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Obama unveils new US policy for Pakistan, Afghanistan

WASHINGTON: U.S. President Barack Obama Friday said Al-Qaeda is ‘actively planning' attacks on US from safe havens in Pakistan.

Unfolding a new US strategy to defeat Taliban and Al-Qaeda, Obama said Pakistan must be 'stronger partner' in destroying Al-Qaeda safe havens. In this connection, he said Pakistan would be provided financial assistance of 1.5 billion dollars each year for the next five years.

However, he said US would not provide a blank cheque to Pakistan “as they also needed to prove their commitment in war against terror.”

President Obama warned the situation in Afghanistan is increasingly perilous. He said he would plunge 4,000 more US troops into the unfinished war, triple US aid to Pakistan to 7.5 billion dollars over five years, attempt to peel away more moderate Taliban factions and lead a global civilian surge to Afghanistan.

"Attacks against our troops, our NATO allies, and the Afghan government have risen steadily. Most painfully, 2008 was the deadliest year of the war for American forces."

"I want the American people to understand that we have a clear and focused goal: to disrupt, dismantle, and defeat Al-Qaeda in Pakistan and Afghanistan and to prevent their return to either country in the future," Obama said.

"That is the goal that must be achieved. That is a cause that could not be more just. And to the terrorists who oppose us, my message is the same: we will defeat you. "

He said US will not turn blind eye to Afghan government corruption.

The US President proposed setting up a new contact group on Afghanistan including Iran to tackle the Taliban and Al-Qaeda insurgency.

Snowstorm, floods hit northern US states

CALIFORNIA: A heavy blizzard dumped wet snow on volunteers as they rushed to build dikes against rising flood waters in North Dakota, as officials used explosives to try break up ice jams on swelling rivers.

The storm's blustering winds knocked out power to towns across the largely rural prairie state and made many roads impassable as it dumped snow and freezing rain, officials said.

Several bridges and roads were already closed due to flooding as an unusually heavy snow pack began to melt on top of saturated land that has not yet fully thawed.

More snow was forecast to fall on the Red River valley in the coming days and rain could worsen flood conditions by the weekend, the weather service predicted.

Low-lying homes across the state were evacuated as rivers and creeks spilled over their banks, although damage was largely restricted to water in basements. No injuries were reported in a situation report issued at 7:30 pm (0130 GMT Thursday).

About 20 people from homes south of Fargo were evacuated with airboats that sluiced through ice-covered floodwaters after sandbag dikes began to leak.

Blackhawk helicopters were to be used to dump sand and salt down river of the ice jam to help get the water flowing again and reduce flood pressure on the city. Officials warned they may not know if the operation was successful until Thursday.

Heavy snowfall prompted thousands of volunteers in Fargo to reinforce temporary dikes and levees after the projected crest of the mighty Red River was raised to a record 41 feet (12.5 meters) by Saturday. Snowplows cleared streets for trucks delivering sandbags to neighborhoods along the river, where volunteers from as far away as Iowa and Montana mingled with high school and college students whose classes were cancelled. Hundreds of volunteers passed along sandbag

Hearing of petitions against governor rule in Punjab adjourned

LAHORE: Lahore High Court (LHC) has adjourned the hearing of miscellaneous applications filed before the Lahore High Court (LHC) against governor rule in Punjab till March 31.

A full bench of LHC headed by LHC chief justice heard the petitions. Lawyers while giving the arguments said the matter is also under trial in Supreme Court and apex court will conduct the hearing of case on March 30.

IPL second edition schedule released

CAPE TOWN: The opening match and final of the second edition of IPL, shifted overseas to South Africa, are to be held at the Newlands Stadium in Cape Town and the Wanderers in Johannesburg respectively on April 18 and May 24.

The semi finals are to be held on May 22 and 23 in Pretoria and Johannesburg respectively, as per the full schedule of the Twenty20 League available.

In a double header on the first day, last year's winners Rajasthan Royals would take on Royal Challengers, Bangalore, while Mumbai Indians would clash with first edition's runners-up Chennai Super Kings at Cape Town.

In all, the 59 matches will be held in eight cities: Cape Town, Johannesburg, Durban, Pretoria, East London, Kimberly, Bloemfontein and Port Elizabeth.

Kingsmead in Durban, which has a large number of South Asians, has been allotted the lion's share of 16 matches while the Centurion Park in Pretoria would host 12 ties.

The Wanderers in Johannesburg and Newlands in Cape Town come next best with eight matches each, with the latter playing host to four of these on the first two days of the cash-rich, high-profile competition.

Seven matches are to be held in St George's Park in Port Elizabeth while Buffalo Park in East London has been allotted four matches.

Two matches each have been handed over to Outsurance Oval in Bloemfontein and De Beers Oval in Kimberley.

There are a total of ten double headers (two matches back to back at the same venue) with Durban hosting half of these.

Rallies all over country to celebrate Eid Milad-un-Nabi (SAWW)

ISLAMABAD: Eid Milad-un-Nabi (SAWW) is being observed with great reverence and religious fervor all over the country today (Tuesday) and security is high alert on this occasion.

Official and private buildings, bazaars, mosques and roundabouts have been tastefully decorated in all big cities of the country. Special security arrangements have been made on the eve of the Eid-I-Milad-un-Nabi (PBUH).

Mahafil-e-Milad and public meetings are being held in connection with the Eid-I-Milad-un-Nabi (PBUH) and people will pray exclusively for country’s security, inter-Muslim solidarity and restoration of peace in the country.

In Lahore, buildings, mosques and markets have been beautifully decorated and a torch-bearing rally has been taken out.

Full preparations have been made to celebrate the Eid Milad-un-Nabi (SAWW) also in other cities.

The day began with special pray after Namaz-e-Fajr in the mosques and a salute with 21 martyrs was presented to mark the celebrations.

On this occasion, Badshahi Mosque, Minar-e-Pakistan, Assembly Hall, WAPDA House and other buildings have beautifully been illuminated while mahafils of Naat and speeches continued throught the night in various mosques and parks of the city.

In Peshawar too, Eid Milad-un-Nabi (SAWW) is being observed with great reverence and religious fervor and security remains on high alert with enhanced police patrolling as well as elaborate security measures at all sensitive places to avoid any untoward incident on the occasion.

Various bazaars, buildings, mosques and roundabouts have been elegantly decorated and special arrangements have been made for illumination in Peshawar.

The central procession of the Eid-e-Milad will be taken from Milad Chowk and going through its traditional routes of Hashtnagri, Karimpura, Ghanta Ghar, People Mandi and end at Qissakhwani Bazar.

Special prays will be held on this occasion.

US shuttle Discovery set to soar to space station

WASHINGTON: The US space shuttle Discovery is on Wednesday to head to the International Space Station to complete an overhaul of the power-generating systems on the orbital outpost.

Weather permitting; Discovery will lift off from the Kennedy Space Center at Cape Canaveral, Florida, at about 9:18 pm (0118 GMT Thursday).

Discovery's seven astronauts, including Japan's Koichi Wakata, are to deliver the fourth and last pair of power-generating solar panels to the ISS.

The launch, originally set for February 12, had been delayed four times due to problems with control valves, which channel gaseous hydrogen from the shuttle's three main engines. Three of the valves were replaced with newer ones.

Pakistan secure first victory in Women’s Cricket World Cup

CANBERRA: Pakistan clinched its first victory after defeating Sri Lanka by 57 runs in ICC Women’s Crocket World Cup.

In group B match, Pakistan elected to bat first after wining the toss against Sri Lanka. Pakistan scored 161 after losing 7 wickets in their allotted 50 overs. Pakistani players displayed a much better performance as compared to first match.

Openers Nain Abidi and Bisma Maroof gave 47 runs start. Abidi scored 26 runs. Sajida Shah scored 21; Urooj Mumtaz 20 and Sana Mir scored unbeaten 22 runs. In reply, Sri Lanka managed to score 104 runs.

Iran says open to Afghan meeting offer from U.S.

TEHRAN: Iran said on Saturday it would consider an invitation from its old foe the United States to attend a meeting on Afghanistan and it was ready to offer any help to its neighbour as it battles a Taliban insurgency.

U.S. Secretary of State Hillary Clinton said on Thursday that President Barrack Obama's government intended to invite Iran to an international conference on Afghanistan planned for this month.

Britain to take majority stake in Lloyds Banking Group

LONDON: The British government said Saturday it will take a majority stake in Lloyds Banking Group and guarantee 260 billion pounds (290 billion euros, 365 billion dollars) worth of its toxic assets.

In a new round of bailing out struggling British banks, the state will increase its ownership of the group from 43 percent to 65 percent. Lloyds Banking Group has also pledged to lend a further 28 billion pounds over the next two years as part of the package.

Under the government's insurance scheme terms, LBG has to take the first "hit" of up to 25 billion pounds on its toxic assets before the government steps in. The deal was hammered out between bank and Treasury officials in recent days.

India urged to reply soon Mumbai probe questions asked: Rahman Malik

ISLAMABAD: Interior Advisor, Rahman Malik has urged upon India to reply soon the 30 questions relating to the Mumbai investigations put forward.

Accompanied by Interpol Chief, Ronald Noble, addressing a joint press conference, Interior Advisor Rahman Malik said that the most vital information was related to DNA. He said that only 13 days were left in the remand of the Mumbai attacks accused. Pakistan has interrogated Zaki ur Rahman and other accused, but India didn’t reply.
Rahman Malik said that Pakistan has assured all out cooperation. He said that Pakistan would further approach Interpol for information relating to the terrorists.

On this occasion, Interpol Chief, Ronald Noble said that Pakistan and its people were more hit by terrorism and the world community was with Pakistan in war against terror. Ronald Noble was all praise for FIA carrying out investigations and termed their report as comprehensive and complete. However, he said that Interpol didn’t receive any report from India. He said that India should take the lead in investigations in a bid to resolve the issue as soon as possible.

Ronald Noble said that Mumbai attacks were partially planned in Pakistan. He said that seven countries including India were used for Mumbai attacks. When quizzed on Lahore ambush, he said that it has some similarity with the Mumbai attacks, but nothing could be said until the final report and he hasn’t discussed this matter with the officials here.

Zardari-Nawaz conflict harmful for democracy: Sheikh Rashid

KARACHI: Awami Muslim League Chief, Sheikh Rashid Ahmad has said that President Zardari and Nawaz Sharif clash was harmful for democracy.

Talking to newsmen at the airport on his arrival here, Sheikh Rashid said that Zardari-Nawaz fight was of no use albeit it would be a loss to democracy. He said that by reinstating the deposed chief justice, the nation should be relieved of this issue.

Sheikh Rashid said that he would not participate in the lawyers’ sit-in and added the sit-in could also lead to a debacle”.

Iraq suicide bomber kills 28, 58 injured

BAGHDAD: A suicide bomber on a bicycle blew himself up killing at least 28 people and wounding 58 more outside a police academy in the Iraqi capital on Sunday in the bloodiest attack in weeks, officials said.

The bomber activated his vest as he sped into the crowd in central Baghdad on busy Palestine Street, an interior ministry official told. "The death toll has reached 28 dead and 58 wounded. The majority of the dead were police or recruits," the official said.

Police academies across Iraq have come under repeated attack as Al-Qaeda and other insurgents continue to target security forces around the country.

The injured have been shifted to the hospital, while the death toll rise feared.

Ministry approves import of 50,000 tons petrol

ISLAMABAD: Ministry of Petroleum has approved import of 50,000 tons of petrol to meet the petroleum consumption for the months of March and April while a summary, seeking provision of US dollars for the import of diesel, has been moved to Ministry of Finance on Saturday, sources privy to ministry said.

Sources in Ministry of Petroleum and Natural Resources told Geo News the repair work on the Attock Refinery has also cut its 50 per cent petroleum production whereas Pak Arab Refinery Company (PARCO) has been managing to produce 75 per cent of its potential owing to financial crisis leading to petrol import in March and April.

The diesel consumption will likely to surge in next three months due to wheat harvesting. While 600,000 tons of diesel will be imported in next two months to come, sources informed.

India beat NZ by 58 runs in third one-day match

CHRISTCHURCH: An unbeaten 163 by Sachin Tendulkar led India to a comprehensive 58-run win over New Zealand in the third one-day international here Sunday and ensured they cannot lose the series.

Tendulkar, utilising his full array of textbook and improvised shots, was the stand-out figure as India scored 392 for four after being sent into bat first. It was the highest international ODI score against New Zealand, but the Black Caps were on target to overhaul it when they reached 166 without loss before the middle order self-destructed and they were all out for 334.

The win, completed in 45.1 overs, gave India an insurmountable 2-0 lead in the series with only two matches remaining.

New Zealand had reason to think luck was on their side when they won the toss and had an early success with the dismissal of Virender Sehwag, India's danger man in their previous matches, for only three. Gautam Gambhir followed for 15 and India were two for 65 in the 13th over when India stepped up to a level New Zealand had no answer for. Yuvraj Singh joined the imperious Tendulkar and they piled on 138 in 16.4 overs for the third wicket. During the batting power play they added 69 runs with overs of 13, 13, 12, 17 and 14, propelling India from 105 after 20 overs to 206 after 30. Yuvraj kept his running to a minimum, with 10 boundaries and six sixes in his 87 which came off only 60 balls. On a ground with short boundaries, the Indian innings produced 18 sixes in all, equalling the world record for an international innings, and New Zealand added 13 to set a record 31 sixes in a match. Indian captain Mahendra Singh Dhoni kept the scorers busy as he cracked 68 from 58 deliveries to continue the destruction of the New Zealand bowlers

The 20-year-old New Zealand quick Tim Southee went for a humbling none for 105 off 10 overs. The most successful of the New Zealand bowlers was Kyle Mills with two for 58, while Jacob Oram took none for 34 off eight.

Faced with a mammoth total and an asking rate of 7.86 per over, New Zealand had no choice but to attack from the start and Brendon McCullum and Jesse Ryder raced to 166 by the 22nd over before the innings fell apart.. Ryder posted his first ODI century before playing a half-hearted shot and was caught by Zaheer Khan off Harbhajan Singh for 105, including 12 boundaries and four sixes. But there was no other New Zealand innings of note until bowlers Mills and Southee came together at 251 for eight and restored a little pride after the pasting they took with the ball. Mills cracked 54 and Southee 32 before they fell in successive balls to end the game.

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Nawas vows to root out ‘politics of hypocrisy, fraud’

FAISALABAD: Pakistan Muslim League-N Chief Nawaz Sharif Saturday said he would not sit in rest until he roots out what he called the politics of hypocrisy and fraud.

Addressing a public meeting in Faisalabad, Nawaz Sharif said the real court of people is before me right here.

He said the parliament should represent this parliament of people ‘that is here in front of me.’ We do not accept the Supreme Court of Islamabad, he said.

The PML-N Chief said Shahbaz Sharif is the constitutional chief minister of Punjab.

He said he cannot see Pakistan People’s Party getting weaker and invited PPP workers to come and participate in his rally.

Nawaz Sharif pointed out that a whole year passed but no progress was made towards getting to the perpetrators of Ms. Benazir Bhutto’s assassination.

He said Pervez Musharraf tried to meet him when he visited Mecca and other places outside Pakistan but “we never met him because he (Pervez Musharraf) violated the law and the Constitution of our country.”

“I faced a seven-year long exile but never joined hands with the violators of law and the Constitution.”

He recalled that Mohtarma Benazir Bhutto once said that Pakistan flag will be hoisted again at the residence of the deposed chief justice.

“We never wanted to take oath from Pervez Musharraf but we had to take that painful step on the demand of Zardari Sahab.”

Nawaz Sharif said he is still ready to for reconciliation which, he said, will not be for ministries and personal interests but for the 160 million people of Pakistan.

“Reconciliation will only be for the restoration of judges and the future generations of the country,” he asserted.

He said those who damaged Mohtarma Benazir Bhutto’s monument cannot be members of Muslim League. We tried a lot to find these people but failed, he added.

He asked the PPP workers to come and take out a rally along with him for demanding arrest of the slayers of Ms. Bhutto.

Nawaz Sharif on the occasion questioned the participants of the rally as to who broke the promises made on August 5 and 7? Who made mockery of the judiciary? Who is following the policies of a dictator? Who is turning a blind eye to the people’s mandate? Who snatched prime minster’s powers? Who is indulging in political wheeling dealing?

The participants replied to these questions by taking the name of President Asif Ali Zardari.

Obama pledges action after job losses

COLUMBUS: U.S. President Barack Obama and senior aides on Friday bemoaned staggering data showing the highest unemployment rate for 25 years, but vowed to redouble their work to revive the stricken economy.

Labor Department figures showed the economy shed 651,000 jobs in February alone, to send the unemployment rate soaring to 8.1 percent, revealing the grim depths of the recession and further complicating Obama's recovery effort.

The president said during a visit to the economically hard-hit state of Ohio that the latest data brought the "total number of jobs lost in the recession to an astounding 4.4 million."

But, steeling his country to fight the economic downturn, Obama said that at a "defining moment" for America, it was time to meet the moment of crisis with "bold action and big ideas."

"We have a responsibility to act, and that's what I intend to do as president of the United States of America," Obama said, at a graduation ceremony for police cadets who had their jobs saved by investment from Obama's 787-billion-dollar economic stimulus plan.

The president argued that deepening economic gloom meant that the mammoth package passed last month was more vital than ever to stimulating a recovery.

"For those who still doubt the wisdom of our recovery plan, I ask them to talk to the teachers who are still able to teach our children because we passed this plan," Obama said.

"I ask them to talk to the nurses who are still able to care for our sick, and the firefighters and first responders who will still be able to keep our communities safe."

The 8.1 percent unemployment rate for February was the highest since December 1983, raising fears that unemployment could eventually go higher than 10 percent.

Labor Secretary Hilda Solis said the administration was moving "swiftly and aggressively" to jumpstart job creation and get the economy back to growth.

"From the day this Administration began, we knew that solving the economic crisis we were presented with would not be easy and would not happen overnight," she said.

Bearish trend continues at KSE; KSE down 40 points

KARACHI: Selling pressure continued at Karachi Stock Exchange (KSE) on Friday as the KSE-100 Index closed 40 points down to 5,748.

Trade activities remained thin on the last trading day of the week as the trade volume was recorded at 69 million shares, which is lowest in three months.

OGDC led the volume leaders which slipped paisas 43 to close at Rs56.60.

Market analysts say the market activities will continue to remain affected until the political uncertainties persist in the country.

IPL not moving from India: Modi

NEW DELHI: Indian Premier League commissioner Lalith Modi on Friday rubbished reports that the Twenty20 extravaganza will move out of the country and insisted that the IPL matches would be held only in India.

However, he said, the schedule of a few matches would be revised due to elections in India and a fresh schedule would soon be released.

Talking with media in Mumbai, Lalith Modi said that 14 cities of India have been selected as the IPL venues and the final schedule would be released next week after reviewing the security arrangements.

He said that the IPL matches would not be played on dates of ballot-counting in India.

The IPL commissioner will hold a meeting at the BCCI headquarters later in the day, after six of the eight host states voiced concerns that they could not guarantee security during the matches.

The revised schedule carries the same inaugural (April 10) and closing dates (May 24). Dates of five games have, however, been changed, to ensure that host cities are not allotted matches two days before and after polling days.

The home ministry had earlier said it would decide on the fate of the tournament only after the states responded on whether they would be able to conduct the matches without asking for central forces.

The terror attack on the Sri Lankan team on Tuesday in Lahore has also compounded the problems for the IPL organisers, who now expect pullouts by many of the foreign players.

Federation of International Cricketers Association chief executive Tim May has already sought a wider role in assessing the security for players during the IPL.

Michael Jackson announces comeback concerts in UK

LONDON: U.S. pop star Michael Jackson Thursday said he will hold a series of final concerts in Britain later in the year.

"I'll be performing the songs my fans want to hear," Jackson said in an announcement at London's O2 Arena where thousands of screaming fans had gathered.

Bank of England cuts key interest rate to 5 percent

LONDON: The Bank of England cut its key interest rate by a quarter of a point on Thursday to five percent, balancing the risks of rising near-term inflation and economic slowdown spread by the credit crisis.

The decision, which was in line with market expectations, took short-term borrowing costs to the lowest level since January 2007 and came amid growing concerns over the country's slowing housing market.

The BoE said in a statement that its rate-setting Monetary Policy Committee had decided that the economy would probably experience a slowing of growth because of the global credit squeeze, and this could send inflation below target in the long term.

The Bank of England said in a statement on Thursday: "The disruption in financial markets could lead to a slowdown in the economy that was sufficiently sharp to pull inflation below the target.

Pak to be made leading shipbuilding country in region: Jatoi

KARACHI: Concerted efforts would ensure that Pakistan becomes a leading shipbuilding country in the region in line with its potential and ideal location.

This was stated by the Federal Minister for Defence production, Abdul Qayyum Khan Jatoi here on Thursday.

He was speaking as chief guest at the `Steel-cutting ceremony' of the fourth F22P Frigate at the Karachi Shipyard and Engineering Works (KWSB).

The Minister congratulated those associated with the KSEW for the achievement of this important milestone and appreciated the naval architects, engineers and workers involved to accomplish the prestigious work. He hoped that with speedy pace of construction work, this vessel will join Pakistan navy much earlier that the scheduled time.

Jatoi deeply appreciated the technical and material assistance support from our time-tested, reliable friend China and sit shipbuilding especially the China State Shipbuilding Corporation and China Shipbuilding Trading Company for the construction of the fourth
F22P Frigate at KWSB.

He said that the KWSB is a key organization for supporting Pakistan Navy Fleet in building Navy ships and essential repair works.

The minister further pointed out that today's event is also the continuation of their long lasting commitment with Pakistan Navy and the nation. He also pointed out that he and the Ministry would fully support the great vision for the new shipyards and the development of shipbuilding industry.

Zardari consulted me on Taseer’s appointment: Musharraf

LAHORE: Former President Pervez Musharraf has said the country is facing many challenges and conspiracies are being hatched against it. He said President Asif Ali Zardari appointed Salmaan Taseer as Governor Punjab in consultation with him.

Talking to journalists after condoling death of Pakistan Muslim League-Q Chief Chaudhry Shujaat Hussain’s mother here on Thursday, Musharraf said Pakistan is facing serious challenges, however, he hoped that these would be tackled.

As regards Lahore attack, former president strongly condemned Lahore attack and termed it a conspiracy to weaken the country.

“There should be no conjecture or statement without substantive evidence”, he added.

He said the government should improve training standard of law enforcing agencies so that they are prepared for any eventuality. Musharraf said he is in contact with Army Chief General Ashfaq Parvez Kayani and lauded his services for the country.

In the meeting, former federal minister Javed Ashraf Qazi and others were also present.

'Aman-2009 takes Pakistan into naval diplomacy era’

KARACHI: Pakistan Navy’s multinational Naval Peace Exercise "Aman 09" began here on Thursday.

According to Pakistan Navy spokesman, formal inauguration of “Aman 09” will take place at Karachi Dockyard today.

The navies of 38 countries of the region and the world are participating in these exercises. Out of these 38 countries, the naval forces of 11 countries are going to actively participate in the exercises with their battleships, maritime aircraft, sailors, and other special forces. The international maritime manoeuvres will continue till March 14.

The spokesman said that extensive briefing and debriefing sessions would be held before and after the main sea manoeuvres phase of the exercise in order to enhance understanding and information regarding operations of different navies among the participants. Bahria University will also hold an international maritime conference on the sidelines of the Aman exercise.

He said that geographically Pakistan is located at an important maritime location where its naval forces have been operating at the frontlines to combat international sea menaces of pirates, drug and human trafficking, and terrorism.

He said the epicentre of the international maritime threat in the shape of pirates had moved closer to the region, and the Pakistan Navy has to spare its assets to actively participate in international naval operations against the pirates operating near the Gulf of Aden.

The 15 warships other than that of the Pakistan Navy will take part in the Aman-09 exercises. More than 2,000 sailors of different navies taking active part in the manoeuvres will also be arriving at the PN’s Karachi Dockyard. Besides, 46 observers from naval forces of 27 countries have come to the Karachi harbours to monitor the maritime exercise.

The countries whose navies are actively participating in the Aman-09 exercise include Australia, Bangladesh, China, France, Japan, Kuwait, Malaysia, Nigeria, Turkey, United States, and United Kingdom.

Car bomb kills 10 in Iraq

BAGHDAD: Iraqi police and medical officials say a car bomb in a crowded cattle market south of Baghdad has killed 10 people and injured 32 others.Iraqi police Maj. Muthana Khalid says the bomb exploded Thursday morning in the market west of Hillah. Khalid says those killed and injured were at the market buying and selling cattle. A medical official in Hillah confirmed the casualty toll.

SBP gets Rs26 billion from banking system

KARACHI: The State Bank of Pakistan (SBP) has withdrawn an additional amount of Rs26 billion from banking system for six days at an interest rate of 9.15 per cent through the open market operation.

The central bank launched an open market operation here today to absorb the additional amount from the banking system.

Banks offered Rs32 billion for buying six-day treasury bills but the central bank obtained Rs26 billion at an interest rate of 9.15 per cent.

Today, the banking system received an amount of Rs30 billion through maturities.

Pakistan team’s tour of Bangladesh postponed

DHAKA: Bangladesh cricket board has postponed the Pakistan team’s tour.

According to the BCB, Pakistan cricket team’s tour, scheduled to be started from March 7, has been postponed.

This may be recalled that the Pakistan cricket team had to leave for Bangladesh on Saturday for playing a series of five One-day Internationals and two Twenty20 matches.

The first Twenty20 match was to be played on March 10.

The Pakistan Cricket Board has confirmed the postponement of the tour.

KSE bounce back, as index surges by 200 points

KARACHI: Karachi Stock Exchange (KSE) at the onset of trading today showing its inherent resilience bounced back from the yesterday’s jolt, following Sri Lanka team attack in Lahore and traded briskly this morning, much to the relief of the stakeholders in the market.

Investors finding the low prices of stocks profitable went on buying spree unleashing upbeat in the market, which saw the index shooting up by 203 points to 5800 marks, until the filing of this report.

Market pundits hoped that the investors’ optimism was likely to continue at least for the rest of the day’s trading.

KPT deep-draft container terminal inauguration this month

KARACHI: Karachi Port Trust (KPT) deep-draft containers terminal will be inaugurated this month.

Sources said that the work on this project could not be started, despite an agreement was made two and a half year ago due to technical difficulties, dredging more than earlier estimated and larger proportion of foreign exchange component.

KPT General Manager (planning and administration), Brigadier Jamshed Zaidi said that KPT gets its revenue in foreign exchange and, therefore, the objection on more foreign exchange has been removed. He said that the dredging work has started under the project at a cost of Rs19.50 billion, which was Rs2 to Rs2.5 billion more than the initial estimate.

He further said that the total cost on the project would be $700 million, out of which $100 million would spent by the contracting firm, while rest of the mount would be arranged by KPT from its own resources.

6 Sri Lanka cricketers hurt, 7 killed in Lahore shooting

LAHORE: Seven people including five policemen were killed and six Sri Lankan cricketers were wounded in a shooting attack in Lahore on Tuesday.

Sri Lankan tour has been called off after the attack. According to sources, unknown attackers opened fire on Sri Lankan cricket team bus near Gaddafi Stadium.

Intense trade of fire occurred between police and unknown attackers. CCPO Lahore Habibur Rehman said there were 12 attackers carrying rocket launchers; hand grenade, Kalashnikovs and Mousers who reportedly reached the site in rickshaws. Seven people including five cops were killed in the shooting.

NATO secretary general terms Swat deal as Pakistan’s internal issue

BRUSSELS: NATO Secretary General Jaap De Hoop has said that the Swat peace deal is Pakistan’s internal matter.

Talking to media in Brussels, Hoop said NATO forces had no intention to enter Pakistani borders. He said Pakistani routes for NATO supplies still carried importance despite the start of NATO supply to Afghanistan through Russia. Hoop said cultivation of opium and smuggling were becoming major reasons for terrorism in Afghanistan.

Gas demand goes up 10 pc annually

KARACHI: Demand for gasoline consumption is going up by 10 percent annually here in Pakistan; experts said adding it is necessary to find new oil and gas reservoirs to meet the rising demand.

In a report on energy in Pakistan, it is stated that country’s daily gas demand was 4731 mmcfd while locally we produce 4528 mmcfd.

Pakistan remain short of 203 mmcfd gas daily while mere 17 percent of the total population have access to gas in country.

Sri Lanka to pull cricket team out of Pakistan

COLOMBO: Sri Lanka is to immediately pull its national cricket team out of Pakistan following Tuesday's gun attack that wounded six squad members, Sri Lanka cricket chief Duleep Mendis said. He said he had spoken with Pakistani officials about the matter."The match is off and we are getting the team back today," Mendis said.

Desirous of resolving matters in democratic way: President Zardari

ISLAMABAD: President Asif Ali Zardari has said that he didn’t want confrontation and conflict and wishing to resolve the issues in democratic way.

President Asif Ali Zardari chaired a high-profile meeting at the President House here, which focused on the overall law and order situation in the country and particularly in Punjab.

The prime minister and president in the meeting appreciated the allies’ efforts of reconciliation with N-League and mulled over the issue lawyers’ long march.

Sources confided President Asif Ali Zardari during the meeting said that efforts would be made to end Governor’s rule in Punjab. The meeting vowed that the responsibility for the resolution of the country’s political crisis would be met, as the country today needed reconciliation instead of confrontation.

Prior to the meeting, President Asif Ali Zzardari and the Prime Minister, Yusuf Raza Gilani had also exchanged views separately.

Nawaz, Qazi agree to participate in long march

LAHORE: Pakistan Muslim League-N Chief Mian Nawaz Sharif and Jamaat-e-Islami Ameer Qazi Hussain Ahmed have agreed to fully participate in lawyers’ Long March.

Addressing a news conference with PML-N chief at Mansora, Qazi Hussain Ahmed said that November 2 judiciary should be restored without any delay. He termed present situation in the country a constitutional deadlock.

JI Amir said that his party would fully participate in lawyers’ long march; he also thanked Mian Nawaz Sharif for visiting Mansora.

13 additional judges appointed in SHC

ISLAMABAD: President Asif Ali Zardari has appointed thirteen additional judges in Sindh High Court (SHC).

A notification for the appointment of 13 additional judges has been issued according to which these judges have been appointed for the term of one year.

The newly appointed additional judges are Sofia Latif, Muhammad Iqbal Meher, Islam Talibuddin, Khadim Hussain Shaikh, Muhammad Ismail Bhutto, Amir Rizvi Naqvi and Muhammad Karim Agha.

Deposed judge Arshad Siraj also included among the additional judges whereas additional judge SHC Khalid Ali has been made permanent by the president.

ML-N deluge couldn’t be stopped: Zilfiqar Khosa

LAHORE: Punjab Muslim League-N President and member provincial assembly, Sardar Zulfiqar Khosa has said that the restoration of judiciary movement could turn into ‘Remove Zardari’ movement, but its decision hinges on the mood of the people.

Zulfiqar Khosa accompanied by All Pakistan Anjuman Tajiran (APAT)’s president, Haji Maqsood Butt, while addressing a press conference here, claimed that offers in the range of Rs25 to Rs30 million were being made for the purchase of his party MPAs in Punjab. He said that those using vulgar language against the PPP leaders and desecrating the Benazir Memorial were not from ML-N albeit they were agencies people.

He said none of our demand was against the country and the constitution. He said efforts were made to destabilize Punjab. He said how many mobile courts would be set up and how many jails they would fill in.

Zulfiqar Khosa said that we would spark such a deluge, which Asif Zardari and Salman Taseer would not be able to stop. He said that Nawaz Sharif has offered that we would not poke into the government for five years, if the judiciary gets restored. He said that Altaf Hussain should first come back to Pakistan, then we would consider about his offer of mediation.

APAT president on this occasion announced in the press conference his support to Nawaz Sharif and gave a call for his association’s convention on March 6.

Militant sanctuaries pose biggest Afghanistan threat: Gates

WASHINGTON: Defense Secretary Robert Gates said his biggest concern in the war in Afghanistan is the threat posed by sanctuaries for Islamic militants near the Pakistan-Afghanistan border.

The threat is from “safe havens on the Pakistani side of the border, not just for al-Qaeda, but for the Taliban” and other groups “working together,” Gates said on a US news channel.

“After all, 20 years ago I was on the other side of that border as deputy director of the CIA, fighting the Soviets,” Gates said, referring to the Central Intelligence Agency. “And we had the safe haven in Pakistan, and let me tell you, it made a big difference.”

President Barack Obama in February ordered 17,000 more troops to Afghanistan to battle the Taliban and allied Islamic militant groups. Obama’s administration has increased criticism of President Hamid Karzai’s government as the White House prepares an overhaul of policies toward Afghanistan and Pakistan.

Secretary of State Hillary Clinton said in January that the Afghan government is “plagued by limited capacity and widespread corruption.”

Turning to Russia, Gates said it’s “not entirely clear” where its policy is headed.

“As I said in the last administration, for the first time in American history you had a secretary of state and secretary of defense both with doctorates in Russian history, and we didn’t have a clue what was going on,” said Gates, 65, referring to himself and former Secretary of State Condoleezza Rice.

Inter-bank initial interest rate slides below 13 pc

KARACHI: Inter-bank initial interest rate dropped down below 13 percent, as six months’ Kibor stood at 12.85 percent.

Money market dealers said that the interest rate of six months’ Kibor during January 1 till to date shrank by 2.83 percent due to existing additional liquidity in the banking system and, therefore, the money market dealers were expecting a cut in interest rate.

On the other hand, inter-bank one year T-Bills cut off yield was 13 percent on February 25, which now after the shrink traded at 12.85 percent.

Economists said that the banks preferring investment in government securities instead of giving loans to the private sector and avoiding taking any risk. In this backdrop, private sector was also reluctant taking loans at high rate of interest.

According to State Bank disbursement of loans to the private sector as against previous year remained 47 percent low.

Players want to extend league hockey contract term: Samiullah

LAHORE: Olympian Samiullah said senior players including Sohail Abbas seeking extension in league hockey contract term and this is the only reason of joining national team.

In an exclusive chat with Geo News, Samiullah said it was expected that present federation will take some positive steps for the improvement of the game but the federation, which is comprised of former famous hockey players has failed to do so.

He said the era of senior players including Sohail Abbas had been closed in 2006 now they are trying to be a part of national team to get extension in their league hockey contracts.

Stock exchange crisis diluted, on way to recovery: Tarin

KARACHI: Finance Advisor Shaukat Tarin has said that the stock exchange crisis has died down and it was now on its way to recovery.

Addressing a gathering here, Finance Advisor, Shaukat Tarin said that the government was gearing up the process of privatization for boosting foreign investment. He said that further $4.5 billion would be required for the improvement of balance of payments.

Shaukat Tarin said that Pakistan economy being adversely affected in the war against terror.

Test matches should be result-oriented: Younis Khan

LAHORE: The second and the final Test between Pakistan and Sri Lanka will be beginning tomorrow at the Gaddafi Stadium.

Pakistan team captain Younis Khan said that he has focused all his attention towards keeping the team united rather than winning the match.

In a press conference here at the Gaddafi Stadium on Saturday, Younis Khan said that this wicket is looking better than the wicket at the National Stadium Karachi.

He said that he feels if the matches would be result-oriented then spectators would come to the stadium.

Younis said that one change is expected in the Pakistan team for the Lahore Test.

The Pakistan team captain said that the cricketers had made a silent protest on their central contract but he is grateful to the Pakistan Cricket Board (PCB) for hearing his voice.

He said that the PCB suffered most by the Indian Cricket League (ICL).

Younis said that he understands that there should be a players’ association.

Meanwhile, captain of the Sri Lankan team Mahela Jayawardene said that though he is not a wicket expert but he feels that the wicket at the Gaddafi Stadium would be helpful to fast bowlers.

Jayawardene said that the second Test would be of much importance for his team.

England pile up 600 runs in Barbados Test

BARBADOS: Ravi Bopara struck his maiden century and Paul Collingwood hit 96 as England piled up 600-6 declared against West Indies on day two of the fourth cricket test at Kensington Oval.

West Indies lost captain Chris Gayle early but responded strongly to post 85-1 at the close.

The 23-year-old Bopara, a late replacement in the squad, helped press home England's advantage with 104 after the tourists resumed on 301-3.

The Essex batsman, in only his fourth test, took advantage of an early life to blast nine fours and a six off 143 balls.

Collingwood just missed out on a ton after a fluent innings that spanned 159 deliveries and was decorated with 12 boundaries.

Wicketkeeper Tim Ambrose hit a boisterous, unbeaten 76 as he grabbed the chance presented to him by the paternity leave absence of Matt Prior.

Fidel Edwards was the pick of the West Indian bowlers although his figures of 3-151 did not do him justice.

When West Indies replied, England struck quickly as James Anderson (1-29) claimed Gayle leg before wicket after benefiting from a TV referral.

But the in-form Ramnaresh Sarwan (40 not out) and Devon Smith (37not out) shared an unbroken stand of 72 to dull England's edge.

Zardari should carry forward Ms. Bhutto’s legacy not Musharraf’s: Nawaz

LAHORE: Pakistan Muslim League-N Chief Nawaz Sharif has said that President Zardari should carry forward the legacy of Mohtarma Benazir Bhutto Shaheed and not of former president Gen. (Retd.) Pervez Musharraf.

In an exclusive interview given to Geo News, Nawaz Sharif said President Asif Ali Zardari intends to take the nation towards a mid-term election.

“No third force can come into power if the government shows responsibility …. I will not come in Zardari’s way if he restores the (deposed) judges today,” he said.

The PML-N Chief said President Zardari has violated the agreements and “now a democratic revolution could come in the country which is need of the hour.”

He said the only reason why judges are not being restored is NRO.

No doors are closed for contacting Prime Minister Yusuf Raza Gilani, he said.

Nawaz Sharif has denied filing an appeal for Civil Disobedience following imposition of Governor rule in the province of Punjab.

Speaking to a British radio, he said: “I have not made any announcement regarding Civil Disobedience nor has any decision been made in this regard.” All I am saying is the administration, police, etc, should not obey any illegal order.

He said Quaid-e-Azam Muhammad Ali Jinnah also instructed administration and police not to fulfill any illegal and unconstitutional order.

To a question if he was putting his party interest ahead of those of the country, Nawaz Sharif said; “It is only because of the concern for this country that we have undertaken this struggle.”

If we were not worried about the country, we would have accepted the offer of President Zardari that the disqualification case against us would be dismissed if we kept mum on the judges’ issue.

He expressed ignorance on Maulana Fazl-ur-Rehman and Asfandyar Wali making efforts for reconciliation.

In his reply to a question on how he would react to a reconciliatory move if made, he said reconciliation comes about on the basis of a principle or ideology but many promises were made in the past with no intention of fulfilling the same. “How can one trust anyone in such a case?” he questioned.

Nawaz Sharif said full support will be extended to the lawyers’ long march.

PPP to form government in Punjab

ISLAMABAD: A meeting held in the Presidency on Friday decided that Pakistan People’s Party will form government in Punjab.

Presidential spokesman Farhatullah Babar said the participants of the meeting authorized President Asif Ali Zardari to nominate PPP candidate for the post of Punjab chief minister.

Giving details of the meeting of PPP’s parliamentary party Punjab held under the chairmanship of President Zardari, the spokesman said the meeting had expressed its confidence in the leadership of President Asif Ali Zardari.

Earlier, addressing the meeting, President Asif Ali Zardari said that the Pakistan Peoples Party is a democratic party whose workers are dedicated political activists and they will face the current political situation in a democratic manner which is in line with the history of the party during such situations.

The meeting pondered over the latest political situation in Punjab arising out of the imposition of governor rule in the province.

President Zardari said that the party had embarked on the course of reconciliation with sincere intentions and did not want confrontation with any political party.

However, the PPP is also a vibrant political force and was capable of facing the current situation with courage, determination and political sagacity, he added.

The meeting co-chaired by the President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani was attended by the PPP parliamentarians from Punjab.

Cabinet Ministers Makhdoom Amin Fahim and Mian Raza Rabbani also attended the meeting.

A number of participants of the meeting spoke on the occasion and gave their suggestions on tackling the current situation.

The meeting also reposed complete confidence in the leadership of co-chairman of PPP Asif Ali Zardari.

A resolution adopted unanimously said that the party stood solidly behind its leader Asif Ali Zardari.

The meeting condemned the burning and tearing down of the portraits of Shaheed Mohtarma Benazir Bhutto and warned that the party would not tolerate the desecration of Shaheed Mohtarma.

It also condemned the harsh language used against the co-chairman and warned against turning political differences into personal animosity and vendetta.

Those throwing stones at the PPP leadership should remember that they themselves are sitting in glass houses, the meeting noted.

U.S. President says no 'long-term' Afghan presence

WASHINGTON: The United States has no desire for a "long-term" military presence in Afghanistan despite plans to send more troops to the war-torn country, President Barack Obama said Friday.

"One of the things that I think we have to communicate in Afghanistan is that we have no interest or aspiration to be there over the long term," Obama said in an interview with PBS public television.

"There's a long history, as you know, in Afghanistan of rebuffing what is seen as an occupying force and we have to be mindful of that history as we think about our strategy," he said.

Obama, who earlier Friday announced an end to US combat operations in Iraq within 18 months, has vowed a new focus on fighting Taliban and Al-Qaeda extremists in Pakistan and Afghanistan.

The new president has ordered another 17,000 US troops to Afghanistan and is conducting a review of policy in the region.

Obama, who opposed his predecessor George W. Bush's invasion of Iraq, defended the US involvement in Afghanistan, where Al-Qaeda extremists who carried out the September 11, 2001 attacks were holed up.

Obama said he believed the US commitment to Afghanistan, one of the world's poorest nations, should involve more than military force.

"Our bottom goal in the region is to keep the American people safe," Obama said.

But he declined to set a timeline on when US troops would exit Afghanistan.

"Until we have a clear strategy, we're not going to have a clear exit strategy," he said.

"My goal is to get US troops home as quickly as possible without leaving a situation that allows for potential terrorist attacks against the United States," Obama said.

Some left-wing critics have questioned the extra deployment to Afghanistan, fearing that the United States would get bogged down in an escalating conflict similar to Vietnam.

The Obama administration this week convened a three-way meeting with the Afghan and Pakistani foreign ministers as part of a review on how to move forward in the "war on terror."

Zardari leading nation toward mid-term polls: Nawaz

LAHORE: Pakistan Muslim League-N chief Mian Nawaz Sharif has said that President Asif Ali Zardari wants to drag the nation toward mid-term elections.

In an exclusive interview with Geo News today (Friday) after his disqualification, Nawaz Sharif said that no third force could come into power if the government showed maturity and responsibility.

“I will not come in their way if President Zardari restores the deposed judges,” he said.

He further said that Zardari had backed out from the promises he made with his Nawaz League.

The democratic revolution could rise in the days to come and it must happen, he added.

Former prime minister said that deposed judges were not being restored due to the National Reconciliation Ordinance (NRO).

“We have not closed the door to contact the Prime Minister,” he said.

Mr. Sharif said that President Zardari should become the descendant of Benazir Bhutto, not of former president Pervez Musharraf.

PPP, PML (N) could find way out through dialogue: Zardari

ISLAMABAD: President Asif Ali Zardari said on Friday a peaceful way out could be found through dialogue if Pakistan Muslim League (N) established contacts to Pakistan People’s Party (PPP) after Supreme Court verdict against Sharif brothers but he regretted saying that PML (N) opted confrontations.

President said this addressing a meeting of National and Provincial members of PPP-Punjab here at Aiwan-e-Sadr.

Various national and political issues were discussed during the meeting including formation of government in Punjab province.

Prime Minister Syed Yousuf Raza Gilani and PPP’s Secretary General Jahangir Badr also attended the meeting.

According to sources, the overall law and order situations were discussed during the meeting and the option to extend PPP’s contacts with PML (Q) was also highlighted besides seeking attendees’ views on the option.

Addressing the meeting, President Zardari accused Sharif brothers of manipulating the judges’ issue for their vested interests. “People of Punjab are in support of PPP”, he maintained.

Obama intends to remove US troops from Iraq by 2011

CAMP LEJEUNE: President Barack Obama said on Friday that U.S. combat operations in Iraq would end on Aug. 31, 2010, but some 35,000-50,000 troops would remain to support the Iraqi government and security forces.

In a speech at the Camp Lejeune Marine base in North Carolina, Obama said "Iraq is not yet secure" and difficult days lay ahead, but he said his administration intended to remove all U.S. forces from Iraq by the end of 2011.

The 18-month timetable marks a historic juncture in a war that has been enormously costly to the United States and defined the presidency of George W. Bush. It has been a huge drain on the Treasury, cost the lives of some 4,250 U.S. soldiers and damaged America's standing in the world.

"I have chosen a timeline that will remove our combat brigades over the next 18 months. Let me say this as plainly as I can, by August 31, 2010, our combat mission in Iraq will end," Obama said in a speech at Camp Lejeune, a Marine Corps base in North Carolina.

Obama said 35,000 to 50,000 troops would remain to train and equip the Iraqi forces, protect civilian reconstruction projects and conduct limited counterterrorism operations.

"Under the Status of Forces Agreement with the Iraqi government, I intend to remove all U.S. troops from Iraq by the end of 2011.

One change likely in team for 2nd Test: Intikhab

LAHORE: National cricket team coach Intikhab Alam said that one change is expected in the team for the second Test starting from Sunday here at the Gaddafi Stadium.

Former captain Intikhab Alam said that positive results have come from the change of captain.

The Pakistan team went through net practice this morning at the Gaddafi Stadium while fast bowler Shoaib Akhtar also took part in the practice session.

While talking with media on the occasion, the Pakistan coach said that the Gaddafi Stadium wicket is looking better than the National Stadium wicket and grass is also there.

He expressed desire to prepare a sporting wicket for the match.

Intikhab Alam said that Pakistan team is determined for winning the second Test.

Terrorism is a global concern: CNS

KARACHI: The Chief of the Naval Staff (CNS), Admiral Noman Bashir has said that terrorism is a global issue and requires global response.

Talking to media here on Friday, Noman Bashir said that the sea routes were being used for illegal acts like smuggling and human trafficking. He said the Pakistan Navy was a frontline force to counter all threats emanating from the sea.

The naval chief said the country was facing multiple challenges. He said that lone Mumbai attacks gunman Ajmal Kasab did not go to India from Pakistan, he questioned the role of Indian Navy and Coastguards saying they did nothing to check terrorists’ infiltration.

Noman said that 99 percent of Pakistan’s trade is carried out through sea routes.

NA session summoned tomorrow

ISLAMABAD: An important National Assembly session will be held tomorrow (Saturday).

The federal cabinet has decided, in a meeting, to call National Assembly session tomorrow at 4 pm. According to reports, the session would discuss the imposition of Governor-rule in Punjab and it would be endorsed from the house.

Prime Minister Syed Yousuf Raza Gilani is chairing a special meeting of the cabinet. The meeting is reviewing situation in Punjab after imposition of Governor-rule and its political and administrative implications.

Earlier, PML-N members Hanif Abbasi, Haji Pervaiz and Shaikh Aftab had submitted a requisition to summon NA session.