LATEST NEWS UPDATE: 13.07.2012

SC to indict Malik Riaz on July 16

ISLAMABAD: The Supreme Court (SC) on Friday declared to indict business tycoon Malik Riaz on July 16 in contempt of court case, Geo News reported.
The court also issued notice to Attorney General Irfan Qadir and appointed him as prosecutor in the case.
A three-member special bench of the apex court comprising Justice Mian Shakirullah Jan, Justice Ejaz Afzal and Justice Athar Saeed conducted the hearing of the case “Contempt proceedings against Malik Riaz Hussain by order of the Chief Justice of Pakistan.”
 In its order, the SC stated that Malik Riaz has, prima facie, committed contempt of court.
The court had issued a show cause notice to Malik Riaz for scandalising and ridiculing the judiciary through his press conference relating to the Dr Arsalan case where he claimed that in some of the meetings he had with the chief justice, the incumbent registrar of the Supreme Court and Dr Iftikhar, the chief justice’s son, were also present.
Riaz, through his counsel Dr Basit, had tendered an unqualified apology and said that he holds all judges of all courts in highest esteem, particularly Chief Justice Iftikhar Muhammad Chaudhry.
In his reply Malik Riaz submitted that as he was denied the opportunity to explain his position in court, he lost self-control, adding that he addressed the press conference to prevent the ruin of Bahria Town, which was brought to the brink of disaster.
He, however, submitted that if any remark made by him was adjudged to have any adverse tendency on the administration of justice, he offered an unqualified apology for that. Riaz reiterated his confidence and integrity in the Supreme Court of Pakistan and its chief justice.

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Business News:

Reserves fall to $14.9bn

ISLAMABAD, July 12: The foreign exchange reserves of the country dropped to $14.909 billion in the week ending July 6 from $15.236 billion in the previous week, the State Bank of Pakistan said on Thursday.
Reserves held by the State Bank of Pakistan fell to $10.496 billion from $10.802 billion, while those held by commercial banks dropped slightly to $4.413 billion from $4.434 billion.
Foreign exchange reserves hit a record $18.31 billion in July 2011, boosted by a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank.
Higher exports and record remittances have also supported the country’s forex reserves.
Remittances from Pakistanis abroad rose 17.73 per cent to $13.186 billion in the 2011/12 fiscal year, which ended June 30, compared with $11.2 billion the previous year.In June, remittances totalled $1.117bn. The reserves have been reduced by debt repayments in recent months.

EXCHANGE FOR CURRENCY NOTES:

U.S.A              95.24

S.Arabia         25.40

U.K                 147.73

Japan              1.1949

Euro               116.55

U.A.E             25.93

BULLION RATES IN RUPEES PER 10 GRAMS

KARACHI

Gold Tezabi (24-ct)    Rs 48,257

Silver Tezabi              Rs 797.14

Fri, 13 Jul 2012 -Oil down in Asia as China growth hits 3-year low SINGAPORE: Oil was lower in Asia Friday as economic growth in China, the world s largest energy consumer, slowed t  -Asia markets edge up despite slowing China growth HONG KONG: Asian markets edged up Friday despite China reporting its economy grew at its slowest pace for more than  -Euro under pressure as Moody''s lowers Italy bond rating TOKYO: The euro was under fresh selling pressure to fall below $1.22 in Asia trade on Friday after ratings agency  -Section 144 to be imposed on meat supply to Afghanistan PESHAWAR: District administration of Peshawar has announced to impose section 144 over the supply of meat to Afghan  -Pakistan?s forex reserves stand at $14,908.8 million KARACHI: According to a State Bank of Pakistan (SBP) statement issued Thursday, country s total liquid foreign exclusive -LPG price: Lahore High Court seeks reply from govt, Ogra LAHORE: The Lahore High Court on Thursday sought reply from federal government and Oil Gas Regulatory Authority  -Hike in POL prices likely from July 16 Islamabad: Oil and Gas Regulatory Authority (OGRA) has sent a summary to the government for increasing petroleum p  -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  -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  -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

MOHAMMED SALEEM MANSOORI