Asian stocks mixed as economic fears weigh

HONG KONG: Asian stock markets were narrowly mixed Friday, with Japan's benchmark up 1.5 percent, as persistent worries about the deteriorating world economy and financial system sidelined many investors.Trade was listless throughout the region after a bruising, volatile month that saw Asia's export-driven economies sink deeper into recession amid collapsing global demand and their currencies wither.Sentiment was buoyed somewhat by reports slumping banking giant Citigroup, which has already taken billions in government aid, was nearing a deal to give the U.S. an ever bigger ownership stake, as much as 40 percent. Combined with more bailout measures in Britain and shake-ups at European banks, the agreement lifted some financial shares in Japan and elsewhere.But most investors appeared to be holding back as the onslaught of negative news about the global economy showed no signs of letting up.The recession's toll on global economies widened Thursday as Royal Bank of Scotland and General Motors Corp. reported billions more in losses.And in Asia Friday, figures showed that Japan's industrial production plunged a record 10 percent in January from December as manufacturers continued to slash output. Household spending and retail sales also fell. India's economic growth sputtered to a worse-than-expected 5.3 percent in the last quarter from the previous year — the slowest in about six years.Until there was evidence sweeping government measures to jump-start the global economy were starting to take effect, equities markets were likely to remain lackluster, traders said."Confidence remains really beaten up," said Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong. "Internationally the picture is very negative. A lot of people are very happy to be sitting on the sidelines."The Nikkei 225 stock average rose 110.49 points, or 1.5 percent, to 7,568.42 — but finished the month down nearly 4 percent to extend this year's losses to almost 15 percent.In Hong Kong, the Hang Seng pulled back 83.37 points, or ABOUT 0.7 percent, to 12,880.89 in a back-and-forth session. South Korea's Kospi rose 0.8 percent to 1,063.03.Elsewhere, India's slumping growth figures sent the country's main index tumbling by 2 percent. China's Shanghai benchmark dropped 1.8 percent as investors continued to pocket gains from the market's recent rally. Singapore sank, Taiwan gained.Among financials received some support as news about the Citigroup deal, expected to be announced in the U.S. later Friday, ease fears about the financial sector. Japan's Mitsubishi UFJ Financial Group Inc., the country's largest bank, rose 2.7 percent. South Korea's KB Financial Group Inc. jumped 6.5 percent.After trading ended, Sony Corp. said its president was stepping down — adding to the string of Japanese companies hoping to fight the global slowdown with renewed leadership. The stock rose 2 percent.In the U.S., major stock indexes gave up early leads to close lower, with health care stocks bearing the brunt of the selling. The Dow Jones industrial average fell 88.81, or 1.2 percent, to 7,182.08. The Standard & Poor's 500 index fell 12.07, or 1.6 percent.U.S. stock index futures little changed. Dow futures were flat at 7,178, while S&P futures were down 1 point at 751.1.In currencies, the dollar shed some if its recent gains, falling to 97.59 yen from 98.27 yen. The euro slipped to $1.2658 from $1.2710.Oil prices weakened in Asian trade after an overnight rally. Light, sweet crude for April delivery down $1.33 at $43.89 a barrel. On Thursday, the contract jumped $2.72, or 6.4 percent, to settle at $45.22 on the New York Mercantile Exchange.

Euro slips versus dollar amid eurozone inflation

LONDON: The European single currency retreated Friday against the dollar as investors digested tumbling eurozone inflation data ahead of fourth-quarter economic growth numbers in the United States.In midday London trade, the European single currency fell to 1.2673 dollars from 1.2743 late on Thursday.Against the Japanese currency, the dollar sank to 97.30 yen from 98.46 yen on Thursday.Official EU figures Friday showed that inflation in the 16 countries using the euro dropped in January by the sharpest rate on record, slumping to 1.1 percent in the face of a sharp economic downturn.The fall brought 12-month eurozone inflation to the lowest point since July 1999 and was down sharply from the 1.6 percent that the European Union's Eurostat data agency recorded in December.The drop, which was greater than market expectations for 1.4 percent, confirmed an earlier estimate and brought inflation to well below the European Central Bank's comfort zone of close to but less than 2.0 percent.The ECB is likely to lower its key interest rate by another half a percentage point at its meeting next month, a member of the bank's board suggested on Wednesday.The prospect of lower interest tends to weigh on currencies as they become a less attractive investment.After hitting a record high of 4.0 percent in June and July, eurozone inflation has fallen sharply as oil and other commodity prices have collapsed in the face of a deep economic downturn.The drop in inflation has paved the way for a series of interest rate cuts by the ECB which has slashed its main rate to a record low of 2.0 percent.The battered eurozone economies suffered further bad news on Friday with a quarter of a million jobs lost in January, bringing the unemployment rate to 8.2 percent, the highest level in over two years.Elsewhere, the yen rallied against the dollar on relief that a raft of dismal economic data was not worse than investors had feared, dealers said.A record 10 percent drop in Japan's factory output in January, while bad, was in line with market expectations, noted Yuji Saito, head of forex at Societe Generale."This triggered profit taking" by speculators who had sold the yen in anticipation of weak data, he said.In London trade on Friday, the euro changed hands at 1.2673 dollars against 1.2743 dollars late on Thursday, at 123.15 yen (125.49), 0.8933 pounds (0.8895) and 1.4854 Swiss francs (1.4841).The dollar stood at 97.30 yen (98.46) and 1.1576 Swiss francs (1.1644).The pound was at 1.4170 dollars (1.4322).On the London Bullion Market, the price of gold rose to 945.13 dollars an ounce from 936.50 dollars on Thursday

Asian stocks rise after Bernanke comments

HONG KONG: Asian stocks rose Wednesday, taking their cue from Wall Street after U.S. Federal Reserve Chairman Ben Bernanke said the government had no plans to nationalize hard-hit banks and the recession might end this year.

Gains across the region were far more modest compared with U.S. markets, where the major benchmarks surged from near 12-year lows as banking shares led a broad rally.

Investors seemed heartened by Bernanke's comments that formally nationalizing the banks to ensure their viability "just isn't necessary." In recent days, fears of nationalization have weighed heavily on markets as investors worry the move would dilute share prices and turn over major decision to government regulators.

Analysts were skeptical the rally would last in the face of further deterioration in the global economy.

The U.S. government may end up nationalizing the banks, but do so piecemeal rather than in a single injection, said Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong.

"The political difficulty of nationalization is hampering efforts to jump-start the recovery, and I think the rally (on Wall Street) yesterday was only temporary," Kowalczyk said.

In Japan, the Nikkei 225 stock average rose 94.26 points, or 1.3 percent, to 7,362.82 despite news the world's second-largest economy posted a record trade deficit in January, with exports tumbling 46 percent from a year earlier.

Benchmarks in Singapore and Taiwan were also higher, though Shanghai and Australian stock measures lost ground.

Overnight in New York, the Dow rose 236.16, or 3.3 percent, to 7,350.94. On Monday, the major indexes tumbled more than 3 percent, including the Dow, which fell 251 points and hit its lowest close since May 7, 1997.

In currencies, the dollar continued its advance, rising to 96.91 yen from 96.70 yen. The euro traded lower at $1.2812 from $1.2763.

In oil, light, sweet crude for April delivery was exchanging hands at $39.60 a barrel, down 36 cents. Overnight, the contract, staged a late-session rally to settle up $1.52 at $39.96 on the New York Mercantile Exchange.

Elusive Oscar finally within reach of Winslet

LOS ANGELES: Win or lose at Sunday's Oscar ceremony, British actress Kate Winslet will enter Academy Award history.

Winslet, 33, will either walk past her chief rival, Meryl Streep, to collect her first Oscar for her performance as a woman with a secret Nazi past in "The Reader," or share the dubious title of biggest loser for having been nominated for the coveted honor, and lost, six times.

The betting in Hollywood ahead of the February 22 ceremony for the world's top film awards is that Winslet should be getting her acceptance speech ready.

"I think it is her time. When Academy members are voting, they are going to be thinking not just of 'The Reader' but of 'Revolutionary Road,'" said Hollywood.com movie critic Pete Hammond, when talking about the two movies starring Winslet that were released within weeks of each other in 2008.

"That is pretty daunting when you have two great performances like that back to back," Hammond said.

The three other best actress nominees are Anne Hathaway as a resentful sister in "Rachel Getting Married," Melissa Leo in border smuggling drama "Frozen River" and Angelina Jolie playing a mother searching for her child in "Changeling."

Winslet, who parlayed art house success into international stardom in "Titanic" in 1997, has already picked up two Golden Globes for her role as a German woman with a teenage lover and a secret in "The Reader" and as a frustrated 1950s American housewife in "Revolutionary Road."

Discover the exclusive world of Celina Jaitley

MUMBAI: Celina Jaitley's official online and mobile destination was launched recently, aiming to invite fans of the gorgeous actress into her very personal and professional life is an interactive and user-friendly website which takes fans on a journey through memories & career highlights that have made Celina Jaitley who she is.

am really excited about launching my own digital platform. My fans and my well wishers can now get a glimpse of my personal life, get to know me more and talk to me about my style statement, my professional life etc,'' says Celina.''

This really makes me feel connected to my fans and I feel like this is an ideal platform for people to reach out to me,'' she adds

Shilpa releases music to promote IPL team

MUMBAI: Shilpa who joined the IPL league after Preity Zinta, is set to make a super rich music video to promote her cricket team.

The sizzling music video will have an evocative Rajasthani-folk number 'Halla Bol' composed by music director Anand Raj Anand.

Interestingly it will be choreographed by Ken Ghosh who stopped doing music videos after turning feature filmmaker.

Shilpa says, ''I'm so glad that Ken is making an exception for me. We chose Anand Raj Anand because he's an expert at catchy folk songs. I first worked in a film with his music when he scored for PARDESI BABU. I was simply bowled over by the numbers. Today when I hear the song he has composed for our team I feel deeply enthused.''

Shilpa's beau and partner Raj Kundra is mighty excited by Anand Raj Anand's Rajasthani song and have apparently decided to shell out a mini fortune close to Rs. 1 crore, to shoot the song featuring Shilpa.

The inside buzz is that this video would be better than any other song that she has done before. The word is that close to a total amount of Rs. 3 crores is expected to be spent.

The source said, ''From 'UP Bihar Lootne' to 'Shut Up And Bounce'...Shilpa's item songs have always been special. She wants her IPL music video to be her best item song ever. She's working on the costumes, accessories everything in advance so that when they shoot the video in March she'll sizzle like never before.''

However Shilpa refused to reveal any figures and simply said that they could all see the end product when the video releases.

Oil prices hold under $35 in New York

LONDON: Oil prices firmed on Wednesday but held under 35 dollars per barrel in New York on the eve of data forecast to show falling US energy demand amid the global economic downturn, analysts said.

New York's main futures contract, light sweet crude for delivery in March, firmed two cents to 34.91 dollars a barrel, after earlier falling as low as 34.43.

Brent North Sea crude for April delivery added 32 cents to 41.35 dollars per barrel, after earlier touching 40.30.

The US Department of Energy will publish its weekly report on American energy inventories on Thursday, one day later than normal because of a public holiday on Monday.

The report is keenly awaited by traders because the United States is the world's biggest energy consuming nation.

"Crude oil traded below 35 dollars a barrel on speculation that US stockpiles climbed ... amid a drop in demand because of the global economic contraction," said BetOnMarkets analyst Dave Evans.

"The price of (New York) crude will probably stay around the 35-dollar level until the inventory report."

Oil had tumbled in value on Tuesday, mirroring steep falls in equity markets, as traders were gripped by energy demand worries in a worldwide economic downturn.

Investors also fretted over the effectiveness of a new US economic stimulus law and the health of the US banking system, while two automakers raced to submit restructuring plans.

Data on manufacturing activity in the New York region deepened the gloom, showing a fall in the Empire State index to another record low in February.

"Crude futures suffered heavy losses (on Tuesday), slipping lower on renewed fears over the global economy," said analyst Andrey Kryuchenkov at VTB Capital in London.

"It was the first trading day in New York after the long holiday weekend and pessimism was overwhelming everything, even increasing calls from OPEC on the possibility of further supply cuts."

Asian stock mixed amid investor caution

HONG KONG: Asian stocks markets were narrowly mixed Thursday, as President Barack Obama's $75 billion lifeline to homeowners did little to boost optimism about the outlook for the global economy.Investors nibbled at some beaten down shares but enthusiasm was tempered by another dose of negative economic data in the U.S. and Asia, as well as Wall Street's sideways session.Oil prices languished below $35 a barrel, while the dollar was lower against the yen after advancing strongly overnight.In Japan, the central bank kept its key interest rate on hold at 0.1 percent, as widely expected, and extended several emergency measures to increase liquidity, including its operation to buy corporate bonds from firms to help ease the funding crunch.The Bank of Japan also warned conditions in the world's second-largest economy, already struggling with its biggest contraction in more than three decades, were unlikely to improve anytime soon. In Taiwan, meanwhile, bleak economic data confirmed the country as Asia's latest to slip into recession.In New York overnight, U.S. markets ended a volatile session mostly flat after Obama unveiled his relief plan.The program would provide incentives to mortgage lenders to help borrowers reduce their payments in an effort to counter a souring housing market at the core of the economic crisis.While a number of analysts said the program might limit the hemorrhaging in housing prices, the market's cool reception seemed to show how much investors have lost confidence in government bailouts."We are still dealing with a lot of bad news. We all should be concerned what is going to happen in the economy," said Winson Fong, Hong Kong-based managing director at SG Asset Management, which oversees about $2 billion in equities in Asia. "Things are still getting worse this year, so we're seeing a lot of markets drifting down slowly."In Tokyo, the Nikkei 225 stock average closed up 23.21 points, or 0.3 percent, at 7,557.65, buoyed by a weaker overnight yen that improves repatriated profits of the country's many exporters. Markets in Australia, India and Taiwan were higher as well.Hong Kong's Hang Seng fell 0.9 percent to 12,893.50, while South Korea's Kospi lost 0.6 percent to 1,107.10. Shanghai's benchmark was up 0.7 percent in a choppy session.In New York, the Dow Jones industrial average edged up less than 0.1 percent to 7,555.63. For a second day, the blue chips managed to finish just above their November closing low. The Standard & Poor's 500 index dipped 0.1 percent to 788.42, and the Nasdaq composite index fell 0.2 percent to 1,467.97.U.S. stock futures were up slightly, suggesting modest gains when Wall Street opens Thursday. Dow futures rose 36, or 0.5 percent, to 7,519 and S&P500 futures gained 2.6, or 0.3 percent, to 782.10.In oil, light, sweet crude for March delivery was up 13 cents at $34.75 a barrel in Asian trade.Overnight, the contract lost 31 cents to settle at $34.62 a barrel on the New York Mercantile Exchange. The March contract expires on Friday, and most of the trading was for the April contract.In currencies, the dollar weakened against the yen, falling to 93.43 yen compared to 93.65 yen earlier. The euro rose to $1.2583 from $1.2560.

Pakistan may send FIA team to India: PM

LAHORE: Pakistan would considering the possibility of sending an investigation team to India as part of its probe into the Mumbai attacks, Prime Minister Yousuf Raza Gilani said on Wednesday.

Talking to newsmen, he said the Federal Investigation Agency (FIA) had sought permission for its team to visit India.

He also said India is yet to reply to questions submitted by Pakistan along with its response to the Indian dossier on the Mumbai attacks.

FBI gets Pak nod to grill 26/11 suspects

NEW DELHI: The Pakistani government has given the nod to the Federal Bureau of Investigation (FBI), the U.S. investigative agency, to grill the suspected terrorists of Mumbai attacks, an Indian newspaper reported.

It said that the FBI team will interrogate the suspects within Pakistan however an other FBI team is questioning Ajmal Kasab and other suspects in India.

Pakistan agreed to take the step after the killing of six US citizens including two FBI officials in Mumbai attacks, it said, adding that India and US will share the probe outcome owing to their joint anti terror mechanism.

Pakistan UN official abductors extend deadline

CHAGAI: The hostage takers of UNHCR official John Solecki have extended their deadline of killing the hostage for few days.

Meanwhile, the security forces continued their hunt to recover the kidnapped UN official in Afghan refugees Gardi Jangal camp in Chagai.

The forces have arrested a suspect during the operation and transferred to him to an undisclosed location. The number of the persons arrested during the operation has reached to five.

The forces have also sealed the Pak-Afghan border and stepped up patrolling in the region.

All markets in the Gardi Jangal refugee camp have also been closed.

Pakistan Musharraf opposes Swat peace deal

ISLAMABAD: Former President General (r) Pervez Musharraf Monday criticized government over its peace deal with local Taliban insurgents engaged in Swat, terming it "ridiculous".

“Its really ridiculous to sign a deal with those who killed hundreds of army personnel in Swat,” an apparently-charged Musharraf told media persons in a press conference here Monday, his first official-media appearance since his resignation last year.

He said he had been facing severe hardships during his tenure saying Pakistan Army and Air force had suffered 1500 causalities while combating in terror war.

Drug giant pledges cheap medicine for poor

LONDON: The head of British drugs giant GlaxoSmithKline (GSK) said in a British newspaper Saturday he would cut prices for medication in developing countries and share knowledge of patented treatments.

Andrew Witty told the Guardian he believed pharmaceuticals companies had an obligation to help the poor receive treatment and he challenged his rivals to follow GSK's example.

He said: "We work like crazy to come up with the next great medicine, knowing that it's likely to get used an awful lot in developed countries, but we could do something for developing countries."

Are we working as hard on that? I want to be able to say yes we are, and that's what this is all about -- trying to make sure we are even-handed in terms of our efforts to find solutions not just for developed but for developing countries.

"Witty said GSK, the world's second largest pharmaceutical company, would cut its prices in the 50 least developed countries to no more than 25 percent of the levels in Britain and the United States.

He also said any chemicals and processes owned by GSK under patent would be shared with other researchers and 20 percent of the company's profits in the developing world would be re-invested in hospitals and clinics.

Charities such as Oxfam have highlighted the fact that drug patents prevent the poor from obtaining cheaper, generic versions of the same medicine.GSK said this month it would cut jobs, without saying how many, under plans to slash annual costs by 1.7 billion pounds (1.9 billion euros, 2.4 billion dollars) by 2011.

Oil prices rebound in Asia

SINGAPORE: Oil prices rebounded in Asian trade on Wednesday after data showed a decrease in US oil stocks.

New York's main oil futures contract, light sweet crude for delivery in March, gained 40 cents to 37.95 dollars a barrel.

Brent North Sea crude for March jumped 50 cents to 45.11 ahead of the contract's expiry on Thursday.

Prices rose after the American Petroleum Institute (API), the industry trade association, reported early Wednesday a two-million-barrel drop in oil inventories in the United States.

Market reaction to stockpiles data typically develops only after the US Department of Energyreports its figures, which were due later Wednesday, but the API figures may be evidence that output cuts by the Organisation of the Petroleum Exporting Countries (OPEC) are starting to take effect, Pervan said.

Prices recovered in Asia after plunging during US trading hours on Tuesday over a lack of market confidence in a massive US financial recovery plan that reignited fears over saggingdemand in the world's biggest oil consuming nation, analysts said.

Asia stocks fall amid skepticism over US bank plan

HONG KONG: Asian stock markets dropped today following a steep sell-off on Wall Street. Investors reacted with skepticism to the U.S. government's latest plan to rescue the ailing financial industry with as much as $2 trillion.

One analyst says not even the colossal amounts of money announced in the U.S. are likely to make up the funding shortfall created by risky loans and other distressed assets the banks are holding.

Japan's markets were closed for a holiday while all other major Asian indexes fell. Further weighing on the region were figures showing China's exports plunged 17.5 percent in January -- the sharpest drop in more than a decade -- amid the global slowdown. Wall Street futures were up modestly, suggesting U.S markets could recover some at the open.

Pak to issue Mumbai findings next week: PM

LAHORE: Pakistan will publish findings of its investigation into November's militant attacks in Mumbai early next week, Prime Minister Yousaf Raza Gilani said on Friday.

Gilani also said newly appointed U.S. envoy to Afghanistan and Pakistan Richard Holbrooke would be visiting Pakistan on Monday.

Relations between nuclear-armed India and Pakistan have been strained since militants killed 179 people in Mumbai.

"We will publish a report ... by Monday or Tuesday on the information given in their dossier," Gilani told reporters in Lahore.

India said the dossier contained the confession of a surviving attacker, satellite phone intercepts between the attackers and their handlers in Pakistan, and a list of Pakistani-made weapons used by the militants.

Gilani, announcing that Holbrooke would be visiting on Monday, said there was confusion over the envoy's mandate.

Pakistan had expected the United States to appoint an envoy for South Asia as a whole, including India and the divided Kashmir region, the core dispute between India and Pakistan.

But India objects to any outside effort to get involved in Kashmir, which both Pakistan and India claim in full but rule in part.

"There is still confusion (over) whether he is in charge of the region or he is only confined to Afghanistan and Pakistan," Gilani said, adding terrorism was a regional problem and should be dealt with regionally.

"We welcome Richard Holbrooke for special envoy to Pakistan, Afghanistan and for the region ... and we will discuss with him our regional problems related to terrorism and extremism."

Holbrooke, a foreign policy veteran appointed by U.S. President Barack Obama last month, is also due to visit Afghanistan and India on what a U.S. State Department spokesman said this week would be "an orientation trip".

Pakistan UN Chief to announce Benazir probe in Pakistan visit

ISLAMABAD: United Nations Secretary General Ban Ki Moon would on Wednesday will announce a commission for investigating the assassination of former Prime Minister Benazir Bhutto, foreign office sources in Islamabad said.

The probe of assassination of Benazir Bhutto would be the main focus of talks between the UN Secretary General and the Pakistani leaders, the sources said.

Moon would be reaching here today on a one day visit where besides announcing the probe commission he would discuss the host of other issues in his talks with President Zardari and Prime Minister Gilani.

Pakistan Bill to ensure women security: Sherry

ISLAMABAD: Minister for Information and Broadcasting Sherry Rehman, Wednesday said that 'Protection Against Harassment at the Work Place Act 2009' bill will ensure security to working women at work places.

"The bill has been named `Protection Against Harassment at work place Act 2009'."

Talking to a private TV channel, she said the government is committed to work for the welfare of women and to create enabling atmosphere so that women can work at their work with dignity and respect.

The Minister said bill has been prepared by the ministry of woman development after consulting different stakeholders, women groups, civil society, NGOs and people involved in working for the rights of women.

She said the input from federal ministers and other stakeholders have been incorporated in the bill. Code of conduct and procedure has also been included in the bill so that the women could act accordingly when harassed at work place.

"Every single complaint would be probed into and penalties for the offence have also been identified". A victim can also appeal in courts for improving environment of working place if not satisfied from the outcome of the departmental inquiry, she added.

Pakistan UN secretary general arrives in Islamabad

ISLAMBAD: United Nations Secretary General Ban Ki-moon arrived in Islamabad on Wednesday after a brief stop in Kabul where he held talks with Afghan leaders.

During his first visit since taking office in late 2006, Ban is expected to meet Pakistani Prime Minister Yousuf Raza Gilani and President Asif Ali Zardari, an official of Pakistan's foreign ministry said.

The visit came two days after unknown gunmen kidnapped a senior UN official in north-west Pakistan.

John Solecki, the head of the UN refugee agency was kidnapped in the south-western town of Quetta as he was going to his office on Monday. The attackers killed his Pakistani driver.

Ban was also scheduled to discuss the formation of a UN commission to probe the assassination of former prime minister Benazir Bhutto.

The government asked the UN last year to set up a commission to investigate the assassination.

Pakistan PM lifts ban on recruitment for govt jobs

ISLAMABAD(Azhar Farooque): Prime Minister Yousuf Raza Gilani in an order on Tuesday has lifted countrywide ban on recruitment for government jobs.

Prime Minister Syed Yusuf Raza Gilani earlier ordered dissolution of the Task Force on Employment "to ensure merit and transparency and in line with government's desire for good governance," a PM House official said.

The Task Force on Employment for overseeing and coordinating the recruitment in various ministries, attached department, autonomous and semi autonomous bodies of the government, was set up to create self employment opportunities and other schemes.

The decision for immediate dissolution of the task force is aimed at countering corruption and nepotism and will lead to making the ministers more effective and responsible, the PM House official said.

Pakistan HC reserves ruling on Gilani NAB cases

ISLAMABAD: Islamabad High court Tuesday reserved its ruling in plea against sentences to Prime Minster Syed Yousuf Raza Gilani in the NAB cases.

The bench comprising Chief Justice of the High Court Justice Sardar Muhammad Aslam and Justice Raja Saeed, heard the case.

Additional prosecutor General of NAB Abdul Bashir Qureshi said while giving his arguments that solid proofs were not found regarding the misappropriation by Gilani as a speaker of the National Assembly.

Bashir Kiyani, the lawyer of PM Gilani said the PM had not offered gratifications to any company in purchasing luxury cars, adding the charges were mere political allegations to hurt his image

Pakistan Five policemen killed in Swat post attack

MINGORA: Five policemen were killed when the militants raided a police post on Tuesday in Swat, sources said.

A shootout continued between the militants and police at Shammozai police post in Swat.

Meanwhile, security forces have started advancement towards Shammozai area.