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Monday, April 11, 2011

Jenn Sterger | World Latest News

New York Jets hostess Jenn Sterger talked in an inteview about how her life was turned ”upside down” by Brett Favre sexting scandal.

Jenn Sterger | World Latest News

Law Lok Lam | World Latest News

Michael Tse as Ngo Siu Fung
Sammul Chan as Ma Sam Po
Joe Ma as Prince Yin Chu Tai
Eleane Kong as Princess Wing Yeung
Kate Tsui as Shum Sin Sam
Joel Chan as Chu Wan Man

Law Lok Lam | World Latest News

Japan Earthquake 11 April | World Latest News

Today Japan was again struck by a powerful earthquake, exactly after month since the destructive 9.0 magnitue earthquake last March 11 killing thousands of people.



Japan Earthquake 11 April | World Latest News

William Hart | World Latest News

A British banker William Hart, died after he fell from a hotel roof-top bar in Singapore, Last night. He was in job for the Bank of China International in Singapore


William Hart | World Latest News

Sunday, April 10, 2011

Craigslist Florida | World Latest News

22 People were arrested by The Sumter County Sheriff’s Office in Florida thought that they were meeting a 14-year-old for sex.

Craigslist Florida | World Latest News

Auditionsea | World Latest News

Battle now out with the opposite gender in Boy VS Girl Battle! This battle will only be started when there are boys and girls in par in the stage arena under any versus mode. Very good laugh moments in this battle as the losing team will be transformed into penguins!

Auditionsea | World Latest News

Saturday, April 9, 2011

Discount Tire | World Latest News

Great Deal, some GBC Sand Shark and Shark Fin tires as we want to move and it is decided to give you guys the first shot at them and at a discounted price!


Discount Tire | World Latest News

Friday, April 8, 2011

Pakistan Business News 09-April-2011

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ST refunds paid in 2004: FBR seeks record from exporters:


The Federal Board of Revenue (FBR) has served notices on a large number of
exporters-cum-manufacturers seeking records of sales tax refund payments made several years ago.
Though the law has a provision of only keeping records for a period of five years, the FBR has served these
notices under clause 36 of Sales Tax Rules, 2006 for refund claims paid back in 2004.
The FBR is seeking record against sanctioned refund claims for conducting post-sanction audit.
However, the exporters allege that they are being harassed for lodging complaints with the Federal Tax
Ombudsman (FTO) against delay in payment of refund.
The record pertaining to monthly sales tax returns along with input tax, goods declaration for import in
respect of which refund was claimed is being sought from exporters-cum-manufacturers
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Bonus: Atlas Asset Management Limited


The board of directors of Atlas Asset Management Limited, an Atlas Group company,
approved third quarter pay-outs (ended March 31, 2011) for its funds.
For Atlas Money Market Fund the board approved a third interim bonus of Rs14 per unit (2.8 per cent on
face value of Rs500 per unit; for Atlas Income Fund a second interim bonus of Rs12 per unit (2.4 per cent
on face value of Rs500 per unit); and for Atlas Islamic Income Fund a third interim bonus of Rs12 per unit
(2.4 per cent on face value of Rs500 per unit), says a press release.
ST refunds paid in 2004: FBR seeks record from exporters:
KARACHI, April 8: The Federal Board of Revenue (FBR) has served notices on a large number of
exporters-cum-manufacturers seeking records of sales tax refund payments made several years ago.
Though the law has a provision of only keeping records for a period of five years, the FBR has served these
notices under clause 36 of Sales Tax Rules, 2006 for refund claims paid back in 2004.
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KSE gains 57 points on buying in oil scrips


The Karachi stock market closed higher on the last trading day of the week Friday as investors
took positions in the oil scrips after US Brent crude crossed $122 per barrel on political turmoil in Middle
East and Libya.
The Karachi Stock Exchange (KSE) 100-share index gained 57.03 points or 0.48 percent to close at
11905.87 points as compared to 11,848.84 points of the previous session. The KSE 30-share index also rose
101.73 points to close at 11,613.96 points as compared with 11,512.23 points.
"Renewed buying interest was seen in oil stocks on back of continuous increase in international oil prices,
increasing hopes of better earnings for the sector," said Topline Securities analyst Samar Iqbal. "Pakistan
Oilfields gained Rs 8.07, Pakistan Petrolrum Limited closed Rs 4.11 up and Oil and Gas Development
Company increased by Rs 1.65."
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Dollar falls furtherversus rupee


The American currency recorded losses against the rupee in the interbank market, dealers said
Friday. The dollar initiated the day’s trading at Rs 84.83 for buying, lost two paisas and closed at Rs 84.81
for buying and at Rs 84.86 for selling. However, the euro continued its upward march against the rupee as it
initiated the day’s trading at Rs 121.18 for buying, gained 97 paisas and closed at Rs 122.15 for buying and
Rs 122.35 for selling. Similarly, the pound sterling remained up versus the rupee as it started the day’s
trading at Rs 138.55 for buying, increased 38 paisas and closed at Rs 138.93 for buying and Rs 139.13 for
selling.
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Upcoming budget 2011-12


Federal Minister for Finance, Dr Abdul Hafeez Shaikh said Friday that acceleration of
growth rate, employment generation and providing relief to the common man would be the “focus” of the
upcoming budget for fiscal year 2011-12.
Talking to media persons after inaugurating the public lecture that was part of Planning Commission’s
`Economic Growth Seminar Series’, the federal minister said that feedback would be taken from all
stakeholders for the upcoming budget.
“Economic experts, parliamentary priority leaders, representatives of business and chambers of commerce
and industry and other stakeholders would be consulted before finalising the budget proposals,” the federal
minister said. He said that the budget would be prepared keeping in view the changing trends in world
adding that the government would present a budget that would facilitate creation of an atmosphere for job
creation and growth rate acceleration. The minister said that the Economic Advisory Council (EAC) in its
recent meeting has thoroughly discussed overall economic situation and upcoming budget.
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Be ready for 14-hour power cuts, warns KESC


The Karachi Electric Supply Company (KESC) has warned that loadshedding duration across the
city would be increased to 14 hours a day when gas supply from the Sui Southern Gas Company decreases
by up to 80 Million Metric Cubic Feet Daily (MMCFD) due to the Annual Turn-Around (ATA) of Bhit Gas
Field that starts from April 11.
The KESC Chief Financial Officer, Tayyab Tareen, told newsmen at a briefing on Thursday that talks were
on with SSGC officials and other authorities concerned that gas supply to the KESC should not decrease to
as low as 80 MMCFD but in case this happened then the power utility would have no option but to
drastically increase load shedding. He said the KESC had been working on the plan for increased load
shedding schedule in case the gas pressure dropped to the minimum of 80 MMCFD. In such a scenario of
reduced gas supply the KESC would not be in a position to maintain exemption from load shedding to
industrial areas of the city and the industrial estates could also face load shedding by up to eight hours.
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Microsoft announces release of Internet Explorer 9


Microsoft Corp. has announced the launch of the latest version of the world’s most-used
browser with the release of Windows Internet Explorer 9 in 40 languages.
Internet Explorer 9 is Microsoft’s most-downloaded browser beta of all time, with more than 40 million
downloads, and it has already gained more than 2 percent usage on Windows 7. Already more than 250 top
sites including www.rozee.pk, www.wi-tribe.pk, Jang Group websites (GEO, Jang, The News ) and
www.propakistani.pk from around the globe are taking advantage of the capabilities in Internet Explorer 9
to deliver differentiated experiences to their customers, with many featured on
http://www.BeautyoftheWeb.pk.Together, these partners reach more than 1 billion active Internet users on
the Web. “The true potential of the web can now be explored through Internet Explorer 9” said Kamal
Ahmed, Country General Manager, Microsoft Pakistan. “The internet browser is critical for giving users the
right online experience – one which is fast, secure, user-friendly and quite intuitive. IE9 has all these
qualities and provides the optimal use of hardware. It is also most suitable for countries with low bandwidth
like Pakistan. IE9 is not only a product of technological advancement but also based on customer feedback
obtained by releasing the beta version.”
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SECP issues orders for recovery of Rs 79mn


The Securities and Exchange Commission of Pakistan (SECP) issued orders, show cause
notices and warning letters to non-compliant market participants during March 2011.
According to SECP here Friday, orders were issued against beneficial owners of the five listed companies
under section 224 (2) of Companies Ordinance, 1984, because of regulatory non-compliance, and they were
directed to surrender gain to the tune of Rs 79 million.
As part of routine monitoring and surveillance, a warning letter and three show cause notices were issued to
members of the stock exchanges, beneficial owners of listed companies and other market participants.
Subsequent to the promulgation of the Securities (Leveraged Markets and Pledging) Rules, 2011,
amendments were approved to the regulatory framework of the National Clearing Company of Pakistan
Limited to cater for the operational aspects.
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SBP sees GDP growth at 2-3 percent for FY11


The State Bank of Pakistan (SBP) on Friday stuck to its earlier projection of Gross Domestic
Product (GDP) growth of 2 to 3 percent for the current fiscal year (FY11), accounting for the "catastrophic
floods" in August 2010.
"Although the cotton crop and rice were adversely impacted by floods, the impact was not as bad as initially
anticipated. More importantly, there has been an upside to the floods in terms of the increased area under
cultivation for wheat and better recovery from sugarcane", said the second quarterly report of SBP on the
state of Pakistan's economy for FY11, released here Friday.
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Commercial banks no longer financial intermediaries


There is no free lunch - especially when it comes to finance government
expenditure and revenue gap. On a good note, fiscal inflationary borrowing from central bank is and
expected to remain below the ceiling of September end level of Rs 1290 billion, the dark side is that the
onus of funding is tilting more towards commercial banks as foreign funding is elusive. SBP feared that this
trend is to continue.
"In our view, banks would be happy with this, as it reduces their risk-weighted assets, which is especially
important given the increase in NPLs.... Commercial banks appear almost to have given up their role as
financial intermediaries", SBP second quarterly report highlighted.
The reading between the lines is that the taxpayers are financing the windfall profits of commercial banks.
This is a profound implication and needs to be resolved by a combination of regulatory and legislative
measures. Some argue that the banks'' tax rates are to be increased, however, this or status quo could come
under the domain of policy inaction. State Bank ought to work on to pass on the benefit to banks'' deposit
holders to squeeze spreads and apply limits on fiscal lending to force banks by moving away from the lazy
behaviour of risk free lending to finance SMEs, agriculture sector and the corporate.
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Ali Raza made chairman NBP board


Renowned banker Syed Ali Raza has been appointed as chairman, Board of
Directors, National Bank of Pakistan. A notification to this effect was issued on Friday
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Jim Rogers | World Latest News

Jim Rogers, the co-founder of the Quantum Fund and the author of several financial books, speaking with Forbes’ Russell Flannery on Tuesday, offered his services about the current state of affairs to coup the inflation


Jim Rogers | World Latest News

Government Shutdown 2011 | World Latest News

It is said by a weather forecaster that he may have to live off the money which he has been setting aside for a Caribbean vacation.

Government Shutdown 2011 | World Latest News

Thursday, April 7, 2011

Pakistan Business News 08-April-2011

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Transfer of SML Rs29bn loans claimed against Saindak firm


April 7: The federal government has claimed loans worth Rs29 billion from the Balochistan
government after the proposed transfer the gold and copper mining company – Saindak Metal Limited
(SML) – to the province under the Aghaz-e-Haqooq package

The company will be transferred to Balochistan after expiry of mining contract with Chinese company MCC
in October 2012, the NA Standing Committee on Petroleum and Natural Resources was informed here on
Thursday.

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FBR moves to raise Rs572bn in April-June:


The Federal Board of Revenue will have to raise Rs572 billion in the last quarter
(April-June) of 2010-11 to reach the downward revised target of Rs1,588 billion for the fiscal year.
An official in the FBR told Dawn on Thursday that tax officials were contemplating on various proposals to
raise revenue for reaching the revised target. The tax target was revised from Rs1,604 billion to Rs1,588
billion despite mid-term revenue measures including withdrawal of exemptions on agriculture products.
An Income Tax Commissioner Conference scheduled for next week will also discuss various options to
realise tax from potential taxpayers.
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ADB’s report on Pak eco drags KSE 84 points down


The Karachi stock market closed lower on Thursday as the Asian Development Bank’s (ADB)
report on weak economic indicators due to rising inflation and fiscal deficit in the country propelled
investors to cut their exposures.

The Karachi Stock Exchange (KSE) 100-share index shed 84.34 points or 0.71 percent to close at 11,848.84
points as compared with 11,933.18 points of the previous session. The KSE 30-share index also lost 55.94
points to close at 11,512.23 points as compared to 11,568.17 points.
Analysts said cement sector remained in the limelight with daily turnover continuing to be on the lower side,
reflecting lack of trust among investors to take part in trading activities

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MPSP model will promote mobile banking in Pakistan: Dr Yaseen


A large number of customers are likely to be attracted towards mobile-banking by mobile
operators and banks with liberal, secure and innovative products and services through Mobile Payment
Service Providers (MPSP).
The primary approach is to encourage multiple mobile banking services to MPSP as opposed to One-to-One
payment system or one bank one operator. Therefore, there will be opportunities to design multiple money
transfer saving and financing services to customers.
The introduction of third party payment networks also known as MPSP (Mobile Payment Service Providers)
would be of immense advantage since these third party payment handing agents can work with many
providers, rather than the closed networks, Dr Muhammad Yaseen, Chairman Pakistan Telecommunication
Authority (PTA) said in its authored article on his blog.
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Oil above $123 in Asian trade


World oil prices Friday stayed above multi-year highs Friday, supported by the continued
tensions in the Arab world and the postponement of elections in Nigeria, Africa's biggest crude producer.
New York's benchmark West Texas Intermediate light sweet crude for May delivery rose 55 cents to
$110.85 per barrel after touching its highest level in two-and-a-half years in US trade Thursday.
Brent North Sea crude for May delivery gained 38 cents to $123.05.
"Current levels for crude are primarily supported by the Middle East tensions and also the Nigeria
elections," said Chen Xin Yi, a commodities analyst with Barclays Capital.
"The postponement of last's week parliamentary polls (in Nigeria) due to logistical problems does not bode
well for presidential elections," Chen added.
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Economy to grow by 4 pct in 2011/12


Pakistan's economy is expected to grow 4 percent in the coming financial year starting July
1, picking up steam again after devastating floods pushed back growth to around 3 percent this year,
officials said on Thursday. "We are looking at a growth rate of 4 percent for the next year because of a good
services sector and on hopes of better farm output," said a Finance Ministry official who did not want to be
identified.
The figure compares with a 3.7 percent growth forecast by the Asian Development Bank (ADB) in its
Outlook 2011 report released on Wednesday.
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Brazil envoy asks Pak businessmen to benefit from his country's market


Ambassador of Brazil to Pakistan, Alfredo Leoni, has called upon the Pakistani businessmen to
venture into the growing consumer market of his country. Addressing the members of Karachi Chamber of
Commerce and Industry (KCCI) during his visit to the Chamber here on Thursday, he said that Brazil was
already importing several items including textile, surguical items, soccer balls from Pakistan."But there is
plenty of room for improvement to boost bilateral business relations," he maintained.
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Pakistan and China ink 720 megawatts power project deal


Pakistan and China on Wednesday signed an agreement for the
construction of a 720 mega watt hydel power project at Korrat bordering Punjab and Azad Kashmir at a cost
of 1.2 billion dollars. Talking to media after the signing ceremony, Minister for Water and Power, Syed
Naveed Qamar, said that this would be the biggest power project to be undertaken by a private company in
Pakistan.
He said that the project would be completed within four years. Naeem Barri has signed agreement on behalf
of Pakistani company, Allied Technologies Limited (ATL), and Cao Guangjing on behalf of Three Gorges
Corporation. The signing ceremony was also witnessed by the Minister for Water and Power. Naveed
Qamar said that the Chinese company would also invest in wind energy and Thar Coal projects. He said that
the project signed today would be completed in time and 720 MW would be injected into the national grid.
He said that Chinese company, Three Georges, has been familiar with Pakistan as it has been involved in
Mangla dam raising project.
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Forex reserves Dip


Foreign exchange reserves of Pakistan declined by 32 million dollars to 17.637 billion dollars.
According to an announcement by State Bank of Pakistan (SBP) here on Thursday, the forex reserves were
17.95 billion dollars on March 26 and dwindled to 17.637 billion dollars on April, 2.
"Scheduled debt servicing is the major reason for the decline in forex reserves," said chief spokesperson of
SBP here while talking to APP.
"It is routine business of affairs," he pointed out.
Breakup of statistics further showed that the forex reserves held by SBP were dollars 14.26 billion and held
by banks were dollars 3.37 billion.
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