January 14th , 2008 - IFCCI -

Opinion poll finds many Pakistanis believe government killed Benazir Bhutto

ISLAMABAD : Nearly half of Pakistanis suspect that government agencies or government-linked politicians killed Benazir Bhutto, an opinion poll showed, highlighting the popular mistrust of the country's U.S.-allied president ahead of elections next month.

Bhutto, an opposition leader and former prime minister, was killed in a gun and suicide bomb attack on Dec. 27.

The government of President Pervez Musharraf has blamed Islamic extremists for the assassination, who had already reportedly threatened to kill her. Bhutto was a secular politician popular in the United States and other Western countries for her vocal opposition to hardline Islam.

But her political party and family members have repeatedly made vague allegations that elements within Musharraf's government may have been involved. Musharraf has denied any role in the slaying.

The opinion poll, seen Sunday by The Associated Press, showed that 23 percent of Pakistanis suspected government agencies in the slaying, while 25 percent believed government-allied politicians were behind it. Only 17 percent suspected al-Qaida or Taliban.

The poll by Gallup Pakistan, which is affiliated with Gallup International polling group, questioned 1,300 men and women in face-to-face interviews across Pakistan soon after Bhutto's slaying. No margin of error was given.

Information Minister Nisar Memon questioned the poll and its findings.

"I don't think this is representative of the thought process of the people of Pakistan and neither does it reflect the realities," he said of the survey. "It is very clear that people know that it is the terrorists who are responsible."

Musharraf, who has himself survived at least three assassination attempts blamed on militants, seized power eight years ago in a military coup. His popularity was already low before the Bhutto assassination amid demands for greater democratic rule.

The parliamentary elections, which will take place on Feb. 18 after being delayed for six weeks amid rioting triggered by Bhutto's death, are seen as key to Pakistan's transition to democracy as it battles rising attacks by al-Qaida and Taliban militants.

Bhutto's party and the other major opposition grouping are expected to do well in the polls, in part because of sympathy over her death. But most analysts expect no party will gain enough seats to form a government alone and predict the polls will result in a likely unstable coalition. Others fear that vote-rigging may taint the whole process and trigger fresh disputes.

Myanmar PM delays his visit to Indonesia

JAKARTA : The governments of Indonesia and Myanmar agreed to decide a new schedule for the visit of Myanmar Prime Minister General Thein Sein to Indonesia.

"The Myanmar government does understand the focus of the Indonesian government in the past few days and based on that consideration, (the Myanmar government) will adjust the schedule on the visit," spokesman for the Indonesian Foreign Ministry Kristiarto Soeryo Legowo told Antara on Sunday.

President Susilo Bambang Yudhoyono on Saturday shortened his visit to Malaysia due to the worse condition of former Indonesian president Soeharto who has been hospitalized at Pertamina Hospital since Friday last week.

Kristiarto added the two governments would try to make a new schedule on the Myanmar prime minister’s visit in the future when the situation has become possible.

General Thein Sein was previously scheduled to pay an official visit to Indonesia on Jan. 14-15 to discuss efforts to intensify the bilateral ties between the two countries.

"The Myanmar Ambassador to Indonesia refers the visit as a ‘goodwill visit’ but we’d rather treat it as an ‘official visit’," Presidential spokesperson Dino Patti Djalal said previously.

He added during the visit, the Myanmar Prime Minister would be accompanied by six ministers, namely minister for agriculture and irrigation, minister for national development planning, minister for energy, minister for transportation and minister for the advancement of border areas and national development.

"The composition of the delegation reflects the comprehensive will of the Myamar government to enhance the bilateral ties," he added.

Dino said the meeting between the two leaders would be the second after the first in the ASEAN Summit in Singapore last December.

Chinese defense minister departs for Brunei, Indonesia and Saudi

BEIJING : Chinese Defense Minister Cao Gangchuan departed Sunday for visits to Brunei, Indonesia and Saudi Arabia, state media reported.

The official Xinhua News Agency said Cao was due to meet with his counterparts in those countries, but gave no other details of his schedule.

Cao's trip comes as China seeks to reassure its neighbors over years of double-digit increases for the 2.3 million-member People's Liberation Army, the world's largest standing military.

The traditionally secretive PLA has been steadily building links with foreign militaries, sending delegations abroad and participating in joint anti-terrorism maneuvers, border patrol drills and exercises at sea.

Most Asian markets sink

BANGKOK : Most Asian markets sank Friday after anewspaper reported that investment bank Merrill Lynch may report a larger-than-expected writedown, heightening concerns about the U.S. economy and global credit crunch.

Japan's benchmark index fell to its lowest in more than two years, while the Australian market sagged to a five-month low as investors reacted nervously to a New York Times report that Merrill Lynch may post a US$15 billion subprime-related write-down, almost double the original estimate.

Any new losses could "trigger concern about the U.S. economy falling into recession, and possibly affecting the Japanese economy," said Hiroyuki Fukunaga, chief executive at Investrust Inc., a Tokyo independent investment research company.

A few smaller markets bucked the trend, with shares advancing in the Philippines and Malaysia, where the benchmark index hit a record.

In Tokyo, the Nikkei 225 index fell 277.32 points, or 1.93 percent, to 14,110.79 points, its lowest close since Nov. 15, 2005.

Real estate stocks were among the decliners, including Nippon Building Fund, which fell 2.8 percent. Brokerage Nomura Holdings fell 4.5 percent.

Shipbuilder IHI bucked the general trend and gained 1.4 percent on news it is in talks with JFE Holdings on a tie-up in shipbuilding operations. JFE Holdings ended the day 0.5 percent lower.

In Hong Kong, the blue-chip Hang Seng Index fell 363.85 points, or 1.34 percent, to 26,867.01.

ICEA Securities' strategist Ernie Hon said he expects Hong Kong stocks to fall in the short-run on disappointing U.S. earnings.

"U.S. corporations will kick off reporting season soon, and their results won't be pretty," he said.

The renewed sub-prime concerns pushed 35 out of the 43 local blue chips lower, with global consumer goods exporter Li & Fung suffering the largest loss, plunging 5.9 percent.

Chinese telecom operator China Unicom rose 6.6 percent on a report in the South China Morning Post that China is close to finalizing a plan to revamp the country's telecommunications sector.

Hong Kong banks rose on comments from U.S. Federal Reserve Chairman Ben Bernanke late Thursday on a possible cut in interest rates, as they are expected to benefit from an increased demand for mortgages.

"In light of recent changes in the outlook for and the risks to growth, additional policy easing may well be necessary," Bernanke said, prompting expectation that the Fed will cut U.S. interest rates by a larger-than-usual 50 basis points from 4.25 percent atits meeting at the end of the month.

In currency trading, the dollar fell to 108.99 yen, from 109.54 yen late Thursday in New York. The euro rose to US$1.4811 from US$1.4793.

Elsewhere:

BANGKOK: Thailand's main stock index dipped 0.5 percent to 796.47.

JAKARTA: Indonesia's market was closed for a national holiday.

KUALA LUMPUR: Malaysian shares surged, with the Kuala Lumpur Composite Index jumping 1.7 percent to a record closing high of 1,516.22.

MANILA: Philippine shares climbed their second straight session, tracking a rise in U.S. stocks on expectations of more rate cuts from the Federal Reserve. The Philippine Stock Exchange Index gained 49.10 points, or 1.4 percent, to 3,503.70.

SEOUL: South Korean shares fell to a seven-week low as a report of Merrill Lynch's larger-than-expected write-down renewed investor concerns over the subprime mortgage crisis. The Korea Composite Stock Price Index, or Kospi, fell 42.51 points, or 2.3 percent, to 1,782.27.

SHANGHAI: China shares rose on a technical rebound in banks and airlines. The benchmark Shanghai Composite Index rose 0.5 percent, or 28.13 points, to 5,484.68. The Shenzhen Composite Index edged 0.1 percent lower to 1,554.04.

SINGAPORE: Singapore shares fell to their lowest level since August. The Straits Times index reversed early gains to end 23.73 points, or 0.7 percent lower, at 3,287.34.

Oil prices steady near US$96 a barrel

SINGAPORE : Oil prices held steady Thursday in Asia after falling overnight on a U.S. government report that the country's stockpiles of gasoline grew last week.

But the U.S. Energy Department's Energy Information Administration also reported that the nation's crude oil inventories fell to their lowest level in more than three years.

U.S. gasoline stocks rose 5.3 million barrels, or 2.6 percent, to 213.1 million barrels during the week ended Jan. 4. Analysts had forecast the report would show they had climbed only 1.6 million barrels.

Crude inventories, on the other hand, fell 6.8 million barrels, or 2.3 percent, to 282.8 million barrels. The drop was more than 8 times the 800,000 barrels that analysts surveyed by Dow Jones Newswires had forecast.

Light, sweet crude for February delivery rose 20 cents to US$95.87 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The contract on Wednesday lost 66 cents to settle at US$95.67 a barrel.

In Brief..

Economic Report, 12-17 December 2007 Period, KYIV.

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