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Ever seen an irrational person who is also tenacious? Well, when the two combine - the irrational and the tenacious - we have a rigid system that is difficult to change and the core values become a burden to the economy. That there are intellectual inconsistencies in the fundamentals of economics are accepted, but the rigid people will neither accept it, nor they will accept that the core values are no longer core values. In that flexible sense the economics of developing countries is poorly organised.

Petroleum products' prices have been raised to unreasonably high levels. There is public discontentment and even social unrest. Even the coalition partners have opposed the move. The government's response is that it is up to Ogra to set the prices in accordance with the international price movement, and that the government is not responsible. Government's claim is only partly true. We will, in this space, attempt to build a perspective on this issue and seek to examine if there is a scope and space to provide some relief to the general public.
The new year is well underway, yet Kaliningrad - a Russian enclave on the Baltic Sea - is still in hibernation. On a cold winter day, a car rolls past the Mamonovo-2 checkpoint only every 15 minutes on average. There are no queues, and all traffic lights have been switched to green. The Russian customs official has a strict expression on his face, but only casts a cursory glance into the boots of cars passing his booth.
"So now what?"
Imran has and is going to have a difficult time sifting the chamchas from the actual workers. There have been many ways that the chamchas slide up to and make it with the powerful. Calling them opportunists is not enough for they are like the worms and like the American sundi in a cotton bowl they make them abode in the mental minds of the politicians. There were people from Musharraf's regime and they openly changed sides not because of any convictions but merely to be on the winning side as a politician.
The government would probably have its stand on the MFN status to India bolstered if there had been substantial support from the leadership of the workers' federations and councils. It has been established that MFN status to India and the removal of Non-Tariff Trade Barriers by New Delhi would result in enhancement of exports to India and at the same time, in the future, would attract Indian investment in many sectors.
The Mediterranean island-nation of Malta is celebrating a record year for tourism, despite the odds stacked up against it. Official preliminary figures registered the arrival of 1.4 million tourists in 2011, up by nearly 6 per cent over last year's record results and a 12 per cent increase compared to 2009. Cruise liners mooring in Maltese ports have reported an all-time record of 565,000 passengers.

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Banking Review 2011


The Wall

ArrowEuro 1.3158
ArrowSterling 1.5815
ArrowSwiss Franc 0.9182
ArrowYen 76.6015
ArrowGold 1740.300
ArrowCotton 96.340
ArrowOil 97.840
Index Closing Chg%
Arrow DJIA 12,862.20 1.23
Arrow Nasdaq 2,905.66 1.61
Arrow S&P 1,344.90 1.46
Arrow FTSE 5,901.07 1.81
Arrow DAX 6,766.67 1.67
Arrow CAC-40 3,427.92 1.52
Arrow Nikkei 8,831.93 0.51
Arrow H.Seng 20,757.00 0.08
Arrow Sensex 17,605.00 0.99

The Rupee

Interbank closing rates for dollar on Friday.
BuyingRs 90.40
SellingRs 90.45
All-round decline

Annual2010/11
Foreign Debt $59.53bn
Per Cap Income $1254
GDP Growth 2.4%
Average CPI 14.10%
MonthlyDecember
Trade Balance $-2.41 bln
Exports $1.85 bln
Imports $1.26 bln
WeeklyJanuary 26, 2012
Reserves $16.802 bln
ArrowBRIndex-30 9,104.17
ArrowKSE-30 Index 11,258.08
ArrowKSE-100 Index 11,982.62
ArrowLSE-25 Index 3,122.96
ArrowISE-10 Index 2,627.71
ArrowGold Per 10gm 50,914.00
ArrowKCA Spot Rate 5,700.00
ArrowLibor Rate 0.76850

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