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Tuesday, June 28, 2016

Can you be a Do-It-Yourself investor?

THE ECONOMIC TIMES
Tue, Jun 28, 2016 | 08:01 AM IST

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Saturday, June 25, 2016

Dunya TV

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PTI files reference in ECP to have Nawaz Sharif declared ineligible

Posted:

ISLAMABAD (Dunya News) – Pakistan Tehreek-e-Insaf’s Dr Yasmeen Rashid has filed a reference in the Election Commission of Pakistan challenging eligibility of the Prime Minister, reported Friday.The opposition party has based its argument on the ground that Nawaz Sharif concealed his assets and thus has lost the moral authority to lead the nation.The reference states that nomination papers of the premier did not have declaration of his wealth which was revealed by Panama Papers as it published documents leaked from a law firm, Mossack Fonseca.The party has urged the commission to declare the Prime Minister ineligible in light of Article 62, 63 and different sections of People’s Representation Act.Election Commission of Pakistan’s Additional Secretary, Fida Muhammad has forwarded PTI’s case to the legal department for proceedings.PTI’s spokesperson, Naeemul Haq, while talking to the media outside the commission said that case against PM’s eligibility was very strong and the nation is living a very sensitive phase at this point in time.Which is why, he said that the courts especially the Supreme Court should conclude hearings of cases pertaining to electoral rigging within as less time as possible.Earlier in March International Consortium of Journalists studied a pile of documents that were leaked from the database of a Panama-based law firm by an anonymous source.Panama Papers published the documents naming all the influential names in the world who own offshore companies. The paper did not allege any single one of them of evading taxes or establishing shell companies for illegal purposes.However, it is a general perception that offshore companies are set up to evade foreign taxes on properties and assets abroad.PTI among other opposition parties demanded the Prime Minister to resign for concealing assets and stashing wealth abroad.It should be mentioned here that the Prime Minister does not own any company but his daughter and two sons were named in the paper.

Britain votes to leave EU, PM Cameron resigns

Posted:

LONDON (AFP) - Britain voted to break away from the European Union Friday, toppling Prime Minister David Cameron and dealing a thunderous blow to the 60-year-old bloc that sent world markets plunging.Cameron announced he would step down to make way for a new leader by early October after voters opted to exit the 28-nation alliance in defiance of his predictions of economic disaster and isolation.Britons decided 52 percent to 48 percent in favour of quitting the bloc, a margin of more than one million votes, according to final results from Thursday’s referendum.The British people have voted to leave the European Union and their will must be respected, Cameron said, as the shockwave of their decision sent sterling, global stocks and oil prices plummeting.The Conservative prime minister promised to try to steady the ship over the next few months but said a new leader should be installed by early October.I do not think it would be right for me to try to be the captain that steers our country to its next destination, he said outside his official Downing Street residence in London.The bookmakers’ favourite to replace him is former London mayor Boris Johnson, a rival from within his ruling Conservative Party who was the Leave camp figurehead.‘Independence day’Britain will be the first country to leave in the history of the EU, the culmination of decades of suspicion over European aims of creating an ever-closer political union.The vote also threatens the unity of the United Kingdom, with Scotland unwilling to follow the rest of the country out of the EU.Let June 23 go down in our history as our independence day, said top anti-EU campaigner Nigel Farage, leader of the UK Independence Party, who had promised Britons the chance to retake power from Brussels and rein in high immigration.We’ve done it We’ve won anti-EU campaigners shouted at the festivities in an office block in Westminster, popping open champagne bottles as Leave victories flowed in. Out Out Out, they chanted as dawn broke.‘Madhouse’The result saw sterling collapse 10 percent to touch a 31-year low of $1.3229. European stock markets dropped around eight percent at the opening bell, while British banking shares collapsed by some 30 percent.The Bank of England promised to take all necessary steps to secure market stability.It’s a madhouse in here. It has been a bloodbath. Carnage, said David Papier, head of sales trading at foreign exchange house ETX Capital in London.Voters appeared to have to shrugged off warnings that a Brexit would create a budget hole requiring spending cuts and tax increases once they lose unfettered trade access to the EU.Their decision will reawaken fears of a domino-effect ripple of exit votes in EU-sceptic members that could imperil the integrity of the bloc, already struggling with twin economic and refugee crises.Dutch far-right MP Geert Wilders and French National Front leader Marine Le Pen immediately called for referendums on EU membership in their own countries.The eurosceptic genie is out of the bottle and it will now not be put back, Farage said.The referendum means the world’s fifth-largest economy must now go it alone in the global economy, launching lengthy exit negotiations with the bloc and brokering new deals with all the countries it now trades with under the EU’s umbrella.‘Sad day’European Commission chief Jean-Claude Juncker has warned the EU will not be bending over backwards to help Britain in those negotiations. Analysts say it could take the island nation a decade to secure new trade accords worldwide.It looks like a sad day for Europe and the United Kingdom, German Foreign Minister Frank-Walter Steinmeier said on Twitter.In a worst-case scenario, the International Monetary Fund has warned that the British economy could sink into recession next year and overall economic output would be 5.6 percent lower than otherwise forecast by 2019, with unemployment rising back above six percent.Thousands of jobs in the City could be transferred to Frankfurt or Paris, top companies have warned. The Brexit camp argued that the business world will adapt quickly, however, with Britain’s flexible and dynamic economy buoyed by new economic partners and selective immigration.Split in twoThe often vitrolic campaign has left Britain riven in two, marked by the brutal murder of pro-Remain British lawmaker Jo Cox, a mother of two who was stabbed, shot and left bleeding to death on the pavement a week ahead of the vote.Two years after Scotland voted in a referendum to remain in the United Kingdom, its political leader First Minister Nicola Sturgeon has said a new independence vote is definitely on the table after Britain voted against the majority will expressed by Scots.Scotland sees its future as part of the EU, Sturgeon told television news after the vote.Northern Ireland, which is part of the United Kingdom, is now faced with the prospect of customs barriers for trade with EU-member the Republic of Ireland. Irish republicans Sinn Fein called for a vote on Irish unity following the referendum.Leaders of the European Union, a bloc born out of a determination to forge lasting peace after two world wars, will open a two-day summit on Tuesday to grapple with the British decision.Immigration and an erosion of economic security have become rallying cries for populist challenges that remain scattered across in Europe, just as they have for Donald Trump’s campaign in the US presidential election.WATCH VIDEO BELOW:

Three persons killed, 18 injured in blast near Quetta's Almo Chowk

Posted:

QUETTA (Web Desk) – At least three persons were killed and more than twenty others including two women sustained injuries in a blast on Airport Road near Almo Chowk in Quetta today (Friday), Dunya News reported.The injured have been shifted to Bolan Medical Complex (BMC) and civil hospital.According to police, explosives were planted in a bicycle parked on the roadside.Several nearby vehicles and shops were also damaged in the incident. Security officials have cordoned off the blast site.There was no immediate claim of responsibility but Balochistan province, of which Quetta is the capital, is home to a separatist insurgency that has been raging since 2004.The province borders Iran and Afghanistan and has been the target of Taliban and sectarian attacks.WATCH VIDEO:

Peshawar residents protest against prolonged power outages

Posted:

PESHAWAR (Dunya News) – Peshawar residents took to streets on Friday to protest against the prolonged hours of loadshedding.People living in Basheerabad, Mulkabad and adjoining areas siege Wapda House located on Shami Road and hurked stones on the gate due to which the CCTV camera broke away.Enraged protesters raised severe slogans against Wapda authorities.The residents said that their areas are undergoing loadshedding of 18-20 hours causing severe problems for them in Ramazan.However; the protesters dispersed peacefully after Wapda authorities assured them of minimizing loadshedding hours.

British PM David Cameron resigns

Posted:

LONDON (AFP) - Prime Minister David Cameron announced Friday he will resign after Britons voted to leave the European Union despite his campaign to keep it in the bloc.Cameron promised to try to steady the ship over the next months and did not give a precise timetable for his departure but said a new leader should be installed by early October.I do not think it would be right for me to try to be the captain that steers our country to its next destination, the British leader said outside his Downing Street residence in London.He said his successor should trigger the formal process for Britain to leave the European Union.I think its right that this new prime minister takes the decision about when to trigger Article 50, Cameron said.I would also reassure Brits living in European countries and European citizens living here that there will be no immediate changes in your circumstances, he said.Flanked by his wife Samantha, Cameron said he had fought to retain Britains membership of the EU head, heart and soul -- I held nothing back.But he added: The British people have made a very clear decision to take a different path and as such, I think the country requires fresh leadership to take it in this direction.Britons decided by 52 percent to 48 percent in favour of quitting the EU, a margin of more than one million votes, final results showed.

Kidnapped brother of HDP leader could not be recovered yet

Posted:

HAZARA (Dunya News) – Brother of Hazara Democratic Party’s leader Abdul Khaliq Hazara could not be recovered so far.According to details, Abdul Ali Hazara alongwith his two employees were kidnapped a day before from his office in Regal Plaza by unknown armed men.However; the employees were released in Dasht area whereas Abdul Ali has not yet been rescued.Efforts are underway by the police to recover the kidnapped.Provincial Interior Minister Sarfraz Bugti, Commissioner Qambar Dasti and Deputy Inspector General (DIG) Quetta Chaudhry Manzoor Sarwar reached Abdul Khaliq Hazara’s residence and ensured him of quick recovery of his brother while using all resources.Various political parties have also strongly condemned the incident.This is the second kidnapping incident in June.Before this, Asad Tareen, the son of the Balochistan local bodies’ minister Sardar Mustafa Khan Tareen went missing on May 20 and has not been recovered yet.

Ayyan Ali challenges re-inclusion of name in ECL for third time in SHC

Posted:

KARACHI (Dunya News) – Super model Ayyan Ali fileD a petition in Sindh High Court (SHC) on Friday over re-including her name in Exit Control List (ECL) for the third time.The plea submitted in SHC adopted stance that despite the decisions of Sindh High Court (SHC) and Supreme Court (SC) the name has been placed in ECL for the third time.The petitioner asked the court to labeled the step as illegal.Furthermore, the plea also requested that hearing on Ayyan ‘s contempt of court plea should be conducted on Tuesday.Earlier, Ayyan Ali was restricted by the immigration officials from proceeding with boarding on the plane at Karachi airport and was not allowed to leave the country after her boarding pass was cancelled by the authorities.Immigration officials stated that they cannot allow the model to leave the country until they get permission from Islamabad.

China rejects bending rule for India to join NSG

Posted:

(Reuters) - China maintains its opposition to India joining a group of nations seeking to prevent the proliferation of nuclear weapons by controlling access to sensitive technology, said the head of the arms control department in China‘s Foreign Ministry.The Nuclear Suppliers Group (NSG) met this week in Seoul, but China said it would not bend the rules and allow India membership as it had not signed the nuclear Non-Proliferation Treaty (NPT), the main global arms control pact.Applicant countries must be signatories of the Treaty on the Non-Proliferation of nuclear weapons (NPT), Wang Qun, the head of arms control department in China‘s Foreign Ministry, was quoted as saying in Seoul on Thursday night.This is a pillar, not something that China set. It is universally recognized by the international community, Wang said according to a statement released by the Chinese foreign ministry on Friday.China is leading opposition to a push by the United States to bring India into the NSG which aims to prevent nuclear weapons proliferation by stopping the sale of items that can be used to make nuclear arms.The issue of India‘s membership was not formally discussed at the NSG meeting this week, Wang said on Friday.The United States, which has a nuclear cooperation deal with India, considers it a nuclear power that plays by the rules and is not a proliferator, and wants to bring Asia‘s third largest economy into the 48-member group.India already enjoys most of the benefits of membership under a 2008 exemption to NSG rules granted to support its nuclear cooperation deal with Washington.On Friday, on the sidelines of the plenary meeting of the NSG, Wang stressed China considered it important to handle new memberships under a consensus and that there was no move yet to allow a non-NPT state to join.International rules will have to be respected, big or small, Wang told Reuters. Big like NPT. Small like the rules and procedures of this group.The important question of which we are concerned, is how to deal with the question of participation of countries within the group of non-NPT states. It‘s a formidable task.Indian Prime Minister Narendra Modi raised the issue on Thursday at a meeting with Chinese President Xi Jinping at a regional summit in Tashkent, Uzbekistan, but there was no breakthrough.One diplomat at the NSG plenary in Seoul said the group’s outgoing chairman, Argentinian diplomat Rafael Grossi, would act as a “facilitator” to continue to search for an accession deal.Opponents argue that granting India membership would further undermine efforts to prevent proliferation. It would also infuriate Indias rival Pakistan, an ally of China‘s, which has responded to India‘s membership bid with one of its own.

Oil plunges as Britain votes to leave European Union

Posted:

SINGAPORE (AFP) - World oil prices plunged more than 6.0 percent in Asia Friday after Britain voted to bolt out of the European Union, sending markets into a tailspin and fuelling fears of another global rout.Crude tumbled sharply as results showed those wanting to exit the bloc were likely to win, fanning worries about the impact on demand as investors fled for safe investments.At one point US benchmark West Texas Intermediate fell 6.21 percent to $47.00 and Brent was down 6.17 percent at $47.77.They pared the losses later in the day and at around 0630 GMT, Brent dropped $2.14, or 4.20 percent, to $48.77 and WTI was down $2.18, or 4.35 percent, at $47.93.The news sent Asian stock markets collapsing, with Tokyo down almost eight percent, Hong Kong losing more than four percent, and Seoul and Sydney more than three percent down each. Futures trading also suggested London would lose seven percent and Frankfurt six percent.Now is the time of the extreme volatility... a vote for Brexit, could bring a big tail risk to the market, said CMC Markets analyst Margaret Yang.That is exactly why banks and brokerage firms have been on the alert, anticipating the risks and impacts that Brexit could bring to the market, she added.The Brexit vote has clearly weakened the near-term outlook for the UK and global economies, research house Capital Economics said.However, it added that we still think that it will ultimately prove to be less damaging than many estimates have suggested.Bernard Aw, an analyst with IG Markets in Singapore, said part of the reason for the plunge in oil prices was the strengthening of the dollar against the pound and higher-yielding currencies, which makes crude more expensive for holders of other units.The pound fell to its lowest level against the dollar since 1985, while Australias dollar was down 3.4 percent at one point, South Koreas won dived 2.4 percent and the Indonesian rupiah shed 1.1 percent.Malaysias ringgit was down 2.5 percent, one of its worst days since 1998.Theres a possibility that oil may fall more after the full results are out since weve already seen quite a plunge in the pound, Aw told AFP.

Shocked EU vows unity after Brexit vote

Posted:

BRUSSELS (AFP) -A stunned European Union vowed to remain united on Friday despite Britain voting to leave, as fears grew that a chain reaction of further referendums could tear the bloc apart.As Brussels, Paris and Berlin woke up to the grim news, leaders warned of a difficult divorce in a sign that Britain will win few concessions in negotiating life outside the circle of the other 27 members of the bloc.Today on behalf of the 27 leaders, I can say that we are determined to keep our unity as 27, EU President Donald Tusk told reporters in Brussels in the first official reaction to the vote.With global markets in turmoil, Tusk -- who had earlier warned that a Leave vote could end Western political civilisation -- said it was a historic moment but for sure not a moment for hysterical reactions.Although the EU had recently gone through the most difficult years in its 60-year history, it was worth remembering that what does not kill you makes you stronger, he said.But the biggest fear in capitals across the continent was of contagion, with immediate calls by far-right leaders in France and the Netherlands for their countries to hold their own votes on EU membership.French far-right leader Marine Le Pen said the British result was a victory for freedom and there should be referendums across Europe, while Dutch anti-Islam MP Geert Wilders said the Dutch people deserve a referendum as well.European Parliament President Martin Schulz said he was speaking to Germany Chancellor Angela Merkel to avoid a chain reaction of eurosceptic success across Europe.The chain reaction that the eurosceptics are celebrating everywhere will absolutely not happen, he told Germany’s ZDF television.‘Sad day’Stunned European nations said they were saddened by the news, as they struggled to work out what lies ahead, with meetings planned in several capitals ahead of an EU summit on Tuesday.EU heavyweight Germany said the news was truly sobering.It looks like a sad day for Europe the UnitedKingdom, Foreign Minister Frank-Walter Steinmeier wrote on Twitter.Sad for the United Kingdom. Europe carries on but it must react and win back the trust of its people. It is urgent, agreed his French counterpart Jean-Marc Ayrault, also writing on Twitter.French President Francois Hollande was expected to react to the news after a ministerial meeting on Friday morning.Belgian Prime Minister Charles Michel admitted it was a blow to the European project.He called for a special meeting of EU leaders in July to reaffirm our commitment... We have to define our priorities and set out a new future for Europe.I respect but regret the outcome Brexit. Lux continues to work for a strong EU, Luxembourg Prime Minister Xavier Bettel tweeted, while Lithuania’s President Dalia Grybauskaite wrote: Brexit: respect, regret, re-engage.But there were signs that Britain would find negotiating a new relationship with the EU difficult.The head of the main centre-right group in the European Parliament, Manfred Weber, warned that Britain should not expect an easy ride.Exit negotiations should be concluded within 2 years at max. There cannot be any special treatment. Leave means leave.

Obama expected to speak to Cameron after Brexit vote

Posted:

WASHINGTON (AFP) - US President Barack Obama is expected to speak to British Prime Minister David Cameron on Friday following Britain’s vote to leave the European Union, the White House said.The President has been briefed on the incoming returns in the UK referendum, and he will continue to be updated by his team as the situation warrants, the White House said in a statement.We expect the President will have an opportunity to speak to Prime Minister Cameron over the course of the next day, and we will release further comment as soon as appropriate, it added.The results of Britain’s Thursday referendum have struck a thunderous blow against the EU and spread panic through world markets Friday as the British pound collapsed to a 31-year low.Obama is in San Francisco, where he is set to meet with tech industry leaders on Friday.

Fire Brigade struggles to put out Karachi garment factory fire

Posted:

KARACHI (Dunya News) – Garment factory located in SITE area has caught fire which is being tried to tackle with by over a dozen Fire Brigade vehicles for three hours, reported Friday.After a sudden fire erupted in the factory, three vehicles of the fire extinguishing department reached the site after learning about the news however, gauging the requirement of the scene, another two were called by the rescuers.Despite the efforts, fire was not put out but it intensified as nylon and other kinds of cloths were in the storage.The authorities declared it a third degree fire and department’s vehicles were called from across the city. The extinguishers are struggling on site as there is a gas pipeline laid near the burning factory.

Australia's ties to Britain to stay 'intimate' after Brexit

Posted:

SYDNEY (AFP) - Australia’s relationship with Britain will stay very strong and intimate, Prime Minister Malcolm Turnbull said Friday, adding he was confident negotiations over a free-trade deal with the EU would not be jeopardised by the Brexit vote.Australian financial markets joined global exchanges in a sea of red as Britons voted to exit the bloc, with the benchmark S&P/ASX 200 down almost four percent during the day’s trade.I have no doubt... that our very strong and intimate relations with the United Kingdom will be entirely unaffected, Turnbull told reporters in Devonport in the southern island of Tasmania.And our very strong relations with Europe, with continental Europe, which are leading towards negotiations to a free-trade agreement, will also continue.We have enhanced our relations with the major continental European economies in recent years, in particular, of course, Germany and France.The multi-millionaire former banker said there would be a period of uncertainty and some instability in global markets but stressed there is no cause for Australians to be alarmed by these developments.Turnbull added that the impact on Australian trade deals in the short-term were likely to be very limited as it would take some years for Britain to negotiate its exit from the EU.We have to recognise that the global recovery is, in some parts of the world, fragile. So this uncertainty plays into that environment, he said.

Myanmar Buddhists ransack mosque as religious violence flares

Posted:

BAGO, Myanmar (AFP) - Scores of Buddhists ransacked a mosque in central Myanmar forcing Muslims to seek refuge overnight in a police station after a dispute between neighbours spilled into religious violence, officials and residents said Friday.Bouts of anti-Muslim violence have left scores dead across the country since 2012 and the febrile atmosphere poses serious challenges for Aung San Suu Kyi’s new government.The violence erupted on Thursday afternoon as a mob of around 200 Buddhists rampaged through a Muslim area of Thuye Tha Mein village in Bago province following an argument between neighbours over the building of a Muslim school.It started when a Muslim man and a Buddhist women started to argue and then people came to fight him, Hla Tint, the village administrator, told AFP.Parts of the mosque were destroyed... they also destroyed the fence of the Muslim cemetery, he added.Around 70 Muslims, including children, sought shelter in a police station overnight on Thursday, he said, adding there were no serious injuries and peace had been restored.Police and the secretary of the mosque confirmed the damage, while a Muslim resident told AFP his community of around 150 people is now living in fear.We had to hide as some people were threatening to kill Muslims. The situation has never been like this before, Tin Shwe OO, 29, told AFP, adding his family stayed at the small police station overnight.I do not dare to stay at my house. For the safety of my family, I want to stay somewhere else for about a week or so.Outbreaks of deadly violence have roiled the country threatening to unpick democratic gains since the army began loosening its stranglehold on the country in 2011.The worst violence struck central Myanmar and western Rakhine State which is home to the stateless Rohingya Muslim minority, tens of thousands of whom still languish in displacement camps after rioting.Buddhist nationalists vigorously oppose moves to recognise the Rohingya as an official minority group, instead labelling them Bengali -- shorthand for illegal migrants from the border with Bangladesh.Democracy champion Suu Kyi, who is currently visiting Thailand, has come under fire for failing to speak up for the Rohingya -- although she recently caused surprise by using the incendiary term during a visit to Myanmar by America’s top diplomat.Religious tensions pose a unique challenge to the new government and to Suu Kyi, a Nobel laureate once garlanded for her fight for rights for all.Her party is dominated by ethnic Bamar Buddhists and did not field any Muslim MPs in the election last year that drove it to power.Hardline monks -- known as the Ma Ba Tha -- are accused of stoking violence and tensions with hate speech.

India imports cotton from Pakistan as domestic prices climb

Posted:

MUMBAI (Reuters) India, the worlds biggest cotton producer, has contracted to import 20,000 bales from Pakistan for shipment this month after Indian prices jumped because of limited supply, industry officials told Reuters.The move is a role reversal from earlier this year, when Pakistan was buying cotton from India after its output had been hit by bad weather.Around 20,000 bales have been imported from Pakistan. Landed cost of imported cotton is lower than local prices, Dhiren Sheth, president of the Cotton Association of India (CAI), told Reuters.Indian cotton prices have risen by 28 percent since the start of 2015/16 season on Oct. 1 to 40,800 rupees per 356 kg candy (77.4 cents per lb) as two years of drought took its toll on output.Pakistani supplies are available at about 70 cents per lb on a free-on-board basis, said one Mumbai-based dealer with a global trading firm.Supplies are dwindling in both countries. The sharp rally in Indian prices is making imports viable from Pakistan, but it has limited quantity for exports, the dealer said.India has so far imported about 1.2 million bales in 2015/16 and needs another 400,000 bales before the new crop starts arriving from the end of September, Sheth said.The country has exported about 6.5 million bales of cotton this season, with Pakistan accounting for nearly 2 million bales.Indian buying has been pushing up prices in Pakistan, said Shahzad Ali Khan, chairman of Pakistan Cotton Ginners Association.The All Pakistan Textile Mills Association has urged the Pakistan government to restrict cotton exports to India in an attempt to provide raw material for domestic textiles production.Indian industry officials, including Sheth of the CAI, said that Pakistan should not restrict exports since it imported cotton when it was in need.

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