National Bank of Greece: New Currency Fear?

National Bank of Greece: New Currency Fear?

 So far Greece has failed to sign a bailout deal with its international creditors, pushing experts to weigh the options of a looming Grexit. If Greece leaves the eurozone and choose to operate its own currency, it could cause a “havoc” in its economy, as per CNBC which quoted William Buiter global chief economist at Citigroup.

Earlier this month the governor of Luxmbourg’s central bank and member of the European Central Banks executive board, Merch warned that without a deal Greece would have to resort to “exceptional tools”. Mr Merch said: “ There are intermediate solutions circulating, such as the issuance of a parallel currency or IOU…But all of them have a high cost.”

Mr. Buiter cautioned that the Greek economy was considerably weak at present to endure a Grexit and that transitionary into an independent currency would not de an easy task. Moreover he clarified, “Greece has not historically been good at managing an independent currency.” Interstingly Mr. Buiter was also one of the first expert to have the “Grexit” terminology for Greece’s ongoing crises.

Elsewhere, bailout talks are progressing at a considerably slow pace, with European officials demanding more “intensive work” on economic reforms. Failure to reach a compromise could throw Greece into default mode as it faces hefty debt payments over the summer.

Separately, National Bank of Greece stock stayed in the red this past week with overall decline of approximately 3 percent. Yesterday the stock fell by more then 3 percent and finished off in the red at $1.36 and with a market cap of $4.90 billon. National Bank of Greece stock stayed within the $1.35-$1,41 range yesterday with a trading volume more than 37% lower than the stocks 30-day average benchmark.

pakistan of Ismailis

Pakistan of Ismailis

The past is another country, and 1906 is located at a distance of more than a century. In that eventful year, the imam of the small Ismaili Muslim community led the process of forming a political platform for South Asian Muslims at a meeting of the All-India Muhammadan Educational Conference in Dhaka. Sir Sultan Muhammed Shah Aga Khan III suggested the name of the party – All India Muslim League – and was elected its first president. 

Seven years later, a young Mumbai based lawyer, also belonging to the Ismaili community, left the Indian National Congress and joined the party founded by his spiritual leader. We know how this charismatic lawyer turned the party into the voice of Indian Muslims and changed the course of history by founding a new state 34 years later when he was a terminally ill old man.

Sometime before Jinnah returned triumphantly to the city of his birth as the father of the new nation, some Hindu families in my village in District Muzaffargarh were facing a dilemma. Like hundreds, perhaps thousands of Hindu families in India, they had revered Ismaili imams as their spiritual mentors. Keeping with the tradition of mysticism in India, Aga Khan had never asked them to convert. But these were different times, and Aga Khan had finally ordered them to convert to Islam if they wanted to keep the connection. They found it easier to leave their religion than disobey their spiritual mentor. With the help of local Muslims, they converted to Islam in a simple ceremony held at a Sunni mosque, though they chose to embrace the Ismaili denomination. 

As a schoolgoing boy, I would meet some men from these families at the Deobandi Jamia mosque where they used to pray every Friday with other Muslims. Everyone knew that Ismails were required to say their prayers at the largest Muslim mosque in the area if a mosque of their own denomination was not available. These Ismaili families later shifted to Multan where they became part of the thriving Ismaili business community. 

Multan, the historic city they shifted to, was itself once a centre of Ismaili dawat (preaching). In fact, Ismailis had set up a Muslim state in the area more than a thousand years ago that was terminated violently in 1010 AD by Mahmud Ghaznavi, revered in our textbooks for desecrating a Hindu temple. One of the major shrines in Multan also belongs to a 13th century Ismaili saint, Pir Shams Sabzwari, visited by Muslims of all denominations. 

Going back to my own Deobandi mosque, I saw Ismailis praying there till the 1980s, the decade when the Middle East, with its heavy baggage of violent sectarian history, arrived in this part of South Asia. In 1990, a 14-year-old boy killed a crippled Shia worshipper at a Sunni mosque in Muzaffargarh considering his regular presence an abomination for the sacred place. Incidentally, the mosque was built by the Shia owners of a nearby factory. 

I went to interview the boy at the district prison. He appeared unrepentant and told me that he was inspired by speeches of a sectarian religious leader based in Jhang. A local lawyer explained to me how leaders of the sectarian organisation patronising the boy had easy access to the district administration and received half a dozen arms licences every day. 

Starting its journey as an Islamic state, Pakistan by now had become a sectarian state where Ismailis, along with Shias and non-Muslim minorities, were misfits. Takfiri fatwas, that declare individuals and rival sects to be infidels, are a very old hobby of our religious entities. Some clerics used to call Jinnah Kafir-e-Azam – the Great Infidel – as a retort to his popular title. In the case of Iqbal, clerics had gone much further with Maulvi Abu Muhammad Didar Ali, khateeb of the Wazir Khan mosque in Lahore, issuing a proper fatwa declaring Iqbal an infidel. Interestingly, in the case of His Highness Aga Khan, it was Pandit Jawaharlal Nehru who raised the question of him not being a perfect Muslim while Iqbal defended his teachings through an article. 

For South Asian Muslims, such confrontations were more of an amusing sideshow, not something that affected their day to day lives. Unlike the Middle East where empires with rival sectarian allegiances had created much bad blood, in South Asia there was enough space for Lal Shahbaz Qalandar to turn himself into an eagle and fly unhindered and for Shah Waliullah to carry out his scholarly work. 

What changed things in Pakistan for Ismailis – and for everyone else – was the attitude of the state. Over time, the Pakistani state has assumed a sectarian character and its religious institutions have become blatantly sectarian. Take the example of the so-called International Islamic University in Islamabad. How this university employs followers of one sect and promotes teachings of that specific sect to its students has never been a secret. A recent report of an intelligence agency leaked to the media points out that the university “intentionally promotes sectarian doctrine at its campus”. And we are talking of a state-owned and run ‘premier centre of Islamic learning’ with the president of Pakistan as its chancellor. 

On the more practical side, the state has patronised militant jihadi organisations belonging to a small number of sects. Thanks to these organisations, some of whom have fallen from grace while others remain precious assets, the takfiri fatwas are no longer empty edicts; they are backed by the firepower of extremist organisations that can easily cow down state institutions and functionaries. No wonder the attack on Ismailis in Karachi was preceded by a fatwa against the whole denomination from one of the country’s largest and most influential madressahs. The head of the same madressah has also issued a fatwa against a federal minister who has been forced to explain his position like a chastised schoolboy. 

Violent extremism is only a fruit of the tree the state itself had planted. Perhaps the biggest challenge of our times is to de-sectarianise the Pakistani state and return it to the joint ownership of all Muslims denominations and followers of other faiths. The way Ismailis have maintained stoic silence over the brutality wreaked on the community says a lot about the environment of fear that surrounds them. 

Once upon a time, His Highness Aga Khan and Quaid-e-Azam Muhammad Ali Jinnah gave voice to the aspirations of all Muslims of South Asia. It is now our turn to speak on behalf of our Ismaili brothers and sisters. 

Pakistan claims aresst of suspect in politician's London Pakistan

Pakistan claims arrest of suspect in politician’s London murder

Pakistan on Monday announced the arrest of a siapect in connection with the 2010 murder of influential politician Imran Farooq in London, terming it a major breakthrough in the highly-charged case.

Farooq, a founding member of the Muttahida Qauimi Movement party, was stabbed and beaten to death in Edgware, northwest, London, as he returened home from worh in September 2010.

Critics of the MQM, the most powerful political force in Pakistan’s biggest city of Karachi, have claimed that the killing of Farooq was linked to an initial dispute in the party, which has been run from London by exiled leader Altaf Hussain for over two decades.

Interior Minister Chaudhry Nisar Ali Khan told reporters in Islamabad that intelligence agencies had toiled hard on the case for over a year before making their first arrest.

“Our security agencies and police have been trying to arrest a suspect in Imean Farooq’s murder for a year.” He said.

The suspect was arrested in Karachi and is due to appear in count on Tuesday, Khan said.

“With the evidence we have, I am confident that there will be quick progress in this case now,” he said, adding that security agencies in Britain and Pakistan were cooperating in the investigation.

A security official, speaking on condition of anonymity, named the suspect as Muazam Ali, and said ae was an immigration consultant accused of making travel arrangements for Farooq’s killers.

Britain police had made two arrests in connection with the killing but both suspects were later freed on ball. They believe that Farooq was under surveillance in the days and weeks before his murder.

Farooq claimed asylum in Britain in 1999. He was wanted in Pakistan over score of charges incluiding torture related to the MQM”s activities, but always claimed the accusations were politically motivated.

He was twice elected an MP in Pakistan, but went into hiding in 992 when the government ordered a military crackdown against party activites in Karachi.

The arrest came weeks after Pakistan’s military force raided the MQM”s headquarters in Karachi, confiscating a cache of arms and arresting several activists, including on convicted of murdering a journalist.  The MQM has been the most powerful political party in Karachi since the 190’s and was once seen as closed to the country’s army, which has ruled the country for half its existence.

Hunza Valley

 HUNZA VALLEY

Introduction

Hunza is a remarkably peaceful and beautiful place situated at an elevation of 2,438 metres, it is situated 112 km of north of Gilgit on the west bank of the Hunza river. Weather remains pleasent from April to September; however winters are extremely cold in hunza. People of hunza are Ismailis and speak Burushaski and are really friendly.Hunza is famous for its handicrafts and precious stones. Hunza Valley's tourist season is from March to October; however to me anytime spent in Hunza would be a lifetime experience. View of Rakaposhi (7,788 metres) from Karimabad is amazing, 800 years old Baltit fort is another attraction.Tourists in Karimabad also visit Duiker, Altit to see sunset in evening from there one can see eight different peaks and view from Duiker is just amazing and beautiful.

How to get there

Hunza valley can be easily reached from Gilgit by road. PIA operates two flights to Gilgit daily from Islamabad. Karimabad, the capital of Hunza can be reached by two hours drive from Gilgit. Scenery is really spectacular during this journey, regular buses and vehicles are always available in Gilgit to reach Aliabad, Karimabad, Gulmit, Passu and Sost.

Accommodation facilities

There are a lot of hotels in Karimabad, Gulmit & Passu, they charge from Rs.200 to Rs. 5000 per day (depending on the tourist which hotel does he chose!), real attractive hotel is Eagle's Nest Hotel which is in Duiker, Altit village.

Hikes and treks

Hunza is ideal for mountaineering, trekking and hiking. Most of the treks in Hunza area are in open zone, for which tourists do not need any permit. However special permits are required from the Ministry of Tourism, Islamabad for mountaineering, trekking in restricted zones & climbing peaks over 6000 metres.

Food:

Food of Hunza has a very very special appeal , not just for the locals but also for the people who visit these areas.Most delicious are Hunza bread, chhupshru (local pizza), local soup daudo and fresh apricot's jam. In case you want food other then local then Baltit Cafe' is the best choice! You can head to Cafe de Hunza if you want to browse Internet and have some coffee.

45 killed as gunmen attack bus in Karachi

45 killed as gunmen attack bus in Karachi

KARACHI: At least 45 people were killed while several others were injured in an incident of firing on a bus near Safoors Chowrangi located in Gulistan-e-Jauhar area of Karachi on Wednesday 13.05. 2015.

In that time unknown assailant’s riding’s motor cycles opened fired on a bus which left at least 45 people dead including 16 women while several people sustained injuries. Many of the injured are reported to be in critical condition.

Police reached the spot after the incident and started investigation. A search operation is underway in the area while a heavy contingent of Rangers has also arrived at the spot.

According to initial reports, gunmen entered the bus and opened fire on the passengers resulting in heavy casualities.

An AFP reports said that members of Ismailies community were targeted.

“At least six gunmen attacked the bus in the Safoora Goth area of Karachi,” a senior police official told AFP.

“45 people have been killed while 13 are injured in this worst incident of terrorism,” IG Sindh Ghulam Haider Jamali said while visiting the spot.

Emergency has been imposed in Jinnah Hospital, Abbasi Shaheed Hospital, Aga Khan Hospital and the nearby Memon hospital where the injured are being shifted.

Addditonal IG Karachi Ghulam Qadir Thebo has suspends the SHO of Sacchal area while the locality has been sealed and the markets and schools situated in the area have beem closed.

Federal Interior Minister Chaudhry Nisar Ali Khan has summoned a report from Ig Sindh and DG Rangers while Prime Minister Nawaz Sharif. Ghief Minister Qaim Ali Shah and Governer Sindh Ishrat-ul-Ebad have taken notice of the incident. 

Foreign elements wants to destabilizes Pakistan: General Pervez Musharraf

Foreign elements wants to destabilizes Pakisatan: Musharraf

ISLAMABAD: All Pakistan Muslim league (APML) Chairman and former president Gnenral Pervez Musharraf on Friday said that foreign elements wanted to destabilize Pakistan.

He said “hidden hands” engaged in distributing the law and order situation in the country, particularly in Karachi, must be exposed.

Taking to APML Central Secretary Dr Muhammad Amjad over telephone, Musharraf called upon stringent ad effective policy to overcome terrorism in the country. He highly appreciated the role of Pakistan Army and Rangers the law and order situation.

Dr Amjad told his party chief that the People of Gilgit-Baltistan have rejected the development projects, which the government as apolitical gimmick initiated to seek vote in the local bodies elections, adding that people wanted real change on political sense.

He said the people of the area were admirable for the development carried out during Musharraf’s era and they were fully supportive of the APML polices.

On this occasion, the APML chairman said if he had not been deprived to costest the general elections, the political situation in the country would have heen entirely different. Pakistan, he said, was blessed with all kinds of resources, and only sincere leadership was lacking to lead the country from the front.

Musharraf said terrorism was the number one issues that neede to be eliminated, and by doing so it would open a gate of foreign investment. He said the APML would emerge victorious in the next general elections, and would change the destiny of the people of Gilgit-Baltistan..

APPLE INC. Watch Yields Not an Issue Anymore: Quanta Computer

Apple inc. Watch Yields Not an Issue Anymore: Quanta Computer

Apple Inc’s main supplier for the Apple watch, Quanta Computer, has made some clarifications regarding the device’s low yield rate, according to a report published on DigiTimes, Quanta’s Vice Chairman CC Leung, without specify naming the device, noted that the company had all the required technological expertise to [roduce its clients tech wearable, without compromising on quality.

He attributed yhe recent delays in the products shipments during the first quarter of fiscal year 2015, to “lobor shortage” that Quanta had to witness during the luner New Year holidays. Quanta, as a result, had to seek assistance from other manufacturers in terms of man power. However, Mr Leung assured that the company has sufficient capacity to ramp up production of the device for the second quarter.

Mr Leung further added that its “clients”, had no qualms about Quanta’s manufacturing. In addition to this, Quanta’s chairman Barry Lam noted that the company’s cloud computing was thriving. He also said that this company was aiming to further develop its storage and telecommunication applications by making aggrasive R & D efforts.

Te Apple Watch was a massive hit amog consumers, as it sold around 1 million units within  the first weekend of its launched. However, some watch were delayed till June, with many others of the gold Edition Apple Watch being pushed to August. Rumors circulating in the media indicated that to help out Quanta regarding producyion.

Another recent report suggested that Apple had to deal with a major problem regarding the Taptic Engine vibration model, with several motors obeing manufactured by AAC Technologies failing during the testing phase. Apple subsequently shifted the majority of the Taptic Engine production to its secondary suppliers, Nidec. Apple shares closed at $ 128.77 in yesterdays trading session.

Senior police officer shot dead in Karachi

Senior police officer shot dead in KARACHI

KARACHI- Former Hyderabad jail superintendent Ejaz Haider wes gunned down in broad daylight in Karachi on Friday when a gunman on a motorbike sprayed bullets at his car Ejaz was the third police officer gunned down in a sudden spate of killings targeting senior officers in the city.

“ the killing of three senior ranking officers in 15 days is quite unusual,” a senior police officer requesting not be named told Reuters.

“earlier, low-ranking policeman like constables and assistant sub-inspectors were being targeted, but now the pattern is changing.

It was unclear who was behind the shootings, or even if they are linked.

SSP Ejaz who shotin the face and chest in the incident that came near Pehlwan Goth in Karachi’s Gulistan-e-Jauhar area.

Police said he was accomplishing the SSP along eith two other woman namely shazia and Sehrish, was also wonded in the attack that occurred in the limits of Shahrah-e-Faisa police station.

Police quoting the witness said that a single gunman on a motorbike intercepted the car and fired at it.

The gunman shot the police officer multiple times and managed to flee the sense As many as 16 bullets were fired at the car

The body of Ejaz, who died on the spot, was taken to nearby hospital and later shifted to Jinnah Postgraduate Medical Center for autopsy.