In Tuesday's South Asia papers

19 August 2008 05:30  [Source: ICIS news]

THE TIMES OF INDIA

Front Page

Musharraf quits; suspense mounts on his next move
Pakistan President Pervez Musharraf's decision to resign on Monday brings to an end a tumultuous nine-year reign that thrived with US backing, but succumbed under impeachment threat following the first free and fair elections he conducted after grabbing power in a bloodless coup in 1999.

Anju Bobby George fails to qualify for women's long jump event
Indian athletes continue to cut sorry figure in the Olympics and Anju Bobby George too could not lift the gloom as she failed to qualify for the women's long jump event on Saturday.

Business

Gold slips below $800, watches US dollar
Gold slipped below $800 (€544) an ounce on Tuesday after rising more than 1 per cent in New York, signalling the metal remained prone to downward pressure if the dollar resumed its uptrend.

FIIs cut India exposure
Foreign Institutional Investors (FIIs), the most influential investor group in India, continued to pare their holdings in Indian stocks. During the one year period to June 2008, FIIs reduced their combined exposure to BSE 500 group of companies to 17.4%, compared to 19.9% as of June 2007.

THE ECONOMIC TIMES

Front Page

Sloppy IPO work is still cause for concern
For all the reforms in the primary market, prospective investors for an initial public offer (IPO) are often at the mercy of the merchant bankers, whose top priority is to get the best valuations for the companies they represent.

Entire salary taxable during split employment contract?
John, a British citizen, is employed with a company in UK. He is posted to India. As per the terms of the employment contract, John is required to manage operations in UK and in Singapore. John is required to spend 85% of his time in India, 10% in UK and balance 5% in Singapore. He receives salary of GBP 100,000 per annum.

THE BANGLADESH TODAY

Front Page

Pakistan’s Musharraf resigns
Nuclear-armed Pakistan's beleaguered President Pervez Musharraf announced his resignation on Monday in the face of an impending impeachment motion by the ruling coalition government.

HC begins delivering judgment in Jail Killings Case
The High Court on Monday got down to delivering judgment on appeals along with death references in the 1975 Jail Killings Case, closing long-drawn legal arguments from both sides.

Business

Build capacity at home to tap WTO opportunity: Commerce Adviser
Commerce Adviser Dr Hossain Zillur Rahman on Monday stressed the need for building trade capacity at home to tap the opportunity that emerged out of the negotiations under the World Trade Organisation (WTO).

India Inc's investment plans surge to Rs10,000bn
India Inc seems unperturbed by signs of global recession, with their capacity expansion plans surging past Rs10,000bn ($229.8bn) in the first six months of this year - nearly double the figure for the previous five months, a study said.

DAILY MIRROR

Front Page

Govt. trying to hoodwink A/L paper markings: Teacher Unions
The Sri Lanka Teachers Union, Sri Lanka Tamil Teachers Union and several other teacher associations yesterday alleged that the government is trying to hoodwink the children and the teachers stating that there is a pool of teachers available for the evaluation of GCE A/L answer papers by engaging unqualified teachers.

Resolution to retrieve Katchativu passed unanimously in Madurai
Ulaga Tamilar Peramaipuu - World Tamil Confederation, a proxy LTTE organization in Tamil Nadu headed by P Nedumaran, unanimously resolved in the presence of two TNA Parliamentarians, that Katchativu which was ceded by the Government of India to Sri Lanka in 1974, has to be retrieved back immediately and brought under the Tamil Nadu state government’s administration.

Business

India eyes Lankan investors
Highlands, an infrastructure development project worth Rs150m ($3.4m) situated in Mysore, India is to target Sri Lankan investors in various sectors.

Bharti Airtel crosses the 75 million customers mark
Bharti Airtel Limited announced that its customer base has crossed the 75 million customers mark making it the largest integrated telecom company in India. The subscriber figure includes customers from all business units of the company – mobile services, telemedia services and enterprise services.

DAWN

Front Page

‘Impeachment charges can’t stand’, ‘Success or defeat both would have meant defeat of the nation’
President Pervez Musharraf, who often vowed never to run away from a fight, surrendered to his political foes on Monday by tendering his resignation from office to escape the humiliation of impeachment, making way for Pakistan’s transition to a full parliamentary democracy after a lengthy military dictatorship.

Race on for successor
Leaders of the parties in the ruling coalition went into a marathon meeting after President Pervez Musharraf announced his decision to resign on Monday. The meeting focussed on post-Musharraf challenges.

Business

Trade greets Musharraf’s exit with cautious optimism
Not unexpected for few, but pleasantly surprising for many, the rather abrupt appearance of President (retd) General Pervez Musharraf on television screen on Monday high noon, to announce his resignation from presidency brought an end to political and economic uncertainty in the country.

New taxes on luxury imports being finalised
The Economy Monitoring Committee (EMC) directed the ministry of commerce and the Federal Board of Revenue (FBR) on Monday to firm up their recommendations to impose new taxes on import of non-essential and luxury goods.

BUSINESS RECORDER

Front Page

Musharraf bows out
President Musharraf announced his resignation on Monday, thereby ending a nearly nine-year highly controversial career as head of state. The resignation not only saved him from what would have been the first impeachment of a president in the history of Pakistan, but also remarkably lowered political and economic tensions with the stock market soaring and falling rupee showing some stability against the US greenback.

Oil prices fall further on demand worries
World oil prices fell further on Tuesday, dragged down by worries that weaker US oil demand could spread to Europe and Japan, analysts said.

Business

SDPI seminar: public review of all past aids and loans sought
The government must conduct an independent and comprehensive public review of all past aids and loans sought for development projects before applying for new ones. This was unanimous view of speakers at a seminar on 'Promoting Aid Effectiveness: enabling Participatory Democracy' organised by Action aid-Pakistan and Sustainable Development Policy Institute (SDPI) here on Monday.

SME's development: Irfan consulting industrial stakeholders
The Chief Minister's Task Force on Industrial Development, Small and Medium Enterprises (SME) Chairman Yawar Irfan Khan is starting consultation with all the stakeholders of the industrial sector to formulate a business friendly policy for the development of SMEs and ensuring their rapid growth in the Punjab province.

By: Staff Reporter
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