From Rezaul H Laskar Islamabad, Jan 31 (PTI) Claiming that his 1999 Kargil operation was a "big success militarily", former President Pervez Musharraf has said that if the then Prime Minister Nawaz Sharif had not visited the US, the Pakistani army would have "conquered" 300 square miles of India. He defended his action to launch the operation in Kargil in the wake of fresh allegations that he masterminded the intrusions. Referring to Lt Gen (retired) Shahid Aziz's allegations that he had kept other military commanders in the dark about the operation, Musharraf said, "Telling everyone about it was not necessary at all". He claimed Aziz had an "imbalanced personality" and had resorted to character assassination by making these accusations. "We lost the Kargil war, which was a big success militarily, because of (then premier) Nawaz Sharif...If he had not visited the US, we would have conquered 300 square miles of India," Musharraf said in an interview with Express News channel. Though Pakistan had initially claimed mujahideen were responsible for occupying strategic heights along the Line of Control in early 1999, Musharraf later revealed in his autobiography 'In The Line Of Fire' that regular army troops had participated in the operation. Aziz, who headed the analysis wing of the ISI during the Kargil conflict, recently revealed that the operation was masterminded by a group of four generals led by Musharraf. He has said details of the operation were hidden from other military commanders and the exact number of Pakistani casualties was still not known. But Musharraf claimed the action in Kargil was a "localised" operation and not a major operation. "Kargil was just one of many sectors under a Major General stationed in Gilgit, (who was) in charge of the area. Exchange of fire was routine there," he claimed. MORE PTI RHL SAP AKJ SAP
Musharraf claims Kargil was a big success militarily for Pak
Written By Unknown on Kamis, 31 Januari 2013 | 23.06
Change of BJP leadership is a virtual coup: CPI
Kolkata, Jan 31 (PTI) Terming the change of guard in the BJP as a "virtual coup", CPI leader A B Bardhan today said the projection of Gujarat Chief Minister Narendra Modi as NDA's prime ministerial candidate would create severe repercussion in the NDA as most of its members were against the idea. "The sudden emergence of Rajnath Singh as BJP president is virtually in the nature of a coup. Gadkari has gone and Rajnath Singh has come and the operation took just 12 hours," he told reporters. He said the change had taken place without any discussion on policy issues; it only represented their factionalism and the domination of RSS. Asked to comment on the demand by a section of BJP leaders to nominate Narendra Modi as BJP president, Bardhan said it was a highly controversial issue. "If they decide on Narendra Modi, then there will be a lot of repercussion and that too within NDA. What will happen to the stand taken by JD-U? Will it accept him as PM candidate? What about Shiv Sena and others?" Bardhan wondered. The veteran leader said that Modi is a "communal element" and that the BJP as a whole is 'communal'. It can no way be an alternative to UPA. The only alternative is an unity of Left and democratic forces. Bardhan stressed the need to strengthen the Left and democratic forces in the country to put up an alternative to both the UPA and the NDA regime. MORE PTI PNT MD SMI
Union Bank, PNB cut base rates;OBC ups deposit rates
Also read: Rate cut limited if CADs remain at current level: RBI
"Our asset liability committee met today and we decided to cut our base rate by 0.25 percent to 10.25 percent following the RBI decision," Union Bank of India Chairman and Managing Director D Sarkar told reporters here. The New Delhi-headquartered Punjab National Bank also informed the BSE that it will be reducing its rate by a similar measure to 10.25 percent effective February 9. "We have decided to pass on the benefit of the rate cut to our customers but have not taken a call on the deposit rates," PNB Chairman and Managing Director KR Kamath told reporters in the capital.
Meanwhile, another state-run bank Oriental Bank of Commerce today announced that it has increased deposit rates on select bulk maturities from tomorrow by 25 bps. The bank will be offering 25 bps more to its bulk depositors, including NRO deposits of less than Rs 1 crore in different maturities of less than one year. The bank also said that following the recent RBI guidelines on bulk deposit categorisation it has merged term deposits of under Rs 15 lakh and above but less than Rs 1 crore.
The move to cut base rates by two state-run banks comes within two days of the RBI cutting short-term lending rate. IDBI Bank, State Bank of India and the Royal Bank of Scotland have already cut their base rates. Others, like HDFC Bank and Federal Bank have opted for reducing rates by up to 0.50 percent in particular categories of loans. However, both PNB and UBI did not cut their deposit offerings. Analysts feel that cutting the base rates ahead of a reduction in cost of funds will hurt the banks' margins even as they are faced with a slowdown in the deposit mobilisation during the fiscal.
Soni-headed Cong group to look into issue of electoral reforms
New Delhi, Jan 31 (PTI) Congress today formed a six-member group led by former Union Minister Ambika Soni to suggest measures for electoral reforms, an idea mooted by Congress President Sonia Gandhi at the party's recent Chintan Shivir in Jaipur. The other members of the group are Oil Minister M Veerappa Moily, former Union Ministers M S Gill and Mani Shankar Aiyar, party MP E M S Natchiappan and an expert Mohan Gopal. Announcing the decision, Congress general secretary Janardan Dwivedi said the group will make recommendations for electoral reforms but declined to give any timeline for doing so. While the Jaipur declaration of Congress had said that the party will pursue vigorously an agenda for electoral and judicial reforms, Sonia Gandhi had made a strong pitch for electoral reforms as well as looking into the issue of political funding. "We have to admit that people are getting disillusioned with the political process. We have to understand what the causes of this disillusionment are and we have to do away with this with sensitivity," Gandhi had said. She had also announced the setting up of a special group within the party to consider all suggestions and come out with a programme at the earliest. "We have to make now time bound programmes to do it," she had said. There has been a growing demand from various quarters in the country for bringing about crucial electoral reforms that include banning of criminals from contesting elections and addressing the issue of political funding by bringing in more democracy in political parties. The Election Commission of India has also been pressing the government for bringing such reforms at the earliest and has given a proposal, which is pending with the government. PTI AMR SKC RT
Notices issued against TRS chief, Kodandaram on Sonia remarks
Thu, Jan 31, 2013 at 21:02
Notices issued against TRS chief, Kodandaram on Sonia remarks
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Notices issued against TRS chief, Kodandaram on Sonia remarks
Notices issued against TRS chief, Kodandaram on Sonia remarks
Like this story, share it with millions of investors on M3
Notices issued against TRS chief, Kodandaram on Sonia remarks
Notices issued against TRS chief, Kodandaram on Sonia remarks
Visakhaptnam, Jan 31 (PTI) Andhra Pradesh Legal Services Authority (APLSA) today served notices on TRS chief K Chandrasekhar Rao and Telangana Political JAC chairman Kodandaram, asking them to appear before it on February 15 on a plea accusing them of making derogatory comments against Congress leaders. The petition in this regard was filed by Samaikhaya (United) Andhra students JAC convener Uma Maheshwar Rao seeking action against the duo for alleged disrespectful remarks on Congress president Sonia Gandhi and Manmohan Singh and delivering provocative speeches at different locations. The Judge and the Secretary of Vizag chapter of State Legal Services Authority, K.Surya Rao today admitted the petition and served notices on KCR and Kodandaram directing them to appear before the authority on February 15. The judge also posted the case for next hearing on February 15. PTI CORR NSK HKS SDM
From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'
The latest earning numbers FIRST on CNBC-TV18
NDMA organising mega drill on earthquake
New Delhi, Jan 31 (PTI) The National Disaster Management Authority is organising a series of drills to generate greater public awareness about the vulnerability to disasters with specific emphasis on earthquakes. During the exercise, people will be made aware of steps to be taken to save themselves during disaster, their families and the community and properties in the event of an earthquake. This mega drill is designed to test the system capabilities for an effective coordinated response to an earthquake having impact on multiple states, an official release said. The drill will be conducted at 60 different locations simultaneously, spread over Chandigarh, Panchkula, Mohali and Shimla for which experts from NDMA have been extending all preparatory support. Of all natural disasters, earthquakes are the worst and cause severe all-round damage, primarily due to their unpredictability. About 58 per cent of India's land mass is vulnerable to moderate to severe seismic hazards. Even though earthquakes cannot be predicted, their impact on life and property can be considerably reduced by better preparedness and awareness. Recognising this, NDMA has advocated for scientific and technical interventions and effective administration to reduce their impact, the release said. PTI ACB SMI
Rajnath, senior BJP leaders meet RSS,VHP top brass
New Delhi, Jan 31 (PTI)Days after a change in leadership in the BJP, its senior leaders including President Rajnath Singh today held detailed discussions with the RSS and VHP top brass to finalise a strategy on issues like Hindu terror, Ram temple at Ayodhya and the Communal Violence Bill. Singh, accompanied by Leader of Opposition in Lok Sabha Sushma Swaraj and party veteran Murli Manohar Joshi, held an hour-long meeting with RSS general secretary Suresh "Bhaiyyaji" Joshi, joint general secretary Suresh Soni, and VHP leaders Ashok Singhal and Praveen Togadia among others. Sources said the strategy for clearing BJP and RSS name of the charge levelled by Home Minister Sushilkumar Shinde of being the training ground for Hindu and saffron terror came up for discussion. The Sangh organisations will continue to "expose the Congress designs of appeasement politics" to the people across the country. Need for better coordination and cordiality between RSS, BJP and VHP leaders in the state units was emphasised upon during the meeting, they said. While BJP described the meeting merely as a "note- exchange" exercise among the three outfits, source said other than Hindu terror, the Ram temple issue and Communal Violence Bill were also discussed. Asked if BJP will rake up the Ram temple again in the next general elections, party spokesperson Ravi Shankar Prasad said, "BJP, in 1989, at Palampur had passed a resolution that a grand Ram temple should be constructed at Ayodhya. This is the demand of the BJP, the nation and crores of Hindus across the world." VHP and RSS also expressed their concern to the BJP over the Communal Violence Bill, especially its provision that a riot is initiated only by the majority community. They feel this will be used by the authorities to target Hindus when communal violence takes place. PTI RC SKC VMN
Intellecap enterprising for social change
Aparajita Agrawal is on a mission to change India through the pier of entrepreneurship and enterprise. She is part of the founding team of Intellectual Capital Advisory Services or Intellecap. Aparajita has worked closely with co-founders Vineet and Swati Rai since 2004 to provide innovative business solutions to build and scale profitable, sustainable enterprises dedicated to social and environmental change. It started from a 2 person firm has today spanned three subsidiary companies and employs over 600 people with a group turnover of Rs 45 crore that is the target by the end of this financial year.
Aparajita Agrawal gave up her job with Care India nine years back to be a part of Intellecap. The opportunity to work with an advisory firm that positions itself at the intersection of commercial and social business sectors interested her. Working with clients across six sectors from agriculture, education, healthcare, water and sanitation, clean energy and financial inclusion Intellecap has helped raise USD 200 million in equity for businesses that impact the bottom of the pyramid. Revenues are largely driven by P-based advisory services and commissions made from investments and Aparajita and team are hoping to close this fiscal at Rs 45 crore. With an eye on the changing needs of social sector, Intellecap has evolved the services it offers.
"We are in the microfinance space. We were seeing entities that were coming up. Entrepreneurs who wanted to start up microfinance institutions are more from an NGO microfinance institution to a full profit structure, which allowed them sustainability and scale. So we realized that we cannot do all of this through Intellecap alone. That time we set up our first subsidiary called IntelleCash. It works as a Non-Banking Financial Corporation (NBFC) and has helped incubate 26 microfinance institutions in India. Our second subsidiary is called IntelleGrow which provides loans and debt support to small and medium companies. Our third subsidiary is called Intellecap Software Technology Private Ltd. This works as a software development company. It focuses completely on open-source technologies and works on providing bespoke technology solutions to social enterprises and to microfinance institutions," says Agrawal.
Having worked with institutions like World Bank, Bill & Melinda Gates Foundation, Michael & Susan Dell Foundation, Hindustan Unilever (HUL), Bain Capital and Ford Foundation to name a few, Intellecap created Sankalp in 2009 to further empower social entrepreneurs. An annual forum to bring in investors and social enterprises together, Sankalp conducts workshops, focus network meetings, educate start-ups on the emerging avenues of funding.
With its team of over 600 employees, Intellecap has reached over 70 clients in over 250 engagements across 15 countries. Some of their big ticket projects include the Lighting India Program with International Finance Corporation (IFC) which hopes to provide off-grid lighting to two million people living in rural India by 2015. Intellecap also has raised USD 4 million for Waterlife which helps to provide clean affordable drinking water in rural India. Aparajita and her team hop to start operations in South Asian and African markets by 2016, but India continues to be the big focus.
"We are also looking at going more regional in India, which means that in 2013 itself, we would definitively have more events, workshops and engagements with stakeholders that are working in special geographies like low-income states in India and the northeast," says Agarwal.
It is not easy juggling Intellecap's network of 400 social enterprises, 300 investors and a 16-month old baby. But this is now par for the course for this 33 year old.
"Growing a business is like bringing up a baby. Both need constant attention, nurturing and love," says Agarwal. She hopes to make Intellecap a Rs 100-crore venture by 2016, her dream is to launch an online venture for her other passion - baking.
U.S. shares up, Treasuries lower amid mixed data
NEW YORK (Reuters) - U.S. stocks rose and Treasuries fell on Thursday but moves were limited as economic data continued to paint a mixed picture of the economy ahead of a key U.S. jobs report on Friday.
A measure of business activity in the U.S. Midwest rose in January to its strongest since April, but an earlier report indicated a rise in U.S. jobless claims in the latest week.
Data on Wednesday showed U.S. GDP slipped 0.1 percent where a rise had been expected, although the Federal Reserve indicated the pullback was likely to be brief and repeated its promise to continue supporting the economy.
But the larger focus is U.S. payrolls data on Friday for a take on the health of the world's biggest economy.
"Unfortunately it's still a mixed picture, it appears we are just getting a lot of conflicting data right now," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. "There is certainly a lot of information coming out this week - a lot of economic data, a lot of earnings and of course we have the employment number looming Friday, so with 1,500 (in the S&P stock index) right here, my guess is there is just not enough conviction to push us substantially higher yet."
The Dow Jones industrial average was up 19.58 points, or 0.14 percent, at 13,930.00. The Standard & Poor's 500 Index was up 0.81 points, or 0.05 percent, at 1,502.77. The Nasdaq Composite Index was up 8.46 points, or 0.27 percent, at 3,150.76.
A drop in German retail sales, stagnant French consumer spending and a huge quarterly loss at Deutsche Bank dashed hopes of a quick rebound for European shares, which had their biggest daily fall of the year on Wednesday after surging 3.7 percent this month.
The pan-European FTSEurofirst 300 was down 0.1 percent, and the MSCI world index was up 0.1 percent.
Caution after the German data also put the euro under pressure and halted its recent rise against the dollar although the single currency was headed for its best month in 15 months against the dollar on Thursday, as signs of recovery in the euro zone's economy and its banks set the common currency on a bullish trend.
Renewed selling left it at $1.3572, short of Wednesday's 14-month high. The Federal Reserve's promise of continued support was widely expected to mitigate the fall, however, by keeping downward pressure on the dollar.
Risky assets such as equities, commodities, and high-yield debt have risen sharply in the past six months as growth in emerging economies such as China's has picked up and fears of a collapse of the euro have been calmed by the European Central Bank.
Spot gold drifted down to $1,666.30 an ounce, having hit a one-week high on Wednesday, while oil prices inched down 18 cents to just under $115 per barrel, still well above their starting price this year of $110 a barrel.
U.S. light sweet crude oil fell 66 cents, or 0.67 percent, to $97.28 per barrel.
(Reporting by Nick Olivari; Editing by Chizu Nomiyama)
U.S. Senate panel grills Obama's choice for defense chief
By Phil Stewart and Patricia Zengerle
WASHINGTON (Reuters) - Chuck Hagel, named to be President Barack Obama's defense chief, on Thursday told a skeptical Senate panel considering his nomination that he backs U.S. policy of preventing Iran from obtaining a nuclear weapon and supports a strong Israeli military.
Critics in Congress have sought to portray Hagel, a former Republican senator and decorated Vietnam war veteran, as a soft on Iran and anti-Israel, pointing to past comments that Hagel's supporters say were taken out of context or distorted.
Although most observers expect Hagel will eventually be confirmed, at least three Republican panel members, including James Inhofe, the party's leader on the Armed Services Committee, have said they did not support his nomination.
Before Hagel started speaking, Inhofe spelled out his objections.
"Senator Hagel's record is deeply troubling and out of the mainstream. Too often it seems he is willing to subscribe to a worldwide view that is predicated on appeasing our adversaries while shunning our friends," said Inhofe.
Hagel, speaking publicly for the first time since the attacks against his nomination began sought to set the record straight.
"No one individual vote, quote, or statement defines me, my beliefs, or my record," Hagel said in testimony prepared for delivery at the hearing.
"My overall world view has never changed: that America has and must maintain the strongest military in the world."
Committee chairman Carl Levin said his concerns, especially over Hagel's past comments about unilateral sanctions on Iran, had been addressed. "Senator Hagel's reassurance to me ... that he supports the Obama administration's strong stance against Iran is significant," Levin said.
Another member of Obama's second-term national security team, Senator John Kerry, sailed through his nomination hearing before receiving the Senate's overwhelming support on Tuesday.
But Hagel, who broke with his Republican party over the Iraq War, was expected to face a much more confrontational panel. Beyond tough questioning on Israel and Iran, he was also expected to be grilled on his view of the Pentagon budget - Hagel is known as an advocate for tighter spending controls.
THE LONE REPUBLICAN
In the entire Senate, which would vote on Hagel if he is cleared by the committee, only one of the 45 Republicans - Mississippi's Thad Cochran - has said he backs Hagel.
Hagel, backed by the White House and Pentagon, has been on a charm offensive to win over recalcitrant senators since Obama nominated him this month to replace outgoing Defense Secretary Leon Panetta. [ID:nL1N0AX8HR] Hagel held one-on-one meetings with 53 senators before his hearing.
Susan Collins of Maine, a moderate Republican, said on Tuesday she had spoken with Hagel for 90 minutes and been satisfied on several issues, but stopped short of endorsing him.
"We had a good discussion, but it's obvious that we have very different views on some fundamental issues," she said.
Hagel also detailed his views in 112 pages of written responses to wide-ranging questions submitted by lawmakers.
In them, he said that if confirmed as the next defense secretary, he would ensure that the military is prepared to strike Iran if necessary but stressed the need to be "cautious and certain" when contemplating the use of force.
In his opening remarks, Hagel said all options must be on the table to prevent Iran from obtaining a nuclear weapon -language used to suggest the possibility of a nuclear strike.
"My policy is one of prevention, and not one of containment," he said.
Hagel, in his opening remarks and earlier responses to the panel, also voiced support for a steady U.S. drawdown in Afghanistan, pledged to ensure equal treatment for women and homosexuals in the military and assured the committee that the United States would maintain an "unshakeable" commitment to Israel's security.
"I will ensure our friend and ally Israel maintains its qualitative military edge in the region," he said.
Most observers expect Hagel will be confirmed by the committee, even if he the vote breaks along party lines at 14 Democrats to 12 Republicans.
Democrats control 55 seats in the full Senate and can approve Hagel with no Republican support, but they will need some backing from Hagel's party to overcome procedural hurdles that could stop the nomination.
One has already emerged. Senator Lindsey Graham of South Carolina, a committee member, has threatened to keep the nomination from going to the Senate floor if Panetta does not testify about a September attack on the U.S. diplomatic mission in Benghazi, Libya.
Democratic Senator Carl Levin, the committee's chairman, said Panetta is already due to testify, and that would take place before the full Senate voted on Hagel.
(Additional reporting by David Alexander; Editing by Jackie Frank)
Panel to find ways to prevent elephant deaths on tracks
Written By Unknown on Kamis, 24 Januari 2013 | 23.06
ENT-LD VISHWAROOPAM 2 LAST
"We noticed some deliberate tampering of the settings of production equipment by workers at our Gurgaon plant Thursday as well, which has marginally compromised the day's output," a Hero MotoCorp (HMC) spokesperson said.
The spokesperson, however, declined to share the quantum of production loss.
There has been no impact on production at the company's Dharuhera plant, he added.
"We are confident of making up any marginal shortfall in production even as we remain committed to engaging in talks with the union to reach at an amicable solution," he said.
According to sources, the workers have resorted to slowdown of one production line, which produces scooters.
"The slowdown has impacted scooter output. The plant usually rolls out 2,500 units of scooters every day. However, due to the slowdown, there has been a total loss of around 1,000 units in the last two days," a source said.
HMC has three production lines at the plant and rolls out around 7,000 two-wheelers every day.
The management and the workers will meet again for fresh rounds of talks tomorrow in the presence of Haryana Deputy Labour Commissioner (DLC) to break a five-month long deadlock over wage settlement.
"They are resorting to labour action even while the conciliation proceedings are going on with the labour department...This kind of immature and irresponsible activity by the union does not really reflect well on the conducive atmosphere in which we have been striving to reach at a reasonable, sustainable and sensible settlement in a patient manner," the spokesperson said.
However, Hero MotoCorp Workers Union (HMCWU) President Kawalpreet Singh denied that workers have resorted to any slowdown of production.
The initial wage negotiations, which started during late-August 2012 after submission of the demands, remained inconclusive and fell apart on January 21. The matter was referred to the DLC of the region for further deliberations. Workers are demanding a monthly wage hike of up to Rs 18,000 over a three-year period.
However, HMCWU, which is representing the nearly 1,200 permanent workers, claims that the management is offering a hike of around Rs 6,500 per month spread over three years, which was the hike for the company's Dharuhera plant's workers during the three-year agreement signed in 2011.
The permanent workers are also observing silent protest by wearing black badges and are not taking tea and snacks provided by the company to press for their demand. Their colleagues at the Dharuhera plant are too wearing black badges during work in their solidarity.
40 students fall ill after taking medicine in UP
Bulandshahr (UP), Jan 24 (PTI) At least 40 students of a primary government school today fell ill allegedly after they were given iron capsules under the School Health programme in a village here. Students of a primary government school in Dharpa village were given iron capsules by a government doctor at Primary Health Centre under the School Health Programme, Chief Medical Officer (CMO) Dr Deepak Ohri said. About 40 students started vomiting and complained of pain in the abdomen soon after taking the iron capsules. Out of which, nine students were admitted to a government hospital of nearby Khurja town and were discharged after being administered a digene injection, he said. The nine students complained of nausea, the CMO said adding, the children fell ill due to formation of acid after taking iron tablets. 2,150 schools of the district were covered under the school health programme, which commenced on January 16, he said. No other complaint has been received in the district, the CMO said. PTI Corr KAS
Centre to give 90 pc funds for National Health Mission: CM
India Ratings outlook negative on sugar manufacturing cos
"There is a negative outlook for sugar manufacturing companies for 2013, considering a further deterioration in their financial profile. The operating margins of sugar companies in 2013 are likely to be below the 2012 levels (13 per cent), as sugar margins (October 2012-September 2013) may fall. Thus, financial leverage is expected to worsen. This is based on financial statements of 18 listed sugar companies," India Ratings today said.
India Ratings said the floor for domestic prices is likely to be around Rs 30-32 per kg in 2013. However, prevailing sugar prices may be somewhat higher than this range given the high domestic cost of production. The costs of sugar production in 2013 will be higher than 2012, as sugarcane costs have increased 16-17 per cent.
Also, for mills based in Karnataka and Maharashtra, a decline in sugarcane availability due to unfavourable weather would result in lower capacity use. However in Uttar Pradesh, cane acreage for 2013 will be higher, resulting in better capacity use and cost absorptions.
Domestic sugar prices are likely to remain stable this year as there will be more than sufficient stock to meet internal consumption. In 2013, closing stocks are likely to be maintained at previous year levels. Sugar would also be available for exports, subject to global attractiveness of domestically produced sugar. India Ratings said a comfortable global demand-supply balance will result in weak international sugar prices.
World sugar production in 2013 will be up 19 per cent. Thus, the world sugar market may be in a surplus for a third consecutive year.
Davos 2013: Global mkts to see recovery this year, say experts
In an interview to CNBC-TV18, renowned economists Kenneth Rogoff of Harvard University and Fan Gang, National Eco Research Institute spoke about whether the US economy will get back on track this year. According to Gang, the worst is over for global economy and 2013 looks better than 2012.
Also Read: Falling CEO confidence sets scene for anxious Davos
Rogoff said, "Political economy is not getting solved anytime soon as the two sides get further and further apart. We are just seeing a skirmish in a longer set of battles and even war over spending priorities, the role of government." The idea that there is going to be a grand bargain and its all going to be settled is very optimistic. They may at least come over the grand bargain to take us through a year, but I don't think we are going to have a 10 year plan that is sustainable and credible."
When asked whether people around the world should be prepared for a year of fairly weak growth in the US and a year of no growth in Europe Rogoff said that growth will get a little better in the US even with this cloud because you are coming from such a low base and such high unemployment. The US has a better trajectory than Europe. However I don't think it is going to be fantastic even in the best of situations.
Further Rogoff adds that he is looking for an estimate of 2.5 percent. Considering fourth quarter it could be 2 percent, 4 percent or high 2-3 percent.
Chinese economist Gang believed that 2013 would be better than 2012. "We don't expect the US and Europe to get a normal growth or high growth. The worst part is already over. Euro has stabilised and European economy is still low but stabilised, not going down further," added Gang. Further Gang expects the US to come into a recession and that will provide a list of conditions for the world markets. Most of the countries of emerging markets expect higher growth in 2013.
Amused by reports of my being PM candidate: Chidambaram
Another administrative reshuffle in West Bengal
Two Maoists arrested in Chhattisgarh
Raipur, Jan 24 (PTI) Two Maoists were arrested today from Maoist-infested Bastar region in Chhattisgarh in two separate search operations by security forces, the police said. "One 42-year-old Padam Lakhmu was arrested from the forests of Metapara village under Basaguda police station area in Bijapur district, during a search operation by the district force," the police said. Lakhmu, a native of Hirapur village, was wanted in several crimes ranging from arson to loot, the police said. "In a separate incident, Rup Singh was nabbed during a joint search operation by Border Security Force (BSF) and the police from the Tadoki police station area of Antargarh region in Kanker district," the police said. Rup Singh was involved in several cases of loot and murder in the region, the police said. Meanwhile, security forces have busted a Maoist training camp in the forest of Pidiya village under Gangalur police station limits, in Bijapur district. "A couple of detonators, battery, wire, Maoist literature, ration, Hollywood film CDs and printing machine tools were recovered from the site," Superintendent of Police Prashant Agrawal told PTI. "Joint forces comprising CRPF, district police force and special task force were on a combing operation in the forest area of Pidiya village, nearly 25 kilometers away from Gangalur Police station, in the district since four days," he said. During the operation, fierce gun-battles occurred between security forces and Maoists nearly eight times in the jungles of Iranar, Gaytapara and Aumukpara villages, he said, adding that no casualties were reported from both sides. PTI TKP BA HU BAS
Tata Comm mops up SGD 250 mn from bond sale
Automakers see brighter side in move to hike diesel prices
Written By Unknown on Kamis, 17 Januari 2013 | 23.06
While car market leader Maruti Suzuki India ( MSI ) said the move will not have any impact on its Rs 1,700 crore investments for a diesel engine plant at Gurgaon, Mahindra & Mahindra ( M&M ) was of the view that demand for petrol passenger cars in the small and mid-range could increase following the development.
The government today allowed oil companies to make small hikes in the price of diesel from time to time. "This is a step in the right direction for the country overall, as we cannot afford such a high subsidy burden.
This will, however, not in any way affect Maruti Suzuki's plans for diesel engine plant. We don't have a problem with the proposed diesel price hike," MSI Chairman R C Bhargava told PTI. The company's new diesel plant is slated to start operations by June with an initial capacity of 1.5 lakh units per annum, and will be doubled by 2014.
Welcoming the government's move, M&M President Automotive & Farm Equipment Sectors, Pawan Goenka said: "Mahindra has always been supportive of narrowing the gap between diesel and petrol fuel prices by another Rs 5 per litre. In our opinion such an increase in diesel price will have very little impact on UV and CV demand but may slightly shift demand to petrol in the passenger car segment in the small and mid-range."
He, however, said an increase in diesel price beyond Rs 5 may start impacting overall industry volume. Despite the possibility of a temporary hit on sales due to the proposed diesel price hike, Toyota Kirloskar Motor (TKM) Vice Chairman and Whole Time Director Shekar Viswanathan said: "It is always better to have a realistic and market related pricing, and the earlier it is the better."
He further said instead of sudden increase of prices, it should be done in a gradual manner. When asked if sales of TKM, whose major contribution comes from diesel driven vehicles, will be impacted, he said:
"We want the consumers to have the choice. If there is more demand for petrol vehicles, then we will be producing more petrol vehicles." Society of Indian Automobile Manufacturers has already stated that it would welcome any move to reduce the gap between petrol and diesel prices and also to deregulate diesel pricing.
Rose and Donaldson sparkle as McIlroy and Woods struggle
By Tony Jimenez
ABU DHABI (Reuters) - Rory McIlroy was reduced to a bit-part role and Tiger Woods struck one of the worst shots of the day as Britons Justin Rose and Jamie Donaldson stole the show in the Abu Dhabi Championship first round on Thursday.
Rose and Donaldson led the way with five-under 67s as winds gusting up to 30 kph (20 mph) made scoring difficult in the opening event of the European Tour's three-week desert swing that also includes the Qatar Masters and Dubai Classic.
Sharing third place on 68 were Spain's Pablo Larrazabal and Thorbjorn Olesen of Denmark.
World number one McIlroy made the worst possible start when he somehow contrived to putt the ball into a greenside bunker at the 10th hole, his first. He escaped with a par but two double-bogeys later in the round meant he slumped to a three-over 75.
The 23-year-old Northern Irishman signed a massive sponsorship deal in Abu Dhabi on Monday but he refused to attribute his lacklustre display to his new Nike clubs.
"Of course, it takes time to get used to ... it's a little bit of an experimental period," the twice major winner told reporters. "I guess when you're going out with new stuff you're always going to be a little anxious.
"I just felt like I wasn't swinging that well. For the most part I was very happy with everything."
McIlroy's playing partner Woods made a trademark charge with three birdies in four holes from the 15th but then completely duffed his drive at the first, the American striking the ground behind the tee peg before squirting the ball out just 120 yards.
"My game plan was to hit a three-iron or five-wood on that hole and then I changed my mind," said the world number two.
"I should have just backed off and followed my game plan. I had a strategy for the day and clubs I was going to use and what spot I was going to hit it to. I didn't do that there, paid the price and made bogey."
World number five Rose also made a hash of the first hole as he opened with a bogey five.
The Englishman then moved through the gears at the Abu Dhabi Golf Club, picking up birdies at the second, third, fifth, eighth, ninth and 10th.
In-form Welshman Donaldson followed up his tied 16th finish at last week's Volvo Golf Champions event in South Africa with a polished six-birdie display in the Middle East.
"This is a tough course, it's tricky out there, and I'm chuffed with the score," he said. "I made a few good up-and-downs and holed a bunker shot.
"Five-under is a great start because if you're slightly off here you can be severely penalised. The rough is quite penal and you've got to keep it out of there."
(Editing by Mark Meadows)
Gaddafi's son appears in Libyan court for first time
The son of the former Libyan leader is wanted by the International Criminal Court (ICC) but his appearance in a criminal court in the western town of Zintan was not part of a war crimes trial.
Thursday's court hearing was related to a meeting Saif al-Islam's had with his ICC-appointed lawyer last June. The lawyer, Australian Melinda Taylor, was herself arrested and held for three weeks after that, accused of handing her client documents that could endanger national security.
"He is charged with involvement with the ICC delegation which is accused of carrying papers and other things related to the security of the Libyan state," Taha Baara, spokesman for the prosecutor, told Reuters.
"Investigations for trying him for war crimes are over and he will be put on trial for that at a later time," Baara told Reuters.
Libya has resisted the ICC's request to extradite Saif al-Islam for trial in The Hague, saying it wants to prosecute him at home, where he could face the death penalty.
Indian MA deal tally touch $36.3 bn in 2012: mergermarket
In terms of numbers, 2012 saw as many as 268 deals up 7.6 per cent from the 249 deals registered during 2011. Outbound M&As hit USD 11.2 billion last year. In contrast, inbound M&As slowed in 2012 as the aggregate inbound deal value for the year stood at USD 17.4 billion, down 30.1 per cent than the corresponding period a year ago.
A sector-wise analysis shows that energy, mining and utilities commanded 31.9 per cent of the total M&A value in 2012, although the figure comprised mostly the USD 10.3 billion Sesa Goa-Sterlite restructuring, which represented 28.3 per cent of all M&A value in 2012.
Industrials & chemicals continued to dominate M&A deal volumes, along with the pharma, medical & biotech and business services sectors. Last year began on a bullish note, but deal activities fell significantly in the second and part of the third quarter.
According to mergermarket, deal volume in the fourth quarter of 2012 fell 9 per cent, from the third quarter of 2012 to 61 deals. The deal value in Q4 2012 dropped 26.3 per cent, from Q3 2012 to USD 7.1 billion. However, various reform measures announced by the government in mid-September and easing in liquidity conditions helped boost the deal value as well as volumes, which are expected to see a pick up going forward.
Citi topped the financial adviser league tables in terms of deal value, with 9 deals worth USD 18.5 billion. It was followed closely by five peers who acted on the Sesa Goa-Sterlite merger.
Ernst and Young retained first place in the rankings in terms of number of deals, having advised on 17 transactions this year, mergermarket said.
Deutsche Equities sees Sensex at 22,500 by December
Deutsche Equities India said the recent government actions have completely changed their views on Asia's third largest economy and this is reflected in the bullish target.
The 30-share BSE benchmark may rise to 22,500 points by December, led by financial, energy, industrial, material and information technology stocks, said Abhay Laijawala and Abhishek Saraf, strategists at the brokerage arm of Germany's Deutsche Bank, while releasing a report here.
Deutsche Equities is the latest to join the 'buy-India' league of brokerages, saying 22,500 is the base case scenario if oil remains in the USD 11-115 per barrel range and the government cuts current account deficit urgently. The officials said the brokerage may come up with a revised target in view of the government's decision today to allow "small" hikes in diesel prices over a period of time.
Global biggies like Morgan Stanley, Goldman Sachs, JP Morgan, Nomura, Citigroup and Macquarie have already raised the Sensex target for 2013 to a high of 23,069 by December. They have said that the fresh wave of economic reforms set off by the government last September will revive investment and boost economic growth, which is set for a decadal low of 5.5 per cent in FY'13.
Yesterday, Australian brokerage Macquarie raised the Sensex target to 22,200 by December, while Goldman Sachs last week said it sees the 50-issue Nifty climbing 17 per cent to 6,900 by 2013-end.
"The onus of transition from vicious to virtuous will initially lie with New Delhi and the Reserve Bank during the first half of 2013 before the baton is taken up by the private sector in the second half of the year," said Laijawala, while releasing the report titled `Namaste India'.
Maintaining that "it is all about government policy certainty," he said, "we are setting our year-end Sensex target at 22,500, implying a 14 per cent return from current levels and continuing with the positive momentum witnessed since last September.
"At our target, the Sensex would trade at FY14 PE multiple of 15.9 times, which is in line with the average multiple at which the market has traded over past five years," Laijawala said.
Policy action from New Delhi to reverse the nearly 20 months of vicious cycle of slowing growth, high inflation and stalled capex will form the centre stage of market catalysts along with improving risk appetite and a positive environment for equities globally, he added.
In 2012, the Sensex rallied 26 per cent and the Nifty soared 27 per cent, the best return since 2010. Amongst the latest flurry of upgrades, Morgan Stanley's target of 23,069 for the Sensex is the best of all, while the CLSA has given a level of 21,250 for December.
In morning trade on January 15, the Sensex climbed to over 20,000 for the first time since January 2011, but settled a tad low for the day. Today the benchmark index rallied 146 points to close at 19,964 points after the government virtually deregulated the diesel prices.
Overseas funds bought USD 24.5 billion worth of shares in 2012, the most among 10 Asian markets. The highest foreign inflow was USD 29 billion in 2010. Deutsche Equities said it is bullish on cyclical stocks, a departure from its last two years of focus on defensives. Consumer staple, health-care and utility stocks would remain 'underweight', the brokerage said.
IT firms to benefit after government clarifies on taxes
By Harichandan Arakali
BANGALORE (Reuters) - India's $100 billion IT outsourcing sector, which earns the bulk of its revenue from exports of software services, won a long-sought and favourable clarification over the tax treatment of some of the money it earns overseas.
Profits from software developed overseas by Indian companies and from fees for sending staff abroad to client locations will get the same exemptions that the industry gets at home under Indian tax laws, the government said in a statement on Thursday.
"Overall, it's a positive move. It's a welcome measure that clears the air and avoids future litigation," S. Balasubramaniam, chief financial officer of Zensar Technologies , an Indian outsourcer, told Reuters.
In one instance involving such taxes, No.2 outsourcer Infosys Ltd is contesting tax claims of about 14 billion rupees, including interest, related to the fiscal years 2005-2008, the company said in a recent quarterly filing with the U.S. Securities Exchange Commission.
Infosys said it was "delighted" with the clarification.
"It removes one big uncertainty for the industry," the company said in a statement.
The National Association of Software and Services Companies, or NASSCOM, an industry lobby, said the government's clarification was a positive step.
"We urge that benefits denied in the past be reviewed in light of this move and there be swift closure of cases for the industry to benefit from this," NASSCOM said.
(Additional reporting by Manoj Kumar in New Delhi; Editing by Tony Munroe and David Holmes)
Pak SC admits petition against Sherry Rehman on blasphemy
Chinese airlines unaffected by Boeing Dreamliners grounding
None of the Chinese airlines have the Dreamliners yet as they have not been delivered. Boeing 787s purchased by Chinese airlines have not yet been delivered and these orders will not be affected, the US plane maker and two Chinese air companies told Xinhua news agency.
Four Chinese airlines have ordered a total of 41 Boeing 787s, including 15 for Air China, the country's flagship carrier, and all of them are awaiting delivery, said an official in charge of press relations at Boeing (China) Co, Ltd.
Also Read: Japanese airlines ground Boeing 787s post emergency landing
China Southern Airlines and Hainan Airlines each booked 10 Dreamliners, while the government has not yet approved the six Dreamliners ordered by Xiamen Airlines, the official told the official news agency.
A press official at Air China said he has not been informed of any changes in the company's Boeing 787 orders, which are expected to be delivered in 2014. Xiamen Airlines, which also expect deliveries in 2014, has not seen its orders affected by the incidents so far, the company's press official told Xinhua.
Hainan Airlines "always considers it a top priority to ensure operation safety" and will follow the US authorities' safety appraisal on the Boeing 787s, the company said.
Aviation regulators in Japan and India today joined their US counterparts in grounding Dreamliners after a Japanese domestic flight operated by All Nippon Airways (ANA) made an emergency landing on Wednesday, when a pilot saw a warning message that indicated battery problems in the 787.
The emergency landing came on the heels of a series of problems involving the Boeing 787, and has raised safety concerns over the company's new fuel-efficient carbon fiber made model.
Boeing forecast that China would need 5,260 new commercial airplanes by 2031, costing the country a total of USD 670 billion over the next 20 years.
Hike diesel prices in phases: Assocham
Also read: Diesel de-regulation is positive for bonds & rupee: Nomura
Assocham Secretary General D S Rawat in a statement said that the government should have a seven-year time bound programme to phase out all avoidable subsidies and make the plan transparent.
Diesel prices in all probability may be hiked by Rs 1.50-2.0 per litre in the first instance that can be as early as tonight following the decision taken by the Cabinet Committee on Political Affairs (CCPA) headed by Prime Minister
Manmohan Singh.
Price of diesel was last revised on September 14 when it was hiked by a steep Rs 5.63 per litre. At present, diesel costs Rs 47.15 per litre in Delhi.
Cabinet slashes CDMA auction reserve price by 50%
Speaking exclusively to CNBC-TV18's Malvika Jain, DoT secretary R Chandrashekhar said that India will witness the next telecom revolution once the auction ends. "A decision has been taken to set the reserve price at 50 percent of the reserve price earlier set for the auction in November in which there were no participants." Chandrashekhar explained that on a pan India-basis, the auction was worth Rs 9,100 crore for all the 22 circles.
"The auction offers 3.75 Mhz in 19 circles and 2.5 Mhz in two circles and in one circle in Rajasthan there is no spectrum being auctioned. In most of the circles, the 3.75 Mhz spectrum is also not contagious."
"All those operators who wish to continue their business have participated in the auction or will participate in March, will be able to continue with their business. Therefore this removes the possibility of any international arbitration," he highlighted.
Chandrashekhar added that the notice-inviting applications (NIA) that are to follow would actually be released by the end of January. "We have planned to commence the auction on March 11 by offering spectrum in the 1800-Mhz band in four circles- Delhi, Mumbai, Karnataka and Rajasthan and 900 Mhz spectrum in the three metros - Delhi, Mumbai and Kolkata. So, this will be a simultaneous auction as far as Delhi and Mumbai are concerned where both the bands are being placed for auction."
