PAKISTAN-DAILY BRIEF NEWS: DAILY LATEST NEWS UPDATE: 29.02.2012

PAKISTAN-DAILY BRIEF NEWS: DAILY LATEST NEWS UPDATE: 29.02.2012: Trade with India: Cabinet decision today ISLAMABAD: Trade liberalisation with India looks heading for more brainstorming when the fe...

DAILY LATEST NEWS UPDATE: 29.02.2012

Trade with India: Cabinet decision today

ISLAMABAD: Trade liberalisation with India looks heading for more brainstorming when the federal cabinet takes up the issue on Wednesday.
Two federal ministries, which have a crucial say in framing a strategy to protect domestic manufacturers, do not agree with the negative list and a period of nine months the commerce ministry has proposed before completely opening the Pakistani market to the subsidised industries of India, according to official sources.
While the ministry of industries wants the negative list to be increased from 636 to 1297 items, the more important textiles industry ministry in effect says “no liberalisation for five years with India”.
The cabinet will take a final decision, but the key ministries were not in agreement on the complete phasing out of the negative list by end of this year, along with a shorter list, till the filing of this story.
A senior official in the textile industry told Dawn that the ministry, which is the custodian of more than 50 per cent export-led industries of Pakistan, had not provided any input in the negative list of the commerce ministry.
The commerce ministry has just included 77 items in the negative list, while there are 921 textile items which more or less needed protection, the official contended. “We have not been taken on board even before the commerce ministry made a commitment with the Indian government”, the official said.
At the same time, the roadmap for trade liberalisation with India was approved by the cabinet meeting in October last year.
However, the official said the approval was given on a presentation of the commerce ministry in which the relevant stakeholders’ ministries were not consulted about the contents of the presentation.
The official said as per rules the cabinet could not give approval on a presentation but only on a proper summary. This
summary should be consulted with relevant stakeholders 15 days before its submission to the cabinet meeting.
Contrary to this, the official said, the commerce ministry had also committed to reducing customs duty to zero and five per cent on most of its importable items from South Asian countries, including India under the South Asia Free Trade Agreement (Safta) from January next year.
If the government approves the shorter negative list, the official said, it could mean that 80 per cent items would be imported to Pakistan on zero to five per cent duty from India.
This will lead to a deindustrialisation in Pakistan as there were shortages of energy for the industrial sector, along with high cost of doing business.
On the other hand, the commerce ministry was working on the summary till late Tuesday night, which will be presented to the cabinet for approval.
The summary on important issues should have been shared with the relevant stakeholders at least a week ago before submitting to the cabinet meeting, the official said, adding that it was not possible for the textile industry to be part of such decision which was not carried out on proper consultation.
On the other hand, the ministry of industry has finalised a negative list of 1297 items. It said that despite the negative list, an additional 3,575 items would be importable from India.
So the total importable items from India will reach 5,511 after finalisation of the negative list.
These will be in addition to the current 1,936 items which were imported from India under the positive list.

Business News

Wed, 29 Feb 2012 -Oil prices rebound on Iran concerns SINGAPORE: Oil prices rebounded in Asian trade Wednesday as concerns over crude producer Iran s nuclear programme  -Rupee, o/n rates neither gain nor lose KARACHI: In the currency market, Tuesday, the rupee also ended almost flat at 90.90/99 to the dollar, compared wit  -KSE: Bullish NBP fails to avert flat close KARACHI: Stocks at Karachi equities market were buoyed Tuesday by heavy buys of National Bank of Pakistan ahead of  -Planning commission recommends petrol subsidy cards for motorcyclists ISLAMABAD: There might be some good news for motorcyclists as the planning commission has recommended that a subsi  -Asian shares mixed after bleak Spain numbers HONG KONG: Asian shares were mixed Tuesday after gloomy news on Spain s public finances highlighting Europe s ongo  -2nd day of CNG closure affects life in Multan MULTAN: Multan region is facing CNG closure for second consecutive day while the citizens are forced to buy expens  -Oil lower in Asia on economic growth fears SINGAPORE: Oil was lower in Asian trade Tuesday on profit-taking amid concerns that rising prices could hamper glo  -KSE-100 Index up 37 points KARACHI: Equities at Karachi Stock Exchange (KSE) rose on Monday, led by cement shares such as D.K. Khan Cement (D  -Oil prices lower in Asian trade SINGAPORE: Oil prices were lower in Asian trade Monday as traders took profits from last week s gains, while conce  -Asian shares mixed amid Europe optimism, oil fears HONG KONG: Asian markets were mixed on Monday after Japanese shares opened at their highest level in seven months  -Euro firms as confidence grows over Greek bailout TOKYO: The euro maintained its momentum against the dollar Monday as speculators bet the bailout for Greece will b  -G20 to link bigger euro firewall to more IMF funds: official MEXICO CITY: The eurozone will have to put in place a bigger financial firewall to combat the crisis before other  -Sony returns to smartphones with new models BARCELONA: Sony Corp. declared a return to the smartphone business on Sunday, unveiling its first smartphones unde  -Increase in POL prices expected ISLAMABAD: As oil prices increase in the international market, prices of petroleum products are expected to increa  -G20 inches toward $2 trillion in rescue funds MEXICO CITY: Germany is easing its opposition to a bigger European bailout fund, officials said, smoothing the way

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Mohammed Saleem Mansoori

PAKISTAN-DAILY BRIEF NEWS: DAILY LATEST NEWS UPDATE: 27.02.2012

PAKISTAN-DAILY BRIEF NEWS: DAILY LATEST NEWS UPDATE: 27.02.2012: Gilani Contempt case: Aitzaz to submit reply today ISLAMABAD: Prime Minister Yousuf Raza Gilani's counsel Aitzaz Ahsan will submit ...

DAILY LATEST NEWS UPDATE: 27.02.2012

Gilani Contempt case: Aitzaz to submit reply today

ISLAMABAD: Prime Minister Yousuf Raza Gilani's counsel Aitzaz Ahsan will submit reply to the Supreme Court in the contempt of court case today.

During last hearing, Attorney General Molvi Anwar-ul-Haq, who is prosecutor in the case, submitted evidences to the court against the prime minister.

The court has asked PM's counsel to defend his client in the light of the evidences presented by the Attorney General.

A seven-member bench of the Supreme Court will resume hearing of the case on Tuesday.

Pakistan-UAE prisoner swap deal inked

ABU DHABI: Interior Minister A Rehman Malik and Interior Minister of United Arab Emirates (UAE) Sheikh Saif Bin Zayed Al Nahyan Sunday signed agreement on transfer of sentenced prisoners between the two countries.

Under the agreement, Pakistani prisoners/convicts in UAE will have the opportunity to undergo their remaining sentence in Pakistan, says a press release.
The agreement will come into force within two weeks and both the Interior Ministers will work out the transfer plan.

Two years long negotiations have resulted into a final agreement between the Government of the Islamic republic of Pakistan and the Government of the United Arab Emirates which was duly approved by the Pakistani Cabinet, signed in UAE by Minister for Interior, Senator A. Rehman Malik who arrived in UAE Sunday.

Earlier, President Asif Ali Zardari had directed Interior Minister Rehman Malik to work out some ways and legal means for the Pakistani prisoners/convicts in UAE to undergo their remaining sentence in Pakistan.
Pakistani prisoners will get benefit under the transfer of prisoner's agreement.

The families of the prisoners are very happy after this agreement as now they will be able to meet their family members here in Pakistan.

"There are 1,400 Pakistani prisoners in different UAE prisons at the moment.

A complete segregation process would start following the signing ceremony of the agreement and a mechanism for categorising the prisoners would be drawn in accordance with the articles of the agreement," the Pakistan Ambassador to UAE Jamil Khan remarked.

Under the articles of the agreement, the transfer of prisoners would be possible only if at least 6 months of the sentence to be served remain.

Furthermore, the persons convicted in heinous crimes such as crime against state, murder and financial embezzlement shall not be liable to transfer, explained the Ambassador.

The Ambassador added that this would resolve social and emotional problems of Pakistani inmates as they would be sent to Pakistan, preferably closer to their home town, where they would be able to see their loved ones frequently and would have a chance of reintegrating into society. (APP)

Military action no solution to Balochistan issue: Ijaz ul Haque

QUETTA: Pakistan Muslim League-Zia (PML-Z) Chief Ijaz-ul-Haque has said that military action was not solution to Balochistan issue.He was addressing a news conference at the Quetta Press Club here on Sunday.He urged the government to inform international community about interference of anti-Pakistan states in Balochistan.He emphasized the need to take practical measures to remove sense of deprivation amongst people of Balochistan.He said that no one could deny involvement of external hand in Balochistan situation.He was of the view that the US led forces fought 'so-called war' on terror in Afghanistan for 10 years adding that now the US government was in search of way to withdraw its forces from Afghanistan. He also underlined the need to launch steps to resolve price hike, unemployment and lawlessness issues.Ijaz ul Haque demanded for transparent and impartial accountability accross the board including politicians, bureaucrats, judges and military officials. (APP)

Business News

Mon, 27 Feb 2012 -Oil prices lower in Asian trade SINGAPORE: Oil prices were lower in Asian trade Monday as traders took profits from last week s gains, while conce  -Asian shares mixed amid Europe optimism, oil fears HONG KONG: Asian markets were mixed on Monday after Japanese shares opened at their highest level in seven months  -Euro firms as confidence grows over Greek bailout TOKYO: The euro maintained its momentum against the dollar Monday as speculators bet the bailout for Greece will b  -G20 to link bigger euro firewall to more IMF funds: official MEXICO CITY: The eurozone will have to put in place a bigger financial firewall to combat the crisis before other  -Sony returns to smartphones with new models BARCELONA: Sony Corp. declared a return to the smartphone business on Sunday, unveiling its first smartphones unde  -Increase in POL prices expected ISLAMABAD: As oil prices increase in the international market, prices of petroleum products are expected to increa  -G20 inches toward $2 trillion in rescue funds MEXICO CITY: Germany is easing its opposition to a bigger European bailout fund, officials said, smoothing the way  -Berkshire identifies Buffett successor, not by name NEW YORK: Warren Buffett told investors on Saturday the Berkshire Hathaway board has identified his successor, eas  -IMF sounds warning for global economy on rising oil MEXICO CITY: The International Monetary Fund flagged higher oil prices as a rising threat to the global economy on  -Pakistan, Iran "in talks on wheat barter deal" ISLAMABAD: Iran has asked to import a million tonnes of wheat from Pakistan in a barter deal, a senior official in  -Apple''s China legal battle over iPad spreads to US LOS ANGELES/HONG KONG: A Chinese firm trying to stop Apple Inc from using the iPad name in China has launched an a  -Abdul Hafeez Shaikh wants direct tax collection in top gear ISLAMABAD: Advisor to Prime Minister on Finance, Dr. Abdul Hafeez Shaikh here on Friday emphasized the need for an  -January: Economic indicators blink green ISLAMABAD): The National Price Monitoring Committee (NPMC) was informed here on Friday that the Consumer Price Ind  -Goldman Sachs sparks debate over Western banks? role in Islamic finance LONDON: A controversial plan by Goldman Sachs to issue an Islamic bond has ignited a wider debate on whether conve  -Brent pushes above $125 on Iran tensions NEW YORK: Brent crude prices pushed above $125 a barrel on Friday and headed for a fifth straight weekly gain on h

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Mohammed Saleem Mansoori

PAKISTAN-DAILY BRIEF NEWS: DAILY LATEST NEWS UPDATE: 24.02.2012

PAKISTAN-DAILY BRIEF NEWS: DAILY LATEST NEWS UPDATE: 24.02.2012: Pasha, Petraeus held secret meeting: report WASHINGTON: A US newspaper has claimed that a secret meeting between DG ISI Lt Genera...

DAILY LATEST NEWS UPDATE: 24.02.2012

Pasha, Petraeus held secret meeting: report

WASHINGTON: A US newspaper has claimed that a secret meeting between DG ISI Lt General Ahmed Shuja Pasha and CIA chief Gen David Petraeus was held this month.The paper said the meeting took place this month in which both the officials discussed anti-terror cooperation between the two countries.The report further stated that the US wanted to send special envoy to Pakistan Afghanistan Mark Grossman along with a high level delegation to Pakistan.

Business News

Fri, 24 Feb 2012
-	Wall Street rises, nearing 4-year highs NEW YORK: Wall Street stocks rose on Thursday after data showed the U.S. labor market remained on the mend, but th
-	24-hr CNG pumps closure announced for Sindh KARACHI: CNG stations across the province of Sindh will remain shut for 24 hours starting 9 AM Saturday, Geo News
-	Pakistan, GCC negotiating Free Trade Agreement: Dr Asim ISLAMABAD: Special Assistant to the Prime Minister for Petroleum and Natural Resources Dr Asim Hussain on Thursday
-	Selling sucks away 87 points from KSE KARACHI: Share prices at Karachi Stock Exchange (KSE) ended lower on Thursday as investors sold shares of heavywei
-	Pakistan forex reserves fall to $16.64bn KARACHI: Pakistan s foreign exchange reserves fell to $16.64 billion in the week ending Feb.17, compared with $16.
-	OGDCL H1 FY11/12 net profit at 41.57bn rupees KARACHI: The Oil and Gas Development Co Ltd (OGDCL) reported a net profit of 41.57 billion rupees ($457.87 million
-	Brent above $123 on Iran, weaker dollar LONDON: Brent rose above a nine-month high just shy of $124 per barrel on Thursday due to heightened tension betwe
-	Wall Street closes in red on eurozone concerns NEW YORK: US stocks ended Wednesday modestly in the red following disappointing eurozone data that added to signs
-	Microsoft files EU complaint over Google, Motorola BRUSSELS/NEW YORK: Microsoft Corp has asked EU antitrust regulators to intervene in a patent dispute with Google I
-	Eurozone teetering on brink of recession LONDON: The euro zone economy is in danger of tipping into recession, with the services sector shrinking this mont
-	Another POL price hike on cards ISLAMABAD: The Parliamentary committee formed for making recommendations for slashing prices of petroleum products
-	Bulls further add 59 points to KSE KARACHI: Local equities at Karachi Stock Exchange (KSE) ended higher on Wednesday, led by a rally in banking share
-	Rupee ends firmer at 90.95/79 to dollar KARACHI: In the currency market, the rupee ended firmer at 90.75/79 to the dollar, compared with Tuesday s close o
-	Govt not interested in running PSM: Chairman BoDs KARACHI: Chairman Board of Directors, Pakistan Steel Mills, Fazlullah Qureshi has said that the government is not
-	Multan faces CNG closure for third consecutive day MULTAN: Multan region is facing CNG closure for the third consecutive day while the citizens are forced to buy exp

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Mohammed Saleem Mansoori