Pak, US striving to bring breadth to ties: Haqqani

WASHINGTON: Pakistan and United States are working to bring predictability and breadth to their relationship through strategic dialogue in contrast with transactional nature of the past bilateral ties, Islamabad’s ambassador in Washington Husain Haqqani said.He also told a gathering of American experts and South Asian policy analysts at Washington’s Atlantic Council that Pakistan seeks peaceful relations with its neighbors India and Afghanistan on the basis of mutual trust and respect. “We have decided to move past the transactional nature of the relationship —- and that means we have to create a level of predictability and some breadth in the relationship through the mechanism of strategic dialogue,” he observed after touching upon ups and...

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US envoy due in Seoul amid NKorea N-plans

SEOUL/ WASHINGTON: The top US envoy on North Korea heads to Seoul on Sunday to discuss ways to thwart Pyongyang’s nuclear ambitions amid fresh concerns about its uranium enrichment programme.Stephen Bosworth’s visit to the main regional powers this week comes amid a flurry of reports about the North’s developing nuclear programme. Analysts say the reports are part of the North’s time-honoured strategy to gain leverage in negotiations. Bosworth will meet his South Korean counterpart Wi Sung-lac and the country’s foreign minister, Kim Sung-hwan, today for talks on ways to resume stalled aid-for-disarmament talks with the North, officials said. A foreign ministry official in Seoul said reports that the North was building a uranium enrichment facility would also be raised during his visit, but...

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Israel troops suspended on Gaza abuse

JERUSALEM: An Israeli court-martial handed down suspended prison sentences on Sunday to two former soldiers who forced a Palestinian boy to search for suspected booby traps during the Gaza Strip war, the military said. The ruling meant the ex-conscripts, who were last month convicted of reckless endangerment and conduct unbecoming, are free but face a minimum 3-month jail term if they commit another crime. They were also stripped of their ranks as reservists.While serving in Israel’s ground offensive against Hamas-led guerrillas on Jan 15, 2009, the two infantrymen helped storm an apartment building in the Gaza City district of Tel Al-Hawa. Rounding up residents, they ordered nine-year-old Majed Rabah to check baggage for hidden explosives, said the Israeli verdict, which drew on witnesses...

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No to Jerusalem-less settlement halt: Abbas

CAIRO: Palestinian president Mahmud Abbas said on Sunday that he will not return to the negotiating table with Israel without a settlement freeze that includes annexed Arab east Jerusalem. The Palestinian leader also hit out at US efforts to persuade Israel to agree to a more limited freeze applying only to the rest of the occupied West Bank in return for a raft of political and security benefits, saying he wanted to have nothing to do with such deal-making.“If it does not encompass Jerusalem, in other words if there is not a complete freeze on settlement in all the Palestinian territories including Jerusalem, we will not accept it,” Abbas told reporters after talks with Egyptian President Hosni Mubarak. “If Israel wants to return to its settlement...

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Ireland eyes 100bn euros in bailout

Irish finmin recommends Cabinet to apply for EU, IMF programmeDUBLIN: Irish Finance Minister Brian Lenihan said he would recommend to cabinet that government should apply for a financial bailout programme from the EU and the IMF. Ireland’s cabinet was to hold an emergency meeting to finalise a four-year deficit crisis plan seen as key to winning the international bailout and easing fears about the future of the euro.There will be a meeting of the government, I will propose to my colleagues that we should formally apply for a programme,” Lenihan told RTE state radio. He did not specify the size of the bailout, but agreed it would run to billions of euros. “Certainly, it will not be a three-figure sum,” he add...

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232MW power ship switched on

Ashraf, Qaim jointly inaugurate power plantPlant to help minimise energy crisis: Ashraf 2500MW from Engro in next two yrs: Qaim KARACHI: The biggest ship power plant of the world with a generation capacity of 232 megawatt electricity was switched on Sunday here at Karachi Port by Sindh Chief Minister Syed Qaim Ali Shah and Minister for Water and Power Raja Pervaiz Ashraf jointly. On the occasion, Raja Ashraf said plant would help minimise power crisis in Karachi while CM Qaim said government would also receive 2500MW electricity during the next two years from Engro under an agreement. Addressing the ceremony, the Federal Minister Raja Pervaiz Ashraf said that this ship has the state-of-the-art power plant which would supply power to Karachi...

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Govt in a tight spot on RGST

ISLAMABAD: The government is known to be facing great difficulties in manipulating the GST (general sales tax) reforms Bill 2010, according to its whims. The 3-day meeting of the standing committee for finance was scheduled to be convened on 22 Nov 2010, by chairman Senator Ahmad Ali and would review the GST-Reforms Bill 2010 and prepare committee’s recommendations in NA session commencing on 23rd Nov, where its approval would also be sought.Sources have informed that there was a possibility of government enjoying the support of only four committee members out of a total of 13, in asserting its agenda. The remaining nine, which include MQM, PML-Q, JUI-(F), PML-N and JI members, arrayed against the Bill, are likely to give quite a tough time to government’s aspirations regarding GST reforms. However,...

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KSE last wk Offshorers shop $2.87mn shares

KARACHI: The buying momentum of offshore investors continued in first two trading day of the last week in the local bourses as it attracted fresh net inflow of $2.87 million, as per the National Clearing Company of Pakistan Limited (NCCPL) data. On the other hand, positive activities continued at local bourses as KSE 100-Index closed up 0.85 per cent or 91.98 points at 10,966. Weekly average volumes plunged 58.2 per cent to stand at 69.47 million shares versus  166.1 million shares traded a week before last mainly because investors preferred to stayed sidelines ahead of Eid holidays. As per details, foreign investors deciding for buying fresh positions bought shares worth $4.8 million and sold $1.93 million, resulting in net buying of $2.87 million during the last week.On daily basis,...

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Oct spreads up 8bps YoY

KARACHI: Weighted average banking spread have surged by 8bps YoY in the month of October, mainly led by fall in deposit rate, according to data released by the State Bank of Pakistan (SBP). Average spreads of the banks in the country reached 7.49 per cent in October 2010 against 7.41 per cent witnessed in same period last year. During the month, outstanding loans issued by banks were charged an average interest rate of 13.32 per cent (including zero mark-up) while outstanding deposits were rewarded at an average rate of just 5.83 per cent (including zero mark-up). If we compare on MoM basis, the spread dipped 8bps where they were 7.57 per cent in September 2010. Cost of deposits increased by 6bps at 5.83 per cent while they were 5.77 per cent in previous month. However, lending cost dipped...

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EU vows Pak food security assistance

ISLAMABAD:  The Europe-Aid Director for Asia and Central Asia, Dirk Meganck has vowed that European Union will continue its support for combating rising food prices and ensuring food security in Pakistan.“Pakistan is a great country, a great nation with a great potential and a large population but it is also a country affected by big problems, big calamities while the greatest calamity has been the recent floods. The ones who have suffered the highest in this country are those living in the rural areas amounting 60 to 70 per cent of the population and the people living in these rural areas contribute greatly to the economy,” he said while addressing a large gathering of small-scale farmers belonging to Farmer Interest Groups at Village Karsal in district Chakwal. Earlier the delegation...

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India on fire as Iran cleric voices truth about IHK

New Delhi:  In a move that could further strain friendly ties, India has lodged a strong protest over Iran’s supreme leader Ayatollah Khamenei’s remarks describing Kashmir as one of the world’s besieged regions, along with Gaza and Afghanistan. Sources say India has issued a démarche to Iran for these comments by the supreme leader. Khamenei in his message to Hajj pilgrims also appealed to the Muslim elite worldwide to back the “struggle” in Jammu and Kashmir, equating the state with the “nations” of Afghanistan, Iraq and Pakistan. Sources added that India has conveyed its disappointment and abstained from voting on a UN resolution criticising Iran’s human rights violations. Moreover India Friday summoned the Iranian charge d’ affaires and conveyed its “deep disappointment” over comments...

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We’ll secure our full tenure: PM

President no longer has the power to dissolve Parliament’ Orders study of flood affectees’ power/gas bills, loan waivers’ proposalsISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has again made it clear that government will complete its full five-year term for the sake of democratic stability in the country. While giving an interview to a private TV channel, Prime Minister said the legislature has been elected for five years, those who wish its early dissolution, were, therefore, not sincere with the nation. He said that PPP-led government very well knows how to tackle issues adding Parliament is the best forum to resolve lingering problems, stressing we respect Parliament’s supremacy. He said the government would overcome all the problems...

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US to stay in Afghanistan after 2014: Obama

Lisbon: Portugal’s President Anibal Cavaco Silva receives US President Barack Obama at the Presidential Palace before the start of the Nato summit in Lisbon.-Reute...

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Pak, India set for combustible thriller

GUANGZHOU: Pakistan and India Friday dismissed suggestions of “frayed nerves” as arch rivals geared for a combustible hockey clash in Asian Games on Saturday. Group B match at Aoti hockey stadium, where winner will book a semi-final place, gives Pakistan a chance to avenge two humiliating defeats at India’s hands this year. India won 4-1 at the World Cup in March and then dished out a 7-4 hammering at last month’s Commonwealth Games, both times at home in New Delhi.Pakistan hope to turn the tables on neutral territory. “If we play as well as we are capable off, we will give Indians a good response,” said Pakistan’s coach Michel van den Heuvel. “We have the team to win the tournamen...

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China to assist Pak’s sports uplift

GUANGZHOU: Pakistan hopes China will help accelerate its transformation from a sporting minnow to another Asian dragon. “We need help in almost all sports, especially swimming and track and field. We have so much to learn from China,” Syed Arif Hasan, president of the Pakistan Olympic Association (POA), said in a media interview here.“Without a doubt, China is a sporting giant in Asia and the world, and its help is crucial to the development of sports in Pakistan.” China has sent some of its best table tennis, swimming and wushu coaches to Pakistan, which has already reaped the rewards at the Asiad, courtesy of Ijaz Ahmed’s silver medal in the men’s sanshou 75 kg. Arif Hasan said he wants to go one better and put his athletes in a Chinese training environment that extends beyond the vision...

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ZURICH: Two FIFA executive committee members were banned and fined, one for bribery, over allegations they had offered to sell their votes in the contest to host the 2018 and 2022 World Cups. Four other officials were also banned and fined in an unprecedented move by soccer’s world governing body, which has been shaken by the case and is under huge pressure to show that the contest will be clean and transparent.

ZURICH: Two FIFA executive committee members were banned and fined, one for bribery, over allegations they had offered to sell their votes in the contest to host the 2018 and 2022 World Cups. Four other officials were also banned and fined in an unprecedented move by soccer’s world governing body, which has been shaken by the case and is under huge pressure to show that the contest will be clean and transparent.Nigerian Amos Adamu was banned from all-soccer related activities for three years and fined 10,000 Swiss francs ($10,130) for breaches of five articles of FIFA’s ethics code including one on bribery. His fellow executive committee member Reynald Temarii of Tahiti, president of the Oceania Football Confederation, was banned for one year...

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Girls get the first gold for Pakistan

Beat B’Desh in Asiad Women CricketKARACHI: Pakistan women’s cricket team opened the gold medal account for Pakistan in the Asian Games on Friday, crushing Bangladesh by ten wickets to win the first-ever Asian Games women’s cricket tournament in Guangzhou. After winning the toss, Pakistan skipper Sana Mir invited Bangladesh to bat first, and her players dismissed them for 92 runs in the allotted 20 overs.For Bangladesh, Salma Khatoon scored 27 and Romana made 17, while for Pakistan, Nida Rashid claimed three and Sana took two wickets. Pakistani openers reached the target with more than four overs to spare. Nida played an unbeaten inning of 51 runs, which included seven boundaries, while there were three boundaries in Javeria’s unbeaten 39....

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Waqar calls for separate squads

ABU DHABI: Coach Waqar Younis suggested that national cricket team should have separate teams for Twenty20, ODIs and Test matches. “I think time has come for us to think on these lines, we must have separate teams for different formats with specialized players for each format,” he said ahead of second Test against South Africa starting Saturday in Abu Dhabi.He insisted all three different formats required a different approach from coaching staff and players. “We have lot of talent in  Pakistan and that is why I believe we should now think about having separate squads with specialists. Obviously some players do quality for all three formats or two of formats.” He said upcoming tour of New Zealand will help Pakistan build their combination...

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What oil near $90 may mean for OPEC policy

OIL prices are at a 25-month high and approaching $90 a barrel, raising the question of whether the Organization of the Petroleum Exporting Countries will raise output. The 12-member OPEC which pumps more than a third of the world’s oil, has kept its oil output target at 24.84 million barrels per day (bpd) for almost two years since announcing a record supply cut after prices slumped in 2008.It meets on Dec 11 in Quito, Ecuador. Oil hit $88.63 a barrel on Thursday, the highest since October 2008. It has been supported by the new round of US economic stimulus which has weakened the US dollar, record Chinese demand and falling US inventories. Following are scenarios on what the rising oil price may mean for OPEC poli...

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Lisbon Nato moot seen as watershed in Afghan war

ISLAMABAD: The Nato summit in Lisbon this weekend will mark a turning point in the prosecution of the war in Afghanistan as it lays out a roadmap to end combat operations by 2014, the top US envoy to the region said on Monday.But that won’t spell the end of the international presence in Afghanistan, said US special representative to Afghanistan and Pakistan Richard Holbrooke. “From Lisbon on, we will be on a transition strategy with a target date of the end of 2014 for Afghanistan taking over responsibility for leading the security,” he told reporters in the Pakistani capital. “We have a transition strategy. We do not have an exit strategy.” He stressed that 2014 would not be a repeat of 1989, when the Soviet Union left Afghanistan in defeat and the West turned its back on its former proxy...

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ISLAMABAD: Minister for Information and Broadcasting Qamar Zaman Kaira Tuesday clarified that the Reformed General Sales Tax (RGST) would not be imposed on food items, lifesaving drugs, and education sector. Talking to newsmen at National Broadcasting House here, he said food items like wheat, rice, pulses, vegetables, fruit, and edible oil would remain exempt of this tax.The minister explained that the export industry would also be exempt from levy of the RGST to the extent of products meant for exports but the items being consumed in the local market would come under the net of the RGST. He said that as the farming sector now enjoys better facilities, it has been decided that the RGST would be applicable to agricultural inputs like fertilisers,...

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President, PM call for ensuring implementation of 18th AmendmentISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani Tuesday urged the nation that on Eid-ul-Adha   the brothers and sisters affected by floods/terrorism should be a part of their celebrations.In his separate message to the people of Pakistan President Asif Ali Zardari said, “On the festive occasion of Eid-ul-Adha I call upon my countrymen to remember their less fortunate brethren. Even as we celebrate Eid-ul-Adha it saddens me that so many of our people are living in misery brought by unemployment, low wages, or lack of justice.”...

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Nation celebrates Eid-ul-Adha today

ISLAMABAD: Nation would celebrate Eid-ul-Adha with traditional zeal and religious fervour today (Wednesday). The day would dawn would special Eid sermons where Ulema would stress for unity of Ummah and prayers be held for the prosperity and well being of the country. The largest Eid congregation in the federal capital would be held at Faisal Mosque.In Rawalpindi main Eid congregation would be held at Liaquat Bagh while in Lahore, biggest Eid congregation would be held at Badshahi Mosque. Eid congregations would also be held at Data Darbar, Masjid Shuhada, Masjid Wazir Khan and Bagh Jinnah. Special prayers would be offered for the independence of Palestine and Kashmir and sustainable peace in the region. Ulema and Khateebs from different schools...

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Govt handpicks four lawmakers

Parliamentary Committee for Judicial AppointmentsMQM, ANP unhappy over being neglected by govtSpecial Correspondent/ AgenciesISLAMABAD: The names of four members of Parliament belonging to Treasury Benches for the 8-member Parliamentary Committee for making senior judicial appointments under Article 175(A) of the Constitution were finalised on Tuesday. In a statement spokesperson to the President, Farhatullah Babar said names were finalised in the light of the recommendations made by the Prime Minister in a meeting with the President. He said four members of the Parliament belonging to Treasury comprise of two senators and two members of the National Assembly. He said two National Assembly members nominated as members of the Parliamentary Committee,...

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Plea against Rs72/kg sugar

No sugar shortage in country, says BijraniISLAMABAD: A petition filed in Lahore High Court Tuesday challenged Rs72 per kilogramme rate of sugar. The Government of Punjab has recently fixed sugar at Rs72 per kilogramme. Meanwhile, the court called reply from the federal government within two weeks over a petition in which government’s decision about imposition of Reformed General Sales Tax (RGST) and flood tax have been challenged.Meanwhile, federal minister for industries and production Mir Hazar Khan Bijrani has said that there is no shortage of sugar in the country, it is the hoarders who are to be blamed and without the help of the provincial governments this problem can not be solved. Mir Hazar Khan Bijrani in a statement said that the hoarders are creating this shortfall of sugar in the...

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4M C/A deficit shrinks by 55pc

KARACHI: Pakistan’s current account deficit squeezed by 55 per cent to a provisional $533 million during the first four months of current fiscal year from $1.177 billion in the same period of last year which is highly encouraging for economic executives, showed State Bank of Pakistan’s data, released Tuesday. Higher remittances and a lower trade deficit compared with last year were the reasons for the narrowing of the current account deficit, according to the TFD analyst. According to the latest official data, remittances from Pakistanis working overseas rose 13.3 per cent to $3.5 billion in the first four months of the FY11. However, on a month-on-month basis, the current account surplus narrowed in October. In October, the current account stood at a provisional surplus of $35 million, compared...

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Japanese Parliamentary minister calls on President

Japanese Parliamentary minister calls on PresidentSpecial CorrespondentISLAMABAD: President Asif Ali Zardari Monday said Pakistan was a natural conduit for trade and energy for Central and West Asia and urged Japanese government to raise its  stakes Pak energy sectors, adding Pak hold huge potential of investments. Talking to Makiko Kikuta, Japanese Parliamentary Vice Minister for Foreign affairs who called on him at the Aiwan-e-Sadr, he invited the Japanese investors to invest in the SEZs exclusively setup for Japanese investo...

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Foul proof security could have saved Benazir Bhutto’s life: FIA investigative team

ISLAMABAD: FIA investigation team probing the assassination of former Prime Minister Benazir Bhutto has disclosed in its report that if foul proof security arrangements had been made by the law enforcing agencies than she could have been saved adding that she was killed through a conspiracy.The report further disclosed that Baitullah Mehsud had paid Rs 0.4 million each to two suicide bombers for carrying out the suicide attack at Liaqat Bagh where the former premier was addressing the rally.FIA sources told that a complete indictment report presented by the FIA team before the Anti terrorism court reveals that police had not made adequate security arrangements for the Benazir Bhutto rally at Liaqat Bagh and she was not given an extra ordinary police cover. Furthermore the sudden removal of...

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Grand Mufti preaches peace, denounces terror

Rulers responsible to protect peoples’ life, property & honor’ MECCA: The Muslims can face the formidable challenges only with enforcement of the principles of Islam, Grand Mufti of Saudi Arabia Al-Sheikh Abdul Aziz bin Abdullah said here on Monday in Hajj sermon. The rulers are responsible for protection of life, property and honour of the citizens, speaking at Masjid-e-Nimra to a mammoth gathering of Muslims, the Grand Mufti said.He said Islam opposes terrorism but Muslims are subjected to oppression in various parts of the world, why the United States and Europe are silent over this oppression. Muslim youths are being misguided today, he said, the poverty-hit young men are being taken to the path of misguidance, the Grand Mufti said...

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Banks stood firm in crisis: SBP

KARACHI: The banking sector in Pakistan has been able to withstand headwinds from weakening macroeconomic fundamentals since 2007. Although banks face increased credit risk, the overall sector is well placed to withstand modest shocks as they build their inventory of government securities.This was stated by the Governor, State Bank of Pakistan, Shahid H Kardar in a message embodied in SBP Annual Report on the working of the Bank (Performance Review) for the year 2009-10 (FY10) which was released Monday. ‘Furthermore, in response to emerging dynamics in the macro-financial environment, the SBP has rationalised the minimum capital requirement and its implementation schedule, which will provide breathing space to the banking sector in this difficult...

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KSE EOGM maybe delayed further

KARACHI: The upcoming Extraordinary General Meeting (EOGM) of Karachi Stock Exchange (KSE) is likely to be delayed further as the apex regulator have decided to formulate a committee which will negotiate the brokers over the issue that chairman of the exchange should be a member of the bourse. It should be noted that a meeting of KSE Board of Directors held with the Chairman Securities & Exchange Commission of Pakistan (SECP) Salman Sheikh on Monday. ‘We may postpone the meeting further after SECP has said to make a committee to solve the issue”, said a director KSE. It is worth mentioning that previously the EOGM was scheduled on Nov 4 but was then adjourned till Nov 22.The agenda of the meeting was to amend the Articles of the Exchange...

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Key rate may go up half per cent

Monetary Policy on Nov 29 KARACHI: State Bank of Pakistan will announce on Nov 29 its monetary policy for the subsequent two months, Syed Wasimuddin, chief spokesman of the central bank said Monday.“It is likely that the central bank will continue to hike the key policy rate, by at least 50 basis points (0.5 per cent), considering the fiscal indiscipline and to counter inflation” said Mohammed Sohail, chief executive at Topline Securities Ltd. In the last monetary policy review on September 29, the central bank increased its key policy rate by 50 basis points to 13.5 per cent in a bid to curb deepening fiscal deficit and combat rising inflation. State Bank of Pakistan governor, Shahid Kardar said government had borrowed 184 billion rupees ($2.15 billion) from the central bank since July 1,...

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Obama’s Asia frustrations raise protectionist risks

The risks of a wave of  protectionist sentiment on Capitol Hill just got higher after President Barack Obama struggled to win over wary leaders of export-driven Asian economies. Obama’s message to trade surplus nations during his 10-day swing through Asia was unwavering: the path to global prosperity  is not “simply paved with exports to America”.But if he was heard, he is not being heeded. “The failure of movement of the Chinese does not bode well  for heading off new trade restrictions (in Congress),” said Fred  Bergsten, director of the Peterson Institute for International  Economics in Washington. “If we can’t get the two sides to tango, this is going to cause continued problems for world growth and potential future crises, and in the short run for potential protectionist...

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Seoul G20 shows shift of power from old order to new

* Seoul G20 shows shift of power from old order to new  * Stalemate on imbalances calls U.S. leadership into question  *  Without coordination, global adjustment could be disruptiveEconomic power is leeching from  the old world to emerging markets. The politics of globalisation are not keeping pace with this shift. And that makes it hard to agree joint action to tackle urgent issues such as how to reduce China’s external surplus.The Group of 20 summit in Seoul amply corroborated each of these truisms. The risk now is that, in the absence of policy coordination, a purely market-driven adjustment of global economic imbalances will be messier than it need be. And where market forces are not allowed to prevail, as is the case...

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Security of Iranian Envoy upped

ISLAMABAD: Pakistan has enhanced the security of Iranian Ambassador to Pakistan Mashallah Shakiri after receiving threats from Taliban, private TV channel reported.The report quoting the sources of Interior Ministry said that the Iranian Ambassador to Pakistan, Mashallah Shakri received threats from banned Tehreek-e-Taliban Pakistan (TTP) and he informed the government through diplomatic sources. After the threats, the government has tightened the security of Iranian envoy. The security agencies have started the operation to investigate the people, who threatened the ambassador. On the other hand, Shakri has limited the activities. The security of other envoys also has been beefed up. -...

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Millions march into Mina as Hajj begins

Al Qaeda denies plot to target Muslim pilgrimsMAKKAH: The hajj begins in Saudi Arabia. Hundreds of thousands of people set out on a journey from Mecca to Mount Arafat through the valleys of Mina and Muzdalifa. It is expected that this year’s hajj will be attended by some 3.5 million people.Recently a special light-rail metro was opened, connecting Mecca with the valleys. The following year, when construction is completed, every six hours the light-rail metro will carry up to half a million people. Hajj is one of the five compulsory duties of a Muslim, guaranteeing him pardon for all sins and the attainment of eternal bliss in the life hereafter. On the other hand, Yemen-based al Qaeda in the Arabian Peninsula denied on Sunday it would stage...

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LPG goes up Rs8/kilo in Pakistan

KARACHI: Per kilogram (kg) prices of the Liquefied Petroleum Gas (LPG) have increased by Rs8 resulting in prices of domestic cylinders of LPG rising to Rs100, media reported on Sunday. The fresh increase has resulted in price rise in LPG in Azad Kashmir to Rs150 per kg whereas in Lahore, Multan and Bahawalpur to Rs120 per kg.Rs8 per kg increase has brought the price of domestic cylinder to Rs100 while that of commercial cylinder to Rs400. Price of domestic cylinder in Fata and Azad Kashmir has reached Rs1730 while 1390 in Lahore, Multan and Bahawalp...

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Pak, US ink pact for wind power

150MW wind farm to cost $375mnISLAMABAD: Pakistan and United States (US) Sunday signed a wind power generation project which will be completed in two years at a cost of $375 million (Rs32 billion) to produce 150-megawatts of electricity. The agreement was signed by US Special Envoy for Afghanistan and Pakistan Richard Holbrooke and Secretary Water and Power Javed Iqbal on behalf of their respective governments here at a local hotel.US ambassador to Pakistan Cameron Munter, Director USAID Andrew Sisson, Chairman Alternative Energy Development Board Arif Alauddin and country representative of American Power Company (AES) Muhammad Iqbal were also present on this occasion. The project will be in three sites in the Gharo Corridor, in Thatta, Sindh...

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Near-$90-oil won’t hurt economy: Opec

TEHRAN: Iran’s Opec governor said oil prices of $70-$90 per barrel would not hurt the global economy, the oil ministry’s official website SHANA reported Sunday. “Consumers and producers are unanimous that oil at $70-$90 prices are suitable prices and will not hurt the global economy,” Mohammad Ali Khatibi told SHANA.Top oil exporter Saudi Arabia earlier this month shifted upwards the band from a price it has backed for around two years, saying oil at $70-$90 a barrel was comfortable for consumers. Global oil prices are now near $86. The International Energy Agency (IEA) said Friday Opec was raising production fast enough to meet growing demand and reducing compliance to the group’s target for output cuts. The Organization of the Petroleum Exporting...

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Pakistan goes up against new permanent seats in UNSC

UNITED NATIONS: Pakistan while strongly opposing new permanent seats on the UN Security Council (UNSC), called for “flexibility and compromise” on part of countries pushing competing proposals for enlarging the 15-member body so as to move the stalled reform process forward.Speaking in the General Assembly’s annual debate on achieving equitable representation in the 15-member council, Pakistan’s acting ambassador Amjad Hussain Sial said his country was committed to reform that would make it more representative, transparent and effective. Pakistan is always supporting an expansion of non-permanent members of UNSC. The deadlock was evident during the assembly debate, which wrapped up Friday: Supporters of three rival proposals to reform the council...

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EID-UL-ADHA TOWARDS MEAT’S OVERNESS

ALI ZHORAIZ JAFFRI Eid ul-Adha; The Festival of the Sacrifice is one of two major Islamic celebrations and takes place on the Islamic month Dhul-Hijjah, in which millions of Muslims from around the world make an annual pilgrimage to Makkah in order to worship Allah and to commemorate the willingness of the Prophet Abraham (PBUH) to sacrifice his son Ishmael in response to a command from God. Satisfied with Abraham’s devotion, God replaced Ishmael with a sheep at the last second, and the sheep was slaughtered instead. While pilgrims in Makkah re-enact this scene by slaughtering sheep of their own, Muslims who can afford it in the rest of the world also participate in this rite by slaughtering sheep, camels and cows.During the celebration of...

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Economic reforms plan ready: Shaikh

2-day Pak Development Forum starts todayISLAMABAD: Pakistan would present to the international community its economic reform and stabilisation plans at the Pakistan Development Forum meeting at Islamabad over the weekend, a top US official said. The two-day Pakistan Development Forum (PDF) will begin here today (Sunday) with an agenda of focusing and sharing with the participants and development. “We are holding the Forum in 2010, as the last PDF was held in 2007″, Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh said. He said that the Forum would provide opportunity to have comprehensive dialogue with our development partners on government’s strategic direction, priorities and policies. Shaikh said that deliberations of the...

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Pakistan woos Chinese trade

Zardari addresses corporate leaders at Pak-China ForumInvestors offered irrigation, housings, energy sectorsGUANGZHOU, CHINA: President Asif Ali Zardari on Saturday invited the Chinese investors and entrepreneurs to benefit from Pakistan’s geostrategic location as well as its trade and economic potential for a win-win situation for the two neighbourly nations having time-tested ties. “I invite you to take advantage of the geostrategic location, trade and economic potential and the warm-waters of Pakistan, which has all the ingredients to become a progressive and developed country,” the President said while addressing the corporate leaders of the Guangdong province here at the Pakistan-China (Guangdong) Forum on Economic Reconstruction. Besides...

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Pak used terror as a hedge against India: US

WASHINGTON: Islamabad used to support terror outfits as a hedge against India and an unfriendly Afghan regime, so that the two neighbours of Pakistan do not undermine it, US Secretary of State Hillary Clinton has said.“They (Pakistan) have in the past hedged against both India and an unfriendly regime in Afghanistan by supporting groups that will be their proxies in trying to prevent either India or an unfriendly Afghan government from undermining their position,” she said. Clinton said now things are “changing”, but she cannot confirm whether Pakistan has stopped the use of terror against India and Afghanistan. “That is changing, now, I cannot sit here and tell you that it has changed, but that is changing,” she told ABC News in an interview, the transcripts of which was released by the State...

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Posted in: Pakistani News,World News

GUANGZHOU: The Asian Games officially opened with a glitzy gala ceremony on Friday, culminating years of planning for a massive event that is set to reinforce China’s regional sporting dominance. The extravaganza heralds the most ambitious Asiad so far with more than 14,000 athletes and officials from 45 countries and territories angling for gold in 42 sports.The Games run until November 27, with hosts China heavily favoured to top the medal table, with South Korea and Japan battling for second place. “After six years of hard work, I am pleased to announce that the preparatory work of the 16th Asian Games has been completed,” said Guangzhou vice mayor Xu Ruisheng. Security forces mounted a sweeping operation to isolate the fenced-off venue...

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Posted in: World News

Zardari House under thick layers of security

ISLAMABAD: Following the gruesome bomb blast at the CID Centre Karachi on Thursday night, security has been further tightened outside ‘Zardari House’ located in the heart of Capital in Sector F-8/3 after Taliban aired attack threats. Well-placed sources told Online that the entire street has been declared as Red Zone and no one will be allowed to enter the premises without methodical checking. It has been further told that following Taliban threats to attack Zardari House, all kinds of political activities have been halted for a while. Beside that Presidency and its adjacent buildings have also been kept on a high alert with additional police and Rangers contingents. Traffic has been virtually suspended and close vigilance is on, sources said....

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Posted in: Pakistani News,World News

Chinese auto-titan turns head to Pakistan

GUANGZHOU: Chairman Guangdong Automobile Industrial Group (GAIG) Zhang Fangyou Friday called on President Asif Ali Zardari here and voiced keen interest for exploring business opportunities in Pakistan.The President was accompanied by the Chairman Board of Investment Saleem Mandviwala and delegation members including Minister of State for Foreign Affairs Nawabzada Malik Amad Khan, Chief Minister Gilgit Baltistan Syed Mehdi Shah, Ambassador to China Masood Khan, and Spokesman to the President Farhatullah Babar. President Zardari informed the head of the Chinese automaker of huge potential of this industry in Pakistan. He directed the Chairman BOI to stay back and discuss with him the prospects of GAIG’s operations in Pakistan. Guangzhou Automobile Group Co Ltd, is engaged in research and development,...

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Posted in: Pakistani News,World News

UN $2bn flood-aid call answered 45pc

UNITED NATIONS: UN has said the $2 billion aid appeal  for   Pakistan’s flood victims, the largest-ever launched by any international body for a natural disaster, now stands funded by 45 per cent.To a question at the regular noon briefing, Spokesman Farhan Haq said although the response to the appeal was improving, the United Nations continues to urge the international community to provide more funding. The appeal was launched a month ago, more than quadrupling the original $460 million sought in August as the full scope of the floods became clear. The disaster has claimed some 2,000 lives, exposing over 20 million others to homelessness, malnutrition, risks of epidemics and loss of livelihood as the waters steamrolled down...

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Posted in: World News