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As on 29/07/2010 |
| KSE 100 Index
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10438
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| 100 Index Change
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2 |
| KSE 30 Index |
10417 |
| 30 Index Change |
-22 |
| All Share Index |
7291.08 |
| Turnover
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70326595
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| Future Turnover |
3563500 |
| Market Capt.
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3216070235
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| Increase
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178
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| Decrease
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203
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| No Change
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15
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 Morning News |
15 percent regulatory duty on yarn export goes
ISLAMABAD (July 27 2010): The Cabinet Committee on Textile which met with Finance Minister Dr Abdul Hafiz Sheikh in the chair on Monday abolished 15 percent regulatory duty on export of yarn and decided to carefully monitor domestic availability of the commodity. "Now there will be no government intervention and free market mechanism would prevail as far as export or import is concerned," a senior official of the Textile Ministry told Business Recorder.
Regulatory duty on yarn was imposed for two months to ensure yarn availability in the local market for the benefit of value-added textile sector and was due to expire on July 26, 2010. The decision was taken in the 5th meeting of the Cabinet Committee on Textile which met here on Monday to resolve the dispute between the value-added textile and spinning sectors over the lapse of 15 percent RD on export of yarn.
The meeting was attended by Rana M Farooq Saeed Khan Federal Minister for Textiles, Nazar Muhammad Gondal Federal Minister for Food & Agriculture, Hina Rabbani Khar State Minister for Finance and Economic Affairs and Dr Nadeem-ul-Haq Deputy Chairman Planning Commission.
A statement issued by government revealed that the body deliberated upon the latest situation regarding cotton arrivals and production, export trends and availability of yarn for value-added industry. After careful consideration of the situation, it was decided to let the duty regime on yarn exports expire on July 26, 2010.
It was further decided that the situation regarding domestic availability of yarn will be carefully monitored and meeting of the Cabinet Committee on Textiles will be convened whenever expedient, the statement added.
Power tariff raised by 64 paisa per unit
ISLAMABAD (July 27 2010): The National Electric Power Regulatory Authority (Nepra) has once again increased power tariff by 64 paisa per unit. According to sources in Nepra, the tariff was raised under the monthly fuel adjustment formula, and will be implemented from July 1. The consumers will have to pay this additional fuel surcharge in their electricity bills for August.
Sources said the new tariff, which has been finalised after a public hearing will be notified in a couple of days. According to sources, the new tariff will not have any impact on the electricity consumers as the last month's increase will be adjusted in the bills. "Nepra brings this change in the tariff every month under the fuel adjustment formula," sources said. The government had earlier increased the tariff in June after the rise in furnace oil prices.
Government has to weigh three possible options
ISLAMABAD (July 27 2010): The government has to weigh three possible options to resolve the energy crisis: improve Pepco's performance, explore cheaper generation sources, or increase tariffs by 33 percent, a well placed official in the Finance Ministry revealed exclusively to Business Recorder. The official said according to estimates there is about 33 percent gap between power production cost and tariff recovery.
He said the government envisaged a subsidy of Rs 84 billion for the power sector for the current year but the overall expenditure on this count was estimated to touch Rs 180 billion. They said TFC interest would also be paid from the envisaged subsidy of Rs 84 billion for the power sector. The options, he noted, are limited and the government has to either increase price of electricity during the current fiscal year or explore cheaper resources for power generation.
The fear, he said, was that a further increase in tariff may lead to increase in power theft. Moreover, he said the delayed decisions on implementation of energy tariffs had only given rise to the need for higher tariff increases down the line.
"The original estimates in July 2009 had suggested an average increase of Rs 1.75 per unit but the tariff had to be increased by Rs 2.25 per unit because of delayed implementation," he added. When asked about the outcome of talks with the IMF, he said the Ministry of Finance had made a presentation to the Fund delegation however the final doable mix of the proposed options would be presented in the next meeting of the IMF scheduled for next month.
The proposed options are, either to explore cheaper resources for power generation, improve performance of Pepco, or pass on 33 percent gap between power production cost and tariff recovery to the consumer. The official said all three options are challenging and unless difficult political decisions were taken promptly, things are unlikely to improve.
Cut expenditure, increase revenue, IMF tells government
ISLAMABAD (July 27 2010): The International Monetary Fund (IMF) has asked the government to curtail its expenditure and increase revenue for repayment of its loan given to Pakistan under Stand-by-arrangement (SBA), officials of Finance Ministry said on Monday. They said that the IMF like any bank wanted guarantee that its money would be paid back and the emphasis of its delegation during the talks was that the government should control its expenditure and increase revenue to make it happen.
They said that the government wanted to develop consensus on reformed GST in integrated form prior to talks with the IMF review mission in Washington. "We would like to have a meeting with the IMF authorities when we have something to give which could make them comfortable in the future," they said adding that GST implementation is not only their requirement but the government also wanted to implement it for broadening the tax base. The implementation of GST would gear up the documentation of the economy and increase revenue.
They said that there are three types of opposition to the GST; by the provinces who wanted to exercise their legitimate right of sale tax collection on services; by the people, who think this would be an additional tax; and also by those who had the fear that the implementation of GST would bring them into the tax net.
About fiscal deficit, they said that fiscal deficit higher than what was committed with the IMF for last year would be difficult for the Pakistan delegation to defend during the talks. However, they said that there are reasons for it and Pakistan delegation would explain to them.
Officials said that the Ministry of Finance has initiated talks with the provinces in an effort to develop consensus and would try to reach an agreement during the meeting of political leadership being held on Tuesday with Prime Minister Syed Yousaf Raza Gilnai.
When asked whether the IMF Board meeting has been delayed because of GST, they said that the reason for delay in IMF Board was because most of its directors would be on leave in the first week of August. "The delay in the board meeting would help us meeting all the members during the next review of Pakistan economy.
Deliberate leak?
WASHINGTON (July 27 2010): A whistleblower leaked tens of thousands of secret military files on the Afghan war Monday, documenting the deaths of innocent civilians and how Pakistan's spy agency secretly supports the Taliban. The leaks prompted a furious reaction from the White House, saying they put the lives of soldiers at risk, but the man behind the revelations said the controversy vindicated the decision to break cover.
In all, some 92,000 documents dating back to 2004 were released by the whistleblowers' website Wikileaks to the New York Times, Britain's Guardian newspaper and Germany's Der Spiegel news weekly. They carry allegations that Iran is providing money and arms to Taliban insurgents, and details how widespread corruption is hampering a war now in its ninth year.
The New York Times said the archive illustrated "in mosaic detail why, after the United States has spent almost 300 billion dollars on the war, the Taliban are stronger than at any time since 2001" while the Guardian said the files painted "a devastating portrait of the failing war."
The Guardian said the files acknowledge at least 195 civilian deaths, adding "this is likely to be an underestimate because many disputed incidents are omitted from the daily snapshots reported by troops on the ground". The bulk of the deaths are shootings by jumpy soldiers manning checkpoints. But they include details of how a deaf and dumb man who ran "out of fear and confusion" when a CIA squad entered his home village was then shot dead after he could not hear shouted orders to stop.
The most controversial allegations center around claims that Pakistan, a key US ally, allows its spies to meet directly with the Taliban. According to the Times, Pakistan agents and Taliban representatives meet regularly "in secret strategy sessions to organise networks of militant groups that fight against American soldiers in Afghanistan, and even hatch plots to assassinate Afghan leaders."
In one document, former Inter-Services Intelligence spy chief Hamid Gul is described at a January 2009 meeting with insurgents following the killing of an al Qaeda leader in Pakistan named Zamarai, also known as Osama al-Kini. "The meeting attendees were saddened by the news of Zamarai's death and discussed plans to complete Zamarai's last mission by facilitating the movement of a suicide vehicle-borne improvised explosive device from Pakistan to Afghanistan through the Khan Pass," it said.
The Times noted that it was unclear whether the attack ever took place, and said that despite the official end of Gul's tenure at the ISI in 1989, "General Gul is mentioned so many times in the reports, if they are to be believed, that it seems unlikely that Pakistan's current military and intelligence officials could not know of at least some of his wide-ranging activities."
The White House issued a condemnation shortly before the leaks were posted online, saying the information could endanger US lives. It said concerns had already been raised about links between Pakistan intelligence and Afghan insurgents. "The United States strongly condemns the disclosure of classified information by individuals and organisations which could put the lives of Americans and our partners at risk, and threaten our national security," said White House National Security Advisor James Jones.
But while calling the leaks "irresponsible," he promised they will not impact President Barack Obama's commitment "to deepen" partnerships with Afghanistan and Pakistan. Pakistan's ambassador to the United States, Husain Haqqani, said the leaks consisted of "unprocessed" field reports that "do not reflect the current onground realities."
The White House released remarks made in the past by top officials expressing concern about links between Pakistan spy services and militants in Afghanistan. In one dated March 31, 2009, Defence Secretary Robert Gates said that ISI's contacts with extremist groups were "a real concern to us."
A US official, who asked not to be named, said he did not think that "anyone who follows this issue will find it surprising that there are concerns about ISI and safe havens in Pakistan. The official said that Wikileaks wass "not an objective news outlet but rather an organisation that opposes US policy in Afghanistan." Julian Assange, founder of Wikileaks, said the reactions vindicated his organisation's mission. "It is the role of good journalism to take on powerful abuses, and when powerful abuses are taken on, there is always a back reaction," Assange, an Australian former hacker and computer programmer, told the Guardian.
Foreign office rejects Wikileak's baseless report
ISLAMABAD (July 27 2010): Foreign Office spokesman Abdul Basit on Monday categorically rejected the impression of Pakistani intelligence agencies' linkage to the insurgent activities in Afghanistan as reported by a web organisation. In his reaction over the report. Foreign Office Spokesman Abdul Basit said that the report released by Wikileaks has nothing to do with the ground realities and an attempt to malign Pakistan's positive role in the war on terror.
He added that such reports could not undermine the Pakistan's positive and constructive role in bringing peace and stability in Afghanistan. Meanwhile, the United States has strongly condemned the disclosure of classified information by individuals and organisations which, according to an American newspaper account, allegedly tantamount to developing linkage between the Afghan insurgency and Pakistani intelligence.
Reacting to release of the documents by Wikileaks web organisation, President Obama's National Security Advisor James Jones praised the hard won Pakistani gains against Taliban over the last year and reaffirmed close strategic partnership with the frontline ally in war on terror.
US says progress made with Pakistan despite leaks
WASHINGTON (July 27 2010): The White House insisted on Monday it had made progress with Pakistan, despite leaked documents suggesting Islamabad's spy agency had co-operated with the Taliban. As a political row raged over classified assessments painting a grim picture of the Afghan war, White House spokesman Robert Gibbs said he was not going to declare that "all is well."
But he argued that since coming into office, pressure by the Obama administration had "improved that relationship" and yielded Pakistani action against militants on its own soil. He also recalled that President Barack Obama had declared as far back in March 2009 that Pakistan could no longer expect a "blank check" of US aid in the complicated anti-terror alliance.
"We understand that the status quo is unacceptable and we have to continue moving this relationship in the right direction," Gibbs said. He added the release of the classified material was unlawful and could harm US troops in the field, but also denied the documents revealed much new about the war or were a setback for the war effort. "Nobody is here to declare mission accomplished," Gibbs said.
Leaks show secret Pakistan role: Afghan official
KABUL (July 27 2010): A massive cache of leaked Pentagon documents on the Afghan war highlights the role that Pakistan's intelligence service plays in destabilising Afghanistan, the president's spokesman said Monday. Kabul has long accused Islamabad of providing support and sanctuary for militant groups that plan, fund and carry out attacks in Afghanistan.
The whistleblowing website Wikileaks made public 92,000 Pentagon files and field reports about deaths of innocent civilians, Pakistani agents meeting the Taliban and Iran secretly furnished it with money, arms and training. The Kabul government welcomed the leaks, saying the documents on Pakistan's activities in Afghanistan could help "raise awareness on the sanctuaries" Islamabad provides for militant groups.
"Since 2006, since the first suicide bombing, we have talked about the role of (Pakistan's) intelligence services," Waheed Omar, President Hamid Karzai's spokesman, told reporters. "We need more understanding and awareness on the sanctuaries and I hope the leaked documents can raise the level of awareness on that question," he said.
"We hope they (Pakistan) will take practical steps that convince everyone they don't support them," he said, referring to militant groups that include the Taliban, al Qaeda and the Haqqani network. Omar said the Kabul government had been "shocked" at the volume of documents but had found nothing new in their content.
Afghanistan's national security adviser this month called on the Pakistani government to "take serious measures" against Islamist groups launching attacks on Afghan targets from secure havens inside Pakistan. Rangin Dadfar Spanta said that throughout nine years of Taliban-led insurgency in Afghanistan, Pakistani authorities had failed to take action against the groups taking refuge on their side of the porous border.
Afghan officials have blamed a number of major attacks on Pakistani-based groups whom they say are supported by Pakistan's intelligence and military. Such militants were blamed for blowing up the Serena Hotel in Kabul in 2008, attacking the Indian embassy, other Indian targets and a UN guesthouse in October that led to a mass withdrawal from Afghanistan of UN staff.
US and UK lead anger
WASHINGTON (July 27 2010): The leak of some 90,000 secret US military files triggered outrage Monday from nations fighting in Afghanistan, amid fears it could endanger the lives of international forces battling the Taliban. The United States and Britain led anger from the coalition engaged in the conflict, now in its ninth year, as the files exposed how Pakistan's spy agency secretly supports the Taliban and the deaths of civilians have been concealed.
The White House reacted furiously saying the documents released late Sunday by the whistleblowers' website Wikileaks was "irresponsible." "The United States strongly condemns the disclosure of classified information by individuals and organisations which could put the lives of Americans and our partners at risk, and threaten our national security," said White House National Security Advisor James Jones.
But Jones added the revelations would not influence the US "commitment to deepen our partnerships with Afghanistan and Pakistan." Britain said Monday it regretted the leak, but again called on Pakistan to dismantle all militant groups operating on its soil.
"We would lament all unauthorised releases of classified material," a Downing Street spokeswoman said. "The White House has made a statement. We will not comment on leaked documents." In all, some 92,000 documents dating from 2004 to 2009 were released to The New York Times, Britain's Guardian newspaper and Germany's Der Spiegel news weekly.
Wikileaks founder Julian Assange said the files showed "thousands" of war crimes may have been committed in Afghanistan. "It is up to a court to decide clearly whether something is in the end a crime. That said, prima facie there does appear to be evidence of war crimes in this material," he said.
He cited an example of a missile strike on a house which killed seven children. But the most controversial allegations center around claims that Pakistan, a key US ally, allows its spies to meet directly with the Taliban. According to the Times, Pakistan agents and Taliban representatives meet regularly "in secret strategy sessions to organise networks of militant groups that fight against American soldiers in Afghanistan, and even hatch plots to assassinate Afghan leaders."
The documents also allege Iran is providing money and arms to Taliban insurgents, and detail how widespread corruption is hampering the war. The New York Times said the archive illustrated "in mosaic detail why, after the United States has spent almost 300 billion dollars on the war, the Taliban are stronger than at any time since 2001."
In Berlin, the defence ministry, which has some 4,600 troops in northern Afghanistan, strongly criticised the leaks and said it was looking into the files, although it added that much of the information was not new. "Obtaining and releasing documents, some of them secret, on such a scale is a highly questionable practice since it could affect the national security of Nato allies and the whole Nato mission," a defence ministry spokesman said.
"We are examining the countless documents to see if our security interests could also be affected. The leaks reportedly link the ISI, Pakistan's secret service, to a failed plot to kill Afghan President Hamid Karzai, attacks on Nato warplanes, a bid to poison the beer supply of Western troops and the 2008 Indian embassy bombing.
In April 2007, for instance, the Guardian said the ISI allegedly sent 1,000 motorbikes to Jalaluddin Haqqani, head of the Taliban and al Qaeda-linked Haqqani network based in Pakistan, to carry out suicide attacks in Afghanistan. Kabul has long accused Islamabad of providing support and sanctuary for militant groups that plan, fund and carry out attacks in Afghanistan.
And the Kabul government welcomed the leaks, saying the documents could help "raise awareness on the sanctuaries" Islamabad provides for militant groups. But Pakistan Monday denounced the reports. "These are far-fetched and skewed reports, evidently inconsistent with ground realities," Pakistan's foreign ministry spokesman Abdul Basit told AFP. "If anything these betray the lack of understanding of the complexities involved."
Assange said the files showed the "course of the war needs to change" and dismissed White House anger. "We're familiar with groups whose abuse we expose attempting to criticise the messenger," Assange said. "We don't see any difference in the White House response to this case."
Wikileaks founder defends release of files
LONDON (July 27 2010): The founder of a website which published tens of thousands of leaked military files about the war in Afghanistan said Monday they showed that the "course of the war needs to change". Julian Assange of Wikileaks also used a press conference in London to state that "thousands" of war crimes may have been committed in Afghanistan.
"It is up to a court to decide clearly whether something is in the end a crime. That said, prima facie there does appear to be evidence of war crimes in this material," he said. He cited an example of a missile strike on a house which killed seven children.
When asked whether the leaks would have any bearing on planned international troop withdrawals in the next few years, he said: "I think it's too early to say yet. "It's clear that it will shape understanding of what the past six years of war have been like and that the course of the war needs to change".
Asked what he hoped would come from the leaks, he added: "Hopefully a deep understanding and scrutiny of the war in Afghanistan and hopefully a change in policy about prosecution of the war and a deep consideration given... into how they want it to continue". Wikileaks released the documents to three publications: The New York Times newspaper, Germany's Der Spiegel magazine and British newspaper The Guardian. The most controversial allegations centre on claims that Pakistan, a key US ally, allows its spies to meet directly with the Taliban.
The leaks were strongly condemned by the White House, which said they could put lives at risk and threaten national security. "We're familiar with groups whose abuse we expose attempting to criticise the messenger," Assange said. "We don't see any difference in the White House response to this case". He also defended the sourcing and reliability of the documents. "Just like any dealing with any source, you should exercise some common sense - that doesn't mean that you should close your eyes," Assange said. "We have no reason to doubt the reliability of these documents".
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