Tuesday 31 January 2012

DAILY LATEST NEWS UPDATE:01.02.2012


Amnesty seeks legal basis of US drone strikes in Pakistan
WASHINGTON/NEW YORK: The United States has officially admitted that it carries out drone strikes in Pakistan’s tribal areas with President Barack Obama defending the use of unmanned aircraft in eliminating al Qaeda militants.
After the US president’s candid confirmation, the Amnesty International on Tuesday asked the United States to disclose details of the legal and factual basis for use of drones in Pakistan.
President Obama made the rare public acknowledgment on Monday during an hour-long online video chat with users of the social network Google+.
In a statement, the Amnesty International also called for the US to monitor civilian casualties inflicted by drone attacks in Pakistan.
“The US authorities must give a detailed explanation of how these strikes are lawful and what is being done to monitor civilian casualties and ensure proper    accountability, said Sam Zarifi Amnesty International’s Asia-Pacific Director.
“What are the rules of engagement? What proper legal justification exists for these attacks? While the President’s confirmation of the use of drones in Pakistan is a welcome first step towards transparency, these and other questions need to be answered.”
In his remarks, President Obama said on Monday that the drone strikes, which are    carried out by the CIA rather than the military, were a “targeted focused effort at the people who are on a list of active terrorists”.
Obama said that the strikes targeted “al Qaeda suspects who are up in very    tough terrain along the border between Afghanistan and Pakistan.”
The Amnesty said because of the security situation and difficulty in accessing the terrain it has been impossible for organizations like Amnesty International to verify the number of civilian casualties caused by the drones.
In Islamabad, the Foreign Ministry termed the drone attacks as counterproductive and a violation of Pakistan’s sovereignty.
“Drone attacks are unlawful, counterproductive and hence unacceptable. We cannot condone violation of our sovereignty,” Spokesman Abdul Basit said, according to the international media reports.
Responding to the questions in a “virtual interview” that was conducted via Google+ and YouTube, President Obama defended the use of unmanned aircraft to kill Al Qaeda operatives and other militants in Pakistan’s tribal areas, thus officially acknowledging the classified CIA drone program.
Over the years, US officials have refused to discuss the issue in public.
“I think that we have to be judicious in how we use drones,” Obama said.
The drones, he said, have been used for “very precise, precision strikes against Al Qaeda and their affiliates.”
Obama went on to say that “obviously a lot of these strikes have been in FATA,” (Federally Administered Tribal Areas) and have been used for “going after Al Qaeda suspects who are in very tough terrain along    the border between Afghanistan and Pakistan.”
“This thing is kept on a very tight leash,” Obama said.
The US does not use drones “willy nilly” but in a way that avoids more intrusive military actions, he said.
According to The Los Angeles Times, Obama echoed the arguments of Pentagon and CIA officials, who often make the point in private discussions that the drones can perform targeted strikes and thereby substantially reduce the potential for civilian casualties associated with high-altitude bombing.
But Obama went well beyond that as he took issue with a Monday story in the New York Times, which reported that the State Department is operating a small fleet    of surveillance drones to protect US embassies, consulates and personnel stationed in Iraq following the withdrawal of American troops.
Some Iraqi officials are angry about the program and see it as a violation of their sovereignty, according to the Times report.
But Obama said the US still    respects the sovereignty of other nations even as it uses drones within their borders.
“The truth of the matter is, we’re not engaging in a bunch of drone attacks    inside of Iraq,” Obama said.
“There’s some surveillance to make sure that our embassy compound is protected.”

Drone attacks unlawful, unacceptable: Pakistan

ISLAMABAD: Pakistan on Tuesday said the drone attacks are unlawful, counterproductive and hence unacceptable, Geo News reported.The remarks from foreign ministry came as President Barack Obama confirmed for the first time that drone aircraft had targeted militants in Pakistan s semi-autonomous tribal areas on the Afghan border.'We are of the firm view that these are unlawful, counterproductive and hence unacceptable,' ministry spokesman Abdul Basit said.'Our view has always been very clear and position principled,' he added.When asked about drones in a chat with web users on Google+ and YouTube, Obama said 'a lot of these strikes have been in the FATA' -- Pakistan s Federally Administered Tribal Areas.

Business News
Monetary expansion declines
KARACHI, Jan 31: Monetary expansion, which shows penetration of liquidity in economy, significantly declined in the first seven months of the current fiscal year, reported State Bank of Pakistan on Tuesday.
The State Bank recently stated that the end-year inflation would be 12 per cent. Despite double-digit inflation, low monetary expansion signifies poor economic activities.
At the same time, direction of monetary growth mostly remained towards government papers.
The State Bank reported that broad money (M2) growth during the seven months was 4.24 per cent compared to 7.7 per cent during the corresponding period of the previous year.
It further indicated that Rs283 billion went to economy during seven months compared to Rs444 billion the previous year.
Monetary experts said that less monetary expansion means less economic growth.
However, the State Bank for more than four years kept the monetary policy tight, fearing high inflation but inflation remained there despite this policy. The consequences of tight monetary policy resulted in lower economic growth for last years.
However, since the beginning of new fiscal year 2011-12, the State Bank eased up monetary policy by slashing policy interest rate which is now 12 per cent.
Monetary experts say that the economy would not perform unless the deep penetration of money does not take place.
“This is more troublesome that most of the monetary expansion is due to flow of liquidity towards government papers which means less money is being used by the actual economy,” said a senior banker.
The State Bank said that the government had so far borrowed Rs813 billion for budgetary support, including Rs166 billion from State Bank and Rs621 billion from scheduled banks.
Government borrowing from scheduled banks has crossed the total borrowing made in FY-11.
The State Bank has been critical of the government borrowing from banking system and once again, in the first quarterly report, the government was advised to reduce borrowing from scheduled banks.
The doubt over GDP growth target for the current fiscal was another indicator that low monetary expansion was not even in the right direction.
Though volume of government borrowing was not as big as its borrowing from scheduled banks, still it was much higher than the borrowing it made during the same span of time last year.
Borrowing from the State Bank was Rs166 billion against Rs98 billion of previous year.


Tue, 31 Jan 2012

-
CNG price goes up; OGRA issues notification
ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has hiked the price of Compressed Natural Gas (CNG) and issued

-
Euro, dollar rangebound in Asia
TOKYO: The euro was rangebound against the dollar in Asian trade Wednesday, as investors tracked ongoing talks on

-
Asian markets mostly higher despite US data
HONG KONG: Asian shares were mostly higher Wednesday despite weaker-than-expected US economic data, slumping Japan

-
Oil prices rise on supply disruption concerns
SINGAPORE: Oil prices edged higher in Asian trade Monday amid concerns over a supply disruption in the Middle East

-
ECC allows export of 100,000 tons of Sugar
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet after a detailed review of the sugar situation

-
10% surcharge to be imposed on CNG
ISLAMABAD: A 10% gas development surcharge will be imposed on CNG. Speaking to the media the petroleum sec

-
Honda''s first business jet to hit markets next year
TOKYO: Honda Motor Co (7267.T) expects to grab at least a quarter of the world market for small business jets soon

-
EU signs up to Germany-led fiscal treaty
BRUSSELS: Chancellor Angela Merkel cemented her political ascendancy in Europe on Monday when 25 out of 27 EU stat

-
Karachi stocks land in red zone
KARACHI: Local shares ended lower on Monday as local investors cashed in on mid-cap stocks after the main index cr

-
Euro slips ahead of EU summit
TOKYO: The euro slipped against other currencies in Asia on Monday as market players awaited a European Union summ

-
Asian markets lower after weak US growth data
HONG KONG: Asia s first full day of trading following the Lunar New Year holiday saw markets mostly slip on Monday

-
Oil prices lower over eurozone debt worries
SINGAPORE: Oil prices were lower in Asian trade Monday as the market awaited the outcome of a European Union summi

-
Lahore: CNG stations closed for 3 days
LAHORE: All the CNG stations, under the gas load management plan, in Lahore region have been closed at 6:00 AM tod

-
India won''t cut Iranian oil imports: finance minister
CHICAGO: India, the world s fourth-largest oil consumer, will not take steps to cut petroleum imports from Iran de

-
Iran says oil price could reach $150 per barrel on EU embargo
TEHRAN: Iran said on Sunday that oil prices could reach $150 per barrel as a result of the European Union s ban on




LATEST/BRIEF NEWS:

·       PM contempt hearing: Aitzaz Ahsan sticks to his stance
·       Upper Dir: Eight die as coach falls in river
·       Karachi: Two more die in fresh spat of killings
·       Value-addition to enhance exports: ICCI
·       Industrial growth under pressure due to tight monetary policy
·       Illegal import practices marginalizing trade
·       SECP okays rules for market liquidity
·       KSE dips amid thin trading
·       Haqqani off to US via Dubai
·       SC resumes Gilani court contempt hearing toady
·       Pak helping Taliban: secret Nato report
·       Petrol, diesel, CNG, LPG prices go up


Mohammed Saleem Mansoori
,













































No comments:

Post a Comment