KARACHI – Police found a 12 day old slaughtered body of a minor girl, from an empty plot in the limits of Gulshan Iqbal police station.
The incident took place in Block 6 Gulshan Iqbal where labourers were cleaning an empty plot when they found the body of a minor girl from the bushes, they informed the police. After getting the information police reached the scene and shifted the body to Abbasi …
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KARACHI – The Anti Car Lifting Cell on Friday claimed to have busted a gang involved in motorcycle theft and snatching, 18 motorcycles were recovered from them.
Addressing a press conference here on Friday, SSP Javed Akbar Riaz said that acting on a tip, police raided a house in Rais Goth in Mochko and found a notorious gang Waris Jhulay Lal, the gang members had dismantled parts of the stolen …
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LAHORE – SALMAN ABDUHU – Though the wheat price has risen to Rs 970 per 40kg in the open market in Punjab but its still below the level of wheat support price fixed by the federal govt to procure grains from growers through Passco. The rate increased due to high demand of wheat in province.
According to Punjab Food Department sources, earlier the wheat was selling at Rs930 per 40kg in the open …
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LAHORE – British high commission Karachi Additional Deputy Head of Mission Shehryar Khan has said that UK is interested to invest in power sector of Pakistan.
He said this during a meeting with NTDCL MD Rasul Khan Mahsud at Wapda House on Friday. Talking about the prospects of investment in power sector, Mahsud said that NTDCL was a sole government company engaged in the transmission and …
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Categories: The News Tags: Investment, Karachi, Lahore
ISLAMABAD : The prices of 12 essential items during the week ended on May 17 witnessed decrease as compared to the previous week. According to provisional figures of Pakistan Bureau of Statistics (PBS), the Sensitive Price Indicator (SPI) for the week ended on May 17 for the lowest income group up to Rs 8,000, registered nominal increase of 0.09 per cent as compared to the previous week. The SPI …
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Categories: The News Tags:
LAHORE – Mina Hasan’s spring/summer 2012 collection “Rania” is now available at the flagship stores in Karachi and Lahore, says a Press release.
The name Rania stems from various origins and is translated for ‘Queen’ in Indian mythology and being satisfied and contented in the Arabic language. The collection exudes sedate glamour combining a variety of colours, …
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KARACHI – Retail brand Change has been launched at Brands Just Pret, one of Karachi’s most prestigious and illustrious multi-brand stores located at Dolmen Clifton Mall, says a Press release.
To celebrate its launch, Change held a unique and innovative Change-makers event where women of substance who have brought about real and substantial change in Pakistan were honoured. Change makers …
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KARACHI – The Board of Trustees of EOBI has approved more facilities for their employees, in its 102nd meeting held at Karachi, says a Press release.
The management has issued orders for implementation of BOT decisions; according to which the conveyance allowance will be increased from Rs.700/- to Rs.3000/- pm for the officers and from Rs.750/- to Rs.2500/-pm for staff members.
The BOT also …
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KARACHI – Emirates, one of the fastest growing airlines in the world, has announced special promotional fares to Jeddah and Madina, Saudi Arabia for travelers booking out of Pakistan. Both cities are a popular hub for Pakistani travelers and with the upcoming Haj season the airline is giving passengers a chance to book flights early at a discounted price, says a Press release.
The economy class …
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Categories: The News Tags: economy, Karachi, Saudi Arabia
ISLAMABAD – Visa Inc (NYSE: V) has announced financial results for the company’s fiscal second quarter 2012 ended March 31, 2012, says a Press release.
GAAP net income for the quarter, inclusive of a one-time non-cash benefit related to the remeasurement of existing net deferred tax liabilities, was $1.3 billion.
On an adjusted basis, excluding this non-cash benefit, net income for the …
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LAHORE – Some 40 candidates have submitted applications for the slot of Chief Executive Officer of Punjab Agriculture and Meat Company (PAMCO) after the resignation of its CEO Dr Hamid Jalil around two weeks ago.
Sources said that May 18 was the last date for submission of applications which was expired. The candidates in the race for the PAMCO chief slot include drawn from multinationals, …
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LAHORE – The smuggled plastic moulding compound used in plastic industry have flooded the local markets, pushing the legal importers of chemicals to the wall and causing a loss of billions of rupees to the exchequer.
The plastic compound importers said that the authorities concerned should immediately ban import of Polyethene and Polyproplene from Iran via land route from any border of …
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LONDON – World oil prices slid to new multi-month lows on Friday as the market was rattled once again by concern about the outlook for demand linked to the eurozone debt crisis, analysts said.
Brent North Sea crude for delivery in July struck $106.40 per barrel, which was the lowest point since December 21. The contract later stood at $106.97, down 52 cents compared with Thursday’s …
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LAHORE: “I have four priorities for the upcoming budget,” said Prime Minister Yousaf Raza Gilani, listing them down as electricity, employment, no new taxes and relief to the agriculture sector.
“We will ensure that relief is provided to the agriculture sector and also to other sectors through the Benazir Income Support Program [BISP],” said Gilani while speaking to the media.
The premier also boasted that his government was the first democratic government of the country to be presenting the fifth budget.
“This will be unprecedented in the history of Pakistan… We are not concerned with those who are criticising us.”
To deal with the energy crisis, Gilani announced that an emergency cell was formed during the special cabinet meeting which will “only and only” deal with electricity.
The special cabinet committee will consist of the finance minister, minister for water and power, petroleum minister, deputy chairman planning commission, governor State Bank and information minister, said Gilani.
“Meetings will be held every day. The information minister will be present there to give a briefing on the shortage of electricity. I want to assure you that we won’t leave any option in dealing with the issue,” he added.
The prime minister also said that around 3,600 megawatt (MW) electricity has been added to the national grid and the import of 1,000MW from Iran and 500MW from India is also in the pipeline. He added that the government is also looking forward to working on Thar coal, Diamer-Basha, Mangla and several other dams as well as hydel projects.
Accompanied by Pakistan Muslim League – Quaid (PML-Q) chief Chaudhry Shujaat Hussain, Gilani said that his government agrees with Hussain’s formula to deal with the crisis.
Senior Federal Minister Pervaiz Elahi, also present at the media briefing, said that the issue of electricity is not an issue for one party only, but is rather a nationwide issue.
Nato supply
The prime minister maintained that the Defence Cabinet Committee (DCC) discussed the issue of reopening Nato supplies in light of the recommendations presented by the Parliamentary Committee on National Security (PCNS). “We have not taken any final decision yet.”
“The president was invited to the Chicago summit and it was unconditional. The DCC, as well as the cabinet, welcomed the invitation, and endorsed that the president represents Pakistan in the summit.”
Ali Musa Gilani
When asked about his son’s involvement in the ephedrine case, Gilani said that his son, Ali Musa Gilani, was being accused because he is in politics. “Your hands will be black if you work with coal.”
He added that his son will face the courts to clear the allegations and they don’t need to be apologetic about it.
Long march
Gilani questioned how the Pakistan Muslim League – Nawaz (PML-N) can hold a long march against the government when the party itself is a part of the government. “They can’t hold a long march, they won’t hold it either. There is no dictator whom they will protest against.”
He further stated that if the PML-N wants to protest against the government, they should resign from their posts and join the opposition. “It is rebellious if the government itself protests against the government.”
He added that the government cannot be removed in a non-democratic way. “I can only be removed through a vote of no-confidence and the president can be removed through impeachment… If anyone is courageous enough then he should use this option.”
“The country suffers when governments are removed through conspiracies.”
Contempt appeal
“My legal team will decide about the appeal,” Gilani told reporters regarding the appeal he will file against the Supreme Court’s verdict which indicted him of contempt of court.
He added that the court had never stated that he was disqualified from his post.
“I did not commit any moral crime or any financial crime. I only followed the interpretation of the Constitution that was sent to me. I followed the Constitution – you can think it is a crime, but I don’t think so.”
Gilani added, “I will remain the prime minister till parliament allows.”
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Categories: Express Tribune Tags: Bank, Budget, Education, india, Iran, Lahore, Mangla, NATO, Protest, protests, PTI
KASUR: Pakistan Muslim League-Nawaz (PML-N) chief Nawaz Sharif has said that he does not consider Yousaf Raza Gilani as the Prime Minister of Pakistan, however, he failed to answer if his party will accept the next budget presented by him or not.
Speaking at a press conference in Kasur, Nawaz said PML-N would play its democratic role in favour of the country.
“We are doing our best to fix things and we will carry on with our struggle,” Nawaz said.
Calling all-parties conferences a waste of time, Nawaz said such meetings had been of no use in the past. “Even though many resolutions were passed, none was implemented,” he said.
Commenting on the issue of new provinces, the PML-N chief said that when Pakistan People’s Party (PPP) talks about dividing Punjab, it has an ulterior motive behind it.
“The PML-N, on the other hand, has Pakistan’s interest as the prime focus,” Nawaz stated.
“We will never call for division of Sindh,” he added.
Siachen tragedy
Expressing sorrow over the Siachen incident, the PML-N chief said that the event could not be prevented as the area is prone to natural disasters.
He, however, applauded the rescue work underway to evacuate the trapped soldiers and civilians.
“Pakistan Army has put in a lot of effort into the rescue work but the task is not easy. I salute all those who have been working in the area by putting their lives at risk,” he said
Categories: Express Tribune Tags: Army, Budget, Kasur, Nawaz Sharif, punjab, sindh
Prime Minister Syed Yousuf Raza GIlani.—File Photo
LAHORE: Prime Minister Yousuf Raza Gilani challenged the opposition Pakistan Muslim League – Nawaz on Friday, daring the Sharifs to bring a vote of no-confidence against him.
“The only way to unseat me democratically is through a vote of no-confidence … the president can only be removed through impeachment. If you have the courage then go ahead and use the available option,” said the prime minister.
Gilani was speaking to reporters in Lahore at a joint press conference with Pakistan Muslim league – Quaid (PML-Q) chief Chaudhry Shujaat Hussain, who is a coalition partner of the Pakistan People’s Party (PPP).
Gilani was found guilty of contempt by the Supreme Court for refusing to reopen corruption cases against the president, but received only a symbolic sentence of a few minutes’ detention in the courtroom.
The opposition PML-N has said they do not consider Gilani the prime minister after his conviction by the SC, and threaten to hold a long march if he stays in office. Gilani, however, says that he will remain the prime minister as long as the parliament allows him to.
“I will not resign on somebody’s wishes … I have complete support of the parliament,” said Gilani, Pakistan’s longest serving democratically elected prime minister.
“How can they protest against the government when they are in the government themselves? They would have to resign from their seats to protest,” said Gilani.
“As for long marches, they are held against dictators. There is a democratic government in the country. There are no dictators and there will be no long marches.”
When asked a question regarding an appeal against the SC’s decision, Gilani said his legal team would decide about the issue.
“I have not committed a crime. I have only followed the constitution’s interpretation given to me,” he said.
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Via DAWN.com
Facebook Chief Executive Mark Zuckerberg speaks to employees during the company’s Hackathon in Menlo Park California. – Photo by Reuters
NEW YORK: Facebook founder and chief executive Mark Zuckerberg rang the opening bell of the Nasdaq stock market from his California office on Friday, to announce the listing of his company.
Amid a crowd at the social network’s headquarters, Zuckerberg and hundreds of Facebook employees cheered the market open. Facebook shares were to start trading later in the day in the largest offering for a technology firm.
The company’s stock, priced at $38 per share, will begin trading under the symbol “FB” on the Nasdaq, giving the leading website a dizzying value of $104 billion at its initial public offering (IPO).
Facebook is raising $16 billion from the share offering, making it the richest IPO after financial giant Visa in 2008, according to Renaissance Capital. The addition of a possible stock “over-allotment” could boost the total to $18.4 billion.
Facebook itself is selling 180 million shares and early investors in the company, which has grown from its humble Harvard origins into an online community of more than 900 million users, are selling 241 million.
With a market value of $104 billion, Facebook would be among the most valuable US companies, ahead of sector giants Amazon ($98 billion) and Cisco ($89 billion), and more than twice the value of Ford Motor Co. ($38 billion).
But it remains behind Google ($203 billion) and Apple ($495 billion).
Under the share plan, Zuckerberg will hold 55.8 per cent of the voting power of Facebook shares, and over 18 per cent of the value of the company, which he controls through a dual-class stock structure.
The IPO’s net proceeds to Facebook are estimated at $6.4 billion. The rest of the cash goes to Facebook insiders and others who made early investments in the social network, and to cover the IPO costs.
The Wall Street Journal said 57 per cent of shares will be from insiders, which is an unusually high percentage. Under Wall Street rules, investors have to wait six months to sell any shares not offered at the IPO.
Some analysts predicted Facebook’s stock price would jump quickly to $44 a share but the long-term outlook is less clear.
At the heart of the debate about the wisdom of owning a piece of Facebook is how much revenue it takes in.
Revenue vaulted to $1.06 billion in the quarter which ended March 31 – an improvement year-over-year but down about six per cent from the previous quarter.
According to Experian Hitwise, Facebook.com received nine per cent of all US Internet visits in April 2012. It had 1.6 billion visits a week and averaged more than 229 million US visits a day for the year-to-date.
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Via DAWN.com
Categories: The News Tags: Facebook, Investment