Close terror cells in India: Pakistan parliament

Pakistan's parliament Wednesday asked the world community to press India for the closure of "terror cells and to stop anti-Pakistan propaganda", even as the president and the prime minister said that the armed forces were ready to defend any aggression against the country.

A strongly-worded resolution passed unanimously by the National Assembly urged the global community to press India to "close terror hubs and stop anti-Pakistan propaganda" through the media and at international forums.

The resolution, presented by Minister of State for Foreign Affairs Malik Amad Khan, stated that Pakistan wants peace and stability in the region and end of tension with India.

President Asif Ali Zardari, while addressing a students gathering in his home province of Sindh, said: "We will defend the country till the last drop of our blood."

In an address at the Hyderabad Cadets College at Petaro, the president vowed there would no compromise on the independence and sovereignty of the country and maintained that the Pakistan armed forces were ready to defend the country against any aggression.

Amex gets nod for $3.39b US govt package

Global payment service provider American Express said on Wednesday it has received preliminary approval to get about $3.39 billion from the $700-billion rescue package declared by the US government.

"United States Department of Treasury has provided preliminary approval for the company to participate in the Treasury's Troubled Asset Relief Program," the company said.

On November 10, the US Federal Reserve had approved the application of credit card major to become a bank holding company and the change in status facilitated American Express to explore various government funding and lending programmes.

In return to the said loan, American Express will issue and sell preferred stock of about $3.39 billion and warrants to purchase shares of common stock for up to 15 per cent of that amount to the Treasury.

"The preferred shares would pay dividends at a rate of five per cent annually for the first five years and then nine per cent annually thereafter," the statement added.

Other than American Express the other financial institutions like Goldman Sachs, Morgan Stanley and Citigroup (all bank holding companies) have approached TARP for funding.

Shares of American Express closed at $17.96, fell 2.50 per cent or 0.46 cents yesterday on the New York Stock Exchange.