Tuesday 26 July 2011

DAILY BUSINESS NEWS AND IN BRIEF: 27.07.2011


Talking is progress in India, Pakistan ties.
NEW DELHI: Expectations of a breakthrough in peace talks between India and Pakistan on Wednesday remain low, but the fact the nuclear armed rivals keep talking is a sign that neither side wants to slide back towards conflict in the world’s most dangerous region.
Indian Foreign Minister S.M. Krishna and his Pakistani counterpart Hina Rabbani Khar will meet in New Delhi to agree on confidence-building measures, such as relaxing trade and travel restrictions across a ceasefire line dividing disputed Kashmir but are unlikely to make any headway on the thorny territorial issue of Kashmir itself, or on fighting militancy.
“In this case, talking means not going to war. That is the idea. Dialogue is not to resolve the issues, it’s to tell the world they’re not going to war,” said Lalit Mansingh, a former Indian foreign secretary and a former ambassador to the United States.
Peace across the heavily militarised frontier between the nuclear-armed nations is crucial for the United States to draw-down troops and stabilise Afghanistan without sparking off a proxy war between New Delhi and Islamabad in that country.
India and Pakistan in February resumed a formal peace process broken off after the 2008 attack on Mumbai by Pakistan-based militants, which killed 166 people.
The lack of controversy in meetings this year has raised hopes, at least that talking is a step in the right direction.
“We have learned lessons from history but are not burdened by history. We can move forward as good, friendly neighbours who have a stake in each other’s future and who understand the responsibility that both the countries have to the region and within the region,” Khar told reporters in New Delhi on Tuesday.
The focus on Wednesday will be as much on 34-year-old Khar, Pakistan’s first female and youngest-ever foreign minister, who was appointed to the post last week. Krishna is 79 years old.
Khar’s first major meeting in Delhi was with senior Kashmiri separatist leaders, including the hardliner Syed Ali Gilani, a sign of how the disputed region occupies the prime position in ties between Pakistan and India.
NO “BIG BANG EXPECTIONS”:
“We have told Pakistan we are willing to discuss all issues with an open mind,” a senior Indian government source said.
As in previous peace efforts, progress has been slow and vulnerable to any attempts by Pakistan-based militants to try to trigger a war by launching another Mumbai-style attack.
But both sides kept their cool in the aftermath of a triple bomb attack in Mumbai this month that killed at least 23 people and injured more than 130. Police have yet to identify the suspects but security analysts suspect the Indian Mujahideen.
“The trust deficit has to be removed on both sides,” said a Pakistani Foreign Ministry official, who declined to be identified.


“Let us build peace in Karachi together”
MQM chief proposes formula for harmony in Karachi

* Hussain says MQM staunchly believes in democracy and respects vote bank of all religious and political parties

KARACHI: Muttahida Qaumi Movement (MQM) chief Altaf Hussain has proposed a peace formula for restoring peace
Mohammed Saleem Mansoori
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Business News

Tue, 26 July 2011

- Peshawar gold price hit highest at Rs54, 250 per tola
Gold price in the city here surging by Rs700 hit the record at Rs54, 250 p

- Gold hits new record at Rs51800/tola
In international market, the price of gold increased by 21 dollars to 1621. This affected the rate of gold in the local markets and in Karachi the commodity recorded a rise of Rs400 per tola to set a new

- Oil mixed as traders eye US debt standoff
rude for September delivery eased 29 cents to $117.

- Dollar hits four-month low as Obama warns on debt
The dollar fell to 77.89 yen, its lowest level since March 17, after US President Barack Obama addressed the nation in a prime time

- Asian stocks higher, amid caution over US debt
Tokyo

- Gold hits new record at Rs51800/tola
In international market, the price of gold increased by 21 dollars to 1621. This affected the rate of gold in the local markets and in Karachi the commodity recorded a rise of Rs400 per tola to se

- KSE slips 36 points
Fresh political and ethnic violence gripped Karachi over the past three days, leaving up to 44 people dead and

- Gold jumps to all time high at Rs 44,485
According to chairman Karachi Saraf Association, Haji Haroon Chand, investors are buying gold amid the fears of possible US default on its foreign debt.<

- CNG-Petrol price difference still not notified
Talking to Geo News, the office bearers of the association said that they were cooperating with the gas distribution companies in matters of gas load shedding because of the ac

- Dollar drops amid US debt debate impasse
The dollar fell as low as 78.12 yen in early trade, the lowest level since March 17 when the greenback slid to the 76-yen range, prompting inter

Mohammed Saleem Mansoori

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