Economic advisor sees silver lining in new WPI.Govt clears 11 new SEZ proposals!
Indian, Chinese talents making it tough for US: Obama
Troubled Galaxy Destroyed Dreams, chapter 561
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
Back Door Corporate Friendly Legislation Continues as Government of India Incs Clears Mining Bill! Labour Reform Bill already Approved!The Government of India incs is using Religion and Hindu RSS branded Brahaminical Blind Nationalism to intensify and escalate the Corporate war and at the Same Time, trying to Please the Security forces, Government Officials and Pet media to accomplish its agenda of Economic Ethnic Cleansing!Ahead of US President Barack Obama's maiden visit here, the US has decided to intensify bilateral strategic cooperation in agriculture and food security to spur a second Green Revolution in India.
A panel of ministers on Friday approved India's draft Mines and Minerals bill, the mines minister said. "All our suggestions have been by and large approved," B.K. Handique told reporters, adding, there could be one more such meeting, after which it would be sent to the Cabinet. India will stand by plans to make mining firms share 26 percent of profits with local people, Handique said on Wednesday, despite opposition from companies.
The judgement in the Ramjanambhoomi-Babri Masjid dispute will be delivered on Sept 24 with the Allahabad High Court on Friday rejecting a petition for mediation on the ground it was aimed at "creating obstruction" in the final disposal of the matter. It seems that UPA led by Global Hindutva Original and the Zionist Brahaminical Dynasty and Managed by the Brhamin PRANAB Mukherjee is all SET to get Ram temple built in Ayodhya as Rajiv Gandhi had opened the Doors to ensure landslide Victory after Indira`s Assasination and the resultant Hindu polarisation was ENCASHED with SIKH Genocide and RSS support unprecedented. Sonia Managers do seem to try to replicate the Gimmick once again.
Over 50 million employees of the organised sector are in for a surprise Dussehra bonanza from the government. The interest rate on the Employees' Provident Fund (EPF) could be hiked to 9.5% this year, just enough beat the high inflation.
Govt clears 11 new SEZ proposals
The government today cleared 11 new proposals to set up special economic zones, including those of Infosys and Wipro.In its meeting here, the inter-ministerial Board of Approval (BoA) also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
The board, headed by Commerce Secretary Rahul Khullar, also gave the nod to realty major Raheja Universal Ltd's request to surrender its SEZ in Maharashtra, Mittal said.
Infosys Technologies' IT SEZ would come up in an area of 24.4 hectares in Karnataka, while Wipro Ltd got approval to set up two IT/ITeS tax-free enclaves over 19.4 and 29.9 hectares in the state, Mittal added.
The BoA also gave the green signal to Jawaharlal Nehru Port Trust's port-based multi-product SEZ in Mumbai.
The Centre has also given additional time to 37 SEZ developers, including Wipro, Mahindra and Mahindra and Ansal SEZ Projects, to execute their projects, he said.
The BoA, however deferred a decision on formulation of norms for SEZ units engaged in recycling of plastic. At present, there is no specific provision in the SEZ Act for such units.
While the tax-free enclaves have emerged as major sources for attracting investment and increasing exports, entrepreneurs have expressed serious concerns over the DTC Bill introduced in the Lok Sabha last month, saying the proposed tax provisions would adversely impact employment and investment in SEZs.
The Export Promotion Council for EoUs and SEZs (EPCES) said that by altering the SEZ Act through the proposed Direct Taxes Code (DTC), the government is sending the wrong message to investors.
The Bill has proposed that only SEZs notified on or before March 31, 2012, will get tax benefits. Furthermore, only those SEZ units that commence commercial operations by March, 2014, shall be allowed the profit-linked deductions permitted under the Income Tax Act, 1961.
Direct employment in SEZs has gone beyond 5.5 lakh people and investments have crossed Rs 1.66 lakh crore.
Exports from 114 operational SEZs in the last fiscal were valued at Rs 2.20 lakh crore.
DA announcements after Sixth Pay Commission and attempts to please Govt. employees have COVERED up the LPG mafia work of Disinvestment and Privatisation leading to Unprecedented JOB Loss. IT associated with Adhaar Unique Identity Project and Citizenship amendment act along with so many sets of Back Door Legislation like Financial Bills, Labour Reforms and Mining Bill are slated to finalise the Strategy of the Final Kill in coincidence with Shaffron Terror, Indo US Nuclear Deal, FII FDI SEZ RETAIL Raj, Kashir Stand off and the Corporate War shaping in intense CIVIL war described as INSURGENCY countrywide!
This is the best HOME Work to divert the PF in the market as ET suggests in its Edit:
17 Sep, 2010, 06.02AM IST,ET Bureau
Improvident fund: Allow voluntary migration to NPS
The 9.5% rate of interest announced on employees' provident funds is a double indictment of the scheme as it stands, not a reason for cheer as the labour minister and the unions would have us believe. True, it is an improvement over the 8.5% that the EPF Organisation has been paying out these last five years.But it is a ridiculously low rate of return compared to what is achievable by efficient investment of a corpus as large as Rs 1,70,000 crore, large enough to be diversified across asset classes to minimise risk and maximise returns.
And the manner in which the EPFO is financing its higher payout — a surplus that a newly exposed accounting error had hidden away in the interest suspense account — is acidic testimony as to how efficiently employees' savings are administered. Huge amounts collect in suspense accounts because the law forces people to sequester a fifth of their earnings into the EPF but the Fund's management is so opaque and bureaucratic that hundreds of thousands of poor workers are incapable of taking their money out of the Fund. This is criminal. That criminality is now financing the higher returns that warm the cockles of our labour aristocracy's hearts.
It is time this entire sorry arrangement was wound up and workers' savings entrusted to professional management . Luckily, a professional arrangement does not have to be invented anew. It already exists in the form of the New Pension System (NPS), supervised by the Pension Fund Regulatory and Development Authority. The NPS allows workers to choose their fund manager, as well as the risk profile of the allocation of their savings to different investment instruments, enjoy regulatory oversight, pay the lowest fund management and record-keeping fees in the world and enjoy superior returns.
If winding up the EPFO and merging it with the NPS is thought to be too drastic, amend the law to allow voluntary migration of individual workers from the EPFO to the NPS, which managers the pensions of post-2003 recruits to the civil service. Forcing workers to accept suboptimal returns on their savings is a crime against the aam admi.
The EPF rate has been 8.5% since 2005-06. The new wholesale price index unveiled on Tuesday put the inflation rate for August at 8.51%.
Although the provident fund's estimated earnings for 2010-11 would only support a payout of 8.5%, the EPF organisation has managed to discover a hidden surplus of close to Rs2,000 crore in its accounts.
Union labour minister Mallikarjun Kharge would preside over a meeting of the EPFO board of trustees on Wednesday to take a call on rates.
The surplus cash has been discovered after a comprehensive analysis of the EPF scheme's accounts since its inception in 1952. A review of the accounts was commissioned at the board's last meeting in April.
While a higher PF rate would be a pleasant surprise for the middle class, it could dent India Inc's profitability. Thousands of company-run PF trusts that are required to match the PF rate declared by the government would have to fork out any shortfall in earnings from their parent's books.
"Low interest rates in recent years have meant that returns on PF portfolios seldom crossed 8.5%," said Amit Gopal, vice-president at India Life Capital, a firm that advises PF trusts of several blue-chip firms. "This could pose a problem for India Inc," he said.
EPFO follows a single-entry based accounting system, where interest is manually credited to workers' accounts. The board had sought to ascertain the status of the Interest Suspense Account, where EPF's annual income is parked till it is distributed to members.
The account had a balance of Rs27,000 crore by the end of 2009-10. This means that the EPFO isn't able to credit the annual PF rate to all its 5 crore-odd members' accounts before the close of a financial year in question, thanks to its archaic procedures.
The PF department has admitted that the huge balance in the account would 'ideally' vanish if all past years' annual accounts were updated. But the board wanted to know if the suspense account had a net deficit or surplus — a question raised persistently in recent years.
To answer that question, the department reopened the EPF's balance sheet since 1952 and carefully examined earnings vis-à-vis accrued liabilities. The exercise has thrown up a surplus of around Rs2,000 crore. A 1% hike from the existing PF rate of 8.5% would require around Rs1,700 crore surplus beyond the projected income for 2010-11.
While the surplus should suffice to pay a 9.5% PF rate for the first time since 2004-05, it is possible that the board may decide to save some of it as cushion money for the future. The EPF scheme has a balance of about Rs170,000 crore, which is expected to rise to over Rs182,000 crore by March 2011.
Economic advisor sees silver lining in new WPI
The government's Chief Economic Advisor Kaushik Basu Friday saw a silver lining in the new benchmark Wholesale Price Index (WPI).He pointed out that the new WPI, though reported food inflation figures for recent months at a higher level compared to those shown by the old one, showed that the food inflation is falling.
The old index showed a rising trend, with food inflation for July and August at 10.3 percent and 11.1 percent. The new index showed a downward trend, falling 14.6 percent in August from a high of 18.1 percent in July this year, he said.
'The food inflation is higher than what we were given to believe under the old index, using 1993-94 base,' said Basu. 'But by the same token there is a bit of good news. If we rely on the new index, we find that the food inflation is coming down.'
'So which one should you trust?,' he asked and then said: 'The truth is that new index gives a more accurate picture of inflation.'
Pointing out that the new WPI has shifted to base year 2004-05 from the old 1993-94 and has begun tracking the prices of more commodities, Basu said: 'This is a welcome revision that reflects the changing consumption pattern of our society.'
Utilizing the two contradictory features of the new WPI - one showing higher food inflation but a downward trend, as compared to the old one, Basu sought to drive home the point that there was no fudging of figures in the new WPI by the government to show a rosier picture of economy.
'I can vouch for it, I did not find any attempt in the government to show a better state of economy,' said Basu.
Had there been fudges, it would have shown uniformly positive outcomes, he added.
Basu, in fact, began with dubbing the time of adoption of new WPI as one of 'deluge of information' on economic front that added to the confusion.
'This has not been an easy month for those of us engaged in economic policy-making in India because of the deluge of information pertaining to growth, inflation and monetary policy that we received,' he said.
'The inflation figures over the last three weeks have been mixed, giving rise to confused signals. And in case you did not find these confusing enough, we in government decided to throw in our bit by switching over to a new Wholesale Price Index this month,' he added.
Basu, however, had a word of praise for the government.
'Despite this mixed performance on inflation I do give government high marks for its navigation through this difficult problem.'
'No matter what some critics claim, the fact is that there is no known formula for how much fiscal and revenue deficits and what levels of repo, reverse repo, CRR and SLR lead to a desirably low benchmark rate of inflation,' he said.
Indian, Chinese talents making it tough for US: Obama
US President Barack Obama says that with India and China catching up fast with 'some very talented people' and a hunger for growth, America faces a very competitive environment as it battles to come out of recession.The United States was facing 'the worst financial crisis that we've seen since the Great Depression, on the verge of a Great Depression, in the midst of two wars,' when he came to office two years ago, he said at a Democratic Party fundraiser in Greenwich, Connecticut, Thursday.
'The challenges that we've confronted over these last two years have been extraordinary. And we've got a long way to go,' Obama said, campaigning for his embattled Democratic party ahead of the November mid-term poll.
'This country received a body blow. And it was already having difficulties competitively,' he said. 'So the recovery has been painfully slow'.
'We've got millions of people who are still out of work, hundreds of thousands of people who've lost their homes. People are anxious about the future; they're fearful about the future,' he said.
'And we're in a very competitive environment, where other countries like China and India have now caught up - in some indicators - and are going to keep on moving because they are hungry and they've got some very talented people,' Obama said.
However, 'after being in this job for two years, I have never been more optimistic about America,' he said. 'I am optimistic partly because we did some really tough things that aren't always popular but were the right things to do.'
Noting that his administration has made the largest investment in research and development in American history, the president said: 'We'd been falling behind and now we are back at the forefront of R and D.'
'We made the largest investment in green energy in our history so that we could start building solar panels and wind turbines all around the country,' he said.
In foreign policy, the US has reset its relations around the world, Obama said. 'A lot of people who travel will come back and say to me, you know, folks are once again looking to America for leadership in a way that they haven't for a long time.'
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Article 370 has eroded: Farooq Abdullah
Union Minister Farooq Abdullah today said Article 370 has "eroded" and Jammu and Kashmir should be given autonomy within framework of the Indian constitution. "Article 370 has eroded over a period of time and time has come to look into Jammu and Kashmir autonomy within the constitutional framework.Any other solution within the ambit of Indian constitution can be tried," Abdullah told reporters on the sidelines of a function here. In reply to a question, the New and Renewable Energy Minister said the Armed Forces Special Powers Act (AFSPA) should be gradually lifted from the areas of the state where it is not needed.
On the proposed visit of an all party delegation to Jammu and Kashmir, Abdullah said, "It is a goodwill visit and all, including Hurriyat leaders should meet them." Speaking about hardline Hurriyat leader Syed Ali Shah Geelani Abbdullah said, "Geelani thinks that India will leave Kashmir.
But every Hindustani will fight for Kashmir." Earlier, addressing a group of Kashmiri students, Abdullah said there were forces operating in Kashmir who do not want it to remain a part of India.
The National Conference Chairman told the students that the valley was undergoing a difficult phase and asserted that "Omar (Chief Minister) is not afraid and will not run away". "It is not a small battle and the adversary is formidable", Abdullah said, adding Pakistan would not abandon its designs and stop infiltration.
He assured the students that the schools and colleges that are closed in Kashmir now would reopen in due course and asked them to write to their counterparts in valley to shun the path of violence. Later speaking at the inauguration of ''22nd Pune Ganesh Festival'' Abdullah asked the people not to react to Allahabad High Court verdict on the Ayodhya issue due on September 24 and added that reason should prevail over sentiments.
"We should not fight over mosques and temples.
let us think of India and not divide her," he said.
On Kashmir, he said those who talk of "independence" and joining Pakistan would have to be defeated at all cost and asserted that the state was "an integral part of India." Those who present on the occasion included Congress MP Suresh Kalmadi, who is also founder of the festival.
Ayodhya petitioner to move Supreme Court
Retired bureaucrat Ramesh Chandra Tripathi, whose plea for a court direction to the parties in the Ram Janmabhoomi-Babri Masjid dispute to find an amicable and out-of-court settlement was dismissed by the Lucknow bench of the Allahabad High Court Friday, will now move the Supreme Court.'The high court order has not disheartened me at all and I am definitely going to file an appeal before the Supreme Court,' the 73-year-old Tripathi told IANS here.
'I am not ready to give up as my effort was aimed only at serving the larger objective of ensuring peace and communal harmony in the country,' he said.
'Since there is very little time left for the final judgment which is slated for Sep 24, I have to rush to Delhi as soon as possible,' he added.
When his attention was drawn to the high court's order that had not only questioned his motives, but also charged him of making an 'attempt to divert, deviate and obstruct' the Ayodhya case that was pending before courts for six long decades, Tripathi shot back: 'Well, the high court has all the right to draw its own conclusions, but tell me, what would a 73-year-old man achieve by doing all that the court has accused me of attempting?'
Meanwhile the 16-page written order released by the three-judge bench of Justice S.U. Khan, Justice Sudhir Agrawal and Justice D.V.Sharma late Friday evening, has termed the amicable settlement plea as 'mischievious', for which a Rs.50,000 fine has been slapped on Tripathi.
'Considering the facts and circumstances and also the fact that the applicant, without any lawful excuse or reason, has filed this application, we hold this attempt mischievous and therefore, he deserves to be imposed exemplary costs of Rs.50,000,' the bench ruled.
The bench also frowned on Tripathi's plea that the verdict could lead to law and order problems.
'We are really surprised to hear the wonderful argument by which he tries to frighten a court of law alleging apprehension of violence if judgment is delivered and thereby asking the court not to decide a case.
'The ways and means may be sophisticated but the end game is clear. This is something what the people of India least expect from a court of law and that too the highest court in a province,' the court added.
The court has also not spared the media while dealing with Tripathi's plea that his apprehensions about law and order threats were based on media reports.
'We find that of late, reports in both the electronic and print media are not exactly correct. Instead of giving correct information to enlighten the masses, incomplete and sometimes incorrect information is given, more so as sensation than communication of correct information,' it said.
Government clears draft Mining Bill
NDTV Correspondent, Updated: September 17, 2010 22:41 IST
New Delhi: Call it the Rahul Gandhi effect or maybe it was his Niyamgiri visit which did the trick. The natives of mining affected areas could be in for some good news.
The Group of Ministers(GoM) headed by Finance Minister Pranab Mukherjee has given a go ahead to the draft Mining Bill.
The Bill seeks that miners share about 26 percent of profits with local people who get affected by their projects. A move that has been strongly opposed by the industry.
However, the final draft of the Bill will be sent to the Cabinet soon. The new bill has proposed that a fund be created and the beneficiaries be paid out from it.
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Story first published:
September 17, 2010 22:24 IST
Tags: Draft Mining Bill, Mining row, Rahul Gandhi on mining, Rahul Gandhi on tribals, Vedanta mining project
Rahul Gandhi on tribals, Vedanta mining project
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Read more at: http://www.ndtv.com/article/india/government-clears-draft-mining-bill-52921?cp
| riday September 17, 03:54 AM | Source: Indian Express Finance |
Aadhaar to help IT cos innovate, says Nilekani
By fe BureauThe Aadhaar project expected to roll out in about four weeks would be an innovation platform for IT companies to build applications for various services, Unique Identification Authority of India (UIDAI) chairman Nandan Nilekani said on Thursday.
"We are are building an innovation platform and allowing people to build innovation," Nilekani said at a National Association of Software and Services Companies (Nasscom) summit on infrastructure management services here.
"We are providing identity verification as a cloud service. You can then build applications and embed the verification into your applications." The authentication of an Aadhaar number over a mobile phone would open up opportunities for financial inclusion services, he said.
"This kind of authentication allows you to do transactions from your mobile," he said. "This is going to change the way of banking fundamentally." The Aadhaar project aims at enrolling about 600 million people in four years through state governments and public sector undertakings such as as oil companies.
"Initially, we are doing enrollment through state governments, banks and oil companies but over time, once more people have the Aadhaar numbers, then people are going to build value chain applications. Innovation is going to happen," Nilekani said. "We are now examining how to build those kind of applications."
The UIDAI expects that enrollment would increase as more benefits, such as enabling financial transaction or a mobile SIM card purchase, are attached to the Aadhaar number.
With US help, India eyes another Green Revolution
Ahead of US President Barack Obama's maiden visit here, the US has decided to intensify bilateral strategic cooperation in agriculture and food security to spur a second Green Revolution in India.The two sides held their inaugural two-day agriculture dialogue here that ended Tuesday. Foreign Secretary Nirupama Rao co-chaired the dialogue with Robert Hormats, under secretary (energy, economic and agricultural affairs) in the US State Department.
A day later, Rao left for the US.
"The working groups discussed proposals for cooperation and will finalise the specific initiatives and modalities for cooperation through mutual consultation," the external affairs ministry said here.
The two sides have set up set-up three working groups for strategic cooperation in agriculture and food security, food-processing, agriculture extension, farm-to-market linkages and weather and crop-forecasting.
The two sides will discuss steps to accelerate agricultural cooperation during delegation-level talks when Obama comes on his maiden visit to India early November.
The US sees India as key to solving global agricultural challenges. "India will play a vitally important role in solving these kinds of challenges, not only for India, but for the region and the world," State Department spokesperson P.J. Crowley said in Washington early this week.
He underlined that that the US would certainly want to see how they might be able to work collaboratively on a Green Revolution 2.0.
| Friday September 17, 06:01 PM |  * |
India reacts sharply to Pak interference in Kashmir
NEW DELHI: India on Friday hit back at Pakistan rejecting as "gratuitous" its statements on Jammu and Kashmir, saying they amounted to interference in the internal affairs of the country.
It asked Islamabad to take effective action against infiltration from across the LoC and dismantle terror infrastructure there as it is the people of the state who suffer from the consequences of terrorism fomented from across the border.
Reacting sharply to Pakistan foreign minister S M Qureshi asking India to "exercise restraint" in the state, ministry of external affairs official spokesperson Vishnu Prakash said "India firmly rejects gratuitous statements issued by Pakistan on Jammu & Kashmir, which amount to interference in the internal affairs of India.
"Pakistan should take credible and effective action against infiltration from across the Line of Control and dismantle the terror infrastructure that exists in the territory under its control.
"This would be an important contribution towards safeguarding the welfare of the people of J&K, who suffer the consequences of terrorism fomented from across the Line of Control and the international border."
He also said that as a vibrant democracy, India has sufficient mechanisms and constitutional safeguards to address issues raised by its citizens in any part of the country.
Claiming that Pakistan will "continue to stand by the Kashmiris in their just cause", Qureshi said " Gross and systematic abuse of human rights ... in Kashmir must end. Pakistan calls upon the Government of India to exercise restraint."
The Pakistani minister said his country has taken "serious note of the deteriorating situation" in Jammu and Kashmir. "The indigenous movement in (Jammu and Kashmir) has gained a new momentum and urgency. The Kashmiris are unanimous in their demand for self-determination," he said.
Qureshi said Pakistan condemns the alleged "blatant" use of force by Indian security forces against the protesters.
Today's statement by Qureshi is being seen as an attempt by Pakistan to step up pressure on Kashmir ahead of UNGA where it may try to rake it up.
Reiterating India's commitment to resolve issues of mutual concern with Pakistan through dialogue and peaceful means", Prakash said however, Pakistan must fulfil its solemn commitment of not allowing territory under its control to be used for terrorism directed against India in any manner.
"This would be in the interest of Pakistan and of the international community," the spokesperson said.
Read more: India reacts sharply to Pak interference in Kashmir - The Times of India http://timesofindia.indiatimes.com/india/India-reacts-sharply-to-Pak-interference-in-Kashmir/articleshow/6575001.cms#ixzz0zoLxaaUn
Pak asks India to end human rights abuse in Kashmir
ISLAMABAD: In provocative remarks, Pakistan on Friday asked India to stop " gross and systematic abuse of human rights" in Jammu and Kashmir and "exercise restraint" while dealing with protesters in the state.
"Gross and systematic abuse of human rights and Indian repression in Kashmir must end. Pakistan calls upon the Government of India to exercise restraint," Pakistan foreign minister S hah Mahmood Qureshi said.
"The indigenous movement in (Jammu and Kashmir) has gained a new momentum and urgency. The Kashmiris are unanimous in their demand for self-determination," Qureshi said.
Qureshi said Pakistan will "continue to stand by the Kashmiris in their just cause". His comments were put out in a statement by the foreign office.
He said Pakistan has taken "serious note of the deteriorating situation" in Jammu and Kashmir.
Qureshi said Pakistan condemns the alleged "blatant" use of force by Indian security forces against the protesters.
Friday's statement by Qureshi was the strongest reaction from the Foreign Office to the recent developments in Jammu and Kashmir.
It comes at a time when leaders of opposition parties like the PML-N and politicians from Pakistan-occupied Kashmir have stepped up pressure on the government to take up the situation in Jammu and Kashmir with the international community.
Needling India, Pakistan had last month said that Kashmiri people were resolved to get their right to self-determination and New Delhi should read the "writing on the wall".
"It is our firm belief that when (the Kashmiri) people are willing to make the ultimate sacrifice for their cause, then nothing can stop them from reaching their destination," foreign office spokesperson Abdul Basit had said.
Qureshi, at the same time, also pushed for an "early and full resumption of the dialogue process with India" and said Pakistan "wants a constructive, sustained and result-oriented dialogue with India on all issues, including the Jammu and Kashmir dispute."
He said Pakistan is committed to finding a "just and peaceful resolution of the issue of Jammu and Kashmir in accordance with the relevant UN resolutions and wishes and aspirations of the
Read more: Pak asks India to end human rights abuse in Kashmir - The Times of India http://timesofindia.indiatimes.com/india/Pak-asks-India-to-end-human-rights-abuse-in-Kashmir/articleshow/6575433.cms#ixzz0zoMCsE3z
Cut the red tape
Barkha Dutt , Hindustan Times
New Delhi, September 17, 2010
First Published: 22:10 IST(17/9/2010)
Last Updated: 22:12 IST(17/9/2010)
Prescriptions for the future often lie in lessons of the past. Those grappling with the volatile anger of the Kashmir valley today may serve their own understanding well with a willingness to travel back in time. They won't even have to travel too far back or too long a distance. Rewinding this
nightmarish reel to one of its earlier images may help us understand the script better.
It was on June 11 that 17-year-old Tufail Mattoo — now an international buzzword for all the wrong reasons — was killed when walking home from a tuition class. A teargas shell — apparently meant for protestors on the street — burst open Tufail's head instead and his sudden, tragic death marked the beginning of Kashmir's summer of discontent. Later — as we sat in a room where placards demanding justice for his death were stacked up against the tiny windowsills, blocking all the sunshine that once streamed into this home — Tufail's father spoke to me about 'stone-pelters'. A soft-spoken, stoic man whose tears had been been consumed by a quiet anger, Tufail's father had a question. His son, he said, had never hurled a stone at anyone, but "won't incidents like this one bring more boys out on the streets?" he asked.
His words were both prescient and unheeded. Much has been said about all the mistakes made in the aftermath of Tufail's death. If anything, these three months have been a blueprint for how not to handle a crisis. But if, going forward we are ready to learn and re-invent at all, it is at Tufail Mattoo's house that the all-party delegation must begin its outreach to the people of Jammu and Kashmir. Politicians have been arguing over how many protests in the valley are "spontaneous" and how many are "orchestrated", finally leading the Prime Minister himself to concede to a complex mix of both. In this tragically polarised "bullets-for-stones" debate, even the most strident nationalist cannot justify why a teenage boy who was looking forward to his 18th birthday should die for no fault of his, other than the fact that he was in the wrong place at the wrong time.
So, let a visit to his house be the beginning of a humane intervention in the valley. The fact that the finance minister and the home minister are both going to be part of this political delegation is a signal by the UPA that this is not a mere cosmetic intervention. Now, let them show imagination and empathy by breaking free from a bureaucratic schedule of meetings that may only allow them to engage with yes-men. The worst thing that could happen is for this delegation of politicians to be locked away in a sanitised, sarkari bungalow, where carefully chosen shikaarawallahs and carpet-sellers get five-minute audiences with the bada sahebs. Quite, simply, if you want to preach only to the converted, don't expect an evangelical impact.
No, indeed. Let our politicians walk through the stillness of curfew-torn Srinagar; let them meet the boys and girls at the university and wrestle with their intractable anger; let them spend a day with a hapless local policeman and see how he is crushed between the volatile rage on the streets and the duty of his uniform and let them look the alarming and growing radicalisation of the valley's youth straight in the eye and ask themselves what Congress president Sonia Gandhi seemed to ready to talk about: "why are they so angry with us?"
In an extraordinary election in 2008, all eight assembly seats in Srinagar voted for the National Conference, despite a failed call by the separatists to raise the stakes of the election to that of a 'referendum'. So, why is it in 2010 that neither the elected representatives nor the separatists seem to have any control of the street? Whatever else he may be faulted for, Jammu and Kashmir Chief Minister Omar Abdullah was quintessentially candid when he said the protests were "largely leaderless". It is into this political vacuum that some of India's most prominent politicians are stepping in. They cannot afford to be frightened of the backlash of anger and yes, maybe even a hurled shoe or two. In the circumstances, it would be a small price to pay. So let our all-party delegation not stay away from hospitals in Srinagar because the security establishment declares it to be too 'risky'.
There is, at this moment, an ethical obligation on the separatist leadership as well to meet New Delhi's initiative at least a quarter of the way. Protest calendars that now urge people to target army posts have triggered the inevitable intervention of the Army jointly policing the streets of Srinagar — something it was sharply averse to when the crisis first erupted. Separatists have argued that talking in the present environment is 'useless'. Well, so is doing nothing and watching the street slip into near anarchy. In 2008, Kashmir had managed to mainstream separatist sentiments into the wider embrace of electoral politics. Regional parties introduced the competitive slogans of self-rule and greater autonomy into the political lexicon. In 2010, the moderates within the Hurriyat Conference are faced with near-irrelevance if they just keep watching from the margins. And yes, the onus is on New Delhi to strengthen the moderates instead of seeking to divide them . History will always pose a tough question to Delhi's intelligence establishment. Wasn't it better off dealing with the pro-azaadi Jammu and Kashmir Liberation Front than with the fundamentalism that was later imported from across the border?
And for those who believe that a humane approach disrespects the Indian soldier, try asking the soldier what he wants.
Does he really want to live his days locked into an endless, repetitive cycle of hostile confrontation? Perhaps when our politicians are actually there, the distant gaze of Delhi may transform into a tighter close-up of the grim reality that is Jammu and Kashmir today.
Barkha Dutt is Group Editor, English News, NDTV n barkha@ndtv.com The views expressed by the author are personal
http://www.hindustantimes.com/Cut-the-red-tape/H1-Article1-601437.aspx
BSE Sensex posts best weekly gain in 10 months
 * |
| Click to enlarge photo |
By Ami Shah
MUMBAI (Reuters) - Brisk foreign fund inflows helped the BSE Sensex (^BSESN : 19594.75 +177.26
RELIANCE.NS : 1027.35 +27
Reliance Industries led the gainers, rising as much as 2.9 percent after a source said the energy major was in talks with U.S.-based Chesapeake Energy to buy a stake in Eagle Ford shale gas project. If a deal is struck, it would be the firm's fourth such buy this year.
Nine of the top 30 stocks scaled their all-time high this week, as the benchmark logged its third straight weekly gain. It rose 4.2 percent this week, its best weekly gain in 10 months.
Foreign funds have bought a net $15.4 billion in Indian equities so far in 2010, adding to their record $17.5 billion purchases last year. The inflows reaffirm investor faith in India's economic growth and corporate fundamentals, dealers said.
The BSE index rose 0.91 percent or 177.26 points to 19,594.75, with 24 of its components closing in the green.
"India's outperformance versus other emerging market peers, its strong economic growth and earnings growth forecast, makes it attractive," said Rakesh Rawal, head of private wealth management at Anand Rathi.
India's top-100 firms paid 381.07 billion rupees in advance taxes for July-Sept, a rise of 16.4 percent year-on-year, an official from the federal finance ministry said.
Its benchmark index has outperformed its peers in the BRIC region year-to-date with a 12.2 percent gain.
Brazil's Bovespa and China's Shanghai Composite Index are down 1.3 percent and 20.7 percent in 2010, while Russia's RTS index gained 2.2 percent.
Most emerging stock markets will finish 2010 with much stronger gains than their rich world counterparts, according to Reuters polls that showed only Japanese and Chinese bourses ending the year in double-digit slumps.
The BSE index is forecast to rise to 20,080 points by end-2010, then breach record high and hit 21,500 by mid-2011, according to median forecast of 21 market participants polled.
The country's focus on infrastructure investment will help drive growth in its stock market, Thomas Mathew, managing director of state-run Life Insurance Corporation, India's largest portfolio investor, told Reuters on earlier this week.
"Also, it is relatively less dependent on exports, as there is a robust domestic consumption story," said Anand Rathi's Rawal.
"There is ample amount of liquidity globally, with funds available at cheap cost right now. Economies like India, which have a proven track record, stand to benefit."
Reliance Industries, which has the highest weight on the main index, closed 2.6 percent higher at 1,026.75 rupees.
Top mobile operator Bharti Airtel (BHARTIARTL.BO : 357.9 +10.2
Software majors recouped some of Thursday's losses, with the sector index edging 0.5 percent higher after shedding 2.3 percent in the previous session.
Leading outsourcers Tata Consultancy Services (TCS.NS : 913.8 +18.4
INFOSYS.BO : 2974.1 +6.3
WIPRO.NS : 420.25 -3.2
Financials fared mixed after a Reuters poll showed on Thursday, India still has one or two more interest rate increases in store for the rest of the fiscal year that ends in March 2011.
The poll was conducted after the central bank had raised rates on Thursday for a fifth time this year to tame inflation.
ICICI Bank (ICICIBANK.NS : 1114.2 +10.65
SBIN.NS : 3092.75 -2.05
In the broader market, gainers were 1.5 times the number of losers in a relatively better volume of 481 million shares.
The 50-share NSE (^NSEI : 5884.95 +56.25
Overall, the MSCI world equity index rose 0.5 percent by 1041 GMT, while the more volatile emerging markets index climbed 0.9 percent.
STOCKS THAT MOVED
* Jet Airways gained 0.6 percent to 759.40 rupees, after government data showed the carrier recorded highest market share among domestic carriers.
* Delta Corp rose 20 percent to 69.70 rupees, after the financial consultancy and advisory services firm's board said it will meet on Sept. 20 to consider raising 2.75 billion rupees through a preferential allotment.
* Elder Pharmaceuticals firmed 5.1 percent to 434.95 rupees after NeutraHealth, a UK-based supplier of vitamins and supplements, agreed to be acquired by the Indian drugmaker for about $19.1 million.
MAIN TOP 3 BY VOLUME
* Ispat Industries (NIPPONDEN.NS : 0 0
* Delta Corp on 10 million shares
* Shree Ashtavinayak on 9.6 million shares
(Editing by Malini Menon)
(For more business news visit Reuters India)
Economy News
Economy *
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EARLIER HEADLINES
- Monsoon rains 19 pct above normal in past week - Met
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- Rains 19 pct above normal in past week - Met
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- - Indian Express - Thu 16 Sep, 04:47 AM
- Sensex stays above 19k on FII inflows
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» More Archived News
Reservation agitation: Over 60 Telangana advocates arrested
Tension prevailed today at the Andhra Pradesh High Court with police arresting over 60 Telangana lawyers after they tried to barge into the court premises and forcibly removing three others, who had been on fast for the last four days. More than 60 Telangana advocates, who are demanding 42 per cent share for the region in the appointments of law officers, were arrested as they tried to violate the decision of the Standing Committee constituted by the High Court that prohibited dharnas, sloganeering and agitation in the court premises, officials said.The advocates allegedly tried to manhandle the policemen on duty, contending that the Standing Committee directions were not judicial orders and they will not abide by them. However, police personnel who were present in large numbers overpowered the agitators, arrested some of them and took them outside the court premises.
In the melee, a cameraman of a television channel was allegedly assaulted by the policemen and his camera was also damaged in the incident. Commenting on the incident a senior police officer said they will register a case and will identify those behind the incident.
As part of the protest, the Telangana advocate took out a rally from Namaplly to the High Court and tried to barge into the court demanding that they be allowed inside its premises. Meanwhile, scores of Telanagana advocates also held a sit-in near the court premises in support of their demand.
The police also forcibly removed three agitators who had been on an indefinite hunger strike since Tuesday from outside the court.
Uddhav calls UPA''s handling of Kashmir issue cowardly
Terming the UPA''s handling of the current unrest in Kashmir valley as "cowardly", the Shiv Sena today said people were fed up with the "hollow" discussions being held by the Centre over the prolonged crisis. "The UPA government is just holding discussions on the Kashmir issue.I think its a cowardly act," Sena''s Executive President Uddhav Thackeray said at the launch of a website on his grandfather and social reformist Prabodhankar Thackeray here. Claiming that people were fed up with these "hollow" talks, Uddhav said there was need to convey this message to the government.
On allegations about his family being from outside Maharashtra, the Sena leader said Prabodhankar was born in neighbouring Panvel and not in Madhya Pradesh. "The website has specifically mentioned that Prabodhankar was born in Panvel.
Is Panvel in Madhya Pradesh?" he asked. He refused to comment on the Ayodhya title suits on which Allahabad High Court''s verdict is scheduled to be pronounced on September 24.
"Let the verdict come. We have faith in the judiciary and God.
Everything would be all right," he said. The website named Prabodhankar.
co is so designed as to make the younger generation aware of his works, a release from Sena said. The site would contain books written by Prabodhankar, his unpublished articles, biography in English and Hindi and also material written on him.
It would also carry interviews of Prabodhankar''s contemporaries, clippings from cinemas he acted in and wallpapers.
Michelle Obama 'thinks being America's First Lady is 'hell'
London, Sept 16 (ANI): In a wildly indiscreet new book, French First Lady Carla Bruni has revealed that Michelle Obama thinks being America's First Lady is 'hell'.According to Bruni, Mrs Obama replied when asked about her position as the U.S. president's wife: 'Don't ask! It's hell. I can't stand it!', reports the Daily Mail.
Details of the private conversation emerged in 'Carla And The Ambitious', a book written in collaboration with Bruni.
The conversation took place at the White House during an official visit by Nicolas Sarkozy last March. (ANI)
US visa fee hike can sour ties with India: US experts
Two noted US economic experts have warned that the new US law steeply hiking visa fees could sour US relations with India and send wrong signals about US attitudes to open global markets.'Regrettably, what might be good politics is bad policy for America,' wrote Jacob F. Kirkegaard and Arvind Subramanian, senior fellows at the Peterson Institute for International Economics, in Foreign Policy magazine about the law to hike visa fees to raise $600 million to help secure the US-Mexico border.
'It is unlikely to raise revenue, will inflict damage to American competitiveness, sour US relations with India, and above all send the wrong signals about US attitudes to open global markets,' they say noting that the Congress's budget neutrality numbers simply don't add up.
'Without explicitly saying so, the law clearly targets India, home of the world's fastest growing IT services companies,' the experts wrote noting Indians received about half of all H-1B and L-1 visas in 2009, and comprise most of the roughly 50 percent of all H-1B and L-1 recipients who work in computer-related occupations in the US.
'Despite US President Barack Obama's endless declarations that the US-India 'strategic partnership will continue to grow', this is a direct snub to India's most powerful domestic advocates of economic liberalisation,' Kirkegaard and Subramanian wrote.
'The Obama administration should tread carefully. If India shifts its economic orientation away from the United States, the costs would far outweigh any of the political benefits or fiscal revenue from this visa fee policy,' they wrote.
'India could choose to retaliate by buying more Airbus planes from Europe, importing more cars from Japan, or moving toward a trade agreement with the European Union that discriminates against US exporters,' the experts warned.
'So when Obama lands in New Delhi on his upcoming trip this fall, he could find himself in the middle of an ugly trade skirmish with a rising Asian superpower.'
The new law calls for fees for the H-1B and L-1 immigrant visas to increase by $2,000 and $2,250 respectively for companies with 50 or more employees in the US - if more than half of the company's employees are on H-1B or L-1 visas.
This provision effectively doubles the existing total government fees for the affected companies, predominantly Indian IT services firms. The government's annual revenues are expected to rise to roughly $135 million, based on about 65,000 H-1B and L-1 visas issued annually.
'In anti-immigration fantasy land, where the US labour market is perceived to be overrun by hundreds of thousands of cheap, high-skilled Indian workers, such a fee might seem like a plausible cash cow,' Kirkegaard and Subramanian wrote. 'But the real world of the US labour market in 2010 looks very different.'
Demand for high-skilled visas is extremely volatile, rising dramatically in times of high growth and slumping during recessions, they said.
According to their calculations, based on data for fiscal year 2009, the actual demand for high-skilled H-1B and L-1 visas in a relatively sluggish economy will be about 20,000 visas, which is far below the target of 65,000.
British MP asks Centre to stop illegal immigration
Jalandhar, Sep 17 (PTI) British Labour Party MP Virendra Sharma today said bilateral relationship between India and the UK will benefit both the countries and asked the Centre to stop illegal immigration of Indians into that country. Addressing a press conference here, Sharma said social, economic, cultural, trade and diplomatic relations between the two countries should improve.He asked the Centre to curb illegal immigration of people from Punjab and other parts of the country into Britain as it brings bad repute to the country. Sharma, who is of Indian-origin, also demanded that more visa offices should be opened in Jalandhar.
Sushma Swaraj, Jaitley BJP's nominees in Kashmir all-party team
Bharatiya Janata Party (BJP) leaders Sushma Swaraj and Arun Jaitley will represent the party in the delegation of political parties visiting Jammu and Kashmir next week, a party leader said FridayBJP spokesperson Nirmala Sitharaman told IANS said that the two leaders will represent the party in the all-party delegation that is expected to leave for Kashmir Monday.
Sushma Swaraj is the Leader of Opposition in the Lok Sabha and Jaitley in the Rajya Sabha.
Asked about the scheduled meetings of the all-party delegation in the state, Sitharaman said details had not been conveyed by the government.
Asked about the party's stance ahead of the delegation's visit, she said the party does not want dilution of the Armed Forces Special Powers Act.
'Any talks should be held in the framework of the Indian constitution. The regional expectations of Jammu and Ladakh should be taken into account,' she said.
On the demand of autonomy by the National Conference, which is part of Kashmir's ruling coalition, Sitharaman said the BJP favoured as much devolution of powers to Jammu and Kashmir as to any other state of the country.
Sitharaman said the BJP's viewpoint had been laid by party president Nitin Gadkari at the all-party meeting on Kashmir convened by Prime Minister Manmohan Singh Wednesday.
SC upholds A''bad high court stay on suspension of fuel supply
The Supreme Court has upheld the Allahabad High Court''s stay on suspension of fuel supply by Coal India and its subsidiary Bharat Coking Coal to more than 45 small scale industries against whom the CBI had filed FIR for selling coal allocated to them in the open market. "The material placed before the High Court prima facie shows that the order of Bharat Cooking Coal suspending the supplies of coal to the 45 industrial consumers was arbitrary and unfair and the High Court was justified in staying the order," the bench said.The apex court further observed that rather than checking the end-use of the subsidised coal given to the industries, the PSUs suspended the supplies after the CBI filed chargesheet against one of their General Managers. However, in another similar matter, filed by the PSUs against the orders of the Jharkhand High Court, the apex court said that it could suspend "where it has doubt that the respondents may misutilise the alloted coal and divert or sell same in the open market".
The Apex Court further said that Coal Distribution Policy of 2007 defines that the object of FSA is to allot coal only for utilisation of licenes plant only.
EU likely to press China on forex at Oct meeting
Top European Union officials are expected to press China's prime minister and central bank governor next month to deliver on the country's promise to make its exchange rate more flexible.The 16-nation euro zone and the wider EU believe the Chinese yuan currency is undervalued, which they believe helps create global economic imbalances and at times gives the country's exporters an unfair advantage, officials say.
Eurogroup chairman Jean-Claude Juncker said on Friday he would meet the two Chinese policy makers on Oct. 6 in Brussels to discuss exchange rate issues and monetary policy.
"I will have a meeting with the Chinese prime minister and central bank governor on Oct. 6 ... to discuss monetary issues and exchange rate problems," Juncker, who chairs monthly meetings of euro area finance ministers, told reporters.
The 27-country EU welcomed China's declaration in June that its foreign exchange rules would be made more flexible, but stressed that implementation was key.
"Since then, progress has been, let's say, slow," a Commission official told Reuters, asking not to be named.
During their visit, Premier Wen Jiabao and central bank chief Zhou Xiaochuan are also expected to meet European Commission President Jose Manuel Barroso and EU Monetary Affairs Commissioner Olli Rehn.
Juncker also reiterated his opposition to Japan's decision this week to intervene unilaterally to weaken the yen currency.
"We think that unilateral initiatives are not the best way to deal with the problem," he said.
On Thursday, Juncker said that the Chinese yuan currency was still undervalued against the euro and that Europe had to press harder for this to change.
"We have to discuss more formally and with more insistence with our Chinese counterparts the elements related directly to foreign exchange rates. We do think that the yuan, the renminbi, is still undervalued," he said after a meeting of EU leaders.
(Reporting by Michele Sinner; writing by Marcin Grajewski and Charlie Dunmore; Editing by Ron Askew)
(For more business news visit Reuters India)
ANALYSIS - Private banks battling for advisers to super-rich
Recruiting wars in the genteel world of private banking are heating up, with bankers to the super-rich increasingly looking to retail brokerages and wealth management boutiques for new blood.A year after thousands of retail brokers left the largest brokerages to join rivals and independents, the job-hopping frenzy has shifted to private bankers catering to individuals with more than $10 million of investable wealth.
Citigroup Inc has been leading the charge since spinning off its Smith Barney retail brokerage last year to a venture controlled by Morgan Stanley . The embattled bank has recruited dozens of bankers and other executives this year, many from Bank of America Corp's U.S. Trust.
U.S. Trust embarked on its own hiring spree, adding nearly 40 advisers since July. Bank of New York Mellon, Wells Fargo & Co and other banks have also been actively recruiting.
While the majority of recruits still come from private banks -- businesses that offer credit, investments, trust and estate planning services -- banks are increasingly targeting financial advisers from Wall Street.
"If you have someone who has been successful as a wirehouse broker, they can bring their book here and expose it to other disciplines like credit, insurance and planning," Wells Fargo Private Bank senior managing director John Duchala said.
Wells, he said, is looking outside the private banking world in its bid to add 150 new recruits. Citi has looked to Goldman Sachs Private Wealth Management as well as Barclays Wealth, a Barclays unit built from a business acquired from Lehman Brothers.
Citi has said it aims to double its private banker ranks to about 260 within three years.
Private banks and top-end brokerages perform many of the same jobs and target the same kinds of customers, but because of differences in compensation and culture, there has been little crossover between the two groups.
But that is changing, say recruiters, with Wall Street financial advisers showing increased interest in the private banking, said Patrick Kelly, a recruiter at Los Angeles-based Willis Consulting.
"They hear that all the money is over there and it's easier to get referrals on that side," Kelly said.
Private bankers are paid a salary and bonus determined by the bank, while financial advisers receive a percentage of the fees and commissions they generate. Advisers usually earn more than private bankers managing comparable assets.
With shaky markets and clients sticking to conservative, less profitable investments, some advisers are increasingly drawn to private banks, where they can benefit from investment bank referrals and a guaranteed salary.
Financial advisers William Goettert and John Entenberg jumped to Citi Private Bank last month after spending a decade at Merrill Lynch, a unit of Bank of America.
Goettert said they were attracted by the private bank's focus on wealthy clients and its access to sophisticated products and research from Citi's investment bank.
"Half of our clients are based outside the U.S. and Citi really has a global footprint," added Entenberg.
Still, not all advisers can make the transition to private banker. Advisers need to have a stable of wealthy clients, a track record of generating fees and, most importantly, be willing to share clients with investment managers, estate planners, tax and trust experts.
Moreover, private banks do not offer the huge recruiting deals of the large brokerage firms -- sometimes triple an adviser's fees and commission over the previous year.
Recruiters said private bankers receive one to two times their previous year's salary and bonus to move.
Still Christopher Maillie, who oversees Wells Fargo Private Bank offices in central Pennsylvania, said he sees greater interest in private banks from brokerage advisers.
"At the private bank, it's about how do we serve clientele with sophisticated needs with trust services, lending and financial planning," said Maillie, who spent four years as a complex manager at Morgan Stanley Smith Barney before joining Wells Fargo in July.
"People come here for the right reasons," he said, "as opposed to bribing them with a check."
(Reporting by Helen Kearney; Editing by Steve Orlofsky)
(For more business news visit Reuters India)
India invites Canadian investment in power sector
India today invited Canada to invest in the country''s power sector, which is growing at rapid pace with huge opportunities for investment and technological cooperation. India is one of the most attractive investment destination today and keenly looks forward to investments and joint ventures from Canada in manufacturing energy equipment, Power Minister Sushilkumar Shinde said.He called for technological cooperation and collaboration in the area of shale gas, where Canada is far ahead. Shinde also mentioned the areas of interest to India which include hydel power, nuclear power, supply of uranium, mining, clean coal technology, energy efficiency, oil and gas, smart grid, ultra high voltage transmission technology and collaborative R&D (research and development).
He said that with more than 1,60,000 MW, the Indian power sector has the fifth largest electricity generation capacity in the world today and is the worlds third largest transmission and distribution network. Shinde had bilateral meetings with Christian Paradis, Minister of Natural resources Canada, Peter Van Loan, Minister of International Trade, Canada and Nathalie, Vice Premier and Minister of Natural Resources, Quebec.
Both the countries reiterated the wish to further enhance the cooperation between the two countries specially in the Energy sector
U.S. consumer prices rise, but underlying trend flat
U.S. consumer prices increased slightly more than expected in August as food prices rebounded and energy costs remained elevated but core prices were flat, keeping the risk of deflation alive.The Labor Department said on Friday its seasonally adjusted Consumer Price Index rose 0.3 percent after rising 0.3 percent in July. That was a touch above financial markets' expectations for a 0.2 percent increase.
But excluding volatile energy and food prices, the closely watched core measure of consumer inflation was unexpectedly flat after edging up 0.1 percent in July.
U.S. government bond prices rallied as some analysts viewed the flat core reading as a sign deflation remained a threat to an economy struggling to recover from its worst recession since the 1930s.
U.S. stock index futures held their gains, while the dollar was little changed.
"If core inflation comes in flat, the threat of deflation hasn't passed yet. We are still at a stage of the economy where there is growth but it's not strong enough to bring down unemployment," said Gus Faucher, director of macroeconomics at Moody's Analytics in West Chester, Pennsylvania.
Most analysts expect the Federal Reserve to renew its pledge to keep monetary policy accommodative, but not to announce any new steps to ease monetary policy, when it meets on Tuesday to assess the economy.
Many, however, believe the Fed will resume large-scale asset purchases in coming months to drive long-term interest rates lower to spur the economy and keep deflation risks at bay.
The U.S. central bank already has cut overnight interest rates to near zero and pumped more than $1.7 trillion into the economy through purchases of Treasury and mortgage-related debt.
Data on Thursday showed prices paid at the farm and factory gate increased 0.4 percent in August.
"There is no inflation. There is no deflation. It's disinflation," said John Canally, an economist at LPL Financial in Boston.
In the 12 months to August, the CPI rose 1.1 percent after a 1.2 percent increase the prior month. The increase was in line with market expectations.
Last month energy prices rose 2.3 percent after increasing 2.6 percent in July, while gasoline prices were up 3.9 percent. Food costs rebounded 0.2 percent from July's 0.1 percent drop.
The monthly core inflation rate was dampened by shelter costs, which were flat and weak prices for apparel.
However, new vehicle prices increased 0.3 percent, the largest gain since November, after rising 0.1 percent in July. Prices for used cars and trucks increased 0.7 percent after rising 0.8 percent the prior month.
In the 12 months to August, the core inflation rate rose 0.9 percent after a similar increase in July. Markets expected an increase of 1.0 percent.
(Reporting by Lucia Mutikani; Additional reporting by Richard Leong in New York; Editing by Andrea Ricci)
(For more business news visit Reuters India)
Cut the red tapeHindustan Times - 1 hour agoPrescriptions for the future often lie in lessons of the past. Those grappling with the volatile anger of the Kashmir valley today may serve their own understanding well with a willingness to travel back in time. They won't even have to travel too far ... Pranab likely to lead all-party team to KashmirHindustan Times - 7 hours agoFinance Minister Pranab Mukherjee is likely to lead the all-party delegation that will visit Jammu and Kashmir on Monday and Tuesday, Congress sources said after a meeting with party president Sonia Gandhi. Home Minister P Chidmabaram will be also in ... Some separatist leaders may be called to meet J&K delegationDaily News & Analysis - 4 hours agoPlace: New Delhi | Agency: PTI The Centre will extend invitation to groups and individuals including separatists in Jammu & Kashmir for a meeting with the 39-member all-party delegation visiting the state from Monday. Though there is an open invitation ... Chidambaram may lead all-party team to KashmirMSN India - 27 minutes agoNew Delhi: Home Minister P Chidambaram is likely to lead the all-party delegation that will visit Jammu and Kashmir on Monday-Tuesday in a bid to defuse tensions in the state, official sources said on Friday. Earlier, the Congress party and the ... Congress-NC coalition to sail through: Farooq AbdullahIndian Express - 6 hours agoFarooq Abdullah today said there are no "strains" in the ruling NC-Congress alliance in Jammu and Kashmir. Union Minister and NC President Farooq Abdullah today said there are no "strains" in the ruling NC-Congress alliance in Jammu and Kashmir and ... Pranab likely to head all party delegation to JKOneindia - 4 hours agoNew Delhi, Sep 17: Finance Minister, Pranab Mukherjee likely to lead the all party delegation, which will visit Jammu Kashmir on Monday, Sep 20. After the core party meeting with Congress President, Sonia Gandhi on Friday, Sep 17, Congress party ... National Conference welcomes Rahul Gandhi's remarks about Omar AbdullahDaily News & Analysis - 7 hours agoPlace: Jammu | Agency: PTI The National Conference today welcomed Congress leader Rahul Gandhi's support to Jammu and Kashmir chief minister Omar Abdullah, saying it has encouraged the coalition government to handle the situation in the valley in a ... All-party team to visit J&K, AFSPA issue openTimes of India - Vishwa Mohan - Sep 15, 2010NEW DELHI: The political class on Wednesday decided to reach out to the estranged population in Jammu and Kashmir by deciding to send an all-party delegation as the first step towards a dialogue for resolving the current crisis. ... Kashmir deserves betterTehelka - Prem Shankar Jha - 3 hours agoON SUNDAY, a day after Kashmiris celebrated Eid peacefully on a day that remained unmarred by confrontations with the police, the government of Jammu and Kashmir clamped down the most draconian curfew the Valley has seen in more ... Three killed in Kashmir as crisis talks beginAFP - Sunita Chandra - Sep 14, 2010JAMMU, India — Violence spread to new areas of Indian Kashmir on Wednesday, with three more protesters shot dead by police, as the government held crisis talks in New Delhi to tackle the escalating unrest. Prime Minister Manmohan Singh said he was ... All 1,324 related articles » | RelatedJammu and KashmirAFSPA Sonia Gandhi Manmohan Singh Omar Abdullah Bharatiya Janata Party Timeline of articles Number of sources covering this story
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17 Sep, 2010, 10.35PM IST,ET Bureau
Alternate channels of finance for core sector on RBI agenda: Gokarn
NEW DELHI: Deputy Governor of Reserve Bank of India, Dr Subir Gokarn, said that the development of alternate channels for finance for the infrastructure sector is on the Reserve Bank's reform agenda and there has been a great progress towards movement of infrastructure funding from public to public private partnership (PPP) projects.There is a need to focus more on the fundamentals of infrastructure, education and employment in the country. Banks are keen to fund infrastructure sector but they do not have the capacity to do so as the deposits are available for short term projects. He was addressing a seminar organised by PHD Chamber here on Friday.
Dr Gokarn said inflation continues to be a worry for the regulator. A strange trend in the macroeconomic situation is being witnessed at present, whereby, the global prices are going down while the domestic prices in the Indian economy are firming up, the Chamber release said.
Over the next few years, the focus of monetary policy would be less on normalization and would be driven more by growth in the economy. RBI is working with banks to develop a realistic plan on financial inclusion so that the benefits of growth are not confined to a limited number of people but is extended to rural population, he said.
Speaking on the recent hike in repo and reverse repo rates, he said that the narrower the gap between the repo and reverse repo corridor, the lesser would be the volatility in the system.
Shri Ashok Kajaria, President, PHD Chamberrequested the Deputy Governor to continue with the calibrated approach in the monetary policy to help sustain the growth momentum in the Indian economy, the PHD Chamber press release said.He also recommended further reforms in the sector to promote financial inclusion and efficiency in the banking system.
India to produce bumper crop this year: Pawar
India is likely to harvest a bumper foodgrain crop in the current year, despite the drought in Bihar, Jharkhand and some parts of West Bengal, Food and Agriculture Minister Sharad Pawar said today.
"This (2010) will be one of the best years, which will provide a bumper crop to the country," Pawar told reporters on the sidelines of a national conference here on the rabi crop season.
"2008 was one of the years, which the country got a maximum production. Though there is a setback in Bihar, Jharkhand and parts of West Bengal in paddy crop, but still this year, total paddy production will be much more than last year and it will be somewhat near or little more than 2008," he added.
The area under pulses, oilseeds, cotton, sugarcane and paddy is much more than last year and even more than in 2008, the minister said.
"Last year, the country faced a severe drought in 300 districts, which affected paddy crops. This year, the situation is altogether different and completely satisfactory," Pawar added.
"Now we are trying our level best to gear up the state machinery for the coming rabi season," he added.
"Our expectation is that the way the general monsoon situation we have seen, the reservoir position that we have assessed, this will be the most favourable year for crops like wheat and others," he said.
"Today's Bakra dam position... we have not seen in the last 30 years," he said, adding that a similar situation exists in most of the country's reservoirs and that is why the possibility of bumper rabi crop production is very bright.
"My own assessment and also the assessment of states is that this will be one of the best years, which will provide a bumper crop to the country," Pawar said.
Despite a bad monsoon last year, total foodgrains production for 2009-10 is likely to be 218 million tonnes, against the target of 239 million tonnes, the minister said.
"Considering that the monsoon has been fairly active in September, the conditions for rabi are very favourable. I will urge all states to take full advantage of these favourable conditions to ensure that we have a record rabi production," he added.
"My ministry will do its best to assist and complement your (states) efforts by making available all inputs on time," Pawar said.
FCI ties up with banks for direct payment to farmers
Food Corporation of India (FCI) has tied up with a few banks for direct payment to farmers for the grains to be procured in the kharif marketing season 2010-11."We are firm on our stand and we will try to put direct payment system to farmers into operation from the coming paddy procurement season," a senior official of FCI told media here.
FCI has made arrangements with the State Bank of India, State Bank of Patiala and Punjab National Bank for crediting the money for paddy procured by the Centre directly into the accounts of the farmers.
"Besides, we are also in the process of roping in state owned cooperative banks as they have wider reach in rural areas for implementing direct payment system," he said.
"Farmers will also be informed about the crediting of their accounts through SMS services," he added.
In the coming season, FCI has been allotted 119 mandis for lifting paddy out of total 237 grain markets to be set up in Kharif Marketing season.
"To ensure farmers do not face any trouble in getting payment, we may also double the number of our pay offices (from where the cheque are distributed)from 30 at present in the state," he asserted.
FCI, which procures 10 per cent of total procurement in the state, last month decided to make direct payment to Punjab farmers from the forthcoming kharif marketing season instead of the current practice of issuing cheques.
Under the current payment system in Punjab, FCI issues cheques to commission agents known as 'Arthiyas' who then makes the payment to the farmers.
17 Sep, 2010, 10.46PM IST, Nageshwar Patnaik,ET Bureau
Paradip to have airstrip as investment pours in to the port town
BHUBANESWAR: Orissa's port town Paradip will soon have an airstrip. The Paradip Port Trust (PPT) in its board meeting on July 29 last has approved a proposal in this regard.PPT chairman Biplap Kumar on Friday told "The ET", "Though no decision has been taken on the mode of establishment of the airstrip, there is every possibility involving a private partner in developing the airstrip".
Sources said the union shipping ministry has also given its nod and now taken up the matter with civil aviation ministry and sought his approval. With fast industrialization in and around Paradip, construction of an airport has become inevitable. Paradip now has a helipad and the airport will come up near the helipad.
Paradip port has of late emerged as one of the busiest ports in eastern India, especially because in the boom in metal and metal based industries sectors. The port town in Jagatsinghpur district, about 120 km from the state capital of Bhubaneswar, has already emerged as one of the country's major investment hotspots by attracting investment in excess of Rs 3.5 lakh crore including the Rs 2, 74,134 crore Petroleum Chemicals and Petrochemical Investment Region (PCPIR) and the biggest FDI proposal by Posco to build a 12-million ton steel plant at an estimated cost of Rs 51, 000 crore.
The port town already boasts of major fertilizer manufacturers like IFFCO and Paradeep Phosphates Limited, a brewery along with central depot of Indian Oil and other small industries like Kargil Oil, Paradeep Carbon and a host of other units.
The major investment proposal of Rs 2,74,134 crore comes in the shape of an integrated Petroleum, Chemicals, and Petrochemical Investment Region (PCPIR), a Special Purpose Vehicle (SPV) promoted by the state government on the lines of Pudong in China, Rotterdam in Europe and Houston in North America.
IOC is already coming up with 15 MMTPA grassroot refinery cum petrochemical complex five kilometer to the south of Paradeep Port at an estimated cost of Rs 25,646. For this, the state government has given incentives to IOC by exempting entry tax on crude oil and sales tax deferment for 11 years. The IOC already has got the required 3344 acres of land.
The Railways is also committed to boost connectivity in the Paradeep region which includes the 82-km Paradeep-Haridaspur broad gauge line, being taken up at an investment of Rs 577.78 crore. East Coast Railway (ECoR) has acquired 1,146 acres of private land out of the total of 1,653 acres of land required for the project. This project being implemented by Rail Vikas Nigam Limited (RVNL) is scheduled for completion by March 2011.
The other projects in different stages of implementation Hydrate Pellets Ltd's six lakh tone hydrate pelts plant at Rs 10,724 crore, Essar Steel Orissa Ltd's six million ton steel plant at Rs 10,721 cr], Deepak Fertilisers and Petrochemicals Corporation Ltd. (DFPCL's three lakh mtpa green-field complex for Nitric Acid and Ammonium Nitrate at Paradeep at a cost of Rs 400 crore NSL Sugar Ltd's sugar plant at Rs 800 crore and other mini projects.
Absence of an airstrip at Paradip and the jammed traffic through 150 km road journey from Bhubaneswar to Paradip has been identified as a major stumbling block to woo business leaders who have shown interest to set up other ventures.
16 Sep, 2010, 10.53PM IST,REUTERS
India infrastructure boom to boost world growth: Advisor
NEW DELHI: India can showcase its massive infrastructure spending and a wider current account deficit at the next G20 summit as its contribution to reviving global economic demand, Montek Singh Ahluwalia, the deputy head of the Planning Commission said on Thursday.Ahluwalia said India's current account deficit could reach 3 per cent in the fiscal year ending March 2011 but the higher figure could be financed by increased capital flows.
Asia's third-largest economy is looking overseas to import equipment to help build infrastructure projects worth a planned $1.5 trillion in the ten years to 2017.
Imports will likely increase in the coming years especially for higher end projects such as airports and power plants, Ahluwalia said.
"It is important for each country to say what it is going to do to stimulate demand," Ahluwalia told reporters, when asked what India could bring to the table at the November summit of the Group of 20 leading countries in Seoul.
"As far as India is concerned, we are doing exactly what is necessary to stimulate global domand because our internal strategy is based on accelerating domestic investment in infrastructure," he added.
India is planning to spend $1.5 trillion on infrastructure in the ten years to 2017 to overhaul its creaking road, railway and power sectors, long seen as a drag on growth in Asia's third-largest economy.
India's August trade deficit widened to a 23-month high, putting pressure on the current account deficit and prompting a top Indian trade official to raise his forecast for the full year trade deficit figure.
"Investment in infrastructure is more import intensive. So it is our expectation that if we follow that approach, even though exports will be a little depressed compared to what they would have been in a booming situation, the current account deficit may widen," Ahluwalia said.
"We are willing to live with that. We think we'll be able to finance it, so it's not actually a big problem, but the key to financing it is that there should be stability and an element of certainty in the global financial system, especially as far as flows to emerging market countries are concerned."
| News | |||
| 17 Sep 2010, 22:46, Nageshwar Patnaik Paradip to have airstrip as investment pours in to the port town Orissa's port town Paradip will soon have an airstrip. The Paradip Port Trust (PPT) in its board meeting on July 29 last has approved a proposal in this regard. 17 Sep 2010, 22:40 Farmers in drought hit districts to get diesel subsidy Farmers in drought hit districts in this unusually heavy rains monsoon season will get a diesel subsidy of Rs 500 per hectare, agriculture minister Sharad Pawar announced.
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India to raise its concern over protectionism at G-20 meet
India will raise its concern over the increasing protectionist policies in the United States at the upcoming G-20 meeting, Finance Minister Pranab Mukherjee said on Friday.
"G-20 needs to coordinate policies in a manner that should ensure sustainable and balanced growth," Mukherjee said at a conference on G-20 issues organised by ICRIER.
He said G-20 member countries should work together to ensure financial stability and make international trade more open and transparent.
Mukherjee said India would lobby with other countries of the group to raise the issue of increasing tendencies of protectinism in some countries, especially in the United States.
The fifth summit of G-20 is scheduled to be held in South Korea on Nov 11 and 12. Finance ministers of the group of 20 countries will meet next month to outline the agenda for the meeting of the head of states.
Referring to the global economic crisis, Mukherjee said a coordinated effort should be made to overcome the crisis as no country was insulated from it.
He said the global economic crisis was turning out to be more broader and deeper than expected.
The US government recently announced a series of measures to curb outsourcing of business and boost demand for local products.
The state of Ohio in the US early this month said it would forbid outsourcing of IT services by government departments. The US has also increased visa fee by $2,000 for certain H-1B and $2,250 for L1 categories.
This will negatively affect the businesses of Indian IT companies which are dependent on the US for over 60 percent of their income.
'Recession may reassert if stimulus packages cut out quickly'
UNITED NATIONS: The recession may reassert itself if government stimulus programmes in major economies are phased out too quickly without sufficient private-sector domestic demand to replace them, a UN report has warned.The UN Trade and Development Report 2010, released this week, has said the fundamental causes of the economic crisis have not been addressed and "remain a toxic threat to stable and inclusive growth and the sustainability of the recovery".
The problems include large debts and surpluses between countries and continuing stagnation in real wages, said Supachai Panitchpakdi, head of the UN Conference on Trade and Development (UNCTAD).
And the report warned that "the recession may reassert itself if government stimulus programmes in major economies are phased out too quickly and there is insufficient private-sector domestic demand to replace them".
"Almost everywhere one looks, one can see the pernicious effects of imbalance between the widening incomes of rich and poor; between surplus and deficit countries; between agricultural subsidisers and food-insecure nations; between investor-exporter economies and consumer-debtor countries," Panitchpakdi told the governing body of UNCTAD.
Domestic demand should be boosted in several countries to replace US consumption role, suggested Panitchpakdi who noted that China has done this to some extent, but other nations, such as Germany and Japan, "may have to rebalance their economies towards domestic consumption."
"Wage increases and the provision of decent employment opportunities for the developing world's burgeoning labour force are essential for maintaining prosperity and avoiding a deflationary spiral," he added.
The UNCTAD chief also noted that food prices remain a concern.
"Some countries are facing an obesity epidemic even while they massively subsidise their agricultural sectors; others, meanwhile, are suffering famine and food insecurity," he said, askingng greater investment in the agricultural sectors of developing countries.
Panitchpakdi also called for the reduction of financial speculation in food and other basic commodities, which increased instability and volatility in food prices.
Indian, Chinese cos dominate Forbes 2010 'Asia Fab 50' list
BOSTON: Infosys, TCS, ITC and Mahindra and Mahindra are among the 16 Indian companies named in Forbes' magazine's 2010 compilation of the Asia-Pacific's 50 biggest listed companies.India and China together account for 32 of the 50 companies in Forbes' sixth annual 'Asia's Fabulous 50 listed companies'.
The other Indian companies making it to the list are Adani Enterprises, Axis Bank, Bharat Heavy Electricals, Dr Reddy's Laboratories, HCL Technologies, HDFC Bank, Hindalco Industries, Jindal Steel and Power, JSW Steel, Kotak Mahindra Bank, Larsen and Toubro and Sterlite Industries.
When the list was first compiled in 2005, only five Chinese and three Indian outfits made the cut.
"Economies around Asia bounced back last year and so did many of our Fabulous 50 companies. Earnings, revenues and stock prices soared almost across the board after a rocky time the previous year," Forbes said.
Among the Indian firms, Forbes specifically talks about Axis Bank and ITC.
"The two are leaders in their industry -- Axis Bank, India's third-largest non-state-owned bank, and ITC, led by Y C Deveshwar, who is determined to give ITC a life beyond tobacco.
"Axis, with $41 billion in assets and nearly 22,000 employees, is one of the fastest-growing companies in the country," Forbes said.
Its revenues rose 29 per cent to hit $3.4 billion dollars in the year ended March 31, while net profit jumped 57 per cent to $553 million.
"It's this performance that puts Axis on the Fab 50 for the second straight year. The bank is looking to add 200 branches this year to the 1,055 it already has," it noted.
Crediting Axis Bank Chief Executive Shikha Sharma for the bank's performance, Forbes said, "In the 15 months since she took charge, Sharma has teased out the bank's strengths -- infrastructure finance, retail banking, processing payments and lending to small and medium-size enterprises."
"She's also put more emphasis on risk management," it said, quoting Sharma as saying, "It's not about being the biggest. We want to grow our book sensibly. We want to do something that we are confident of executing well."
In its profile of ITC and Chairman Y C Deveshwar, Forbes says, "In Deveshwar's era, ITC has clearly achieved more than a measure of progress. Today about half of its net revenues of $4.3 billion comes from cigarettes and the other half from hotels, paperboard, infotech, agribusiness and now increasingly, foods and personal care.
"By the time Deveshwar is to step down in April, 2012, he will have spent more than 15 years as chairman of ITC. But that's not a sobriquet that Deveshwar really cares about.
"For the past decade, he's been transforming ITC from a cigarette-maker to a fast-moving consumer goods company," Forbes added.
In the last three years, he has "upped the ante" and taken on a plethora of global and local rivals, including Unilever, Procter & Gamble, PepsiCo, Britannia, Nestlé and Parle Agro, all at one go.
The company's five-year plan envisions a nearly four-fold growth in revenues, Forbes said.
Obama names India, Pakistan among drug majors
US President Barack Obama has identified India, Pakistan, Afghanistan and 17 other countries as major drug transit or major illicit drug-producing nations.
The other countries on the Majors List are the Bahamas, Bolivia, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Haiti, Honduras, Jamaica, Laos, Mexico, Nicaragua, Panama, Peru and Venezuela.
Obama did not mention the reasons for keeping India on the list. He called Pakistan "a major transit country for opiates and hashish for markets around the world, especially for narcotics originating in Afghanistan.
"Pakistan also is a major transit country for precursor chemicals illegally smuggled to Afghanistan where they are used to process heroin."
On the role played by terror-linked groups, Obama said: "Pakistan is still challenged by extremist groups who have power over parts of the Federally Administered Tribal Areas, particularly where most of Pakistan's poppy is grown.
"These extremist groups are also found in settled areas of the Khyber Pakhtoonkhwa Province such as its capital, Peshawar, and the Swat Valley."
But Obama gave a clean chit to Islamabad saying the government "is forced to divert law enforcement resources and equipment from poppy eradication efforts to address these incursions.
"The government of Pakistan remains concerned about opium poppy cultivation in Pakistan and is working to return to opium poppy-free status soon," the president said.
"A joint US-Pakistan survey in 2009 estimated that 1,779 hectares of opium poppies were under cultivation in Pakistan, approximately 130 hectares less than was under cultivation during the previous year," said Obama.
Obama said Afghanistan continued "to be the world's largest producer of opium poppies and a major source of heroin".
He credited the government of President Hamid Karzai with reducing opium poppy cultivation from 157,000 hectares in 2008 to 131,000 hectares in 2009, a 17 percent fall.
He accepted that "Poppy cultivation remains largely confined to provinces in the south and west where security problems greatly impede counternarcotics efforts. Nearly all significant poppy cultivation occurs in insecure areas with active insurgent elements."
| Mines bill to come up with please-all answer | ||
| OUR SPECIAL CORRESPONDENT | ||
New Delhi, Sept. 15: The government is likely to favour the sharing of revenues by mining companies with the local population displaced by their projects in contrast to sharing 26 per cent of their profits, which has little support from industry. The group of ministers, headed by finance minister Pranab Mukherjee, is slated to meet on Friday to discuss the Mines and Minerals (Development and Regulation) Bill, 2010, which favours the profit-sharing principle. In addition, mining firms will pay the displaced not only the market value of the land but also a fixed sum over a period of time. The Haryana government is following this annuity method of compensation, which has the support of Congress president Sonia Gandhi. Besides the market value of the land, farmers in Haryana get Rs 15,000 for 33 years with a Rs 500 raise every year. Mining firms have opposed the profit-sharing initiative of the government on the ground that the new measures could impact investments. However, the mining ministry is keen to push through the profit plan. On whether the government will consider lowering the amount that firms will have to share with the locals, mines minister B.K. Handique said, "We are not going to reduce it (profit sharing)." The bill is significant in the wake of the government's decision to deny permission to Anil Agarwal's Vedanta to mine bauxite in Orissa's Niyamgiri. Though the decision was prompted by the project's alleged impact on the environment, wider concerns about the future of the local population have come into the limelight. |
http://www.telegraphindia.com/1100916/jsp/business/story_12943369.jsp
26% mining profit sharing here to stay
Indian Express - Sep 15, 2010Unfazed by opposition from the mining community, mines minister BK Handique today said the recommendation mandating them to share 26 per cent of their ...
Govt plans to plug mine lease sharing may hit pvt cos
Economic Times - Sep 15, 2010NEW DELHI: The government plans to plug the practice of state mineral corporations becoming conduits for private sector companies who use the joint venture ...
Govt firm on mining payoffs
Hindustan Times - Sep 15, 2010It seems that tribals have for the nonce gained an upper hand over industrialists. There has been widespread opposition to the proposal that domestic mining ...
No back door entry to private firms for mining: BK Handique
The Hindu - Sep 15, 2010PTI The government on Wednesday said it would not tolerate any "back door" entries by industry for seeking mines, a move that could dampen corporate efforts ...
India sticks to profit-share plan for miners
Reuters Africa - Ruchira Singh - Sep 15, 2010NEW DELHI, Sept 15 (Reuters) - India will stand by plans to make mining firms share 26 percent of profits with local people, Mines Minister ...
India firm on mining cos' profit-share plan with locals-min
Reuters Africa - Ruchira Singh, Malini Menon - Sep 15, 2010NEW DELHI, Sept 15 (Reuters) - The Indian government stands by plans to make mining firms share 26 percent of their profits with local people, ...
Mines bill to come up with please-all answer
Calcutta Telegraph - Sep 15, 2010New Delhi, Sept. 15: The government is likely to favour the sharing of revenues by mining companies with the local population displaced by their projects in ...
Centre moots strict norms for private and state JVs
Deccan Herald - Sep 15, 2010In the wake of rising number of joint ventures between PSUs and private firms for mining, the Centre today said it is framing a stricter and transparent ...
Mines Act to be tabled in winter session - Mr Handique
SteelGuru - Sep 14, 2010According to Mr BK Handique mines minister, the new Mines Act will be tabled in the winter session of parliament without any changes to the 26% profit ...
MINING GOODWILL
Calcutta Telegraph - Sep 14, 2010Environment activists, rejoicing at the recent jolt to the Vedanta mining project in Orissa, seem to be on a collision course yet again with industry groups ...
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Cairn chief apologises for Vedanta deal 'leak' before informing govtEconomic Times - Sep 16, 2010NEW DELHI: Cairn Energy CEO Bill Gammell , on his second visit to India, post the announcement of the Cairn-Vedanta deal, said that he was sorry that the ... The Mint Report 16 September 2010Livemint - Sep 16, 2010Bank loans are going to get more expensive. On Thursday the RBI hiked its two key policy rates with immediate effect. The repo rate was increased by 25 ... Cairn chief meets ONGC head on Vedanta dealBusiness Standard - Sep 16, 2010Cairn Energy's chief executive, Bill Gammell, had a "good" meeting here with Oil and Natural Gas Corporation Chairman and Managing Director RS Sharma on the ... Cairn apologises to Govt for Vedanta deal leaking to mediaEconomic Times - Sep 16, 2010NEW DELHI: Apparently making amends to past slip-ups, UK's Cairn Energy today courted the government and ONGC to clear-up "misgivings" on sale of majority ... Cairn asserts it has no differences with Govt, ONGCEconomic Times - Sep 16, 2010NEW DELHI: Cairn Energy Plc on Thursday said it has no differences with the oil ministry or with partner ONGC on sale of majority stake in its Indian arm ... India approval for Cairn-Vedanta deal in atleast a monthEconomic Times - Sep 16, 2010NEW DELHI: Regulatory approval for London-based Vedanta Resources' deal to buy a controlling stake in Cairn India, a unit of the UK's Cairn Energy, ... Will pay all India, UK taxes on stake sale to Vedanta: CairnBusiness Standard - Sep 16, 2010PTI / New Delhi September 16, 2010, 13:06 IST British energy firm Cairn Energy Plc today said it will pay all taxes due, both in India and the United ... All 39 related articles » | RelatedCairn EnergyCairn India Oil and Natural Gas Corporation Vedanta Resources Securities and Exchange Board of India Bill Gammell Timeline of articles Number of sources covering this story
ImagesBusiness Standa...Moneycontrol.co... Herald Scotland Calcutta Telegr... Chandigarh Trib... Rediff Reuters India Rediff Business Standa... All related images » Videos The Mint Report for 15 SeptemberMint - Sep 15, 2010 Watch video <div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/BnV0VzrqfYw/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=BnV0VzrqfYw">The Mint Report for 15 September</a> <span class="source">Mint</span> - Sep 15, 2010 <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=BnV0VzrqfYw">Watch video</a></div>
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Pak asks India to end human rights abuse in KashmirIndian Express - 2 hours agoIn provocative remarks, Pakistan asked India to stop 'gross and systematic abuse of human rights' in Jammu and Kashmir and "exercise restraint" while dealing with protesters in the state. "Gross and systematic abuse of human rights and Indian ... Article 370 has eroded: Farooq AbdullahHindustan Times - 1 hour agoPTI Union Minister Farooq Abdullah today said Article 370 has "eroded" and Jammu and Kashmir should be given autonomy within framework of the Indian constitution. "Article 370 has eroded over a period of time and time has come to look into Jammu and ... India snubs Pakistan over J&K remarksNDTV.com - 2 hours agoNew Delhi: India has reacted strongly to statements issued by Pakistan on Jammu on Kashmir by calling them "gratuitous". India says such statements amount to interference in India's internal affairs, and Pakistan should take effective action to stop ... India hits back at Pak for its Kashmir commentsMSN India - 1 hour agoNew Delhi: India on Friday hit back at Pakistan rejecting as "gratuitous" its statements on Jammu and Kashmir, saying they amounted to interference in the internal affairs of the country. It asked Islamabad to take effective action against infiltration ... Pak urges international community to safeguard human rights in KashmirThe Hindu - Anita Joshua - 11 hours agoFor the second time this week, Pakistan on Friday called upon India to exercise restraint in 'Indian occupied Kashmir (IoK)' and urged the international community to take steps for safeguarding the human rights of Kashmiris. ... Jammu and Kashmir: Faultlines over the decadesTimes of India - Sep 15, 2010Apr 21, 1948 | India takes the issue to the UN Security Council, which passed Resolution 47 imposing an immediate ceasefire and says New Delhi should retain a minimum military presence and that the final solution will be made through a plebiscite ... The Jammu and Kashmir situation: The Azadi Debate (Part I)Oneindia - 9 hours agoNew Delhi, Sept.17 (ANI): In the debate on Kashmir, in the slogans being shouted by protestors in the Kashmir Valley, the most common refrain is that of Azadi. Despite this, there is little clarity about what does Azadi actually mean. ... India's stern warning to PakistanTimes Now.tv - 3 hours agoNew Delhi is getting tough with Islamabad after India has warned Pakistan not to interfere in Jammu and Kashmir issue. The Union Ministry of External Affairs (MEA) has issued a statement to tell Pakistan that any comment on Kashmir is interference in ... JuD holds anti-India rallies against 'atrocities' in KashmirDaily News & Analysis - 4 hours agoPlace: LAHORE | Agency: PTI The Jamaat-ud-Dawah today organised rallies in several cities of the Punjab province to protest alleged atrocities by Indian security forces in Jammu and Kashmir and attacked the Pakistan government of being a "silent ... Breathing down our neckHindustan Times - Sep 16, 2010Director of the Asia Programme at the Centre for International Policy Selig H. Harrison's report on the recent deployment of Chinese troops in the Gilgit region of Pakistan-occupied-Kashmir (PoK) has caused concern in South Asia. By way of denial, ... All 59 related articles » | RelatedJammu and KashmirKashmiri people India Indian Army Srinagar Pakistan Timeline of articles Number of sources covering this story
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K Natwar Singh: The Kashmir conundrumBusiness Standard - 33 minutes agoWhen South Delhi becomes critical of the UPA, then things must be very wrong. When cartoonists start lampooning the PM, he must sit up Problems of great magnitude surround us. The most intractable is the Kashmir problem. At the moment, we seem to be ... Cut the red tapeHindustan Times - 2 hours agoPrescriptions for the future often lie in lessons of the past. Those grappling with the volatile anger of the Kashmir valley today may serve their own understanding well with a willingness to travel back in time. They won't even have to travel too far ... Chidambaram to head all-party delegation to J&KBusiness Standard - 25 minutes agoHome Minister P Chidambaram will lead an all-party delegation that will visit Jammu and Kashmir on Monday and Tuesday, Congress sources said, after a meeting with UPA President Sonia Gandhi. The decision was taken at a meeting of the core committee of ...
Pranab likely to lead all-party team to KashmirHindustan Times - 8 hours agoFinance Minister Pranab Mukherjee is likely to lead the all-party delegation that will visit Jammu and Kashmir on Monday and Tuesday, Congress sources said after a meeting with party president Sonia Gandhi. Home Minister P Chidmabaram will be also in ... Some separatist leaders may be called to meet J&K delegationDaily News & Analysis - 5 hours agoPlace: New Delhi | Agency: PTI The Centre will extend invitation to groups and individuals including separatists in Jammu & Kashmir for a meeting with the 39-member all-party delegation visiting the state from Monday. Though there is an open invitation ... Congress-NC coalition to sail through: Farooq AbdullahIndian Express - 7 hours agoFarooq Abdullah today said there are no "strains" in the ruling NC-Congress alliance in Jammu and Kashmir. Union Minister and NC President Farooq Abdullah today said there are no "strains" in the ruling NC-Congress alliance in Jammu and Kashmir and ... Pranab likely to head all party delegation to JKOneindia - 5 hours agoNew Delhi, Sep 17: Finance Minister, Pranab Mukherjee likely to lead the all party delegation, which will visit Jammu Kashmir on Monday, Sep 20. After the core party meeting with Congress President, Sonia Gandhi on Friday, Sep 17, Congress party ... Ride out the stormDaily Pioneer - Ashok Malik - 30 minutes agoIn a world after 9/11, nobody wants the creation of another Islamist territory. Rather, global powers want India to succeed in Kashmir If the New Delhi grapevine is to be believed, the UPA Government has sounded out Mr Wajahat Habibullah for the job of ... National Conference welcomes Rahul Gandhi's remarks about Omar AbdullahDaily News & Analysis - 7 hours agoPlace: Jammu | Agency: PTI The National Conference today welcomed Congress leader Rahul Gandhi's support to Jammu and Kashmir chief minister Omar Abdullah, saying it has encouraged the coalition government to handle the situation in the valley in a ... Chidambaram may lead all-party team to KashmirMSN India - 1 hour agoNew Delhi: Home Minister P Chidambaram is likely to lead the all-party delegation that will visit Jammu and Kashmir on Monday-Tuesday in a bid to defuse tensions in the state, official sources said on Friday. Earlier, the Congress party and the ... All 1,324 related articles » | RelatedJammu and KashmirAFSPA Sonia Gandhi Manmohan Singh Omar Abdullah Bharatiya Janata Party Timeline of articles Number of sources covering this story
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Market summary
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World markets
| Shanghai | 2,598.69 | -3.78 (-0.15%) |
| Nikkei 225 | 9,626.09 | +116.59 (1.23%) |
| Hang Seng Index | 21,970.86 | +279.41 (1.29%) |
| TSEC | 8,158.33 | +58.58 (0.72%) |
| FTSE 100 | 5,508.45 | -31.69 (-0.57%) |
| CAC 40 | 3,722.02 | -14.28 (-0.38%) |
| S&P TSX | 12,170.96 | -2.39 (-0.02%) |
| S&P/ASX 200 | 4,638.90 | +33.60 (0.73%) |
| BSE Sensex | 19,594.75 | +177.26 (0.91%) |
Currencies
| EUR/USD | 1.3045 | -0.0035 (-0.27%) |
| USD/JPY | 85.7800 | 0.0000 (0.00%) |
| GBP/USD | 1.5633 | -0.0007 (-0.04%) |
| CAD/USD | 0.9678 | -0.0060 (-0.62%) |
| USD/HKD | 7.7649 | -0.0014 (-0.02%) |
| USD/CNY | 6.7230 | -0.0010 (-0.01%) |
| AUD/USD | 0.9377 | +0.0022 (0.24%) |
Bonds
| 3 Month | 0.13% | 0.00 (0.00%) |
| 6 Month | 0.17% | -0.01 (-5.56%) |
| 2 Year | 0.46% | 0.00 (0.00%) |
| 5 Year | 1.44% | +0.01 (0.70%) |
| 10 Year | 2.74% | +0.03 (1.11%) |
| 30 Year | 3.90% | +0.02 (0.52%) |
Stocks waver after drop in consumer sentiment
The Associated Press - 28 minutes ago
NEW YORK — Stocks wavered Friday after upbeat earnings news from major technology companies was tempered by a discouraging report on consumer sentiment. The Dow Jones industrial average, which has been rallying throughout the month, rose about 7 points in afternoon trading. It had ...
Stocks mixed on upbeat earnings, low sentiment CNNMoney.com
Wall Street up on strong tech earnings Economic Times
| Dow Jones | 10,591.96 | -2.87 | (-0.03%) |
| S&P 500 | 1,124.63 | -0.03 | (0.00%) |
| Nasdaq | 2,314.61 | +11.36 | (0.49%) |
Top stories
MarketWhite House Bypasses Senate, Avoids Confirmation Fight for Consumer Czar
ABC News - 4 minutes ago
By MATTHEW JAFFE President Obama today selected Elizabeth Warren, who's idolized by liberals but loathed by financial executives, to help create the controversial new consumer protection agency she first proposed several years ago.
Markets Teeter on Tech, Mixed Data
FOXBusiness - 8 hours ago
By Matt Egan US markets bounced between green and red Friday afternoon as solid results and guidance from Oracle and Research in Motion had the Nasdaq Composite on track for an eighth straight gain, but weak consumer sentiment data weighed on the ...
Consumer prices rise 0.3 percent in August
The Associated Press - 1 hour ago
WASHINGTON - Consumer prices posted a small rise in August, but outside of a big jump in volatile gasoline prices, inflation was essentially flat.
California unemployment rate rises to 12.4%
Los Angeles Times - 2 hours ago
The state loses 33500 jobs in August, the third straight month of payroll cuts. California has lost 113100 jobs since August 2009, when the unemployment rate was 12%.
Former Los Alamos scientist indicted on nuclear charges
CNN - 6 minutes ago
By Terry Frieden, CNN Washington (CNN) -- A former Los Alamos National Laboratory nuclear scientist and his wife were indicted Friday on charges of trying to provide nuclear secrets to Venezuela, but US officials stressed the Venezuelan government knew ...
More market news »
Sector summary
| Sector | Change | % down / up | |||||||
| Basic Materials | -0.46% | ||||||||
| Capital Goods | +0.82% | ||||||||
| Conglomerates | +0.11% | ||||||||
| Cons. Cyclical | +0.18% | ||||||||
| Cons. Non-Cyclical | -0.51% | ||||||||
| Energy | -0.60% | ||||||||
| Financial | -0.49% | ||||||||
| Healthcare | +0.00% | ||||||||
| Services | +0.17% | ||||||||
| Technology | +0.35% | ||||||||
| Transportation | -0.19% | ||||||||
| Utilities | -0.36% |
Trends
PopularPrice
Mkt Cap
Vol
| Gainers | Change | Mkt Cap | |
| CRXL | Crucell N.V. (ADR) | 56.13% | 2.62B |
| LINTB | Liberty Media Corp (Interactive) | 11.08% | 8.28B |
| ASIA | AsiaInfo-Linkage, Inc. | 9.48% | 1.29B |
| N | NetSuite Inc. | 9.35% | 1.39B |
| PEGA | Pegasystems Inc. | 9.20% | 1.05B |
| Losers | Change | Mkt Cap | |
| MEE | Massey Energy Company | -8.22% | 3.03B |
| AIB | Allied Irish Banks, plc. (ADR) | -7.61% | 1.09B |
| TSN | Tyson Foods, Inc. | -7.17% | 5.96B |
| EAT | Brinker International, Inc. | -6.43% | 1.79B |
| MMYT | MakeMyTrip Limited | -5.49% | 1.31B |
Excludes stocks with mkt cap less than $1B. Learn more
| Gainers | Change | Mkt Cap | |
| ORCL | Oracle Corporation | 8.52% | 138.32B |
| GOOG | Google Inc. | 1.79% | 156.07B |
| QCOM | QUALCOMM, Inc. | 1.52% | 68.40B |
| DE | Deere & Company | 3.43% | 30.53B |
| CHL | China Mobile Ltd. (ADR) | 0.50% | 202.31B |
| Losers | Change | Mkt Cap | |
| JPM | JPMorgan Chase & Co. | -2.32% | 158.77B |
| TOT | TOTAL S.A. (ADR) | -2.69% | 110.05B |
| STD | Banco Santander, S.A. (ADR) | -2.69% | 104.09B |
| RDS.B | Royal Dutch Shell plc (ADR) | -1.24% | 181.92B |
| BCS | Barclays PLC (ADR) | -3.48% | 57.55B |
Excludes stocks with mkt cap less than $1B. Learn more
| Leaders | Volume | Mkt Cap | |
| C | Citigroup Inc. | 289.26M | 115.02B |
| SPY | SPDR S&P 500 ETF | 147.24M | 95.44B |
| ORCL | Oracle Corporation | 117.42M | 138.32B |
| BAC | Bank of America Corporation | 104.33M | 134.45B |
| QQQQ | PowerShares QQQ Trust, Series 1 (ETF) | 59.25M | 19.39B |
| INTC | Intel Corporation | 55.75M | 104.51B |
| F | Ford Motor Company | 55.05M | 42.75B |
| MSFT | Microsoft Corporation | 52.58M | 217.25B |
| GE | General Electric Company | 51.04M | 172.66B |
| SIRI | Sirius XM Radio Inc. | 50.32M | 4.39B |
Excludes stocks with mkt cap less than $1B. Learn more
| Popular searches on Google | Change | Mkt Cap | |
| CRXL | Crucell N.V. (ADR) | 56.13% | 2.62B |
| STU | The Student Loan Corp. | 41.37% | 598.00M |
| AEZS | AEterna Zentaris Inc. (USA) | 25.66% | 118.06M |
| KERX | Keryx Biopharmaceuticals | 9.91% | 287.54M |
| ALKS | Alkermes, Inc. | 5.13% | 1.43B |
| CBLI | Cleveland BioLabs, Inc. | 5.95% | 139.07M |
| N | NetSuite Inc. | 9.35% | 1.39B |
| RIMM | Research In Motion Limited (USA) | 1.85% | 26.16B |
| ORCL | Oracle Corporation | 8.52% | 138.32B |
| GSM | Globe Specialty Metals, Inc. | 8.79% | 1.01B |
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