LATEST NEWS UPDATE: 04.09.2012

PPP-MQM agree on local government formula

ISLAMABAD: The Pakistan People’s Party (PPP) and the Muttahida Qaumi Movement (MQM) agreed on a formula for the implementation of the local government system in Sindh after President Asif Ali Zardari intervened on the matter, DawnNews reported on Tuesday.
A draft law was being prepared and a notification on the system was expected to be issued today as the Sindh Local Government Ordinance 2012.
The new system would be implemented in Karachi, Hyderabad, Mirpurkhas, Larkana and Sukkur.
Sources have said that the Local Government Ordinance Act 2012 was a revised version of the Local Government Ordinance Act 2010.
The matter had been an issue of contention between the MQM and the PPP and the two allies  had held more than a dozen meetings to resolve the issue.
The two parties developed consensus  only after President Zardari issued instructions for the preparation of local government elections.
According to the new system, the appointment of administrators would be on a political basis whereas district coordination officers would be posted along with commissioners within a division.

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Gold Tezabi (24-ct)        Rs 50,871 Silver Tezabi                   Rs 900 Tue, 4 Sep 2012 - Oil up in Asia on China, Europe stimulus hopes SINGAPORE: Crude rose in Asia on Tuesday as weak manufacturing numbers from Europe and China boosted hopes of fres - Moody''s downgrades EU rating outlook to ''negative'' NEW YORK: Moody s on Monday lowered the European Union s long-term issuer rating outlook from stable to negative, - Euro rises ahead of European Central Bank meeting TOKYO: The euro strengthened in Asian morning trade on Tuesday ahead of a European Central Bank meeting at which o - Asian markets steady, euro up ahead of ECB meeting HONG KONG: Asian markets were mixed but the euro rose Tuesday as attention turns to a European Central Bank policy - Moody''s downgrades EU credit rating outlook NEW YORK: Ratings agency Moody s on Monday lowered the European Union s credit rating outlook from "stable" to "ne - KSE reaches 4-year high KARACHI: Karachi Stock Exchange (KSE) closed at a four-year high on Monday, driven by stronger global commodities - Karachi: Chakki flour rate up by Rs1/kg KARACHI: Following flourmills, chakki flour price also jacked up by Rs1/- per kilogram, which is now selling at Rs - Asian markets mostly up on stimulus hopes HONG KONG: Asian markets mostly rose Monday after more weak Chinese manufacturing data fuelled hopes for fresh mon - Dollar mixed in Asia on Fed easing signs TOKYO: The dollar was mixed in Asian trade on Monday with the unit weakening against the yen after US Federal Rese - Oil down in Asia SINGAPORE: Crude prices fell in Asia Monday with traders disappointed after US Federal Reserve chief Ben Bernanke - Punjab spending Rs 4 billion in IT sector LAHORE: The provincial government is spending Rs 4 billion in the IT sector during the current fiscal to make Punj - Petroleum products prices jacked by up to Rs8.18/litre ISLAMABAD: Passing on the impact of the rise in global oil prices, the government increased the POL prices by Rs8. - 50% POL price increase to be transferred to consumer ISLAMABAD: The government has advised the finance ministry to transfer 50 percent of the price in petroleum prices - POL prices to increase by up to Rs8 ISLAMABAD: The finance ministry dismissed the advice of petroleum adviser Dr. Asim Hussain and decided to transfer - Dollar eases ahead of Bernanke speech TOKYO: The dollar weakened in Asia on Friday as traders looked ahead to a speech by US central bank chief Ben Bern

MOHAMMED SALEEM MANSOORI