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PRESS DIGEST – Financial Times – July 23

July 24, 2010 By vani Leave a Comment

The Financial Times ECB CHIEF CALLS FOR GLOBAL TIGHTENING European Central Bank chief Jean-Claude Trichet said industrialised countries should cut public spending and raise tax to consolidate present recovery here

BLACKSTONE FUND HITS $13.5BN

Investment firm Blackstone (BX.N) has raised $13.5 billion for its new buy-out fund, making it the biggest since the financial markets crisis began. here

DESMOND READY TO BUY FIVE

Newspaper magnate Richard Desmond has made a £104 million pound bid to buy Five, making him the first individual to control a UK public service broadcaster if successful. here

MINISTER WARNS OIL SHOCK “LIKELY” WITHIN DECADE

Energy Minister Chris Huhne said Britain was “very likely” to face an energy crisis within the next decade that could trigger economic volatility. here

BT SOUGHT AUDITOR CHANGES AFTER 1.6 BLN POUND WRITEDOWN

British telecommunications provider BT (BT.L) asked its auditor to change members of its credit team after optimistic profit assumptions led to a 1.6 billion pound writedown. here

GM BUYS AMERICREDIT IN $3.5BLN DEAL

General Motors [GM.UL] agreed to buy Texas-based AmeriCredit for $3.5 billion in cash in order to boost its sales to non-prime car and truck buyers. here

(Summary compiled by Reuters)

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Iran approves “peace pipeline” deal with Pakistan

June 14, 2010 By vani Leave a Comment

(Reuters) – Iran finalized a $7 billion “peace pipeline” deal on Sunday to export natural gas to Pakistan by 2015, Iran’s state television reported.

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“The deal was signed. Export of Iran’s gas to Pakistan will be launched by the end of 2015,” state TV reported.

“For 25 years Iran will export one million cubic meters of natural gas to Pakistan per day,” it said.

The project is crucial for Pakistan to avert a growing energy crisis already causing severe electricity shortages in the country of about 170 million, at the same time as it confronts Islamist militancy.

Iran has the world’s second largest gas reserves after Russia but has struggled for years to develop its oil and gas resources. Iranian officials say the country needs $25 billion to develop its crucial energy industry.

Sanctions by the West, political turmoil and construction delays have slowed Iran’s development as an exporter.

The pipeline will connect Iran’s giant South Fars gas field with Pakistan’s southern Baluchistan and Sindh provinces.

State television said the pipeline was 1,000 km (620 miles) long, with about 907 km of it already built.

Dubbed the “peace pipeline,” the project has been planned since the 1990s and originally would have extended from Pakistan to its old rival, India. New Delhi has been reluctant to join the project because of its long-running distrust of Pakistan, with whom it has fought three wars since independence in 1947.

Under a deal signed in March, Pakistan will be allowed to charge a transit fee if the proposed pipeline is eventually extended to India.

The United States has tried to discourage India and Pakistan from any deal with Iran because of Tehran’s disputed nuclear programme, which the West fears is a cover to build bombs.

Iran, hit by a fourth round of U.N. sanctions on Wednesday over its refusal to suspend its uranium enrichment activities, denies any such ambitions.

(Writing by Parisa Hafezi, Editing by Paul Tait)

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Pakistan, Iran finalise gas pipeline deal – ministry

May 29, 2010 By vani Leave a Comment

Pakistan and Iran have finalised a deal for the construction of a much-delayed pipeline to pump Iranian natural gas to the energy-starved South Asian country, the Pakistan petroleum ministry said.

The $7.6 billion project is crucial for Pakistan to avert a growing energy crisis already causing severe electricity shortages in the country of about 170 million.

Pakistani and Iranian petroleum officials signed the agreement on Friday evening in Islamabad, the ministry said.

“The project is now ready to enter into its implementation phase,” the ministry said in a statement.

Pakistan said the first gas is scheduled to flow by the end of 2014 and expects its total cost on the project to be $1.65 billion, funded through private and state capital.

Under the deal, Pakistan will import from Iran 750 million cubic feet of gas daily for 25 years. The amount could be increased to 1 billion cubic feet a day and the deal could be extended five years if needed, the ministry said.

The ministry said the imported gas would help generate about 5,000 MW of power.

The pipeline would connect Iran’s South Fars gas field with Pakistan’s southern Baluchistan and Sindh provinces.

Iran has the world’s second-largest gas reserves after Russia. But sanctions by the West, political problems and construction delays have slowed its development as an exporter.

“U.S. OPPOSITION”

Dubbed the “peace pipeline” by the two countries, the project has been planned since the 1990s and originally would have extended from Pakistan to its old rival, India.

However, India has been reluctant to join the project given its long-running distrust of Pakistan, with which it has fought three wars since independence in 1947.

Under a previous deal between Iran and Pakistan, Islamabad holds the right to charge a transit fee if the pipeline is eventually extended to India.

The United States has tried to discourage India and Pakistan from any deal with Iran because of Tehran’s suspected ambitions to build nuclear weapons. Iran denies any such ambitions.

India has invested in civilian nuclear reactors to help fulfil its increasing energy demand. It also signed a landmark civilian nuclear deal with the United States in 2008.

Nuclear-armed Pakistan has long called for a similar deal with the United States, but Washington has been unwilling to make an agreement with its ally, which is battling an al Qaeda-linked Islamist insurgency.

(Editing by Chris Allbritton and Paul Tait)

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Shock, disbelief in Pak after ouster

May 16, 2010 By vani Leave a Comment

They were gearing up to celebrate a win when Michael Hussey turned the match on its head, leaving scores of fans in Pakistan shocked at their team’s ouster from the Twenty20 World Cup following the last-over loss to Australia.

A pall of gloom descended on the city of Karachi and in other parts of the country after Pakistan were stunned by Australia in the high scoring semifinal of the mega event last night.

Australia snatched victory from the jaws of defeat by overhauling a 191-run target with a ball to spare, leaving Pakistani supporters in disbelief.

“It is shocking we were just getting ready for a feast and to distribute sweets and to just celebrate a great victory and that was just two overs back and now we are simply stunned and shocked,” former Test player Jalaluddin said.

Jalaluddin was among thousands of people in the city who had made special arrangements to watch the match with family and friends at their homes where people had set up barbecues and big television screens.

People thronged big hotels, private clubs and cafes, to watch the match and as a likely victory loomed large for Pakistan, the celebrations had already begun at most places with people dancing and cheering every Australian wicket that fell.

But it took just two overs to change the mood of the as they left disheartened after Pakistan lost despite coming so close to beating Michael Clarke’s men.

“It was just poor captaincy and nothing else, our players don’t have self belief, they don’t realise how much we pray for their success,” an angry student said in the Lines area.

In the Lines area, a lower and congested middle class locality of Karachi, people had set up giant screens on the roads for children and elders watched the match.

There were special arrangements to watch the match on generators due to the energy crisis in the country.

“I think we should accept defeat with grace, our team played like true champions but in sports one team has to lose and unfortunately it was not our day today but our players made us proud,” said Zeesh another student watching the match at Area 51.

If Pakistan had won, it would have been their third successive final in the Twenty20 World Cup.

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Improving ties in India and Pak’s own interest: China

May 5, 2010 By vani Leave a Comment

Islamabad, May 5 (ANI): Noting that India and Pakistan are the two major countries in the subcontinent and play an important role in international affairs, China has clarified that improving ties between the two countries is in their own and the region’s interest.

During an interview, China’s Deputy Chief of Mission in Islamabad Huang Xilian said the resumption of talks between India and Pakistan is important for both countries and added that Beijing would also like the talks to restart soon.

Describing Pakistan as his country’s close friend, Xilian said Beijing has been assisting Islamabad in over 120 development projects and would continue to help that troubled nation.

He said China was also ready to provide financial support to Pakistan for establishing hydel power projects in order to help it overcome the massive energy crisis facing the country.

“We have to strengthen and substantiate our cooperation to further strengthen our relations. We have been working closely with the Pakistan government in this regard to ensure peace and security in the region,” The Daily Times quoted Xilian, as saying.

He said China is also providing necessary assistance to Pakistan in its fight against terrorism and extremism. (ANI)

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US should end discrimination towards Pak to ink civil nuke deal: Qureshi

May 4, 2010 By vani Leave a Comment

Islamabad, May 4 (ANI): Reiterating the country’s long standing demand, Pakistan Foreign Minister Shah Mehmood Qureshi has said that the United States must end its ‘discriminatory’ behaviour and enter into a civil nuclear deal to help it address the massive energy crisis prevailing in the country.

During a meeting with US Congressman Howard Burman, Qureshi said Washington must help Islamabad to resurrect the sluggish economy and issues like the huge electricity and water crises, The Dawn reports.

Qureshi told Burman that the counter-terrorism efforts would not achieve the desired results unless the US provides monetary assistance it has pledged under the Kerry-Lugar Bill and Coalition Support Fund (CSF)

Meanwhile, the US has released the final instalment of 467 million dollars under the CSF as reimbursement for Pakistan for the cost incurred during the counterinsurgency operation in 2009.

The CSF was established by the United States in 2001 to support 27 nations, including Pakistan, for some of the costs they incurred in anti-terror operations. Since 2001, Washington has reimbursed approximately 7.2 billion to various countries.

In addition to the CSF, Pakistan has received a total of four billion dollars in civilian and security assistance from the US over the last three years. (ANI)

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PCB, other sports authorities urged not to organise night matches to conserve electricity

April 30, 2010 By vani Leave a Comment

Lahore, Apr.30 (ANI): In wake of the severe power crisis in the country, the Pakistan Cricket Board (PCB) and other sports authorities have been urged not to organise matches under artificial lights.

Pakistan Electric Power Company (PEPCO) chairman Muhammad Khalid said the sports authorities have been asked to play their due role in electricity conservation.

“We have already informed the PCB and all other sports bodies that the country is facing a severe power crisis and they should not hold matches under floodlights to conserve energy,” Khalid said.

“Pakistan is facing an overall energy crisis and everyone needs to contribute to help overcome this problem,” he added.

However, a PCB official said that the board would implement the PEPCO’s directions from the next season.

“We had received PEPCO’s letter, but we were already using generators to run the floodlights. We will implement the PEPCO directions from our next season,” The Daily Times quoted the official, as saying. (ANI)

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Possible new cause of cardiac arrest discovered

April 20, 2010 By vani Leave a Comment

London, April 20 (ANI): A new disorder associated with heart problems that stems from a genetic defect in the protein glycogenin has been discovered by scientists.

In a worst case scenario, disruption of this protein”s function can lead to cardiac arrest, which is precisely what happened with the young man whose case triggered the investigation at Sahlgrenska University Hospital at the University of Gothenburg, Sweden, that led to a brand new diagnosis.

The new study mentions how a young man suffered a cardiac arrest but survived thanks to the work of the ambulance paramedics. A study at Sahlgrenska University Hospital led to the discovery of not only a new disorder but also how a defect in the protein glycogenin can lead to an energy crisis in the muscle cells.

This protein”s job is to initiate the build-up of glycogen that constitutes the muscle cells” carbohydrate reserves. The glycogenin starts the actual process by building up a short chain of around ten sugar molecules, which can then be turned into glycogen with the help of other enzymes. During strong muscular work the sugar molecules in the glycogen are used to create energy.

“The disorder is characterised by an inability to form the initial chain of sugar molecules. This leads to a shortage of glycogen and an energy crisis in the muscle cells that can result in cardiac arrest,” says Anders Oldfors, who headed up the research team and is a professor at the Sahlgrenska Academy and consultant at Sahlgrenska University Hospital.

The study also reveals how muscle cells that have a severe congenital defect can adjust and find other ways of sourcing energy, though it may not be sufficient in all situations.

“We”re hoping that our continued research in the field will provide answers to how the change in the glycogenin causes an inability to start accumulating carbohydrates in the muscle cells,” Oldfors says.

Clinically, the discovery means that this disorder must be considered as a diagnosis when investigating heart problems.

The study has been published in the New England Journal of Medicine. (ANI)

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Roads made of solar panels may solve energy crisis

September 10, 2009 By admin Leave a Comment

London, September 9 (ANI): The U.S. Department of Transportation is funding a new research project aimed at replacing asphalt with solar panels as the basic material for making roads, in a bid to solve the crisis of electricity.

As part of the scheme, a U.S. firm called Solar Roadways has won a grant of 100,000 dollars from the Government to carry on with its work on a prototype glass solar cell panel that may one day turn motorways into major energy sources.

It is expected that these panels will be capable of generating enough power to support local communities, according to reports.

The panels would also be covered with a mosaic of small lights, which could be illuminated to provide road markings, and warning messages to drivers.

They could also be embedded with heaters to keep the road clear by melting snow and ice.

The company believes that a four-lane, one-mile stretch of road made from the 12 ft by 12 ft panels, each capable of producing 7.6 kilowatt hours of electricity each day, can generate enough power for 500 homes.

Solar Roadways plans to develop its idea to allow the energy produced to be channelled into the national grid, as well as sold to drivers of electric cars on the roadside.

“This feature packed system will become an intelligent highway that will double as a secure, intelligent, decentralised, self-healing power grid which will enable a gradual weaning from fossil fuels,” the Telegraph quoted the company as saying in a statement. (ANI)

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US to ensure ‘highest standards of accountability’ for Pak aid : US official

August 29, 2009 By admin Leave a Comment

Islamabad, Aug.29 (ANI): The United States would like to ensure the ‘highest standards of accountability’ in utilization of aid being provided to Pakistan by the Obama administration in order to make sure that the funds are being utilized exactly for the purpose it is allotted for, a top US official has said.

Interacting with media persons at the US embassy here, the US Coordinator for Economic Development and Assistance to Pakistan, Robin Raphael, said ensuring transparency in the utilization of assistance would be a key benchmark.

“We want to ensure highest standards of accountability. We want to be clear where the money is going and how it is going,” The Daily Times quoted Raphael, as saying.

Commenting on the huge amount of administrative costs which is likely to be incurred, Raphael said every effort would be made to minimize the high intermediation charges.

She, however, highlighted that Washington would need foreign technical expertise in certain areas while working to lower the administrative costs.

According to an estimate, Pakistan would receive only the half of the actual monetary assistance promised by the United States, as a huge amount of money is likely to be deducted for administrative costs.

Commenting on the increasing energy needs of Pakistan, Raphael said US is considering investing hugely in the energy sector, including hydel power generation, to help the county overcome its energy crisis.

When asked about the reconstruction opportunity zones (ROZs) programme, she said America was also working to expand the area for ROZs, which were previously planned only for the war ravaged Federally Administered Tribal Areas (FATA). (ANI)

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Pak Government’s top priority is to end energy crisis: Gilani

August 29, 2009 By admin Leave a Comment

Islamabad, Aug.28 (ANI): Pakistan Prime Minister Syed Yousuf Raza Gilani on Friday said that the resolution of the present energy crisis in the country is the foremost priority of his government and urged the US and international community to extend help to develop the power sector.

He was talking to David Lipton, Senior Director for International Economics in the National Security Council of the US who called on him at the Prime Minister’s House on Friday.

According to the Dawn, Gilani said his government had devised short, medium and long term plans to address the power crisis. He apprised Mr. Lipton of their salient features.

He also underscored the need for a better understanding by the outside world of the energy situation in Pakistan.

He said that electricity tariff will not be raised when people of the country are suffering from severe shortages of electricity.

Lipton assured Gilani that the US government was fully appreciative of Pakistan’s difficulties and wanted to help solve this problem. (ANI)

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China has backed Pakistan’s ‘right’ to nuclear energy: Babar

August 26, 2009 By admin Leave a Comment

Islamabad, Aug.26 (ANI): China has backed Pakistan’s right to nuclear energy to overcome the huge energy crisis facing the country currently, Presidential spokesperson Farhatullah Babar has said.

Babar said during his meeting President Asif Ali Zardari, Chinese Foreign Minister Yang Jiechi highlighted that Pakistan needed nuclear energy to address its increasing energy needs.

“We would appeal to the world community to understand Pakistan’s requirements in this regard,” Babar quoted Jiechi as saying.

Babar said several memoranda of understanding (MoU) for cooperation in the fields of education, fisheries, agriculture, dams and investment have been signed between Pakistan and China during Zardari’s Beijing visit.

Babar said the highlight of Zardari’s visit was signing of an agreement regarding the construction of a hydro power plant at Bunji in the Northern Areas.

He said the project is based on ‘Built, Operate and Transfer’ (BOT) strategy, according to which all investment would be made by China.

Once completed, the project will generate 7,000 megawatts of electricity, The Daily Times reports. (ANI)

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I am not here to negotiate on Kashmir: Holbrooke

August 20, 2009 By admin Leave a Comment

Karachi, Aug. 20 (ANI): US Special Envoy for Pakistan and Afghanistan, Richard Holbrooke, who is currently on a visit to Pakistan, has said his visit has nothing to do with the Indo-Pak problem, and that he is not in Pakistan to negotiate on the Kashmir issue.

In an interview to a private television channel, Holbrooke said it was upto India and Pakistan to resolve the issue bilaterally.

“Any improvement in Pak-India relations is also good for the world,” Holbrooke said.

In response to a question, Holbrooke said he had never blamed the Inter Services Intelligence (ISI) for helping the Taliban.

When enquired about US assistance to Pakistan, Holbrooke said Islamabad needed more help to overcome its problems,but highlighted that such decisions cannot be taken independently by the US president.

“Pakistan should remember one thing that the President of the United States cannot take decisions himself, but we can make the request to the Congress,” the Online news network quoted Holbrooke, as saying.

Terming the energy crisis in Pakistan as that country’s biggest problem, Holbrooke said America is ready to in this regard, but Islamabad should try to fix the ‘tremendous amount of leakage’ that exists in the whole system.

“US would help in this regard but the government and people of Pakistan have to take lead,” he said. (ANI)

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Pak reiterates its demand for drone technology from US

August 18, 2009 By admin Leave a Comment

Islamabad, Aug.18 (ANI): Pakistan has once again requested the United States to provide it with drone technology, so that it can carry out operations against the Taliban and other extremist groups in the lawless tribal region along the Afghan border.

n a meeting with the US Special Envoy for Pakistan and Afghanistan, Richard Holbrooke, Prime Minister Yousuf Raza Gilani said Pakistanis were concerned about the US drone attacks inside their country, and that the missile hits were proving counterproductive in the war on terror.

“Drone attacks remain a matter of public concern in Pakistan. The US should provide drone technology to Pakistan, enabling its armed forces to take action against terrorists,” Gilani said.

Gilaini told Holbrooke the strikes by unmanned predators arepromoting ‘anti-Americanism’ in Pakistan.

Earlier, during an informal interaction with media persons in Islamabad, Holbrooke said Pakistan’s political scenario was fast changing, and expressed the hope that President Zardari will complete his term.

“I am obviously hopeful that he (Zardari) will complete his role as democratically-elected president,’ Holbrooke said, adding: “Democracy is critically important in Pakistan. Let there be no mistake about it, we support the democratic process.”

Underlining the need to focus more on Pakistan’s energy crisis, Holbrooke said the problem, if remained unresolved for long, could dent the country’s economy and create more trouble.

Holbrooke acknowledged the problem was too deep-rooted to be solved overnight.

“The crisis has been building up for 25 years and it’s quite obvious that it cannot be solved in a few weeks,” the Dawn quoted Holbrooke, as saying.

He said the United States wanted to send message to Pakistanis that it is concerned about their genuine problems and was doing all it could to help them. (ANI)

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Pak National Assembly wants to quiz AQ Khan over proliferation confession

June 27, 2009 By admin Leave a Comment

Islamabad, June 27 (ANI): The Speaker of Pakistan’s National Assembly has been urged to call Pak’s disgraced nuclear scientist, Dr. Abdul Qadir Khan, to seek an explanation from him on his confession of being involved in nuclear proliferation.

PML-N MNA Sheikh Rohail Asghar urged the Speaker to give a ruling demanding Dr. Khan to be present in the house and disclose the reason behind his confession.

Asghar said the nuclear scientist would be able to explain how dictator General (r) Pervez Musharraf forced him to confess this on state-run television channel.

He also said that the whole nation was proud of Dr AQ Khan, who made the country an atomic power.

He also said Dr Khan could play a pivotal role in steering the country out of energy crisis. (ANI)

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US approves 1.9 billion dollar aid for Pakistan: Babar

May 19, 2009 By admin Leave a Comment

Islamabad, May 19 (ANI): The US House of Representatives has approved 1.9 billion dollar in aid for Pakistan, President Asif Ali Zardari’s spokesman Farhatullah Babar said.

Zardari returned to Islamabad on Monday after concluding an official visit to Libya, the UK, the US and France.

“The tour also saw the UK committing 640 million pound over the next four years and France offering civil nuclear technology to Pakistan after decades of embargo in addition to specific aid for the immediate rehabilitation of IDPs and broadening of the partnership to fight the scourge of extremism and militancy,” Babar said.

He said wide-ranging measures that were announced during the visit would strengthen Pakistan’s economy and garner international support to the country.

Babar said the approval of 1.9 billion dollar was in addition to assistance the Obama Administration had requested for Pakistan, the Daily Times reported.

“No less significant was the French President’s offer of a wide ranging civil nuclear deal to Pakistan to help it overcome its energy crisis to make the industries run and create jobs and opportunities,” the spokesman said.

Babar said Zardari also flew to New York from Washington to urge the UN Secretary General Ban Ki-moon for a global appeal to help Pakistan deal with the ‘human catastrophe’ resulting from the action against the Taliban in Swat, a request which the UN chief accepted. (ANI)

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Russia offers aid for hydroelectric plants in Bangladesh

April 8, 2009 By admin Leave a Comment

Dhaka – Russia on Wednesday offered to help Bangladesh set up hydroelectric units using river currents to ease the country’s severe power crisis, an official said.

“By constructing low-height dams on rivers, it is possible to establish a number of small power plants with 10- to 20-megawatt generation in Bangladesh,” Russian Ambassador Gennady P Trotsenko said after meeting with Bangladesh officials.

The envoy said a Russian delegation would visit Dhaka next month for a feasibility study of a pilot project using river currents.

Presidential energy advisor Toufiq-e-Elahi said the government was determined to ensure diversification of energy resources to overcome energy shortages.

Impoverished Bangladesh has been reeling under an energy crisis as nearly 30 percent of the total population is using the national power grid with maximum generation capacity of only 4,000 megawatts.

The two sides are also expected to ink a deal for peaceful use of nuclear energy to allow future construction of two 1,000-megawatt nuclear power plants in Bangladesh, officials said. (dpa)

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Menon, Prachanda discuss Indo-Nepal agreement

February 17, 2009 By admin Leave a Comment

Kathmandu, Feb 17 (ANI): Visiting Indian Foreign Secretary Shivshankar Menon today met Nepal Prime Minister Prachanda and discussed the progress made on agreements signed during Prachanda’s last visit to India.

Kantipur quoted Foreign Affairs Advisor Hira Bahadur Thapa as saying that Prachanda also inquired about the Noumure Hydropower project to be constructed by India.

In response, Menon said the construction of the dam is underway.

They also discussed proposals for the construction of a transmitter possessing extreme energy to minimise Nepal’s energy crisis, the rehabilitation of people displaced in Koshi and ways to ease access of Nepali products to India.

Earlier, talking to mediapersons at Tribhuvan International Airport (TIA), Menon said he would make inquiries about Nepal’s peace process and the Constitution-drafting process.

“I am looking forward to the conversations with the leaders in Nepal. We have a whole range of issues on which India and Nepal have worked together and we are looking to carrying them forward,” he said.

Besides meeting Prachanda, Menon also met Foreign Minister Upendra Yadav and Nepali Congress President Girija Prasad Koirala.

Menon will meet Madhesi party leaders to get their perspective on the mounting unrest in the Terai regions.

Menon visited Nepal in November last year along with External Affairs Minister Pranab Mukherjee. (ANI)

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