Thursday, 29 September 2011


India, Pakistan look to trade to reinforce peace
NEW DELHI: Indian and Pakistani business leaders said Thursday there were big opportunities to boost direct trade between them after the rival nations agreed to work harder at opening up their markets.

While formal trade between the two most populous and largest economies in South Asia is a paltry $2.7 billion annually, unregulated trade, much of it routed through third countries, is estimated at $10 billion. This informal commerce shows “the tremendous potential for bilateral trade,” said Federation of Indian Chambers of Commerce and Industry secretary general Rajiv Kumar.

Cross-border commerce currently amounts to less than one percent of each country’s global activity, but the two sides harbour hopes of increased trade in areas such as engineering and textiles.

“There is a large market to be opened up,” said Rajan Bharti Mittal, managing director of India’s Bharti Enterprises, parent of the country’s largest mobile phone operator. The comments came as India’s commerce minister Anand Sharma announced he would lead a trade delegation to Islamabad next February at the invitation of his Pakistani counterpart, Makhdoom Amin Fahim. The two agreed in New Delhi late Wednesday to more than double trade within three years to $6 billion, set up a second trade border check post and make it easier for Indians and Pakistanis to get business visas.

Both governments “are committed to normalisation of trade relations,” said Fahim, whose five-day visit at the head of a large business delegation is the first by a commerce minister to India in 35 years. “We’re already trading with each other via third nations. This shows there is a need in both countries for each other’s products,” Bashir Hussain, chief executive of the Pakistan Horticulture Development and Export Company, said.

India is also eyeing improved trade ties with Pakistan as a way to gain better access to the republics of Central Asia while Pakistan is keen to tap India’s vast market of 1.2 billion people. Fahim’s visit was part of the resumption this year of formal peace talks between India and Pakistan, called the “composite dialogue,” broken off after the 2008 Mumbai attacks in which 166 people were killed by Pakistani gunmen. Deepening economic engagement between the two countries, which have fought three wars against each other since independence from Britain in 1947, is seen as crucial to establishing lasting peace in the troubled South Asian region. Afp
India, Pakistan to open bank branches, land routes
NEW DELHI: Visiting Pakistan’s Commerce Minister, Makhdoom Amin Fahim said trade and investment relations with India would yield positive results. Addressing India-Pakistan Business Conclave, organised by Federation of Indian Chamber of Commerce and Industry (FICCI), he said bilateral trade between India and Pakistan was expected to flourish and hopefully all non-tariff barriers would be removed soon. These measures will send a positive signal to business communities about sincere intention of the two governments, he added. Fahim said atmosphere of fear and apprehension has reduced considerably and businesspersons in both countries started to believe that governments in both countries were committed to normalise trade ties. On SAFTA (South Asian Free Trade Area), he said Pakistan wanted to make it an effective and meaningful agreement and hoped unnecessary long sensitive lists of products would be considerably reduced. SAFTA would enter into negotiations with ASEAN to create and bigger block, thus having ASEAN as a partner, on the east and ECOTA, which has Turkey and Central Asia, on the west, he added. Appreciating FICCI’s role in facilitating Pakistani delegates with visas for eight destinations and easing restriction of exit and entry points, he hoped this becomes a permanent facility to encourage Pakistani businessmen to visit India. Anand Sharma, Indian Commerce, Industry and Textiles Minister described visit of Fahim as a defining moment in bilateral trade ties. The government-to-government talks and dialogue between businessmen of two sides was marked by freshness, frankness, he said adding if such openness persists it would send a powerful message not only in South Asian region but to the entire world. Ppi


·      Political analystsfete APC declaration
·      APC parties united on national integrity
·      US attack on Pakistanintolerable:APC
·      Later talking to newsmen the Information Minister hoped that the unanimous approval of resolution by the All Parties Conference would help strengthen internal and external integrity and sovereignty of the Country
·      The All Parties Conference has rejected the recent American baseless allegations against Pakistan and resolved unanimously to never compromise on sovereignty and territorial integrity of the Country
·      APC passes 13 Points resolution
·      ISI not exporting terrorism: Sujaha Pasha
·      Militants kidnap 34 labourers from Bara
·      Oil up in Asian trade
·      Reema cuts Birthday cake at Geo
·      Clinton adds to pressure on Pakistan
·      Obama talks Nato route with Uzbek leader
·      World Stocks: Green shoots seen next year
·      Shoaib Malik,Sania Mirza meet President
·      Afridi inspires Dolphins to easy win
·      6 injured in Islamabad hotel blast

Mohammed Saleem Mansoori

Wednesday, 28 September 2011


Hina Rabbani Khar returns from US visit

ISLAMABAD: Foreign Minister Hina Rabbani Khar has returned on Thursday morning from the United States after attending the United Nations General Assembly meeting, DawnNews reported.
Ms Khar is expected to attend and brief the All Parties Conference (APC) convened by Prime Minister Yousuf Raza Gilani today to discuss the situation arising out of serious allegations levelled by US officials against Pakistan’s armed forces and the ISI.
She refused to talk to the media representatives after her arrival at the Islamabad airport.


·      APC on US pressure over Haqqanis today
·      Mullen’Standby every word’ he said
·      Euro rangebound before German vote
·      Oil extends losses in Asian trade
·      3 Nato troops dead in Afghan bomb
·      US holds Haqqanis as top target
·      Steer clear of Tibet, China warns US
·      US bombers could blitz areas in Pakistan
·      APC Zardari,Gilani,Kayani join heads
·      APC on Pak-US strained ties on Thursday
·      Renowned vocalist Naseem Begum’s death anniversary today
·      Asian Markets mostly down amid euro plan fears
·      More US military action in Pakistan possible:Graham
·      White House won’t second Mullen on Pakistan
·      Commerce Ministers agree to boost bilateral trade with India
·      Exclusive interview: US will not end relationship with Pakistan

Business News

   Thu, 29 September 2011

Greece to face inspectors, Merkel hints at bailout
Facing a wave of strikes and protests, Greece"s Socialist government is accelerating budget measures to meet the te

KSE climbs over 11600 points
"Fertiliser sector led the rally in anticipation

Artificial drop in rupee value unacceptable, SBP told
eo News here, Rana Asad Amin termed as fairly stable the level of foreign exchange reserves currently maintained by Pakistan, adding the artificial decrease in rupee value was direct

Euro edges higher in cautious trade
The eur

Crude slumps on stronger dollar, profit-taking
Brent North Sea crude for November delivery shed 96 cents to $

Rupee gains against dollar in open market
mpanies of Pakistan, Haji Haroon and Chairman Malik Bostan told Geo News that the open market witnessed a 50 paisas decline in dollar after the State Bank of Pakistan"s assured exchange companies

Asian stocks up on bargain-hunting
The region"s gains followed rallies in European markets and on Wall Street Monday after reports filtered through that a plan was emergin

Euro weaker against dollar
yen, but was

Crude up in Asia on hopes of robust eurozone action
Brent North Sea crude for November delivery rose 95 c

Pak will be able to repay IMF loans: Hafeez
"It"s not even an issue that is a concern

Mohammed Saleem Mansoori

Tuesday, 27 September 2011


Resolution to stop aid moved in US Congress
WASHINGTON: US lawmakers are continuing their assault on Pakistan here and quietly moved a resolution in Congress, asking for cutting all but nuclear-safety assistance to the country.
The move contrasts sharply with recent efforts by US and Pakistani governments aimed at reducing tensions over Islamabad’s alleged links to the Haqqani network of militants.
On Monday evening, US Special Envoy to Afghanistan and Pakistan, Marc Grossman, spoke with Ambassador Husain Haqqani and conveyed Washington’s desire to deescalate tensions.
Mr Grossman is believed to have told the ambassador that “the US considers Pakistan an ally and despite challenges and disagreements will continue to work with the country’s democratic leadership”.
Also on Monday, Finance Minister Abdul Hafeez Shaikh met US Deputy Secretary of State Thomas Nides and both agreed to resolve the dispute through “diplomatic means”, official sources said.
“Mr Nides agreed that current adversarial heights and the war of words need to be reduced,” said a diplomatic source.
In another move aimed at de-escalation, Mr Grossman and Ambassador Haqqani plan to address a joint news conference on Wednesday and talk about the efforts both sides have so far made to overcome the crisis.
But temperatures remain high in both chambers of the US Congress where lawmakers continue to attack Pakistan, with some even suggesting that Washington should now encourage India to take a higher profile in Afghanistan.
The current crisis in bilateral relations began last week after scathing remarks by Admiral Mike Mullen, outgoing Chairman of the US Joint Chiefs of Staff, who spoke openly of the links between Pakistan’s Inter-Services Intelligence and the Haqqani network.
Soon after the admiral’s statement, Congressman Ted Poe, a Republican from Texas, tabled H. R. 3013, also known as the Pakistan Accountability Act, a piece of legislation which, if passed by Congress, will freeze all US aid to Pakistan with the exception of funds that are designated to help secure nuclear weapons.
The Pakistan Accountability Act stipulates that:
(a) Prohibition:- Except as provided in subsection (b), assistance may not be provided to Pakistan under any provision of law.
(b) Exception:- Subsection (a) shall not apply with respect to assistance to ensure the security of nuclear weapons.
(c) Effective Date:- This Act shall take effect on the date of the enactment of this Act and shall apply with respect to amounts
allocated for assistance to Pakistan that are unexpended on or after such date.
“Ever since we found Osama bin Laden living the high life in Abbottabad, we’ve had our suspicions about Pakistan,” Congressman Poe told the House while introducing the resolution.
“Turns out they are disloyal, deceptive, and a danger to the United States. This so-called ally takes billions in US aid, while at the same time supporting the militants who attack us.”

Refineries gross margin up 11pc

KARACHI: The domestic sector Gross Refinery Margin (GRMs), a key indicator of the sector profitability hovered around $3 per barrel in first quarter of financial year 2012 (1QFY12), indicating 11 per cent improvement over $2.7 recorded in the fourth quarter of financial year 2011.
However, compared to the 1QFY11, the GRMs, stepped down by 13 per cent from $3.4 per barrel.
According to a sector report by analyst Nauman Khan at Topline Securities, falling oil price does not bode well for the refinery
sector on two counts: Firstly the Inventory losses and second, reduced deemed duty in absolute terms.
During 1QFY11, however, international crude oil prices (Arab Light) remained firm at around $105 per barrel, converting into higher deemed duty in absolute terms.
Improved gasoline pricing structure on the domestic front also reflected positively on the domestic oil refining. All of that translated in higher GRMs for the refinery sector for the quarter under review. Analyst said that the refinery sector was marked by high earning volatility on account of higher regulatory risk (reduction in deemed duty on HSD), but for certain refineries, that was offset by auxiliary business units and greater resistance to circular debts.
The inventory loss, caused by falling oil prices would reduce sector earnings, but greater worry for the sector was the declining deemed duty on HSD in absolute terms, the analyst said.

·      Pak ready to do best with int’l partners
·      Another emergency landing in 24 hours
·      Pakistan must unravel Haqqani Network:US
·      Lata Mangeshkar turns 82 today
·      Veena shoots her first Bollywood film
·      Crude slumps on stronger dollar
·      Karachi Zebras win last-ball thriller
·      2-day International Hajj moot begins
·      Hajj flights to beginfrom Sep,30
·      Make anti Polioinitiatives a success
·      Chief auditor calls on QESCO chief
·      Hujaj must choose from 3 airlines:Govt
·      DG Health notifies 16 complaint cells
·      Pakistan ready to host International Cricket
·      England’s ODI squad namedto tour India
·      Sialkot Stallions outclass Lahore Lions
·      US aggression to be responded:PPP
·      Rabbani assassinated in suicideattack
·      Pakistan curtails donations tomilitants during Ramadan
·      Afghanistan, Pakistan defend against IEDs
·      Bajaur militants kill 2 lashkar members
·      Pakistan vows to fight Chinese militants

(Mohammed Saleem Mansoori)