Global wealth is projected to rise by nearly 40 percent over the next five years, reaching 334 trillion US dollars by 2018. Emerging markets will likely be responsible for 29 percent of the growth, while China will account for nearly 50 percent of the increase in emerging economies’ wealth. Credit Suisse’s 2013 Global Wealth Report projects that wealth will primarily be driven by growth in the middle segment, but the number of millionaires will also grow markedly over the next five years.
KSE closes at all-time high on 3G licence auctions hope
Stocks closed yet again at all-time high amid higher trades on economic optimism after FM hints rupee appreciation. The week started on a positive note with index gaining 41.62 points to close on yet another high of 25298.32 level compared to 25256.70 points of the last working day on Friday. Dealers said participation remained on the lower side as total volumes declined by 17pc to Rs10.1b. Some profit-taking was seen in NCL and NML as they declined by 3 and 2pc, respectively. Conversely, investors’ interest was seen in fertilizer scrips, especially in FFBL on the back of potentially impressive final dividend.
Moreover, with discussion on OMC margins in ECC is expected to take place this week, investors also keenly followed PSO which gained 2pc. FCCL remained the volume leader with 17.7m shares exchanging hands closely followed by ANL with trade of 16.8m shares while JSBL generated volume of 14.1m shares, he added.
PIA chairman creates new slot for his favourite
LAHORE – PIA Chairman Muhammad Ali Gardezi has created a new position of group IX in IT (Network) department to promote Saqlain Gardezi, an officer of his tribe, in violation of airlines rules, said sources in the national flag carrier on Monday. Saqlain is working as Manager IT in group XIII in PIA but after promotion he would be posted against the slot of Deputy General Manager a newly created slot. Chairman has already promoted another officer of his tribe Hamid Gardezi from special group to group IX as director flight safety. Promotion case of Hamid Gardezi was approved on October 31, 2013 and Gardezi took over the charge of his new office on next day, whereas, as per rules, pilot can only hold the office of Director Flight Operation.
Centre rewards KPK, Balochistan for surplus budgets
ISLAMABAD – Apart from announcing rewards to Balochistan and Khyber Pakhtoonkhwa provinces for showing surplus budgets in first quarter, federal government has decided to bear 50 per cent cost of forthcoming local bodies general elections while remaining 50 per cent were to be borne by provinces. Finance Minister Senator Mohammad Ishaq Dar presided over a meeting to monitor the National Finance Commission. Finance Minister disclosed that the federal government had decided to pay Rs.175.4 million and Rs. 296.9 million to Balochistan and Khyber Pukhtoonkhwa governments respectively as a reward for showing surplus in the first quarter (July-September) of the ongoing fiscal year 2013-2014. It would be pertinent to mention that the Finance Minister, during a meeting of the Council of Common Interest (CCI), had committed to give incentives to provinces if they showed surpluses. The payment, the Finance Minister said, should encourage other provinces as well.
Roadside blast kills bomb disposal team in Peshawar
PESHAWAR – At least four personnel of bomb disposal unit (BDU) were killed and two others injured when a remote-controlled explosive device targeted their vehicle in Badhabera area in the outskirt of Peshawar on Monday. Police sources said the incident took place in the wee hour of Monday when bomb disposal unit was on its way to examine a low intensity blast site. As police mobile arrived at the blast site, suddenly another remote-controlled device exploded with a bang. The blast killed in-charge bomb disposal squad Abdul Haq, head constable Ameenul Haq, constable Imtiaz and a passerby Nazirul Haq while driver Kashif sustained serious injuries. Edhi ambulances and Rescue 1122 staff shifted the injured to Lady Reading Hospital where one of the injured Nazirul Haq succumbed to his injuries while another passerby was stated to be stable.
Magnetic ink excuse gets thumbs down
ISLAMABAD – The Election Commission of Pakistan (ECP) on Monday rejected the statement of Interior Minister Chaudhry Nisar Ali Khan over the use of magnetised ink during the general elections in the country. ECP Secretary Ishtiak Ahmed said that magnetised ink was used during the general elections according to the guidelines of National Database and Registration Authority (Nadra). The secretary said the record over the use of magnetised ink along with the details of despatch were available with the commission. He said 450,000 magnetised ink pads were used during the elections. The ECP secretary also stated that the magnetised ink was prepared following the directions of Nadra, adding that the ink contained iron particles.
NA warns B’desh against ‘resurrecting 1971’
ISLAMABAD – The National Assembly on Monday passed a resolution against hanging of Jamaat-i-Islami Bangladesh leader Abdul Qadir Molla for his ‘loyalty’ with Pakistan during the events of 1971. The resolution moved by JI’s Sher Akbar Khan on the anniversary of the fall of Dhaka also expressed condolence with family members of Abdul Qadir Molla and demanded the BD government not to resurrect the issues of 1971 and end all cases against leaders of JI Bangladesh through the spirit of understanding. The resolution endorsed by all other political parties was however opposed by the PPP and the MQM who said that it was tantamount to intervening into the internal affairs of Bangladesh as the decision was taken by the apex court of the country.
Govt requests for initiation of treason case against Musharraf
ISLAMABAD: The Federal Government has submitted a petition in the special court to initiate hearing of a case of high treason against former dictator Pervez Musharraf. An application in this regard has been submitted by the Federal Interior Secretary in the office of registrar Abdul Ghani Soomro of special court in Islamabad. The application submitted that a case may be initiated against the former dictator under article six of the constitution for abrogating the constitution of the country by imposing emergency on 3rd November 2007.
India must learn from ODI defeats, says Dhoni
CENTURION: India captain Mahendra Singh Dhoni is hopeful his squad will learn from their defeat against South Africa in the just-concluded One-day Series in time for the first of two Test matches at the Wanderers Stadium in Johannesburg on December 18. The Indians lost the ODI series 2-0 after rain prevented the tourists batting in the third match on Wednesday which was subsequently declared a no-result. Despite the outcome, Dhoni said that he was glad the one-day games were played before the Tests because it had given his players a chance to get used to the pace and bounce of South African pitches.
EU grants GSP Plus status to Pakistan
ISLAMABAD: The European Union (EU) on Thursday granted Generalised System of Preferences (GSP) Plus status to Pakistan with an impressive count of 406 votes, granting Pakistani products a duty free access to the European market. According to media reports, 406 members of the European Parliament expressed their support for Pakistan while 186 lawmakers voted against the status, which has been granted till 2017.
