International Karachi, Sunday, March 13, 2011, Rabi-us-Sani 7, Price Rs12 Pages 8
Awan says no room for turncoats in PPP
Erra finishes Rs365 billion rehab project
See on Page 8
SAfrica beat India by 3 wickets
See on Page 8
'No-fly Zone' tops Arab League talks
See on Page 8
See Page # 8 Economic Indicators Forex Reserves (5-Mar-11) Inflation CPI% (Jul 10-Feb 11) Exports (Jul 10-Feb 11) Imports (Jul 10-Feb 11) Trade Balance (Jul 10-Feb 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Feb 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.37bn 14.33% $15.33bn $25.60bn $(10.27)bn $(81)mn $6.96bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn 2.20% 4.10% $1,051 175.42mn
SCRA(U.S $ in million)
195.76 -0.19 -4.02 2851
Yearly(Jul, 2010 up to 10-Mar-2011) Monthly(Mar, 2011 up to 10-Mar-2011) Daily (10-Mar-2011) Total Portfolio Invest (5-Mar-2011)
NCCPL (U.S $ in million)
FIPI (11-Mar-2011) Local Companies (11-Mar-2011) Banks / DFI (11-Mar-2011) Mutual Funds (11-Mar-2011) NBFC (11-Mar-2011) Local Investors (11-Mar-2011) Other Organization (11-Mar-2011)
-0.34 -0.79 1.86 -1.46 0.17 0.30 0.25
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Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
09-Mar-2011 09-Mar-2011 09-Mar-2011 29-Nov-2010 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011 12-Mar-2011
13.39% 13.69% 13.86% 14.00% 13.39% 13.54% 13.75% 14.12% 14.26% 14.05% 14.10% 14.08% 14.50% 14.75% 14.93%
Commodities Crude Oil (brent)$/bbl 113.84 Crude Oil (WTI)$/bbl 101.16 Cotton $/lb 204.94 Gold $/ozs 1,421.80 Silver $/ozs 35.94 Malaysian Palm $ 1,146 GOLD (NCEL) PKR 38,877 KHI Cotton 40Kg PKR 13,611 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
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Buying TT Clean
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86.42 87.50 15.87 118.43 10.94 1.029 22.72 67.19 13.42 91.63 23.20 137.01 85.27
86.63 87.70 15.91 118.71 10.97 1.031 22.77 67.35 13.45 91.85 23.25 137.34 85.46
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KARACHI: Prime Minister Yousuf Raza Gilani said on Saturday that Pak-US relations cannot be held hostage because of the Raymond Davis case. Speaking to the media, after examining the "Peace 2011" Pak Naval exercises, Gilani said that the US had promised to provide the coalition support fund and will not allow Davis's case affect Pak-US relations. "Pakistan is paying a heavy price in the war against terrorism but still wants to maintain good relations with the United States," said Gilani. Answering to a question Gilani said that the constitutional role of all institutions was fixed and there will be no conflict between the institu-
tions because they will be adjusted in due time. Speaking about the Pak naval exercises he said that large number of countries had attended the naval exercises and expressed confidence in its performance. Answering to another question Gilani said that he also belongs to Karachi but had appointed Interior Minister Rehman Malik for affairs relating to the city. Chief of Army Staff (COAS), General Ashfaq Parvez Kayani, Chief of Naval Staff, Admiral Noman Bashir, Air Chief Rao Qamar Suleman, Chairman Joint Chiefs of Staff Committee, General Khalid Mehmood Wyne, Sindh Chief Minister Syed Qaim Ali Shah and foreign dignitaries including diplomats were also pres-
ent. rime Minister congratulated Pakistan Navy for conducting the multinational naval exercises successfully and said that the Navy was capable enough to defend the sea frontiers of the country He said Pakistan Navy was committed to peace in the entire region. "By virtue of seas vastness interactive transport crimes are also growing through non-state actors which must be denied to them," he said while referring to cases of sea piracy. Gilani said that the sea faring nations need to collaborate and assist in protection of interests of one another and added that Pakistan was already paying high price for war on terror and it was a peace loving nation. See # 1 Page 7
Fund to be launched with 10 million pounds
Financial Innovation Fund soon, says SBP BAHAWALPUR: The Deputy Governor, State Bank of Pakistan, Yaseen Anwar has disclosed that the central bank will soon launch a 10 million UK pound Financial Innovation Challenge Fund to spur innovations in the financial services products and delivery channels in the country. Speaking at the inaugural ceremony of NRSP Microfinance Bank Limited (NRSP MFB) here Saturday, he said SBP has also launched Improving Access to Financial Services Fund (IAFSF), for improving
financial literacy amongst existing and potential microfinance clientele which will enhance their capability to access and make productive use of financial resources. "A nationwide Financial Literacy Program will be launched shortly in various districts on a pilot basis," he added. Yaseen Anwar said the State Bank of Pakistan will continue to encourage mainstreaming of microfinance into formal banking system to achieve financial inclusion in a sustainable man-
ner. "SBP believes that in the long run institutional development is the most critical factor for sustainable growth of microfinance in the country," he added. SBP Deputy Governor said that the setting up of NRSP MFB was a result of successful transformation of National Rural Support Program (NRSP) into microfinance bank. "At SBP, we look forward to the success and positive outcomes of this transformation," he said. See # 2 Page 7
TAPI to bring regional states closer: Tajikistan ISLAMABAD: The Ambassador of Turkmenistan in Pakistan Sapar Berdiniyazov stated that Turkmenistan, Afghanistan, Pakistan and India (TAPI) gas pipeline project will play vital role in economic development of the region. He expressed these views while addressing a ceremony held in Preston University, Islamabad here the other day. The Ambassador Berdiniyazov highlighted that Pakistan and Turkmenistan enjoys excellent social, cultural and bilateral economic relations. Highlighting the importance
Turkmenistan gives to its relation to Pakistan, he said that Pakistan was the first country of the world to recognize independent Turkmenistan in 1991.Pakistan, he said, was also the first country to have established diplomatic relations with Turkmenistan. Ambassador Berdiniyazov said that relations between the two brotherly countries have grown enormously during the past 20 years and sincere efforts are being made to further bolster the existing cordial and mutually beneficial relations in the years to come. Ambassador Berdiniyazov
further said that the Turkmenistan, Afghanistan, Pakistan and India (TAPI) gas pipeline project when completed, would prove to be of great importance and would play great role in economic development of both countries. He said the project consists of 1400 kilometer pipe line, half of which would run through Afghanistan, is estimated to distribute between 25-30 billion cubic meters gas per year. He said both countries not only share economic ties but also shares social, political and cultural relations. See # 3 Page 7
KARACHI: Prime Minister Syed Yousuf Raza Gilani along with the Army Chief General Ashfaq Parvez Kayani, Naval Staff Admiral Noman Bashir and Air Chief Marshal Rao Qamar Suleman watching the maneuvers of Pakistan Navy on board PNS NASR at the concluding ceremony of naval exercises.-APP
DG ISI tenure to be extended, says Mukthar ISLAMABAD: Defense Minister Ahmed Mukhtar Saturday said that extension in tenure is being given to Director General InterService Intelligence (ISI) Shuja Pasha but stopped short of mentioning the period of extension, media reported. However, he said the extension being given is in accordance with the requirement. Talking to media, defense minister said that Judiciary and Army had never consulted with each other for the resolution of the problems, adding that Shahbaz Sharif's might gave this advice in hurry. On the occasion, Qamar Zaman Kaira said that his party respected the judiciary. He said that government remained in contact with judiciary and army, adding that there is no other forum where political parties could consult with them. -Agencies
NICL Scam
Amin Dada’s warrant issued KARACHI: An Anti-corruption court in Karachi has issued non-bailable arrest warrant for Amin Qasim Dada in National Insurance Corporation (NICL) corruption scam. The court has directed the Federal Investigation Agency (FIA) to present the former board director of the NICL on March 25. Qasim Dada, who is now a court absconder, is one of the six main accused in the Rs2.7 billion NICL corruption scam. He is said to be in hiding in Britain and had previously offered to surrender before the FIA. The court has also issued orders to present former NICL chairman Ayaz Khan Niazi who was arrested earlier in the corruption scam. -Agencies
Assets say Swati richest legislator Election Commission issues details ISLAMABAD: Election Commission of Pakistan Saturday issued details of declared assets of members of Upper House of the Parliament. Senators Azam Swati, Ammar Ahmad Khan, Babar Ghauri, Ishaq Dar, Wasim Sajjad and Abdul Nabi Bangash are among the wealthier members. According to the details, Azam Khan Swati of JUI-F stood at number first with $6.21 million assets in USA, Rs82.5 million property in Abbottabad, nine under construction houses worth Rs150 million at Bahria Town, eight plots worth Rs12 million at Top City and inherited property worth Rs56 million. He also owns four vehicles, furniture worth $395,000 and jewelry worth $275,000. Senator Ammar Ahmad Khan has an asset worth Rs1.152 billion including an investment of Rs1.107 billion and shares in
different houses in Lahore. MQM Senator Babar Ghauri owns Rs61 million, Rs37.5 million and Rs32.5 million three houses in Karachi. He also maintains two vehicles worth Rs four million. PML-N Senator Ishaq Dar owns Rs45 million house in Lahore, Rs.15 million, 45 kanal land in Islamabad, a bank account worth Dirham 10.1 million in UAE, an other bank account of Rs3.4 million, a car worth Rs11.1 million, 25 Tola Gold and cash amount of Dirham 152,000 and Rs7.7 million. He also owns plots in different housing-societies worth over Rs4.9 million. Leader of the Opposition in Senate and PML-Q leader Wasim Sajjad has a share of Rs. 23.5 million in three houses in Lahore and owns a plot worth Rs five million in Jhika Gali, See # 4 Page 7
Karachi violence death toll hits 14 Staff Reporter / Agencies KARACHI: The death toll in fresh violence incidents of Karachi has mounted to 14 as unrest has gripped the metropolitan since last night, media reported. The violence erupted in various parts the city after an MQM worker was killed in Kharadar area. According to police officials, motorcyclists shot one person near a police kiosk in Kharadar. The infuriated political workers afterwards resorted to aerial firing and set ablaze the office of People's Aman Committee (PAC) which is backed by ruling Pakistan Peoples Party. Numerous cars and two buses were also set ablaze by unknown miscreants after the incident. Armed men also forced shopkeepers and traders of the area to pull shutter and close all kind of business. Unknown gunmen Saturday morning opened fire at two motorbike riders killing both of
them on the spot. The slain youth are yet to be identified. The dead bodies were shifted to civil hospital after police completed its formalities. A security guard of a private company was killed via his own gun at Ghani Chowrangi in Site area. The guard Shamsul Haq was dead when his gun accidently went off during its cleaning. In further shootout incidents, two people in Garden Shoe market, one in Azizabad, two in Korangi and one in Sindh Industrial Trading Estate (SITE) area of Karachi were killed. Two people, a 12-year child among them, were reported killed in Gulistan-e-Jauhar. In Orangi Town, a Pesh Imam (prayer leader) was shot down by unknown assailants. The firing incidents triggered massive traffic jam in Sadar, Bolton Market, Shara-e-Faisal, Liaquat Abad and other areas where people were witnessed See # 5 Page 7
Death toll passes 1400 mark; Japan stocks plunge 1.72pc on worries
Radiation leak feared at Japan nuclear plant TOKYO: A Japanese nuclear power plant exploded Saturday, television footage showed, a day after a massive earthquake damaged the facility's cooling system, as nearby residents were warned to stay indoors. Nuclear authorities had earlier warned that the Fukushima No 1 plant, located about 250 kilometers (160 miles) northeast of Tokyo, an urban area of 30 million people, "may be experiencing a nuclear melt-
down". The plant's cooling system was damaged in the quake that hit Friday, leaving the government scrambling to fix the problem and evacuate more than 45,000 residents within a 10-kilometre (six-mile) radius. Public broadcaster NHK Saturday reported that a blast had been heard at about 3:30 pm (0630 GMT) and showed delayed footage of smoke billowing from the site, also
reporting that the reactor building had been destroyed. TV channels warned nearby residents to stay in-doors, turn off air-conditioners and not to drink tap water. People going outside were also told to avoid exposing their skin and to cover their faces with masks and wet towels. The developments raised fears of a disastrous meltdown at the plant, which was damaged by Friday's 8.9-magnitude earthquake, the strongest ever
recorded in Japan. "We are looking into the cause and the situation and we'll make that public when we have further information," Chief Cabinet Secretary Yukio Edano said. "An unchecked rise in temperature could cause the core to essentially turn into a molten mass that could burn through the reactor vessel," risk information service Stratfor said in a report before the explosion.
"This may lead to a release of an unchecked amount of radiation into the containment building that surrounds the reactor." Earlier the operator released what it said was a tiny amount of radioactive steam to reduce the pressure and the danger was minimal because tens of thousands of people had already been evacuated from the vicinity. The unfolding natural disaster, which has been followed by dozens of aftershocks, prompt-
ed offers of search and rescue help from 50 countries. The central bank said it would cut short a two-day policy review scheduled for next week to one day on Monday and promised to do its utmost to ensure financial market stability. In one of the worst-hit residential areas, people buried under rubble could be heard calling out for rescue, Kyodo news agency reported. See # 12 Page 7
2
Sunday, March 13, 2011
Bank Alfalah taking care of low depositors
Importance of statistics highlighted
New law to revamp entire national statistical system Staff Reporter KARACHI: The Secretary, Statistics Division, Government of Pakistan, Asif Bajwa has said that a new statistical law has been proposed to restructure the entire national statistical system (NSS) of Pakistan. Inaugurating a one-day seminar on "Contributions and Achievements of Official Statistics" at SBP Learning Resource Centre in Karachi on Saturday, he said that with the adoption of this law by the Parliament, Pakistan Bureau of Statistics will be established with the merger of Federal Bureau of Statistics (FBS), Population Census Organization (PCO) and Agriculture Census Organization (ACO). He said that a National Statistics Development Strategy (NSDS) is being developed to provide a strategy for strengthening statistical capacity across the entire national statistical system (NSS). Quarterly National
SIUT students' Spring Festival today KARACHI: Student Volunteers of Sindh Institute of Urology and Transplantation (SIUT), as part of annual volunteer mobilisation event, will hold a 'Spring festival' today (Sunday). Organizers on Saturday said students serving as volunteers at SIUT will host the "spring festival," during which special public awareness will be arranged about prevention of diseases and role of SIUT. These would be complimented by stalls of different items, games, food and music.-APP
State Bank of Pakistan said that sound policy decisions always depend on up-to-date, efficient and timely statistics. He, however, emphasized that the quality of statistics can only be improved through collaboration among the data producing agencies and other stakeholders. 'The state of a country's development can be judged from the type and quality of statistics it produces,' he added. He said that the official statistics play a significant role in understanding the current economic condition of an economy and is vital for formulation of policies for the development of the country. He said the Governor, State Bank of Pakistan has always taken keen interest in the development of statistical system in Pakistan. "I strongly believe SBP Governor's continuous support for the statistical activities undertaken by the State Bank of Pakistan will go a long way in the production and availability of quality statistics in
Pakistan,' he added. Riazuddin hoped that the interactive and knowledge sharing sessions at this seminar will definitely enhance the users' confidence in the official statistics and will provide opportunities for exploring new avenues of research. 'The motive behind organizing this one day seminar on "Contributions and Achievements of Official Statistics" is to create awareness about the statistical system of the country and significance of the official statistics in analyzing the prevailing economic conditions,' he added. He expressed his confidence that this seminar will enhance coordination and interaction among users and producers of statistics and will lead to improvements in the quality of data. He however, emphasized that users' suggestions and feedback will help the organizations to make their statistics more user-friendly and according to the needs of the market.
Int'l Plastic & Food Technology fair opens
Seminar on economic development tomorrow
Accounts (QNA) which is an international obligation, is in its final stage and the 1st QNA will be released probably in the first quarter of the new financial year, he added. He disclosed that a new Statistics Research and Training Institute (SRTI) will be established in Lahore to train the officials of statistical organizations. Bajwa said that Census 2011 has been initiated and house listing will be carried out in April 2011 and enumeration will start from September this year. He expressed the hope that Pakistan will qualify for IMF Special Data Dissemination Standards (SDDS) during the current calendar year. Bajwa also expressed the hope that the seminar will increase awareness of the importance of good statistics and will lead towards enhanced cooperation and building trust on the statistics generated by the statistical organizations. Earlier, in his welcome address, Riaz Riazuddin, Chief Economic Advisor,
KARACHI: The 7th International Food, Equipment & Technology Exhibition & Conference 2011 opend up at the Lahore Expo Center organized by CEMS Pakistan Pvt. Limited. Rana Mashhood Ahmed Khan, Deputy Speaker, Punjab Assembly inaugurated the three-day exhibition attended by 220 foreign firms from 17 countries, including 8 from neighbouring India. He said Pakistan has embarked on wide-ranging initiatives for the
growth in food and packaging sector. While expressing good luck to all foreign exhibitors/delegates, he expressed confidence that food technology sector would keep its dominance role in Pakistan economy. At the occasion CEO of CEMS Pakistan Pvt. Limited Saleem Khan Tanoli, the Exhibition would invite the direction of International Standards Setter how to expand their industries so that the participants would introduce their products.-NNI
Seminar told
‘Social compliance can boost Pakistan’s textile exports’ KARACHI: As most of the textile industries depend on contract workers for their operations in South Asia including Pakistan, the social compliance requirements for the foreign buyers has become a little difficult for the manufacturers, this was stated by the National Projects Director, UNDP, Maham Nasira. Addressing the participants of the seminar organized by Pakistan Readymade Garments Technical Training Institute (PRGTTI) on Social Compliance for the Foreign Buyers held at PRGTTI, she said that majority of the textile units like sewing, finishing and packing are employing contract workers and facto-
ries owners pay to the contractors instead of workers directly. She said that with the implementation of social compliance, the exporters could get at par with their arch rivals in the industry including China, India, Turkey, Thailand, Taiwan, South Korea and Malaysia. She said that since around more than 80 per cent of the workers in a textile factory are hired on contract basis being supplied and managed by the contractors, managing records, payroll and timings of the contract labor are the biggest tasks for the factories to meet social compliance requirements of international buyers. She said that the PRGTTI-CDC has organized two
sessions of seminar on Social Compliance in order to discuss and identify issues of contract labor in achieving social compliance requirements and address the related issues. The session was a huge success accompanied by overwhelming response from the industry. HR managers/executives, factory representatives, compliance managers and DGM HR of leading export organizations attended the session with their teams including Liberty Mills Ltd, The Towellers, Yunus Textile Mills, Shahbaz Group, Rajby Industries, JNM Clothing, Prime Safety, Mustaqim Dyeing & Printing, Midas safety and International Textiles Ltd. -Online
LAHORE: Wife of Governor Punjab taking keen interest in the dresses displayed during an exhibition organized by Women Chamber of Commerce at Royal Palm Country Club. -Online
Staff Correspondent ISLAMABAD: Pakistan Manpower Institute (PMI) is organizing a two-day seminar on "Socio Economic Development and Labour Migration" on March 14 at Pakistan Manpower Institute here. The objective of the Seminar is to provide a forum to the participant to discuss the issues and measures relating to migration from different angles. The role of non-government organizations and overseas employment promoters to improve migration will be highlighted, said a press release issue here on Saturday. The existing situation in Pakistan will be reviewed with focus on areas like employment, economic growth, structural changes, labour market, return migrants, remittances, HRD and making a critical evaluation of existing government policies pertaining to migration. Policy measures would also be recommended to facilitate and improve the public and private sector's role in overseas migration, it said. About 45 officers from public and private sector organizations will participate in the course. Eminent speakers from academic institutions would deliver lectures to the participants.
Power shortfall reduces to 1,002MW ISLAMABAD: The power shortfall on Saturday further reduced to 1,002 MW from 1,380 as the power generation was recorded 10,985MW against total demand of 11,987MW during the last 24 hours. According to daily power generation report, the hydel generation stood at 4,024MW, WAPDA thermal 1,866MW, IPPs 5,033MW and Rentals 62MW. As many as 680 MW was supplied to Karachi Electric Supply Company (KESC), the report further said. Water level at Tarbela and Mangla dams was recorded as 1413.09 feet and 1095.95 feet with water outflow of 37,000 cusecs and 35,000 cusecs respectively.-APP
LAHORE: Federal Minister for Information & Broadcasting Dr. Firdous Ashiq Awan in an informal interaction with senior columnists. -Online
Agri sector plays vital role in national development KARACHI: President , Federation of Pakistan Chambers of Commerce and Industry Senator Ghulam Ali has said that Pakistan is an agricultural country and agriculture sector cannot be ignored in national development. He added that the production rate per hector is higher in India, China and other country than Pakistan which needs research work in agriculture field. He also added that country is facing energy crises and Ministry of Science and Technology (MoST) must carry out research to introduce alternate sources of energy to overcome the energy crises in Pakistan. FPCCI and its members will invest heavily in the projects of MoST for the prosperity of the country.
He added that research of MoST will help us to increase exports and agriculture production as well as national GDP. He was talking so Secretary MoST Irfan Nadeem who called on him at Federation House here on Saturday. Haji Ghulam Ali said that Memorandum of Understanding (MOU) was signed between MoST and FPCCI to introduce research of MoST and its institutions for investment by the local investors, industrialists and business community. He expressed the hope that cooperation between both institutions will bring prosperity in the country and development goals will be achieved. He urged the secretary MoST to introduce cheap alternate energy research to overcome the
energy crises in Pakistan. He added that FPCCI will play its role for the awareness of industrialists, business community and public at large to introduce the research of MoST. On this occasion, Secretary Science and technology told him that a presentation will be made on March 19, 2011 by MoST and its research institutions at FPCCI Head Office. He urged the apex trade body to ensure investment in the projects introduced by MoST to overcome the energy crises in Pakistan. President FPCCI assured his full cooperation to him. Earlier President Sindh Bank Bilal Sheikh met with the President FPCCI Senator Haji Ghulam Ali and presented a detailed briefing to him. -NNI
RAWALPINDI: Ladies taking keen interst in the dresses displayed during an exhibition organized by Association of Business Professional and Agriculture Women. -Online
ICCI for of equitable, fair taxation policy I S L A M A B A D : Unfortunately taxation has not been given proper attention in Pakistan so it became an ineffective tool to form and influence socio-economic policies. There should be a free and fair taxation policy in order to raise revenues, broadening and simplifying the tax base is the need of the day and the government needs to work on it, Mahfooz Elahi, President of Islamabad Chamber of Commerce and Industry (ICCI) said while addressing the business community at ICCI. He said that many people avoid filing tax returns because of their fear of harassment by tax depart-
ment which were the main reasons for insufficient tax collection. Taxpayers yet felt insecure because of complications in the current taxation policy and lack of trust in the present tax system, he added. ICCI President was of the view that the government should bring tax evaders into the tax net instead of milking the same cows. He said that tax collectors should collect taxes and there should be no harassment. He anticipated that the country has a potential of increasing tax to GDP ratio by 3.5 per cent for next five years through making the system, public friendly and equitable.
Widening tax net will allow reduction in tax rates, without reducing revenue, he said. Elahi said that the encouragement of tax culture can only take place through removal of corruption from the tax departments, which will encourage and mobilize new taxpayers who are hesitant to contribute and continue to remain outside the tax net. ICCI president said that once people see the tangible benefits of the taxes paid, there will be a better response to tax compliance. Hence it is imperative for the government to revamp the perceptions of public by proving that their money is spent on them. -Online
KARACHI: By giving its savings depositors a high rate of return on a deposit as low as Rs.10,000, Bank Alfalah's Islamic Banking Group with its 80 branches in 32 cities is helping its customers fight inflation. The Group is specifically targeting depositors who otherwise receive low return because of their small deposit holding. However, at Bank Alfalah's Islamic Banking Group, small depositors in Falah Mahana Amdani get a better rate of return than many term deposit customers in the industry.-PR
Action against fake anesthetists in the offing Staff Reporter KARACHI: Sindh Health Department will take stern action against unqualified professionals jeopardizing precious human lives by administering anesthesia to the unassuming patients, undergoing interventional procedures. This was assured by the Sindh Secretary for Health Syed Hashim Raza Zaidi to anesthetists during the two day 31st Annual Conference of Pakistan Society of Anesthesiology, inaugurated on Saturday. He said government was cognizant of non availability of adequately trained and qualified anesthetists as well as anesthesiologists in most of the rural healthcare facilities. It is not only there but in certain cases in low income areas of urban centers, at times, even dispensers are discharging responsibilities that require proper expertise and extreme care. "Survival and quality life of the patients are at serious stake as any inadequacy could not only be life threatening but can also cause irreversible damage to the brain," said Syed Hashim Raza Zaidi. "The department, however, needed urgent support of the PSA to ensure that qualified anesthesiologists and anesthetists fill a bond to serve for a certain part of time at the hospitals in the areas they belong to," he pleaded. The health secretary responding to the complaints made by PSA office bearers about vacant post of anesthesiologists even in the urban centers said the trend to seek permission for post graduate level training, thus get transferred to urban centers, and ultimately leave for abroad in search of greener pastures also needed to be addressed on efficient lines. "No one can deny any doctor the right to acquire higher education and post-graduate level training, however, they too need to realise their responsibility towards their country men," he said.
TV PROGRAMMES SUNDAY Time Programmes 7:00 News 8:00 News 9:05 I Samaa (Rpt) 9:30 Taxi News (Rpt) 10:10 11:10 12:00 13:10
RAWALPINDI: President Rawalpindi Chamber of Commerce & Industry Syed Ali Raza receiving Chairman Pakistan Bait-ul-Maal Zamurd Khan upon arrival at RCCL. - Online
14:10 15:00 16:00 17:00 18:00 19:30 20:05 21:00 22:03 23:05
The Reema Show (Rpt) Awam Ki Awaz (Rpt) News Faisla Aap Ka (Rpt) Tafteesh (Rpt) News News News News i Samaa The Reema Show News Faisla Aap Ka Crime Week
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Sunday, March 13, 2011
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Samsung B130 B220 Guru B300 B3210 CorbyTXT B3410 B3410W Chat WIFI B5722 B7300 OMNIALite B7320 Omnia PRO Guru B100 E1080 E1100 E1125 E2125 E250 D980 (Dual Sim) J150 J700 M150 M200 M620 M3510 Beat b M3710 Corby Beat M7500 Armani M7603 Beat DJ M8910 Pixon 12 C3010S C3053 C3200 Monte Bar C3212 C3303k Champ C3510 Genoa C5212 DUOS S3310 S3653 Corby S3653 WIFI Star S5230 S5230W Star WIFI S5350 Shark S5550 Shark 2 S5560 Marvel S5620 Monte S7220 Ultra b S7350 Ultra s S8003 Jet S8300 Tocco Ultar Edition S8500 Wave I900 Omnia i5700 Galaxy Spica i8000 Omnia II i8510 INNOV8 i8910 Omnia HD i9000 Galaxy S 16GB
2,050 3,900 3,600 8,700 9,500 13,400 15,400 24,000 19,200 2,450 2,200 2,450 3,200 6,050 5,200 20,300 6,550 7,550 5,100 6,200 6,250 9,200 12,700 30,300 32,000 40,600 5,700 6,000 6,900 7,300 7,600 8,800 9,800 7,900 10,600 10,800 11,000 12,300 12,000 14,500 15,600 15,500 21,000 22,100 24,000 28,200 29,900 42,500 25,000 49,500 37,000 43,700 49,000
BlackBerry Bold 9000 Curve 8900 Peral Flip 8220 Pearl 8120 Curve 8310
33,000 30,900 30,000 27,000 29,000
QMobile Q3i E900
5,999 6,999
NOTE: Always visit your local shop for the exact Mobile phone prices.
Hybrid Power for the Frontline Diesel-battery generators could cut troop fuel use at least by half
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he U.S. Armed Forces are heavily burdened by the financial and tactical costs of transporting fuel to the battlefield. This July, in an effort to address the problem, the United States Marine Corps will deploy a pair of diesel generators coupled with powerful batteries to frontline troops in Afghanistan. The hybrid power systems should cut by 50 to 70 percent the amount of fuel needed to generate electricity, according to the manu f a c t u r e r, Earl Energy o f Portsmouth, Virginia. The generators that U.S. military camps currently use operate inefficiently because they need to handle sudden peaks in demand. "You may have a 10kilowatt generator that at any time is only producing 1.5 kilowatts of power to satisfy its load," says Doug Moorehead, president of Earl Energy. "So you are wasting 8.5 kilowatts of power that you aren't storing for later use," he says. The diesel-battery hybrid the company developed instead runs generators for short bursts to maximize energy utilization. Not only does this satisfy the immediate energy requirements of a camp, but the system also charges a bank of lithium-ion batteries. When the batteries are fully charged, the generator shuts off and the system begins drawing power from the batteries instead. "Generators can go from running 24 hours a day to three to four hours a day—it's that good in some cases," Moorehead says. The hybrid systems to be deployed in July will combine
an 18-kilowatt diesel generator, similar to those currently used in the battlefield, with a 40-kilowatt-hour bank of lithium-ion batteries. The system will also include a 10-kilowatt photovoltaic solar panel array that will further lower fuel consumption. The entire system, including photovoltaics, sells for "over $100,000," as compared with $80,000 to $100,000 for a similarly sized conventional generator, Moorehead says. The cost to Earl Energy for just the batteries—which have built-in safeguards against the high temperatures and dusty field conditions of Afghanistan—is
$750 to $1,500 per kilowatt hour of storage. Moorehead estimates the system will pay for itself within seven to 12 months, depending on the cost of fuel. Bigger savings would come from using the hybrid system without the photovoltaics, which are expensive, and the company is now developing a standalone generator without the added solar power, he says. Maximizing the unit's energy efficiency requires repeatedly deep cycling the batteries— discharging them to their full capacity before recharging them. Conventional lead-acid and nickel-cadmium batteries quickly lose storage capacity if repeatedly deep cycled. The advanced lithium-ion technology in Earl Energy's batteries allows them to last close to 4,000 cycles, or 18 to 24 months, according to the company. Moorehead developed lithium-ion battery technology for battery maker A123 Systems before joining Earl
Energy. The hybrid power system also employs energy-management software that uses complex algorithms to maximize the generator's efficiency. Steven Minnihan, an analyst at Lux Research says this energy management, together with the power electronics that allow the system to quickly switch between generator and battery power, is very important. "Companies will speak quite freely about the chemistry of the batteries they are using, but they are very tight-lipped about the energy-management systems and power electronics," he says. "It is becoming an increasi n g l y import a n t piece of intellect u a l property." T h e technology is competitive in the battlefield because transporting diesel fuel to the front lines in heavily armed convoys is very expensive. Moorehead, a former Navy Seal, says delivery costs for fuel transported to the front lines in Afghanistan typically range between $20 and $40 per gallon. Reducing fuel use on the front lines saves more than money. Ray Mabus, Secretary of the Navy, spoke of the "fully burdened" cost of fuel at a recent DOE Advanced Research Projects Agency for Energy (ARPA-E) conference in Washington, D.C. "For every 24 [fuel] convoys, we lose a soldier or a Marine [who] is killed or wounded guarding that convoy," Mabus said. "That's a high price to pay for fuel." Earl Energy hopes to begin scaling up production of its high-efficiency generator systems. According to the company, the number of fuel convoys could be cut in half if its devices are widely deployed.
Apple iPad 2 drives innovation
F
or years Apple has driven innovation in the marketplace by providing top notch designs and by paying close attention to the experience generated for users of their products. Last week executives at S a m s u n g ’s mobile division announced that they will revamp the design of their Galaxy Tab line of Android Tablets to compete more directly with the Apple iPad 2.
The primary factors that will be addressed by Samsung’s redesign efforts are the weight
of the Galaxy Tab and the device’s thickness. It seems that they are attempting to build a sleeker device that can compete in style, functionality, usability, and price with other
comparable devices on the market, namely the iPad 2. Only time will tell if the engineers at Samsung will be able to produce a product that can compete in the marketplace with Apple’s hugely successful iPad line. I would be willing to bet that it will take several years before anyone produces a device that can capture any significant mind share.
Samsung targets Nokia Symbian developers
S
amsung Electronics is luring developers working on Nokia's Symbian platform to change sides as the Finnish company is to abandon this platform. Nokia, the world's largest handset maker, said last month it would replace Symbian with Microsoft's Windows Phone to challenge Apple and Google in the fast-growing smartphone industry. "If you are a Symbian developer unhappy about Nokia's recent announcements, and are hence looking for a new platform to showcase your talents, we say 'Hello!' and 'welcome to bada (operating system),' said a newsletter posted by a Samsung developer on the Internet and quoted in online media. "If you're new to the bada development, or are moving your app from Symbian, we'd like to welcome you." Google and Skype have said openly they are seeking to tap into Finnish engineering talent looking for new jobs following Nokia's announcement. "There are clear similarities between Symbian and Bada for developers," said analyst Geoff Blaber from British consultancy CCS Insight. "Bada will view Symbian's demise as an opportunity to capture developers. With Android dominating low-tier smartphone development, Bada looks an increasingly attractive alternative if it can accelerate its move down the price curve to fill the Symbian void," Blaber said.
Home WiFi gives 30 pc slower connection
Samsung Galaxy Pro, a smart-phone
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ost mobile phone users would agree that a physical QWERTY keyboard on a smartphone can not compare with a virtual one. Samsung has found it necessary to offer an Android phone to those who need to write more. Samsung has changed the operating system interface of Android 2.2 to fit the screen of 2.8? horizontally for the new Galaxy Pro. The smartphone comes with a 2.8inch 320×240 touchscreen and boasts a 800MHz processor with 512MB RAM, wireless network card, GPS and Bluetooth. Its interface is the ideal solution for
users who are constantly juggling with work and personal relationships, using multiple social networks and receive a large volume of messages and emails. To simplify their lives, Social Hub Premium includes all email accounts, instant messaging and social networks in one place, providing direct access to all the media. To arrive out of the box with Android 2.2 Froyo, Galaxy Pro will be able to provides access to over 150,000 apps and services stored on the Android Market. Unfortunately, we have no info on when upgrades to more updated versions of Android will be available.
Microblogs in China govt's fight to win consent
C
hina's wary government is a world champion in internet censorship, but Communist Party leaders now want to master the trickier feat of actively shaping online opinion.
"To what degree this is genuine and impacts citizens positively, that's an open debate." For now, Chinese officials' efforts to connect online appear to be more patronizing and fusty than feisty.
The results so far don't match the zap and crackle of China's young, who have embraced microblogs as their latest tool for spreading information and opinions that can make Party officials see red. But there's no mistaking the Party's determination to reach China's 450 million Internet users. President Hu Jintao recently called the "virtual world" his next battleground, and the nation's Party-run parliament, now in session, has brought talk about how to win over or control the country's microbloggers. Hu recently called for fresh ways to "guide online public opinion," amid online calls for Chinese people to emulate the "Jasmine Revolution" sweeping the Middle East. "This is all part of the longer trend in more interactive governance," said David Bandurski, a researcher at the China Media Project at the University of Hong Kong.
"Recently, a woman from a minority ethnic group wrote to me, saying 'over the past year, we local residents have gradually felt the warmth of unity and love'," wrote the party chief of Xinjiang, Zhang Chunxian, on his first microblog message on QQ, a Chinese social networking website, last Wednesday. Zhang -- the highest known Party official to join microblogging according to Xinhua news agency -- became party chief of China's far-western region of Xinjiang last April, about nine months after bloody ethnic riots in the province prompted authorities to shut down cellphone and Internet services. Zhang, who has gained more than 148,000 followers on his microblog, said it can "be used to promote the government's efforts in Xinjiang's development," he told the state-owned China Daily.
D
ownload speeds for consumers using WiFi stations are on average 30 percent slower than they are for users of fixed connections, because of physical barriers and interference from devices like microwaves, a study showed on Thursday. Broadband research firm Epitiro said the differences are rarely visible when surfing Internet, but higher latency and bigger loss of data transferred over WiFi connection could well hurt usage of online gaming, Internet telephony or video streaming. The advice to consumers is simple. "Set up your laptop at location at home where you get a good signal," said professor Andy Nix from Bristol University. "When you are far from the WiFi station, on battery, and your microwave is on -- the connection is not that great." For the study Epitiro monitored performance of 14,001 consumer broadband connections in Britain, United States, Italy and Spain from November 2010 to February 2011.
Latest Gadgets Veho Mimi all-in-one wireless input device Wireless input devices have been present for a while, but we never got a chance to experience the combination of all input devices into one, until now. Today we have hybrid controller that comes from Veho and this controller combines everything that you need. This controller is a combination of keyboard, mouse, and a joystick so it’s perfect for almost all your needs.
Fiskar's '88' headphone amplifier There are headphone amplifiers, and then there's Fiskar's 88. Designer Edouard Urcadez took the liberty of utilizing the Fiskar brand on this here concoction, which features an unorthodox form factor, larger-than-life volume / tone knobs, an array of rear outputs and a Made in Finland badge. There's no theoretical specifications to simmer on, but the inclusion of speaker outputs leads us to believe that we're looking at a dual-stage amp or one with far more power than most headphone pushers.
Check out this Konect USB watch!
Latest keyboard for Facebook Geeks
Konect USB appears to be designed for our post watch era. Seriously, I haven’t used a watch since I got my cellular phone, and I’m guessing that I am not alone. The Konect comes with a slot for a USB drive, and it does more than just keep it safe. The user will be able to access any tunes that are on the USB.
Facebook has become the largest social network giant of the world. With every passing day, Facebook users are increasing at an exponential rate. With this increasing pace, there needs to be ways that makes access to Facebook easier. Such resources (either softwares, apps or hardware) are always welcomed by the millions of users.
ASUS Notebooks – U36JC Laptop ASUS has been trying to differentiate itself for a long time in the laptop market and to this end they’ve created the ASUS U36JC. It’s a 13.3 inch machine that’s only .76 inches thick at its widest point. And how much would you expect something so thin to weigh? How about just under 4 pounds? So what do you get inside this little chassis? The U36JC comes equipped with a Core i5-460M processor and 4 GB of RAM. In addition, it’s packaged with a NVIDIA’s GeForce 310M graphics card and a 500 GB hard drive.
4 Sunday, March 13, 2011
Doubts about security of US nuclear facilities
The Financial Daily International Vol 4, Issue 126
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Rising delinquency of agriculture sector The Agricultural Credit Advisory Committee (ACAC) had set an indicative agricultural credit target of Rs270 billion for current fiscal year. The target was 8.8 per cent higher than the disbursement of Rs248 billion during last fiscal year. Out of the total target, Rs181.3 billion were allocated to commercial banks, Rs81.8 billion to ZTBL and Rs6.9 billion to Punjab Provincial Cooperative Bank Limited (PPCBL). According to credit disbursement details during first half current financial year five major banks as a group disbursed Rs55 billion, ZTBL disbursed Rs21 billion, domestic private banks disbursed Rs22.7 billion and PPCBL disbursed Rs2.9 billion. Non-Performing Loans show a slight increase as three agricultural provinces of the country have witnessed flood in August last year. The flood has destroyed standing crops, of which growers were unable to payoff their already obtained loans. The State Bank of Pakistan has revealed that NPLs under head of agriculture financing has surge by 6.56 per cent to peak level of Rs34.1 billion or 18 per cent of the outstanding loans as on December 31, 2010 as compared to Rs32 billion or 17.7 per cent of the outstanding loans as on December 31, 2009. Major increase was registered in NPLs of ZBTL, which have gone up by Rs4.2 billion to Rs18.2 billion in December 2010. NPLs of five leading commercial banks have declined by Rs0.9 billion to Rs6.4 billion in December 2010 as compared to Rs7.5 billion in December 2009. NPls of domestic private banks has surged by Rs300 million to Rs4.8 million. In addition, with a decline of Rs900 million the NPLs of PPCBL stood at Rs 4.9 billion from R 5.8 billion during the same period. A closer look at the NPLs of ZTBL and five leading banks reveals interesting facts. While NPLs of ZTBL grew by Rs4.2 billion, NPLs of big five commercial banks declined by Rs0.9 billion. This contrast can be attributed to one fact, better risk management by the big five through credit insurance. Many critics had expressed their apprehensions on the unsatisfactory credit insurance arrangements made by ZTBL. Insurance experts say that Pakistan has completed the first phase of crop insurance and now they have to go a few steps forward. The first step in to offer comprehensive insurance of four major crops. The second step is formation of insurance pool, with Government of Pakistan contributing lion's share. The system is already in place in India and can be easily replicated in Pakistan. Let one point be very clear in the minds of economic managers that comprehensive crop insurance has become need of the time and its success largely depends on formation of pool by the government. Since catastrophes are taking place more frequently and the quantum of losses is also on the rise, it is advisable that comprehensive crop insurance be introduced at the earliest.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
T
he massive earthquake that forced the closure of four nuclear power plants in Japan has highlighted the grave risk of inadequate back-up generators at U.S. facilities, a leading U.S. scientist group said on Friday. While the U.S. regulators made clear that the national nuclear fleet is built to withstand the biggest earthquakes in history, scientists said they needed to do more to ensure that future quakes don't risk the kind of reactor impact that Japan is now grappling with. . "We do not believe the safety standards for U.S. nuclear reactors are enough to protect the public today," Edwin Lyman, senior scientist, global security programs, at the Union of Concerned Scientists, told Reuters. The group supports nuclear power as a means to combat global warming, but wants tougher safety measures. The magnitude 8.9 earthquake that rocked Japan on Friday knocked out power to the backup cooling systems of a reactor in Fukushima prefecture, north of Tokyo, forcing the evacuation of thousands of residents. Operator Tokyo Electric Power Co said rising pressure inside the No.1
reactor had elevated the risk of a radiation leak, Jiji News reported on Saturday, although officials said earlier there had not been a leak. Lyman said U.S. reactors also do not have enough backup power to ensure a safe shutdown during an emergency. If
of a similar quake, one of the five biggest of the past century. "There have been tremblers felt at U.S. plants over the past several years, but nothing approaching the need for emergency action," Scott Burnell, a spokesman at the Nuclear Regulatory
“We do not believe the safety standards for U.S. nuclear reactors are enough to protect the public today," Edwin Lyman, senior scientist, global security programs, at the Union of Concerned Scientists, told Reuters. The group supports nuclear power as a means to combat global warming, but wants tougher safety measures. reactors could lose both off-site power and backup generators it could lead to a core meltdown in a short period of time. Nuclear plants need power to keep water flowing over the fuel rods to prevent overheating. BUILT TO STAND But news of widespread shutdowns across the nuclear sector in Japan raised questions about how the United States' 104 reactors would respond in the event
Commission said. Before any reactor is built in the United States, owners are required to conduct geologic seismic studies to determine the biggest earthquake to have occurred in that area going back thousands of years. As in Japan, U.S. reactors are designed to safely shut in the event of an earthquake. If a bigger earthquake were to occur, Burnell said the plant safety systems
would continue to provide the level of safety needed to shut the plant but there would likely be some degradation, though not more than the plant was designed for. Two U.S. nuclear plants along the California coast made preparations for a potential Pacific Ocean tsunami on Friday, but continued to operate normally. The reactors -- built by companies including PG&E Corp and Edison International -- are designed to safely shut in the event of an earthquake that big, Burnell said. There are multiple and redundant safety systems at a nuclear plant used to shut the reactor and prevent the release of radiation during an accident. These systems include an air tight steel or reinforced concrete containment building with walls between 4 to 8 feet thick that is strong enough to withstand the impact of a fully loaded passenger airliner without rupture, and a reactor vessel containing the uranium fuel rods that is made of high tensile steel four to eight inches thick. The two biggest nuclear operators in the United States are Exelon Corp and Entergy Corp.-Reuters
Euro zone leaders agree to strengthen bailout fund E
uropean leaders agreed Saturday to strengthen the euro zone bailout fund, make its loans cheaper and lower the interest rate on loans extended to Greece, a move to get on top of the yearlong debt crisis. In a bold series of steps that may help to calm some of the pressure in financial markets, the leaders of the 17 countries that share the European single currency said they would increase the guarantees they pay into the European Financial Stability Facility, allowing its capacity to be increased to the full 440 billion euros, from a current level of around 250 billion euros. They also agreed to lower the interest rate and lengthen the maturity on loans extended to Greece, reducing the rate by 100 basis points to bring it into line with IMF lending. The term on the 110 billion euros of EU/IMF loans was lengthened to 7.5 years from three, giving Athens more time to repay. "Pricing of the EFSF should be lowered to better take into account debt sustainability of
the recipient countries," Herman Van Rompuy, the president of the European Council, told reporters after the summit of the leaders concluded. Any loans made by the EFSF to any new potential applicant country would be in line with IMF rates. The EFSF now charges a 300 basis point penalty fee for its credit and 50 basis point one-off charges. Ireland, which received an 85 billion euro bailout from the EU and IMF last November, could also benefit from the lower interest rates, but it will depend on discussions on a common corporate tax base, which Ireland strongly opposes. Newly elected Irish Prime Minister Enda Kenny said he had made it clear during more than seven hours of talks that a harmonized EU tax base would be detrimental to Ireland, which has an attractive 12.5 percent corporate tax rate. "I made it perfectly clear that the (common consolidated corporate tax base) in my view was harmonization of the tax rates by the back door and this would be very detrimental to
Ireland and indeed to Europe," Kenny said. French President Nicolas Sarkozy said a deal on Ireland could still be reached at a summit on March 24/25, when EU leaders will meet to sign off on
distressed euro zone member states in the primary market. That will also be the case with the European Stability Mechanism, a permanent facility that will replace the EFSF from mid-2013 and will have
tion, intervene in the debt primary market in the context of a program with strict conditionality." As a further part of their efforts to get on top of a crisis that has engulfed Greece and Ireland and continues to threaten Portugal, the member states agreed that plans should be in place to deal with any bank that demonstrates vulnerabilities in stress tests that will be completed in the coming months. Bad debts in the European banking system continue to undermine efforts to get on top of the broader crisis, exacerbating sovereign debt problems. Many analysts say the sovereign debt crisis cannot be resolved without a solution to the bad banking debts, which could involve debt restructuring.-Reuters
In a bold series of steps that may help to calm some of the pressure in financial markets, the leaders of the 17 countries that share the European single currency said they would increase the guarantees they pay into the European Financial Stability Facility, allowing its capacity to be increased to the full 440 billion euros, from a current level of around 250 billion euros. what they have called a "comprehensive package" to tackle the debt crisis. In further changes to try to make the EFSF more flexible and better able to stave off pressure in financial markets, the leaders agreed to let the bailout fund buy the bonds of
an effective lending capacity of 500 billion euros. "Financial assistance from the ESM and EFSF will take the form of loans," Van Rompuy said. "However, to maximize the cost efficiency of their support, the ESM and the EFSF may also, as an excep-
Rajaratnam tapes to get lots of play at trial R
egardless of whether hedge fund chief Raj Rajaratnam, the Sri-Lanka born American, ends up testifying at his criminal trial, jurors are going to hear a lot from him. Testimony resumes on Monday in the biggest Wall Street insider trading trial in decades, with New York prosecutors expected to play more of the Galleon Group founder's phone calls tapped by the FBI. Rajaratnam is accused of making about US$45 million in illegal profit between 2003 and March 2009 through stock tips supplied by wellplaced friends. Nineteen people have pleaded guilty in the probe, which shocked the hedge fund world because of the government's widespread use of wiretaps, tactics usually deployed in organised crime cases. Back on the witness stand on Monday will be former McKinsey & Co partner Anil Kumar, who has admitted leaking details about the consultancy's clients to Rajaratnam. Federal prosecutors on Thursday played a recording of the two men, one-time business school classmates, discussing corporate information. Rajaratnam's trial in Manhattan federal court began last Tuesday and is expected to last at least two months. If convicted, he faces as much as 20 years in prison on the
most serious charge of securities fraud. Lead defense lawyer John Dowd told the 12-member jury in his opening statement that the government's investigation "focused on snippets of innocent conversations taken out of
figure takes the witness stand. "Tactically, I think it's going to be necessary," said attorney Eric Fisher, of Butzel Long law firm and a former federal prosecutor. "They are going to be hearing Rajaratnam's voice over and over again and the defense
Kumar is the first cooperating witness to testify for the government. In calmly delivered testimony on Thursday, he described getting paid by Rajaratnam for information about deals involving chip maker, Advanced Micro Devices, a McKinsey client. When Rajaratnam's defense lawyers cross examines Kumar, they will seek to damage his credibility. context" and the information "you hear discussed on those telephone calls was public." A spokesman for John Dowd has declined to comment on whether Rajaratnam, 53, will testify. Some lawyers not involved in the case say that because the government may play up to 173 audio recordings for the jury, the trial could be the rare high-profile case where the central
can't rely on arguments that the government hasn't met its burden of proof." Kumar is the first cooperating witness to testify for the government. In calmly delivered testimony on Thursday, he described getting paid by Rajaratnam for information about deals involving chip maker, Advanced Micro Devices, a McKinsey client.
When Rajaratnam's defense lawyers cross examines Kumar, they will seek to damage his credibility. Indian-born Kumar, 52, has pleaded guilty to conspiracy and fraud charges in the case and will be sentenced later this year. He told the court he has been under investigation by tax authorities and owed $1 million in back taxes, which he has since paid to the Internal Revenue Service. Kumar said Rajaratnam deposited $500,000 a year in $125,000 installments every three months to a bank account in Switzerland. The money would be reinvested in a Galleon account in Bermuda under the name of Kumar's housekeeper. The Galleon probe has been embarrassing to McKinsey, which has not been accused of wrongdoing. Its former chief, Rajat Gupta, has also been ensnared in the case. The U.S. Securities and Exchange Commission accused Gupta of leaking Goldman Sachs secrets to Rajaratnam when he sat on the bank's board. Gupta denies the accusations. Prosecutors say they will present evidence of calls between Gupta and Rajaratnam. To convict, the evidence must convince the jury that Rajaratnam received information from someone who had a fiduciary duty not to disclose it.-Reuters
5
Sunday, March 13, 2010
Women feel guilty Antibiotics effective about work-home against ear infection intrusion C W omen are more affected than men by the intrusion of work into their home-life through e-mails, phone calls and texts and report higher levels of psychological distress, according to new research. Although women are equally adept at juggling the demands of work and home, they feel more guilt when contacted by bosses, colleagues and clients at home. "This guilt seems to be at the heart of their distress," said Paul Glavin, of the University of Toronto and the lead author of the study. The scientists analyzed information on 1,042 American workers nationwide. Their findings, which are published in the Journal of Health and Social Behavior, showed that for women the guilt persists even if the work intrusion does not interfere with their family life. "Levels of distress and levels of guilt are low overall," said Scott Schieman, a co-author of the report and a professor at the University of Toronto in Canada.
"For women levels of guilt and distress seem to be correlated quite strongly with the frequency of contact. Women experience, on average, a rise in guilt and distress as you increase levels of this contact," he explained in an interview. Men who received frequent workrelated calls or texts outside working hours were less affected than women. Schieman added that the findings were consistent, regardless of the age of the women, their marital or parental status or socioeconomic level. He suggests that although women have become economic providers in dual-income households they have different expectations from men over the boundaries separating work and family life. "These forces may lead some women to question or negatively evaluate their family role performance when they're trying to navigate work issues at home."
ontrary to what some guidelines say, antibiotics may be a good treatment for middle ear infection if the diagnosis is certain, according to two new studies. The reports, out in the New England Journal of Medicine, show a specific antibiotic cut the time it took for symptoms to disappear. The results contradict the latest recommendation by the American Academy of F a m i l y Physicians that doctors take a watchful-waiting approach in most cases. In a journal editorial, Dr. Jerome O. Klein of the B o s t o n University School of Medicine says the new findings provide "the best data yet" for resolving whether antibiotics are the best option, "and the answer is yes." "More young children with a certain diagnosis of (middle ear infection) recover more quickly when they are treated with an appropriate antimicrobial agent," Klein concluded. In one study, led by Dr. Alejandro Hoberman of the Children's Hospital of Pittsburgh, nearly 300 infected toddlers were given ten days of treatment with either dummy pills or an antibiotic called amoxicillin-clavulanate. After 10 to 12 days, doctors examining the kids' ear found that half of those on dummy pills still had an infection compared to only 16 percent of those getting the antibiotic. "The results were even more impressive than what we anticipated," Hoberman said in
a telephone interview. The second study involved 319 Finnish children aged 6 to 35 months who had clear signs of ear infection, including middle-ear fluid and fever, ear pain or breathing prob-
lems. About 45 percent of the kids on dummy pills remained sick after 7 days, versus less than one in five of those on the antibiotic. The difference between the two groups was apparent within two days. "Most of the patients who needed rescue treatment had received placebo" and antibiotics cut the need for rescue treatment with amoxicillin by 81% (p<0.001), coauthor Dr. Aino Ruohola of the University of Turku said in a telephone interview. The drug treatment also shortened the period with fever, poor appetite, decreased activity and irritability, the researchers said. They
The 7-year itch is now the 3-year glitch The "three-year glitch" has replaced the "seven-year itch" as the tipping point where couples start to take each other for granted, according to a new survey. Weight gain, stinginess, toe-nail clippings on the bathroom floor and snoring are a few of the passionkillers that have led to a swifter decline in relationships in the fastpaced 21st century, said the study commissioned by Warner Brothers to promote the release of comedy film "Hall Pass" in UK cinemas. The survey of 2,000 British adults in steady relationships pinpointed the 36-month mark as the time when relationship stress levels peak and points to a new trend of "pink passes" and "solo" holidays away from partners and spouses that many Britons resort to in order to keep romance alive. "Longer working hours combined with money worries are clearly taking their toll on modern relationships and we are seeing an increasing trend for solo holidays and weekends away from marriages and relationships in order to revive the romantic spark," said pollster Judi James who oversaw the survey. The poll compared feedback from those in short-term relationships (defined as less than three years) and
people who were married or in longer-term partnerships. The findings showed that 67 percent of all of those surveyed said that small irritations which are seemingly harmless and often endearing during
This suggests that as we get older together, romance gives way to day to day practicalities, supported by the fact that 55 percent of busy people in longer-term relationships admit that they now have to "schedule" their
the first flushes of love often expand into major irritations around 36 months. More than half of the Brits surveyed (52 percent) who were in younger relationships said they enjoyed sexual relations at least three times a week, compared to just 16 percent of those in relationships older than three years.
romantic time. The report also said that those in the first flush of love can look forward to an average of three compliments a week from their partners - a figure which falls to an average of a single weekly compliment at the three-year high tide mark. The prognosis gets worse the longer we stay in relationships, three
in 10 of those surveyed that have been in a relationship for five years or more said that they never receive any compliments from their partners. The findings also showed that more than three quarters (76 percent) of all people surveyed responded that "individual space was important" within a relationship and pointed to a rise of individual activities. A third (34%) of those who have been seeing their partners for longer than three years have at least two evenings a month defined as a "pass" or a "ticket" where it is accepted that they can pursue their own interests and 58 percent of the same sample group enjoy regular holidays without their partners. The top 10 everyday niggles and passion-killers: 1. Weight gain/lack of exercise, 13 percent; 2. Money & Spend thriftiness, 11 percent; 3. Antisocial working hours, 10 percent; 4. Hygiene issues (personal cleanliness), 9 percent; 5. In-Laws/extended family - too much/too little, 9 percent; 6. Lack of romance (sex, treats etc.), 8 percent; 7. Alcohol - drinking too much, 7 percent; 8. Snoring & anti social bedtime habits, 6 percent; 9. Lapsed fashion-Same old underwear/clothes, 4 percent; 10. Bathroom habits - Stray nail cuttings etc., 4 percent.
calculated that fewer than four children would need to be treated to avoid one treatment failure. "If the diagnosis of acute otitis media is certain, as we tried to be in both of these studies, these children benefited from antimicrobial treatment, no doubt about it," Dr. Aino Ruohola of the University of Turku, who worked on the study, said in a telephone interview. But children in both studies who received the antibiotic were significantly more likely to suffer side effects, primarily diarrhea. In the study in Finland, for instance, nearly half the kids on antibiotic treatment had diarrhea compared to just more than a quarter of those not getting the drug. Eczema was also more likely, although not as common; it appeared in 9 percent of the treated children versus 3 percent of the youngsters on dummy pills. Ruohola said that because half the children receiving dummy pills recovered on their own, some youngsters with middle ear infection don't need antibiotics. But identifying them remains a challenge, she added.
UK to ban displays of cigarettes, tobacco in shops
A
ll shops in England will be banned from openly displaying tobacco products by April 2015 as part of a government package of measures to cut smoking. The Department of Health, announcing the legislation on national No Smoking Day, said the new rules would be phased in to give retailers time to adjust. Cigarettes and other tobacco products must be kept out of sight in large stores and supermarkets by 2012 and in small shops by 2015, ministers said. Only temporary displays in "certain limited circumstances" will be allowed as the changes take effect, the Department of Health said. "Smoking is undeniably one of the biggest and most stubborn challenges in public health. Over eight million people in England still smoke and it causes more than 80,000 deaths each year," said Health Secretary Andrew Lansley in a statement. The rules were part of a strategy to stamp out smoking by stopping the promotion of tobacco by making it less affordable and helping users to quit, he added. Just over 20 percent of adults smoke in England and the government wants to reduce that to 18.5 percent by 2015. The government said it would keep an "open mind" on whether manufacturers should be forced to put cigarettes in plain packaging and is planning a consultation on different options before the end of this year. Britain's cigarette market is dominated by Imperial Tobacco, which makes Lambert & Butler and Japan Tobacco International which makes Benson & Hedges. Together they control more than 80 percent of the domestic market. Pall Mall cigarette maker British American Tobacco has a share of around 6-7 percent. The tobacco companies are challenging the ban through the British courts with a judicial review due in April.
Size zero and its side effects A
s a new research reveals the side effects of size zero, we find out if it's still a fad followed by many... For those of you who want to dump your curves and crave to be a size zero, here is a warning. A new research done by a foreign university reiterates something you guessed before: girls dieting to be size zero could be risking their bones to longterm problems such as osteoporosis. The research conducted on 4,000 young girls, shows that fat mass plays an important role in building bones. Recent research conducted by a London based college, also found that constant images of reed-thin, size-zero models, pop stars and actresses fuelled a rise in eating disorders amongst young women. In India, Bollywood hottie Kareena Kapoor sparked the craze for size zero after she reportedly lost eight kilos to acquire a bikini body for
Tashan in 2007. While celebs like her can take pride in setting a trend, for young followers there could be health hazards. Building strong bones is particularly important for women, as they are three times more likely to develop osteoporosis and suffer up to three times more hip fractures than men. Actress Gul Panag points out, "Size zero has sparked low self-esteem issues, resulting in bulimia, anorexia and body dysmorphic disorders. Looking thin is like being a poster girl for sickness and bad health. I believe it's more important to be fit than be thin and look sick." Former Miss India Parvathy Omanakuttan agrees with Gul."The term size zero is a gimmick to sell certain products in the market." Fitness experts point out that
size zero is unhealthy and not many
are aware of what it really implies.
"Size zero refers to maintaining a slim figure. Do the right kind of exercises under the guidance of a certified trainer and have the right kind of food that can help you acquire a slim figure. Simply aping superstars and trying to be a size zero is something no sensible person will support," concludes fitness expert Dinaz Vervatwala. Unhealthy fad In early 2006, Brazilian model Ana Carolina Reston, 21, died of anorexia on the eve of a Paris photoshoot after living on a diet of apples and tomatoes The death of Uruguayan model Luisel Ramos at the Uruguay Fashion Week in 2006 led to the ban on size zero girls parading at the Madrid fashion shows.
Luisel's father claimed that she had been fasting for days. The already skinny 22-year-old had been informed by her model agency that she could "make it big" if she lost a significant amount of weight. She collapsed while going for a final costume change and died despite the efforts of an emergency team trying to resuscitate her. Six months later, Luisel's sister, 18year-old model Eliana was found dead in her bedroom. Primary diagnosis revealed that it was death due to symptoms of malnutrition. When Kate Moss first hit the modelling scene, she was compared to Twiggy for her skinny frame. Not long after followed the accusations that she was anorexic. Actress Nicole Richie was reported to have collapsed on set. Citing dehydration, she has tried in vain to quench rumours that she suffered from malnutrition.
International
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Sunday, March 13, 2011
NO OUTSIDE HELP IN SIGHT FOR LIBYAN REBELS * OUTSIDE POWERS RELUCTANT TO STEP INTO LIBYAN CIVIL WAR * U.N. AUTHORITY SEEN VITAL, BUT CONSENSUS LACKING * IRAQI AND AFGHAN CAMPAIGNS HAUNT U.S. POLICYMAKERS
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ebels trying to topple Libya's Muammar Gaddafi have so far fought alone. Help is not in sight, even as he strikes back with tanks, artillery and warplanes. Gaddafi is widely reviled in the Arab world, even by his fellow autocrats. Nor is he loved by the Western powers that had courted him for his oil until the revolt against him. Yet with the military momentum appearing to shift in his favour, the Libyan leader of 41 years may succeed where Egypt's Hosni Mubarak and Tunisia's Zine alAbidine Ben Ali failed, in clinging to power. His willingness to use extreme force, with no effective riposte from the outside world, could also set a dangerous example to other Arab rulers confronting disaffected populations. According to a sombre assessment by U.S. President Barack Obama's national intelligence chief, James Clapper, Gaddafi is "in this for the long haul" and is likely to prevail. Public calls are growing for some action to save rebels and civilians from the firepower of pro-Gaddafi forces, now regaining ground near Tripoli and along the eastern coast. Yet nothing has been done beyond sanctions in the form of an asset freeze and arms embargo, threatening prosecution for war crimes, and French-led moves to recognise a rebel national council. The rag-tag Libyan fighters battling Gaddafi's military cannot fathom what the world is waiting for, even as the leader's son Saif al-
Islam declares that they face a fullscale assault to crush their threeweek-old uprising. "I am disappointed as we have asked for air and sea blockades," Mustafa Abdel-Jalil, head of the opposition national council in Libya, told the BBC on Friday, saying that delaying action further "might allow Gaddafi to regain control and remain in power against the will of the Libyan people". Yet there is no international consensus on robust action. Judging by Thursday's meetings of the Gulf Cooperation Council (GCC), the African Union and NATO, none will emerge soon. European Union leaders were meeting on Friday to discuss Libya. MISSION CREEP Many fear mission creep if, say, a no-fly zone were imposed. "What happens if it is not the Libyan air force that is gaining ground, but their armour ... and heavy artillery?" asked Timur Goksel, a former U.N. peacekeeping adviser in Beirut. "Then what do you do, attack those? Because that's not a no-fly zone, it's war. It's a very complicated decision. The Western countries have to think very hard," Goksel said. For all their anti-Gaddafi rhetoric, Western powers are wary of plunging into another conflict in a Muslim nation in the absence of any simple way to remove a leader bent on survival. The United States is hamstrung by its costly and contentious military campaigns in Iraq and Afghanistan. Russia and China, along with Arab nations such as
Algeria and Syria, are queasy about any precedent for meddling in another country's affairs. So it is hard to get the U.N. Security Council to authorise military action -- no-fly zones or sending military advisers or weapons to rebels are arguably acts of war -- and no nation or alliance is yet ready to step in without such approval. The International Crisis Group has argued instead for a ceasefire and negotiations to end a burgeoning Libyan civil war. "Western calls for military intervention of one kind or another are perilous and potentially counter-productive. There are no quick or easy fixes," the conflict resolution group says. "Insisting that Gaddafi step down will not make it happen. Imposing a no-fly zone, bombing airfields or arming the rebels could tilt the balance of power in the rebels' favour, but is unlikely to swiftly bring down the regime." The African Union, rejecting any military intervention, plans to send five heads of state to Libya to seek a truce. The Arab League has suspended Libya's membership. Saudi Arabia and its five partners in the GCC have voiced support for a no-fly zone and declared Gaddafi's rule illegitimate. The Arab League was due to meet in Cairo on Saturday and officials said it would not let a delegation from Tripoli attend. But decisive action from the League would be a surprise. "EMASCULATED BODY" "The Arab League has become
an entirely emasculated body that is essentially capable of doing nothing except rhetoric and speeches," said Karim Makdisi, who teaches international relations at the American University of Beirut (AUB). He said most Arab regimes remained intact despite the overthrow of leaders in Egypt and Tunisia and popular unrest against others. None of them wanted the Arab League to lead the way in intervening against the government of a member state. NATO is also skittish about proposals to crimp Gaddafi's military with a no-fly zone. This would require evidence of war crimes against civilians, a clear legal basis and firm regional support, said its secretary-general Anders Fogh Rasumussen. U.S. Secretary of State Hillary
Clinton has signalled that her country will not go solo in imposing a no-fly zone on Libya. "Absent international authorisation, the United States acting alone would be stepping into a situation whose consequences are unforeseeable," she said on Thursday, belittling the effect of past no-fly zones in Iraq and Serbia. Gaddafi, like Iraq's Saddam Hussein, would portray any Western intervention as a selfish, colonial venture -- rhetoric that for many Arabs is grounded in decades of bitter reality. "What we fear most is this European and Western eagerness to take control of Libya's oil," said Omar Nashabe, an editor at Beirut's al-Akhbar newspaper, which is sympathetic to Hezbollah.
Many Arabs feel outraged by Gaddafi's bloody strikes against his foes, but might also mistrust Western action, especially if an air embargo produced unintended civilian casualties. "There is no belief that U.S. intervention will be brief, in the interests of Arabs, or serve the interests of stability," said AUB's Makdisi. Many Arabs would see it as oil-motivated or as a U.S. bid to get ahead of the curve after failing to respond adequately to the pro-democracy revolts in Egypt and Tunisia. "The wider context is the abysmal failure of the Obama administration to have any coherent U.S. policy toward the Middle East," Makdisi said, citing its past support for Arab strongmen and its ill-starred Israeli-Palestinian peace drive. -Reuters
Gold Fends Off Ecb Hawks As Debt Crisis Deepens G old prices are likely to weather expected rises in euro interest rates this year as investors fret over the region's debt crisis and the damage tighter monetary policy can do to its patchwork of economies. A rise in interest rates makes gold less attractive to investors who get improved returns from bank accounts or bonds. When European Central Bank President Jean-Claude Trichet said on March 3 inflation warranted "strong vigilance", the markets took that as the clearest signal yet that rates will rise for the first time in two years. The news stripped nearly 1 percent off the gold price in a matter of minutes, but the effect was short-lived. Within a couple of sessions,
gold prices rallied to record highs at $1,444.40 an ounce. "What investors are really looking at is, in our view, a combination of the interest rate environment and expectations for inflation," said Tobias Merath, a commodities analyst at Credit Suisse in Zurich. The ECB has a delicate balancing act ahead. It is committed to tackling inflation, which has picked up as food and energy prices have soared, yet tighter monetary policy risks undermining the weaker euro zone members and hurting the fledging recovery outside of Germany, the bloc's richest member. Since Trichet flagged the ECB's intentions, the euro has fallen by 0.2 percent against the dollar, as the vul-
nerability of the euro zone periphery members has come once again to the fore, while gold priced in euros has risen by nearly 2 percent, shrugging off the threat of higher rates. "Last year bond yields were on a downtrend for the most part of the year and that makes gold as a nonyielding asset more attractive. We would argue that the longer yields remain low, the more money will find its way into the gold market," Merath said. GOLDEN SHIELD The bond markets hounding Portugal to seek a bailout and Moody's cuts to credit ratings for Greece and Spain have highlighted the fragility of the bloc's indebted members and lifted gold's appeal for investors seeking
an alternative to stocks or bonds. Furthermore, real rates in the euro zone -- the ECB's benchmark refinancing rate minus inflation -- are negative, and will remain so unless the nominal rate is lifted by a lot more than the 25 basis points the market is pricing in next month, as long as headline inflation is above the bank's 2 percent target. "Real interest rates globally are still very low," said Standard Bank analyst Walter de Wet. "Even if the ECB raises interest rates 50 basis points, it seems, given rising inflation expectations, real interest rates will pretty much remain unchanged." "The default, especially for gold, remains what real interest rates in the U.S. are
doing. We know the Fed is not likely to change its monetary stance at all this year and inflation expectations there are rising too." Dollar-priced gold has gained over 15 percent since August, when the Federal Reserve signalled it would inject over half a trillion dollars into the economy by buying government bonds. Money markets show investors expect the ECB to raise rates to 1.75 percent by the end of the year from 1 percent now. But inflation is still likely to persist, especially with crude oil trading well above $100 a barrel. "Our view is that the economy should be able to handle slightly tighter policy. But a lot will depend on the oil price. If that soars
above $120, maybe it would delay these expected rate increases. It's by no means a given that we will see rates rise next month," said Credit Agricole analyst Robin Bhar. Even if headline rates do rise, the violence still sweeping the Middle East and North Africa is likely to offset whatever residual unease this may lend to gold bulls, as it fuels fears of oilled inflation and burnishes gold's safe-haven status. The correlation between gold and the euro turned negative in late January, when protests erupted across the Middle East, prompting a flight to perceived safe-havens like gold, but returned to positive territory a month later when the ECB stepped up
its inflation-battling rhetoric. The two assets' normally positive correlation reversed when Greece was bailed out last April and remained negative until late July, when market anxiety over the region's finances temporarily subsided with the creation of a rescue fund, before flaring again when Ireland sought a multi-billion euro lifeline. "As far as the euro is affected, (the ECB) does have some bearing on gold," said ANZ head of metals sales Peter Hillyard. "By and large I think gold is less interested in these things and tends to look more at the 'hot-spots' like the Middle East or indeed take a much bigger view." Reuters
Thailand Set To Hold Early Election T
hai Prime Minister Abhisit Vejjajiva said on Friday he would dissolve parliament by the first week of May, setting the stage for an early election he hopes will help cement his position after a turbulent two years. The timing of the poll, which would have to be held by early July, is favourable to Abhisit's ruling Democrat Party, which has launched a series of populist programmes to try to woo the working class vote at a time the opposition is in disarray. Here is a snap analysis about what could unfold. * If the Democrats win a majority, Abhisit would finally have a public mandate, which would boost the chances of medium-term political stability after two years in office during which
he has faced repeated, bloody street protests. His powerful opponents in the "red shirt" movement, allied to ousted former premier Thaksin Shinawatra, have vowed to respect the result if the election is fair and they would have little justification for launching further protests against him. * If the Democrats retain power and there is no challenge to the election result, investors might see some policy continuity and a strengthening of regulatory frameworks. A big win for the Democrats could allow the government to press ahead with long-awaited infrastructure projects, such as a big expansion of Bangkok's mass transit systems and several high-speed rail routes. Plans such as changes to
taxation, a minimum wage increase, better welfare, free education and allocation of land title deeds could go ahead. Such moves might appease millions of poor Thais who feel they are becoming increasingly disenfranchised. But another weak coalition could be hobbled by infighting as well as directionless policymaking. * Retention of power by Abhisit might help economic stability and let authorities achieve their aim of GDP growth this year of up to 5 percent. Continued state subsidies might take the edge off food and fuel price rises, help tame inflationary pressures - in the short term -- and limit public discontent. * The Democrats are expected to retain support in
the south and in Bangkok, and its strategists believe the party has made inroads in the centre and parts of the north. Its financially-strong coalition partner, Bhumjai Thai, is hoping to gain more seats in the north and northeast, traditional Thaksin strongholds. * Neither the Democrats nor the opposition proThaksin Puea Thai Party are expected to win an outright majority -- more than 250 of the 500 seats -- which raises the prospect of behind-thescenes deal-making between coalition partners. That might lead to allegations of interference by big businessmen, the military or establishment elites -claims that have fuelled red shirts protests in the past * A coalition may give rise
to infighting, policy implementation problems, parliamentary delays and fighting over cabinet positions, budgets and key appointments. * The Democrats may still emerge as the leader of the next government if the party finishes second in voting and Puea Thai is unable to form a coalition. Puea Thai's affiliation with the red shirts and Thaksin could present a dilemma for smaller parties, who might see the Democrats as a safer bet than a Puea Thai administration likely to face challenges outside parliament. But if Puea Thai wins the most votes and cannot rule, its supporters will cry foul. * Puea Thai is currently in a state of disorganisation, factionalised and divided on strategy. Some members
want to use Thaksin as a brand to win support, but others want to distance themselves from him. * A Puea Thai victory cannot be discounted, however. Parties led or backed by Thaksin have won every election in the past decade, thanks to the rural and urban working class vote. * For investors, a Puea Thai vcitory would probably be a less favourable outcome because of intense opposition to Thaksin among the army top brass, influential conservatives and "yellow shirt" nationalists. Thaksin and his allies have had a rough ride since 2005; another proxy for him might not last long. * A win for Puea Thai would significantly increase the possibility of a military coup. Even though this
would be a disaster for Thailand's image among investors and the international community, the idea of Thaksin pulling the strings again might be unacceptable to powerful figures in Thailand. * Botched capital controls imposed in late 2006 by the last army-appointed government prompted Thailand's biggest one-day stock market sell-off. Investors would fear that again. * The next coup may not be bloodless like the one in September 2006. It would incense the red shirts and upset mainstream Thais with no political allegiance, raising the possibility of a prolonged crisischance of an intensification of the crisis, long protests and a heavyhanded military response. Reuters
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Sunday, March 13, 2011
AstraZeneca in $68.5 million settlement deal * Deal on top of $520 mln settlement with US government * 37 US states plus District of Columbia in settlement * 7 other US states still suing AstraZeneca
BERLIN: An employee works on a vaccine assembly line in the vaccine production factory of Sanofi-Pasteur. -Reuters
Influential research misses financial conflicts LONDON: Scientists who review large sets of drug trials for medical journals often ignore financial conflicts that might warp the evidence, according to a study out Tuesday. That's more than just an academic problem, experts say, because the reviews are considered just about the strongest evidence that medical science can muster. "It influences how physicians make decisions and how guideline panels come up with their guidelines," said Brett D. Thombs, of McGill University and the Jewish General Hospital in Montreal, whose findings are published in the Journal of the American Medical Association (JAMA). Thombs' team found that of
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29 reviews, or "meta-analyses," of earlier drug trials -culled from top journals like JAMA and The Lancet -- only two reported who had funded the original trials included in the review. And none of the reviews mentioned whether the authors reporting on those trials had been paid by drugmakers. Such financial ties have been linked to research inflating the benefits of new drugs and downplaying the risks, said Thombs. For instance, according to a 2008 report, only half the trials on antidepressants sent to the U.S. Food and Drug Administration, which approves new drugs, got a positive review by the agency.
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"World is facing the challenge of terrorism and extremism and no country can single handedly fight it out, it needs collective response from all the stake holders," he said. The Prime Minister said that the navies of the world have to play a role and bring harmony. "Exercise of AMAN-11 of Pakistan Navy is a positive step in right direction," he added. Gilani said that despite limited resources, Pakistan would not compromise on its security issues and would use its existing resources of Army, Navy and Air Force to meet challenges. Later, talking to the media, the Prime Minister said that Pakistan enjoys time-tested friendship with China and would like to further expand the bilateral cooperation in this regard. To a question about Raymond Davis case, he hoped that it would not affect the bilateral ties between the two countries and said that Pakistan has reservations about the drone attacks. "Drone attacks have negative affect on war against terrorism," he said. Gilani said there was no clash among the institutions and the government fully respects the rights and mandates of the provinces. Later, Gilani witnessed the naval exercises conducted by Pakistan Navy and participated by 11 other countries. The exercises were aimed at helping the navies to interact with one another about operational capabilities. The participating countries, besides, Pakistan included: Australia, China, France, Indonesia, Japan, Malaysia, Saudi Arabia,Turkey, Sri Lanka, UK and USA. The observer countries included: Algeria, Azerbaijan, Bahrain, Brunei, Canada, Djibouti, Egypt, Jordan, Kazakhstan, Kuwait, Libya, Malaysia, Maldives, Myanmar, Nigeria, Netherlands, Oman, Philippines, Poland, Qatar, Russia, Singapore, South Korea, Sudan, Thailand, UAE, Thailand, UAE, Ukraine and Yemen.
By contrast, from the medical literature it appeared that more than 90 percent of the trials favored the drugs, because the majority of those that were unfavorable simply never got published. To flag potential bias for readers, many medical journals now require authors to declare who funded their study and whether they have any financial conflicts of interest, such as paid consultancies for drugmakers. Thombs' team found that more than two-thirds of the original drug trials that ended up being included in the 29 reviews were funded by pharmaceutical companies. Only 318 of the 509 trials reviewed gave the conflict-of-interest information
in the first place. But most of the time, those financial disclosures got lost in the reviews. "What we noticed is there is a gap between these two levels," Michelle Roseman, a graduate student at McGill who also worked on the new findings, told Reuters Health. When the team contacted the reviewers, the majority admitted they hadn't even looked at the issue. "I think it's a blind spot," said Dr. Cynthia Mulrow, secretary of the International Committee of Medical Journal Editors, which has published guidelines for how to disclose conflicts of interest in medical journals. Reuiters
"So far, grants of Rs400 million have been approved for 8 microfinance providers in respect of 10 major projects which are aimed at addressing institutional strengthening needs of key players," he added. "The Economist Intelligence Unit (EIU) of the Economist magazine has ranked Pakistan at the top in microfinance regulations," he said and added that the EIU report has come at the right time validating SBP's approach to microfinance development. -Reuters
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Continued from page 1
He said, Exchange of parliamentary delegations between two countries and participation of Pakistani scholars, scientists, industrialists and journalists is playing a significant role in giving further boost to mutual relations between the two countries. He particularly lauded Pakistan in providing professional training to the officers of Turkmenistan armed forces of army, Navy and Air force .he said in this context we are so grateful and thankful to Pakistan. -Agencies
NEW YORK: British drugmaker AstraZeneca Plc agreed to pay $68.5 million to resolve allegations by US state regulators that its marketing of the multibilliondollar antipsychotic drug Seroquel was deceptive. The accord with 37 US states and Washington, DC, is the largest multi-state, consumer protection-based pharmaceutical settlement on record, said Paula Dow, attorney general of New Jersey, which is among the settling states. Regulators accused AstraZeneca of unfair and misleading practices in marketing Seroquel for unapproved uses. They also said the company had failed to adequately disclose potential side effects and withheld negative information from scientific studies regarding Seroquel's safety and effectiveness. "This case sends a message that we take seriously the duty pharmaceutical companies have to supply clear, accurate and complete information about their products to health care providers, and to market their products without deception or misleading claims," Dow said in a statement. Seroquel had worldwide sales of $5.3 billion in 2010, including $3.75 billion in the United States. AstraZeneca said it previ-
ously set aside funds in litigation reserves to cover the settlement and will not have to take an additional charge. The multi-state settlement is separate from the $520 million AstraZeneca agreed to pay the U.S. government last year to settle similar allegations. Seven states -- Alaska, Arkansas, Montana, New Mexico, South Carolina, Mississippi and Utah -- did
Jewell said. The multi-state settlement did not include an admission of guilt by the company. "While we deny the allegations, we believe it is important to bring these matters to a close and move forward with our business of providing medicines to patients," Jewell said. The company had been accused of promoting Seroquel for uses not approved by the U.S. Food
not join the settlement and are still suing the company. "AstraZeneca believes that the remaining claims, which are in various stages of litigation, are without merit, and we intend to vigorously defend ourselves," company spokesman Tony
and Drug Administration, such as Alzheimer's disease, anxiety, dementia and depression. While doctors are free to prescribe drugs to patients as they see fit, companies can only promote them for FDAapproved uses. -Reuters
Australia to restrict subsidies to new drugs
SYDNEY: The Australian government will The change represents a higher bar to admisrestrict the number of new medicines it will sub- sion to the A$8.3 billion Pharmaceutical sidise until the federal budget returns to surplus Benefits Scheme, which subsidises the cost of in two years time, the Australian Financial prescription medicines, the report said. About Review reported. three-quarters of all prescription medicines are The report said that in a break with established sold via the scheme. practice, the government was set to defer new The health portfolio is one of three big-spendContinued from page 1 listings to the subsidy scheme unless the medi- ing areas given multibillion dollar targets for No #4 a house worth Rs. 15 million in Islamabad, Rs30 million farm cines will save lives or no treatment already spending cuts by the federal cabinet's expendiexists. ture review committee, the paper said. -Reuters house in Islamabad in the name of his spouse. He has paid an amount of Rs. 300 million in advance for two Kanal plot in Supreme Court Employees Housing Society Lahore. for assistance purpose. He also keeps Rs. 2.9 million assets, Rs. 10 million saving certifiTo a question, he said that 54 per cent work in 'Bakaryal' City had been completed while the cates and two vehicles. remaining task would be accomplished within the shortest possible time. Senator Abdul Nabi Bangash of ANP has a property worth Rs. He said that accommodation facility had been provided to the survivors of Balakot city which was 58.2 million in Pakistan. A house worth Rs. 25 million in UAE, badly affected by the earthquake. -APP Rs. 210 million and Rs. 190 million business in Dubai, Rs. 70 milContinued from page 8 No #9 lion assets, Rs. 6.6 million car, Rs. five million jewellery and bank Those who struggled for the cause of democracy would assemble under the leadership of Mian balance in millions of rupees also belong to him. Senators Maulana Gul Naseeb, Maulana Abdul Ghafoor Nawaz Sharif, he observed. The majority of parliamentary party had taken stand against lota league, Haidari, Abdul Rahim Mandokhel and Pervaiz Rashid were he stated. Opposition had staged drama in Punjab Assembly on Friday, he said adding PML-N would among the senators having lowest declared assets. -APP respond to it in a civilized and democratic manner. Continued from page 1 No #5 The robbers and thieves were raising hue and cry against the verdicts of Supreme Court, he said stranded in traffic mess for many hours. adding decisions of judiciary would be accepted at every cost. PPP Sindh card would not work, he Continued from page 1 No #2 The firing incidents were also reported in Pehalwan Goth, noted. -Online He however, emphasized that the 'transformation' of any micro- Sadar, Garden and other parts of the city. Continued from page 8 No #10 Heavy contingents of police and rangers have been deployed in finance institution into a microfinance bank is not a one-time minor injuries while the kid remained unhurt. move. "It's a long term and rigorous process in which the organi- violence-hit areas in the wake of severe tension among political The injured were rushed to Polyclinic Hospital who is said to be an official of Pakistan zational behaviors have to be constantly modified to a new envi- parties. Telecommunication Authority (PTA), sources added. -APP ronment characterized by competitiveness and regulatory compliContinued from page 8 No #6 ance," he said and added that with this transformation, the NRSP Continued from page 8 PPP leader, Zakaria Butt and Faiza Malik, president PPP No #11 will now be exposed to new set of challenges which will have Women Wing Lahore, were also present. -APP As compared to the corresponding week of last year, the SPI for the combined group in the week consequences for the financial, operational, and strategic risks. under review witnessed increase of 16.76 percent. Yaseen Anwar said that since NRSP holds a market share of Continued from page 8 No #7 As compared to the last week, the SPI for the income groups from Rs.3001-5000 and Rs.5001almost 22%, its commencement of business will result in a subOne-minute silence was observed in memory of late Shahbaz 12000 increased by 0.54 percent and 0.49 percent respectively while for the income group above stantial increase in the market share of regulated microfinance Bhatti. The Interior Minister said that country right now needs Rs.12000, the SPI witnessed very nominal decrease of 0.01. banks within the overall microfinance sector. unity and by uniting we can foil the nefarious designs of anti state During the week under review average prices of 11 items registered decrease, while that of 29 Besides micro-credit, this transformation will also lead to the elements. items increase with the remaining 13 items' prices unchanged. -APP provision of other important financial services (such as deposits, He also issued on the spot instruction for immediate solution to remittances etc.) in the rural areas of our country, he added. the problems being faced by over Pakistanis with respect to Continued from page 1 No #12 "We foresee NRSP Microfinance Bank operating successfully in NADRA and Passport renewals. TV footage showed staff at one hospital waving banners with the words "FOOD" and "HELP" all the districts of Pakistan in near future. I believe that NRSP "The government is aware of problems being faced by overseas from a rooftop. experience will act as a change agent which will facilitate the Pakistanis and will spare no efforts for their solutions," he said. Meanwhile, Japanese shares plunged 1.72 percent on Friday, falling sharply in the closing minutes transformation of other larger MFIs into formal banking system," Malik said that Pervez Musharraf is not being made a target of of trade after the country was hit by a massive earthquake and tsunami. he added. political vindictiveness in Benazir Bhutto assassination case we He said that the State Bank has taken a number of policy and know at whose house the plotting was made and where the suicide The Nikkei index of the Tokyo Stock Exchange fell 179.95 points to 10,254.43. The Topix index program initiatives to promote microfinance in the country. jackets had come from. of all first section shares tumbled 1.7 percent, or 15.33 points, to 915.51. "To facilitate the microfinance industry's growth on a sustainHe said lots of questions were asked from Musharraf regarding The market was already weighed down before the earthquake by unrest in the Middle East, euroable basis, SBP maintains fine balance in regulating the sector and the assassination of Benazir Bhutto but he had refused to give zone debt worries, a wider-than-expected US trade deficit and China's announcement of a rare trade allowing space for innovation and experimentation," he added. response. -Online deficit for February. He said the Microfinance Credit Guarantee Facility, launched It was too early to assess the economic damage, but the quake, centred in northeast Japan, was a Continued from page 8 No #8 with 10 million UK pound, has been able to mobilize private capfloods etc adding, Earthquake Rehabilitation and potentially destructive 8.9 magnitude and caused a tsunami 10 metres (33 feet) high. ital from commercial banks to provide Rs2 billion for the microAmid the early damage was a fire blazing at an oil refinery near Tokyo. Reconstruction (SERRA) is working for all the provinces of the finance sector that will improve outreach considerably. Trading volume spiked as the quake spurred last-minute selling, topping 3.15 billion shares, easiHe said the Institutional Strengthening Fund, worth 10 million country while Provincial Earthquake Rehabilitation and UK pound, also set up at SBP since Dec 2008, aims at strengthen- Reconstruction (PERRA) is bound to look after the affairs in ly the most this year so far. Among major share movers, Honda Motor, Kyocera, and Fast Retailing all finished sharply down, ing institutional & human resource capacity of microfinance Kashmir and Khyber-Pakhtunkhwa. He said that nearly 193 donor agencies are working with Erra falling 2.6 percent to 3,310 yen, 3.0 percent to 8,170 yen and 2.9 percent to 12,250 yen. -Agencies banks and institutions.
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Executive powers not transferable under Constitution
No room for turncoats in PPP: Awan CAIRO: Arab League Secretary-General Amr Moussa attends an emergency meeting of the Arab League foreign ministers, to discuss Libya, at the headquarters in Cairo. -Reuters
SAfrica beat India by 3 wickets NAGPUR: South Africa, needing 13 runs off the last over, broke the hearts of a partisan Indian crowd by pulling off a thrilling three-wicket win in the World Cup on Saturday. Sachin Tendulkar had set up an enthralling Group B encounter with 111, his 99th international century and 48th ODI ton. It also gave him his sixth World Cup three-figure score. That, along with 73 from Virender Sehwag, left India in great shape at 267-1 but their remaining nine wickets crashed for 29 runs to leave them 296 all out after 48.4-overs. In response, South Africa were always adrift of the required run rate although Jacques Kallis (69), Hashim Amla (61) and AB de Villiers (52) kept them in with a chance until Robin Peterson (18 not out) blasted 16 off the final over including a six and two fours to edge the Proteas to a threewicket victory with a ball left.
Inflation up 0.59pc WoW ISLAMABAD: The Sensitive Price Indicator (SPI), for the week ended on 10 March, for the lowest income group up to Rs3000, has registered increase of 0.59 percent over the previous week. The SPI for the week under review in the above mentioned group was recorded at 299.36 points as against 297.61 points registered in the previous week, according provisional figures of Federal Bureau of Statistics (FBS). The weekly SPI has been computed with base 2000 2001=100 covering 17 urban centers and 53 essential items for all income groups and combined. SPI for the combined group registered increase of 0.25 per cent as it went up from 284.88 points in the previous week to 285.59 points in the week under review. See # 11 Page 7
Nato gives a final look at Afghan transit BRUSSELS: NATO has endorsed a transition plan that lists the first batch of provinces and districts to be turned over to Afghan control, the alliance's chief has said. "Ministers from all 48 nations contributing troops to the ISAF mission have today taken a crucial step in this critical mission. They have endorsed the recommendations of the joint Afghan-NATO transition board for the first set of areas to be transferred to Afghan lead," Anders Fogh Rasmussen said in a press conference. Nato's 28 defense ministers, together with their counterparts from 20 other nations participating in ISAF, met Friday at NATO headquarters to discuss the transition in Afghanistan, which is seen as a crucial step for NATO troops to start withdrawals. The Nato chief declined to
give details about the transition plan, which is set to be approved by the Afghan government and unveiled by the Afghan President Hamid Karzai on March 21 (the Afghan New Year). Diplomats and officials have said that six areas, including the provincial capitals of Lashkar Gah, Herat and Mazar-i-Sharif, provinces of Bamiyan, Panshir and Kabul except for the Surobi district, are on the transition list. There are currently around 145,000 U.S. and NATO troops deployed in Afghanistan. The number of Afghan soldiers and police are expected to reach 305,000 by October. Under mounting domestic pressure, NATO countries are eager to pull their troops out of Afghanitan and want to complete the transition process in Afghanistan by the end of 2014. -NNI
Shahbaz idea a wrong call: Kaira GUJRANWALA: The PPP central information secretary Qamar Zaman Kaira Saturday said that the nation is united to oppose the idea of Punjab Chief Minister Shahbaz Sharif for seeking advice from army and judiciary. Talking to media men here on Saturday, he said that the PPP, MQM and PML-N were political rivals therefore they may face some differences but the leadership resolve the problems in the interest of the country. "It is need of hour that the governments should complete its constitutional tenure", he said adding that all the political parties were aware of this need
therefore there was no chance of mid-term election in the country and the government would complete its tenure. He said that the general election would be held transparently and the government was introducing a computerised system in the regard. Kaira said that the PPP would play a responsible role of opposition in Punjab and the good acts of the government would be supported. Qamar Zaman Kaira to a question said that the government will implement the court orders in NAB Chief's appointment, adding, legal formalities regarding the appointment will be fulfilled. -NNI
PPP now a Zardari party: Rana LAHORE: Punjab law minister Rana Sanaullah has said PPP remains no more Bhutto party but it has become Zardari party adding all rotten eggs have assembled at one place. Rana Sanaullah was talking media men here in a local hotel Saturday. He held these rotten eggs were responsible for electricity load shedding. He underlined Q league was not a party but it was lota (turncoat) league. It was a battalion of opportunists, he added. A dictator had created Q-league to serve his interests, he said. Q-league stabbed in the back of democracy by siding with dictator, he alleged. What the doom Q-league met in the assembly was witnessed by the whole nation. Those who joined hands with dictator and those who sided with democracy had been isolated. Some rotten eggs of Q-league had joined PPP and some good elements had returned to PML-N, he maintained. See # 9 Page 7
Man dead as US embassy car hits biker ISLAMABAD: A US embassy vehicle on Saturday hit a motorcylist in Blue Area leaving him critically injured. According to Police officials, Maqbool Ahmed riding a motorcycle sustained severe injuries as a US embassy vehicle bearing registration No MK 743 over-ran him. The police arrested the driver named Karlos, an official of the US embassy, and shifted him to Kohsar Police Station. The police are investigating the driver. The police informed that Maqbool was also accompanied by his wife and child. Maqbool's wife suffered See # 10 Page 7
LAHORE: Federal Minister for Law, Justice and Parliamentary Affairs Dr Babar Awan said on Saturday that executive powers cannot be transferred to anyone in accordance with provisions of the Constitution. Addressing Pakistan Peoples Party (PPP) workers at the residence of Aziz-ur-Rehman Chan, he said that it was mandatory in the Constitution that the system of the country would be run by the elected representatives of people. There is no room for LFO, PCO, or any executive or judicial orders in the Constitution for the purpose, he added. He said the constitutional procedure for executive powers could not be modified or changed. He said that office of the president was a political one, adding that presidents of India, Iran, Afghanistan and the United States were also political presidents. The president was elected by political representatives of the people, he said, and questioned why it shouldn't be political? "Some people do not like politics of the federation," he added. The Minister said when elec-
toral college of the president office was political, then how could the president be apolitical? He said that Punjab Chief Minister Shahbaz Sharif had proposed "judicial martial law" in the country, adding that it was his routine demand. The minister said that there was no disappointment in the country and people who were disappointed with the system and demanding judicial martial law should go to shrines of Madhu Lal Hussain, Data Darbar or Mian Mir. He said the PPP had never given legitimacy to turncoats as it was an insult to political workers and people. He said the media was ousted from the Punjab Assembly on Friday which was condemnable, adding the PPP always respected the media and it believed in a free media. He said the PPP would ensure freedom of the media at any cost. Babar said that restoration of judges, NFC Award and 18th Amendment were achievements of the PPP-led government but some people wanted to take credit for these positive steps. Criticising governance in the
Erra finishes Rs365 billion rehab project ISLAMABAD: Earth Reconstruction & Rehabilitation Authority (ERRA) has completed various projects worth Rs365 billion in earthquake-hit areas of the country and special attention is being given to achieve the remaining task in these areas. Acting Deputy Chairman Erra Brig Masood Ahmed while talking to a news channel said so far, Erra has spent Rs365 billion on various projects while the remaining work worth Rs100 billion is yet to be completed. He said the government and donor agencies had assisted the ERRA in the rehabilitation process, carried out in the earthquake-hit areas. He said that the government and donor agencies had played a vital role after the deadly earthquake of October, 2005. However, he said, more attention is needed to complete the remaining projects in the quake-stricken areas.
Replying to a question, the deputy chairman said that the responsibilities of Erra after permanent status have increased and assured that any task in future would be done to the complete satisfaction of the masses. To a question he said that Erra has been given a permanent status after the approval of the parliament and added that all available resources would be utilized to improve the efficiency of the organization. To another question he said Erra had internal and external audit system. While the donor agencies had their own system to check the transparency in any project, he added. He said that Erra had the ability to utilize the expertise on construction of roads, water, sanitation, governance and electricity projects. He said that provinces had their system to tackle the natural calamities like earthquake, See # 8 Page 7
province, he said that more than 275,000 students could not participate in the examination in Punjab due to the non-provision of roll-number slips and he questioned was it a good governance? Babar remarked the PPP wanted to run the Punjab Assembly in a smooth and efficient manner and it would act as responsible opposition in the province. He said the real problem was the upcoming senate elections and the PML-N was preparing for expected defeat in the Senate election in March 2012 by using undemocratic means and tactics. He urged the PML-N not to avoid elections, adding that all political parties should take part in elections. He directed Raja Riaz, Punjab Opposition Leader, to raise the problem of young doctors in the assembly. He said the PPP wanted to pass accountability law but some parties were not supporting it in the parliament. Raja Riaz, Punjab Opposition Leader, Shaukat Basra, Punjab Deputy Parliamentary Leader, Malik Mushtaq Awan, See # 6 Page 7
No pressure in Davis case, says Malik LONDON: Interior Minister Rehman Malik said that international pressure on Raymond Davis' issue was not acceptable and Pakistani courts would decide in this regard. Addressing to Pakistani community in London, Malik said that Pakistan was in a state of war and banned organisations like Lashkar-e-Jhangavi, Tehreek-e-Taliban and Al Qaeda nexus was on way to destabilise the country and some forces were against nuclear power of Pakistan. He said that due to explosions no one is investing. He said that how much resources these extremists had as they were travelling in luxury vehicles and certainly some forces were backing them who will be exposed soon. He said that overseas Pakistanis should send their money through legal channels so that more foreign revenue is generated and country is put on the path of prosperity. Malik said that killing of Shahbaz Bhatti is against national identity. See # 7 Page 7
Gaddafi pushes rebels from Ras Lanuf; White House says will continue to isolate Gaddafi
'No-fly Zone' tops Arab League talks CAIRO/ UQAYLAH: Amr Moussa, the secretary-general of the Arab League, has called for a no-fly zone over Libya, and has said the bloc wants a role in imposing it. His comments come as members of the organisation meet in the Egyptian capital Cairo for talks on the ongoing crisis. "I do not know how nor who will impose this zone that remains to be seen. The Arab League can also play a role, that is what I will recommend," Moussa said on Saturday in an interview with a German magazine. I am talking about a humanitarian action. It consists, with a no-fly zone, of supporting the Libyan people in their fight for
freedom against a regime that is more and more disdainful." Support from the West for a no-fly zone appears to hinge on the outcome of the meeting as consensus is sought for such an action. Libya has been suspended from the league, and the body has decided not to allow a delegation sent by Gaddafi to attend. It has yet to decide whether to recognise a delegation sent by the opposition. "We know that Saudi Arabia and the Gulf Co-operation Council countries have said they support the idea of a nofly zone. "The dynamic of the league have changed in the last month or so," he said, noting Egypt
and Tunisia's diminished influence that has come as a result of political flux in both countries. Catherine Ashton, the EU's foreign policy chief, will be in Cairo on Sunday to discuss the situation with Arab leaders. On the other hand, Libyan troops forced rebels to retreat overnight from the outskirts of the oil town of Ras Lanuf, pushing the front line eastwards, and the rebel council's chief said more volunteers were ready to fight. The front line now stands between the rebel-held town of Uqaila and Ras Lanuf, where oil storage tanks were hit during Friday's fighting. Rebels blamed an air strike but the
government denied hitting the oil plant. Libya's rebels said there were more fighters standing by. "The volunteers now at the front are less than 30 percent of the people who are willing to go and fight, our people are ready and determined to fight Gaddafi's forces," Libyan National Council chief Mustafa Abdel Jalil told Reuters in an interview. It was clear the rebels had retreated from Ras Lanuf, but with a rapidly-moving battlefield, just how far was uncertain. "We're out of Ras Lanuf. They've beaten us back with bombardment," rebel Colonel Bashir Abdul Qadr told
Reuters. "We've moved back 20 km (12 miles) from last night because we are also afraid the refinery will explode." "Yesterday evening there was heavy bombing from Libyan war planes. This bombardment made us take positions back from Ras Lanuf, but not 20 km as we heard, we are 3 km (away), rebel Colonel Hamed al-Hasi told Arabiya news network, adding: "I advise journalists not to enter the field of operations because we cannot guarantee their safety." There were three air strikes close to a checkpoint near the town of Uqaylah, (40 km, 25 miles from Ras Lanuf) unset-
tling the rebels who moved off the road and into the desert. The colonel told Reuters that, according to engineers, the refinery at Ras Lanuf will blow up in the next five days due to the damage sustained in the operation to retake the town with a fierce land, sea and air assault. This could not be independently corroborated. Rebels, armed mainly with anti-aircraft and anti-tank guns, rocket propelled grenade launchers and light weapons, fought back to hold Ras Lanuf, about 590 km (370 miles) east of Tripoli, but were overwhelmed by Gaddafi's firepower.
"The city is a ghost town. The presence of civilians there is very difficult because of the intensity of the bombardment. Gaddafi's forces are still present in Ras Lanuf, ... Under the aerial cover, they seized the opportunity yesterday," said alHasi, adding: "The battles are far from the oil areas, the battles are on the outskirts of Ras Lanuf." Some 4x4 vehicles with heavy weapons moved back towards Ras Lanuf from the front line in this barren landscape dotted with oil terminals that divides the west with Tripoli as its capital from the rebel-held east and Libya's second city of Benghazi. -Agencies
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