A simple and warm story . Where we go, what we eat…etc with our SE K800i camera phone. We love the moon, food, photos, movies…;”The book of life is brief, once a page is read, all but love is dead, that is our belief.
Breeks | World Latest News
Thursday, March 31, 2011
Wednesday, March 30, 2011
McDelivery | World Latest News
Jollibee, the most popular and biggest chain of fastfood in Philippines offers Online Ordering thru their newest website –a feature that McDonalds thru mcdelivery.com.ph has been offering for quite a time. I checked sites of both of them and started comparing them
McDelivery | World Latest News
McDelivery | World Latest News
eCareers.sg | World Latest News
MOE Launches Web-Based Education and Career Guidance Portal for Students
Frequently Asked Questions
eCareers.sg | World Latest News
Monday, March 28, 2011
Anna Chapman | World Latest News
Accused of espionage for Russia, Anna Chapman, was the one of Americans accused for same blame. It was claimed the Russian External Intelligence Services SVR) had ordered to infiltrate policy making circles and get information, description of “Sleeper” spy.
Anna Chapman | World Latest News
Anna Chapman | World Latest News
Sunday, March 27, 2011
Bahamas | World Latest News
Govt. privatized the Public Phone Company, BTC, by issuing 51% of stake to Cable & Wireless, after a tough competition with voting score of 22 Yes and 18 No. Every opposition member voted against privatization…
Bahamas | World Latest News
Bahamas | World Latest News
Saturday, March 26, 2011
Friday, March 25, 2011
Thursday, March 24, 2011
Pakistan Business News 25-Mar-2011
Business Recorder
1. Banks to send online statement to their credit card holders
2. NBP, HBL and Kapco GDRs planned
3. SECP to facilitate financing for NBFIs, modarabas
4. SLICP intends to enter into Takaful business
The News
1. Commodities prices down at Utility outlets
2. Asian stocks rise as dealers look to Wall Street
Daily Times
1. Forex reserves fall to $17.49 billion
2. Hopes of no change in interest rate take KSE 76 pts higher
Dawn News
1. NIB, ADB sign trade financing deal
2. Lifting of ban on forward booking Currency market reacts sharply
1. Banks to send online statement to their credit card holders
2. NBP, HBL and Kapco GDRs planned
3. SECP to facilitate financing for NBFIs, modarabas
4. SLICP intends to enter into Takaful business
The News
1. Commodities prices down at Utility outlets
2. Asian stocks rise as dealers look to Wall Street
Daily Times
1. Forex reserves fall to $17.49 billion
2. Hopes of no change in interest rate take KSE 76 pts higher
Dawn News
1. NIB, ADB sign trade financing deal
2. Lifting of ban on forward booking Currency market reacts sharply
Lifting of ban on forward booking Currency market reacts sharply
The currency market reacted sharply on the first day after the restoration of forward cover
facility and panic prevailed in the market over the sudden change.
The currency dealers said demand for greenback escalated the spot price, while premium on forward rate
went much higher than the market expectations.
The State Bank on Wednesday lifted the ban on forward cover facility after three years for importers facing
difficulties to hedge their future needs of dollars.
NIB, ADB sign trade financing deal
The NIB Bank Limited and Asian Development Bank signed a Trade Finance
Guarantee Facility agreement on Thursday at NIB Head Office, Karachi.
Under the agreement, ADB will provide guarantees on international trade finance that NIB conducts with
foreign partner banks.
Consequently NIB`s customers will enjoy greater access to trade finance through ADB`s Trade Finance
Programme, allowing them to conduct more overseas trade.
ADB`s Trade Finance Programme works with over 200 partner banks to provide guarantees and loans to
support international trade transactions.
Hopes of no change in interest rate take KSE 76 pts higher
The Karachi stock market continued to witness a firm trading session on Thursday as investors
took positions in scrips across-the-board on expectations of no change in interest rate in the upcoming State
Bank's monetary policy due to be announced by the end of the week
The Karachi Stock Exchange (KSE) 100-share index gained 76.19 points or 0.66 percent to close at
11,564.25 points as compared to 11,488.06 points of the previous session. The KSE 30-share index also rose
92.95 points to close at 11,271.29 points as compared with 11,178.34 points.
"Following regional markets the KSE also continued to move upward with low volumes," said Topline Sec
analyst Samar Iqbal. "National Bank of Pakistan continued to attract investors' attention on back of better
valuations. It was followed by Lotte Pakistan PTA which gained 1.2 percent." E&P sector also remained in
lime light due to rise in international oil prices, he added.
Forex reserves fall to $17.49 billion
Country’s foreign exchange reserves fell to $17.496 billion in the week ending March 19 2011,
down from $17.61 billion the previous week, the central bank said Thursday.
Reserves held by the State Bank of Pakistan fell to $14.09 billion from $14.19 billion in the last week and
those held by commercial banks also fell to $3.4 billion from $3.42 billion, the central bank said.
Asian stocks rise as dealers look to Wall Street
Asian shares rose on Friday as traders took a strong cue from Wall Street while sentiment
was also buoyed by progress in containing a crippled nuclear plant in Japan.
Traders in Tokyo lifted the Nikkei index as some of the country's big manufacturers restarted production
after the devastating March 11 earthquake and tsunami.
Tokyo was one percent higher by the break, Hong Kong gained 0.78 percent and Sydney rose 1.20 percent
while Shanghai added 0.65 percent and Seoul gained 0.61 percent. Taipei was up 0.34 percent.
Regional shares have also been supported by bargain hunting after a sell-off last week caused by the
Japanese crisis.
Dealers are growing more confident that the battle to avoid a meltdown at the Fukushima No.1 plant in
Japan is being won with crews having linked up an external electricity supply to all six reactors and
preparing to restart cooling systems.
Commodities prices down at Utility outlets
The prices of edible commodities have seen an acute decline at Utility outlets across the
metropolis city, Karachi, sending a sigh of relief for poor people amid skyrocketing times of hike, Geo
News reported.
According to details, the price of a 10-kg sack of flour has slid by 10 rupees while ghee and oil have gone
down by Rs.2 per liter.
Talking to Geo News, Bashir Babar, the zonal manager Utility Stores Corporation (USC), Karachi said the
price of Special Chakki Aata has been slashed at all utility outlets, elaborating that a 10-kg bag of flour is
now available at Rs.300.
He said the prices of ghee and oil have declined by Rs.2/liter. They are now selling at Rs.160 per liter at all
utility stores across city.
SLICP intends to enter into Takaful business
State Life Insurance Corporation of Pakistan (SLICP), the biggest player in
conventional life insurance, intends to enter in the Takaful (Islamic Insurance) business soon, it is reliably
learnt. To capture its share in the potential domestic market, the company is expected to start Islamic
insurance business (Takaful) in next few months.
"The new insurance rules allow the existing conventional insurance companies to start Takaful business", a
senior SLICP official told Business Recorder. "We are ready to enter in the Islamic insurance business and
hopefully the company will start Takaful business in the current year," he added.
The company would be able to offer both insurance options (Islamic and conventional) to its clients. The
SLICP, the largest life insurance company in the country, would provide opportunities to its clients to avail
any option i.e. Islamic or conventional insurance plans, he said.
SECP to facilitate financing for NBFIs, modarabas
Security and Exchange Commission of Pakistan (SECP) will support proposals and innovative
ideas from modarabas and NBFIs for improving liquidity in this sector.
This was stated by the chairman SECP Muhammad Ali while speaking at the launching of Year Book of
NBFI and Modaraba Association of Pakistan for 2011 here Thursday.
He said that this sector is facing shortage of funds since 2008, due to reluctance of banking sector in
extending finances to modaraba and NBFIs.
"We are working in SECP to revive modaraba and NBFIs and we want to facilitate them and improve their
liquidity", he added.
He said modarabas have worked very well and SECP has also facilitated them. We have extended license
period from one to three years while they have been allowed to meet the minimum capital requirement limit
till June 2011. They are meeting the requirements, he noted.
SECP chairman said that NBFI and modarabas will soon get guidelines for provisioning and classification
requirements. Currently, this is 20 percent for first year, 50 for second year and 100 percent for third year
for next three years.
NBP, HBL and Kapco GDRs planned
The government is planning to launch Global Depository Receipts(GDRs) of National Bank, Habib Bank and Kot Addu Power Company Limited (Kapco) for the financial year 2011-12, it is learnt. Sources said the Privatisation Commission had recommended to the recently held meeting of the Cabinet Committee on Privatization (CCoP) with Finance Minister in the chair to carry out capital market transactions of State Owned Entities (SOEs) in the next fiscal year for estimated value of $254 million.
This was proposed that sale of 5 percent shares of each Kapco, HBL and NBP to the international investors
through GDRs would fetch $151 million. The proposed date for listing of Kapco GDR is September 11,
HBL, January 11 and NBP, June 11 of the financial year 2012. The total shareholding of the government is
40 percent in Kapco, 37 percent in HBL and 66 percent in NBP. The total earning from the GDRs of three
entities has been estimated at $151 million.
Banks to send online statement to their credit card holders:
The State Bank of Pakistan (SBP) has allowed the banks to send electronically the statement of
account to their credit card holders.
According to BPRD Circular Letter No.06 dated the 24th March, 2011, the banks have been asked to send
SMS alert on credit card holders' mobile numbers informing them that the e-statement has been sent via
email.
In order to further facilitate the banks and the customers the existing Regulation (PR - O-2) of Prudential
Regulation for Consumer Financing has been revised and replaced as under which will be operational with
immediate effect.
Banks / DFIs shall provide to the credit card holders, the statement of account at monthly intervals, unless
there has been no transaction or no outstanding balance on the account since last statement. The statement of
account should be dispatched to the credit card holders through a courier company or express post services
of Pakistan Post.
Tuesday, March 22, 2011
Pakistan Business News Today 22-Mar-2011
Business Recorder
1. SBP notifies holiday
2. Allied Bank wins 'Best Retail Bank in Pakistan' award
3. Standard Chartered provides bilateral MCGF to TMFB for two years
4. Faysal Bank, Pak-Qatar Family Takaful, FWU AG sign agreement
The News
1. Moody's maintains Pakistan B3 rating
2. Oil up in Asia on Libya tensions
Daily Times
1. Weekly inflation increases by 0.08%
2. Impact of foreign selling worth $16.4m last week
Dawn News
1. Offloading 10pc shareholding: EoIs invited for OGDC bonds
2. 1,700 notices issued: FBR drive against 'rich' non-filers
1. SBP notifies holiday
2. Allied Bank wins 'Best Retail Bank in Pakistan' award
3. Standard Chartered provides bilateral MCGF to TMFB for two years
4. Faysal Bank, Pak-Qatar Family Takaful, FWU AG sign agreement
The News
1. Moody's maintains Pakistan B3 rating
2. Oil up in Asia on Libya tensions
Daily Times
1. Weekly inflation increases by 0.08%
2. Impact of foreign selling worth $16.4m last week
Dawn News
1. Offloading 10pc shareholding: EoIs invited for OGDC bonds
2. 1,700 notices issued: FBR drive against 'rich' non-filers
1,700 notices issued: FBR drive against ‘rich’ non-filers
The Federal Board of Revenue on Monday launched the much-awaited drive
against the non-filers of income tax returns by issuing more than 1,700 notices to people having a lavish
lifestyle but contributing nothing to the government’s kitty, it is learnt.
The drive aimed at sending notices to almost 700,000 people, who were identified having tangible assets,
including houses in the posh areas of big cities. A senior tax official told Dawn on Monday that analysis of
the data reveals that one person alone imported 200 cars in one year but paid a very nominal tax. There are
so many cases of other such wealthy non-filers.
FBR official spokesperson Riffat Shaheen confirmed to Dawn that these notices were issued on Monday
and the rest will be completed in the next few days. She said that all these people receiving notices would be
required to submit provisional assessment within a period of one month.
Offloading 10pc shareholding: EoIs invited for OGDC bonds
The Privatisation Commission on Monday invited expressions of interest for
issuance of exchangeable bonds of Oil and Gas Development Company Limited to sell up to 10 per cent
shares owned by the government in OGDCL which will bring in transaction of 430,000,000 shares.
The OGDCL is the largest petroleum exploration, production and development company in Pakistan, listed
on all three stock exchanges in Pakistan as well as on London Stock Exchange.
In 2003, the government divested 4.98 per cent of OGDCL shares via an initial public offering (IPO)
followed by secondary offering (SO) of 9.5 per cent shares in the form of global depositary receipts (GDRs)
at London Stock Exchange and simultaneous secondary public offering (SPO) of 0.5 per cent to the general
public in 2006.
Impact of foreign selling worth $16.4m last week
The Karachi stock market started the week Monday on a bearish note as investors offloaded
their holdings following foreign investors withdrawal of $16.4 million from the market last week.
Analysts said volumes remained very thin during the session on deteriorating law and order situation in the
city.
The Karachi Stock Exchange (KSE) 100-share index shed a massive 231.47 points or 1.99 percent to
11,375.14 points as compared to previous week's close of 11,606.61 points. The KSE 30-share index also
lost 217.49 points to close at 11,085.52 points as compared with 11,303.01 points.
Weekly inflation increases by 0.08%:
The Sensitive Price Indicator (SPI), for the week ended on March, 17 for the lowest income
group up to Rs.3,000 has registered increase of 0.08 percent over the previous week. The SPI for the week
under review in the above mentioned group was recorded at 299.61 points as against 299.36 points
registered in the previous week, according to provisional figures of Federal Bureau of Statistics (FBS). The
weekly SPI has been computed with base 2000 2001=100 covering 17 urban centers and 53 essential items
for all income groups and combined. SPI for the combined group registered decrease of 0.16 percent as it
went down from 285.59 points in the previous week to 285.12 points in the week under review
Oil up in Asia on Libya tensions
SINGAPORE: Crude rose in Asian trade Tuesday as the turmoil in Libya continued to rattle investor
sentiment, analysts said.
New York's main contract, light sweet crude for delivery in April, gained 30 cents to $102.63 per barrel
while Brent North Sea crude for May was up 43 cents to $115.39.
"Currently, we still have tensions in the Middle East underpinning oil prices. Investors are expecting that
Libyan oil is not returning to the markets any time soon," said Ong Yi Ling, investment analyst for Phillip
Futures in Singapore.
Oil-rich Libya was producing 1.69 million barrels a day before the unrest, according to the International
Energy Agency. It is now producing 400,000 barrels a day.
Moody’s maintains Pakistan B3 rating
LONDON: Moody's has maintained its credit rating B3 for Pakistan and urged the government for
improving tax collection besides cutting down its expenses, a senior analyst from the ratings agency told
Geo News on Monday.
Moody’s investors services analyst Aninda Mitra said that improvement in balance of payments is helpful in
maintaining B3 stable outlook, adding that it is also vital to improve revenue collection besides cutting
down expenses.
Aninda Mitra said implementation on the measures to control fiscal deficit would also be helpful in credit
rating.
Faysal Bank, Pak-Qatar Family Takaful, FWU AG sign agreement
Faysal Bank Limited has signed a Bancatakaful agreement with Pak-Qatar
Family Takaful Limited and FWU AG a global facilitator of Bancatakaful at Faysal House Karachi recently.
Bancatakaful agreement was signed by Aarij Ali, Head Retail Banking of Faysal Bank Limited and P.
Ahmed, CEO Pak-Qatar Family Takaful Limited.
Aarij Ali, Head Retail Banking said. "Following the acquisition of RBS Pakistan, Faysal Bank's footprint
has expanded to over 220 branches, with combined business assets of over PKR 250 billion, further
strengthening its balance sheet and placing it amongst the top five banks in Pakistan. "
Standard Chartered provides bilateral MCGF to TMFB for two years
The largest ever bilateral Micro Finance Credit Guarantee Facility (MCGF)
provided by Standard Chartered Bank (Pakistan) Limited Standard Chartered Bank (Pakistan) Limited has
successfully closed a PKR 600 million, two year finance facility to Tameer Micro Finance Bank Limited
(TMFB) under the State Bank of Pakistan's (SBP) Micro Finance Credit Guarantee Facility (MCGF)
launched under the DFID Funded Financial Inclusion Programme.
This is the largest ever bilateral facility to any Micro Finance Institution/Bank under the MCGF scheme.
The signing ceremony held at Standard Chartered Pakistan Head Office in Karachi was graced by Governor,
State Bank of Pakistan, Shahid H Kardar.
Allied Bank wins 'Best Retail Bank in Pakistan' award
KARACHI (March 22, 2011): Allied Bank has been recognised as the "Best Retail Bank in Pakistan." Zia
Ijaz, Group Chief, Commercial & Retail Banking Group, Allied Bank, received the award at The
International Excellence in Retail Financial Services 2011 Awards ceremony, held in conjunction with the
region's most prestigious retail banking event, the Excellence in Retail Financial Services Convention.
The award programme, administered by The Asian Banker and refereed by prominent global bankers,
consultants and academics, is the most prestigious of its kind. The evaluation was conducted on the basis of
transparency in strategy; value of franchise; annual financial performance; sustainability; sales capability;
risk management; processes and technology; penetration and efficiency of distribution channels; people
skills; and ethical banking.
SBP notifies holiday
The State Bank of Pakistan (SBP) announced here Monday that all its offices will remain
closed on Wednesday, the 23rd of March.
"The SBP and all offices of SBP's Banking Services Corporation, including the Public Debt Offices, will
remained closed on 23rd, being public
Thursday, March 10, 2011
Used cars arrival: No impact on sale of local assemblers
KARACHI, March 10: The arrival of used cars (up to five-year old) since January onwards did not make
any adverse impact on sale of locally-assembled cars, which jumped to 84,225 units during July-February
2010-2011 from 75,275 units in the corresponding period last year.
However, the overall car sales in February 2011 dropped to 11,645 units from 12,934 units in January 2011
but it rose when compared with February 2010 sales of 10,310 units.
Car sales in February 2011 as compared to January 2010 fell mainly on account of lower working days. In
January 2011 car sales rose to 12,934 units compared to 7,446 units in December 2010.
Joint body to oversee OGDC bonds sale
ISLAMABAD, March 10: The Board of Privatisation Commission at its meeting here on Thursday
approved roadmap for capital market transaction of various state-owned entities up to the end of current
fiscal year in June.
It also allowed the Privatisation Commission to initiate process for hiring financial advisor to launch
exchangeable bonds for the OGDC.
The PC Board whose meeting was chaired by Federal Minister for Privatisation, Syed Naveed Qamar, also
decided that a committee comprising officials of the ministries of finance and petroleum and the
Privatisation Commission would jointly administer the sale of international bonds for OGDC.
Forex reserves
KARACHI, March 10: The foreign exchange reserves of the country stood at 17.370 billion dollars on
March 5.
The forex reserves held by SBP were 13.964 billion dollars while that with other banks stood at 3.405
billion dollars.
KSE closes in negative zone on technical correction
KARACHI: Tight conditions set for release of funds, by both US & IMF forced the local bourse to undergo
a technical correction as a consequence the Karachi Stock Market closed in the negative zone on the fourth
trading day of the week Thursday.
The Karachi Stock Exchange (KSE) 100-share index shed 2.36 pts or 0.02 percent closing at 12,125.79 pts
compared to 12,128.15 pts in the previous session. The KSE -30 index also shed 19.54 pts closing at
11,870.58 compared to 11,890.12 pts of the previous session. KMI. -30 index gain 36.57 pts and closed at
20,161.83 pts compared o 20,125.26 of the previous session. The KSE- allshares index closed with a loss of
2.29 pts closing at 8,410.12 compared to 8,412.41 pts of the previous session.
SECP registers 324 companies in February
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) registered 324 companies in
February.
Private companies have the highest share in the new incorporations totaling 290. In addition, there are 26
single-member companies, 1 public unlisted company, 6 non-profit associations and 1 foreign company.
Company Registration Office (CRO) Lahore registered 113 companies, the CRO in Islamabad and Karachi
registering 90 and 89 companies respectively. The CROs in Peshawar, Multan, Faisalabad and Quetta
registered 15, 10, 4 and 3 companies respectively.
Nervous Asian markets fall further
HONG KONG: Asian stock markets slipped further on Friday after sharp falls on Wall Street and higherthan-
expected Chinese inflation data, even as oil prices eased back.
Tokyo's Nikkei was down 0.83 percent, Sydney plunged 1.44 percent, Hong Kong was 0.94 percent lower
and the Shanghai Composite Index was off by 0.22 percent.
The falls came after steep losses on Thursday, when Shanghai lost 1.50 percent, and on Wall Street, where
the Dow, Nasdaq and S&P 500 indexes all ended down more than 1.8 percent.
Rise in power tariff inevitable: Naveed
ISLAMABAD: Minister In-charge for Water and Power, Syed Naveed Qamar Thursday said the electricity
tariff will have to be raised, adding however that the increase will only be up to 2 percent, Geo News
reported.
When asked if the power tariff will be hiked by 6 per cent on IMF advice, the Minister while talking
exclusively to Geo News said the price of electricity would only be raised by 2 percent.
The officials in the Ministry of Water and Power who participated in negotiations with IMF, said it is not
just IMF that is pressing Pakistan to increase the power tariff. The representatives of World Bank and Asian
Development Bank who were also part of the negotiations, want Pakistan to withdraw all subsidies besides
eliminating line losses and circular debt, they added.
Feb CPI up 12.91 pct yr/yr
ISLAMABAD: Pakistan's consumer price index (CPI) rose 12.91 percent in February from a year ago, the
Federal Bureau of Statistics said on Thursday.
The CPI was down 0.74 percent from January.
Pakistan's wholesale price index (WPI) rose 24.43 percent in February from a year earlier, and 1.87 percent
over January, according to the bureau.
Currency swap: Zardari for early finalisation of pact with China
ISLAMABAD (March 11, 2011): President Zardari on Thursday emphasised early finalisation of currency
swap agreement between Pakistan and China, saying that such arrangements should be concluded with
Turkey and Sri Lanka also to promote and facilitate bilateral trade with the countries.
This he said during a meeting on the proposed currency swap arrangements at Aiwan-e-Sadr on Thursday.
The meeting chaired by the President was attended among others by Dr Abdul Hafeez Sheikh, Federal
Minister for Finance, Revenue and Economic Affairs, Hina Rabbani Khar, MOS for Foreign Affairs,
Governor State Bank of Pakistan, Shahid Kardar, Chairman BoI, Saleem H Mandviwala, Chairman Aptma
Gohar Ejaz, Chairman Pakistan Business Council Asad Omar, senior government officials and spokesperson
to the President, Farhatullah Babar.
Capital market: foreign investors' participation increases
KARACHI (March 11, 2011): The foreign investors' participation has significantly increased as every third
available share in Pakistan capital market is owned by the offshore funds, analysts said. With local stock
market players facing severe liquidity crunch amid rising interest rate, the activities of foreign funds have
gained utmost importance in Pakistan, they added.
"In spite of the infamous closure of the Pakistan market for three-and-a-half-months in 2008, the offshore
investors still play a key role in the now less-liquid Karachi bourse", Muhammad Sohail, leading analyst
and CEO of Topline Securities said. Investors in Pakistan wait anxiously for the release of foreign activity
figures by National Clearing Company of Pakistan Limited (NCCPL) after market close and that mainly
dictate the sentiments on the following trading day.
Remittances rise over 20pc to $6.96bn
KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of
$6,963.28 million was received in the first eight months (July-February) of the current fiscal year 2010?11,
showing an increase of $1176.17 million or 20.32 percent when compared with $5,787.11 million received
over the same period of the last fiscal year.
The inflow of remittances in the July-February, 2011 period from UAE, Saudi Arabia, USA, GCC countries
(including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,627.09 million,
$1,563.00 million, $1,298.26 million, $820.02 million, $770.91 million and $220.24 million respectively as
compared to $1,318.33 million, $1,148.86 million, $1,173.21 million, $826.94 million, $596.26 million and
$171.42 million respectively in the July-February, 2010 period.
Banks to open 570 new branches
KARACHI (March 11, 2011): In order to further expand the banking services across the country, banks
have planned to open 570 new branches under the expansion plan. Sources in the banking sector told
Business Recorder on Thursday that the State Bank of Pakistan (SBP) under its Branch Licensing Policy
(BLP) has issued 570 licenses to banks, DFIs and Microfinance Banks to open new branches, sub-branches
and booths in calendar year 2011.
Although, this year banks plan to open 37 percent or 153 more branches as compared to 2009, however it is
still less than 2008, when highest-ever 730 branch or sub-branch licenses were issued by the State Bank in
any year. In 2010, the State Bank had issued 417 branch licenses.
Sunday, March 6, 2011
India plans law to curb microfinance lending rates
NEW DELHI, March 5: India`s government plans legislation to crack down on microfinance institutions to
stop them charging exorbitant interest rates, a finance ministry official says.
Legislation, sparked by a string of suicides by impoverished borrowers, is expected to come before
lawmakers this year, the finance ministry official said late on Friday, asking not to be named.
“There will be a cap on interest rates,” the official said.
Microlenders, such as India`s largest SKS Microfinance, give loans as low as $20 to small business and
farmers but have been accused of charging excessively high rates and using aggressive tactics to recover
money from borrowers.
The new legislation is expected to be modelled on recommendations of a central bank panel which said its
proposed changes would bring a “new dawn” to the troubled sector.
The bank panel proposed capping interest rates at 24 per cent.
Brazil becomes 7th largest economy
RIO DE JANEIRO, March 5: As Brazil throws itself into Carnival this weekend the government announced
that red-hot growth of 7.5 per cent last year meant Brazil was now the seventh-biggest economy in the
world, its gross domestic product swelling to $2.09 trillion and overtaking Italy`s $2.06 trillion.
The data confirmed two things: that Brazil well and truly shrugged off the global financial crisis that has
mired the United States and Europe; and that its growing pool of consumers is proving to be very
enthusiastic indeed at spending.
Along with the sustained world demand for the produce and raw materials Brazil exports— iron ore, coffee,
orange juice, soya — and the spike in commodity prices there seem to be many reasons for Brazil to think
the party will be a long and satisfying one. But there are some tremors hinting that the country`s rock-androll
good times could result in a major hangover.
Weekly inflation goes up by 0.16pc
ISLAMABAD, March 5: The Sensitive Price Indicator (SPI) for the week ended on March 3 for the lowest
income group up to Rs3,000, registered an increase of 0.16 per cent over the previous week.
The SPI for the week under review in the above mentioned group was recorded at 297.61 points as against
297.14 points registered in the previous week, according provisional figures of Federal Bureau of Statistics
(FBS).
SPI for the combined group registered an increase of 0.80 per cent as it went up from 282.62 points in the
previous week to 284.88 points in the week under review. As compared to the corresponding week of last
year, the SPI for the combined group in the week under review witnessed an increase of 16.73 per cent. As
compared to the last week, the SPI for the income groups from Rs3001-5000, Rs5001-12000 and above
Rs12000 increased by 0.19 per cent, 0.34 per cent and 1.28 per cent respectively.
China pledges 'green' push over next 5 years
BEIJING: Premier Wen Jiabao on Saturday pledged that China, the world's top emitter of greenhouse gases,
would work harder to save energy and clean up the air as it revamps the economy over the next five years.
"We will effectively conserve resources and protect the environment. We will respond actively to climate
change," Wen said in a speech to open the annual session of China's parliament, or National People's
Congress.
The country will seek to reduce carbon emissions per unit of gross domestic product by 17 percent in the
2011-2015 period -- as part of its wider goal to reduce carbon intensity by at least 40 percent by 2020 from
2005 levels.
It will slash energy consumption per unit of GDP by 16 percent by 2015, and hopes to raise the percentage
of non-fossil fuels in its energy mix by 11.4 percent from 8.3 percent last year, the premier said.
Britain risks another crisis: BoE chief
LONDON: Britain risks another financial crisis unless banking reforms are pushed through, the Bank of
England governor said in an interview.
Mervyn King told that "imbalances" remain in the banking system and are "beginning to grow again".
He also said high street banks were routinely exploiting millions of customers and urged them to stop trying
to simply "maximise profits next week".
King's intervention comes as a government commission considers whether financial institutions should be
forced to separate their investment and retail banking arms.
"We allowed a (banking) system to build up which contained the seeds of its own destruction," King said.
UBS must target wealth management profit, not volume
ZURICH (March 07, 2011): For Swiss bank UBS, the days of easy margins earned from tax-evading clients
are over and the new focus is on the wealthiest customers with the best profit potential. Analysts believe
UBS should pull back from the scramble for assets currently obsessing other wealth managers.
Instead it should cherry-pick clients who will trade frequently, invest in hedge funds and other high-margin
products and need investment banking services.
UBS wealth management margins may have recovered to 92 basis points in the final quarter after falling to
89 in the third quarter. But profitability still lags that at peers Credit Suisse and Julius Baer and experts say
restoring margins to their former levels is unlikely.
Since the financial crisis, clients are more aware of the commissions they are paying and less willing to
accept high charges for complex products that may not protect their capital.
Moreover, a world-wide crackdown on tax evasion has decimated the offshore client base, once the most
profitable clients for private banks. "UBS understands there is a structural decline in margins," said Florian
Esterer, head of global equities at Swisscanto, which manages 57.4 billion Swiss francs and holds a $140
million stake in UBS.
HSBC considering move to Hong Kong
LONDON (March 07, 2011): Europe's biggest bank HSBC may move its headquarters from London to
Hong Kong because of what it sees as high levels of tax and red tape in the UK, according to a report in the
Sunday Telegraph. The newspaper quoted unnamed investors who said they understood a move was "more
than likely" and that there had been a "change of tone" as HSBC reviews its domicile, something the bank
does every three years.
A spokesman for the bank played down the story, saying: "No decision whatsoever has been made. "London
is ideally positioned as an international financial centre and we have been clear that it is our preference to
remain headquartered here.
Shell profit after tax declines
KARACHI (March 05, 2011): The profit after tax of Shell Pakistan Limited has declined to Rs 1.615 billion
in the year ended December 31, 2010 as compared to Rs 2.562 billion earned in the corresponding period in
2009. The company's earning per share declined to Rs 23.59 in the period under review against Rs 37.42 in
the same period a year back. The board of directors of the company in its meeting held on Thursday
recommended a final cash dividend at Rs 8.00 per share ie 80 percent.
This is in addition to the interim dividend of Rs 4.00 per share ie 40 percent declared in August 2010,
making a total of Rs 12.00 per share ie 120 percent for the year ended December 31, 2010. According to the
financial results sent to Karachi Stock Exchange (KSE), the company's sales increased to Rs 223.813 billion
in 2010 against Rs 177.110 billion in the same period in 2009. The company paid Rs 26.690 billion as sales
tax in 2010 against Rs 21.619 billion paid in the same account a year back. The company's cost of products
sold increased to Rs 185.403 billion against Rs 143.097 billion.
Pak Suzuki Motor net profit declines
KARACHI (March 05, 2011) : The net profit of Pak Suzuki Motor Company has declined to Rs 211.143
million in the year ended December 31, 2010, as compared to Rs 255.219 million earned in the
corresponding period in 2009. The company's earning per share stood at Rs 2.57 in the period under review
against Rs 3.10 in the same period a year back.
The board of directors of the company in its meeting held on Friday recommended a final cash dividend for
the year at Re 0.50 per share ie 5 percent. According to the financial results sent to Karachi Stock Exchange
(KSE), the company's turnover increased to Rs 42.642 billion in 2010 against Rs 26.234 billion in 2009,
while the cost of sales increased to Rs 41.638 billion against Rs 25.664 billion. The company's profit before
taxation increased to Rs 668.015 million in 2010 against Rs 427.843 million in 2009.
Futures open interest declined by 12.9 percent
KARACHI (March 07, 2011): Total open interest position at the futures counter declined by 12.9 percent,
on week-on-week basis, to Rs 1,337 million. On the other hand, the futures spreads went down by 806bps
on week-on-week basis to 11.1 percent.
Trading activities at the futures counter also remained low as the average daily volumes declined by 0.4
percent to 3.78 million shares. The top-5 scrips at the futures counter constituting 65 percent of the total
open interest were LUCK, POL, NBP, ENGRO and DGKC.
Tuesday, March 1, 2011
The Miz Twitter | World Latest News
World Wrestling Entertainment, much better known as the WWE, brought at some point inp rated televisioemancipationliveconversetfairSBCin the same way astandarderageisseminatedhermoreepresenting If yadmiredtill reading past the first sentence, odds are you were either at the arena for the show, watched it unfold live on television or are incredibly bored.
The Miz Twitter | World Latest News
The Miz Twitter | World Latest News
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