LATEST NEWS UPDATE:12.07.2012

US administration desired democracy to succeed in Pakistan: Munter

ISLAMABAD: Outgoing US ambassador to Pakistan Cameron Munter said that the US administration led by President Barack Obama keenly desired democracy to succeed in Pakistan.
In an interview to PTV on Wednesday, he said Pakistan and United States needed to work together and build people to people contacts.
He said he wanted that more American tourists should come to Pakistan, feel secure in the country and get the amenities that they need.
Furthermore, he added that both the countries should also need to work jointly in various social sector areas to build their ties.
He said during his tenure as ambassador to Pakistan, both countries faced many difficult times in their bilateral relations.
“We have a series of issues that were difficult for us and it took patience and understanding.”
He said the issue of Nato supply route showed that both the countries were able to talk and solve problems.
Both countries worked through toughest of challenges, he added.
He said US helped Pakistan during rehabilitation in the aftermath of floods and assisted in sectors of energy, agriculture and setting up of small businesses.
He said he visited many parts of Pakistan but he wanted to see more of the country, which has many facets to show to the world.

PPP braces for the worst amid sense of foreboding

ISLAMABAD, July 11: The federal capital is a place where rumours and instability rule the roost and democratic stability is but an interlude in between.
And these days, rumours of democracy being derailed are once again doing the rounds. The reason, as in so many crises in the past four years, is an impending executive-judiciary clash.
Today the Supreme Court is going to hear from the new prime minister whether or not he is going to write a letter to Swiss courts to reopen graft cases against President Asif Zardari. The refusal by former prime minister Yousuf Raza Gilani to do so cost him his seat and probably his political career.
Although it is still not clear what Raja Pervez Ashraf will say today, the government has already made its intentions clear.
It is all set to turn its new contempt of court bill into law — the Senate passed it late on Wednesday night.
Obviously the government is ready for a confrontation.
As a federal minister of the PPP said: “In the given circumstances this was the only option left for the party.”
What can the judiciary expect from the PPP in response to its decision about Gilani?, asked the cabinet member, adding that the legislation had been drafted after detailed
discussions at the leadership level.
“We know, later or sooner the SC will strike it down. So what? Let the judges, once again, undermine the supremacy of parliament,” the minister said in reply to a question.
Another PPP source said the party was in no mood to hold early elections or to write the letter to the Swiss authorities against the president.
Although the mood on the other side is less public, legal experts don’t think the law will be allowed to last.
Even PPP stalwarts Raza Rabbani and Aitzaz Ahsan criticised the legislation during the debate in the Senate.
If a confrontation ensues, observers argue, the judiciary may send Ashraf home and then getting elected a third prime minister may not be very easy for the PPP.
Will this then lead to fresh elections?
Yes, say many people. While others argue that the next caretaker government may not come into power for a mere three-month period. It will be there for longer, goes the gloomy prediction.
It is this scenario that is behind the rumours and panic that has pervaded the PPP camp.
And neither is this nervousness a secret. On a talk show on Wednesday night, PPP cabinet member Nazar Mohammad Gondal said his party feared a “shabkhoon”. The topic of the discussion was whether or not the elections could be delayed indefinitely.
The PML-N also buys into the theory that unless the main political parties make a concerted effort to cooperate, all will fall apart.
A PML-N office-bearer told Dawn that only an agreement between the PPP and PML-N could guarantee a smooth transition towards the next elected government.
“If the PPP government and judiciary keep on a collision course, somebody will take advantage of the situation,” he added.
Speaking on the basis of anonymity, he said his party was wary of pushing the PPP to hold early elections because it feared the rising popularity of the PTI, losing its government in Punjab, and helping create instability which might wrap up democracy.
Indeed the capital is simmering with such conspiracy theories, mostly unsubstantiated, which all begin with the wrapping up of the current set-up.
From then on, the path and the destination can range from the good, bad to the ugly.
But what are the possible options available and how realistic are they?
Possible case scenario No 1 (the good): The PPP and the PML-N agree on a date for general elections and start negotiations over the caretaker set-up.
Continuing with the goodwill both parties exhibited that led to the selection of the new CEC, they also find a suitable and impartial candidate to lead the caretaker set-up as prime
minister. Fair elections are held early next year and power is handed over to the winning party.
However, for this to happen, not only will the PPP and the PML-N have to play ball, but the judiciary and the establishment will also have to realise and understand the need for a democratic transition.
The SC will have to appreciate the need to let the PPP be — even if the former does it just to stave off more criticism that has been directed at it since it sent Gilani home. Or it will have to consider a view that already exists in the military establishment that it is better to let the PPP government run its course than be sent home early and be given another
chance to become political martyrs.There is also a third path that can lead to this option – that even if the second prime minister is sent home, the PML-Q, the ANP and the MQM stand by the PPP to elect a third one. However, very few people believe the PPP can be a third time lucky.
Possible case scenario No 2 (the bad): The SC sends PM Raja Pervez Ashraf packing in the NRO implementation case, and the PPP realises it can no longer continue to run the government. It then throws in the towel and negotiates to bring in a caretaker set-up ahead of completing its term. After some give and take, the two main parties still manage to put
in place a mutually agreed caretaker set-up that would then go ahead with elections.
Possible case scenario No 3 (the ugly): The executive-judiciary standoff plus a lack of cooperation between the PML-N and PPP leads to a power vacuum.
A new caretaker set-up is brought in — though legally this set-up will be chosen by the new CEC, conspiracy theorists are clear that the choice would be made by the military establishment. How Fakhruddin Ebrahim will be persuaded to accept this is not clear. Soon after the new caretaker set-up takes charge, the theory goes, a writ petition can argue that the caretaker government needs to be prolonged, keeping in mind the poor security situation as well as the terrible economic conditions. This set-up, it is then said, will continue for some time – be it years or months. In fact, some people go so far as to propose that the recent re-emergence of terrorist activities and an aggressive protest campaign by the Difa-i-Pakistan Council can also create a security situation which can be used to justify such an ‘emergency’.
But it is not clear which political party will support such an outcome. Although some fingers are pointed at PTI, there is no clear indication that the party will agree to such a role.
Similarly, skeptics point out that such a scenario will force the PPP and the PML-N out on the streets along with others. We may end up with a scenario similar to November 2007 when an emergency was imposed but it proved difficult to sustain.
But the court proceedings today may help make the future more clear and help indicate which of these scenarios will come into play.

PM receives Registrar’s letter on NRO case

ISLAMABAD, July 11: Prime Minister Raja Pervez Ashraf informed the cabinet on Wednesday that he had, through the attorney general, received a letter from the Registrar of the Supreme Court asking the government to explain its position with regard to the decision of the Supreme Court for implementation of the NRO judgment.
Briefing reporters after a meeting of the cabinet, Minister for Information and Broadcasting Qamar Zaman Kaira said the law minister informed the cabinet that he and secretary of law had recently taken the charge and needed some time to thoroughly study the case to brief the cabinet and present its view in the court. He said the cabinet allowed the law ministry to work on it.
Mr Kaira said the prime minister had asked the law minister to prepare a quick response on the matter.

SECP enrols 3,923 companies in 2011-12

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) registered 3,923 companies in 2011-12 compared to 3,400 companies registered during the preceding financial year, showing an increase of 15 per cent.
Out of these 3,923 companies, 3,571 were private, 237 single-member, 38 public unlisted, 31 foreign companies and 41 non-profit associations, four trade organisations and one company limited by guarantee under Section 43 of the 1984 Companies Ordinance.
In June 2012, 364 companies were registered, which included 325 private companies followed by 23 single-member companies, five public unlisted companies, six non-profit associations and five foreign companies.
An official of the SECP said that the Commission has a vision of promoting corporatisation of businesses so that these can better contribute to progressive development of the economy.
“We need to reduce grey economy and promote formal sectors,” the official said.
As of June 30, 2012, the total number of companies reached 62,343 and an increase of five per cent has been witnessed as compared to the total number of 59,451 companies as of June 30, 2011.
The corporate growth is a positive sign and reflects expansion of documented, formal and structured corporate sector which results into more business opportunities and development of the economy.
The increasing trend in registration of companies has been made possible due to the SECP’s pro-registration facilitation mechanism. Almost 60 per cent of new registration is taking place using online services.
The total authorised capital and paid-up capital of the companies registered during the preceding financial year, amounted to Rs103.4bn and Rs11.91 billion, respectively. During 2011-12, 1,990 companies increased their authorised capital with the aggregate authorised capital increment of Rs131.44bn and 1,198 companies raised their paid-up capital with
the total paid-up capital increment amounting to Rs217.38 billion.

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·       US Senators push for $1.1b funds for Pakistan

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·       Pak set 270-run target to SL in final Test

Business News:

EXCHANGE FOR CURRENCY NOTES:

U.S.A              95.24

S.Arabia         25.40

U.K                 147.82

Japan              1.2006

Euro               116.71

U.A.E              25.93

BULLION RATES IN RUPEES PER 10 GRAMS

KARACHI

Gold Tezabi (24-ct)    Rs 48,342

Silver Tezabi              Rs 805.71

Thu, 12 Jul 2012 -Crude mixed in Asia SINGAPORE: Crude was mixed in Asia Thursday as the US Federal Reserve s minutes from last month s key policy meeting  -Euro weaker in Asian trade TOKYO: The euro was down against other major currencies in Asia Thursday while the dollar lost ground on the yen a  -Asian shares fall on US Fed split HONG KONG: Asian markets fell in early trade on Thursday following a decline on Wall Street after news that the Fe  -NEPRA increases electricity tariff ISLAMABAD: NEPRA has increased the power tariff by Rs1.51 per unit. The increase was made under the monthly fuel a  -Euro steady in Asia, yen gets boost TOKYO: The euro was steady in Asian trade on Wednesday, while the yen got a boost as the Bank of Japan starts a tw  -Asian markets fall on Wall Street lead HONG KONG: Asian markets fell in morning trade Wednesday, following a decline on Wall Street and amid renewed scep  -Crude up in Asia SINGAPORE: Crude rose in Asia Wednesday as bargain-hunting traders returned to the market following an overnight p  -Deputy Managing Director PIA Salim Sayani sacked KARACHI: Ministry of Defence has sacked PIA s Deputy Managing Director Salim Sayani with immediate effect, Geo New  -Boeing reveals $9.2 bn order for 100 planes from GECAS FARNBOROUGH: US planemaker Boeing on Tuesday announced a commitment to sell 100 upgraded single-aisle 737 planes w  -Record cotton export in last FCY KARACHI: Cotton export during the last fiscal year has made history despite on the whole a shortfall seen in Pakis  -in Asia trade TOKYO: The euro edged down in Asian trade on Tuesday as markets largely shrugged off a eurozone finance ministers  -Asian markets lower amid eurozone meet, China data HONG KONG: Asian markets mostly fell on Tuesday, shrugging off an agreement by eurozone finance ministers to help  -Brent below $100 as Norway strike ends SINGAPORE: Brent crude fell below $100 in Asia Tuesday, hours after a Norwegian crude supply disruption due to an  -SBP injects Rs39.650bn into banking system KARACHI: State Bank of Pakistan in its reverse repo open market operation in treasury bills and Pakistan Investment  -Petroleum prices may be slashed further ISLAMABAD: The prices of petroleum products for the next fortnight are likely go down by up to Rs3/litre from July

MOHAMMED SALEEM MANSOORI