Islamabad

For its debut presentation on its new premises, Kuch Khaas ? the centre for arts, culture and dialogue ? featured a theatre group cal

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LAHORE

INCREASING incidents of crime against property, kidnapping for ransom, corruption in Lahore Police officials ranging from constables to

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LONDON: Gold prices soared within sight of a new record high on Tuesday as investors sought a safe-haven investment amid deepening concerns about the eurozone debt crisis, analysts said.

Gold climbed as high as 1,224.82 dollars an ounce — a whisker away from the record high of 1,226.56 dollars that was struck on December 3, 2009.

The glamorous metal later stood at 1,218.85 dollars in late afternoon deals on the London Bullion Market.

“While markets look vulnerable, the precious metal will maintain its safe haven role,” said Capital Spreads analyst Simon Denham.

“The response of the central banks and the IMF to the southern European mess is almost guaranteed to ensure continued volatility in world markets.”

Investors had on Monday welcomed the European Union and International Monetary Fund aid package worth 750 billion euros (one trillion dollars) to resolve the debt and budget deficit crisis in Europe.

However, the euphoria faded on Tuesday amid resurgent doubts over countries” ability to reduce their deficits.

“Gold is holding ground … and with doubts about the effectiveness of the EU/IMF already surfacing could be poised for a fresh challenge higher to target last year’’s all-time high,” said analyst James Moore at TheBullionDesk.com.

IMF head Dominique Strauss-Kahn has hailed the trillion-dollar aid package as a big step forward.

However, higher gold prices indicated that traders remain sceptical over the deal, according to analysts.

“Investors are removing funds from risky assets into safer haven plays and this is positive for both the US dollar and gold,” said City Index analyst Joshua Raymond.

“The EU rescue package has been widely interpreted as not a long term solution to the deficit woes within the eurozone.

“With the near term outlook remaining unstable, investors have sought to transfer their cash into defensive assets.”

The glamorous metal, whose two main drivers are jewellery and investment buyers, hit record highs last year on the back of inflationary fears and increasing moves by central banks to diversify assets away from the dollar.

Heightened concerns about the Greece have attracted fresh inflows of cash into gold.

“This resilient performance … is perhaps telling of the scepticism markets still have over the execution of the plans and the tough fiscal challenges that will face some euro area economies,” added Barclays Capital analyst Yingxi Yu.

“While markets remain jittery over the effectiveness of the plans, gold is likely to perform relatively well.”

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SAMBRIAL: Punjab Chief Minister Muhammad Shahbaz Sharif expressed his dissatisfaction over poor performance of Sialkot police.

Due to negligence of Sialkot police incidents of rape and sexual harassment are increasing in Sialkot, Pasrur and Daska.

The chief minister said this while expressing his sympathies Tuesday with parents of Karin Shahzadi, eight-year-old girl, killed after rape few days back in village Mughal Abad.

Shahbaz stated injustice, cruelties would not be tolerated, especially with the women, and added hurdle-free justice will be ensured in the Punjab.

CM Shahbaz on the occasion directed the police to mend its ways, work vigilantly to curb crime and protect life and property of the masses.

He assured the bereaved family that justice would be delivered and the criminals would face severe action under the law.

The chief minister directed Sialkot police culprits involved in Sambrial, Daska and Pasrur incidents should be immediately arrested.

He also offered Fateha and handed over a cheque amounting to Rs 500,000 to the bereaved family.

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ISLAMABAD: The Chief of Army Staff (COAS), General Ashfaq Parvez Kayani Tuesday visited the site of landslide that blocked Hunza River near Attaabad.

He was briefed about the progress of work on spillways, being undertaken by Frontier Works Organization, says an ISPR press release.

He also interacted with the people of the affected area.

Earlier on arrival in the area, COAS was received by Lieutenant General Shahid Niaz, Engineer-in-Chief and Lieutenant General Tahir Mehmood, Corps Commander Rawalpindi.

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ISLAMABAD: The vehicle of Pakistan?s Ambassador to Tehran M B Abbasi came under gun attack in Tehran, Geo reported Tuesday.

According to Arab TV, two guards of the Pakistani ambassador also died in the attack.

Meanwhile, Foreign Office spokesman Abdul Basit said that the ambassador was attacked with a knife, in which he sustained minor injury.

The spokesman said there was no truth about the deaths of two guards in the attack.

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NOWSHEHRA: Khyber-Pakhtunkhwa Information Minister Mian Iftikhar Hussain said Tuesday that talks could be held with militants only if they accepted the writ of state by laying down their arms.

Speaking at a seminar here, he said there was no room for a military operation in Kala Dhaka at this time. He, however, warned that action would be taken if militants were found hiding there.

He said, ?Faisal Shahzad hails from Kyber Pakhtunkhwa and if he is involved in terrorism, deserves stern punishment.?

To a question, he said that the threat of dire consequences issued against Pakistan was not given by the US policymaking body but a personal opinion of an individual.

Hussain said that talks with militants were possible if they laid down arms.

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Pakistan News

MADRID: The Williams sisters advanced into the quarterfinals of the Italian Open on Wednesday. World No 1 Serena Williams who is playing after a three months break outshined Andrea Petkovic of Germany by 6-2, 3-6, 6-0. Venus Williams earned a 6-3, 6-4 staright set win over Israeli Shahar Peer to enter the quarters.
The William sisters have recovered from their knee injuries and might face each other if placed in the same half of the draw. Serena Williams is a wild card entrant at the tournament.
Talking about her game against Petkovic ,Serena said,”I definitely felt extremely rusty today. I?m glad I was able to win because at least I can be guaranteed another match. I think I definitely need it.”

She will next take on Russian Maria Kirilenko of Russia, who overcame Slovak Dominika Cibulkova by 4-6, 6-1, 6-1.The fourth-seeded Venus Williams will next meet Jelena Jankovic, who earned an impressive 6-2, 6-0 victory over Yanina Wickmayer of Belgium.

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KARACHI: The Karachi Stock Exchange’’s benchmark 100-share index fell 0.77 percent, or 79.33 points, to end at 10,208.21 on turnover of 111 million shares.

Stocks ended lower because of selling by foreign investors following pressure in world markets.

The euro and global stocks fell on Tuesday as a relief rally sparked by a $1 trillion plan to contain Greece’’s debt crisis gave way to doubts as to how the country will cut its budget deficit.

Pakistan’’s short-term rates ended flat on Tuesday, but on the low side, and dealers said they expected rates to hover at those levels because of
increased liquidity in the interbank market.

Overnight call rates ended at 10.0 percent, unchanged from Monday’’s close.

“There is liquidity in the market and rates will probably remain on the lower side,” said a brokerage dealer.

There were no scheduled inflows or outflows on Tuesday.

Dealers said the next inflows of 22 billion rupees ($262 million) were scheduled for Friday.

In the currency market, the rupee firmed to 83.88/94 to the dollar compared with Monday’’s close of 84.14/19 because of fewer import payments and also because exporters sold dollars.

Dealers said the rupee had also been supported by remittances from overseas Pakistani, which helped sentiment.

The central bank said on Tuesday, remittances received during the first 10 months of the 2009/10 fiscal year (July-June) rose 15 percent to $7.31 billion compared with the same period last year.

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Pakistan News

ISLAMABAD: English club Lancashire have signed the former Pakistan captain Shoaib Malik for their Twenty20 campaign.

The 28-year-old all-rounder will arrive at Old Trafford ahead of their opening game of the FP T20 on 4 June.

Malik will join Lancashire’’s overseas pair of Simon Katich and Shivnarine Chanderpaul and replace outgoing South Africa international Ashwell Prince.

In March, he has banned from playing for Pakistan for one year by the Pakistan Cricket Board.

The suspension came alongside the indefinite bans that were handed to batsmen Mohammad Yousuf and Younus Khan for “infighting which brought down the whole team,” although the PCB did not expand on the case against Malik.

Prior to that, Malik, who married Indian tennis player Sania Mirza in April, had played 29 Test matches and 190 one-day internationals.

“When Lancashire approached me to come and play for them I didn”t hesitate in saying yes,” said Malik.

“I love playing cricket in England and the opportunity to play with a club of Lancashire’’s reputation was too good to pass up.

“Their recent overseas signings in Katich and Chanderpaul only add to an already strong list. I”m very excited and look forward to a strong T20 campaign.”

Mailk’’s move is subject to visa regulations and the approval of the Pakistan Cricket Board.

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