Afridi does not worry me: Malinga

DHAKA: Rampaging Shahid Afridi and prolific Kumar Sangakkara have set the stage for a rousing contest when Pakistan face Sri Lanka in the Asia Cup one-day final in Dhaka on Saturday.
Angelo Mathews' Sri Lanka have been the dominant team in the five-nation event with four straight victories in the league, including a 12-run win over Pakistan in the tournament opener on February 25.
The charge was led by Sangakkara, the 36-year-old left-hander who has been in prime form during his team's current tour of Bangladesh which began with a bilateral series in January.
Sangakkara scored 75, 319 and 105 in two Test matches and 128 in the second one-day international to steer Sri Lanka to series wins in all three formats against the hosts.
The veteran has also played three match-winning innings in the Asia Cup, making 67 against Pakistan, 103 versus World Cup champions India and 76 against minnows Afghanistan.
He remains the leading scorer in the tournament with 248 runs despite falling cheaply for two in Thursday's last league match against Bangladesh.
“It is great to have Sangakkara in such good form, but the others will also need to step up and rally around him if we are to win,” Mathews said.
“Pakistan have shown how tough a side they are to beat. But we have our plans and are confident of doing well if we execute them well.”
Pakistan, the defending champions, bounced back after the loss against Sri Lanka to qualify for the final with three successive victories against Afghanistan, India and Bangladesh.
The mercurial Afridi fashioned two tense last-over wins, slamming an 18-ball 34 against India before making an astonishing 59 off 25 balls against Bangladesh.
Short boundaries at the Sher-e-Bangla stadium where even mis-hits land over the fence appear tailor-made for Afridi, and skipper Misbah-ul-Haq hoped for another power-packed display in the final.
“Afridi is our main player,” a grateful Misbah said.
“The kind of form he is in and the kind of confidence he shows, it's good for the Pakistan team.
“We just tell him to make sure he bats for at least 25-30 balls. If he does that he can score a 50. I'm really happy with the way he's playing.”
Pakistan Cricket Board official Zakir Khan said Afridi, Umar Gul, Sharjeel Khan and Ahmed Shehzad were suffering from injury niggles, but he expected them to be fit for the final.
“Afridi has a hip strain and the others have minor niggles, but all of them have responded well to rest and treatment and should be available to play tomorrow,” Khan said in Dhaka on Friday.
Both teams boast of destructive bowling attacks with Sri Lanka's Ajantha Mendis the tournament's joint leader with nine wickets and Pakistan's Saeed Ajmal in second place with eight.
Sling-arm fast bowler Lasith Malinga, who has taken six wickets, said Afridi's explosive game-changing form did not worry him.
“I am more concerned about how I bowl,” Malinga said.
“Afridi does not worry me and I don't think they (Pakistan) are thinking too much about me

Motorcycle bomb at market kills five in Afghanistan: official

 

KANDAHAR: An Afghan provincial official says a motorcycle bomb was remotely detonated on Friday in a crowded market in the country's south, killing five people and wounding eight.
Omar Zawaq, the spokesman for the governor of southern Helmand province, says the motorcycle exploded on Friday in the center of the market in Marjah. It's a restive district, about 25 kilometers (15 miles) from the provincial capital of Lashkar Gah.
No one immediately took responsibility for the bombing, but the area has a heavy presence of Taliban insurgents.
Marjah was the site of one of the largest US and Afghan offensives in 2010.
However, the Taliban have slowly returned to areas from which they were previously driven out. Local residents say Taliban rule in nearly 80 per cent of the province.

Loss-saddled Sony to sell its Tokyo 'birthplace'

TOKYO: Sony said Friday it would sell properties at a prestigious Tokyo site where it had its headquarters for six decades, as the once-world beating firm struggles to repair its bottom line.
The company’s 16.1 billion yen ($157 million) deal to sell the real estate to Sumitomo Realty and Development will be completed next month, it said.
The properties are in the Gotenyama area near the city’s Shinagawa railway station, where land prices have been on the rise recently.
In 2007, the firm sold a portion of the site, moving its headquarters to the opposite side of Shinagawa station.
Sony started as Tokyo Tsushin Kogyo in 1946, the year after Japan’s defeat in World War II. The following year it moved from a different site in the capital to the Gotenyama area, where it grew into a global player built on its groundbreaking Walkman and popular televisions.
A museum archiving Sony’s epoch-making products will be one of its few remaining properties there.
The deal Friday comes after Sony said last year it was selling its US headquarters in Manhattan for $1.1 billion as it looks to recoup from four consecutive years of losses.
Sony and domestic rivals Panasonic and Sharp have faced severe competition from abroad in their hard-hit consumer electronics units and have been undergoing painful restructurings to move past years of losses.
Despite returning to profit in its latest fiscal year, Sony is braced for a $1.08 billion loss in the 12 months to March as it plans to cut 5,000 jobs and exit the stagnant PC market.
On Friday, Sony said the real-estate sale would not affect its earnings forecast for the current fiscal year.

Asian shares broadly up on hopes for US jobs

HONG KONG: Asian markets mostly rose on Friday and the dollar held on to its New York gains after better-than-expected jobs data raised hopes for a strong payrolls report later in the day.
While the crisis in Ukraine is still to be resolved, investors are focused on economic fundamentals, with confidence boosted by upbeat comments on the eurozone from the European Central Bank (ECB), while Wall Street saw another record close.
Tokyo rose 0.92 per cent, or 139.32 points, to 15,274.07 and Sydney added 0.30 per cent, or 16.4 points, to 5,462.3 while Seoul finish flat, edging down 0.94 points to 1974.68 owing to a late sell-off.
Shanghai edged a touch lower, dipping 1.67 points to end at 2,057.91 while Hong Kong eased 0.19 per cent, or 42.48 points, to 22,660.49.
In the United States, the Labour Department said first-time claims for unemployment benefits fell last week to a three-month low of 323,000 from the prior week’s revised reading of 349,000. Analysts had expected the claims to fall to just 338,000.
The figure was a “sign companies are holding on to their staff even as cold weather threatens to slow the world’s largest economy”, said Spreadex analyst Lee Mumford.
It also provided hope that Friday’s closely watched non-farm payrolls report for February will show a sharp improvement from the previous two months, which came in well below forecasts owing to a severe winter snap across most of the country.
The S&P 500 rose 0.17 per cent to a record high and the Dow added 0.38 per cent, but the Nasdaq dipped 0.13 per cent.
Draghi upbeat on eurozone:
The dollar also rallied to 102.98 yen late Thursday in New York, from 102.72 yen earlier in Tokyo.
In afternoon Asian trade, the greenback was at 102.95 yen.
However, US shares lost much of the gains after President Barack Obama laid down a tough challenge to Moscow’s support for a referendum in Ukraine’s Crimea on joining Russia.
“The proposed referendum on the future of Crimea would violate the Ukrainian constitution and violate international law,” Obama said.
His comments come as the United States and Russia try to resolve the crisis in Eastern Europe, which flared when Russian lawmakers agreed to sending troops into the mainly Russian-speaking Crimean peninsula after the ousting of Ukraine’s pro-Moscow government.
The ex-Soviet state is in danger of breaking apart after Crimea’s parliament unanimously voted to join Russia, in a sharp escalation of the worst East-West security crisis since the Cold War.
Washington has slapped visa bans on Russians and Ukrainians involved in the Crimean incursion, the latest series of moves by the US administration to punish Moscow, while the European Union has also imposed punitive measures including freezing visa and financial talks.
However, global investors remain upbeat, and buying sentiment was given further support after the ECB held interest rates unchanged and its head, Mario Draghi, gave an optimistic appraisal of the economy.
“A gradual recovery in domestic and external demand is expected to be the driving factor behind the projected increase in activity,” Draghi said, after the ECB raised its 2014 growth forecast by 0.1 percentage point to 1.2 per cent.
The euro surged in US trade and on Friday maintained those gains, sitting at $1.3869 and 142.75 yen compared with $1.3861 and 142.88 yen late in New York.
Oil prices were slightly higher. New York’s main contract, West Texas Intermediate for April delivery, rose 12 cents to $101.68 in afternoon Asian trade. Brent North Sea crude for April was flat at $108.10.
Gold fetched $1,348.48 an ounce at 0820 GMT compared with $1,335.26 late Thursday.
In other markets:
– Taiwan edged up 0.17 points to 8,713.96. Taiwan Semiconductor Manufacturing Co. rose 1.33 per cent to Tw$114.5 while Hon Hai was 0.36 per cent higher at Tw$84.7.
– Wellington advanced 0.21 per cent or 10.86 points to a record high of 5,125.65.
– Kathmandu jumped 4.66 per cent to NZ$3.59 and Fletcher Building gained 1.02 per cent to NZ$9.90.
– Manila closed 0.54 per cent lower, giving up 34.99 points to 6,481.83. Philippine Long Distance Telephone eased 0.14 per cent to 2,800.00 pesos, Bank of the Philippine Islands gave up 0.33 per cent to 92.00 pesos and BDO Unibank ended 0.30 per cent down at 84.25 pesos.

India's top court rejects another Sahara bid to release chief

 

NEW DELHI: India's Supreme Court on Friday rejected another proposal by the Sahara conglomerate to secure the release of its jailed chairman by refunding billions of dollars the company had raised from investors in a now outlawed bond scheme.
Sahara Chairman Subrata Roy, 65, was arrested last Friday for failing to appear at a hearing in the long-running case that pits the unlisted group against the securities regulator, the Securities and Exchange Board of India (SEBI).
SEBI had brought contempt proceedings against Roy and Sahara for failure to comply with a 2012 Supreme Court order to repay billions of dollars to investors. Sahara has said it repaid most investors and that its remaining liability was less than the 51.2 billion rupees ($836 million) it deposited with SEBI, a claim that has been disputed by the regulator and the court.
Roy was sent to jail on Tuesday. On Friday, lawyers for Sahara told the court the company was ready to pay 25 billion rupees initially, and then an additional 149 billion rupees in five installments through July 2015, to secure Roy's release.
The court rejected the proposal as unsatisfactory and told Sahara to come up with another plan at the next hearing on March11, Keshav Mohan, one of the lawyers representing Sahara in the case, told Reuters.
The final figure owed by Sahara is unclear because of interest accrued, as well as a dispute between the group and the regulator over the veracity of investors.
The court had on Tuesday rejected an offer by the lawyers to give bank guarantees for 225 billion rupees within three to six months.
Sahara is best known as the former main sponsor of India's national cricket team, as well as owner of New York's Plaza Hotel and London's Grosvenor House.
It has a net worth of $11billion and more than 36,000 acres of real estate, according to its website. It also co-owns the Sahara Force India Formula One auto racing team with liquor baron Vijay Mallya.

Gas leak sickens sailors at India dockyard; one killed

NEW DELHI: An Indian navy officer died and some other workers have been sickened Friday by a gas leak in a ship being built in the Mumbai dockyard.
The state-owned Mazagon Dock Limited said in a statement that the ill workers were hospitalized.
It said a malfunction in the carbon dioxide unit led to the gas leak during trials in the ship being built for the Indian navy.
Two navy officers were killed in a fire on a submarine last week during a training exercise off Mumbai's coast.
India's navy chief Adm D.K. Joshi resigned to take responsibility for that accident and other incidents that have plagued the navy in recent years.
Last August, another of the navy's Russian-made diesel-powered submarines, the INS Sindhurakshak, caught fire after an explosion and sank at its home port in Mumbai, killing all 18 sailors on board.
In December, the INS Talwar, a Russian-built stealth frigate, slammed into a trawler off India's west coast, sinking the boat and tossing 27 fishermen into the sea. All of the fishermen were rescued.

Violence kills seven in Iraq's Fallujah

BAGHDAD: Shelling in Iraq's city of Fallujah, held by anti-government fighters for more than two months, and a shooting targeting a local official killed seven people on Friday, police and doctors said.
Iraq has been hit by a year-long surge in bloodshed that has reached levels not seen since 2008, driven principally by widespread discontent among its Sunni Arab minority and by the civil war in neighbouring Syria.
Shelling in Fallujah, just a short drive from Baghdad, killed six people and wounded 17, Dr Ahmed Shami told AFP.
The source of the fire, which resident Jassem Mohammed Al Essawi said hit four different areas, was not immediately clear.
A crisis erupted in the desert province of Anbar in late December when security forces dismantled Iraq's main Sunni Arab anti-government protest camp just outside provincial capital Ramadi.
Anti-government fighters subsequently seized all of Fallujah and parts of Ramadi, to its west.
It is the first time anti-government forces have exercised such open control in major cities since the peak of the deadly violence that followed the US-led invasion of 2003.
More than 370,000 people may have been displaced by the latest violence in Anbar, according to the United Nations.
In Saadiyah, a town northeast of Baghdad, gunmen shot dead municipal council member Hussein Al Tamimi on Friday and wounded another person, a police lieutenant colonel and a doctor said.
Friday's deaths came a day after more than a dozen bombings and two shootings killed at least 23 people and wounded dozens.
Violence in Iraq has killed more than 1,800 people since January 1, according to AFP figures based on security and medical sources.

Saudi Arabia lists Muslim Brotherhood among 'terror' groups

RIYADH: Saudi Arabia on Friday listed the Muslim Brotherhood and two Syrian groups as terrorist organisations and ordered citizens fighting abroad to return within 15 days or face imprisonment, state TV reported.
The latest move represents a major escalation against the Muslim Brotherhood of deposed Egyptian president Mohamed Morsi and indicates rising concern in Riyadh over the possible return of battle-hardened Saudis extremists from Syria.
In addition to the Muslim Brotherhood, Saudi listed Al-Nusra Front, which is Al-Qaeda's official Syrian affiliate, and the Islamic State of Iraq and the Levant (ISIL), a rogue group fighting in both Syria and Iraq, as terrorist organisations.
It also listed as terrorist groups the Shia Huthi rebels fighting in northern Yemen and a little-known internal Shia group called Hezbollah in the Hijaz.
Saudi and other conservative Gulf monarchies have long been hostile towards the Muslim Brotherhood, fearing that its brand of grass-roots activism and political Islam could undermine their authority.
Riyadh is a staunch supporter of the Sunni-led rebels battling to overthrow Syrian President Bashar al-Assad but has long feared blowback from radical groups, particularly after a spate of attacks by a local Al-Qaeda franchise from 2003 to 2006.
King Abdullah last month decreed jail terms of up to 20 years for belonging to “terrorist groups” and fighting abroad.
Similar sentences will be passed on those belonging to “extremist religious and ideological groups, or those classified as terrorist organisations, domestically, regionally and internationally,” state news agency SPA said at the time.
Supporting such groups, adopting their ideology or promoting them “through speech or writing” would also incur prison terms, the decree added.
Rights group Amnesty International sharply criticised last month's legislation, saying it could be used to suppress peaceful political dissent because the law used an “overly vague definition of terrorism”.
“The Saudi Arabian authorities are seeking legal cover to entrench their ability to crack down on peaceful dissent and silence human rights defenders,”Amnesty's Said Boumedouha said at the time.
Saudi Arabia set up specialised terrorism courts in 2011 to try dozens of nationals and foreigners accused of belonging to Al-Qaeda or being involved in a wave of bloody attacks that swept the country from 2003.

Indian shares hit record highs on hopes of new government

MUMBAI: India's shares hit fresh a lifetime peak Friday, boosted by easing strain on public finances and hopes a pro-business government would soon be elected to bring economic growth back on track.
The Bombay Stock Exchange's benchmark index gained 2.08 per cent from its previous close to reach a record of 21,960.89 points, while the National Stock Exchange index rose to 6,537.80 points, posting a 2.13 per cent jump.
At the end of the day, the BSE and NSE indices settled at 21,919.79 points and 6,526.65 points respectively.
Analysts say the share surge is driven by opinion polls pointing to an election win by the main opposition Bharatiya Janata Party (BJP), seen as business-friendly and capable of pushing through economic reforms.
The results of the election to be held in phases are due in mid-May.
“All surveys are suggesting that most likely (BJP candidate) Narendra Modi will take over as prime minister, which should be good for business,” said Rahul Bhandawat, an equity analyst at Mumbai's Equentis Capital.
A recent survey by the US-based Pew Research Center suggested 63 per cent of Indian voters want the BJP to form the next government, and indicated voters perceive Modi as the best leader to push through economic reforms and improve governance.
A string of corruption scandals and an economy growing at a decade-low of just under five percent have drained popularity away from the ruling left-leaning Congress-led coalition.
Indian shares have also gained traction from signs the country may be getting its public finances in order.
The current account deficit, the broadest trade measure, showed a slide to 0.9 per cent of gross domestic product (GDP) or $4.2 billion in the three months to December, from 6.5 per cent of GDP or $31.9 billion in the same period a year earlier.
The deficit's ballooning to a record 4.8 per cent of GDP in the full 2012-13 fiscal year triggered market turmoil and prompted analysts to warn India could lose its prized investment-grade credit rating.
Recent stock market gains have also been propelled by foreigners buying into the so-called “India story” of potential high returns in the longer term.
Foreign institutional investors (FIIs) have purchased $5.5 billion of local equities, data from the Securities and Exchange Board of India showed.
Despite positive voter perception, analysts say Modi would have a tough job on his hands to get the economy back on track and they remained cautious despite the market cheer.
“The current gains (in stocks) are unlikely to be start of a new bull run,”the Equentis Capital analyst said, adding that a big bout of share selling could not be ruled out.

Pakistan buys 60,000 tonnes of rapeseed/canola from Australia

HAMBURG: Pakistani importers have bought about 60,000 tonnes of rapeseed/canola from Australia, European traders said on Friday.
The oilseed was purchased at about $604.50 a tonne C&F for shipment to Karachi between April 20 and May 20, traders said.
“Pakistan traditionally buys rapeseed at this time of year,” one European trader said. “There are also negotiations underway for Canadian canola following other imports of Australian canola recently.
“There are talks with importers about purchasing about 18,000 tonnes of Canadian canola.”
Meanwhile, traders said they do not expect major Pakistani wheat exports in coming months despite a good wheat harvest looming in April in the country.
“Pakistani domestic wheat prices are currently too high at around $340 FOB to compete in export markets and the country is not likely to take a substantial part in the export scene apart from some sales to Sri Lanka because of favourable import duties,” a trader said.
“But Pakistan's high internal prices are likely to dampen the flow of smuggling to Afghanistan and Iran.”
Indian wheat export sale tenders attracted bids at $274.90 a tonne in late February.

US job creation picks up in February

WASHINGTON: The US generated 175,000 jobs in February, data showed Friday, a modest rebound from two disappointing, weather-beaten months that analysts said suggests economic growth remains on track.
The figure, which came after a series of poor indicators that had led economists to cut their forecasts, was still below the 200,000-plus level that would erase doubts about the economy's strength.
But, coupled with an upward revision to the December and January figures that added another 25,000 jobs to the picture, the February achievement allowed many to believe that the main problem has been the extra-severe winter storms that have pummeled the eastern half of the country for months.
“The extreme cold and snowy weather had a modest dampening effect on employment in February,” said Sal Guatieri, senior economist at BMO Capital Markets.
“But growth still picked up more than expected, suggesting the labor market could soon return to the solid pace established before the polar vortex dug in.”
The unemployment level, based on the household survey, a separate set of numbers from the establishment survey's job creation data, rose back to where it was in December, 6.7 percent, after falling to 6.6 percent.
That swing was in part due to the distortionary jump in the total number of people who were reported employed in January being cancelled out by a very small increase in February.
In all, 10.5 million people remained unemployed across the country in February, slightly higher than January but down from 12.1 million a year ago.
The establishment survey showed the private sector employed a net 162,000 more people last month, while government at all levels boosted payrolls by 13,000.
Job gains were strongest in professional and business services, and in education and health, while gains in manufacturing and construction were small.
The establishment data suggested some of the impact of the harsh winter storms that have battered the country east of the Rocky Mountains. Average weekly hours worked fell to 34.2, compared with 34.5 a year ago.
But average weekly earnings rose to a 2.2 percent gain year-over-year, a positive sign after having lagged other gains in the economy since the 2007-2009 recession.
There were still significant weaknesses. The number of people working part time because of slack business conditions fell, but those reporting that they could only find part-time work rose.
The number of people unemployed for more than 27 weeks also surged, by 203,000.
And the labor force participation rate remained at a very low 63.0 per cent.
Analysts said that on balance the data shows a sluggish economy, but not one moving backward.
“Given the weather-related noise, the only real message is that the economy does not appear to be accelerating significantly.... but no downward pressure either,” said Douglas Holtz-Eakin, president of the conservative American Action Forum and a former White House chief economist.
Most economists said the jobs figures were strong enough that the central bank did not need to make any changes to its current policies.
Judging the economy is increasingly expanding on its own strength, the Federal Reserve began reducing its stimulus program in January, cutting it each month by $10 billion to the current $65 billion a month.
The Federal Open Market Committee meets again on March 18-19 to decide whether to slow the stimulus taper, and the issue of whether the recent economic weakness was weather-related or more fundamental has weighed over that decision.
“Since the February report was solid, we now expect more tapering at the FOMC meeting,” said Jason Schenker of Prestige Economics.

Two brothers among four killed in Lyari

KARACHI: Four people, two of them brothers, were shot dead in Lyari area of Karachi on Friday night, according to police and hospital officials.
The killings triggered intense firing, sowing fear in parts of the old city.
Kalakot police said Rizwan alias Sunni was gunned down in Gul Mohammed Lane. Later, a body stuffed in a gunny bag was found in Sarbazi Mohalla. The deceased was identified as Waqas Baloch, brother of Rizwan.
A police official said there were reports that Rizwan had ‘sympathies’ with the Uzair Baloch group.
Subsequently, gunmen resorted to heavy firing on Mirza Adam Khan Road, leaving two people dead and injuring two others, including a passerby policeman, Imran Beg.

Sami criticises Asif for operation remarks

ISLAMABAD: Opposition leaders and a representative of the Taliban negotiating committee have expressed displeasure over the remarks of Defence Minister Khawaja Mohammad Asif that a military operation can be launched against militants in the current month if they violate the ceasefire.
Maulana Samiul Haq, who is representing the outlawed Tehreek-i-Taliban Pakistan (TTP) in peace talks with the government, urged the defence minister to avoid giving statements that may spoil the dialogue process. “His [Asif’s] leader [Nawaz Sharif] is talking about negotiations while the defence minister is warning of a military operation,” the maulana regretted.
Leader of Opposition in the National Assembly Syed Khursheed Shah said that even “cabinet members are not on the same page on the issue of the Taliban”.
Mr Asif in an interview to a foreign news agency on Friday said a full-scale military operation could be launched against the Taliban in the tribal areas as early as this month, warning insurgents against violating a ceasefire they announced last week.
Senator Raza Rabbani of PPP demanded that an in-camera session of parliament should be called so that parliamentary parties could be taken into confidence on the government-Taliban talks or any other decision taken by the government on the issue.
When contacted, Special Adviser to Prime Minister Irfan Siddiqui, who heads the government’s committee in talks with the TTP, told Dawn that Maulana Sami had not yet informed the government when the Taliban’s committee would go to the tribal areas to convey to the TTP leaders Prime Minister Nawaz Sharif’s demand that Taliban should not only disassociate themselves from splinter groups who had carried out recent terrorist attacks but also condemn such assaults and expose such groups.

PIA opens bids for acquisition of 10 aircraft

KARACHI: The bids for acquisition of 10 narrow body aircraft for Pakistan International Airlines (PIA) were opened in the presence of the media on Friday.
Talking to the media before the bids opening, Chairman PIA Muhammad Ali Gardezi said that the bids were received and opened in presence of media persons for the first time in the history of PIA to keep the process transparent.
The bidding parties included M/s Qatar Aviation Lease Company and M/s KL Aero parts.
The aircraft offered included Airbus A320 aircraft and Boeing 737-800 aircraft. The bidders have committed delivery by last week of July 2014.
The bid offer of M/s. Qatar Aviation Lease Company included eight A320 Aircraft. Four aircraft with year of manufacturing as 2011 and four with year of manufacturing as 2012.
The second bid offer received was of M/s. KL Aero Parts for ten A320 and ten 737-800 aircraft with year of manufacturing of 2014.
The bids will be evaluated within three to four days and posted on PPRA website. After conducting the evaluation process within next 10 days, the recommendations will be forwarded to the PIA board of directors for approval followed by issuance of letter of intent to the selected bidder.
The financing of these aircraft will be done by PIA’s own resources and partially with the help of the government.
Chairman PIA said that the aircraft acquisition was approved by ECC and PIA board of directors.
He said that as part of revival plan, Pakistan International Airlines is acquiring the latest model fuel efficient aircraft in line with the vision and guidance of Special Assistant to the Prime Minister on Aviation, Shujaat Azeem.
With the induction of fuel efficient narrow body new generation aircraft, PIA will be in a better position to improve its sales and provide better service to its customers. The airline is also emphasising on cost reduction.
PIA Managing Director Muhammad Juniad Yunus, Director Corporate Planning PIA Shahnawaz Rehman, Director Engineering Saminuddin Naqvi, Director Flight Operations Captain Qasim Hayat, PIA Board member Aslam Khalique and other PIA officials were present during the opening of the bids. —APP

SECP to introduce investor protection product

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) proposes to provide retail investors a facility to settle their trades directly through the Central Depository Company (CDC) or the National Clearing Company of Pakistan Limited (NCCPL), without involving brokers, SECP chairman Tahir Mahood told the press on Friday.
He said that the reform, Direct Settlement System (DSS), will be a paradigm shift from the existing setup wherein investors have to mandatorily use broker-controlled CDC sub-accounts for settlement purposes.
“The step is taken to protect investors where some brokers misappropriated client securities under their custody,” he said.
The conceptual idea behind development of Direct Settlement System is to extend to the local retail investor the facility currently available to foreigners who maintain their assets with custodian banks and brokers are only involved for trade execution. The regulatory framework has been approved for the DSS and the product is expected to be launched from June 2014.
Explaining the new product, SECP chief said that certain brokers have resorted to misuse of client assets under their custody to meet their liquidity demands.
As a result, subsequent to 2008 crisis, significant investors’ claims surfaced against some brokers on account of misappropriation of client securities under their custody.
To address this issue, the SECP has taken various measures which include introduction of client level margining regime, automated settlement system, abolishing general purpose/ blanket authorities to handle securities by brokers and imposition of restrictions on movement of securities in the CDC.
Tahir Mahmood asserted that despite all such measures, instances have come to light where brokers misappropriated clients’ securities and absconded.
In this regard, the SECP has introduced new product which offers more protection to client assets.
First of these products is the Direct Settlement Services (DSS) of CDC.
Currently the CDC sub-account is under the control of broker and there is no mechanism whereby investor can settle his/ her trades directly from the investor account.
This weakness has now been removed by introducing DSS. The product would bring increased efficiency and transparency to the clearing and settlement process by eliminating the need for the investor to open a sub-account with a broker.
Another initiative in this regard is the direct settlement services by the NCCPL where it would act as the custodian and clearing agent of the investor.
The investor will be able to hold securities and cash under custody of the NCCPL and settle trades executed at stock exchanges though the NCCPL without the need of maintaining sub-account or cash account with the brokers. This product is expected to be launched from July 2014 by the NCCPL.
SECP commissioner specialised companies’ division Imtiaz Haider, commissioner Insurance Asif Arif and commissioner securities market division Zafar Abdullah also spoke on reforms within the areas of their jurisdictions.

IT minister, operators discuss 3G auction regime

KARACHI: The government will include suggestions of all stakeholders, particularly the cellular mobile operators, prior to the next generation spectrum auction (3G).
All elements of the framework would be structured for the benefit of the public and to ensure maximum investment into rollout of networks, and financial viability of the mobile broadband market, said Minister of State for IT Anusha Rehman at a meeting with CEOs and representatives of cellular operators in Islamabad.
The minister gave due consideration to the suggestions presented during the meeting.
There was a consensus that improvement of both the auction regime and the requirements of ensuing market development based on principles of fairness, level-playing and proportionate forbearing regulation of markets for the benefit of the Pakistani consumers is essential.
Cellular operators assured the minister of their continued support and all endeavors to constructively contribute towards the success of the auction to the mutual benefit of the government, the sector and most importantly the general public.

Another twist to district courts attack case

ISLAMABAD: The district courts attack case took another twist on Friday when the gunman of the slain additional district and sessions judge (ADSJ) denied allegations of shooting him.
ADSJ Rafaqat Ahmed Khan Awan and 11 other people were killed during the attack on the district courts premises on March 3.
Interior Minister Chaudhry Nisar Ali Khan on Thursday told the National Assembly that the ADSJ was killed from the bullets accidentally fired by his own gunman, Babar Hussain.
The Joint Investigation Team (JIT) constituted to probe the March 3 terror attack has already taken Hussain into custody and on Friday produced him before Special Judge Anti-Terrorism Court Atiqur Rehman to obtain his physical remand.
As judge Rehman has banned the entry of mediapersons into his courtroom since August last year, the media could not cover the proceedings. However, sources close to the development said the gunman contradicted the statement of the interior minister and pleaded not guilty.
The sources said Hussain informed the ATC judge that he was with the ADSJ Awan when the terrorists stormed the courtroom and tried to enter his chamber.
The terrorists broke the door of the chamber and shot ADSJ Awan in the chest, the sources quoted the gunman as saying.
When contacted, Naseer Kayani, the president of the Islamabad Bar Association, said the statement of the interior minister was highly condemnable. He said the minister had tried to divert the case to some other directions by giving such a misleading statement.
Mr Kayani expressed the possibility that the police might have pressured Hussain to make a fake confession in order to save their skin.
“The bar will file an application with the Supreme Court of Pakistan against the irresponsible statement of the interior minister, implicating an innocent man in the crime,” he added.
Dr Arif Alvi, Member National Assembly (MNA) of the Pakistan Tehrik-i-Insaf (PTI), while talking to Dawn said the interior minister had on Thursday expressed the possibility that bullets accidentally fired by the gunman might have hit and killed the ADSJ.
He said when the case was under investigation, it was premature to comment on the matter.
When contacted, Danial Gillani, a spokesman for the interior ministry, said the case was under investigation. “The exact detail of the tragic incident can only be given after the JIT submits its report,” he added.

Missing Malaysia Airlines plane triggers Southeast Asia search

KUALA LUMPUR: Several nations searched waters off Southeast Asia on Saturday after a Malaysia Airlines jet carrying 239 passengers disappeared and was presumed crashed, leaving stunned relatives demanding answers.
Contact with Flight MH370 was lost somewhere between Malaysia's east coast and southern Vietnam, but its fate remained a mystery more than 16 hours after it slipped off radar screens.
Air search operations were halted at nightfall, though ships continued searching, the airline said, adding that no trace of the passenger plane had been found as of late Saturday.
The flight was en route from Kuala Lumpur to Beijing, with 227 passengers and 12 crew members from 14 nations, the airline said.
Frustrated officials and passengers' families struggled to make sense of the disappearance of the Boeing 777-200 which — like the Malaysian national carrier — has a solid safety record.
The airline said the plane, on an overnight flight from Kuala Lumpur to Beijing, relayed no distress signal, indications of rough weather, or other signs of trouble.
“We are looking at all possibilities but it is too soon to speculate,” Malaysian Prime Minister Najib Razak said, when asked whether terrorism could have been a factor.
The plane's disappearance triggered a search effort involving vessels from several nations with rival maritime claims in the tense South China Sea.
China, which had 153 of its nationals on the plane, said it ordered maritime patrol vessels to begin scouring the area.
Vietnam, Malaysia and the Philippines said they threw aircraft and vessels into the effort, and Singapore dispatched an air force C130 transport plane to the region.
Najib said the US navy also had agreed to send planes to help.
Authorities will search “for as long as it takes,” Najib told reporters.
Overlapping claims to the South China Sea, a resource-rich, vital shipping lane, have been a growing source of friction between China and its neighbours.
Contact lost after two hours
Contact with the aircraft was lost at 2:40 am Malaysian time, about two hours after take-off from Kuala Lumpur International Airport, the airlines' CEO Ahmad Jauhari Yahya said.
“Our focus now is to work with emergency responders and authorities, and mobilise full support,” he told a press conference, adding the airline's “thoughts and prayers” were with those affected.
If a crash is confirmed, it would be only the second fatal crash ever for the widely used Boeing 777.
A 777-200 operated by South Korea's Asiana Airlines skidded off the runway in San Francisco in 2013, killing three.
Malaysia Airlines also has an admirable safety record. Its worst-ever crash occurred in 1977, when 93 passengers and seven crew perished in a hijacking and subsequent crash in southern Malaysia.
Indonesia-based aviation analyst Gerry Soejatman said a “24-hour golden window” for search and rescue efforts was closing fast.
“You can't assume that there are no survivors, and if there are any, it is absolutely crucial that they are picked up within a day, or the chances of survival drops significantly,” he said.
The 153 Chinese passengers aboard the plane included an infant, while 38 Malaysians and seven Indonesians were aboard.
Six Australians, four French nationals, and three Americans including an infant, were also among those listed.
The pilot had flown for the carrier since 1981, it said. The plane is more than 11 years old.
“This news has made us all very worried,” Chinese Foreign Minister Wang Yi said in Beijing.
“We hope every one of the passengers is safe. We are doing all we can to get more details.”
Distraught relatives
Vietnamese state media quoted a naval official in the country as saying the plane had crashed into the sea off Vietnam's southern coast.
But hours later, Hanoi had offered no further information and the claim could not be confirmed.
The lack of information sparked fury among anguished relatives in Beijing.
“They should have told us something before now,” a visibly distressed man in his 30s said at a hotel where passengers' families were asked to gather.
“They are useless,” another young man said of the airline. “I don't know why they haven't released any information.”
At Kuala Lumpur's airport, distraught family members trickled in to a designated waiting area for loved ones, escorted by authorities.
Hamid Ramlan, a 56-year-old Kuala Lumpur police officer, said his daughter and son-in-law were on the flight for an intended holiday in Beijing.
“My wife is crying. Everyone is sad. My house has become a place of mourning,” he said. “This is Allah's will. We have to accept it.”
”Being a policeman over 33 years, this is my worst day.”
A deadly accident would be a huge blow for Malaysian Airlines, which has bled money for years as its struggles to fend off competition from rivals such as fast-growing Malaysia-based AirAsia.
Analysts have blamed poor management, government interference, and union resistance to reform of the airline.

Malaysia's Anwar convicted of sodomy, political future in doubt

PUTRAJAYA: A Malaysian court convicted opposition leader Anwar Ibrahim of sodomy and sentenced him to five years in prison on Friday, shattering his plan to take control of the country's richest state and stoking political tension in the Southeast Asian nation following a divisive national election last year.
Three judges at the Court of Appeal unanimously voted to overturn Anwar's acquittal two years ago in a rapid ruling that his supporters and international human rights groups say was politically influenced and aimed at ending his career.
The former deputy prime minister, who was previously jailed for six years on sodomy and corruption charges, will not be jailed immediately as his lawyers won a stay of the sentence pending an appeal.
But the ruling bars Anwar from running for a seat in the state assembly of Selangor this month, a move that would likely have paved the way for him to become chief minister of Malaysia's most populous state — a potent platform from which to attack the government ahead of the next national election.
If Anwar, 66, loses his federal court appeal, he would face jail and would be barred from contesting the next national election that must be held by 2018.
"It's (happening) all over again after 15 years," Anwar, who was sacked as deputy prime minister and finance minister in 1998 and convicted a year later, told reporters.
"This is a travesty of justice. This has been choreographed," he added, saying the government had underestimated "the wrath of the people".
A government spokesman said that Malaysia had an "independent judiciary".
"This is a case between two individuals and is a matter for the courts, not the government," the spokesman said.
Before his fall from grace, Anwar was Malaysia's political star, heir-apparent to then prime minister Mahathir Mohamad as leader of the long-ruling United Malays National Organisation (UMNO).
His sacking, following the 1997 Asian financial crisis, came after he campaigned against corruption and nepotism in politics and led a nationwide "reformasi" (reform) movement.
His sodomy conviction was overturned in 2004 and he returned to politics as the head of a revitalised opposition whose strong showing in 2008's elections deprived the ruling National Front of its traditional two-thirds majority in parliament.
The charismatic Anwar remains a potent threat to the coalition led by Prime Minister Najib Razak, whose majority was cut further in an election last May that deepened racial divisions in the multi-ethnic country and which the opposition claimed was tainted by cheating. The opposition won the popular vote for the first time on its promises of greater transparency and change after 56 years of UMNO-dominated rule.
"A dark day" for judiciary
The result has empowered ethnic Malay nationalists within UMNO, forcing Najib to row back on his liberal reform agenda and stoking racial and religious tensions.
Ooi Kee Beng, deputy director of Singapore's Institute of Southeast Asian Studies, said ruling party leaders had likely been shaken by the prospect of Anwar at the helm of Selangor.
As chief minister of the state, Anwar "would be able to play a real Malay leader and not just a politician who just promises things and is a wonderful demagogue", Ooi said.
But he said the government could face a backlash from voters over the ruling, as opposition supporters are galvanised by what they see as blatant political maneuvering by the government.
Human Rights Watch had called the case "politically motivated persecution" and said the government wanted to remove Anwar from the political scene "by hook or by crook".
"It's truly a dark day for the Malaysia judiciary which has shown itself incapable of standing up straight when national political issues are in play in cases before them," Phil Robertson, deputy Asia head of Human Rights Watch, said after the verdict.
About 40 Anwar supporters shouted "Reform" and "Free Anwar" outside the court in the administrative capital Putrajaya where riot police were stationed in full gear. Malaysia's chief of police warned of stern action against anyone planning to protest against the verdict.
Anwar's defence has been dealt a series of setbacks in recent weeks. It failed in three attempts to disqualify the lead prosecutor, Shafee Abdullah, arguing that the lawyer's strong links to UMNO would hurt the chances of a fair trial.
Much of the case arguments over the two-day trial revolved around the integrity of DNA samples that the prosecution said proved Anwar had sodomised his aide at an apartment in the capital Kuala Lumpur. The defence had argued that the court could not find Anwar guilty due to substantial evidence that the semen samples had been degraded or tampered with.
One of the judges said that the judge in the case two years ago had "misdirected" himself on the integrity of the samples.
"Such failure merits an intervention," said justice Balia Yusof Wahi.

Sindh govt rejects Punjab's aid offer for famine-hit Tharparkar

KARACHI: The Sindh government rejected an aid offer on Saturday made by its Punjab counterpart for the famine-hit people of Tharparkar, DawnNews quoted sources as saying.
Earlier on Friday, authorities had ordered a probe into the death of 41 children who reportedly died of pneumonia and malnutrition in a stretch of the Thar desert.
Media reports from Mithi, one of the least developed and most remote districts in southern Sindh province, had suggested that more than 100 people had died because of famine and malnutrition.
“It is a very serious matter and we have deputed a senior member of the party and officials to probe into the deaths,” Syed Qaim Ali Shah, the chief minister of Sindh, had told reporters.
The minister also ordered the arrest of senior health officials for neglecting their duties, saying they had failed to move the children to hospitals in the bigger cities.
Shah said the cause of the deaths would be confirmed by the investigation but apparently pneumonia and malnutrition were among the reasons.
The chief minister said the government records showed the death of 41 children but there were fears that the actual number may be higher.
The Thar desert begins around 300 kilometres (200 miles) from Karachi and runs up to the border with India, where it joins the Rajasthan desert.
In 2000, the desert suffered a famine that killed 90 per cent of the livestock, the economic mainstay of the area.

LIVE: Sri Lanka cruising after Ajmal strikes

Welcome to Dawn.com’s live coverage of the highly-anticipated Asia Cup final between Pakistan-Sri Lanka in Mirpur that promises high-voltage action after some thrilling matches in the group stages. Rampaging Shahid Afridi and prolific Kumar Sangakkara have set the stage for a rousing contest when Pakistan face Sri Lanka in the Asia Cup one-day final in Dhaka today. Angelo Mathews' Sri Lanka have been the dominant team in the five-nation event with four straight victories in the league, including a 12-run win over Pakistan in the tournament opener on February 25.

Magnetic bomb kills district governor in eastern Afghanistan

JALALABAD: A magnetic bomb attached to a district governor's vehicle exploded in eastern Afghanistan on Saturday, killing the governor and his bodyguard, provincial authorities said.
The attack in Nangarhar province highlights the security threat surrounding presidential elections in a month's time, when voters will choose a successor to Hamid Karzai.
“Today 9:00 am, a mine attached to the vehicle of Nazyan district governor, Noor Agha Kamran, was detonated in the city of Jalalabad,” Nangarhar police spokesman, Hazrat Hussain Mashriqiwal told AFP.
“Unfortunately, district governor, Noor Agha Kamran was martyred along with his one bodyguard, and several passersby were wounded in the attack,” he added.
Nangarhar governor spokesman Ahmad Zia Abdulzai said five bystanders were slightly wounded. They were discharged from the hospital after treatment.
No one immediately claimed responsibility for the attack but Taliban insurgents regularly use such tactics as part of its fight against Karzai's US-backed government.

Rangers arrest 11 suspects in targeted operation

KARACHI: Rangers’ personnel conducted a targeted operation in the Gulshan-e-Mazdoor area of Karachi’s Baldia Town on Saturday and arrested 11 suspects, DawnNews reported.
On receiving a tip-off about the presence of suspected militants belonging to banned organisations and gang-war groups, Rangers' personnel launched the operation.
Four hundred personnel, including females, took part in the operation. During the raids, the entry and exit points of the area were sealed and people were prevent from entering without permission.
The arrested suspects belonged to banned organisations and gang-war groups.
Thirteen different weapons, including Kalashnikovs and repeaters, were recovered from the arrested suspects.
Karachi, the largest metropolitan city of Pakistan, is riddled with targeted killings, gang wars, kidnappings for ransom, extortion and terrorism. Targeted operations led by Rangers’ forces with the support of police are ongoing in the city under a directive issued by the federal government against criminals already identified by federal, military and civilian agencies

BB murder: ATC adjourns hearing as prosecutor fails to appear

RAWALPINDI: The Rawalpindi anti-terrorist court on Saturday adjourned the Benazir Bhutto murder case to March 22 after Federal Investigation Agency (FIA) special prosecutor Mohammad Azhar Chaudhry failed to appear before it on account of security concerns, DawnNews reported.
The case was heard today by ATC judge Pervez Joya within the premises of the Adiyala prison.
During the hearing, former City Police Officer (CPO) of Rawalpindi Saud Aziz, former SP Rawal Town Khurram Shahzad and Malik Safdar Javed Advocate appeared before the judge.
The hearing was however adjourned on account of the special prosecutor’s absence.
Azhar, who took over as special prosecutor in the case just last year, assumed the position after his predecessor Chaudhry Zulfiqar Ali was shot dead in Islamabad’s G-9 area in May 2013.
Benazir Bhutto was assassinated in a gun-and-bomb attack outside Rawalpindi’s Liaquat Bagh on Dec 27, 2007 when Pervez Musharraf was president. She was killed shortly after addressing an election campaign rally in the city.
Last year in August, Musharraf was indicted on three counts over Benazir’s murder.
Others accused in the case include Aziz, Shahzad, Sher Zaman and Abdul Rasheed.

Tharparkar drought: PM pledges support to Sindh

ISLAMABAD: Prime Minister Nawaz Sharif has pledged full support to the Sindh government in assisting people suffering from severe shortages of food, water and medicines in large areas of the southern province’s Tharparkar district, DawnNews reported.
In a statement issued on Saturday, the prime minister said all available resources should be brought to use in order to assist the large numbers of women nursing their sick children and hungry people waiting for food in villages.
The federal government would extend all possible assistance to the Sindh government in this regard, the statement said, adding that the National Disaster Management Authority (NDMA) and other departments were keeping him apprised of the situation.
The army was also dispatching relief goods and organising medical camps in the district’s affected areas.
As many as 23 children have died in the villages of Tharparkar since the start of February, Kamran Zia, NDMA’s chief spokesman, said Saturday.
He said it was unclear whether the children died from a shortage of food or medical problems. The region is experiencing lower-than-average rainfall.
Imdad Ali Keerio, the spokesman for the top elected official in the province, said investigators were also trying to determine who was responsible for delays in sending food and medicine to the area.

Russia open to 'equal' dialogue with West on Ukraine: Lavrov

MOSCOW: Russia is open to having an “honest, equal” dialogue with foreign states on the crisis in Ukraine, Foreign Minister Sergei Lavrov said Saturday.
“We are open to an honest, equal and objective dialogue with our foreign partners to find a way to help all of Ukraine come out of the crisis,” Lavrov said at a televised news conference in Moscow with his Tajik counterpart, in a clear reference to the West.
“We are ready to continue dialogue on the understanding that this dialogue should be honest and partner-like, without attempts to portray us as one of the sides in the conflict.”
Lavrov added: “This crisis was not created by us (Russia). All the more, it was created in defiance of our repeated and longstanding warnings.”
Tensions between Moscow and the West have surged in recent days as pro-Moscow forces took over the Ukrainian Black Sea peninsula of Crimea, which then announced plans to hold a referendum on becoming part of Russia.
Lavrov has held talks with Western officials including US Secretary of State John Kerry, but without reaching any breakthrough.
The Russian foreign minister launched a new attack on the Ukrainian government that took power after the overthrow of president Viktor Yanukovych and said terror and chaos were reigning in the country.
“The so-called temporary government is not independent and depends very unfortunately on radical nationalists who carried out an armed seizure of power,” Lavrov said.
“There is no kind of de facto state control for law and order,” he said.
Lavrov said far-right radicals of the Pravy Sektor (Right Sector) group were “playing the tune” and accused them of using methods of “terror and intimidation”.

Eight injured in Chaman road mishap

CHAMAN: At least eight people were injured in a collision between two vehicles at Bypass Road area in Chaman town of Balochistan’s Qila Abdullah district on Saturday.
According to Levies, two cars collided with one another as a result of overspeeding.
Eight people received injuries and were rushed to a nearby hospital for medical treatment. Two were stated to be in critical condition.
Chaman is the capital of Qila Abdullah district and is one of the two main crossing points for supplies for American and Nato troops fighting the Taliban in Afghanistan.
Pakistan has one of the world's worst records for fatal traffic accidents, blamed on poor roads, badly maintained vehicles and reckless driving.

Dar, army chief agree to increase defence budget: sources

ISLAMABAD: Finance Minister Ishaq Dar and Chief of Army Staff General Raheel Sharif on Saturday agreed to increase the defence budget from 15 to 20 per cent for the coming fiscal year, DawnNews quoted sources as saying.
Dar said in view of the country's security situation, all defence needs would be adequately met, sources added.
The minister said defence was amongst the government's topmost priorities, adding that all necessary resources would be provided to the forces in order to strengthen security.
The minister’s statements came as he met with General Sharif during which the two discussed the defence budget for the coming fiscal year.
With a 15 to 20 per cent increase, the final figure for the country’s defence budget is likely to exceed Rs700bn — a significant boost to the existing Rs627bn for the current fiscal year.