. Reimbursements made from the Coalition Support Fund are for the incremental costs incurred supporting coalition activities. The US strives to make reimbursements in as timely a manner as possible. The Coalition Support Fund process reimburses 27 nations, including Pakistan, for logisti- cal, military and other forms of support provided to the US in support of overseas contin- gency operations.-Online $633mn comes in as US WoT support ISTANBUL: President Asif Ali Zardari Friday underlined the importance of Turkish investment in Pakistan and said the government would take steps to remove bottle- necks in the way of foreign investors. He hoped that regular serv- ice of Islamabad-Tehran- Istanbul freight train would greatly improve intra-regional cooperation and business opportunities and called for its fast track completion. The President was talking to his Turkish counterpart, Abdullah Gul who called on him ahead of Pakistan- Afghanistan-Turkey trilateral summit here. He said there was a vast potential for Turkish investors in Pakistan. Both the countries should encourage their private sectors to collaborate closely in energy, infrastructure development, engineering, textiles, agriculture, telecom- munications, mining, and technology sectors, he said. He stressed the need both for institutionalising coopera- tion with Iran and upgradation of rail and road links between the two countries. The President welcomed Turkish cooperation and investment in the urban mass- transport systems and low- cost housing sectors. President Zardari told his Turkish counterpart that both See # 7 Page 7 Foreign investors to get smooth ride Will cement ties with Turkey on geo-strategic level: Zardari ISLAMABAD: Governor State Bank of Pakistan (SBP), Shahid H Kardar Friday urged the government to control its borrowing from the central bank so that inflation could be curbed. "High inflation not only hurts the export cost of a country but also devalues local currency." He said this while address- ing the concluding session of the two-day SBP workshop on macroeconomics for working journalists here at National Institute of Banking and Finance (NIBAF). The workshop was organ- ised by SBP for journalists of electronic and print media in which about 30 journalists representing various news organisations participated. SBP governor stressed the need for organising similar workshops for journalists to make them fully aware of the SBP policies and develop See # 8 Page 11 Govt warned over borrowing Inflation to skyrocket if not checked: Kardar ISLAMABAD: Federal Minister for Food and Agriculture Nazar Muhammad Gondal Friday informed the National Assembly that the government would import 0.2 million tonnes of urea from Saudi Arabia to overcome the shortage. Replying to queries during the question hour session, the federal minister said that gas load-shedding has negatively impacted urea production which would be overcome by imports. The imported urea would arrive in the country by January 2011, he added. He said that the government would provide subsidy on the imported urea, however added that there would be no subsidy on other fertilisers. Gondal said that at present the price of per bag DAP is Rs3100-3200 where as the price of urea is Rs850- 900/bag. Meanwhile, State Minister for Industries and Production, Dr Ayatullah Durrani told the House that the prices of urea have increased by 9 per cent on average from June 2009 to June 2010 whereas prices increased on average by 12 per cent from December 2009 to See # 9 Page 7 0.2mn T urea to be sourced in Jan Changes in Rules of Procedures, Conduct of Business passed Special Correpondent ISLAMABAD: The govern- ment on Friday appointed Muhammad Ali Ghulam Muhammad as new Chairman of Securities and Exchange Commission of Pakistan (SECP) with immediate effect. A notification issued by the Ministry of Finance (Investment wing) said that in exercise of power conferred by section 5 and 7 of the Securities and Exchange Commission of Pakistan (SECP) Act, 1997, the Federal government has appointed Muhammad Ali Ghulam Muhammad as Commissioner in SECP for a period of three years with immediate effect. Also, in exercise of the power conferred by section 6 of the SECP Act, 1997, the Federal government has appointed Muhammad Ali Ghulam Muhammad as Chairman of the SECP with immediate effect, the notification said. SECP gets new chair Edibles eat Rs8.4bn subsidy this year ISLAMABAD: State Minister for Industries and Production Dr Ayatullah Durrani Friday informed the National Assembly that the government has provided subsidy worth Rs8.4 billion on various edible items through Utility Stores Corporation (USC) during the current year. The concessions provided through Ramdan Relief Package were part of the sub- sidy provided during 2010-11, he told the house during the question hour. He said that at present sugar is being sold at USC outlets on subsidised rates and the amount of per kilogramme subsidy is about Rs13.57. He said that prices of sugar at the international market have also affected sugar market in Pakistan and despite that fact the USC was providing the commodity on subsidised rates as compared to the open mar- ket. He expressed the hope that the sugar prices would further come down in the coming days. Speaking about the quality of sugar, the minister said that the government never compromis- es on the quality of sugar adding that the quality of See # 10 Page 7 Karachi, Saturday, December 25, 2010, Muharram-ul-Haram 18, Price Rs12 Pages 8 Sindh Bank announced as scheduled Staff Reporter KARACHI: State Bank of Pakistan (SBP) has declared Sindh Bank Limited as a sched- uled bank. The central bank has taken the decision in exercise of the powers conferred on it by clause (a) of sub-section (2) of section 37 of the SBP Act 1956. The SBP order will come into effect from December 24, said SBP notification issued on Friday. Nation today marks Quaid’s 134th birth anniversary ISLAMABAD: The nation will celebrate the 134th birth anniversary of the founder of Pakistan Quaid-e-Azam Mohammad Ali Jinnah with national spirit and enthusiasm today (Saturday). The day has been announced a public holiday in Pakistan and Azad Jammu and Kashmir (AJK). The national flag will be hoisted at all government buildings throughout the coun- try. The day will dawn with special prayers in mosques for the the great leader Quaid-e- Azam Mohammad Ali Jinnah and prosperity and develop- ment of the country. 31-gun salute and 21-gun salute would be given in feder- al capital and provinces respec- tively. The representatives of three services (Army, Navy and Air Force) and people from all sec- tions of the society will lay flo- ral wreaths on behalf of their respective services at the mau- soleum of the Quaid in Karachi. Number of political, social, cultural and educational organ- isations has chalked out pro- grammes to mark the occasion in a befitting manner. Radio and television have arranged special programmes See # 11 Page 7

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International

Japan approves record 1.1 trillion dollar budget

Pak-Afghan-Turkish co-wargames mulled See on Page 8

Pakistani mily spies nailed Rigi: IRNA See on Page 8

*Crude Oil (brent)$/bbl 93.77

*Crude Oil (WTI)$/bbl 91.51

*Cotton $/lb 148.12

*Gold $/ozs 1,380.50

*Silver $/ozs 29.33

Malaysian Palm $ 1,170

GOLD (NCEL) PKR 38,097

KHI Cotton 40Kg PKR 9,645

Yearly(Jul, 2010 up to 23-Dec-2010)

Monthly(Nov, 2010 up to-23-Dec-2010)

Daily (23-Dec-2010)

Total Portfolio Invest (17 Dec-2010)

196.25

33.52

1.51

2783

-0.08

7.72

-8.66

0.62

0.55

-0.42

0.27

SCRA(U.S $ in million)

Portfolio Investment

FIPI (24-Dec-2010)

Local Companies (24-Dec-2010)

Banks / DFI (24-Dec-2010)

Mutual Funds (24-Dec-2010)

NBFC (24-Dec-2010)

Local Investors (24-Dec-2010)

Other Organization (24-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (18-Dec-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Nov 10)

Imports (Jul 10-Nov 10)

Trade Balance (Jul 10-Nov 10)

Current A/C (Jul 10- Nov 10)

Remittances (Jul 10 - Nov 10)

Foreign Invest (Jul 10-Nov 10)

Revenue (Jul 10-Nov 10)

Foreign Debt (Sep 10)

Domestic Debt (Oct 10)

Repatriated Profit (Jul- Nov 10)

LSM Growth (Sep 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.39bn

14.44%

$8.88bn

$15.37bn

$(6.49)bn

$(504)mn

$4.43bn

$746mn

Rs 495bn

$58.41bn

Rs 5234.9bn

$287.9mn

-2.58%

4.10%

$1,051

171.39mn

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

23.01

2.00

1.70

10.71

PKR/Shares

111.37

197.13

42.84

36.41

36.70

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)

15-Dec-2010

15-Dec-2010

15-Dec-2010

29-Nov-2010

24-Dec-2010

24-Dec-2010

24-Dec-2010

24-Dec-2010

24-Dec-2010

24-Dec-2010

24-Dec-2010

24-Dec-2010

24-Dec-2010

24-Dec-2010

24-Dec-2010

13.17%

13.39%

13.69%

14.00%

13.30%

13.42%

13.61%

13.95%

14.11%

14.15%

14.20%

14.23%

14.53%

14.72%

14.90%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 85.20 86.20

Canadian $ 83.90 84.90

Danish Krone 15.10 15.20

Euro 112.00 114.00

Hong Kong $ 10.90 11.00

Japanese Yen 1.011 1.037

Saudi Riyal 22.63 22.83

Singapore $ 65.00 66.00

Swedish Korona 12.50 12.70

Swiss Franc 86.90 87.10

U.A.E Dirham 23.13 23.37

UK Pound 131.70 133.20

US $ 85.65 85.95

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 86.02 86.23

Canadian $ 85.04 85.23

Danish Krone 15.10 15.14

Euro 112.13 112.39

Hong Kong $ 11.02 11.05

Japanese Yen 1.033 1.035

Saudi Riyal 22.87 22.92

Singapore $ 65.82 65.98

Swedish Korona 12.53 12.56

Swiss Franc 89.68 89.89

U.A.E Dirham 23.35 23.40

UK Pound 131.88 132.19

US $ 85.67 85.85

Inter-Bank Currency Rates

Subscribe now

Tel: 92-21-5311893-6

Fax: 92-21-5388428

Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

CITIES MAX-TEMP MIN

ISLAMABAD 22°C 1°C KARACHI 27°C 13°C LAHORE 20°C 2°C FAISALABAD 21°C 6°C QUETTA 13°C -8°C RAWALPINDI 21°C 3°C

Weather Forecast

Index Close Change

KSE 100 11,858.17 65.34

Nikkei 225 10,279.19 67.29

Hang Seng 22,833.80 69.17

Sensex 30 20,073.66 90.78

ADX 2,706.00 6.27

SSE COMP. 2,835.16 6.19

FTSE 100 6,008.92 12.85

*Dow Jones 11,573.49 0.00

Global Indices

NBP Presidentlauds role of media

See on Page 2

ISTANBUL: President Asif Ali Zardari during a meeting with the President of

Kyrgystan Roza Otunbayeva on the sidelines of the 11th ECO summit. -APP

ISLAMABAD: The NationalAssembly Friday unanimouslypassed the bill seeking amend-ment in the Rules of Procedureand Conduct of Business in thelower house, which becamenecessary after the passage of18th and 19th amendment bills.

Minister for Labour andManpower Syed KhurshidShah moved the amendmentsbill in the house for passage.

Advisor to Prime MinisterRaza Rabbani elaborating theamendment said after the elec-tion of the Speaker and theDeputy Speaker --a generalelection-- or whenever theoffice of the Prime Ministerfalls vacant for any reason, theAssembly shall, to the exclu-sion of any other business, pro-ceed to elect without debateone of its Muslim members tobe the Prime Minister.

Any member may proposethe name of any Muslim mem-ber for election as PrimeMinister, hereinafter referred toas the candidate.

Every proposal shall be madeon a separate nomination paper

in the form set out in the FirstSchedule and shall be signedby the proposer and seconderand also by the candidate stat-ing that he has consented to thenomination.

A candidate may be nominat-ed by more than one nomina-tion paper, but no member shallsubscribe to more than onenomination paper, either asproposer or as seconder.

Every nomination paper shallbe delivered by the candidateor his proposer or seconder tothe Secretary by 2.00 P.M. onthe day preceding the day onwhich the election of PrimeMinister is to be held.

After the rule 39, new rules39A and 39B shall be inserted,namely: "39A. Removal ofLeader of the Oppositionwhich says a notice signed by amajority of members of theopposition maybe given to thesecretary showing that theleader of opposition has lostthe support of the majority ofthe members of the opposition.

It says such notice shall beaccompanied by the nomina-

tion of a proposed new Leaderof the Opposition signed by amajority of the members of theopposition.

After verification of the sig-natures of the members, if theSpeaker is satisfied that theLeader of the Opposition haslost the support of the majorityof the members of the opposi-tion, he shall declare him to beremoved from office.

When the Leader of theOpposition is removed, theSpeaker shall immediatelydeclare the member who hasbeen nominated in sub-rule (2)as Leader of the Opposition.

While, 39B says wheneverthe office of the Leader ofOpposition becomes vacant, itshall be filled in the manner asprovided in rule 39.

That for rule 154, the follow-ing shall be substituted, name-ly: "154 Bills amended, reject-ed or not passed by Senate- (1)If a Bill passed by theAssembly and transmitted tothe Senate is rejected or is not

See # 6 Page 7

More “amends”make it past NA

PESHAWAR: Dozens ofTaliban militants Fridaymorning attacked five secu-rity check posts in tribalagency of Mohmand causingserious collateral damage.

The fierce clashes left 24militants dead and 11 securi-ty personnel martyred.Tehrik-e-Taliban Pakistan(TTP) has accepted theresponsibility for the attack.

Near 150 militants attackedfive check posts in Mohmandagency in the wee hours ofFriday, security sources said.

The security forceslaunched a retaliatory opera-tion with helicopter gunships

leaving 26 militants and 11paramilitary troopers killed.

About a dozen militantsand ten troopers were alsowounded in the clashes, saidsources. They added that themilitants left the dead bodiesof their accomplices andfled. The dead bodies havebeen taken into custody bythe security forces.

Some tribal sources saidthat several troopers havegone missing after the inci-dent. However, the reportcould not be confirmed offi-cially and independently.

Tehrik-e-Taliban Pakistanaccepting the responsibility

of the attack has claimedthat 12 security personnelwere martyred in the attackand 6 dead bodies of the sol-diers are in their custodywhile two were capturedalive and they have beenshifted to an undisclosedlocation.

TTP spokesman SajjadMehmand told BBC thatTaliban attacked 5 checkposts in Mohmand Agencyand only two of their com-rades were killed while 12soldiers were killed andthe dead bodies of 6 sol-diers are in their custody.-Online

TTP kills 11 troops,suffers 24 casualties

Attack carried out on chek posts in Mohmand

ISLAMABAD: As part of itsongoing commitment toPakistan's national defenceand joint efforts in the fightagainst violent extremistgroups, the United States gov-ernment delivered more than$633 million in CoalitionSupport Fund (CSF) to thegovernment of Pakistan onWednesday, said a handoutissued here on Friday.

The Coalition Support Fundis designed to reimburse thegovernment of Pakistan forexpenses incurred fightingviolent extremist groups.

The Government of Pakistanexpends hundreds of millionsof dollars annually in thiseffort. This reimbursementcovers the period of Januaryto June 2010. $110 millionwas previously released inearly November to finalisereimbursement of 2009

claims. Since 2001, the UnitedStates has reimbursedPakistan approximately $8.76billion in CSF, the spokesmansaid.

CSF is an ongoing reim-bursement programme,whereby the Government ofPakistan periodically submitsexpenses incurred in supportof contingency operations.Reimbursements made fromthe Coalition Support Fundare for the incremental costsincurred supporting coalitionactivities.

The US strives to makereimbursements in as timely amanner as possible.

The Coalition Support Fundprocess reimburses 27 nations,including Pakistan, for logisti-cal, military and other formsof support provided to the USin support of overseas contin-gency operations.-Online

$633mn comes inas US WoT support

ISTANBUL: President AsifAli Zardari Friday underlinedthe importance of Turkishinvestment in Pakistan andsaid the government wouldtake steps to remove bottle-necks in the way of foreigninvestors.

He hoped that regular serv-ice of Islamabad-Tehran-Istanbul freight train wouldgreatly improve intra-regionalcooperation and businessopportunities and called for itsfast track completion.

The President was talking tohis Turkish counterpart,Abdullah Gul who called onhim ahead of Pakistan-Afghanistan-Turkey trilateralsummit here.

He said there was a vast

potential for Turkish investorsin Pakistan. Both the countriesshould encourage their privatesectors to collaborate closelyin energy, infrastructuredevelopment, engineering,textiles, agriculture, telecom-munications, mining, andtechnology sectors, he said.

He stressed the need bothfor institutionalising coopera-tion with Iran and upgradationof rail and road links betweenthe two countries.

The President welcomedTurkish cooperation andinvestment in the urban mass-transport systems and low-cost housing sectors.

President Zardari told hisTurkish counterpart that both

See # 7 Page 7

Foreign investorsto get smooth ride

Will cement ties with Turkey on geo-strategic level: Zardari

ISLAMABAD: GovernorState Bank of Pakistan (SBP),Shahid H Kardar Friday urgedthe government to control itsborrowing from the centralbank so that inflation could becurbed.

"High inflation not onlyhurts the export cost of acountry but also devalueslocal currency."

He said this while address-ing the concluding session ofthe two-day SBP workshop onmacroeconomics for working

journalists here at NationalInstitute of Banking andFinance (NIBAF).

The workshop was organ-ised by SBP for journalists ofelectronic and print media inwhich about 30 journalistsrepresenting various newsorganisations participated.

SBP governor stressed theneed for organising similarworkshops for journalists tomake them fully aware of theSBP policies and develop

See # 8 Page 11

Govt warnedover borrowing

Inflation to skyrocket if not checked: Kardar

ISLAMABAD: FederalMinister for Food andAgriculture Nazar MuhammadGondal Friday informed theNational Assembly that thegovernment would import 0.2million tonnes of urea fromSaudi Arabia to overcome theshortage.

Replying to queries duringthe question hour session, thefederal minister said that gasload-shedding has negativelyimpacted urea productionwhich would be overcome byimports.

The imported urea wouldarrive in the country byJanuary 2011, he added. Hesaid that the government

would provide subsidy on theimported urea, however addedthat there would be no subsidyon other fertilisers.

Gondal said that at presentthe price of per bag DAP isRs3100-3200 where as theprice of urea is Rs850-900/bag.

Meanwhile, State Ministerfor Industries and Production,Dr Ayatullah Durrani told theHouse that the prices of ureahave increased by 9 per centon average from June 2009 toJune 2010 whereas pricesincreased on average by 12per cent from December 2009to

See # 9 Page 7

0.2mn T urea tobe sourced in Jan

Changes in Rules of Procedures, Conduct of Business passed

Special Correpondent

ISLAMABAD: The govern-ment on Friday appointedMuhammad Ali GhulamMuhammad as new Chairmanof Securities and ExchangeCommission of Pakistan(SECP) with immediate effect.

A notification issued by theMinistry of Finance(Investment wing) said that inexercise of power conferred bysection 5 and 7 of the Securitiesand Exchange Commission of

Pakistan (SECP) Act, 1997, theFederal government hasappointed Muhammad AliGhulam Muhammad asCommissioner in SECP for aperiod of three years withimmediate effect.

Also, in exercise of the powerconferred by section 6 of theSECP Act, 1997, the Federalgovernment has appointedMuhammad Ali GhulamMuhammad as Chairman of theSECP with immediate effect,the notification said.

SECP gets new chair

Edibles eatRs8.4bnsubsidy

this yearISLAMABAD: State Ministerfor Industries and ProductionDr Ayatullah Durrani Fridayinformed the NationalAssembly that the governmenthas provided subsidy worthRs8.4 billion on various edibleitems through Utility StoresCorporation (USC) during thecurrent year.

The concessions providedthrough Ramdan ReliefPackage were part of the sub-sidy provided during 2010-11,he told the house during thequestion hour.

He said that at present sugaris being sold at USC outlets onsubsidised rates and the amountof per kilogramme subsidy isabout Rs13.57.

He said that prices of sugar atthe international market havealso affected sugar market inPakistan and despite that factthe USC was providing thecommodity on subsidised ratesas compared to the open mar-ket. He expressed the hope thatthe sugar prices would furthercome down in the coming days.

Speaking about the quality ofsugar, the minister said that thegovernment never compromis-es on the quality of sugaradding that the quality of

See # 10 Page 7

Karachi, Saturday, December 25, 2010, Muharram-ul-Haram 18, Price Rs12 Pages 8

Sindh Bankannounced

as scheduled Staff Reporter

KARACHI: State Bank ofPakistan (SBP) has declaredSindh Bank Limited as a sched-uled bank.

The central bank has takenthe decision in exercise of thepowers conferred on it byclause (a) of sub-section (2) ofsection 37 of the SBP Act 1956.The SBP order will come intoeffect from December 24, saidSBP notification issued onFriday.

Nation todaymarks Quaid’s

134th birth

anniversaryISLAMABAD: The nationwill celebrate the 134th birthanniversary of the founder ofPakistan Quaid-e-AzamMohammad Ali Jinnah withnational spirit and enthusiasmtoday (Saturday).

The day has been announceda public holiday in Pakistanand Azad Jammu and Kashmir(AJK).

The national flag will behoisted at all governmentbuildings throughout the coun-try. The day will dawn withspecial prayers in mosques forthe the great leader Quaid-e-Azam Mohammad Ali Jinnahand prosperity and develop-ment of the country.

31-gun salute and 21-gunsalute would be given in feder-al capital and provinces respec-tively.

The representatives of threeservices (Army, Navy and AirForce) and people from all sec-tions of the society will lay flo-ral wreaths on behalf of theirrespective services at the mau-soleum of the Quaid inKarachi.

Number of political, social,cultural and educational organ-isations has chalked out pro-grammes to mark the occasionin a befitting manner.

Radio and television havearranged special programmes

See # 11 Page 7

Page 2: The Financial Daily-Epaper-25-12-2010

2 Saturday, December 25, 2010

TV PROGRAMMES

SATURDAY

Time Programmes

7:00 News

8:00 News

9:05 Best of Subah

Savere Maya Kay

Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Awam Ki Awaz

(Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Taxi News

20:05 The Anchor

21:00 News

22:03 Faisla Aap Ka

23:00 News

23:03 Awam Ki Awaz

KARACHI: Minister forOverseas Pakistanis DrFarooq Sattar has calledfor enhancing budget allo-cation for education to 5percent of the GDP tobring in a knowledge-based revolution in thecountry.

"We need to promotelatest education and tech-nology on scientific linesif we want to grow as anindependent and devel-oped country in theworld", he said while

speaking as chief guest atthe 3rd convocation ofDadabhoy Institute ofHigher Education (DIHE)here on Thursday.

He said that adhocism isthe greatest hurdle in theway of development inthe country and we needto change the system for aprosperous Pakistan.

"We need to create asystem where the son of aworker, clerk and rick-shaw driver can becomepresident, prime minister

and minister and other topposts in the country", DrSattar said.

Sindh EducationMinister Pir MazharulHaq, Finance MinisterMurad Ali Shah, CM'sAdvisor Qaiser Bengali,deputy governor SBPYasin Anwar andAbdullah Dadabhoy alsospoke on the occasion.

Dr Farooq Sattar gaveaway degrees among 660graduating students andcongratulated their par-

ents.Chairman DIHE,

Abdullah Dadabhoy saidthat DadabhoyFoundation has donated250 acres of land inHawksbay for the con-struction of universitywhich will educate 20,000students.

He said that DIHE hasbeen upgraded to univer-sity level and a modernuniversity of internationalstandard will be con-structed at Hawkbay.-APP

Dr Sattar urges toraise education budget

TFD Report

KARACHI: PresidentNational Bank of Paksitan(NBP) Syed Ali Raza cate-gorised the vital role ofmedia in the developmentof major sectors of thecountry. He also regardedthat media can be helpfulin economical growth ofcountry through its posi-tive and effective function.

He was talking at theceremony hosted in hishonour by the NationalBank Officers Association.

The newly posted 55 offi-cers at Gwader were alsopresent at the occasion. AliRaza stated that Gwaderholds enormous potential,as it comprises 30 per centof the total area ofPaksitan. He regardedNational Bank as the fami-ly of 14,500 employees,and every member of thisfamily is performing hisjob with utmost devotion.

President NBP was hope-ful that in coming fiveyears NBP will acquire thetarget of 100 billion instead

of the previously set 50 bil-lion, he also remarkedNBP as the number onebank having 27 interna-tional branches in differentcountries. Ali Raza was ofthe vies that achieving thetitle of number one andretaining it is an uphill taskand NBP has done thiswith great hard work.

Earlier the representa-tives of NBP officer asso-ciation praised the untiringefforts of Ali Raza inupbringing the positionand ranking of NBP.

President NBPlauds role of media

ISLAMABAD: TheSecurities and ExchangeCommission of Pakistan(SECP) succeeded in get-ting ISO 9001:2008 for itsthree big CompanyRegistration Offices(CROs) in Karachi, Lahoreand Islamabad on Friday.

The external ISO certifi-cation audit was conductedby DAS Pakistan, which isa worldwide certificationbody, accredited by theUnited KingdomAccreditation Service(UKAS).

The quality managementsystem has been developedand implemented by these

CROs, which includesquality policy, quality man-ual, quality system proce-dures, quality objectivesand checklists. This alsoincludes documentation ofall the procedures of CROsin the form of standardoperating procedures.

This achievement is asignificant milestone ofthe year 2010, whichhelped the CROs instreamlining procedures,documenting every func-tion and removing the gapsin procedures. This isexpected to go a long wayin further improving theCROs' performance.-NNI

ISO certifiesSECP offices

Staff Reporter

KARACHI: NationalCommodity ExchangeLimited (NECL) in associ-ation with registered bro-kers held road shows inGujranwala and Lahore on21st and 22nd Decemberrespectively, said a state-ment here.

The events focused onthree main areas namely,the role of NationalCommodities Exchange inintroducing commoditiestrade in Pakistan by open-ing up new avenues andproviding a platform forthe investors to diversifytheir portfolios, followed

by the process of tradingon the Exchange, real timepricing and lastly the bro-ker views on the growthand potential of commodi-ty trade as an option forinvestors along with theequities trading.

Speaking at the occa-sion, Mansoor Ali, ChiefBusiness Officer at theNCEL said,"Commodities trading is afast developing marketand is expanding at expo-nential levels in Pakistan.The public recognizes theneed for diverse financialinstruments and are mov-ing towards commoditiestrading.

NCEL holdsroad showsin Punjab

Staff Reporter

KARACHI: Senator, HajiGhulam Ali was electedunopposed as President,Federation of Pakistan,Chambers of Commerceand Industry (FPCCI) forthe term 2011-12, it hasbeen learnt.

The bi-annual electionsof the apex trade body ofPakistan held on Friday atFederation House. Thenewly elected body wouldtake over FPCCI fromJanuary 1, 2011, when out-going President, SultanChawla would officiallyhand over the charge of topslot to Senator Ghulam Aliwho belongs to Khyber-

Pakhtunkhwa and waselected on the ticket of JUI(F) in the senate.

The Patron In-chief,Korangi Association ofTrade and Industry (KATI)S M Muneer, andChairman, Syed Johar AliQandhari have welcomedthe Senator Haji GhulamAli as President of theFPCCI fro the next termand hoped that he wouldstrive hard to protect rightsof trade and industry andrepresent trade and indus-try effectively at allforums in the country andabroad. They also paidrich tributes to the outgo-ing President, FPCCI,Sultan Chawla.

Traders greetnew FPCCIPresident

KARACHI: PakistanBanks' Association (PBA)recently held its electionsfor the ExecutiveCommittee (EC) for theterm 2011. SirajuddinAziz, CEO Bank Alfalahhas been unanimouslyelected as its Chairman,said a handout issued hereon Friday.

Aziz, in the past has alsoremained Vice Chairmanand member of the EC ofPBA. Aziz has over 30years of banking experi-ence in various organiza-tions in Pakistan, China,Hong Kong, UK Nigeria

and UAE.Atif Bokhari, President

UBL and Shazad Dada,CEO Barclays Bank, havebeen elected ViceChairmen of PBA.-PR

Siarjuddin electedPBA chairman

SATURDAY

Time Programmes

8:00 Chai Time (Rpt)

9:05 Smithsonian

Documentry

10:05 Dilkash Pakistan

10:30 Sara jahan(Rpt)

11:15 Karobari

Duniya(Rpt)

12:00 News

12:05 Siyasat Mana Hai

(Rpt)

13:00 AM News

13:05 Islamabad Say

(Rpt)

14:00 News

15:00 News

15:05 Doosra Pehlu

(Rpt)

16:00 News

16:05 Filmi Samaa(rpt)

16:30 Red Carpet (Rpt)

17:00 News

17:05 Aap Ka Paisa

(Rpt)

17:30 Pakistan This

Week

18:00 News

18:05 Sara jahan(Rpt)

18:30 Dilkash Pakistan

19:00 News

19:30 Tijarti Dunia

20:00 News

20:05 Kamyab

21:00 News

21:05 Teesri nazar

22:00 News

22:05 Agenda 360

23:05 Music Scene

23:30 Uff Tv

0:00 News

Toni&Guynew brandhits shelvesKARACHI: Toni&Guybreaks yet another mile-stone with their latestlaunch to revolutionise theaverage mall experience.The international brand,that recently placed theirlargest salon in the world inKarachi, has now decidedto launch their diffusionbrand Essensuals in thecity's popular mall Forum.

The opening ceremonywas held at Forum with theBritish Deputy HighCommissioner RobertGibson inaugurating thelaunch.

Opening the event,Mandviwalla, the franchiseowner, said, "With greatpride, I welcome you to thelaunch. Essensuals came toPakistan in 2003. It wasfirst in South East Asianregion."-PR

Marrifelicitatesnation onQuaid day

KARACHI: SindhMinister for Electric PowerShazia Marri has felicitatedthe Christian Communityon the occasion ofChristmas and congratulat-ed nation on Quaid-e-Azam Mohammad AliJinnah's birthday.

In a statement issued heretoday, Marri has said thatrespect for all religious wasa tenet of Islam and appre-ciated the contribution ofChristian Community forthe development of thecountry. Marri said thatShaheed MohtarmaBenazir Bhutto always cel-ebrated Christmas withChristian Pakistanis andthe president kept up thistradition. She said that fes-tivals and their celebrationsbrought communitiestogether adding that thistogetherness was mostneeded today.

Marri congratulated thenation on the birthday ofthe founding father Quaid-e-Azam Mohammad AliJinnah and said that 25thDecember was an opportu-nity for dual celebrationsfor the people of Pakistan.She said that the Quaid-e-Azam 's vision of a strongPakistan lay in the unity,faith & discipline amongall communities.-NNI

Colgatelauncheslearning

programmeKARACHI: Colgate-Palmolive (Pakistan)Limited launched a uniquescholarship programme forprimary school children, saida handout issued here.

The main idea behind thisprogramme, "Seekho AurJeeto", is to create awarenessamongst children about theimportance of oral health andhygiene, stated the handout.

To participate, childrenhave to learn oral care tipsplaced at the back of promo-tional Colgate GRF 50g and100g packs and answer arelated multiple choice ques-tion via SMS. The rightanswers were placed in alucky draw and the 40 win-ners were informed withcongratulatory text messagesand press announcements.Guaranteed gifts were alsogiven in the promotionalpacks to further engage chil-dren in this offer.-PR

KARACHI: Chippa Welfare Association’s patron-in-chief Ramazan Chippa presents Christmas cake and

bouquet to Revered father Edward Joseph at theSaint Patrick’s Cathedral Church.-Staff Photo

LAHORE: Irfan Akram, Vice President Customer CareMobilink handing over Rs1 million cheque to MuhammadNaveed Sarwar, the first monthly winner of Mobilink Jazz

SMS Khazana Round IV from Lahore.-Staff Photo

LAHORE: Parvez Shahid Co Chairman Bank Alfalah,Tariq Mir Head International Banking Bank Alfalah

and Adil Mansoor at the launching ceremony ofMulti Brand Boutique in Lahore. The boutique stocks

up to 20 different designer collections.-Staff Photo

KARACHI: Senator Haji Ghulam Ali, President FPCCI,Khalid Tawab Vice President and M Usman Sheikh,Vice President of FPCCI for the term 2011, along with

Tariq Sayeed, former president FPCCI.-Staff Photo

KARACHI: Ranger personnel standing alert to avert to avert any untowardincident in front of Saint Peter Church ahead of Christmas.-Online

Page 3: The Financial Daily-Epaper-25-12-2010

3Saturday, December 25, 2010

LONDON: The euro was steadyon Friday after rebounding froma record low against the Swissfranc and a three-week low ver-sus the dollar, but any gains werecurbed as investors remainedwary about euro-zone debt prob-lems.

Trade was extremely thin, withfew orders going through soclose to the Christmas holidays,resulting in limited movement inany major currency pair.

However, analysts said con-cerns about fiscal troubles insome euro-zone countries couldresult in further euro selling inthe new year.

The euro showed limited reac-tion to Fitch cutting Portugal'slong-term and local currency rat-ings by one notch to A-plus onThursday, although this served

as a reminder that sovereign debtproblems will stay a key themefor 2011.

"Euro negatives continue toabound and we're set to open upthe new year with the samethemes of peripheral debt prob-lems," said Jeremy Stretch, cur-rency strategist at CIBC.

"US fundamentals are lookinga little better, so net-net the risksare to the downside for euro/dol-lar," he said, but added thatwhile above $1.3050 the eurowas likely to hold steady overthe coming days.

The euro was steady at$1.3121, off a three-week low of$1.3055 set on Thursday.

The euro was up 0.3 per cent at1.2614 Swiss francs havingbounced off an all-time lowaround 1.2440 set this week.

However, the euro was stilldown some 1 per cent on theweek against the franc and downfor the fifth week in a row.

The dollar was flat at 82.90yen, off a 1-1/2 week low around82.83 yen hit on Thursday. Itwas near the bottom of a widerrange between 82.40 and 84.40seen since late November.

In contrast, the Australian dol-lar hit six-week highs at $1.0067on Thursday, and was last at$1.0041 on interest from realmoney accounts looking forexposure to higher yields and abrighter economic outlook.

The Canadian dollar outper-formed, with the US dollar down0.3 per cent at C$1.0060, helpedby firmer oil prices, which hov-ered around their highest inmore than two years. -Reuters

Euro holds steady in thintrade, sentiment fragile

SHANGHAI: The yuan rose toclose at its highest level againstthe dollar in six weeks on Fridayafter the People's Bank of Chinaset a stronger midpoint, continu-ing an upward crawl for theChinese currency over the pastfew days.

The yuan may appreciate a lit-tle in the near term as the centralbank might use the exchangerate to fight potential importedinflation and as it needs to createa favourable environment forPresident Hu Jintao's visit to theUnited States in mid-January,traders said.

"During the Christmas andNew Year holiday, we expect thespot yuan trade may move in asmall range around the centralbank's fixing," said a dealer at aChinese bank in Shanghai.

Spot yuan closed at 6.6270

versus the dollar, the highestclose since Nov. 11, up fromThursday's close of 6.6431. Ithas risen 3.0 per cent since thePBOC announced a depeggingof the two currencies in mid-June.

The central bank set the day'smid-point at 6.6371, the highestlevel since Nov. 15 and up fromThursday's 6.6466. The mid-point is the level from which theyuan may rise or fall 0.5 per centagainst the dollar on a given day.

Dealers said the yuan couldappreciate 3 to 5 per cent nextyear on a combination of politi-cal pressure and China needingto consider its own economic sit-uation, such as inflation broughtabout through higher costs ofimported goods and commodi-ties.

The premium for yuan traded

in Hong Kong rose to 170 pipsover the mainland's spot rate onFriday, up from 20 pips at theclose on Thursday.

Hong Kong's central bank saidon Thursday that it had fine-tuned its yuan trade settlementscheme to ensure stable develop-ment of the fast-growing off-shore market for the Chinesecurrency.

Dealers said the move mayincrease demand for yuan inHong Kong, while supply is stilllimited in the city, the prospectpushed up the yuan's value inHong Kong.

Offshore, one-year NDFswere bid at 6.5013, up slightlyfrom Thursday's close of6.4998, with their implied yuanappreciation in a year's timefalling to 2.09 per cent from2.11 per cent. -Reuters

Yuan closes at six-weekhigh, more upside seen

Indian rupeegains on

firm sharesMUMBAI: The Indian rupeestrengthened on Friday, battlingresistance from month-end dollardemand from refiners and otherimporters, tracking firm domes-tic shares and the dollar's weak-ness versus major currencies.

The partially convertible rupeeclosed at 45.11/12 per dollar, offits low of 45.25, and 0.1 per centabove its close of 45.16/17 onThursday, when it had risen to asmuch as 44.9750, its strongestsince Dec. 14.

"The market was broadlyranged today. Heard there wassome big outflow in the morn-ing which kept the rupee weak,but then it recovered from lowsdue to selling by exporters,"said Vikas Chittiprolu, a seniorforex dealer with state-runAndhra Bank. "Going ahead wewill see the market on a biddishnote due to month-end dollardemand from importers and oilfirms. With the holiday seasonglobally, liquidity in the marketwill be thin and the marketswould be moving choppily in arange," he added.

Traders said there was soliddollar demand from someimporters and a certain amountof oil-related buying was alsoseen in the market. In thismonth until Wednesday, for-eign funds had pulled out a net$544.33 million from Indianequities. They have, however,pumped in a net $28.4 billionso far this year on top of the$17.5 billion invested last year.

One-month offshore non-deliv-erable forward contracts were at45.30, weaker compared to theonshore spot rate. In currencyfutures, the most traded near-month dollar-rupee contracts onthe National Stock Exchange,MCX-SX and United StockExchange closed at 45.1575,45.1550 and 45.1475 respective-ly, with the total traded volumeon the three exchanges at a low$3.2 billion compared with anaverage of $7 billion. -Reuters

SEOUL: The Malaysian ring-git hit a six-week high againstthe dollar on Friday, boostedby expectations an initial pub-lic offering of a local companywill attract heavy foreign equi-ty flows.

The gains were exaggeratedby the thin liquidity before hol-idays, with currency markets inIndonesia and Philippinesclosed and trading volume notexpected to pick up next week.

"Many players already tookleaves for the end of the year,"said a Singapore-based dealer.

"Markets will be also veryquiet next week as investorswill prepare for the next year,"he added.

The ringgit rose 0.84 per cent

to as firm as 3.0890 per dollar,the strongest since Nov. 11after a media report on the pos-sible listing of PetronasCarigali.

Petronas Carigali Sdn Bhd,the exploration unit ofPetroliam Nasional Bhd, maybe listed on Bursa Malaysianext year and it is expected toattract a large number of for-eign funds, Business Timessaid on its Web site.

"Its positive and provides apull factor for foreigners intothe local bourse and this is oneof the drivers of the MYR forthe MYR today," a traders inKuala Lumpur said.

"But cyclically MYR hasalways ended the year on a

strong note." If the IPO goes ahead it

would be Malaysia's largestand could be around $48.3 bil-lion, the report said.

The won edged down againstthe dollar in thin trading onworries about geopolitical ten-sions after North Korea threat-ened a nuclear war.

But the local currency erasedmuch of its earlier losses ondemand from exporters such asshipbuilders.

Won/dollar spot trading vol-ume fell to $3.97 billion, thelowest in 2010, according todata from Seoul MoneyBrokerage Services Ltd andKorea Money Broker Corp. -Reuters

Asian currencies

Ringgit at 6-week high onIPO hopes, trading thin

LONDON: Sterling steadiedagainst the dollar in thin trade onFriday, supported by earlydemand from Asia, though thepound still hovered close tothree-month lows and was ham-pered by a fragile outlook for theUK economy.

Trading conditions were thinand volumes light, with mostinvestors on the sidelines andmany European centres closedfor Christmas holidays. US mar-kets are also shut on Friday.

Traders said persistent Asiandemand pushed the pound to theday's high of $1.5477 in earlyLondon dealing. It later eased to$1.5438, close to unchanged onthe day.

Sterling was hovering above athree-month low of $1.5356 hiton Tuesday. Technical analysts

said a clean break below the 200-day moving average at $1.5393would be key for further losses.

The euro was close tounchanged at 84.92 pence, hold-ing below a three-week high hitlast week of 85.53.

The pound has been underpressure as higher-than-expectedunemployment data and softer-than-forecast growth in the econ-omy cloud the economic pictureinto 2011. "I see lots of risks tothe outlook for sterling going for-ward," said Kenneth Broux,Market Strategist at LloydsBanking Group.

"It's lost ground against virtual-ly every currency in December.The combination of the labourdata, softer growth, the high pub-lic deficit and potential for prob-lems within the coalition govern-

ment are putting doubts in peo-ple's minds."

Denting sentiment were com-ments made on Thursday fromBank of England policymakerPaul Fisher, who said the econo-my could suffer another period ofcontraction next year.

His comments came a day afterdata showed downward revisionsto economic growth in the pasttwo quarters and minutes fromthis month's central bank meetingshowed growing concerns aboutrising inflation.

This keeps the BoE in a pickleon monetary policy, which isextremely accommodative at themoment. A slow recovery willrequire loose policy to stimulategrowth, while tightening may beneeded if upward price pressurescontinue. -Reuters

Sterling flats in lighttrade; 2011 outlook fragile

LONDON/SINGAPORE: Oilhovered around its highest lev-els in more than two years onFriday, supported by coldweather across the globe,appetite for risk assets and sig-nals from OPEC it would notarrest the rally.

European benchmark ICEBrent crude for February closed48 cents down at $93.46 onFriday after hitting $94.74 a bar-rel, its highest level sinceOctober 2008. Global bench-mark US crude futures, whichhit a 26-month high of $91.63 onThursday, did not trade onFriday with the NYMEX floorclosed for the Christmas holiday.

Brent, trading at a premiumto US crude, has surged partlydue to a severe cold snap incontinental Europe and Britain.

Heavy snow stranded thou-sands of Christmas travellersin Europe on Friday, threaten-ing to prolong chaos at airlinesand rail networks and furtherboost fuel demand.

Analysts said oil could con-tinue its rally on strong globaldemand and falling inventoriesin 2011, which promises to bea strong year for risk assets asconfidence about the globaleconomic recovery picks up.

OPEC's most influential oilminister, Saudi Arabia's Ali al-Naimi, said on Friday he wasstill happy with an oil price of$70-$80 per barrel and therewas no need for an extra OPECmeeting before the next sched-uled one in June.

Arab OPEC ministers aremeeting in the Egyptian capitalthis weekend where they areexpected to discuss oil produc-tion and prices, but no formaldecision on output will takeplace. United Arab Emirates'oil minister said he wantedOPEC to comply better withoutput cuts the group agreed inlate 2008, and added the cur-rent price did not reflect funda-mentals. That chimed withOPEC's stance that oil demand

remains fragile and speculatorsare to blame for the rally.

Speaking in Cairo, onlyIraq's new oil minister said thecartel could meet before June ifmarket conditions changed butthen added that if a decisionwas taken to meet it would notbe "about price. It's about mar-ket conditions".

"OPEC has limited its num-ber of meetings to limit marketdisturbance," Abdul KareemLuaibi told Reuters.

Oil's more than 30 per centclimb from this year's low inMay has revived concerns thatprices could once again impacteconomic growth for fuelimporting countries.

South Korea's finance minis-ter warned on Friday that thefifth-largest buyer of crude oilcould face inflationary pressuresnext year. In India, the govern-ment is expected to decide nextweek whether to increase state-set fuel prices to cushion domes-tic oil retailers. -Reuters

Crude oil near 2-yr highon cold, risk appetite

LONDON: Gold prices edgedhigher in Europe on Friday,supported by the euro's recov-ery from a three-week low ver-sus the dollar, and as a furtherratings downgrade stoked con-cerns over euro-zone debt.

Spot gold was bid at$1,384.25 an ounce at 1430GMT, against $1,379.89 late inNew York on Thursday.

Trading is thin as the marketswind down for the Christmasholidays, which begin onFriday afternoon in Europe.Little activity is expectedahead of the break, which lastsuntil Dec. 29 in many coun-tries.

"Whilst I think we might seegold between now and Jan. 4down $20, I think that is goingto prove to be the baseline,"said ANZ Bank analyst PeterHillyard. "I think as the marketresumes in a proper way in the

first week of January, we willsee it tracking back through$1,400."

"There are very real fearsthat the problems of the euro-zone generally are not going tobe suddenly swept away," headded. "All of these are thingsthat make people believe thatholding a tangible asset is stillthe right thing to do."

The single currency managedto shrug off Fitch's downgradeof Portugal, which analystssaid was broadly expected.

On the investment side of thegold market, the world's largestgold-backed exchange-tradedfund, the SPDR Gold Trust,said its holdings slipped to1,284.973 tonnes on Thursday

Its holdings have declined bynearly 14 tonnes so far thisweek, and are on track for theirbiggest one-week loss sincelate July. From a technical per-

spective, gold prices remainwell supported above the$1,363 level, analysts said,while a break of resistance at$1,408 is likely to send pricesback towards December'srecord high above $1,430.

"The charts suggest a break-out could be brewing for goldand silver, with the run-up toyear end potentially throwingup a few surprises," saidTheBullionDesk.com in a note.

Among other precious met-als, silver was bid at $29.21 anounce against $29.31. Theworld's biggest primary silverproducer, Mexico's Fresnillo,said it has no plans to starthedging against silver pricechanges as shareholders saythey prefer exposure to marketprices. Platinum was at $1,712an ounce against $1,716.50,while palladium was at $749.50against $750.49. -Reuters

Gold rises towards$1,385/oz as dollar steadies

LONDON: London cocoa,sugar and coffee futures eased inthin volumes before Christmas,with dealers sensing that cocoasupplies are getting throughfrom Ivory Coast despite apower struggle after its disputedelection on Nov. 28.

ICE soft commodity marketswere closed for the Christmasbreak, and London softs marketswere open for a half day onFriday. The London softs marketwill reopen on Dec. 29.

London cocoa futures dippedin light volumes. Traders saidsupplies from Ivory Coastseemed to be reaching the inter-national market, as bean arrivalshad so far held up well.

Cocoa arrivals at ports in topgrower Ivory Coast reached470,397 tonnes by Dec. 12 sincethe start of the season in October,down from 504,282 tonnes in thesame period a year ago, accord-ing to data from Bourse du Cafeet Cacao (BCC) obtained byReuters on Friday.

Cocoa arrivals at IvoryCoast's port of San Pedroreached 229,670 tonnes byDec. 12 since the start of theseason in October, according todata from the Coffee andCocoa Bourse (BCC) obtainedby Reuters on Friday.

London second-month cocoasettled down 7 pounds at 2,042pounds per tonne in light volumeof 551 lots.

ICE cocoa had traded thisweek at below a four-month highof $3,140 per tonne, touched onDec. 7.

London March white sugarfutures edged down in light vol-umes, having earlier touched acontract high of $823.00 pertonne, and were well-supportedby tight supplies, adverse weath-er in several producers, robustdemand, and expectations ofmodest exports from India, theworld's number 2 producer.

London (Liffe) front-month,March white sugar closed down50 cents at $820.40 per tonne inslim volume of 116 lots.

London robusta coffee futuresdipped, underpinned by firmdemand for robusta beans byindustry seeking to use less ara-bica beans after ICE arabicastouched a 13-1/2-year peak earli-er this week.

London second-month, Marchrobustas closed down $14 at$1,997 per tonne in modestturnover of 1,075 lots.

"The response of the industryis to seek more of the lowergrades of coffee," said one softcommodities dealer. -Reuters

Cocoa eases as supplyconcerns eases

Palm oil upfor a 5th day

KUALA LUMPUR:Malaysian palm oil rose for afifth day on Friday as tradersbet the weak output trend mayextend to the first quarter of2010 just as China restocksagri-commodities and preparesfor Lunar New Year holidays.

Heavy rains in palm oil-pro-ducing Southeast Asia and adry spell in soy-exportingSouth America have boostedvegetable oil markets in recentweeks.

Crude oil going above $90 abarrel could see palm oil andsoyoil extend gains, traders say.

"Palm oil is likely to reach3,700 ringgit very soon and Idon't think 4,000 ringgit is veryfar off as our domestic funda-mentals and China gettingready for Lunar New Year holi-day in February will spur buy-ing," said a Malaysian trader.

Benchmark March 2011crude palm oil futures on theBursa Malaysia Derivativesended up 0.2 per cent to 3,665ringgit ($1,175.621).

Traded volumes stood at11,642 lots of 25 tonnes eachcompared to the usual 10,000lots.

Palm oil posted its best week-ly performance in December, asinvestors are increasinglyfavouring agricultural com-modities as an inflation hedgesince food prices in China andIndia have been high.

US commodity markets areclosed on Friday for ChristmasEve but the day before, US soy-oil hit a fresh 28-month high onhot, dry weather in Argentinaand stronger US crushingdemand.

The most active Sept. 11 soy-oil on China's DalianCommodity Exchange rose halfa per cent on Friday as Beijing'svow to maintain a crackdownon price speculation curbedgains related to growing importdemand.

"Although China says it willimport agriculture commodi-ties, imports will not increasetremendously in the short termsas local soybean prices areweaker than imported prices,"said an oil analyst in China'sHeilongjian province, the mainsoy producing region. "Importsshould recover after the firstquarter next year." -Reuters

NEW YORK: US cottonfutures ended the daily limitdown Thursday in technicalselling, as players took cash offthe table in the best performingcommodity of 2010 in time forthe Christmas holidays, ana-lysts said.

The market will be closed onFriday and reopen on Mondayat 1230 GMT.

The key March cotton con-tract on ICE Futures US fell the6.00 cents limit for the secondstraight day, to finish at $1.4812per lb. Volume was modest as itstood at about three quarters ofthe 30-day norm of 29,200 lots,Thomson Reuters preliminarydata showed.

The market gyrated wildly

throughout the session. It fellthe limit in Asian trade, cameback on investor buying totrade higher on the day midwaythrough the session, and thencollapsed late when investorinterest faded, traders said.

For the first time since earlyDecember, the market endeddown on the week, falling about1.33 per cent.

Technical traders believe thatheralds a sharp fall in a marketthat has seen a bull run. A reportby Johnson said 'if the gap ... isnot filled (at) $1.5594 to $1.567(basis March), this very bearishsignal should hamper efforts bybulls' to run the market higher.

Cotton was also pressured byweak Chinese cotton prices,

with the May cotton futures onthe Zhengzhou CommodityExchange last done at 27,800yuan per tonne, down 265 yuanon the day.

The market recovered duringthe session partly because ofrobust export sales in the USAgriculture Department'sweekly export sales report.

Total US cotton exports hit405,400 running bales (RBs,500-lbs each), well above thetrade outlook for a range from150,000 to 200,000 RBs.

Options trading in the cottonmarket was halted for the fourthday running because the spotmonth in the cotton futuresmarket traded at its daily limit,ICE Futures US said. -Reuters

US cotton limits downin see-saw session

Core OPEC ministers sees no need for extraordinary meeting

Won/dlr spot trading volume lowest in 2010

Activity subdued as market in holiday mode

Copper firmon China

restockingprospect

LONDON: Copper rose but heldbelow record highs on Friday,underpinned by expectations ofrestocking next year by top con-sumer China, paring gains as thelooming Christmas break kepttrading volumes in check.

At 1440 GMT, copper on theLondon Metal Exchange tradedat $9,340 a tonne, from the$9,300 close on Thursday.

The metal used in power andconstruction has climbed 27per cent this year, and earlier onFriday flirted with recentrecord highs of $9,392 beforeparing gains. Prices are widelyseen hitting five figures early in2011.

Standard Bank sees theroughly 20 million tonne cop-per market in a 385,000-tonnedeficit for 2011, widening to a562,000-tonne deficit the fol-lowing year.

US markets are shut onFriday, while the LME is oper-ating at reduced hours. Floortrade finished at 1400 GMT,while via LMESelect will windup at 1600. The LME willreopen on Wednesday Dec 28.

See # 5 Page 7

Page 4: The Financial Daily-Epaper-25-12-2010

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.

Quaid’sPakistan

Celebrating birthday of Quaid-e-AzamMohammad All Jinnah this year should be alittle different from the usual ritual. Underthe inspiring leadership of Quaid, Muslimssucceeded in creating an independent statewithin a short span of seven years sinceadoption of Pakistan Resolution in 1940.Muslims succeeded in getting a country oftheir own to live their lives compatible withtheir religious, social, political and culturalaspirations.

The basic ideology which was dentedwhen East Pakistan became Bangladeshseems to have further fragmented. At thisjuncture the nation looks fragmented on thebasis of language, cast and creed. Though,there are enormous external threats, theinternal conflicts are causing more harm.This is the time to remind the young gener-ation reasons for the creation of an inde-pendent state for the Muslims.

Having passed the Pakistan Resolution,Muslims of the subcontinent chose a newdestination for themselves. They set out ona path to achieve a separate homeland forthe Muslims of India, in lieu of seekingunion with the Hindu community.

In fact Muslims of subcontinent decidedthat India was never united; rather it wassplit between Muslim India and HinduIndia. Quaid-i-Azam in his presidentialaddress had said: "The Hindus and Muslimsbelong to two different religious philoso-phies, social customs and literature. Theybelong to two different civilisations whichare based mainly on conflicting ideas andconceptions."

Passing of the 'Pakistan Resolution' cre-ated a lot of hue and cry among the Hindu,Sikh and British circles. The Indian pressfound a new target to incessantly makeevil designs and unfurl campaigns againstthe Muslims. Gandhi declared that parti-tion would mean suicide and the Two-Nation Theory was an unreality. Otherswho flatly opposed the Resolution wereRaj Gopal Achari, Ambedkar, Master TaraSingh and even some nationalist Muslimgroup.

The journey has not been smooth due tointernal and external factors. Pakistan ismoving on the path of progress and devel-opment. Various reforms have been success-fully introduced and are bearing fruit and anew direction has been given to thePakistani nation in line with the principlesgiven to it by the founding fathers.

India has not accepted partition of the sub-continent as yet and has been denying theright of self- determination for Kashmiries.India has been spending billions of dollarsfor the purchase of arsenal and Pakistan isalso obliged to maintain minimum level ofdeterrence, at least. It is time both the coun-tries learn to follow the golden rule ofpeaceful coexistence. The ongoing war inAfghanistan and Iraq shows that despitespending trillions of dollars peace remainselusive.

4Saturday, December 25, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

111-C, Jami Commercial Street 11, Phase VII, DHA KarachiTelephone: 92-21-35311893-6 Fax: 92-21-35388428

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The Financial Daily InternationalVol 4, Issue 134

Zahid Bukhari

The only way left now, tobring glory to Pakistan andits people is to commence

urgently to act upon our greatQuaid's vision. We have not onlyforgotten Quaid-e-AzamMuhammad Ali Jinnah but havebetrayed him. The Great Quaidwho solely created this ideologi-cal state but died soon because ofthe devotion for Pakistan. What apity the older as well as the newgenerations, have neglected andtotally forgotten of the Quaid, hisadvices and guidance. He was theleader who freed us first fromBritish slavery and then would beHindu hegemony.

Perhaps it will be in the fitnessof things, if I state here in briefthe early life of the Quaid andthen present a summary of hisbrave, courageous and highlyintelligent untiring efforts for thecreation of Pakistan.

Jena Bhai father of MuhammadAli Jinnah migrated to Karachi in1875, from his native land calledPaneli in suburbs of RajkotKatheawar. In Karachi Jena Bhaibecame a good businessman, withhis ability and being in businesscontacts with a British FredrickCroft, having his main office inLondon.

Here in Karachi a child was bornfrom the wedlock of Jena Bhaiand his wife Methi Bai as on 25thDecember 1876, who was namedas Muhammad Ali (later on whobecame as Quaid-e-AzamMuhammad Ali Jinnah). At theage of nine, he was sent to a pri-mary school, then to SindhMadarsah and there after to a mis-sionary school also at Karachi.After some time Muhammad Ali(upon the advice of Croft) wassent to London for some appren-ticeship. There in LondonMuhammad Ali being in alltogether new environments alongwith cold climate and without anyone known to him from India, alsolanguage was another a bit prob-lem, he felt some what uneasy.Muhammad Ali was also nothappy with his apprenticeship, sohe decided to study law, and tookadmission in Lincoln's Inn.During the period he came in con-tact with Dada Bhai Naroji, a manfrom Indian soil, who alwayshelped persons from India. Hewas very helpful to Mr.Muhammad Ali, which providedsome mental satisfaction and hap-piness to be in the company ofpersons from his land India. Lateron Dada Bhai Naroji was electedas a member of BritishParliament.

Mr. Muhammad Ali Jinnahreturned from England as a quali-fied advocate. He returned toBombay instead of Karachi, as hisfather and family had left Karachiand moved on to Bombay becauseof some loss in business. Here inBombay Mr. Jinnah had somehard time, but soon on account ofhis extra ordinary intelligence, heobtained outstanding position inhis profession and thereafterbecame one of the leading advo-cates of Bombay.

Mr. Muhammad Ali Jinnah alsojoined politics along with hislegal practice by joiningAnjumen-e-Islam in 1897. In1906 Jinnah was a mature gentle-man of thirty, who had reached totop layer of legal practitioners bysheer merit and had earned uni-versal respect for his public spiritand integrity.

The freedom movement fromBritish rule, because of self inter-est of concerned parties, becamehighly complex and awful diffi-cult. The concerned parties were

the Congress, British and MuslimLeague. All the three could notreach to a settlement acceptable toall, and as such process of free-dom took four decades.

After some time Muhammad AliJinnah joined Indian NationalCongress and rose to immenseprominence, initially expoundingideas of Hindu-Muslim unity andhelped greatly in shaping the 1916Lucknow pact between MuslimLeague and Indian NationalCongress. Jinnah played promi-nent part in the proposed fourteenpoint constitutional reform plan tosafeguard the political rights ofMuslims in a self GoverningIndia.

Muhammad Ali Jinnah tried hisbest for Hindu Muslim unity butdue to the negative approach ofGandhi and Nehru, has to changehis strategy for safeguarding thepolitical and economic interestsof Muslims, a minority communi-ty in all India. Not only the con-gress stood hesitant in favoringthe equal rights for Muslims, butalso many Muslims fundamental-ist Mullahs, and some otherMuslim personalities sided withIndian National Congress andopposed Muhammad Ali Jinnah.Among such personalities wereMaulana Abul Kalam Azad, AbdulGhaffar Khan, and MaulanaMaududi of Jamaat-e-Islami. It isinteresting to know that MaulanaMaududi, who favored IndianNational Congress, was againstMuslim League and Quaid-e-Azam but after the creation ofPakistan, was the first to reachLahore within 2 to 3 days after14th August 1947. MaulanaMaududi established his party'soffice in Ichra Lahore.

Jinnah after keenly watching thebehavior of Hindus, the British,fundamental fanatic Mullahs andeven some elite Muslims workingfor Congress and British ignoringwould be state of Muslims, gotfrustrated worried for the majorityof poor, simple and illiterateMuslims. And after all he joinedMuslim League at the continuedrequests of Leaguers, and majori-ty of Indian Muslims. He waselected as president of theLeague. At that time MuslimLeague was not an organizedinstitution, and was a body attopsy-turvy. Jinnah gave his fulltime for organizing MuslimLeague. He made the Leaguehighly functional and effectiveand Congress to loose ground. Inthis process his health was severe-ly affected and his family andsocial life greatly dented.

The Muslims of Hindustan gar-landed him and titled him fromMuhammad Ali Jinnah to Quaid-e-Azam Muhammad Ali Jinnah,the honor which very few personsin the entire world from the timeimmemorial could achieve. NowQuaid-e-Azam Muhammad AliJinnah with his brilliant andextremely hard work that contin-ued on war footings for more thentwo and half decades culminatedin the formation of a great countrycalled Pakistan.

Now I state here how webetrayed our Quaid by totallyignoring his advices and guidanceand working against his visionabout Pakistan. One of the great-est persons in the history ofmankind, Quaid-e-AzamMuhammad Ali Jinnah died soonafter independence of Pakistan on11th September 1948.

Quaid-e-Azam Muhammad AliJinnah while addressing the con-stituent assembly of Pakistan, incapacity as the first GovernorGeneral of Pakistan on 11thAugust 1947 said, and I quote onevital point of his speech here. Thegreat Quaid said "that Pakistanwill be for Pakistanis, there willbe no difference on account ofcast, creed, colour and religion,and all that have nothing to dowith the affairs of Government,and all Pakistanis will be equal inall matters".

It should be noted that howmuch we went against the adviceof Father of Nation and named thecountry as Islamic Republic ofPakistan, creating distinctionamong the citizenry and demol-

ishing the democratic values.In the same speech the great

Quaid said and I quote "that ourcondition is much worse inbribery and corruption. And thatis really a poison and we must putthat down with an iron hand".

What we have been doing sincethe very beginning, that by nowwe have achieved great mastery inbribery, corruption and lawless-ness. We are by now, one of themost corrupt countries in theentire world. And when othercountries along with UN come toknow our adopted methods andtricks, they get amazed of ournegative expertise. There havealways been rise in corruption andbribery over the decades.

While addressing GazettedOfficers at Chittagong on 25thMarch 1948, the Great Quaid said,"Ladies and gentleman, I want torealize fully the deep implicationof revolutionary change that hastaken place. Whatever communi-ty, cast or creed you belong, youare now the servants of Pakistan.Servants can only do their dutiesand discharge their responsibili-ties by serving. Those days havegone when country was ruled bybureaucracy". The Quaid furthersaid, "Now you are servant of thecountry, means the people ofPakistan, who are the real ownersof Pakistan. And you have nothingto do with the politics, you cannot belong to any political party,you are to serve all with honestyand hard work, to make this coun-try, Pakistan a welfare state".

It is more then sixty two yearsnow since the father of the nationadvised as such, but almost all thecivil servant or bureaucracy areserving themselves only and treat-ing the people of Pakistan as theirservant.

To build secular Pakistan Quaidsought the help of leaders likeBadshah Khan, Leader of KhudaiKhidmatgar and an ally of IndianNational Congress in united India.Quaid said, "Khan Sahib I knowthat you are a man of characterand integrity. It is honest man likeyou whose help I need to build upPakistan, as I am surrounded bythieves and scoundrels andthrough them I can do little for thepoor Muslims who have sufferedso much". He further said, "I amvery much misunderstood man, Inever wanted all this blood shed. Iwant peace; believe me so that Ican do something for masses". Heappealed to Khan Sahib tostrengthen his position by joiningMuslim League but BadshahKhan was not willing to do so asthe League was not a secularbody.

Jinnah explained I have beenmyself anxious to convert theLeague into National League,open to every loyal citizen ofPakistan. But I am being attackedby mad Mullahs and extremistswho are out to create trouble forme. That is exactly why I wantyou and your colleagues to joinLeague and help me in oustingthese dangerous elements. Khanturned down Jinnah's request andsaid he wanted to continue socialwork. Khan explained his viewssaying socially backward peoplecannot develop a sound politicalsense and without a sound politi-cal sense, there can be no democ-racy. That is why I am devotingmyself to the social activity.

The superintendent of northwestern railway as on 20thDecember 1947 by welcoming theQuaid assured him, "We bag toassure you that we shall fellowyou through our sunshine andfire". In reply the Quaid said "Weare going through the fire andsunshine has yet to come. But Ihave no doubt that with UNITY,FAITH and DISCIPLINE; we willbe a great nation".

When I asked some people aboutQuaid's three words, the commonreply was as I sensed that unityhas broken into pieces, when EastPakistan became Bangladesh. Wedo not have faith in any thingexcept money. About discipline, aperson said that it is a new wordfor him; we are entirely an indis-cipline nation in all walks of life.That is the way we are treating the

guidance of the Quaid. In my opinion the functional

state of Pakistan has been totallyagainst the Quaid's vision, sincebeginning. In plain words we havebetrayed our father, the father ofthe nation Muhammad Ali Jinnahon all counts.

We have totally ignored Quaid'sadvices and guidance, and havereached the state of being beggarsHad we would followed Quaid'sdictates, and understood theQuaid's vision we would havebeen in accordance with his wish-es. I have stated here even lessthen one per cent of Quaid'swords that have shaken me fromtop to bottom, that what our Quaidwanted from us and what we are.

We should construct our consti-tution under the vision of the cre-ator of this country. There must bea special subject "Quaid-e-Azam"from the early classes to highestdegrees. The members of the par-liaments should be made to readand understand the advices andthe vision of the creator of thisGod gifted country Pakistan.Further Quaid's sayings shouldbecome part of any oath, whileoccupying power oriented slots inthe government.

The Quaid's last Message, itwas, therefore, with a sense ofsupreme satisfaction at the fulfill-ment of his mission that Jinnahtold the nation in his message on14th August, 1948, "The founda-tions of your State have been laidand it is now for you to build andbuild as quickly and as well asyou can". Jinnah had worked him-self to death, to quote RichardSymons, "Contributed more thanany other man to Pakistan's sur-vival". He died on 11th September1948. How true was Lord PethickLawrence, the former Secretary ofState for India, when he said,"Gandhi died by the hands of anassassin; Jinnah died by his devo-tion to Pakistan".

A man such as Jinnah, who hadfought for the inherent rights ofhis people all through his life andwho had taken up the somewhatunconventional and the largelymisinterpreted cause of Pakistan,was bound to generate violentopposition and excite implacablehostility and was likely to belargely misunderstood. But whatis most remarkable about Jinnahis that he was the recipient ofsome of the greatest tributes paidto any one in modern times, someof them even from those who helda diametrically opposed view-point.

The Aga Khan considered him"the greatest man he ever met",Beverley Nichols, the author of`Verdict on India', called him "themost important man in Asia", andDr. Kailashnath Katju, the WestBengal Governor in 1948, thoughtof him as "an outstanding figureof this century not only in India,but in the whole world". WhileAbdul Rahman Azzam Pasha,Secretary General of the ArabLeague, called him "one of thegreatest leaders in the Muslimworld", the Grand Mufti ofPalestine considered his death as a"great loss" to the entire world ofIslam. It was, however, given toSurat Chandra Bose, leader of theForward Bloc wing of the IndianNational Congress, to sum up suc-cinctly his personal and politicalachievements. "Mr. Jinnah", hesaid on his death in 1948, "wasgreat as a lawyer, once great as aCongressman, great as a leader ofMuslims, great as a world politi-cian and diplomat, and greatest ofall as a man of action. By Mr.Jinnah's passing away, the worldhas lost one of the greatest states-men and Pakistan its life-giver,philosopher and guide". Such wasQuaid-e-Azam Mohammad AliJinnah, the man and his mission,such the range of his accomplish-ments and achievements.

Al-mighty Allah please bless usto attain education, to becomehonest, intelligent, hard working,trust and truth worthy, follow theadvices of great Quaid and bringpeace, happiness and glory to thiscountry.

PAKISTAN ZINDABADLONG LIVE PAKISTAN

Reconstructing PakistanAs Per Qauid’s vision

Page 5: The Financial Daily-Epaper-25-12-2010

5Saturday, December 25, 2010

Barcelona's new player Ibrahim Afellay poseswith his mother and brother at Nou Camp

McCullumto miss first

Pak T20sW E L L I N G T O N :Wicketkeeper BrendonMcCullum is likely to miss thefirst two of New Zealand'sthree Twenty20 cricket match-es against Pakistan because ofback soreness.

Selectors' spokesman GlennTurner said Friday thatMcCullum had undergone thefitness test he had demandedafter initially being left out ofthe squad, and it showed hewould "almost certainly" missthe matches at Auckland onSunday and Hamilton onTuesday.

Turner said McCullum had"shown great determinationand a great willingness to pushthrough discomfort" and maybe available for the third matchof the series at Christchurch onThursday.-Online

WELLINGTON: New Zealandface Pakistan in a Twenty20international at Auckland's EdenPark on Sunday to launch aseries set to be overshadowed bycorruption claims swirlingaround the visiting team.

Pakistan boasts the betterform going into the series whichfeatures three Twenty20 match-es, two Tests and six one-dayersafter drawing two Tests and nar-rowly losing a one-day series 2-3 against South Africa.

New Zealand, meanwhile,are aiming to rebuild undernew coach John Wright afterafter losing their last 11 one-day matches - including serieswhitewashes againstBangladesh and India.

But the match-fixing allega-tions against Pakistan trioSalman Butt, Mohammad Asifand Mohammad Amir who areall suspended and not on theNew Zealand tour is likelydivert attention from the on-field rivalry.

British tabloid the News ofthe World claimed earlier thisyear that several Pakistaniplayers, including the suspend-ed trio, were paid to takeinstructions from a bookmakerduring a Test against Englandat Lord's last August.

The ICC will hold a hearinginto the allegations in Qatar

from January 6-11, coincidingwith the first Test betweenNew Zealand and Pakistan inHamilton, which runs fromJanuary 7-11.

New Zealand Cricket chiefJustin Vaughan admitted inSeptember he was concernedabout how New Zealand fanswould view the Pakistan teamand the level of interest in acontest where one side wasunder a corruption cloud.

The Black Caps' dismalrecent performances could alsoaffect crowd numbers,although there will be interestin seeing whether former Indiacoach Wright can turn aroundthe team's fortunes in time forthe World Cup in February.

New Zealand Cricket's com-mercial manager Peter Dwansaid last week he remained"reasonably optimistic" theseries would ignite publicinterest, despite the corruptionallegations. "We can't changewhat is happening (with thematch-fixing claims)," he toldthe New Zealand Herald.

"All we can do is go to the mar-ket with a product we think isvery compelling - a highly enter-taining series of T20, then a goodTest series followed by ODIs ofour national team against verygood sportsmen who are success-ful on the pitch.”-Online

NZ series tostart amidPak drama

NEW DELHI: Indian policeon Friday raided the homes ofthe chief organiser of the NewDelhi Commonwealth Games,Suresh Kalmadi, as part of aprobe into graft allegationsthat surrounded the event.

A spokesperson from theCentral Bureau ofInvestigation (CBI) said policehad conducted searches atKalmadi's residences in thecapital and the western town ofPune, and at the home of hispersonal secretary ManojBhore. The Games, whichwere held in Delhi in October,were hit by claims of massive

financial irregularities as thebudget ballooned to an esti-mated six billion dollars.

The CBI spokesperson said atop police official had writtento the government earlier thismonth requesting Kalmadi'sremoval from the chairman-ship of the Games organisingcommittee on the grounds thathe was obstructing the investi-gation.

Kalmadi, who took much ofthe international criticismabout unfinished facilities andpoor planning, quit as secre-tary to India's ruling Congressparty in November.-Online

Indian policeraid CWG

chief’s home

KARACHI: The newlyinstalled Chief OperatingOfficer (COO) of PakistanCricket Board (PCB), SubhanAhmed has said that inclusionof former Pakistan captainShoaib Malik and wicketkeep-er Kamran Akmal among the30 probables for World Cupdepends on submission ofsome documents.

"PCB have asked them tosubmit the documents abouttheir assets and bank accountsby Dec 30 to be considered inthe list of probables for theWorld Cup 2011," he told APPin an exclusive interview at

National Stadium here onFriday.

"After they submit therequired documents then theirinclusion and non inclusionamong the 30 probables forWorld Cup 2011 will be decid-ed," he said.

"My main mission after tak-ing over as PCB COO is torepair the damage done byallegations of spot-fixing andother security related prob-lems and issues," he said.

Subhan Ahmed said it willbe a big challenge for him buthe will keep working hard forthe betterment of Pakistan

cricket."Its important that interna-

tional cricket returns toPakistan. I will use all myexperiences of working in theICC to help revival of interna-tional cricket in the country,"he maintained.

"Pakistan cricket sufferedseverely due to security situa-tion and spot-fixing controver-sy and it took us so low," hecommented.

He said PCB was workinghard to implement on variousplans and working on things tostreamline cricket in the country.

"We would be strengthening

regional cricket and make itmore qualitative and contro-versy free," he revealed.

Subhan Ahmed said PCBChairman Ijaz Butt will beholding different meetings andhe will personally be interact-ing with the media here tounveil board's plan to makePakistan cricket free over thenext couple of days.

He said he has no plan to goto New Zealand. However, hesaid PCB Chairman Ijaz Buttwill be going to watch match-es and meet New ZealandCricket officials on December31.-APP

Malik, Kamran’s entry depends on assets info

NEW DELHI: Indian crick-et superstar SachinTendulkar scored his record50th Test century this weekusing a damaged andpatched-up "lucky charm"bat which has now scored 14hundreds, a report saidThursday.

Tendulkar's favourite pieceof willow showed plenty ofwar wounds caused by hoursof hard-hitting at the crease,with tape across its toe (bot-tom) and shoulder.

But its effectiveness was inno doubt as he scored anunbeaten 111 against SouthAfrica in Centurion to notchup his 50th Test century --sparking national jubilationand a message of congratula-

tions from the prime minister.Somi Kohli, the owner of

Beat All Sports which makesVampire bats, told the IndianExpress that he had insistedon repairing the bat after see-ing Tendulkar trying to do thejob himself earlier this year.

"Sachin's knowledge aboutbats is phenomenal but I toldhim that just like doctors arespecialists, a willow alsoneeds to be looked after bybat doctors," he said.

"Even though Sachin wasreluctant, I took the bat awayfrom him. The edges wererepaired and we did a bit ofgrafting and protected the toetoo. Sachin couldn't believehow good the bat was when Ireturned it to him."-APP

Sachin trust hisscruffy old bat

DURBAN: South Africa areprepared for India's experi-enced line-up to fight backstrongly in the Boxing Day testafter their crushing defeat atCenturion, captain GraemeSmith said on Thursday.

South Africa cruised to victo-ry by an innings and 25 runs inthe first test of the three-matchseries after India crumbled to136 all out on day one in theface of testing Proteas pacebowling.

"After what happened in thefirst test I expect them to bebetter, especially from a bat-ting perspective, as they willknow what to expect," Smithtold a news conference beforethe match starting on Sunday.

"India are an experiencedteam and I expect them tocome out fighting in the nexttest and I expect them to usetheir experience to bounceback. We can't afford to takeanything for granted in termsof how we expect them to go,"he added.

While Smith expects thenumber-one ranked test teamin the world to present a stifferchallenge at Kingsmead, hesaid his own charges woulddraw a lot of heart from howthey had performed in the firsttest.

"When you win by aninnings and 25 runs you dotake a lot of positives out of thegame and a lot of confidence.

From our perspective we havetaken a few big steps forwardin the series and India haveprobably got a few doubts," hesaid.

South Africa do not have animpressive recent record inDurban having lost their lasttwo matches at Kingsmead bysignificant margins.

In last year's Boxing Day testthey were trounced by Englandby an innings and Australiawon by a convincing margin of175 runs.

Smith said that while he wasaware of South Africa's woes atKingsmead he was confidentthat his team had put those per-formances behind them.-Reuters

SA ready to tackleIndian recoil

Annualsports dayat BahriaCollege

KARACHI: Bahria CollegeKarachi celebrated its 20thannual sports day whereCommander Karachi RearAdmiral Sayyid Khawar Aliwas the Chief Guest. A largenumber of parents, ArmedForces personnel and otherdignitaries attended the cere-mony.

The function started with amarch past by college studentsfollowed by a spectacularphysical training display byprimary wing students whichearned a huge applause fromthe audience. Different trackevents, gymnastics and karatecompetitions were a treat towatch.

Earlier upon his arrival, theChief Guest was received bythe Principal Captain SajidMehmood. While addressingthe gathering, the Chief Guestsaid that future of a nation isdependent on the quality ofeducation imparted to studentsand their subsequent characterdevelopment and knowledgegained.-Online

Gilletteleaves Tigerin the woodsCHICAGO: Procter &Gamble Co's Gillette brand willnot renew its endorsement con-tract with golfer Tiger Woods,which ends on December 31, acompany spokesman confirmedon Thursday.

The decision comes as theunit, which makes shaving gel,razors and other products, plansto phase out its GilletteChampions marketing programin the first quarter of 2011,Gillette spokesman MichaelNorton said. The news wasreported first on USA Today's"Game On!" blog.

Woods was one of the ath-letes who started the ad cam-paign in 2007.

Woods has lost several corpo-rate sponsorship deals sincenews broke of his extramaritalaffairs a year ago, includingdeals with AT&T andAccenture, costing him up to$35 million before losing theGillette sponsorship. Nortonwould not say what the Gillettedeal was worth.

His popularity has also wanedwith the public.-Reuters

Unsightedcricketers

white-washNepali side

ISLAMABAD: PakistanBlind Cricket team on Fridaywhite-washed the Nepaliblind cricket team by winninglast of the three one-daymatches by nine wickets hereat Shalimar cricket ground.

A hat-trick by all rounderYasir Andleeb and a sparklinghalf century by captain Arsalnwere the highlights of thematch.

Set a target of 198 by Nepalicricket team which batted firstwas overhauled by the hosts inonly 15.1 overs.Pakistan cap-tain remained not out with 79runs and Munawwar scored 60runs.

Earlier the Nepal team wasall out on 198 and RamParshad remained the top scor-er with 51 runs followed byCarton who scored 37.

For Pakistan Yasir calmedthree wickets while Tauseefsnared two scalps.It is worthmentioning that Pakistan wonall three one days and twotwenty-20 matches.

Minister for InformationQamar Zaman Kaira was thechief guest at the prize distri-bution ceremony.ManagingDirector Zummurd Khan andSPP Islamabad Police MoeenMasood and ChairmanPakistan Blind CricketCouncil Syed Sultan Shah andGeneral Secretary Bilal Sattiwere also present on the occa-sion.-APP

Ijaz Butt holds meetingKARACHI: The Chairman, Pakistan Cricket Board (PCB) IjazButt on Friday held a meeting at National Stadium with top offi-cials of the board.

PCB Chief Operating Officer Subhan Ahmed, PCB DirectorEducation Training Wasim Bari. Later Chairman SelectionCommittee Mohsin Khan also joined them.

Agenda of the meeting was not available but according to PCBCOO Subhan Ahmed different meetings will be held over cou-ple of days for improving the cricket in the country.

PCB GM Marketing and Media Tariq Hakeem and NadeemSarwar Member PCB Governing Board Major (Retd) NaeemAkhtar Gilani were also seen at National Stadium.

After short stay at the stadium, all PCB officials left to thehotel.-APP

MADRID: Real Madrid's Benzema fights for the ball with Levante's Robuste during their Spanish King'sCup soccer match in Madrid.-Reuters

PESHAWAR: Players during rehearsal for upcoming 31st National Games in SportsComplex Qayyum Stadium.-APP

Page 6: The Financial Daily-Epaper-25-12-2010

6Saturday, December 25, 2010

International

CAMBRAI: A loader clears a path as trucks are blocked along a snow covered road at Raillencourt near Cambrai. Reuters

TOKYO: Japanese Finance Minister Yoshihiko Noda attends a newsconference in Tokyo. Reuters

SEOUL:- North Korea couldcarry out a third nuclear testnext year to strengthen the cre-dentials of its young leader-in-waiting, Kim Jong-un, aresearch report from a SouthKorean Foreign Ministry insti-tute said on Friday.

The report came a day afterPyongyang vowed a nuclear"sacred war," using its nucleardeterrent, after the Southvowed to be "merciless" ifattacked again and held amajor military drill near theborder.

The North, which carried outnuclear tests in 2006 and 2009,has yet to show it has a deliv-erable weapon as part of itsplutonium arms program, but athird test would raise tensionsfurther on the divided peninsu-la and rattle global markets.

South Korean media report-ed earlier this month that theNorth was digging a tunnel inpreparation for a nuclear test.

"There is a possibility ofNorth Korea carrying out itsthird nuclear test to seekimprovement in its nuclearweapons production capabili-ty, keep the military tensionhigh and promote Kim Jong-un's status as the next leader,"the report said, referring to ail-ing Kim Jong-il's youngest

son."Tension between the two

Koreas will remain high withchances of additional NorthKorean attacks on the Southstaying high," the ForeignMinistry-run Institute ofForeign Affairs and NationalSecurity said.

"US ENTIRELYTO BLAME"

Tension on the peninsula is atits highest since the 1950-53Korean War, after a deadlynaval clash in March and theNorth's artillery attack on aSouth Korean island last monthwhich killed four people. Thetwo Koreas are technically stillat war as their civil conflictended in a truce, not a treaty.

The North's KCNA newsagency, which regularly threat-ens total destruction of the richcapitalist South, on Friday laythe blame on Washington andcalled South Korea one of its"shock brigades."

"The US is entirely to blamefor the alarming developmentson the peninsula this year as itused the peninsula for realiz-ing its strategy to dominateEast Asia," KCNA said in acommentary.

Analysts said recent tensionshave managed to turn back theclock on ties between the

rivals by more than a decade."In the South, impatience

with Pyongyang is growing,and there are demands fromthe right in Seoul for morerobust terms of militaryengagement in the event offuture clashes," said DanielPinkston of the InternationalCrisis Group.

Still, the risk of all-out war islow, and the North's threats ofdestruction are seen as largelyrhetorical.

Pyongyang's tactic of boast-ing about nuclear advances is aploy aimed at restarting talksbetween itself, the South,China, Japan, Russia and theUnited States, from which ithopes to wring concessions,analysts say.

The Foreign Ministry reportsaid six-party talks, whichNorth Korea walked out of twoyears ago, will likely resume in2011 but progress on reining inthe North on its nuclear pro-gram will remain elusive.

China, the North's onlymajor ally and vital financialbacker, sees the forum as thebest place to begin dialogue,but Seoul, Washington andTokyo say they first needproof that Pyongyang is com-mitted to dismantling itsnuclear facilities.

North Korea nuclear test“possible” in new year

JJB taps BillGates, others,to stay afloat

LONDON: Struggling Britishsportswear retailer JJB Sportssaid investors including BillGates, the United States' richestman, have backed a 31.5 mil-lion pounds ($48.57 million)fundraising to keep the firmalive.

JJB said on Friday the Billand Melinda Gates FoundationTrust, which holds a 5.5 percent stake, had agreed to sup-port a capital raising at 5 pencea share -- a 25 per cent premi-um to Wednesday's closingprice -- along with JJB's othermain investors HarrisAssociates, Crystal Amber andGoldenPeaks Capital. The fourtogether hold 44.3 per cent ofJJB shares.

JJB shares, which prior toFriday had lost 83 per cent oftheir value over the last year,were up 23 per cent at 5.25pence at 1043 GMT, valuingthe business at 34 millionpounds.

The retailer, which issued aprofit warning in November,said its main lender Bank ofScotland had agreed to waivecovenant tests for the firm's 25million pounds facility on thebasis of the proposed capitalraising. The company hadwarned earlier this month itwas likely to breach thecovenant.

JJB also shook up its board,with chairman John Clare andchief financial officerLawrence Coppock steppingdown to be replaced by MikeMcTighe, a former Cable &Wireless executive and restruc-turing expert, and DaveWilliams, former finance direc-tor of discount retailer TJHughes.

Gates, the billionaire philan-thropist and founder ofMicrosoft, is no stranger toBritish retail laggards. He hasbuilt up a significant holding inCarpetright, the nation's biggestfloor coverings retailer whichearlier this month posted a 28per cent fall in first-half profit.

News of JJB's funding life-line offset news of dire pre-Christmas trading, with sales atstores open over a year slump-ing 15.7 per cent in the sixweeks to Dec. 19. JJB blamedthe fall on the extreme winterweather and "stock availabilityissues.-Reuters

KABUL: Foreign troops raid-ed a compound belonging to aprivate security firm inAfghanistan's capital, killingtwo Afghan guards and seizingweapons, an Afghan govern-ment spokesman said onFriday.

The raid took place overnightand involved a unit from theNATO-led InternationalSecurity Assistance Force(ISAF), said Interior Ministryspokesman Zemari Bashary.

ISAF declined to commenton the raid and directedinquiries to Afghanistan'sNational Directorate ofSecurity, whose head reportsdirectly to President HamidKarzai. The directorate alsodeclined to comment.

Bashary said two Afghanguards were killed and threewounded in the raid, which hesaid was not coordinated with

Afghan troops. He said theincident was being investigat-ed, but did not provide furtherdetails.

The use of "night raids" onprivate homes by foreigntroops hunting insurgents haslong angered Afghan officials.

Rules governing their usewere tightened in 2009 andagain this year but it is far lesscommon for raids to be carriedout by foreign troops on pri-vate security companies.

Under new rules, raids mustbe cleared by Afghan authori-ties first and must involveAfghan troops.

A police official in Kabulsaid the security firm raidedwas called National Tiger andthat it was responsible for pro-viding security and transportfor at least three Afghan busi-nesses.

Karzai banned all private

security contractors from mid-December, with an exceptionfor those guarding embassies,military installations anddiplomatic residences and per-sonnel.

The ban, first announced inAugust, has since been soft-ened and registered companiesare now allowed to run out theterms of existing contracts.

The ban sparked concern inWashington that aid work inAfghanistan would suffer asmany profit-oriented develop-ment projects rely on privatesecurity firms for protection.

The government plans to cre-ate an independent public forceto start securing internationaldevelopment projects.

Violence is at its worst inAfghanistan since US-backedAfghan troops ousted theTaliban in 2001, with recorddeaths on all sides. -Reuters

Afghan guards killed inNATO raid says govt

TOKYO: Japan will increaseits war chest for currency inter-vention for a second straightyear, the government said onFriday, giving it flexibility incase it needs to step into themarket to sell yen again.

In its state budget for thenext fiscal year beginning inApril 2011, the governmentwill raise the borrowing limitfor currency intervention forthe foreign exchange specialaccount by 5 trillion yen ($60billion) to 150 trillion yen.

Prior to the budgetannouncement, sources famil-iar with the situation toldReuters that Tokyo would raisethe ceiling by that amount inresponse to an increase in itsdebt issued to finance currencyintervention.

Japan spent more than 2 tril-lion yen in September in itsfirst currency intervention in

more than six years, to stem arise in the yen that has hobbledthe crucial export sector andthreatened to derail the coun-try's economic recovery.

The intervention took someof the steam out of the yen'ssurge, and while the Japanesecurrency later strengthenedagain to 15-year highs againstthe dollar in November, it hassince retreated.

The government's foray intothe currency market led to anincrease in the amount offinancing bills (FBs) issued tofinance currency interventionto 112 trillion yen as of end-September, up 7 trillion yenfrom March.

While that remains below the145 trillion yen borrowingceiling, the government likelydecided to raise the cap as aprecautionary measure toretain flexibility in case it

needs to act in the marketagain.

The government had alsoraised the borrowing limit by 5trillion yen for the current fis-cal year.

"Since the government hasbeen saying it will take deci-sive action if necessary to pre-vent the yen from rising, it isincreasing the ceiling in case itneeds to act in the market inthe future," said Ayako Sera,market strategist at SumitomoTrust & Banking.

"Given current dollar/yenlevels, market speculationabout Japanese interventionhas not risen. But if the yenstarts to rise towards 80 to thedollar again, speculation overintervention may re-emerge."

The dollar is now hoveringaround 83 yen, well above a15-year low of 80.21 yen hit inNovember. -Reuters

Japan to boost FXintervention war chest

NAGOYA: Toyota MotorCorp is aiming to significantlylower the break-even point forits Japanese operations througha slew of improved manufac-turing processes, a top execu-tive said on Friday.

Toyota President AkioToyoda has said he wants tomaintain domestic productionof at least 3 million vehicles ayear in Japan to protect jobsand the tradition of manufac-turing, or "monozukuri," athome despite headwinds froma stronger yen.

Toyota is more exposed to afirm yen than rivals HondaMotor Co and Nissan MotorCo since it produces a biggerportion of its vehicles in Japan,and is under intense pressure tolower costs or take the politi-cally difficult step of shiftingmore of its production over-seas.

Nissan has especially beenaggressive in pursuing ways toshield itself against a strong

yen by importing more parts,as well as some cars, fromoverseas.

"We're trying to be able tooperate at 85 yen (to the dollar)and 70 per cent capacity uti-lization," Atsushi Niimi, exec-utive vice president in chargeof manufacturing, toldreporters.

As the global financial crisishammered sales and left muchof its production capacityunused, Toyota embarked onefforts to make its domesticfactory lines more flexible andintroduce other changes to beable to break even at capacityutilization of 70 per cent,equivalent to daily productionof 12,000 units.

But that had assumed a dollarrate of 90 yen, far more favor-able than the current 83 yenlevel.

Niimi said improvements inprocesses could reduceToyota's capital spending byabout 40 per cent, limiting

annual expenditure to about700 billion yen ($8.4 billion)for the next five years or so.That is about half what it usedto spend at its peak.

One measure Toyota is tak-ing is to make its engineassembly process more com-pact. "We used to believe thatthe most efficient scale for anengine assembly line wasabout 18,000 units a month,"Niimi said. "But now we thinkhalf of that is better."

He said that because emis-sions and fuel economy regula-tions were evolving all thetime, engine production wouldfall to half in two to threeyears, hurting the pace ofdepreciation.

By changing the layout of theengine production process andmaking other changes, Niimisaid Toyota's engine productioncould be 20 per cent more cost-competitive than VolkswagenAG, which he said was proba-bly the leader now.-Reuters

Toyota to lower break-evenpoint for Japan operations

LONDON: Gold minerAvocet Mining is to sell assetsin Malaysia and Indonesia for$200 million to privateIndonesian mining fund J &Partners, to focus on expand-ing its West African mines.

London-listed Avocet, whichhad previously said it mightreduce its hedge with the pro-ceeds, said on Friday it had notdecided what to do with thecash it will receive. The hedge-- agreeing to sell gold inadvance at fixed prices --forces it to sell gold at wellbelow market prices.

"Questions have come upthis morning about our hedgeand whether we are going tobuy it out and quite frankly weare just going to continue tostick with our (hedging) poli-cy. We have made no decisionson the use of proceeds," chiefexecutive Brett Richards told aconference call.

As of Oct. 31, Avocet had anoutstanding hedge of 362,019ounces at $970 per ounce andwas due to deliver 25,000ounces per quarter. Spot goldrose to a record at around$1,430 earlier this month andcurrently trades at $1,385.

Avocet, also listed in Oslo,said in June it hoped to reduceits hedge, but the followingmonth said cutting its debt andinvesting in existing opera-tions were a higher priority.

Avocet, whose main asset isthe Inata mine in BurkinaFaso, had $37.7 million netdebt at the end of the thirdquarter.

Avocet is to sell the Penjommine in Malaysia and theNorth Lanut mine Indonesia ina deal due to be completed inthe second quarter of 2011 andresulting in a pretax profit ofabout $100 million.

"We have some significant

land packages in Burkina Fasoand in Guinea which areunderdrilled and underex-plored and we need to under-stand them," Richards said.

At some point, Avocet mightbe in the market for acquisi-tions, but the time was notright. "We are focusing on WestAfrica as a potential growtharea for us in M&A, however,we are not in a position at thispoint in time to go out and do adeal," Richards said.

The divestment is subject toa right of first refusal byIndonesian group PT LebongTandai, which owns 20 percent of the North Lanut minein North Sulawesi. It can buyout Avocet's stake for $120million in cash.

In that case, the deal with J& Partners would be can-celled and Avocet would seekto sell the Penjom mine sepa-rately.-Reuters

Avocet sells SE Asianmines for $200 million

BEIJING:- China's centralbank kept up its rhetoricagainst inflation and excessliquidity on Friday by saying itwill deploy a range of policytools to head off inflationarypressures and asset bubbles.

Hu Xiaolian, a deputy gover-nor at the People's Bank ofChina, said monetary policy inthe world's second-largesteconomy needs to be prudentto tame inflation, which hit a28-month high of 5.1 per centin November.

"The most important task ofour monetary policy next yearis to steer overall money sup-ply back to normal," Hu said ata meeting with Chinesebankers.

"Bank credit expansion mustbe in step with main economictargets, especially when itcomes to the targets for eco-nomic growth and inflation,"she said.

Hu said the central bank willuse a combination of policytools, including interest rates,reserve requirements and openmarket operations, to steer pol-icy back to normal.

She added that the centralbank will step up its use of dif-ferentiated increases in reserverequirements for selectedChinese banks.

The central bank hasincreased reserve requirementssix times so far this year in abid to drain excess cash from

the banking system to curbinflation.

The reserve requirementratio has reached a record highof 19 per cent for some of thecountry's biggest banks.

The remarks will likely rein-force market speculation thatan imminent rise in China'sinterest rates or reserverequire-ments is on the cards.

Many investors believeChina is set to tighten policysoon in a strike against infla-tion, but investors are dividedover whether the move willcome before the end of theyear.

Bank of Communications,China's fifth-largest lender,said on Friday that it expects

the central bank to increasereserve requirements by atleast 200 basis points nextyear.

The central bank's policystance is a vote of confidenceon the country's strong eco-nomic growth, which Huacknowledged.

"Overall, external demandhas improved and China's eco-nomic growth momentum is ona solid ground. We will be ableto maintain stable and relative-ly fast economic growth byimplementing prudent mone-tary policy."

(Reporting by Zhou Xin,Kevin Yao, Langi Chiang andKoh Gui Qing; Editing byBenjamin Kang Lim)

China central bank to gearup fight against inflation

Page 7: The Financial Daily-Epaper-25-12-2010

7Saturday, December 25, 2010

International & Continuation

CONTINUATION

No outputsignal fromOpec as oil

heads to $100CAIRO: OPEC gave no sig-nals on Friday it would supplythe world with more crude,despite oil prices trading near atwo-year high and with mostanalysts predicting a rallyabove $100 per barrel.

OPEC's most influential oilminister, Saudi Arabia's Ali al-Naimi, said he was still happywith an oil price of $70-80 perbarrel.

US crude closed at over $91per barrel on Thursday andBrent traded at around $94 perbarrel.

He was speaking on hisarrival in Cairo for a meeting ofArab oil exporting countries.

Arab OPEC ministers aremeeting in the Egyptian capitalthis weekend where they maydiscuss oil production andprice, but no formal decision onoutput will take place. OPEC'snext scheduled meeting is forJune.

Libya's top oil official, ShokriGhanem, said his country wasproducing 1.5 million bpd atthe moment while havingcapacity of 2 million.

"Our capacity is close to 2million (barrels a day) but youknow we are producing around1.5 million," Ghanem said.

"Production is according withour international commitment,in particular our OPEC com-mitment, and in the meanwhilewe don't want to rock the boatof the market."-Reuters

MOSCOW: Russia's cen-tral bank raised interestrates on its deposit opera-tions by 25 basis points onFriday, taking a first step totighten its loose policystance to contain surginginflation.

However it left the cost oflending operations --including the benchmarkrefinancing rate --unchanged.

"Inflation risks, as deter-mined by monetary condi-tions, remain moderate butdeserve greater attentionfrom the authorities," thecentral bank said in a state-ment, adding that economicrecovery remains on track.

"The change, accordingto Bank of Russia's esti-mates, will not lead to asignificant increase in thecost of funds for end bor-

rowers."The overnight deposit

rate will be raised to 2.75per cent, as of Monday,from 2.50 per cent. Therefinancing rate remains at7.75 per cent.

Most analysts had expect-ed no change, but eight ofout of the 19 analysts polledby Reuters earlier this weekhad forecast a hike in theovernight deposit rate.

Some had also expected anincrease in the refi rate.

The rouble and theRussian money marketwere positioned for a rise.

Weekly inflation acceler-ated in the latest week to0.3 per cent, bringing theyear-to-date figure to 8.4per cent as a supply shockcaused by this year's failedharvest feeds through toconsumer prices.-Reuters

Russia, worriedby inflation,

hikes deposit rates

TOKYO: Japan's governmentapproved a record 92.4 trillionyen ($1.1 trillion) draft budgeton Friday for the year from nextApril, keeping its self-imposedcap on new debt but it faces atough road ahead to fix its tat-tered public finances.

With new debt issuance seentopping tax revenues for the sec-ond straight year in the initialbudget, Finance MinisterYoshihiko Noda reiterated theneed to overhaul the country'stax systems -- code for a salestax hike -- to meet rising welfarecosts for the fast-ageing popula-tion.

"Tax revenues are approachinglevels of new bond issuance butthis situation is abnormal and itis hard to steer finances, so wemust escape from this situation,"Noda told reporters.

"We need to thoroughlyexplain the need to respond torising welfare costs and that wecannot avoid a tax overhaul if weare to secure a sense of futuresecurity."

Noda added that he hoped the2011/12 budget, which wasapproved by the cabinet, wouldalso help to boost the flaggingeconomy and job market to pullJapan out of deflation.

But a divided parliamentclouds the outlook for its imple-

mentation, creating an additionalheadache for Prime MinisterNaoto Kan as he confronts lowvoter support and a bitter feudinside his ruling party over scan-dal-plagued powerbroker IchiroOzawa.

The first budget compiled bythe Democratic Party-led gov-ernment from scratch keeps newborrowing at 44.3 trillion yen, inline with its promise to limitfresh debt to this year's level.

The government also adheredto a self-imposed cap on spend-ing, excluding debt servicing, atthis year's level around 71 tril-lion yen, aiming to rein in a pub-lic debt that is about twice thesize of Japan's $5 trillion econo-my.

The budget is almost certain tobe enacted, since the rulingDemocratic Party of Japan (DPJ)controls parliament's powerfullower house and the budgetwould take effect even if reject-ed by the opposition-controlledupper chamber.

But passage of bills needed toimplement and fund the spend-ing, such as one on issuingdeficit-financing bonds, is farfrom certain as they needapproval by both houses of par-liament. Without such enablingbills, the government could notsecure 44 per cent of its budget

revenues, finance ministry offi-cials said.

"Market players are wellaware of risks such as a delay inparliamentary deliberations onthe budget," said TakahideKiuchi, chief economist atNomura Securities.

"Although opposition partiesare unlikely to take the budgethostage for fear of public criti-cism, they could win conces-sions such as resignation of theentire cabinet in return for pas-sage of budget bills."

The Liberal Democratic Party,the main opposition party, wantsthe government to drop some ofits key campaign pledges includ-ing payments to families withchildren, while the governmenthas scaled back such spendingplans due to a lack of revenue.

Tax revenues, seen at 40.9 tril-lion yen, will fall short of newbond issues for a second straightyear on an initial budget basis,even as they increased 3.5 tril-lion yen from this year with theeconomy's recovery from a deeprecession.

To balance the record budget,the cash-strapped governmentscraped together 7.2 trillion yenof non-tax revenues, the bulk ofit by raiding cash reserves fromits special accounts and adminis-trative agencies.-Reuters

Japan govt meetsbudget targets

but faces hurdles

BEIJING: China's centralbank kept up its rhetoricagainst inflation and excessliquidity on Friday, saying itwill deploy a range of policytools to head off inflationarypressure and asset bubbles.

Hu Xiaolian, a deputy gov-ernor at the People's Bank ofChina, said monetary policyin the world's second-largesteconomy needs to be prudentto tame inflation, which hit a28-month high of 5.1 percent in November.

"The most important taskof our monetary policy nextyear is to steer overallmoney supply back to nor-mal," Hu said at a meetingwith Chinese bankers.

"Bank credit expansionmust be in step with maineconomic targets, especially

when it comes to the targetsfor economic growth andinflation," she said.

Earlier this month, Chineseleaders said fighting infla-tion will be a priority for2011 and reaffirmed a shiftto a prudent monetary policy,from the previous "appropri-ately loose" stance.

Hu said the central bankwill use a combination ofpolicy tools, including inter-est rates, reserve require-ments, and open marketoperations to steer policyback to normal.

"The basic tone is consis-tent with market expecta-tions," said David Cohen, aneconomist at ActionEconomics in Singapore."They are part of a toolkitthey have been using in a

multi-dimensional approachwith the aim of constrainingliquidity and inflation."

Hu highlighted the impor-tance of differentiatedincreases in reserve require-ments for selected banks -- atool it used twice in the threemonths this year sans publicannouncements.

"The central bank will usedifferentiated reserve ratiosin a dynamic way to supple-ment regular monetary tools,such as interest rates, reserverequirement ratios and openmarket operations."

The central bank hasincreased reserve require-ments six times so far thisyear in a bid to drain excesscash from the banking sys-tem to curb inflation.-Reuters

China to gear upfight against inflation

SIBERIAN: Fireworks explode around a Christmas tree in the centre of the Siberian city ofKrasnoyarsk.-Reuters

and 2) Energy Security. The perception and views of partici-pants from both the countries on current security environment inAfghanistan, and its regional and global implications were dis-cussed. During the seminar eminent speakers from both sides pre-sented papers on the sub themes followed by discussion by theparticipation. A four-member Turkish delegation participated inthe conference, while Director General Institute for StrategicStudies, Research and Analysis Major General, Azhar Ali Shah HI(M) concluded the session.-APP

Continued from page 8No #1

reportedly wounded, while one person died in hospital.Two suicide bombers detonated a bomb on the night of July 16

in Zahidan in front of the "Jami" mosque, killing 27 and injuring270, with 11 of them are in critical condition. According to theDubai-based TV channel Al-Arabiya, "Jundallah" took theresponsibility for the attack in response to the execution of theirleader Abdolmalek Rigi. The last major terrorist attack in Iran wasan explosion in the south-eastern part of the country in October2009, which killed nearly 50 people, for which Jundallah hadaccepted the responsibility.-Online

Continued from page 8No #2

Bazaar, Prince Road, Masjid Road, Shahrah-e-Iqbal, CircularRoad and others areas of Quetta. The administration has deployedpolice and Balochistan Constabulary to avoid any untoward inci-dent. JWP activists forcefully closed shops in few areas andresorted to aerial firing due to which police seized their arms atJungson chowk.-Online

Continued from page 8No #3

nation, the Quaid-e-Azam started his political struggle for a sep-arate state.-Online

Continued from page 8No #4

Data showed that copper stocks in Shanghai fell, but in LMEsheds rose for a ninth session, having since mid-month climbedsome 5 per cent as consumers shed inventory to cut costs over thebreak. But at 370,725 tonnes, total stockpiles remain still down byone third from cycle highs of 555,075 tonnes seen in February.

Aluminium changed hands at $2,423 a tonne, down fromThursday's $2,432 close.

Stainless steel material nickel traded at $23,906, versus$23,600, while battery sector lead traded at $2,429.90 from$2,449 and zinc, used in galvanising traded at $2,302 versus$2,298. Tin, the other metal pegged at a top performer for 2011,amid tight supply from top exporter Indonesia, was traded at$26,800 from $26,875, but still within $1,000 of record highs of$27,500. -Reuters

Continued from page 3No #5

passed within ninety days of its laying in the Senate, or is passedwith amendment by the Senate, the Secretary shall immediatelycommunicate the fact to the members and also cause copies of theBill to be supplied to them.

Continued from page 1No #6 countries shared similarity of perceptions on a wide range ofregional and international issues and added that Pakistan is keento take its relationship with Turkey to an unprecedented level.

He expressed satisfaction over the contacts between the twocountries at the leadership levels.

Continued from page 1No #7

more interaction with media persons regarding the policies of the State Bank for the develop-ment of national economy. He was of the view that SBP cannot print notes for borrowing addingthat he intends to do this exercise keeping in view national economy growth.

Kardar defended the bank's monetary policy and added that increase in the interest rates weremade according to economic situation of the country. He maintained that if SBP closes its doorson the government and it starts borrowing from the open market the interest rates could go evenmore higher than furthering inflation.

Earlier the senior officials of the bank in their respective presentations on, monetary policy, bal-ance of payments, exchange rates, external debt, consumer protection, banking regulations of theSBP highlighted the policies of the central bank.

Later the governor distributed certificates among the participants.-APP

Continued from page 1No #8

December 2010. Similarly, the prices of DAP have increased by 36.17 per cent on average from June 2009 to June

2010 whereas its prices have increase on average by 5.6 per cent from December 2009 to December2010.-APP

Continued from page 1No #9

imported sugar is also being monitored by the Pakistan Standards and Quality Control Authority(PSQCA). The minister said that the local production of cars during 2009-10 stood at 121,790. "Allcars/automobile manufactures are in private sector and prices are governed by market mechanismonly and the government has no control on the price," he said.

However, he said, the government in its efforts to stabilise prices has increased the age limit ofimported used cars from three to five years under gift, transfer of residence, and personal baggageschemes. To a supplementary question, the minister said that all the spare parts except gear-boxes ofcars are being locally manufactured.

He said energy crisis and dollar rate are the main reasons for car price hike.Parliamentary secretary for education Mir Gul Muhammad Khan Jakhrani apprised the House that

under the new education policy, the government would allocate 7 per cent of GDP to education by2015. Minister for Labour, Manpower and Religious Affairs Syed Khurshid

Shah said that Pakistan Housing Authority (PHA) has launched housing schemes for low-paidgovernment employees in sector G-10/2 and G-11/3, Islamabad and Wafaqi Colony Lahore in 2008.PHA also launched housing schemes in Quetta in 2008 for federal government employees butresponse from employees is not encouraging, he added. The minister said that now there is a pro-posal under consideration to allocate plots to them.-APP

Continued from page 1No #10

on the life, ideals and achievements of Quaid-e-Azam. Scout rallies and march-pasts of schoolchildren will also be held.

The birth anniversary of the Quaid-e-Azam will be marked with reiteration of the pledge to sac-rifice their lives for sovereignty and territorial integrity of the country, besides giving equal responseto enemy in case of war and making Pakistan strong and prosperous in line with the wishes andvision of father of the nation.-Online

Continued from page 1No #11

(2) At any time after the Bill passed by the Senate with amend-ment has been so circulated, any Minister, in the case of aGovernment Bill, or, in any other case, any member may, aftergiving two days notice, move that the Bill be taken into consider-ation.

(3) The Secretary shall forthwith cause the notice so received tobe circulated among the members.

(4) When the motion for, consideration is moved, any membermay move as an amendment that the Bill be referred to theStanding Committee and if the motion is carried the Bill shallstand referred to the Standing Committee. The provisions of rule148 shall mutatis mutandis apply:

Provided that the Standing Committee shall only examine theamendment made by the Senate.

(5) If a motion under sub-rule (2) is carried, the provisions ofthese rules regarding passing of the Bills shall, so far as may be,and with the necessary modifications apply.

(6) After all the amendments made by the Senate are disposedof, the member-in-charge shall move that the Bill be passed.

(7) If a Bill passed by the Senate with amendment is rejected oris not assed within 90 days of its laying in the Assembly, or a Billtransmitted under clause (1) of Article 70 is not passed within 90days of its laying in the Assembly, any Minister, in the case of aGovernment Bill, or, in any other case, any member may, aftergiving two days notice, move that the Bill be considered in a jointsitting.

(8) When a Bill, as amended by the Senate, is passed by theAssembly an authenticated copy thereof signed by the Speakershall be transmitted to the President, by the Secretary for assentunder Article 75.

(9) When a Bill transmitted by the Senate under Article 70(1) ispassed by the Assembly without amendment, a message shall besent to the Senate to this effect.

That for rule 155, the following shall be substituted namely:Reference of Bill to the joint sitting. When a motion made under

sub-rule (7) of rule 154 is carried, the Speaker shall refer the Billto a joint sitting or, if a joint sitting is not in session, request thePresident to summon a joint sitting for consideration of the Bill.

That after rule 170, a new rule 170A shall be inserted, namely:"170A Resolution for extension of Ordinances which says: (1)In

pursuance of first proviso to sub-paragraph (i) of paragraph (a) ofclause (2) of Article 89 of the Constitution, a member or aMinister may, after giving three days' notice, move a resolutionfor extension of an Ordinance for a period of one

hundred and twenty days.(2) Where more notices than one under sub-rule (1) are given,

the resolutions shall be taken up in the order in which their noticeshave been received, and if one of the resolutions is passed, allother resolutions relating thereto shall lapse.-APP

Zardari proposed an increase in number of flights to mutually agreed destinations between thetwo countries. The President expressed satisfaction at the progress achieved within the frameworkof the Pakistan-Afghanistan-Turkey Trilateral Process.

The Turkish President Abdullah Gul called for strengthening and expanding of the ECO Bankby bringing more members of the organisation on its platform.

He said that the member states of the ECO should try to resolve their problems by themselves.He invited President Zardari on a state visit to Turkey.

Foreign Minister Makhdoom Shah Mahmood Qureshi, Defence Minister Ch Ahmed Mukhtarand Chairman Board of Investment, Salim Mandviwala, Pakistan ambassador in Turkey, TariqAzizuddin were also present.-APP

Page 8: The Financial Daily-Epaper-25-12-2010

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ISLAMABAD: PrimeMinister Syed YousufRaza Gilani has reiteratedgovernment's commitmentto institutionalise andextend social securitypackage for the poor andvulnerable segment of thesociety despite economicdifficulties vowing thegovernment would neverneglect the downtrodden.

The Prime Minister wastalking to Farzana Raja,Chairperson of theBenazir Income SupportProgramme (BISP) whocalled him at the PrimeMinister's House here onFriday.

The Prime Minister con-gratulated the people andthe Chairperson of theBISP on the launch of "lifeinsurance scheme" in col-laboration with State LifeInsurance Corporation, forthe registered beneficiar-ies.

This scheme, he said,would undoubtedly give a

sense of economic securi-ty to the destitute anddeprived sections of popu-lation particularly in thefar flung areas of thecountry.

The Prime Minister alsoappreciated the proposedBenazir Mobile BankingSystem being introducedby the BISP for the poorbeneficiaries.

This system, he said,would not only facilitatethe beneficiaries butensure complete trans-parency in the disburse-ment of cash grant.

The system initiallybeing introduced inLarkana, Batgram, Layyahand Musakhel, he added,should soon be expandedto other areas as well.

The Prime Ministerdirected the ChairpersonBISP to expedite thehealth insurance schemefor the poor and completethe same for launching tillthe end of current finan-

cial year.He also ordered that the

poverty survey throughout the country shouldalso be completed prefer-ably till the end of June2011.

Earlier Farzana Raja,briefed the PrimeMinister on the BenazirInsurance Scheme andBenazir Mobile BankingSystem being introducedshortly.

The Insurance Scheme,she mentioned, would belaunched on the 1st ofJanuary 2011 and theMobile Banking Systemsoon after.

The Scheme, she said,would initially cover onemillion registered benefi-ciaries which would reachfive million till June 2011.

She thanked the PrimeMinister for his continu-ously guidance and sup-port for various initiativesunder the Benazir IncomeSupport Programme.-NNI

Gilani swearsto give gooddays to poor

ISLAMABAD: Pakistan,Afghanistan and Turkey onFriday thoroughly deliberatedupon holding joint militaryexercise, at a joint meetingheld on the sidelines of theTrilateral Summit underway inIstanbul.

In the meeting Pakistan,Turkey and Afghanistan wererespectively represented byMajor General Javed IqbalDirector General MilitaryOperations Pakistan Army,Major General AbdullahRasip, and Major GeneralFazle Amin, ISPR's news

release issued here said.The meeting, as well, talked

about organising differentcourse programmes for themilitaries of the three countriesto boost skills and capabilities.

As part of mutual coopera-tion programme both Pakistanand Turkey hold joint securityseminars twice a year, alterna-tively at National DefenceUniversity Islamabad andTurkish War CollegesCommand, Istanbul.

In this connection, a secondtwo-day seminar hosted byNational Defence University

concluded here on Thursday.The first seminar of the serieswas held in Turkey in June thisyear.

The aim of the seminar wasto broaden understanding ofthe armed forces of the twobrotherly countries whilefocusing primarily upon fastchanging global and regionalenvironment and implicationsfor both Pakistan and Turkey.

There were two themes fordiscussion: 1) Impact ofAfghanistan Situation onRegional and Global Security,

See # 1 Page 7

Pak-Afghan-Turkishco-wargames mulled

TEHRAN: Abdul Rauf Rigi,the successor of AbdulmalekRigi, the executed ringleaderof terrorist group "Jundallah",was arrested by Pakistaniarmy's intelligence agency,IRNA reported, quoting localmedia sources.

Details of the arrest will beannounced later, the newsagency said.

Jundallah (Army of God)was created in 2003 and oper-ates primarily in the Iranianprovince of Sistan-Baluchistan, which borderswith Pakistan. The militantgroup has been found guilty ofinvolvement in various terror-ist activities including suicide

bombings, ambushes, kidnap-pings, and targeted assassina-tions. According to Tehran,however, Jundallah has con-nections with the US and UKintelligence services.

Abolmalek Rigi, the formerleader of the group, was exe-cuted by the Iranian authoritiesin June 2010.

Terrorist operations outsidethe Imam Hussain Mosque,located in the southeastern cityof Chabahar in Sistan-Baluchistan province, killedmourners on the martyrdomanniversary of the third Imamof Shiites on Dec 15th. Thedeath toll was 38 with 50

See # 2 Page 7

Pakistan mily spiesnailed Rigi: IRNA

QUETTA: A shutter downstrike campaign is going on ina number of Balochistan dis-tricts including Quetta againstthe arrest of Jamhuri WatanParty (JWP) presidentShahzain Bugti and his securi-

ty guards. In some areas ofQuetta JWP activists evenresorted to aerial firing.

According to media reports,a partial shutter down strikewas being observed in Liaquat

See # 3 page 7

Strike in parts of B’stanover Shahzain’s collaring

ISLAMABAD: Religious par-ties including JUI-F andJamaat-e-Islami (JI) havewarned that rulers will have toface stern reaction if anyattempt is made to amend blas-phemy law adding president,prime minister or parliamenthave no powers to remit thesentence of a blasphemer.

A protest rally was jointlyorganised by JUI-F and JI hereat G-9 Markaz Friday againstgovernment attempts ofamending blasphemy laws.

Addressing the rally JUI-F sec-retary general Maulana AbdulGhafoor Haidri said governorPunjab Salman Taseer hasindulged in blasphemy byterming blasphemy law as blacklaw. "We can go to any extentagainst the government if it triesto amend this law", he cautioned.

Those speaking against thislaw are indulging in blasphe-

my, he added.President Asif Ali Zardari

has constituted a committeeunder minister for minorities'affairs to review the law, heheld. If this law has to bereviewed then any Muslim cando this job but a Christian hasbeen appointed as chairman ofthe committee, he regretted. Ifthere is no blasphemy law inthe country then people willkill the blasphemer on theirown, he underlined.

JI leader Mian Aslam saidmost of the cases under blas-phemy law had been registeredagainst the Muslims.Therefore, it was wrong to saythat the law was against theminorities, he added.Government must let Asia Bibireceive her punishment inaccordance with court verdictrather than proving her inno-cent, he demanded.-APP

Blasphemy lawopposers seenas sacrilegers

President, PM, Houses can't forgive a blasphemer: cleric

Taseer in the line of Maulana Haidri's fire

Snow maroonsChristmastravelers

Europe-wideBRUSSELS: Heavy snowstranded thousands ofChristmas travelers in parts ofEurope on Friday, withBelgium's main airport closedfor most of the day to landingand icy roads in Swedenchoked with traffic.

Cold weather during thebusy Christmas period hasdisrupted travel and businessacross Europe this week, andthe prolonged period of severeweather is expected to clipeconomic growth in Germany,Europe's biggest economy. Aspokesman for Brussels' air-port said hundreds of bedswere ready for stranded pas-sengers after the airportreopened to inbound flightsfrom 4 p.m. (1500 GMT) fol-lowing a day of delays andcancellations. -Reuters

DemocratisedConstitutionas per Qauidvision, claimPM, PresidentISLAMABAD: President AsifAli Zardari and Prime MinisterYousuf Raza Gilani have saidthat in line with the vision ofQuaid-e-Azam, the presentgovernment is trying its levelbest to take Pakistan forward.They added the govt has takenan initiative in purgingConstitution of undemocraticclauses to make it truly federaland democratic in character asper the vision of foundingfathers.

In his separate messages onthe occasion of 134th birthanniversary of Quaid-e-AzamMuhammad Ali Jinnah, thefounder of Pakistan, PresidentZardari urged the people toforge unity in their ranks todefeat the forces of extremismand militancy that seek to strikeat the fundamental principles ofPakistan namely democracy,constitutionalism and rule oflaw.

He said The Quaid's birthdaywas a day of rededication to thedemocratic ideals and princi-ples of the Father of the nationas well as a day to reiterate ourresolve to defeat the forces thatseek to undermine the nation'sfounding principles.

"Pakistan which was createdfor the welfare of the massescan prosper only by strengthen-ing the forces of democracyand egalitarianism in whichevery individual is allowedopportunities for the blossom-ing of his creative potential.

Quaid stood for constitution-alism, rule of law, respect forhuman rights, pluralism andhonouring the mandate of thepeople. We should never losesight of these goalposts of oursociety", the President said.

Prime Minister Yousuf RazaGilani in his message said,"With his political experienceand penetrating insight, Quaid-e-Azam Muhammad Ali Jinnahforesaw the possibility of theMuslims coming under thedomination of the Hindus afterthe departure of the Britishimperialism. Invoking theMuslims' right to self-determi

See # 4 Page 7

SBP to sellT-bills in

6-day repoKARACHI: State Bank ofPakistan (SBP) Friday said itwill sell treasury bills to com-mercial banks in six-day repocontracts to soak up funds fromthe money market.

SBP did not say how muchmoney it will absorb in theopen market operation.

The result of the auction willbe announced at 10:30 a.m.(0530 GMT) and settlementwill be later in the day.-Reuters

RussiaHouse

supportsUS N-treaty

MOSCOW: Russia's lowerhouse of parliament on Fridaygave preliminary approval to aUS-Russian arms treaty, butdecided to delay the final voteuntil next month.

The Kremlin-controlled StateDuma voted 350-58 to approvethe New START treaty in thefirst of three required readings.The legislators said they wouldproceed further after returningfrom the New Year's vacationthat lasts until Jan. 11.

Konstantin Kosachev, thehead of the State Duma's for-eign affairs committee, said thefull ratification could only hap-pen next month "at the earliest."

The New START treaty,which was ratified Wednesdayby the U.S. Senate, would limiteach country's strategic nuclearwarheads to 1,550, down fromthe current ceiling of 2,200. Italso would re-establish a systemfor monitoring and verification,which ended last year with theexpiration of a previous armscontrol deal. The pact is a cen-terpiece of President BarackObama's efforts to "reset" tieswith Russia. In a phone conver-sation on Thursday, PresidentDmitry Medvedev congratulat-ed Obama's on the Senate'sapproval of the treaty, which thetwo leaders hailed as a historicevent for both countries and forU.S.-Russia relations, accordingto a statement from the WhiteHouse. Medvedev praised thetreaty as a "cornerstone of sta-bility both on the European con-tinent and the entire world forthe next decades," adding hewas happy to see the Russianparliament moving ahead to rat-ify it. He credited Obama forsecuring the pact's ratification.-Reuters

LAHORE: Men cleaning the panaflex banner of the pictures of Quaid-e-Azam ahead of his

birth anniversary at Aiwan-e-Karkonan-e-Pakistan. -Online


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