3 top Pakistani banks lose $153.2m

Despite some improvements in the deposit base of the banking industry, three leading commercial banks, one from the public sector and two in the private sector, have posted Rs13.1 billion (US$153.2 …

Written on February 21, 2011 | Posted in US, ad, ban, cia, industry, unlmitie | Leave a comment

Do not hire Pakistan artistes, ‘Cine, TV Sena' tells industry

HYDERABAD: An outfit, ';Maharashtra Cine, TV Sena,'; has asked the Hindi film industry to desist from hiring singers and artistes from Pakistan in the wake of the recent arrest of noted …

Written on February 20, 2011 | Posted in Pakistan, US, ad, industry, unlmitie | Leave a comment

Indian PM vows to press on despite scandals

NEW DELHI: Indian Prime Minister Manmohan Singh vowed on Wednesday to stay in office to press ahead with reforms, denying a series of massive corruption scandals had made him a lame duck leader. Allegations the government may have lost up to $39 billion in revenues after firms were awarded telecoms deals at rock-bottom prices in return for kickbacks have caused months of parliamentary paralysis, rocked the ruling coalition, and rattled India’’s markets. “Whatever some people may say, that we are a lame duck government, that I am a lame duck prime minister, we take our job very seriously,” an often frail-looking Singh, 78, said in a rare media roundtable with TV editors to improve his worsening image. “We are here to govern, and to govern effectively. Tackle the problems as they arise and get this country moving forward.” That Singh was forced to deny talk of resignation underscored both the gravity of the scandals and how Singh’’s decision-making has been paralyzed in his second term despite winning re-election in 2009 with an increased majority. The last parliamentary session was halted by opposition protests demanding a probe into the telecoms scam, effectively stopping any reform bills such as one to make land acquisition easier for both industry and farmers. “I never felt like resigning because I have a job to do … I will stay the course,” Singh said in comments broadcast live. Foreign investors have pulled hundreds of millions of dollars from the Indian stock market since the start of the year, while foreign direct investment (FDI) has fallen for three consecutive years, from 2.9 percent of GDP in 2008/09 to around 1.8 percent of GDP in 2010/11. Some of this is connected with the global economic slowdown, but regulatory uncertainty may also be a factor. “This sort of atmosphere is not good. It saps our own self-confidence. It also spoils the image of India,” Singh said over the corruption scams, but he denied they had impacted FDI. For more than an hour, editors peppered Singh with questions about why he had failed to act on corruption cases and why probes had taken so long. On each question, Singh, looking defensive and rattled, denied wrongdoing, and often referred to a prepared written statement. The next general election is still three years away and Singh has opportunities to regain the initiative, whether through spending on social welfare programs or doing better than expected in state elections. In Wednesday’’s broadcast, Singh at times gave the impression of indecision, such when he replied when asked why he did not act quickly over problems in the allocation of telecom licenses between 2007 and 2008. “Although complaints were coming in, although complaints were coming from all sides, some from companies not benefiting (from the telecoms spectrum allocation) … I was not in a position to make up my mind that anything seriously was wrong,” Singh said.

Written on February 16, 2011 | Posted in 2009, 2010, 2011, ISI, International, News, Social, Telecom, UN, US, War, ad, aid, cia, corruption, elections, india, industry, live, media, scam, scandal, scandals, social welfare, tests | Leave a comment

Mubarak survived plots during his tenure

CAIRO: He survived 10 attempts on his life, and at 82 his health was a subject of speculation. But in the end, it was his people who brought down Egypt’’s modern-day pharaoh. Pulling off a second surprise in as many days, President Hosni Mubarak on Friday stepped down and handed over power to the army from whose ranks he emerged, his deputy Omar Suleiman announced on television. Late Thursday when he had been expected to quit, Mubarak said in a televised speech he would stay on until September, to the fury of hundreds of thousands of demonstrators waiting to celebrate in central Cairo. The party was delayed for one day, in an emotional roller-coaster for the mostly youthful demonstrators. Until the outbreak of anti-government protests on January 25, Mubarak seemed insurmountable as president of the most populous nation in the Arab world. His rise to power came unexpectedly, when his predecessor Anwar Sadat — who made history by signing a peace deal with Israel — was gunned down by militants on October 6, 1981 during a military parade in Cairo. He took office a week after the assassination, and since then he ruled without interruption under a draconian emergency law that remains in force. Islamic groups — including Al-Jihad, Gamaa Islamiyya and Talaeh al-Fatah — were responsible for most of the attempts on Mubarak’’s life on both Egyptian and foreign soil. The first direct attempt to kill him came in 1993, a year after conservatives launched a campaign of violence aimed at toppling the secular Egyptian government, when a bid to fire rockets at his plush Cairo residence was foiled. Later murder attempts involved a variety of schemes, including a plot to car-bomb the presidential motorcade in Cairo. In 1995, militants opened fire at the presidential motorcade in Addis Abiba. The previous year saw an attempt to kill him with explosives as he was due to meet Libyan leader Moamer Kadhafi at a military airport. In September 1999, Mubarak was slightly wounded when a man with no apparent links to any Islamic group stabbed him in Port Said. Health-wise, Mubarak’’s reputation as for vigour — he was once known to play squash almost daily — was dented in 2003 when he fainted while addressing parliament. Officials blamed his collapse on a cold and the fact that he had been fasting during the Muslim holy month of Ramadan. In 2004, he underwent surgery in Germany for a slipped disc, intensifying speculation on potential successors. Then last March he returned to Germany for the removal of his gall bladder and a growth on the small intestine. Rumours that he had died under the surgeon’’s knife were quashed when state television showed him recovering. Mubarak’’s health was usually a taboo subject in Egypt and the father of two, whose wife Suzanne is half-Welsh, kept his private life a carefully guarded secret. In 2007, speculation about his health snowballed to the extent that Mubarak had to make an unscheduled public appearance to lay rumour to rest. The octogenarian, with jet black hair — possibly dyed — and aquiline nose, was born on May 4, 1928 in the Nile Delta village of Menufiyah. He rose through the ranks of the air force and fought in repeated wars with Israel, to claim hero status, before supporting Sadat in pursuing peace with the Jewish state in 1979. Throughout his years in power, Mubarak maintained the unpopular policy of peace with Israel and accommodation with the West that cost Sadat his life. His government, overseeing a developing nation of 80 million people, has been the frequent target of domestic opposition — ranging from the Muslim Brotherhood to secular and liberal dissidents. The regime quashed militant groups which carried out attacks in the 1980s, the 1990s and, more recently, 2004 and 2006 when the tourism industry was targeted. His government’’s ties with the United States and Israel made him a target of criticism across the region, especially during the 2006 Israel war in Lebanon and Israel’’s Gaza offensive in 2008-2009. Domestic opponents accused Washington of turning a blind eye to human rights abuses, corruption and the Mubarak regime’’s failure to push ahead with badly needed reforms. (AFP)

Written on February 11, 2011 | Posted in 2009, 2011, Health, ISI, International, UN, US, USA, War, ad, aid, army, ban, cia, corruption, dha, industry, islam, israel, jihad, lebanon, military, squash, tests, tourism, uth | Leave a comment

Omar Suleiman, Egypt’’s spy chief, takes the helm

CAIRO: Omar Suleiman, handed presidential powers Thursday, was Egypt’’s intelligence chief before he came out of the shadows to be named President Hosni Mubarak’’s first-ever deputy. More at home in a tailored suit than a military uniform, Suleiman — always impeccably dressed and sporting a groomed moustache — is regarded as a Mubarak loyalist. He is also a discreet negotiator who favours working behind the scenes — a talent that will be put to the test as he tackles the aftermath of the Egyptian uprising and the many challenges facing the Arab world’’s most populous nation. Suleiman, 77, who received military training in the former Soviet Union, was for years a highly enigmatic figure for the world at large and in Egypt, where the all-powerful military’’s activities are shrouded in secrecy. But he increasingly acquired a public face in recent years, being tipped even before the uprising as a potential successor to Mubarak, himself a former head of the air force five years Suleiman’’s senior. Symbolising the unparalleled role of the military in governing Egypt, Suleiman saluted Mubarak when, on January 29, he took the oath as Egypt’’s first vice president since Mubarak himself had the job in 1981. Mubarak automatically became president when his predecessor Anwar Sadat was assassinated by Islamists in the same year. Born in 1936 to a well-off family in the southern Egyptian town of Qena, Suleiman graduated from Cairo’’s military academy in 1955. Appointed aide to Egypt’’s military intelligence chief in 1988, he replaced his boss a year later. Suleiman has been a negotiating partner for the United States, Israel and the Palestinians, orchestrating a series of albeit short-lived truces between the Middle East foes over the past 10 years. But while he may be liked and trusted abroad, many in Egypt regard Suleiman as part of Mubarak’’s inner circle, and as such a pillar of a corrupt regime. When it became clear Thursday night that Mubarak wasn”t stepping down and that he was instead delegating powers to his deputy, an angry crowd at Cairo’’s central Tahrir square tellingly chanted: “Neither Mubarak nor Suleiman!” In 1995, Suleiman advised Mubarak to ride in an armoured car during a visit to Addis Ababa that shielded him from the fire of Islamist gunmen which killed the car’’s driver. During the 1990s and following the botched Ethiopian assassination attempt, Suleiman joined the efforts of the CIA and other foreign intelligence agencies to crack down on Islamists, at home and abroad. He also proceeded to target home-grown Islamist groups Gamaa Islamiya and Jihad after they carried out a attacks on foreigners that hit Egypt’’s vital tourism industry hard.

Written on February 11, 2011 | Posted in 2011, ISI, International, News, UN, US, War, ad, aid, call, cia, industry, islam, israel, jihad, live, military, tourism, training, uniform, uth | Leave a comment

Pakistan glass industry gears for revival

The Pakistan Glass Manufacturers Association (PAGMA) has hailed the decision of the State Bank of Pakistan (SBP) that glass-manufacturing industry producing exportable goods is eligible for …

Written on February 9, 2011 | Posted in ISI, Pakistan, State Bank of Pakistan, US, ban, cia, export, industry, unlmitie | Leave a comment

The Buzz: Akram coaches Akshay Kumar?

Cricketers have made their presence felt on the silver screen often enough; films like The Final Test have featured cameos from Len Hutton, Denis Compton, Godfrey Evans and Jim Laker, while Salim Durani, Derek Pringle, Ian Botham, Kapil Dev and Ajay Jadeja among others, have all tried their hand at acting. And in the latest such alliance between the film industry and cricketers, the Bollywood film ‘Patiala House’, which is slated to release later this week, features an ensemble cast of cricketers – former Pakistan paceman Wasim Akram, former England…

Written on February 8, 2011 | Posted in Cricket, Miscellaneous, Pakistan, Sports, US, ad, england, industry | Leave a comment

US eases some high-tech export curbs on India

WASHINGTON: The US Commerce Department said on Monday it was easing restrictions of exports of high-technology goods to India in recognition of the two countries” stronger economic and national security ties. “Today’’s action marks a significant milestone in reinforcing the US-India strategic partnership and moving forward with export control reforms that will facilitate high-technology trade and cooperation,” Commerce Secretary Gary Locke said in a statement. It follows President Barack Obama’’s meeting with Prime Minister Manmohan Singh in November in New Delhi, where they announced plans to expand cooperation in civil space, defense and other high technology sectors. It also contrasts with remarks made by US Treasury Secretary Timothy Geithner before Chinese President Hu Jintao’’s visit last week to the United States. Geithner tied the possibility of increased US high-technology exports to China to movement by Beijing on currency and a number of trade reforms. As a first step in implementing Obama and Singh’’s commitment, the Commerce Department’’s Bureau of Industry and Security said it would publish a new rule changing how India was treated under Export Administration Regulations (EAR). A key measure removes several Indian space and defense-related organizations from the US Entity List, which imposes extra export licensing requirements on foreign groups or individuals whose activities have aroused concern about the possible diversion of US high-technology products that could be used to build weapons of mass destruction. Those removed from the Entity List include Bharat Dynamics Limited, four subordinates of India’’s Defense Research and Development Organization and four subordinates of the All Indian Space Research Organization. The reforms also “realign” India’’s standing in the US export control regime by removing it from several country groups associated with proliferation concerns. It adds India to a more favorable category consisting of members of the Missile Technology Control Regime. “These changes reaffirm the US commitment to work with India on our mutual goal of strengthening the global nonproliferation framework,” Under Secretary of Commerce Eric Hirschhorn said in a statement. Locke will lead 24 US businesses on a high-tech trade mission to India in February. The group includes Boeing, Exelon Nuclear Partners, Lockheed Martin and GE Hitachi Nuclear Energy. The delegation, which also includes senior officials from the US Export-Import Bank and the Trade Development Agency, will make stops in New Delhi, Mumbai and Bangalore. An administration official, who briefed reporters on condition he not be identified, said less than 1 percent of current US-India trade was affected by export controls. However, “the perception of onerous export controls certainly has been a hindrance to high-technology trade over the years,” the official said. “The goal here is to make sure we are in the best possible place to ensure trade in defense, civil space and high-tech can proceed in an expeditious and ultimately prosperous fashion,” the official said. Even with the reforms announced on Monday, there will still to be licensing requirements on many sensitive US technologies that go to India, as there on some technologies to all countries, the administration official said.

Written on January 25, 2011 | Posted in 2011, ISI, International, UN, US, War, ad, ads, aid, ban, china, cia, defense, export, import, india, industry, technology, trade, urdu | Leave a comment

SC summons commerce secretary in PSM case

ISLAMABAD: The Supreme Court has summoned the Secretary Ministry of Commerce and Industry during hearing into the case of corruption in Steel Mills, Geo News reported. Apex court judge Justice Khalil-ur-Rehman Ramday expressed displeasure over the slow progress in the investigations saying only peons and canteen officials have been apprehended in corruption of Rs 22 billion. A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry heard the case. Why the responsible has not been named even after one year, Justice Ramday asked.

Written on January 24, 2011 | Posted in 2011, News, Politics, US, ad, ads, cia, corruption, industry, islam, islamabad, urdu | Leave a comment

Govt cuts development budget by Rs100 bn

KARACHI: Government has blatantly slashed development budget allocated for greater good of the public by Rs100 billion but left untouched the project of constructing luxurious building within parliament lodges to be completed at a jaw dropping cost of Rs3 billion. Addressing the business community at Federation of Pakistan Chamber of Commerce Industry (FPCCI), Finance Minister Abdul Hafeez Shaikh said the country was facing multiple challenges of rising oil prices, dire impact of floods on economy and deteriorating law and order situation. “The development budget has been reduced from Rs280 billion to Rs180 billion and more curtailment in expenditures will be made in the coming days,” he announced, adding government expenditures will also be slashed. He said the rising international oil prices pose a real threat to the country’s economy. The oil prices that stood at 70 dollars per barrel in February last year have now surged to the level of 100 dollars, he pointed out. This trend, the Finance Minister said, would adversely impact our inflation and balance of payment, adding that increase in oil prices was the last thing that the government wanted but, unfortunately, they were not in government’s control.

Written on January 22, 2011 | Posted in 2011, Economy, IPL, ISI, International, Pakistan, Politics, UN, US, ad, ads, aid, budget, floods, industry, karachi, urdu | Leave a comment

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