JUI-F files application for seats on Opposition benches

Maulana Fazlur Rehman, chief of the Jamiat Ulema-i-Islam-Fazl (JUI-F), on Monday confirmed he has submitted an application to Speaker National Assembly to sit on the opposition benches.

Speaking to media representatives in Islamabad, he said the JUI-Fs parliamentary secretaries in the National Assembly and Senate have also tendered their resignations.The JUI-F pulled out of the PPP-led coalition government after Azam Swati, a federal minister from JUI-F, was sacked from the cabinet by Prime Minister Yousuf Raza Gilani.
During the past few days, the PPP has attempted to win back Fazlur Rehmans support. However, the JUI-F chief has refused to change his stance on the issue.However, JUI-F MNAs sat on the treasury benches at the start of the todays session.

JIU-F MPs Maulana Qasim, Haji Rozuddin, Maulana Abdul Malik and others took last seats of the treasury benches.

Later, while talking to trendpk.com.Com outside the Parliament House, JUI-F Senator Abdul Ghafoor Hiaderi said that an application for seats on the Opposition benches would be submitted within a day or two. Referring to RGST, he said that his party would oppose it, if the reservations over it were not addressed.

Three Pakistanis named for supporting attacks: US Treasury Dept.

The United States Treasury Department on Thursday named three Pakistanis who were acting on behalf of terrorist organizations and banned Americans from any dealings with them.

Treasury said Amanullah Afridi and Mati ur-Rehman were supporters of Lashkar-e Jhangvi (LJ), and said Abdul Rauf Axhar was acting on behalf of Jaish-e Mohammed (JEM). Treasury described LJ and JEM as Pakistan-based terrorist organizations. It said LJ was responsible for the 2002 kidnapping and murder of US journalist Daniel Pearl among other acts and said JEM has conducted attacks in India and Afghanistan. In addition to banning Americans from dealing with the three, Treasury said that any assets they have that fall under US jurisdiction will be frozen.

PIA seeks state bail out to survive

ISLAMABAD: Ailing state carrier Pakistan International Airlines (PIA) is asking the government, saddled with its own mounting debt, to write off losses of 1.7 billion dollars to save it from looming bankruptcy.

In a five-year survival plan submitted to the government, PIA has promised to make cutbacks and better its fleet in a bid to improve its fortunes, if the treasury agrees to cancel its debt and pay off other creditors.

Blaming “bad policies of the past” for accumulated losses of 80 billion rupees (936 million dollars) and liabilities of 144 billion rupees, PIA spokesman Sultan Hassan insisted the airline is capable of future success.

Defending the company against long-standing allegations of graft and staffing problems, he told AFP that operational profits show PIA can become self reliant.

“We want to reform the airline. If the government helps

SBP pulls Rs 16bn out of money market

State Bank of Pakistan has pulled Rs 16 billion out of money market through open market operation on Thursday.
The Central Bank withdrew the money for one day through Repo Sale of the treasury bills. Money Market dealers made offers worth 26 billion rupees for the open market operation. T-bills would be sold at interest rate of 11.48 percent.

US targets Pakistan militants before Obama trip

WASHINGTON: The United States slapped new sanctions on Pakistan-based extremists who have targeted India, on the eve of a trip by President Barack Obama aimed at shoring up relations with New Delhi.

The Treasury Department announced a freeze on US assets held by the radical Islamist groups Lashkar-e-Taiba and Jaish-e-Mohammad and a ban on any transactions with them by US citizens.

While the United States already considered the pair to be terrorist groups, the Treasury Department blacklisted specific fronts and individuals including Azam Cheema, seen as a key commander of the bloody 2008 assault on Mumbai.

Jaish-e-Mohammad and Lashkar-e-Taiba “have proven both their willingness and ability to execute attacks against innocent civilians,” said Stuart Levey, the undersecretary of the Treasury for terrorism and financial intelligence.

The Treasury action

US targets Pakistan militants before Obama trip

WASHINGTON: The United States slapped new sanctions on Pakistan-based extremists who have targeted India, on the eve of a trip by President Barack Obama aimed at shoring up relations with New Delhi.

The Treasury Department announced a freeze on US assets held by the radical Islamist groups Lashkar-e-Taiba and Jaish-e-Mohammad and a ban on any transactions with them by US citizens.

While the United States already considered the pair to be terrorist groups, the Treasury Department blacklisted specific fronts and individuals including Azam Cheema, seen as a key commander of the bloody 2008 assault on Mumbai.

Jaish-e-Mohammad and Lashkar-e-Taiba “have proven both their willingness and ability to execute attacks against innocent civilians,” said Stuart Levey, the undersecretary of the Treasury for terrorism and financial intelligence.

The Treasury action

SBP collects Rs10.5 bln in OMO

KARACHI: State Bank of Pakistan on Friday accepted bids of Rs 10.5 billion during its Open Market Operation under Repo Sale contract of Government of Pakistan Market Treasury Bills.

The bids offered for 07-Day (Repo Sale) amounted Rs 23 billion. The rate of return is 11 percent, said SBP statement issued here.

FPSC withdraws Competitive Examination-2009 result

ISLAMABAD: The Federal Public Service Commission (FPSC) here on Friday withdrew the earlier notified names of the successful candidates who appeared in the Competitive Examination-2009 and qualified for the recruitment against BS-17 posts under the federal government.

The action was taken after some mistakes were pointed out in the result affecting the merit, which remained displayed at the official website of the commission for one day.

The error occurred due to some computer glitch. Authorities concerned told that an internal enquiry has been initiated to look into the matter.

FPSC IT chief told Geo News that on instructions of DG Exams and Secretary the result was offloaded from the web. ”I am not aware of the reasons behind the action.”

PML-Q MNA declares suicides as God’s will

ISLAMABAD: Some of the treasury and opposition members have demanded abolishment of Islamic Ideology Council and Islamic court whereas Riaz Pirzada of Pakistan Muslim League (Q) has declared suicide incidents as will of God.

Earlier, only 30 members were present in the House when the National Assembly session begun on Friday.

During debate on budget, Fouzia Wahab of PPP tried to speak without permission on which her microphone has been closed on the orders of deputy speaker, however she has managed to continue and urged US and Paris club to write-off Pakistan’s loans as an acknowledgement of role of Pakistan in war against terror.

Riaz Pirzada of PML-Q said Islamic Ideology Council and Federal Islamic courts should be abolished and further added that it is not the duty of court to paralyze government. He also dubbed suicides incidents as will of God.

Bushra Gohar of ANP supported Pirzada’s stance on Islamic Ideology Council and said Maulana Sherani is a political person and he should not be the chairman of the council.

fannie mae

Fannie Mae Needs $8.4 Billion More in Aid after First-Quarter Loss
Read more: Fannie Mae loss shrinks to $13.1B, needs billions more in aid – Washington Business Journal: Fannie Mae has again asked taxpayers for more money after reporting a first-quarter loss of more than $13 billion.

The mortgage finance company, which was rescued by the government in September 2008, said it needs an additional $8.4 billion from the government to help cover mounting losses.

Fannie Mae says it lost $13.1 billion, or $2.29 per share, in the January-March period. That takes into account $1.5 billion in dividends paid to the Treasury Department. It compares with a loss of $23.2 billion, or $4.09 a share, in the year-ago period.

The rescue of Fannie Mae and sister company Freddie Mac is turning out to be one of the most expensive aftereffects of the financial meltdown. The new request for aid will bring Fannie Mae’s total to $83.6 billion. The total bill for the duo will now be nearly $145 billion.
3″ />
Late last year, the Obama administration pledged to cover unlimited losses through 2012 for Freddie and Fannie, lifting an earlier cap of $400 billion.

Fannie and Freddie play a vital role in the mortgage market by purchasing mortgages from lenders and selling them to investors. Together the pair own or guarantee almost 31 million home loans worth about $5.5 trillion. That’s about half of all mortgages.

The two companies, however, loosened their lending standards for borrowers during the real estate boom and are reeling from the consequences.

Fannie Mae said that the first-quarter loss resulted in a net worth deficit of $8.4 billion as of March 31, and that the Federal Housing Finance Agency had asked the Treasury Department to provide $8.4 billion on or prior to June 30 to restore its net worth.
The latest infusion will raise Fannie’s total bailout from the Treasury to $84.6 billion.

Read more: Fannie Mae loss shrinks to $13.1B, needs billions more in aid – Washington Business Journal:

Next Page »