Davos highlights economic power shift to East, South

International Monetary Fund (IMF) Special Adviser Min Zhu (L to R) Wipro chairman Azim Premji, Professor of Economics Nouriel Roubini, Time International editor Michael J. Elliott, WPP CEO Sir Martin Sorrell and Ernst & Young CEO and chairman James S. Turley attend a session untitled “What Is the New Economic Reality?” on the opening day of the World Economic Forum annual meeting on January 26, 2011 in Davos. - Photo by AFP.

DAVOS, Switzerland: Power in the global economy is shifting from the advanced world to Asia as recovery takes hold, Davos analysts said Wednesday, as political and business elites began their annual meeting.

“What is really happening is a slowdown of the western world and the growth of the emerging markets. This is a complete shift in the balance of power,” Azim Premji, chairman of Indian software major Wipro, told the opening panel.

Pakistan’s president seeks barter trade with Sri Lanka

Sri Lankan speaker of parliament Chamal Rajapakse (R) and Pakistan President Asif Ali Zardari (L) talk at the parliament in Colombo on November 29, 2010. - Photo by AFP.

COLOMBO: Pakistani President Asif Ali Zardari called for a barter agreement with Sri Lanka on Monday to boost trade between the two countries.

Zardari, on a visit to the island, told legislators that they should switch to exchanging their goods and services rather than depend on dollar-denominated import-export trade that drew on foreign reserves.

“If you have anything in abundance we can trade (with that),” Zardari told the Sri Lanka-Pakistan parliamentary friendship association. “We have an abundance of cement, you have tea and other commodities that we can exchange.” Zardari, who arrived in Colombo Saturday, held closed-door talks with President Mahinda Rajapakse and discussed increasing trade and defence cooperation, the Sri Lankan president’s office said Monday.

Haqqani encourages US investment for Thar coal reserves

“In my view the Thar Coal Field must be developed at the earliest to make Pakistan self-sufficient in electrical power production,” Islamabad's envoy to the United States Husain Haqqani said. - Photo by AP.

HOUSTON (Texas): Pakistan offers tremendous opportunities for American investors in energy sector and foreign companies can greatly benefit from the business-friendly policies geared towards meeting the country’s fast-growing energy requirements, Islamabad’s envoy to the United States Husain Haqqani said.

Ambassador Husain Haqqani told participants of a conference focusing on utilization of Thar coal energy potential that the country holds out vast business prospects in power generation.

Pakistan to finalize legislative framework for RGST

The objective remains to further strengthen the public finances and macroeconomic stabilization so that priority spending can be assured and inflationary pressures kept under check and reduced. - File Photo.

ISLAMABAD: Pakistan has proposed the IMF mission to finalize legislative framework for the Reformed General Sales Tax (RGST) in the coming days for submission to the parliament.

The International Monetary Fund (IMF) mission, led by Mr. Mazarei, has been engaged in discussions with the Government of Pakistan on the fifth review under the Standby Arrangement.