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Gas crisis: President summons Cabinet meeting
CNG stations open in Lahore, Sahiwal, Sheikhupura
Euro fall vs major currencies
Italy raises $14 billion at much lower cost
Myanmar: Fire kills 16, injures 79
Dense fog covers Punjab, Motorway closed
CNG Association, transporters announce strike
Hike in petrol, decrease in diesel prices recommended
5.2 magnitude earthquake jolts Peshawar
Aamer Hayat Khan Rokhri passes away
Euro hits 10-year low against Yen
US warns Iran not to stop Strait of Hormuz
Govt to seal illegal CNG conversion workshops
Saranjam Khan resigns from PML-N Executive Council

Gas crisis: President summons Cabinet meeting

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Gas crisis has intensified in the country, creating problems for the consumers. People staged protests across the country on Wednesday against the gas load shedding. President Asif Ali Zardari took notice and summoned the Cabinet Committee on Gas meeting to discuss the situation. According to sources, the meeting may take steps including suspension of gas supply to industrial and CNG sector to ensure smooth gas supply to domestic consumers.

CNG stations open in Lahore, Sahiwal, Sheikhupura

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CNG stations in Lahore, Multan, Sahiwal, Sheikhupura have been opened, while CNG stations in Karachi will open at 9am. CNG station of Lahore, Multan, Sahiwal, Sheikhupura regions were closed on Monday 6 am for 72-hour and opened on Thursday 6 am. CNG stations in Sindh including Karachi were closed on Wednesday 9 am for 24-hours and will open today at 9am.

Euro fall vs major currencies

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The euro fell sharply against major currencies in thin Asian trade Thursday after it hit a 10-year low against the Japanese unit in New York. The euro fell to $1.2903 and 100.49 yen in early Tokyo trade, down from $1.2912 and 100.80 yen late Wednesday in New York. The dollar stood at 77.86 yen, barely changed from 77.90 in New York. A senior dealer at a major bank in Tokyo said the overall selling volume was not large, meaning the impact of euro sell orders was being magnified due to thin year-end flows in Asian markets. In New York Wednesday, the single European currency fell to 100.73 yen, its lowest level since June 2001, while also plunging against the greenback below the $1.30 line to its lowest level since January 11. The euro was sold despite some initial positivity on a successful Italian bond auction when Rome raised 9.0 billion euros at a rate of 3.251 percent for six-month notes, half the 6.504 percent it paid in November. But some analysts suggested that European banks making use of low-cost European Central Bank money were largely behind the auction s success. Sentiment soured as yields on 10-year Italian bonds jumped to a painful 6.9 percent later in a topsy-turvey day, raising worries about Rome s plans to sell longer-term bonds on Thursday. This week s auctions are being seen as a bellwether for market sentiment on Italy -- the eurozone s third largest economy -- but also for the euro area at the end of a year that has raised serious questions about the future of the project. "Investors  euro-sentiment is so bad, and it s getting even worse," Daiwa SB Investments senior fund manager Kenichiro Ikezawa told Dow Jones Newswires, adding market players will focus on the auction of Italy s 10-year bonds. "Since the 10-year tender results have been somewhat poor lately, the euro may reverse its course if the outcome turns out to be positive," Ikezawa added.

Italy raises $14 billion at much lower cost

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Strong demand for short-term Italian government debt has pushed the country s borrowing costs lower and suggested investors have become less jittery about an imminent default by the eurozone s third-largest economy. Italy raised €10.7 billion ($14 billion) on Wednesday in a pair of auctions at sharply lower rates than those it was forced to pay just a month ago when investor concerns over the ability of the country to service its massive debts became particularly acute and effectively prompted a change in government. The sharp decline in Italy s borrowing costs could be a signal that commercial banks from the 17 countries that use the euro diverted some of the money they tapped from emergency loans from the European Central Bank last week to buy the bonds of heavily indebted governments. It may also suggest rising investor confidence in Italy s recent efforts to reduce its long-term debt through a variety of austerity measures. The Bank of Italy said the average yield on its €9 billion ($11.8 billion) six-month bill offering was 3.251 percent, half the 6.504 percent rate it had to pay at the equivalent auction last month. And an auction of two-year bonds, which raised €1.7 billion ($2.2 billion), also saw the yield fall to 4.853 percent from 7.814 percent last month. "This is an encouraging development, suggesting that the Italian sovereign debt market has pulled back from the dangerous situation in late November," said Raj Badiani, a senior economist at IHS Global Insight. "The calmer environment reflects the passing of additional austerity measures and some welcome progress on the structural reform agenda, coupled with the ECB s decision to provide additional cheap financing to Italian banks," Badiani added. After initially cheering the auction results, sentiment in markets deteriorated sharply in risk-averse trading following a weaker than anticipated performance on Wall Street. While Italy s FTSE MIB fell in line with other stock markets, the euro slid to $1.2938, its lowest level since Jan. 11 and the yield on Italy s benchmark ten-year bonds pushed back towards the 7 percent mark that is widely considered to be unsustainable in the long-run. Further insights into the level of demand for Italy s ten-year bonds will emerge in an auction Thursday. Italy is the eurozone s third-largest economy and is considered too big to save under the eurozone s current bailout funds. Markets have grown fearful over the past few months that Italy will find it difficult to pay off its massive debts, which stand at around €1.9 trillion ($2.5 trillion). Next year alone, Italy has some €330 billion ($431 billion) of debt to refinance. Mario Monti, the country s new premier, got parliamentary approval last week for more spending cuts and tax increases intended to save the country from financial disaster. One of the most controversial aspects of the austerity package is reform of Italy s bloated pension system. As well as possibly indicating increased confidence that Monti s efforts will keep the country s finances on a sustainable path, Wednesday s auctions could also have been supported as well by a large infusion of credit to eurozone banks last week from the European Central Bank. A week ago, 523 banks took the opportunity to swell their coffers by €489 billion ($639 billion), the largest ECB loan operation in the 13-year history of the euro.

Myanmar: Fire kills 16, injures 79

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Officials say the fire started in a state-owned warehouse before dawn Thursday and quickly spread to homes and buildings, many of them wooden. A hospital official says the dead include at least one firefighter who was killed by an explosion at the warehouse when firefighters were putting out the flames. Firefighters are continuing to search for bodies. It was not immediately clear what caused the fire.

Dense fog covers Punjab, Motorway closed

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The motorway from Thokar to Sheikhupura and Kala Shah Kaku has been closed for traffic due to the dense fog. The Pakistan Meteorological Department (PMD) has predicted dense fog from Peshawar to Sawabi, Islamabad to Lahore and Pindi Bhattian to Faisalabad. Motorway police have advised the drivers to drive at a low speed and keep the fog lights on.

CNG Association, transporters announce strike

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Sindh CNG Association and Karachi Transport Ittehad (KTI) called for a strike on December 31 against hike in gas prices. CNG association held a rally in Karachi against shortage of gas. CNG dealers, owners and KTI also attended the rally. Talking to the participants, KTI office-bearers said that efforts were being made to convert public transport vehicles over to diesel; however, such efforts would fail as the vehicles would continue to run on CNG. Leaders of CNG Association alleged that conspiracies were being hatched to close CNG stations. They said that suspension of gas to CNG stations and 14 percent hike in gas prices from January 1st is also a part of these conspiracies. The leaders also decided that all CNG stations, petrol pumps and transport will observe complete strike on December 31.

Hike in petrol, decrease in diesel prices recommended

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According to sources, petrol price may be increased by Rs 2.10 a litter. About 50 paisa per litter decrease likely to be made in high speed diesel and light speed diesel, while price of kerosene may go down by Rs 1.50, the sources said.   The sources further said that the OGRA and Petroleum Ministry have recommended changes in POL prices. The OGRA has suggested the Finance Ministry to keep petrol price unchanged by decreasing levy to provide relief to common man.

5.2 magnitude earthquake jolts Peshawar

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An earthquake measuring 5.5 on Richter scale hit some parts of Khyber Pakhtunkhwa including Peshawar. The epicenter of the quake was 230 kilometer away from Peshawar in Koh-e-Hindu Kash. No casualty or loss of property was reported.

Aamer Hayat Khan Rokhri passes away

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Pakistan Muslim League-Nawaz (PML-N) MPA (PP-44 Mianwali-II) Amir Hayat Khan Rokhri passed away due to a heart attack. Aamer Hayat Khan Rokhri son of Khan Amir Abdullah Khan Rokhri was born on August 12, 1956 in Lahore. He obtained his early education from Aitchison College Lahore and graduated in 1977 from FC College, Lahore. He served as Member National Assembly during 1985-88 and as Member Provincial Assembly of the Punjab during 1990-93 and 2002-07. He returned to Provincial Assembly of the Punjab for the third term in general elections 2008. He is survived by three children. His funeral prayer will be offered in Mianwali at 2pm.

Euro hits 10-year low against Yen

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The euro fell to a 10-year low against the yen on Wednesday on eurozone debt fears in thin holiday week trading. At 1700 GMT the euro bought 100.73 yen, its lowest level since June 2001.

US warns Iran not to stop Strait of Hormuz

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The United States warned Iran on Wednesday against any attempt to disrupt shipping in the Strait of Hormuz, after Tehran issued threats over the vital oil route. "Interference with the transit of vessels through the Strait of Hormuz will not be tolerated," said Pentagon press secretary George Little. Iran s Vice President Mohammad Reza Rahimi threatened to close the strait if the West imposed more sanctions on Iran as the country s navy held exercises in international waters to the east of the channel. To increase pressure on Iran over its disputed nuclear program, the United States and the European Union are weighing new sanctions against Tehran s oil and financial sectors. "The Iranians conduct exercises on a fairly routine basis in this area. That s something that we know about," Little said. "That being said any effort to raise the temperature on tensions surrounding the Strait of Hormuz is unhelpful," he said. He added there was no sign of Iran taking provocative steps near the channel. "I m unaware of any aggressive hostile action directed toward US vessels in the Persian Gulf or the Strait of Hormuz," or against other ships, Little said. -- AFP

Govt to seal illegal CNG conversion workshops

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A high-level meeting was held in Islamabad with Interior Minister Rehman Malik in the chair.  In the meeting, provincial chief secretaries were directed to seal illegal CNG conversion workshops and to confiscate the cylinders. It is decided in the meeting that violators of OGRA regulations would get 7 years in jail and youngsters below the age of 18 would be prohibited to work at CNG stations. It was decided in the meeting that diploma is a must for CNG station supervisors, while drivers, conductors and passengers would be insured by the owners of public vehicles running on CNG. It is also decided that no public transport would be given fitness certificate without the permission of OGRA.

Saranjam Khan resigns from PML-N Executive Council

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He resigned after selection of Rahmat Salam Khat as new General Secretary of the party without polling. Talking to Dunya News, Saranjam Khan said that senior members are being neglected. Now party workers’ meeting would be held on January 4 in which new strategy would be planned for future, he added. It is worth mentioning that Sir Anjam Khan had vowed that he has no intention to join the PTI as he is committed to the PML-N. His resignations comes as a new blow to the PML-N which is already staggering from Javed Hashmi joining the PTI of Imran Khan. Nawaz Sharif visited Peshawar as part of party’s bridge-gap bid, though the party leaders squabbled right in his presence during the party election.

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