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| December 31, 2008 | Wednesday | Muharram 02,1430 |
Updated round-the-clock, with major updates after 10:00 PST (05:00 GMT)
Govt to release Rs.20bn bailout for stock market Wednesday, 31 Dec, ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Shaukat Tarin said on Wednesday the government will release a 20-billion-rupee bailout package next week for the stock market to support sinking bourses. ‘Government-owned institutions will start purchasing shares from next week. The purchased shares will be sold out to overseas Pakistanis,’ the adviser said. Tarin said Pakistan will receive a one-billion-dollar loan from the World Bank and China in the next few months. (Posted @ 22:32 PST)
Bush calls Zardari, Singh, urges co-operation Wednesday, 31 Dec, ISLAMABAD: US President George W Bush on Wednesday telephoned President Asif Ali Zardari and Indian Prime Minister Manmohan Singh, with the situation in the region after the Mumbai attacks top of the agenda and expressed satisfaction over de-escalation moves by Pakistan and India. Bush ‘called Prime Minister (Manmohan) Singh of India and separately President (Asif Ali) Zardari of Pakistan. President Bush urged both ... to cooperate with each other in the Mumbai attack investigation as well as on counterterrorism in general,’ White House spokesman Gordon Johndroe said. ‘All three leaders from the United States, India and Pakistan agreed that no one wanted to take any steps that unnecessarily raise tensions,’ Johndroe stressed. (Posted @ 21:51 PST)
Decision on hockey team’s India tour tomorrow LAHORE: The Pakistan Hockey Federation (PHF) will take a decision on sending the national team to India on Thursday. Pakistan is due to participate in a four-nation tournament in February, but the prospects of its participation came under doubt after the escalation of tension between the two neighbours after the Mumbai attacks.(Posted @ 21:20 PST)
Three civilians killed, scores held in Khyber operation LANDI KOTAL: Security forces on Wednesday demolished dozens of houses and arrested scores of people on the second day of the military operation in Khyber Agency's Jamrud sub division. Two army gunship helicopters hovered over the skies of Jamrud the entire day, targeting militant hideouts and houses of Kukikhel elders in Ghundi locality. Tanks and artillery also pounded positions of suspected militant commanders in the area.(Posted @ 21:00 PST)
Israel says Gaza truce proposal unrealistic GAZA: Hamas rockets hit the major Israeli city of Beersheba on Wednesday and Israel described as unrealistic a French proposal for a 48-hour truce that would allow more humanitarian aid into the Gaza Strip.Israeli Prime Minister Ehud Olmert said, after a meeting of his security cabinet, that the current conditions were not right for a Gaza ceasefire but he did not rule one out in the future.(Posted @19:00 PST)
Bombs kills six in northern Iraq MOSUL: Six people were killed and more than 50 wounded Wednesday in bombings in Northern Iraq, where US and Iraqi forces have been struggling to root out insurgents, police said.In the largest attack, a car bomb ripped through a crowded market area in the town of Sinjar, northwest of Mosul and near the Syrian border, killing four people and wounding 42, Sinjar police lieutenant colonel Fathi Jabburi told AFP. No further details were immediately available.(Posted 18:05 PST)
Arab states cancel New Year festivities in Gaza solidarity CAIRO: Several Arab states have cancelled planned New Year celebrations in solidarity with Palestinians in the Gaza Strip who suffered a fifth straight day of Israeli bombardment on Wednesday.Egypt, Jordan, Dubai and Syria have all cancelled festivities including concerts by renowned Arab singers.(Posted @ 17:40 PST)
Car Bomb explodes in Northern Spain Wednesday, 31 Dec, MADRID: A car bomb exploded in the northern Basque city of Bilbao on Wednesday outside a regional television station following a warning call from armed separatist group ETA, causing significant damage to the building, according to Spanish media reports. No injuries were reported. Spanish National Radio reported that the bomb exploded shortly after 1000 GMT Wednesday close to the offices of the EITB regional television station. The building had been evacuated and the area was cordoned off to traffic following a warning call to police about an hour before the explosion. Spain's state-run television station broadcast footage showing the moment the bomb exploded. The force of the blast blew out the windows of the glass facade and then a large plume of thick smoke rose up and partially covered the six-story circular building. Police were not immediately available to confirm details of the attack because their telephone lines were ringing busy. It was not immediately clear why ETA may have chosen EITB as a target. Several other media outlets are housed in the building, including a bureau of El Mundo newspaper. (Posted @ 16:42 PST)
KSE shares fall another 2.9 per cent Wednesday, 31 Dec, KARACHI: Pakistan's main bourse continued its downward slide Wednesday, with shares shedding another 2.9 per cent, dealers said. The Karachi Stock Exchange-100 index lost 172.37 points to close at 5,865.01, they said. The market has now lost 36.2 per cent of its value since December 15, when regulators removed a 'floor' on the benchmark index imposed in August to stop such losses. Volume was 78.68 million shares, less than one-third of the 250 million shares traded daily last year. Analysts say the government needs to unveil its oft-promised 20-billion-rupee (250-million-dollar) bailout package quickly for the market to recover. The government has not yet finalised the package. The International Monetary Fund recently awarded Pakistan a 7.6-billion-dollar credit line to help stave off a balance-of-payments crisis. (Posted @ 16:28 PST)
Pakistani investigators find Mumbai link: paper Wednesday, 31 Dec, ISLAMABAD: Pakistani investigators have unearthed substantive links between the gunmen who attacked Mumbai in November and a banned Pakistani Islamist militant group, the Wall Street Journal reported. Ten gunmen killed 179 people in the attack on India's financial hub that India has blamed on the Pakistan-based Islamist group Lashkar-e-Taiba (LeT) group. The group was banned in 2002, after Pakistan had signed up to the US-led campaign against terrorism. The Wall Street Journal said in an online report on Wednesday at least one top LeT leader, Zarar Shah, captured in a raid early this month in Pakistani-controlled Kashmir, had confessed to the group's involvement in the attack. 'He is singing,' an unidentified Pakistani security official told the newspaper, referring to Shah. (Posted @ 15:58 PST)
Bangladesh salvage honour in Test defeat Wednesday, 31 Dec, DHAKA: Bangladesh put on one of their best batting performances before suffering a 107-run defeat in the opening Test against Sri Lanka on Wednesday. Chasing an unlikely 521-run target, the plucky Bangladesh batsmen were bowled out for 413 on the fifth and final afternoon after skipper Mohammad Ashraful's brilliant 101 and man-of-the-match Shakib Al Hasan's career-best 96. It was Bangladesh's fourth-highest total in 58 Tests and 11th-best fourth-innings performance in the history of the game. Only four teams -- the West Indies, South Africa, India and Australia -- have won a Test after chasing more than 400 in the fourth innings. (Posted @ 15:21 PST)
Israel says Gaza truce proposal unrealistic Wednesday, 31 Dec, GAZA: Hamas rockets hit the major Israeli city of Beersheba on Wednesday and Israel described as unrealistic a French proposal for a 48-hour truce that would allow more humanitarian aid into the Gaza Strip. Foreign powers have increased pressure on both sides to halt hostilities and Israeli officials made clear that Israel had not rejected the French plan outright and was open to amendments. But ahead of a meeting of Israel's security cabinet, political commentators predicted public anger over the widening of the rocket attacks to include Beersheba, 40 km from the Gaza Strip, would tip the scales against any suspension of strikes against Hamas. '(The French) proposal contained no guarantees of any kind that Hamas will stop the rockets and smuggling,' Foreign Ministry spokesman Yigal Palmor said. (Posted @ 15:20 PST)
Bangladesh poll winner Hasina says will share power Wednesday, 31 Dec, DHAKA: Former Prime Minister Sheikh Hasina said on Wednesday she was willing to share power with the disgruntled opposition after winning a massive majority in Bangladesh's parliamentary election this week. Hasina said she was ready to offer senior parliamentary posts to bitter political rival Begum Khaleda Zia and her party, although Khaleda earlier rejected the results of elections that returned Bangladesh to democracy after two years' emergency rule. Independent monitors said the ballot was fair, but Khaleda, also a former prime minister, has alleged widespread fraud. That has raised fears of street protests by her supporters. Speaking at her first post-election news conference, a smiling and confident-sounding Hasina urged Khaleda to accept the results, adding she wanted her government to work with all sides to establish a new political culture in Bangladesh. (Posted @ 14:33 PST)
Taliban militants kill 'US spy' in North Waziristan Wednesday, 31 Dec, MIRANSHAH: Taliban militants executed a man in a restive Pakistani tribal region near the Afghan border after accusing him of spying for the United States, an official said Wednesday. The bullet-riddled body of 28-year-old Mohammad Nawaz was found dumped on a roadside on Wednesday in the town of Mir Ali in North Waziristan, a local police official said. Nawaz had been kidnapped in November after a US missile strike near Mir Ali town killed some local and foreign militants. A note found near his body said Nawaz had been 'found guilty of spying for the US,' the official said, requesting anonymity. (Posted @ 14:13 PST)
Blast near Karachi City Courts Wednesday, 31 Dec, KARACHI: Five persons were injured when explosive material caused a blast at City Courts here on Wednesday. According to police and rescue sources, police were informed about an unclaimed suspicious package lying behind the city courts. The police reached the spot and took over the package, called Bomb Disopsal Squad and handed it over to them. Soon after, an explosion occurred in which five persons were injured. Police cordoned off the area and police officials also reached the spot and started investigation. The injured were reported to have been shifted to hospital. (Posted @ 13:26 PST)
China dairy manager on trial for milk scandal Wednesday, 31 Dec, BEIJING: The former chairwoman of the dairy company at the heart of China's tainted milk scandal went on trial Wednesday and could face the death penalty if convicted on charges of selling fake or substandard products. Tian Wenhua, former board chairwoman and general manager of Sanlu Group Co., went on trial along with three other top executives in the scandal over infant formula contaminated with the industrial chemical melamine, the Xinhua News Agency said. Melamine, commonly used to make plastics and fertilizer, has been blamed for the deaths of at least six children and sickening nearly 300,000 others. (Posted @ 13:10 PST)
Troops attack militants in Khyber operation Wednesday, 31 Dec, JAMRUD: Pakistani army helicopters attacked militants along the Khyber Pass on Wednesday while tanks rumbled in to secure the vital supply link for Western forces in land-locked Afghanistan. Authorities suspended the shipment of supplies up to the Afghan border on Tuesday, to clear the way for the military to launch an offensive aimed at ending surging militant attacks on the route. 'Two helicopter gunships pounded militant hideouts while troops moved with tanks to secure the area,' said Jehangir Khan Afridi, an administration official in the Khyber region. The Khyber Pass runs between the northwestern city of Peshawar and the border town of Torkham and is a vital supply line for more than 65,000 Western troops battling the Taliban insurgency in Afghanistan. (Posted @ 12:47 PST)
India should stand down troops: Qureshi Wednesday, 31 Dec, ISLAMABAD: Pakistan on Tuesday reiterated its call for negotiations and de-escalation of tension with India in the wake of terrorist attacks on Mumbai, spelling out two specific proposals for defusing the situation. The two proposals presented by Foreign Minister Shah Mehmood Qureshi in a brief statement on state run television asked India to de-activate its forward airbases and relocate its troops back to ‘peace-time situation.’ ‘India should deactivate the forward bases that have been activated,’ Qureshi said adding this would be a major positive signal. The foreign minister also asked India to relocate the deployed ground forces to peace time positions saying this too would be a positive gesture. He believed that these indications from New Delhi would generate good atmosphere for normalisation of ties between the two neighbours. (Posted @ 08:13 PST)
Oil prices slip below 40 dollars on weak demand Wednesday, 31 Dec, NEW YORK: Oil futures slipped below 40 dollars a barrel on Tuesday as the market focused on weak energy demand after hefty price gains a day earlier amid the Israel-Hamas conflict. New York's main contract, light sweet crude for February, closed 99 cents lower at 39.03 dollars a barrel. In London, Brent North Sea crude for delivery in February slipped 40 cents to settle at 40.15 dollars a barrel. Both benchmark contracts had spiked more than two dollars Monday on the third day of escalating violence between Israel and Hamas. Israel unleashed a massive bombardment of Hamas targets in the Gaza Strip on Saturday in response to ongoing rocket fire from the territory. (Posted @ 02:01 PST)
India about to attack Pakistan, warns McCain Wednesday, 31 Dec, WASHINGTON: US Senator John McCain has warned that India is on the verge of carrying out an air raid on alleged terrorist camps inside Pakistan. In an interview to a newspaper in his home state of Arizona, the former Republican presidential candidate said that he had ‘deep concerns’ over tensions between South Asia’s two nuclear powers, India and Pakistan. Mr McCain, who visited both countries earlier this month, warned that he felt India was preparing for some kind of attack on Pakistan in the wake of last month’s Mumbai attacks. He said escalating tensions between Pakistan and Afghanistan had him worried, too. (Posted @ 01:15 PST)
Bangladesh's Zia says election 'not acceptable' Wednesday, 31 Dec, DHAKA: Ex-Bangladesh premier Khaleda Zia said Wednesday elections in which she lost by a landslide were ‘not acceptable’, according to a broadcast on national television. ‘I thank the chief election commissioner for implementing a stage-managed election. This election is not acceptable to the BNP,’ said Zia during a short address broadcast on private TV station NTV just after midnight following an emergency meeting with party leaders. ‘It also won't be acceptable to the people,’ she added. She said the high voter-turnout numbers given by the Election Commission were fake and that there was rampant vote-rigging, which the BNP could prove. Zia's Bangladesh Nationalist Party (BNP) won just 29 of the possible 300 seats in Monday's vote, while left-leaning rival the Awami League, led by Sheikh Hasina Wajed, picked up 230 seats. (Posted @ 12:42 PST)
Rice blames Fata for Taliban resurgence Wednesday, 31 Dec, WASHINGTON: Welcoming the incoming Obama administration’s decision to send more troops to Afghanistan, US Secretary of State Condoleezza Rice has said that the existence of alleged safe havens in Fata has allowed the resurgence of the Taliban in the region. ‘Well, part of the problem there is that nobody has been able to deal with the sanctuary across the border in that ungoverned part of Pakistan,’ said Ms Rice. The outgoing secretary of state also welcomed the Obama administration’s decision to send more troops to Afghanistan. ‘I do believe that the additional forces that (Defence Secretary) Robert Gates and the military commanders are intending to commit to Afghanistan will help,’ she said. A transcript released by the State Department quoted Ms Rice as telling a US news channel that since the Iraq was now able to take its own responsibilities; the US can afford to send more troops to Afghanistan. (Posted @ 12:12 PST)
Pakistan under pressure to extradite Lakhvi Wednesday, 31 Dec, WASHINGTON: Pakistan faces tremendous pressure from the United States to extradite Zaki al-Rahman Lakhvi, the alleged mastermind of the Mumbai terror attacks, to India, US and diplomatic sources told Dawn. The Americans are believed to have given Pakistan a taped conversation Lakhvi allegedly had with the gunmen involved in the Mumbai attacks. Diplomatic sources in Washington said that American audio experts had checked the tape and had concluded that it was genuine and that the speaker indeed was Lakhvi. It is, however, not clear if the Americans recorded the conversation using their own surveillance methods or received the tape from the Indians who have blamed Lakhvi right from the beginning. (Posted @ 12:05 PST)
Founder: Quaid-i-Azam Mohammad Ali Jinnah
Editor: Abbas Nasir
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