ISLAMABAD, May 25: The Pakistan government is considering a proposal to meet its needs for diesel and furnace oil from India as imports from the neighbouring country will cost 30 per cent less than those from Gulf countries, a media report said today.
“We are in deficit and will take up the issue of diesel and furnace oil import with an Indian team scheduled to meet with us in Islamabad on Monday,” Petroleum Minister Asim Hussain told The Express Tribune.
Hussain said Pakistan is a major importer of diesel and furnace oil and the two products could be purchased from India at cheaper rates.
“We are interested in fulfilling our total requirements of diesel and furnace oil through imports from India,” he said.
“Indian oil products will be 30 per cent cheaper than those from Gulf countries,” said an unnamed official of the Petroleum and Natural Resources Ministry.
The government is also discussing proposals to import 200 million cubic feet of liquefied natural gas (LNG) a day and 500 MW of electricity from India, the report said.
A plan to import oil, LNG and electricity from India is being discussed after the federal cabinet decided in principle to grant Most Favoured Nation-status to the neighbouring country.
Pakistan’s total diesel consumption is 6.9 million tons a year and domestic refineries produce 3.2 to 3.4 million tons while the remaining quantity is imported.
Furnace oil demand stands at about nine million tons, of which refineries produce about 2.5 million tons while the rest is imported.
Consumption of furnace oil is expected to surge to 16 million tons by 2015-16 because of new power projects.
Hussain said Pakistan was also discussing the option of gas imports from India.
The daily quoted its sources as saying that Pakistan will prefer Indian LNG compared to imports from Qatar and other countries because New Delhi will ensure swift supply due to the proximity of the countries.
The Petroleum Ministry official dispelled the perception that Pakistan would import only five to 10 per cent of its oil needs from India.
“If we get 30 per cent cheaper petroleum products, why shouldn’t we meet total import needs of diesel and furnace oil from India,” he asked.
The official said the government, encouraged by the prospect of a quick start to the project, was mulling the import of 200 million cubic feet of LNG a day from India.
“If we import LNG from Qatar, it will take three years to make first purchases while import from India can be possible within a short span of six to eight months,” he said.
According to the official, a plan was being studied to ship imported Indian LNG through bowsers and tankers via land route to consumers of Punjab, which has been hit the hardest by a gas shortage.
A plan to import 500 MW of electricity from India will be discussed in talks with India.
The power crisis has badly shaken the country and the ruling Pakistan People’s Party is desperately pursuing different plans to tackle the problem to avoid the wrath of people before the general election scheduled for next year, the report said. (PTI)
Pak considering importing diesel, furnace oil from India
India, Netherlands will now exchange banking information
NEW DELHI, May 26: India and the Netherlands have effected a change in their Double Taxation Avoidance Convention(DTAC) to allow exchange of banking information as well as information without domestic interest.
The Convention between the two countries for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on July 30, 1988.
Now the two countries have concluded a Protocol to amend the Article 26 of the DTAC concerning Exchange of Information to bring it in line with the international standards, the Ministry of Finance said here today.
The Protocol was signed this month at The Hague, Netherlands by Ms Bhaswati Mukherjee, Ambassador of India to The Netherlands and Mr F H H Weekers, state Secretary of Finance, Netherlands.
The Protocol will replace the Article concerning Exchange of Information in the existing DTAC between India and the Netherlands and will allow exchange of banking information as well as information without domestic interest.
It will, now, allow use of information for non-tax purpose if allowed under the domestic laws of both the countries, after the approval of the supplying state. (UNI)
3 day Mango Mela from June 1
MYSORE, May 26: The Department of Horticulture is organising a three-day state-level ‘mango mela’ in the city from June 1 to provide a platform for growers to market their produce and make quality fruits reach mango lovers directly.
Department sources told that farm fresh and naturally ripened mangoes would be available at the mela in which farmers from Mysore district would sell mangoes grown in their orchards directly to customers. The mela aims at establishing direct contact between growers and customers.
“Our aim is that growers get a good price while customers get quality and naturally-ripened delicious fruit,” Deputy Director of Horticulture Nagaraj said.
About 25 mango farmers have agreed to bring their produce to the mela. “Other growers have also been requested to participate in the mela. Farmers will get space in the Curzon Park, where the every year Famous Fasara Flower show held, to market their produce,” he said. (UNI)
ICCR branch in Jammu
Dr. Karan Singh, Chairman Indian Council of Cultural Relations, an autonomous organization, inaugurated the Jammu branch of ICCR in the presence of a large gathering of artists, sculptors, dancers and musicians coming together from different segments of society. Jammu has the privilege to be the 18th city where ICCR has opened its recent branch. Srinagar is also likely to get a branch soon according to the Chairman. ICCR is essentially an institution given the duty of bringing salient features of Indian culture to the world outside. In more than a dozen countries of the world it has its branches closely linked to respective embassies. Cultural troupes are dispatched to perform in those countries and their troupes are invited to perform in India. This has been a commendable effort of the Indian State to build its cultural profile in the eyes of world community. India has usually received appreciation for its rich cultural fund. Selection of Balwant Thakur, an eminent artist of Jammu with reputation in the field and appreciation from national and international quarters, will be the regional director. Jammu is proud of its ICCR branch being headed by such an eminent son of the soil. The branch will provide great opportunity to the talented artists of Jammu region to showcase their contribution to the enrichment of Indian culture. Jammu has rich cultural fund and the ICCR branch will provide rare opportunities of exposure of that talent. Naturally a new cultural complex will come up with ultra modern facilities and this was greatly needed in refurbishing cultural profile of Jammu. Dr. Karan Singh as done a good service to the State.
Islamabad talks concluded
Home/Interior Secretary level two-day talks have ended in Islamabad. At the conclusion of the talks, a joint statement has been issued highlighting some of the areas on which there was agreement between the parties. On some of the crucial issues like handing over of wanted people to India, particularly the former LeT chief Hafiz Saeed whom India accuses of involvement in Mumbai carnage, the joint statement chose to be evasive. Nobody on our side expects any miracle to happen when official delegations of the two countries meet to discuss bilateral issues. Apart from technical bottlenecks and complicacies at the administrative and political level on each side, there is huge trust deficit between the two countries which cannot be undone overnight. Therefore if we do not find any visible forward move in Pakistan’s commitment to carry forward investigation into Mumbai carnage, it is not surprising. Pakistani Judicial Commission visited Mumbai and has gathered whatever information it needed to be placed before the Pakistani Government of judicial establishment where the culprits of the attack are prosecuted.
Notably before the two-day talks came to an end, Pakistani Interior Minister had given clear indication that more evidence provided by the Indian side about Hafiz Saeed’s involvement was not sufficient to bring a case against him. This was a foregone presumption and Pakistani government is obliged to protect Hafiz Saeed as long as it can and defend him against any irrefutable evidence India might produce. The case is politicized and dragged away from juridical boundaries. It is now accepted by the world community that Pakistan is unable to fight the Frankenstein of terror. Therefore tardy progress in the case of investigating the role of Hafiz Saeed and others and in an overall approach of Pakistan to the issue of terror vis-à-vis India should not make India lose her cool and patience. Indo-Pak relations are very complicated and sensitive, and as such, handlers have to demonstrate high quality of diplomatic skill and patience in carrying forward the bilateral dialogue.
True the signing of relaxed visa regime has been deferred against the expectations of Indian side. It is also true that the deck for doing so had been cleared in the previous meeting of the Secretary level. But then India could not ignore the argument of Pakistani side that it had to complete some internal formalities before the agreement was signed and that the process was in place in that country. Steady and patient movement forward is the key guideline in international diplomacy. Whatever little steps are taken, and these have been rightly detailed in the joint statement, in reality contribute to strengthening of confidence building measures. The Prime Minister has said it many times that India wants a prosperous and strong Pakistan as its neighbor and that India is prepared to have very friendly and cordial relations with the neighbor. He has also reiterated India’s desire of resolving bilateral issues through dialogue and without the use of force. This is astute statesmanship and India is matured enough to understand which side of its cake is buttered.
Poetical pundits in India are of opinion that India should do nothing to destabilize the democratically elected government of Pakistan. It is decisively in India’s interests to have good and cordial relations with Pakistan. Economically or politically weak and rickety Pakistan is not in the interests of India because that could pose serious threat to regional peace and stability. It seems that democracy in Pakistan has come to stay and the judiciary and legislature are functioning correctly. More important for that country is that the Army, too, seems to have changed its old style and is gradually getting reconciled to democratic norms which will have to reign supreme over all institutions in that country. There is fair amount of realization with the democratic government in Islamabad that trade and commerce with India is of crucial importance to her economic revival. That is the reason why Pakistan is conjuring up the grant of MFN status to India. Reading between the lines of the joint statement of two secretaries shows that both countries have a clear vision of the benefits of cooperation on vital issues concerning them like terrorism, trade, drug and fake currency control, release of prisoners and fishermen and above all the perception of resolving mutual differences through dialogue.
In this background the recently concluded talks in Islamabad are indicative of more interaction between the two countries in near future. It is a step by step movement forward. With each session of interaction, the process of mutual understanding will gain increased momentum. Time will prove that they are on the right track.
3 day Mango Mela from June 1
MYSORE, May 26: The Department of Horticulture is organising a three-day state-level ‘mango mela’ in the city from June 1 to provide a platform for growers to market their produce and make quality fruits reach mango lovers directly.
Department sources told that farm fresh and naturally ripened mangoes would be available at the mela in which farmers from Mysore district would sell mangoes grown in their orchards directly to customers. The mela aims at establishing direct contact between growers and customers.
“Our aim is that growers get a good price while customers get quality and naturally-ripened delicious fruit,” Deputy Director of Horticulture Nagaraj said.
About 25 mango farmers have agreed to bring their produce to the mela. “Other growers have also been requested to participate in the mela. Farmers will get space in the Curzon Park, where the every year Famous Fasara Flower show held, to market their produce,” he said. (UNI)
Jon Favreau returning to ‘Iron Man 3’ as an actor
LOS ANGELES, May 26: Filmmaker Jon Favreau is making a return to the “Iron Man” franchise to reprise his onscreen role as actor Robert Downey Jr’s bodyguard sidekick.
Favreau directed the first two installments of the Marvel comics movie adaptation, but announced in 2010 that he would not be taking charge of “Iron Man 3” so he could work on other projects.
Shane Black was brought in as his replacement and production began in North Carolina, The Hollywood Reporter said.
However, Favreau hasn’t cut all his ties to the upcoming sequel, he has been invited back to portray Happy Hogan once more.
The director, who will also serve as executive producer on the new film, made a cameo as the character in the 2008 original, and enjoyed more screen time as Hogan in “Iron Man 2”.
Actors Guy Pearce and Ben Kingsley have also been added to the new cast of Iron Man 3, which will see Downey Jr return as the titular superhero, with Gwyneth Paltrow as his love interest and assistant, Pepper Potts.
The film is due for release in May, 2013. (PTI)
British envoy’s ‘military’ comments cause stir
COLOMBO, May 26: The British High Commissioner here has stirred a controversy by stating that Sri Lanka was maintaining an inappropriately high military presence in the Tamil-dominated former battle zones of the north and the east.
British envoy John Rankin appears to have caught the wrong attention of officials here over his statement recorded in a High Commission video wherein he had said: “We hope the military presence in the north and east can resemble the level of the military presence in other parts of the country, rather than the very large military presence we continue to have at the moment”.
The English language ‘Daily Mirror’ and ‘The Island’ this morning quoted senior External Affairs Ministry officials as saying that comments made by Rankin had been taken note of.
The British envoy’s comments came only a few days after President Mahinda Rajapaksa said that withdrawal of the troops just to please foreign powers was not possible as there were security needs which warranted military deployment in all parts of the island.
The international community including Rajapaksa’s own Lessons Learnt and Reconciliation Commission (LLRC) had called for reduction of the military presence in the north as a means of achieving reconciliation. (PTI)
Jon Favreau returning to ‘Iron Man 3’ as an actor
LOS ANGELES, May 26: Filmmaker Jon Favreau is making a return to the “Iron Man” franchise to reprise his onscreen role as actor Robert Downey Jr’s bodyguard sidekick.
Favreau directed the first two installments of the Marvel comics movie adaptation, but announced in 2010 that he would not be taking charge of “Iron Man 3” so he could work on other projects.
Shane Black was brought in as his replacement and production began in North Carolina, The Hollywood Reporter said.
However, Favreau hasn’t cut all his ties to the upcoming sequel, he has been invited back to portray Happy Hogan once more.
The director, who will also serve as executive producer on the new film, made a cameo as the character in the 2008 original, and enjoyed more screen time as Hogan in “Iron Man 2”.
Actors Guy Pearce and Ben Kingsley have also been added to the new cast of Iron Man 3, which will see Downey Jr return as the titular superhero, with Gwyneth Paltrow as his love interest and assistant, Pepper Potts.
The film is due for release in May, 2013. (PTI)
Ex-Galleon portfolio manager testifies against Rajat Gupta
NEW YORK, May 26: An ex-Galleon portfolio manager testified in the trial of former Proctor and Gamble (P&G) board director Rajat Gupta that he had traded in the consumer giant’s stocks in 2009 after learning that Raj Rajaratnam had a “guy” on the company’s board.
Michael Cardillo, who has pleaded guilty to insider trading charges and is cooperating with the government, told jurors on the fifth day of Gupta’s insider trading trial that he and two other portfolio managers sold short P&G stock on January 29, 2009 after betting that it’s price would fall.
He said he was directed to sell the stock by Rajaratnam’s brother, R K Rajaratnam who was also a fund manager in his brother’s multi-billion dollar hedge fund.
Cardillo was told that P&G’s earnings known as “organic growth” were not as high as previously expected.
“I was told by R K that Procter & Gamble was expecting to come in 4 to 6 per cent but was actually going to come in lower at 2 to 4 per cent,” Cardillo said in Manhattan federal court yesterday.
When asked by US District Court Judge Jed Rakoff what Rajaratnam’s brother had told him, Cardillo said, “He told me he was hearing from Raj’s guy on the P&G board”.
Gupta, a former McKinsey head and director on Goldman and P&G boards, has been charged with passing confidential information he received in his capacity as board member of the two companies to convicted Galleon founder Rajaratnam, who is currently serving an 11-year prison term.
Gupta has pleaded not guilty to the charges.
The first week of the trial, which began on May 21, concluded yesterday with the government playing a July 2008 recorded phone conversation between Gupta and Rajaratnam and presenting before the 12-member jury emails, phone records and wiretaps to show the close relationship between the two.
In the July conversation, Gupta is also heard discussing business plans with Rajaratnam.
In its bid to demonstrate the ties between Gupta and Rajaratnam, the government presented details of a September 2007 email by Gupta to Goldman Sachs director and professor at Harvard Business School Bill George, who appeared as the government witness yesterday.
Gupta and Rajaratnam had helped start a private equity fund focused on investments in Asia called New Silk Route in 2007. (PTI)