2nd death anniversary of Ghulam Ishaq Khan being observed today



Four killed in Baldia town firing



Resolution of Kashmir stand-off not far off: Zardari



Zardari says India should respect Sindh Taas Treaty



Interviews of 8 officials completed for comissioners posts

2nd death anniversary of Ghulam Ishaq Khan being observed today



Four killed in Baldia town firing



Resolution of Kashmir stand-off not far off: Zardari



Zardari says India should respect Sindh Taas Treaty



Interviews of 8 officials completed for comissioners posts

2nd death anniversary of Ghulam Ishaq Khan being observed today



Four killed in Baldia town firing



Resolution of Kashmir stand-off not far off: Zardari



Zardari says India should respect Sindh Taas Treaty



Interviews of 8 officials completed for comissioners posts

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NEW YORK: Recession fears sent world stock markets tumbling Monday, with Tokyo at a 26-year low, Europe badly under water and Wall Street struggling to hold the line despite a G7 pledge to stabilise the financial system.

Oil prices fell below 60 dollars as traders estimated that a global recession would dent future energy demand.

The European single currency sank under 1.24 dollars to a two-year trough after a downbeat survey on German busine ... Full Story

Federal bodies express reservations on KSE bailout fund

LAHORE: Four of the federal organizations have expressed their reservations on provision of a fund amounting to Rs20 billion to Karachi Stock Exchange (KSE) for pulling the share market out of the prevailing crisis.

According to sources, the Federal Government directed the State Life, National Bank, National Investment Trust and Employees Old Age Benefit Institution to extend Rs20 billion to KSE.

The federal bodies are of the view that the fund created with the money of the poor, pensioners, insurance holders and others should not be provided to KSE.

These bodies have already extended Rs5 billion to KSE in a bid to

Top UN officials urge reform of world finance system

UNITED NATIONS: UN chief Ban Ki-moon on Friday joined chief executives of key UN institutions in calling for a meaningful and well-coordinated reform of the international financial system.

Participants at Friday's UN summit said that "the market and regulatory failures that have led to this (financial) crisis must be addressed as a matter of urgency" when leaders of 20 industrialized and emerging powers meet in Washington November 15.

"We reaffirm the need for meaningful, comprehensive and well-coordinated reform of the international financial system and pledge our support to this end," they said in a joint statement.

They also urged rich countries to strengthen their commitments on official development assistance to poor nations and called for a successful conclusion to the Doha Round of trade liberalization talks.

"A healthy, open and rule-based trading system is essential to maintaining long-term economic growth to the benefit of all," they added.

The Doha Round was launched in the Qatari capital in 2001 with the aim of liberalizing trade rules for the benefit of developing countries. But a summit in July collapsed over a disagreement on tariffs between the United States and India.

Indo-Pak consensus to continue talks

BEIJING: Prime Minister Syed Yousuf Raza Gilani and his Indian counterpart Manmohan Singh met here Friday in the Great Hall of the People on the sidelines of Asia-Europe Meeting (ASEM) summit and pledged to work together for combating the menace of terrorism.

The two leaders first had a five minutes meeting along with their aides and later had one-on-one meeting that lasted for about 20 minutes.

Later, while talking to newsmen they termed their interaction as useful and said there was willingness on both sides to address their common problems.

About terrorism, they said it is a common threat to the two countries.

Prime Minister Gilani said the two countries need to focus on fighting poverty, hunger and illiteracy to improve the socio-economic life of their people.

The terrorism, he said is our common enemy that is affecting their economic progress.

Pakistan, he reiterated, is against terrorism in all its forms and manifestations.

“We are in total agreement to fight this menace jointly,” he added.

About financial crisis at the regional and international levels, he said that both the countries are sailing in the same boat and prepared to cooperate to face it.

The matter was also discussed threadbare at the ASEM’s level during the on-going summit meeting, he said.

Prime Minister Manmohan Singh said the two countries are committed to move forward in a positive manner for resolving their pending disputes through the process of composite dialogue.

He said Prime Minister Gilani invited his attention towards Pakistan’s serious concerns over the issue of Baghliar Dam.

Prime Minister Singh said that he assured Prime Minister Gilani that Indian government will take all possible steps for implementing the relevant agreement to this effect in letter and spirit.

To a question, he categorically stated that the water dispute would not be allowed to affect the peace process between the two countries.

“We want to seriously work on resolving this issue,” he added.

During the talks, the two leaders also discussed the possibility of further enhancing their trade and business contacts.

Prime Minister Singh appreciated his meeting with President Asif Ali Zardari in September during the 63rd UNGA session in New York and said that it carried ambitious agenda to develop their trade and business links.

The Indian Prime Minister particularly mentioned the opening of Line of Control (LoC) for bilateral trade, stating it was a good step forward to promote business activities.

Mr. Singh hoped that there will be positive outcome of their negotiations on various issues.

This was Prime Minister Gilani second meeting with Indian counterpart within three months.

Both the leaders also met on the sidelines of 15th South Asian Association for Regional Cooperation summit held in Colombo in August.