Mass Leader, Marxist Minister Subhas Chakraborty No More! Sensex surges to highest level since June 2008
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| What is the International Monetary Fund? | |||
 The International Monetary Fund (IMF) was one of the institutions to emerge as a result of the United Nations Monetary and Financial Conference held at Bretton Woods, United States in July 1944. The widespread devastation of the Second World War had made the need felt for an international organization that could regulate international payments and exchange rates. The Fund today has 185 member countries. Does it control international exchange rates? Not any longer. http://economictimes.indiatimes.com/quickiearticleshow/4364727.cms | |||
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Midnapore (PTI): Maoists shot dead two CPI(M) leaders and issued posters threatening to kill six other Marxists in West Midnapore district as violence continued unabated in strife-torn Lalgrah, despite over a month-old operation by joint security forces.
Nirmal Mahato, the CPI(M) branch committee Secretary of Amdanga, was shot dead by Maoists, who claimed he was killed for exploiting poor villagers, police said.
The Maoists then blocked the Amdanga-Lalgarh road felling boulders preventing security forces from raiding the area.
The attack came barely 10 hours after the Maoists gunned down of CPI(M) local leader Kalipada Singh (50) at Chirugora village last night.
A gang of 15 Maoist cadre stormed into Singh's house and killed him on the spot for alleged corrupt practices.
Maoists declared that Mr. Singh, convenor of CPI(M)-backed Police Santras Pratirodh Committee, was 'given death sentence' in their 'Kangaroo court' recently, the police said.
In another development, panic spread as posters( supposedly put by Maoist rebels) came up in Goaltore, Midnapore Sadar, Salboni and Jhargram warning six CPI(M) leaders, including CPI(M) Zonal Committee secretary of Jhargram Rabi Sarkar, of 'justice' at the Kangaroo court 'very soon'.
The gunning down of two CPI(M) leaders was preceded by a gun-battle between Maoists and joint police-paramilitary forces at Bhulagedia in Lalgarh two days back.
Denying the administration's claims that three people, including Maoists, were hit during Friday's firing, CPI(M) spokesman Bikash told PTI over phone that a villager, Lakshmikanto Soren, was hit by the bullets while he was tilling field.
Bikash alleged ordinary villagers were being harassed by police and paramilitary forces and claimed the local people were not with the police and ruling party.
Meanwhile, the two assistant sub-inspectors, Sabbir Molla and Kanchan Bauri, who were kidnapped by Maoists when they were returning to their camp at Dharampur from Lalgarh on Thursday, were still untraceable despite raids in certain forested pockets, police said.
Nine CPI(M) leaders have been killed in Maoist attack in West Midnapore district in the past one/two months.
Basu wants protege Subhas Chakraborty in CPI-M Politburo
In a new twist after the recently concluded party congress, Communist Party of India-Marxist patriarch Jyoti Basu has raised a controversy by demanding the inclusion of West Bengal [ Images ] transport minister Subhas Chakraborty [ Images ] in the CPI-M [ Images ] Politburo as well as state party secretariat.
At a programme held at his Salt Lake residence in Kolkata [ Images ] on Tuesday evening, the nonagenarian Marxist debated the omission of Chakraborty in both the bodies.
By raising the issue, Basu, who could not attend the party congress due to his ailment, but was given the status of a special invitee in the Politburo, established that his views still deserved attention of the party high command.
In strong support of his protégé Subhas Chakroborty and in defiance of the CPM general secretary Prakash Karat [ Images ], Basu reiterated that Chakraborty should be inducted into both the party policy making bodies.
Basu's observation came less than a week after the party decided to honour his wish to stay out of active politics and made him the permanent invitee to the Politburo.
Earlier as well, Basu had pitched for Chakroborty, when Karat met him at his residence days before the party congress in Coimbatore. However, the veteran leader had failed to impress Karat in this regard.
While the Politburo members on Tuesday remained tight lipped, Chakraborty, however, only thanked the veteran leader for his support and maintained that it was up to the party leadership to decide on the matter.
http://www.rediff.com/news/2008/apr/09basu.htm
Emotions swell on Basu's 96th b'day
KOLKATA: It has never been a wintry tale for Jyoti Basu. At 96, he is still the patriarch. Not just of the party he swears by, but for all
In fact, on Basu's 96th birthday on Wednesday, Indira Bhavan became the rallying point of all politicians. The nonagenarian Marxist rose above politics and made a wish for the all-round development of West Bengal.
West Bengal Governor Gopalkrishna Gandhi had called on Basu on Tuesday, on the eve of the leader's birthday. Finance minister Pranab Mukherjee wished him a long life over telephone from Delhi, and Trinamool Congress chief Mamata Banerjee sent Partha Chatterjee, Leader of the Opposition in the Bengal Assembly, to present the former chief minister with a bouquet.
Left Front chairman Biman Bose, Forward Bloc veteran Asok Ghosh and a couple of Front ministers made it to Indira Bhavan, as they always do. But this time, the scene was a little different. Basu sat in the balcony, flanked by former CPM leader Somnath Chatterjee and transport minister Subhas Chakraborty a sight that may not go down well among party mandarins in Delhi.
Being expelled from CPM did not prevent the former Lok Sabha Speaker from going to Indira Bhavan. And he was all praise for Basu. "I always looked up to him for guidance in my political career. I am proud that I had the opportunity to work with him. Basu is not only the party's leader, he is the leader of the masses," an emotionally charged Chatterjee said.
He had called on Basu when he was passing through a dilemma, between acting as Lok Sabha Speaker and CPM central committee member.
Transport minister Subhas Chakraborty was moved to tears while paying his tribute to this "living legend". Basu stayed calm in this tide of emotion. Speaking in a faint, though clear voice, he wished the people of the state. Without a word on his party or the recent electoral debacle, he said: "I wish prosperity for Bengal. I am happy to see you all here today. I am bed-ridden. You all want welfare of this state. So do I. I am with you."
http://timesofindia.indiatimes.com/Kolkata-/Emotions-swell-on-Basus-96th-bday/articleshow/4755169.cms
Mamata to launch two ladies special trains on Aug 5
STAFF WRITER 18:46 HRS IST
New Delhi, Aug 3(PTI) Keeping her Budget promise, Railway Minister Mamata Banerjee will launch two ladies' special trains on August 5.
Dubbed as a Rakhi gift on Raksha Bandhan day to women, Banerjee will flag off Delhi-Palwal and Mumbai-Panvel ladies special trains catering to the needs of rising number of women office goers.
Both the trains will be flagged off simultaneously by the minister from here through a remote control system. The Mumbai launching would be shown live on a large screen at the Chhatrapati Shivaji Terminus station there.
There will be eight new type coaches in the EMU ladies special train, Northern Railway General Manager Vivek Sahai said.
Keeping the safety and security of women travellers in mind, Sahai said women RPF personnel and lady TTEs would be deployed in the ladies special trains.
'Inefficient' ministers cut to size
; Uday Basu
KOLKATA, 2 AUG: The CPI-M finally decided today to effect the long-awaited reshuffle in the Buddhadeb Bhattacharjee Cabinet, clipping the wings of three ministers, two of whom were holding the key panchayat and rural development and power departments, whoseinefficient functioning is seen as major causes for the widespread public resentment that led to the Marxists' rout in the panchayat and then the recent Lok Sabha elections.
Three other ministers will be given additional charges, while the minister of state for labour is to be made a Cabinet minister.
The decision followed the CPI-M's two-day state committee meeting that ended during the day. Mr Prakash Karat, general secretary, and Mr Sitaram Yechuri, politburo member, attended the meeting.
Mr Suryakanta Mishra, who had been at the centre of considerable public criticism for his poor performance in both panchayat and health departments, was divested of the panchayat porfolio, though he was allowed to retain health. Even then the state committee virtually censured him by underscoring the need for immediately revamping the health infrastructure.
The rural population had overwhelmingly turned against the Marxists because of the poor delivery of the panchayat and health departments. Rampant corruption in a large number of CPI-M-controlled panchayats and a virtual breakdown of the health care system throughout the state triggered such public anger that the Left Front suffered the worst ever drubbing in its 32-year-long regime in the recent Lok Sabha elections.
Mr Anisur Rehman, minister for the animal resources department will be taking over the panchayat and rural development department, while Mr Narayan Biswas, minister for small scale and textiles, will be given additional charge of animal resources department.
With the state's residents still reeling under prolonged bouts of power-cuts, the state committee decided to take away from the power minister, Mr Mrinal Banerjee, the labour department so that he can exclusively look after the power department. The MoS for labour, Mr Anadi Sahoo, is being made full minister.
Mr Sailen Sarkar will be divested of the parliamentary affairs department, though he will retain environment. Mr Robilal Moitra, law minister, gets additional charge of pariliamentary affairs.
The state committee in its meeting sought to address the grievances that had turned the people hostile against the CPI-M and the state government ~ acquisition of fertile land for industrialisation, lack of transparency in the functioning of several state departments, preparation of error-free and scam-free list of BPL population, poor track record in providing 100 days' jobs under the NREGA, the privations of the adivasis, scheduled caste and minority population, housing for rural and urban poor and repair of embankments.
http://www.thestatesman.net/page.news.php?clid=1&theme=&usrsess=1&id=263247
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| Subhas Chakraborty
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It might be the Political Analysis in the Background of Transport Crisis and Land Acquisition feuds in Bengal today.
But those who MOURN for Subhas Da, are not Concerned with all these Political Equations neither they bother about the Intensified powr game with so many Development Projects launched by Mamata and her TMC Ministers!
They simply lost a Man very close to their heart!
The senior CPI(M) leader, who was suffering from cancer and other complications, was admitted to the hospital last week. He died at 11.35 am, party sources said.
After his condition deteriorated yesterday, a large number of his supporters and admirers thronged the hospital to enquire about his health. Many of them broke down after hearing the news of his death.
Several of Chakraborty's ministerial and party colleagues, including Chief Minister Buddhadeb Bhattacharjee and Left Front chairman Biman Bose, visited him at the hospital yesterday and early today.
An emotional Bose later announced that the body would be taken to the CPI(M) offices at Barasat, Birati and Nagerbazar in North 24-Parganas district tomorrow.The body will be kept at the morgue today. It will be taken tomorrow to his residences at Salt Lake and Dum Dum, besides his alma mater Motijheel College and the Yuvabharati Krirangan at Salt Lake. It will also be taken to the state secretariat Writers' Buildings and the CPI(M) state headquarters at Alimuddin Street.
He had been admitted to the AMRI Hospital in the satellite township of Salt Lake last Tuesday with lung and kidney disorders besides severe heart problems. He was not responding to treatment, medical superintendent Debashish Sharma had told reporters here.
Party sources said Chakraborty was also in advanced stage of cancer, but the hospital did not confirm it.
The minister was given blood transfusion Sunday night for increasing his platelet count and also underwent dialysis.
"But these interventions did not yield the desired results," Sharma said.
Senior CPI(M) leader and West Bengal Minister for Transport, Sports and Youth Affairs, Subhas Chakraborty died at a hospital here on Monday
Gloom also descended in Kolkata's sports hub, the Maidan, and several clubs flew their flags at half mast. Chakraborty took keen interest in sports and was always seen in his wide Panama hat.
In the last 30 minutes of trading, the 30-BSE Sensex surged by 253.92 at 15,924.23, after hitting the day's high of 15,963.36. Similarly, the 50-stock Nifty shot up to 4,723.75, before ending with a gain of 74.95 to 4,711.40.
Both the indices zoomed to levels last seen on June 3 last year, as funds and general investors bought blue-chip stocks led by the auto and metal sectors.
A firm opening at European stock markets this afternoon further fuelled the uptrend as overseas investors indulged in enlarging their positions in domestic markets here.
The auto index rose the most, by 4.60 per cent, to 5,976.45 after Maruti Suzuki, the maker of half the cars sold in India, advanced on reports that the company improved its sales last month. Maruti gained 3.98 per cent to Rs 1,469.55, to close at its highest since it went public six years ago.
The realty sector surged 4.19 per cent to 4,072.49, followed by the metal sector index, by 3.41 per cent to 12,818.02 as Sterlite Industries rose to a seven-week high after a measure of six metals traded in London jumped 1.7 per cent.
Chakraborty, 68, is survived by his wife and a son. The senior CPI(M) leader, who was suffering from cancer and other complications, was admitted to the hospital last week. He died at 11.35 am, party sources said.
After his condition deteriorated on Sunday, a large number of his supporters and admirers thronged the hospital to enquire about his health. Many of them broke down after hearing the news of his death.
Several of Chakraborty's ministerial and party colleagues, including CM Buddhadeb Bhattacharjee and Left Front chairman Biman Bose, visited him at the hospital on Sunday and early on Monday.
An emotional Bose later announced that the body would be taken to the CPM offices at Barasat, Birati and Nagerbazar in North 24-Parganas district on Tuesday.
The body will be kept at the morgue on Monday. It will be taken on Tuesday to his residences at Salt Lake and Dum Dum, besides his alma mater Motijheel College and the Yuvabharati Krirangan at Salt Lake. It will also be taken to the state secretariat Writers' Buildings and the CPM state headquarters at Alimuddin Street.
He had been admitted to the AMRI Hospital in the satellite township of Salt Lake last Tuesday with lung and kidney disorders besides severe heart problems. He was not responding to treatment, medical superintendent Debashish Sharma had told reporters here.
Party sources said Chakraborty was also in advanced stage of cancer, but the hospital did not confirm it.
The minister was given blood transfusion Sunday night for increasing his platelet count and also underwent dialysis.
"But these interventions did not yield the desired results," Sharma said.
Sourav Ganguly today condoled the death of Sports minister Subhas Chakraborty, terming it a great loss to the sports fraternity.
"He made immense contribution to football. He also liked cricket and all sport disciplines. Every sportperson is indebted to him," Ganguly said.
"From a personal point of view, we had a good relation and he shared my emotions and was part of my success as well.
When I was felicitated at Eden Gardens after my retirement, he was among the guests and it was a memorable moment," he said.
Recalling his last meeting with the sports minister, the Bengal ace cricketer said, "I had spoken to him during the Aila charity match in Barasat (on July 12). He was looking frail and I had advised him to take proper medication for his health.
In fact,Prominent personalities cutting across all spheres condoled his death.
Former chief minister Jyoti Basu, whom Mr. Chakraborty considered his mentor, expressed shock. Party's West Bengal State Secretary, Biman Bose said he informed the 96-year-old leader about Mr. Chakraborty's demise.
"He is extremely shocked at the news," Mr. Bose told reporters here.
According to Mr. Basu's personal assistant Joy Krishna Ghosh, the nonagenarian leader while expressing sorrow, said: "It is my time to go. But the irony is I am alive, while Subhas is no more. He was a very capable leader."
Former Indian cricket captain Sourav Ganguly described Mr. Chakraborty as a "great personality".
"I am shocked. I feel sad. I knew for the last few months that Subhasda was ill. He was a great personality," Ganguly said.
"I knew him since my childhood as a family friend. He was a responsible comrade of the CPI-M," Ganguly said.
In a message from Dubai, another former Indian skipper Ravi Sahstri expressed sadness that he would never again see Chakraborty in his trademark Panama hat and the "lovely smile".
Bollywood hero Mithun Chakraborty said Subhas Chakraborty was like an elder brother to him. "I loved him a lot. He helped everybody, irrespective of party affiliations. Every day 100-150 people would come to his residence for help. And nobody returned disappointed."
"He was a great lover of sports. He was always there when somebody was in crisis," said the actor in an emotion-choked voice.
West Bengal Governor Gopalkrishna Gandhi said Mr. Chakraborty would always be remembered as a great mass leader.
Chief Minister Buddhadeb Bhattacharjee also recalled Mr. Chakraborty's contribution in the ministry as well as in the party organisation.
Railway Minister Mamata Banerjee said: "We were political opponents. But I had the opportunity to work with him as a central minister. People will remember him as a political personality."
A gloom descended in Kolkata's sports hub, the Maidan, with several clubs flying their flags at half mast.
The state government has declared a day's mourning. State government offices were closed for the day at 1 p.m. as a mark of respect.
The cremation will be held on Tuesday.
Slowdown failed to hit India because mkt not as free: Amartya
Western nations had a notion that the market should be a self-regulating body free from control. However, in India the government had some control over the market, Sen said in reply to a question.
On the mid-day meal scheme, Sen said the problems in implementing it should be addressed at the earliest as health and education were related.
In a country like India where malnutrition was a major problem, the mid-day meal scheme should be continued at any cost, he said.
He was talking to reporters aftep a workshop of his Pratichi trust on mid-day meals.
Sensex to hit 17,000 by mid-2010, says Credit Suisse
"The corporate earnings forecast upgrades will drive the Sensex to the 17,000 level by mid-2010," Credit Suisse Head of Research for India Nilesh Jasani said here.
The new index target, revised upwards from 13,500 previously, comes amid regional and global index target upgrades from Credit Suisse strategists based on the theme -'earning upgrades'.
The revival of the corporate cycle had been heavily assisted by the Reserve Bank of India's quantitative easing of policy interest rates, he said.
"The Sensex could dip 15-20 per cent lower than its present level before mid-2010 because of factors such as monetary tightening, regional or global market corrections, reforms disappointments, primary market issuance pressure or fiscal deficit worries," Jasani said.
While these factors can cause equities to fall for a few months, the benchmark would return to 17,000 by mid-2010, provided none of these factors dealt too serious a blow to the growth outlook, he said.
According to Jasani, there would be medium-term benefits from the enhanced liquidity environment as well, arising out of corporate India raising funds at a low cost from the capital markets.
Trio's wings clipped as CM rejigs team
India govt moves bill to revamp company laws
3 Aug 2009, 1653 hrs IST, REUTERS
NEW DELHI: The Indian government on Monday moved a new bill to revamp company laws including those for mergers and acquisitions, and "class action
suits" by investors against fraudulent firms.
The Companies Bill, introduced by Corporate Affairs Minister Salman Khurshid in the lower house of parliament, also provides for a more effective inspection and investigations of companies and penalties for offences.
The bill comes months after the fallout of India's worst corporate scandal involving outsourcer Satyam, now called Mahindra Satyam, whose former chairman is facing a series of probes and actions by government agencies.
After the Satyam saga, Indian ministers have vowed to fortify company laws and the new bill has upgraded new provisions like class action suits against fraudulent firms.
"Shareholders associations or group of shareholders to be enabled to take legal action in case of any fraudulent action on the part of company and to take part in investor protection activities and Class Action Suits," the bill said.
Insider trading by company directors would be treated as an offence with criminal liability, it said.
The new bill aims to strengthen corporate governance in firms and said independent directors should account for at least one-third of the board.
It would also facilitate joint ventures and relax restriction on the number of partners in entities such as partnership firms and banks.
On Friday, Khurshid said in a written reply to parliament the new bill also provides for a clause on cross border mergers, which would help an Indian firm merge with a foreign company.
The Companies Bill, introduced by Corporate Affairs Minister Salman Khurshid in the lower house of parliament, also provides for a more effective inspection and investigations of companies and penalties for offences.
The bill comes months after the fallout of India's worst corporate scandal involving outsourcer Satyam, now called Mahindra Satyam, whose former chairman is facing a series of probes and actions by government agencies.
After the Satyam saga, Indian ministers have vowed to fortify company laws and the new bill has upgraded new provisions like class action suits against fraudulent firms.
"Shareholders associations or group of shareholders to be enabled to take legal action in case of any fraudulent action on the part of company and to take part in investor protection activities and Class Action Suits," the bill said.
Insider trading by company directors would be treated as an offence with criminal liability, it said.
The new bill aims to strengthen corporate governance in firms and said independent directors should account for at least one-third of the board.
It would also facilitate joint ventures and relax restriction on the number of partners in entities such as partnership firms and banks.
On Friday, Khurshid said in a written reply to parliament the new bill also provides for a clause on cross border mergers, which would help an Indian firm merge with a foreign company.
Today's pain will be winter's gain, say green experts
Changes in Trusts Act proposed to allow investment freedom
Finance Minister Pranab Mukherjee said the amendments would "do away with the requirement of case-to-case approval by the Government of 'any security'. They also provide to the trustees "greater autonomy and flexibility to take decisions on investment".
The Bill seeks to empower the central government to notify a class of securities for the purpose of investment by trustees.
After the amendments to the Indian Trusts Act, he said, trustees would be able to take investment decisions based on their assessment of risk-return trade-off, provided they are in accordance with the trust deed.
The amendments "would be consistent with the current economic environment" and facilitate a shift from the merit-based regulatory regime to the disclosure-based regulatory system, Mukherjee said.
The proposal also said that no investment shall be made without the consent of a person who is entitled to receive the income of the trust-property either for his life or any greater estate.
| Bengal lives up to killing fields tag 4 killed in 24 hours | |||||
| OUR BUREAU | |||||
| Aug. 2: Four people have been killed in two districts since last night. At least 66 people have been killed in political clashes since the Lok Sabha polls. The seemingly endless spiral of violence appears to lend credence to P. Chidambaram's remark that many Bengal districts resemble "killing fields". The Union home minister, who made the remark on Thursday, yesterday nudged the state government to get its act together in the trouble zones by urging chief minister Buddhadeb Bhattacharjee "to take steps" so that central forces could be pulled out of Lalgarh. The remark has left the CPM bristling. Politburo member Sitaram Yechury today asked Chidambaram to come out with the central intelligence inputs he had to "reveal who were responsible for turning some districts of Bengal into killing fields". "He must be knowing who were responsible. He should come out with the truth,'' Yechury said, hinting that the CPM's political rivals were to blame for the trouble. State party secretary Biman Bose said Chidambaram should get the "proper facts" from the state government before blaming it. He also sought to paint the Left as the victim, saying 72 party workers and supporters had died in clashes since the elections were announced in February. Bose sniffed a topple plot behind the violence and drew a parallel between the 1959 dismissal of Kerala's first communist government and the Opposition's clamour for central intervention in Bengal on the ground of deteriorating law and order. "Those who have unleashed a killing spree against us are now complaining about the law and order. It reminds me of a Bengali proverb 'Chorer mayer bara gala (the thief's mother shouts the loudest)'," Bose said. Trinamul leaders insisted the "CPM's terror" was to blame. "Mamata Banerjee has been trying to tell the Centre there is neither law nor order in Bengal," said Partha Chatterjee, leader of the Opposition in the Assembly. "Terror is being spread across the state, from Bhangar, Canning (both in South 24-Parganas) and Mangalkot (Burdwan) to closer home at Ghola (on Calcutta's northern outskirts)." The places he did not name are the ones where the CPM is getting hit in what is essentially a battle for turf. The Left and the Opposition are going after each other wherever they are stronger. In the latest bout of violence, two CPM men were killed in West Midnapore's Maoist strongholds of Lalgarh and Belpahari, not far from camps housing security forces. Kalipada Singh, 54, was the convener of a CPM-backed committee formed to counter the People's Committee Against Police Atrocities. Nirmal Mahato, 52, was the secretary of the CPM branch committee at Amdanga, 2km from Lalgarh police station. A CPM activist and a Congress supporter were killed in clashes for the control of a village market in Burdwan's Ketugram last night. A top state official appeared to admit police's failure to contain the violence. Asked to comment on Chidambaram's statement, home secretary Ardhendu Sen said: "The attacks and retaliations are just not right. We can't remain silent spectators. The police will have to be toned up so they react at the right time." http://www.telegraphindia.com/1090803/jsp/bengal/story_11314326.jsp
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Lok Sabha adjourned over West Bengal killings
The Lok Sabha was adjourned for the third time on Monday after Trinamool Congress MPs created an uproar in the house demanding time to speak on the killings in West Bengal.
Trinamool Congress members Kalyan Banerjee and Sudeep Bandyopadhyaya intervened as soon as Communist Party of India-Marxist (CPI-M) MP Basudeb Acharia started speaking on a special discussion on price rise.
Demanding time to raise the issue of killings in West Bengal, Banerjee walked towards the speaker's podium.
Trinamool Congress, a coalition partner in the ruling UPA, has been accusing the CPI-M government in West Bengal for recent attacks on its party cadres in the state.
Two Trinamool Congress activists were killed and four critically injured allegedly by CPI-M workers in West Bengal's Burdwan district on July 29. Two Trinamool activists also received bullet injuries when they were attacked by a group of unknown assailants on Saturday in North 24-Parganas district.
Parliamentary Affairs Minister Pawan Kumar Bansal and Finance Minister Pranab Mukherjee tried to intervene and pacify the Trinamool MPs. Meanwhile, the opposition Bharatiya Janata Party (BJP) intervened and criticised the ruling United Progressive Alliance (UPA) for disrupting the proceedings of the house.
Following this, Deputy Speaker Kariya Munda adjourned the house till 3 p.m.
Earlier, the house was adjourned for the first time when Left parties, the Bahujan Samaj Party (BSP), the Bahujan Samaj Party and the Samajwadi Party joined hands to oppose the Congress-led government's plan to set up a separate development authority for the drought-hit Bundelkhand region that is spread across Uttar Pradesh and Madhya Pradesh.
The Lok Sabha was again adjourned when Samajwadi Party members created a ruckus, alleging that Uttar Pradesh was not being given its due share of Reliance Industries' Krishna-Godavari gas even after Petroleum Minister Murli Deora explained the government's stand on the matter.
Didi visits Mandirbazar, seeks arrest of killers
Trinamool went ahead with demonstrations and rallies during the day to protest against the murder of two supporters in Mandirbazar and attack on two others in the Ghola area in North 24-Parganas.
Ghola police have so far arrested seven Trinamool Congress workers for creating trouble. This further infuriated Trinamool as they were observing kala diwas across North 24-Parganas on Sunday to protest against the murder attempt.
Trinamool leader Jyotipriya Mullick has already lodged a complaint against three local CPM leaders for Saturday's incident. "Since their defeat in the Lok sabha election, CPM is creating trouble everywhere. They are attacking and killing our men. Our agitation will continue," Mullick said.
Meanwhile, tension prevailed at Leningarh on Sunday as the roads were deserted. People mostly stayed indoors and Trinamool held protest rallies. The local CPM also came out with a rally to counter Trinamool. They said that the Trinamool was trying to malign them.
On Saturday, two Trinamool supporters were shot at by a gang of five youths. Both were rushed to R G Kar Hospital in a critical condition. Trinamool chief Mamata Banerjee visited the spot later in the day.
In Mandirbazar, Trinamool supporter Sahabuddin died and his brother Jamaluddin seriously injured when criminals hurled bombs at them. Though additional SP Nisad Parvez had assured that the criminals would be arrested within 24 hours, police are yet to nab anybody.
Trinamool supporters, including minister C M Jatua and zilla parisad sabhadhipati Shamima Saikh, continued their agitation on Sunday. They said that the demonstration would continue till the criminals are arrested. In the evening, when the Trinamool chief visited the area, she said she would give Rs 25,000 to the family members of Sahabuddin. She also promised job to a member of the family.
In 2002, Sahabuddin's elder brother and his wife had been murdered. The rest of the family then shifted allegiance to the Trinamool, except Sahabuddin. But after the CPM's debacle in the Lok Sabha polls, he too joined Trinamool, said local CPM leader Alok Roy.
http://timesofindia.indiatimes.com/articleshow/4849924.cms
NHPC IPO to hit the market on August 7
Ahmedabad (PTI): Central government enterprise, National Hydroelectric Power Corporation (NHPC) will raise Rs 6000 crores from the initial public offer (IPO), which will hit the market on August 7.
"Rs 4,000-crore will be used to finance the under construction projects of the company while Rs 2000 will be given to the government of India," NHPC's Director(project), JK Sharma, told reporters here.
For its IPO, NHPC has fixed the price band between Rs 30-36 per equity share.
On the ongoing projects, Sharma said that 11 projects of 4,622 MW capacity are currently under construction at various stages.
"The company is awaiting government's nod for five more projects with a capacity of 4565 MW and certain joint venture projects having capacity of 2166 MW," he said.
Reliance Media World to be listed on BSE, NSE
New Delhi (PTI): Reliance Media World, which holds Anil Ambani group's radio business Big 92.7 FM, will be listed on the Bombay and National Stock Exchange.
Earlier, the ADA group's radio business was demerged from Adlabs Films and transferred to Reliance Unicom, which was later renamed as Reliance Media World Ltd with effect from July 22, 2009.
"Reliance Media World Ltd will thereafter be listed on the Bombay and National Stock Exchange," the company said in a statement.
Under the demerger scheme the shareholders of Reliance Unicom will be issued one share for each share held in Adlabs Films. Pursuant to the receipt of regulatory approval, the demerger was effective from April 1, 2008.
L&T bags Rs 5,300 crore projects from ONGC
Mumbai (PTI): Engineering firm Larsen & Toubro on Monday said it has bagged two orders worth Rs 5,300 crore ($1.18 billion) from state-run Oil & Natural Gas Corporation for offshore hydrocarbon projects.
"The company secured a turnkey order for the Mumbai High North (MHN) process platform and living quarters project, with an additional order for supply of process gas compression modules to be installed in the same complex," L&T said in a filing to the Bombay Stock Exchange (BSE).
Under the contract, L&T will be responsible for survey, engineering, procurement, installation and commissioning for major process, living quarters and twin flare platforms, all connected by bridges, it said.
It said over 80,000 tonnes of structures, process facilities and utilities would be erected in the high seas.
The projects will be completed within 33 months.
"This contract affirms L&T's capabilities as a reliable single source to execute critical projects for oil companies and hydrocarbon sector since the early 90's," L&T CMD AM Naik said.
The MHN process platform of ONGC will cater to most of the hydrocarbon production from the Mumbai High North field.
It will host outgoing gas-lift pipelines and oil export lines.
The platform will have a well-fluid processing capacity of 23,877 barrels of oil per day and 2.56 million standard cubic metres per day of gas, L&T further said
New Delhi (PTI): The government has made overseas shipment of onions expensive by increasing the minimum export price by USD 20 a tonne for August, apparently after sensing a shortage before the onset of the Winter.
"We have raised the onion MEP by USD 20 a tonne to an average of USD 205-210 for August, keeping a close vigil on the prices, which may go up significantly towards October as stored onions are getting exported," said a senior official with Nafed, which oversees onion exports.
A late monsoon has affected sowing operation of the crop, which will in turn delay the supply of fresh Kharif onions to markets, possibly triggering an upward spiral in onion prices towards October.
Though onion prices may not surge for the time being amid good stocks in Maharashtra, consumers in Gujarat and Rajasthan may begin to feel the pinch once the stocks, as much as 25 lakh tonnes, get depleted by end-September, traders said.
Wholesale prices of onions have already shown the signs of increase and have risen to Rs 581 a quintal as on July 31 in the country's largest trading hub Lasalgaon, compared with Rs 371 about three months ago.
In Delhi, the prices rose to Rs 760 a quintal from Rs 680 during the review period.
Retailers have increased onion rates in sync with rise in prices in some of the other essential commodities, according to the official.
Onion is selling at Rs 16 a kg in the open market in the national Capital, with retailers keeping a huge margin by widening the gap between the retail and wholesale prices.
Nafed, meanwhile, is keeping a close watch and the rise in the MEP is an indicator that domestic supply gets priority over exports, the official said.
India shipped abroad 6.15 lakh tonnes of onion as on July 22 and is poised to cross 6.19 lakh tonnes this month that the country had exported till July-end last year, the Nafed official said.
The government has raised the minimum export price of onions to USD 185-190 a tonne for the shipment in July from USD 155-160 in May.
Onion from the southern part of the country is exported mainly to Sri Lanka, Malaysia and Singapore, while that from Nasik is sent mostly to Gulf countries.
Mayawati demands Rs 27 crore for new statues
Lucknow: Uttar Pradesh Chief Minister Mayawati on Monday demanded for a budget of Rs 27 crore for statues at the Kashiram memorial and for other structures in the state. Presenting the supplementary budget, she demanded for an additional Rs 550 crore for her dream projects, which includes Rs 27 crore for new statues. Rs 1,500 crore has already been spent on several structures, including on her own statues.
Earlier, a two Judge bench of the Supreme Court, comprising Chief Justice K G Balakrishnan and Justice P Sathasivam, had refused to stop the installation of statues of Mayawati and other Dalit leaders in Noida. The apex court bench said, the process has been approved by the state cabinet, the court can''t intervene, till reports of misappropriation are brought into focus. Environmentalists are opposing the installation of statues of Mayawati, her political mentor Kanshi Ram and Dr Bhimrao Ambedkar on the Yamuna Riverbed near Sector 15A of Noida, alleging that the installation violates green laws. Opposition parties in Uttar Pradesh alleged that the government is spending around Rs 2,000 crore for installing these statues across the state.
Source: ANI
Manmohan Singh constitutes UIDAI Council
New Delhi: The Prime Minister, Dr. Manmohan Singh, has constituted a Council under his chairmanship to advice the Unique Identification Authority of India (UIDAI) and ensure coordination between the Ministries, stakeholders and partners.
The council members are
1. Pranab Mukherjee, Minister of Finance.
2. Sharad Pawar, Minister of Agriculture, Food and Civil Supplies, Consumer Affairs and Public Distribution
3. P. Chidambaram, Minister of Home Affairs
4. S.M. Krishna, Minister of External Affairs
5. M. Veerappa Moily, Minister of Law and Justice
6. Kapil Sibal, Minister of Human Resource Development
7. C.P .Joshi Minister of Rural Development & Minister of Panchayati Raj
8. Mallikarjun Kharge, Minister of Labour and Employment
9. A. Raja, Minister of Communicationsand Information Technology
10.Montek Singh Ahluwalia, Deputy Chairman, Planning Commission
11.Nandan Nilekani, Chairman, UIDAI
The Council will advice the UIDAI on the programme, methodology and implementation to ensure coordination between ministries, departments, stakeholders and partners.
The council will also identify specific milestones for early completion of the project.
To begin with, UIDAI will issue numbers to all voters by building on the current electoral data. Progressively, other people, including those below 18 years, will be added to the list. Once this is done, it is expected to replace several other identification cards issued by the government.
Currently, central and state governments issue many cards including PAN cards, drivers licences, passports, ration cards and provident fund numbers.
The pilot project is expected to issue the first few cards within an year. The unique identity scheme will be overseen by an empowered group. The empowered group will have representatives from all crucial ministries like the home Ministry, finance ministry, law ministry and rural development ministry.
The government wants to give benefits to targeted groups but does not have a consolidated database, UIDAI will be responsible for this data so that if the government wants to provide food security to the weakest section, it can pull out information from the newly set-up authority and disburse benefits to the targeted group.
The challenge for chairman Nandan Nilekani will be to provide these cards to a billion plus people in three years.
Source: ANI
More of Buta's kin in CBI net
Mumbai: The CBI was likely to question the father-in-law of Sarobjit Singh, son of Chairman of National Commission for Scheduled Castes and Scheduled Tribes Buta Singh, as the agency claimed calls from his cellphone were traced to alleged hawala dealers.
The CBI has also sealed five shops in Mumbai belonging to the alleged hawala dealers Madan Solanki and Dukhsingh Chauhan, who is an accused in the bribery case against Sarobjit Singh and is on the run, and the material seized from there has been handed over to the Enforcement Directorate for investigations.
"We might question Sarobjit Singh's father-in-law. According to investigations, he used his father-in-law's mobile to make calls to hawala operators and other accused," Joint Director (Western Region) Rishiraj Singh said here.
The CBI had roped in Enforcement Directorate to help investigations of a bribery case involving Singh and trace Chauhan.
"We have also sealed five shops in Mumbai belonging to the hawala operators Solanki and Chauhan. The shops have been handed over to ED for further investigations," Mr. Singh said.
Chauhan was earlier arrested under the Conservation of Foreign Exchange and Prevention of Smuggling Activities (COFEPOSA) Act and spent over a year in jail between 1995 and 2000.
A CBI team is in Bangalore searching for the third alleged hawala operator Shamalal Chaudhari who was to receive the money from Chuahan and transfer it to Delhi to Sarobjit alias Sweety Singh.
CBI arrested 40-year-old Sarobjit on July 31 for allegedly demanding a Rs one crore in bribe from a Nasik-based contractor Ramarao Patil to close a case with teh Commission against him.
Three others including Anu Begi, the middleman and two hawala operators, who were said to be working for Sarobjit, were also arrested.
Begi, according to the sources, had told the probe agency that Buta Singh was also in the know-how about the case, a charge denied by the Chairman of the Commission.
CBI Director Ashwani Kumar had earlier said that if need be they would also question Buta Singh.
© Copyright 2009 PTI. All rights reserved.
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Anil blames Mukesh yet again for delay in Dadri power plant
New Delhi: Industrialist Anil Ambani on Monday blamed elder brother Mukesh Ambani-run RIL again for delays in his group's proposed 7,800 MW gas-based Dadri power plant and alleged that RIL was deliberately keeping gas output down to keep prices high.
Reacting to Petroleum Minister Murli Deora's assertion in Parliament that Anil Ambani group firm's proposed Dadri power plant would be considered for allocation of gas along with similar projects, he said: "Dadri is not operational due to RIL's malafide intentions."
RIL, he said, had not given his group firm a bankable fuel supply contract.
On Deora's remarks that RIL's KG-D6 fields was producing 31 million standard cubic meters per day, he said production was deliberately kept low because of lack of demand for the gas whose delivered price comes to over USD 7 per mmBtu.
He renewed his demand for public audit of RIL's KG-D6 field costs and immediate reduction in the gas transportation tariff charged by a Mukesh Ambani-owned firm that transports gas from east coast to the west.
Ambani welcomed Deora's statement that the government had nothing to do with the private dispute between industrialists or individuals, and said that the Petroleum Ministry should limit its stand before the Supreme Court only to the interpretation of the Production Sharing Contract (PSC).
Govt has nothing to do with Ambanis, Deora tells Parliament
Petroleum Minister makes money, must resign: Mulayam
Warship project delayed to build up private sector
Kolkata: In the hot Kolkata sun, on the banks of the Hooghly river, craftsmen from Garden Reach Shipbuilders & Engineers (GRSE) swarm over what will be the Indian Navy's most high-tech stealth warship. For GRSE, the navy's order for four anti-submarine warfare (ASW) corvettes is its flagship project. But Project 28, as it is termed, is two years behind schedule.
The first corvette was to join the fleet early next year. Business Standard discovered, during a first-ever media visit to this secretive project, that it will be delivered only in June 2012. The other three corvettes of Project 28 will follow at one-year intervals.
The major reason for the delay: the Indian Navy has stipulated such unprecedented standards of stealth for every piece of equipment on board that suppliers have struggled to develop engines, transmission, air-conditioning and power-generating systems that work silently enough to meet those requirements. Furthermore, the navy mandated that Indian suppliers would provide much of that equipment.
The Project 28 corvettes are 2,500-tonne warships that will protect Indian Navy battle groups and coastal installations from lurking enemy submarines. In the deadly cat-and-mouse game between ASW corvettes and submarines, the stealthier vessel is usually the winner, detecting and destroying its opponent after sneaking up undetected. The challenge of Project 28 has been to minimise vibrations and noise from the ship's machinery, propellers, and from water swirling past the hull.
Success has come late in developing some of this equipment. The Kirloskar group has delivered the engines, albeit after a delay. Earlier this year, DCNS of France supplied the Raft Mounted Gearbox, which almost completely suppresses noise from the power pack. But Wartsila India is still struggling to reduce vibration in the four diesel alternators that will power the corvette's electronics.
Once all this is in place, six huge spaces will have to be cut open in the corvette's hull, through which giant cranes will lower monster-sized equipment like the 65-tonne engines. Then the hull will be welded shut once again.
For the navy, which has implemented indigenisation as something of a religion — the Naval Headquarters includes a full-fledged Directorate of Indigenisation — the delay in Project 28 is a regrettable, but acceptable, consequence of its twin objectives: building cutting edge warships and, simultaneously, developing an Indian warship building industry.
The Navy Chief, Admiral Sureesh Mehta told Business Standard the navy had carefully laid down stealth standards that were absolutely necessary in war. Admiral Mehta explained, "We cannot compromise operational requirements for suppliers who are having difficulties meeting standards. We cannot come second in war."
The navy's top designer, Rear Admiral M K Badhwar, says the navy is determined to nurture an Indian supplier base, to develop increasingly high-tech products for warships. He points out, "Initially, they (the private companies) had real problems in meeting the sophistication levels that we were demanding. But we insisted and now most of them have done so. This is vital for an indigenous shipbuilding industry."
All this has taken the cost of Project 28 from a sanctioned Rs 2,800 crore (Rs 700 crore per corvette), to an estimated Rs 7,000 crore now. This is approximately in line with cost increases for previous Indian-built warships.
GRSE's Chairman and Managing Director, Rear Admiral K C Sekhar, explains, "Fortunately, our shipyard will not take a financial hit, since this was a cost-plus contract (in which the actual cost of construction of the first ship will be the basis for paying for the entire project). But we have learned valuable lessons. The complexity of the project was totally underestimated."
The Project 28 corvettes, when they join the navy's fleet, will be silent and heavily armed. An Otomelara Super Rapid Gun Mount (SRGM) on the bow can pour 76 millimetre shells onto aerial and surface targets. Flanking it will be two Indigenous Rocket Launchers (IRLs) that can fire at both submarines and ships. Submarines can also be engaged through six torpedo tubes. Two AK 630 Gatling guns, one on either side, can shoot down attacking aircraft. Finally, vertically launched missiles are likely to be mounted for engaging surface targets.
Source: Business Standard
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Indian activist Deep Joshi chosen for Ramon Magsaysay Award
Kuala Lumpur/New Delhi: Prominent Indian social activist Deep Joshi, who has done pioneering work for "development of rural communities", was today named along with five others for the prestigious Ramon Magsaysay Award for 2009, considered as Asia's equivalent of the Nobel Prize.
Joshi is being recognised for "his vision and leadership in bringing professionalism to the NGO movement in India, by effectively combining 'head' and 'heart' in the transformative development of rural communities," the Board of Trustees of the Ramon Magsaysay Award Foundation said in a press statement from its headquarters in Manila.
"I am delighted to get this honour. But the award is not for an individual, it is for an idea, for the development of rural population. We need the educated people to go to rural areas and work for their welfare," 62-year-old Joshi told PTI.
A masters in engineering from the Massachusetts Institute of Technology (MIT) and a Masters in Management from the Sloan School, MIT, Joshi worked with the Systems Research Institute, the Ford Foundation and has nearly 30 years of experience in the field of rural development and livelihood promotion. He also advises the government on poverty alleviation strategies.
Joshi was the co-founder of Professional Assistance for Development Action (PRADAN) and now works as an independent consultant for the NGO which works for rural poor, promoting self-help groups, developing locally suitable economic activities, mobilising finances and introducing systems to improve livelihoods of rural people.
An activist from military-ruled Myanmar who has documented human rights and environmental abuses, and a Thai scientist who devoted her life to finding a cheaper AIDS drug, were among the 2009 winners of the Ramon Magsaysay Awards.
The awards announced on Monday are considered Asia's equivalent of the Nobel Prize. They are named after a popular Philippine president who died in a plane crash in 1957.
Ka Hsaw Wa was a 17-year-old student activist during the 1988 pro-democracy demonstrations in Myanmar. After his arrest and torture, he fled to the jungle where he exposed atrocities committed against villagers, the Ramon Magsaysay Award Foundation said.
EarthRights, the nonprofit group he co-founded, filed a precedent-setting case in the United States in 1996 against US-based oil company Unocal for alleged complicity in human rights and environmental abuses committed by Myanmar's military in the building of the Yadana gas pipeline. After 10 years of litigation, Unocal agreed to compensate the 11 petitioners.
EarthRights also runs a school in Thailand that trains young people from Myanmar and other countries in nonviolent social change.
Krisana Kraisintu, a Thai pharmacologist, was honoured for working to produce much-needed generic drugs to fight HIV/AIDS.
When AIDS became an epidemic in Thailand, she conducted research on antiretroviral drugs despite the lack of government support and lawsuits from drug companies. After months of solitary work, she successfully formulated the generic version of AZT, which treats HIV and reduces the risk of mother-to-child transmission.
In 2002, she took her expertise to sub-Saharan Africa, the region hardest hit by AIDS.
Two Chinese were also honoured. Ma Jun, a former journalist, was cited for launching the first public database on water pollution in China and establishing the Institute of Public and Environmental Affairs.
Yu Xiaogang was cited as a founder of the nonprofit Green Watershed - which helped communities flooded by a dam project in Yunnan province - and Green Banking, a network of NGOs that awards banks for their contributions to environmental protection.
Filipino lawyer and environmentalist Antonio Oposa Jr. was cited for his efforts to help his countrymen ``maximise the power of the law to protect and nurture the environment for themselves, their children and generations still to come.''
Source: PTI, AP
How private airlines strike grounded before takeoff
Strike call fails to get support from any quarter
In a move that brought cheers to the travelling public and relief to the Government, the Federation of Indian Airlines (FIA) called off its decision to suspend domestic operations on August 18, two days after it was announced.
An FIA press release said the strike was being withdrawn "in view of the agitated public sentiment and potential inconvenience to thousands of passengers and the government's willingness to enter into dialogue". But there is more to FIA's decision to call off the strike than meets the eye. The strike call did not receive support from any quarter. Major players Kingfisher and Jet Airways, most affected by the financial crisis, were reportedly behind the federation's militant stand. The financial condition of smaller low-cost airlines is not as bad as the bigger ones and hence did not want to add to their woes by going on a strike. IndiGo announced its decision to disassociate itself with the threatened strike on Saturday and SpiceJet followed suit early Sunday evening. MDLR Airlines and Paramount too announced that they were not participating in the strike. Representatives of state-owned Air India, which is an FIA member, declined to be part of the strike from the start.
All the member-airlines of the federation continued to book tickets for August 18, thus weakening its cause for a strike. Travel Agents Association of India said none of the airlines have asked travel agents not to book for August 18.
There were differences within the airlines fraternity over the strike move. Captain Gopinath, who once owned the low-cost Deccan Airways, called the strike call `stupid'. The Civil Aviation Joint Action Front (CAJAF), formed by Air Corporation Employees' Union and Aviation Industry Employees' Guild, also condemned the strike call.
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Reliance gas row disrupts house despite Deora's defence
New Delhi: The Lok Sabha was Monday disrupted twice by members who alleged that Uttar Pradesh was not being given its share of Reliance Industries' Krishna-Godavari gas even after Petroleum Minister Murli Deora sought to clarify the government's position on the matter.
Lok Sabha Speaker Meira Kumar had to first adjourn the house at 12.20 p.m. for about two hours till two in afternoon. But when the house reassembled, protesting members remained on their feet, and refused to allow the house to function.
Samajwadi Party leader and former chief minister of Uttar Pradesh Mulayam Singh Yadav said minister Deora's statement was unsatisfactory and he should resign. Yadav then led his party members in a walkout from the house.
Anil Ambani-led Reliance Natural Resources and elder brother Mukesh Ambani's Reliance Industries are fighting a bitter legal battle over the supply and pricing of gas from the fields off the Andhra Pradesh coast.
Their dispute, brewing for nearly five years now, has arisen out of an agreement between their two companies.
The protests Monday came after Deora issued a statement that the government would do everything possible to protect public interest over the distribution of gas from the fields, being called one of the largest such discoveries in Asia in recent years.
Glossing over the dispute between Mukesh and his brother Anil Ambani, who owns the RNRL, over gas allocation, the minister said: "We have nothing to do with the private dispute of companies or individuals."
This provoked the opposition benches, as also the Samajwadi Party members, who were on their feet alleging the government was biased against Uttar Pradesh, since the Dadri power project, on the outskirts of New Delhi, was awaiting the gas for feedstock.
Speaker Kumar asked the members to let the house run and then briefly continued with the day's business, including the introduction of three major legislations -- the Companies Bill, Indian Trust (Amendment) Bill, and Securities and Exchange Board of India (SEBI) (Amendment) Bill.
But she was subsequently forced to adjourn the house as Samajwadi Party members trooped into the well raising slogans against the government.
"There has been no discrimination against Uttar Pradesh," minister Deora said in the statement, adding that the state-run power utility NTPC had been allocated 0.45 million metric standard cubic metre per day (mmscmd) of gas for its Dadri unit.
Further, five out of the 15 existing urea plants that were allocated gas from the Krishna-Godavari basin are located in the northern state.
In the case of Anil Ambani's company, however, Deora said the case was considered by an empowered group of ministers led by Finance Minister Pranab Mukherjee. "This plant is neither installed nor functional," he added.
"The intention of the government is very clear. We will allocate gas to Dadri plant subject to availability and that Dadri plant will be treated on the same footing as other similar plants placed under similar circumstances."
The fields belonging to Reliance Industries in the Krishna-Godavari basin were producing 31 million units per day since April 1 and within a year, it would go up to 81 million units, the minister told the house.
As per the government's gas utilisation policy, 15 mmscmd was allocated to existing urea plants, 18 mmscmd to existing power plants, 3 mmscmd to distributors of cooking gas and another 5 mmscmd for cooking gas for cities through pipelines.
Deora said the Bombay High court judgment in May upholding the agreement has "implications on the government's rights to formulate and implement the gas utilisation policy under the production sharing contract".
The pact provides for 28 mmscmd to RNRL, 12 mmscmd to NTPC and the remaining to be shared between RIL and RNRL at a ratio of 60:40, he said.
The document also says this formula will be applicable not just to Krishna-Godavari fields, but also to future discoveries and production by Reliance Industries.
"Under the circumstances, it was necessary to file a special leave petition in the Supreme Court and accordingly action has been taken," said the petroleum minister.
Source: Agencies
Petroleum minister makes money, should resign: Mulayam
New Delhi: Samajwadi Party leader Mulayam Singh Yadav Monday shocked the Lok Sabha when he accused Petroleum Minister Murli Deora of "corruption" on the floor of the house, alleging "favour worth Rs.15,000 crore" to a single individual in the gas dispute between the Ambani brothers.
"This is the minister who makes money. The petroleum minister must resign, he is indulging in corruption," alleged Yadav, who led the protests in the lower house resulting in the house being adjourned twice.
"Throughout the statement, the minister was trying to hide the real issue," said Yadav, referring to Deora's speech earlier explaining the government's stand on the dispute over gas between Reliance Industries and Reliance Natural Resources.
"He (Deora) is doing a favour worth Rs. 15,000 crore to a single individual. The entire country is being hoodwinked," Yadav, who was speaking in Hindi, alleged.
Deora was present in the charge when Yadav made his charge. He later got on his feet along with his colleagues to protest the serious allegation.
Yadav later led a walkout of his party members after Deputy Speaker Karia Munda, who was in the chair, declined to allow him to speak any further over the issue.
A former chief minister of Uttar Pradesh, Yadav alleged that the government was discriminating against his home state over supply of natural gas for the Dadri power project of Reliance Natural Resources.
Anil Ambani-led Reliance Natural Resources and elder brother Mukesh Ambani's Reliance Industries are fighting the bitter legal battle over the supply and pricing of gas from the fields off the Andhra Pradesh coast.
The Samajwadi Party leader's charges sparked angry reactions from the Congress members, to which Yadav clarified that he had nothing to do with the row between the two brothers brewing for nearly five years now.
The protests came after Deora issued a statement saying the government would do everything possible to protect public interest over the distribution of gas from the southern fields, said to be one of the largest such discoveries in Asia in recent years.
Glossing over the dispute between Mukesh and his brother Anil Ambani, who owns the RNRL, over gas allocation, the minister said: "We have nothing to do with the private dispute of companies or individuals."
Source: Agencies
Judges' assets bill a conspiracy of corruption: Jethmalani
New Delhi: The government Monday deferred the introduction of a bill on the declaration of judges' assets after members across the spectrum said in the Rajya Sabha that it violated the Constitution and the Right to Information Act. Noted jurist Ram Jethmalani (Nominated) termed the bill a "conspiracy of corruption".
"In view of the sentiments expressed by the members and to build consensus on the issue, I am deferring the introduction of the bill," Law Minister Veerappa Moily said, as member after member, including Jayanti Natarajan of the ruling Congress, objected to clause six of the Judges (Declaration of Assets and Liabilities) Bill 2009 under which the assets of judges could not be made public.
Opposing the introduction of the bill after Moily sought permission to do so, Leader of Opposition Arun Jaitley (Bharatiya Janata Party) said: "Under clause six, a judge has to declare his assets to a competent authority and this cannot be made public.
"If I want to contest an election, I have to first declare my assets and these are made public. Thus, clause six seeks to give a different interpretation to article 19 of the constitution. We can't have two interpretations of the same article."
"We can't have dual interpretations of the law for people seeking to hold public office and those already occupying public office," he added.
Corporate India's bitterest feud
The whole nation is watching with dismay the Ambani versus Ambani battle over gas sharing. Clearly, Anil is the most aggrieved among the Ambani siblings. He wrote to the government, saying that the differential trade practise favours his elder brother Mukesh.
Mukesh-owned RIL and Anil-owned RNRL have filed cross-appeals in the Supreme Court challenging the Bombay High Court decision and the apex court is scheduled to hear the case soon. Mukesh Ambani has so far refused to be drawn into a public quarrel with his younger brother Anil, who accuses him of 'forgetting mother Kokilaben'.
Anil had also accused RIL of forgetting the vision of their father and Reliance founder-chairman Dhirubhai Ambani "in pursuit of corporate greed".
A recap on Corporate India's bitterest feud:
Latest headline
- Murli Deora is the `greatest loser'
- Take over distribution of RIL gas: Left MPs
- Deora to tell LS about Govt stand
Court battle
Government speak
Barbs
-
Mukesh forgotten Dhirubhai; sees no role for Kokilaben: Anil
-
Govt. stand on gas dispute will mar investor confidence: Anil Ambani
Analysis
Earlier reports
Videos
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Indian corporate giants post 8-fold leap in 10 yrs
Mumbai: From a single private firm with a Rs 1,000-crore net profit, there are 28 such companies now.
Corporate giants have posted a decline of 21.4 per cent in net profit on a 20.2 per cent rise in net sales during the financial year 2008-09. The healthy sales performance was spoiled by high cost of raw materials, as global prices of commodities such as metals, oil and coal surged more than 100 per cent during the year under review.
But, despite posting such a performance, the giants (the top 1,000 companies by net sales in 2008-09) are healthy in terms of profit and profitability. The cumulative net profit in 2008-09, at Rs 190,010 crore, is as much as eight times the Rs 24,305 crore in 1998-99. Net profit margins are higher at 6.3 per cent against 4.7 per cent a decade earlier. The cumulative net sales of the giants, at Rs 30.06 lakh crore, are six times higher than a decade earlier.
ONGC, Reliance top net profit list
The top two companies by net profit, the state owned oil and gas major, ONGC, and the private sector oil, gas and petrochemicals giant, Reliance Industries, have grown so big that the combined net profit of the duo, at Rs 35,449 crore, is 1.46 times higher than the aggregate profit of the top giants a decade earlier. The duo also accounts for 88 per cent of the aggregate sales of Rs 514,092 crore for the top 1,000 a decade ago.
As many as 38 giants now amass a net profit of over Rs 1,000 crore, compared to only six a decade earlier. The private sector has outshone its peers in the public sector, with the number of companies with a net profit of Rs 1,000 crore each having grown from only Reliance Industries in 1998-99 to 28 now. The number of PSUs with net profit of Rs 1,000 crore each has doubled from five to 10.
Mittal for greater Nilekani-type business-politics ties
New Delhi: The face of telecom India, Sunil Mittal, who was once keen on joining politics but left his ambition behind to create the largest private teleco, feels it is time for greater business-politics ties on the lines of Nandan Nilekani heading a prestigious government programme.
"I think the country is moving towards the next generation of leadership and this formation will really determine whether business people or professionals have a role in politics," Mittal, who led Bharti Airtel to become Asia's leading mobile operator, told private broadcaster CNBC-TV 18 in an interview.
"You are seeing early signs of that. Nandan Nilekani has joined one of the most important positions in the government. You will start seeing more of this," he said.
Nilekani, former co-chairman of Infosys, has been appointed to head the Unique Identification Authority of India (UIAI), the UPA government's initiative aimed at creating and maintaining a national database of identity details of all the citizens.
On his plans to join politics, Mittal said, "...I am very comfortable with politics. I am a keen political student and some years back I did think that at 50 I should be in some form or the other in politics. But in the last 4-5 years I have recaliberated my plans and I am happy being where I am.
"I think we are in the phase of a transition here from old political guard to a new one. And I think in the new one you may have a situation where people who are professionals or businessmen may have a role in politics...," he said.
Source: Business Standard
New Delhi (PTI): Terming him as a "constitutional functionary rather than a party functionary", Congress on Monday distanced itself from the incident involving Buta Singh and his son Sarobjit, saying law will take its own course.
"The law has to take its own course. The law will be working and is working. Saying more, will be like putting obstacles before it," party spokesman Abhishek Singhvi told reporters here.
He added, "if the law finds him guilty, so be it. If it does not find him guilty, let be it. He (Buta Singh) is not a party functionary but a constitutional functionary".
Sarobjit Singh (40) was arrested by the CBI on July 31 for allegedly demanding a bribe to settle a case with the National Commission of Scheduled Castes, of which his father is chairman.
Prachanda slams India, Sri LankaKathmandu (PTI): Nepal's Maoists chairman Prachanda has criticised India and Sri Lanka for allegedly "suppressing" the extremist outfits in the two countries and said his party would renew its ties with the international fraternal groups.
"The military action of Sri Lankan government against the armed group LTTE and Indian government's armed action against Indian Maoists in Lalgarh are deplorable acts," he said while addressing media persons here on Sunday.
The Maoists' have also decided to strengthen their ties with all the Marxists, Leninist and Maoist parties of the world.
"It is our policy to support any movement launched by the Maoists anywhere in the world and we oppose suppression of such struggle by the government," Maoist central secretariat member Narayankaji Shrestha 'Prakash' told PTI.
SC refers to Sohrabuddin killing to SIT
New Delhi (PTI): The Supreme Court has ordered the Special Investigation Team (SIT), probing post-Godhra riots of 2002, to investigatge the killing of alleged gangster Soharabuddin Sheikh in an 'encounter' in Gujarat after it found "certain loose ends" in chargesheet filed by the state.
"There are many loose ends in the chargesheet. We will refer it to the SIT," a bench of Justices Tarun Chatterjee and Aftab Alam said while asking Gujarat government to file its response on the issue and posted the matter for further hearing to September 11.
Sohrabuddin, his wife Kauser Bi and another person believed to be Tulsiram Prajapati were killed by Gujarat police in an `encounter'in November 2005.
New Delhi (PTI): Arms dealer Suresh Nanda on Monday approached the Delhi High Court seeking a direction for release of his passport seized by the government for allegedly involved in receiving a kickback in the Rs 1,150-crore Barak missile deal.
Nanda, son of formal Navy Chief S M Nanda, alleged in his petition that government was harassing him by not releasing the passport which had been in its custody for more than two and half years and his business all over the world was suffering.
Nanda's passport was seized in 2006 by CBI which is investigating the Barak missile deal. He was later allowed by a trial court to go abroad but restrained by Delhi High Court.
Cricketers should fall in line, says Gill
New Delhi (PTI): Sports Minister M S Gill on Monday opposed the BCCI stance on the "whereabout" clause of the World Anti-Doping Agency and said the cricketers should fall in line without cribbing.
Dismissing the claim that the clause, which requires players to inform their whereabouts three months in advance for out-of-competition testing, was an infringement on their privacy, Gill said that was not the case.
"We have accepted WADA regulatory testing and we adhere to it. Sportsperson should be clear in one thing that it is not getting into someone's life," Gill told reporters after the state sports ministers' conference here.
The voice of dissent among the cricketers seemed to have surprised the Minister who pointed out that most of the sportspersons across the world have already signed it.
"All sportsperson should adhere to it and happily follow it as so many sports federations and players are following it," Mr. Gill said.
The "whereabout" clause of the WADA code has ruffled many feathers here with the BCCI convening an emergency working committee meeting in Mumbai yesterday, attended by India captain MS Dhoni and senior players Harbhajan Singh and Yuvraj Singh.
After the meeting, BCCI President Shashank Manohar said the Board had no issues with out-of-competition testing of the 11 cricketers in the WADA pool but the "whereabout" clause was not only an infringement of their privacy but also posed security risks.
The BCCI has asked ICC, a WADA signatory, to explore the possibilities of having a separate anti-doping mechanism of its own.
Mr. Gill, however, felt that WADA was championing a good cause and every one should support its bid for a dope-free world.
"We should support WADA in its cause. The world is concerned about doping and we should support WADA," Mr. Gill said.
The Sports Minister said India was serious about it and it was an achievement in itself to have a WADA-accredited National Dope Testing Laboratory in the capital.
"Last year, we got the accreditation from WADA after so much effort and we are proud to be associated with it.
"We have set up a dope testing laboratory next to Nehru Stadium and now Sweden is also sending samples of their players for testing. We should be proud of it," Mr. Gill added.
London (PTI): Holding the LeT responsible for last year's Mumbai attacks, a British Parliamentary committee on Sunday said several major terror attacks across the world, including in London, Madrid and Bali, had origins in the tribal areas of Pakistan.
A report by the powerful Foreign Affairs Committee quoted a former CIA chief as saying that Pakistan-based Lashkar-e-Taiba, blamed by India for attacks on its soil including on Mumbai, has reached a "merge point" with al-Qaeda.
"It was from the tribal areas in Pakistan that the bomb plots in London, Madrid, Bali, Islamabad and later Germany and Denmark were planned," the report on "Global Security: Afghanistan and Pakistan" headed by legislator Mike Gapes said.
It said: "The LeT group, which was responsible for the November 2008 Mumbai attacks which targeted Westerners, in particular U.S. and U.K. nationals, also operates from these tribal areas. The former head of the CIA, Michael Hayden, claimed earlier this year that LeT had reached a 'merge point' with al-Qaeda."
The report also said that a section within the Pakistani Army and the intelligence agency ISI still feels that "India, rather than the Islamic terrorists," were the main threat to it.
| Bound and gagged | ||||
Forget Maoists, West Bengal's Left Front has lost its social constituency through years of inaction | ||||
| Now, in the wake of the ban, he has announced a three-pronged strategy: police action, political campaigning and development.
Since all that leaves the police action, whether it is necessary or not, there is a big problem. How long are central forces going to park themselves in Lalgarh? And what if the Maoists open new fronts in the vast swathes of utterly disaffected tribal territory? Even a cursory reading of the news will confirm that the forces in Lalgarh resemble suspiciously an army of occupation, not because of the Maoists but because the people themselves are thoroughly alienated—as indeed they are in so many places in the country. All you have to do is leaf through a report commissioned by and presented to the Planning Commission about a year ago by a committee consisting of former bureaucrats and policemen, and academics and mainstream activists. Which brings us to the Maoists. For a while now the prime minister has been describing them as the most wasting disease in the body politic. It cannot be denied that the Maoists possess their fair share of delinquencies. It can hardly, too, be denied that in the richest of lands in this country, among the poorest of the people they represent the only ray of hope. To deny that the Maoists prosper because they work for the betterment of the most wretched of people and not just through the invocation of terror would be a kind of blindness that no one can afford—certainly not those who guide the destinies of this nation. Suhit Sen is an academic, a journalist and a freelance writer http://www.downtoearth.org.in/full6.asp?foldername=20090815&filename=croc&sec_id=10&sid=2 | ||||
| Buddhadeb lays out priorities of government's programmes |
CHALKING OUT PLANS: West Bengal Chief Minister Buddhadeb Bhattacharjee, Polit Bureau member Sitaram Yechury and CPI(M) general secretary Prakash Karat at the CPI(M) State Committee meeting at the party headquarters in Kolkata on Saturday.
KOLKATA: The State Committee of the Communist Party of India (Marxist),which began its two-day meeting here on Saturday, is deliberating on ways to improve the West Bengal government's performance and enhance the party's outreach at the grassroots level.
The meeting, chaired by Nirupam Sen, is being attended by party general secretary Prakash Karat and Polit Bureau member Sitaram Yechury.
A statement issued by the party said that while organisational issues would be discussed on Sunday, Chief Minister Buddhadeb Bhattacharjee opened the discussions, laying out the priorities and direction of the government's programmes.
The committee members stressed the need to impart further dynamism to the government's actions, and to bring to fruition its people-oriented programmes, according to the statement.
Since its last meeting (after the Lok Sabha elections), 22 CPI(M) workers and supporters had died at the hands of Maoists, the Trinamool Congress, and Congress workers, the committee said.
The committee adopted a resolution greeting the people of Tripura and the Left Front for the recent victory at the tri-level panchayat elections held on July 20.
The Left Front won the majority in 81.4 per cent of the gram panchayats, the statement said.
The statement added that the Congress had engaged in smear campaigns and resorted to violence, killing two CPI(M) workers.
"The Congress had spent huge amounts of money and had bribed and intimidated the voters," the statement said.
It noted that despite these odds, the people of the Tripura gave a fitting reply during the panchayat elections.
NEW DELHI - Both houses of parliament were adjourned Monday with noisy protests over the government's plan to set up a separate development authority for the drought-hit Bundelkhand region that spans Uttar Pradesh and Madhya Pradesh.
The Left parties, the Bahujan Samaj Party (BSP), the Samajwadi Party (SP) and the Bharatiya Janata Party (BJP) joined hands to oppose the Congress move to set up a separate Bundelkhand Development Authority for the backward region. Both the Lok Sabha and the Rajya Sabha were adjourned till 12 noon over the protests.
A unilateral decision could not be taken on setting up a Bundelkhand authority without consulting the Madhya Pradesh and the Uttar Pradesh governments, the parties said. While Madhya Pradesh is ruled by the BJP, Uttar Pradesh is governed by the BSP.
BJP leader Sushma Swaraj said in the Lok Sabha that the union government had not released a single paisa for the development of Bundelkhand region.
Speaker Meira Kumar's repeated attempts to pacify the members were futile. Parliamentary Affairs Minister P.K. Bansal said the government would come up with a statement on the issue, but that too did not yield results with the MPs demanding suspension of question hour and an immediate discussion.
When the din continued, the Lok Sabha was adjourned till 12 noon.
There were similar scenes in the Rajya Sabha with BSP's Satish Mishra raising the issue. Other parties joined him and following an uproar the upper house was also adjourned till 12 noon.
Congress general secretary Rahul Gandhi has demanded a separate Bundelkhand authority to spur development in the backward region.
Last Tuesday, he had led a delegation of MPs from Uttar Pradesh and Madhya Pradesh to Prime Minister Manmohan Singh and demanded a special package for Bundelkhand.
"Legislators and leaders from Uttar Pradesh and Madhya Pradesh under the leadership of Rahul Gandhi met the prime minister. We have demanded a separate development authority for Bundelkhand region," Congress general secretary Digvijay Singh told reporters last week.
The Bundelkhand region comprises Datia, Tikamgarh, Chhatarpur, Panna, Damoh and Sagar districts of Madhya Pradesh and Jhansi, Lalitpur, Mahoba, Banda and Fatehpur districts of Uttar Pradesh.
Gandhi had visited the region last year and termed it on the verge of collapse.
August 1st, 2009 LUCKNOW - The Congress party Saturday hit out at Uttar Pradesh Chief Minister Mayawati for opposing creation of an independent authority for economic development of the backward Bundelkhand region. In a statement issued here, the Uttar Pradesh Congress Committee (UPCC) media cell chief Vivek Singh flayed Mayawati for criticising the move, which he said was aimed at "ensuring integrated development of the region that covers a few districts both in Uttar Pradesh and Madhya Pradesh".
Madhya Pradesh opposes setting up of central body for BundelkhandAugust 1st, 2009 BHOPAL - Madhya Pradesh Chief Minister Shivraj Singh Chouhan has written to Prime Minister Manmohan Singh opposing the setting up of a separate Bundelkhand Development Authority by the central government, an official said Saturday. Congress general secretary Rahul Gandhi has demanded such an authority be set up to spur development in the backward region that straddles Uttar Pradesh and Madhya Pradesh.
Congress committed to development of Bundelkhand: RahulJuly 31st, 2009 NEW DELHI - Three days after he met the prime minister to seek a special package for the Bundelkhand region, Congress general secretary Rahul Gandhi Friday said the party would do everything for the welfare and development of the region that he says is steeped in poverty. "We have submitted a memorandum to the prime minister (on Bundelkhand).
Don't interfere in state affairs, Mayawati tells PMJuly 30th, 2009 LUCKNOW - Uttar Pradesh Chief Minister Mayawati Thursday urged Prime Minister Manmohan Singh to keep off "the internal affairs of the state" after Congress leader Rahul Gandhi demanded a central authority for development of Bundelkhand region. "Any move to set up a central authority for special development of an area in a state would tantamount to direct interference in the internal affairs of the state," Mayawati wrote in a letter to the prime minister, according to an official statement.
Rahul Gandhi meets Manmohan SinghJuly 28th, 2009 NEW DELHI - AICC General Secretary Rahul Gandhi met Prime Minister Dr. Manmohan Singh here on Tuesday.
Rahul meets PM, seeks a Bundelkhand development authorityJuly 28th, 2009 NEW DELHI - Congress general secretary Rahul Gandhi Tuesday met Prime Minister Manmohan Singh and urged him to set up a separate development authority for Bundelkhand region, which spans Uttar Pradesh and Madhya Pradesh. "Legislators and leaders from Uttar Pradesh and Madhya Pradesh under the leadership of Rahul Gandhi met the prime minister.
Rahul Gandhi meets PM over 'underdeveloped' BundelkhandJuly 28th, 2009 NEW DELHI - Congress general secretary Rahul Gandhi along with Uttar Pradesh party chief Rita Bahuguna Joshi and other party leaders Tuesday met Prime Minister Manmohan Singh and urged him to set up a separate development authority for the Bundelkhand region, which he alleged was reeling under poverty. "Legislators and leaders from Uttar Pradesh and Madhya Pradesh under the leadership of Rahul Gandhi met the prime minister.
Rajya Sabha - the backdoor entry?
May 2nd, 2009 NEW DELHI - Is the Rajya Sabha a backdoor entry into parliament as opposed to the Lok Sabha? It's not just the Bharatiya Janata Party that has used such a taunt against Prime Minister Manmohan Singh, who represents Assam in the upper house. M.K. Stalin, Tamil Nadu's minister for rural development and local administration and the son of chief minister M.
Rahul needs more training: Buddha
April 25th, 2009 KOLKATA - Congress general secretary Rahul Gandhi 'needs more knowledge, learning and training' to become 'a frontrunner in politics', West Bengal Chief Minister Buddhadev Bhattacharjee contended Saturday. 'He (Gandhi) is new in politics.
Is Lalu a spent force, asks a native from Bihar
April 13th, 2009 NEW DELHI - With the first phase of elections only days away, it's a common sight to see people discussing politics at tea stalls or at street corners. At one such tea stall in south Delhi, there was a heated debate about politicians and their winning prospects - especially in Bihar.
Government to present vote on account Feb 16
January 21st, 2009 NEW DELHI - The central government will present a vote on account on Feb 16, parliament officials said here Thursday. An interim railway budget would be prersented on Feb 13.
India, Indonesia discuss parliamentary functioning
January 18th, 2009 NEW DELHI - India and Indonesia Monday discussed the functioning of their parliaments when a 17-member delegation from the Southeast Asian nation called on Vice President and Rajya Sabha Chairman M. Hamid Ansari.
BJP refuses to accept government clarification on Antulay
December 22nd, 2008 NEW DELHI - Refusing to accept the government's explanation on Minorities Affairs Minister A.R. Antulay's remarks on the death of a Maharashtra police officer, the Bharatiya Janata Party (BJP) Tuesday said the Congress-led government was 'playing minority appeasement politics' and it would take the issue to the people.
http://blog.taragana.com/n/bundelkhand-politics-stalls-both-houses-of-parliament-128626/
Mamata for national project in Singur Ananya Dutta
"I want 400 acres of land to be returned
to the farmers"
Rs.50 lakh has already been sanctioned for developing Singur railway station
KOLKATA: Union Railway Minister Mamata Banerjee said on Sunday that her Ministry had approached the Centre with a proposal to set up a national project on the 600 acres acquired for the Tata Motors Nano project, since relocated after she led an agitation against the alleged forcible acquisition for it.
She made the announcement at a function to flag off the Andolan local train between Singur and Howrah.
Addressing a large congregation of supporters, many of whom participated in the agitation in 2007-08, Ms. Banerjee said she gave equal importance to farmers and industry.
"I want 400 acres of land to be returned to the farmers, and if the Centre declares the remaining land as a national project, the Railways are willing to set up industry there." Ms. Banerjee hinted that a coach factory could be opened there on the public-private partnership model.
The 1,000 acres acquired at Singur have been lying barren since the agitation forced Tata Motors to pull out in October last year.
For the farmers of Singur, Ms. Banerjee said: "Singur, the land where the farmers' agitation began, will be the first site of the Krishi Vision project."
The project, which she announced in the Lok Sabha on July 30, will include a marketplace set up on land belonging to the Railways, where farmers will be able to directly sell their produce and access a wider market, she said.
"An andolan [agitation] must be cherished and commemorated. This train will remind you of your sacrifices, aspirations, and determination," she said, before flagging it off.
Higher-yielding currencies climbed as European shares hit their highest levels of 2009 after results from HSBC Holdings PLC and Barclays PLC, while strong purchasing managers' indexes from the euro zone and Britain added to evidence that the worst of the global economic downturn may be over.
In the US, stock futures also pointed to a higher opening on expectations of a rebound in sales for Ford Motor Co
The euro hit a two-month high against the dollar of $1.4326 according to Reuters data, while sterling and the Australian and New Zealand dollars hit their strongest since autumn.
"We are seeing broad dollar weakness at the start of the week as commodity and other higher yielding currencies jump," said Matthew Strauss, a senior currency strategist at RBC Capital Markets in Toronto. "The effect of strong bank earnings in Europe earlier in the session is spilling over into the U.S., giving further support to the euro."
The dollar index, a gauge of the U.S. currency's performance against six other major currencies, fell to 77.928 earlier, its lowest since December, as oil prices rallied more than 2 percent to a one-month high above $71 per barrel.
| Also Read |
| → NSE rupee-euro futures to kick off from next year |
| → Dollar to remain top currency: German minister |
| → Rupee at near 2-mth high on strong equities, weak $ |
"The outperformance of pro-cyclical currencies against the dollar has to do with not only with higher equities but oil prices as well," said Phyllis Papadavid, a currency strategist at Societe Generale in London.
Also helping to batter the U.S. currency was a jump in European shares to their highest since November as HSBC reported that profits halved from a year ago, but were still ahead of forecasts.
HSBC's announcement followed Barclays report of an 8 percent rise in half-year profit, though bad debts at the bank almost doubled.
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 | Cyrus Driver, Founder & non-executive director, Calorie Care |
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