Italy's FATA wins deal to build UAE chemicals plant

(Photo for illustrative purposes only)

Italian company FATA EPC, a division of FATA Spa, has won a contract for the construction and commissioning of a 70 tonne per day Chlor-Alkali plant in the UAE.

The contract has been awarded by Union Chlorine, a joint venture between Oman Chlorine and Abu Dhabi-based private firm Horizon Energy.

The plant will produce 70 tonnes per day of caustic soda, hydrochloric acid and sodium hypochlorite. The plant will begin commercial production in the third quarter of 2015.

Under the agreement, FATA will be responsible for a the engineering, procurement, construction, commissioning and start-up of the facility.

"The project will deliver high quality products to the local oil and gas market in the UAE in addition to other sectors and downstream industries," the statement said.

Muscat-listed Oman Chlorine, set up in 2000, at present caters mainly to its domestic market. It produces 45 tonnes per day of caustic soda and acids, and also has a joint venture in Qatar called Gulf Chlorine.

Ashes: Aussies look to 'cook' England some more, says Johnson

Mitchell Johnson shattered England's hopes of a series-levelling win in the second Test with one of the great Ashes bowling spells to hand Australia a massive 398-run innings lead Saturday. PHOTO: AFP

ADELAIDE: Mitchell Johnson said Saturday Australia want to ‘cook’ England a bit more in the field before going after another landslide win over England in the second Ashes Test.

Johnson, still sporting his drooping moustache, was the destroyer with seven for 40 bringing England to their knees and leaving them facing a mounting 530-run deficit as Australia look to go two-up in the five-Test series against the Ashes holders.

England could not handle Johnson’s sheer pace as the left-arm speedster carried on from his man-of-the-match Brisbane performance to put the tourists once again on the rack.

Johnson, who said he will keep his ‘magical mo’ for the remainder of the series, promised more pain for England on Sunday’s fourth day before the home side look to finish off the tourists.

“We want to get them back out there in the field and keep cooking them a bit,” Johnson told reporters.

“The runs are irrelevant at the moment, but we probably will be looking at keeping them out there for a bit longer, hopefully see Davey [Warner] get his hundred and then having a real crack and have a bit of time at them.

“You could see the amount of spin the two spinners were getting out there today and that variable bounce has definitely come in and they got the ball to reverse really early, so it’s good signs for us.”

Johnson ‘in the zone’

Johnson is the undeniable man of the series so far, with 16 wickets including a seven-for in the first innings at Adelaide.

He has taken his scalps at miserly 8.9 runs per wicket said he was ‘in the zone’ in England’s feeble innings total of 172.

“The ball came out of my hand exactly the way I wanted it to,” he said.

“There was a bit of talk of me not hitting the stumps at Brisbane. But I was excited about the variable bounce, the reverse swing that Adelaide provides. It was really nice today, really nice feeling. I just went hard.

“You have to enjoy these moments when they come along because they don’t always happen and I’m going to enjoy it tonight.”

Meanwhile, Ian Bell said England must quickly fix their problems if they are to keep the Ashes from the dominant Australians.

“Obviously, it’s another disappointing performance,” said Bell. “You can’t afford in Test matches, certainly the first innings you have, to get bowled out for under 200 … you’re not going to win anything.

“We need to fix it pretty quickly if we want to get back into this series.

Resolving Kashmir solution to all our problems: Imran

"The honeymoon period is the best time for any government to take hard decisions." PTI Chairman Imran Khan. PHOTO: AFP/FILE

NEW DELHI: Pakistan Tehreek-e-Insaf chief Imran Khan said on Saturday that the solution to hostilities between Pakistan and India lay in Kashmir through talks,Hindustan Times reported.

“Everything stems from Kashmir. Both sides must sit down and sort out the Kashmir issue,” Imran told Hindustan Times ahead of his session at the leadership summit in New Delhi.

“Pakistan’s (then) foreign minister, Shah Mehmud Qureishi, who was in India when the Mumbai attacks started, tells me the two countries were really close to forward movement on Kashmir. Resolving Kashmir is the solution to all our problems.”

But Imran said that progress on Kashmir was not expected till electioneering ends in New Delhi and a new government takes charge. “Prime Minister Manmohan Singh cannot take a decision on Kashmir now because elections are looming ahead.”

“The honeymoon period is the best time for any government to take hard decisions.”

Asked about what would Pakistan’s view would be if the Bharatiya Janata Party’s (BJP)Narendra Modi wins next year’s elections, Imran insisted that dialogue was the only way to solve issues between the two countries, even if it is with Modi in the prime minister’s seat.

“Pakistan has reservations about Modi because of the riots and the communal violence in Gujarat, but a dialogue is always there between two democracies. If Modi emerges as the choice of the Indian people, we will have to respect that.”

Imran referred to the talks with Taliban when speaking of Modi. “Hakimullah Mehsud was killed on the eve of talks with the Taliban. But if you stand for peace, then it’s not about personalities. When the BJP-led NDA came to power in India, Pakistan was bracing for new hostilities but Atal Behari Vajpayee broke the thaw. So maybe Modi too will moderate extremes if he comes to power.”

“Pakistan is at a crossroads and it is imperative that we have a dialogue with the Taliban and bring some peace in the tribal areas, else India will have more than one militant group to worry about.”

Brazil fired up but not complacent: Scolari

GETTING READY: Brazil will be looking to exploit home advantage as they try and win the World Cup for a record sixth time. PHOTO AFP

COSTA DO SAUIPE: Luiz Felipe Scolari said his side would not be complacent following a World Cup draw Friday which put the hosts in Group A with Croatia, Mexico and Cameroon.

The five-time champions, desperate to win the trophy on home soil for the first time, will meet the Croatians in the June 12 opener in Sao Paulo.

But although their group does not look daunting on paper, Scolari, who led the Selecao to their last title in 2002, told reporters the favourites must not count their chickens.

“I am satisfied with the draw. But we shall be paying close attention to the opening phase,” he said. “That should give us an incentive. I am happy with the match sequence.”

Meanwhile, Germany coach Joachim Loew said his side will need to adapt to hot and humid conditions against Ghana, US and Portugal at the World Cup.

“In our preparations, we have to get used to the humidity and high temperatures,” said Loew. “We will have to adapt our preparations.

“We have to accept the group as it is, we now know who and where we play and we can take the next step to work for the World Cup.”

Prandelli buoyed despite ‘difficult’ group

Italy coach Cesare Prandelli remained positive as to his side’s chances despite a ‘difficult’ draw which left the Azzurri in Group D with Uruguay, Costa Rica and England.

“It’s a difficult group,” said Prandelli. “It will be tough, but we’ll be going there well prepared and determined to do well.

“You never win matches on paper, it’s 11 against 11 and if we prepare well we can win all three of our matches.”

Italy kick off their campaign against England, who they have played a total of 24 times, winning nine and drawing seven.

On the other hand, France coach Didier Deschamps could not conceal his glee after seeing his side scoop Switzerland, Ecuador and Honduras in the draw.

Although Deschamps refrained from openly rejoicing in his team’s good fortune, he could not help a beaming smile crossing his lips as he answered questions about his team’s draw.

“It’s always difficult to talk about a draw but it’s true, I won’t hide it from you, it could have been tougher,” said Deschamps.

English Premier League: Newcastle deepen gloom for United

MISERY: Defending champions Manchester United endured their third in eight outings this season after losing 1-0 to Newcastle. PHOTO: AFP

LONDON: Manchester United’s dismal season lurched into crisis on Saturday after a 1-0 loss at home to Newcastle United condemned the champions to their fifth defeat of the season.

Yohan Cabaye’s goal just after the hour gave Newcastle their first victory at Old Trafford since 1972 and consigned United to back-to-back home defeats in the league for the first time since May 2002.

Having lost 1-0 to Everton on Wednesday, United have now lost as many games as they did in the whole of last season’s title-winning campaign and David Moyes’s side could fall 15 points behind leaders Arsenal before the weekend is out.

United were without Wayne Rooney through suspension, but they restored Robin van Persie to their starting XI and saw Phil Jones test visiting goalkeeper Tim Krul with an early shot.

Newcastle’s five-man midfield frustrated United though, and it was the visitors who came closest to breaking the deadlock before half-time, with David de Gea thwarting Mathieu Debuchy twice in first-half stoppage time.

United attacked the game with renewed vigour in the second period, but they saw Krul save from Javier Hernandez and Adnan Januzaj before a header from Patrice Evra hit the post.

Newcastle hit the champions with a sucker-punch in the 61st minute, with Moussa Sissoko galloping down the right flank after winning a duel with Evra before cutting the ball back for Cabaye to sweep home.

Moyes responded by introducing Anderson and Antonio Valencia and handing Wilfried Zaha a league debut from the bench, but despite sporadic late pressure, an equaliser would not come.

Van Persie had a close-range header ruled out for offside and Zaha curled narrowly wide, leaving Newcastle’s jubilant fans to taunt Moyes with crowing chants of “You’re getting sacked in the morning!”

Everton set crosshairs on leaders Arsenal

The strength of Arsenal’s grasp on top spot in the league will be tested on Sunday when Manchester United’s latest conquerors Everton visit the Emirates Stadium.

Everton know that a win would take them to within just four points of Arsene Wenger’s side.

“They have played many of the big teams in the league and overall are in a very strong position in the league,” said Wenger of Everton.

“They have just come out of a win against Manchester United. We are lucky this season a little bit, because there is always a big warning before we play these teams, because they have exceptional results.”

While Arsenal have twice tasted defeat this season, and both United and City have been beaten on four occasions, Everton have lost just once, at City on October 5.

Former Everton midfielder Mikel Arteta has been impressed by his old side’s recent form and believes that their victory over United suggests they could be on the verge of a breakthrough campaign.

“It was a big result [at United], it was massively important for them and will boost their confidence, so we are going to face a really difficult team for sure,” he said

Bigg Boss 7: Kajol Finally Breaks Her Silence On Tanisha

Kajol, along with Ajay Devgn, were in New Delhi to attend the Hindustan Times Leadership Summit. They were attending the event in the capacity of the summit speakers. The other speakers include names like Raj Sisodia, Jairam Ramesh, Beeban Kidron, Walter Robb, Condoleezza Rice, Arun Jaitley, Dr. Anjali Mukherjee, Smriti Irani, Khusboo Sundar, Imran Khan, Anoushka Shankar and others.

It was a forgone conclusion that the media would question Kajol about her sister Tanisha who is making headlines after headlines every single day, thanks to her antics in Bigg Boss 7.

Also, a lot has been written and spoken about the differences between Tanisha and Kajol and the disapproval of mother Tanuja. Kajol, being the gracious lady she is, put a final nail to all the speculations by extending her support to her kid sister Tanisha. Kajol at an event said that she completely supports her sister Tanisha and it is the format of the show to put inmates in unnatural situation and bring out the worst in them.

Tanisha is under constant media scanner for being too close and often intimate with housemateArmaan Kohli. She was caught in an objectionable situation with Armaan not once but several times.

Speaking about the reality show, Kajol said, “I do watch Bigg Boss regularly and I feel the show’s format is such that it brings out the worst in the person. I try and catch every single episode of the show and will support Tanisha because she is my sister. I don’t think I have any advise for her because that place is such. The show puts you in an unnatural situation and compels to get the worst reaction out of you.”

Kajol and Ajay Devgn chatted at length about their love story and revealed the reason behind their successful marriage. Kajol said that their marriage worked because they are completely opposite to each other. The couple entered into matrimony on February 24, 1999.

“We dated for almost four years before getting married and we are best friends. I think our relation has worked only because I speak a lot and he quietly listens. I can go on for hours and he can stay mum for hours, so the secret to our happy married life is that Ajay doesn’t say much,” said a very happy and content Kajol.

Adding to this, Ajay joked, “The secret of our successful marriage is simple, I sometimes listen and sometimes I just pretend to listen.”

Budgetary support: Money supply rising to meet govt’s borrowing needs

The number of notes held by the SBP Banking Department on November 29 amounted to Rs111.2 million, which brings the total number of notes issued to Rs2,248.8 billion. PHOTO: FILE

KARACHI: 

The number of banknotes in circulation has increased 16% during the last five months, according to data released by the State Bank of Pakistan (SBP) yesterday.

The number of notes in circulation amounted to Rs2.2 trillion on November 29 in comparison to Rs1.9 trillion on June 30, amounting to an increase of Rs310.4 billion between July and November, data revealed.

The number of notes held by the SBP Banking Department on November 29 amounted to Rs111.2 million, which brings the total number of notes issued to Rs2,248.8 billion.

Analysts attribute the increase in the currency notes in circulation to excessive borrowing by the federal government for budgetary support.

For instance, net borrowings by the federal and provincial governments for budgetary support between July 1 and November 22 remained Rs842.1 billion. The amount appears phenomenally high considering the fact that these governments retired Rs77.5 billion in the corresponding 145-day period in the preceding fiscal year.

Excessive note-printing is also resulting in a sharp spike in inflation. The Consumer Price Index (CPI) – a key indicator of inflation in an economy – stood at 10.9% in November, its highest level in the last one and a half years.

According to Topline Securities, double-digit inflation is expected in December. “For fiscal year 2014, we expect the CPI to be 10%-10.5%,” analyst Zeeshan Afzal wrote in a recent research note on inflation trends in the economy.

A majority of economists believe that the discount rate – which is the interest rate at which commercial banks borrow from the central bank – should always stay higher than the inflation rate. Hence, the rising inflation is likely to push interest rates in the economy upwards, resulting in low investment and sluggish growth in the economy.

“We believe that reducing the gap between the discount rate and inflation will warrant another increase of 50 basis points in the next monetary policy statement,” Afzal said, predicting an uptick in interest rates.

Speaking to The Express Tribune, an economist working for a commercial bank said the SBP has failed to resist the government’s insatiable appetite for borrowed money for budgetary support, which is paving way for a higher-than-expected budget deficit.

Although the deficit for fiscal year 2014 is budgeted to be 6.3%, many economists believe it is going to be higher than that due to continuous government borrowing from the central bank.

Domestic debt of the central government stood at Rs9.8 trillion at the end of October. It was Rs9.5 trillion at the end of the last fiscal year, which translates into a rise of 3.8%, or Rs370 billion, in just four months.