Thursday, 26 January 2012

DAILY BRIEFNEWS UPDATE: 27.01.2012


Memogate: PCNS summons Mansoor Ijaz on Feb 10

ISLAMABAD: The Parliamentary Committee on National Security (PCNS) has summoned Mansoor Ijaz, the main characters in memogate scandal, on February 10, Geo News reported.The meeting, chaired by Senator Raza Rabbani, reviewed security arrangements for Mansoor Ijaz and termed them satisfactory. The committee convened its next meeting on Feb 10 and asked Ijaz to appear before it on the same day.
US wants Pakistan to drop IP project
WASHINGTON: The United States is working with Pakistan to help it deal with the consequences if it agrees to abandon the Iran pipeline project, says the US State Department.

“Pakistan is one of the countries that we’re working with, primarily from the US Embassy” in Islamabad, the department’s spokesperson Victoria Nuland told a briefing in Washington when asked if the United States was also urging Pakistan not to buy gas from Iran.
Earlier this month, US President Barack Obama signed into law new sanctions against Iran.
The measure, which Congress passed as part of the 2012 National Defence Authorisation Act, penalises foreign financial institutions that do business with Iran’s central bank, as Pakistan will have to if it buys gas.
“We’re talking to countries around the world about the implication of this legislation and our efforts to cut global dependence on Iran,”
Ms Nuland said. Asked if Washington was encouraging Pakistan to buy cheaper gas from US companies, the State Department official said: “I don’t have anything specific on where those conversations are leading, but we are talking about all kinds of diversification.”
The US media reported earlier this week that the US has stepped up efforts to persuade Pakistan to abandon not only the gas pipeline project, but also to stop purchasing liquefied natural gas from its western neighbour in return for cheaper gas from US companies.
The reports said that US embassy officials in Islamabad had held several meetings with senior Pakistani officials to learn more about the country’s current LNG import and about the IP gas pipeline project.
US experts quoted in the media say that the Iranian gas will cost $12 per million British thermal units (mmbtu) while LNG would cost $18 per mmbtu.
The United States could help Pakistan buy LNG at $4.5 per mmbtu.
American experts also say that US energy companies have increased gas supply in recent years, causing natural gas prices to fall 5.7 per cent on January 12, to their lowest level in over two years.
And Pakistan should benefit from this change. The experts also argue that it will be cheaper for Pakistan to import gas from Turkmenistan.
The Pakistanis say that they too knew bringing gas from Turkmenistan would be cheaper but they fear that the situation in Afghanistan would not allow the construction of the proposed Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline.
The multi-billion-dollar Iran-Pakistan gas pipeline deal with Tehran, which was signed in June 2010, aims to export a daily amount of 21.5 million cubic metres (or 8.7 billion cubic metres per year) of Iranian natural gas to Pakistan.
Maximum daily gas transfer capacity of the 56-inch pipeline, which runs over 900 km inside Iran before entering Pakistan, has been given at 110 million cubic metres.
The project was originally known as the Iran-Pakistan-India (IPI) pipeline project. But India left the project in October 2007.
Iran has already constructed more than 900 kilometres of the pipeline on its soil.

Business News

Thu, 26 Jan 2012

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Forex reserves slip to $16.802 billion
KARACHI: Pakistan s liquid foreign reserves slipped by $ 101 million to more than $ 16.802 billion on January 20,2

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Muneer Kamal reelected as chairman KSE
KARACHI: Muneer Kamal has been unanimously re-elected as chairman of the board of Karachi Stock Exchange (KSE) at

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Gold price soars by Rs1500 per tola
KARACHI: Gold price on Thursday registered a whopping increase of Rs1500 per tola in local markets after the yello

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Rupee ends on a flat note in money market
KARACHI: In the currency market, Thursday, the rupee ended almost flat at 90.20/25 to the dollar compared with Wed

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KSE down after violence visits business hub
KARACHI: Capital market ended lower on Thursday on security concerns after three lawyers were killed the previous

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Asian shares mixed after Fed rate announcement
HONG KONG: Asian markets were mixed on Thursday, with confidence following the US Federal Reserve s decision to ho

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Dollar rangebound in Tokyo
TOKYO: The dollar stayed in a tight range Thursday following the Federal Reserve s dovish interest rate projection

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CNG closed in Faisalabad, Bahawalpur regions
FAISALABAD: All CNG stations in Faisalabad and Bahawalpur districts will be closed for two and a half days startin

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Oil prices higher in Asia
SINGAPORE: Oil prices edged higher in Asian trade Thursday on news that the US Federal Reserve would keep interest

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Davos elite confronts crisis of Western capitalism
DAVOS: Leaders of the global business elite were confronted on Wednesday with the fear that the Western model of c

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Rashid Zahir reelected ISE Board chair
ISLAMABAD: Muhammad Rashid Zahir has been re-elected as chairman of the Board of Directors of Islamabad Stock Exch

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Rupee ends flat vs greenback
KARACHI:In the currency market, Wednesday, the rupee ended almost flat at 90.18/23 to the dollar, compared with Tu

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Profit-booking takes toll on KSE 100-Index
KARACHI: Local equities market ended lower on Wednesday as investors booked profits at higher levels, especially i

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Dollar edges up as Japan reports trade deficits
TOKYO: The dollar firmed slightly in Asian trade Wednesday as the yen slipped on official data showing Japan saw a

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Oil prices higher in Asian trade
SINGAPORE: Oil prices were higher in Asian trade Wednesday, on expectations of firm US economic growth and rising


LATEST/BRIEF NEWS:

·       Foreign office briefing: Commitment to Iran gas pipeline could fire US fury
·       Contaminated drugs: Punjab death toll reaches 105
·       Karachi: Preparations for JUI-F rally in final phase
·       Arabs take Syria crisis to UN
·       Musharraf defers return plan
·       Thousands of Nato trucks in Karachi backlog
·       Saudi Arabia warns of Mideast nuclear race
·       Kamal re-elected KSE board chairman
·       Bearish trend continues at KSE amid violence
·       Forex reserves fall to $16.80b
·       Khurram Rasool surrenders to FIA


Mohammed Saleem Mansoori
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