Pak Offers To Buy Indian Share In Pipeline Project

(RTTNews) - As the relations between India and Pakistan touched the nadir following the Mumbai terror attacks, Islamabad has offered to Tehran that it could buy New Delhi's share of gas from the proposed $7.5 billion India-Pakistan-Iran (IPI) pipeline project involving the three countries, media reports said Thursday.

A team of energy experts led by Pakistan's adviser to the Prime Minister on Petroleum and Natural Resources, Asim Hussain, will travel to IranDecember 29 to discuss the proposal.

During its two-day visit, the delegation will try to persuade its Iranian counterpart to sign an agreement to transfer the Indian share of gas to Pakistan in the next few months claiming that New Delhi has apparently lost interest in the venture after signing the nuclear deal with the U.S.

However, Tehran still wants New Delhi to be part of the project to "counter growing U.S. influence on its old ally in the energy sector".

Indian market higher in early trade

(RTTNews) - Friday, the Indian market is trading firm on reports that that the government is likely to announce a second stimulus package in the next few days to lift slowing growth. Stocks across the sectors are trading in positive territory. Realty, oil/gas stocks such as Reliance Petroleum, BPCL & HPCL and metal stocks are rising sharply.

According to the commerce and industry minister Kamal Nath, the package may include steps to ease liquidity and relief measures for export and housing sectors. More measures to maintain the growth momentum in employment generating sectors like textiles, steels and pharmaceuticals are also expected to be announced.

However, the market is showing volatility on account of profit taking due to weekend considerations. Investors await inflation data scheduled to be released this afternoon. The index of wholesale inflation for the week ended December 13 is expected to have fallen to a fresh nine-month low of 6.61% from 6.84% a week earlier.

Euro Advances Against Dollar

(RTTNews) - In early trading on Friday, the European currency strengthened to 1.4060 against the US dollar. On the upside, 1.4126 is seen as the next target level for the euro-dollar pair. The European and US markets were closed yesterday for Christmas holiday. The pair closed Wednesday's New York session at 1.4014.

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Vietnam Devalues Dong As Inflation Slows Sharply In December

(RTTNews) - Thursday, the State Bank of Vietnam devalued its currency by 3% as the Vietnam's inflation slowed sharply in December. The monetary authority devalued the currency every year since 1995.

The General Statistical Office of Vietnam reported today that the consumer price index or CPI rose at a pace of 19.89% year-on-year in December. Inflation slowed from 24.2% recorded in November. Month-on-month, consumer prices were down 0.68% in December. In November, prices were down 0.76%. The average inflation rate for 2008 was 22.97%, the report showed, surging from 8.3% logged for 2007.

Today, the central bank fixed the rate at 16,989 per dollar, versus 16,494 yesterday. The currency is allowed to trade at 3 percent on either side of the fixed rate. This is the second time the central bank has made a significant increase in the exchange rate, after raising it by 2% in June.

The State Bank of Vietnam has allowed the currency to weaken 5.7 percent against the dollar this year, compared with a 29 percent slide in the Korean won and a 13 percent slump in the Philippine peso.

The Vietnamese dong is facing downward pressure due to the current-account deficit. Vietnam's trade deficit widened 56 percent to $16.9 billion in the first 11 months of the year, according to government data.

China Detains 59 On 'Subversive Rumors' In Tibet -State Media

BEIJING (AFP)--China has detained 59 people accused of fabricating subversive rumors in Tibet, state media said Thursday, blaming forces allied to the Himalayan region's exiled Buddhist leader, the Dalai Lama.

Since unrest broke out in Tibet in March, police have cracked 48 cases of " rumor-mongering" and detained 59 people, the Chinatibetnews.com Web site said, citing Xin Yuanming, deputy chief of police in Tibet's capital Lhasa.

"A number of people with ulterior motives deliberately spread rumors and fanned ethnic sentiment," he was quoted as saying, adding that the alleged rumormongers had been urged on by people close to the Dalai Lama.

The report said the rumors "seriously undermined the image of the party and the government and harmed the public's sense of security." The term "rumors" in China is often used to refer to anti-government views.

In one example mentioned in the report, unidentified people had downloaded " reactionary songs" from the Internet and sold them in compact disc and MP3 format in markets in Lhasa.

The Dalai Lama has lived in exile in India since fleeing his homeland after a failed uprising in 1959 against Chinese rule. China has ruled Tibet since 1951 after sending troops to the Himalayan region the previous year.