WASHINGTON: India's subtle reproach of the United States that it was not pressing Islamabad sufficiently on the issue of terrorism had the immediate effect on Sunday of President Obama telling Pakistan's Prime Minister Yousuf Raza Gilani to act against the perpetrators of the Mumbai attack and roll up terrorist organizations like Lashkar-e-Taiba.
Meeting Gilani some two hours after his nearly hour-long discussion with Singh on Sunday evening, Obama endorsed the Indian Prime Minister's view that a terror-free region could be an economic dynamo and suggested that Pakistan respond positively to Singh's overtures. Bringing the perpetrators of the Mumbai terrorist attacks to justice would help improve the security situation in the region, he told Gilani after initially proposing to Singh that India unconditionally resume dialogue with Pakistan.
The Indian Prime Minister had pushed back at the suggestion, noting that perpetrators of the Mumbai carnage were going unpunished and Pakistan appeared to lack the will to act against terrorism. India's good relations with the US would be better served if used to press Pakistan on this matter, Singh proposed. Obama appeared to have taken the hint.
The US President did not mention the LeT specifically but broadly referred to various terrorists attacks in the region, including those against Pakistan, to stress the fact that "extremists do not distinguish between us and we are truly facing a common enemy." In an effort to soften his rebuke, gentle as it was, Obama prefaced his remarks by noting that he is "very fond" of Pakistan, having visited the country during his college years and made other placatory remarks about the upswing in US-Pak relations.
But there was no denying the fact that he continues to have problems with Islamabad both on the terrorism and nuclear proliferation issues, matters on which the US media made embarrassing disclosures on the eve of the 47-nation nuclear security summit. Pakistan's intelligence agency ISI was still playing footsie with terrorists, the Washington Post reported over the weekend while the New York Times reported that Islamabad was accelerating the production of bomb-making fissile material unhindered by invoking the US-India nuclear deal even as it was attending Obama's summit aimed at securing nuclear material.
But like a couple in a marriage of convenience who accept one's impropriety for not rocking the boat, both sides ignored the disclosures. While recognizing and applauding the turnaround in the bilateral relations in recent weeks, Obama mildly expressed disappointment at Pakistan blocking the progress in Geneva of a treaty to cap production of fissile material, with no response from Gilani.
Instead, Gilani bragged about having recently taken over command of Pakistan's nuclear arsenal and the broad national support with which he was coming to Washington and assured Obama that "Pakistan takes nuclear security seriously and has appropriate safeguards in place." He also made another pitch for a nuclear deal, noting that "energy is an existing and growing problem."
But Obama did not bite. "The President reiterated that we are committed to helping Pakistan address its real and growing energy needs and noted that he is pleased that implementation is proceeding on the $125m in energy-sector projects Secretary Clinton announced in October," a White House readout of the meeting said.
Obama also endorsed India's role in Afghanistan during his meeting with Singh, a fact that was duly noted in the White House readout of the meeting much to the satisfaction of the Indian side which constantly challenged the reading in India that somehow the US wanted New Delhi to reduce its footprint because of pressure from Pakistan.
CRPF internal reports hint at lack of training, facilities
NEW DELHI: Internal reports of the CRPF, which has just lost 75 personnel in the Maoists attack in Dantewada, say the force's field commanders had pointed out lack of training, work pressure and communication gaps as some reasons for losses in operations.
As per the reports, senior officers were of the view that non-availability of sufficient firing range, lack of shooting practice were some of the reasons for more casualties of CRPF personnel during operations.
The reports, prepared by the force's field commanders after a series of meetings, also mentions a senior officer who looks after training expressing his unhappiness over the kind of training.
He said the normal PT/Parades are not getting due importance in Battalions or Group Centres, which he felt affects the turn-out and training aspect of men.
The reports also mention that certain Battalions have shortage of Assistant Commandant and various other ranks and non availability of Company Commander for a longer duration affects the functioning and efficiency of the particular Company.
It was also felt by certain officers that competency and efficiency level varies from unit to unit and that training level had gone down.
Officers also mentioned that the personnel frequently change their role at a short notice which dos not give them time for mental preparation. The roles include law and order duties, Counter Insurgency Operations, VIP security, communal tension, election duties, jungle warfare, tackling terrorism, extremism among others.
It was also felt that infrastructure and living conditions of the personnel posted in various parts of the country have to be improved.
Questions were also raised on non-implementation of standard operating procedures at times.
Delhi whiz Ajay Banga becomes MasterCard CEO
WASHINGTON: Yet another financial pundit of Indian-origin climbed the corporate pinnacle on Monday with MasterCard Inc. naming Pune-born, Delhi-educated, IIM-Ahmedabad alum Ajay Banga as its CEO.
Banga will take over the top position from current CEO Robert Selander on July 1, only ten months after being hired from CitiGroup as a potential successor.
Banga joined MasterCard as president and chief operating officer from Citigroup Inc. last August, and was given a $4.2 million signing bonus he could keep if he wasn't named CEO by June 30, 2010, according to a regulatory filing. Banga will retain his title as president when he becomes CEO.
CitiGroup is also led by a CEO of Indian origin, Vikram Pandit, as is PepsiCo (CEO Indra Nooyi), which, like MasterCard, is headquartered in a small town called Purchase in New York. Purchase, accidentally named so because the British who bought the land from Native Americans put down the word on the map, is also home to J.P.Morgan, another financial institution with a wealth of Indian talent in its upper echelons.
Banga, who is a Sikh, was born in Khadki outside Pune, where his father, an army officer, was posted. He grew up and schooled across India, successively in Secunderabad, Jalandhar, Delhi, Hyderabad and in Shimla, where he finished his schooling.
He forsook a career in the army that his father was keen he pursue and instead later took a BA in Economics Honors from Delhi University and later an MBA from the Indian Institute of Management, Ahmedabad. In that sense, he is an entirely India-minted executive who has reached the top of an international company. He started his career at Nestle and joined Citigroup in 1996 as head of marketing in India for the consumer business. Incidentally, his brother M.S Banga is the former chairman of Hindustan Lever Limited.
In 2000, Ajay Banga was promoted to head CitiFinancial and the US consumer assets division. In 2002 he took over the retail bank in North America – his first stint in the US - and in 2005 he was named to head Citigroup's international consumer-banking and finance businesses.
He moved to Hong Kong in early 2008 after being named to oversee all of the bank's businesses in Asia, including credit cards and consumer banking, institutional banking, wealth management and alternative investments, before returning to US last year with MasterCard.
Banga's task ahead is clear – to chase down leader Visa at a time both networks are said to be benefiting from consumers' increased shift to plastic.
Card-based transactions are now starting to exceed cash and checks in the US. By 2013, card-and electronic-based payments will account for 63 per cent of an estimated $9 trillion in US consumer transactions, according to industry experts.
Next Indo-Pak war could be over water: Saeed
Lahore: The next war between India and Pakistan could be fought over water, Lashker-e-Taiba founder Hafiz Muhammad Saeed has claimed.
Saeed, who currently heads the Jamaat-ud-Dawah, made the remarks while addressing a gathering at a mosque in Chowburji area of Lahore.
He claimed India was diverting the flow of rivers in Jammu and Kashmir by building dams and tunnels in a bid to turn Pakistan into a desert and to "spoil the regional situation".
Saeed, who remained out of the public eye for over a year following the 2008 Mumbai attacks carried out by the LeT, called on the people of Pakistan to stand united against India and to oppose the construction of dams that allegedly rob the country of its share of river waters.
The next war between India and Pakistan could be fought over water if India does not stop its "water terrorism", Saeed said. Pakistan has often accused India of diverting its share of waters from rivers in Jammu and Kashmir though New Delhi has denied the charges.
Saeed further claimed that India and the US were facing "defeat" in Jammu and Kashmir and Afghanistan.
The US is searching for a ‘safe exit’ from Afghanistan and India is worried about what would happen to it after the US withdrawal from the region, he said.
Over the past two months, the JuD and other militant groups like the Hizb-ul-Mujahideen have organised several gatherings and rallies in which they have backed calls for 'jehad' against India and expressed support for militant groups operating in Jammu and Kashmir.
Saeed has openly called for 'jehad' against India, saying the Pakistan government should prepare the people to counter the "war" imposed by India.
The JuD chief was placed under house arrest in Lahore in December 2008 after his group was declared a front for the LeT by the UN Security Council in the wake of the Mumbai terror attacks.
He was freed after about six months on the orders of the Lahore High Court.
The Pakistan government challenged Saeed's release in the Supreme Court but no hearing has been held for several months after the case was adjourned for various reasons.
Business News
Indians still shy away from mutual funds
Despite being available in the market for over two decades now with assets under management equaling Rs 7,81,71,152 Lakh (as of February 28, 2010), less than 10 per cent of Indian households have invested in mutual funds, according to a report.
The report on Mutual Funds Investments released by Research and analytics firm, Boston Analytics, suggests investors are holding back from putting their money in mutual funds due to their perceived high risk and a lack of information on how mutual funds work.
The report is based on a survey of approximately 10,000 respondents in 15 Indian cities and towns as of March 2010.
Among respondents with a high savings rate, close to 40 per cent of those who live in metros and Tier I cities cited such investments were very risky, whereas 33 per cent of those in tier II cities said they did not how and where to invest in such assets.
On the other hand, among those who invested, close to nine out of ten respondents did so because they felt these assets to be more professionally managed than other asset classes.
While non-investors cite ‘risk’ as one of the primary reasons they do not invest in mutual funds, those who do invest cite the fact that they are ‘professionally managed’ and ‘more diverse’ most often as the reasons they invest in mutual funds versus other investments.
SEBI, IRDA agree to maintain status quo
In a major relief to ULIP holders and insurance companies, government on Monday stepped in to ensure that the business of selling equity-linked insurance plans can go ahead as before while the two clashing regulators have decided to approach the court for sorting out the dispute.
The Finance Ministry's intervention comes after the two regulators SEBI and IRDA clashed with each other over regulating the Unit Linked Insurance Products (ULIPs).
SEBI chairman C B Bhave and Insurance Regulatory and Development Authority (IRDA) chairman J Harinarayan rushed to Delhi and held discussions with senior officials and Finance Minister Pranab Mukherjee before the two sides agreed to seek a "binding legal mandate".
"SEBI chairman and IRDA chairman on Monday held discussions on jurisdiction over ULIP (Unit Linked Insurance Products)."To resolve any ambiguity and to ensure a smooth functioning in the market, the regulators have agreed to jointly seek a binding legal mandate from an appropriate court. Meanwhile, status quo ante is being restored," Finance Minister Pranab Mukherjee told reporters after the discussions.
When asked what could be the appropriate court, Finance Secretary Ashok Chawla said, "I believe the High Court." While the SEBI is headquartered in Mumbai, IRDA is based in Hyderabad.
On Friday, SEBI banned 14 life insurance companies from selling ULIPs till they obtain registration from the market regulator. Within 24 hours, IRDA asked the companies to ignore the SEBI ban order and continue with business as usual.
Sports News
RCB to bowl against Deccan Chargers
Nagpur: Royal Challengers Bangalore captain Anil Kumble won the toss and elected to bowl against Deccan Chargers in an Indian Premier League match here on Monday.
Teams:
Deccan Chargers: Adam Gilchrist (capt), Herschelle Gibbs, Andrew Symonds, Mohnish Mishra, Pragyan Ojha, Rohit Sharma, T Suman, Bodapati Sumanth, RP Singh, Ryan Harris, Harmeet Singh.
Royal Challengers Bangalore: Anil Kumble (capt), Rahul Dravid, Robin Uthappa, Jacques Kallis, Manish Pandey, Ross Taylor, Virat Kohli, Dale Steyn, Cameron White, R Vinay Kumar, KP Appanna.
‘Ban on Pak’s Kaneria could ruin England’
London: If Pakistan leg-spinner Danish Kaneria, who is under the scanner for match-fixing charges and being quizzed by the Essex Police on the issue, is found guilty of the match-fixing charges and banned this summer, the implications for English cricket would be financially disastrous.
Pakistan will play four Tests against England and two against Australia.
Relations between the England and Wales Cricket Board (ECB) and the Pakistan Cricket Board (PCB) have been cordial since the forfeited Oval Test of 2006, but speculations are rife over the implications if Kaneria is publicly accused of wrong-doing in England, The News reports.
Moreover, it’s the broadcasting deals in which the ECB will lose millions of dollars if the series are cancelled.
One of the broadcasting deals for the rights to screen cricket matches played and televised in England (except for ICC events, like last summer’s Twenty20 World Cup) is a four-year deal with ESPN Star worth 80 million dollars.
Kaneria’s involvement would add to the PCB’s humiliation, which has already slapped hefty fines and imposed bans on seven top cricketers on various accounts of indiscipline and violation of the players' code of conduct.
Meanwhile, Kaneria has rubbished the allegations, and said: “My cricketing career is completely unstained and I''m surprised at such allegations.”
He is reportedly under police investigation over a NatWest Pro40 match between Essex and Durham at the Riverside on September 5 last year.
Tharoor's to-be wife stakeholder in IPL franchise
New Delhi: Minister of State for External Affairs Shashi Tharoor himself may not be a stakeholder but the lady he is reportedly planning to marry is part of the group which owns the Kochi franchise of the Indian Premier League, revealed IPL commissioner Lalit Modi.
Media reports have said that Tharoor proposed to marry Sunanda Pushkar, a Kashmiri girl. Trained as a beautician, she runs a spa and has lived in Dubai. "A lot of you asking shareholders and events surrounding the kochi team. I am compiling a note shortly and will put an official release soon," Modi wrote.
Modi hinted there was pressure on him not to reveal the details of who all owns Rendezvous. "I was told not to get into who owns Rendezvous, specially Sunanda Pushkar. Why?" said Modi, a disclosure which could land Tharoor in a fresh controversy.
In a subsequent tweet, Modi spelled out the details. "Kochi shareholders are: Rendezvous 25 per cent free, Rendezvous one percent, Anchor 27 per cent, Parinee 26 per cent, Film Waves combine 12 per cent, Anand Shyam 8 percent, Vivek Venugopal one percent," Modi tweeted.
Interestingly, Tharoor had played an instrumental role in galvanising the Kochi consortium, insisting all along that he had no financial stake in it. "All I did on my part was to offer encouragement, blessings and expert advise when required to the bidders. Beyond that, I had no role to play. It's a group of business people and I understand it's a business decision," Tharoor had said.
"I am not even sure whether I know all of them, nor do I have any knowledge of the decision that how much they were going to bid. I know this Rendezvous Sports World and had met the Gaekwad brothers. "I have given them all kind of encouragement but my role was limited. It was like..what shall I say...mentor sounds too grand a word," Tharoor had said.
Modi himself had earlier described Tharoor's role as that of a facilitator only. "Mr Tharoor was involved in facilitating and trying to get a team from Kochi to bid. He is an ardent fan of the game who wanted a team from Kochi and his role ends there," Modi had said.
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