UN releases US$1.5b for Libya

The UN Security Council released $1.5 billion of seized Libyan assets to be used for emergency aid after the United States and South Africa ended a dispute over the money.

The assets were frozen in US banks, but South Africa had blocked the release on the UN Security Council s sanctions committee, saying it would imply recognition of the rebel National Transitional Council (NTC).

With the dispute dragging on for two weeks, the United States had threatened to seek a full UN Security Council vote on Thursday to make the assets available.

The last-minute accord with South Africa meant that the United States did not press for the vote. A new request was immediately made and approved by the Libya sanctions committee, diplomats said.

“The money will be moving within days,” a US diplomat said.

The new request made no mention of the transitional council, only that the money would be directed through the “relevant authorities.”

Neither South Africa nor the African Union has recognised the NTC, and South African diplomats had insisted that sending money to the rebel government implied international recognition.

South Africa s UN ambassador Baso Sangqu said that an African Union summit in Addis Ababa had approved the accord with the United States.

He added, however, that “these concerns are not going to go away until and unless the AU has taken” a decision on recognition.

“We are very pleased with the outcome,” deputy US ambassador Rosemary DiCarlo told reporters after the accord was struck.

“It is extremely important that everyone on the council recognises the need to support the Libyan people at this time,” she said, adding that the “relevant authorities are the NTC.”

The United States said on Thursday that the $1.5 billion of Libyan assets it wants released would pay for UN programmes, energy bills, health, education and food, and would not be used for any “military purposes.”

State Department spokeswoman Victoria Nuland said $500 million would go toward UN programs in Libya, including $120 million for services provided by UN agencies like the World Health Organisation, the UN High Commissioner for Refugees, the UN children s fund, UNICEF, and the World Food Program.

“The rest of that $500 million would be held to pay for future UN-led programming,” Nuland said.

Another $500 million will go towards paying for energy bills owed to foreign entities which provide electricity for desalination plants, hospitals and other public facilities.

“None of this will go for lethal or military purposes,” Nuland insisted.

The third tranche of $500 million will be placed in a so-called Temporary Financial Mechanism (TFM), set up in June by the international community, and will pay for future health, education and food needs.

Owen Wilson going to be a daddy

TrendPK.com: A “Meet the Parents” co-star is about to become a parent himself.

A rep has confirmed this morning that Owen Wilson and his girlfriend, Jade Duell, “are happy to be expecting a baby.” It is the 42-year-old actor’s first child.

Wilson, of course, can be seen in the money-making “Little Fockers,” the third installment in the “Meet the Parents” franchise. Next month, he’ll appear in the latest Farrelly Brothers comedy, “Hall Pass,” about a married man who gets a temporary reprieve from his wedding vows so he can sleep with random strangers.

Assange says signed 1.1 Million Pounds in Book Deals

LONDON: WikiLeaks chief Julian Assange said in an interview published Sunday he had signed deals for his autobiography worth more than one million pounds (1.2 million euros, 1.5 million dollars).

Assange told Britain’s Sunday Times newspaper that the money would help him defend himself against allegations of sexual assault made by two women in Sweden.

“I don’t want to write this book, but I have to,” he said. “I have already spent 200,000 pounds for legal costs and I need to defend myself and to keep WikiLeaks afloat.”

The Australian said he would receive 800,000 dollars (600,000 euros) from Alfred A. Knopf, his American publisher, and a British deal with Canongate is worth 325,000 pounds (380,000 euros, 500,000 dollars).

Money from other markets and serialisation is expected to raise the total to 1.1 million pounds, he said.

The latest project of Assange’s whistleblower website is the gradual release of tens of thousands of US diplomatic cables.

Since this latest project began Assange, who is on bail in Britain fighting a bid by Sweden to extradite him over the sex assault claims, has faced problems financing WikiLeaks.

Credit card companies Visa and MasterCard and the Internet payment firm PayPal have blocked donations to WikiLeaks, prompting Assange to label them “instruments of US foreign policy.”

The Bank of America, the largest US bank, has also halted all transactions to WikiLeaks.

Washington has been infuriated by WikiLeaks as the site slowly releases the cache of around 250,000 secret US State Department cables. The US is believed to be considering how to indict Assange over the huge leak.

Assange has been staying at a friend’s country mansion in eastern England since his release from jail on December 16 on strict bail conditions that include reporting to police daily and wearing an electronic tag.

A court in London is due to hold a full hearing on the Swedish extradition request starting February 7.

From finance to fiction in India and Pakistan

NEW DELHI: Finance and fiction seem like an unlikely mix, but a number of Indian and Pakistani novelists are finding their stints as finance professionals may have helped ward off writer”s block.

While there is no direct link between mastering the markets and writing novels, a career in finance does seem to have had its merits for former Wall Street banker Anish Trivedi.

“I think once you”ve had to convince people to part with their money by giving them a cogent, compelling argument in as few words as possible, you learn to get your point across pretty rapidly on a page,” says Trivedi.

Trivedi, who lives in Mumbai, gave up a seven-figure salary to pursue his writing dream. In “Call me Dan” he took a light-hearted look at arranged marriages and one-night stands in 21st-century India.

Some novelists who move from other careers to writing success mine their experiences for fiction. John Grisham has done this with law and Robin Cook, an ex-doctor, with medicine.

Yet the financiers-turned-novelists from the Indian subcontinent chose to set their characters in worlds far removed from dollar wars and hedge funds.

Private equity professional Sarita Mandanna wrote about star-crossed lovers in the period novel “Tiger Hills” while Pakistan”s H.M. Naqvi, a former World Bank employee, explored a post-9/11 New York in “Home Boy.”

Amish Tripathi, who works in the Indian insurance industry, found his calling with “The Immortals of Meluha,” historical fiction set in 1900 BC.

Financial journalist Maha Khan Phillips made her debut with “Beautiful from This Angle,” a satire set against the backdrop of honor killings in Pakistan, and thinks many novelist wannabes may be lurking in media offices.

“Financial journalism is cluttered with frustrated fiction writers,” says Phillips.

“In fact, every boss I have ever had, every editor I have ever worked with, has had a novel tucked away.”

Publishers aren”t wary of novelists with a finance background. And there may be some positives for writers with a financial bent.

“I enjoy having conversations with them (publishers) about the workings of the business – the operating mechanics, the numbers and the accounting,” says Mandanna.

But even after getting published, it”s often too soon for writers to trade in finance for literary aspirations. Not everyone can be Chetan Bhagat.

Bhagat, arguably India”s most read novelist, quit his investment banking career in 2009 to devote his entire time to writing. His first three bestsellers were written juggling his day job and the novelist”s urge.

For Tripathi, the corporate life still “pays the bills” and he is happy to continue with both vocations.

But Naqvi, who lives in Karachi, has left finance behind.

“It doesn”t matter if one has worked on an oil rig, as a dentist, a hairdresser or a banker,” says Naqvi. “Writing fiction, a novel in particular, is difficult business.”

Sudan Leader ‘diverted Funds’ to Britain: WikiLeaks

LONDON: Sudanese President Omar al-Bashir siphoned off nearly six billion pounds of oil money into British bank accounts, according to US diplomatic cables revealed by WikiLeaks Saturday.

The document quotes the chief prosecutor of the International Criminal Court as saying that US officials should go public with the allegations about Bashir in order to turn Sudanese public opinion against him.

It said the prosecutor, Luis Moreno-Ocampo, told US officials that the figure allegedly put away by Bashir was possibly nine billion and “would change Sudanese public opinion from him being a ‘crusader’ to that of a thief.”

The document, released by the whistleblowing website a day after its founder Julian Assange was released on bail in Britain over allegations of sex crimes in Sweden, said that Lloyds Banking Group “may be holding or knowledgeable of the whereabouts of his money”.

Lloyds insisted it was not aware of any link with Bashir.

“We have absolutely no evidence to suggest there is any connection between Lloyds Banking Group and Mr Bashir,” a spokeswoman said.

“The group’s policy is to abide by the legal and regulatory obligations in all jurisdictions in which we operate.”

Bashir is wanted by The Hague-based court to face charges of genocide and war crimes in Sudan’s western province of Darfur. He is subject to two arrest warrants issued by the ICC for atrocities committed in Darfur.

Money Found In My Room Was Legal, Salman Butt

Pakistan’s former captain and opening players Salman Butt said that the money found from his room was legal money and it was of his daily allowance. Salman said that England tour was a long tour and he has daily allowance money with him that was found by the investigation team.

He also said that he had 2,500 pounds with him for opening an ice-cream parlour. He was interviewing the foreign media and said that he is clear and has done nothing wrong in his cricketing career.

While answering about his influence over other player he said that he was new captain in the team and he did not have power to influence any bowler. He added that both Asif and Amir themselves decide their ends and he was not that powerful that time to influence any bowler.

Former Pakistani captain said that £11,000 was of his daily allowance and he was getting extra entertainment allowance of £4500 as he was captain of the team so the money found from his room was legitimate.

Aftab Gul is Salman’s lawyer who is schedule to represent him in Qatar. He said that spot fixing is a big issue and it is easy to blame any one who actually didn’t involve in it. He added that there is no evidence against his client.

Butt maintains his innocence over hotel room cash

KARACHI: Salman Butt, one of the three suspended Pakistan players who are under investigation by the International Cricket Council over spot-fixing claims, has spoken for the first time about the money that was found by police searching his possessions.

The search was made after newspaper allegations that Pakistan players had been paid to deliberately bowl no-balls in a Test against England at Lord’s in August.

Butt, who was then the Pakistan captain, has consistently denied any wrongdoing after the News of the World accused him and the bowlers Mohammad Asif and Mohammad Amir of accepting money via a middleman in return for supplying illegal deliveries at predetermined points in the game.

Detectives confiscated mobile phones and personal possessions after interviewing the players. Large sums of money were reportedly recovered from the rooms of Butt and Amir.

Pakistan Will Fight Out Spot Fixing Issue, Ramiz Raja

Ramiz Raja former opener of Pakistan’s team is also performing his duties in ICC task team for Pakistan said that Pakistan is full of talented players and they know how to handle the situation. Pakistan is under pressure since after the spot fixing. Pakistan is facing tough time after Salman Butt, Mohammad Asif and Mohammad Aamer is suspended by ICC.

He also talk about the world cup and said that Shahid Afridi has to concentrate on the available talent of Pakistan. He added that Pakistani players have enough talent to overcome the jolt of fixing.

He also said that different players have different integrity level. There are some players who accept the money when it offers to them and some refuses it. He declared it different reaction from different individuals.

While talking about Pakistan’s cricket future he said that foreign team will play with Pakistan only if they find them credible so main focus should be on credibility. Ramiz Raja is currently working with PCB for restoration of credibility of the team. Pakistan has introduced many reforms and it was also appreciated by PCB. It’s up to Pakistan Cricket Board’s effort that how long they will take to make it all right at Pakistan’s end.

Vatican Bank Faces Money-laundering Charges

VATICAN CITY: The Vatican Bank, the financial face of the city, has been hit by criticism over suggestions of money laundering and history says the allegations against this secretive organisation could be well founded.

This is no ordinary bank: The ATM’s are in Latin. Priests use a private entrance. A life-size portrait of Pope Benedict XVI hangs on the wall.

Nevertheless, the Institute for Religious Works is a bank, and it’s under harsh new scrutiny in a case involving money-laundering allegations that led police to seize euro23 million ($30 million) in Vatican assets in September. Critics say the case shows that the “Vatican Bank” has never shed its penchant for secrecy and scandal.

The Vatican calls the seizure of assets a “misunderstanding” and expresses optimism it will be quickly cleared up. But court documents show that prosecutors say the Vatican Bank deliberately flouted anti-laundering laws “with the aim of hiding the ownership, destination and origin of the capital.”

The documents also reveal investigators’ suspicions that clergy may have acted as fronts for corrupt businessmen and Mafia.

The documents pinpoint two transactions that have not been reported: one in 2009 involving the use of a false name, and another in 2010 in which the Vatican Bank withdrew euro650,000 ($860,000) from an Italian bank account but ignored bank requests to disclose where the money was headed.

The Vatican Bank was founded in 1942 by Pope Pius XII to manage assets destined for religious or charitable works.

Top prelates have a special entrance manned by security guards. There are about 100 staffers, 10 bank windows, a basement vault for safe deposit boxes, and ATMs that open in Latin but can be accessed in modern languages. In another concession to modern times, the bank recently began issuing credit cards.

RPP Comapnies ordered to return money till tomorrow

Chief Justice of Pakistan has ordered the Rental Power Plants companies (RPP) to return all the money till tomorrow at the start of the new Islamic year or otherwise the apex court would decide at its own, trendpk.Com reported on Tuesday.

A three-member bench, headed by the Chief Justice of Pakistan , heard the case of corruption in Gudu Rental Power Plant. Chief Justice of Pakistan inquired as to how has the money been given on the same machinery; first to Gudu Power Plant and then to Nodero Power Plant. The Chief Justice said that if it gets proved that the same company is involved in both the power plants, criminal proceedings would be initiated against it.

Lawyer of Pakistan Power Rental Dr. Pervaiz told the court that the agreement has been canceled after which 400.59 million rupees have yet been returned while the remaining 300 rupees would be returned by 11th December this year.

Lawyer of Walter Power Rental Shahid Hamid told the court that the investment had no malicious designs anf if the agreement is declared null and void or doubtful, it would mar the image of the country.

Responding to this the Chief Justice said that whatever is being seen on Wikileaks has already marred the image of the country. The Chief Justice alos directed all the companies to return the remaining amount by tomorrow.

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