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Friday, November 13, 2009

Hewlett-Packard eyes Chinese market with 3Com deal



US computer giant Hewlett-Packard announced on Wednesday that it has agreed to buy networking company 3Com for 2.7 billion dollars, a move it hopes will help them further expand in the growing Chinese market. The world's largest computer maker said the 3Com purchase advances a strategy to offer businesses datacenter packages that combine servers, storage, networking, management and services. "By acquiring 3Com, we are accelerating the execution of our converged infrastructure strategy and bringing disruptive change to the networking industry," said HP general manager of enterprise servers and networking Dave Donatelli. The takeover offer has been approved by HP and 3Com boards of directors. Under the terms of the deal, 3Com stockholders will get 7.9 dollars per share of common stock. The acquisition is expected to close in the first half of next year providing it passes muster with regulators and stockholders.

Forex reserves increase by $45.8 million



Pakistan's foreign exchange reserves were increased by 45.8 million dollars in a week that ended on November 7. According to State Bank of Pakistan, country’s forex reserves reached at $14.27 billion, up by 0.32 percent. Reserves of commercial banks reached at $3.57 billion with an increase of $15.9 million.

British Airways and Iberia begin merger process



British Airways and Iberia of Spain approved Thursday a memorandum of understanding on a planned merger that would create a European aviation giant, the airlines said in a statement. "The merger will create a strong European airline well able to compete in the 21st century," BA chief executive Willie Walsh said. "Both airlines will retain their brands and heritage while achieving significant synergies as a combined force," he said. The new airline would have 419 aircraft and fly to 205 destinations, with the merger expected to be completed in late 2010, the joint statement said. British Airways will hold 55 percent of the new company, while Iberia will hold 45 per cent, the statement said. Walsh will be chief executive of the new company while Iberia chairman Antonio Vazquez will be chairman. The announcement comes after the two airlines held board meeting talks on a possible merger that would create a European aviation giant to rival Air France-KLM and Lufthansa.

Burqa has no place in France: Sarkozy



French President Nicolas Sarkozy says there is no place for full face and body veils such as the burqa, or for the debasement of women, in France. 
Sarkozy says all beliefs will be respected in France but says "becoming French means adhering to a form of civilization, to values, to morals." Sarkozy said during a speech on national identity that "France is a country where there is no place for the burqa." Earlier, French President criticized burqa in June and formed a 32-member panel to do legislation to ban burqa.

Obama seeks to soothe Japan ties



Barack Obama is set to arrive in Japan later on Friday, kicking off his first visit to Asia as US president as he seeks to soothe relations with Tokyo strained by a row over a US military base. The visit is Obama's first stop on a nine-day, four-nation Asian tour, that will take him on to a regional economic summit in Singapore, then to China and finally to South Korea. In Japan, Obama is due to hold talks with Yukio Hatoyama, the country's new prime minister, who was swept to power in August vowing to build a more equal partnership with the US. Obama will also present what White House officials have called a "major policy speech" on US relations with Asia that they say will be aimed at a broad regional audience. But it will be the future of the five-decade-old Japan-US alliance that will be first on the US president's agenda as he lands in Tokyo. Hatoyama has promised to halt a Japanese naval mission supporting the US-led war in Afghanistan, review basing agreements for 47,000 US troops stationed in Japan, and explore the possibility of a new Asian trading block that would exclude the US.

Hasan charged with 13 murders



The US Army has charged a military psychiatrist Major Nidal Malik Hasan with 13 counts of murder in last week's shooting spree at the Fort Hood Army base, while President Barack Obama ordered a review to determine if the government fumbled warning signs of the man's contacts with a radical Islamic cleric. An Army spokesman Chris Gray said Major Nidal Malik Hasan, 39, a Muslim born in the United States of immigrant parents, was charged with murdering the 13 victims of the November 5 rampage at Fort Hood, the world's biggest military facility. He could face the death penalty and the case has drawn criticism of army intelligence after it became known that Hasan had been in contact with an Islamic figure sympathetic to al Qaeda. Meanwhile, Obama ordered a review of all intelligence related to Hasan to determine whether it was properly shared and acted upon within the government. John Brennan, assistant to the president for homeland security and counterterrorism, will oversee the review. The first results are due Nov. 30. Obama also ordered the preservation of the intelligence.

Apec looks to China for recovery



China's president Hu Jintao is set to give a major speech to senior business figures in Singapore, as Asia-Pacific leaders gather for the start of the annual Apec economic summit. Hu is expected to set out his vision for sustained recovery in the global economy, with China taking a leading role. The speech to the so-called CEO summit is likely to set the tone for much of the weekend's gathering, with US president Barack Obama due to join other regional leaders in Singapore on Saturday. Much discussion at the summit would centre on China's role as the economy that is the best hope for leading the world out of economic decline.

PPP emerges victorious in Gilgit-Baltistan polls: Unofficial results



PPP candidates are ahead in the Gilgit-Baltistan Legislative Assembly elections according to the latest unofficial results. Twelve PPP candidates won their seats while PML-N and PML-Q received two seats each. One MMQ, One JUI(F) and three independent candidate remained successful. On the other hand, opposition parties have accused the government of rigging in the elections. According to unofficial results, PML-N’s Jaffarullah has won with 5,663 votes for LA-1 Gilgit. Form LA-2 Gilgit, independent candidate Dedaar Ali remained successful with 4,787 votes. From LA-6 Hunza, PPP’s Wazeer Baig was at the top with 4,875 votes. From LA-7 Gilgit, PPP’a Mehdi Shah has won with 5,295 votes while from LA-9 Sakardu, PPP’s Wazeer Shakeel defeated his opponents with 6,002 votes. From LA-12 Sakardu, MQM’s Raja Azam Nawaz won his seat with 9,415 votes. PPP’s Nisar Hussain won his seat in LA-8 Sakardu with 9, 399 votes. From LA-10 Sakardu, PPP’s Wazeer Hussain remained victorious with 3,578 votes. From LA-11 Sakardu, PPP’s Muhammad Ali Shah won with 4,701 votes. From LA-15 Diamir 1, PML-Q’s Bashir Ahmed won with 2,726 votes. From LA-16 Diamir 2, PML-N Haji Janbaz remained successful with 2,264 votes. From LA-18 Diamir 4, JUI (F) candidate Gul Bar Khan got 2,753 votes. LA-21 Gazar 3, PPP’s Ghulam Muhammad won his seat with 4,961 votes. According to sources, independent candidate Nuratullah in LA-14, PMN-L’s Ibrahim Sanai in LA-22 Ganchay, PPP’s Ghulam Hussain in LA-23 Ganchay and PPP’s Engineer Muhammad Ismael in LA-24 Ganchay remained successful.bOn the other hand, opposition parties have declared the first public elections as fraudulent.

Bomb targets Peshawar spy agency




A car bomb explosion has killed at least ten people and badly damaged a building belonging to Pakistan's national intelligence agency, in the Pakistani city of Peshawar. Ambulances and security forces rushed to the scene of the blast early on Friday morning, cordoning off the site evacuating dozens of wounded. Police said that in addition to the ten killed, more than 30 other people were wounded in the blast and had been sent to nearby hospitals. A military spokesman said the bomber's target was the three-storey building belonging to the Inter-Services Intelligence (ISI) agency.