25 killed in Shabqadar operation
PESHAWAR: NWFP Inspector General of Police (IGP) Malik Naveed Khan on Monday claimed that 25 miscreants were killed and 40 others, including four fore
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15 more killed in Swat operation
MINGORA/PESHAWAR: Seventeen people, including 15 militants, were killed in military action against miscreants and fresh incidents of violence in the t
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SC takes up FBR plea on blocked money today
ISLAMABAAD: The Supreme Court is scheduled to take up a unique request made by the Federal Board of Revenue (FBR) here on Tuesday to order payment of
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IMF condition may jeopardise next tranche
ISLAMABAD: The most difficult condition attached by the IMF for its $7.6 billion loan for Pakistan will be achieving net zero borrowing from the centr
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Pakistan News
2,000 more displaced persons reach Rawalpindi
RawalpindiThe number of internally displaced people from tribal areas is increasing day-by-day, as around 2,000 more people from Waziristan, M
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Excessive use of gas heaters harmful to health
IslamabadPeople in town have started using gas heaters particularly at night to keep rooms warm, however, most of them are unaware of the prev
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U.S. offers Citigroup expansive safety net
NEW YORK: U.S. The government unveiled a bold plan Sunday to rescue Citigroup, injecting a fresh $20 billion into the troubled firm as well as guaranteeing hundreds of billions of dollars in risky assets.The action, announced jointly by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp., is aimed at shoring up a huge financial institution whose collapse would wreak havoc on the already crippled financial system and the U.S. economy.The sweeping plan is geared to stemming a crisis of confidence in the company, whose stock has been hammered in the past week on worries about its financial health.”With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy,” the three agencies said in a statement issued late Sunday night. “We will continue to use all of our resources to preserve the strength of our banking institutions, and promote the process of repair and recovery and to manage risks.”The move is the latest in a string of high-profile government bailout efforts. The Fed in March provided financial backing to JPMorgan Chase’’s buyout of ailing Bear Stearns. Six months later, the government was forced to take over mortgage giants Fannie Mae and Freddie Mac and throw a financial lifeline — which was recently rejiggered — to insurer American International Group.Critics worry the actions could put billions of taxpayers” dollars in jeopardy and encourage financial companies to take excessive risk on the belief that the government will bail them out of their messes.The Citigroup rescue came after a weekend of marathon discussions led by Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke. Timothy Geithner, president of the Federal Reserve Bank of New York, who is being tapped by President-elect Barack Obama as his Treasury chief also participated.Investors reacted cautiously to the plan. Most Asian stock markets retreated when they opened Monday, weighed down by worries about Citigroup. However, losses were pared after the government announcement.Vikram S. Pandit, Citi’’s chief executive officer, welcomed the action. “We appreciate the tremendous effort by the government to assure market stability,” he said in a statement.The $20 billion cash injection by the Treasury Department will come from the $700 billion financial bailout package. The capital infusion follows an earlier one — of $25 billion — in Citigroup in which the government also received an ownership stake.As part of the plan, Treasury and the FDIC will guarantee against the “possibility of unusually large losses” on up to $306 billion of risky loans and securities backed by commercial and residential mortgages.
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Pakistan News
IMF Executive Board Approves $7.6 Billion Loan To Pakistan (Nasdaq)
WASHINGTON -(Dow Jones)- The International Monetary Fund’s executive board cleared the way Monday for a $7.6 billion loan to provide Pakistan with much- needed financing.
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Gloomy Pakistan will be a major test for Obama (Seattle Times)
Pakistan, a country with 170 million people and up to 60 nuclear weapons, may be collapsing. One thing an Obama administration could do is to focus on education. One reason the country is such a mess today is that half of all Pakistanis are illiterate.
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Pakistan News
Action against depts if polio, dengue not controlled: CM
LAHOREPunjab Chief Minister Mian Shahbaz Sharif has warned to take stern action against the local governments and departments concerned for fa
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