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Monday, 6 June 2011
Gold and Silver Rates in Pakistan: 7th June 2011
KSE declines by 25 points
KARACHI: Prices of local stocks ended lower on Monday, on sentiment dampened by an announcement made on Friday in the national budget for the fiscal year 2011/12 (July-June) that capital gains tax (CGT) would still apply to individual investors.
Dealers said the losses were capped by investor interest in some sectors benefiting from the budget.
The Karachi Stock Exchange's benchmark 100-share index ended 0.20 percent, or 25.01 points, lower at 12,211.65.
Turnover rose to 95.85 million shares from 65.31 million on Friday.
"The market was expecting the removal of the CGT, which did not happen, so that had a negative impact today," said Sajid Bhanji, director at brokers Arif Habib Ltd.
"But the government reduced the excise duty on cement, which had a positive impact, and also it did not increase the rate of corporate tax on bank, as was expected, which is also positive for the market," he said.
Cement manufacturers were amongst the most active companies on Monday, with DG Khan Cement ending 1.22 percent higher at 24.97 rupees.
Dealers said they expected the market to remain steady in the near-term, before regaining positive momentum. (Reuters)
Dealers said the losses were capped by investor interest in some sectors benefiting from the budget.
The Karachi Stock Exchange's benchmark 100-share index ended 0.20 percent, or 25.01 points, lower at 12,211.65.
Turnover rose to 95.85 million shares from 65.31 million on Friday.
"The market was expecting the removal of the CGT, which did not happen, so that had a negative impact today," said Sajid Bhanji, director at brokers Arif Habib Ltd.
"But the government reduced the excise duty on cement, which had a positive impact, and also it did not increase the rate of corporate tax on bank, as was expected, which is also positive for the market," he said.
Cement manufacturers were amongst the most active companies on Monday, with DG Khan Cement ending 1.22 percent higher at 24.97 rupees.
Dealers said they expected the market to remain steady in the near-term, before regaining positive momentum. (Reuters)
Video of SRK item song ‘Antenna’ released
Amidst magnanimous projects like 'Ra.One' and 'Don 2', Shah Rukh Khan was so pressed for time to get more involved into his home production's next offering 'Always Kabhi Kabhi' that the superstar wanted to in a way gift something to the movie that would bear the renowned SRK trademark and that was how the promotional song of the film "Antenna" was born.
In spite of having a packed schedule and being busy with the post production work of his films Shah Rukh Khan was involved with the song right from its nascent stages - from coming up with the beats and approving the lyrics,to going over various compositions for the song to even shooting for the video in a record breaking time.
Sources say that Shah Rukh Khan was present for almost all of the music sittings that Roshan Abbas and Pritam had arranged for he was completely involved in the making of the song from the lyrics composition, the visualizing of the music video and the likes. He even shot for the song in a flat 3 hours. SRK has always wanted to gift something to the film and "Antenna" seemed appropriate.
Afridi won't appear before disciplinary committee
KARACHI: Retired cricket star Shahid Afridi will not appear as summoned before a PCB disciplinary committee on June 8 to face charges of violating a code of conduct, his lawyer said Monday.
The Pakistan Cricket Board (PCB) told Afridi to appear before a three-man disciplinary committee after the former one-day captain abruptly decided to retire from international cricket last week.
"The process followed by the PCB does not conform with the law as even under Pakistan's constitution there is a right given to everyone to be heard before a case is decided," Afridi's lawyer Syed Ali Zafar told a news conference.
The PCB said Afridi violated the players' code of conduct in announcing his retirement and suspended his central contract and revoked all no-objection certificates (NOCs) that would have allowed him to play abroad.
The move prevents him from playing for Hampshire in the Twenty20 league in England and in next month's Sri Lankan Premier League.
Afridi had developed differences with coach Waqar Younis over selection matters during last month's tour of the West Indies and his public criticism saw the PCB replace him as captain.
The star also levelled serious allegations of mistreatment against the PCB, saying he would not play under the current board set-up, headed by Ijaz Butt.
When asked if Afridi might take legal action should the PCB committee take action in his absence, Zafar said: "all the options are open. We will knock (on) the door of justice and that we have repeated all through this case."
Zafar said the PCB had taken strict steps without giving Afridi a chance to tell his side of the story.
"The PCB served the first show-cause notice on May 18 and then suddenly Afridi's NOCs were revoked and his central contract was suspended, which was against the law," said Zafar.
Afridi, who returned from England to a rousing welcome from fans on Sunday, said the PCB should have given him a chance to air his views.
"The PCB chairman took a decision based on whatever management told him. He should have given me a chance to speak over happenings in the West Indies," Afridi told the news conference.
Afridi also disagreed with the process of the disciplinary action.
"The committee belongs to PCB employees and they have to take a decision on the same day. I can't understand the process," said Afridi of the committee comprising of Shafiq Ahmed, Sultan Rana and Usman Wahla.
"I have never cared about the captaincy. I have played under a number of players," said Afridi. "A lot of other senior players also feel humiliated by treatment from the PCB but they can't stand and fight because of the central contract and many other things, but for me personal honour comes first," said Afridi.
But PCB legal adviser Tafazzul Rizvi stood by the procedure.
"The suspension of contract is not a punishment and if Afridi is not satisfied with the disciplinary committee's verdict he has a right to appeal before an independent tribunal," said Rizvi. Rizvi said Afridi's lawyer could attend the June 8 meeting. (AFP)
The Pakistan Cricket Board (PCB) told Afridi to appear before a three-man disciplinary committee after the former one-day captain abruptly decided to retire from international cricket last week.
"The process followed by the PCB does not conform with the law as even under Pakistan's constitution there is a right given to everyone to be heard before a case is decided," Afridi's lawyer Syed Ali Zafar told a news conference.
The PCB said Afridi violated the players' code of conduct in announcing his retirement and suspended his central contract and revoked all no-objection certificates (NOCs) that would have allowed him to play abroad.
The move prevents him from playing for Hampshire in the Twenty20 league in England and in next month's Sri Lankan Premier League.
Afridi had developed differences with coach Waqar Younis over selection matters during last month's tour of the West Indies and his public criticism saw the PCB replace him as captain.
The star also levelled serious allegations of mistreatment against the PCB, saying he would not play under the current board set-up, headed by Ijaz Butt.
When asked if Afridi might take legal action should the PCB committee take action in his absence, Zafar said: "all the options are open. We will knock (on) the door of justice and that we have repeated all through this case."
Zafar said the PCB had taken strict steps without giving Afridi a chance to tell his side of the story.
"The PCB served the first show-cause notice on May 18 and then suddenly Afridi's NOCs were revoked and his central contract was suspended, which was against the law," said Zafar.
Afridi, who returned from England to a rousing welcome from fans on Sunday, said the PCB should have given him a chance to air his views.
"The PCB chairman took a decision based on whatever management told him. He should have given me a chance to speak over happenings in the West Indies," Afridi told the news conference.
Afridi also disagreed with the process of the disciplinary action.
"The committee belongs to PCB employees and they have to take a decision on the same day. I can't understand the process," said Afridi of the committee comprising of Shafiq Ahmed, Sultan Rana and Usman Wahla.
"I have never cared about the captaincy. I have played under a number of players," said Afridi. "A lot of other senior players also feel humiliated by treatment from the PCB but they can't stand and fight because of the central contract and many other things, but for me personal honour comes first," said Afridi.
But PCB legal adviser Tafazzul Rizvi stood by the procedure.
"The suspension of contract is not a punishment and if Afridi is not satisfied with the disciplinary committee's verdict he has a right to appeal before an independent tribunal," said Rizvi. Rizvi said Afridi's lawyer could attend the June 8 meeting. (AFP)
Michael Jackson's ‘Thriller’ jacket up for auction
The black and red leather jacket is expected to fetch $200,000 to $400,000 in its debut sale by Jackson's longtime costume designers Dennis Tompkins and Michael Bush, who were given the item by the singer, Julien's Auctions said.
The 14-minute "Thriller" music video, featuring dancing zombies, was released in 1983 and is regarded as one of the most influential pop videos of all time. In 2009, it was inducted into the National Film Registry of the Library of Congress for its cultural and historical significance.
Other Michael Jackson items offered at the two-day sale on June 25 and 26 at Julien's Auctions Gallery in Beverly Hills include the singer's American Music awards glove (estimate $20,000-30,000), a wig he wore at the 2009 London press conference announcing the "This Is It Tour," (estimate $4,000-6,000), and a fedora he wore on stage (estimate $2,000-4,000).
Jackson, 50, died in June 2009 from an overdose of the powerful anesthetic propofol and prescription painkillers, just weeks before a series of planned comeback concerts.
A portion of the proceeds from the sale of the "Thriller" jacket will benefit The Shambala Preserve current home to tigers who used to live at Jackson's Neverland Ranch, Julien's said. (Reuters)
PCB to issue show-cause notice to Ilyas
Acoording to PCB sources, the board has decided to issue show-cause notice to the selector on using derogatory language against Afridi. The first notice was issued on Friday while the other is due today (Monday).
Afridi accused Ilyas of pressurising the selection committee to select his son-in-law Imran Farhat in the team.
Dumped Afridi to reveal his ‘plan of action’ today
KARACHI: Shahid Afridi returned home on Sunday night and then said that he will announce his ‘plan of action’ to resolve a bitter dispute with the Pakistan Cricket Board (PCB) on Monday (today).
The former Pakistan captain received a tumultuous welcome here at the Jinnah Terminal but hundreds of his fans who had gathered at the airport weren’t able to see much of him as Afridi was whisked away to his home in Gulshan. He wasn’t even allowed to speak to dozens of media persons, who had assembled outside the arrivals area.
“I won’t be able to talk much about the issue as I have a detailed meeting with my lawyers tomorrow morning,” Afridi told ‘The News’. “I will decide my plan of action after consulting my lawyers and will announce it at a press conference tomorrow,” he added.
Afridi, 31, thanked his fans for their all out support. “My fans are the ones who give my strength,” he said.
The star allrounder refused to confirm whether he will appear before a disciplinary committee appointed by the Pakistan Cricket Board (PCB) to hear his case. The Board has summoned Afridi for a hearing at its headquarters in Lahore on Wednesday.
“I’m keeping my options open,” he said. “It will only after discussing the issue with my lawyers that I’ll be able to decide about it.”
Afridi is in deep trouble as the PCB has suspended his central contract besides revoking all the No Objection Certificates granted to him, meaning that he cannot even play in foreign leagues. The Board has also begun disciplinary proceedings against the player and is likely to slap him with a lengthy ban and a hefty fine.
It was Afridi’s decision to talk about a rift in the team management last month that earned him the Board’s wrath. Reacting to his comments, the Board stripped him of captaincy for last month’s two-match One-day International series against Ireland.
Ten days later, Afridi took a swipe at the Board accusing it of ill-treatment and announced that he is retiring from international cricket.
Afridi has received immense support from all quarters. Even powerful politicians like PML (N) chief Nawaz Sharif have backed him. There were further indications the fact that his issue has become a political one when a number of Muttahida Qaumi Movement and Awami national Party activists turned up at the airport to receive Afridi. They were chanting slogans against the PCB.
Irked by it, the PCB issued a media statement on Sunday saying that it is concerned that “an internal disciplinary action” against Shahid Afridi is being converted into a political issue.
“A number of political functionaries are interfering in what is essentially an internal disciplinary matter of the PCB,” said the statement.
Ijaz Butt, the PCB chairman, said that he will stick to his guns in spite of the use of political ‘influence’.
“It is disappointing that despite Afridi pleading guilty to the offences, some political functionaries are extending their support with a view to influencing the disciplinary process being followed by PCB,” said Butt. “An understanding needs to be developed among all stakeholders, media and the politicians that no one is above the law and that, for maintaining discipline within the team, it is absolutely imperative that we carry out this process without any fear or favour,” he stressed.
“PCB has been criticised for being ineffective in the past in the context of discipline. It would now appear an attempt by some forces to prevent the board from implementing the code of conduct may well damage Pakistan Cricket, if they continue to lend support to Afridi and exert undue pressure on PCB for their ‘non-cricketing’ interests,” he concluded.
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