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Pakistani commandos retake Karachi naval base

Taliban militants lose control of base 18 hours after deadly attack seen by many as a humiliating blow to Pakistan’s military Pakistani commandos have regained control of a naval airbase from Taliban militants who attacked then occupied the high-security facility for 18 hours . The attackers – who may have numbered no more than six – destroyed at least two US-supplied surveillance planes and killed 12 security officers in an assault that began late on Sunday night. At least four of the attackers were killed. The Pakistani Taliban claimed responsibility for the assault in Karachi. The group said it was revenge for the 2 May American raid that killed Osama bin Laden and that insurgents were under orders to fight until the death. “They do not want to come out alive, they have gone there to embrace martyrdom,” said a spokesman, Ehsanullah Ehsan. Between four to six heavily armed insurgents stormed the Mehran naval base under cover of darkness, using ladders to get into the facility, said the interior minister, Rehman Malik. Once inside, they scattered around the compound, setting off explosions and hiding in the sprawling facility. During the day on Monday, the militants were holed up in an office building in a gunbattle with commandos, said a navy spokesman Irfan ul-Haq said. Navy helicopters flew over the base, and snipers were seen on a runway control tower. By the afternoon, Haq said the militants had been defeated. Commandos leaving the complex flashed victory signs to reporters. At least 11 navy personnel and one paramilitary ranger were killed, while a further 14 members of the security forces were wounded, said Haq. Malik said four militants were killed, but that two possibly escaped, adding that he saw some of the bodies of the attackers. He said the were dressed in black and looked “like the Star Wars characters”. Six Americans and 11 Chinese nationals were on the base at the time of the attack, but escaped unharmed, he said. The insurgents’ ability to penetrate the facility rattled a military establishment already embarrassed by the unilateral American raid on Bin Laden, and raised the possibility they had inside help. It will also likely lead to more questions over the safety of Pakistan’s nuclear weapons. In 2009, Islamist terrorists stormed army headquarters close to the capital , Islamabad, holding hostages for 22 hours. But unlike the attack in Karachi, the attackers failed to penetrate the complex further. This is the third major attack the group has claimed since the Bin Laden killing. The others were a car bombing that slightly injured American consulate workers in the north-west city of Peshawar and a twin-suicide attack that killed around 90 Pakistani paramilitary police recruits. The Pakistani prime minister, Yousuf Raza Gilani, condemned the latest attack, saying such a “cowardly act of terror could not deter the commitment of the government and people of Pakistan to fight terrorism”. At least two US-made P-3C Orions maritime surveillance planes were destroyed, he said. The US navy puts the cost of the aircraft at $36m (£22m) each. A US embassy spokesman, Alberto Rodriguez, confirmed that six American contractors were on the Mehran base during the time of the attack, but said all were safe. He said the Americans, while working as contractors to help support the P-3C aircraft, did not report to the US embassy or consulate. Four of them were part of a Lockheed Martin contract engineering and technical support team, he added. It was not immediately clear what the Chinese were doing at the base, but Pakistan has purchased Chinese military equipment over the years. Also on Monday, Pakistani intelligence officials, speaking anonymously, said a pair of suspected US missiles hit a vehicle and killed four people near the Afghan border. The strike in the Machi Khel area in the tribal region of North Waziristan. Pakistan Taliban Afghanistan Global terrorism Osama bin Laden United States China guardian.co.uk

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Not only did Lance Armstrong use banned substances, EPO, and testosterone to boost his cycling performances, he led a systematic doping program on his team, and he and team managers encouraged and promoted the deception, said a 60 Minutes report last night. “He obviously was the biggest rider in the…

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Banks miss small business lending targets for the first quarter

Lending to small and medium-sized businesses fell more than £2bn short of targets set as part of the Project Merlin deal Britain’s major banks have sparked anger from business groups and anti-poverty campaigners after they failed to meet lending targets set by the government in return for ministers shelving extra taxes on executive bonuses. According to industry figures, bank lending to small and medium-sized businesses fell more than £2bn short of targets set by the Treasury as part of the Project Merlin deal signed in February. David Cameron said that while it would be “a bit hasty” to rush to conclusions, he warned that if banks did not “live up to their side of the bargain” on lending, the government would not have to live up to its side – indicating that the banks could face new taxes if they persist in their failure to meet targets. The shortfall could almost wipe out a £10bn boost to small business borrowing this year predicted by the chancellor George Osborne when agreed wide-ranging commitments from banks on providing extra lending. Bank of England figures revealed that banks fell £2.2bn short of the £19bn they were due to lend small and medium-sized enterprises (SMEs) in the first three months of the year. The British Chambers of Commerce warned the situation was unlikely to improve while banks continued to impose high charges for overdrafts and loans. It said businesses also suffered from centralised decision-making over lending that ignored local needs. The Robin Hood tax campaign, which heads a group of charities in favour of a tax on financial transactions, said the bank lending figures showed the government deal was “more Mickey Mouse than Merlin” and doomed to fail. Analysts said Merlin appeared to have done little so far to end the standoff between small businesses and the banks, with each blaming the other for the lack of loans and credit facilities. The British Bankers’ Association, which is representing all the banks signed up to Merlin, said the banks created a lending facility but businesses chose not to use it. Under the agreement, five high street banks – Barclays, Royal Bank of Scotland, Lloyds, HSBC and Santander – pledged to increase lending to small and medium enterprises to £76bn this year, which equates to £19bn in the first quarter. The figures showed the banks were on course to meet overall business lending targets of £190bn this year, equal to £47.5bn for the quarter, as they lent £47.3bn in the period. However, lending to SMEs fell short at only £16.8bn. Santander is the only bank to have revealed its own lending commitments under the Project Merlin agreement – and is currently on track to hit its targets. A Santander spokeswoman said: “We have pledged to lend £6.7bn to British businesses this year, with £4bn set aside for SMEs. “During the first quarter we provided £2bn of new lending, of which £1.1bn was for SMEs, keeping us well on track to deliver this commitment.” Project Merlin Banking Executive pay and bonuses Lloyds Banking Group Royal Bank of Scotland Barclays HSBC Banco Santander Phillip Inman guardian.co.uk

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Nick Clegg unveils long-awaited details of green investment bank

Bank will be making green investments within a year and will have independence from Treasury control The UK’s green investment bank will be investing in UK low-carbon infrastructure projects within a year, and is expected to have assisted in injecting £15bn into the green economy within four years, Nick Clegg told a meeting in the City of London on Monday. The deputy prime minister cheered investors by setting out key concessions when announcing the details of the long-awaited new bank, the government’s flagship green policy , which is intended to provide the capital to transform the UK to a low-carbon economy. He said the bank would be set up under legislation, to give it independence from ministers – a major concern for investors, who feared that Treasury plans to avoid legislation and retain control over the bank would spell years of damaging political interference. He also reassured companies that the bank would be able to borrow from April 2015. Clegg said: “We are determined this organisation will be part of the institutional architecture of this country. The green investment bank will go from an idea to a flow of investment in under two years, and quickly grow into an independent investing, and then borrowing, institution. A real legacy of the coalition government’s green commitment.” The initial £3bn of funding from the public purse would also be protected, rather than being subject to the proceeds from asset sales, Clegg said. There had been fears that if planned asset sales did not raise the amounts expected, the bank could suffer. Now it has been underwritten by the Treasury, companies can start to make plans to apply for funding for green projects, including offshore wind farms, waste and industrial energy efficiency. In a further boost to green campaigners, the bank may be used to help finance the green deal scheme, by which householders will have access to loans to carry out energy efficiency refurbishment, paying back the loans in instalments through their energy bills. Campaigners had warned that the green deal would not work if private sector providers were able to charge commercial rates of interest on the loans, as the interest payments would outweigh the savings on energy bills. An independent board of governors for the bank is soon to be announced, with City rumours suggesting it will be led by Sir Adrian Montague, the chairman of 3i. Clegg promised that the bank’s independence would ensure it could “undertake a wide range of transactions, including equity, debt and risk mitigation products”. This would mean that its initial £3bn capital should, by 2014/15, “enable the bank to catalyse an additional £15bn of investment in green infrastructure”, he said. He said the bank would have borrowing powers from April 2015, but only if the government target for debt to be falling as a percentage of GDP had been met by then. Clegg was responding to a chorus of green businesses, investors and campaigners who had raised concerns over the green investment bank , urging ministers to give key assurances that cash will flow into the UK’s low-carbon economy . Rows among ministers anxious to keep control of the new bank have raged for months, with the Treasury tussling to keep the bank small and under its control. One of the options its mandarins had been pushing was that the bank should only be allowed to borrow money from the government, rather than from the private sector – an amendment that investors say would make a nonsense of the institution. Green economy Renewable energy Energy Green politics Fiona Harvey guardian.co.uk

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Accused sex attacker and former IMF boss Dominique Strauss-Kahn was apparently a man on a mission the week he was charged with the attempted rape of a New York hotel maid . Just after he checked into his $3,000-a-night Sofitel suite he called the hotel receptionist and asked her to…

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A Saudi woman is being detained by police after a bold YouTube protest against the ultra-conservative nation’s ban on female drivers. Manal al-Sharif, 32, tools around the city of Khobar in a video posted on YouTube that’s now been seen by some 600,000 fans. Sharif was busted Saturday, then…

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A Dodgers booster suspected of attacking a young father of two after a Giants game has finally been busted, according to officials. Operating on a tip, Los Angeles cops nabbed the man and four others in an East Hollywood apartment, reports ABC News . Giovanni Ramirez, 31, was booked for assault…

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Tornado damage across US midwest – in pictures

Tornadoes have torn through parts of the US midwest, killing at least 89 people in the Missouri city of Joplin and causing extensive property damage

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Tornado damage across US midwest – in pictures

Tornadoes have torn through parts of the US midwest, killing at least 89 people in the Missouri city of Joplin and causing extensive property damage

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Volcanic ash from a spewing Icelandic volcano is drifting toward British airspace, threatening a mini-repeat of last year’s travel debacle. Iceland grounded all flights at its main Keflavik airport yesterday after the Grimsvotn volcano shot steam and ash 12 miles into the air. The ash is expected to be over…

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