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Friday, February 28, 2014

Dunya TV

Dunya TV

Iraq attacks kill 37, PM slams foreign aid to jihadists

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BAGHDAD (AFP) - Bombings in a Shiite-majority area of Baghdad and other attacks killed 37 people on Thursday, as Prime Minister Nuri al-Maliki accused neighbouring states of backing jihadists in Iraq.The government has failed to curb a year-long surge in violence that has reached levels not seen since 2008, when the country was just emerging from a brutal period of sectarian killings in which tens of thousands died.In the deadliest attack on Thursday, an explosives-rigged motorcycle ripped through an area of motorcycle shops in the Shiite-majority Sadr City district of Baghdad, killing at least 27 people and wounding 40, the interior ministry said.And a car bomb in Sadr City killed at least one person and wounded five, officials said.Sunni extremists frequently target members of Iraq's Shiite majority, who they consider apostates.The capital is hit by near-daily bombings and shootings, including periodic coordinated vehicle bomb attacks that leave dozens of people dead.In Mishahada, north of Baghdad, a car bomb exploded near an army patrol, killing at least two soldiers and wounding three.Other attacks hit areas in northern Iraq.A roadside bomb exploded near a Sahwa anti-Al-Qaeda militia patrol in the Sharqat area, killing two fighters and wounding four, while a roadside bomb near a police station in Tuz Khurmatu killed two people and wounded 15.And three soldiers died in clashes with militants in Kirkuk province.The latest violence came as Maliki accused foreign states of backing a powerful jihadist group, the Islamic State of Iraq and the Levant in Iraq.Some states do not want ISIL, especially on their territory, but they want ISIL in Iraq for sectarian reasons, Maliki said in an interview broadcast on Iraqiya state television.We know the details of ISIL and its foreign ties and the ties of states to it, and the funding that comes to it, Maliki said.The premier was apparently referring to Sunni-majority Gulf states including Saudi Arabia, Iraq's neighbour to the south.Militants in Iraq have been bolstered by widespread discontent among members of the country's Sunni Arab minority, who say they are marginalised and unfairly targeted with heavy-handed security measures, and by the bloody civil war in neighbouring Syria.In a sign of the reach of militants and the weakness of security forces, the city of Fallujah -- just a short drive from Baghdad -- and shifting parts of Anbar provincial capital Ramadi, to its west, have been held by anti-government fighters since early January.Maliki said in the interview that except for Fallujah, Anbar province was under government control, though militants in fact hold areas outside the city.Of the situation in Fallujah, he said: God willing, it will end soon.Nationwide, violence has killed more than 710 people since the beginning of the month, and over 1,700 so far this year, according to AFP figures based on security and medical sources.

Obama to meet Palestinian leader Abbas on March 17: US

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WASHINGTON (AFP) - President Barack Obama will meet Mahmud Abbas on March 17, stepping up Washington's efforts to convince the Palestinian leader to embrace the US vision of a peace deal with Israel.The meeting will come two weeks after Obama's planned encounter with Israeli Prime Minister Benjamin Netanyahu on Monday, which will also take place at the White House.The President looks forward to reviewing with President Abbas the progress in the Israeli-Palestinian negotiations, White House spokesman Jay Carney said in a statement.They will also discuss our continuing effort to work cooperatively to strengthen the institutions that can support the establishment of a Palestinian state.US Secretary of State John Kerry, who has been mounting an exhaustive diplomatic push, said Wednesday that his quest to seal a full Middle East peace deal will slip beyond an April deadline. Kerry first hopes to convince both sides to agree a framework to guide the talks.Then we get into the final negotiations. I don't think anybody would worry if there's another nine months, or whatever it's going to be... But that's not defined yet, Kerry said in a roundtable discussion with a small group of news organizations, including AFP.Kerry coaxed the two sides back to the negotiating table in late July, after Obama's initial drive to secure a peace deal foundered in his first term.Despite Kerry's intense attention, the talks have shown little sign of progress, with each side blaming the other for the stalemate. But Kerry insisted that both parties were still in the middle of the talks. I laugh at people who say it's not going anywhere. They don't know because we're not talking about where it's at. They have no clue where our negotiations are and whether they could go anywhere. A Palestinian official told AFP however last week that Kerry's ideas could not be the basis of any framework.

Qatar restaurant explosion 'kills 12, mostly customers'

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DOHA (AFP) - A gas tank on the roof of a restaurant exploded in the Qatari capital Thursday, killing 12 people, mostly Asian and Arab customers, and injuring 31 others, the interior ministry said.The blast tore through the restaurant, which is attached to a mall in Doha and next to a petrol station, according to footage aired on Qatar Television.It was a huge explosion, public security chief Major General Saad bin Jassim al-Khleifi told a press conference, adding that the gas tank had caught on fire before it exploded.Footage showed paramedics carrying a covered body past rubble strewn some 50 metres (yards) from the building, whose roof had caved in.And pictures posted on Twitter showed several damaged cars.A witness said police had cordoned off the area, and firefighters were busy clear debris.In a May 2012 blaze at a kindergarten in a major Doha shopping mall, 19 people died, including 13 children.

Karachi: 44 suspects arrested during targeted operation

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KARACHI (Dunya News) – Targeted operation jointly launched by Rangers and police under directives of the federal and Sindh provincial governments continues in Karachi and 44 more suspects were arrested on Thursday.According to details, police arrested 20 suspects during targeted operation in Saeedabad, Ittehad Town and Gulshan Ghazi areas of Baldia Town.In another riad, Garden Police arrested three accused of Baba Ladla Group while Ferozeanad Police nabbed two dacoits after encounter at the Kashmir Road and Guzri Police arrested one dacoit.Earlier, Police arrested eight accused, including two target killers, from District West.On the other hand Rangers have arrested 10 accused including members of a banned organization.

Gas pipelines blown up in Sindh, Balochistan

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KARACHI (Dunya News) – According to details, miscreants blew up gas pipeline supplting gas to Karachi from Sui near Shabbirabad village near Thull in Sindh province on Thursday. As a result, the gas supply to different parts of Sindh was suspended.On the other hand, miscreants also blew up an eight-inch diameter gas pipeline in Sui area of Balochistan. As a result supply of gas from Well No 42 to Sui plant was suspended.

Ch. Nisar vows to root out terrorism in the country

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PESHAWAR (Online): Interior minister Chaudhry Nisar Ali Khan Thursday vowed to root out terrorism in the country saying that all hurdles in path towards peace would be eradicated.Speaking to media persons here after meeting with chief minister Khyber Pakhtunkhwa, federal minister said that Nawaz government is committed to implement a comprehensive national security policy with consensus of all political parties.He said government had initiated dialogue process with core of sincerity but Taliban side continued their terror activities which forced the government to shift it policy.He said the government gave priority to dialogues with those who wanted to talk.Chaudhry Nisar said door for talks have not been closed as the government believes dialogue would continue with groups which are not against Pakistan and never carried out terror attacks in the country. He said National Security policy has been formulated in a span of five months after consultations with all the segments of society and keeping in view the international models.He said that this policy is not a final word and genuine inputs of parliamentarians will be welcomed and incorporated in the policy.He expressed the confidence that we will rid the country of the wave of terror.The Interior Minister said that the decision to hit the hideouts of terrorists was in consistent with the Prime Minister’s statement that violence and dialogue cannot go side by side.Interior Minister said the government has introduced basic change in its policy on terrorism and decided to target terrorist leadership in their headquarters.He said the National Counter Terrorism Authority will be made fully functional to deal with all the terror-related issues. He said a rapid response force will initially be established in Islamabad and will be replicated in all the four provinces after consultation of the provincial governments.This Anti-Terrorism force will be fully equipped to enable it react rapidly to any terror incident. Similarly‚ an internal security department will be established to enhance cooperation among civil Armed Forces.He said the government is importing state of the art bomb disposal vehicle with reboots to save security forces personnel.Nisar said he came to Peshawar to express condolences and sympathies with victim families of FC personnel who have been lost their lives for the country.

No compromise on enforcement of rule of law: CJP

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KARACHI (Online): Chief Justice of Pakistan Tassaduq Hussain Jillani on Thursday said that there would be no compromise on the enforcement of the rule of law and constitution.Speaking at a dinner reception hosted in his honour by the Sindh High Court Bar Association (SHCBA), he said that rule of law is essential for transforming the society to a civilised one.The CJP said that every individual and institution would need to play its role in confronting the challenges faced by the country.The judiciary will continue to uphold and implement the constitution and the laws of the country, he added.Justice Jillani said that legal fraternity has a role to play both in dispensation of justice in court and also in defending and preserving the seminal values of the constitution and thereby ushering in a social transformation.The CJP said that lines have already been drawn between those who want to break these values in the name of faith or their narrow world view and those who would defend these values.He said that the constitution does not create any distinction among citizens on fundamental rights as it guarantees right to life and right to worship to all including minorities and it promises access to inexpensive justice to all.The CJP said that these decisive values of substantive democracy and the rule of law are under serious threat on account of the growing intolerance and violence. We are in the grip of an existential crisis.Justice Jillani said that the court by and large refrains from interfering in matters of public policy. “We believe that it is not the function of the court to get embroiled in politics or passions of the day,” he added.Sindh High Court Chief Justice Maqbool Baqar and SHCBA President ZK Jatoi also spoke. Judges of the SC and SHC as well as members of the SHCBA were in attendance.

Tennis: Federer, Djokovic to meet in Dubai semi-final

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DUBAI (AFP) - Grand Slam record-holder Roger Federer earned another showdown with defending champion Novak Djokovic by outplaying Lukas Rosol 6-2, 6-2 to reach the semi-finals of the Dubai Open on Thursday.The mood of Federer's success against the Czech, who famously ousted Rafael Nadal at Wimbledon in 2012, was in sharp contrast with his desperate recovery from within sight of defeat against Radek Stepanek on Wednesday.If you want to just analyse it within like ten seconds, I think that's what it was. I don't (usually) break somebody eight times and almost lose the match, Federer said, referring to his slide almost to 0-3 down in the final set against Stepanek.So I definitely didn't hit my spots as well, as today on my serve. I maybe could argue that Radek is a better return player than Rosol and all these things, but still I did serve much more clutch today when I needed to.Federer did go 0-2 down at the beginning of Thursday's quarter-final, but hurtled through the next six games, striking the ball beautifully.Federer was happy to go into the match with Djokovic in confident mood.For me, it was important also probably not to be out there for three hours, he said. Then it would have been a disadvantage. But like this, I think it was a good and quick match for me. I guess we're back on even terms for tomorrow. Federer leads Djokovic 16-15 in their head-to-head record, but has lost the last three.We've played each other everywhere and all the surfaces, you name it, so I think we know each other very well, said the Swiss.I think we always play the match-up very good, because we play explosive, aggressive tennis, so there is always some shot making going on.I think it's improved very much over the years. I don't need to say it now because he's proven his point so much, but he's cleaned up his game in all aspects -- serves, volleys, movement, anyways, also forehand and backhand.I always thought he did have some technical issues at some point in his career, maybe in the very beginning of his career or midway through. He seemed to always find a way. I'm very impressed when it comes to that.Earlier Djokovic advanced to the semi-finals more quickly than he would have wished when his opponent, Mikhail Youzhny, was taken ill and withdrew.The sixth-seeded Russian has twice reached the final in Dubai and might have provided a good test for the champion, and he would certainly have preferred to experience that.Returning to the tour more than five weeks after the loss of his Australian Open title, Djokovic's greatest need is match practice. Instead he approaches his encounter with Federer with little more than two hours court time altogether.Tomas Berdych increased his chances of reaching the final for a second year in a row when he overcame Jo-Wilfried Tsonga and some painful sun-cream to post a resolutely-taken 6-4, 6-3 win.The third-seeded Czech hit with solidity in the second set when confronted with four break points against him in the third game and one more in the seventh -- although his burning back seemed almost as great an obstacle.It wasn't sunburn, it was a wrong application of cream, he said with doleful humour. I didn't expect to die by burning. For the first four games I was on fire -- not on the court, but on my back. So I am glad the physio helped me and I survived it.Berdych, who has now won 14 of his last 15 matches, next has to survive a semi-final with Philipp Kohlschreiber, the seventh-seeded German, whose tidily aggressive performance ousted Malek Jaziri, the surprise survivor from Tunisia, by 6-2, 6-3.

Football: Spurs through to Europa League last 16

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PARIS (AFP) - Tottenham Hotspur are through to the last 16 of the Europa League after a dramatic recovery saw them get the better of ten-man Dnipro at White Hart Lane on Thursday.After losing 1-0 in the first leg of the round of 32 tie in Ukraine last week, Spurs looked to be heading out of the tournament when Roman Zozulya headed in a delivery from visiting captain Ruslan Rotan two minutes into the second half.That left the Premier League club needing to score three unanswered goals to go through, but a Christian Eriksen free-kick reduced the deficit on 55 minutes before Zozulya was shown a straight red card by the French referee following a headbutt on Jan Vertonghen.Spurs made the most of their man advantage as Emmanuel Adebayor struck twice in the space of four minutes to seal a 3-1 win on the night and go through 3-2 on aggregate.The Togolese forward later told ITV that he was never worried about his team's situation, saying: Not at all. I know we have quality up front.We just kept our focus very well and scored that good free-kick that put us on our way. I managed to get two goals for the team and we're very happy.Tim Sherwood's side will now face last season's beaten finalists Benfica, who saw off PAOK of Greece, and they will do so as the only Premier League side left in the tournament after Swansea City went down 3-1 to Napoli in Italy.Following a goalless first leg, the Serie A side took the lead 17 minutes in at the San Paolo stadium when Lorenzo Insigne cutely lifted the ball over Michel Vorm in the away goal.Jonathan De Guzman hit back for Swansea and for a long time it looked as if they would progress on away goals.But Gonzalo Higuain took advantage of a lucky ricochet in the box to put the hosts back in front 12 minutes from time, and Gokhan Inler made sure of Napoli's progress in stoppage time.Napoli will now take on 2011 Europa League winners Porto, after the Portuguese club won a remarkable tie against Eintracht Frankfurt.Following a 2-2 draw in last week's first leg, Eintracht looked to be going through thanks to goals from Stefan Aigner and Alexander Meier either side of the interval.A double from Porto's France international defender Eliaquim Mangala silenced the crowd of close to 50,000 in the Commerzbank Arena, only for Meier to put the hosts back in front.But Nabil Ghilas netted four minutes from time to make it 3-3 on the night and take Porto through on away goals, the result easing the pressure on coach Paulo Fonseca.Elsewhere, there will be a mouth-watering all-Italian tie between Juventus and Fiorentina after they eased past Trabzonspor and Esbjerg respectively.And there will also be a Spanish derby clash between city rivals Sevilla and Real Betis in the round of 16.Sevilla, who are eighth in La Liga, beat Maribor of Slovenia 2-1 on the night to go through 4-3 on aggregate, while Betis, the Spanish top flight's bottom club, were impressive 2-0 winners away to Rubin Kazan in Russia, advancing 3-1 overall.The 2009 UEFA Cup winners Shakhtar Donetsk were eliminated by Viktoria Pilsen of the Czech Republic, who go through to play French side Lyon.Ajax fell by the wayside too, going down 6-1 on aggregate to Salzburg, who will next face Basel of Switzerland, while Bulgarian champions Ludogorets Razgrad came from behind to knock out Lazio, setting up a tie against Valencia.

Football: Anelka gets five-match ban for 'quenelle'

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LONDON (AFP) - Nicolas Anelka's future in English football was in the balance Thursday after he was given a five-match ban for making the controversial 'quenelle' salute which was widely condemned as anti-Semitic. The Football Association cleared Anelka of being an anti-Semite and were convinced that he was not promoting anti-Semitism by his use of the gesture. However, he was nevertheless guilty of an aggravated breach of FA rules for making the 'quenelle' while playing for West Bromwich Albion in a Premier League match away to West Ham on December 28. As a result, the 34-year-old French striker was banned and fined 80,000 pounds (97,468 euros, $133,368). Anelka was also ordered to complete a compulsory education course although he does have the right of appeal. Anelka's lawyers, Brown Rudnick, responded by saying: Nicolas Anelka is pleased that the FA regulatory commission has found him not to be an anti-Semite and that he did not intend to express or promote anti-Semitism by his use of the quenelle gesture. He is now waiting to receive the commission's full reasons for their decision before considering whether or not to appeal.West Brom, who last month saw main sponsor Zoopla announce they would not be renewing a 3 million pounds ($4.9m) deal that expires at the end of the season, said they would suspend Anelka pending the conclusion of the FA's disciplinary process and the club's own internal investigation.The club acknowledges that the FA panel 'did not find that Nicolas Anelka is an anti-Semite or that he intended to express or promote anti-Semitism by his use of the 'quenelle'', said a West Brom statement. However, the club cannot ignore the offence that his actions have caused, particularly to the Jewish community, nor the potential damage to the club's reputation. The club will make no further comment until the FA's disciplinary process and its own internal investigation have been completed. Midlands club West Brom, currently just one point above the relegation zone with 11 games left, are not in action again until a home match against English champions Manchester United on March 8. Former France international forward Anelka made the 'quenelle' after scoring the first of his two goals in a 3-3 draw at Upton Park. Anelka always denied the gesture was anti-Semitic or that he himself was a racist. Even so, he was banned by a disciplinary panel chaired by leading lawyer Christopher Quinlan following a hearing in Watford, north of London.

Golf: McIlroy grabs PGA clubhouse lead

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PALM BEACH GARDENS (AFP) - World number eight Rory McIlroy closed with back-to-back birdies to seize the clubhouse lead in Thursday's opening round of the $6 million US PGA Honda Classic with a bogey-free seven-under par 63.The two-time major champion from Northern Ireland sank a 27-foot birdie putt at the second and had a tap-in birdie at the par-5 third for a solid early start at PGA National.McIlroy then opened the back nine with three birdies in a row and added another with a 12-foot putt at the par-3 17th.At the 18th, McIlroy found a bunker with his approach but blasted out to 4.5 feet and sank the birdie putt.McIlroy's longest birdie putt was a 45-foot effort at the 11th sandwiched between an eight-foot birdie putt at the 10th and a six-footer at the 12th.American Russell Henley was still on the course at six-under with two holes to finish while South African Rory Sabbatini, Welshman Jamie Donaldson and American William McGirt were next nearest to McIlroy in the clubhouse on five-under 65.McIlroy, 24, won the Honda Classic in 2012 to capture the world number one ranking for the first time in his career.But last year, McIlroy made a humbling withdrawal during his second round at the event, complaining of mental fatigue and a toothache. He later apologized and says he has learned from his actions that he must play through tough times.

Formula One: Perez fastest, Red Bull struggles go on

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MANAMA (AFP) - Mexicos Sergio Perez took his Force India to top place in pre-season testing at Bahrains Sakhir circuit on Thursday while world champions Red Bulls winter woes continued.As the final four-day testing period got underway, Perez clocked a best time of 1min 35.290sec with Valtteri Bottas continuing Williams early promise with the second-best time.Kimi Raikkonen in a Ferrari, Mercedes Nico Rosberg, Adrian Sutil in a Sauber and promising McLaren driver Kevin Magnussen filled out the top six.We really needed a good day to start this week and today we had it, said Perez after completing a marathon 105 laps.We managed to do a lot of laps, try several different compounds and mappings, and its been a fantastic day in terms of learning about the car.But with the season-opening Australian Grand Prix just two weeks away, Red Bull again endured a frustrating session.Australian driver Daniel Ricciardo clocked the teams best time in Bahrain this winter but he was still down in seventh place.He managed 32 laps in the morning but just seven more in the afternoon before being confined to the garage as the car endured more technical glitches.We started really well this morning and put in some very useful laps straight away, which was good. We were able to run consistently and without issue and the plan was to increase the duration of the runs incrementally, said Red Bull engineering co-ordinator, Andy Damerum.That was all going according to plan. We sent Daniel out for a long-ish run, but we had to abort about five laps in, as we noticed some issues on the sensors.We brought him in, had a look at the car and discovered that we had a problem with the exhaust. So we had a long afternoon in the garage, but we did manage to get Daniel back out at the end of the session, which was good.Ricciardo tried to remain positive with his final day in the seat set for Friday before world champion Sebastian Vettel completes driving duties on Saturday and Sunday.We still had a few issues today, but at least when the car was on track it was much more useful running and we made progress in the morning. Its getting there, said Ricciardo.

Oil falls after weaker US data, Yellen testimony

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NEW YORK (AFP) - Oil prices fell modestly on Thursday as investors digested weaker US data, US Federal Reserve chief Janet Yellen's unsurprising testimony to Congress and rising Ukraine tensions.New York's main contract, West Texas Intermediate (WTI) for delivery in April, slipped 19 cents to finish at $102.40 a barrel.In London trade, Brent North Sea crude for April settled at $108.96 a barrel, a drop of 56 cents from Wednesday's close.The US benchmark traded lower after some weaker-than-expected data added to soft indicators on the US economy, and stayed down after Yellen's testimony to the Senate Banking Committee.First-time claims for unemployment insurance benefits, a sign of the pace of layoffs, rose last week and new orders for manufactured durable goods fell 1.0 percent in January.Yellen meanwhile said that the intense winter storms of the past two months have been one cause of the recent run of weaker US economic data.What we need to do and will be doing in the weeks ahead is to try to get firmer handle on exactly how much of that set of soft data can be explained by weather and what portion, if any, is due to softer outlook, she told lawmakers.Analysts said there were no big surprises in Yellen's testimony, which stressed the Fed would continue to taper its $65 billion asset-purchase program unless there was a significant change in the economic outlook.Meanwhile, the market kept watch over the crisis in Ukraine, where the ousted pro-Moscow president, Viktor Yanukovych, emerged defiant Thursday from five days in hiding as the country's new leaders issued a blunt warning to Russia against any aggression on the volatile Crimean peninsula.Anxious Western governments voiced fears about the dangerous situation in Crimea after dozens of pro-Kremlin gunmen in combat fatigues seized government buildings in the autonomous republic and pleaded with Moscow not to escalate tensions.Concerns over slowing economic growth in China is pressuring Brent lower, as is the general risk-off tone in Europe as tensions rise in the Crimea, said Addison Armstrong, head of market research at Tradition Energy.

Dollar slips after Yellen testimony

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NEW YORK (AFP) - The US dollar slipped against the euro Thursday after Janet Yellen suggested the Federal Reserve could shift its tapering policy if recent weaker data represented a fundamental change in growth.But the turmoil in Ukraine, with worries of a regional conflict involving Russia focused on Crimea, kept up demand for safe-haven currencies generally.After trading lower ahead of Yellen's Senate testimony, at 2200 GMT the euro was up to $1.3710 from $1.3683 late Wednesday.The dollar edged lower to 102.15 yen from 102.38 yen, while the euro moved to 140.05 yen from 140.11.The dollar fell to 0.8882 Swiss franc from 0.8906 franc, while the British pound was slightly higher at $1.6688 compared with $1.6667.Yellen told the Senate Banking Committee that Fed policymakers believe severe weather was behind some of the disappointing numbers of the past two months on job creation, industrial production and consumption.However, the Fed chair allowed for a more bearish interpretation that conceivably could lead to a slower pace of cuts to the stimulus program, now at $65 billion monthly bond purchases.What we need to do and will be doing in the weeks ahead is to try to get a firmer handle on exactly how much of that set of soft data can be explained by weather and what portion, if any, is due to softer outlook, she said.Analysts said Yellen's hint that the taper could be flexible, and her stronger statement that unemployment remains a big problem, suggests less of a determination to push ahead with policy tightening than was evident a few months ago.It is clear from today's hearing that market participants will have to wait until the March (Fed) rate decision on the 19th for true guidance on where the Fed stands, said Gregory Marks of DailyFX.Moving forward, sentiment may continue to shift between risk-on and risk-off as markets remain choppy amid good/bad data extremes and geopolitical tensions building in some emerging and frontier markets.

IMF studies aid for cash-strapped Ukraine

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WASHINGTON (AFP) - The International Monetary Fund waded into the fast-moving Ukraine crisis on Thursday, promising to look at providing a lifeline to its embattled economy.Ukraine's newly minted prime minister, Arseniy Yatsenyuk, has requested the world lender of last resort's assistance, IMF managing director Christine Lagarde said.We are ready to respond, she said, giving de facto recognition of the new Western-leaning government in Kiev following the overthrow of Russian-backed president Viktor Yanukovych over the weekend.Ukraine owes $13 billion in state debt payments this year -- a massive sum in a country where state reserves have shrunk to less than $18 billion.And Kiev has suffered from Russia's decision to freeze a $15 billion dollar bailout package after a first $3 billion tranche was used up.In her statement, Lagarde made no mention of the sum -- $35 billion in Western help -- requested by the Ukraine's new leaders as their economy teeters toward a sovereign default.Lagarde said she would send a fact-finding team to Kiev to undertake a preliminary dialogue with the authorities.IMF spokesman Gerry Rice told reporters the mission should arrive in Ukraine next week, but declined to say when the IMF could begin to extend any financial assistance. Typically, an aid plan is agreed between authorities and IMF staff before being approved by envoys to the 188-nation body, a process that can take serval months.But growing pledges of support by Western powers could speed things up.The United States, the largest IMF stakeholder, announced Wednesday that it would guarantee $1 billion in loans. US Secretary of State John Kerry promised quick deliver of the guarantees with some other pieces to follow.Kerry said the European Union was looking at loan guarantees worth some $1.5 billion for the nation of 46 million people.Any aid would probably be funneled through a mechanism overseen by the IMF which had previously frozen its assistance program because of Yanukovych's refusal to make painful structural changesThe letter we just received does indicate that the new leadership is committed to implement wide-ranging reforms, said Rice.Meanwhile, Switzerland said Thursday it was prepared in principle to freeze any funds Ukraine's ousted president Yanukovych might have in Swiss banks.The full decision, which will be published Friday, obliges Swiss banks to show increased vigilance when it comes to Ukrainian funds, foreign ministry spokesman Pierre-Alain Eltschingerhe said.Demonstrators gathered in front of the United Nations's European headquarters in Geneva on Thursday, calling on Switzerland to stop being passive.Lagarde said the IMF mission would assess the economic situation in Ukraine as well as begin discussions on the policy reforms that could form the basis of a Fund-supported program. We are also discussing with all our international partners -- bilateral and multilateral -- how best to help Ukraine at this critical moment in its history, she said. In that regard, we are encouraged by the many statements of support that have been expressed.Concerns over what would be a catastrophic default saw the local currency take a 9.6-percent plunge to a record low of 11.5 hryvnias against the dollar Thursday.

Posted by IMRAN ALI SOOMRO (DARVESH) at 2/28/2014 08:23:00 AM

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