Thursday 29 November 2012

LATEST NEWS UPDATE: 30.11.2012



LATEST/BRIEF  NEWS:

PAKISTAN (Brief News):
o   PPP marks 45th Foundation Day today
o   One dead two injured in Karachi violence
o   Two gunned down in last 10 minutes in Karachi
o   Altaf terms SC judge remarks unlawful
o   ECP dual nationality deadline ends today
o    Pakistan fiscal deficit goes double than the target: IMF
o   NEPRA says power load shedding to continue till 2020
o   Strike being observed in Sindh against SPLGO 2012
o   Next polls to be held on scheduled time, political forces get ready: President Zardari
o   PM blocks Maliks mobile decisions
WOLRD(Brief News):
o   U.N. set for implicit recognition of Palestinian state, despite U.S., Israel threats
o   Euro zone economic mood cheers up a little in November
o   Bombs kill 30 in Iraq Shi'ite cities
o   Geithner set for talks on cliff; senator sees "standoff"
o   Insight: France's love affair with nuclear cools
o   Mursi to speak as Egypt's Islamists seek way out of crisis
o   Insight: Cash crisis, Arab ferment threaten Jordan's stability
o   After election, pressure grows on Obama in Asia-Pacific trade talks
o   Two tickets share record $588 million Powerball win
o   U.S. bans BP from new government contracts after oil spill deal
o   Cracks show in Republican unity on tax rates
o   SAC Capital says it could be charged by SEC
o   Rice meets with Republicans, fails to win them over
o   New home sales stagnant, cast shadow on housing
o   Egypt assembly seeks to wrap up constitution
o   Car bombs kill 34 in pro-Assad Damascus suburb
o   House speaker Boehner optimistic can avert fiscal crisis
o   Iran "will press on with enrichment:" nuclear chief
o   Strong European support for Palestinian statehood move
o   New home sales stagnant, cast shadow on housing
o   Cracks surface in Republican unity on tax rates
o   Rice meets with Republican senators, doesn't win them over
o   Obama to host Romney at White House on Thursday
o   New York nanny pleads not guilty in deaths of two kids
o   Spain to overhaul rescued banks as condition of aid
o   Euro zone central banks may roll over their Greek bonds
o   Congo M23 rebels say withdrawing forces
WOLRD BUSINESS(Brief News):
o   Cyprus says euro ministers could decide on aid in December
o   German right won't snub Merkel in Greek vote: ally
o   Euro zone economic mood cheers up a little in November
o   RBC profit rises 22 percent on trading, loans
o   U.S. budget deal hopes lift shares and commodities
o   Angola October forex reserves rise to $30.49 bln - cbank
o   EU to launch free trade negotiations with Japan: EU officials
o   UK banks not as healthy as official ratios suggest: Bank of England
o   Mitsubishi Heavy, Hitachi to combine power system businesses
o   Day of reckoning for Cameron and British press
o   Bank of England warns UK banks may lack enough capital
o   Stock futures point to higher start
o   ECB right not to disclose Greece-related documents: court
o   Gold Fields to spin off oldest South African mines
o   Debswana cuts 2012 diamond output forecast on weak demand
Business News:
Pakistan
Pakistan needs broader tax base, fewer subsidies: IMF board
WASHINGTON: Pakistan should reduce subsidies and widen the tax base to tackle the government’s bloated budget deficit, the International Monetary Fund’s board said on Thursday.
The Pakistani government should also reform tax policy and boost tax compliance in the long-term to reduce the fiscal deficit, which is likely to reach 6.5 per cent of national income by June 2013, above the government’s target of 4.7 per cent, Fund directors said.
“(IMF) directors underscored that reducing the large fiscal deficit is essential for restoring macroeconomic and external stability,” the IMF said in a summary of the board’s discussion on Pakistan last week.
The board also called on Pakistan to discuss its policies with the Fund. Less than 1 per cent of Pakistan’s 180 million citizens pay income tax and no one is believed to have been prosecuted for tax evasion in 25 years, to the dismay of Western allies who have contributed billions of dollars in aid.
Pakistan’s new tax chief, Ali Arshad Hakeem, has pledged to make the country’s elite pay their fair share. To get more people into the program, he also plans to offer a 10-week amnesty that forgives past offenses and only places a small tax burden on participants in the first two years.
But the IMF said some of its directors said Pakistan should reconsider the tax amnesty. It did not provide further details.
Fund directors also urged the government to consider alternative tax measures beyond a VAT tax, which is often difficult to implement, such as strengthening the income tax.
The IMF periodically reviews countries whose IMF programs have lapsed, but who still owe money to the Fund.
Pakistan’s $11 billion IMF loan program ended in 2011 because of slow implementation of fiscal reforms, and some analysts have since warned about a possible balance of payments crisis.
The IMF board also said Pakistan should have a more independent central bank that will fight inflation, which is likely to return to double digits in the fiscal year ending in June 2013.
The State Bank of Pakistan cut its key policy rate by 50 basis points in October, saying inflation had slowed in recent months.
EXCHANGE FOR CURRENCY NOTES:

U.S.A              97.36
S.Arabia         25.96
U.K                 155.94
Japan              1.1861
Euro               126.12
U.A.E               26.51

BULLION RATES IN RUPEES PER 10 GRAMS
KARACHI
Gold Tezabi (24-ct)       Rs 54,000
Silver Tezabi                  Rs 998.57



Fri, 30 Nov 2012



-
Oil prices lower in Asian trade
SINGAPORE: Oil prices eased in Asian trade Friday as investors took profit from a rise in New York, while markets



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Asian markets rise, yen weakens on Japan stimulus
HONG KONG: Asian markets mostly climbed on Friday after data showed the US economy grew more than first expected i



-
Yen slips in Asia as risk sentiment turns up
TOKYO: The yen lost more ground in Asian trade Friday, hitting a seven-month low against the euro as risk sentiment



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Govt rejects OGRA proposed CNG price hike
ISLAMABAD: Advisor to the Prime Minister for Petroleum, Dr Asim Hussain Thursday set aside the Oil and Gas Regulation



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Electricity shortage to continue till 2020: NEPRA
ISLAMABAD: According to a report issued by NEPRA, the electricity shortage in the country will continue till 2020.



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OGRA prepares new CNG price formula
KARACHI: Oil and Gas Regulatory Authority (OGRA) has chalked out a formula for new CNG prices and sent it to the m



-
Asian markets rise on US fiscal deal hopes
HONG KONG: Asian markets tracked Wall Street higher on Thursday as investors following talks in the United States



-
Oil prices bounce back in Asian trade
SINGAPORE: Oil prices rebounded in Asian trade Thursday on hopes the United States will reach a deal to avoid the



-
Dollar mixed in Asia on ''fiscal cliff'' remarks
TOKYO: The dollar was mixed in Asian trade on Thursday as markets look for signs of a deal in solving a US budgetary



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Several CNG stations remain closed despite go ahead from Sui Southern
the resumption



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SIM retailing ban to kill thousands of jobs: traders
KARACHI: Traders have flatly rejected a ban that bars the shopkeepers from selling of mobile phone SIM cards at re



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Sindh CNG stations to open Thursday 9AM: SSGC
KARACHI: The Compressed Natural Gas (CNG) outlets in Sindh will open for the consumers at 9:00 AM tomorrow (Thursday)



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Strong demand for dollar weakens rupee
KARACHI: The rupee on Wednesday weakened at 96.53/96.58 to the dollar, compared to Tuesday s close of 96.12/96.22,



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Karachi Stock Exchange on record-making spree
KARACHI: Local capital market hit a record high for the second straight session on Wednesday, surging above 16,500



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LPG price goes up by Rs15 per kg
b














MOHAMMED SALEEM MANSOORI

Wednesday 28 November 2012

LATEST NEWS UPDATE: 29.11.2012





Karachi law and order case: SC resumes hearing
KARACHI: The Supreme Court on Wednesday resumed the hearing in the Karachi law and order case.
A five-judge bench of the apex court, headed by Justice Anwar Zaheer Jamali, is seized with the hearing of a case pertaining to the implementation of the apex court order in the suo motu case related to frequent targeted killings in Karachi. The other bench members are Justices Khilji Arif Hussain, Sarmad Jalal Osmany, Amir Hani Muslim and Athar Saeed.
Earlier during Monday’s hearing, the bench had observed that the constituencies in Karachi should be delimited in a manner that they comprise “mixed population” to avoid political polarisation and issued notice to the secretary of the Election Commission of Pakistan after an ECP official submitted that the process of delimitation of constituencies in the city could not be initiated.
Last year, the Supreme Court had given its detailed order in the case after the chief justice had taken suo motu action on the security situation in the city.

LATEST/BRIEF  NEWS:

PAKISTAN (Brief News):








o   Nobody is above the law, says CJ
o   Pak-US ties fully repaired, says Khar
o   Shikarpur: Twelve killed in bus accident
o     Khi voter lists verdict reserved: SC
o   Sindh CNG stations re-open one day earlier
o    Robber nabbed after shootout in Karachi
o   Afghan FM due in Islamabad tomorrow
o   President to give poll date in March 2013






WOLRD(Brief News):
o   Obama pushes tax agenda, Congress in stand-off
o   Egypt protests continue in deadlock over Mursi powers
o   EU approves Spain bank restructuring, opens door to aid
o   Syria says 34 killed in Damascus bombings
o   Congo M23 rebels say withdrawing forces
o   Palestinians win support from Swiss, Danes for U.N. vote
o   Euro zone central banks may roll over their Greek bonds: document
o   U.S. declines to name China currency manipulator
o   Analysis: Confusing hard and soft power in emerging markets
o   The biggest struggle yet for Citi's repairman
o   Analysis: U.S. pilots vote on deals, other airline staff agitate
o   Greece, markets satisfied by EU-IMF Greek debt deal
o   Fed's Evans wants more easing, Fisher wants limits
o   Report challenges key Pentagon spending assumption
o   Rice meeting with senators fails to dampen criticism
o   Judge orders tobacco companies to admit deception
o   Syria launches air strikes as combat rages in Damascus
o   Egyptians challenge Mursi in nationwide protests
o   Greece, markets satisfied by EU-IMF Greek debt deal
o   HP rebuffs ex-Autonomy CEO, warns of legal action
o   Merchants appeal $7.2 billion card-fee settlement
o   Samples taken from Arafat corpse for poison tests
o   Obama promotes tax agenda, Congress in stand-off
o   ACLU sues over policy barring women from combat
o   Judge orders tobacco companies to admit deception
o   Rice meeting with U.S. senators fails to dampen criticism
o   Obama to meet executives, go to Pennsylvania for fiscal push
o   Business spending plans improve despite fiscal cloud
o   November consumer confidence hits more than four-year high
o   ConAgra finally wins Ralcorp in $5 billion store-brand food bet
o   Palestinians say no rush to join international court after U.N. vote
o   France to back Palestinian U.N. status
o   Congo rebels say will withdraw from Goma
o   Satellite photo shows increased activity at North Korean launch site
o   China defense chief says military buildup no threat to the world
o   Air strike on Syrian olive press kills, wounds dozens
o   Insight: Sandy gives New York oil supply lesson
o   Schapiro stepping down at SEC, Walter to step in
WOLRD BUSINESS(Brief News):
o   China certain to hit 7.5 percent 2012 GDP growth target: Commerce Minister
o   German media lament "never-ending story" of Greek bailouts
o   Euro zone central banks may roll over their Greek bonds: document
o   Greek banking stocks plunge for second day on debt buyback concerns
o   EU approves Spain bank restructuring, opens door to aid
o   UK retailer Comet set to close another 125 stores
o   Spain's banks must cut branches, bondholders to share losses: EU Commission
o   Stock futures signal flat to lower open
o   UAE buys into BP's UK fields as relations improve
o   Standard Chartered top economist Lyons steps down
o   China investment levels excessive, risks are rising: IMF research
o   Vivendi's SFR telecom unit to cut 856 jobs
o   Exclusive: Calpers triggers legal fight with bankrupt San Bernardino over pension debt
o   Kenya inflation seen close to bottom in November
o   European shares dip on U.S., Greek worries
Business News:
Pakistan

EXCHANGE FOR CURRENCY NOTES:

U.S.A              97.06
S.Arabia         25.88
U.K                 155.41
Japan              1.1856
Euro               125.52
U.A.E             26.43

BULLION RATES IN RUPEES PER 10 GRAMS
KARACHI
Gold Tezabi (24-ct)      Rs 54,385
Silver Tezabi                Rs 1,002.85




Thu, 29 Nov 2012

-
Oil prices bounce back in Asian trade
SINGAPORE: Oil prices rebounded in Asian trade Thursday on hopes the United States will reach a deal to avoid the

-
Asian markets rise on US fiscal deal hopes
HONG KONG: Asian markets tracked Wall Street higher on Thursday as investors following talks in the United States

-
Dollar mixed in Asia on ''fiscal cliff'' remarks
TOKYO: The dollar was mixed in Asian trade on Thursday as markets look for signs of a deal in solving a US budgetary

-
Owners refuse to open CNG stations
LAHORE: The CNG Owners Association is adamant on not providing relief to the commuters and motorists who have been

-
SIM retailing ban to kill thousands of jobs: traders
KARACHI: Traders have flatly rejected a ban that bars the shopkeepers from selling of mobile phone SIM cards at re

-
Sindh CNG stations to open Thursday 9AM: SSGC
KARACHI: The Compressed Natural Gas (CNG) outlets in Sindh will open for the consumers at 9:00 AM tomorrow (Thursday)

-
Strong demand for dollar weakens rupee
KARACHI: The rupee on Wednesday weakened at 96.53/96.58 to the dollar, compared to Tuesday s close of 96.12/96.22,

-
Karachi Stock Exchange on record-making spree
KARACHI: Local capital market hit a record high for the second straight session on Wednesday, surging above 16,500

-
LPG price goes up by Rs15 per kg
b

-
OGRA incapable as regulator: Dr Asim
ISLAMABAD: Advisor to Prime Minister for Petroleum and Natural Resources Dr Asim Hussain has said that the Oil and

-
Euro slips after buying on Greek rescue fizzles
TOKYO: The euro slipped in Asian trade on Wednesday after a buying spree sparked by Greece s bailout deal fizzled

-
CNG stations in Sindh shut for 48 hours
KARACHI: CNG stations in Sindh will remain closed for 48 hours starting from 9 am Wednesday to 9 am on Friday, Geo

-
Oil prices mixed in Asian trade
SINGAPORE: Oil prices were mixed in Asian trade Wednesday as investors focused on US budget talks and doubts emerged

-
CNG strike enters third day in twin cities
ISLAMABAD/RAWALPINDI: The unannounced strike of CNG stations entered into the third day on Tuesday against the red

-
Rupee loses against greenback; o/n rates flat
KARACHI: In the currency market, the rupee weakened at 96.12/96.22 to the dollar, compared to Monday s close of 96













MOHAMMED SALEEM MANSOORI