Monday, November 23, 2009

Indian Latest News

Govt planned 'selective leaks' of Liberhan report: BJP

BJP on Monday claimed "selective leaks" of the Liberhan Commission report to the media were planned and motivated, saying they had come at a time when the whole opposition was united against the government.

Claiming that the UPA government did not intend to table the full report as it indicts the then Congress government of P V Narasimha Rao, Deputy Leader of BJP in Lok Sabha Sushma Swaraj said the Home Ministry leaked the report to divert attention from the issues being raised by a united opposition.

"This is a planned leak. It is a motivated leak. The first motivation for leaking the report is the unity in opposition on the sugarcane price issue which the government wanted to break. This unity would have continued on price rise and other issues," Swaraj said.

The senior BJP leader further alleged that the government wanted to divert attention from the opposition its plan of raising Madhu Koda and 2G Spectrum allocation scams in Parliament.

"Thirdly, the government wanted to influence the Jharkhand elections where the first phase of polling will be held on November 25," she said. Swaraj argued that since there were just two copies of the report -- one with Justice M S Liberhan and the other with the Home Ministry "under lock and key" -- if the government did not come clear on how the report was leaked, BJP would directly allege that the report was leaked by the Home Ministry.

N-deal, Pak, terror on agenda during PM-Obama meet

Washington: Implementation of the landmark civil nuclear deal, the situation in Pakistan and terrorism emanating from there would be high on the agenda as Prime Minister Manmohan Singh and President Barack Obama meet in Washington on Tuesday for talks during which they are expected to give a major push to the Indo-US strategic ties.

The two countries will sign a number of pacts, including an MoU on Counter-Terrorism to provide a legal framework for stepped up cooperation against the menace, and discuss the problem of climate change ahead of the Copenhagen Summit.

Singh, the first foreign leader to be hosted by the 10-month-old Obama Administration as the State Guest, arrived in Washington on Sunday on a four-day visit during which he will address the influential Senate Foreign Relations Committee and the Joint Business Forum besides meeting Obama, Vice President Joseph Biden, Speaker of House of Representatives Nancy Pellosi and a host of other senior leaders.

Singh and Obama will hold talks at the White House on Tuesday when the two leaders are expected to exchange views on a range of issues, including terrorism, situation in the region, climate change, economic and business ties, agriculture and education.

The Prime Minister is expected to register India's concerns over diversion of US aid by Pakistan and press for ensuring accountability to prevent misuse of funds and equipment, sources said.

Singh is also expected to convey India's disappointment over non-cooperation by Pakistan in Mumbai attacks, whose first anniversary is just three days away.

In this regard, the Indian side is likely to point out that the trial against seven arrested people is still to begin in the heinous crimes in which over 180 people, including some American nationals, were killed.

India doesn't see China as a threat: Tharoor

New Delhi: Minister of State for External Affairs Shashi Tharoor has said that Central Government does not view China or China's development as a threat of any kind.

Speaking at a function here on Sunday, Tharoor said: "The government of India does not view China or China's development as a threat of any kind. We always tried to develop a friendly and cooperative relationship with China which is our largest neighbour and with which we cannot afford to have relationship of antagonism."

Tharoor urged scholars from both countries to broaden and deepen their understanding of each other.

"India is not an obstacle to China's aspirations, far less an instrument for its containment, as was wrongly suggested by some. It would certainly help if Chinese scholars and commentators broaden and deepen their understanding of India, equally knowledge and scholarship of China in our country needs to be augmented. We need to understand China better," Tharoor added.

On the issuance of multi-entry visa to suspected militant Tahawwur Rana and his wife; Tharoor said an investigation into the case is on.

"Some fairly thorough investigations which is not complete but which is making headway into what exactly happened when the visa was issued, there is certain amount of discretionary authority that is given to each of our consulates and there are certain requirements that they have to consult headquarters, we have to make sure the things are done in the particular case as well," Tharoor added.

America has the capacity to bounce back, assures PM Manmohan

WASHINGTON: In an extraordinary endorsement of the United States’ economic resilience, India’s Prime Minister Manmohan Singh has said questions about the American economic model and the setbacks it is suffering are temporary, and the country has the capacity to bounce back.

Singh also gave a thumbs up to the beleaguered US dollar, saying ''as far as I can see right now, there is no substitute for the dollar.'' His own feeling, he said, ''is that we have not entered an era of irreversible shift in economic strength of the United States.''

The Indian prime minister’s comments came in an interview with Fareed Zakaria on the CNN program GPS, hours ahead of his first official engagement in Washington DC on Monday afternoon, an address to US and Indian business leaders, where is now certain to get a rousing welcome. The remarks also came amid deep despair and a crisis of confidence in the US over the state (and future) of the economy and the dollar, particularly after a just-concluded visit to China by President Barack Obama was widely seen as reflecting an America in eclipse.

The economist prime minister rejected the notion of a decline in US power and prestige, saying he has ''no doubt that these things are not permanent, irreversible shifts, but that the American economy has the capacity to bounce back to its normal growth point.'' He described the US economic crisis as a ''temporary setback'' and said he has ''seen these things much before,'' harking back to a 1960s book by Yale economist Robert Triffin which suggested, incorrectly, he said, that the days of the dollar as the reserve currency of the world are over and the US should take a lead to move to a more neutral asset.

''Things changed. And the United States recovered from difficult economic situation...it has shown remarkable capacity to bounce back,'' Singh said in comments that are certain to delight the Washington and the US business community ahead of his meeting here, attributing the resilience to the ''entrepreneurial spirit, which is a hallmark of the American enterprise system.''

While it may be going too far to suggest the Prime Minister has walked India into the American camp, he has clearly taken a bold stand on the future world economic scenario by betting on continued US salience, if not primacy, at a time it is not considered trendy or prudent to do so. He was particularly vehement about the longevity of the US dollar, rejecting the view in some capitals (including in Moscow and Beijing) that the world needs to ease out the dollar as a reserve currency.

''No, no. The power to create money is an index of power, of patience,'' he said, pointing out that even the Chinese are hesitant and the fact that they hold $2.5 trillion of reserve assets and have not disposed of even a fraction of them ''is a measure of the confidence that the world has in the dollar.''

''There are problems. There is the confidence problem, which can be very destabilizing,'' Singh acknowledged, repeating, ''And as far as I can see right now, there is no substitute for the dollar.''

In some sense, Singh’s gamble in endorsing the primacy of the dollar is as crucial a call as India has ever made in its history, given the fluid geo-strategic situation that many experts say presages a shift in the balance of power. New Delhi is seeking to define its own role and space vis-à-vis US and China, and Singh remarks, ahead of his meetings and state dinner with President Obama and his principals all day Tuesday, appears to signal where India stands in this regard.

While acknowledging that the ''rise of China has contributed handsomely to sustaining the growth momentum in the world economy,'' Singh rejected comparisons between the two countries and expectations of a competition, saying, ''We believe that there is enough economic space for both our countries to realize the growth ambitions of our respective countries. And that's the attitude which guides us in dealing with China.''

To a country and a political leadership that is largely in despairing thrall of China, Singh also continued to draw a distinction between it and India, saying it the slow pace of change is a price India paid for operating a democracy. ''It may be slow-moving in the short term, but in the long run, an arrangement which has the backing of the people at large will prove to be more durable,'' Singh said.

Indian Business News

Sensex extends gains, up 158 pts

Mumbai: The benchmark Sensex rose by 158 points to close at a five-week high after strong gains in market leader Reliance Industries counter and positive cues from global markets.

The country's largest private sector company Reliance Industries led the rally as the scrip gained 3.31 per cent after it had said last week that it had submitted a bid to acquire the world's third-largest petrochemical company LyondellBasell.

The Bombay Stock Exchange barometer settled at 17,180.18 points, a rise of 158.33 points over previous close. The 30-share index had risen by 236 points in the last session.

Brokers said investors remained bullish and rolled over positions to next derivatives series ahead of the expiry of November contract on Thursday, supporting the uptrend.

European markets gained up to 1.70 per cent in early trade on signs about the economic recovery gathered pace.

Asian markets were broadly higher with Hong Kong's Hang Seng index closing up by 1.41 per cent and the Shanghai Composite Index by 0.92 per cent.

Tata Steel, which enjoys more than 2 per cent weightage in the Sensex formation, also spurted by 3.92 per cent after metal prices surged further on the London Metal Exchange over the weekend.

RIL may make bid for LyondellBasell in Feb

New Delhi: Reliance Industries may make a firm bid to acquire bankrupt chemicals and fuel maker LyondellBasell Industries AF in February 2010 after USD 20 billion of debt owned by the troubled firm is restructured.

A New York court is expected to approve a plan of restructuring LyondellBasell by February and it is highly unlikely that RIL would make any firm offer until then because all cash infused now would go to lenders, sources in the know said.

Once the USD 20 billion debt is restructured by way of converting some of it into equity and lenders taking a haircut for the rest, RIL would offer between USD 12 and 12.5 billion.

The offer would include RIL taking over about USD 5 billion worth of debt, they said.

A RIL spokesperson declined to comment.

Industry sources said once the restructuring plan is approved, more bidders like Chinese firms may emerge.

LyondellBasell had negative equity of around USD 6 billion at the end of 2008. The company filed for chapter 11 bankruptcy protection in January 2009, and the restructuring process is on.

Sources said RIL's bid for controlling stake would be subject to several conditions, including the approval of the US government.

Indian Sports News|Sports News

Prasad out, Mendis in reckoning for 2nd Test: Sangakkara

Kanpur: Sri Lanka captain Kumar Sangakkara on Monday ruled pacer Dammika Prasad out of the second cricket Test against India and said mystery spinner Ajantha Mendis is very much in his scheme of things for the match.

Prasad, who prised out the scalps of VVS Laxman and Mahendra Singh Dhoni in the Ahmedabad Test, had strained his hamstring there and Sangakkara said the team was not considering the 26-year-old right-arm pacer even though there was no such apprehension about in-form batsman Tillakaratne Dilshan who broke his nose while playing football.

"Dilshan broke his nose but is perfectly fine now. Dammika strained his hamstring and is recovering well. (But we are) not considering him at this moment," Sangakkara said.

Muttiah Muralitharan shared the spin responsibility with Rangana Herath in Ahmedabad with little success and Sangakkara said chances are that Mendis would break into the playing XI.

"Ajantha is always in the reckoning. With the confidence and balance our team has, we can play three spinners if we want to. Or we can also replace Dammika Prasad with another fast bowler. Or we can also change a spinner. We have quite a few combinations on mind and it would take a concrete shape by the evening," he said.

Sangakkara conceded Muralitharan's below-par show in Ahmedabad was "unusual" but dismissed suggestions that Sri Lanka paid the price for their over-dependence on the wily off-spinner.

"When you have world's leading wicket-taker in your side, you got to depend on him. There cannot be any second question about that. Murali has done it for us for years, like Sanath (Jayasuriya) and (Chaminda) Vaas. But the great thing about our team is that we have great supporting players as well. Murali had Vaas, Herath and Mendis to do that. "And I don't thing Murali struggled in Ahmedabad. He has been a match-winner all the time," Sangakkara asserted.

Weightlifting federation lenient to drug cheats: Malleswari

New Delhi: The Indian Weightlifting Federation, facing strong action from the international body for a spate of dope cases recently, is paying the price for its "lenient" attitude towards drug cheats, feels India's first Olympic medallist in the sport Karnam Malleswari.

Malleswari, who won a bronze in the 69kg category at the 2000 Sydney Olympics, said the current state of affairs in weightlifting is saddening with the federation facing the prospect of a third international ban after six lifters flunked dope tests in September.

"I feel sad when I see that after putting in 18 to 20 years to bring the sport up, it is in such a bad state. I am really very concerned about what decision the International Weightlifting Federation might take for the recent dope cases," Malleswari said.

"Had the Federation been strict on lifters who were dope-tainted, things could have been different today. We wouldn't have been facing such a humiliating situation," she added.

Malleswari said youngsters will now have to pay the price for the Federation's follies if the IWF decides to ban India.

"Lifters who had been banned in the past for doping were included in the team time and again. The federation's lenient attitude towards them will now affect the careers of our junior lifters who did so well at the Commonwealth Championships recently," she said.

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