Ahead of the Bell: Baird upgrades US Bancorp

US Bancorp Shares rise after Baird analyst upgrades investment rating to 'Outperform'


NEW YORK (AP) -- U.S. Bancorp's stock price makes it an attractive buy for investors, RW Baird analyst David George said Monday as he upgraded the shares to the firm's highest investment rating.

U.S. Bancorp shares have slipped 10 percent since mid-October. George upgraded his rating on the bank to "Outperform" from "Neutral" and boosted his stock price target by $4 to $29.

"USB shares trade at what we view as a deserved premium to other banks on our estimates of normalized earnings," George wrote in a note to investors. "Despite this premium, the stock trades at a discount to peers on consensus 2011 EPS estimates, likely due to our view that USB will achieve normalized EPS faster than peers given the companys lower-risk loan book and high pre-provision returns on capital."

Shares rose 55 cents, or 2.4 percent, to $23.50 in premarket trading.

The Minneapolis bank is buying small banks, adding to its earnings potential, George said, and increasing its market share through the downturn. He also expects it to be among the first of the big regional banks to raise its dividend.

WORLD FOREX: Dollar Recovers Earlier Losses In Light Trading

NEW YORK (Dow Jones)--The dollar rebounded from a 15-month low against major rivals in thin trading Wednesday, spurring investors to take profits as an overnight rally in higher-yielding currencies went too far.

Sterling was under the most pressure against the dollar among major currencies on the back of comments by the head of the Bank of England, which appeared to endorse a weak pound.

The euro failed to edge past a key technical level. The single currency had jumped to its highest level in more than two weeks during European trading, nearing its 2009 high of $1.5064.

The euro's gains were reversed in New York, but the U.S. currency failed to sustain its forward progress and exited active trading little changed from day-earlier levels versus the euro and yen. Compared to levels late last week, the dollar remains down sharply against the euro.

Kathy Lien, chief currency strategist at Global Forex Trading in New York, noted that "$1.50 is a very significant psychological resistance level." In a quiet session, marked by a lack of major economic indicators and very light trading, investors saw an opportunity to take profits, she said.

Late Wednesday afternoon, the euro was at $1.4976, from $1.4978 late Tuesday, according to EBS via CQG. The dollar was at Y89.82, from Y89.84, while the euro was at Y134.54, from Y134.58. The U.K pound was at $1.6565, from $1.6728. The dollar was at CHF1.0084, from CHF1.0083.

The Dollar Index, which tracks the U.S. currency against a trade-weighted basket of six currencies, was at 75.096, from 75.052.

Trading was subdued due to the Veterans and Remembrance Day holidays in the U.S. and Canada. North American bond markets were closed and foreign-exchange desks at most financial institutions were thinly staffed.

Pressure on the dollar and support for the euro had come on the heels of positive economic data in Asia overnight. Stronger-than-expected Chinese industrial production spurred confidence that global demand for metals and other commodities will pick up.

The data boosted the outlook for a faster economic recovery and encouraged investors to buy the euro and other high-yielding currencies as well as assets sensitive to growth.

Because of low volumes due to the North American holidays, a few big trades reverberated through lightly traded markets more than they would otherwise, noted Vassili Serebriakov, foreign-exchange strategist at Wells Fargo in New York.

"The direction is still for a lower dollar," said John McCarthy, manager of currency trading at ING Capital Markets in New York. "Positive risk sentiment, reinforced [Wednesday] by the better-than-anticipated Chinese data and the fact that interest rates will remain low around the world" will continue to put pressure on the dollar, he said.

The dollar may slide an additional 5% to 7% against the euro and the Australian dollar, given the "weak outlook for the U.S. economy and the dovishness of the central bank," Global Forex Trading's Lien said. That could push the euro to as high as $1.60 and the Australian dollar may hit 0.9950, she said.

Meanwhile, the U.K. pound slumped after Bank of England Governor Mervyn King said in a press conference accompanying the BOE's quarterly inflation report that recent sterling weakness would be supportive to an export-led recovery.

The weakness reflected expectations that U.K. interest rates will remain super-low for a long period, as well as investors' anxiety about the U.K.'s expanding debt burden, which could hamper the country's economic recovery.

With the BOE's continued ultra-accommodative monetary policy, "the pound is clearly the weakest link" among major currencies, and should continue to weaken, Serebriakov said.

Also, China came under new pressure from Pacific Rim countries Wednesday to let its currency rise, even as the U.S. stepped up its commitment to a strong dollar ahead of a regional summit.

As finance ministers from the Asia-Pacific Economic Cooperation forum were preparing to call for more currency flexibility--generally code for a rise in the yuan--U.S. Treasury Secretary Timothy Geithner gave a particularly spirited defense of the U.S. currency, saying he believes maintaining a strong dollar is "very important" for the U.S. economy.

In Beijing, China's central bank made a rare change to the official language of its exchange-rate policy, giving a nod to concerns about the declining dollar and surging capital inflows.

New York Stock Exchange

The New York Stock Exchange (NYSE) is a stock exchange located at 11 Wall Street in lower Manhattan, New York City, New York, USA. It is the largest stock exchange in the world by United States dollar value of its listed companies' securities. As of October 2008, the combined capitalization of all domestic NYSE listed companies was US$10.1 trillion.

The NYSE is operated by NYSE Euronext, which was formed by the NYSE's 2007 merger with the fully-electronic stock exchange Euronext. The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building.

History

The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood Agreement was signed by 24 stock brokers outside of 68 Wall Street in New York under a buttonwood tree on Wall Street. On March 8, 1817, the organization drafted a constitution and renamed itself the "New York Stock & Exchange Board". Anthony Stockholm was elected the Exchange's first president (for other presidents, see List of presidents of the New York Stock Exchange).

The first central location of the Exchange was a room, rented in 1817 for $200 a month, located at 40 Wall Street. After that location was destroyed in the Great Fire of New York (1835), the Exchange moved to a temporary headquarters. In 1863, the New York Stock & Exchange Board changed to its current name, the New York Stock Exchange. In 1865, the Exchange moved to 10-12 Broad Street.

Events

The exchange was closed shortly after the beginning of World War I (July 31, 1914), but it partially re-opened on November 28 of that year in order to help the war effort by trading bonds, and completely reopened for stock trading in mid-December.

On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. The NYSE building and some buildings nearby, such as the JP Morgan building, still have marks on their facades caused by the bombing.

The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression of 1929. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938.

On October 1, 1934, the exchange was registered as a national securities exchange with the U.S. Securities and Exchange Commission, with a president and a thirty-three member board. On February 18, 1971 the non-profit corporation was formed, and the number of board members was reduced to twenty-five.

Trading

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday between 9:30am – 4:00pm ET, with the exception of holidays declared by the Exchange in advance.

On the trading floor, the NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together.

As of January 24, 2007, all NYSE stocks can be traded via its electronic Hybrid Market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.

The right to directly trade shares on the exchange is conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the exchange stopped at 1366 seats. These seats are a sought-after commodity as they confer the ability to directly trade stock on the NYSE. Seat prices have varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange was set to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange.

Karachi Stock Exchange

The Karachi Stock Exchange or KSE is a stock exchange located in Karachi, Sindh, Pakistan. Founded in 1947, it is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. Its current premises are situated on Stock Exchange Road, in the heart of Karachi's Business District.

History

Karachi Stock Exchange is the biggest and most liquid exchange in Pakistan. It was declared the “Best Performing Stock Market of the World for the year 2002”. As of Sept25, 2009, 654 companies were listed with a market capitalization of Rs. 2.806 trillion (US$ 33.81 billion) having listed capital of Rs. 705.873 billion (US$ 10.615 billion). The KSE 100TM Index closed at 9359 on Sept 29, 2009

Business

Trading

The exchange has pre-market sessions from 09:15am to 09:30am and normal trading sessions from 09:30am to 03:30pm. It is the second oldest stock exchange in South Asia. The karachi stock exchange has undergone a considerable deal of downturn partly due to global financial crisis and partly on account of domestic troubles. It remained suspended in excess of 4 months and resumed normal trading only on December 15, 2008. The KSE 100 Index and KSE 30 Index after hitting the low around mid january has now rebounced and recovered 20-25% till March 12 2009.

Growth

The KSE is the biggest and most liquid exchange in Pakistan and in 2002 it was declared as the “Best Performing Stock Market of the World” by Business Week. As of December 20, 2007, 671 companies were listed with the market capitalization of Rs. 4364.312 billion (US$ 73 Billion) having listed capital of Rs. 717.3 billion (US$ 12 billion). On December 26, 2007, the KSE 100 Index reached its highest value ever and closed at 14,814.85 points.

Foreign buying interest had been very active on the KSE in 2006 and continued in 2007. According to estimates from the State Bank of Pakistan, foreign investment in capital markets total about US$523 Million. According to a research analyst in Pakistan, around 20pc of the total free float in KSE-30 Index is held by foreign participants.

KSE has seen some fluctuations since the start of 2008. One reason could be that it is the election year in Pakistan, and stocks are expected to remain dull. KSE has set an all time high of 15,000 points, before settling around the 14,000 mark.

Karachi stock exchange Board of Directors has recently (2007) announced plans to construct a 40 story high rise KSE building, as a new direction for future investment.

Disputes between investors and members of the Exchange are resolved through deliberations of the Arbitration Committee of the Exchange.

KSE began with a 50 shares index. As the market grew a representative index was needed. On November 1, 91 the KSE-100 was introduced and remains to this day the most generally accepted measure of the Exchange. Karachi Stock Exchange 100 Index (KSE-100 Index) is a benchmark used to compare prices overtime, companies with the highest market capitalization are selected. To ensure full market representation, the company with the highest market capitalization from each sector is also included.

In 1995 the need was felt for an all share index to reconfirm the KSE-100 and also to provide the basis of index trading in future. On August the 29th, 1995 the KSE all share index was constructed and introduced on September 18, 1995.

2008 Karachi Stock Exchange Crisis

# April 20 : Karachi Stock Exchange achieved a major milestone when KSE-100 Index crossed the psychological level of 15,000 for the first time in its history and peaked 15,737.32 on 20 April, 2008. Moreover, the increase of 7.4 per cent in 2008 made it the best performer among major emerging markets.
# May 23: Record high inflation in the month of May, 2008 resulted in the unexpected increase in the interest rates by State Bank of Pakistan which eventually resulted in sharp fall in Karachi Stock Exchange.
# July 17 :Angry investors attacked the Karachi Stock Exchange in protest at plunging Pakistani share prices.
# July 16 : KSE-100 Index dropped one-third from an all-time high hit in April, 2008 as rising pressure on shaky Pakistan's coalition government to tackle Taliban militants exacerbates concern about the country's economic woes.
# August 18: KSE 100 Index rose more than 4% after the announcement of the resignation of President Pervez Musharraf but Credit Suisse Group said that Pakistan's Post-Musharraf rally in Stock Exchange will be short-lived because of a rising fiscal deficit and runaway inflation.
# August 28 :Karachi Stock Exchange set a floor for stock prices to halt a plunge that has wiped out $36.9 billion of market value since April.
# December 15: Trading resumes after the removal of floor on stock prices that was set on August 28 to halt sharp falls.

Economy of Pakistan

The economy of Pakistan is the 27th largest economy in the world in terms of purchasing power, and the 48th largest in absolute dollar terms. Pakistan's economy mainly encompasses textiles, chemicals, food processing, agriculture and other industries. The economy has suffered in the past from decades of internal political disputes, a fast growing population, mixed levels of foreign investment, and a costly, ongoing confrontation with neighboring India. However, IMF-approved government policies[citation needed], bolstered by foreign investment and renewed access to global markets, have generated solid macroeconomic recovery the last decade. Substantial macroeconomic reforms since 2000, most notably at privatizing the banking sector have helped the economy.

GDP growth, spurred by gains in the industrial and service sectors, remained in the 6-8% range in 2004-06. Due to Economic Reforms of the Year 2000 by the Musharraf government. In 2005, the World Bank named Pakistan the top reformer in its region and in the top 10 reformers globally. Pakistan's then Prime Minister Shaukat Aziz stated Pakistan grew at a rate of 8.4% making it the 2nd Fastest Growing Economy in the World, after China, in the same year.

Islamabad has steadily raised development spending in recent years, including a 52% real increase in the budget allocation for development in FY07, a necessary step toward reversing the broad underdevelopment of its social sector. The fiscal deficit - the result of chronically low tax collection and increased spending, including reconstruction costs from the devastating Kashmir earthquake in 2005 was manageable.

Inflation remains the biggest threat to the economy, jumping to more than 9% in 2005 before easing to 7.9% in 2006. In 2008, following the surge in global petrol prices inflation in Pakistan has reached as high as 25.0%. The central bank is pursuing tighter monetary policy while trying to preserve growth. Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit - driven by a widening trade gap as import growth outstrips export expansion - could draw down reserves and dampen GDP growth in the medium term.

Economy of Karachi

Karachi is the financial and commercial capital of Pakistan; it accounts for a lion's share of Pakistan's revenue generation. It generates approximately 53.38% of the total collections of the Federal Board of Revenue, out of which 53.33% are customs duty and sales tax on imports. Karachi produces about 30 percent of value added in large scale manufacturing and 20% of the GDP of Pakistan. In February 2007, the World Bank identified Karachi as the most business-friendly city in Pakistan

GDP

A substantial chunk of Sindh’s GDP is attributed to Karachi(the GDP of Sindh as a percentage of Pakistan’s total GDP has traditionally hovered around 29%/30%). Karachi’s GDP is around 20% of the total GDP of Pakistan. A PricewaterhouseCoopers study released in 2007, that surveyed the GDP (2005) of the top cities in the world, calculated Karachi’s GDP(PPP) to be $55 billion (projected to be $127 billion in 2020 at a growth rate of 5.9%). It confirmed Karachi’s status as Pakistan’s largest economy, well ahead of the next two biggest cities Lahore and Faisalabad having a reported GDP(PPP) of $29 billion and $10 billion, respectively. Karachi's high GDP is based on its mega industrial base, with a high dependency also on Financial sector. Textile, Cement, Steel, Heavy machinery, chemicals, food, Banking, Insurance are the major segments contributing to Karachi's GDP.

Revenue Collection

In line with its status as a major port and the country's largest metropolis, it accounts for a lion's share of Pakistan's revenue generation. According to the Pakistan Federal Board of Revenue's 2006-2007 year book tax and customs units in Karachi was responsible for 46.75% of direct taxes, 33.65% of federal excise tax, and 23.38% of domestic sales tax. Karachi also accounts for 75.14% of customs duty and 79% of sales tax on imports. Therefore, Karachi generates collects a significant 53.38% of the total collections of the Federal Board of Revenue, out of which 53.33% are customs duty and sales tax on imports (Note: Revenue collected from Karachi includes revenue from some other areas since the Large Tax Unit (LTU) Karachi and Regional Tax Offices (RTOs) Karachi, Hyderabad, Sukkur & Quetta cover the entire province of Sindh and Baluchistan). Karachi's indigenous contribution to national revenue is 25%

Business districts

I I Chundrigar Road (formerly McLeod Road) was once the main business district of Karachi, but in recent years many businesses have moved to other areas such as Sharah-e-Faisal, MT Khan road, Mai Kolachi, Clifton and Defence. The traffic congestion in I.I. Chundrigar Road has made it difficult to travel to the center of the city in a timely manner.

Sharah-e-Faisal has seen a spate of building with high rises, show rooms and institutions. Its proximity to Karachi Airport has been a significant factor.

IT trends

The recent trend of ICT (information and communications technology), electronic media and call centres has become a significant part of Karachi business hierarchy. Call centres for foreign companies have been targeted as a significant area of growth, with the government making efforts to reduce taxes by as much as 80 per cent in order to gain foreign investments in the IT sector.

Media

The city has also firmly established itself as the electronic media capital of the country as most Pakistan's Media Television Channels are headquartered here including CNBC Pakistan, Dawn News, TV One, Indus Media Group, ARY Digital, AAJ TV, KTN NEWS,KTN,KASHISH TV and Geo TV. They generate huge revenues for the city in advertising and provide jobs and entertainment. As a sign of the growing strength of the electronic media sector GEO TV is planning to start a further 10 channels and for this purpose is setting up a 50-acre (200,000 m2) studio in the city.

Karachi Stock Exchange

Karachi Stock Exchange is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. It has been declared as the “Best Performing Stock Market of the World for the year 2002”.

KSE has been well into the 4th year of being one of the Best Performing Markets of the world as declared by the international magazine “Business Week”. Similarly the US newspaper, USA Today, termed Karachi Stock Exchange as one of the best performing bourses in the world.

Banking sector

The banking and insurance sector in Karachi has reaped the benefits of industrialization. One may see new branches of local and international banks all over Karachi. From bank to credit cards, paper money is becoming the order of the day in this city. Car loans from numerous banks have allowed the younger generation to go for the hot cars.

Fisheries

Karachi is the biggest fisheries hub in Pakistan. Fishery plays an important role in the Karachi's economy. It provides employment to about 300,000 fishermen directly. In addition, another 400,000 people are employed in ancillary industries. It is also a major source of export earning. The Karachi Fish Harbour and Korangi Fish Harbour are two major fish harbours in Karachi.

Transportation

Despite the growth and development of transport infrastructure elsewhere in the country Karachi remains the country's transport hub. Currently the city's two ports, Port of Karachi which is Pakistan's largest and Port Qasim, are central to nearly all shipping in Pakistan. The airport of Karachi, Jinnah International Airport, also known as Quaid-e-Azam International Airport, is the largest & busiest airport in Pakistan and handles 6 million passengers a year. The airport also receives the largest number of foreign airlines, a total of 27 airlines fly to Jinnah International predominantly from the Middle East and South East Asia. All of Pakistan's airlines use Karachi as their Primary hub including Pakistan International Airlines, Aero Asia International, Airblue and Shaheen Air International.

Resulting problems

* Environmental problems

Karachi is the center of all business activities. Thousands of vehicles roll on the roads of Karachi. The City Administration is trying to introduce CNG buses and rickshaws in the city in the coming years.

* Industrial pollution
* Social problems
* Traffic woes
* Immigration
* Emergence of slums

Contact Information

For further information please contact:

DEPARTMENT OF ECONOMICS
UNIVERSITY OF KARACHI, KARACHI-75270
Telephone: 9261300-06 Ext: 2270

Seminar and Workshops

In addition to its normal academic activities the department has arrangement for regular Lecture Series by eminent Economists, work shops in areas of practical importance and seminars on topics of national interest.

Awards and Achievements

AWARDS

The Department has made arrangements through philanthropist, for awarding Gold Medals to students securing positions at the Honors and Masters Level



ACHIEVEMENTS

The Department of Economics has the distinction of being recognized as premier Department in the country because of ties academic standards. It was because of these standards the department was accorded the honor of establishing a center of National Capability in Economics in the name of “Applied Economics Research Center” through a grant by the Singh Government. Later on Ford Foundation extended Financial Support whereby the Applied Economics Research Center became a leading institute in the field of social and Economic Research.

Facilities

DEPARTMENT ENVIRONMENT

The Department of Economics is one of the largest Departments of the faculty of Arts, University of Karachi.
The Department has the entire necessary infrastructure. It currently has four big size Lecture Halls, two normal size class rooms, a computer laboratory with thirteen PC’s and a seminar library and ample space for offices of faculty members and secretarial staff. In addition the Department also has its own public address system, over-head projector, cyclostyling machine and an electric generating set.



THE SEMIANR LIBRARY

The Department is an ideal place for study and research. The Department has its own library which has a good collection of books and periodicals related to Economics and Transport. For materials not found in the library, full use is made of inter-library loan facilities and links are established with other major libraries in the city, including the main library and the research library of A.E.R.C. of the University of Karachi. The Department’s Library facilitates the students with the availability of the course material as well as reference literature that they shall need during the course.



THE COMPUTER LAB

To ensure that the student are well equipped with necessary computer training, the Departemnt has established a standard computer lab. The various courses of MTM &MA(ECONOMICS AND FINANCE) have been structured to include into their contents computer application so that the students shall go through essential training in this area. We believe that such extensive training in computer application would enhance analytical and applied skills of the students.


STUDENT EXTRA-CURRICULAR ACTIVITIES

For the development of healthy mind and body, extra curricular activities are also organized. Good opportunities for sports like cricket, football, hockey do exit. Inter Department tournaments are arranged each year in these sports during student week. The department also arrange study tours and visit to the Financial Instituions. These visit supplement the theoretical knowledge.

The students at the Departemnt enjoy great accessibility to the administration and the faculty, students know each other personally. Faculty members and students interact with each other outside the class in an informal manner and teacher are usually well aware of the characteristics of all students, besides their academic achivement.
This easy accessibility to senior faculty members plus the rich extra curricular life helps in the personalilty development of the students and they become much more confident, matured and dynamic.

Scheme of Studies

The department of Economics currently offers courses of Studies leading to BA/BSc. (Hons) and MA/M.Sc degrees in economics in its regular morning program. The department also offers courses of studies leading to post-graduate Diploma in Transport, Post-graduate Diploma in Economics & Finance, MA/M.Sc in Economics and Master in Transport Management (MTM) in its regular evening program on subsidized basis.

Recently , in 2002, the Department has upgraded its Post-Graduate Program in Economics &Finance and introduced M.A. Economics &Finance under the Evening Progra

In addition M.Phil and Ph.D. Program is also available. Courses plans in almost all major branches of economics are frequently revised and up-dated.

FACULTY

1.PROF.DR SHAFIQ UR REHMAN
Ph.D.
M.A. (Economics) CANADA
Chairman, Dept. of Economics

2.RABIA ARSHAD
M.A. (BOSTON, USA)
ASSISTANT PROFESSOR

3.RUBINA HASSAN
M.Phil.(QU, ISLAMABAD)
ASSISTANT PROFESSOR
DOING PH.D

4.KHALID MUSTAFA
M.Phil.(IIUIISLAMABAD)
ASSISTANT PROFESSOR
DOING PH.D

5.DR.WIQAR HUSSAIN
Ph.D.(USA)
ASSISTANT PROFESSOR

6.MUHAMMAD ALI
M.A.(FOREIGN)
ASSISTANT PROFESSOR
DOING PH.D

7.MUHAMMAD AHSAN UDDIN
ASSISTANT PROFESSOR
DOING PH.D

8.ROOHI AHMED
LECTURER
DOING PH.D

9.SAFIA MINHAJ
LECTURER
DOING PH.D

10.NOOREEN MUJAHID
ASSISTANT PROFESSOR
DOING PH.D

11.SEEMA SIDDIQUA HAI
LECTURER
DOING PH.D

12.DR.ABDUL WAHEED
Ph.D.(JAPAN)
ASSISTANT PROFESSOR

13.MUHAMMAD SHEHZAD
M.Phil.(QU, ISLAMABAD)
ASSISTANT PROFESSOR
DOING PH.D

14.RUMMANA ZAHEER
ASSISTANT PROFESSOR
DOING PH.D

15.ZEESHAN ATEEQ
LECTURER
DOING PH.D

16.LUBNA NAZ
LECTURER
DOING PH.D

17.SABA MASOOD
LECTURER
DOING PH.D

TEACHING METHODS
The teaching method at the Department is a blend of theory and practice as lectures, cases, oral presentations, written reports and field visits are all given due importance. The concepts taught by faculty members are supplemented with their practical applications through eminent guest speakers from the Financial Institution.
To ensure that the students are assimilating properly the knowledge being imparted to them, frequent test, ranging from 10 minutes unannounced quizzes to three-hours examinations and from oral presentations to written reports/assignments are interspersed throughout the semester.

BS Economics (4 years program)

Curriculum for BS (HONS) ECONOMICS
(4 YEARS PROGRAMME)



SCHEME OF STUDIES

Main Features:

* The program will be of eight (8) semester’s duration with 130 credit hours.
* There will be two entry points. First, students will be admitted after F.A/F.Sc. in semester-I. Second, in semester-V the students with a B.A/B.Sc. will be enrolled with deficiency courses. Special courses will be offered for these students to make up their deficiencies.

Introduction

Chairperson: Prof.Dr.Shafiq-ur-Rehman

The Department of Economics is one of the largest department in the Faculty of Arts. It was established in 1950-51 with the enactment of the University of Karachi Act, at the old campus in the city which was later shifted to its present location in 1960.

Chairman

Professor Newman Joseph Adams , an American national, was appointed as the first chairman who served the department for a short period. Professor Qazi Fareed took over the responsibility to chair the department after Newman left for home. It was his pioneering personality that brought the department to the present shape. After his death. during service in 1966. Professor Ehsan Rashid, who also served as the Vice-Chancellor of the University of Karachi later, became the chairman of the deparment. Subsequently Prof.. Qamarul Hasan Siddiqui. Prof. Dr.Ashfaq H. Kadri. Prof. Dr. Syed Ali Sarwar Rizvi, Mr. Fakhruddin Ahmed Prof. S. M. Jaffar , Prof. Muhammad Sajidin and Prof.S.M.Ahsan Hussain have served the department as chairman in different periods. Presently Prof.Dr.Shafiq-ur-Rehman (PAPA) is the chairman of the department.

WASHINGTON (MarketWatch) -- The U.S. economy is growing again after a very painful downturn, but no one will be satisfied until job growth resumes.

Economists say October was probably another disappointing month for the labor market, with more job losses, weak wage growth and another increase in the unemployment rate. The employment report for October will be released on Friday.

The weekly calendar is a busy one, with the first glimpses of October's economic activity. For the most part, economists expect to see month-to-month improvement in the labor market, the manufacturing sector, and auto sales.

MarketWatch consensus

See economic calendar

date	report	forecast	previous
Nov. 2	ISM	53.0%	52.6%
Nov. 2	Construction spending	-0.2%	0.8%
Nov. 3	Factory orders	0.6%	-0.8%
Nov. 3	Motor vehicle sales	10.3 million	9.2 million
Nov. 4	ISM services	51.5%	50.9%
Nov. 4	FOMC	0%-0.25%	0%-0.25%
Nov. 5	Jobless claims	520,000	530,000
Nov. 5	Productivity	7.3%	6.6%
Nov. 5	Unit labor costs	-4.6%	-5.9%
Nov. 6	Nonfarm payrolls	-150,000	-263,000
Nov. 6	Unemployment rate	9.9%	9.8%
Nov. 6	Average hourly earnings	0.1%	0.1%
Nov. 6	Consumer credit	-$9.0 billion	-$12.0 billion

/conga/economy-politics/calendars/preview widget.html 38646

Job losses probably moderated again in October, economists said ahead of the report. The median forecast of economists surveyed by MarketWatch is for a seasonally adjusted decline of 150,000 jobs and an increase in the unemployment rate to 9.9%, a 26-year high.

That would be the fewest jobs lost in any month since July 2008, but it would be the 22nd consecutive month of falling payrolls, totaling some 8.35 million jobs. At the worst of the recession, the economy was losing 700,000 jobs a month.

Most economists are cautiously optimistic that hiring will resume as the economy continues to improve, but few expect a turnaround before the end of the year.

"With the economy now growing at a solid pace, employment should fall more slowly, especially given the strong productivity growth and rapid layoffs throughout the recession," said Joseph Brusuelas, an economist for Moody's Economy.com.

Productivity

Productivity - output per hour worked -- is the reason the economy can grow while employment is still falling. Companies have been squeezing more work out of their remaining employees.

Productivity gains have boosted profits and kept inflation low, but they have been devastating for workers, who have seen their hours cut and their wages frozen. The total number of hours worked in the U.S. nonfarm business sector has now fallen back to 1996 levels, but the output of the remaining workers is up nearly 39% over that period.

In the third quarter, productivity probably increased at a 7.3% annual rate after a 6.6% increase in the second quarter, the survey says. The quarterly productivity numbers will be released Thursday.

Economists say the workforce is about as lean as it can get right now.

"This type of productivity growth can only last a few quarters, because employers can only push their current workforce to do more with less for so long," wrote Dean Maki, chief U.S. economist for Barclays Capital. "If output growth remains strong, as we expect, hours worked and payrolls should be rising around the turn of the year."