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In its short order, a nine-member bench of the Supreme Court (SC) on Friday declared identical petitions in Memogate controversy as quite maintainable and formed a Judicial Commission to investigate the controversial memo issue within four weeks. Meanwhile, former Pakistan ambassador to the US, Husain Haqqani, was directed not to leave the country without apex court's permission.

The Parliamentary Committee on National Security on Friday decided to summon Director General ISI Ahmed Shuja Pasha, Former Ambassador to the US Husain Haqqani and US businessmen Mansoor Ijaz to probe the Memogate scandal. The Parliamentary Committee, which met here under the chair of Senator Mian Raza Rabbani, discussed Memogate scandal and formulation of new rules of business in the aftermath of Nato air strike on Pakistani posts in Mohmand Agency.
Prime Minister Yousaf Raza Gilani has said that judiciary "is independent", and the government fully respects its orders, decisions and judgements, according to official documents exclusively made available to Business Recorder.
Asma Jehangir, the counsel for Husain Haqqani, expressed her profound sense of disappointment over the Supreme Court (SC) short order. "The decision of SC made me realise that civilian authority has come under the military institutions," she said and added that the judgement was not in accordance with the rule of law.
The Ministry of Commerce (MoC) on Friday notified 'Trade Policy 2011-12', according to which 'positive list' of importable items from India has been expanded further by 18 additional items. The government has also allowed export of liquor to non-Muslim countries.
The Oil and Gas Regulatory Authority (Ogra) has clamped immediate ban on the use of compressed natural gas (CNG) in public transport vehicles to prevent deadly accidents, ease gas shortage and improve gas pressure. The decision was taken in a meeting headed by the chairman Ogra here on Friday. The buses that have cylinders on roofs and underneath will be banned. Ban has been imposed after dialogue with the CNG Association.
The World Bank has proposed to the Federal Board of Revenue to rationalise the number of staff and employees to improve efficiency of the tax administration under reforms. Sources told Business Recorder here on Friday that the WB mission has submitted a report to the FBR on the 'lessons learned from the Tax Administration Reform Project of the FBR'.

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9098.8   Arrow 29.37
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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 Saturday.
BuyingRs 90.40
SellingRs 90.45
Rates keep coming down

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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