Tuesday, July 7, 2009

Today's Latest News in detail

World bids farewell to Michael Jackson today

LOS ANGELES: The stage was set for Michael Jackson's final act as the world capital of make-believe braced for what could be the biggest, most Memorial service spectacular celebrity send-off of all time.

Ecstatic fans who won the lottery for seats at Tuesday's memorial received the tickets and spangly wristbands that will get them into the 20,000-seat Staples Center downtown. The family announced the participants will include Stevie Wonder, Mariah Carey, Usher, Lionel Richie, Kobe Bryant, Jennifer Hudson, John Mayer
and Martin Luther King III.

As night fell, activity was spotted at the Forest Lawn Cemetery involving the Jackson family. The cemetery is the location where relatives were expected to hold a private funeral.

La Toya Jackson, wearing sunglasses and a wide-brimmed hat, was seen leaving the cemetery. KCAL-TV showed helicopter footage of a hearse backing up to a building inside the grounds.

A small handful of cars were shown coming and going from the Hall of Liberty, a circular building at the cemetery that contains a 1,200 seat auditorium. Representatives for the Jackson family reached Monday night did not comment.

The legal maneuvering that marked Jackson's extraordinary and troubled life also continued on Monday, with his mother losing a bid to control his enormous but tangled estate. And in one of the few reminders of Jackson's darkest hours, a New York congressman branded Jackson a ``pervert'' undeserving of so much attention.

More than 1.6 million people registered for free tickets to the 10 am (1700 GMT) memorial, which will be broadcast live worldwide. A total of 8,750 people were chosen to receive two tickets each. The lucky ones picked up their passes Monday at Dodger Stadium amid heavy police presence.

``I got the golden ticket!'' one fan screamed out of his car window in a Willy Wonka moment as he drove out of the parking lot.

``My mother loves Elvis. This is my Elvis,'' said ticket winner Mynor Garcia, 29.

Downtown hotels were quickly filling. Police, trying to avoid a mob scene, warned those without tickets to stay away because they would not be able to get close to the Staples Center.

British Airways reported a surge of bookings as soon as the memorial arrangements were announced. Virgin's trans-Atlantic flights to San Francisco, Las Vegas and Los Angeles were all packed with fans and VIPs, spokesman Paul Charles said.

``I think this is America's version of Princess Diana. People want to be in the vicinity. People from the UK and elsewhere want to share their emotions together,'' Charles said.

About 50 theaters across the country, from Los Angeles to Topeka, Kan., to Washington, D.C., were planning to broadcast the memorial live, said Cinedigm Digital Cinema Corp. spokeswoman Suzanne Moore. Admission will be free _ first-come, first-served.

Jackson's friend Elizabeth Taylor will be mourning in private. She said on her Twitter feed Monday that she would not attend the memorial. ``I just don't believe that Michael would want me to share my grief with millions of others,'' she tweeted. ``How I feel is between us. Not a public event.''

In Los Angeles Superior Court, meanwhile, a judge appointed Jackson's longtime attorney and a family friend as administrators of his estate over the objections of his mother, Katherine. Attorney John Branca and music executive John McClain had been designated in Jackson's 2002 will as the people he wanted to oversee his empire.

Mrs Jackson's attorneys expressed concerns about McClain and Branca's financial leadership. ``Frankly, Mrs. Jackson has concerns about handing over the keys to the kingdom,'' said one of her attorneys, John E. Schreiber.

Another one of her attorneys, Burt Levitch, told Judge Mitchell Beckloff that Branca had previously been removed from financial positions of authority by Jackson. Branca's attorney said he was rehired by Jackson on June 17, days before Jackson's death.

Branca and McClain will have to post a $1 million bond on the estate, and their authority will expire Aug. 3, when another hearing will be held.

``Mr Branca and Mr McClain for the next month are at the helm of the ship,'' the judge said.

Jackson died at age 50 with hundreds of millions in debts. But a court filing estimates his estate is worth more than $500 million. His assets are destined for a trust, with his three children, his mother and charities as beneficiaries.

On eBay, bids for memorial tickets were reaching as high as $3,000, and prices on Craigslist were in the thousands, although both sites were removing postings attempting to sell memorial tickets.

Debbie Rowe, Jackson's ex-wife and the mother of Jackson's two oldest children, had planned to attend the memorial but backed out on Monday.

``The onslaught of media attention has made it clear her attendance would be an unnecessary distraction to an event that should focus exclusively on Michael's legacy,'' her attorney Marta Almli said in a statement. ``Debbie will continue to celebrate Michael's memory privately.''

In New York, Republican Rep. Peter King released a YouTube video calling Jackson, who was acquitted of child molestation charges, a ``pervert'' and a ``low-life.''

But the memories of Jackson's problems were far from the minds of fans preparing to say goodbye. ``It's the passing of a great soul,'' said Matt Tyson, 31, of Ojai, Calif. ``He brought people together, helped express something that's in us all.''

In a symbolic convergence of events, however, the circus will be there. Ringling Brothers and Barnum & Bailey starts a run at Staples Center on Wednesday. In the predawn hours before Jackson's memorial, the elephants will walk from the train station to the arena.

Revamp of AI top brass in 30 days: Patel

New Delhi: Taking aggressive steps to turn around cash-strapped Air India in two years, Government said a major revamp of its top management would be carried out in 30 days and there would be a partial disinvestment of the national carrier in the near future.

You will see in the next 30 days a major change in the top management in Air India. You are going to see a major change in the board. Some heads are going to roll.

"We are going to bring high quality people of great integrity and people with a proven track record in business," Civil Aviation Minister Praful Patel said.

The minister's remarks came amid reports that the national carrier was expecting an estimated loss of about Rs 5,000 crore in the 2008-09 financial year.

Civil aviation ministry sources said at least seven independent directors, who are internationally reputed, would be inducted on the board.

A global advertisement will also be put out for a new chief operating officer for Air India, the sources said. Air India does not have such a post at present.

Apart from revamping the board, Government would go in for ‘partial disinvestment’ of the state-owned carrier in he near future, they said, adding that the plan was to ensure a full turnaround for the carrier in the next 24 months.

Patel had earlier said that the airline could go for issuing Initial Public Offer (IPO) when its financial position as well as the stock market situation is stabilised.

Lashkar's Gulf cells planning 26/11-style attack: Report

Virginia (US): The threat perception on vital installations in three coastal states Gujarat, Maharashtra and Goa has been increased manifold following intelligence reports of the banned Lashkar-e-Toiba (LeT) channelising huge amounts of money from its Gulf-based networks for terror strikes against the country.

According to a report in the 'Terrorism Monitor', a periodical published by the Virginia based Jamestown Foundation, intelligence authorities have revealed that the LeT’s marine wing is planning a repeat of the 26/11 Mumbai attack, and is on the look out for an incursion into India via the western sea-coast.

Recently, Union Home Minister P Chidambaram had also raised fears about terrorists using the sea route to strike at strategic locations along the western cost.

Intelligence authorities have also confirmed the Gulf link to terror in India.

There are several LeT cells operating in the Gulf that have financed and facilitated terrorist operations against India, the report said.

The arrest of Muhammad Omar Madni, who is believed to be a close aide of Lashkar chief Hafeez Muhammad Saeed revealed the impending threat to India through the sea route.

Madni’s arrest and interrogation revealed several startling details, including new routes used by terrorists, the location of bases inside and outside India, terrorist finances, and the recruitment strategy of the LeT.

The investigations carried out by Mumbai Police’s crime branch also revealed that the November 2008 Mumbai attacks were financed by LeT’s Gulf cells, the report said.

During the probe it was also found that it was the Gulf-based operatives that had masterminded and executed a series of blasts in various cities such as Bangalore, Ahmadabad, Delhi and Surat in 2008, it added.

I took calculated risks for high growth: FM

New Delhi: Finance Minister Pranab Mukherjee on Tuesday said the government has taken the calculated risk of high fiscal deficit to help stimulate growth, but would strive hard to bring it down to 4 per cent in the next two fiscals.

Noting that a fiscal deficit of 6.8 per cent was on the higher side, the minister said: "The global economic slowdown is likely to continue in the current financial year... (but) we must come back to growth path as fast as possible."

"No doubt, I have taken a risk... We cannot say we are out of the economic slowdown as yet," he said.

Mukherjee also ruled out any roll back of the stimulus measures announced earlier by the government.

Speaking at an interactive session with industry leaders here, Mukherjee said the government has taken the risk of letting the fiscal deficit rise to achieve a higher growth rate.

Setting a target of bringing down the fiscal deficit to 5.5 per cent in 2010-11 and 2011-12, he said the finance ministry would work hard in the next 7-8 months to achieve this target.

"A single budget cannot solve all the problems," he added.

Govt disburses Rs 1.05 cr to Kandhamal riot victims

NEW DELHI: The government said it has disbursed Rs 1.05 crore as assistance among 35 families affected during last year's communal violence in Kandhamal district of Orissa.

Under the Central Scheme of 'Assistance To Victims Of Terrorist and Communal Violence', which came into effect from April 1, 2008, an amount of Rs three lakh is given to the next of kin of the deceased, a home ministry spokesperson said.

The Central scheme aims at providing assistance to the next of kin of victims of terrorist, including militancy and insurgency, and communal violence.

Indian Business News |Business News

Prosperity in India opens new mkt for US: Obama

MOSCOW: As the world grappled to cope up with the "worst global recession in a generation," US President Barack Obama on Tuesday said that
prosperity in countries like India and China is good for the US and West as it opens new markets for them and pushes their businesses to innovate.

"We meet in the midst of the worst global recession in a generation. I believe that the market is the greatest force for creating and distributing wealth that the world has known," Obama said addressing the 'New Economic School' in Moscow.

However, he said that wherever the market is allowed to run rampant -- through excessive risk-taking, a lack of regulation or corruption -- "then all are endangered, whether we live on the Mississippi or the Volga."

"And while this crisis has shown us the risk that comes with change, that risk is overwhelmed by opportunity. Think of what's possible today that was unthinkable two decades ago. A young woman with an Internet connection in Bangalore, India can compete with anyone, anywhere. An entrepreneur with a start-up in Beijing can take his business global," he said.

"... That's good for all of us - because when prosperity is created in India, that's a new market for our goods; when new ideas take hold in China, that pushes our businesses to innovate; when new connections are forged among people, all of us are enriched," Obama said.

He said the greatest resource of any nation in the 21st century is its people, and the countries which tap that resource are the countries that will succeed.

Rich nations to blame for global slowdown: PM

New Delhi: Leaving for Italy to attend the Summit of G-8 industrialised nations, Prime Minister Manmohan Singh said on Tuesday that the economic slowdown needed be dealt with by a concerted and well-coordinated global response addressing systemic failures and stimulating the real economy.

"The slowdown in the advanced economies has affected our exports, strengthened protectionist sentiments and impacted credit and capital flows. We would, therefore, like to see a concerted and well-coordinated global response to address systemic failures and to stimulate the real economy," he said in a departure statement.

Singh said, "The global financial and economic slowdown that we are witnessing is particularly detrimental for the development objectives of developing countries such as India. This has not been a crisis of our making, but we have had to bear its consequences."

The two-day G-8 Summit begins on July 9. During his four-day stay in Italy, Singh will also attend a meeting of the leaders of the G-5 group of 'outreach' countries comprising Brazil, China, Mexico and South Africa besides India.

The Prime Minister said, "In the longer run, we would like to see a much higher level of stability and sustainability in growth patterns of the developed world, and in international financial governance."

India, Singh said, will be projecting it views on major global issues relating to the world economic and financial crisis and its impact on development, food security, energy security and climate change, international trade negotiations and reforms of international institutions.

As part of the G-8 related events in the Italian city of LAquila, the Prime Minister will also participate in the meetings of the Major Economies Forum on Trade Matters and Climate Change, as well as a meeting on food security being organised by Italy, in which several African nations will be joining.

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80,000 fans finally welcome Ronaldo to Real

Madrid:Cristiano Ronaldo received a rapturous welcome from 80,000 Real Madrid fans on Monday, an outpouring so exuberant the soccer star had to be hustled away when spectators leaped barriers and took the field. A beaming Ronaldo came out to the capacity Santiago Bernabeu crowd wearing the same No. 9 jersey as Madrid great Alfredo di Stefano wore. "I'm very happy to be here. I've achieved one of my dreams," Ronaldo, who agreed to a six-year deal, said. "I want this to begin as quickly as possible so that I can show what I can do."

Fans had queued outside the Bernabeu from the early morning to catch a glimpse of the 24-year-old, who completed a lap of honor to salute fans after performing a few juggling tricks. Ronaldo was eventually chased from the field as security failed to contain the crowd, with a few dozen fans jumping the barrier in search of an autograph. One fan managed to evade security to reach the stage and hug Ronaldo, who signed the young man's Madrid shirt. "I never would have imagined that fans would have such a feeling for me," Ronaldo said. "It was impressive. A special moment for me, today."

Only Diego Maradona's presentation at Napoli 25 years ago has rivaled Ronaldo's in terms of the crowds it attracted. Last week, 50,000 greeted Kaka at the Bernabeu. Madrid had been chasing the current world player of the year since 2006, with president Florentino Perez finally securing his signature in an 80 million pound (euro94 million; $131 million) deal. "Today, we present the greatest symbolism of Real Madrid," said Perez, who joined Ronaldo onstage alongside Portugal great Eusebio, Di Stefano, Perez and Madrid's record nine European Cups.

Sri Lanka pulls off a shock win in Galle Test

Galle (Sri Lanka): Sri Lanka snatched an incredible win over Pakistan in the first cricket Test, defending a meagre 167 runs to claim the series opener by 50 runs on Tuesday.

Pakistan resumed the fourth day within sight of a convincing win, needing 97 more runs to win with eight wickets in hand and two days to remaining.

But Sri Lankan left-arm spinner Rangana Herath (4-15) and seamer Thilan Thushara (2-21) upended the Pakistan innings, striking at regular intervals to hasten a batting collapse.

Herath struck in the second over, trapping first innings century maker Mohammad Yousuf (12) lbw for his overnight score. He soon dismissed Sulman Butt (28) caught by Tharanga Paranavitana.

Thushara then had Shoaib Malik (0) caught behind by Tillakaratne Dilshan and trapped Kamran Akmal (6) lbw. Misbah-ul-Haq's run out for seven left Pakistan on a precarious 85-7, with all their recognized batsmen back in the pavilion.

Herath wrapped up the innings when he had Abdur Rauf caught by Mahela Jayawardene at slip to hand his side a famous win to kick start the three-match series, the first between the two countries since the Sri Lankan team's convoy was attacked by terrorists en route to a match at Lahore, Pakistan in March.

Pakistan was seemingly on top of the match from the start. Visiting skipper Younis Khan won the toss and sent Sri Lanka in to bat, restricting the hosts to 292.

Mohammad Yousuf celebrated his return to test cricket with 112 runs, his 29th test hundred that helped Pakistan reach 342 in reply.

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