Sunday 28 August 2011

DAILY BUSINESS NEWS IN BRIEF: 29.08.2011



Timing of outburst: coincidence or planned move?
ISLAMABAD: Whether it is a sheer coincidence or a well-thought out move by Dr Zulfikar Ali Mirza that he chose to speak at length on the killings in Karachi on the eve of a suo motu hearing by the Supreme Court on the law and order situation in the city.
Chief Justice Iftikhar Mohammad Chaudhry had announced on Friday that a five-member bench would go to Karachi and begin hearing the case on Monday and said, “we have to settle this matter once and for all if we want to save the country”.
At his press conference in Karachi Dr Mirza offered to assist the apex court and now it depended on the SC bench to decide whether it needed his services.
The PPP leader also questioned the role of some judges whose names he promised to reveal only before the chief justice.
Since Dr Mirza held the portfolio of home ministry in the Sindh cabinet until early this year when he was removed from that position apparently at the insistence of the Muttahida Qaumi Movement, observers believe his evidence could be of vital importance in the suo motu case on the Karachi situation.
Targeting mainly the MQM, the PPP leader claimed to be in possession of loads of evidence in the form of official investigation reports, personal correspondence of important personalities, record of telephone calls and messages and video recordings that were responsible for the killing of innocent people in Karachi.
Despite repeated attempts, Abdul Hafeez Pirzada and Babar Awan, who are representing Sindh and federal governments, respectively, in the suo motu case could not be contacted for their comments.
Barrister Zafarullah Khan, another apex court lawyer, when asked about the admissibility of evidence which Dr Mirza had offered to present, said the court accepted an evidence only if it was given by an individual under oath.
However, in such cases where scientific evidence in the form of voice recordings, films, photocopies, etc, was presented, the court could ask for their verification through proper channels, but still this type of evidence could not be compared with an individual’s statement under oath, he added.
“Yes, if Dr Mirza himself requests the court for personal appearance or the court itself summons him on the basis of what he said during the press conference his evidence can be accepted,” said Barrister Khan.
Chief Justice Chaudhry had suggested on Friday that speedy trials should be held inside prisons or through video conferencing to provide protection to witnesses.
“These are not ordinary times and witnesses should be protected at all costs,” said the chief justice. He further said heinous crimes were taking place in the city only because of non-adherence to the Constitution.


Business News

   Sat, 27 August 2011

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ADB ready to finance replacement of obsolete power distribution system
ADB Director General Jaun Miranda, while talking to the Federal Minister for Water and Power, Syed Naveed Qamar, told that ADB wants to help Pakistan in the energy sector and in this conte

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KSE remained shaky over the week
The market began on a negative note this week and remained vacillating until the end of the week, as the investors mostly shaken by the horrible law and order situation in the city preferred to be hi

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Lifting withholding tax on phutti notified
Cotton ginners will be providing details of the sell

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Dollar rangebound against yen, Bernanke eyed
The euro also lacked clear direction, tra

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Oil mixed in Asian trade
In morning trade, New York"s main contract, West Texas Intermediate (WTI) light sweet crude for October delivery eased 10 cents to $85...20 a barrel and Brent North Sea crude

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Profit-taking softens Khi stocks
Volume was at 44...82 million shares, compared with 40 mi

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Gold falls 2...2pc at $1,711...99 an ounce
Investment appetite for gold has cooled ahead of a widely awaited central bankers" meeting at Jackson H

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Switzerland, UK sign tax deal
The Swiss bankers" association welcomed the agreement but some tax experts wondered

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Steve Jobs resigns as Apple CEO
In a written statement, Apple, the world"s second most valuable company by market capitalization, announced that chief operating officer Tim Cook would replace Job

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Dollar holds firm on strong US data
The euro bought $1...4412, almost flat from New York...


Brief News:
Ø 3 killed in attack on Quetta Express nearMach
Ø Anti-terror cooperation with US to continue.Gilani
Ø I don’t mind this kind of statements:Malik
Ø MQM seeks explanation from PPP leadership
Ø Libya rebels tighten noose on Gaddafi’s hometown
Ø IEDs big threat in Pakistan,Afghanistan

Mohammed Saleem Mansoori

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