BRIEF NEWS UPDATE: 02.12.2011

US senate ties strings to Pakistan military aid

WASHINGTON: The US Senate voted to tie strings to military aid to Pakistan and stem the spread of shoulder-fired anti-aircraft missiles from Libya as they advanced a massive annual defense spending bill.The White House has threatened to veto the $662 billion measure over tough new rules requiring military detention of terrorism suspects and affirming that US citizens who join extremist groups may be detained forever without trial.The Pentagon-funding bill was due to clear the Senate by week s end, touching off negotiations with the House of Representatives to resolve differences between both chambers versions and send a compromise to President Barack Obama.The Defense Authorization legislation was seen as a sure bet for passage because it affects US troops in Iraq and Afghanistan, and lawmakers hoped to make it the vehicle for tough new economic sanctions Economic sanctions are economic penalties applied by one country (or group of countries) on another for a variety of reasons. Economic sanctions include, but are not limited to, tariffs, trade barriers, import duties, and import or export quotas.

World Bank Report: Pakistan among top 10 recipients of remittances

ISLAMABAD, Dec 1: World Bank’s new estimates released on Thursday placed Pakistan among top 10 recipients of remittances among developing countries, fetching $12 billion this year.
India leads with $58 billion followed by China at $57 billion, Mexico $24 billion and the Philippines $23 billion.
Bangladesh follows Pakistan with $12 billion, Nigeria 11 billion, Vietnam $9 billion and Egypt and Lebanon $8 billion each.
Remittance costs have fallen steadily from 8.8 per cent in 2008 to 7.3 per cent in the third quarter of 2011.
The ‘Outlook for Remittance Flow 2012-14’ shows that the officially recorded remittance flows to developing countries are estimated to have reached $351 billion in 2011, up 8 per cent over 2010.
Worldwide remittance flows, including those to high-income countries, reached $406 billion in 2011 and are expected to rise to $515 billion by 2014.
There are several sources of vulnerability to forecasts for remittances to developing countries.
The ongoing debt crisis in Europe and high unemployment rates in high-income OECD countries are adversely affecting economic and employment prospects of migrants.
These persistently high unemployment rates have created political pressures to reduce current levels of immigration.
There are risks that if the European crisis deepens, immigration controls in these countries could become even tighter.
This would affect remittance flows to all regions – especially to countries in Eastern Europe and Central Asia.
The World Bank report says that high oil prices, which have hovered over $100 a barrel in recent months, continue to provide a much-needed cushion for migrant employment in, and remittance flows from, the Gulf Cooperation Countries (GCC) and Russia. Oil driven economic activities and increased spending on infrastructure development are making these countries attractive for migrants from developing countries.
Remittances from the GCC countries to Bangladesh and Pakistan where the GCC countries account for 60 per cent or more of overall remittance inflows grew by 8 per cent and 31 per cent, respectively in the first three quarters of 2011 on a year-on-year basis.
The Pakistan Remittance Initiative (PRI), a joint initiative of the central bank and Pakistan’s government, has been working actively with commercial banks and money transfer operators to lower the cost of inward remittances and improve the payments systems and delivery channels in order to bring a larger share of remittances into formal channels.
The indigenisation programmes being considered or implemented in the GCC countries like the ‘Nitaqat’ programme in Saudi Arabia have raised concerns of adverse implications for future remittances to the Philippines, Pakistan, Bangladesh and other migrant-sending countries, it says.

Business News

Fri, 2 Dec 2011 -Oil prices mixed in Asia SINGAPORE: Oil prices were mixed in Asia on Friday as European debt concerns weighed and data from the US and Chin  -Asian shares mixed after previous day''s rally HONG KONG: Asian shares were mixed on Friday as traders took a breather after the previous day s huge gains while  -Euro firms on easing eurozone debt worries TOKYO: The euro firmed against the dollar and yen in Asia on Friday as investors breathed a sigh of relief over Eu  -Google in talks to take on Amazon in retail: report NEW YORK: Google Inc is pondering an Internet service to help consumers shop online and take advantage of same-day  -Europe survival tied with euro stability: Sarkozy TOULON, France: President Nicolas Sarkozy, under pressure from a spiralling euro zone debt crisis five months befo  -KSE gains 24 points amid thin trade KARACHI: The main Index at Karachi Stock Exchange (KSE) ended slightly higher in light trading, taking cues for gl  -ECC approves Rs6bn bailout package for PSM ISLAMABAD: The Economic Coordination Committee (ECC) of the Federal Cabinet on Thursday approved Rs6 billion bailo  -Crude mixed in Asia after central banks'' action SINGAPORE: Oil markets were mixed in Asia Thursday after major central banks acted to boost liquidity in global fi  -Euro holds firm on central bank liquidity moves TOKYO: The euro firmed against the dollar and yen in Asia Thursday after moves by major central banks to pump liqu  -Asian shares surge on central banks'' move HONG KONG: Asian markets surged Thursday after the world s top central banks took action to boost liquidity for th  -CNG halt torments Karachiites for second day KARACHI: Commuters continue to suffer in Karachi as public transport is nowhere to be found due to the two day wee  -Wall St. rallies on cbanks help for Europe NEW YORK: Stocks surged on Wednesday after major central banks agreed to make cheaper dollar loans for struggling  -KSE registers moderate recovery KARACHI: Stock prices ended higher at Karachi Stock Exchange (KSE) but in thin volume as investors were on the sid  -Govt hikes prices of petroleum products ISLAMABAD: Government on Wednesday revised upward the prices of petroleum products which will be effective from 12  -Rupee hits record low at 88.73 to Dollar KARACHI: The rupee s slide continued for a third day on Wednesday, with increased import payments, negative sentiment
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