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| October 13, 2008 | Monday | Shawwal 13, 1429 |
Updated round-the-clock, with major updates after 10:00 PST (05:00 GMT)
17 killed as army fights Taliban in Swat valley Monday, 13 Oct, MINGORA: Two soldiers and 15 militants were killed and several others wounded in fierce gun battles between the security forces and local Taliban as people vacated their houses for safer places in upper Swat valley on Monday. The security forces resumed search and cordon operation in Kashkor and Karam Dheri villages of tehsil Khawazakhela early on Monday morning. Curfew was still enforced on the second consecutive day in the area after clashes erupted in the area when militants attacked the security forces during a search operation. According to ISPR fifteen militants loyal to hardliner cleric Maulana Fazlullah were killed and several others sustained injuries in the fresh clashes. Two soldiers also killed in the fighting, the ISPR release said. (Posted @ 22:44 PST)
Joint session adjourned due to sudden death of MNA Monday, 13 Oct, ISLAMABAD: The in-camera joint sitting of the two houses of parliament on the US-led global war on terror and its fallout on Pakistan resumed here on Monday but was adjourned till 11 am Tuesday due to the sudden death of Pakistan Muslim League (Q) MNA Nasrullah Khan Bijarani. The brief sitting offered fateha (prayers) for the MNA from Kashmore (Sindh), who died of cardiac arrest in the Federal Services Hospital in Islamabad a couple of hours earlier. Federal Minister for Information and Broadcasting Sherry Rahman was scheduled to provide the members of the parliament the ‘civilian’ view on the national strategy on the war on terrorism on Monday after last week’s briefing by the military on the issue. (Posted @ 21:34 PST)
France rolls out 360 billion euro bank rescue plan Monday, 13 Oct, PARIS: President Nicolas Sarkozy on Monday rolled out a 360-billion-euro (490-billion-dollar) plan to shore up French banks, offering loan guarantees and capital to avert collapse in the eurozone's second economy. France will underwrite up to 320 billion euros in loans between banks until December 2009 to overcome a credit crunch that is threatening to bring the economy to a grinding halt. The government will also make available 40 billion euros in fresh capital, throwing a lifeline to any French bank threatened with collapse, Sarkozy said, after an emergency cabinet meeting. (Posted @ 21:30 PST)
Greek, Turkish Cypriots scrap annual war games Monday, 13 Oct, NICOSIA: Rival Greek and Turkish Cypriots scrapped annual military exercises on Monday in a goodwill gesture as reunification talks progress on the divided island. President Demetris Christofias, the Greek Cypriot leader, announced cancellation of the five-day exercises after meeting Turkish Cypriot leader Mehmet Ali Talat. A Turkish Cypriot spokesman confirmed cancellation of Turkish manouevres. Cyprus has been partitioned since Turkish forces invaded in 1974 in response to a short-lived coup by Greek Cypriot militants seeking union with Greece. Turkey has some 30,000 troops stationed in the north of the island, supporting a Turkish Cypriot state recognised only by Turkey. The continued division is a hindrance to Turkey's efforts to negotiate entry to the European Union. Talat and Christofias started new peace negotiations on Sept. 3, focussing on ways to reunite the two sides of Cyprus as a bizonal federation linked by a central government, probably with limited powers. (Posted @ 20:40 PST)
Scientists sound the alarm on digital music players Monday, 13 Oct, BRUSSELS: European scientists sounded the alarms on Monday about the dangers of using digital music players, warning that listening to them too long and too loud can cause permanent hearing loss. Five to 10 per cent of the people who listen to a so-called MP3 player for more than one hour per day each week at a high volume risk permanent hearing loss, they found. That means that between 2.5 million and 10 million people are at risk, according to the panel of scientists who conducted the study at the request of the European Commission. EU rules already restrict noise levels from such MP3s to 100 decibels, but the European Commission said that there was growing concern about excessive exposure to such devices, especially among youths. (Posted @ 20:08 PST)
Germany unveils 480 billion euro rescue package Monday, 13 Oct, BERLIN: A German government financial rescue scheme includes 80 billion euros (108 billion dollars) in fresh capital for banks and 400 billion euros in loan guarantees, a finance ministry statement said. The measures were discussed and approved by Chancellor Angela Merkel's cabinet and were due to be voted on by MPs with a view to the package becoming law this week. ‘Without a functioning financial system the access of individuals and companies to credit is destroyed,’ the statement said. The proposals, hammered out in consultation with the German central bank, the financial regulator and representatives from the banks, are aimed at ‘stabilising the financial market, ensuring the supply of capital to the German economy and providing security for savers and investors,’ it said. (Posted @ 19:48 PST)
Blast hits ANP leaders' vehicle Monday, 13 Oct, According to DawnNews, an improvised explosive device (IED) blast hit the vehicle of Malik Shamim Khan, an ANP leader in North West Pakistan. Shamim and two of his associates were injured by the explosion and they were transferred to a local hospital, where they are said to be in stable condition. (Posted @ 19:20 PST)
Tendulkar misses record as India save first Test Monday, 13 Oct, BANGALORE: Sachin Tendulkar scored a match-saving 49 to help India avert defeat in the first Test against Australia on Monday but fell short of a world record. India were set a victory target of 299 runs in 83 overs but finished with 177-4 before bad light forced the match to be abandoned as a draw after tea on the fifth day at the Chinnaswamy stadium. Tendulkar was caught in the covers off debutant spinner Cameron White just 15 short of surpassing retired West Indian Brian Lara's tally of 11,953 runs as Test cricket's leading run-getter. (Posted @ 18:50 PST)
Bush critic Krugman wins 2008 Nobel for economics Monday, 13 Oct, STOCKHOLM: US economist Paul Krugman, a well-known critic of the Bush administration for policies that he argues led to the current financial crisis, won the 2008 Nobel prize for economics on Monday. The committee said the award was for Krugman's work that helps explain why some countries dominate international trade. A prominent economist who writes columns for the New York Times, Krugman has long featured among the favourites to win a Nobel. He is a professor of economics and international affairs at Princeton University in the United States. Krugman, speaking by telephone to a news conference, was caught on the hop by the news. (Posted @ 18:26 PST)
Europe moves to quell financial firestorm Monday, 13 Oct, BERLIN: European governments launched a multi-pronged attack on the financial crisis on Monday, approving hundreds of billions of dollars in loans and buying into banks in a move to end panic on the markets. Shares in Europe and Asia rose strongly amid a string of announcements by European governments which followed an agreement at a weekend summit to guarantee inter-bank lending and make state funds available to buy bank stocks. But new storm clouds emerged with the European Union saying that Hungary may need help after its currency slumped last week. France, Germany and Italy were to announce national rescue packages, while Britain ploughed 37 billion pounds (47 billion euros, 64 billion dollars) into a trio of struggling banks. (Posted @ 18:24 PST)
US troops seize six suspected rebels in Mosul Monday, 13 Oct, BAGHDAD: The US military said it had detained on Monday six suspected insurgents in the northern Iraqi city of Mosul, the scene of some of the worst violence against Christians in five years. It said in a statement that three of those seized during operations in the city are believed to have links to foreign insurgency groups. ‘One of the wanted men is believed to be in contact with a foreign terrorist responsible for carrying out attacks against Iraqi and coalition forces,’ it added. (Posted @ 18:18 PST)
Hockey chief Zafarullah Khan Jamali resigns Monday, 13 Oct, ISLAMABAD: Pakistan hockey chief Zafarullah Khan Jamali resigned Monday, nearly two months after the men's hockey team finished eighth at the Olympic Games - its worst performance ever, AP reported. 'Today I talked to the prime minister and have tendered my resignation,' Jamali told reporters in the southern port city of Karachi. 'I don't want to blame anyone. I feel unless people start providing positive contributions, hockey won't progress in Pakistan.' In August, Pakistan lost to New Zealand in the playoff for seventh place at the Beijing Olympics. (Posted @ 18:08 PST)
Mugabe swears in two VPs despite power feud Monday, 13 Oct, HARARE: Zimbabwe's President Robert Mugabe swore in two vice presidents Monday, a senior government official said, despite an ongoing dispute with the opposition over a power-sharing deal. ‘They were sworn in this morning at State House by President Mugabe,’ a senior government official told AFP, shortly before former South African president and mediator Thabo Mbeki was due to land for talks with all parties. Vice presidents Joyce Mujuru and Joseph Msika took office just two days after Mugabe revealed in the state media that he would unilaterally give his party the most important seats in cabinet, despite an agreement to share power with the opposition. (Posted @ 18:04 PST)
Iraqi Christians say forced to flee Mosul Monday, 13 Oct, MOSUL: Iraqi Christians fleeing attacks in the northern city of Mosul on Monday pleaded for protection from what they described as a systematic plan to drive them out of the area. Kana'an Bahnam, a 58-year-old Christian, fled ethnically mixed Mosul with his family in the middle of the night, in disguise and with nothing but the clothes on their backs. ‘There are secret hands trying to promote division and strife between Muslims and Christians,’ he said. Nineveh province Governor Duraid Kashmula told Reuters at least 930 families had in recent days fled Mosul, 390 km north of Baghdad, for towns and villages nearby. ‘It's a systematic, planned scheme that aims to empty Mosul of all Christians,’ said Yousif Gorgees, a Christian who has been helping others reach Qaraqush, a nearby Christian town. (Posted @ 17:58 PST)
Sassui vows to protect Sindh heritage Monday, 13 Oct, Sindh Minister for Culture and Tourism Sassui Palijo has expressed her resolve to strive to preserve and protect the cultural heritage of Sindh despite opposition from various circles. She was speaking at a press conference at the Sindh Museum here on Sunday. The minister particularly highlighted the ongoing controversy over the functioning of the National Academy of Performing Arts (NAPA) on the premises of the Hindu Gymkhana in Karachi. She alleged that Rahat Kazmi, Talat Hussain and Arshad Mehmood had launched a smear campaign against her. ‘If they think that they will be able to pressurise or harass me because I am a woman then they are sadly mistaken because I am not going to sit idle and just observe things,’ the minister declared. She alleged that under a conspiracy a campaign had been launched to malign her in the name of encroachment of the government’s land. (Posted @ 17:56 PST)
Afghan violence kills 14 militants, 8 civilians Monday, 13 Oct, KABUL: Afghan and international troops killed 14 Taliban militants and eight civilians were killed in a series of attacks, Reuters reported. Six civilians were killed and two more wounded when their minibus hit a roadside bomb in Zana Khan district of Ghazni province on Monday, a local official said. 'The roadside bomb was planted by insurgents who were targeting a foreign or Afghan military convoy using this road,' said the governor's spokesman, Sayed Ismail Jahangir. Separately, two civilians were killed and three injured when a rocket landed on their home in Khost on Sunday, the provincial police chief said. 'The rocket was aimed at a nearby foreign troop base,' Abdul Qayum Batizoy said. (Posted @ 17:40 PST)
Singh blames wave of violence on extremists Monday, 13 Oct, NEW DELHI: The Indian prime minister warned on Monday that a recent wave of bloodshed that has left scores dead across India threatens the ‘fundamental underpinnings’ of the world's largest democracy. He also denounced hard-line political parties for creating ‘an atmosphere of hatred and violence’ that has led to terrorist attacks, religious riots and ethnic clashes. Nearly every corner of India has seen spasms of violence in recent months. Hindus have killed Christians in the east, suspected militants have set off bomb blasts in four major cities, Muslim protesters have clashed with police in Occupied Kashmir, and militant separatist groups have targeted civilians in the remote northeast. Though religious clashes have erupted regularly throughout India's history, the recent wave of attacks has been especially alarming as India seeks to ride its booming economy to claim its place as a global power. (Posted @ 17:28 PST)
More militants killed in Khawazakhela Monday, 13 Oct, PESHAWAR: At least 10 militants were killed and several others injured in a bloody clash with the security forces at Gash Kor Khawazakhela Tehsil in restive Swat district, a military spokesman said on Monday. The Security Force backed by gunship helicopters and artillery fire pounded the militants' positions at Kash Kor, Karam Dheri and adjoining areas of Khawakhela and inflicted heavy losses to militants. Several houses of militants and Taliban fighters have been destroyed. He said the militants suffered heavy casualties in two days operation at Gash Kor Khawakhela. (Posted @ 16:44 PST)
KSE in limbo ahead of floor removal meeting Monday, 13 Oct, KARACHI: Thinly traded Pakistani stocks ended flat on Monday as investors waited for the outcome of a meeting later on in the day about the removal of a protective floor level placed on the index, FReuters reported. The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.03 percent higher, or 2.89 points, at 9,184.24, just 40 points above the floor placed on Aug. 28. Volume was 28,000 shares. The KSE board of directors are due to meet at 4:00 pm on Monday, according to exchange officials to discuss the removal of the floor and establishment of a 20 billion rupees fund. The Pakistan market has been left in limbo while overseas markets fell as a result of the global financial crisis spreading out of the United States. (Posted @ 16:30 PST)
Gilani, Malik welcome Kashmir Committee statement ISLAMABAD: Senior Kashmiri separatist leaders Syed Ali Gilani and Mohammad Yasin Malik have welcomed a statement by the Kashmir Committee in Pakistan reiterating its support for the Kashmiri right to self-determination, APP reported. Kashmiri Hurriyat leader Syed Ali Gilani and Chairman of the Jammu and Kashmir Liberation Front Mohammad Yasin Malik, hailed the statement as a vindification of their cause and an indictment on the federal government of India. (Posted @ 15:33 PST)
Zardari heads to China to 'deepen partnership' ISLAMABAD: Pakistani President Asif Ali Zardari flies to China on Tuesday seeking economic investment and support for his country as its ties with the United States come under increasing strain. Pakistan is one of China's closest allies in Asia, with Beijing seeing the country as a counter-balance to India. (Posted @ 15:00 PST)
Banks hit by speculative withdrawals The domestic financial market experienced a mild shock last week following rumours about the viability of 2-3 banks to the freezing of foreign currency accounts and seizure of bank lockers. It led to noticeable withdrawals of money from the banking system experiencing liquidity crunch. Post-Eid illiquid money markets saw volatile call money rates surge to 40 per cent before settling back to 20 per cent later in the week. (Posted @ 13:39 PST)
Market liquidity: coming challenges Governments everywhere are assuring savers, investors and borrowers that, despite the global financial crisis, market players will be supported in meeting their commitments. But for the eighth consecutive day, market reaction to the “bailout” plans announced by many governments continues to reflect low confidence in those promises that need strengthening through concrete action. (Posted @ 13:16 PST)
PCB media director lands in hot waters LAHORE: The Pakistan Cricket Board (PCB) has decided to take strict action against its media director Mansoor Suhail for violating the board’s media policy in sending too many journalists to Canada to cover the ongoing Twenty20 Cricket Cup there. Informed sources told Dawn that the new chairman Ijaz Butt has showed his resentment over the violation and he expects to be given an explanation regarding the matter by the media director upon his the return from the tour. (Posted @ 12:47 PST)
Largest Sindh cabinet to further expand KARACHI: The Sindh government may induct more ministers in the provincial cabinet, particularly from the smaller parties in the assembly, sources in the government have told Dawn. At present the strength of the Sindh cabinet is 60, with 44 ministers, eight advisers and eight special assistants. With more than half a dozen MPAs likely to be inducted into it from the Pakistan Muslim League-Functional, the PML-Q, the National People’s Party and the Muttahida Qaumi Move-ment, the cabinet — already the largest-ever — will achieve another goal as far as size is concerned. (Posted @ 12:46 PST)
US Fed approves takeover of Wachovia by Wells Fargo WASHINGTON: The US Federal Reserve on Sunday approved Wells Fargo's takeover of troubled banking rival Wachovia, a deal which would create the largest bank branch network in the United States. 'The Federal Reserve Board on Sunday announced its approval of the application ... by Wells Fargo & Company, San Francisco, California, to acquire Wachovia Corporation and its subsidiary banks,' the Fed said in a statement on its website. (Posted @ 12:06 PST)
Pakistan, China to set up economic zones ISLAMABAD: Pakistan and China have decided to sign a protocol for establishment of economic zones in the country to house industrial units to produce goods for duty-free export to China. The protocol will amend the investment chapter of the free trade agreement between the two countries and will include special incentives for Chinese investors. (Posted @ 11:56 PST)
Seven killed in Myanmar explosion YANGON: Seven passengers were killed and one was injured when a bus exploded in Myanmar's main city Yangon early Monday morning, a police official said. The blast occurred at 02:30 a.m. as the bus headed north through the city, said the police official who requested anonymity. (Posted @ 11:06 PST)
How to save Pakistan: Fazlur Rahman’s vision ISLAMABAD: Chief of Jamiat Ulema-i-Islam-F Maulana Fazlur Rahman on Sunday claimed that his party had the vision to steer the country out of the present crisis. Addressing a news conference, the Maulana said that if allowed by the Speaker he could put forward concrete proposals in parliament for ending the standoff with the Taliban in Swat and tribal areas. (Posted @ 10:44 PST)
More than 50 militants killed in Bajaur, Orakza PESHAWAR: Security forces clashed with militants in two northwest Pakistani tribal regions, killing more than 50 alleged insurgents, a paramilitary statement and a government official. Meanwhile, intelligence officials said that a suspected US missile strike in a nearby tribal region had killed five people, but none was believed to be a foreign al-Qaeda fighter. (Posted @ 07:11 PST)
Swat nurses vacate hostel after Taliban threat MINGORA: After destroying schools, tourist spots, and other government installations in Swat, it is now the turn of hospitals as the nursing staff hostel at the District Headquarters Hospital Saidu Sharif was vacated by female staff members after receiving threats from suspected Taliban militants. 'Two bearded men entered the nursery ward of Saidu Hospital and asked me where the duty nurse was. I told them she was at another ward. They went back after wandering in the ward, saying they would come again the next day,' a source in the hospital quoted a nurse on duty as saying. (Posted @ 10:20 PST)
PPP seeks PML-N support for war on terror resolution LAHORE: The Pakistan Peoples Party has sought support of the Pakistan Muslim League-N for adopting a resolution in the National Assembly to endorse the government’s policy on the war on terror. But the PML-N has expressed only conditional support for the resolution planned to be tabled in the National Assembly after the current joint session of the parliament, a PML-N leader said. (Posted @ 10:14 PST)
Medical students protest in Sukkur SUKKUR: At least ten students were injured when police used batons to disperse students of Ghulam Mohammad Mahar Medical College who were protesting at the city bypass on Sunday against non-registration of their college with the Pakistan Medical and Dental Council (PMDC). Hundreds of students and their parents took out a procession from the Civil Hospital, shouting slogans against the provincial government. (Posted @ 09:26 PST)
Ministry wants Punjab to lift ban on flour movement ISLAMABD: The food ministry has urged the prime minister to ask the government of Punjab to immediately end its ban on inter-provincial movement of flour. If the ban is not removed, it says, the price of a 20kg bag of flour may rise to Rs850 in other parts of the country. The ECC has also been informed that the ban, imposed since the beginning of Ramazan, has encouraged hoarding and helped little to stop the smuggling of flour to Afghanistan, wheat to Iran and fine flour to Dubai. (Posted @ 09:06 PST)
More than 50 militants killed in Bajaur, Orakzai PESHAWAR: Security forces clashed with militants in two northwest Pakistani tribal regions, killing more than 50 alleged insurgents, a paramilitary statement and a government official. Meanwhile, intelligence officials said that a suspected US missile strike in a nearby tribal region had killed five people, but none was believed to be a foreign al-Qaeda fighter. (Posted @ 07:11 PST)
Stocks rebound in Australasian markets on rescue hopes HONG KONG: Australian and South Korean shares bounced on Monday after policymakers around the world took increasingly bold steps to staunch the bleeding in financial markets, including guarantees on bank deposits and directly injecting capital into banks. The euro climbed while US stock futures were up 4 per cent, pointing to a sharply higher open on Wall Street, after the US government said it would take stakes in banks and European leaders hatched a plan that included buying debt that banks issue, both aimed at freeing the flow of precious credit.(Posted @ 08:35 PST)
Security fears over Pakistan bankruptcy threat ISLAMABAD: Already nearly broke when the global financial crisis took hold, Pakistan now faces further woes that could take the nuclear-armed nation's security situation closer to the edge, experts said. The country, a frontline ally in the US-led campaign against al-Qaeda and Taliban militants, has been forced to seek 10 billion dollars from western backers to stave of the threat of going bankrupt as early as February 2009. (Posted @ 08:15 PST)
British banks set to unveil bailout plans LONDON: Major British banks are expected to announce plans to recapitalize early on Monday, people familiar with the matter said, which could see the government take multibillion pound stakes in several lenders. Banks could receive about 37 billion pounds ($64 billion) in government funds to boost their capital. (Posted @ 08:01 PST)
Golf legend Ballesteros confirms brain tumour MADRID: Spanish golf legend Seve Ballesteros, a five-times major winner, said Sunday he has been diagnosed with a brain tumour. 'I inform you that after an exhaustive check, that was realized at Hospital La Paz, a brain tumour has been detected,' the 51-year-old said in a statement issued by the Madrid hospital. Ballesteros said he will undergo a biopsy on Tuesday and then doctors would decide on a course of treatment. (Posted @ 04:36 PST)
Researchers find easier way to make stem cells WASHINGTON: Researchers trying to find ways to transform ordinary skin cells into powerful stem cells said on Sunday they found a shortcut by 'sprinkling' a chemical onto the cells. Adding the chemical allowed the team at the Harvard Stem Cell Institute in Massachusetts to use just two genes to transform ordinary human skin cells into more powerful induced pluripotent stem cells or iPS cells. (PST)
European leaders close in on finance crisis battleplan PARIS: Fifteen European leaders closed in Sunday on a joint strategy to end the haemorrhaging of market confidence by underwriting inter-bank loans and safeguarding financial institutions from collapse. In a bid to prevent further meltdown when markets resume trading on Monday, French President Nicolas Sarkozy sought to persuade the 15 member states of the eurozone single-currency bloc to approve a 14-point joint action plan. (Posted @ 12:25 PST)
Founder: Quaid-i-Azam Mohammad Ali Jinnah
Editor: Abbas Nasir
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