Tesco says "not all gloom", profit up 11 pc

LONDON, Apr 15: Tesco Plc, the world's third-biggest retailer, met forecasts with an 11 percent rise in annual profit on .....more

Nepalese Finance Minister injured in Maoist attack

KATHMANDU, Apr 15: Nepalese Finance Minister and elected member to the Constituent Assembly, Ram Sharan Mahat, was injured when a ......more

Royal Blackmail: accused appear in court

LONDON, Apr 15: Two persons, accused of trying to ensnare a member of the Royal family in a 50,000 pounds gay .........more

China fund buys nearly 1 pct of BP -Daily Telegraph

BEIJING, Apr 15: China has accumulated a stake of just under 1 percent in British oil major BP Plc, the Daily Telegraph reported, raising fresh questions about Beijing's strategy for investing its huge foreign currency reserves....... ......more

Gucci wins trademark case in China sandal scandal

BEIJING, Apr 15: Luxury goods maker Gucci has won a trademark copycat lawsuit against a Chinese shoemaker, putting ......more

India to play 'most decisive' role in SL peace process: Norway

OSLO, Apr 15: India will play the "most decisive" role in the peace process in Sri Lanka being the "best-placed regional ......more

Astra settles Nexium patent disupte with Ranbaxy

LONDON, Apr 15: Anglo-Swedish drugmaker AstraZeneca said on Tuesday it had settled US Patent litigation against ......more

Combination of drugs to terminate prostate cancer

LONDON, Apr 15: Scientists found that two drugs used to treat cholesterol and arthritis can halt the progress of prostate cancer.A combination of Celebrex, an anti-inflammatory drug, and the statin Lipitor kept the cancer in its less aggressive .........more

     

Despite missteps, pope reaching out to other faiths

Families of Pakistani boys make emotional appeal to Govts

Musharraf’s popularity waning, should resign: Survey

Top US official to hold talks with Dalai Lama on Tibet

 

Tesco says "not all gloom", profit up 11 pc

LONDON, Apr 15: Tesco Plc, the world's third-biggest retailer, met forecasts with an 11 percent rise in annual profit on Tuesday and said it had made a strong start to its new financial year.

Britain's biggest supermarket group said it made a trading profit of 2.75 billion pounds ($5.4 billion) in the 52 weeks to Feb. 23, led by strong growth in its international and online businesses.

Like-for-like sales, excluding fuel, in its core UK market rose 3.5 percent, and were up over 4 percent in the first 5 weeks of its new financial year, it said in a statement.

Chief Executive Terry Leahy said in an interview the tough economy meant consumer habits were changing but Tesco tended to ''grow market share in this kind of environment''.

''It is not all gloom, there are opportunities,'' Leahy said in an interview with Reuters.

''Customers are more likely to look for value and value is one of the strengths for Tesco. We are a company for all seasons.''

Competition is heating up between Britain's big four food retailers -- Tesco, Asda, Sainsbury and Morrisons -- for a share of dwindling households budgets squeezed by higher mortgage repayments and energy bills.

Leahy said Tesco was responding by paying very close attention to its research into consumer loyalty and targeting consumers with ''better promotions''.

''We always want to keep the pressure up on price,'' he said. (AGENCIES)

Nepalese Finance Minister injured in Maoist attack

KATHMANDU, Apr 15: Nepalese Finance Minister and elected member to the Constituent Assembly, Ram Sharan Mahat, was injured when a group of Maoists attacked him and his supporters in Dudhdevi VDC of Nuwakot.

''Seven other persons were also injured when 25 Maoists attacked them when Dr Mahat and his associates were returning home yesterday from a victory rally organised to mark his victory from Nuwakot-2,'' The Himalayan Times reported.

''Nepali Congress (NC) cadres Prahalad Phuyal and Umesh Karki, a police inspector and four minors were injured in the incident. Dr Mahat, Phuyal and Karki sustained injuries in the head,''it said.

''I will see a doctor tomorrow to find out how serious the injury is,'' Dr Mahat said during a press conference at his residence.

The Maoist cadres pelted stones at them and attacked them with sickles.

Earlier, the Maoists also injured another NC cadre Shiv Dangol in Bidur, the district headquarters.

''Before the incident, the Maoists had torn off a few ballot papers in the election office to protest against my win,'' said Dr Mahat. He lamented that the Maoists continued with their excesses even after the polls.

''They threatened physical action against our cadres and did not let them vote freely; they have won majority seats because of intimidation and violent tactics,'' he added.

The attack on a senior leader came at a time the Maoists were leading the polls with 112 seats when the results of 211 seats was declared.

The NC was in the second place with 32 seats, the CPN-UML had 29 seats, Terai based regional party MJF had 19 seats and the remaining seats were won by other small parties.

(UNI)

Royal Blackmail: accused appear in court

LONDON, Apr 15: Two persons, accused of trying to ensnare a member of the Royal family in a 50,000 pounds gay sex and drugs blackmail plot, appeared in a central London Criminal Court.

Ian Strachan, 30, and Sean McGuigan, 40, who appeared in the court yesterday, have denied the charges that they threatened to release a video of a royal aide claiming to engage in a sexual act with a member of the royal family.

A court order bars journalists from naming the alleged victim or any potential witnesses and Judge Jeremy Cooke has ruled that parts of the trial should be heard in private.

British media reports, however, earlier said that the royal in question is not a senior member of the family and does not carry out official engagements.

The two men first allegedly tried to sell the tapes to a tabloid newspaper and when the deal collapsed, hatched the plot to approach the royal.

Buckingham Palace has refused to comment on the case.

The video footage was allegedly shot in a flat close to Buckingham Palace in an upmarket residential area.

It allegedly shows cocaine being cut up on a coffee table with a Harrods charge card before being sniffed by the aide who made claims of a sex act that took place between the two before asking for "more cocaine".

The arrests took place on September 11 last year, five weeks after the first approach was made by the accused.

If convicted the defendants face a maximum sentence of 14 years in jail. (PTI)

China fund buys nearly 1 pct of BP -Daily Telegraph

BEIJING, Apr 15: China has accumulated a stake of just under 1 percent in British oil major BP Plc, the Daily Telegraph reported, raising fresh questions about Beijing's strategy for investing its huge foreign currency reserves.

A spokesman for BP, Britain's largest company, told the newspaper that it was aware of the Chinese stake, which is worth about $2 billion, and that it welcomed all shareholders.

The Telegraph did not name the investor but said it was the same Chinese state fund that had built up a stake in French oil giant Total.

That fund is the State Administration of Foreign Exchange (SAFE), an arm of the central bank that manages China's $1.68 trillion in currency reserves, the Financial Times reported last week. It said SAFE's stake of 1.6 percent was worth about $2.8 billion.

The disclosure of China's investment in BP coincides with a visit to Beijing by Chancellor of the Exchequer Alistair Darling, who has said sovereign funds are welcome in Britain as long as their investments are commercially, not politically, driven.

Darling is due to meet Premier Wen Jiabao on Tuesday as well as Lou Jiwei, head of China Investment Corp (CIC), a $200 billion sovereign wealth fund that Beijing set up last September to increase the returns on its reserves by taking greater risks.

SAFE talked about diversifying its investments long before the creation of CIC, and He Fan, a researcher with the Chinese Academy of Social Sciences, said it was a good thing for China to have two sovereign wealth funds.

But he said if SAFE continued to expand its investment portfolio, it might eventually threaten the legitimacy of CIC, especially if the latter was unable to generate juicy profits.

''If the return of CIC is, say, only about 5 percent, then the value of its existence will be in doubt,'' said He.

INSTITUTIONAL RIVALRY

China is not alone in having more than one sovereign fund.

Singapore, which China has cited as a role model for its reserves management, has both the Government of Singapore Investment Corp and Temasek.

Still, some academics close to Beijing policy makers believe that CIC has been in an awkward position from day one because of rivalry between the finance ministry and the central bank over who should control China's foreign exchange reserves.

''CIC was born as a product of infighting within the government,'' a think-tanker, who declined to be named, said.

CIC was funded with part of the central bank's reserves. But it is headed by a former vice-finance minister, Lou Jiwei, who has come under fire for the poor performance of his fund's initial high-profile investments in U.S. Private equity group Blackstone and investment bank Morgan Stanley.

SAFE, which invests mostly in lower-risk bonds, came on to the equity market's radar in January with reports that it had taken small stakes in Australia and New Zealand Banking Group Ltd, Commonwealth Bank of Australia and National Australia Bank Ltd.

ANZ confirmed SAFE had bought a stake of under 1 percent.

In taking on more risk, SAFE is encroaching on to the CIC's turf, said Kyle Jaros with Eurasia Group, a New York consultancy.

''China's senior leaders, however, may intend to use competition to incentivise better performance by each agency, and in coming years could divide new foreign exchange surpluses between SAFE and CIC, according to which achieves greater investment success,'' he said in an April 4 report.

As for the choice of investment, buying into Total and now BP makes sense for a country that is scouring the globe for energy and natural resources to feed its booming economy. SAFE is also reducing its exposure to a declining dollar

Still, some analysts questioned the timing.

''How will they increase returns by investing in BP at this stage in the cycle?'' asked Larry Brainard, chief economist at Trusted Sources, a London consultancy.

(AGENCIES)

Gucci wins trademark case in China sandal scandal

BEIJING, Apr 15: Luxury goods maker Gucci has won a trademark copycat lawsuit against a Chinese shoemaker, putting its foot down in a country where knock-off designer gear is on sale on every street corner, state media said today.

Senda Group Co Ltd, based in the eastern province of Jiangsu, was ordered to pay Gucci 180,000 yuan ($26,000) in compensation for infringing on the Gucci trademark featuring an interlocking ''GG'', according to the ruling handed down by the People's Court of Shanghai Pudong District yesterday.

Senda's ladies sandals bearing the logo were sold at Shanghai No 1 Yaohan Department Store in August 2006, Xinhua news agency said.

''Gucci demanded Senda and the Yaohan department store stop manufacturing and selling the shoes carrying the logo and asked for compensation totalling 610,000 yuan from the two defendants,'' Xinhua said.

The department store bore no responsibility for damages in the case but should immediately stop selling the sandals, Xinhua said, quoting the ruling.

Fake and pirated goods ranging from drugs and DVDs and designer clothes and golf clubs are widely on sale in markets across China.

The European Union and United States have maintained pressure on China to combat counterfeits, which US software and entertainment firms say costs them 2.5 billion dollar a year.

Gucci, owned by French retailer PPR <PRTP.PA>, has quadrupled the number of stores it has in China from four at the end of 2004.

($1=6.992 Yuan)

(AGENCIES)

India to play 'most decisive' role in SL peace process: Norway

OSLO, Apr 15: India will play the "most decisive" role in the peace process in Sri Lanka being the "best-placed regional power" to help the island nation, a top Norwegian envoy has said.

Norway's special envoy to Colombo Jon Hanssen-Bauer said in an interview to PTI that India was to be the "main partner" for Sri Lanka in the future, and that Oslo was in regular touch with New Delhi over the issue of peace process in its neighbouring country.

Norway had borkered the now-defunct ceasefire treaty between the Sri Lankan Government and the rebel Liberation Tigers of Tamil Eelam (LTTE) in 2002.

"India is the main neighbour to Sri Lanka and they are always taking a keen interest in helping Sri Lanka. I think India will play the most decisive role in the peace process," he said on the sidelines of a Conference on Peace and Reconciliation in South Asia, organised here by Art of Living Foundation of Sri Sri Ravi Shankar.

"India is Sri Lanka's big trade partner, it is also a political partner for a long time and they (India) would be the best-placed regional power to actually help Sri Lanka in the best way," the top Norwegian diplomat, who was appointed the special envoy in 2006, said.

Stressing that Norway was having "very open communications" with India on the ethnic strife in Sri Lanka, the envoy said: "We are consulting with them very frequently because we think India has a lot of good advice to give." (PTI)

Astra settles Nexium patent disupte with Ranbaxy

LONDON, Apr 15: Anglo-Swedish drugmaker AstraZeneca said on Tuesday it had settled US Patent litigation against India's Ranbaxy Laboratories over its top-selling drug, ulcer pill Nexium.

AstraZeneca said that under the deal Ranbaxy would be allowed to start selling a cheap, copycat version of Nexium on May 27, 2014.

(AGENCIES)

Combination of drugs to terminate prostate cancer

LONDON, Apr 15: Scientists found that two drugs used to treat cholesterol and arthritis can halt the progress of prostate cancer.

A combination of Celebrex, an anti-inflammatory drug, and the statin Lipitor kept the cancer in its less aggressive early stage in tests on mice.

Dr Allan Conney of Rutgers University in New Jersey, which carried out the research, said, ''This is something we hope is going to save lives. If clinical trials go well, we could have something available in five years.''

''If the trials show that the drug therapy does a good job of preventing the cancer from advancing, we won't need to worry about how to handle the more aggressive later stage cancer,'' he added.

Professor Xi Zheng said low doses of Lipitor and Celebrex had a ''potent inhibiting effect on the formation of later-stage tumours''.

(UNI)

Despite missteps, pope reaching out to other faiths

WASHINGTON, Apr 15: Pope Benedict, who is sometimes seen as insensitive to other faiths, will reach out to other religious leaders during his first visit to the United States, even though the trip is aimed at Roman Catholics.

The pope will meet with about 150 leaders of other religions on Thursday as he visits Washington, and he plans to visit a synagogue in New York on Friday.

Since his 2005 election, the pontiff has provoked concern and anger among Hindus, Muslims and Jews with highly publicized missteps. But leaders of those faiths said they are optimistic that interfaith dialogue will advance during his papacy.

''There have been a lot of positive steps,'' said Ravi Gupta, a religion professor at Centre College in Kentucky, a Hindu leader who will meet with the pope. ''I'm hopeful ... In terms of what the possibilities are.''

US Catholic bishops and leaders of other faiths have been holding behind-the-scenes contacts regularly, US religious leaders said.

Pope Benedict's criticism of India in 2006 for what he said were ''disturbing signs of religious intolerance'' over efforts to ban conversions drew a sharp response from the Government and the opposition Hindu nationalist Bharatiya Janata Party.

The Muslim world reacted angrily in 2006 when the pope quoted a Christian emperor as saying the Prophet Mohammad had brought the world only ''evil and inhuman'' things, a remark that overshadowed the conciliatory theme of his address. He provoked more criticism last month by baptizing a Muslim convert.

Jews were worried over his recent approval of a Good Friday prayer in Latin appearing to call for the conversion of Jews, reviving language largely eliminated in reforms of the 1960s.

''He's had a few bumps as we all know,'' said Rabbi Joel Meyers, executive vice president of the Rabbinical Assembly and one of the Jewish leaders invited to the interfaith meeting.

''Some of his references ... Have not been the best, the most sensitive, but I want to put that in context,'' Meyers said. ''What he was doing, and what he continues to do, is to try to reach out. And I think he is trying to do that with the Orthodox (Christian) community, with the Muslim community. He certainly has done it with the Jewish community.''

'RIGHT DIRECTION'

Pope Benedict became only the second pontiff to visit a synagogue, even before his planned visit to another this trip. After the furor over his comments about Mohammad, the pope visited the Blue Mosque in Turkey, becoming the second pontiff to visit a Muslim place of worship.

''I believe the pope is heading toward the right direction. He is trying to build bridges with Muslims,'' said Imam Sayed Hassan Al-Qazwini, religious director of the Islamic Center of America in Dearborn, Michigan.

Qazwini, who has met the pope at the Vatican and will be at the Washington session, said, ''I do not assume at all that because of his previous views the pope will be less open to dialogue.'' In fact, he added, those reactions ''may help the pope to entertain more moderate views about Islam.''

The religious leaders said it was clear the pope would never change some views, and it was unrealistic to think he would.

''People say, 'Well, he still says the Catholic Church is really the most favored church, or the best church.' Well, I would hope so. I wouldn't expect him to say anything else as the leader of the Catholic Church,'' Meyers said.

In fact, several religious leaders said, interfaith dialogue works best when the participants agree to disagree on doctrinal differences and focus on areas of agreement and common concern.

''There is no point in discussing theological differences. They are old, in some cases ancient,'' said Rabbi Tzvi Hersh Weinreb, executive vice president of the Orthodox Union, who also will attend the meeting with the pope.

Weinreb said his work with Catholic leaders in New York focused on issues where they agree, like state aid to parochial schools. ''We also work together on the issues of poverty, employment, peace in the sense of between our communities, but peace in the broader sense as well,'' he said.

While Jews have a long-standing dialogue with the Vatican, it has only recently launched a dialogue with some Muslim scholars, and its meetings with Hindus are less formalized.

Both Gupta and Qazwini said they hoped this week's meeting would lead to a more permanent dialogue. Although it is a formal session with little chance for conversation, the religious leaders said the meeting would send an important signal.

''When leaders come together it sends a very strong message to their religious communities, of course, that it is necessary for there to be understanding and education about different religious traditions,'' Gupta said.

(AGENCIES)

Families of Pakistani boys make emotional appeal to Govts

ISLAMABAD, Apr 15: The families of two Pakistani boys, who were detained after straying across the Barmer border into India a week ago, today urged the Governments of the two countries to take steps for their early release.

Azhar Ansari, 17, and his cousin Zohaib, 10, apparently dug the earth below a barbed wire fence on the Indo-Pak border to slip into the Indian side on Saturday, Barmer police said. They were apprehended by a BSF patrol party.

The two boys went missing shortly after they left home on that day, saying they were going to school. Their families in Tando Layar in Sindh province learnt from reports on television news channels this morning that the boys were being held in a police station in Rajasthan.

Azra, the mother of Azhar, said, "No one from the (Pakistan) Government has contacted us. We just want our children to come back as soon as possible.

"We want the Indian and Pakistani Governments and all civil society groups to help us to get them back. Our children have made a mistake, they said they were going to school but did not come back. We enquired all over but could not trace them," she said, breaking down in tears.

According to Barmer police, the boys told interrogators that they ran away from their home after being scolded by their parents.

Abdul Sattar Ansari, the grandfather of Azhar, said, "We found out that the boys had mistakenly crossed over to Pakistan from television reports. We are waiting for someone to take up their issue." (PTI)

Musharraf’s popularity waning, should resign: Survey

ISLAMABAD, Apr 15: A majority of Pakistanis feel President Pervez Musharraf should resign while two-thirds of respondents a new national survey backed the new Prime Minister Yousuf Raza Gillani’s performance.

Fifty-one per cent of respondents in the poll conducted by Gallup Pakistan said the embattled former General should resign. Another 22 per cent supported a move to remove the President through impeachment while 26 per cent favoured his continuation.

Two-third of the respondents in the survey gave a "very favourable or favourable" view about new Prime Minister Yousuf Raza Gillani. Another 29 per cent rated him as "fair", indicating moderate approval. Only seven per cent rated him poorly.

Eighty-one per cent of respondents favoured the reinstatement of deposed Supreme Court Chief Justice Iftikhar Muhammad Chaudhry while 17 per cent opposed it. Musharraf had sacked Chaudhry after imposing emergency in Pakistan in 2007.

Asked about the expected longevity of the new parliament, 40 per cent of the respondents said there is a "high chance" of it completing its five-year term while the same percentage said the chances are "moderate".

Eighteen per cent of the respondents said they believed the chances that the new parliament will complete its full tenure without being dismissed are "either slim or none at all".

Over the past 20 years, most popularly elected parliaments in Pakistan were prematurely dismissed without completing their tenure.

Slightly under half of the respondents 45 per cent said the two major coalition partners in the new government, the Pakistan People’s Party and the PML-N, will "pull it together amicably". But a significant section 31 per cent said that the coalition "is likely to fall apart soon", said a statement from Gallup Pakistan.

Another 36 per cent said they were unable to make a judgment in this matter.

Before the February 18 general election, only 15 per cent of people believed Pakistan was headed in the right direction. This figure rose to 40 per cent soon after the polls and according to the latest Gallup Pakistan poll completed six weeks after the elections, 54 per cent said the country is headed in the right direction.

But 43 per cent said Pakistan is not headed in the right direction.

Gallup said the survey was conducted in two phases during March 30-31 and April 5-6. The size for each phase was over 1,200 respondents, the statement said. (PTI)

Top US official to hold talks with Dalai Lama on Tibet

WASHINGTON, Apr 15: A special envoy of President George W Bush will hold talks with the Dalai Lama next week on the "ongoing and serious" problem in Tibet, the highest level of contact between the administration and the Tibetan spiritual leader since an unrest erupted in the Himalayan region, the US said today.

It, however, maintained that the meeting will not represent any "new initiative" though the two sides would discuss America’s view that the Chinese authorities ought to engage in discussions with the Dalai Lama on Tibet issue.

The comments from the State Department came even as top administration officials said that President Bush will be attending the Olympics but continued to hedge on whether he will be there for the opening ceremonies.

"Under Secretary Paula Dobriansky, who is also the Special Envoy for Tibet, is going to be meeting with the Dalai Lama in Michigan on April 21," State Department Deputy Spokesman Tom Casey said.

"I’m sure there have been some conversations between her staff and the Dalai Lama’s staff to set that meeting up. Beyond that, I’m not aware that there has been any substantive contacts at a higher level between the Dalai Lama and other officials here in this building," Casey said.

Describing the Dalai Lama, now on a US visit, as "someone who carries a great deal of moral authority among Tibetan officials," he said the Tibetan leader and Dobriansky were "going to be talking about our view that Chinese authorities ought to engage in a discussion with the Dalai Lama."

"We’ll be interested in hearing his views on the situation there... We’ll be interested in hearing about that and any other thoughts and ideas he might have about the situation there."

Casey said there is an "ongoing and serious" problem in Tibet.

"We have spoken out on that repeatedly. It is an issue that certainly, as I just said, I expect she will be discussing with him. But if your point is, are we going into this meeting with a new initiative or expecting a new initiative from him, that’s not the case," he added.

Meanwhile, Secretary of State Condoleezza Rice has said that the Olympics is a sporting event and that she did not even favour the US boycott of Moscow Games following the Soviet invasion of Afghanistan.

"I am a big believer that the Olympics is a sporting event. And I really wasn’t very favourable toward the American boycott of the Olympics in 1980 when the Soviet Union invaded Afghanistan. Frankly, I thought it looked kind of weak."

"They invade Afghanistan, the best thing you can do is boycott the Olympics and deny athletes who’ve trained their whole lives the opportunity to be in the Olympics. And so I see the Olympics as a sporting event," Rice said.

This doesn’t mean that the President or she herself will not press the Chinese "about human rights, about Tibet, about Darfur," she said.

"We’ve been doing it. We’ll do it before, during and after the Olympics. But it’s also-this is going to be a moment of pride for 1.3 billion Chinese people. And I think it’s important to realise that, too. You don’t want to take their moment of pride and make it a moment in which the United States, for really political theatre, decides not to come to the Olympics.

"And so I know the President will look at the schedule and the like...," she added.

That the President met with the Dalai Lama "every year for the last several years" was a show of support to the people of Tibet, Rice said.

"The show of support for the people of Tibet is doing what we do every day... Telling the attorneys they ought to be in dialogue with the Dalai Lama, calling for diplomats and the press to get in and see. A show of support was the President meeting with the Dalai Lama, I think, every year for the last several years. And by the way, a show of support with the congressional level right up to the Dalai Lama.

"I think that’s a much more important show of support than what do you do about the Olympics," Rice maintained. (PTI)



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