Word: karachi
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...Economy, Stupid The economy needs attention, too. During Musharraf's eight-year tenure, first as General, then as President, foreign direct investment rose, the Karachi stock exchange outperformed regional neighbors and GDP grew on average 7% a year. The lifting of international economic sanctions, imposed in 1998 when Pakistan tested its first nuclear bomb, was partially responsible for the boost, but Musharraf also privatized key industries and opened up the banking sector. The rapid growth, however, exposed cracks in infrastructure that was failing to keep up. "The economy has been good for big business, good for the per capita averages...
...longer be sustained. The cost of fuel - used for both transportation and energy production - jumped 17.7% in March, echoed by a 20.6% leap in food-price inflation. The price of bread has nearly doubled. So has the cost of a haircut and a shave on the streets of Karachi. "What can we do?" says barber Shoaib Ahmed, a bachelor who eats all of his meals at a nearby hostel. "If the hotel raises the cost of a roti [a small, flat bread], there is no way then but to raise the haircut prices...
Pakistan, which once supported the Taliban government in Afghanistan, is now suffering an insurgency of its own. Militants aligned with al-Qaeda have not only attacked security forces in the ungoverned tribal areas; they have also sent suicide bombers to major urban areas such as Lahore, Karachi and Islamabad. The Pakistani army has been unable to contain the militants, and has already lost around 1,000 soldiers trying. In an attempt to gain stability, the military embarked last December on peace negotiations with militant groups. The newly elected government in Islamabad is backing the talks, and militants have agreed...
...Many hold passports from a list of 33 countries, mostly from South Asia and the Middle East, whose citizens are now barred from applying for any entry permit to China in Hong Kong-a sign, perhaps, of China's concern about a potential Muslim terror threat. Mohammed Salim, a Karachi-based trader who makes his living selling fake watches from China, says consular authorities in Pakistan instructed him to obtain his Chinese visa in Hong Kong. But after arriving he was told he would only get a visa for the mainland if he returned to his home country. "They...
...progress even further. Three weeks ago, the two countries announced an agreement to double the number of weekly cross-border passenger flights. There are currently 12 flights a week on the state-owned national carriers connecting Delhi and Lahore and Mumbai and Karachi. The new deal will allow up to three airlines from each country to fly between a wider range of cities including, possibly, between the two capitals. The agreement, a joint statement said, will improve "people to people contact, business and trade activities." Business people on both sides of the border have long argued that trade and investment...