Category: Misc

According to news report published in Dawn the Global Index Compiler FTSE will not demote Pakistan from the status of secondary emerging markets to frontier markets. FTSE had announced two years ago that it was placing Pakistan on a watch list for a possible removal from the FTSE Global Equity Index Series. This index is widely used by global investors and the decision by hence the decision by FTSE to place Pakistan in a watch list had created ripples in Pakistani equity markets.

For a country that is already steeped in financial crisis this news comes as a great relief. I hope that the situation will improve in the coming days.

The foreign reserves of Pakistan stood at $9.10 bn on September 13. They have now fallen by $190mn to a record low of $ 8.91bn in past week. This figure has been released by the State Bank of Pakistan.

The reservs held by the central bank fell to $5.52bn from $5.72n while the reserves held by commercial banks have increased marginally from $3.38bn to $3.39bn.

Foreign reserves held by the country were at a record high of $16.5bn previous year but it has depleted due to high import bill as well withdrawal of money by foreign investors because of the prevailing political uncertainly in the country.

Really tough times ahead if something is not done soon to check this situation. But unfortunately we are not seeing any serious attempts at improving the situation.

How far can MQM and PPP move ahead? It has not been long and there are already signs of cracks in the coalition between MQM and PPP. MQM first signed an agreement with the Pakistan People’s Party in 1988. The agreement came to be known as Karachi Declaration. This agreement could not survive long.

MQM is a partner in the government in the province in Sindh but it has given ministries which exist on papers only. They are the ministries that are created to adjust more and more people in the cabinet. MQM is demanding a reshuffle in the Sindh cabinet so that it can get a rightful share. PPP chief Asif Zardari has rejected the demands by saying that PPP is the majority party in Sindh.

The fact of the matter is that PPP does not need MQM to form government. If PPP is in majority in the Sindh Assembly, it will never share power with MQM. I think that MQM must also reconsider its policies of trying to remain in power. It should have concentrated its energies on the ongoing development works in Karachi and Hyderabad by supporting the government without actually joining it. Now it is in government but it is complaining that the government has blocked funds for Karachi and Hyderabad. You must not complain when you are a part of the government.

The judicial crisis in the country has nearly ended. The judges are lining up to get back their jobs. The lawyer’s community of Pakistan had launched a fierce struggle for the restoration of judges but it has come to naught. It was said that the steps taken by General Pervez Musharraf on 2^nd November 2007 were unconstitutional and hence the judges can be restored through a simple executive order. The prime minister of the country is on record having said that if he was given instructions by his party chief he will immediately issue orders for the restoration of judges.

This has not happened. The cunning Asif Zardari has played his cards well. Instead of restoring the judiciary where it was on 2^nd November 2007 by declaring the PCO issued by General Pervez Musharraf as unconstitutional, it has been implicitly accepted that the steps taken by him were valid because they judges are not being restored. They are being re-appointed. It is another matter that they are being given their past seniority.

If I could sum it up in one sentence I would say that as always the judges have greatly disappointed people by submitting before powers that be to save their jobs.

The politicians of our country were very critical of General Pervez Musharraf and his policies on the US war against terror. It was expected that the situation will change after the formation of civilian government. Nothing has changed. The government is zealously following all the instructions being given by United States. I do not seek to criticize government for this because I sincerely believe that they do not have any other option.

The economy of the country is in bad shape. Rising oil prices and food inflation have had their toll. We are certainly not in a position to engage in any activity that may destabilize the country altogether. Foreign reserves of the country are rapidly depleting. It was the need of the hour that our politicians rose to the occasion and lead the country to safety, but we see that they are busy in petty politics. Expenses are not being cut down. The austerity move announced by the prime minister in his maiden speech in the parliament is nowhere to be seen. We see lavish expenses, foreign tours, dinner parties and many more things at the expense of public money.

Public representatives are being bought and sold. Political intrigues are continuing. If the country is politically unstable, I wonder if it can achieve prosperity at all.

In one of my earlier posts I had written that government of Pakistan has refused to pass the benefit of decreasing oil prices to consumers. Now I have read that the government has decided to do away with all subsidies which it says it is giving on petrol and diesel due to which it was incurring heavy losses. It is said that under an IMF plan to support the economy of the country, all subsidies currently being given will be withdrawn by the end of April next year.

The other day Jang, a widely circulated Urdu daily from Pakistan, did an anaylysis on the prices of petroleum product and said that it was incorrect to say that government was giving any subsidy on petrol and diesel. The analysis showed that the government was buying oil at reduced prices from international market and selling it at increased rate. It also said that government was charging high surchage in the name of petroleum development levy and it was also charging sales tax which was unfare.

I think that keeping in view international rates, the prices of POL products in Pakistan must be reduced by at least 25 per cent. It is a tyranny to force people to pay extra amount of money.

If you use an ink jet printer at your home and office and use your printer frequently, you would know that it is rather expensive. You will also need to change the cartridge more often as compared to laser jet toners. You can reduce your expense of buying ink jet printer cartridges online by visiting InkjetDeals.info. The site lists stores where you can buy inkjet printer cartridges and enjoy heavy discounts. You will also find online coupons for the merchants so that you can avail more discounts in your ink jet printer cartridges.

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So if you want to buy cheap ink cartridges online, I would recommend you to visit InkjetDeals.info and start saving money.

The world is passing through financial crisis. In United States, Lehman Brothers has filed for bankruptcy protection. The largest insurance company in world, AIG had to be rescued by the US government by giving $ 80bn. It was feared that AIG may not survive after the demise of Lehman Brothers which had suffered huge losses in mortgage. The two largest mortgage companies Fannie Mae and Freddie Mac were also rescued by the US government by injecting money. There are speculations that Morgan Stanley and Washington Mutual may also be in difficulties.

The stock markets worldwide are jittery because of the prevailing situation. Russian government had to suspend trading in its main stock exchange in order to avoid sharp decrease in share prices. If more companies meet the same fate as Lehman Brothers, it is feared that the crisis will deepen. Obviously the US government cannot inject money in each company.

Every time I visit LA Police gear website I find something of interest. The company which was formed LA Police officers has seen great increase and change in its business over years. It now serves general public as well as security personnel. I think that they have something for almost any one.

They offer fast shipping, low prices and outstanding service. They website is well maintained and regularly updated. It is very easy to find item. For example if you are looking for illumination tools and batteries you can go directory to their Surefire Flashlight section and find items present in their inventory. Surefire is a company of tactile technology that manufactures high quality, powerful, compact and rugged lighting equipments.

There was a boom in the conumer banking market in Pakistan a few months ago. Banks brought forth a number of consumer products in order to compete with one another. There was a sharp increase in credit card users in the country which saw a sharp increase within few years. Earlier a few foreign banks were issuing credit cards in the country, but almost every bank joined the bandwagon to capture its share of the market. Banks issued credit cards almost indiscriminately.

The hot item after credit cards was Auto loan. It was only because of easy availability of car financing facility from banks that the roads of big cities were inundated with cars of latest models. People misused personal loan facility to buy luxuries and satisfy their desires.

Now the honeymoon period is over. Consumer banking has come to a grinding halt. Most of the banks have stopped giving auto loans altogether and are buy in recovering the stuck up money. Consumer is finding it difficult to make payment not only because of unplanned future, but also because of increae of inflation in the country which reduced their buying power.

In their zeal to recover money, banks have practically employed thugs to pressurize customers. They have clear instructions from their employer to create a scene at the home and office of the customer in order to apply psychological pressure. In one incident a customer committed suicide when bank staff misbehaved with his family members.

The State Bank of Pakistan is doing nothing to improve the situation. It must step in to save peole and try to get some relief in the shape of reduced mark up rate and options to payback in easy installments. The government of Pakistan must also act to protect the honour of the people.