Thursday March 11, 2010 
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 Editorials[1-2 of 2 stories]  

Service extension for ISI chief
EDITORIAL (March 11, 2010): War is a serious business, and more so when it is being fought within your own country. Pakistan today is in a state of such a war. No doubt, insurgency on the western borders has been effectively tamed and controlled to some extent, but the task there is far from finished yet.



Benazir's assassins
EDITORIAL (March 11, 2010): While addressing the APNS award distribution ceremony at the Aiwan-i-Sadr on Tuesday, President Asif Ali Zardari clarified that when he stated he knew the identity of the killers of his late wife Benazir Bhutto he was not referring to those who actually assassinated her but to a 'mindset'.



Clash of interests: withdraw nomination
EDITORIAL (March 10, 2010): The Chairman Federal Board of Revenue (by designation) has been nominated by the government, to be a director on the Board of Allied Bank Limited. The government still holds a 12 percent stake in the bank. The nomination of a tax 'adjudicator' on the Board of a private sector entity has raised many an eyebrow. The precedent cited for this nomination is simply implausible. Former FBR chairman (then in service) Abdullah Yusuf was made a director of Pak-Kuwait Investment Company - a joint venture between two governments - Pakistan and Kuwait.



Heading fast towards debt trap
EDITORIAL (March 10, 2010): All the government efforts including the legislation of the Fiscal Responsibility and Debt Limitation Act, 2005 seem to have failed to contain the debt burden of the country. According to the latest data released by the State Bank, Pakistan's outstanding external debt and liabilities (EDLs) jumped to a record level of dollar 55.68 billion at the end of December, 2009 from dollar 46.16 billion in June, 2008, showing an increase of dollar 9.52 billion in last one and a half year.



SECP affairs: Prime Minister must order an inquiry
EDITORIAL (March 09, 2010): According to many, this newspaper, in its Monday's issue, has downplayed a news item wherein the Commissioner (Legal) Securities and Exchange Commission of Pakistan (SECP) had levelled some serious charges against the Chairman SECP. The reason behind our editorial judgement in relation to this news item, however, was simple: any sensational display of the news item would have caused even greater harm to the regulatory body's image.



Peace talks
EDITORIAL (March 09, 2010): While speaking in the Indian parliament, Dr Manmohan Singh defended keeping in touch with Pakistan, he again predicated meaningful talks on the fulfilment of the "assurance by Islamabad that it will not permit any territory under its control to be used to support terrorism in any manner." Pakistan is employing all means at its disposal in its existential fight against terrorism.



Baloch grievances
EDITORIAL (March 09, 2010): Two FC men were killed and three injured in a roadside bomb explosion in Balochistan on Friday. The incident is a sad reminder of the fact that the province remains in the grip of an uncontrolled insurgency. After assuming power, the PPP government has made some positive overtures involving political and economic initiatives.



Progress on BISP
EDITORIAL (March 08, 2010): Launched with great fanfare by the PPP government, Benazir Income Support Programme (BISP) is not making the desired progress in impacting the lives of poor people in a significant way. Addressing a signing ceremony of $85 million assistance by the United States, Chairperson of BISP, Farzana Raja revealed that the government had disbursed Rs 16 billion among the beneficiaries during the first eight months (July-February) of the current fiscal year.



A reforms package needed for Fata
EDITORIAL (March 08, 2010): The statement by Prime Minister Gilani to extend the Political Parties Act to Fata and bring the region into the mainstream politics would be widely welcomed. As things stand, Fata continues to be administered in accordance with the barbaric colonial relic called the FCR.



Financial crunch and PSDP packages
EDITORIAL (March 07, 2010): Prime Minister Yousuf Raza Gilani has directed the Finance Ministry and the Planning Commission not to resort to a cut in development funds earmarked for projects under the Multan and Larkana packages, a Recorder Report quoting sources has claimed.


  

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The Rupee
Interbank closing rates for dollar on Wednesday.
BuyingRs 84.50
SellingRs 84.55
Dollar eases further
8581.05  2.75
Sectoral Indices 
Market at Close
BRIndex-30 8,574.76
KSE-30 Index 10,261.61
KSE-100 Index 9,784.98
LSE-25 Index 3,081.63
ISE-10 Index 2,393.34
Gold Per 10gm 30,685.00
KCA Spot Rate 5,650.00
Libor Rate 0.39438
World Indices
Index Closing Chg%
DJIA 10,567.33 0.03
Nasdaq 2,358.95 0.78
S&P 1,145.61 0.45
FTSE 5,607.11 0.10
DAX 5,936.72 0.86
CAC-40 3,943.55 0.86
Nikkei 10,563.92 0.04
H.Seng 21,208.29 0.74
Sensex 17,098.33 0.27
NY Closing
Euro 0.7325
Sterling 0.6676
Swiss Franc 1.07
Yen 90.52
Gold 1108.10
Cotton 80.210
Oil 82.09
Economic Indicators
Annual2008/09
Foreign Debt $50.1bn
Per Cap Income $1046
GDP Growth 2.0%
Average CPI 20.77%
MonthlyJanuary
Trade Balance $-1.62 bln
Exports $1.7 bln
Imports $3.32 bln
WeeklyMarch 04, 2010
Reserves $14.80 bln
 









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