The Londoner

By By Aftab Maken With all the skepticism about the Gwadar Port becoming fully operational, the political will of the PPP government has made the strategic port handle 37 shipments of imported commodities and their disbursement to far-flung areas of the country. After satisfactory handling of recently imported shipments of wheat and fertiliser, the federal government entrusted the Gwadar Port with the task of handling more imported fertiliser, as the TCP has accepted bids for 255,000 tonnes for the Kharif season. The Gwadar port has handled 37 ships without any delay including one ship carrying 73,000 tonnes of Canadian wheat, Chief Secretary Balochistan, Nasir Mehmud Khosa told The News during an informal talk the other day on his visit to Islamabad. Khosa said that the cost of transportation would be further reduced after the completion of Gwadar-Rato Dero section. Read the full story here .

Beijing, China—Former President of Pakistan, Gen. (R) Pervez Musharraf continued his international lecture tour with several engagements in key Chinese cities. [If pictures don’t appear, click Pic1, Pic2, Pic3] For this tour in China, the former President was invited by the government of China, through the Chinese People’s Institute of Foreign Affairs (CPIFA). His first lecture was in Beijing to CPIFA, attended by many Chinese Ambassadors, experts on South Asia, and graduate students. The former President’s lecture focused on the deep relationship between Pakistan and China, and an in-depth analysis of regional issues including Afghanistan, India, terrorism and extremism. The former President stressed the need for closer global cooperation to defeat terrorism and extremism, and a more proactive role for China. His next lecture was in Shanghai, with the prestigious Shanghai Institute for International Studies. The President addressed Chinese experts on South Asia, Asia Pacific, and the

By Sikander Hayat I have just come back from Pakistan and here are my impressions about the state of the country. I was located in Multan, a city which is part of the Saraiki speaking belt and is situated in Southern Punjab, and Multan was completely peaceful with people busy doing business and making their lives. Same was case with Lahore, capital of the Punjab province and Islamabad (the federal capital of Pakistan). Pakistan is a country with 170 million people and about 8 times larger than Great Britain so some instances of serious nature do take place here and there but saying that Pakistan is going to fail in one way or another is a deeply flawed argument which is full of holes in it. Pakistani economy is vibrant and resistant to any recessionary pressures from outside world mainly because its fundamentals are strong and overseas Pakistanis who are feeling the financial crunch in their adopted countries are bring the money back into the country. Even in Multan, international ban

President Asif Ali Zardari wants to give a corporate image to Pakistan and he himself is visiting different friendly countries to win their confidence. “The ministry has been created to (realise) his vision and ensure return of investment. We are not seeking any financial relief directly and this was not the thrust of President Zardari’s visits to different countries. We are immediately looking at deferred oil payments from Saudi Arabia and UAE to get some economic relief”, Federal Investment Minister, Senator Waqar Ahmad Khan said in an exclusive interview with the Gulfnews.com. Senator Waqar said that Pakistan is creating a special task force to protect investment and provide security to potential investors in the country. The Task Forces, he said comprises officials from the ministries of interior, defence, investment and finance. He added the task force will “protect investors round the clock”, Senator Waqar said the new Ministry of Investment has been created to safeguard investor

By Farhan Sharif Dec. 11 (Bloomberg) -- Pakistan’s inflation eased from near a three-decade high in November after the central bank raised its benchmark interest rate four times this year. Consumer prices in South Asia’s second-largest economy increased 24.68 percent from a year earlier after gaining 25 percent in October, the Federal Bureau of Statistics said in Islamabad today. Prices fell 0.12 percent from October. The decline in the inflation rate probably isn’t enough to prevent the State Bank of Pakistan from increasing rates further in its next monetary policy statement in January, economists said. The central bank promised the International Monetary Fund as part of a $7.6 billion bailout that it would raise borrowing costs if foreign reserves drop too low. “The central bank might want to avoid an interest-rate rise, but it seems they will increase again on the IMF’s suggestion,” said Asif Ali Qureshi, head of research at Invisor Securities Ltd in Karachi. “There are very high c

KARACHI, Dec 12 (Reuters) - Pakistan's trade deficit narrowed to $1.196 billion in November from $1.62 billion in November 2008, and fell even more sharply from last month's deficit of $1.94 billion. According to the Federal Bureau of Statistics data released on Thursday, exports stood at $1.53 billion in November, little changed from $1.54 billion in the same period of last year. Imports fell to $2.72 billion in November from $3.16 billion a year ago, the data showed. 'Exports have not seen a rise, but imports have seen a sharp decline over October and also from November last year,' said Farhan Rizvi, an analyst at JS Global Capital Ltd. 'A decline in imports may be because of a decline in international oil prices and other commodities.' Details of exports and imports have not yet been released. Imports in November fell 21.5 percent from October and 14 percent from November last year. Comment On This Story Global oil prices have fallen $100 from a record peak o

THE manager of one of the classier hotels in Pakistan’s beautiful Swat Valley sounds wistful on the phone. His hotel has been closed for months, he says, but he looks forward to extending a welcome in happier times. Over 4,000 tourists visited Swat in 2007, drawn by its Alpine scenery and Buddhist archaeology. But the trade has dried up this year. Visitors are deterred by the Taliban encamped in the region and the mortar fire meant to oust them. The damage to Pakistan’s tourist industry, which brought in $276m in 2007, is one example of the price the country is paying for the war on terror. On November 14th the finance ministry announced its estimate of the full bill: $8.5 billion for this fiscal year, which ends in June 2009, and a staggering $34.5 billion since 2001. This includes the direct cost of mobilising the army, which is now waging fierce battles against militants in Pakistan’s border regions. It also covers a long tally of indirect burdens, from the cost of accommodating dis

NEW DELHI -- Pakistan's new agreement with the International Monetary Fund over a $7.6 billion loan may lead to more help from other donors and is expected, at least for now, to stave off economic collapse in the South Asian nation. Pakistani President Asif Ali Zardari, right, meets with Saudi Arabia's King Abdullah Bin Abdelaziz at the United Nations in New York last week. But the IMF's package falls well short of the $10 billion to $15 billion that Pakistani officials have said they need over the next two years to fix the economy. Some of that shortfall will be made up by loans from the World Bank and the Asian Development Bank. Islamabad hopes the rest will come from the so-called Friends of Democratic Pakistan, a group of allies such as the U.S., China, European powers and Saudi Arabia that is holding a meeting Monday. Pakistani and IMF officials said Saturday that the international lending agency had reached a deal for a financial stabilization package and that Islamab

Pakistan's Sarhad Development Authority and Chamber of Commerce and Industry say they are ready for greater economic ties to Iran. “Given the economic growth of the region and the willingness of other countries to invest in economic projects in Peshawar and other parts of the Sarhad Province, we wish to have greater economic cooperation with the Islamic Republic of Iran,” Zahir Shah Khan, the Provincial Director of Export Promotion at the SDA is quoted as saying by IRIB. Other high-ranking commerce officials in Pakistan's Sarhad Province have also said they will seek increased economic cooperation with the Islamic Republic, whose economic presence in the province is not significant compared to many other countries. “Sarhad Province has many development and industrial capabilities and we are interested in the active participation of the Iranian public and private sectors in our economic projects,” Mohammad Asif, the Head of the Sarhad Chamber of Commerce and Industry, told IRIB.

By Naween A. Mangi June 5 (Bloomberg) -- Faysal Bank Ltd. plans to expand its domestic branch network in Pakistan and start a new Islamic division to take advantage of rising demand for Shariah-compliant products and farm loans. Shares rose. The bank will increase its number of outlets to 150 by December 2009, and will start the Islamic banking unit next week, Chief Executive Officer Naved A. Khan said in Karachi yesterday, in his first interview since taking the helm in March. Faysal Bank, Pakistan's ninth-biggest, has 107 branches across the nation and plans to add 23 this year. Khan is seeking to keep up with bigger rivals including Bank Alfalah Ltd. He said he wants to expand to be better prepared for the eventual end of a ``downturn'' in the credit market. Overseas banks such as ABN Amro Holding NV and Standard Chartered Plc are expanding in Shariah-compliant finance, a market Standard & Poor's estimates is worth $500 billion and growing 10 percent annually on

KARACHI: Emaar Pakistan is launching the sale of Alma Townhomes within Canyon Views with on-line registration for customers, commencing from May 25, 2008. According to a press release Saturday, managing director Emaar Pakistan, Steve McCartt said, “Canyon Views is redefining the property sector of Pakistan with its focus on creating an integrated lifestyle neighbourhood”. Canyon Views is an exclusive gated community with villas in a wide range of architectural styles and amenities such as retail outlets, community clubhouses, parks, schools and mosques. staff report

By Irfan Aligi KARACHI: Wouldn’t it be better if we first considered using the resources in Pakistan before importing technology for the electricity crisis? This would seem like the obvious choice but one energy expert, Mian Suhail Hussain of Gresham’s (Pvt) Ltd, argues that the government seems bent on the opposite. Sixty percent of the total energy produced in the country is hydel. But the capacity of reservoirs is shrinking and we don’t have enough dams. According to Hussain, the government has several plans of action. The first is working towards agreements with foreign investors, including Japan Power, Sepcol and Attock Power Company, for combined-cycle fuel oil engines worth US$1 billion. However, the basic cost of such electricity production would be Rs 12 per unit with these engines and the consumer will pay more. These combined-cycle fuel oil engines have a capacity of 48 percent and a waste rate of 52 percent. This means that these engines would use 100 percent fuel but produ

Tipoo Sultan Coal is presently world’s fastest growing fuel particularly in the developing countries. Coal’s importance can be judged from the fact that it provides 26 % of primary energy and 40 % of world electricity supply. Coal has gained special importance due to growing concerns for energy security prompted by the abnormal surge in world oil prices to over $120 per barrel of oil, mounting tensions of the western countries with Iran , interruptions in the international supply network of gas from Iran and Russia and ongoing stand off in the Arabian Gulf. Coal offers a solution which is still found in abundance locally in most parts of the world. World coal consumption is expected to increase by 74 % from 2004 to 2030. World trade of coal is expected to increase about 40 %, from 800 million tons in 2007 to 1122 million Tons in 2030. Coal share in world energy consumption is expected to increase to 28 % by 2030 but its share in power generation is expected to remain 41 % roughl

Nokia, the world leader in telecommunication technologies, announced the launch of NOKIA CARE - customer care centre in Karachi at a glittering event today at the Ebrahim Trade Towers. The briefing, which served to introduce Nokia's customer care centre initiative was addressed by Nokia's key regional officials, Imran Khalid Mahmood Country General Manager Nokia Pakistan and Afghanistan, Ian Stewart, Care Director Nokia Middle East & North Africa and Zoff Khan, Managing Director of Global Customer Care, a Koohiji Group Company. The Nokia care centre has been established to facilitate consumers and is a global initiative, which is the first of its kind in Pakistan. Nokia care was launched in Lahore last month and is now being launched in Karachi, with many more to come. The Nokia care will provide customers with the required help and assistance needed to ensure optimal performance of their Nokia devices, with easy access to expert maintenance services and purchase enhancemen

Zong, a Chinese mobile company, Chief Executive Officer Qian Li has said that the Chinese mobile company has invested $721 million in telecom sector in Pakistan during 2007 and it would further invest $7 million in Pakistan this year. He disclosed this at meeting with Punjab Governor Salmaan Taseer here on Saturday, says an official. Zong Chief Operating Officer Zafar Usmani besides telecommunication experts Li Ludang, Babar Ali Sayed and Nasir Khan were also present on this occasion. The head of the delegation Qian Li informed the Governor that 2000 transmission towers of China mobile are already working in Pakistan whereas 350 new transmission towers of China mobile will be installed in Pakistan this year. Welcoming the Chinese investment in telecom sector, the Governor said at present 61 million people in Pakistan are taking benefit from mobile technology of telecommunication. He also said Peoples Republic of China is one of our best friends and promotion of relationship in every wa

Pakistan has announced that a bus service to the Islamic Republic of Iran is to be started in the near future.Pakistan said a bus service to Iran would commence soon and a private company had been entrusted to operate the service. The two countries had decided to start the bus service during a meeting held at Zahidan in Iran in November last year. "The bus service between Pakistan and Iran is expected to commence in the near future," Foreign Office spokesman Mohammad Sadiq told a news briefing. A private Pakistani company had been entrusted to run the service. More than 400 Pakistanis travel to Iran every day and 10 buses would ply daily, he said. Transport means vital for supporting trade with Iran: Turkey On the other side, the president of the Turkish Union of Chambers and Commodity Exchanges (TOBB) and the Foreign Economic Relations Board (DEİK) has met with the Iranian transportation minister to discuss how they can strengthen trade between the two countries. Visiting T

Pakistan’s central bank announced a series of measures on Thursday to counter inflation and widening fiscal and current account deficits. The steps announced by Shamshad Akhtar, Governor of the State Bank of Pakistan, include the following: * Discount rate increased by 150 basis points to 12.0 percent with effect May 23. * Increase in cash reserve requirement for all deposits upto one year maturity by 100 basis points to 9 percent while keeping the CRR for deposits by over one year maturity unchanged at 0 percent. * Statutory liquidity reserve requirement is increased by 100 basis points to 19 percent of the total time and demand liabilities. * Effective June 1, all banks are required to pay minimum profit rate of 5 percent on interest bearing checking accounts. * Effective May 23, Letter or Credit margins on all imports, except for oil and selective food imports, is being imposed at 35 percent. This is in response to the 44 percent growth in imports excluding the oil and food items. *

ISLAMABAD: Telenor Pakistan continues on its innovation drive with the launch of Telenor MusicBox, a dial-in service that allows Telenor subscribers to enjoy music on the go. Telenor MusicBox is the first of its kind service being offered in Pakistan. Telenor Musicbox is the latest addition to Telenor Pakistan’s wide range of value-added services (VAS). The service - which allows users to enjoy over 5,000 regional, local and international songs on their mobile phones - can be accessed by simply dialing 444. The vast collection of songs is able to meet preferences of customers from all age groups and regions. At the launch of the new service, Chief Marketing Officer Telenor Pakistan Lars Christian Iuel said, “We, at Telenor Pakistan, are proud to offer yet another value-added service to our customers.”

The number of cell phone subscribers' continued to improve in April 08 with overall subscribers growing by 3.0 per cent to 85.0 million as compared to 2.8 per cent in March 08. Net additions for April 08 improved to 2.5 million, a rise of 13.5 per cent over the previous month's 2.2 million. According to the figure issued by Pakistan Telecommunication Authority (PTA), Zong (previously CMPak) finally reaped dividends of its aggressive marketing strategy and attractive packages, capturing 40.0 per cent additional subscribers in April 08. This also increased the operator's market share from 2.6 per cent to 3.7 per cent. It is important to bear in mind that Zong is also benefiting here from a low base effect with only a 2.1 million subscriber base as of March 08 ends. However, to its credit, the company added 1.0mn subscribers in a cut throat competitive environment with large players, representing 46.9 per cent growth Month on Month basis. Incumbent Mobilink managed to get just