New York Times put out wonderful article on the 44 best places to travel in 2009. The link is here
I will give the top 10 here:
1. Beirut, Jordan
For years known as the Paris of the Middle East, Beirut went through a period of instability and war. But ever since 2004, Beirut and the citizens of this city have performed a full metamorphisis. With new hotels, shopping and locations Beirut is the place to visit in 2009
check out this site
2. Washington D.C., United States
Its not Obama and not his supporters that have propelled this city to the second spot, but the food. The food scene in Washington has come alive according to the NYT journalist.
check out their official site
3. The Galapagos Islands
Today the Galapagos islands are the best preserved tropical archipelago in the world. It is truly worth a visit...
check out this site
4. Berlin, Germany
5. Las Vegas, United States
6. Fjallnas, Sweden
7. Hawaii, United States
8. Vienna, Austria
9. Doha, Qatar
10. Dakar, Senegal
Saturday, January 10, 2009
Thursday, January 8, 2009
Enough is enough
The stories and news coming out of Pakistan over the past four to five months is enough to even depress the most optimistic Pakistanis. The current establishment has through its policies, and actions has created a sense of dissatisfaction in the hearts of ordinary Pakistanis. Pakistanis who voted in a new democratic government but in return got a bunch of bungling fools who have their loyalties somewhere else. Pakistanis as a peoples are strong and can face up to any problems and issues. But when the establishment, especially Zardari attacks the core, the "dil" of the Pakistani nation as they are now, they we are a weak nation in submission. The utter humiliation we as the Pakistani nation are under going at the hands of the new elected government is unparalleled in recent history. This farce democracy at work has brought into power civilian dictators who neither posses a moral compass nor understand the meaning of dignity and respect. Pakistani's are a proud nation, forged out of the Indian sub-continent on the backs of hundreds of individuals who devoted their last breath to achieve this goal. But look at what Pakistani's have to put up with these days. People like Zardari, who presented Hilal-e-Quaid-e-Azam to Boucher! That alone should be enough to serve Zardari's head on a platter, known in the civilized world as impeachment. What happened to the People's Party? Where are the party leaders who will carry the torch lit by Zulifikar Bhutto and then his Benazir Bhutto. PPP must get rid of this malfeasance's in their party. Where is Nawaz Sharif and his party of the Lion? How can you as leaders of Pakistan hold your head up high when the President and his cronies are disrespecting the land you eat out of, ridicule the people of this land and mock the founding fathers of Pakistan. It is time for the all Pakistanis to wake up and smell the rot, throw out these people and bring representative democracy. Democracy with checks and balances, so people like Zardari and Sherry Rehman can't appoint anyone. Remember, democracy is when individuals are elected to their positions whereas dictatorship is when they are appointed.
Haleel Sarwar
Haleel Sarwar
Monday, January 5, 2009
I'm Back
The past few months were the busiest and most stressful from a professional and personal prespective. I am going to start commenting and posting more often now.
Based in Islamabad these days and focusing on economics, finance, business, travel and random stuff.
Wednesday, August 20, 2008
Bikini Babes Trump Dr. Phil's Couples Therapy
A great round-up of one of my favorite Olympic sports!
_______________________________________
Commentary by Scott Soshnick
Aug. 20 (Bloomberg) -- If you're looking for relationship advice, you can do a whole lot better than Dr. Phil. Or Oprah.
And don't even think about flipping through the self-help aisle at the local Barnes & Noble, either.
The best how-to-make-it-work guide is available on China's beaches. One beach, sort of.
What's billed as the beach volleyball venue at the Beijing Olympics is actually a park where organizers dumped a bunch of sand and then erected a stadium around it.
The official name is Chaoyang Park, where there exists not an ocean, lake or even puddle. There's no water of any kind unless you count the mist being dispersed by oscillating fans that ring the stadium.
What's important here, however, isn't where you are. It's who and what you'll see.
Unless you hail from So Cal, there's a chance you've never heard of Kerri Walsh and Misty May-Treanor, who are to beach volleyball what Fred and Ginger were to dancing or what Fred and Wilma were to cartoons.
``I don't know about dynasty. Maybe legends,'' says the 31- year-old May-Treanor, laughing at the absurdity of such athletic self-aggrandizement. ``We enjoy what we do.''
What they do, a lot, is kick you-know-what. Kobe Bryant and LeBron James stopped by to watch the dynamic duo whoop the Brazilian team of Talita and Renata in yesterday's semifinal.
``If we want to beat them, then we'd have to play perfect,'' Renata said through an interpreter. (Don't you just love the whole Brazilian one-name athlete thing?)
Perfect was a pipedream.
Winning Streak
The best tandem extended its winning streak to, get this,
107 matches. They'll go for gold tomorrow morning against a team from China.
The American gals haven't lost since one year ago yesterday.
The details of that defeat haven't been forgotten.
``We had plenty of chances to win,'' said Walsh, who really ought to come with an SPF rating of 50, the way she blocks everything.
There's only one thing Walsh and May-Treanor like more than winning. And that's each other.
They've been playing partners since 2001, which, in the world of competitive volleyball, is an eternity, says Leonard Armato, commissioner of the Association of Volleyball Professionals.
Beach volleyball teams, Armato said just outside the stadium, are like marriages. About half end in divorce.
``We're on the good side of that stat,'' said the 6-foot-2 Walsh. ``When times are tough, we hang onto that.''
Familiarity
Hang around Walsh and May-Treanor long enough and they do, indeed, begin to sound like an old married couple, finishing each other's sentences and giggling at jokes only they can understand.
``It feels like a marriage,'' says the 30-year-old Walsh, whose actual spouse is fellow beach volleyball pro Casey Jennings. ``I'm so reliant on Missy and I love her so much and respect her. I think we would be a good married couple.''
The key to marriage, she says, is also the key to winning volleyball.
Communication.
If you've ever played the game, even for fun, surely you've experienced the shot where you look at your partner and your partner looks at you. The ball, meantime, falls in-between, leaving the two of you staring at each other.
Pros call that the husband-and-wife ball. No communication.
You Don't Say
Walsh and May-Treanor, who is married to Florida Marlins catcher Matt Treanor, attribute much of their success and longevity not only to what they say, but also what they don't.
``The wheels come off when you argue,'' May-Treanor says.
``There's no point. You stop, you figure it out. You slow down.
You talk about it instead of turning your back on your teammate.''
Both players laugh when talking about the existence of a sixth sense, of knowing where each other is on the court without seeing or hearing.
Where one goes, the other, instinctively, follows. Or maybe it's something else entirely.
``I like to say it's the Jedi mind trick,'' May-Treanor said. ``We have the same goal, we have the same fight and we want the same thing.''
One more win. One more gold. One more day in the life of beach volleyball's best team and old married couple. Both said they couldn't imagine taking the court with anyone else.
Or, as Walsh says, ``we hit the jackpot when we found each other.''
Really, now. How many husbands and wives say that?
(Scott Soshnick is a Bloomberg News columnist. The opinions expressed are his own.)
_______________________________________
Commentary by Scott Soshnick
Aug. 20 (Bloomberg) -- If you're looking for relationship advice, you can do a whole lot better than Dr. Phil. Or Oprah.
And don't even think about flipping through the self-help aisle at the local Barnes & Noble, either.
The best how-to-make-it-work guide is available on China's beaches. One beach, sort of.
What's billed as the beach volleyball venue at the Beijing Olympics is actually a park where organizers dumped a bunch of sand and then erected a stadium around it.
The official name is Chaoyang Park, where there exists not an ocean, lake or even puddle. There's no water of any kind unless you count the mist being dispersed by oscillating fans that ring the stadium.
What's important here, however, isn't where you are. It's who and what you'll see.
Unless you hail from So Cal, there's a chance you've never heard of Kerri Walsh and Misty May-Treanor, who are to beach volleyball what Fred and Ginger were to dancing or what Fred and Wilma were to cartoons.
``I don't know about dynasty. Maybe legends,'' says the 31- year-old May-Treanor, laughing at the absurdity of such athletic self-aggrandizement. ``We enjoy what we do.''
What they do, a lot, is kick you-know-what. Kobe Bryant and LeBron James stopped by to watch the dynamic duo whoop the Brazilian team of Talita and Renata in yesterday's semifinal.
``If we want to beat them, then we'd have to play perfect,'' Renata said through an interpreter. (Don't you just love the whole Brazilian one-name athlete thing?)
Perfect was a pipedream.
Winning Streak
The best tandem extended its winning streak to, get this,
107 matches. They'll go for gold tomorrow morning against a team from China.
The American gals haven't lost since one year ago yesterday.
The details of that defeat haven't been forgotten.
``We had plenty of chances to win,'' said Walsh, who really ought to come with an SPF rating of 50, the way she blocks everything.
There's only one thing Walsh and May-Treanor like more than winning. And that's each other.
They've been playing partners since 2001, which, in the world of competitive volleyball, is an eternity, says Leonard Armato, commissioner of the Association of Volleyball Professionals.
Beach volleyball teams, Armato said just outside the stadium, are like marriages. About half end in divorce.
``We're on the good side of that stat,'' said the 6-foot-2 Walsh. ``When times are tough, we hang onto that.''
Familiarity
Hang around Walsh and May-Treanor long enough and they do, indeed, begin to sound like an old married couple, finishing each other's sentences and giggling at jokes only they can understand.
``It feels like a marriage,'' says the 30-year-old Walsh, whose actual spouse is fellow beach volleyball pro Casey Jennings. ``I'm so reliant on Missy and I love her so much and respect her. I think we would be a good married couple.''
The key to marriage, she says, is also the key to winning volleyball.
Communication.
If you've ever played the game, even for fun, surely you've experienced the shot where you look at your partner and your partner looks at you. The ball, meantime, falls in-between, leaving the two of you staring at each other.
Pros call that the husband-and-wife ball. No communication.
You Don't Say
Walsh and May-Treanor, who is married to Florida Marlins catcher Matt Treanor, attribute much of their success and longevity not only to what they say, but also what they don't.
``The wheels come off when you argue,'' May-Treanor says.
``There's no point. You stop, you figure it out. You slow down.
You talk about it instead of turning your back on your teammate.''
Both players laugh when talking about the existence of a sixth sense, of knowing where each other is on the court without seeing or hearing.
Where one goes, the other, instinctively, follows. Or maybe it's something else entirely.
``I like to say it's the Jedi mind trick,'' May-Treanor said. ``We have the same goal, we have the same fight and we want the same thing.''
One more win. One more gold. One more day in the life of beach volleyball's best team and old married couple. Both said they couldn't imagine taking the court with anyone else.
Or, as Walsh says, ``we hit the jackpot when we found each other.''
Really, now. How many husbands and wives say that?
(Scott Soshnick is a Bloomberg News columnist. The opinions expressed are his own.)
Dead Cat Bounce
The two day rally in the Karachi Stock Exchange (KSE) after the resignation of President Musharaff is a note book version of the so called "dead cat bounce." I have never really bounced a dead cat but I think it would look like the KSE.
Euphoric investors pushed Karachi stock market benchmark KSE 100-share Index up by 4.5 per cent on the end of political instability in the country following President Musharraf resignation Monday.
KSE last two days’ upbeat proved short-lived, as the KSE-100 index t nose-dived by 331 points to 10587 point on Wednesday.
Monday and Tuesday up 461 points and on Wednesday down 331 points.
This sort of volatility has become a lingering pain for investors in KSE, and therefore is keeping real money away from the bourse.
Solution: Demutualisation of the bourse
Keep the Blackberry Charged for August Vacation: Matthew Lynn
One of my favorite columnists!
Commentary by Matthew Lynn
Aug. 20 (Bloomberg) -- Put your feet up. We're in the dog days of
August. And even in turbulent times, we can be sure of one thing:
Nothing of any importance happens during this month.
All the people who really matter -- the ones running the big
corporations, the banks or the government -- are off sunning themselves
by a pool somewhere. Or wondering why they had flown all the way to
Beijing just to watch the women's 10-meter air pistol at the Olympics.
Or else they are just thinking how they can possibly keep the kids
amused for another few weeks until they can be packed off to school
again.
At the office, it's about as busy as a subprime-mortgage lender's
wholesale-financing unit. The only people left are the post boy, a
trainee and some interns updating Facebook pages.
We have developed cliches for the irrelevance of August. In
journalism, it's known as the ``silly season.'' In the markets, it is
summed up by the old adage, ``Sell in May and go away.''
Since the markets generally dip in the summer, you are better off
sunning yourself than sweating in the office.
Both suggest total confidence that we can coast through this month.
Nobody will disturb us if we take some time off. Even financial
columnists can safely dust off whimsical pieces about holiday
one-upmanship, or earnest-but-dull speculation about how China will grow
in importance this century. They can be secure in the knowledge that
readers, if there are any, don't want to interrupt the sunshine with
much hard thought.
Yet, on closer examination, it turns out that August is often the
most critical month of the year. It is a myth that not much happens.
Oil and Dollar
This month, we have seen two turning points. The bull market in
commodities and oil has burst. And the bear market in U.S.
dollars has ended. They may just be pauses for breath: We won't know for
another six months or so. Yet it sure looks that way:
Oil dropped from more than $145 in July to about $114 yesterday, while
the dollar has gained against the euro and the pound. If they continue,
those are two trends that will dominate the global economy for the next
few years. And they either started or gained momentum in August.
How about last year? The credit crunch started in August
2007 before the market froze and the European Central Bank was forced to
pump extra liquidity into the system. There was nothing trivial about
that.
Going further back, the Russian financial crisis -- which
precipitated the last big shattering of confidence in the financial
markets -- erupted in August 1998. In 1987, the Dow Jones Industrial
Average reached its peak on Aug. 25, and then started the decline that
culminated in the crash of October.
August Events
Nor is it just financial events. Plenty of big political and
military stories have broken in August.
World War I began for Germany when it declared war on Russia on
Aug. 1, 1914; World War II ended when the Allies celebrated Japan's
surrender on Aug. 15, 1945; the Russians sent tanks into Prague on Aug.
21, 1968; Richard Nixon resigned as U.S. president on Aug. 8, 1974; Iraq
invaded Kuwait on Aug. 2, 1990; Elvis Presley died Aug. 16, 1977; and so
did Princess Diana, on Aug.
31, 1997. Those are among the most momentous events of the last century.
It is hard to write them off as small news.
Of course, no one is saying August is the only month when important
stuff happens. Plenty goes on in October as well: the Great Crash of
1929, for example, and Black Monday in 1987. Yet the idea that August is
a quiet month is clearly a myth.
There is a reason for that. Political leaders, along with the
people running big corporations and investment banks, like to think that
they are dictating events. They imagine that nothing much will happen
while they are away from the office.
Interns Rule
They are kidding themselves. War and peace are dictated by much
larger forces. Likewise, the global economy shifts in response to trends
that are way beyond the control of any individual. So, whether the
president or the chief executive is in the office, or the place is being
run by interns, doesn't make much difference. Big historical events are
just as likely to happen in August as any other month.
So enjoy the holiday. By all means, take your place on the best
lounger by the hotel pool. But don't forget to bring the charger for
your Blackberry. August isn't over yet: This month may still prove to be
the most crucial of the year.
(Matthew Lynn is a Bloomberg News columnist. The opinions expressed
are his own.)
Commentary by Matthew Lynn
Aug. 20 (Bloomberg) -- Put your feet up. We're in the dog days of
August. And even in turbulent times, we can be sure of one thing:
Nothing of any importance happens during this month.
All the people who really matter -- the ones running the big
corporations, the banks or the government -- are off sunning themselves
by a pool somewhere. Or wondering why they had flown all the way to
Beijing just to watch the women's 10-meter air pistol at the Olympics.
Or else they are just thinking how they can possibly keep the kids
amused for another few weeks until they can be packed off to school
again.
At the office, it's about as busy as a subprime-mortgage lender's
wholesale-financing unit. The only people left are the post boy, a
trainee and some interns updating Facebook pages.
We have developed cliches for the irrelevance of August. In
journalism, it's known as the ``silly season.'' In the markets, it is
summed up by the old adage, ``Sell in May and go away.''
Since the markets generally dip in the summer, you are better off
sunning yourself than sweating in the office.
Both suggest total confidence that we can coast through this month.
Nobody will disturb us if we take some time off. Even financial
columnists can safely dust off whimsical pieces about holiday
one-upmanship, or earnest-but-dull speculation about how China will grow
in importance this century. They can be secure in the knowledge that
readers, if there are any, don't want to interrupt the sunshine with
much hard thought.
Yet, on closer examination, it turns out that August is often the
most critical month of the year. It is a myth that not much happens.
Oil and Dollar
This month, we have seen two turning points. The bull market in
commodities and oil has burst. And the bear market in U.S.
dollars has ended. They may just be pauses for breath: We won't know for
another six months or so. Yet it sure looks that way:
Oil dropped from more than $145 in July to about $114 yesterday, while
the dollar has gained against the euro and the pound. If they continue,
those are two trends that will dominate the global economy for the next
few years. And they either started or gained momentum in August.
How about last year? The credit crunch started in August
2007 before the market froze and the European Central Bank was forced to
pump extra liquidity into the system. There was nothing trivial about
that.
Going further back, the Russian financial crisis -- which
precipitated the last big shattering of confidence in the financial
markets -- erupted in August 1998. In 1987, the Dow Jones Industrial
Average reached its peak on Aug. 25, and then started the decline that
culminated in the crash of October.
August Events
Nor is it just financial events. Plenty of big political and
military stories have broken in August.
World War I began for Germany when it declared war on Russia on
Aug. 1, 1914; World War II ended when the Allies celebrated Japan's
surrender on Aug. 15, 1945; the Russians sent tanks into Prague on Aug.
21, 1968; Richard Nixon resigned as U.S. president on Aug. 8, 1974; Iraq
invaded Kuwait on Aug. 2, 1990; Elvis Presley died Aug. 16, 1977; and so
did Princess Diana, on Aug.
31, 1997. Those are among the most momentous events of the last century.
It is hard to write them off as small news.
Of course, no one is saying August is the only month when important
stuff happens. Plenty goes on in October as well: the Great Crash of
1929, for example, and Black Monday in 1987. Yet the idea that August is
a quiet month is clearly a myth.
There is a reason for that. Political leaders, along with the
people running big corporations and investment banks, like to think that
they are dictating events. They imagine that nothing much will happen
while they are away from the office.
Interns Rule
They are kidding themselves. War and peace are dictated by much
larger forces. Likewise, the global economy shifts in response to trends
that are way beyond the control of any individual. So, whether the
president or the chief executive is in the office, or the place is being
run by interns, doesn't make much difference. Big historical events are
just as likely to happen in August as any other month.
So enjoy the holiday. By all means, take your place on the best
lounger by the hotel pool. But don't forget to bring the charger for
your Blackberry. August isn't over yet: This month may still prove to be
the most crucial of the year.
(Matthew Lynn is a Bloomberg News columnist. The opinions expressed
are his own.)
Friday, January 11, 2008
Foreign Investment Outlook: Pakistan
The political instability has further increased foreign investors’ perceived risk in Pakistan, even as many held back on spending plans as they awaited the outcome of parliamentary elections originally scheduled for January 8 and now postponed following the assassination. A range of concerns already included security and law and order worries, even as the country's economy was growing at a fast pace over the past five years under President Musharraf's liberal economic policies.
Foreign direct investment (FDI) has increased to $3.8 billion from a mere $500 million and according to Pakistan’s central bank rose 67% to $1.87 billion in the first half of the 2006-07 fiscal year, led by inflows into the communications, energy, and banking and financial services sectors. During the period, the banking and financial services sector attracted foreign investment of $517 million, followed by the communications sector with $495 million and oil and gas exploration with $315 million.
The strength of economic growth - the government forecasts growth of 7.2% in the year ended June 2008, compared with 7% a year earlier - has outweighed for foreign investors the political risks in the country. The benchmark Karachi Stock Exchange 100 Index has gained for six straight years with a 40% increase in 2007. It was trading at around the 13,590.70 mark on January 2, down from more than 14,814 before the assassination.
Officials claim foreign money has flowed into the country attracted by the availability of skilled manpower and low production costs of production and a level-playing field for both foreign and local investors. Liquid foreign exchange reserves have risen to $22.3 million during the week ended December 22. Total liquid foreign exchange reserves stood at over US$15.6 billion, according to the central bank.
Standard & Poor’s Ratings Services rates Pakistan's sovereign foreign currency B+ with a negative outlook, four notches below investment grade, the same level as Moody’s Investors Service rating of B1 with a negative outlook.
Moody's believes the country's credit rating may hold steady if the country’s economic policy framework does not change, while John Chambers, chairman of S&P’s sovereign rating committee, argues that the sovereign foreign currency will be lowered if the assassination ushers in a period of heightened political instability.
Foreign direct investment and portfolio flows are likely to decline, negatively affecting Pakistan’s external liquidity position, given its large current account deficit of about 4.8% of gross domestic product. The country may encounter increasing difficulty in refinancing its external and domestic debt if lenders’ risk aversion toward Pakistan increases. In addition, fiscal slippages may arise, pushing deficits beyond the government’s target of 4% of GDP, jeopardizing the currently favorable debt trajectory.
Luis Costa, the head of emerging debt at Commerzbank in London, said: "This is the worst possible scenario for foreign investment. In the first half of 2007, we saw Pakistani assets outperforming, which brought in real money managers. We will probably now see a reversal of this trend."
Bhutto’s assassination and concern over increased violence in a country that is a key US ally in its ''war on terror'', combined with weak US economic data, unsettled international markets, which fell on the day following the murder. According to some analysts, the killing and the possibility of a civil war breaking out in the country could raise geopolitical tensions, sustaining the rise in oil prices, which could go above $100 per barrel. US military and defence officials however believe that Pakistan's nuclear weapons remain securely under the control of the Pakistani military.
Source: Asia Times Online
Foreign direct investment (FDI) has increased to $3.8 billion from a mere $500 million and according to Pakistan’s central bank rose 67% to $1.87 billion in the first half of the 2006-07 fiscal year, led by inflows into the communications, energy, and banking and financial services sectors. During the period, the banking and financial services sector attracted foreign investment of $517 million, followed by the communications sector with $495 million and oil and gas exploration with $315 million.
The strength of economic growth - the government forecasts growth of 7.2% in the year ended June 2008, compared with 7% a year earlier - has outweighed for foreign investors the political risks in the country. The benchmark Karachi Stock Exchange 100 Index has gained for six straight years with a 40% increase in 2007. It was trading at around the 13,590.70 mark on January 2, down from more than 14,814 before the assassination.
Officials claim foreign money has flowed into the country attracted by the availability of skilled manpower and low production costs of production and a level-playing field for both foreign and local investors. Liquid foreign exchange reserves have risen to $22.3 million during the week ended December 22. Total liquid foreign exchange reserves stood at over US$15.6 billion, according to the central bank.
Standard & Poor’s Ratings Services rates Pakistan's sovereign foreign currency B+ with a negative outlook, four notches below investment grade, the same level as Moody’s Investors Service rating of B1 with a negative outlook.
Moody's believes the country's credit rating may hold steady if the country’s economic policy framework does not change, while John Chambers, chairman of S&P’s sovereign rating committee, argues that the sovereign foreign currency will be lowered if the assassination ushers in a period of heightened political instability.
Foreign direct investment and portfolio flows are likely to decline, negatively affecting Pakistan’s external liquidity position, given its large current account deficit of about 4.8% of gross domestic product. The country may encounter increasing difficulty in refinancing its external and domestic debt if lenders’ risk aversion toward Pakistan increases. In addition, fiscal slippages may arise, pushing deficits beyond the government’s target of 4% of GDP, jeopardizing the currently favorable debt trajectory.
Luis Costa, the head of emerging debt at Commerzbank in London, said: "This is the worst possible scenario for foreign investment. In the first half of 2007, we saw Pakistani assets outperforming, which brought in real money managers. We will probably now see a reversal of this trend."
Bhutto’s assassination and concern over increased violence in a country that is a key US ally in its ''war on terror'', combined with weak US economic data, unsettled international markets, which fell on the day following the murder. According to some analysts, the killing and the possibility of a civil war breaking out in the country could raise geopolitical tensions, sustaining the rise in oil prices, which could go above $100 per barrel. US military and defence officials however believe that Pakistan's nuclear weapons remain securely under the control of the Pakistani military.
Source: Asia Times Online
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