Thursday, December 17, 2009

Bond markets get electronics trading system next year


KARACHI: Governor State Bank Salim Raza said electronics trading for bonds markets would start working from next year.

Addressing the inaugural function of round table organized by South Asian Federation of Stock Exchanges and Karachi Stock Exchange, governor State Bank said the volume of our bond market is less than regional markets and its expansion is needed. He said Pakistani economy is traveling in a right direction and Pakistan will soon overcome economic challenges.

Salim Raza said although Pakistan is an agricultural state, development of agriculture sector is only 5 percent of GDP. He said agri business and size of national commodity exchange should be increase.


http://www.geo.tv/12-17-2009/54934.htm

Pak team arrives in Australia


HOBART: Pakistan cricket team captained by Muhammad Yousuf has reached Australia to play Test and one-day series.

Pakistan will kick off the tour with three-day match against Tasmania on December 19.

Talking to media in Hobart, Pakistani manager Abdul Raqeeb said Pakistan team is determined to perform well in the series. Replying to question about Younis Khan, he Abdul Raqeeb said he is unaware about come back of former captain. Chief selector Iqbal Qasim will decide this on the basis of Younis performance in domestic cricket.

Pakistan will play three Tests, five one-day and one Twenty20 match during Australian tour.


http://www.geo.tv/12-17-2009/54931.htm

GEO World


17 killed in S Korea bus crash
Updated at: 1023 PST, Thursday, December 17, 2009
SEOUL: Seventeen passengers have been killed and 14 injured after a bus skidded off a mountain road and rolled down a slope in South Korea's southeastern city of Gyeongju, police said Thursday.

The tourist bus crashed Wednesday evening when it was carrying 31 people, mostly in their 70s, back home from a spa in the city 370 kilometers (230 miles) southeast of Seoul, local police officials said.

Investigators were still looking into the cause of the accident, which left the bus almost flattened some 20 meters down from the mountain road. Police said the death toll could rise as some of the injured remain in serious condition. About 240 rescue workers rushed to the scene and took the injured to nearby hospitals.

http://www.geo.tv/12-17-2009/54925.htm

Altaf calls President Zardari

Updated at: 1126 PST, Thursday, December 17, 2009
LONDON: Muttahida Qaumi Movement (MQM) Quaid Altaf Hussain has phone President Asif Ali Zardari from here on Thursday morning, Geo news reported.

According to sources, two leaders discussed issues pertaining to country’s overall law and order situation and mutually agreed upon facing Supreme Court (SC) short judgment through legal and under constitutional way, which declared revival of NRO cases against two party heads.

Altaf said MQM respects apex court’s ruling and expressed readiness to face trials of NRO cases in courts.

http://www.geo.tv/12-17-2009/54930.htm

Supreme Court declares NRO unconstitutional


ISLAMABAD: The Supreme Court (SC) on Wednesday threw the controversial National Reconciliation Ordinance (NRO) into the dustbin of history for being ultra virus of the Constitution because it ensured legal cover to corruption by the privileged class.

In its landmark and the expected judgment, a 17-member bench of the apex court headed by Chief Justice Iftikhar Muhammad Chaudhry declared the NRO an instrument void ab initio, being ultra vires and violative of various constitutional provisions including Articles 4, 8, 25, 62(f), 63(i)(p), 89, 175 and 227 of the Constitution.

Former federal minister Dr Mubashar Hassan, former bureaucrat Roedad Khan, Qazi Hussain Ahmed and Chief Minister Punjab Mian Shahbaz Sharif had challenged the NRO before the Supreme Court in 2007.

“All steps taken, actions suffered, and all orders passed by whatever authority, any orders passed by the courts of law including the orders of discharge and acquittals recorded in favour of the accused persons, are also declared never to have existed in the eyes of law and resultantly of no legal effect,” the court ruled in its short order read out by Chief Justice Iftikhar Muhammad Chaudhry.

The larger bench of the apex court ruled that all cases in which the accused persons were either discharged or acquitted under Section 2 of the NRO or where proceedings pending against the holders of public office had got terminated in view of Section 7 thereof, a list of which cases has been furnished to this Court and any other such cases/proceedings which may not have been brought to the notice of this Court, shall stand revived and relegated to the status of pre-5th of October, 2007 position.

The Court directed the concerned courts including the trial, the appellate and the review courts to summon the persons accused in such cases and then to proceed in the respective matters in accordance with law from the stage from where such proceedings had been brought to an end in pursuance of the above provisions of the NRO.

The Court directed the Federal Government, all the provincial governments and all relevant and competent authorities including the prosecutor general of NAB, the special prosecutors in various accountability courts, the prosecutors general in the four provinces and other officers or officials involved in the prosecution of criminal offenders to offer every possible assistance required by the competent courts in the said connection.

The SC ruled that all cases which were under investigation or pending enquiries and which had either been withdrawn or where the investigations or enquiries had been terminated on account of the NRO shall also stand revived and the relevant and competent authorities shall proceed in the said matters in accordance with law.

The short order clarified that any judgment, conviction or sentence recorded under Section 31-A of the NAB Ordinance shall hold the field subject to law and since the NRO stands declared as void ab initio, therefore, any benefit derived by any person in pursuance of Section 6 thereof is also declared never to have legally accrued to any such person and consequently of no legal effect.

“Since in view of the provisions of Article 100(3) of the Constitution, the attorney general for Pakistan could not have suffered any act not assigned to him by the Federal Government or not authorised by the said government and since no orderor authority had been shown to us under which the then learned attorney general namely Malik Muhammad Qayyum had been authorised to address communications to various authorities/courts in foreign countries including Switzerland, therefore, such communications addressed by him withdrawing the requests for mutual legal assistance or abandoning the status of a civil party in such proceedings abroad or which had culminated in the termination of proceedings before the competent fora in Switzerland or other countries or in abandonment of the claim of the Government of Pakistan to huge amounts of allegedly laundered moneys, are declared to be unauthorised, unconstitutional and illegal acts of the said Malik Muhammad Qayyum,” the court ruled.

The short order also ruled that since the NRO stands declared void ab initio, therefore, any actions taken or suffered under the said law are also non est in law and since the communications addressed by Malik Muhammad Qayyum to various foreign fora/authorities/courts withdrawing the requests earlier made by the Government of Pakistan for mutual legal assistance; surrendering the status of civil party; abandoning the claims to the allegedly laundered moneys lying in foreign countries including Switzerland, have also been declared by us to be unauthorized and illegal communications and consequently of no legal effect, therefore, it is declared that the initial requests for mutual legal assistance; securing the status of civil party and the claims lodged to the allegedly laundered moneys lying in foreign countries including Switzerland are declared never to have been withdrawn.

The court ordered the Federal Government and other concerned authorities to take immediate steps to seek revival of the said requests, claims and status. The court further ruled that in view of the above noticed conduct of Malik Muhammad Qayyum, the then learned attorney general for Pakistan in addressing unauthorised communications which had resulted in unlawful abandonment of claims of the Government of Pakistan, inter alia, to huge amounts of the allegedly laundered moneys lying in foreign countries including Switzerland, the Federal Government and all other competent authorities are directed to proceed against the said Malik Muhammad Qayyum in accordance with law in the said connection.

The court expressed displeasure about the conduct and lack of proper and honest assistance and cooperation on the part of the chairman of the NAB, the prosecutor general of the NAB and of the additional prosecutor general of the NAB.

“It is not possible for us to trust them with proper and diligent pursuit of the cases falling within their respective spheres of operation,” said the short order. The court suggested that the Federal Government may make fresh appointments against the said posts of persons possessing high degrees of competence and impeccable integrity in terms of Section 6 of the NAB Ordinance as also in terms of the observations of this Court made in the case of Khan Asfandyar Wali Vs Federation of Pakistan (PLD 2001 SC 607).

The Court however, ruled that till such fresh appointments are so made, the present incumbents may continue to discharge their obligations strictly in accordance with law. They shall, however, transmit periodical reports of the actions taken by them to the Monitoring Cell of this Court which is being established through the succeeding parts of this judgment.

The larger bench also ruled that a Monitoring Cell shall be established in the Supreme Court of Pakistan comprising of the chief justice of Pakistan or a judge of the Supreme Court to be nominated by him to monitor the progress and the proceedings in the noticed and other cases under the NAB Ordinance.

“Likewise similar monitoring cells shall be set up in the high courts of all the provinces comprising chief justice of the respective province or judges of the concerned high courts to be nominated by them to monitor the progress and the proceedings in cases in which the accused persons had been acquitted or discharged under Section 2 of the NRO,” the ruling added.

The court directed secretary Law Division to take immediate steps to increase the number of accountability courts to ensure expeditious disposal of cases. Earlier, during hearing of the petitions against the NRO, the chief justice said even parliament has no right to change the basic structure of the constitution.

“In accordance to oath, we are committed to safeguard the constitution,” he remarked. The chief justice warned the NAB Chairman Naveed Ahsan about stern action if something false was detected in the list. He ordered the NAB chairman to sign the list if it was correct. On the court’s order, he signed the list.

The court also summoned the summary file of directives issued for the elimination of Swiss cases. On the excuse of acting attorney general, the court summoned principal secretary and secretary law. Secretary law while presenting the file in the court said attorney general wrote the letter for withdrawal of cases on the directives of Asif Zardari’s lawyer Farooq H Naek that was opposed by the then Law Minister Zahid Hamid.

The court also expressed displeasure on acting attorney general and said he hid the truth. The principal secretary of president Salman Farooqi informed the court that cases files are not present in the Presidency but are in the president’ camp office in Rawalpindi.

Mian Allah Nawaz, amicus curie (friend of court) in his arguments termed the NRO as filthy law and said anything, which is beneficial for some individuals, is illegal. Shaiq Usmani, another amicus curie submitted before the court that there was no legal ground of giving amenity under NRO. The president could only issue the ordinance, which will convert into law by the assembly.

During the course of the proceedings, the chief justice said how the assembly could declare corruption as legal. Other members of the bench included Justice Javed Iqbal, Justice Sardar Muhammad Raza Khan, Justice Khalil-ur-Rehman Ramday, Justice Mian Shakirullah Jan, Justice Tassadduq Hussain Jillani, Justice Nasir-ul-Mulk, Justice Raja Fayyaz Ahmed, Justice Chaudhry Ijaz Ahmed, Justice Muhammad Sair Ali, Justice Mahmood Akhtar Shahid Siddiqui, Justice S Khawja, Justice Anwar Zaheer Jamali, Justice Khilji Arif Hussain, Justice Rahmat Husain Jafferi, Justice Tariq Parvez and Justice Ghulam Rabbani.

http://www.geo.tv/12-17-2009/54913.htm

Review: Netbooks meet luxury in ultra-light Sony


NEW YORK – Netbooks have been a hit among laptop buyers because they're cheap and they're easy to carry. Now there's the option to pay a lot more and get a lot less — a lot less weight, that is.

Sony's Vaio X is the runway model of netbooks: stylish, super-thin and without an ounce of weight to spare. It's expensive too: the base model is $1,300 at Sonystyle.com and Sony Style stores. The price is nearly four times as much as a standard netbook.

Its carbon-fiber body, just over half an inch thick, houses an 11.1-inch screen and weighs just 1.6 pounds. How light is that? Well, it nearly blew out of my hands one day when I was walking down the street with it opened. I'm not kidding. It makes 2.5-pound netbooks feel heavy. It makes the 3-pound MacBook Air seem like a dumbbell.

Sony says it's the world's thinnest, lightest laptop with a screen larger than 10 inches diagonally. Whatever the state of the competition may be, the light weight means that carrying the Vaio X around never really felt like a burden. It was a great companion on my commute, with a screen large enough to read comfortably on, and light enough to hold in one hand when standing, at least for short periods of time. For the ultimate in mobility, the computer has a built-in modem for Verizon Wireless' cellular broadband network. Service costs an extra $60 or so per month.

Of course, a mobile laptop isn't much good if it has poor battery life and constantly needs to be tethered to an outlet. The Vaio X does pretty well in this regard, at least if you consider the weight. On battery power, it lasted 1 hour and 47 minutes when playing high-definition video nonstop and accessing the Web via Wi-Fi. In more typical circumstances, this translates into about three hours of use.

The Vaio X also comes with a protruding extended battery with four times the capacity of the regular one. Together, you could get about 17 hours of work from them. The extended battery bumps the weight of the unit to 2.3 pounds.

The carbon fiber and aluminum frame is part of the reason the Vaio X can be so light. Like other netbooks, it uses an Intel Atom processor, which is small and doesn't run hot, so the Vaio X doesn't need a big ventilation fan or ducting to carry away heat. The unit also dispenses with the standard, disk-based hard drive. Instead, it has a "solid-state disk," or SSD, composed of flash memory chips that don't have moving parts.

The chief drawback of SSDs is that they have low capacities and high prices. The basic Vaio X has 64 gigabytes of storage. There's a model with twice as much for $1,500.

The small hard drive isn't likely to be a major impediment, however, because the Vaio X isn't capable of heavy-duty computing in any case. The Atom processor is good enough for e-mail, Web surfing and office applications, but will crawl when forced to do anything more demanding. Running the premium version of Windows 7 is already a bit of a struggle for it, and it doesn't have the processor power to play TV shows from Hulu without stuttering.

Other sacrifices to the design include feeble speakers and a somewhat flimsy feeling. The carbon-fiber cover isn't as good at repelling fingerprints as anodized metal or matte plastic, so the runway-ready looks can get grubby fast. The keys don't "give" much under the fingers, so extended typing can be uncomfortable.

The Vaio X does have a slot for SD memory cards, common in digital cameras, and an Ethernet jack for plugging into wired networks. Both are missing from the MacBook Air. The Sony model also comes with a GPS chip and navigation software, but I wasn't able to get it to work.

If you have the money and need something portable, the Vaio X is a nice choice indeed. Like most netbooks, it's best used as a backup for a standard laptop or desktop.


http://news.yahoo.com/s/ap/20091216/ap_on_hi_te/us_tec_digital_life_tech_test_vaio_x;_ylt=Ak5kPUCWbqBIuKcgV3osZQsjtBAF;_ylu=X3oDMTM1NWNkbDR2BGFzc2V0A2FwLzIwMDkxMjE2L3VzX3RlY19kaWdpdGFsX2xpZmVfdGVjaF90ZXN0X3ZhaW9feARjcG9zAzEEcG9zAzIEc2VjA3luX3RvcF9zdG9yeQRzbGsDcmV2aWV3bmV0Ym9v

Tiger Woods voted AP's top athlete of the decade


As sports go, it wasn't close: Tiger Woods was famous for his golf long before he became infamous for his personal life.

For 10 incomparable years, no one ruled a sport like Woods. He won 64 tournaments, including 12 major championships. He hoisted a trophy on every continent where golf is played. And those 56 titles in one decade on the PGA Tour? Consider that only four of golf's greatest players won more in their entire careers.

Even as a shocking sex scandal changed the way people look at Woods, the records he set could not be ignored.

Woods was selected Wednesday as the Athlete of the Decade by members of The Associated Press in a vote that was more about his performance on the course than the self-described transgressions as a person.

"The only reason I wouldn't vote for Tiger Woods is because of the events of the last three weeks," said Mike Strain, sports editor of the Tulsa (Okla.) World. "And I didn't think that was enough to change my vote. I thought he was a transcendent sports figure."

He received 56 of the 142 votes cast since last month by editors at U.S. newspapers that are members of the AP. More than half the ballots were returned after the Nov. 27 car accident outside his Florida home that set off sensational tales of infidelity.

Lance Armstrong, a cancer survivor who won the Tour de France six times this decade, finished second with 33 votes. He was followed by Roger Federer, who has won more Grand Slam singles titles than any other man, with 25 votes.

Record-setting Olympic swimmer Michael Phelps came in fourth with 13 votes, followed by New England quarterback Tom Brady (6) and world-record sprinter Usain Bolt (4). Five other athletes received one vote apiece.

Woods, who has not been seen since the accident and has issued only statements on his Web site, was not made available to comment about the award.

Seattle Times sports editor Don Shelton discussed the vote with his staff, which he said was torn among Woods, Armstrong and Federer. He voted for Woods in the early stages of the scandal.

"I'm not sure I would change my vote," Shelton said. "I looked at him as an athlete, I really did. I separated him a little bit. If this had happened three years ago and his performance had dropped off, that's a different factor."

Allegations of rampant affairs starting come out just 10 days after Woods won the Australian Masters before record crowds for the 82nd worldwide victory of his career. He received a $3 million appearance fee in Australia, and the government estimated a return of $20 million from the number of fans Woods attracted.

Few other athletes changed their sport, from TV ratings to galleries to prize money.

A new image emerged quickly in the days following his middle-of-the-night accident, when he ran his SUV over a fire hydrant and into a tree. He became the butt of late-night TV jokes, eventually confessed to infidelity and lost a major sponsorship from Accenture.

"Seems an unlikely time to vote for him, but he had more influence and impact on the complete decade, 2000 to 2009, than any of the other athletes," said Paul Vigna, sports editor of The (Harrisburg, Pa.) Patriot-News.

AP members found Woods' work on the golf course over the last 10 years without much of a blemish. He took an early lead in the balloting, and continued to receive roughly the same percentage of votes throughout the process.

"Despite the tsunami of negative publicity that will likely tarnish his image, there's no denying that Woods' on-the-course accomplishments set a new standard of dominance within his sport while making golf more accessible to the masses," wrote Stu Whitney, sports editor of the Sioux Falls (S.D.) Argus Leader. "The only proof needed are the television ratings when Tiger plays in a golf tournament, compared to those events when others have to carry the load."

The fall was as spectacular as his rise.

Woods won the career Grand Slam three times over in the decade, the last of his 12 majors at the 2008 U.S. Open despite playing on a mangled left leg. He twice won the British Open at St. Andrews, the home of golf, by a combined 13 shots.

"It seems like everybody has jumped on the 'slay Tiger' bandwagon," said Dan Lebowitz, executive director at the Center for the Study of Sport in Society at Northeastern University. "I understand the dynamics around that. But I'd also like people to recognize how great he operated under a microscope for a long period of time."

Woods won more than one-third of all the tournaments he played this decade, an unprecedented rate in golf. Nine of his victories were by at least eight shots. He was No. 1 in the world ranking for all but 32 weeks in the decade.

He did his best work in the biggest events. Along with his 12 majors this decade — he has 14 overall, four short of the record held by Jack Nicklaus — Woods was runner-up in six other majors. He won 14 times out of 27 appearances in the World Golf Championships.

Woods finished the decade with $81,547,410 in earnings from his PGA Tour events, an average of $482,529 per tournament.

"No athlete dominated a particular sport the way Tiger Woods did this decade," said Phil Kaplan, deputy sports editor at the Knoxille (Tenn.) News-Sentinel.


http://news.yahoo.com/s/ap/20091217/ap_on_sp_go_ne/glf_athlete_of_the_decade;_ylt=Ao1yP8HkvtvOSjiQKakrWhMLMxIF;_ylu=X3oDMTJxcWJqNmdsBGFzc2V0A2FwLzIwMDkxMjE3L2dsZl9hdGhsZXRlX29mX3RoZV9kZWNhZGUEY3BvcwMxBHBvcwMyBHNlYwN5bl90b3Bfc3RvcnkEc2xrA3RpZ2Vyd29vZHN2bw--