US missile attack kills 8 in Miranshah

Updated at: 0926 PST, Thursday, October 23, 2008
MIRANSHAH: Eight people have been killed when US drone struck Miranshah in North Waziristan attack.

According to reports, US drone fired two missiles at a maddarssah in Danday Darpakhel killing eight people. Locals said that commander Sirajuddin Haqqani has been established the maddarssah.

Among the deceased, five belonged to Wazir tribe of Wana whereas three belonged to local Dawar tribe.

One killed in Karak accident

Updated at: 1118 PST, Thursday, October 23, 2008 KARAK: One person was killed and ten others injured when a vehicle carrying newspapers overturned at Indus Highway in Karak. According to hospital sources, a coach had plunged into gorge at Spyina Banda area when driver has lost the control due to over speeding. The injured were shifted to nearby hospitals. Police have registered the case.

Dialogues would resolve tribal areas issues: Mahmood Shah

Updated at: 1130 PST, Thursday, October 23, 2008
ISLAMABAD: Former secretary of FATA Brigd(r) Mahmood Shah said that passing a resolution during in-camera session is a positive effort, which would produce better results.

Talking to Geo News, Shah said that dialogue is the only way to resolve the issues of tribal areas and troops would leave the area if local law enforcement agencies organized themselves.

Militants hideouts targeted in Bajaur

Updated at: 1155 PST, Thursday, October 23, 2008
KHAR: Security forces gunship helicopters carried out air strikes at militants’ positions in Loi Sam area in Bajaur Agency. According to reports, several feared dead during bombing whereas a weapon depot has also been destroyed.

Govt wants to resolve NAPA issue through dialogue: Shazia Mari

Updated at: 1224 PST, Thursday, October 23, 2008
KARACHI: Sindh minister for information Shazia Mari said that the government is not against the National Academy of Performing Arts (NAPA) but the Hindu Gymkhana is owned by the Hindu community.

She said that the NAPA can continue its work at the same place or at any other substitute place.

Shazia Mari said this in an exclusive talk with Geo News in the Media Forum held under the ministry for population welfare here at a local hotel.

She said that the government does not want to compel any but it also wants to resolve the issue of the building, where the NAPA came into existence, through dialogue.

Shazia Mari further said that the doors of the government are open all time for dialogue with the NAPA management.

Minister for population welfare Jam Mehtab Daher also addressed the forum

23 killed in Bajaur Agency operation

Updated at: 1241 PST, Thursday, October 23, 2008
KHAR: Gunship helicopters have started shelling in charming, Cheenar, Kohi and Babarha areas of Nawagai Tehsil destroying various underground hideouts and bunkers of militants.

Security forces in their latest crack down killed 5 militants while 18 militants were killed in the last night operation in Mamund Tehsil.

Security forces by heavy artillery shelling and Mortar Guns pounded militant positions through out the night in Charmang, Cheenar, Hashim, Kohi and Babarah areas of Bajaur Agency.

Security forces backed by Heavy artillery, Tanks and Armed Personal Carriers are marching towards important areas of Tehsil Khar some 18 kilometers from Headquarter Khar.

Security forces have taken control of Loysam and the surroundings areas, where militants were having a strong hold.

LHC issues notice to chairman Wapda

Updated at: 1325 PST, Thursday, October 23, 2008 LAHORE: Lahore High Court (LHC) has issued notice to chairman Wapda against on a petition filed against imposing Neelum-Jehlum surcharge on industrial units. Pakistan Paper Board and other industrial units filed the petitions. LHC has also approved the petition against raise in electricity tariffs on March 1 2008 for formal hearing.

PM Gilani leaves for China today

Updated at: 1334 PST, Thursday, October 23, 2008 ISLAMABAD: Prime minister Syed Yousuf Raza Gilani has left for China today. He will participate in the seventh Asia-Europe meeting (ASEM7) summit in Beijing.where he will also meet with his Indian counterpart Manmohan Singh. The other engagements of the Prime Minister during his two-day stay in the Chinese capital will be his sidelines meetings with other world leaders who will be here for the summit including Prime Minister of Malaysia, Prime Minister of Italy and German Chancellor. Prime Minister Yousuf Raza Gilani is also likely to have brief interaction with Chinese leaders, President Hu Jintao and Premier Wen Jiabao.

Lawyers stage rally for judges’ restoration

Updated at: 1552 PST, Thursday, October 23, 2008
LAHORE: The legal fraternity on Thursday boycotted court proceedings and staged weekly rallies on Mall road for the impendence of judiciary and reinstatement of all deposed judges, including Iftikhar Muhammad Chaudhry.

The rally was taken out on call of Lahore Bar and was led by presidential candidate of the Supreme Court Bar Association (SBCA) Ali Ahmed Kurd. The participants were carrying placards and banners and changed anti-government slogans.

They were joined by activists of Pakistan Tehrik-e-Insaaf (PTI), Labour Party and Khakstar Tehrik from Nasir Bagh. While lawyers of Lahore High Court too joined them from GPO Chowk.

The rally ended at Faisal chowk where lawyers’ leaders vowed to continue the struggle till the restoration of all deposed judges.

Power riots erupt in Sialkot

Updated at: 1643 PST, Thursday, October 23, 2008 SIALKOT: Irked by frequent power cuts and inflated electricity bills, protests continued in various cities of Punjab on Thursday. Fierce clashes erupted in Sialkot between police and power consumers, causing severe injuries to several citizens and a police officer. Unscheduled and prolonged loadshedding prompted hundreds of people to take to streets against the Wapda in the city. Enraged protestors blocked the Sialkot-Wazirabad road and burnt the tyres. Police baton-charged the protestors to disperse them which triggered a clash between police and protestors who threw stones on the police. A deputy superintendent of police Akram Khan and several others sustained severe injuries in the clashes. On the other hand, Sialkot Chamber of Commerce and Industry (SCCI) has called an emergency meeting on October 24 to deal with the current situation. Apart from Sialkot, protests were reported at various localities in Kasoor and Sheikhupura. Lawyers, after weekly protest, took out a rally against overbilling and loadshedding in Sheikhupura.

Security on high alert in Peshawar, adjoining areas

Updated at: 1711 PST, Thursday, October 23, 2008
PESHAWAR: Security has been beefed up in Peshawar and its adjoining areas in view of any potential threat.

Police spokesman said that security has been put on high alert in the wake of worsening law and order situation in the provincial capital.

According to sources, police have stepped up the surveillance system and extra security personnel have been deployed at entrance and exit points. The movement of suspected people is being monitored.

Sources told that special contingents of police have been deployed outside mosques, other worship places and important governments’ buildings

Olympian Shahbaz excuses to coach national hockey team

Updated at: 0153 PST, Thursday, October 23, 2008 RAWALPINDI: Former Olympian and former coach of national hockey team Shahbaz Ahmed senior said that he was not able to coach national team due to some domestic reasons amid news that he might be asked to coach national hockey team. Talking to Geo News correspondent Abid Malik here he said that he was not mentally prepared to provide his services as a coach of national hockey team which made him excuse for the aforesaid job. He thanked the President of PHF Qasim Zia for offering coaching of hockey team however he added, he is ready to propose his advices for the betterment of national hockey as well as he maintained to play his continuous role as a member of Executive Board.

SECP resolves Rs. 50 bln Support Fund for stock markets

Updated at: 0230 PST, Thursday, October 23, 2008
ISLAMABAD: Security and Exchange Commission of Pakistan (SECP) has held a meeting here concluding the resolve to provide Rs. 50 billion Support Fund for stock exchanges to cope with ongoing financial crisis on Wednesday.

Director KESC Sohail Walia told Geo News that during the meeting, it was resolved to release Rs. 50 billion Support Fund to emancipate state’s stock markets from crisis.

Market Support Fund would be available after October 27 and added that Rs. 20 billion Support Fund would be available straightaway while remaining Rs. 30 billion would be provided to stock markets through “Pit Option”.

18 killed in Indian fireworks explosion

Updated at: 1100 PST, Thursday, October 23, 2008
JAIPUR: Police say 18 people; including 10 children have been killed in an explosion at an illegal fireworks factory in western India.

Area police chief Rohit Mahajan says the blast early Thursday occurred in a workshop set up in a home in a slum in the town of Deeg. Mahajan says the huge explosion brought down two neighboring homes, leading to the high death toll.

Deeg is some 120 miles (192 kilometers) northwest of Jaipur, the capital of India's Rajasthan state.

Wapda defers bills’ payments for 10 days

Updated at: 1607 PST, Thursday, October 23, 2008
ISLAMABAD: On the directive of Federal Minister for Water and Power Raja Pervez Ashraf, Water and Power Development Authority (WAPDA) on Thursday issued a notification giving a 10-day extension for the payments of electricity bills’.

During this period, power consumers would not be charged any additional fine.

According to Lahore Electric Supply Corporation (LESCO) spokesman, government has formed a high level committee to review the power tariff hike. A meeting of special committee has also been summoned on Friday for resolving the issue of public complaints about inflated bills.

The committee would present its report to the government within 10 days

4-5 billion dollars required in 30 days for economic stability: Tareen

ISLAMABAD: Advisor to prime minister on finance Shaukat Tareen said that Pakistan needs four to five billion dollars in thirty days for stabilizing the country’s economy and it has three plans ready for meeting the crisis challenge. Shaukat Tareen said that our market became nervous due to decline in reserves and seeking the IMF help would be the final option. Addressing a press conference here on Thursday, the advisor on finance told that th ... Full Story

Number of mobile users in Pakistan exceeds 90 million

Updated at: 2011 PST, Tuesday, October 21, 2008
KARACHI: The number of mobile phone users in the country has crossed 90 million.

According to Pakistan Telecommunication Authority (PTA), an increase of 29 per cent was recorded in mobile phone subscription during the month of September in comparison with the same period in the previous year whereas it increased by 0.7 per cent against August.

FCA sets wheat target of 25 mn tonnes for 2008-09

FCA sets wheat target of 25 mn tonnes for 2008-09

Updated at: 2058 PST, Tuesday, October 21, 2008 ISLAMABAD: The Federal Committee on Agriculture (FCA), on Tuesday reviewed food security in the country and set wheat target of 25 million tonnes for the year 2008-09. “The government has enhanced Wheat Support Price and provided subsidies on fertilizers with an aim to encourage farmers enhance per acre production,” Minister for Food, Agriculture and Livestock (MINFAL), Nazar Muhammad Gondal said while addressing a press conference after FCA meeting. Unveiling the targets for Rabi crops, he said, the government has set targets for Rabi crops including wheat, gram, potato, and onions as 25.0 million tonnes, 0.65 million tons, 6.20 million tonnes and 2 .0 million tons respectively. He said that government has decided to launch “Grow more wheat “ campaign in order to encourage the farmers to produce more wheat for their own benefit and for the prosperity of the country. He said that the government has already announced Guaranteed Minimum Price (GMP) of Rs.950 per 40 kg to encourage farmers enhance production of their crop. He said that there was no shortage of DAP as 0.89 million stock was already available in the country as against the consuming target of 0.61 million. Gondal further said that federal government in the financial year 2008-09 has earmarked Rs.250 billion specifically for the agriculture loans for the farmers. He added that under Federal Committee on Agriculture (FCA) five sub-committees have been set up to promote high valued crops including kitchen items of pulses and vegetables, livestock and fisheries and horticulture. MINFAL has also started a special development programme for small farmers at a cost of Rs. 8 billion and also allocated Rs.18 billion for efficient use of water for agriculture through drip and sprinkler irrigation. Gondal said that there was a demand of 2.9 million tons of Urea for Rabi crops and the government has made all arrangements for the availability of the required input. He added that there was requirement of 0.82 million tons of DAP for the Rabi crops and the government has arranged 0.990 million tons of DAP for the crops in the season. To a question, he said that the sugarcane production would be short of target, however, it would be more than sufficient to meet the country’s consumption. Highlighting the targets and achievements, the federal minister said, the cotton production target was set 14.1 million bales against which 12 million bales were achieved. Similarly 53 million sugarcane production was achieved against the target of 56.5 million tonnes 6.54 million tonnes rice was produced against the target of 5.72 million tonnes. The maize target was set as 3.28 million tonnes and 3.34 million was produced during the Kharif season.

Oil prices slide on demand concerns

Updated at: 0330 PST, Wednesday, October 22, 2008
NEW YORK: World oil prices fell sharply Tuesday, with investors shrugging off the possibility of a new OPEC output cut as they focus on slowing global demand.

New York's main contract, light sweet crude for delivery in November, tumbled 3.36 dollars to close at 70.89 dollars per barrel. The contract expired at the close.

In London, Brent North Sea crude for December delivery fell 2.31 dollars to settle at 69.72 dollars a barrel.

Oil prices had rebounded more than four dollars over the past two sessions on market expectations that the Organization of the Petroleum Exporting Countries would announce an output cut at their special meeting Friday in Vienna.

But prices have since given back most of those gains "as participants react to what appears to be resistance to slashing production by the Saudis," said John Kilduff, analyst at MF Global.

Unlike some other OPEC members who have called for a production cut in the face of declining oil prices, Saudi Arabia, the largest oil producer, has not made its position known.

"Apparently, they are fearful of a spiral of lower prices followed by more cuts," Kilduff said.

Algerian Energy Minister and current OPEC chief Chakib Khelil said over the weekend that the cartel should order a "substantial" cut in production.

Crude futures have halved in value from record highs above 147 dollars in July.

Crude prices slumped under 70 dollars last week for the first time in more than a year, dragged down by prospects of reduced demand in the face of a global economic slowdown stemming from the ongoing world financial crisis.

Asian markets lower on recession fears

Updated at: 1356 PST, Wednesday, October 22, 2008
TOKYO: Asian stock markets stumbled in early trade Wednesday after fears of a US recession and weak corporate earnings knocked shares lower on Wall Street overnight.

Wall Street's Dow Jones index sank 2.50 percent on Tuesday after several US companies posted weaker-than-expected quarterly earnings. Most European exchanges also ended with losses.

The Tokyo market was spooked by media reports that auto giant Toyota Motor and megabank Mitsubishi UFJ are likely to suffer sharp falls in earnings.

The Canadian central bank declared the US economy in recession as it announced a second unscheduled interest rate cut this month to stimulate domestic demand.

Oil prices fall in Asian trade

Updated at: 1356 PST, Wednesday, October 22, 2008
SINGAPORE: Oil prices fell below US$70 a barrel Wednesday in Asia as investors shrugged off a looming OPEC production cut after company forecasts suggested the U.S. may be headed for a severe economic slowdown that crimps crude demand.

Light, sweet crude for December delivery dropped US$2.73 toUS$69.45 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore.

The November contract expired Tuesday and fell US$3.36 to settle at US$70.89. Last Thursday, that contract had declined as low asUS$68.57 a barrel, the lowest since June 2007. Crude oil is down 52 percent from its peak of $147.27 reached in mid-July.

KASB-Atlas Bank merger: Paid-up capital exceeds Rs12.5 billion

Updated at: 1508 PST, Wednesday, October 22, 2008
KARACHI: The paid up capital of KASB and Atlas banks is expected to cross Rs12.5 billion after their merger.

This was stated by President KASB Muneer Kamal in Geo News programme Tezi Mandi.

Kamal said that before the merger, KASB’s paid up capital stood at Rs8.5 billion and after the merger of the two banks, their equity would spur, leading to restoration of confidence in account holders.

The paid up capital of the banks has been on the rise since the tenure of former Governor State Bank of Pakistan (SBP) Dr Ishrat Hussain, Kamal observed

He said the banks may be merged if their paid up capital fails to meet the target set by the SBP.

Bearish trend prevails at KSE

Updated at: 1640 PST, Wednesday, October 22, 2008
KARACHI: Karachi Stock Exchange (KSE) skidded low, as the KSE benchmark100
index witnessing a nominal decline of three points closed at 9,183 points on Wednesday.

The market today opened in the negative zone and remained under pressure throughout the day.

The turnover at the local bourse stood at 123,000 and the highest trading today was seen in the scrips of Gharibwal Cement whose share remained unchanged at Rs17.90.

Meanwhile, the 30-index witnessing no change remained at 10,042 points.

Analysts believed that the market might seesaw until next week