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Editorials

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ImagePrime Minister Gilani is now confronted with the Hobson's choice: no real choice at all - the only options being to either write a letter to the Swiss authorities to reopen money laundering charge against President Zardari or refuse to do that. The latter option can lead to stipulate sentence after a formal accusation or indictment is made by the prosecuting authority of the State in the contempt of court case, which is being heard by a seven-member Supreme Court bench. If Prime Minister Gilani's posturing towards the Supreme Court's hearing of the infamous and annulled NRO is any indication, he seems prepared for the latter course.

ImageThe drug that claimed the lives of over one hundred heart patients receiving treatment at the Punjab Institute of Cardiology (PIC) has finally been tracked down to a Karachi-based pharmaceutical firm on the basis of samples flown to London in tandem with a case study of 30 patients carried out by Medicines and Healthcare Products Regulatory Agency (MHRA) and London's School of Pharmacy. Two samples - from the same batch - of Isotab tablets given out by the hospital tested positive for a lethal overdose of pyrimethamine, an anti-malarial drug that caused bone marrow suppression and drop in platelets and white blood cell counts, leading to death.
ImageThe head of the United Nations High Commissioner on Refugees (UNHCR) mission in Afghanistan Peter Nicklaus acknowledged what he termed 'the biggest mistake' ever made by the entity he serves: "we thought if we gave humanitarian assistance then macro-development would kick in ... it's the income that counts, the livelihood. In very simple terms we need to find jobs for the people coming back."
ImageWhether the glass is half empty or half full, the Pakistan-India talks on conventional and nuclear weapons confidence-building measures (CBMs) held in Islamabad this week failed to offer a clear reply to this question. The two-day expert level talks moved both ways. While it showed clear move in certain areas in some others it copiously projected Indian intransigence by sticking to the status quo.
ImageFinancial institutions of a country play a vital role in its development by channelising national savings into investment. The level of efficiency at which they can play such a role is, therefore, very important for the policymakers of a country, particularly the monetary authorities who are charged with the responsibility of looking after its banking system.
ImageLahore being the hardest hit by a dengue fever epidemic earlier this year, the Lahore Development Authority (LDA) is getting ready for another spell, which is likely to start in the second week of February and last till the first week of April. The other day, the LDA hosted an awareness seminar on "Causes and Prevention of Dengue Fever", where its Director General noted that it is not a disease but a social problem, which can be controlled by involving the community. He advised the people to make use of anti-mosquito sprays in their homes and offices.
ImagePresident Zardari's moves have never been easy to figure out; so is his speech he made at the graveside of Benazir Bhutto before a large crowd that had gathered there to grieve her fourth death anniversary. To some, it is the last hurrah of a man who has decided to go down fighting. "We want to live in history and not in headlines," he declared, committing himself to follow the path of Aung San Suu Kyi. But to many others, President Zardari has tried to bring down the political temperature that had shot up many degrees in the wake of over-heated political scenario in general and the Memogate case in particular.

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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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