Sunday, October 4, 2009
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Monday, September 14, 2009
Introduction to Foreign Exchange Markets
Being the main force driving the global economic market, currency is no doubt an essential element for a country. However, in order for all the countries with different currencies to trade with one another, a system of exchange rate between their currencies is needed; this system, is formally known as foreign exchange or currency exchange.
In the early days, the system of currency exchange is supported solely by the gold amount held in the vault of a country. However, this system is no longer appropriate now due to inflation and hence, the value of one’s currency nowadays is determined through the market forces alone. In order to determine the value of a currency’s exchange rate, two main types of system is used which is floating currency and pegged currency.
For floating exchange rate, its value is determined by the supply and demand of the global market where the supply and demand is bound by all these factors such as foreign investment, inflation and ratios of import and export. Normally, this system is adopted by most of the advance countries like for example UK, US and Canada. All of these countries have a similarity where their market is well developed and stable in economic terms. These countries choose to practice this system due to the reason where floating exchange rate is proven to be much more efficient compared to the pegged exchange rate. The reason behind this is because for floating exchange rate, the market itself will re-adjust the exchange rate real-time in order to portray the actual inflation and other economic forces. However, every system has its own flaw and so does the floating exchange rate system. For instance, if a country suffers from economic instability due to various reasons such as political issues, a floating exchange rate system will certainly discourage investment due to the high risk of suffering from inflationary disaster or sudden slump in exchange rate.
Another form of exchange rate is known as pegged exchange rate. This is a system where the value of the exchange rate is fixed by the government of a country and not the supply and demand of the market. This system is called pegged exchange rate because the value of a country’s currency is fixed to another country’s currency. As a result, the value of the pegged currency will not fluctuate unlike the floating currency. The working principle behind this system is slightly complicated where the government of a country will fixed the exchange rate of their currency and when there is a demand for a certain currency resulting a rise in the exchange rate, the government will have to release enough of that currency into the market in order to meet that demand. However, there is a fatal flaw in this system where if the pegged exchange rate is not controlled properly, panics may arise within the country and as a result of that, people will be rushing to exchange their money into a more stable currency. When that happens, the sudden overflow of that country’s currency into the market will decrease the value of their exchange rate and in the end, their currency will be worthless. Due to this reason, only those under-developed or developing countries will practice this method as a form to control the inflation rate.
However, the truth is, most of the countries do not fully practice the floating exchange rate or the pegged exchange rate method in reality. Instead, they use a hybrid system known as floating peg. Floating peg is the combination of the two main systems where one country will normally fixed their exchange rate to the US Dollars and after that, they will constantly review their peg rate in order to stay in line with the actual market value.
The Foreign exchange market, or commonly known as FOREX, is the largest and most prolific financial market because each day, more than 1 trillion worth of currency exchange takes place between investors, speculators and countries. From this, we can deduce that the actual mechanism behind the world of foreign exchange is far more complicated than what we may already know, and that, the information mentioned earlier is just the tip of an iceberg
In the early days, the system of currency exchange is supported solely by the gold amount held in the vault of a country. However, this system is no longer appropriate now due to inflation and hence, the value of one’s currency nowadays is determined through the market forces alone. In order to determine the value of a currency’s exchange rate, two main types of system is used which is floating currency and pegged currency.
For floating exchange rate, its value is determined by the supply and demand of the global market where the supply and demand is bound by all these factors such as foreign investment, inflation and ratios of import and export. Normally, this system is adopted by most of the advance countries like for example UK, US and Canada. All of these countries have a similarity where their market is well developed and stable in economic terms. These countries choose to practice this system due to the reason where floating exchange rate is proven to be much more efficient compared to the pegged exchange rate. The reason behind this is because for floating exchange rate, the market itself will re-adjust the exchange rate real-time in order to portray the actual inflation and other economic forces. However, every system has its own flaw and so does the floating exchange rate system. For instance, if a country suffers from economic instability due to various reasons such as political issues, a floating exchange rate system will certainly discourage investment due to the high risk of suffering from inflationary disaster or sudden slump in exchange rate.
Another form of exchange rate is known as pegged exchange rate. This is a system where the value of the exchange rate is fixed by the government of a country and not the supply and demand of the market. This system is called pegged exchange rate because the value of a country’s currency is fixed to another country’s currency. As a result, the value of the pegged currency will not fluctuate unlike the floating currency. The working principle behind this system is slightly complicated where the government of a country will fixed the exchange rate of their currency and when there is a demand for a certain currency resulting a rise in the exchange rate, the government will have to release enough of that currency into the market in order to meet that demand. However, there is a fatal flaw in this system where if the pegged exchange rate is not controlled properly, panics may arise within the country and as a result of that, people will be rushing to exchange their money into a more stable currency. When that happens, the sudden overflow of that country’s currency into the market will decrease the value of their exchange rate and in the end, their currency will be worthless. Due to this reason, only those under-developed or developing countries will practice this method as a form to control the inflation rate.
However, the truth is, most of the countries do not fully practice the floating exchange rate or the pegged exchange rate method in reality. Instead, they use a hybrid system known as floating peg. Floating peg is the combination of the two main systems where one country will normally fixed their exchange rate to the US Dollars and after that, they will constantly review their peg rate in order to stay in line with the actual market value.
The Foreign exchange market, or commonly known as FOREX, is the largest and most prolific financial market because each day, more than 1 trillion worth of currency exchange takes place between investors, speculators and countries. From this, we can deduce that the actual mechanism behind the world of foreign exchange is far more complicated than what we may already know, and that, the information mentioned earlier is just the tip of an iceberg
Thursday, September 3, 2009
USD/JPY Pattern in Q3-Q4
USD/JPY Pattern in Q3-Q4
The USD/JPY exchange rate could be expected to end the fourth quarter on a higher note than it did in the third quarter, consistent with the pattern seen in the 1996-2002 period (see charts). The exceptions to this Q3-Q4 pattern were 1998 and 2002 due to the following: Q4 1998: The 15% drop in Oct 1998 was triggered by massive selling of dollar-yen contracts by speculators unwinding their yen-carry trade positions after having initially sold yen to buy dollars and place funds in higher yielding US short-term securities. The exit (or unwinding) out of US assets was precipitated by: 1) investors worried about an incipient dollar decline eroding the value of their dollar based assets; 2) hedge funds selling their dollar assets to finance their deteriorating commitments in Asian equities and currencies. These two unusual forces exasperated the stampede, and accelerated the plunge in USDJPY, thus contributing to the pairs decline in Q4. Q4 2002: The USDJPY slide in October and part of November 2002 was the main catalyst to the pair’s negative performance in Q4 of 2002. The declines were primarily caused by markets’ dumping of the dollar amid increased certainty that the US would wage war against on Iraq, despite UN disapproval. That led to increased risk averseness, prompting risk capital to flee the US into Japan, which is distanced by geopolitical risks and enhanced by a hefty current account surplus. The fall in USD/JPY during Q4 is especially augmented by the blitz of foreign net purchases of Japanese stocks, which has entered a record 25-week run, amounting to 6.7 trillion yen ($60.4 billion) as Japanese institutions repatriate their foreign holdings in August and September for balance sheet/window-dressing purposes ahead of the end of the mid fiscal year on September 30. As institutional players begin to acquire dollar-denominated assets in the second half of the fiscal year beginning in October, USD/JPY is pushed higher into the end of the calendar year.
The USD/JPY exchange rate could be expected to end the fourth quarter on a higher note than it did in the third quarter, consistent with the pattern seen in the 1996-2002 period (see charts). The exceptions to this Q3-Q4 pattern were 1998 and 2002 due to the following: Q4 1998: The 15% drop in Oct 1998 was triggered by massive selling of dollar-yen contracts by speculators unwinding their yen-carry trade positions after having initially sold yen to buy dollars and place funds in higher yielding US short-term securities. The exit (or unwinding) out of US assets was precipitated by: 1) investors worried about an incipient dollar decline eroding the value of their dollar based assets; 2) hedge funds selling their dollar assets to finance their deteriorating commitments in Asian equities and currencies. These two unusual forces exasperated the stampede, and accelerated the plunge in USDJPY, thus contributing to the pairs decline in Q4. Q4 2002: The USDJPY slide in October and part of November 2002 was the main catalyst to the pair’s negative performance in Q4 of 2002. The declines were primarily caused by markets’ dumping of the dollar amid increased certainty that the US would wage war against on Iraq, despite UN disapproval. That led to increased risk averseness, prompting risk capital to flee the US into Japan, which is distanced by geopolitical risks and enhanced by a hefty current account surplus. The fall in USD/JPY during Q4 is especially augmented by the blitz of foreign net purchases of Japanese stocks, which has entered a record 25-week run, amounting to 6.7 trillion yen ($60.4 billion) as Japanese institutions repatriate their foreign holdings in August and September for balance sheet/window-dressing purposes ahead of the end of the mid fiscal year on September 30. As institutional players begin to acquire dollar-denominated assets in the second half of the fiscal year beginning in October, USD/JPY is pushed higher into the end of the calendar year.
A Note on BoJ Intervention: Japanese authorities confirmed they intervened through the Federal Reserve Bank of NY in selling yen for dollars. The Fed’s acceptance to intervene does NOT imply the Fed is making any significant shifts in its dollar practices. The Fed only acted as an agent for the Bank of Japan, enabling it to weaken its currency and thwart excessive movements, which is permissible under the International Monetary Fund Law. Thus, it is one thing for the Fed to help out the Bank of Japan to weaken the yen against the dollar. It is another thing for the Fed to initiate the intervention effort and conduct “outright” intervention to strengthen the US dollar. REMINDER: The Fed would not want to strengthen the value of the dollar, especially when it is attempting to keep a lid on long yields. The BoJ's concerted intervention is likely to occur again especially ahead of Wednesday's (New York evening) tankan sentiment survey expected to show the best improvement in sentiment amid Japanese manufacturers in 3 years. The 10-year Treasury yield hits a 2-1/2 month low at 3.96%, falling below BELOW German 10-year yields (currently at 4.04%), which is accelerating the dollar’s decline against the European currencies. -Sep 30, 2003
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Cash: Potent weapon for US troops in Afghan war zone
DAHANEH, Afghanistan – The US Marines came uninvited to Abdul-Hamid's home in this southern Afghan town and made their presence felt.They blew holes in the mud walls that surround the several small buildings in his family's compound, broke through rooms hunting for weapons and militants, and handcuffed and blindfolded the men. Their main target: Abdul-Hamid's neighbor and the neighbor's sons, all suspected insurgents.Less than a week later, Abdul-Hamid, a 50-year-old farmer who uses only one name, trotted alongside a staff sergeant, listing every broken item in his home. It was payback time — literally.As winning the ‘hearts and minds’ of ordinary Afghans becomes a higher priority in the war on the Taliban and al-Qaida, US troops are finding that one of the most potent weapons in their arsenal is hard cash.Under a special allocation from Congress, a project called the Commander Emergency Relief Program uses American taxpayer dollars to repay Afghans for damage caused during military operations.The program isn't new. Commanders have been doling out money in Iraq and Afghanistan for years to compensate civilians for combat losses.But it's new here in the Now Zad Valley, where there have been no significant numbers of international forces for years until Marines entered the area this month.In the valley, the image of US and NATO troops was one presented by the Taliban. US commanders hope the compensation program will help change that image.The project employs some 35 Marines from the Civil Affairs unit in Afghanistan and has been allotted $250 million this fiscal year for southern Afghanistan alone, said Lt. Col. Curtis Lee, a program manager in the embattled region.Authorities have even established a grid to price each type of suffering based on local customs and values.A slain civilian translates to $2,500 in compensation to a family. A dead cow goes for nearly the same amount, because they are so hard to raise in southern Afghanistan's barren countryside and are crucial to a family's well-being. A broken window: about $50. A broken door can go up to $110 if it's made of metal and has nice smithery.‘People here are really struggling to make a living, so any material damage is a very big deal,’ said Staff Sgt. Todd Bowers, 30, from Washington, D.C. ‘Just a little money can make their lives much better.’The US military is reaching out to civilians more now that NATO's top commander in Afghanistan, US Gen. Stanley McChrystal, has made gaining popular support the crux of his counterinsurgency strategy.While that includes doling out cash, it also means consulting villagers in a region where local councils are a normal means of decision-making — including allowing residents directly affected by operations to air their grievances.Abdul-Hamid, his wife, and their 10 children, for instance, endured a terrifying, middle-of-the-night ordeal on the outskirts of Dahaneh, a longtime Taliban stronghold stormed last week by Marines from Golf Company, 2nd Battalion, 3rd Marines.The Marines arrived by helicopter in the middle of the night, shoving M-16s in the family members' faces as multiple squads stormed through. At one point, one of the farmer's adult sons cried softly because his plastic handcuffs were so tight his fingers turned purple.The Marines then used explosives to burst through the wall into the compound belonging to Abdul-Hamid's neighbor. A baby started crying after the second explosion sent shrapnel and debris flying high over Abdul-Hamid's courtyard.Minutes later, the Taliban in town had regrouped and begun firing rockets, mortars and missiles at the Marines resisting from Abdul-Hamid's and his neighbor's compounds. Barely two days after that, Abdul-Hamid sat down with village elders, Afghan army officers and a dozen Marines, discussing how to improve relations and bring normalcy back to Dahaneh. The elders wanted their detained clansmen freed, which Marines said would happen once they'd been fully investigated. The elders assured the troops that no Taliban were left in town and pledged to press fleeing civilians to return. Abdul-Hamid wanted the troops to return to his house, where Afghan soldiers who'd moved in along with the Marines were already plucking chickens from his courtyard. The Civil Affairs unit took his photo, fingerprinted him and scanned his irises to run through a countrywide NATO computer system. But his persistent nagging of the Marines in the compound — unlike his neighbor, who'd fled town when his sons were arrested — also helped convince the troops he was not a militant. Bowers, of Civil Affairs, told the farmer an assessment team would inspect his home and reimburse him for every broken window, door and wall. ‘That's fine,’ the farmer said. ‘But what about my lost dignity?’ During the inspection alongside Staff Sgt. Evan Matos four days later, Abdul-Hamid seemed more content, though it turned out that he would not be repaid for the 66 pounds of opium the Marines had seized in his home. The drug is illegal under Afghan law but is a critical part of the economy for many in the south. ‘That's not fair, these are my savings — I buy sugar and tea, and clothes for the children with it,’ Abdul-Hamid said. Matos said the Marines were evaluating how much Abdul-Hamid's home was worth and would pay him a good rent as long as they were stationed here. He said the compensation for the damage was not aimed at buying Abdul-Hamid's loyalty. ‘We're trying to show him and others that we're not bullies, and that we're a constructive force in Afghanistan,’ said Matos, 25, of New York City.
Matos was solemn as he pulled out 125,000 Afghanis — the equivalent of $2,500 and a huge amount by local standards — from a small metallic chest and handed the money to Abdul-Hamid. The farmer was smiling. ‘How about you top that with another 25,000’ Afghanis, Abdul-Hamid said, ‘so we reach a round figure?
Matos was solemn as he pulled out 125,000 Afghanis — the equivalent of $2,500 and a huge amount by local standards — from a small metallic chest and handed the money to Abdul-Hamid. The farmer was smiling. ‘How about you top that with another 25,000’ Afghanis, Abdul-Hamid said, ‘so we reach a round figure?
Thirty-five Taliban killed in Afghan operation
KABUL: As Afghans await the results of a fraud-tainted election, a heavy death toll from clashes and bombs, including 35 Taliban and a child, served as a reminder of the challenges the next president faces.In operations mostly concentrated in the south and the east of the country, Afghan security forces, backed by international troops, on Sunday claimed success against an increasingly virulent enemy.The Taliban’s anti-government campaign escalated in the months leading up to the Aug 20 elections for president and provincial councillors, affecting turnout and threatening the legitimacy of the outcome.Gunmen on Sunday shot an election official in the city of Kandahar – the scene of a massive bombing last week that killed more than 40 people.A spokesman for the Independent Election Commission said the IEC’s Kandahar operations manager, Sharaf-u-Din, was injured when men on a motorbike shot him in front of his house.The IEC has been releasing the results of the election piecemeal, with the latest returns announced on Saturday showing President Hamid Karzai leading with 46.3 per cent against 31.4 per cent for his nearest rival Abdullah Abdullah.Western allies have been dismayed at the extent of vote-rigging complaints, but statements by British Prime Minister Gordon Brown during a Saturday visit to Afghanistan indicate firm commitment to fighting the Taliban.Mr Brown pledged to speed up the training of Afghan security forces to battle the militancy, which would allow an eventual draw down of international troops.Western governments have more than 100,000 troops in Afghanistan under Nato and US command, working with Afghan security forces to quell the Taliban resistance.Late on Saturday in eastern Khost province, bodies scattered the ground after a huge joint operation in the Spera district in which paratroopers dropped into battle from helicopters, police said.Provincial police chief Abdul Qayoum Bakizoi said one Afghan soldier was killed in the operation that left 35 Taliban fighters dead.In neighbouring Paktika province, which also borders Pakistan’s tribal region, Afghan and Nato troops destroyed a bunker complex used by the Haqqani network to store arms and shelter foreign fighters, officials said on Sunday.The troops were backed by helicopters in a battle on Friday that lasted 24 hours and resulted in the deaths of ‘a large number of enemy militants,’ the defence ministry and Nato said in a joint statement.In the operation, which took place in an isolated mountain region of Urgun district, the joint force under Nato command ‘engaged small arms fire from hostile militants’, it said.‘The force killed a large number of hostile militants and recovered multiple anti-aircraft artillery pieces, two heavy machineguns, two light machineguns, several assault rifles,... ammunition and communications gear.‘The force destroyed the bunker complex and all enemy weaponry in place,’ it said.The Haqqani network is a powerful group based in Pakistan’s lawless tribal belt closely linked to Al Qaeda and known for its ruthless and sophisticated attacks, including an assassination attempt on Mr Karzai in 2008.The Afghan interior ministry and deputy police chief of Kandahar province said seven civilians, including a child, were killed and another nine injured when their cars hit concealed roadside bombs on Saturday and Sunday. — AFP
SC returns petition against Musharraf
ISLAMABAD: Application seeking registration of case against former president Pervez Musharraf under article 6 on high treason charges has been returned by Supreme Court Registrar Office with the objection that the applicant is not an affected party nor SC is proper forum in this respect. PML-N leader Syed Zafar Ali Shah filed constitutional petition through A.K Dogar advocate under article 184 (3) of the constitution making federation and former president Pervez Musharraf respondents. The petitioner, while making the verdict delivered by SC the basis for the petition, had taken the plea apex court in its July, 31 decision that held that former president Pervez Musharraf had subverted the constitution. Therefore, SC should issue orders to the federation to institute case of high treason against the former president, he said. -Online
Why Musharraf’s trial is almost impossible
Despite the Supreme Court’s July 31, 2009 verdict declaring the proclamation of emergency by the then president and army chief Pervez Musharraf unconstitutional, the Pakistan Peoples Party-led coalition government is reluctant to institute high treason proceedings against the retired general. This is hardly surprising if seen in the context of the PPP’s relationship with the establishment and the text of Article 6 of the constitution, which deals with high treason.Contrary to the popular belief and the party’s own profession, the PPP is no longer an anti-establishment outfit. Like other mainstream political parties, the PPP politics aims at securing or preserving power. It may be Pakistan’s single largest political party. It may have a nationwide appeal. In a proper democratic dispensation, such characteristics are all that a political party needs to get power. However, this hardly applies to a cosmetic democracy like Pakistan. If the past is any guide, the quest for securing or preserving political power in Pakistan is doomed to end up in failure without a nod from the establishment — the power behind the throne. The PPP’s own experience bears out this unpleasant and hard fact.Probably none knows this better than the top leadership of the PPP, and that too by personal experience. In 1988 general elections, the PPP, despite all odds, had emerged as the single largest party and the only one which won seats from all the four provinces. But that was not enough for the party to form the government. The PPP had to reach a compromise with the establishment — that it would support the then acting president Ghulam Ishaq Khan in presidential elections which were due a couple of months later — before its chairperson Ms Benazir Bhutto was appointed prime minister.The decision to support Ghulam Ishaq Khan must have been a very hard one for PPP leadership, because he was an establishment icon with which the party had been at loggerheads during the past decade. But then that was the price the PPP had to pay to enter into the corridors of power. The party leadership preferred power to principles and paid the price soon. In August 1990, when the PPP government headed by Benazir Bhutto was four months short of its second anniversary, the establishment felt that as the baby was trying to stand on its own feet, it was high time to strike its head. Through presidential orders, parliament and the prime minister were dismissed. That was the end of the second PPP and the first Benazir Bhutto government.In 1993, Nawaz Sharif, the erstwhile blue-eyed boy of the establishment, fell out with his mentors and had to pay the price in the form of his dismissal. Nawaz Sharif’s fall from grace once again forced the establishment to court friendship of the PPP, which itself was desperately trying to get back in the saddle. Elections were held, which the PPP won. The election of the PPP’s own stalwart Farooq Ahmad Khan Leghari as president couple of months later strengthened the party’s position and the government seemed to be well set to complete its five-year term, which had never happened in Pakistan before. But that proved an illusion. In reality, the establishment was as strong as ever before. And when it decided to strike, President Leghari dismissed his leader’s government.Since November 6, 1996, when the PPP government was sacked until its victory in February 2008 elections couple of months after the assassination of Ms Bhutto, the party remained in opposition. Ms Bhutto herself remained in exile for eight years and returned home only in October 2007 after striking a deal with the establishment in the shape of the National Reconciliation Ordinance (NRO) giving amnesty to the top party leadership from corruption charges. To the good fortune of the PPP present leadership, Mr Musharraf was weakened by the lawyers’ movement and desperately needed the support of a popular political party. A deal with Mr Nawaz Sharif, whom he had ousted from power in October 1999, was out of the question for the military ruler. Hence, Ms Bhutto’s PPP was the only choice. The deal with the establishment was a clever move on the part of the PPP leadership. The party knew well that notwithstanding all its powers and clout, the establishment needed strong political support to get things moving. Whether there is a military regime or a civilian government, the establishment needs to have a political constituency. That explains why every military government in Pakistan cultivates relations with some political forces and tries to cobble together a political arrangement to further its interest. This also explains why military governments do not live up to their promises of an across-the-board accountability. The very people who have to be made accountable for their acts of omission and commission are needed to provide political support to the regime.Moreover, the views and policies, particularly those pertaining to foreign policy, of Mr Musharraf and the PPP converged in many respects. Both were pro-West, especially pro US, and had a liberal outlook. With war against religious extremism at the top of its foreign policy agenda, the least the US wanted was a conservative government in Pakistan. When the PPP negotiated the deal with the establishment, it wanted two things in the main: One, fair elections. Two, permission to the PPP leadership to take part in the political process without hindrances, which included withdrawal of cases against them. The establishment accepted both demands. Why and by whom Ms Bhutto was killed is still a mystery despite the fact that her party is in power for last sixteen months. May be on the part of the establishment, the deal was with the PPP and not Ms Bhutto per se.The PPP won the February 2008 elections and formed the government. But courtesy the seventeenth amendment, effective powers are vested in the office of the president. By that time Mr Musharraf had been so much discredited that his erstwhile supporters agreed that he may be shown the door. The needful was done. However, that was done on certain conditions, the foremost being that the retired army chief would not be tried for his unconstitutional acts. If the PPP leadership breaches the pact, it may also be shown the door.The foregoing makes it clear why the PPP has linked the trial of Mr Musharraf on high treason charges to a unanimous resolution of parliament despite the fact that constitutionally (Article 6 of the constitution) and legally (High Treason Punishment Act, 1973) this is not required. There cannot be unanimity when there is a single dissent and it is inconceivable that in the entire parliament there is not a single voice opposing the trial of Mr Musharraf. Both President Zardari and Prime Minister Gilani know this and so does the opposition leader Mr Nawaz Sharif. For the latter, however, it is the most convenient political stick to beat the PPP government with.It does not mean that the PPP is against Musharrf’s trial. There is no love between them. But the party does not want to bell the cat. May be it wants the judiciary, which it was forced to restore a few months back, to do so and come into conflict with the establishment.Coming to Article 6, it consists of three clauses or paras. Clause (1) states: ‘Any person who abrogates or attempts or conspires to abrogate, subverts or attempts or conspires to subvert the Constitution by use of force or show of force or by other unconstitutional means shall be guilty of high treason.’ Clause (2) expands the definition of high treason by stating that ‘Any person aiding or abetting the acts mentioned in Clause (1) shall likewise be guilty of high treason.’ Clause (3) enjoins upon parliament to make a law to provide for punishment of a person found guilty of high treason. Accordingly, the High Treason (Punishment) Act, 1973 provides that high treason is punishable with death penalty or life imprisonment.Thus when high treason proceedings are instituted against Mr Musharraf, it is almost certain that those who abetted him, which definitely would be a fairly long list, in his unconstitutional acts would also find themselves in the dock. The trial of one person may turn out to be that of an entire institution.
Musharraf’s trial never opposed, says Gilani
ISLAMABAD: Prime Minister Yousuf Raza Gilani on Saturday tried to dispel the impression that he opposed the trial of former president Gen (retd) Pervez Musharraf.The premier said that in his statements on the subject he had merely underlined the need for taking ‘our coalition partners on board … on the issue’. He also acknowledged that his party differed with ‘one or more coalition partners’ on the ex-general’s trial under Article 6 of the Constitution.Speaking at a press briefing on the Gilgit-Baltistan political package, Mr Gilani said he had only spoken of a move supported by all coalition partners.However, the prime minister is on record as saying that the PPP and the PML-N differ on ways to put Gen Musharraf on trial. He has also been quoted as saying that his party wants a unanimous parliamentary resolution before initiating the case, while the PML-N wants the government to take immediate steps in accordance with constitutional provisions. Commenting on the so-called ‘minus-one formula’, Mr Gilani said: ‘There is no (scope for) such a formula in democracy.’‘My government’s detractors should know that we have been given a mandate to rule for five years and we will fulfil this responsibility.’The premier did not offer a direct response when a journalist asked him about reports of private American security agents roaming around in cities and meeting local security personnel. He said: ‘Rest assured you are in safe hands.’‘All institutions, including security agencies, are working with a sense of responsibility.’When asked about disclosures by some former intelligence officials about ‘funding’ of some politicians, Mr Gilani said ‘the campaign’ was aimed at discrediting politicians in order to weaken the democratic set-up in the country.The prime minister invited the media personnel to advise his government whether or not the campaign should be taken seriously.
Prisoners’ rights
Friday’s ruling by the Federal Shariat Court recognising the fundamental rights of prisoners raises hopes that the appalling conditions in Pakistani jails may improve in due course. The FSC held that married prisoners should be allowed conjugal visits at special facilities within jail premises or be released on short parole to visit their families. Among other measures, the FSC took notice of overcrowding in prison cells and also asked provincial governments to double the dietary allowance for inmates. The FSC’s ruling is a welcome development which ought to be implemented in letter and spirit. Prison reform needs urgent attention and much has to be done to give prisoners their basic rights.To its credit, the current government has made some headway in this regard, with the PM championing the cause of prison reform from day one. Drawing on his own experience in prison, Mr Gilani said last year that ‘Jails should act as reformation centres instead of producing hardened criminals.’ Prisoners live in ‘inhuman conditions’, he lamented, and many spend years behind bars without ever being produced in court. He stressed the need for vocational training of inmates and asked for an overhaul of the outdated Pakistan Prison Rules. The Gilani administration also decided to free all inmates who had served their sentences but remained incarcerated because they could not pay their fines. All outstanding dues were settled by the centre. The Supreme Court has also made its presence felt. In May this year, the chief justice visited the Lahore and Karachi central jails. About a month later the SC ruled that barring certain types of offences, prisoners’ sentences would begin from the time of arrest and not the day of conviction.Overcrowding is perhaps the single biggest problem plaguing the prison system. Besides suffering the agony of living in extremely cramped quarters, prisoners charged with petty crimes come into contact with hardened outlaws. Ultimately the minor offender leaves jail embittered by his experience and armed with the knowledge needed to begin a career in heavyweight crime. Overcrowding also leads to the spread of contagious diseases, particularly skin ailments. Meanwhile, negligence or ‘oversight’ on the part of jail staff leaves inmates, particularly the younger ones, at the mercy of sexual predators. Drug abuse too is rampant. Judicial and police reforms are a must if the root problem of overcrowding is to be addressed. Our prisons are bursting at the seams because the police often fail to produce the accused before a court and even more so due to drawn-out trials. The country’s prisons cannot be made habitable without clearing court backlogs.
Gilgit-Baltistan
The Gilgit-Baltistan Empowerment and Self Governance Order, 2009 approved by the federal cabinet on Saturday has received mixed initial reactions. At least one change has been universally applauded though: renaming the Northern Areas Gilgit-Baltistan has met a long-standing demand of the people of the area who chafed under an appellation that was simply the geographical expression of the area’s position vis-Ã -vis Jammu and Kashmir, i.e. the ‘northern areas’ of Jammu and Kashmir. But while the federal government and its allies have trumpeted the other changes to the administrative structure of Gilgit-Baltistan, the people of the area have been less than impressed. What are we to make of the changes then? In fairness, the government deserves some credit for taking the step of recognising that there is such a thing as Gilgit-Baltistan and moving to redress at least some of the local grievances against the system of governance and the delivery of justice.Yet, we are also sympathetic to the local claim that they are denied any clear constitutional status and the rights that would flow from it and the fact that the absence of a high court in Gilgit-Baltistan means the locals have to go to Islamabad to seek justice. The problem though has to be seen in the international context because of the Kashmir issue. Historically, Gilgit-Baltistan was not merged into Pakistan proper because the fear was that it could undermine our claim on Kashmir and it was not merged into AJK because it could complicate a settlement on the area. If, for example, Gilgit-Baltistan is made a full-fledged province within the constitutional framework of Pakistan, India could perhaps argue that the state it has carved out of the disputed area, Indian-held Jammu and Kashmir, is also a legitimate entity and that it is a settled issue.This, then, is the government’s dilemma; acting on the desire to see to it that all the people who live in Pakistan have the same constitutional rights versus potentially further complicating an already intractable problem like the Kashmir issue. What the government appears to have done is to try and occupy the middle ground by moving towards replicating the AJK template of governance in Gilgit-Baltistan. It is certainly not ideal — there are real questions about whether the federally dominated council will overshadow the locally elected assembly — but it at least opens the door to further changes down the road once the new system is operational. The people of Gilgit-Baltistan deserve all their rights; however, realistically, that goal can only be achieved incrementally.
Gilani hopeful of PPP-PML consensus on Musharraf
ISLAMABAD: Prime Minister Yousuf Raza Gilani said on Thursday that he was optimistic that differences of opinion between the PPP and the PML-N over the trial of former president Pervez Musharraf under Article 6 of the Constitution would be resolved through talks.Talking to reporters after chairing the 12th award ceremony of the National Highway police at the Prime Minister’s Secretariat, Mr Gilani said the Pakistan People’s Party and the Pakistan Muslim League-N had differences over the mode of trial and how to initiate it.He said the two parties were in unison on the implementation of the Charter of Democracy.While PML-N chief Nawaz Sharif has said that there is no need for a unanimous resolution in parliament for Musharraf’s trial, the prime minister insisted that it was necessary to strengthen the process of accountability and termed the PML-N’s demand ‘undoable’.He reiterated his government’s resolve to continue the process of accountability through the Public Accounts Committee till the setting up of a new and effective accountability body to replace the infamous National Accountability Bureau.In reply to a question about the approval of 14 rental power plants despite the opposition’s scathing criticism questioning the project’s transparency and fairness, the prime minister said that rental plants were the only way out of the energy crisis and the International Monetary Fund as a third party would review the contracts.He said the government had taken every care to ensure transparency in the project and if anyone had any doubt about its fairness he was free to come forward. He said he had already volunteered the Prime Minister’s House for starting accountability of the government.He called for accountability of present rulers and not past rulers and said: ‘If the prime minister cannot escape the audit how can anyone else.’About the Punjab government, he said it was sincere and there should be no doubt about its intention.
CIA should keep an eye on Dr Khan, says Cheney
WASHINGTON: Former US vice-president Dick Cheney said on Sunday that instead of probing CIA’s interrogation techniques, the Obama administration should use the agency to find what A. Q. Khan was up to.Mr Cheney – an outspoken critic of the Obama administration, particularly on national security issues – took the administration head on in his pre-taped interview to Fox News, calling the investigation of CIA interrogators an ‘outrageous political act’.‘The courts in Pakistan have ruled that A.Q. Khan, the father of the Pakistan nuclear weapon, who provided assistance to the Iranians, the North Koreans, the Libyans, has now been released from custody,’ Mr Cheney said.‘It’s very, very important we find out and know long-term what he’s up to. He’s so far the worst proliferator of nuclear technology in recent history.’The CIA, he said, had ‘agents and people’ who ought to be on that case and worry about it, but now they would be busy hiring lawyers at their own expense in order to defend themselves.Mr Cheney said the Bush administration started the use of the Predator drones ‘very aggressively’ to target militants hiding in Fata and he was ‘very proud’ of such decisions.‘Marrying up the intelligence platform with weapons is something we started in August of 2001. It’s been enormously successful. And they were successful the other day in killing Baitullah Mehsud, which -- I think all of those are pluses.’President Barack Obama’s decision to investigate CIA agents who carried out those policies, however, would ‘seriously undermine the morale of our folks out at the agency,’ he added. ‘(It would set) a terrible, terrible precedent.’Asked when he was the vice-president, did he know that CIA agents were using mock executions, handguns and electric drills to interrogate the suspects and used waterboarding against Khalid Sheikh Mohammed 183 times, Mr Cheney said: ‘I knew about the waterboarding, not specifically in any one particular case but as a general policy that we had approved.’‘Do you think what they did was wrong?’ he was asked.‘My sort of overwhelming view is that the enhanced interrogation techniques were absolutely essential in saving thousands of American lives, in preventing further attacks against the United States, in giving us the intelligence we needed to go find Al Qaeda, to find their camps, to find out how they were being financed.’Such interrogations, he said, led to the arrest of nearly all Al Qaeda members now in US custody. ‘I think they were directly responsible for the fact that for eight years we had no further mass casualty attacks against the United States.’‘It was good policy. It was properly carried out. It worked very, very well,’ he added.‘So even these cases where they went beyond the specific legal authorisation, you’re OK with it?’ he was asked.’ I am,’ said the former vice-president.The US administration, he said, sometimes asks the CIA people to ‘do some very difficult things’ that put their own lives at risk and they ‘do so at the direction of the president.’If those people were subjected to investigation, ‘nobody’s going to sign up for those kinds of missions,’ Mr Cheney warned. ‘It’s a very, very devastating, I think, effect that it has on morale inside the intelligence community.’President Obama’s decision to investigate CIA agents, he said, was a political move with no rationale.Mr Cheney said that only a few months ago, President Obama had assured the CIA that there would not be ‘any look-back’ at those who were carrying out the policies of the previous administration.‘Now they get a little heat from the left wing of the Democratic Party and they’re reversing course on that.’Mr Cheney said that the other thing that ‘offends the hell out of me’, is the possibility that the Obama administration might want to investigate all those who, during the last eight years, were defending the nation against any further mass casualty attacks from Al Qaeda.‘I think it’s an outrageous political act that will do great damage long term to our capacity to be able to have people take on difficult jobs, make difficult decisions without having to worry about what the next administration’s going to say about it,’ said Mr Cheney.
Nepal villagers on climate change frontline
BHATTEGAUN, Nepal: Three years ago Naina Shahi's husband left their small village in rural Nepal to seek work in neighbouring India, leaving her to bring up their three children alone.The dry winters and unpredictable monsoons Nepal has experienced in recent years had hit crop production on the couple's land plot in the foothills of the Himalayas, forcing them to look for other ways to feed their family.For the past two years, their crop has failed entirely and Shahi now buys rice on credit from a local shopkeeper while she waits for her husband to return to their village with his earnings.‘My husband stopped farming because this place is not good for growing crops. We needed to earn money to feed the children,’ Shahi, 35, told AFP in the remote village of Bhattegaun in mid-western Nepal.‘There is not enough rainfall for the crops to grow well and we have to walk for two or three hours every day to get water.’International aid agency Oxfam says Nepal's changing weather patterns are threatening the livelihoods of hundreds of desperately poor communities already struggling to produce enough food to survive.In a new report released Friday, 100 days before a conference in Copenhagen aimed at sealing an international accord on fighting climate change, Oxfam warns of the potentially devastating effects on people in the Himalayan nation.‘The majority of Nepal's population are poor farmers reliant on rainfall and occupying small parcels of land that can barely produce enough food for the family,’ it said.‘They often live in areas most at risk to floods and landslides and are more reliant on local natural resources such as forests and water.’‘Even small changes to rainfall patterns can have devastating consequences on their crops,’ said the report, based on interviews conducted in rural communities across Nepal in February and March this year.Almost a third of Nepal's 28 million people live below the poverty line and the UN's World Food Programme said recently there had been a ‘sharp and sustained decline in food security’ in recent years.It blamed a rise in food prices and a series of unusually dry winters.This year Nepal's winter rains failed altogether, leading to severe water shortages and power cuts of up to 18 hours a day in the capital as hydro-electric projects struggled to meet demand.There is no firm scientific evidence linking the winter droughts to climate change, and rapid population growth and a lack of development during the 10-year civil war have contributed to Nepal's rising food shortages.But low winter rainfall and the late onset of the monsoons are in line with what climate change scientists have predicted for the region, and Oxfam says Nepal must act now to help its citizens adapt.‘There is no time to waste and nothing to lose,’ country director Wayne Gum told AFP.‘The government needs to do more to support local communities. Even if we're wrong about climate change — and I don't think we are — people will always benefit from better water management systems.’The residents of Bhattegaun, a settlement of around 150 mud huts deep in the forest, know little about the science behind climate change.But they say changing weather patterns are already forcing them to change their way of life.‘These days, the weather is getting much hotter and the rains don't fall when they are supposed to,’ said 59-year-old Ram Bahadur Himal.‘Landslides washed away our last plot of land so we moved here and settled in the forest. We ploughed the land, but since we moved here, there has been no regular rainfall.’Most men of working age have left to seek casual work, leaving the back-breaking tasks of fetching water and firewood to the women.Padam Bahadur Sunar works in India for between five and eight months of the year, earning up to 25,000 rupees (330 dollars) a month which he sends home to feed his parents and eight siblings.The 31-year-old recently got married, but he will soon be forced to leave his new bride behind when he returns to his work as a driver on Indian construction sites.‘There has been less rainfall over the years and there is no irrigation for the farmland,’ he said. ‘Without going to India I wouldn't be able to feed my family.’
Steps against droughts, floods under discussion in Geneva
GENEVA: As nations negotiate tough decisions on cutting greenhouse gases, the United Nations is holding a separate conference on coping with more floods, droughts and other effects of climate change already assured.The World Climate Conference – which avoids the political pitfall of discussing cuts to carbon emissions – aims to make sure poor countries have the same access to climate data as rich ones, and that the information is shared among scientists and governments worldwide.A large US delegation is attending, eager to impress with the new Obama administration’s commitment to combating climate change.‘Climate change is real,’ said delegation leader Jane Lubchenco, administrator of the National Oceanic and Atmospheric Administration. ‘It is happening now, in our backyards and around the globe.’Delegates to the five-day conference starting on Monday in Geneva hope to set up a Global Framework for Climate Services to ensure that early warnings for tsunamis and hurricanes reach everybody and that farmers in remote African regions know about upcoming droughts and floods.Ms Lubchenco said decision-makers would require reliable information about the current and projected impacts of climate change.Many countries, however, lack information about even their own climates.‘Hydrological networks in Africa are totally insufficient,’ said meeting host Michel Jarraud, head of the UN’s World Meteorological Organisation. ‘Many water basins are managed without any information about precipitation and run-off amount of water in the underground water table.’The World Climate Conference brings together about 15 heads of state, including those from Cameroon, Ethiopia, Mozambique, Slovenia, Switzerland, Tajikistan and Togo, as well as 80 ministers from various governments. — AP
PCB, ICC end 2011 World Cup hosting dispute
DUBAI: The International Cricket Council and Pakistan Cricket Board have settled their dispute over the staging of the World Cup 2011 that was moved out of Pakistan due to security concerns.The agreement was reached at a meeting between ICC president David Morgan and Pakistan Cricket Board (PCB) chairman Ijaz Butt on Thursday, ensuring the PCB would drop its legal challenge after 14 games it had been allocated were shifted to co-hosts India, Bangladesh and Sri Lanka.The two parties have agreed the PCB will retain its hosting fee and also receive an additional payment as compensation, said an ICC statement.‘I’m glad we were able to come to an amicable agreement and I believe this is a fair resolution for the PCB and the ICC,’ Morgan said.‘This resolution is good for world cricket and provides an improved platform for the World Cup as we now have a degree of certainty surrounding the event that was not there while the dispute was ongoing.’Pakistan lost the right to host international cricket matches after militants attacked Sri Lankan cricketers on their way to play a test match against Pakistan on March 3 in the city of Lahore.
Militants set on fire two schools in Lower Dir
TIMERGARA: Militants set on fire two government schools in the Kad area of Maidan tehsil in Lower Dir on Tuesday.Officials told Dawn that the buildings of the primary and middle schools for girls were badly damaged.Sources said that the buildings were empty. Their watchmen had fled because of clashes between security forces and militants in the area.The incident took place at a time when Peshawar’s Corps Commander Lt-Gen Aslam was visiting the district for the first time after a military operation was launched in the area on April 26. Meanwhile, troops blew up houses of two militants, Iqraruddin and Kifayatullah, in Gojar Koto area of Maidan and official sources said that a search operation was under way in several parts of Maidan. The sources told this correspondent that troops were advancing towards Soripao, a stronghold of militants, with tanks and heavy equipment. During his visit to the district, corps commander Gen Aslam was briefed on the progress of the operation.
Suicide bomber kills 16 police cadets in Swat
MINGORA: A terrorist blew himself up inside a police training centre in Mingora on Sunday, killing 16 recruits of the newly-formed Community Police Force and injuring four others.Officials said that about 50 cadets of the force were getting training at the centre when the bomber sneaked into the parade ground and detonated explosives strapped to his body.‘The trainees were on a routine drill when the bomber blew himself up,’ an official said. Sources said the bomber might have scaled the wall of the centre to enter the parade ground. IGP Malik Naveed Khan described the incident as a security lapse. In a statement issued in Peshawar, the IGP ordered an inquiry and suspension of personnel responsible for negligence. Witnesses said that 12 trainees died on the spot and several others were injured, who were taken to hospital. Police said that parts of the bomber’s body had been found and sent to hospital for examination.This was the second suicide attack in Swat since the military launched an offensive in the valley. Three soldiers were killed when a bomber hit a security post on Aug 15.A source at the Saidu Sharif hospital said that 17 bodies and eight injured had been brought to the hospital after the suicide blast at the training centre.The ground was littered with limbs and flesh. Police cordoned off the area. Security forces started firing in the air, triggering panic in the area.The Community Police Force is being raised to curb militant activities in the violence-plagued valley where the army is conducting an operation to restore the government writ. So far, 110 cadets have been recruited for the force.Also on Sunday, security forces claimed killing 18 militants in Charbagh area. Brigadier Tahir Hameed, who is commanding the operation, said that troops had captured several wanted men and retrieved a large quantity of looted goods. During a search operation, troops seized weapons and ammunition and defused a number of explosive devices.Agencies add: Some of the dead were identified as Drill Instructor Muhammad Alam, trainee policemen Akbar Ali, Muhammad Anwar, Hazrat Yousuf, Yousuf Khan, Muhammad Ali, Muhammad Nawab, Gohar Rehman, Aftab Gul, Inamullah Khan, Ethbar Gul, Liaquat Ali and Hussain Ahmed. Three of the victims remained unidentified.Malakand DIG Muhammad Idress Khan said at a news conference that it was yet to be determined whether it was a suicide attack or a bomb blast.He said the real cause of the explosion would be confirmed after a detailed investigation.He said security measures would be tightened to prevent such attacks in future. He said compensation would be paid under the Shahuda package of NWFP police.Swat Operation incharge Brig Tahir Hameed said that security forces were on alert to thwart nefarious designs of anti-state elements. He said that curfew hours were being revised in view of the security situation. He said that operation was continuing in Matalthan and other areas of the district.He said that several hideouts of militants had been dismantled and several militants arrested.
British prime minister visits Afghanistan
KABUL: Britain's prime minister paid a surprise visit Saturday to British troops in southern Afghanistan, promising more help to cope with Taliban insurgents who have inflicted casualties on the embattled force and undercut support in Britain for the war.Prime Minister Gordon Brown, speaking to British soldiers and journalists at the British base in Lashkar Gah, pledged to provide more equipment to help overcome the threat of Taliban roadside bombs, a major threat to Nato forces.More than 200 British soldiers have been killed in Afghanistan since the war began in 2001, more than Britain lost in the Iraq conflict.Last week, British troops cleared 337 roadside bombs from some of the most dangerous roads in Helmand province, which has been center-stage in the recent fighting.'Let me pay tribute to the courage, bravery, professionalism and patriotism of our forces,' Brown told the troops. 'This has been a most difficult summer in Afghanistan, because the Taliban have tried to prevent elections taking place,' referring to the Aug. 20 presidential ballot.'I think our forces have shown extraordinary courage during this period,' he added. 'They know the reason why we are here and that is our security at home depends on a stable Afghanistan, no return of the Taliban, and no role for al-Qaida in the running of Afghanistan.'British officials said they recognize the need for better-armored vehicles and more helicopters in Afghanistan and that they would get then here as soon as possible.Brown also said he wants to accelerate the training of the Afghan army so the Afghans can assume a greater role in defending the country. He called for speeding up the target of training about 50,000 additional Afghan troops, which would bring the overall level trained to around 135,000.The prime minister arrived with Air Chief Marshal Jock Stirrup, chief of the British Defense Staff, and met with senior commanders including the top US officer, Gen. Stanley McChrystal.Support for the war is slipping in Britain. Critics believe the mission is too open-ended, and its goals too vague. At various times British officials have emphasized the need to make Afghanistan a stable democracy, to curb the opium trade and to stop al-Qaida and related groups basing themselves there.Brown's promise of more help followed news reports in Britain that the new British army chief, Gen. David Richards, warned three years ago there were not enough troops to carry out the mission in Afghanistan.Richards told The Times of London that his remarks upset senior figures in Nato and the British Ministry of Defense. -AP
Annual Rendez-vous with Japanese Repatriation
Annual Rendez-vous with Japanese Repatriation
Despite the inherent uncertainty of global financial markets, and currency markets in particular, participants can almost always rely on the recurring nature of 2 practices in Japan over the past 10 years. The first practice relates to the release of growth figures. Upon announcing the nation’s quarterly GDP figures, the Japanese government habitually issues a surprisingly positive figure for the quarter with a simultaneous downward revision of the prior quarter. The downward revision of the previous period is overshadowed by the more positive number of the more recent period. The cycle then follows when the more current period finds its fate with a downward revision when the subsequent quarterly GDP figures are out. And as such has been this cycle for most of the past 10 years, when Japan sank in 4 recessions. The other typical occurrence is the repatriation by some Japanese investors ahead of fiscal year-end book closing on March 31 and ahead of the end of the first half on September 30-- a practice that normally subjects the US dollar to downward pressure against the yen. While few pundits remained skeptical on the actual impact that such flows have on the currency, one cannot ignore the regularity of such repatriation and the potentially self-fulfilling impact on the yen. Japanese repatriation of foreign-based assets becomes especially prominent when poor performance at home is exasperated by the deteriorating values of stocks. This week, the Nikkei Index tumbled to 19-year lows, a factor which surely accelerates investors’ selling of foreign assets with the objective of realizing some of the gains seen in global stocks, particularly US shares in August. Since attaining their July trough, the broad US and European stock indices rose 16% and 10% respectively. The seasonality of foreign stock sales by Japanese institutions is clearly seen in the chart below. In the week ending August 30, Japanese investors’s net buying in foreign stocks fell to 6.3 billion yen, the lowest level since since the last week of February--a month prior to the end of the fiscal year.
Also in the same week, Japanese dealings in both foreign stocks and bonds showed net purchases falling to 15.2 billion yen, their lowest level since mid June. Japanese investors’ unloading of foreign stocks did not reduce their attraction from foreign bonds due to falling yields in US and other bonds, offering the potential for capital appreciation.
The approaching end of the first half of the fiscal year is also pushing currency speculators to increase their yen positions in futures markets, producing a notable increase in the net purchase of yen contracts. The chart below also shows that the purchase of net contracts rose markedly from mid August till the last week of September.
The combination of the seasonality of Japanese repatriation at summer’s end with investors’ increased desire to sell foreign stocks to offset the unrealized stock losses at home, could give the yen a fresh boost against the dollar. The greenback could also see renewed woes amid the usually ominous earnings season in the US coupled with lingering uncertainty over the Iraq question, which could raise concerns of another stock market rout. The chart below suggests that the breach below 117 can give way to double bottom region of 115.50-70. Accumulated yen buying can breach below the 114-115, which rests along the trend line support extending from the 79.78 low (April 1995) through the 101.36 low (January 2000). Subsequent dollar support seen at 113.80—the 50% retracement of the rise from the same April 1995 low to the August 1998 high of 147.62. Japanese officials would certainly be expected to threaten with a yen-selling intervention once we begin approaching the 115 level. Whether threats will materialize into actual intervention shall depend on the speed of the yen’s acceleration. Note that the Bank of Japan’s interventions this year reflected an increased thresh-hold of tolerance, whereby each round of intervention was triggered at a lower than expected point. This time, the authorities could wait until the 114 level before mounting an actual intervention.
Global Equities in Tandem
1990-1995 DIVERSIFICATION WORKED
Global diversification proved effective in international portfolio investing due to:
Disparity in growth rates among major economies; Brunt of world recession; Relative inefficiencies in international portfolio investments (Emerging Markets Hysteria had yet to unfold
* Fed raised rates 6 times for a total of 250 bps (Feb, Mar, Apr, May, Aug, Nov) ** The Peso Crisis and the Uprising in Chiapas *** Capital Exodus from Mexico heightened triggered overall loss of confidence in Emerging Markets. This was compounded by the collapse of Barings Bank GDP growth in industrialized nations: 1992= 2.1%, 1993= 1.4%, 1994= 3.3%, 1995=2.7%
1994-1996 TRANSITIONS
Broadening global recovery, US bail-out of Mexico, and the US entry into the "New Economy" paradigm all led to improved global market sentiment, which brought markets more in line.
GDP growth in industrialized nations: 1995= 2.7%, 1996= 3.2%
1997-2000 UNIFORMITY
As world economies begin to sustain their recoveries and cross-border protfolio flows accelerate, global stock markets move in tandem, making global diversification harder to achieve, simply based on geographical plays.
GDP growth in industrialized nations: 1997= 3.4%, 1998= 2.4%, 1999= 3.2% 2000 Forecast = 4.2% Asia: Asian turmoil reverberates in global markets, one week after Hong Kong's stock market sufferred its biggest drop ever, losing nearly 25% in 4 days on uncertainty regarding the HKDollar. Russia: Russia gets partial debt moratorium on foreign debt. Trading in Russian Rouble is suspended after Russian Gvt. Abandons setting a a floor value for the currency of 7.13 to the dollar, implementing a new floor of 9.5 to the dollar. Brazil: Despite $41 bln IMF loan package to Brazil in Nov, the Lat Am nation devalues its currency after Head of regional State refuses to repay State debt. January Tech Sell-off: Tech stocks get a beating on overvaluation worries, exacerbated by investors' unloading of stocks after New year to avoid capital gains tax.
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Confidence Drags Stocks, Props USD
The dollar and the yen climbed higher at the end of the week against the major currencies as the US equity bourses post steep losses. The greenback pushed the euro below the 1.42-handle and the pound beneath the 1.65-figure. Meanwhile, the yen pushed the euro to 134.22 and the pound to 156.06. By afternoon trading the Nasdaq was lower by over 1.8%, while both the S&P 500 and Dow Jones slipped by more than 1.5%. The US economic reports released earlier in the session were mixed, with the data consisting of July CPI, industrial production, capacity utilization and the August University of Michigan consumer sentiment. Headline consumer prices missed consensus estimates, sparking fears of deflation with the monthly figure posting a flat reading versus a 0.7% increase in June and declining by 2.1% on an annualized basis from a 1.4% decline in the previous year. The industrial production reading beat forecasts in July, edging up by 0.5% reversing the 0.4% decline in June. Capacity utilization also edged up higher than expected, creeping to 68.5% and up from 68.0% from June. However, the University of Michigan consumer sentiment survey fell short of expectations, drifting to 63.2 in August from 66.0 in July while the expectations component slid to 62.1 from 63.2.EURUSD fell to 1.4161 as risk aversion dragged the single currency lower across the board. Data released overnight revealed inflationary pressure in the Eurozone to be at a minimum, suggesting that the ECB will likely keep interest rates unchanged in the months ahead.
Global Equity Slump Hits FX
Fears over the sustainability of the global economic recovery hit the major equity indexes, with the Shanghai Composite index being pummeled by nearly 6% and Tokyo’s Nikkei index plunging by over 3%. Risk aversion was the key driver in the foreign exchange market on Monday, prompting a rally in both the dollar and yen. The greenback pushed the pound to its lowest level in one-month beneath the 1.63-level and the euro to a two-week low just beneath the 1.4050-handle. The US equity bourses tumbled at the start of the week, albeit faring better than their Asian counterparts. The Nasdaq led the declines, tumbling by over 2.5% while the Dow Jones was lower by 1.75% and the S&P 500 losing 2.15% by the afternoon session.US economic reports released earlier today included the August NY Fed manufacturing survey, June TIC data, and the NAHB housing index. The NY Fed manufacturing survey improved by more than expected in August to 12.08, sharply beating forecasts for an improvement to 3.00 versus a reading of -0.55 from July. The June TIC report revealed net purchases of $71.3 billion versus revised net sales of $36.9 billion in the month prior. Meanwhile, the August NAHB housing index edged up in line with expectations to 18, versus 17 from July. The calendar for Tuesday consists of July housing starts, building permits and the producer price index. Housing starts in July are expected to improve 600k units, up from 582k units in the previous month. Building permits are seen edging up to 580k units, versus 570k units in June. Meanwhile, headline PPI is estimated to decline by 0.3% from a 1.8% increase a month earlier and fall by 5.9% compared with a 4.6% drop in the previous year
Global Equity Slump Hits FX
Fears over the sustainability of the global economic recovery hit the major equity indexes, with the Shanghai Composite index being pummeled by nearly 6% and Tokyo’s Nikkei index plunging by over 3%. Risk aversion was the key driver in the foreign exchange market on Monday, prompting a rally in both the dollar and yen. The greenback pushed the pound to its lowest level in one-month beneath the 1.63-level and the euro to a two-week low just beneath the 1.4050-handle. The US equity bourses tumbled at the start of the week, albeit faring better than their Asian counterparts. The Nasdaq led the declines, tumbling by over 2.5% while the Dow Jones was lower by 1.75% and the S&P 500 losing 2.15% by the afternoon session.US economic reports released earlier today included the August NY Fed manufacturing survey, June TIC data, and the NAHB housing index. The NY Fed manufacturing survey improved by more than expected in August to 12.08, sharply beating forecasts for an improvement to 3.00 versus a reading of -0.55 from July. The June TIC report revealed net purchases of $71.3 billion versus revised net sales of $36.9 billion in the month prior. Meanwhile, the August NAHB housing index edged up in line with expectations to 18, versus 17 from July. The calendar for Tuesday consists of July housing starts, building permits and the producer price index. Housing starts in July are expected to improve 600k units, up from 582k units in the previous month. Building permits are seen edging up to 580k units, versus 570k units in June. Meanwhile, headline PPI is estimated to decline by 0.3% from a 1.8% increase a month earlier and fall by 5.9% compared with a 4.6% drop in the previous year
Upbeat US Data amid Lackluster FX
The dollar was mixed against the majors in the Wednesday session, largely confined within recent ranges in lackluster trading. The greenback recovered from its session lows versus the euro at 1.4350 to hover near the 1.4230-level, while pushing the Canadian dollar just shy of the 1.10-figure. New home sales posted a strong reading in July, surging by its largest figure in nearly 4-years, up by 9.6% to 433k units versus 384k units from June. Building permits were drifted by 1.1% to 564k units in July. Meanwhile, durable goods orders were sharply better than expected, posting a gain of 4.9% versus a 2.2% decline a month earlier in June. The excluding transports July durable goods orders also improved, edging higher by 0.8% compared with a 1.6% increase a month earlier. In the coming session, traders will look ahead to weekly jobless claims and more importantly, the preliminary reading for Q2 GDP. Weekly jobless claims are expected improve to 565k from 576k a week earlier. Meanwhile, economic growth in the second quarter is expected to post a 1.4% contraction, deteriorating further from a 1.0% contraction in the previous quarter. The Q2 PCE is expected to hold steady at 1.3%.
PCB, ICC end 2011 World Cup hosting dispute
DUBAI: The International Cricket Council and Pakistan Cricket Board have settled their dispute over the staging of the World Cup 2011 that was moved out of Pakistan due to security concerns.The agreement was reached at a meeting between ICC president David Morgan and Pakistan Cricket Board (PCB) chairman Ijaz Butt on Thursday, ensuring the PCB would drop its legal challenge after 14 games it had been allocated were shifted to co-hosts India, Bangladesh and Sri Lanka.The two parties have agreed the PCB will retain its hosting fee and also receive an additional payment as compensation, said an ICC statement.‘I’m glad we were able to come to an amicable agreement and I believe this is a fair resolution for the PCB and the ICC,’ Morgan said.‘This resolution is good for world cricket and provides an improved platform for the World Cup as we now have a degree of certainty surrounding the event that was not there while the dispute was ongoing.’Pakistan lost the right to host international cricket matches after militants attacked Sri Lankan cricketers on their way to play a test match against Pakistan on March 3 in the city of Lahore.
Aamir blasts Butt for mishandling World Cup issue
LAHORE: Former Test captain and Director National Cricket Academy (NCA) Aamir Sohail hit out hard at the Pakistan Cricket Board (PCB) Chairman Ijaz Butt for having mishandled the issue of the 2011-World Cup matches with the ICC and resolving it after having gained nothing special.Aamir, who has recently resigned as Director NCA in protest of not having been given the authority to work independently, while talking to Dawn on Saturday, further said that the amount, which the PCB would be getting after resolving the issue is meagre and nothing in comparison to what they could have gained through a legal court battle prompted earlier by the conflict-like situation with the International game’s governing body. ‘The match hosting fees [Rs10.7 million], profit shares and participating fees are big incentives, which the ICC must give to the PCB in all circumstances. After all, what else did the PCB go into the legal fight for in the first place?’ Aamir asked.‘But I think the cases were filed just to get a share in the gate money and parking, which is peanuts actually. We could have even got that through a one-on-one negotiation with the ICC,’ Aamir pointed out.‘PCB’s share of the gate money and parking from 14 matches can roughly be around Rs80 to 90 million, which the ICC could offer through dialogue,’ he said.But he said that a lot of expenditures were carried out in order to serve the legal notice to the ICC to get back the 14 matches along with another case filed in the local court to get the central organising committee secretariat back to Lahore from Mumbai. But Aamir said that neither could the PCB succeed in getting back the secretariat nor could they regain the 14 allotted matches.‘If the legal fight was for the little gate money or parking amount then it was not a wise decision as it could be resolved amicably through negotiation anyway,’ he maintained.He said the former cricket board chairman including Lt Gen (retd.) Tauqir Zia should have been involved in talks with the other cricket boards in order to plead PCB’s case. But instead of taking the necessary diplomatic steps, the PCB tried to threaten the ICC with court proceedings. Saying so he informed that Tauqir Zia, too, was willing to carry out the diplomatic efforts.Aamir, who had not spoken to the press since resigning from the post of NCA’s director on July 21, further criticised the PCB for proposing Abu Dhabi and Dubai as alternate venues for the World Cup matches when the countries were not ready to visit Pakistan due to the security issue.‘How can the PCB propose Abu Dhabi and Dubai as alternate venues without even signing MoUs with the two Arabian states’ cricketing authorities?’ he asked.‘By proposing Abu Dhabi and Dubai as the alternate venues, the chairman, in fact, showed no confidence in the government, which appointed him the head of its cricket board, for being able to improve the security situation by 2011,’ he said.Suggesting that the best way for the PCB was to ask for time for itself in ensuring the countries of better security arrangements, Aamir said that he believed that the security situation in Pakistan was improving rapidly and things were well under control as compared to the time when the sad incident of the terrorist attack on the Sri Lankan cricket team took place in Lahore on March 3. ‘Pakistan have to host its share of 14 matches in Karachi, Lahore and Rawalpindi. The security situation in all these cities is improving day by day and things would hopefully be in a far better state by 2011,’ he hoped.‘The chairman could at least have proposed that while the ICC continued work on the alternative venues of Pakistans matches in India, Bangladesh and Sri Lanka, the PCB will also do the same in Karachi, Lahore and Rawalpindi. Five months before the start of the mega event, a final security situation can help both the ICC and the PCB reach a perfect decision that is acceptable to both parties,’ he suggested.Although the PCB chairman at a press conference held on Friday did not disclose the exact amount they would get after settling the issue with the ICC, he did claim that the amount could range from over Rs1 billion to Rs1.5 billion. Pakistan were the co-hosts of the mega event with India, Sri Lanka and Bangladesh but all the cricketing playing countries refused to play their World Cup matches here after the terrorist attacks on the Sri Lanka team as the ICC striped Pakistan of the hosting rights while also shifting the secretariat from Lahore to Mumbai.
PCB needs renewed vision
The Pakistan Cricket Board (PCB) should consider themselves lucky to have been able to come out of a tight spot by agreeing to sit on the table with the International Cricket Council (ICC) to settle their dispute over the 2011 World Cup hosting rights amicably, instead of challenging them in a court of law in London. By withdrawing their notice from the ICC they surely must have realised that any court action could have been an exercise in futility. They were ill-advised in the first place and they should have known that after the ICC Champions Trophy was taken away from them for security reasons, there was no hope in hell for them to host a World Cup or to have its COC Secretariat in Pakistan after the terrorist attack on the visiting Sri Lankans last March.The merits of their case were very little to say the least which their appointed lawyers Mark Gay in England had found out but not before a heavy purse was reported to have been paid to them in a desperate bid to at least have their due share if not the matches.Which indeed will see them through at least for some time if the millions of dollars given for hosting rights earlier and another huge sum promised as a settlement is not wasted as has been the case previously by the board officials for lack of their accountability by the government machinery.A couple of cases in which the PCB was involved overseas however had its merit and were decided entirely or partially in favour of the PCB. The first which comes to mind was during the 1992 tour to England when Pakistani pace aces Wasim Akram and Waqar Younis were accused of ball-tampering and so was Pakistan for using dicey tactics with the ball to gain advantage against England.An irate English journalist Simon Heiffer wrote a defamatory piece titled ‘The Pariahs of Cricket’ in the Sunday Telegraph, calling all kinds of names in an effort to condemn Pakistan’s win over England. Luckily, we had a very conscientious manager on tour in Khalid Mahmood who challenged the writer and the paper which resulted in an out-of-court settlement with Pakistan receiving a handsome amount in costs and damages.The other occasion was when Pakistan forfeited The Oval Test of 2006 after being accused of ball-tampering mainly because of umpire Darrell Hair’s misadventure and also through Pakistan captain Inzamam-ul-Haq and through the failure of the PCB officials present their to sort the problem out.Mark Gay & Co was involved. In that instance also the matter did not end in court. In fact, the ICC – realising the gravity of the situation – did make an effort to make sure Pakistan’s grievances were heard by the chief referee and a committee which exonerated Pakistan of the allegations.That was all in the past but what is really worrying for all of us who love this game is another controversy which has surfaced recently, that of the PCB failing to fulfil their promise to the Sri Lankans for developing turf pitches in a 135-year-old school in Colombo. The Pakistan High Commissioner in Colombo is reported to have contacted the foreign ministry after a complaint by Sri Lankan Foreign Minister Rohitha Bogollagama’s reminder.Wonder what the real story is but it certainly is no less embarrassing for all of us. The sooner this is sorted out the better it would be for the much criticised PCB which is indeed in urgent need of a facelift.Even the chairman of the National Assembly’s Standing committee on Sports Jamshed Ahmed Dasti has urged the Presidency to take appropriate action over it. So far as we know all those standing committee’s effort to bring some sanity into the PCB affairs have gone on deaf ears.We kept on listening to all the rhetorics from the former senator Enver Baig and Col. Mashhadi every time they invited the PCB officials Dr Nasim Ashraf and Shaharyar M. Khan which came to really nothing. Now Jamshed is at it we will have to wait and see how influential he turns out to be.The Auditor General’s report on PCB accounts is still waiting to see the light. It has been handed over to the PCB, Sports Ministry about three months ago and now we have been told that it is with the President. I am waiting to hear if it is going to be passed on to Pentagon to protect a few. It has also come to notice that the report has been tampered with to protect a number of men from the government who were involved with the PCB before being shown the door.Sadly, we live in a culture of deceit, deception and corruption at all levels, the reason why the ordinary man in the street has so far not been able to have proper amenities of life like electricity, water and top of that the day-to-day lawlessness in every strata of our society. There we can’t blame but our system which has so far disappointed us in every sphere.And how about that monstrous structure in the Gaddafi Stadium opposite the pavilion built as a gladiatorial stand rather than a cricket enclosure, costing the PCB a reported 40 crore rupees. What happened to those architects who built it pocketed the money for the work which thankfully is only half done.One hopes that all that big purse that the PCB is in possession is spent on sensible and cricketing projects from which at least we are able to save our face from people who now believe that we are only a bunch of nincompoops and nothing else.
PCB cuts all ties with World Cup hosting committee
KARACHI: The Pakistan Cricket Board (PCB) would not be involved in organising the 2011 World Cup following last week’s financial settlement ended its row with the ruling body, an official said on Monday.‘We will now just take part in the tournament as a participating nation, not as a host country,’ a senior PCB official, who did not wish to be named, told Reuters.The International Cricket Council (ICC) board had in April stripped Pakistan of its 14 matches over security concerns, moving them to co-hosts India, Bangladesh and Sri Lanka.The Pakistan board ended a legal challenge on the issue after the two parties agreed on Thursday the PCB will retain its host fees and also receive an additional payment as compensation.Pakistan had been invited to nominate representatives on the World Cup organising committee and central secretariat, but has decided not to attend a meeting in Mumbai on Wednesday.‘Since we have now reached a satisfactory settlement with the ICC and no longer are joint hosts of the World Cup, it is useless for us to be part of the World Cup organising committee or preparations,’ the official said.The total payout to PCB is expected to be around $14-15 million dollars, he added
Twins unlikely to disturb Federer’s slam dreams
LONDON: The birth of twins Charlene Riva and Myla Rose was supposed to mark the moment when their dad Roger Federer lost his appetite to win titles -- at least that is what the all-conquering Swiss's rivals were hoping for. No such luck.Exactly a month after Federer first set eyes on his baby girls, the world number one appears to have mastered the art of coping with sleepless nights and showed he was still the man to beat when he won the Cincinnati Masters on Sunday.The victory has put him in the perfect frame of mind as he seeks a record-equalling sixth successive title at the US Open which begins on Monday.Federer will arrive at Flushing Meadows with a bigger entourage and with the biggest career questions answered. In an incredible six-week spell from May to July, he won the only major title he lacked, the French Open, and broke Pete Sampras's grand slam title record by capturing his 15th at Wimbledon.‘It's been an amazing summer in my personal life and also on court. So I guess it's sometimes still hard to believe I was able to win Paris and Wimbledon back-to-back,’ said Federer.‘It definitely came at the right time. I think getting back to number one with the Wimbledon win... it was amazing. And being number one in the world and having twin girls, it's something that doesn't happen every day. ‘I don't see anything changing because of the twins. But that definitely has an impact on my life. So far it's a very positive impact and it's not pulling me away from the game. So I'm positive about my tennis future.’These were not exactly the words the chasing pack in men's tennis wanted to hear. They had hoped that family life would divert the 28-year-old's attention away from the tennis courts, just as former world number one Boris Becker had predicted.‘(Fatherhood) changes (your) life dramatically,’ Becker, who won the 1996 Australian Open after the birth of his first son Noah, said earlier this year.‘It would be more difficult to focus on one thing alone because your main focus is for your child and your wife, and tennis becomes secondary. That's a fact.’EDGE DISAPPEAREDFormer England rugby player Austin Healey summed up the feeling of many professional athletes by saying: ‘I immediately felt my edge had disappeared and I knew from that point on it would be very difficult to keep playing rugby at the highest level.’If the tennis annals are to be believed, the arrival of the Federer twins could seriously dent the world number one's chances of adding to his collection of grand slam titles.The last time a mother won a singles grand slam crown was in 1980 when Australian Evonne Goolagong triumphed at Wimbledon.Since then, only eight men have captured a major after embracing the joys of fatherhood.While four -- Pat Cash, Andres Gomez, Petr Korda and Albert Costa -- were one-slam wonders, multiple champions Becker, Yevgeny Kafelnikov and Andre Agassi managed to add just one further slam to their haul after becoming parents.Jimmy Connors was the only singles player to successfully combine family life with tour commitments in that time, winning three of his eight majors after the birth of his son Brett.For the likes of John McEnroe, Ivan Lendl and Stefan Edberg, the titles dried up as soon as they gingerly cradled the new additions to their families. Tennis fathers have won only 10 of the last 117 grand slam titles.But Edberg believes Federer's pedigree sets him apart from everyone else and will allow him to buck the trend.‘Statistics tell you something of the past, it doesn't tell you the future,’ six-times grand slam champion Edberg, who will be competing in The Masters Tennis at the Royal Albert Hall in London in December, told Reuters.‘I think the biggest relief for Roger was probably winning the French Open. That's really extended his career, I really believe so.‘He's got the confidence, he's got the momentum and I think having twins could have a positive effect, at least to start with that's for sure, so I don't see any problems for him at the US Open.’Agassi, the last father to win a slam at the 2003 Australian Open, concurred: ‘He seems pretty clear what he wants to accomplish and he's been committed to those goals. I trust it (fatherhood) could be a level of inspiration to him.‘When they are babies, and you can take them along and enjoy being together on the road, it added a lot to me. Sometimes rest is a challenge but if you do it right, it's manageable.’
Tennis officials a-Twitter: US Open players warned
NEW YORK: Watch what you tweet.That's the message tennis authorities are delivering as the US Open gets set to start on Monday, telling players and their entourages to be careful about what they post on the social networking site Twitter.Signs are being posted in the players' lounge, locker rooms and referee's office at the USTA Billie Jean King National Tennis Center with the header: ‘Important. Player Notice. Twitter Warning.’The signs, written by the Tennis Integrity Unit, point out that Twitter messages could violate the sport's anti-corruption rules.‘Many of you will have Twitter accounts in order for your fans to follow you and to become more engaged in you and the sport _ and this is great,’ the notices read. ‘However popular it is, it is important to warn you of some of the dangers posted by Twittering as it relates to the Tennis Anti-Corruption Program Rules.’Sports leagues and governing bodies are paying close attention as more and more athletes turn to Twitter to reach fans directly; some NFL teams, for example, urged players not to use it. But tennis appears to be the first sport openly concerned about Twitter's possible effect on gambling.The signs at the US Open say tweeting is not allowed on court during matches. They also warn about using Twitter away from the court, saying sending ‘certain sensitive information concerning your match or other matches and/or players should be avoided. Depending on the information sent out this could be determined as the passing of 'inside information.’'The messages define that as ‘information about the likely participation or likely performance of a player in an event or concerning the weather, court conditions, status, outcome or any other aspect of an event which is known by a Covered Person and is not information in the public domain.’The warnings say they apply to players, coaches, agents, family members and tournament staff.‘We take our anti-gambling procedures very seriously, and we're in full agreement with this recommendation from the Tennis Integrity Unit,’ US Open spokesman Chris Widmaier said on Friday.Twitter, launched in 2006, first gained popularity as a way for fans to follow the thoughts and activities of celebrities via messages of 140 characters or fewer.Several prominent tennis players are part of the trend, including defending US Open champion Serena Williams (who has nearly 1 million followers) and 2003 winner Andy Roddick (more than 100,000).Roddick wrote on Friday that he ‘snuck in a hit indoors today ... .met will ferrell out at the site today!!’Athletes post everything from personal blog links to updates on their social lives to injury updates. That last category is the sort of thing that worries the world of tennis, which revamped its anti-corruption policing a year ago in the wake of an investigation into match-fixing.Jeff Rees, whose name appears at the bottom of the signs posted at the US Open, was appointed in August 2008 to run the Tennis Integrity Unit. That's also when tennis' four governing bodies _ the ATP and WTA tours, the International Tennis Federation and the Grand Slam Committee _ adopted an anti-corruption code to make sure the same rules and penalties are applied across the sport.
Federer, Serena look to continue US Open reign
NEW YORK: Reigning US Open champions Roger Federer and Serena Williams will begin defending their titles on Monday as an opening-day match list released on Saturday also had Venus Williams and Andy Roddick at night.The year’s final Grand Slam tournament commences on the Flushing Meadows hard-courts Monday with former world number one Kim Clijsters of Belgium facing Ukraine’s Viktoriya Kutuzova in the first match at Arthur Ashe Stadium.Clijsters is making her first US Open appearance since winning the 2005 women’s title, her only Grand Slam crown. She returned to the court earlier this month after a layoff of more than two years to start a family.Federer, who has won the past five US Open men’s titles and has not lost at the US Open since the fourth round in 2003, begins his quest for six in a row against 18-year-old American Devin Britton in the second match at Ashe.‘Doesn’t matter who you play, where you play. If you think the guy is not going to make a game that’s absurd,’ Federer said. ‘That’s how tennis is. You have to be very careful. I have to make sure I put in a good performance.’Federer recalled being shocked at 17 when he faced Andre Agassi in his hometown of Basel, so he can relate to Britton’s situation.‘You try to enjoy it, put in a good fight,’ Federer said. ‘Best-of-five-set match is maybe something Britton has never played before, but a good thing in tennis is you always have a chance.’US fifth seed Andy Roddick’s advice for Britton was to find ways to help cope with a signature moment on the big stage.‘There’s nothing like going out on that court and playing,’ Roddick said.‘I would advise him to be sure to have a look around when he walks out on the court, take it all in before you go start warm-up so you don’t catch yourself looking around too much when you start.’Serena Williams, who won her 11th career Slam title last month at Wimbledon, begins her quest for a fourth US Open title in the following match against American Alexa Glatch.The main court’s night session starts with US third seed Venus Williams meeting Russia’s Vera Dushevina followed by men’s fifth seed Roddick facing Germany’s Bjorn Phau.US Open officials have said they plan to stage a women’s match after a men’s match at some point during the Flushing Meadows fortnight.Men usually play the later matches in part because they are best-of-five compared to the best-of-three on the women’s side. —AFP
Fully fit Nadal returns to grand slam action at US Open
NEW YORK: Rafael Nadal declared himself 100 per cent fit for the US Open after battling knee tendonitis for three months, the Spaniard eager to make the most of his first chance to complete a career Grand Slam.On the eve of Monday’s start of the year’s final major, the reigning Australian Open champion and US Open third seed said he has fully recovered from an injury that kept him from defending his 2008 Wimbledon title.‘I’m 100 per cent well to play this tournament. I don’t know if I’m playing at my best level, but I am 100 per cent,’ Nadal said.‘The knees are perfect right now. I don’t have any problem.’Four-time French Open champion Nadal would love a US Open title to complete a career Slam and join Roger Federer, Andre Agassi, Fred Perry, Don Budge, Rod Laver and Roy Emerson as the only men to win each of the four major titles.‘For me to have the title here doesn’t change my career, but if I had the title here, finish the cycle, it would be unbelievable,’ Nadal said.‘But we haven’t started the tournament yet. Right now, I really can’t think about that.’Nadal roared through the early season, defeating Federer in the Australian Open final and taking titles at Indian Wells, Monte Carlo, Barcelona and Rome.But his bid for a fifth consecutive Roland Garros crown failed when he lost to Sweden’s Robin Soderling in the round of 16. After the loss, Nadal took time away for his knees to heal and was forced miss Wimbledon.‘I was at home recovering,’ Nadal said. ‘Maybe I was injured in the worst moment of the season. But at the same time, I must have been in Mallorca in the best moment of the season, too.’Nadal returned at Montreal, losing to Juan Martin Del Potro in the quarter-finals, and then reached the semi-finals at Cincinnati, losing to Novak Djokovic in his final US Open tuneup event.‘I’m very happy with how I did in the first two tournaments,’ Nadal said. ‘I don’t know the level of confidence, but it’s much better than what I expected when I started to play in Montreal.‘When you come back after an injury, you always start slow. You have to be progressing, but I’m normal right now.’During Nadal’s absence, Britain’s Andy Murray moved past him into the world number two ranking.But that setback has not dimmed Nadal’s desire to reach the final, where another matchup with Federer could await.‘Psychologically for me now, I’m perfect. I came back with more energy than ever,’ said the Spaniard.‘Probably I needed some time to be ready, to get the rhythm, to play my best tennis, but the energy and the attitude is 100 per cent.’Nadal, 23, plays his first match against France’s Richard Gasquet. He could face French seventh seed Jo-Wilfried Tsonga in the quarter-finals and Murray in the semi-finals.
Karachi: 35mm of rain recorded, more forecast
KARACHI: The city received approximately 35mm of rain on Sunday after showers began in the afternoon and continued till late in the night, bringing relief to Karachiites, who had been enduring high temperatures for the last few days. The city’s chief weatherman, Mohammad Riaz, told Dawn that the city and its adjoining coastal belt in lower Sindh and Balochistan are expected to receive more rainfall on Monday as a monsoon system passes through the area. The weather system originated in the Bay of Bengal four days ago and traveled westwards over the Indian states of Madhya Pradesh and Rajasthan before entering Pakistan. The Met office recorded 35mm of rain in North Karachi and 33mm at Sharea Faisal and at the airport, while PAF Base Masroor, Landhi and University Road received 32mm, 25mm and 24mm of rain, respectively. Met department officials said that the rain had been greater in intensity nearer to the coast, particularly at fishing villages dotting the city’s seashore, but that no data was available for these sites as there was no rain measuring equipment available there. Though the rain was not as intense as it was in the earlier monsoon showers this season, the fragility of the city’s infrastructure was once again exposed, as low-lying areas and older parts of the city were badly affected by the precipitation. The areas affected included North Nazimabad, Sakhi Hassan, Hyderi, Nagin Chowrangi, Liaquatabad, Patel Para, Soldier Bazaar, Gulshan-i-Iqbal, Shah Faisal Colony, North Karachi and Gulistan-i-Jauhar. Numerous roads remained inundated. One of the main thoroughfares of the city, Dr Ziauddin Ahmed Road, on which the Chief Minister’s House and two five-star hotels are located, remained underwater near the temporary headquarters of the Pakistan Rangers. Similarly, roads near the Sindh Assembly, Governor’s House, and the Sindh High Court also remained submerged. As it was Sunday, traffic on the roads was already relatively thin, and as the rain began the few public transport vehicles that had been plying their routes also disappeared. A few of these did reappear later in the day, when the intensity of the rainfall decreased. Desperate commuters could be seen traveling on the rooftops of these vehicles, while others clung to the gates.
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