Tag Archives: Financial

Pakistan, India & China: A tale of triplets

COMMENT: A tale of triplets — by Shahab Usto

Pakistan’s utmost priority should be to follow the Chinese model: shun external engagements and turn inwards to focus only on economic, social and human development. Remember, we have missed the bus twice

Independent Pakistan, India and China were born at almost the same time, inherited the same decrepit state structures, and shared the same trajectory of international wars and civil strife. But they do not share the same present. China is the fastest growing economy. India is catching up fast with it. But Pakistan lags far behind both.

As it is, China (closely followed by India) is all set to dominate the Asia-Pacific region, if not the world. The US-led West is jittery. Stuck in a financial crisis, the West has lost faith in its economic philosophy based on unregulated markets. “The teachers are in trouble,” as one Chinese minister put it, referring to the ideologues of the failing Anglo-Saxon corporate and financial models. …

Read more : Daily Times

Dubai on Empty

By A. A. Gill

Excerpt:

…. You look at this place and you realize not a single thing is indigenous, not one of this culture’s goods and chattels originated here. Even the goats have gone. This was a civilization that was bought wholesale. The Gulf is the proof of Carnegie’s warning about wealth: “There is no class so pitiably wretched as that which possesses money and nothing else.” Emiratis are born retired. They waft through this city in their white dishdashas and headscarves and their obsessively tapered humorless faces. They’re out of place in their own country. They have imported and built a city, a fortress of extravagance, that excludes themselves. They have become duplicitous, schizophrenic. They don’t allow their own national dress in the clubs and bars that serve alcohol, the restaurants with the hungry girls sipping champagne. So they slip into Western clothes to go out.

The Gulf Arabs have become the minority in this country they wished out of the desert. They are now less than 20 percent of the total population. Among the other 80-plus percent are the white mercenary workers who come here for tax-free salaries to do managerial and entrepreneurial jobs, parasites and sycophants for cash. For them money is a driving principle and validation. They came to be young, single, greedy, and insincere. None of them are very clever. So they live lives that revolve around drink and porn sex and pool parties and barbecues with a lot of hysterical laughing and theme nights, karaoke, and slobbery, regretful coupling. In fact, as in all cases of embarrassing arrested development, these expats on the short-term make don’t expect to put down roots here, have children here, or grow old here. Everyone’s on a visa dependent on a job.

Then there is a third category of people: the drones. The workers. The Asians: Indians, Pakistanis, Sri Lankans, and Filipinos. Early in the morning, before the white mercenaries have negotiated their hangovers, long before the Emiratis have shouted at the maid, buses full of hard-hatted Asians pull into building sites. They have the tough, downtrodden look of Communist posters from the 30s—they are both the slaves of capital and the heroes of labor. Asians man the hotels; they run the civil service and the utilities and commercial businesses; they are the clerks and the secretaries, the lawyers, the doctors, the accountants; there isn’t a single facet of this state that would function if they didn’t maintain it. No one with an Emirati passport could change a fuse. Yet, the workers, who make up roughly 71 percent of the population, have precious few rights here. They can’t become citizens, though some are the third generation of their family to be born here. They can be deported at any time. They have no redress. Many of the Asian laborers are owed back pay they aren’t likely to get. There are reams of anecdotal stories about the abuse of guest workers. I’m told about the Pakistani shop assistant who, picking up an Arab woman’s shopping bags, accidentally passed gas, got arrested, and was jailed.

The great war of the 21st century?

Gerald Celente, the man behind the famous Trends Journal, is Max Keiser’s guest for this edition of Press TV’s On the Edge. The main focus the show is on the relationship between Middle East uprisings and financial changes as a result of such political transformations. Enjoy.

You Tube

 

Swiss Government Freezes Mubarak’s Assets

By Samuel Rubenfeld

The Swiss foreign ministry said in a statement its federal council ordered a freeze of any assets believed to be in the name of ousted Egyptian president Hosni Mubarak, who resigned earlier Friday after 18 days of massive protests. …
Read more : The Wall Street Journal

We do care and we can make a difference if we try : Begging bowl of the artist Zeenat Sheikh broken by music lovers

Benefit show for financial help of of Zeenat Sheikh was great Suceess. Begging bowl of the artist was broken by art lovers

by Ali Akbar Hingorjo

Begging bowl of folk artist was broken . We are thankful to the civil society and music lovers of Sindh for their generous participation in Zeenat Sheikh Benefit Show organized by Radio Pakistan Hyderabad. The aged folk singer was really moved by the respect given by the people of her land. Hope our people will continue this trend of providing help and paying tribute to their artists during their life time.

January 16, 2011

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More news about folk Singer Zeenat Sheikh : DAWN NEWS CHANNEL REPORT

Pakistan nears bankruptcy, yet its Army poaches most of the resources of the nation

As Pakistan nears bankruptcy, patience of foreign lenders wears thin

BY GRAEME SMITH

ISLAMABAD — A terrifying kind of mathematics has become popular among aid workers, analysts and others who spend their lives tracking the fate of Pakistan. It’s a back-of-the-envelope calculation about how the country will get through the coming years without declaring bankruptcy: take the country’s foreign debt ($53-billion), add interest, subtract the $1.8-billion that won’t arrive as scheduled on Jan. 1 from the International Monetary Fund because Islamabad failed to meet loan conditions. Add the staggering cost, perhaps $10-billion, of rebuilding after summer floods.

The numbers seem bleak. The government floated the possibility last week of running a deficit for the coming year of $15-billion.

Islamabad’s latest plan to raise revenue, a reformed tax law, has become bogged down by stubborn opposition parties, front-page criticism and street protests. The cabinet’s economic team is threatening to quit.

Pakistan needs a bailout. But is the country still a good investment?

“That’s the conversation people are having now, about whether you’d be throwing good money after bad,” said Mosharraf Zaidi, a development expert and policy analyst based in Islamabad.

The international community has accused Pakistan of poor financial management for years. Cables recently posted by the website WikiLeaks show a U.S. intelligence official complaining in 2008 about the country’s preference for spending money on strategic military hardware instead of development: “Despite pending economic catastrophe, Pakistan is producing nuclear weapons at a faster rate than any other country in the world.” …

READ MORE : Globe and Mail

PAC Chairman Nisar Ali Khan sitting on inquiry report against the four generals for six months

Luxury cars rendering ‘defense services’

NLC bigwigs imported seven Land Cruisers twisting rules. PAC Chairman Nisar Ali Khan sitting on inquiry report against the four generals for six months

The NLC bosses are already facing Rs 4 billion mega financial scam.

by Rauf Klasra

View Point Online

ISLAMABAD: Top guns at GHQ-run National Logistic Cell (NLC) have been caught committing a fraud costing the Government of Pakistan and country’s taxpayers millions of rupees. Quietly under the pretext of ‘‘Defense Services,” some NLC bigwigs imported seven duty-free luxury 3000cc Toyota Land Cruisers worth over Rs10 million. These vehicles were imported for personal use in Islamabad and Rawalpindi. However, even when caught red handed, all powerful military elite involved in the scam has been let off the hook.

Continue reading PAC Chairman Nisar Ali Khan sitting on inquiry report against the four generals for six months

No representation of Sindh in financial institutions

by: Dr Ali Akbar Dhakan

The representation to people of Sindh as it has been observed that in the appointment of heads of all institutions, financial corporations, banks and departments etc no Sindhi has been given the post of the head of the Department, bank and financial institution. In this way Sindhis deserving, highly qualified and experienced have been neglected and not given their constitutional rights and representation in any bank or financial institution.

Even recently, for the post of banking ombudsman, a retired Deputy Governor State Bank of Pakistan has been appointed who got two extensions in State Bank of Pakistan.The deserving people of Sindh are depressed and frustrated so much that from the policies of the PPP Government, they are thinking for diversion of their sympathies, hopes and blessings. Not only the appointment as the heads of banks but even no bank or corporation needs representation of Sindhis as its Board of Director or member of its committees. All intellectuals and parties of Sindh are demanding inquiries and checking of these facts to the effect that why not Sindhis are neglected and given their representations in all financial institutions.The President of Pakistan is therefore requested to issue his orders for providing constitutional representation to Sindhi people in all banks and in institutions.

Apirl 15, 2009

Pakistan: No money, No energy, No government!

New intelligence report says Pakistan is ‘on the edge’
By Jonathan S. Landay and John Walcott | McClatchy Newspapers
Courtesy and Thanks: McClatchy
MORE FROM MCCLATCHY
Severe economic crisis threatens Pakistan’s stability
Wave of violence worsens Pakistan’s security, economic crisis

WASHINGTON – A growing al Qaida-backed insurgency, combined with the Pakistani army’s reluctance to launch an all-out crackdown, political infighting and energy and food shortages are plunging America’s key ally in the war on terror deeper into turmoil and violence, says a soon-to-be completed U.S. intelligence assessment.
A U.S. official who participated in drafting the top secret National Intelligence Estimate said it portrays the situation in Pakistan as “very bad.” Another official called the draft “very bleak,” and said it describes Pakistan as being “on the edge.”
The first official summarized the estimate’s conclusions about the state of Pakistan as: “no money, no energy, no government.”
Six U.S. officials who helped draft or are aware of the document’s findings confirmed them to McClatchy on the condition of anonymity because NIEs are top secret and are restricted to the president, senior officials and members of Congress. An NIE’s conclusions reflect the consensus of all 16 U.S. intelligence agencies.

Continue reading Pakistan: No money, No energy, No government!