International powers conspiring to dismember Pakistan,
says Altaf
KARACHI: Chief of the Muttahida Qaumi Movement (MQM), Altaf Hussain,
on Friday said that international powers were conspiring to dismember Pakistan,
DawnNews reported. “What is happening in Karachi and what is being played out in Karachi is part of the conspiracy…MQM is the biggest obstacle before this conspiracy,” he said.
Speaking to a joint session of the MQM’s coordination committees in Pakistan and Britain, Mr Hussain said that “those supporting this conspiracy were themselves becoming active participants in it…and were therefore opposing those who were trying to save the country”.
He further said that international powers were conspiring to kill him.
Mr Hussain said he would embrace martyrdom but would not bargain over his “ideology, mission and objective”.
Restructuring of financial sector stressed
Speaking to members of the All-Pakistan Textile Mills Association (Aptma), Ali pointed out that the restructuring was crucial to increasing access of individuals and small to medium entrepreneurs to finance for investment in business and stocks.
He said banks should be restricted to commercial banking — accepting deposits and lending for short term.
“So far we have created only banks and asset management companies owned by them. He said 94 per cent of the total deposits of Rs7.5 trillion were with the banks and the rest of them with the asset management companies owned by them.
This has restricted the access of SMEs’ and individuals’ access to finance because they give money only to those who already have it,” he said.
He was of the view that a developed debt capital market and mid size asset management companies and non-banking financial institutions would create competition for the risk-averse banks and support the SME sector.
The SECP chairman, who also called for reviewing the Companies Ordinance 1984 to update it according to the needs of the present times, also gave a detailed briefing on the work of his organisation for boosting capital markets, regulating the corporate sector and expanding the scope of the commodity exchange.
He said the SECP would finalise seven committees to deal with different issues of the capital markets.
Aptma-Punjab chairman Ahsan Bashir said some companies had got themselves de-listed simply because of over regulation by the SECP.
Aptma chairman Gohar Ejaz appreciated the efforts of the SECP chairman SECP.
He said the country’s capital markets were not supportive of the private sector, which was why people did not list their companies on the stock exchanges.
Pakistan improves GCI ranking
ISLAMABAD: Pakistan has improved five ranks on the Global
Competitiveness Index (GCI) securing the rank of 118 out of 142 economies.“Up five places, Pakistan partially bounces back from last year’s significant drop in rank,” according to the Global Competitiveness Report 2011-12 published by the World Economic Forum on Wednesday and released in Pakistan in association with the Competitiveness Support Fund (CSF).
However, in several categories, the country remains one the poorest performers of the developing Asian region, and indeed of the entire sample of economies.
The report points out that it is particularly worrisome that Pakistan earns its lowest marks, with no sign of improvement, in the most basic areas of competitiveness, namely infrastructure, health and primary education, and the macro economic environment.
In order to benefit from the scale advantages associated with its significant market size, Pakistan will have to decrease regulatory rigidities in the labour market and reduce barriers to domestic and foreign competition in order to render the markets for goods and
services more efficient.
Boosting the technological adoption of firms and the public at large would allow for considerable productivity increases in the country, suggests the report.
The report points out 15 most problematic factors for doing business in Pakistan, and these include: government instability/coups, corruption, policy instability, inadequate supply of infrastructure, inefficient government bureaucracy, access to financing, inflation, poor work ethic in national labour force, inadequately educated workforce, tax rates, crime and theft, tax regulations, foreign currency regulations, restrictive labour regulations and poor public health.
CEO of the Competitiveness Support Fund Shahab Khawaja said that “Pakistan is facing multiple challenges on its economic, security and
globalisation front; however the policy-makers must not lose sight of long-term competitiveness fundamentals.
For the recovery to be put on a more stable footing, Pakistan must ensure that growth is based on productivity enhancements. The economy is struggling with fiscal challenges and anaemic growth, it needs to focus on competitiveness-enhancing measures in order to create a virtuous cycle of growth and ensure solid economic recovery,” he said.
“This year’s improvements in ranking also shows the continuous efforts that the CSF has been putting in identifying and advising the government on the key critical factors to improve competitiveness and economic growth in Pakistan”, said Shahab.
Switzerland tops the overall rankings in the Global Competitiveness Report 2011-2012, while Singapore overtakes Sweden for second position. Northern and Western European countries dominate the top 10 with Sweden (3rd), Finland (4th), Germany (6th), the
Netherlands (7th), Denmark (8th) and the United Kingdom (10th). Japan remains the second-ranked Asian economy at 9th place, despite falling three places since last year.
“After a number of difficult years, a recovery from the economic crisis is tentatively emerging, although it has been very unequally distributed: much of the developing world is still seeing relatively strong growth, despite some risk of overheating, while most advanced economies continue to experience sluggish recovery, persistent unemployment and financial vulnerability, with no clear horizon for improvement,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.
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Brief
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Pakistani soldier killed by Indian forces at LoC
Hundreds rounded up in Karachi
raids
*14 political workers, former town nazim among 330
detained
* 2,000 security personnel participated in search operation * Residents stage protest against LEAs By Atif Raza KARACHI: Law enforcement agencies (LEAs) on Thursday detained some 330 suspects, including 14 political workers, two target killers, two extortionists and a former town nazim Baldia during search operation at different parts of the metropolis. Sources said over 2,000 Rangers personnel along with policemen and sniffer dogs participated in the operation at different parts of the city, including Al-Rahim Apartment, Pehalwan Goth, Yousuf Plaza, FB Area, Baldia Town, Saeedabad, Rangar Mohalla, Banaras, Sohrab Goth and New Karachi. They said the law enforcers besieged that areas and started house-to-house search from Al-Rahim Apartment since late Wednesday night and later extended to other aforementioned areas of the city. The sources said the suspects, who were stated to be extortionists, drug peddlers, target killers and other criminals, were shifted to unknown place for interrogation. The sources said the LEAs had detained seven political workers from Pehalwan Goth and recovered a huge cache of heavy arms and ammunitions from their possession. Some six persons, including two political workers, were also taken into custody from Yousuf Plaza in block 16 of FB Area. Following the search operation at Yousuf Plaza, scores of residents came out of homes and staged a sit-in at adjacent arteries to express resentment against the operation. The protesters chanted slogans against the LEAs and said the law enforcers had detained innocent people during the operation. They said: “On one hand, our beloved ones are being killed in the city while on other hand, the LEAs instead of arresting wrongdoers, have nabbed innocent people.” They said that Rangers had even seized a licenced rifle and pistols from their possession besides booking even a policeman, Imran alias Immi. They said that there was no any torture cell and criminal at the plaza. However, a Rangers spokesman, Major Zaman, has denied these allegations and said Rangers personnel had strictly been directed to behave citizens like gentlemen. Eyewitness said Rangers personnel beat up arrested persons, put cloth on their faces and also used abusive language against them. The operation was also conducted at different vicinities of Baldia and Saeedabad where the LEAs claimed arresting some 300 suspects, including a former Town Nazim Baldia Kamran Akhtar. The sources said the law enforcers also recovered weapons, including 28 kalashnikovs, 18 pistols, 40 TT pistols, nine snatched bikes and some 3,000 rounds from their possession. Eyewitnesses said those areas were fully besieged by the LEAs and the detained people, who were blindfolded and handcuffed, were gathered at an open place and then shifted to unknown place. They said the entry and the exit points of the areas were cordoned off and no one was allowed to go in and out during the operation. Meanwhile, the inhabitants of Baldia staged a protest demonstration against the search operation outside the camp of Sachal Rangers 60 Wing in Baldia Town. The sources said the Rangers had arrested two target killers, Kamran Lamba and Imran belonging to a religious party from sector 5 A, New Karachi and recovered two kalashnikovs, two 9MM pistol and 300 rounds from them. Similarly, five more political workers were taken into custody along with heavy weapons during search operation in Banaras. Rizvia police claimed to have arrested two extortionists, Salman and Rehan, who were stated to be the workers of a religious party. They also recovered weapons from their possession. The LEAs were also conducting search operation at Indus Plaza, Sohrab Goth from where some five persons were taken into custody till filing of this report.
MOHAMMED SALEEM MANSOORI
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