BRIEF NEWS UPDATE: 02.01.2012

Restrictions on aid — new year US gift to Pakistan

WASHINGTON: In a move dubbed by the media as “a new year gift to Pakistan”, US President Barack Obama has signed into law a bill that could suspend a large chunk of the $1.1 billion military aid to the country.
The suspension is part of a massive $662 billion defence spending bill which President Obama signed on Saturday evening despite having “serious reservations” about some of its provisions.
“The fact that I support this bill as a whole does not mean I agree with everything in it,” Mr Obama said in a statement issued by his office. “Provisions in this bill could interfere with my constitutional foreign affairs powers.”
Mr Obama said he signed the bill chiefly because it authorises funding for the defence of the United States and its interests abroad and for vital national security programmes.
“As Chief Executive and Commander-in-Chief, (I) will oppose any attempt to extend or expand them in the future, and will seek the repeal of any provisions that undermine the policies and values that have guided my administration throughout my
time in office,” he said.
But there seems to be a bilateral consensus in the US Congress over the provision that seeks to suspend up to $850 million from the Pakistan Counter-Insurgency Fund.
The fund, however, can be released if Secretaries of State and Defence report to Congress that Islamabad is making progress in the war on terror and is cooperating with the US in curtailing the use of improvised explosive devices in Afghanistan.
IEDs are manufactured from fertilisers produced in Pakistan and smuggled to Afghanistan and are one of the major factors responsible for the death of American troops in that country.
In his comments on the bill, President Obama also cited limits on transferring detainees from the US base at Guantanamo Bay, Cuba, and requirements he notify Congress before sharing some defence missile information with Russia as problematic.
The bill, approved by Congress last week after its language was revised, also slaps new sanctions on Iran aimed at reducing its oil revenues but gives the US president powers to waive penalties as required.
This provision could also affect Islamabad’s effort to build the Iran-Pakistan gas pipeline as it places new restrictions on dealing with Iran’s central bank.
The US wants Pakistan to explore alternative routes, such as building a pipeline from Turkmenistan, to meet its gas needs.
Pakistan fears that the situation in Afghanistan does not allow an early construction of this pipeline while its needs are urgent as its own gas reserves have been shrinking fast, leading to widespread gas shortages affecting its industry and daily life.

Business News

 Mon, 2 Jan 2012

-CNG stations observing strike in KPK
PESHAWAR: CNG stations in Khyber Pakhtunkhwa are observing strike across the province from today, Geo News reporter 

-Petrol price hiked; diesel kept unchanged
ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) on Saturday hiked the price petrol and HOBC but withdrew rise i 

-ISE elects directors for 2012
ISLAMABAD: The general body of Islamabad Stock Exchange (ISE) on Saturday elected five directors for the year 2012 

-CNG stations to remain close in protest
KARACHI: Chairman CNG Station Owners Association, Malik Khuda Bux has said that all the outlets would remain close 

-Transporters to observe strike against CNG closure
KARACHI: Transporters have announced to observe strike in Karachi against closure of CNG on Saturday, Geo News rep 

-Rupee weakens 4.82pc
KARACHI: The rupee ended almost flat on Friday but has weakened 4.82 percent in 2011, mainly because of import pay 

-KSE-100 loses 5.6pc in 2011
KARACHI: Country s main stock index ended 5.6 percent weaker at 11,347.66 points and average daily volume fell to 

-OGRA okays gas tariff hike from Jan 1
ISLAMABAD: Oil Gas Regulatory Authority (OGRA) has greensignalled hike in gas tariff from January 1, 2012, Geo News 

-Gas/power loadshedding killing Fasislabad industry
ISLAMABAD: The hours long gas and electricity load-shedding has badly affected the Manchester of Pakistan (Faisalabad) 

-Sindh, Balochistan CNG stations shut for 24 hours
KARACHI: All the CNG stations in Sindh and Balochistan have been closed from 9am today and would resume operations 

-Oil higher in Asian trade amid simmering Mideast tensions
SINGAPORE: Oil rose in Asian trade Friday, sparked by heightened tensions between the US and major crude producer 

-Asian shares mostly higher on US figures
HONG KONG: Asian markets mostly rose on the last trading day of the year Friday following another set of positive 

-Euro remains soft after Italian bond auction
TOKYO: The euro stayed under pressure Friday during Asian trade although it rebounded from a 15-month dollar low o 

-LPG price increased up Rs 10 per kg
ISLAMABAD: The marketing companies on Thursday increased prices of the Liquified Petroleum Gas (LPG) from Rs 5 to 

-Islamabad stocks stay bullish
Islamabad stays bullish ISLAMABAD: Islamabad Stock Exchange (ISE-10) here on Thursday witnessed bullish trend

LATEST/BRIEF NEWS:

·       KPK CNG stations shutdown

·       South Korea offers talks to Norths new ruler

·       PPP to back amendment bill for new provinces

·       Pak-US relations: Ties may thaw soon, as back channels intensify

·       Iranians held in Pakistan over cross-border attack

·       ‘Third force’: Gilani warns Nawaz that both lose if govt falls

·       Over 600 CNG stations closed in KP

·       Prime Minister Syed Yusuf Raza Gilani has warned that any unconstitutional action to stop Senate elections to be held in March would have negative effect on the country.

·       Memo commission meets today

·       S.Korea upbeat on better ties with N. Korea

·       Funeral prayer of Askari Raza offered

·       Asma tells Haqqani to get another lawyer

 

Mohammed Saleem Mansoori