In Wednesday's South Asia papers

17 September 2008 06:00  [Source: ICIS news]

THE TIMES OF INDIA

Front page

Govt may find going tough on terror law
In the wake of continuing terror attacks in the country, the UPA government has mooted a "tougher-than-Pota" law.

US government announces $85bn loan to save AIG
The US Federal Reserve Board on Tuesday said the Federal Reserve Bank of New York will lend up to $85bn to the American International Group in a plan aimed at saving the insurer from a "disorderly failure" that could wreak economic havoc.

Business

Federal Reserve holds key rate steady at 2%
The Federal Reserve held its key benchmark US interest rate steady on Tuesday, opting for the time being to soothe rattled financial markets with central bank lending facilities rather than rate cuts. 

Oil below $90, will govt cut fuel prices?
The day of reckoning on fuel prices may be nearing for the UPA government, with crude briefly going below the $90/barrel mark in the London market on Tuesday as aftershocks of two collapsing US financial giants sent oil traders scurrying for cover against further fall in demand. 

THE ECONOMIC TIMES

Front page

US government announces $85bn loan to save AIG
The US government has agreed to provide an $85bn emergency loan to rescue the huge insurer AIG, the Federal Reserve said on Tuesday.

US puts India on 20 major illicit drug transit list
The US has placed India and 19 other nations on a list of major drug transit or major illicit drug producing countries while noting New Delhi's strong track record of regulating its licit opium production.

THE BANGLADESH TODAY

Front page

Hasina bailed in Tk 3 cr extortion case
Awami League President Sheikh Hasina has been granted bail for three months in Tk 3 crore extortion case and-- now she will have to obtain bail in three more cases to be released through legal procedure.

AL working for electoral alliance
Getting the 'green signal' from Party President Sheikh Hasina, the Awami League has started working to form a new 'electoral alliance' with pro-liberation, non-communal forces and other like-minded political parties ahead of upcoming general elections.

Business

World shares dive after Lehman Brothers collapse
Global stock markets went into a dizzying fall yesterday as the collapse of US investment bank Lehman Brothers sparked fears that more bad news is on the horizon for the finance sector and the economy.

Asian markets tumble after Lehman collapse
Asian stock markets plunged today after the collapse of Lehman Brothers caused a meltdown on Wall Street, as governments held emergency meetings to stave off a wider financial crisis.

DAILY MIRROR

Front page

Mervyn private sec’s house fired at  
One dead, 3 injured after shots were fired towards the house of a private secretary of Minister Mervyn Silva in Kadawatta this morning.

Prabha’s hideout bombed  
One of the hideouts of LTTE leader V. Prabhakaran was bombed by air force Jets at Wattakachchi, North of Iranamadu this morning. There was no immediate confirmation if the Tiger leader was there at the time.

Business

Central Bank responds
In reply to the article “Avoid Short term Dollar Borrowings – comments made by Dr. Harsha De Silva”, the Central Bank in a release issued yesterday stated that “it is a basic phenomenon in floating rate borrowings that when the LIBOR rate is declining the required margin generally increases in order to compensate the investors.

AkzoNobel unlikely for major investment in SL?
In spite of the maturity gained by the Sri Lankan market in the paints sector, the country’s image is unlikely to obtain any “major” investment from the global leader in the industry, AkzoNobel.

DAWN

Front page

Britain understands Pakistan’s stance on US attacks: Asif: 150-minute talks with Brown termed satisfactory
The joint statement issued here on Tuesday by the Pakistan High Commission after the conclusion of nearly 150 minutes of talks between President Asif Ali Zardari and Prime Minister Gordon Brown said that it was for the governments of Pakistan and Afghanistan to lead the efforts to combat extremism, with the support of the international community.

Foreign incursions will be counter-productive: Straw
British Law and Justice Secretary Jack Straw has stressed the need for respecting Pakistan’s territorial sovereignty and extending support to strengthen the new democratic government and said that foreign incursions into Pakistani territory will be counter-productive.

Business

KSE: Lehman-led collapse raises equity risk profile
The bankruptcy of the US investment banking giant Lehman Brothers and a ‘forced sale’ of Merrill Lynch, which sparked global stock market turmoil early in the week, sending Dow down to its seven-year low of 500 points, had little impact on the Karachi stock market on Monday and Tuesday.

US looks to Arab, Asian investors: $1tr losses
In order to help recover the $1 trillion mortgage losses of Fannie Mae and Freddie Mac, the state-backed American mortgage finance titans, the US government was seeking funds from the Middle Eastern and Asian investors, Ilyas Al-Qaseer of Calyon Credit Agricole Bank told the local press.

BUSINESS RECORDER

Front page

15 militants killed: three soldiers die in suicide attack
At least three paramilitary troops were killed and half a dozen more injured in a suicide attack in Swat valley on Tuesday, officials said. 

GDP growth likely to drop to 4.5%: ADB
Pakistan GDP growth is expected to decrease to 4.5% in the current financial year against 5.8% achieved in the last fiscal year, as the country would continue to face the deteriorated state of economic fundamentals and inflationary pressures, says a report of Asian Development Bank (ADB).

Business

NFC meeting next month: hard times to be over soon, says Naveed
Federal Minister for Finance Naveed Qamar on Tuesday said that hard times on country's economy would end within the next few months.

Domestic debt reaches historic Rs 3.26 trillion mark
The country's domestic debt surged by 137% to hit historic level of Rs 3.26 trillion in FY08 due to significant rise in fiscal deficit and slowdown in the privatisation process.

By: Staff Reporter
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