Oil falls below $78 in Asia

SINGAPORE: Oil prices fell below $78 a barrel Tuesday in Asia on signs Tropical Storm Alex would likely miss most of the rigs in the Gulf of Mexico, leaving supplies undisrupted.

Benchmark crude for August delivery was down 53 cents to $77.72 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 61 cents to settle at $78.25 on Monday.

Alex gained strength and appeared on track to become a hurricane Tuesday before it makes landfall very near the Mexico-U.S. border sometime late Wednesday, said the U.S. National Hurricane Center in Miami, Florida.

The tropical storm's center wasn't expected to approach BP's massive oil spill off Louisiana's coast or the other major crude installations in the area, the center said.

Crude prices jumped late last week on expectations Alex could disrupt Gulf oil supplies.

"On Friday, the storm was something of a blank canvas with nothing on it, and traders were quick to project their worst fears," Cameron Hanover said in a report. "But, by Monday, it was clear that this first storm of the 2010 Atlantic hurricane season was not going to be a major threat to the oil industry."

Most Asian stock markets fell Tuesday, also undermining overall investor confidence.

Pakistan brings commendable economic reforms: IMF

WASHINGTON: The head of the International Monetary Fund (IMF) on Monday praised Pakistan's commitment to an 11.3 billion-dollar rescue package, despite a delay in setting up a nationwide tax.

IMF managing director Dominique Strauss-Kahn said that while Pakistan could not be considered a “normal country” in light of its wave of violence, the government has made a “good step forward” on economic reforms.

“There is a lot of concern but no real problem. I think they are going ahead rightly,” Strauss-Kahn said in a group interview. The Washington-based international lender approved the latest 1.13 billion dollars of the package in May and allowed two waivers on conditions, including giving the government the right to overrun the budget deficit.

As part of the IMF bailout, Pakistan agreed to impose a nationwide value-added tax to bolster government coffers and drum up badly needed funding to fight poverty.

But Pakistani leaders are squabbling over how to set up the tax. Some Pakistanis have voiced fear that the delay could lead to a cut-off in IMF support.

Strauss-Kahn acknowledged the IMF had “questions” about the tax and energy prices, but added: “I must say that a lot already has been delivered by the government.”

Another concern, Strauss-Kahn said, was to ensure that donor nations, informally grouped as the “Friends of Pakistan”, follow through with pledges.

“The question is... does the so-called Friend of Pakistan set of countries... really deliver and provide the resources, because all the resources needed are not supposed to come from the IMF,” he said.

Donors met in April 2009 in Tokyo and pledged 5.28 billion dollars to help stabilize Pakistan, which is the Islamic world's only declared nuclear weapons state and lies on the frontline of the US-led war on extremists in Afghanistan.

The US Congress last year approved a five-year, 7.5 billion-dollar plan to build roads, schools and democratic institutions in Pakistan.

US accepts Gulf oil spill aid from 12 countries

NEW ORLEANS: The United States will accept offers from 12 foreign countries to help clean up and contain the BP oil spill in the Gulf of Mexico, officials said on Tuesday.

"The United States will accept 22 offers of assistance from 12 countries and international bodies, including two high speed skimmers and fire containment boom from Japan," a US State Department statement said.

"We are currently working out the particular modalities of delivering the offered assistance," it said, adding that details would be "forthcoming once these arrangements are complete."

Offers of boom to contain oil and collect it off the surface of the water have been accepted from Canada, Mexico, Norway and Japan, said a spokeswoman from the Unified Area Command, an entity headed by the US Coast Guard that is coordinating with BP on the oil spill response.

Skimmers have been accepted from Mexico, Norway, France and Japan and a sweeping arm system has been accepted from the Netherlands, spokeswoman Gina Ruoti told media.

Non-material offers of assistance are coming from the European Union and International Maritime Organization, she added, but was unable to say how much the assistance would be.

A total of 27 countries have offered assistance to the US government following the explosion in April of the Deepwater Horizon oil rig, which left 11 workers dead and sparked the most severe oil spill disaster in US history.

An estimated 1.6 million to 3.6 million barrels of oil -- or 67 million to 153 million gallons -- have already poured into the Gulf from the ruptured wellhead some 5,000 feet (1,500 meters) below the surface.

Shoaib malik and Sania mirza going to Sialkot for Valima

LAHORE: Cricketer Shoaib Malik and his bride Sania Mirza left for Sialkot to host their valima reception ceremony there, Geo News reported Sunday.

According to police sources, Shoaib Malik and his wife Sania Mirza appeared from VIP Gate of a hotel at Mall Road followed by their relatives.

According to police sources, there was only one police squad vehicle for the security of the couple.

The sources told that Shoaib, Sania and their families shied away from media glare without taking any protocol.

Pakistan hands six dossiers to India

ISLAMABAD: Pakistan sought the extradition from India of the suspected lone surviving gunman from the 2008 Mumbai attacks to further its own investigation into the case, officials said on Sunday.

According to sources, Indian Deputy High Commissioner Rahul was summoned at Foreign Office and handed six dossiers on the headway made in Mumbai Attacks investigations.

The dossier has been sent to New Delhi through which the extradition of Ajmal Kasab, the gunman, and Fahim Ansari, an Indian accused of conducting reconnaissance of Mumbai landmarks before the attack, has been sought.

The dossiers comprise the answers to questions raised by India in connection with the Attacks. Also, the explanation of some questions has been demanded of India.

Pakistan wants more information on the Attacks, the dossiers said.

"In the context of an ongoing trial in Islamabad, it(extradition) is becoming our legal requirement and we are sending a dossier soon in this regard," Pakistan’s Foreign Office official earlier said.

India blames Pakistan-based LeT for the Mumbai attacks and has broken off talks with Pakistan, saying Islamabad must first act against militants operating from its soil, including the LeT, before a peace process can resume.

Another official said Pakistan hoped to get information from Kasab and Ansari which could be used for the trial of the seven LeT members.

"We believe their statements, especially Kasab's, would be helpful," said the official, who declined to be identified.

Pakistani Interior Minister Rehman Malik has said warrants had been issued for the arrest of the pair.

Kasab is accused of being one of 10 gunmen who attacked Mumbai in November 2008 in a three-day rampage.

An Indian court concluded his trial in March and is due to announce its verdict on May 3. Kasab faces the death penalty if found guilty of waging war against India.

India has also been pressing Pakistan to prosecute LeT founder Hafiz Mohammad Saeed but Islamabad says New Delhi has not provided enough evidence against him.

Leaders of India and Pakistan may meet in Bhutan's capital this week on the sidelines of a summit of South Asian nations to discuss trade and the environment.

Pakistan hands six dossiers to India

ISLAMABAD: Pakistan sought the extradition from India of the suspected lone surviving gunman from the 2008 Mumbai attacks to further its own investigation into the case, officials said on Sunday.

According to sources, Indian Deputy High Commissioner Rahul was summoned at Foreign Office and handed six dossiers on the headway made in Mumbai Attacks investigations.

The dossier has been sent to New Delhi through which the extradition of Ajmal Kasab, the gunman, and Fahim Ansari, an Indian accused of conducting reconnaissance of Mumbai landmarks before the attack, has been sought.

The dossiers comprise the answers to questions raised by India in connection with the Attacks. Also, the explanation of some questions has been demanded of India.

Pakistan wants more information on the Attacks, the dossiers said.

"In the context of an ongoing trial in Islamabad, it(extradition) is becoming our legal requirement and we are sending a dossier soon in this regard," Pakistan’s Foreign Office official earlier said.

India blames Pakistan-based LeT for the Mumbai attacks and has broken off talks with Pakistan, saying Islamabad must first act against militants operating from its soil, including the LeT, before a peace process can resume.

Another official said Pakistan hoped to get information from Kasab and Ansari which could be used for the trial of the seven LeT members.

"We believe their statements, especially Kasab's, would be helpful," said the official, who declined to be identified.

Pakistani Interior Minister Rehman Malik has said warrants had been issued for the arrest of the pair.

Kasab is accused of being one of 10 gunmen who attacked Mumbai in November 2008 in a three-day rampage.

An Indian court concluded his trial in March and is due to announce its verdict on May 3. Kasab faces the death penalty if found guilty of waging war against India.

India has also been pressing Pakistan to prosecute LeT founder Hafiz Mohammad Saeed but Islamabad says New Delhi has not provided enough evidence against him.

Leaders of India and Pakistan may meet in Bhutan's capital this week on the sidelines of a summit of South Asian nations to discuss trade and the environment.

Oil stays below 84 dollars in Asian trade

SINGAPORE: Oil prices fell in Asian trade Thursday after a report showing weaker demand in the United States, the world's largest energy-consuming nation, analysts said.

New York's main contract, light sweet crude for delivery in June, dropped 26 cents to 83.42 dollars a barrel.

Brent North Sea crude for June was down 16 cents to 85.54 dollars.

The US Department of Energy (DoE) announced Wednesday that American crude reserves increased 1.9 million barrels in the week ending April 16. This was against market expectations for a drop of 200,000 barrels

Gasoline or petrol stockpiles also soared 3.6 million barrels, more than forecasts for a small gain of 300,000 barrels.

Distillates, which include diesel and heating fuel, rose 2.1 million barrels whereas analysts had expected an increase of 900,000 barrels.

"The increase in crude inventories was largely unexpected so demand fundamentals are weighing on people's minds," Serene Lim, a Singapore-based oil analyst with the ANZ bank, said.

Demand in the United States is closely monitored by the oil market because it is the world's biggest economy and its largest energy consumer.

The giant US economy is struggling to recover from its worst downturn since the 1930s.

US and China announce anti-dumping steps

BEIJING: The United States and China have announced new anti-dumping steps against each other over aluminum and nylon, raising the threat of new tensions over trade and currency that had eased in recent weeks.

The U.S. Commerce Department said Wednesday it was launching an investigation into whether Chinese extruded aluminum products were being dumped, or sold at improperly low prices, due to government subsidies or other aid.

On Thursday, China's Commerce Ministry said it was imposing anti-dumping duties of up to 96.5 percent on imports of polycaprolactam, or nylon 6, from the United States, Europe, Russia and Taiwan.

The latest moves could reignite strains over U.S. complaints about China's currency controls, which critics say keep the Chinese currency undervalued and give its exporters an unfair price advantage. The two sides have made a series of conciliatory gestures in recent weeks, including a visit by Chinese President Hu Jintao to Washington.

The two governments have launched a series of trade cases over access to each other's markets for tires, steel, movies, music and other goods.

Products cited in the latest U.S. complaint are used in making window and door frames and sills, gutters, and solar power frames. The Commerce Department said their prices were alleged to be 32.5 to33.3 percent too low. The department said it would issue a preliminary report May 17 and a final determination in May.

Jordan reports blast at depot, denies Israel rocket fire

AMMAN: A senior Jordanian official said a blast hit a depot near its port town of Aqaba on Thursday, denying an Israeli television report that rockets were fired from its territory at the resort city of Eilat.

The explosion occurred in an air-conditioning plant on the outskirts of Aqaba at about 7:00 am (0400 GMT), the official told AFP on condition of anonymity.

"We know of no rockets in Eilat," he said, adding that an investigation had been launched into the incident.

Shoaib and Sania reach Islamabad hotel

ISLAMABAD: Shoaib Malik and Sania Mirza have arrived at a local hotel where reservation had been made for their day-long stay in the capital city.

The couple was provided a VVIP protocol as they left Benazir International Airport for the hotel on Thursday evening.

A cheerful crowd gathered outside the airport to welcome the newly-weds. However, the couple left the airport in a coaster from VIP exit.

The roads were blocked for free movement of the couple’s convoy who are being treated as state guests during their visit to the city.

Reservation for the state guests has been made in a five-star hotel for a day in Islamabad.

They are expected to meet high officials in the capital city including the Indian High Commissioner in Islamabad.

Earlier, the couple took a flight from Karachi airport and arrived in Islamabad in one hour and forty-five minutes.

Shoaib and Sania were presented flower bouquets by the plane crew as they got onboard at Karachi airport.

On her arrival in Karachi from India, Sania Mirza said it is for the first time in her life that she has come to the metropolitan city. “It feels great to have arrived here in Pakistan,” she said.

On the occasion, Shoaib Malik said he will stay in Pakistan with her mate for one week.

Sania Mirza’s mother is accompanying the couple. It is expected that the Indian guests will start arriving in Pakistan in the next day or two to attend the Valima reception.

Shoania will return to India after hosting the reception on April 28.