LATEST NEWS UPDATE:10.07.2012

NA passes Contempt of Court Act, 2012

ISLAMABAD: The National Assembly on Monday passed the contempt of Court Act, 2012 amid opposition protest, Geo News reported.
Minister for Law, Justice and Parliamentary Affairs, Farooq H. Naek moved the bill in the assembly.
Under Section 248(1) of the constitution, holders of government offices including Prime Minister, federal ministers, ministers of state, chief ministers and provincial ministers have been exempted from court proceedings under charges of contempt of court.
The court will grant bail the same day of the contempt of court charge to the accused, if he/she is happens to be the holder of one of the above offices.
Prime Minister, Raja Pervaiz Ashraf, on the occasion said the government is committed to strengthening democracy in the country.
Commenting on the recent reopening of Nato supply routes by the government, he said the US offered apology on Pakistan's demand.
He said the government had to face enormous pressure for eight months prior to the government's move to restore Ground Lines of Communication for Nato supply to Afaghistan.
Law Minister, Farooq H. Haek said that no action was taken against that is in clash with the provisions of the Constitution or law.
He said some good provisions taken from 1976 and 2003 bills have been included in the bill.
Later, NA proceedings were adjourned till 11:00 AM Tuesday.
APP adds: Prime Minister Raja Pervez Ashraf Monday assured National Assembly of protecting and preserving national dignity as well as respect of the parliament and other institutions.
Speaking in the House after passage of Contempt of Court Bill and discussion on resumption of NATO supplies, the Prime Minister said, “the government is fully aware of national obligations and pride and has firm resolve to protect it.”
“We have not hidden anything from the nation and will not do so in future. If there will be any MoU or agreement regarding war against terrorism, we shall place it before the nation,” he added in special reference to resumption of NATO supplies.

US asks Pakistan to stop Haqqani network from operating

WASHINGTON: US State Department spokesman Patrick Ventrell, while briefing journalists in Washington said that the Haqqani network was involved in attacks on US troops in Afghanistan and that the US wants Pakistan to stop the network’s activities, DawnNews reported.
The spokesman added that the same stance had been reiterated during the Tokyo meeting between the Foreign Minister of Pakistan, Hina Rabbani Khar and US Secretary of State Hillary Rodham Clinton.

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Business News:

EXCHANGE FOR CURRENCY

NOTES:

U.S.A              94.94

S.Arabia         25.32

U.K               147.07

Japan                1.1922

Euro             116.68

U.A.E             25.85

BULLION RATES IN RUPEES

PER 10 GRAMS

KARACHI

Gold Tezabi (24-ct)    Rs 48,385

Silver Tezabi              Rs 805.71

Tue, 10 Jul 2012 -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  -Euro edges down 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  -SBP injects Rs39.650bn into banking system KARACHI: State Bank of Pakistan in its reverse repo open market operation in treasury bills and Pakistan Investmen  -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  -Government printed Rs592 billion in new notes last year ISLAMABAD: The government printed Rs1.5 billion daily in new currency notes during the 1 June 2011 and 25 July 201  -Government borrowed Rs1280 billion: SBP KARACHI: The State Bank of Pakistan (SBP) has revealed that from 30 July 2011 till 1 June 2012, the government bor  -Euro under pressure in Asian trade TOKYO: The euro was under pressure in Asian trade Monday after hitting a fresh two-year low against the dollar, wi  -Asian stocks fall on disappointing US jobs data HONG KONG: Asian markets fell on Monday after declines in the US and Europe on disappointing American jobs data th  -Crude up in Asia on bargain-hunting SINGAPORE: Crude markets inched up in Asian trade Monday as traders bought up cheap crude following a price plunge  -Gas closure halts production in Fsd FAISALABAD: The process of industrial production has come to a halt as a result of two-day gas supply closure for  -Twitter beefs up search function SAN FRANCISCO: Twitter said Friday it was upgrading its search functions to include "autocomplete" and spelling co  -Yahoo!, Facebook unveil alliance, end patent dispute SAN FRANCISCO: Facebook and Yahoo! announced Friday they were launching an advertising partnership as the two tech  -Kazi Abdul Muktadir appointed Deputy Governor, State Bank of Pakistan KARACHI: Prime Minister, Raja Pervez Ashraf has appointed Kazi Abdul Muktadir as Deputy Governor, State Bank of Pa  -State Bank of Pakistan to buy govt paper in reverse repo KARACHI: State Bank of Pakistan (SBP) would buy government paper from commercial banks on Friday in seven-day revenue

MOHAMMED SALEEM MANSOORI