World News China cuts bank reserves in policy shift to lift economy

World News China cuts bank reserves in policy shift to lift economy:
Date December 04 , 2011


BEIJING China's central bank cut reserve requirements for commercial lenders on Wednesday for the first time in three years, a policy shift to ease credit strains and shore up an economy running at its weakest pace since 2009.

China's policy change came just hours before coordinated action by major central banks, including the Federal Reserve and the European Central Bank, to ease credit strains in world markets buffeted by the euro zone debt crisis.

Official concern is rising that the global economy is on a slippery slope as the euro zone struggles to decisively tackle its two-year crisis. Global markets rallied on the combination of central bank news.

China's central bank said on its website it lowered the amount of cash that banks have to set aside by 50 basis points, effective Dec 5. That cut the reserve requirement ratio (RRR) for the biggest banks to 21 percent from a record high 21.5 percent, freeing up funds that could be used for lending.

"This is a big move -- this is easing," said Stephen Green, China economist at Standard Chartered Bank in Hong Kong. "It's a clear signal that China is on a loosening mode. The next move will be another RRR cut in January."

The cut releases between 350 billion yuan and 400 billion yuan ($54.8 billion to $62.7 billion) into the banking system, analysts estimated.

The People's Bank of China (PBOC) joins the central banks of Brazil, Indonesia, Thailand and the euro zone, among others, in easing monetary policy, a reflection of the alarm that the euro zone debt crisis and a sluggish U.S. economy could drag the world back into a recession.

CREDIT CRUNCH

China's unusually high reserve rate requirements have made life difficult for private-sector companies. While they account for 75 percent of urban employment, they find it far harder to secure bank loans than politically well-connected state-owned enterprises.

Worried about a destabilizing jump in unemployment, Beijing is eager to lend them a hand. In recent weeks, China has seen a spate of major strikes in its export powerhouse in the Pearl River Delta.

Ten of 19 analysts in a Reuters poll on Tuesday had predicted China would cut its bank reserves in December by 50 basis points. Eight had expected a move in the first quarter of 2012 and one not until the second quarter.

Purchasing managers' data on Thursday could confirm the pressure on China's manufacturers from the global slowdown after a flash PMI from HSBC last week suggested the sector was shrinking.

As recently as the middle of 2011, China was still tightening monetary policy to combat stubbornly high inflation, which rose in July to a three-year high of 6.5 percent.

However, as the economy felt the chill of a slowdown in global activity and inflation eased, Beijing adopted a policy of "fine tuning" that included loosening credit for cash-starved small firms.

Beyond growth concerns, capital outflows driven by the global market jitters also help explain the central bank's move, said analysts. Capital inflows have been the main source of money supply growth in China.

"I think the move is partially driven by capital outflows in November. Also, it may indicate that the economy has weakened quite bit and that the official PMI reading does not look very good," said Zhiwei Zhang, China economist at Nomura.

There are fewer maturing central bank bills due in December, which also put strains on liquidity conditions for banks. (Reuters)

World News High winds batter southwestern US

World News High winds batter southwestern US:
Date December 04 , 2011

LOS ANGELES Winds gusting up to 140 miles per hour (160 kph) triggered power outages, felled trees and caused traffic chaos Thursday in California and blasted several neighboring states, meteorologists said.

The powerful gales -- expected to continue Friday -- were the "strongest easterly wind event in the past several years," said the National Weather Service, forecasting "widespread" damage.

More than 300,000 Californians were left without power, Los Angeles international airport was briefly closed Wednesday evening and there was traffic gridlock as trees and debris blocked roads and traffic lights were out.

Winter storm, high wind or "red flag" wildfire risk warnings were in place in the neighboring states of Nevada, Utah, Arizona and New Mexico.

"Strong and potentially damaging easterly winds are impacting the southwestern US and are expected to continue through at least Friday," the NWS said in an online warning.

"Wind gusts in excess of 140 mph have been recorded along the Sierra Crest.

Santa Ana wind gusts as high as 80 mph are anticipated in southern California today, including higher-elevation areas near Los Angeles.

"This is forecast to be the strongest easterly wind event in the past several years," it said.

Los Angeles was particularly hard hit by the Santa Ana winds, a meteorological phenomenon which brings dry winds down from the high mountains east of the coastal areas.

More than 210,000 customers of Southern California Edison were without power, while the city Department of Water and Power said nearly 90,000 of its 1.4 million customers were without electricity.

City Hall in downtown Los Angeles -- the center of attention in recent days as police cleared out a two-month old anti-Wall Street protest camp -- was also without power for some time, although it was later restored. 

World News Australia government denies backing India, U.S. security pact

World News Australia government denies backing India, U.S. security pact:
Date December 04 . 2011


CANBERRA: Australia denied on Friday it was pushing for a joint security pact with India and the United States, a tie-up that would likely add to China's fears that wary neighbors were trying to encircle it.

Foreign Minister Kevin Rudd was quoted in an interview with the Australian Financial Review newspaper this week as backing the idea of a trilateral security pact.

But a Rudd spokeswoman said he had been misinterpreted and had been responding to a question on the likely overturning soon of an Australian ban on uranium exports to India.

"The question that was answered was what the Indian response had been to a shift on uranium policy. It had nothing to do with anything else," she said.

Rudd was overseas and neither he not the newspaper could be reached for comment.

The idea of an Australian, Indian and U.S. security dialogue -- in part to counter China's rising naval power -- has been strongly pushed by a trio of influential think-tanks in all three countries, but has yet to be adopted by any government.

A four-way security pact proposed by the United States in 2007 which would have drawn Australia, the United States, Japan and India together disintegrated when Japan and India floated concerns that it would look like an attempt to encircle China.

India's foreign ministry spokesman said in a statement on the ministry website that New Delhi was "not aware of any such proposal", while China's military denounced the United States and Australia for recently upgrading military ties, warning such moves could erode trust and fan Cold War-era antagonism.

China is Australia's biggest trading partner, with two-way trade in 2010 worth A$105 billion ($107 billion), up almost 24 percent on the previous year and driven by energy-hungry Chinese demand for Australian resources.

Australia, a close U.S. ally, also agreed last month to host a de facto U.S. base in the north of the country which would provide military reach into southeast Asia and the South China Sea, where China is involved in disputes with several other states over sovereignty.

Australia's ruling Labor Party is expected to vote over the to drop a longstanding ban on uranium sales to non-Nuclear Proliferation Treaty countries like India in a bid to boost exports and improve security ties with New Delhi.

World News UN urges action in Syria Russia China object

World News UN urges action in Syria Russia China object :
Date December 04 , 2011


GENEVA: The United Nations' human rights chief urged world powers on Friday to take action to protect civilians in Syria from "ruthless repression," but her call was swiftly criticized by envoys from China and Russia.

More than 4,000 people have been killed during a military crackdown on street protesters that started in March and more than 14,000 people are believed to be in detention, said U.N. High Commissioner for Human Rights Navi Pillay.

"In light of the manifest failure of the Syrian authorities to protect their citizens, the international community needs to take urgent and effective measures to protect the Syrian people," Pillay told an emergency session of the U.N. Human Rights Council in Geneva.

She did not spell out what measures world powers should take - Western leaders have in the past shied away from suggestions of military action, along the lines of the NATO campaign that helped rebels unseat Libyan leader Muammar Gaddafi in August.

The European Union called for "pro-active action" by the international community, while Kuwait's envoy said that there may be a need for "intervention" to safeguard civilians.

The United States, the EU, members of the Arab League and neighboring Turkey have already imposed sanctions on Syria over Assad's failure to implement commitments to withdraw tanks and troops from restive cities and start talks with his opponents.

After Pillay spoke, envoys from Russia and China, which both have oil projects in Syria, took the floor to warn against foreign interference in Syria in the name of human rights.

Both countries blocked international efforts to condemn the government of Syrian President Bashar al-Assad by vetoing a U.N. Security Council resolution in October.

The Russian-Chinese stance, in turn, drew fierce criticism.

"In the face of brutal repression occurring in Syria, it is outrageous that some governments continue to obstruct efforts here and elsewhere in the United Nations to bring an end to these crimes against humanity," Peter Splinter of Amnesty International told the talks, singling out "permanent members of the Security Council," an allusion to Russia and China.

"It is now time for the U.N., including the Security Council, to deliver an effective international response to Syria's human rights crisis," he said.

CHINA, RUSSIA WARNING

"We would like to warn against illegal interference by outside forces even under the pretext of protecting human rights," said Russia's envoy Valery Loshchinin. "This will have serious and unforeseen consequences."

Loshchinin called on all sides in Syria to halt violence. "We hear that the conflict in Syria continues to be fueled by outside forces, armed and terrorist groups being organized and supplied with weapons and money from abroad."

Russia, a longstanding arms supplier to Assad, has now delivered anti-ship cruise missiles to Syria, the Interfax news agency cited an unnamed military source as saying on Thursday.

This was shortly after a U.N. commission of inquiry called for an arms embargo against Damascus.

China's envoy He Yafei said that although China was deeply concerned, views on how to resolve the situation differed widely. "Member states of the United Nations should follow the principles and purposes of the U.N. and refrain from resolving differences through force or threat of force," he said.

"CRIMES AGAINST HUMANITY"

Pillay said 307 children had died in the conflict, up from an estimate of 256 that was released earlier this week.

"The Syrian authorities' continual ruthless repression, if not stopped now, can drive the country into a full-fledged civil war ... All acts of murder, torture and other forms of violence must be immediately stopped," she added.

A U.N. commission of inquiry said this week it had found solid evidence of crimes against humanity by security forces, including executions, torture and rapes.

U.S. human rights ambassador Eileen Chamberlain Donahoe told reporters there was "evidence of the complicity in these atrocities" by Syrian authorities and said there was no doubt the violence was intentional.

Syria, which bars access to most foreign journalists, says it is fighting an insurgency by armed groups supported from abroad, who have attacked its troops trying to defend the peace.

At the U.N. Human Rights Council meeting, Syrian Ambassador Faysal Khabbaz Hamoui gave an angry speech that won support from Russia, China and Cuba.

"The Syrian problem is one that can be resolved only by Syrians...Only a domestic, national solution ... is possible," Syrian Ambassador Faysal Khabbaz Hamoui told the rights council meeting, referring to reforms Assad has promised for 2012.

"The solution cannot come from the corridors of the international community," he said. "(This) is only resolutions trying to put more oil on the fire." (Reuters)

World News UN rights council condemns gross violations in Syria

World News UN rights council condemns gross violations in Syria:
Date December 03 , 2011


GENEVA: The UN Human Rights Council has urged tougher international action against Syria, condemning "gross violations" of human rights following evidence security forces killed and tortured dissidents.

Rights council members also agreed in a vote in Geneva on Friday to appoint a special investigator and refer a report on the abuses to UN Secretary General Ban Ki-moon.

The emergency meeting was called to address the findings of the Commission of Inquiry on Syria, appointed by the Human Rights Council earlier this year, which said security forces had committed crimes against humanity, including the killing of 307 children, since the March crackdown.

The council passed a resolution "strongly condemning the continued widespread, systematic and gross violations of human rights and fundamental freedoms by the Syrian authorities."

The European Union said the vote sent a strong message to the regime of President Bashar al-Assad to halt the violence but Russia, a close Syrian ally which voted against the resolution, branded it "unacceptable". (AFP)

World News US judge rejects Apple bid to halt Galaxy sales

World News US judge rejects Apple bid to halt Galaxy sales:
Date December 04 , 2011


CALIFORNIA: Apple failed to convince a US judge to block Samsung Electronics from selling some Galaxy smartphones and tablets in the US market, depriving the iPhone and iPad maker of crucial leverage in a global patent battle between the two companies.

In a ruling released late on Friday, US District Judge Lucy Koh in San Jose, California denied Apple's request for a preliminary injunction against Samsung.

Representatives for Apple and Samsung did not immediately respond to a request for comment.

The two companies are engaged in a bruising legal battle that includes more than 20 cases in 10 countries as they jostle for the top spot in the smartphone and tablet markets.

Apple sued Samsung in the United States in April, saying the South Korean company's Galaxy line of mobile phones and tablets "slavishly" copies the iPhone and iPad.

But on Friday Koh rejected Apple's bid to ban sales of three smartphone models, as well as the Samsung Tab 10.1.

"It is not clear that an injunction on Samsung's accused devices would prevent Apple from being irreparably harmed," Koh wrote. 

cricket world news Ponting leads Australian fightback against Kiwis

cricket world news Ponting leads Australian fightback against Kiwis :
Date December 03 , 2011
Ricky Ponting led an Australian fightback on the second day of the first Test against New Zealand.



Ricky Ponting, searching for an elusive century to save his Test career, led an Australian fightback on the second day of the first Test against New Zealand at the Gabba on Friday.

Ponting, without a century in his previous 28 Test innings and under pressure to keep his place, had a few close shaves to have Australia in reasonable shape at 154 for three in reply to New Zealand s 295 at stumps.

The former skipper, whose last big innings of 209 against Pakistan in Hobart was almost two years ago, was unbeaten on 67 with his successor Michael Clarke not out 28.

Ponting narrowly avoided being run out before he had scored when Brendon McCullum s throw just missed the stumps at the non-striker s end and he also survived a video referee s referral for lbw on 63.

Clarke on 23 had a huge slice of luck when in the 42nd over he played Doug Bracewell on to his stumps only for Pakistan umpire Asad Rauf to check for a no-ball.

Replays showed that Bracewell had overstepped the popping crease giving the Aussie skipper a reprieve.

Ponting and Clarke s unbroken 63-run stand rescued the home side after the loss of David Warner (3), Phil Hughes (10) and Usman Khawaja (38) for 91 runs.

Twenty20 specialist Warner s Test innings debut lasted just three balls before he was out in the over before lunch when he failed to get out of the way from a superb lifting Tim Southee delivery and was caught off the gloves by wicketkeeper Reece Young.

Hughes was out to a great diving catch by Martin Guptill in the gully off Chris Martin and Khawaja again failed to go on after a start when he was run out on the first ball after tea.

New Zealand added 119 runs for their last five wickets from an overnight 176 for five with Dean Brownlie, dropped twice when he was on three, remaining unbeaten on 77 put together in 249 minutes.

Vettori was in sight of his first Test century against Australia when he inexplicably set off for a quick run to mid-off only for Mike Hussey to run him out with a direct throw at the bowler s end.

Vettori, who came to the crease with the Black Caps tottering at 96 for five just after lunch Thursday, lay prone in disappointment as he sprawled to make his ground and was out for 96 in just over three hours with 10 boundaries.

He put on a Gabba record sixth-wicket stand for New Zealand of 158 with Brownlie, eclipsing the previous best of 95 between Nathan Astle and Chris Cairns at the ground in 2001.

Off-spinner Lyon wrapped up the New Zealand innings with the wickets of Doug Bracewell (0), Tim Southee (17) and Chris Martin (1) to finish with four for 69 off 21.5 overs.

International news Israel must address its growing isolation: Panetta

International news Israel must address its growing isolation: Panetta:
Date December 03 , 2011
Panetta says strong diplomacy is key to Israel’s security and peace process with Palestine.



US Defense Secretary Leon Panetta called on Israel to take diplomatic steps to address what he described as its growing isolation in the Middle East.

Panetta, in remarks he delivered in Washington evening, stressed US efforts to bolster regional stability and to safeguard Israel s security.

"Israel, too, has a responsibility to pursue these shared goals -- to build regional support for Israel and The United States  security objectives," Panetta said.

"I believe security is dependent on a strong military but it is also dependent on strong diplomacy. And unfortunately, over the past year, we ve seen Israel s isolation from its traditional security partners in the region grow."

Panetta lamented the moribund peace process between Israel and the Palestinians, which he said had "effectively been put on hold."

Panetta s comments echoed remarks he made on a visit to Israel in October, his first since taking over as defense secretary in September.

Turkey was the first Muslim state to recognize Israel, in 1949, but relations worsened last year when Israeli commandos boarded an aid flotilla challenging a naval blockade of the Palestinian enclave of Gaza, killing nine Turks in ensuing clashes.

Israel is also closely watching developments in Egypt, where the country s new rulers may be more susceptible to widespread anti-Israeli sentiment than it was under ousted president, Hosni Mubarak.

Egyptians voted on Friday in the opening round of the country s first free election in six decades. The Muslim Brotherhood s party and its ultra conservative Salafi rivals looked set to top the polls.

International news Expelled Iranian diplomats arrive home

International news Expelled Iranian diplomats arrive home:
Date December 03 , 2011
Iranian diplomats expelled from London arrived home on Saturday.



Iranian diplomats expelled from London in retaliation for attacks on British compounds in Tehran arrived home, the official IRNA news agency reported, sealing Iran s most serious diplomatic rift with the West in decades.

About 150 hard-liners waiting with flower necklaces had gathered at Tehran s Mehrabad airport to give the roughly two dozen diplomats and their families a hero s welcome. But the Iranian government, apparently opposed to any high-profile display that could worsen the fallout, took the diplomats off unseen from a backdoor, reflecting Iran s own internal political rifts.

Tuesday s storming of the British Embassy and residential complex — which the British government alleges was sanctioned by Tehran s ruling elite — deepened Iran s isolation, which has grown over the decade-long standoff with the West over its nuclear program.

Germany, France and the Netherlands have recalled their ambassadors, and Italy and Spain summoned Iranian envoys to condemn the attacks.

It amounted to the most serious diplomatic fallout with the West since the 1979 takeover of the U.S. Embassy after the Islamic Revolution, and some Iranian political figures have voiced doubts over whether anything can be gained from escalating the diplomatic battle.

The obstruction of Saturday s welcome ceremony reflected the disagreements between hard-liners and the government of President Mahmoud Ahmadinejad, which opposed downgrading relations with Britain and condemned the attack on Britain s embassy.

Iran s relations with Britain have become increasingly strained in recent months, largely due to tensions over Tehran s refusal to halt uranium enrichment, a key component of its nuclear program. The process is of deep concern internationally because it can be used to produce material for nuclear warheads in addition to reactor fuel. Iran insists its program is entirely peaceful.

Along with the United States and other nations in Europe, Britain has backed sanctions that have so far failed to push Iran to halt its enrichment program.

Hard-liners in Iran have said the embassy attack was an outpouring of the wrath of the Iranian people who believe Britain is a hostile country seeking to damage and weaken the Islamic Republic. Mohammad Mohammadian, a representative of Iran s Supreme Leader Ayatollah Ali Khamenei, praised the attackers, saying they had targeted the "epicenter of sedition."

Iran s hard-line constitutional watchdog, the Guardian Council, approved a parliamentary bill into law requiring the Iranian government to downgrade relations with Britain. The government opposed it but said it would carry out the law.

The diplomatic freeze from Europe, including key trading partner Germany, further isolates Iran just weeks after a report by the U.N. nuclear watchdog agency that alleged Iran was making strides toward mastering critical elements for atomic weapons.

The current breakdown in relations with the West could embolden hard-liners who want a tougher stance against the International Atomic Energy Agency, which they accuse of being manipulated by the U.S. and allies.

Britain s ambassador to Iran, Dominick Chilcott — now back in Britain — offered new details about the attacks, saying the experience had been "frightening."

"We had no idea how it was going to end," he said, describing how the mob trashed rooms, damaged furniture, scrawled graffiti and tore up a portrait of Queen Victoria, as staff took shelter in a secure area of the embassy.

"It felt like very spiteful, mindless vandalism, but it wasn t quite mindless," Chilcott said. "They removed anything that was electronic — mobile telephones, personal computers — anything that might give information about who you were talking to or what you were doing."

At one point, the intruders started a fire inside the chancery building, forcing the staff to leave the safe area, climb down a fire escape and exit the building. A small number of police escorted them to a building on the edge of the compound and told them to lie low.

"We turned all the lights out and we sat in the dark and we could hear the noise of the intruders going on around us," he said. He said seven staff at a separate residential compound that was also attacked were seized and "quite roughly handled" by the invaders.

British Foreign Secretary William Hague has led the accusations that the rioters had a green light from Iranian authorities, including the powerful Revolutionary Guard. On Thursday, he said the attacks were "clearly premeditated" by high-ranking officials.

Iranian government officials said the storming of the embassy by angry protesters was unexpected and Iranian police intervened to protect the British diplomats and get the attackers out of the buildings.

The demonstrations had been organized by hard-line groups on university campuses and Islamic seminaries and included denunciations of the latest sanctions on Iran over its nuclear efforts.

Such major anti-Western rallies are rarely allowed to occur without official approval and often include state-backed forces including a paramilitary group known as the Basij, which is part of the vast security network controlled by the Revolutionary Guard.

Images broadcast around the world showed demonstrators tearing down Union Jack flags, brandishing a looted picture of Queen Elizabeth II and tossing out looted documents.

The deepening tensions with Britain and others may also trigger further rifts within Iran.

For months, Iran s ruling system has ordered arrests and intimidation against political allies of President Ahmadinejad, who has sharply fallen from favor after challenging decisions by the head of the theocracy, Supreme Leader Ayatollah Ali Khamenei.

Ahmadinejad has remained silent since the attacks, but his supporters have raised questions about whether Iran s interests are served by a diplomatic battle with the West.

International news UN adopts resolution on Syria members in divergence

International news UN adopts resolution on Syria members in divergence:
Date December 03 , 2011
The UN’s HRC adopted a new resolution proposed by the EU condemning human rights violations.



The UN Human Rights Council adopted a new resolution proposed by the European Union (EU) condemning human rights violations committed by the Syrian authorities and members of the Syrian military and security forces since unrest broke out in the country in March 2011.

The resolution strongly condemned "the continued widespread, systematic and gross violations of human rights and fundamental freedoms by the Syrian authorities," urging the country to immediately put an end to all violations and to conduct investigations as to ensure accountability.

The resolution also invited relevant UN agencies and regional organizations to bring an immediate end to human rights violations in Syria, and to assist the country in strengthening the independence of its judiciary and in reforming its security sector.

The resolution was met with strong opposition from Russia and China, both concerned that it might lead to another case of foreign intervention over a sovereign state under the pretext of human rights.

The two countries cast negative votes in Friday s special session.

A Russian representative said the resolution was "one-sided" and "politicized," and that it ignored crimes committed by the rebels and could only lead to aggravation of the situation instead of offering relief.

The Russian representative referred to the Syrian situation as an "armed conflict between the government and rebels," which was being fueled by outside forces with money and weapons from abroad.

A Chinese envoy also said "it is our consistent view that constructive dialogue and cooperation are the right approaches to promote and protect human rights, whereas finger pointing and pressurizing give no solution to any issue."

The Chinese representative stressed that to promote and protect human rights should not in any case be taken by any country as pretext of intrusion over another s territorial integrity and sovereignty.

"Human Rights Council should stick to the principle of impartiality, objectivity, resolving differences and problems through promoting dialogue and cooperation, so as to foster an early settlement over the crisis in a constructive manner," he said.

Business News S Korea raises gold reserves amid global fears

Business News S Korea raises gold reserves amid global fears:
Date December 02 , 2011
South Korea’s central bank said it has increased gold reserves amid global financial fears. 



South Korea’s central bank said Friday it has increased the amount of gold it holds as it moves to hedge against global volatility caused by European and US debt crises.

The Bank of Korea said it bought 15 tons of the precious metal from the London gold market last month, bringing its total reserves to 54.4 tons at the end of November.

It is the second time it has bought gold to diversify its foreign exchange reserves this year. It purchased 25 tons of gold between June and July -- its first purchase since the 1997-98 Asian financial crisis.

The bank said its gold holdings account for one percent of its foreign-exchange reserves, which stood at $308.63 billion at the end of November, the eighth largest in the world.

"Demand for gold is increasing as a hedge against global inflation amid the persistent sovereign-debt crisis in Europe," Lee Jung, head of the bank s reserve-investment strategy team, said, according to Dow Jones Newswires.

"The gold purchase will help us cope with volatile global financial markets and enhance investor confidence in Korea in times of crises."

Asian governments have become increasingly concerned about the problems in the West, with European leaders struggling under the weight of a crippling sovereign debt crisis that threatens the end of the eurozone.

And in the United States lawmakers have been unable to agree a plan to bring down the country s titanic deficit, which sits at more than $15 trillion.

The ongoing woes has led to forecasts of further gold purchases, especially from Asia.

Gold has become increasingly attractive to central banks worldwide, and prices have risen sharply since the global financial crisis as it is considered a safe haven while a weaker dollar makes it even more attractive.

The yellow metal has more than doubled since the 2008 meltdown and soared to almost $2,000 an ounce earlier this year, although it has weakened slightly as the dollar has strengthened against the troubled euro.

European central banks have stopped selling gold. China, which has the world s biggest foreign-currency reserves, has been increasing its gold holdings mainly through domestic producers.

Business World News China refuses to help eurozone

Business World News China refuses to help eurozone:
Date December 02 , 2011
China cannot use its $3.2 trillion in foreign exchange reserves to rescue eurozone.



China cannot use its $3.2 trillion in foreign exchange reserves to rescue other countries, a top foreign ministry official said on Friday, in Beijing s strongest rebuttal yet to talk that it should help Europe overcome its debt crisis.

Vice Foreign Minister Fu Ying said at a forum that the argument that China should rescue Europe does not stand and that Europeans may have misunderstood how China manages its reserves.

She said China s reserves are akin to the country s savings and that the 1997 Asian financial crisis taught Beijing how important reserves are to the nation.

As the owner of the world s largest foreign exchange reserves, China is one of the few governments with pockets deep enough to buy European government debt and help pull the region from its economic maliase.

Cricket News England's Bresnan has elbow surgery

Cricket News England's Bresnan has elbow surgery:
Date December 02 , 2011
England’s fast bowler Tim Bresnan has undergone surgery on his injured elbow.



England bowler Tim Bresnan has undergone surgery on his elbow but is expected to be fit for the Test series against Pakistan in the new year, the England and Wales Cricket Board (ECB) revealed on Thursday.

Yorkshire paceman Bresnan felt pain in his elbow during the recent one-day tour of India and was sent for an operation to remove a bone fragment.

But the ECB said they expected him to be fit for next month s visit to the United Arab Emirates, where Pakistan are again playing a  home  series because of security concerns in their own country.

"The Yorkshire and England pace bowler Tim Bresnan underwent an operation yesterday (Wednesday) to remove a bone fragment from the back of his elbow," said an ECB statement.

"His symptoms started during the England one-day squad s recent tour of India and have failed to settle with rest.

"The ECB medical staff will oversee his rehabilitation programme in conjunction with Yorkshire and he is expected to make a full recovery in time for England s Test Series against Pakistan in the UAE which starts in January."

England, the world s number one ranked Test side, are expected to name their squad for the three-match series next week.

Cricket News Pakistan forms anti-corruption division

 Cricket News Pakistan forms anti-corruption division:
Date December 02 , 2011
The PCB has approved the setting-up of a "vigilance and security division" to fight corruption.



Pakistan cricket authorities have approved the setting-up of a "vigilance and security division" to fight corruption in the game, a month after three top players were imprisoned for spot-fixing.

Pakistan Cricket Board (PCB) has been criticised for failing to combat graft, highlighted by the sentencing of former Test captain Salman Butt and pacemen Mohammad Asif and Mohammad Aamer over their roles in fixing parts of a Lord s Test against England last year.

The PCB s governing board met in Lahore on Tuesday and approved the new branch, which it said would be headed by a senior retired police or army official.

"The division will be responsible for monitoring and managing issues related to corruption and security," a PCB statement released on Thursday said.

New PCB chairman Zaka Ashraf said in the United Arab Emirates last month that strict measures would be brought into place "so that our players, wherever they are, don t get in touch with people who try to drag them into such negative activity."

Pakistan cricket has been blighted by allegations of match-fixing since 1995 when Australian trio Shane Warne, Tim May and Mark Waugh alleged then captain Salim Malik offered them bribes to under perform during a tour to Pakistan.

A judicial inquiry ended in life bans for Malik and paceman Ata-ur Rehman. It also fined Wasim Akram, Waqar Younis, Saeed Anwar, Inzamam-ul Haq, Mushtaq Ahmed and Akram Raza.

After the spot-fixing scandal last year, the International Cricket Council came down hard on Pakistan, forcing them to form an integrity committee to look into players  assets and behaviour.

International News Attack on Afghan NATO base kills one injures 70

International News Attack on Afghan NATO base kills one injures 70:
Date December 02 , 2011
 Atruck bomb attack at the gate of a NATO base in Afghanistan killed 1 person and injured 70 others.


A powerful truck bomb exploded near the gate of a NATO base in Afghanistan Friday, killing one person and wounding as many as 70 others, including a foreign soldier, officials said.

The Taliban claimed responsibility for the suicide attack at Combat Outpost McClain in Muhammad Agha district of Logar province, south of the capital Kabul, which took place at around 8:00am (0330 GMT).The blast outside the small base could be heard for several kilometres (miles), an AFP reporter in the area said, and was described as "huge" by local police chief.

Logar provincial governor Atiqullah Ludin said an Afghan carpenter who had just entered the camp through the gate was killed in the attack, while seven others -- five police and two intelligence officials -- were wounded.

But Logar s health director, Mohammad Zarif Nayebkhail, told AFP up to 70 people from the surrounding area were taken to hospital with injuries from shrapnel or flying glass.

"Up to 70 wounded have been taken to the main hospital in the district -- seven of them are (Afghan) security guards of NATO, the rest are civilians," he said. "Several of the wounded were in a serious condition."

NATO s US-led International Security Assistance Force (ISAF) said that one coalition soldier was wounded. ISAF said none of its troops were killed and it is not thought the blast breached the base s perimeter.

Logar s deputy police chief Mohammad Abed described the explosion as "huge", adding it had destroyed some homes nearby.

"The suicide attacker wanted to ram his explosive-laden vehicle into the coalition forces base but he was stopped at the gate and detonated the truck outside the base," he said.

In September, 77 US troops were wounded in a truck bombing which targeted a NATO base in Wardak province, which neighbours Logar.

US officials blamed that attack on the Haqqani network, an Afghan Taliban faction whose leaders are based in Pakistan s northwestern tribal belt.

Civilians are increasingly caught up in the Afghan war. The United Nations says civilian deaths in the first half of this year rose by 15 percent to 1,462, with insurgents responsible for 80 percent.

There are currently 140,000 international troops in Afghanistan fighting a decade-long, Taliban-led insurgency alongside Afghan government forces.

Foreign combat troops are due to leave by the end of 2014 but a substantial presence is expected to remain to train Afghan security forces.

International News Egypt awaits delayed election results

International News Egypt awaits delayed election results:
Date December 02 , 2011
Egypt awaited the delayed publication of results for the opening phase of its elections.



Egypt awaited the delayed publication on Friday of results for the opening phase of its first elections since the overthrow of veteran president Hosni Mubarak which are expected to confirm an Islamist sweep.

The date for results has been pushed back twice from their initially scheduled time of Wednesday evening, with the delay blamed on high turnout estimated at above 70 percent in Monday and Tuesday s vote.

Two demonstrations were called for Friday, one in iconic Tahrir Square against the military regime overseeing the country s promised transition to democracy, and another elsewhere in the capital to support it.

Millions of Egyptians embraced their new democratic freedoms in Cairo and second-city Alexandria earlier this week in an orderly and peaceful first phase of multi-stage parliamentary elections.

The results are expected to show the Muslim Brotherhood, a moderate Islamist movement banned for decades by Mubarak, as the dominant force after it said its party had taken at least 40 percent of the vote in preliminary counting.

The battle for second place had been seen as between secular liberals and hardline Islamists who follow the strict Salafi brand of Islam, but local media indicated the latter were poised to prevail with more than 20 percent.

Analysts warn against reading too much into only the first part of a parliamentary election, but the results will reveal the political trends in a country that has not had a free vote in 60 years.

Only a third of constituencies voted on Monday and Tuesday in the election for a new lower house of parliament. The rest of the country will follow on December 14 and then on January 3.

The prospect of an Islamist-dominated parliament raises fears among liberals about civil liberties, religious freedom in a country with the Middle East s largest Christian minority, and tolerance of multi-party democracy.

A leading Salafi candidate to be the next president, Hazem Abu Ismail, aired his hardline views on society and religion in a television interview on the CBC satellite channel on Thursday evening.

Asked if he would allow his son to marry an unveiled woman, he replied: "I would tell him not to marry her... All Muslim women want to be veiled, but those who are not simply haven t had the strength."

Leaders from the Muslim Brotherhood, the moderate Islamist group set to be the main party in parliament, have repeatedly stressed their commitment to multi-party democracy and inclusiveness, and have pledged to ensure freedoms.

The Brotherhood s Freedom and Justice Party says it strives for a "civil state, defined as a non-military non-religious state... that respects human rights" according to its political programme.

The group has been officially banned since the 1950s, but it counts hundreds of thousands of members and is known for its vast network of social and religious outreach programmes, as well as its stand against corruption. It remains unclear how the new parliament will function and how much power it will be given by the Supreme Council of the Armed Forces headed by Field Marshal Hussein Tantawi, Mubarak s long-time defence minister.

Last week, 43 people were killed and more than 3,000 injured in violent protests against the interim military regime which pro-democracy activists accuse of reneging on promises to hand power to civilian leaders.

Analysts say Egypt, the Arab world s most populous nation and its cultural heart, faces a long, highly complex and uncertain transition to democracy.

Pakistani news Parliamentary committee supports Govt decisions

Pakistani news Parliamentary committee supports Govt decisions:
Date December 02 , 2011
Parliamentary committee has supported Bonn moot boycott and convening joint session of parliament. 



The meeting of Parliamentary Committee on National Security was held under the chairmanship of Senator Raza Rabbani. Prime Minister Yousaf Raza Gilani, Foreign Minister Hina Rabbani Khar, Defence Minister Ahmad Mukhtar, foreign secretary and defence secretary attended the meeting.

The prime minister briefed the participants that the government took adequate actions after NATO attack and the decision of stopping NATO supplies was taken in national interest.

The prime minister said despite being contacted by numerous international leaders including German Chancellor Angela Merkel, the decision to boycott the Bonn Conference was in the interest of national security.

Gilani has also said that the government, the nation and Pak Army were on the same page on the issue of NATO aggression.

DG Military Operations Major General Ashfaq Nadeem told the committee that NATO strike was deliberate and despite of warnings from Pakistan NATO helicopters continued the attack. DG MO said that Pakistani soldiers hoisted the national flag for seize fire which was still present at the check post.

Disconnection of satellite communication caused difficulties to retaliate the NATO strike and to get help of Pakistan Air Force, explained DG MO.

Pakistani news Senate unanimously approves resolution against NATO attacks

Pakistani news Senate unanimously approves resolution against NATO attacks:
Date December 02 , 2011
The Senate has unanimously approved resolution against NATO attacks.



The Senate unanimously approved resolution against NATO attacks, stating that NATO’s attack deserves condemnation and the attacks hit Pakistan’s sovereignty.

The body also rejected NATO’s plea of misunderstanding and said that such reasons are not acceptable, adding that such attacks would not be tolerated in the future.

Foreign Minister Hina Rabbani Khar said that Prime Minister Yousaf Raza Gilani ordered to halt NATO supply. “We have no hostility with any country, but never want peace in the region at country’s cost,” she added. 

Business News Oil price above $100 on international banking plan

Business News Oil price above $100 on international banking plan:
Date December 1 , 2011
Oil price finished trading above $100 for the first time in two weeks on international banking plan.



The price of oil on Wednesday finished trading above $100 for the first time in two weeks, as the US and other countries made it easier for banks to lend money and keep the global economy growing.

The Federal Reserve said it will team up with the European Central Bank, the Bank of England and the central banks of Canada, Japan and Switzerland to increase the flow of dollars around the world. The coordinated move should be a shot in the arm for Europe, where a festering credit crisis has slowed the eurozone economy and threatened a recession.

Separately, China reduced the level of cash its banks are required to keep on hand in an effort to boost lending and keep the world s second-largest economy going strong.

Benchmark crude rose 57 cents to finish at $100.36 per barrel in New York. At one point it was as high as $101.75 a barrel. Brent crude, used to price many foreign kinds of oil, rose 12 cents to end at $109.98 per barrel in London.

Wednesday s price increases indicate that many oil traders think the global economy will eventually benefit
 and oil demand will grow as more money flows through the banking system. The Fed added more encouraging news in its Beige Book survey released Wednesday. It showed the US economy expanding at a slow but steady pace in most parts of the country.

For now, however, oil and gas demand remains weak. The Energy Information Administration reported Wednesday that US wholesale gasoline demand fell in November to the lowest monthly average since January 2004.

"That was rather disappointing, given that last week included a holiday weekend," independent analyst and trader Stephen Schork said.

American motorists have been driving less with retail prices well above seasonal record levels.

The government reported Wednesday that oil and gasoline supplies grew last week, as imports rose and refineries slowed down because of weak demand. The weak supply and demand numbers kept oil prices from rising further.

In other energy trading, heating oil was virtually unchanged to end at $3.0214 per gallon, and gasoline futures rose 2.86 cents to finish at $2.5677 per gallon. Natural gas lost 8.3 cents to end at $3.550 per 1,000 cubic feet.

Cricket news Five-star Afridi wrecks Bangladesh

Cricket news Five-star Afridi wrecks Bangladesh :
Date December 1 , 2011
Shahid Afridi claimed 5-23 as Pakistan bowled out Bangladesh for a paltry 91.



In the first one-day international at the Sher-e-Bangla stadium in Dhaka on Thursday, seven BD batsmen failed to reach double figures as the strong Pakistani attack grabbed wickets at regular intervals after Bangladesh elected to bat in the day-night match.

Bangladesh lost half the side for 31 runs and barely managed to overhaul their lowest one-day total against Pakistan of 87.

Wicket-keeper Sarfraz Ahmed picked up four catches as leg-spinner Afridi ran through the batting on the slow wicket.

Bangladesh never recovered after losing opener Tamim Iqbal with the fourth ball of the innings, trapped leg-before by off-spinner Mohammad Hafeez.

Seamer Umar Gul, who shared the new ball with the spinner, struck in his third over when he forced Naeem Islam to edge a catch to skipper Misbah-ul-Haq in the slips.

Bangladesh skipper Mushfiqur Rahim was caught behind off Shoaib Malik for 11, before Afridi grabbed two wickets in one over to reduce the Tigers to 31-5.

Afridi had opener Shahriar Nafees caught at backward point by Malik and then saw Mohammad Mahmudullah edge a catch to Sarfraz three balls later.

Nasir Hossain and Shakib Al Hasan put on 36 for the sixth wicket to ensure Bangladesh surpassed their lowest ever one-day total of 58 -- against the West Indies at the same venue during the World Cup in March.

Nasir made 21 with two boundaries when he top-edged a catch off Aizaz Cheema, while Shakib became Afridi s third victim after scoring 15.