Parth heads to Europe

Reigning Formula Pilota Asia champion Parth Ghorpade has signed up for the Formula Renault 2.0 ALPS this year. The 19-year old from Kolhapur, Maharashtra is the first Indian to compete in the series, which is a feeder for the Formula Renault 3.5 Championship. Parth has quite a few feathers in his hat already - he is five-time national karting champion, apart from being runner-up in the inaugural Volkswagen Polo Cup. In the Formula Renault 2.0 ALPS he will be driving for BVM Racing, where his team mate will be Italian driver Dario Capitanio. The Formula Renault 2.0 ALPS uses the engine from Renault's Clio III Sport, which boasts of a power output of 250bhp and is mated to a 7-speed sequential gearbox with paddleshifters, and uses pushrod suspension.

Parth attended the first official test at the Vallelunga circuit in Italy, where he finished within the top ten times consistently. Parth said he was able to adapt to his new race car with ease, and was happy with the positive outcome of the first test. He said the fact that the top 20 cars in testing were within a second of each other shows hows competitive the grid will be. The series will have as many as 30 cars on the grid this year, with 7 rounds consisting of two races each. Each race weekend will have three 60 minute practice sessions on Friday, with qualifying and Race 1 on Saturday and Race 2 on Sunday. The race calendar includes visits to historic circuits like Spa-Francorrchamps, Monza and Imola. The first round takes place on April 7 in Vallelunga.

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BlackBerry reports surprise Q4 profit; 1 million Z10s sold

Mar 28, 2013, 08.30 PM IST

Source: Tech2.com

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BlackBerry reports surprise Q4 profit; 1 million Z10s sold

BlackBerry announced better than expected Q4 results and a return to profitability on Thursday, driven by demand for its new touchscreen Z10 device.

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BlackBerry reports surprise Q4 profit; 1 million Z10s sold

BlackBerry announced better than expected Q4 results and a return to profitability on Thursday, driven by demand for its new touchscreen Z10 device.

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BlackBerry announced better than expected Q4 results and a return to profitability on Thursday, driven by demand for its new touchscreen Z10 device, which the company had hoped would hold the key to a successful turnaround for the smartphone maker. The company said it had sold about 1 million of the new Z10 device and shipped roughly 6 million smartphones in the quarter ended March 2. Net income in the quarter was $98 million, or 19 cents a share, compared with profit of $9 million, or 2 cents a share, a year earlier. The company had earlier said it expects to break even in the current quarter despite increasing spending on marketing.

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Bonds recover on good demand, call rate ends higher

The Government securities (G-Sec) rose on good buying support from banks and corporates, while the call money rates ended higher at the overnight call money market here today due to sustained demand from borrowing banks.

The 8.15 per cent G-Sec maturing in 2022 shot up to Rs 101.26 from Rs 101.0050 on Tuesday, while its yield declined to 7.95 per cent from 7.99 per cent.

The 8.33 per cent G-Sec maturing in 2026 rose to Rs 102.03 from Rs 101.96, while its yield held steady at 8.08 per cent. The 8.20 per cent G-Sec maturing in 2025 also climbed to Rs 100.99 from Rs 100.93, while its yield inched down to 8.07 per cent from 8.08 per cent.

Also read: 10-year yield may range between 7.94-8% says Sandeep Bagla

The 8.07 per cent G-Sec maturing in 2017, the 9.15 per cent maturing in 2024 and the 8.97 per cent maturing in 2030 were also quoted higher at Rs 100.65, Rs 107.6475 and Rs 106.6825 respectively.

The Overnight call money rate finished higher at 8.50 per cent from previous close of 7.80 per cent. It moved in a range of 8.50 per cent and 8.00 per cent and 5-days call money rate was quoted at 17.00 per cent, it moved in a range of 18.00 per cent and 8.90 per cent.

The Reserve Bank of India (RBI) under the Liquidity Adjustment Facility (LAF) purchased securities worth Rs 1,135.80 billion in 45-bids at the five-days repo auction at a fixed rate of 7.50 per cent, while it sold securities worth Rs 60.20 billion in 3-bids at the 5-days reverse repo auction at a fixed rate of 6.50 per cent in the evening auction.

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Keeping NBFCs under RBI purview makes no sense: FSLRC chief

Financial Sector Legislative Reforms Commission (FSLRC) chairman BN Srikrishna has recommended the setting up of a central bank monetary policy committee.

"There would be two regulators- one for banking and the other for financial segments," he said in an interview to CNBC-TV18.

Further he suggested merging regulators into one unified agency and the execution of proposals to be done in consultation with GoI and RBI. "The RBI regulating NBFCs does not make sense to me," he added.

Below is an edited transcript of the interview on CNBC-TV18

Q: What is the roadmap that needs to be implemented? How many laws do you think will have to be written up afresh or amended?

A: We have indicated in a schedule to the report the number of old acts which will be impacted by a new legislation-some of them need to be scrapped and some need to remodeled. The report has also sketched out a roadmap according to which there would be two regulators one for banking and payments systems i.e the Reserve Bank and the other is the one unified regulator which will take care of all the other financial segments.

Q: The dissenting notes in the report point out removal of the capital account powers from purview of the Reserve Bank of India (RBI) could prove dangerous due to the capriciousness of NRI or FII funds loaned to Indian companies. Did you take that into consideration?

A: Yes, and it has been dealt with in the report where we have stated the reasons for not being in a position to accept that argument.. Why do you assume that capital outflows are going to be under tight control forever in this country?

Why can't we think of a situation where capital will be free to flow into the country? But the need for continued capital control is a decision for the government of India to take. If capital control for another 15 years is envisioned, it will be a matter of regret.

Q: Another dissenting note is against the removal of the NBFCs from the purview of the Reserve Bank of India…

A: That is another argument that doesn't make sense to me. NBFCs that take deposits have been recommended to be placed under the purview of the RBI with the mandate of acquiring a banking licence. But there are NBFCs that are doing business without taking deposits from the public. Now why did they come into existence at all?

They come into existence because the policy of the banks is not to give them credit. For example who gives transport credit? Nobody. So somebody comes up and says I will borrow from the bank and I will give you credit.

So control has to commence at the place where the money is being given. There are several industrialists whose exposure to banks' credit is much larger than these petty NBFCs. Will the government control all of them? It doesn't make any sense.

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Global economic growth prospects better: OECD

World economic activities are picking up with better growth prospects seen in the US, Japan and other major developed nations while emerging countries continue to drive the momentum, Paris-based OECD said today.

However, the think tank said that continuing crisis in the euro zone is delaying "a meaningful recovery".

Also read: Overweight on India; see good return in 1 year: JP Morgan

"Global economic activity is picking up, but the continuing crisis in the euro area is delaying a meaningful recovery," the Organisation for Economic Cooperation and Development (OECD) said.

In its latest Interim Economic Assessment, OECD a grouping of mostly developed nations, has projected G7 economies to grow at an annualised rate of 2.4 percent in the first three months of this year.

US, Japan, Germany, France, Italy, UK and Canada are part of G7. OECD Chief Economist Pier Carlo Padoan in a statement said that bold policy action remains necessary to ensure a more sustainable recovery, particularly in the euro area, where growth is uneven and remains slower than in other regions.

"The outlook in the first half of 2013 is for a return to moderate growth in the US and an acceleration from low levels," the grouping said. Three major European economies- Germany, France and Italy - are projected to expand by 0.4 percent during the 2013 first quarter.

"Growth among emerging economies remains much faster than that of advanced countries on average, although with significant differences across countries. "Given the substantial share of the world economy now accounted for by emerging economies, they will again drive growth at the global level this year," OECD said.

According to Padoan, monetary stimulus remains necessary but needs vary across countries. "In the euro area, there is still some scope to ease monetary policy further, given weak demand and inflation well below the European Central Bank's objective, while further action is needed to repair the transmission mechanism," he added.

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Domestic air tickets to cost more

Domestic air travel is going to be costlier again with both state-run Air India and private carrier Jet Airways hiking fuel surcharge on flight tickets by up to Rs 150.

"Both Jet Airways and Air India have revised their fuel surcharge on domestic network by up to Rs 150," an industry source said.

Also read: Overweight on India; see good return in 1 year: JP Morgan

The increase has been effected from the second fortnight of this month, sources said, adding that the fuel surcharge has been revised upwards by Rs 150 for travel above 1,000 km and Rs 100 for travel up to 1,000 km.

No-frill carrier IndiGo may take a call shortly on the issue, airline sources said. So far the airline has desisted from revising fuel surcharge but it is expected to take a call on the issue in the next couple of days, they said.

The other no-frill carriers - GoAir and SpiceJet , did not respond to text messages asking whether they were also mulling to hike their fuel surcharge. The hike in surcharge came ahead of the peak summer season when air ticket prices soar in any case due to high demand.

Fuel surcharge, which came in to force since the global meltdown in 2008, help airlines offset part of their operations costs in which fuel bills contribute the most - almost 40 percent.

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HDFC Bank cuts lending rates by 0.1% effective Mar 30

HDFC Bank has decided to cut its benchmark lending rates by 0.1 percent with effect from March 30.

The base rate, or the minimum lending rate, of the country's second largest private sector bank will become 9.6 per cent from the existing 9.7 per cent, sources said. At the same time, the benchmark prime lending rate (BPLR) of the bank is expected to be slashed by similar margin to 18.10 percent. The new rates would be effective from March 30, sources added.

Also read: Overweight on India; see good return in 1 year: JP Morgan

HDFC Bank has become the first bank to cut lending rate after the RBI cut the short-term lending rate by 0.25 percent on March 19.

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FSLRC report: RBI's authority in question

The Financial Sector Legislative Reform Commission (FSLRC's) report has been put in public domain and four members have seriously dissented with its recommendations.

The report has largely been faithful to the approach paper that was put out in the public domain in October 2012, but dissent has been voiced against the clipping of RBI 's powers and this is a point where the FSLRC could find maximum attack and discussion, reports CNBC-TV18's Latha Venkatesh.

The broad chapter headlines of the report seem to be in correspondence with the approach paper. Securities and Exchange Board of India (Sebi), Pension Fund Regulatory and Development Authority (PFRDA), Insurance Regulatory and Development Authority (IRDA) and Forward Markets Commission (FMC) will be merged into one regulatory body.

The Reserve Bank of India (RBI) will be the monetary authority and banking regulator. Besides these, there are a few other changes, consumer protection will have a hierarchy of courts which will be parallel to the current judiciary -- a court for consumer protection with representation at the district level, state and central level hierarchy for appeal, and they will take all the banking clauses.

All kinds of consumer protection, whether it is against a mutual fund, insurance firm etc. will be heard by that court. Also, there is an agency which will take charge if a bank or a non-banking finance company were to go bust.

The dissenting notes have come from KJ Udeshi, former deputy governor, RBI, PJ Nayak, country head of Morgan Stanley (but formerly chairman and managing director of UTI Bank and joint secretary in the capital markets division of the finance ministry), YH Malegam, currently in the Board of Directors of RBI and JR Verma, the academic from IIM Ahmedabad.

JR Verma's is a very specific dissent on the wording being such that it might lead to regulatory overreach. Arguments of KJ Udeshi and YH Malegam are quite directly against the clipping of RBI's powers. The FSLRC says that NBFC and housing finance companies should be taken out of the purview of the RBI.

NBFCs all over the world are now called shadow-banking entities and are increasingly coming under the purview of the banking regulator. The FSLRC recommends that they be taken out - Malegam and Udeshi severely criticised that.

The report requires that rules on capital account transactions of all inward flows will be made by the central government in consultation with the regulators. The rules on capital account transactions for all outward flows will be made by RBI in consultation with the central government.

This is resented by Malegam, who believes that at the moment only foreign direct investments (FDI) rules are made by the government and that is how it should be.

Taking away those powers from the RBI could be extremely detrimental because capital control sometimes has to be changed on the ball when foreign exchange markets are under attack, argue Malegam and Udeshi.

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BHEL exits Udangudi Power Corp joint venture

State-run BHE L today said it has exited Udangudi Power Corp by selling entire stake to joint venture partner Tamil Nadu Generation and Distribution Corporation (TANGEDCO).

However, financial details were not disclosed. The 1,600 MW Udangudi power plant is expected to cost around Rs 9,083 crore, according to TANGEDCO website.

In a filing to the BSE, BHEL said the exit from the joint venture was after request from TANGEDCO to undertake the Udangudi project as a state government initiative.

Read More: BRICS plan development bank to fund infrastructure

The joint venture was to develop the Udangudi power project. It was set up as a joint venture between power equipment major BHEL and Tamil Nadu Electricity Board in November, 2008.

Following its restructuring in 2010, Tamil Nadu Electricity Board's stake in the joint venture was transferred to TANGEDCO.

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SRS Group chairman throws a wedding fit for royalty

Come economic slowdown, the weakening rupee or even inflation, nothing seems to dampen the spirit of the Indian wedding industry. Indian weddings continue to be celebrated with great enthusiasm and zest and with fresh money being pumped into the country, Indian families continue to show an ostentatious display of wealth with lavish weddings.

SRS Group Chairman Anil Jindal, leaves no stone unturned in putting together a show fit for royalty.

Watch the videos to see larger than life celebrations and luxury flowing unapologetically in this wedding.

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5 Things all broadband users must know

Mar 21, 2013, 09.00 PM IST

If you have ever felt that you are getting lower bandwidth than you had paid for or have unknowingly run up a massive bill, it's time to get acquainted with the terminologies and idiosyncrasies of your Internet plan to avoid common pitfalls and make the best out if it.

Source: Tech2.com

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5 Things all broadband users must know

If you have ever felt that you are getting lower bandwidth than you had paid for or have unknowingly run up a massive bill, it's time to get acquainted with the terminologies and idiosyncrasies of your Internet plan to avoid common pitfalls and make the best out if it.

Like this story, share it with millions of investors on M3

5 Things all broadband users must know

If you have ever felt that you are getting lower bandwidth than you had paid for or have unknowingly run up a massive bill, it's time to get acquainted with the terminologies and idiosyncrasies of your Internet plan to avoid common pitfalls and make the best out if it.

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The very fact that you're reading this means that you have access to some form of Internet connectivity. In fact, everybody and their uncle is online in this day and age of dime-a-dozen ISPs and the all pervading reach of mobile Internet. Unfortunately, providing bandwidth and requisite infrastructure and procuring necessary licences is a Herculean effort involving a phenomenal amount of investment. This means only big corporate entities can take up the expensive proposition of connecting you to the repository of collective human consciousness that we know as the Internet. Unfortunately, large corporate entities tend to squeeze every single paisa out of their customers and generally use their army of lawyers to tweak the fine print to the consumers' detriment.The point is, if you have a niggling doubt that you are being cheated by your ISP (Internet Service Provider), chances are you most likely are. Cheated—not in the way that would constitute a criminal case, but generally being disingenuous about the terms of service and advertising to create expectations that are eventually met with disappointment. If you have ever felt that you are getting lower bandwidth than you had paid for or have unknowingly run up a massive bill, it's time to get acquainted with the terminologies and idiosyncrasies of your Internet plan to avoid common pitfalls and make the best out of it.

Click here for full story

Tags: internet, broadband, internet guide, broadband guide, what is broadband, what is fup, fair usage policy, what is contention ratio, contention ratio, understanding usage limits, download limits, last mile provider, fibre optic connection, broadband guideline, trai, trai regulations

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FinMin may review excise duty hike on SUVs: Sources

There could be some relief in the offing for automakers as the finance ministry is likely to review the 3 percentage point hike in excise duty on SUVs announced in the Budget. While sources say North Block will not roll back the duty hike but it is open to giving exemptions to certain categories of vehicles based on price. CNBC-TV18's Ronojoy Banerjee reports.

The proposal made by the finance minister had taken the industry completely by surprise. The excise duty was hiked by 3 percentage points on certain category of vehicles and of which the sport utility vehicle (SUV) were going to be the worst hit.

In the last one year, it is the utility vehicle (UV) that has been growing and that has been spearheading whatever little growth that the industry has seen. There has been a lot of lobbying by the industry. CNBC-TV18 learns from sources that the finance ministry has taken a positive view as far as reviewing this contentious proposal is concerned.

There is no question of a complete rollback but the ministry is likely to exempt certain category of vehicles based on price. This was first proposed a fortnight ago by Heavy Industry Minister Praful Patel in his letter to the Finance Minister P Chidambaram.

Patel written that the SUVs that sell for less than Rs 10 lakh should be exempt. So, if finance ministry goes by that definition, even though we are not sure as to what will be the exemption limit, will it be Rs 10 lakh or Rs 12 lakh, whatever it is Mahindra and Mahindra's  (M&M) Bolero, Tata Motors Sumo, General Motors (GM) Tavera and Trax all stand to gain.

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Older fathers more likely to have autistic grandkids: study

Men who have kids at older ages are more likely to have grandchildren with autism, new research has warned. The study led by King's College London's Institute of Psychiatry, Karolinska Institutet in Sweden and the Queensland Brain Institute in Australia is the first time to show that risk factors for autism may accumulate over generations.

By using Swedish national registers, researchers identified 5,936 individuals with autism and 30,923 healthy controls born in Sweden since 1932. They had complete data on each individual's maternal and paternal grandfathers' age of reproduction and details of any psychiatric diagnosis.

The study found that the risk of autism in the grandchild increased the older the age of the grandfather at the time his son or daughter was born. Men who had a daughter when they were 50 or older were 1.79 times more likely to have a grandchild with autism. Men who had a son when they were 50 or older were 1.67 times more likely to have a grandchild with autism, compared to men who had children when they were 20-24.

"We tend to think in terms of the here and now when we talk about the effect of the environment on our genome. For the first time in psychiatry, we show that your father's and grandfather's lifestyle choices can affect you," Dr Avi Reichenberg, from King's Institute of Psychiatry and co-author of the paper said.

"This doesn't mean that you shouldn't have children if your father was old when he had you, because whilst the risk is increased, it is still small. However, the findings are important in understanding the complex way in which autism develops," Reichenberg said.

"We know from previous studies that older paternal age is a risk factor for autism. This study goes beyond that and suggests that older grandpaternal age is also a risk factor for autism, suggesting that risk factors for autism can build up through generations," Emma Frans, lead author of the study from Karolinska Institutet said.

Autism is known to be caused by a combination of genetic and environmental factors. Previous studies have shown that older paternal age is a risk factor for autism in children: fathers aged 50 or older have a more than doubled risk to have a child diagnosed with autism compared to younger fathers.

The authors of the study published in JAMA Psychiatry suggested that genetic risk could accumulate over generations, or could interact with other risk factors, until it reaches a threshold resulting in the disorder manifesting itself.

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Nitesh Estate to launch 6-7 residential projects in 2013

Bangalore headquartered Nitesh Estates has been making waves for redefining luxury in South India. This is the same firm that is bringing the first Ritz Carlton Hotel to India. 32-year-old Nitesh Shetty had founded the company 8 years back and then took it public in 2010 with a Rs 400 crore initial public offering (IPO). As of now Nitesh Estates has 21 projects under various stages of development in four cities, which are Bangalore, Kochin, Goa and Chennai.

Below is the verbatim transcript of Nitesh Shetty's interview on Prime Property.

Q: I have to begin by asking you about the Ritz Carlton, what is the update, when is it opening?

A: The Ritz Carlton is ready as we speak right now. The operator is currently going through the entire testing and commissioning programmes. The operator is right now on the hiring spree. We are also doing the last bit of the external development works which are pending; but otherwise the hotel as we speak is pretty much ready. Being India's first Ritz Carlton we are not letting anything to chance. It is going to be a fabulous property. I believe that it should be opened in Q1 of coming financial year. That is the best update I can give you right now.

Q: You are not giving me any specific date but from what I gather it is going to be any day after April 1. You say things have been finalised, so has Ritz Carlton for example decided what the room rates will be?

A: Ritz Carlton anyway globally has a 25 percent premium to market in any of the cities they operate in. Whenever we open there will be definitely 25 percent premium to the local market. The exact figure of it is best known when it opens.

Q: While we are discussing luxury and hotels, I understand you along with Xander Fund are in the race to acquire Goldman Sachs's 73 percent stake in the upcoming Four Seasons hotel in Bangalore. How is that deal working out?

A: That is a question I am just going to let go right now. I don't want to speak on market speculation right now.

Q: You had many private equity guys as partners. What is the status, are they pressing you for an exit? Are you perhaps in the market to raise more funds?

A: We have about four different private equity investors in the company. Out of which we have given two or three of them full exits and some of them partial exits over the last few years. Some of the best names in the world have happened to associate themselves with the company. One of the top 10 hedge funds in the world, Apollo and the top 10 private equity investors in the world and companies like HDFC Realty want to associate with us. We are continuously seeking to raise capital for our future expansion. So, it is an ongoing process.

Q: So, you are looking to raise funds for expansion. How much do you want to raise and will this be only for specific projects or could it also be at an entity level?

A: Currently the residential projects are well capitalised through internal accruals and the sales are happening in these projects. Our annuity income and long term investment projects have equity which has been raised through private equity funds and through construction debt.

Going forward we would seek partners to acquire income yielding assets, larger joint development properties or any potential marquee asset similar to our involvement with private equity in the past.   

Q: How leveraged is the company, what is your debt equity ratio like?

A: Our debt equity ratio is very healthy and reasonable. Our debt equity ratio currently as we speak is in the range of about 0.3:1. In real estate parlance that is reasonably under leveraged right now. Our model is of joint development right now and not acquiring land or land banks, which is very different than other developers, this has helped us to be in good stead. 

Q: Let's shift focus to your launches. What are your plans for 2013?

A: In 2013 you can definitely expect at least about 6-7 residential launches in 2013 out of which at least three of them will happen over the next 90-120 days.

Q: What exactly are you launching immediately?

A: There are two launches coming up shortly. The first one will be called Nitesh Palo Alto which is going to be in the Sarjapur Marathahalli Ring Road which is the IT corridor of Bangalore and this is going to be a villament project. We are expecting to launch the project at a price of about Rs 6500 a square feet, which would be a ticket size of about Rs 1.5 crore per villament. It is close to about 800 thousand square feet of development and the project cost is about Rs 400 crore.

The second one is Nitesh Park Avenue which is located bang in the heart of the city on Sankey Road in High Grounds, which is overlooking the Bangalore Golf Course. This is going to be an iconic tower which is designed by New York-based Kohn Pedersen Fox (KPF), which is probably one of the world's top two design firms. They are designing something for India probably for the first time. So, that is something to look forward to. The ticket size over there will exceed about Rs 14-15 crore per condo.

Q: What about the other launches, what would be the average ticket price?

A:  Most of these projects the pricing will be in the range of Rs 5000-6000 a square feet except one luxury project, which will be in excess of Rs 25000 a square feet, which will make it one of Bangalore's most expensive residential projects. If you keep that aside, bulk of the projects would be in the Rs 5000-6000 range.

We touched an average price of about Rs 5200 a square feet last year. Our average ticket size is Rs 50 lakh, there is nothing less than that in our portfolio.

Q: How exactly do you define your residential portfolio? You have all these luxury projects, you have projects also for Rs 50 lakh, what kind of a developer are you?

A: We are in the excess of Rs 3500 crore in the residential portfolio itself. But we provide combination middle income housing as well as the very high end luxury. I like to believe that the bulk of our projects would be in the upper segment, over Rs 50 lakh segment.

Q: Will you foray out of your comfort zone, are you perhaps looking to foray into North India, lets say New Delhi or Gurgaon?

A: No, absolutely not. No plans in North India right now as we don't understand that market.

Q: Are you behind schedule? I understand you are late in one project in Whitefield for instance?

A: We are just delivering two projects as we speak, this particular month. Last year we delivered 0.5 million square feet for one residential project and remaining 4  million of residential projects which are closer to delivery right now will pretty much be delivered in the next 12-15 months. We had some delays, in probably one project due to some external contingencies. But otherwise by and large the projects have been reasonably on track, if you keep a certain contingency time of 3 or 4 months buffered in.

23.06 | 0 komentar | Read More

6 finalists battle it out on NSE Funancial Quest Season 2

NSE Funancial Quest Season 2 a quiz show in association with CNBC-TV18 which aims to make young India a lot more prudent about the world of finance like the way they would use their money. The larger objective of it is to create a far robust and better India. After moving across different part of the country, six finalists are shortlisted from different schools and they are:

Team 1: Srijan and Mayank Delhi Public School, Ranchi

Team 2: Siddharth and Preetam Sharada Vidyalaya, Mangalore

Team 3: Julian and Tarun Vidya Vikas Academy, Goa

Team 4: Nikhil & Amogh St.Paul's English School, Bangalore

Team 5: Swaroop and Mayukh Sagar Public School, Bhopal

Team 6: Vishwas and Sakansh Maharaja Agrasen, Ahmedabad

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Fin Advisor Forum: Helping you manage your wealth better

While planning your future is important, investing and managing your wealth stands paramount in achieving ones financial goals.

Amidst economic chaos and financial uncertainties a sound financial advisor is the need of an hour. So, UTI Mutual Fund and CNBC-TV18 both came together and created Financial Advisor Forum three years back. And tasting breakthrough success and making entry in the Limca Book of records, CNBC-TV18 presents the fourth edition of Financial Advisor Forum.

With yet another season of sound financial advise packed by years of industry experience Financial Advisor Forum 2012-13, began its journey in New Delhi exploring and discussed the best way forward for your investments.

23.06 | 0 komentar | Read More

US jobless claims point to improving labor market

The number of Americans filing new claims for jobless benefits edged higher last week, but a trend reading dropped to its lowest in five years and pointed to ongoing healing in the labor market.

The Labor Department said initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 336,000, which was less than analysts had expected.

The four-week moving average for new claims, a measure of labor market trends, fell 7,500 to 339,750, the lowest level since February 2008.

That could bode well for job growth in March.

Last week's claims data covered the survey period for the government's monthly tally of nonfarm jobs. The four-week average of new claims fell 6 percent relative to the survey week in February, when nonfarm payrolls increased by 236,000.

"There is enough strength in the economy to generate jobs on a sustained basis," said Sam Bullard, an economist at Wells Fargo in Charlotte, North Carolina.

Bullard noted however that government belt tightening and the growing risk of a flare-up in Europe's debt crisis created headwinds for the economy.

On Wednesday, the Federal Reserve also said it was concerned about these headwinds when it pressed forward with its aggressive policy stimulus.

The Fed action came despite a rash of recent data showing the economy gathering strength. Retail sales have been stronger than expected, manufacturing output has picked up and employment growth has quickened, with the jobless rate dropping to 7.7 percent last month from 7.9 percent in January.

An industry survey on Thursday showed U.S. manufacturing growth quickened in March and the pace of hiring increased.

The central bank said it will continue buying $85 billion in bonds per month, pledging to keep up its asset purchases until it sees a substantial improvement in the labor market outlook.

Economists polled by Reuters had expected 342,000 first-time applications for jobless claims last week.

Investors in U.S. stocks appeared to brush off the claims data and futures on U.S. shares were little changed.

A Labor Department analyst said jobless claims data had not been estimated for any states and there were no special factors influencing the report. The prior week's claims figure was revised to show 2,000 more applications than previously reported.

Last week, the number of people still receiving benefits under regular state programs after an initial week of aid rose 5,000 to 3.053 million in the week ended March 9.

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Alleged money laundering not a case of systemic issue: RBI

Moneycontrol Bureau

There is no systemic risk from the alleged money laundering case exposed by a sting operation involving three private sector lenders: ICICI Bank, HDFC Bank and Axis Bank. The Reserve Bank of India (RBI) has sufficient guidelines to take care of irregularities in respect of KYC (Know Your Customer) norms and suspicious transactions, said K C Chakrabarty, deputy governor of the central bank.

"There is no scam that has happened. No single transaction has taken place in the sting operation. There may be other irregularities. If there is a need, we will tighten norms further. Our guidelines should do that. Banks are following those," he told reporters on Thursday after meeting bankers here in Mumbai for a discussion on risk based supervision.

Last week, a Cobrapost pan-India undercover investigation accused ICICI Bank , HDFC Bank and Axis Bank of running a vast, nation-wide money laundering racket. In video footage, however, no body was shown taking or giving money.

It is not money laundering...

Moreover, the deputy governor refused to call it a case of money laundering. Money on which tax is not paid and money laundering are two different things.

"Let us not unnecessarily downgrade our self. Our anti money laundering system is perfect. Absolutely, there is nothing (wrong about it)," he said.

In India a single bank on an average records 20 lakh transactions every day while it is around 1 crore transactions a day for the entire banking industry.

Also read -  Cobra Expose: Is money laundering a common case for banks?

Meanwhile, RBI started scrutiny of the three banks for alleged violation of KYC guidelines. Final reports will be submitted by March 31, 2013. Banks already initiated their respective enquiries. As a part of that, they suspended some employees for their lapses.

saikat.das@network18online.com

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Excellent Enablers: Understanding constitution of India

The past few months have been more than enough to shake the confidence of even the most optimistic citizen of this country. Everyday of the week the country has woken up to yet another rape, suicide in jail, one more case of corruption coming to light and then being forgotten. The political scandals and the never-ending debate of if the criminal should be punished with the death sentence. The question arising in the minds of the generation that will soon takeover the country seems to unanimous. Do we even have the right constitution? Can anything ever be done right in this country?

In this episode of Excellent Enablers, experts dicusses the nuances of Constitution of India on how it is impacting the delicate socio-economic fabric of the country.

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Govt rejects report of Lanka taking over parts of IOC depot

Govt on Thursday denied reports that Sri Lanka had decided to reposses a part of a strategic oil depot Indian Oil as was announced by Information Minister Keheliya Rambukwella.

An official spokesperson of the Ministry of External Affairs said that India has been assured that such reports were not correct.

Also Read: Oil Min to move EGoM on changing priority of gas supply

There had been reports in the local media in Sri Lanka that the government was eying the 99-tank storage facility in the north-eastern port district of Trincomalee.

In line with the privatisation, Sri Lanka gave the World War II tank farm of 99 storage tanks in the north-eastern port of Trincomalee to Lanka OIC which is using 15 of them and refurbishing two more.

Lanka IOC head Subodh Dakwale said they were unaware of the government decision. He said they were refurbishing two more storage tanks at a cost of 17 million dollars.

"Sri Lankan government has been negotiating with us for some time. I would say its been a few months. We have'nt heard anything from the government," Dakwale told PTI.

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McDonald's catches up with rivals with egg-white McMuffin

LOS ANGELES (Reuters) - McDonald's Corp will debut a new egg-white McMuffin in the United States in April and allow diners to swap out egg whites on all of its breakfast sandwiches, catching up with rivals already offering the lower-calorie option.

Dubbed the "Egg White Delight," the new McMuffin will be available nationwide on April 22, the world's biggest restaurant chain said on Thursday.

Though McDonald's dominates the fast-food breakfast category, competitors such as Dunkin' Donuts , Subway and Starbucks Corp have offered egg whites - lower in fat and cholesterol than whole eggs - as a breakfast sandwich choice for years.

The Egg White Delight packs an energy punch of 250 calories, against 300 calories for McDonald's mainstay Egg McMuffin.

Tested in the Atlanta and Austin markets last year, the new breakfast sandwich also includes Canadian bacon and white cheddar cheese in a whole grain English muffin.

The announcement comes as resurgent rivals have made some gains against McDonald's by introducing more food choices.

"It's a great move. It will broaden (McDonald's) audience," particularly diners conscious of cholesterol and fat content, said Bob Goldin, an executive vice president at food service consulting firm Technomic.

New Chief Executive Don Thompson, under pressure to revive McDonald's softening U.S. restaurant sales, said at an investor conference on Wednesday that the company would also introduce new breakfast, chicken, fish, beef and beverage options this year.

McDonald's declined to say how the new McMuffin would be priced. At a McDonald's in New York City's Times Square, the regular McMuffin was priced at $3.09 before tax.

The chain has had hits recently with more health-oriented food such as fruit smoothies.

Still, its "healthy" McLean Deluxe hamburger flopped in the early 1990s and the company recently said it would drop its Fruit & Walnut Salad to make way for other items on its menus.

(Additional reporting by Dhanya Skariachan in New York; Editing by Bernadette Baum)

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India for further strengthening of trade ties with Vietnam

New Delhi, Mar 14 (PTI) India attaches high priority to further strengthening its strategic bilateral ties with Vietnam, the 'pillar' of its Look East policy, especially in areas of economic and defence, President Pranab Mukherjee said today. This was conveyed by Mukherjee to Le Thanh Hai, Politburo member of Vietnam Communist Party and Secretary of Ho Chi Minh City Party Committee, who called on the President at Rashtrapati Bhavan here. Hai's visit is the first by a Party Secretary of Ho Chi Minh City to India. "As two dynamic economics of Asia, there is a huge potential. India looks forward to adding more substance and content to our strategic partnership, especially in economic, commercial, defence and security, scientific and technical and cultural fields," Mukherjee said. The President said Vietnam is a pillar of India's Look East Policy. "India attaches high priority to strengthening its engagement with Vietnam both bilaterally and within the framework of Association of Southeast Asian Nations (ASEAN),' the President said. Mukherjee said the two countries' relationship is based on mutual trust and convergence of interests and views on global issues. People of India have great admiration for the courage of the people of Vietnam and their warmth and affection towards India, he said. "Vietnam holds a special place in the hearts of the Indian people," Mukherjee said. The President said the close and personal friendship between great leaders Pt Jawaharlal Nehru and President Ho Chi Minh and between Indira Gandhi and Prime Minister Pham Van Dong has provided a solid foundation for the contemporary relations between the two countries. Le Thanh Hai warmly reciprocated the President's words and said the people and government of Vietnam are very grateful for the support extended by India over the years. He requested the Indian Government to encourage Indian investors to invest in Ho Chi Minh City. PTI AKV RT

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14-year-old raped by neighbour

Bikaner, Mar 14 (PTI) A 14-year old girl was allegedly raped by her neighbour in Sudsar village here, police said today. The victim's family today lodged a complaint against Malaram Jat accusing him of raping the girl for several months. They have alleged that the accused's wife Gomati also helped him in the crime, police said. A medical examination of the minor has been conducted and her statements have been recorded, they said. The accused couple are absconding, police said. PTI Corr SDA ASY

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Madhya Pradesh CM Shivraj Singh Chouhan joins Twitter

New Delhi, Mar 14 (PTI) Madhya Pradesh Chief Minister Shivraj Singh Chouhan is now on micro-blogging site Twitter. Chouhan, who is on the verge of completing his second consecutive tenure on the post, has begun tweeting about official developments through his official handle 'chouhanshivraj'. He is the third BJP chief minister to join the popular social networking site after Gujarat Chief Minister Narendra Modi and Chhattisgarh Chief Minister Raman Singh. Chouhan, who started tweeting from March 8, aims to connect to a large audience through the social networking site, Commissioner, Department of Public Relations (MP), Rakesh Shrivastava said. PTI NES AKV MNS

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Kajol silent on SOS row, says has cordial relations with YRF

Mar 14, 2013, 09.05 PM IST

Kajol silent on SOS row, says has cordial relations with YRF

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Kajol silent on SOS row, says has cordial relations with YRF

Kajol silent on SOS row, says has cordial relations with YRF

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Kajol silent on SOS row, says has cordial relations with YRF

Kajol silent on SOS row, says has cordial relations with YRF

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Mumbai, Mar 14 (PTI) Bollywood actor Kajol, caught in the middle of a spat between her husband Ajay Devgn and Yash Raj Films, today said she did not know what to say about the issue. Ajay had moved the Competition Commission of India last year, claiming that Yash Raj Films was using its dominant position to ask exhibitors to dedicate more screens for Yash Chopra's last directorial venture 'Jab Tak Hai Jaan', at the cost of Devgn's 'Son of Sardaar'. Both released on the same day around Diwali. There were reports that Kajol, who has been a part of some hugely successful YRF films in her career, was not invited to the premiere of 'Jab Tak Hai Jaan' following this. "I share a cordial... normal relation with them (YRF). Whenever we meet we have normal relation," Kajol said at a 'FICCI Frames' event here, where she was interviewed by filmmaker Karan Johar, her friend. Kajol has delivered the blockbuster 'Dilwale Dulhaniya Le Jayenge' and 'Fanaa' under the YRF banner. When asked how she deals with this spat between her husband and YRF, Kajol said, "It is something that happens in life - one deals with it. I don't know what to say about this. I think people can play it, but nicely and quietly." The 38-year-old actress said she was happy to see the industry going through a positive change. "In the past we have seen actresses like Sharmila Tagore, Saira Banu and others working after marriage. So there is no big deal about it. But yes there is a boundary as one can't do certain things after marriage," said Kajol, who married Ajay at the peak of her career. "Today time has changed in the industry. It's a good time for actresses to be here because people are willing to experiment... people are willing to take risk." PTI KKP KRK BB RYS

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Tribunal bans new roads, cutting of trees in Aravalli area

Mar 14, 2013, 09.06 PM IST

Tribunal bans new roads, cutting of trees in Aravalli area

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Tribunal bans new roads, cutting of trees in Aravalli area

Tribunal bans new roads, cutting of trees in Aravalli area

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Tribunal bans new roads, cutting of trees in Aravalli area

Tribunal bans new roads, cutting of trees in Aravalli area

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New Delhi, Mar 14 (PTI) The National Green Tribunal today banned construction of roads and cutting of trees in Aravalli hill area of Gurgaon in Haryana on a plea alleging illegal commercial activities there and set up a committee to monitor execution of its order. The NGT also directed the persons carrying out commercial activities in the area to "plant at least 50 trees in that area" and asked the concerned parties to "make every possible effort to restore the area to its original natural condition." "None of the interveners or any other person would be permitted to construct any roads in the area covered under the notification (of May 1992). Nobody shall cut any tree or bush from the area in question. On the contrary, each of the non-applicants shall plant at least 50 trees in that area. "We also direct that the concerned parties shall make every possible effort to restore the area to its original natural condition," the NGT bench headed by its Chairperson Justice Swatanter Kumar said. The bench, also comprising judicial member Justice P Jyothimani, set up a committee consisting of the Environmental Engineer from the Haryana Pollution Control Board, the SDM of the concerned sub-division in district Gurgaon and a Senior Forest Officer of the area to monitor execution of the tribunal's order. The NGT's directions were passed while disposing of the plea of a Gurgaon resident Devender Kumar who had alleged that large numbers of persons are carrying on commercial and other activities in violation of law. He had also alleged that several marble traders and some other individuals had encroached upon the area and were indulging in illegal activities including felling of trees. The NGT also disposed of the applications filed by several affected persons seeking to intervene in the matter as well as setting aside of an earlier NGT order of January 23 restraining non-forest and commercial activity in the area. The affected persons had taken the stand that activities carried out by them and the structures they raised were not unauthorised. (MORE) PTI HMP RKS RT

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Lawsuit says two-year-old boy ate used condom at Chicago McDonald's

By Jonathan Stempel

REUTERS - McDonald's Corp has been sued by a woman who said her two-year-old son ate a used condom he found in the play area of one of its restaurants in Chicago.

Anishi Spencer filed the complaint against the fast-food restaurant chain on Wednesday in Cook County Circuit Court on behalf of herself and her sons, Jonathan Hines and Jacquel Hines.

According to the complaint, Spencer and her sons were at a McDonald's restaurant in Chicago's South Side on February 4, 2012 when Jacquel picked up the used condom from the floor, and shortly thereafter coughed up a piece of it.

Both boys required medical care, and have suffered lasting injuries, pain and discomfort, the complaint said.

Spencer accused McDonald's of negligence for failing to clean hazardous debris from the play area, and failing to use appropriate security measures to help uncover "deviant activities." The lawsuit seeks at least $50,000 of damages.

"This is a very disgusting case," Jeffrey Deutschman, a lawyer for Spencer and her sons at Deutschman & Associates in Chicago, said in a phone interview.

He said he tried to settle, but was unable to do so after having to deal with "layers and layers" of bureaucracy at McDonald's, which is based in Oak Brook, Illinois.

McDonald's spokeswomen did not immediately respond to requests for comment.

Jonathan is now 4 and Jacquel is now 3.

The case is Hines et al v. McDonald's Restaurants of Illinois Inc et al, Cook County Circuit Court, No. 2013L002625.

(Reporting by Jonathan Stempel in New York; Editing by Nick Zieminski)

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Bahrain's Batelco in talks to buy stake in RComm unit

DUBAI (Reuters) - Bahrain Telecommunications Co (Batelco) is in talks with Reliance Communications to buy a stake in the Indian operator's enterprise business unit, the former monopoly said on Thursday.

"We are in discussions with Reliance Group with respect to Reliance Globalcom, its global communications services business unit," Batelco chief executive Shaikh Mohamed bin Isa al-Khalifa said in an emailed statement.

Separately, Peter Kaliaropoulos, Batelco Group Chief Executive Officer for Strategic Assignments, told Reuters the talks were about buying a stake in Reliance Globalcom.

(Reporting by Matt Smith; editing by Keiron Henderson)

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BlackBerry plans security feature for Android, iPhone platforms

Mar 14, 2013, 09.12 PM IST

BLACKBERRY-SECURITY:BlackBerry plans security feature for Android, iPhone platforms

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BlackBerry plans security feature for Android, iPhone platforms

BLACKBERRY-SECURITY:BlackBerry plans security feature for Android, iPhone platforms

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By Euan Rocha

TORONTO (Reuters) - BlackBerry will offer technology to separate and secure work and personal data on mobile devices powered by Google Inc's Android platform and Apple Inc's

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Jobless claims data brightens U.S. jobs picture

By Lucia Mutikani

WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits dropped for a third straight week last week, the latest indication the labor market recovery was gaining traction.

Other data on Thursday showed a spike in the cost of gasoline pushed up producer prices last month, but a lack of broad price pressures gives the Federal Reserve scope to maintain its very easy monetary policy.

The claims report added to data such as retail sales and manufacturing that have suggested a limited impact on the economy from higher taxes.

"The recent labor market data signal at least steady, and potentially improving, job growth so far in 2013 despite the implementation of various forms of fiscal tightening," said Daniel Silver, an economist at JPMorgan in New York.

Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 332,000, the Labor Department said. Economists polled by Reuters had expected first-time applications for jobless aid to rise to 350,000.

The four-week moving average for new claims, a better measure of labor market trends, fell to a five-year low, suggesting a firming in underlying labor market conditions.

While the signs of strength in the labor market could intensify the debate at the Fed on the future course of monetary policy, economists said the U.S. central was unlikely to shift from its very accommodative monetary policy stance anytime soon.

Although layoffs have significantly dropped, hiring has held steady as businesses worry about sluggish demand. Nonfarm payrolls increased 236,000 in February, with the unemployment rate falling to a four-year low of 7.7 percent.

"The Fed is looking for a broad underlying improvement in the labor market. We need to see the hiring rate accelerate for this labor market recovery to really take hold," said Omair Sharif, an economist at RBS in Stamford, Connecticut.

A government report on Tuesday showed layoffs in January were the fewest on record. However, the hiring rate still has not accelerated.

Investors welcomed the drop in claims and bought U.S. stocks. The Dow Jones industrial average was on track to rise for an 11th straight day. Prices for U.S. Treasury debt fell, while the dollar was flat against a basket of currencies.

BENIGN INFLATION

Concerns over high unemployment prompted the U.S. central bank last year to launch an open-ended bond buying program, but divisions are emerging among policymakers about the program.

The central bank is buying $85 billion in bonds per month and has said it would keep up its asset purchases until it sees a substantial improvement in the labor market outlook.

It hopes the purchases will drive down borrowing costs to spur faster economic growth.

In a second report, the Labor Department said its seasonally adjusted Producer Price Index increased 0.7 percent last month after advancing 0.2 percent in January.

In the 12 months through February, prices received by farms, factories and refineries were up 1.7 percent, the fastest rise since October and followed a 1.4 percent gain the prior month.

However, underlying inflation pressures remained contained, with wholesale prices excluding volatile food and energy costs rising 0.2 percent after a similar advance in January.

In the 12 months through February, core PPI was up 1.7 percent, the smallest rise since January 2011. It had increased 1.8 percent in January.

While gasoline prices pushed up overall PPI last month, they have started to fall from their lofty levels. This should keep inflation pressures tame and boost consumers' purchasing power.

"The underlying picture for inflation remains quiet. Prices for oil and gasoline have fallen back since February, so we expect to see a sharp fall in the headline PPI next month," said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts.

(Reporting by Lucia Mutikani; Additional reporting by Richard Leong in New York; Editing by Neil Stempleman)

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Shares gain on U.S. jobs data, euro rises after ECB

By Herbert Lash

NEW YORK (Reuters) - Global equity markets rose on Thursday after an encouraging U.S. weekly labor market report suggested a steadily improving economy, while the euro strengthened after the European Central Bank left its benchmark interest rate unchanged.

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting a pick-up in the labor market recovery and economic growth.

Equities on Wall Street opened higher on the labor report, but European shares pared their gains when ECB President Mario Draghi was non-committal as to whether he felt equity markets were fairly priced at current lofty levels.

MSCI's all-country world stock index was up 0.2 percent on the day. The index touched 359.47, a new intraday high for the year.

"It's certainly welcoming to the market and it's once again supporting the thought that the economic recovery is strengthening despite the stalemate in budget talks, etc," said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co. LLC in New York.

Russell Price, senior economist at Ameriprise Financial Services Inc in Troy, Michigan, said the declining number of Americans seeking unemployment benefits was an encouraging sign for the economy.

The number of Americans filing initial claims for unemployment benefits unexpectedly fell to a seasonally adjusted 340,000 last week, suggesting a pick-up in the labor market recovery.

"It shows now that we have a few consecutive weeks where new claims are at this lower trend; it's very encouraging for labor market conditions currently and going forward," Price said.

The Dow Jones industrial average was up 43.85 points, or 0.31 percent, at 14,340.09. The Standard & Poor's 500 Index was up 2.33 points, or 0.15 percent, at 1,543.79. The Nasdaq Composite Index was up 4.29 points, or 0.13 percent, at 3,226.66.

The euro was up 1.1 percent on the day at $1.3106. The session peak of $1.3116 marked a five-day high.

Prices for U.S. Treasuries slid as a second straight day of better-than-expected labor market data boosted appetite for riskier assets.

Benchmark 10-year Treasury notes slid 9/32 in price to yield 1.9687 percent.

Oil rebounded above $111 a barrel as the ECB gave no strong hint about monetary policy easing in the months ahead and on the better-than-expected jobs data.

The ECB and the Bank of England kept interest rates on hold, as expected. Better-than-forecast U.S. jobs data suggested a pick-up in the labor market recovery and economic growth.

Brent crude rose 28 cents at $111.34 a barrel. U.S. WTI crude futures rose $1.14 to $91.57.

(Additional reporting by Richard Hubbard in London; Reporting by Herbert Lash; Editing by James Dalgleish)

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Tata Steel recognised as one of world's most ethical cos

Tata Steel today said it has been recognised as one of the world's most ethical companies for 2013 by the Ethisphere Institute, a leading international organisation.

"The recognition was awarded post assessment on a number of parameters which included reputation, innovation and leadership, compliance and ethics programme, training and communication, corporate governance, corporate citizenship, sustainability and responsibility," the company said.

The award was received by Ethics Counsellor, Tata Steel, Tripti Roy, at a function held in New York.

Tata Steel Managing Director H M Nerurkar commented, "It is truly an honour to be recognised for our ethical practices which have always been the driving principle in the way we conduct our business."

Ethisphere has reviewed nominations from companies in more than 100 countries and 36 industries through in-depth research and multi-step analysis.

In another development, the steel maker said it was conferred with the Most Admired Knowledge Enterprises (MAKE) award for 2012 at Global and Asian level.

The company has previously been recognised by the Indian MAKE awards on six accounts since its inception in 2005.

Tata Steel is world's second most geographically diversified steel producers with an annual crude steel capacity of over 26.5 million tonnes.

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Rakhine crisis risks spread, endangering Myanmar reforms - UN

By Stephanie Nebehay

GENEVA (Reuters) - The crisis in Myanmar's Rakhine state, where sectarian violence erupted last year, risks spreading and endangering democratic reforms undertaken since military rule ended in 2011, a U.N. investigator said on Thursday.

Myanmar should release the remaining 250 political prisoners, end torture by police and address root causes of ethnic conflicts, the independent investigator Tomas Ojea Quintana said.

"There remains a large gap between reform at the top and implementation on the ground," he said in an annual report to the United Nations Human Rights Council.

"Rakhine state is going through a profound crisis that threatens to spread to other parts of the country and has the potential to undermine the entire reform process in Myanmar."

Ojea Quintana visited Myanmar for five days last month and held talks with ministers, opposition leader Aung San Suu Kyi and prisoners. He also visited camps for displaced people uprooted by ethnic clashes in Rakhine and Kachin states.

"While the process of reform is continuing in the right direction, there are significant human rights shortcomings that remain unaddressed, such as discrimination against the Rohingya in Rakhine State and the ongoing human rights violations in relation to the conflict in Kachin State," he said.

They must not become entrenched and destabilise the reform process, said Ojea Quintana, an Argentine human rights lawyer.

Deadly sectarian violence erupted last June and October in Rakhine state between Rakhine Buddhists and Muslim Rohingyas.

"Both Muslim and Buddhist Rakhine communities continue to suffer the consequences of violence that the government has finally been able to control, though question marks remain over the extent to which excessive force has been used," he said.

The Nasaka, a border security force accused of committing serious violations against Muslims, should be suspended.

"ENDEMIC DISCRIMINATION"

Ojea Quintana voiced concern at the "endemic discrimination" against the estimated 800,000 Muslim Rohingyas who lack legal status, and called for discriminatory regulations to be removed.

The Yangon government says the Rohingyas are illegal immigrants from Bangladesh and does not regard them as citizens. Bangladesh also denies them citizenship.

More than 1,100 people, the vast majority of them Rohingya men and boys, are reported to be detained, the U.N. envoy said, urging authorities to ensure that they are not mistreated.

Despite a more open environment after decades of military rule, people in Myanmar can be imprisoned for taking part in a peaceful march, he said, calling for the law to be amended.

He saw "no evidence that the judiciary is developing any independence from the executive branch of government".

The quasi-civilian government of President Thein Sein must address serious abuses by the junta and prosecute perpetrators. "Measures to ensure justice and accountability, and access to truth, must therefore remain part of Myanmar's reform agenda."

Ojea Quintana welcomed increased freedom for Internet users and the reopening of prisons to visits by the Red Cross.

The conflict in Kachin, a volatile area bordering China, escalated in recent months, with the military using air power and heavy artillery to attack targets in Laiza, he said.

He cited continued allegations of "attacks against civilian populations, extrajudicial killings, sexual and gender-based violence, arbitrary arrest and detention, as well as torture".

Kachin men suspected of having links to the Kachin Independence Army have been arrested and possibly tortured.

Authorities must pursue negotiations with armed groups and protect civilians in Kachin, he said. "Any durable political solution must address the root causes of the conflict and should address the particular concerns of ethnic minority groups."

(Editing by Sonya Hepinstall)

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Google searching for world-changing ideas through its online science competition

Mar 07, 2013, 08.35 PM IST

If you're between 13 and 18 years old and think you have a great idea, Google has the doors of its ongoing Science Fair open to you. The Google Science Fair 2013...

Source: Tech2.com

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Google searching for world-changing ideas through its online science competition

If you're between 13 and 18 years old and think you have a great idea, Google has the doors of its ongoing Science Fair open to you. The Google Science Fair 2013...

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Google searching for world-changing ideas through its online science competition

If you're between 13 and 18 years old and think you have a great idea, Google has the doors of its ongoing Science Fair open to you. The Google Science Fair 2013...

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If you're between 13 and 18 years of age and think you have a great idea, Google has the doors of its ongoing Science Fair open to you. The Google Science Fair 2013 is an online science competition open to students anywhere in the world.

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Nod to AirAsia made after close scrutiny of policy: Sharma

Dismissing concerns over foreign investments in AirAsia, Commerce and Industry Minister Anand Sharma today said that FIPB took the decision of allowing FDI after careful scrutiny.

"You have to clearly read the press note. It is FDI in civil aviation in an existing airline or in the capital of a company. See, you have to look at the fine print. I am sure this decision has been made after very careful scrutiny of the policy and its understanding by the FIPB," Sharma told reporters here.

The Foreign Investment Promotion Board (FIPB) yesterday cleared the Malaysian budget carrier AirAsia's bid to launch an airline in India by joining hands with Tata Sons.

However, soon after the FIPB nod to the proposal, the Civil Aviation Ministry sought further clarity on the FDI policy in aviation, particularly on whether a foreign airline could invest in a new venture.

"There are some procedural problems... The notification says (investment by a foreign airline in) an Indian carrier. So they (investor) have to follow the procedure because the Cabinet took a decision, following which the Commerce Ministry issued the notification," Civil Aviation Minister Ajit Singh has said.

AirAsia has announced it would set up a 49:30:21 joint venture with the Tata Sons and Telestra Tradeplace of Indian investor Arun Bhatia to launch a new Indian airline.

The initial investment by the AirAsia-led joint venture would be Rs 80 crore.

An official said the FIPB clearance was granted in accordance with the policy which allows up to 49 per cent FDI by a foreign carrier in an Indian airline company.

With the FIPB clearance, the AirAsia joint venture would now have to approach aviation regulator Directorate General of Civil Aviation (DGCA) for further clearances and a scheduled air operator's permit which allows an airline to undertake flying operations.

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Rahul laments growing trend of bureaucracy driving govt

New Delhi, Mar 7 (PTI) Days after disapproving the "high command culture" in the party, Congress Vice President Rahul Gandhi today said that chief ministers are imposed from above unlike in the past. Interacting with party MPs from Rajasthan, he also lamented about the growing trend in states, where the bureaucracy was driving the government and the media driving the bureaucracy, sources said. He made the remarks in the lengthy meeting held at a time when the Assembly elections are not far away. Talking to some of the MPs on Tuesday, Rahul also gave signals that he was against the 'high command culture', saying he wants to empower more and more people than a handful, who call the shots. The 42-year-old leader had told the MPs in no uncertain terms that the organisation was his priority and he was preparing for a long haul. There were some light moments during the interaction today with Rahul noting that a number of the Rajya Sabha MPs from Rajasthan belong to other states, to which some of the Rajashtan-based leaders responded saying "we embrace all". The meeting also saw some complaints that the central ministers do not listen to them and so is the situation in the state, where the state government is also not bothered about the MPs. Some MPs complained to Rahul that due weightage is not given to party MLAs as far in implementation of development schemes in their areas. Gandhi, however, told MPs to "forget internal differences" and concentrate on strengthening the organisation. A Union minister, who attended the meeting said that Congress should focus on increasing its vote share. PTI SPG AMR ZMN

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Five jailed for committing dacoity in shop

New Delhi, Mar 7 (PTI) Five men, who had entered a shop and committed dacoity at knife point, have been sent to jail by a Delhi court for terms varying from life imprisonment to seven years. Additional Sessions Judge Kamini Lau awarded the jail term to the five convicts saying the offence was committed in "consortium and conjointly" by them and they are part of a gang of dacoits whose senior members commit dacoity while younder ones keep a watch outside. It gave life terms to Shakurpur residents Mohd Arif, Naeem and Sarfaraz and seven year imprisonment to Mohd Azad Alam and Shahzad. "The law and order situation has been deteriorating in the country and has worsened in recent past. Instances of persons getting involved in criminal activities of robbing innocent persons by putting them under threat of death are on rise. "Trigger-happy criminals like the convicts before this court unhesitatingly and indiscriminately use dangerous firearms on helpless victims as has happened in the present case. The acts of the convicts have a tendency of spreading terror in the society, adversely affecting social order and the faith of people in the system," the court said. As two CCTVs were installed in the shop, the incident, which lasted for only 21 seconds, was captured in them and with the help of those visuals and testimonies of the victims and eye witnesses confirmed the identity of the accused. According to the prosecution, the five accused had on the night of February 4, 2011 committed dacoity in the shop of one Amar Nath Gupta, a wholesale dealer of tobacco products, in Sri Nagar area in North West Delhi. (More) PTI SKV PAL

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Ex-wife guilty in case that toppled British minister

By Estelle Shirbon

LONDON (Reuters) - Vicky Pryce, former wife of disgraced British ex-minister Chris Huhne, was convicted on Thursday of perverting the course of justice by taking penalty points on her driving licence in 2003 for a speeding offence he had committed.

Huhne, who resigned as energy secretary in February 2012 when he and Pryce were both charged over the 2003 points, had pleaded guilty to the charge on February 4.

Huhne, considered until his guilty plea a likely successor to Deputy Prime Minister Nick Clegg as Liberal Democrat leader, and Pryce, a former joint head of the government's economic service, will be sentenced later. They both face jail terms.

The speeding points deception, which took place at a time when the couple were happily married, remained a family secret for eight years but came back to haunt Huhne after the acrimonious break-up of the 26-year marriage.

Huhne abruptly left Pryce in June 2010 when his long-term affair with bisexual former aide Carina Trimingham was about to be exposed in the press. Details of the trio's private lives were splashed all over the newspapers for weeks.

Months later, Pryce told two newspapers about the 2003 points deception in an act of revenge against Huhne. The jury were shown an email from Pryce to a journalist in March 2011 in which she wrote, "I definitely want to nail him."

The first news reports about the points incident appeared in May 2011 and police then started investigating the matter, culminating in criminal charges in February 2012.

Pryce pleaded not guilty, arguing that Huhne had coerced her into taking his penalty points so he could avoid a driving ban. Huhne already had penalty points on his licence at the time while Pryce did not, so she was not at risk of a ban.

Pryce's first trial ended last month after the jury at London's Southwark Crown Court were unable to reach a verdict.

After a retrial, a new jury rejected Pryce's defence of "marital coercion", convicting her unanimously.

Huhne and Pryce had been supposed to stand trial together but his 11th-hour guilty plea on the morning the trial was due to start meant that Pryce was alone in the dock.

Her trials revealed intimate and painful details of the private lives of a once happy and powerful couple. In particular, seeking to bolster her marital coercion defence by showing that in certain circumstances she could be bullied by Huhne, Pryce said he had forced her to have an abortion in 1990.

The court also heard colourful snippets from months of discussions in 2010-2011 between Pryce and journalists keen to publish a story with the potential to bring down a minister.

In one email read in court, a Mail on Sunday journalist asked an intermediary if there was "lift-off" for an article, in the form of a statement from Pryce confirming the points story.

"If so, I suspect he will be an ex-minister by Sunday lunchtime," the journalist wrote. (Reporting by Estelle Shirbon; Editing by Mark Heinrich)

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U.N. Security Council hits North Korea with more sanctions

UNITED NATIONS (Reuters) - In response to North Korea's third nuclear test, the U.N. Security Council voted on Thursday to tighten financial restrictions on Pyongyang and crack down on its attempts to ship and receive banned cargo in breach of U.N. sanctions.

The U.S.-drafted resolution, which was approved unanimously by the 15-nation council, was the product of three weeks of negotiations between the United States and China after North Korea's third nuclear test on February 12.

U.N. Secretary-General Ban Ki-moon, a former South Korean foreign minister, welcomed the council's move, saying in a statement that the resolution "sent an unequivocal message to (North Korea) that the international community will not tolerate its pursuit of nuclear weapons."

(Reporting By Louis Charbonneau; Editing by Vicki Allen)

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Ousted Pistorius detective quits S.African police

JOHANNESBURG (Reuters) - The South African detective ridiculed for his slipshod handling of the initial investigation into the killing of Olympic track star Oscar Pistorius' girlfriend has resigned from the force, police said on Thursday.

Warrant Officer Hilton Botha, a detective with 24 years experience, was the first officer on the scene after the Valentine's Day shooting of law graduate and model Reeva Steenkamp.

However, he was pulled off the case after it emerged he was being investigated for seven counts of attempted murder. He was also criticised for mixing up key facts about the investigation at Pistorius' bail hearing.

(Reporting by Peroshni Govender; Editing by Ed Cropley)

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