ISLAMABAD // The United States and Pakistan agreed on Thursday to re-establish a "full partnership", hoping to end years of acrimony over US drone strikes on Pakistani soil, the raid that killed Osama bin Laden and other grievances.
"We are here to speak honestly with each other, openly about any gaps that may exist that we want to try to bridge," US secretary of state John Kerry said during an unannounced visit to Islamabad. "Our people deserve that we talk directly."
Besides the killing of bin Laden in a Pakistani town by US Navy Seals in 2011, bilateral ties have also been severely strained by Pakistan's support for Taliban insurgents fighting Western troops in Afghanistan as well as a Nato air attack in which 24 Pakistani soldiers were killed.
Both sides are now keen to overcome the grievances and start afresh, a shift in priorities they hope is possible with a new government in Pakistan and a new secretary of state in the United States.
With Pakistan's economy badly in need of support and the United States keen on smoothly withdrawing most of its troops from neighbouring Afghanistan next year, both sides will see positives in repairing the relationship.
Speaking after talks with prime minister Nawaz Sharif in Islamabad, Mr Kerry - who as a senator sponsored legislation to provide US$7 billion (Dh25.7bn) in assistance to Pakistan over 5 years - said the two countries were serious about overcoming past irritants.
He invited Mr Sharif to visit the United States - Pakistan's biggest donor - for talks with US president Barack Obama.
"America does not want to have a transactional relationship, we do no want to have a relationship based on one moment or based on issues such as counter-terrorism or Afghanistan," Mr Kerry said.
"What was important today was that there was a determination ... to move this relationship to the full partnership that it ought to be, and to find the ways to deal with individual issues that have been irritants over the course of the past years."
Continued US drone strikes against militants in Pakistan's north-west remain a big hurdle. The use of drones is a highly sensitive issue in Pakistan and anti-US feelings run deep in parts of the country.
Drone missiles have been hitting targets since 2004 in troubled areas on the Afghan border such as North Waziristan, the main stronghold for various militant groups aligned with Al Qaeda and the Taliban.
Washington wants Islamabad to do more to eradicate militant havens and crack down on groups such as the Haqqani network which regularly attacks US forces in Afghanistan from hideouts in Pakistan.
Pakistan itself has seen a spate of attacks against its military and civilians by the Pakistani wing of the Taliban since Mr Sharif was sworn in on the back of promises to talk to the insurgents rather than fight them.
Speaking alongside Mr Kerry, Sartaj Aziz, Mr Sharif's adviser on foreign affairs, appeared to harden that position, saying his government might resort to the use of military force after all against the Taliban.
"Obviously dialogue has to go along with military action," he said, adding at the same time that Pakistan wanted the United States to end the drone strikes.
As for Afghanistan, Mr Aziz and Mr Kerry both expressed hopes to revive deadlocked talks with the Afghan Taliban as part of broader efforts to stabilise the nation as US-led forces prepare to pull out most combat troops by late 2014.
Kabul has suspended talks on a security agreement with the United States after a dispute over how to proceed with the peace talks, prompting speculation that Washington might opt for a "zero option" of withdrawing all troops after 2014.
Speaking about the future of US-led forces there, Kerry said he was confident the United States would reach agreement on future troop levels in a timely way.
"We are drawing down, not withdrawing," he said. "I am personally confident we will have an agreement and the agreement will be timely."
MATCH INFO
Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')
Aston Villa 0
Red card: Fernandinho (Manchester City)
Man of the Match: Raheem Sterling (Manchester City)
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Last 10 winners of African Footballer of the Year
2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)
Scores
Bournemouth 0-4 Liverpool
Arsenal 1-0 Huddersfield Town
Burnley 1-0 Brighton
Manchester United 4-1 Fulham
West Ham 3-2 Crystal Palace
Saturday fixtures:
Chelsea v Manchester City, 9.30pm (UAE)
Leicester City v Tottenham Hotspur, 11.45pm (UAE)
Brief scores:
Manchester City 3
Bernardo Silva 16', Sterling 57', Gundogan 79'
Bournemouth 1
Wilson 44'
Man of the match: Leroy Sane (Manchester City)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Not Dark Yet
Shelby Lynne and Allison Moorer
Four stars
MATCH INFO
Wales 1 (Bale 45 3')
Croatia 1 (Vlasic 09')
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
The Light of the Moon
Director: Jessica M Thompson
Starring: Stephanie Beatriz, Michael Stahl-David
Three stars
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TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Women’s T20 World Cup Asia Qualifier
ICC Academy, November 22-28
UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal
ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan
UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman
ITU Abu Dhabi World Triathlon
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
SCORES
Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)
MATCH INFO
Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
