Singapore c.bank to introduce s-term bills from Q2 2011

July 29 (Reuters) – Singapore’s central bank said on Thursday it will issue short-term bills next year, a fourth instrument for money markets, to help banks manage their liquidity.

Currently the central bank uses three instruments — foreign exchange swaps, money market borrowings and repos.

“MAS Bills will be our fourth instrument. These bills are negotiable, so banks needing liquidity can tell them or pledge them as collateral in interbank repo markets as well as the MAS Standing Facility,” said Heng Swee Keat, the managing director of the Monetary Authority of Singapore.

“This will facilitate banks in managing their liquidity.”

He said the bills would be for up to three months and the authority was initially planning an issue of up to S$20 billion. (Reporting by Nopporn Wong-Anan)

Not all weak China local-govt loans sure to sour

July 27 (Reuters) – Not all the loans to local government financing vehicles that Chinese banks have identified as being at risk of default will in fact turn sour, a source at China’s banking regulator said on Tuesday.

The source, who declined to be identified, was responding to media reports that about 23 percent of the 7.66 trillion yuan ($1.13 trillion) that banks had lent to local governments, mainly to finance infrastructure, could become non-performing. [ID:nTOE66P032]

He said banks could mitigate credit risk by, for example, requiring the borrowers to set aside more collateral.

The estimate of the percentage of loans at risk was based on the banks’ own investigations at the behest of the China Banking Regulatory Commission, the source added. (Reporting by Zhou Xin and Simon Rabinovitch; Writing by Alan Wheatley; Editing by Jacqueline Wong)

Russia’s IIB restructures $1 bln debt to cbank -reports

July 6 (Reuters) – Russia’s International Industrial Bank (IIB) restructured 32 billion rouble ($1 billion) debt to the central bank, easing concerns on its ability to repay a 200 million euro Eurobond, business papers reported on Tuesday.

Industrial magnate Sergei Pugachev, the bank’s controlling shareholder, pledged his stakes in two shipyards as collateral for the central bank’s loans, and may secure an additional $400-600 million in loans from state-controlled lender VTB (VTBR.MM), Vedomosti reported, citing banking sources.

“The loan (to the c.bank) has been rescheduled to the middle of January 2011, the bank should pledge collateral in two weeks,” a source close to the central bank told Kommersant, another business daily.

Reuters could not reach IIB for immediate comment.

IIB [IIBNK.UL], also known as MezhPromBank, is ranked among Russia’s top 30 in terms of assets, but the main part of its business is connected to Pugachev’s shipbuilding-to-mining empire.

The bank needs to repay the Eurobond on July 6 and a source close to the bank has earlier said it plans to pay the debt from own funds [ID:nLDE65F1I6] ($1=31.17 Rouble) (Reporting by Dmitry Sergeyev; Editing by Anshuman Daga)

ECB calls for bids for 35 bln eur bond sterilisation

June 1 (Reuters) – The European Central Bank called for bids to absorb 35 billion euros in one-week funds from euro-zone money markets on Tuesday, to neutralise the monetary impact of its recent government bond buying activities.

The operation is a variable rate tender offering banks up to 1.0 percent on funds they deposit. Bids are due at 1005 GMT. (Click ECB 17 for full details)

The ECB is conducting the operations to counterbalance the cash it injects into the financial system when it buys government bonds, a tactic it turned to last month in a bid to calm the euro zone debt crisis.

The deposits can be used as collateral in the ECB’s lending operations. The ECB has said it plans to hold a repeat operation next week.

(Reporting by Marc Jones)

Army trains its personnel to avoid collateral damage during in Kashmir

Rajouri, Aug 24 (ANI): The Indian Army is training its personnel to avoid collateral damage during combat situations in Kashmir.

The security personnel are being trained about how to avoid casualties and collateral damage during the operations.

Rajouri district of the state hosted the army camp in a Corps Battle School.

“In the school, we have lot of classes being held on human rights violation what all the guiding principals are for us to operate in these areas. As regards to confidence building in the civilians, we do not react on general information, only hardcore information is reacted upon.

Then we carry police raps along with our operational troops. We do all activities in presence of police, lady police, village heads and the owner of the house,” said Colonel Anil Rana, training instructor.

Troops are trained through mock drills of encounters and how to defuse IEDs planted by the ultras, in symmetrical warfare and how to minimise damage to life and property.

“By all these things , we avoid collateral damage. We avoid loss to civilians, we avoid loss to their property and we avoid all sorts of harassment to civilians,” Rana added.

During training, soldiers are trained to deal with abandoned objects like pressure cooker, doll, radio set, tiffin and suitcase can be used as lethal explosives and how troops need to detect and neutralize. (ANI)

Scientists unveil prostate cancer ‘homing device’ for drug delivery

Washington, July 7 (ANI): Purdue University researchers have come up with a new prostate cancer “homing device” that can improve detection, and allow for the first targeted treatment of the disease.

The researchers have revealed that they have synthesized a molecule that finds and penetrates prostate cancer cells, and created imaging agents and therapeutic drugs that can link to the molecule and be carried with it as cargo.

Philip Low, the Ralph C. Corley Distinguished Professor of Biochemistry who led the team, said that a targeted treatment could be much more effective in treating cancer and would greatly reduce the harmful side effects associated with current treatments.

“Currently none of the drugs available to treat prostate cancer are targeted, which means they go everywhere in the body as opposed to only the tumour, and so are quite toxic for the patient,” said Low, who is a member of the Purdue Cancer Center.

“By being able to target only the cancer cells, we could eliminate toxic side effects of treatments. In addition, the ability to target only the cancer cells can greatly improve imaging of the cancer to diagnose the disease, determine if it has spread or is responding to treatment,” Low added.

The Purdue team say that the molecule they have created attaches to prostate-specific membrane antigen (PSMA), a protein that is found on the membrane of more than 90 percent of all prostate cancers.

Low points out that it is also found on the blood vessels of most solid tumours, and may provide a way to cut off the tumour blood supply.

“A lot of new drugs are being designed to destroy the vasculature of solid tumours, and, if they could be linked to this new targeting molecule, we could have a two-pronged attack for prostate cancer. We could not only kill the prostate cancer cells directly, we could also destroy the vasculature that feeds the tumours,” he said.

The researcher says that there also is potential for the targeting molecule to be used to attack the vasculature of solid tumours of other types of cancers.

Animal studies carried out by the researchers have shown an ability to eliminate human prostate cancer cells in mice, without any collateral toxicity in normal tissue.

“The molecule acts like a homing device for prostate cancer. PSMA, which is found only on prostate cancer cells and tumor blood vessels, acts as the homing signal that the molecule targets. The molecule and its cargo go only to cancerous tissue, leaving healthy tissue unharmed,” says Sumith Kularatne, a graduate student in Purdue’s chemistry department and first author of both papers who compared the targeting molecule to a homing device.

He has revealed that the molecule is designed with a specific shape that fits with the protein like a key to a lock. The molecule and its cargo are then carried inside the cell with the protein as it goes through its normal cycle.

A radioimaging application used for body scans is expected to enter clinical trials this fall, and an optical imaging application used to measure prostate cancer cells in blood samples is already in clinical trials.

The findings of the researchers have been described in two research articles published in the journal Molecular Pharmaceutics. (ANI)

Pak Army executing ‘campaign plan’ to beat Taliban with minimum losses : Kayani

Rawalpindi, June 26 (ANI): The Pakistan Chief of Army Staff (COAS) General Ashfaq Kayani has said that the security forces would certainly be able to establish control over the region captured by the Taliban and other militants, as the army is “executing a campaign plan” to achieve its target without much collateral damage.

Addressing security personnel in South Waziristan where the army has launched an extensive operation against the Tehreek-e-Taliban chief Baitullah Mehsud, General Kayani stressed that the insurgents would be eliminated, and the government’s writ would be re-established in the region soon.

“The Pakistan Army is executing a deliberate campaign plan to achieve the desired end state of re-establishing the writ of the state while ensuring minimum loss of life and damage to property,” The Daily Times quoted General Kayani, as saying.

General Kayani was on a day long visit to South Waziristan to gain on-field information about the operation, and boost the morale of the troops deployed in the area, the Inter-Services Public Relations (ISPR) said. (ANI)

Using wives and daughters to pay off debts not on, says Malaysian Indian Congress

Kuala Lumpur, May 29 (ANI): Malaysian Indian Business Association president P. Sivakumar has called on the federal government to intervene and stop the heinous practice of offering wives and daughters to loan sharks as exchange for repayment of debts.

Sivakumar made this plea after he was made aware of a case where a woman, who stood guarantor for the RM18,000 loan, was now saddled with debts of RM36,000.

“She is forced to be a slave of the loan shark as no one is willing to help,” the New Strait Times quoted Sivakumar, as saying.

He called on the authorities to establish an arbitrary organization to help in similar cases.aringan Rakyat Tertindas coordinator Y. Kohila said although it was not advisable to seek out loan sharks, many, especially retrenched workers, had no other option.

“What we need is swift government intervention to assist those with financial needs. Those saddled with loan shark problems must be provided with proper avenues to settle their debts,” Kohila said.

MCA Public Services and Complaints Department head Michael Chong said he had highlighted many cases of families being victimized by loan sharks.

Although this is tantamount to prostituting the women, the loan sharks had little choice but to use them as collateral when all other avenues to recover the debts failed.

Rather than get hounded or beaten up, some of the defaulters’ families gave in, Chong said. (ANI)

50 percent of Zimbabwe prisoners died of hunger, disease in last 1 year

Harare, May 19 (ANI): At least 700 out of the 1300 inmates in Zimbabwe’s maximum security jail have died of starvation or disease in the last year.
Due to its death rate, Chikurubi prison, located on the outskirts of Harare, has been touted as one of the worst jails in history.

On Sunday alone, six prisoners were found dead in their filthy cell, while the same number died last weekend due to revolting conditions.

Some 100 bodies, many of them mutilated by rats, are stacked up in the prison mortuary. If they are unclaimed, they will be buried as paupers in the prison grounds, The Telegraph reports.

The collapse of Zimbabwe’s economy has crippled the prison system, leaving thousands of inmates with scarcely any food. The provision of medical care has also collapsed, leaving prisoners to die of starvation and disease.

Chikurubi packs about 30 inmates into cells designed for only 10, the paper reported.

A jail warder revealed that the mortality rate in other prisons of the country was almost the same.

“It’s the same at all the rest of the prisons around the country. We often find six died at a time. A lot have AIDS, but die quickly because they don’t have enough food,” he said.

Between November and January, 327 deaths were recorded at Chikurubi – almost a quarter of all the inmates.

The commissioner in charge of jails, Major-General Paradzai Zimondi (a close aide of President Robert Mugabe), is blamed for not doing his job properly.

“He has never been to see what is going on in Chikurubi. He doesn’t care,” the paper quoted the warder, as saying. (ANI)

|Pak Govt. in talks with Taliban for return of Sikhs evicted from Orakzai|World[Kohat{Kohat, May 19 (ANI): The Pakistan Government has started discreet negotiations through religious clerics with the deputy chief of Tehrik-i-Taliban Pakistan for the rehabilitation of Sikh families, evicted from Orakzai Agency.

A high placed source said on Monday, that the tribal administration on the directives of the federal government had assigned the task of holding peace talks with the deputy chief of TTP, Hakeemullah Mehsud.

They would make efforts to pave the way for rehabilitation of Sikh families in the area where they had been living for centuries. The source declined to disclose the names of clerics involved in the talks, and said that meetings were going on peacefully.

He said that the displaced Sikh families were willing to come back. After getting orders for payment of Jazia, the Sikhs had already raised Rs12 million and just requested for one more day to collect the amount.

About 35 Sikh families were forced to leave their permanent abodes in Feroze Khel area of Orakzai Agency after Taliban burnt their houses and looted their shops.

Taliban had imposed Jazia (religious tax) on Sikh community for being non-Muslims living in an Islamic state for the protection of their lives and property.

The community failed to raise Rs15 million by April 29 after which their houses were attacked. But they had left the area before the attack, The Dawn reported.

Thirteen Sikh families were still living in Merozai area of lower Orakzai Agency on the land possessed by Shia community where the TTP had no control.

To a question about the collateral damage caused by the shelling and bombardment on militant hideouts in the area, he said that so far dozens of men, women and children had been killed in such attacks. (ANI)

Sexting poses risk to teens’ health, warns expert

Washington, May 10 (ANI): A Binghamton University expert in New York says that parents should beware of “sexting”-the latest trend of sending sexually charged messages or images via cell phones-because it may post dangers to their teenaged kids’ health.

Mary Muscari, an Associate Professor in the Decker School of Nursing, says that sexting can result in young lives being lost to suicide or shattered by the collateral consequences of felony convictions.

A survey conducted by the National Campaign to Prevent Teen and Unplanned Pregnancy and Cosmogirl.com has revealed that 20 per cent of teens-22 per cent of girls and 18 per cent of boys-electronically send or post online nude or semi-nude photos or videos of themselves.

Mary points out that teens often cannot see the long-term consequences of their behaviour: sexting may not only invite legal troubles but cause chaos also, if obscene pictures leaked in cyberspace are recognized by other people.

She says that guilt and shame can result in emotional issues like depression and suicidal ideation, and colleges may forfeit scholarships or refuse admission.

She further warns that sex offenders may use the photos to blackmail the sender into victimization.

Mary suggests that parents monitor their children in cyberspace, just as they would anywhere else.

According to her, the easiest way to do so is to keep tech toys out of their bedroom, keep he computer in an area where it can be monitored, and have the kids turn in their cell phones and other hand-held devices before bedtime to prevent nightly text-fests and potential sexting.

She also recommends that parents talk to their children about relationships, and the importance of their reputation because it is a good time to test out the values that they instil in kids. (ANI)

Malakand operation not conventional but ‘guerilla war’ with no time frame: Gilani

Islamabad, May 10 (ANI): Terming the ongoing military operation in the Malakand Division in the North West Frontier Province (NWFP) as “guerilla war”, Pakistan Prime Minister Yousuf Raza Gilani has said no time frame could be set for the operation to be called-off.

“Terrorists have no religion and country and they would be dealt with sternly. The ongoing military operation is not a conventional but a guerilla war, so no timeframe can be set,” Gilani said.

Addressing a press conference here, Gilani said the government had no choice but to resort to military action, as the Taliban had defied its writ in a bid to establish its own rule across the valley.

“Militants have refused to accept democracy, parliament and its institutions, which is rebellion. The government was left with no option but to take this extreme step,” The Nation quoted Gilani, as saying.

He also refuted the notion that Islamabad had initiated the offensive under immense international pressure especially by the United States.

“It is our own war. It is for the survival of the country, and for the future of people,” Gilani said.

Gilani asserted that all the political parties of the country were taken into confidence before starting the military operation.

He added that the cabinet has expressed resolve that there should be minimum collateral damage, and that the operation should be accomplished as soon as possible.

Gilani said the cabinet unanimously opined that the terrorists and militants had no religion and were not bothered about any boundaries.

“Therefore we have decided to contact the ulema to present a true perception of Islam,” he added.

When enquired about the concerns being raised in the country over the transit trade deal with Afghanistan, which would allow India to use the Wagah-Khyber route for trade directly with Afghanistan, he said : ” There is no need for any concern. We have taken care of everything.” (ANI)

Close Obama aides skeptical about sustenance of Pak’s offensive against Taliban

Washington, May 7 (ANI): With Pakistan President Asif Ali Zardari leaving no stone unturned in assuring the United States that Islamabad is concerned by the Taliban’s expanding writ and that the country’s Army is pledged to flush out the extremists, top US officials have raised questions over the Pakistan military offensive.

Senior Obama aides are speculative about the success of the military offensive in Pakistan, as the army is ill suited to carry out the kind of counterinsurgency operations needed to end the Taliban fighters’ control of Swat, in the North-West Frontier Province (NWFP).

“They’re fundamentally not organized, trained or equipped for what they’ve been asked to do,” said a senior administration official who is closely following the Pakistani military operations in Swat,” The New York Times quoted a senior official who is closely following the Pakistani military operations in Swat.

He also raised questions over the sustenance of the operation.

“They will displace the Taliban for a while. But there will also be a lot of displaced persons and a lot of collateral damage. And they won’t be able to sustain those effects or extend the gains geographically,” the official added.

Now that the United States has clearly put forth its intentions that it would continue providing strategic support to Pakistan in the fight against terror in the region, Islamabad must also ensure the offensive turns out be real and not a mere ‘token’ fight. (ANI)

Militancy costing Manipur its tourist attractions

Loktak Lake (Imphal), April 26 (ANI): Manipur, literally meaning a jeweled Land, has largely remained unexplored much by tourists because of militancy. One of the State’s fascinating places is Loktak Lake.

Loktak Lake, 45 kilometres from Imphal city, is the largest fresh water lake in the Northeast region with the only floating National Park of its kind. ut instead of drawing tourists, the lake has been misused as a safe haven by the militants.

Recently, operation summer storm was launched to flush out the armed militants from the lake region.

On April 10, the security forces carried out ‘Operation Summer Storm’ in the Lake area.

At least 12 cadres of People’s Revolutionary Party of Kangleipak (PREPAK) were killed and five militant camps busted, during the 10-day-long operation. cache of large number of arms and ammunition was also seized including six AK-series rifles.

During the operation, which was properly planned, the security personnel took precautions to prevent civilian casualties.

“Basically, the area we are cordoning, it is not an inhabitant area. The villagers who were evacuated live close by, but they were at safe distance. We have got good surveillance equipments by which we are clearly able to see the target. There have not been any collateral damages,” said Y. Joykumar, Deputy General of Police in Manipur

Nearly 3,000 villagers living on the fringes of the Loktak Lake were saftely shifted to safer places, as it’s been noticed civilians are usually the worst sufferers of militancy, either affected by the violence that is unleashed or the economic disruption that follows.

And this was the case here as tourism activities and economic activities were affected when militants took shelter in the Loktak Lake area.

Villagers near the lake wish peace and normalcy should return in the area.
“The operation that is going on in Loktak project area is the worrying the villagers. We are facing lots of problems. Our day-to-day normal life has been affected severely,” Wahengbam Hemabati, protestor.

“There is firing and its not a safe place for us anymore. So, we are moving to a safer place and taking shelter here with other relatives. Our normal lives are affected and we are not able to work or live peacefully,” said Sanatomba, villager.

“If Loktak becomes a free zone for anybody, then only we will be able to take up meaningful steps to restore its grandeur and if we retain it as such without any disturbances, then the developmental aspects and improvement of infrastructure can take place,” said H. Deleep Singh, Director Tourist department.

Militants hiding at Loktak Lake area have been flushed out. And, people can now visit the Keibul Lamjoa National Park; the world’s only ‘floating sanctuary’ that sprawls over an area of 40 sq. km.

It is home to many exotic species of plants and animals like the Dancing Deer. (ANI)

Militancy costing Manipur its tourist attractions

Loktak Lake (Imphal), April 26 (ANI): Manipur, literally meaning a jeweled Land, has largely remained unexplored much by tourists because of militancy. One of the State’s fascinating places is Loktak Lake.

Loktak Lake, 45 kilometres from Imphal city, is the largest fresh water lake in the Northeast region with the only floating National Park of its kind. ut instead of drawing tourists, the lake has been misused as a safe haven by the militants.

Recently, operation summer storm was launched to flush out the armed militants from the lake region.

On April 10, the security forces carried out ‘Operation Summer Storm’ in the Lake area.

At least 12 cadres of People’s Revolutionary Party of Kangleipak (PREPAK) were killed and five militant camps busted, during the 10-day-long operation. cache of large number of arms and ammunition was also seized including six AK-series rifles.

During the operation, which was properly planned, the security personnel took precautions to prevent civilian casualties.

“Basically, the area we are cordoning, it is not an inhabitant area. The villagers who were evacuated live close by, but they were at safe distance. We have got good surveillance equipments by which we are clearly able to see the target. There have not been any collateral damages,” said Y. Joykumar, Deputy General of Police in Manipur Nearly 3,000 villagers living on the fringes of the Loktak Lake were saftely shifted to safer places, as it’s been noticed civilians are usually the worst sufferers of militancy, either affected by the violence that is unleashed or the economic disruption that follows.

And this was the case here as tourism activities and economic activities were affected when militants took shelter in the Loktak Lake area.

Villagers near the lake wish peace and normalcy should return in the area.

“The operation that is going on in Loktak project area is the worrying the villagers. We are facing lots of problems. Our day-to-day normal life has been affected severely,” Wahengbam Hemabati, protestor.

“There is firing and its not a safe place for us anymore. So, we are moving to a safer place and taking shelter here with other relatives. Our normal lives are affected and we are not able to work or live peacefully,” said Sanatomba, villager.

“If Loktak becomes a free zone for anybody, then only we will be able to take up meaningful steps to restore its grandeur and if we retain it as such without any disturbances, then the developmental aspects and improvement of infrastructure can take place,” said H. Deleep Singh, Director Tourist department.

Militants hiding at Loktak Lake area have been flushed out. And, people can now visit the Keibul Lamjoa National Park; the world’s only ‘floating sanctuary’ that sprawls over an area of 40 sq. km.

It is home to many exotic species of plants and animals like the Dancing Deer. (ANI)

Pak warns US on negative messaging

Rezaul H Laskar Islamabad, Apr 13 (PTI) Pakistan today warned US and Western allies that their “negative messaging” was generating “ill-will” in the country as it resented any strings attached to the USD 7.5 billion aid package. Prime Minister Yousuf Raza Gilani told visiting influential US Senator John Kerry that the US should not attach conditions to the assistance package being presented to the US Congress as “aid with strings attached would fail to generate the desired goodwill and results in Pakistan”.

“The Prime Minister pointed out that the negative messaging emanating from the US and the West was generating ill-will,” an official statement said, in an apparent reference to the ISI, which is being accused by US and various other countries of having links with extremist organisations. The strategic and multifaceted partnership of the US and Pakistan should be “based on mutual respect and mutual trust and both sides should work together to reduce the trust deficit which was harming rather than further strengthening the bilateral ties”, he said.

The influential Senator, who also met President Asif Ali Zardari and Foreign Minister Shah Mehmood Qureshi, has introduced a bill in the US Congress that would triple economic aid to Pakistan to USD 1.5 billion a year. In the meeting, Gilani also sought an end to US drone attacks in Pakistan’s tribal areas, saying the collateral damage in the strikes were impeding his government’s efforts to counter terrorism.

PTI.

1-Unicredit says faces $360 mln claim in New Mexico

MILAN, April 11 (Reuters) – Unicredit (CRDI.MI), Italy’s second-biggest bank by market value, said it faced a claim for more than $360 million in the U.S. state of New Mexico over sale of collateralized debt obligations (CDOs) by its units there.

Frank Foy and his wife have filed on behalf of the state a claim related to the sale of CDOs by Unicredit’s Vanderbilt unit to the New Mexico Educational Retirement Board (ERB) and the State of Mexico Investment Council (SIC), Unicredit said in its 2008 report published on its website, www.unicreditgroup.eu.

Foy said he was the New Mexico ERB’s chief investment officer before retiring in March 2008.

CDOs are high-risk complex financial instruments issued with loans, bonds and other assets as collateral and their value plummeted in the wake of the U.S. subprime mortgage meltdown.

“Mr. Foy seeks, on behalf of the State, a total in excess of $360 million in damages, plus penalties, under the New Mexico Fraud Against Taxpayers Act on the grounds that Vanderbilt and the other defendants mentioned below falsely obtained $90 million in investment funds from ERB and SIC,” it said.

Unicredit, the Italian bank that has expanded most strongly abroad, saw net profit plunge 38 percent to 4.01 billion euros ($5.33 billion) in 2008 as a result of the financial crisis.

“We don’t have any information in this very preliminary phase which would allow us to quantify a potential loss in a reliable manner. However, for the time being, the claim has not been regularly served to any company belonging to our group,” Unicredit said.

Efforts by Reuters to contact a spokesperson for Chicago-based Vanderbilt Capital were unsuccessful.

Foy claimed the state lost $90 million of the initial investment and $30 million more in lost earnings, the bank said.

That meant total damages sought exceeded $360 million because alleged damages are automatically trebled under the New Mexico Fraud Against Taxpayers Act, Unicredit said.

($1=.7530 Euro) (Reporting by Svetlana Kovalyova, editing by Anthony Barker and Philip Barbara)

Wells Fargo reports record quarterly profit of 3 billion dollars

San Francisco – Wells Fargo, one of the United States’ leading banks, on Thursday reported a record first quarter profit of 3 billion dollars, surpassing analysts’ expectations.

In the final quarter of 2008, the bank reported a loss of 2.3 billion dollars, and was among the US banks to receive aid from the government in the fallout from the world financial crisis.

By the start of the US administration of President Barack Obama, 235 billion dollars had been spent on stabilizing the US finance system and loosening credit, including 25 billion given to Wells Fargo. The government received bank shares as collateral.(dpa)

Bank of Japan holds key interest rate unchanged at 0.1 per cent

Tokyo – The Bank of Japan decided Tuesday to maintain its key short-term interest rate at 0.1 per cent as the nation suffers the worst recession in its postwar era.

The policy board of Japan’s central bank voted unanimously during its two-day meeting to forego another rate hike as was widely expected.

The bank lowered the rate from 0.3 per cent to 0.1 per cent in December.

The Bank of Japan, however, introduced new measures to boost lending, expanding the range of collateral it accepts.

US says drone strikes are effective, causing low collateral damage

Washington, Mar 29 (ANI): US National Security Adviser General James Jones has said that Washington and Islamabad will decide ‘collaboratively’ whether to continue US drone strikes inside Pakistan as they were turning out to be effective against militants hiding there.

General Jones defended the drones strikes as effective and said they were causing low collateral damage in an interview after President Barak Obama announced his new strategy for Afghanistan and Pakistan.

“They are having an affect (but) whether they continue or not will be up to the Pakistani government and our government working side by side in a collaborative way,” The Dawn quoted General Jones, as saying.

“The attacks have done a couple of things: One, they have been targeted very specifically against al Qaeda, two, they produce very low collateral damage,” he said.

This marks the first time a senior US official spoke on record on the drone attacks. US officials usually do not acknowledge their involvement in these attacks and instead urge journalists to contact Pakistani authorities whenever such an attack takes place.

The Bush Administration first ordered for the drone strikes inside Pakistan’s tribal areas. The Obama Administration has not only continued those strikes, but have indicated recently that the drones may attack targets inside Balochistan as well.

Meanwhile, Assistant Secretary of State Richard Boucher assured Pakistan that his country had no plans to send American troops inside the Pakistani territory.

Boucher said Pakistanis, a US ally in the fight against terrorism, were operating on their side of the border. “We operate differently on the other side of the border.”

The US understood that the Pakistanis did not want American forces inside Pakistan. “We’ll respect that, but at the same time we want to make sure we are them supporting properly,” he said.

Another US official charged with implementing US policies in Afghanistan and Pakistan, Special Envoy Richard Holbrooke, acknowledged frustrations, calling the fight to bring stability to Pakistani border areas “the most daunting challenge” of the new regional plan because Pakistan had imposed a red line. (ANI)

Sir Sean Connery wins multi-million pound court fight over loaned gems

Washington, March 18 (ANI): Sir Sean Connery has won a multi-million pound legal battle over loaned gems to a late friend.

The 78-year-old had lent 4 million dollars to French-Swiss friend Jean-Ren‚ in 1972, and in exchange received shares, diamonds and property as collateral.

The former James Bond star was accused of making a huge profit from selling the assets when Ren‚ failed to repay the money and passed away in 2002.

Ren‚’s son Christian filed a lawsuit against the Hollywood veteran claiming Connery received far more than his original investment from the sale of the security, which he claimed, now stood at 50 million dollars as compared to 10 million dollars in the past.

Judges in Geneva, Switzerland, however, recently ruled there was no case for the actor to answer.

“I am pleased to announce the Tribunal of First Instance of the Republique and Canton of Geneva has entirely found in favour of Sir Sean and Lady Connery and has declared the demand the petition of the son of Jean-Ren‚ Canela totally inadmissible,” Contactmusic quoted his agent Nancy Seltzer as saying. (ANI)