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Last updated: Friday 23 Dec, 2005-12.30 P.M (PST)

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3 DAYS FORECAST
In oC

CITIES MIN MAX

HUM%

FOR.

KARACHI
Today 12 26 38 Sunny
Tomorrow 11 27 38 Sunny
Day after 11 28 38 Sunny
LAHORE
Today 1 20 87 Sunny
Tomorrow 2 20 87 Sunny
Day after 2 21 87 Sunny
ISLAMABAD
Today 0 18 59 Sunny
Tomorrow 0 18 59 Sunny
Day after 0 21 59 Sunny
HUM%: Humidity In %
FOR.: Weather Forecast
updated: Fri - Sun 23-25 Dec, 2005

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KARACHI         - 021 LAHORE          - 042 ISLAMABAD    - 051 FAISALABAD   - 041 MULTAN          - 061 PESHAWAR    - 0521 CANADA          - 1 KUWAIT           - 965 INDIA               - 91 IRAN                - 98 U.K                   - 44 U.A.E                - 971 U.S.A                - 1

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  FOR THE RECORD

By SYED ATIF ALI
Nov 14 - 20, 2005

"Aside from compensation of Rs100,000 for people who have lost their family members, Rs25,000 would be provided for each damaged house in Azad Kashmir and the NWFP. The government is also extending Rs25,000 to Rs50,000 to each injured as compensation," said President Musharraf.

(President Musharraf said the government was targeting the distribution of Rs20 billion among the quake-affectees to help them rebuild their lives after the colossal tragedy.)

"We have $312 million flash appeal revised to $550 million but we have $133 million in pledges and commitments compared to $112 million on the day of the donor meeting in Geneva," said the Undersecretary General of United Nations Humanitarian Assistance programme, Jan Egeland.

(The top United Nations relief official made an urgent appeal to the member states to convert $1.03 billion (approx.) of pledges into commitments and contribution in order to meet the ongoing relief operations to save thousands of Pakistani earthquake victims from the imminent death.)

"The earthquake damage estimated to be more than $5 billions," said official sources.

(According to a preliminary assessment by World Bank and Asian Development Bank, the damage caused by the October 8 earthquake would exceed $5 billion. According to the assessment, Pakistan will require more than $3.5 billion to restore and reconstruct the countryside. It will need more than $90 million to revive means of livelihood lost in the quake. These costs are in addition to the $1.6 billion the United Nations has estimated would need to be spent on relief efforts.)

"Oil prices fell below $58 on Nov11 to the lowest level since July."

"The State Bank of Pakistan is likely to avoid any more monetary tightening in FY06 as it could further slow down the economy," says the annual report of SBP.

(The Annual Report for FY05 issued by SBP says that additional tightening of monetary policy could run the risk of inducing recessionary pressures on the economy.)

"The government's net borrowing for budgetary support from the banking system increased by 743 percent to Rs 56.807 billion during the first three-and-a-half months of 2005-06," said a report of SBP.

(According to the data released by the State Bank the central government made net borrowing of Rs 33.488 billion between July 1, 2004 and October 15, 2005, and the provincial governments borrowed Rs 23.319 billion from scheduled and central bank. Thus, on balance, the overall government borrowing for budgetary support stood at Rs 56.807 billion during this period.)

"Today we have taken a decision that allows Saudi Arabia to become the 149th member of the organisation...30 days after today they become a full member. It is a historic day," said Kenyan Ambassador Amina Mohamed, who was presiding the WTO's executive General Council.

(Saudi Arabia, the top global oil exporter, will become the 149th member of the World Trade Organisation (WTO) next month.)

"Exports to china witnesses boost."

(Pakistan's export to China shows an upward trend, registering an increase of about 36 percent in the recent nine months. The export was amounted to around $612 million from January to September 2005, whereas it was $448 million in the corresponding period last year.)

"The consortium of Hassan Associates with Al-Jummaih Group of Saudi Arabia was asked to deposit $100 million for KESC," say official sources.

(Privatisation Commission Secretary Tahsin Iqbal Khan has said that the consortium of Hassan Associates with Al-Jummaih Group of Saudi Arabia has been asked to deposit $100 million prior to signing shares purchase agreement (SPA) for Karachi Electric Supply Corporation (KESC).)

"US jobs openings surging."

(In its Job Openings and Labor Turnover Survey, the Department of Labor reported that 3.677 million jobs were open in September, up from 3.487 million in August. The number of jobs available increased in most sectors, most notably government, where openings jumped to 426,000 from 370,000.)

"Telecommunication share will increase to 3% of GDP in next five years."

(Total share of telecom sector in the GDP is likely to touch 3 percent in the next three to five years. The share of telecom sector in GDP has increased from 1.5 percent in 1999-00 to 1.9 percent in 2004-05. The tele-density in the country has jumped to 13.7 from 6.3 percent a year earlier and has broken the record in single year growth of 105 percent.)

"Vodafone in talks to up Vodacom stake for $2.4 billion."

(UK-based mobile phone giant Vodafone Group has entered exclusive talks to raise its stake in South African mobile phone operator Vodacom by paying up to 16 billion rand ($2.4 billion) for an additional 15 percent interest.)

"Microsoft launches SQL server 2005 to re-gain market share from oracle and SAP."

(Microsoft Corp launched its corporate database software programme aimed at taking market share from Oracle Corp.)

"Micro chip industry faces uncertain future."

(An uncertain US economy and lack of a star-performing technology product are casting clouds over the future of the microchip industry.)

"The Central Board of Revenue (CBR) will suffer a huge loss of Rs 6 billion following exemption of customs duty on the duty-free import of 3000-4000 CNG buses under the new 'Green Punjab Transport Scheme."

"China raises personal income tax cut-off," said the official Xinhua news agency.

(China has set 1,600 yuan ($198) per month as the new point above which residents must start paying personal income tax, raising the cut-off from a previous 800 yuan.)

"Foreign currency deposits on the decline."

(Foreign Currency Deposits (FCDs) under FE-25, which reached to a peak of $3,302 million by the end of July 2005- the first month of FY06, declined by $83 million since then to reach to $3,219 million by the end of September 2005)

 
 

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