India, Japan to enhance greater cooperation to combat terrorism.Prime Minister Manmohan Singh, who is in Tokyo, as part of three-nation tour, said on Monday that India seeks Japan's help in nuclear energy expansion.
Pranab Mukherjee Finance Minister Pranab Mukherjee on Friday said people displaced due to mining projects should be provided alternative sources of livelihood in addition to adequate compensation.
No American intervention on Kashmir issue as India, Japan decide to speed up negotiations on N-deal.PM invites Japanese firms to invest in infrastructure projects.
Direct Taxes Code to be implemented from April 1, 2011
Life insurers should be in biz for 10 yrs to launch IPOs: IRDA
Country's top fund house Reliance Mutual Fund today said it is bullish on the government's divestment plan and would like to have a pie in the state-owned majors like Indian Oil and ONGC.
Indian Holocaust My Father`s Life and Time - FIVE Hundred Fourteen
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
Direct Taxes Code to be implemented from April 1, 2011
Prime Minister Manmohan Singh, who is in Tokyo, as part of three-nation tour, said on Monday that India seeks Japan's help in nuclear energy expansion.
Indian Prime Minister Manmohan Singh on Monday said that the country would work towards economic reforms to facilitate higher investment inflows.Attending a business luncheon in Tokyo after his meeting with Japanese Foreign Minister Seiji Maehara, Singh said he hoped to bring direct and indirect taxes into one Goods and Services Tax.
He also spoke about the recovery of countries that were hit by economic recession adding that the recovery has been fragile,as circumstances remain difficult even today.Condemning terrorism in all its forms and manifestations, committed by whomever, wherever and for whatever purpose, India and Japan here on Monday decided to enhance greater cooperation in combating terrorism through information-sharing and counter-terrorism training as well as utilizing the India-Japan Joint Working Group on Counter-Terrorism.Japanese Prime Minister Naoto Kan condemned terrorist attacks in and against India, such as the bomb blast in Pune on 13 February 2010 and in Kabul on 26 February 2010, in which Indians as well as other nationals were targeted.
Coal India IPO price set at Rs 245 per share; govt raised about Rs 15,500 cr. Finance Minister Pranab Mukherjee has already said huge demand for Coal India's initial share sale offer shows investor confidence in premier Indian companies. Record subscriptions for the Coal India initial public offer (IPO) from retail investors have made people, from finance minister Pranab Mukherjee to company chairman Partha Bhattacharyya, happy, though some financial advisors are a worried a lot with the leverage the salaried class is taking to get a share of the pie.India's biggest share sale received 17 times subscriptions, or $55 billion, as investors expect to make quick returns on expectations that it may trade at a 20-25% premium to the offer price, based on the grey market transactions. However,Insurance regulator IRDA is not in favour of allowing initial public offers (IPOs) by life insurers who have been in business for less than ten years, a condition holding up the IPO guidelines for the sector.Country's top fund house Reliance Mutual Fund today said it is bullish on the government's divestment plan and would like to have a pie in the state-owned majors like Indian Oil and ONGC.
Geelani, Roy may be booked under sedition charge
A goahead to file a case of sedition against hardline Kashmiri separatist leader Syed Ali Shah Geelani and activist Arundhati Roy has been given to Delhi Police by Union Home Ministry. However, it is far from clear now whether the police will proceed with the case although legal advice received by it says that a case has been made out under Section 124 of IPC which applies to cases where disaffection against the State is advocated.The police is now mulling over possible ramifications of proceeding with the case and is likely to seek political clearance to go ahead. .
"Kashmir has never been an integral part of India - it is a historical fact. Even the Indian government has accepted this"
2 hours ago IBNLive.com (7 occurrences)
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The Hindu
JK Police examining Arundhati's speech
Hindustan Times - 1 hour agoPTI Jammu and Kashmir Police is looking into the controversial speech of Arundhati Roy on Jammu and Kashmir's accession to India and does not rule out ...
Case might be filed against Geelani, Arundhati Roy IBNLive.com
Cong asks Arundhati Roy to withdraw statement on JK Indian Express
Arundhati Roy may be booked for 'Anti-India' remarks Bharat Chronicle
Central Chronicle - Kashmir Observer
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Email this storyCong demands Arundhati Roy to withdraw statement on Kashmir
MyNews.in - 5 hours agoAllahabad: Coming out with strong objection over statement given by famous writer Arundhati Roy, a senior Congress leader has asked that the activist should ...
Arundhati Roy's mother gets her share
Times of India - Oct 21, 2010On Wednesday, officials appointed by the court measured and demarcated the share belonging to Roy, elder sister Moly Joseph and widow of a brother, ...
Arundhati Roy's mother gets property share after 24 years Indian Express
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Gulf Times
Arundhati's mother to donate 'cursed money'
Gulf Times - Ashraf Padanna - 21 hours agoThe mother of Booker prize winner Arundhati Roy who won a five-decades-long fight for family property, says she does not ...
Splittists provoke India again
Times Now.tv - Oct 24, 2010Among the gathering of separatists are pro-Maoist terrorist sympathisers like Gautam Navlakha and Arundhati Roy. They are condoning the actions of ...
Privilege of being Arundhati Roy
Daily Pioneer - Kanchan Gupta - Oct 23, 2010By souvik on 10/24/2010 10:55:28 AM Does Chidambaram has the guts to arrest Arundhati? Chids is busy harassing Amit Shah to protect 10 Janpath By ...
The Hindu
Jaitley blasts Arundhati & co
Daily Pioneer - Oct 22, 2010The Union Government on Friday ordered a probe into anti-national speeches made by author-activist Arundhati Roy and separatist leader Syed Ali Shah Geelani ...
Video: BJP slams centre over 'azadi' meet
Kashmiri Hindus protest against Geelani, Arundhati at seminar Sify
Police report on Geelani to go to MHA Times of India
Calcutta Telegraph
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Arundhati to address CCS seminar today
Rising Kashmir - Oct 23, 2010The seminar would be addressed by noted journalist and writer Arundhati Roy, human rights activist Gautam Navlakha, filmmaker Sanjay Kak, ...
The Hindu
A political statement, says Arundhati Roy
The Hindu - Mohammed Iqbal - Oct 2, 2010The Hindu Booker Prize winner and activist Arundhati Roy speaks on "Attack on life, liberty and democratic rights by the State: Challenges and resistance" ...
India is a poor super power: Arundhati Roy Hindustan Times
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Rediff
What upsets Gul Panag, Akshay Kumar
Rediff - 6 hours agoGul Panag seemed quite upset with writer and activist Arundhati Roy, who claimed in an interview that Kashmir was never an integral part of India. ...
Case against Arundhati Roy
Times of India - Oct 4, 2010RANCHI: A complaint case was lodged at the Ranchi chief judicial magistrate's (CJM) court against Booker prize winner and social activist Arundhati Roy for ...
Complaint lodged against Arundhati Roy Ranchi Express
Complaint lodged against Arundhati for her Kashmir stance Kashmir Media Service
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PM's daughter supports Arundhati
Deccan Herald - Oct 2, 2010Prime Minister Manmohan Singh's daughter Daman Singh feels that the essays of writer-activist Arundhati Roy who has been attacking the Government's Maoist ...
PM daughter agrees with Roy's stand Deccan Chronicle
I Have Faith In My Father: Daman Singh Yentha - Helps you decide
Book on my parents will be a personal account: Daman Singh IBNLive.com
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Outlook
Such A Short But Sweet Journey
Outlook - Oct 23, 2010Three, why do we publish Arundhati Roy so often? Four, why do I call my dog Editor? On our political stance, I have already explained our approach. ...
The Outlook Loyalists Outlook
There's Life After Next Monday Outlook
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samaylive
Case Filed Against Roy For Kashmir Remarks
Kashmir Observer - Oct 5, 2010Srinagar, Oct 05, KONS: A complaint has been filed with the Ranchi chief judicial magistrate against renowned author and social activist Arundhati Roy for ...
Plea to file traitor case against Arundhati samaylive
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Email this story'Congress framing Indresh for votes'
Times of India - Ashish Roy - Oct 23, 2010... Vijay also slammed Congress for not cracking down on Kashmiri separatist leader Syed Ali Shah Geelani and Arundhati Roy for their remarks on Kashmir. ...
May get away once more
Daily Pioneer - Abraham Thomas - Oct 23, 2010... any person inciting hatred and disaffection towards Government or one who advocates cession from India, noted author Arundhati Roy could have a way out. ...
Jaitely criticises Centre for allowing pro-sedition conference in Delhi
Sify - Oct 22, 2010Novelist Arundhati Roy, who was present at the seminar, advocated the ideas of the separatists as their right to speech. Jaitley said this right couldn't be ...
India This Evening:Narendra Modi Plans $11.3 Billion Mega Dam
Wall Street Journal (blog) - 3 hours ago(Source: Press Trust of India) Congress Asks Arundhati Roy to Withdraw Statement on Kashmir: The Booker Prize winning author had said "Kashmir has never ...
BJP raps government on Geelani meeting in Delhi
Sify - Oct 22, 2010Booker Prize-winning author-activist Arundhati Roy and several other civil rights leaders attended the meeting, which was disrupted for a while by ...
Mary Roy case: Court executes key verdict on women''s right
IBNLive.com - Oct 21, 2010Educator-cum-rights campaigner and the mother of noted writer Arundhati Roy, Mary Roy had approached the apex court seeking gender justice in inheritance. ...
Obama should ensure US aid to Pak not used against India: BJP
Hindustan Times - Oct 23, 2010... Vijay criticised the Home Ministry for permitting Kashmiri separatist leader Syed Shah Geelani and author and social activist Arundhati Roy for holding ...
NDTV.com
Int'l community appealed to play role in Kashmir solution
Kashmir Media Service - Oct 24, 2010They included Parvaiz Imaroz, Zahiruddin, Khuram Parvez, Arundhati Roy, Gautam Navlakha, Dr Shaikh Showket Hussain, Sanjay Kak, Ashin Roy, Gautam Moodi, ...
Video: BJP targets Kashmir interlocutors over Pak comments
Omar supports interlocutors, says Pak has a role in JK India Today
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Email this storyThe Pak Pack
Hindustan Times - Oct 23, 2010This was reinforced by Arundhati Roy's The God of Small Things, which went even more remote with its setting of Kerala, even less familiar to readers than ...
The Hindu
Tagore's work in dance form
The Hindu - Oct 5, 2010Odissi exponent Arundhati Roy performs at a programme organised by Southern Railway as part of 150th birth anniversary celebrations of Rabindranath Tagore, ...
Hindu leaders trapped under appeasement policy: BJP
Central Chronicle - Oct 24, 2010He said the Congress did not take action against Arundhati Roy and Syed Ali Shah Gilani, who aired derogatory remarks against Hindus and also maintained ...
Outlook
Pretty Prose And Guns From Cloud Cuckoo Land
Outlook - Oct 1, 2010It's difficult not to admire the perseverance and passion of Arundhati Roy, writer and born rebel. More so when she packages her attacks on the basics of ...
Is India a 'Hindu' State?
Rising Kashmir - Oct 23, 2010Infact, Arundhati Roy calls it, "Upper Caste Hindu Corporate Republic!" It has a Hindu army, a Hindu police, a Hindu intelligence agency, ...
Yentha - Helps you decide
LITERATURE: Five India Writers You Shouldn't Miss
Yentha - Helps you decide - Oct 19, 2010... left a mark in literature that is to be reckoned with and some of them became a household name even in the west like Arundhati Roy and VS Naipul. ...
Washington Post
Kashmir at crossroads
Pakistan Observer - Oct 12, 2010Only two years ago, Indian writer Arundhati Roy had challenged the world's and India's conscience on this issue, drawing people's attention to a huge price ...
Go India, Go! A Referendum for Kashmir Is Needed Dissident Voice
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Sharmila just 10 days short of clocking 10 years 'fast-unto-dead'
MorungExpress - Oct 21, 2010Earlier, writer-activist Arundhati Roy assured that she would come to Imphal to join the November 2 event with Irom Sharmila but due to her mother's ...
Ahead of his visit, Obama sends wish list to Singh
Bringing to bear his political weight amid the not-so-successful efforts at bridging differences on a range of critical issues, US President Barack Obama has written a letter to Prime Minister Manmohan Singh conveying US expectations from the presidential visit early next month.According to reliable sources, the letter was carried by US under secretary of state for political affairs William Burns last week and personally handed over to the Prime Minister's Office. While details are not known, sources said the US President has expressed hope that concerns of US nuclear industry arising out of India's civil nuclear liability legislation would be addressed soon in order to commence commercial negotiations.
Obama is said to have listed out other unresolved issues too that he hoped would be addressed. These include closure on certain defence deals like the purchase of C-17 aircraft, market access to US agricultural products and problems emerging from India's fresh norms for telecom companies. However, he is believed to have made no mention of issues important to India like supporting its candidature for permanent membership of the UNSC. What is causing some concern is there is no sign of closure on any of the issues important to either side.
UNSC membership: The US has so far agreed to describe India as a "natural candidate" for permanent membership but India is keen on a clearer commitment like US "endorsing" India's candidature. So, the issue still remains open despite lengthy negotiations with Burns and Assistant Secretary of State for South Asia Robert Blake last week.
US Nuclear concerns: For US, India making the move to join the Convention on Supplementary Compensation is just one pre-requisite to begin commercial negotiations. Washington has surprised New Delhi with a suggestion that if the Act cannot be amended, then the operator - in this case the NPCIL - gives an undertaking that the right to recourse to the supplier as enshrined in Article 17 (b) of the Liability Act, will not apply on US suppliers. US has been told that this kind of exception is just not possible and that US companies will have to work within Indian laws. There seems to limited convergence on this issue. The DAE has complicated matters by not assigning high-level officials to brief US nuclear suppliers in a meeting which was scheduled in Mumbai. Upset US authorities took up the matter officially and at South Block's behest, a meeting was arranged in Delhi where DAE head Srikumar Bannerjee was asked to interact with US suppliers.
Entities list: There is still no clean exemption from the US. While it is prepared to remove ISRO and DRDO entities from the list of entities requiring case-by-case clearance to trade in dual-use technology, US has still not conceded ground on removing entities belonging to the Department of Atomic Energy. Also, US has conveyed that end-use verification would still be applicable even if these entities are taken off the list. This is not acceptable to India, which wants a clean and complete deletion of all Indian entities from the list maintained by the US Bureau of Industrial standards. The issue is still open and further negotiations are needed.
Defence deals and agreements: With the US pushing for India to take a call on signing some of the pending defence agreements like the LSA, CISMOA and BECA, a proposal is under consideration to announce setting up a joint Indo-US group for discussing defence agreements. This is still to get Defence Ministry's clearance. Meanwhile, certain big ticket defence deals are expected to be announced during the visit.
NSG membership: Here, there is a greater convergence with US agreeing to language that it would seek to "evolve criteria" within the NSG that would make it possible for India to be considered for membership of this elite group.
Market access to US dairy and meat products: US wants prohibition on its dairy and meat products to go. Indian authorities say calf rennet is used in many US dairy products and the ban cannot be lifted until suitable measures are taken to satisfy India that this is not used in products sent to India. US is very keen to have this prohibition lifted while India is worried about religious sensitivities connected with this. A US delegation expected next week to specially discuss this issue.
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Market regulator Sebi said it needs more time to decide on the new takeover code.Tweet can predict stock market mood!
A study has found out that netizens could predict stock market sentiments with 90% accuracy.Women to flee microfinance institutions
HUL Q2 net profit up 32 pct to Rs 566 cr
Sebi doubles retail investor cap
Narendra Modi plans Rs 50,000 cr dam
ASX, SGX union creates mammoth entity
Connaught Place job stake sold: Parsvnath
"This (Coal India) is a premier organisation. It speaks how much confidence they enjoy -- public sector undertakings and private sector firms," Mukherjee told reporters.
The initial public offer by Coal India has generated a total demand for shares worth Rs 2,34,716 crore, the most in the history of India's primary marketState-run Coal India has surpassed the record of Reliance Power IPO that had attracted bids valued over Rs 2.05 trillion.
Coal ministry opposes concessions for PSUs in profit sharing.Amid a furore over 26 per cent profit-sharing with locals under the proposed new mining law and demands for watering down the provision for PSUs, the Mines Ministry today said its final draft will go with the recommendations of the Group of Ministers.Coal Ministry Insists on Full Minig Rights to nullify Green Objections and Forest right , environment Atcs altogther.As FIIs have invested highly in Coal India IPO, the Government of India Incs all set to EXPLOIT natural Resources whatever may come in the way. It indicates, the Corporate War has to be INTENSIFIED and Aboriginal Humanscape with Nature associated Community Demography has to be FINISHED with Military Option under AFSPA. On the other hand, Kashir Stand OFF is maintained quite systematically as the INTERLOCUTERS suggest inclusion of Pakistan in interactions evoking Blind Brahaminical Blind Nationalism most essential for Economic Ethnic Cleansing. AMERICAN Intervention angle in another point while India happens to be the Partner of america`s War against Terror with Strategic Realliance in US Israel lead and Indo US Nuke Deal as the Washington Superslaves lead the Extra Constitutional Anti National, Anti People, Anti Nature Governement of India Incs, MNCs and LPG Mafia of COMRADORS!
The Indian government will raise $3.5 billion after a panel of ministers on Monday priced state-run Coal India's initial public offering at 245 rupees per share, the top end of the price range.
India sold 631.6 million shares or 10 percent of its stake in Coal India, the world's largest coal miner . The offer had a price range of 225 to 245 rupees a share.
India's largest IPO was more than 15 times subscribed by close on Oct 21, with most bids at the top end. At this price, Kolkata-based Coal India, which accounts for nearly 80 percent of coal output in Asia's third-largest economy, would be worth $35 billion, ranking it seventh among India's listed firms.
Individual investors and Coal India staff will get a five percent discount on the offer price. Its shares will begin trading on Nov 4.
Just see this Economic Times report:
25 Oct, 2010, 04.58AM IST, Urmi A Goswami,ET Bureau
Think growth, give full mining rights: Coal min
NEW DELHI: The coal ministry is reaching out to other ministries to put an end to the exercise of classifying coal fields into 'go' and 'no go' areas according to their forest cover.
The ministry has circulated a Cabinet note, which make the argument that mining should be allowed across the country wherever there are proven coal reserves . In the meantime, the coal ministry has rallied end-user ministries like power and steel around it.
Put together, the ministries appeared to have painted a grim picture of slowing growth prospects. It is argued that paying too much attention to environmental concerns would in effect lead to "curtailment of energy source". This move would "ultimately result in the country missing growth opportunities."
Building up the pressure, the steel ministry has asked that alternate coal blocks be allocated for its projects. In a letter to coal secretary C Balakrishnan earlier this month, steel secretary PK Misra has asked that coal blocks allocated in "no go" areas be swapped for blocks that can be mined. The ministry has argued that most of the allottees in the steel sector have "already made substantial investments in the end-use projects".
The steel ministry has argued that "any hindrance" in the development of these coal blocks will affect the economic viability of the projects. The steel ministry has made it abundantly clear that the forest classification exercise will have adverse impact on the economy. The steel secretary wrote, "blocking the development of these coal blocks by categorizing them under "no go" area may not only adversely affect these on going steel projects, but may also impact future investments in the steel sector due to the shadow of uncertainty looming over the availability of this critical raw material."
The power ministry has said that the exercise would put 660 MT coal out of reach every year. This would impact 1,30,000 MW of capacity. The ministry has cited that power developers have already spent . 27,384 crore and committed . 11,578 crore in end-use projects and . 589 crore in coal-related activities.
In its rush to maximize the production capacity of the state-owned Coal India, the coal ministry appears to have forgotten about the Forest Conservation Act, 1980. The forest law requires that all diversion of forest cover for uses that can be described as "non-forest" require the approval of the Forest Advisory Committee (FAC). The 'go'and 'no go' exercise that the coal ministry is now objecting to does not do away with the FAC process.
The exercise was more in the nature of a time and resource saving executive device. The "no go" - "go" exercise is an effort to ensure efficient investment decisions, which would aid coal mining companies to focus on projects in areas that would not be rejected by the FAC. A senior environment ministry official said, "It makes no material difference to the outcome if the go/no-go exercise is aborted unilaterally . All projects go through the FAC process irrespective of the go/no-go exercise."
A section of government is of the view that the coal ministry's objections are based on a faulty understanding of the clearance process. "All projects involving forest areas have to be considered by the FAC before work can begin. This is not going to change," an environment ministry official said.
The idea of demarcating coal blocks with forest cover as "go" and "no go" was floated by the ministry of coal and the Coal India Limited. A fact that the coal ministry piloted Cabinet note also acknowledges . The reason for this suggestion , a senior ministry official said, was to ensure that coal mining companies such as Coal India did not invest money and time working on prospecting and mining plans in areas where projects were unlikely to be given permission.
All projects in areas that involve diversion of forest land need to be considered by the Forest Advisory Committee. The idea was that CIL would not spend time working on plans in areas where permission for mining was unlikely to be given. A senior government official close to the development said that "the exercise was taken up at the instance of the coal ministry and CIL. The results were unexpected and Coal India recoiled and backtracked."
In its Cabinet note, the coal ministry says "any new criteria at this stage that causes us to reassess our resource base will not only push the power generation growth plans of the country but will also have its effects in the future when the climate change issue becomes more stringent.
Thus on the whole, it will only result in precious loss of time for building up our power generation capcity and energy supply capacity." The ministry has argued that the initial study of nine coal fields put 203 of a total of 603 blocks in the "no go" category. A move that would put 660 MTof coal every year out of reach.
http://economictimes.indiatimes.com/news/economy/policy/Think-growth-give-full-mining-rights-Coal-min/articleshow/6806622.cms
SAIL also protests share for locals in mining profits.State-owned Steel Authority of India Ltd (SAIL) is opposed to a proposal that miners should share 26 per cent of their profits with people displaced by the mines. "We cannot be okay with this proposal. There are practical issues that need to be resolved," SAIL Chairman C S Verma said on the sidelines of a seminar on raw materials organised by the Mining, Geological and Metallurgical Institute Kolkata recently.Verma's resistance to the proposal comes a day after a group of ministers approved the draft Mining Bill which incorporates this proposal. Verma said there are practical problems with the proposal because captive mines are not accounted separately in a company's books, and hence the calculation of their profits is difficult. SAIL is the largest producer of steel within the country. Apart from Tata Steel, it is the only steel maker in the country that has its own iron ore mines.
Pranab Mukherjee Finance Minister Pranab Mukherjee on Friday said people displaced due to mining projects should be provided alternative sources of livelihood in addition to adequate compensation.
"The solution does not lie in companies stopping mining activities. It lies in providing alternative sources of livelihood to those displaced. We have to ensure that we compensate them and make them beneficiaries of economic development," he said at the Coal Summit 2010,New Delhi.
Sebi doubles retail investor cap!Market regulator Sebi today doubled the investment limit for retail investors in an initial share sale offer (IPO) to Rs 2 lakh.The board approved categorising all investors putting in up to Rs 2 lakh to buy shares through a public offer as retail investors, Sebi Chief C B Bhave told reporters.The Securities and Exchange Board of India (Sebi) in its draft guidelines in August had proposed to raise the ceiling for retail investors to Rs 2 lakh in public issues.
Way back in in 2005, the limit for retail investors was raised from Rs 50,000 to Rs 1,00,000 in public issues.Sebi allows price discount for retail investors and company discount participating in initial public offers and follow-on offers.This discount is offered to attract retail investors into the market.
Meanwhile,Crucial bilateral issues such as easing of export controls and outsourcing curbs by US as well as regional security situation viz-a-viz Pakistan will be high on the agenda when President Barack Obama arrives here early next month, US officials said here today and made it clear that there will no American intervention on Kashmir issue.On the other hand, India, Japan decide to speed up negotiations on N-deal!
Union Minister of State for Finance S S Palanimanickam said the Direct Taxes Code would be implemented on April one, 2012.
"It will be implemented on April 1, 2012. There is no change in that...", he told reporters.
In August, the Government delayed the implementation of the DTC to next fiscal. The Direct Taxes Code Bill was supposed to be implemented by April one, 2011.
Stating that the Bill was currently discussed at various levels, he said, "Parliamentary standing committee" would give its report and the Government would take a decision on the implementation.
Earlier, while participating at a seminar on "Direct Taxes Code, Capital Gains, Non-Profit Organisation, Survey, Search and Seizure", organised by All India Tax Payers' Association and Periyar Maniammai University, he appealed to the participants to express their issues or suggestions on any modifications on the DTC.
"There is still time for you to express any issues on the Code." he said, adding that any modifications on the DTC could also be sought.
Income Tax Chief Commissioner (I and CCA region) Prema Malini Vasan said through this move any body can understand on the terms used in the DTC. "Earlier, if a lawyer needs to know about the DTC, then he should either learn Chartered Accountancy or approach a CA. But by making modifications, even a common man can understand it..", she said.
The delayed implementation of the DTC, which is a replacement of Income Tax Act 1961 would give corporates and individuals enough time to set themselves on the right foot for the switchover.
As per the Bill, income of Rs 2-5 lakh would be taxed at 10 per cent, Rs 5-10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.
PM invites Japanese firms to invest in infrastructure projects
Observing that infrastructure deficit was posing a major constraint to India's growth, Prime Minister Manmohan Singh today said an outlay of over $1 trillion was envisaged for infrastructure projects during the next 5-year plan beginning 2012 and invited Japanese firms to play a greater role in this endeavour.
Singh said his government was determined to continue the economic reforms to create a favourable investment environment and facilitate higher capital inflows and push the reform of both direct and indirect taxes with the aim of unifying indirect taxes into a single Goods and Services Tax in due course.
Addressing a business luncheon attended by top business leaders from India and Japan , he noted that India's growth, which fell to 6.5 per cent in 2008-09 because of the global economic recession, recovered to 7.4 per cent in 2009-10 and is projected to be 8.5 per cent in 2010-11.
He hoped that India will return to 9 per cent growth in 2011-12.
"I am confident that strong fundamentals of the Indian economy will enable us to achieve our objective of double-digit growth in the coming decades," Singh said.
Underlining that he was not underestimating "many challenges" that are faced in achieving such high level of growth, he said "we need to close the infrastructure deficit, especially in the power, transport and communication sectors.
"This is a major constraint on our development and we will give high priority to infrastructure development in the years ahead."
Singh said that India's investment needs will be at least USD one trillion, part of which will come from within but "we expect Japanese companies to also provide their support."
He said during India's next five-year plan from 2012 to 2017 "we envisage financial outlays of over one trillion US dollars on infrastructure projects."
Private investment will play a large role in achieving this target, Singh said, while asking Japanese companies to play a much greater role in development of India's economy.
From India, Mukesh Ambani, Reliance Industries Chairman and Managing Director; Sunil Bharti Mittal, Bharti CMD; Fortis Chairman Malvinder Singh; and HDFC Chairman Deepak Parekh were among those present at the luncheon.
On the possibility of public sector undertakings (PSUs) getting any concession in the profit-sharing regime, to be introduced by the new mining Bill, Coal Minister Sriprakash Jaiswal, who was also present at the summit, said: "There is no proposal being considered by the Group of Ministers (GoM) to treat PSUs separately. We will have to offer level playing field to both the private and public sector companies."
A 10-member GoM, headed by Mukherjee, is currently finalising the draft Mines and Minerals (Development and Regulation) Bill, which is likely to make it mandatory for mining companies to share 26 per cent of their profits with the tribal population affected by the projects.
Recently, Steel Minister Virbhadra Singh, also a part of the GoM, had sought "special consideration" for PSUs like Steel Authority of India Ltd (SAIL) and mining major NMDC in the profit-sharing provision.
The new legislation will also have provisions to check the rampant illegal mining in the country and is likely to be introduced in the coming winter session of Parliament.
Coal India Ltd, the state-owned coal miner, shares Jaiswal's views on profit sharing. "We support the policy on distributive justice for the local populace affected by mining projects," Chairman Partha S Bhattacharyya, who was also present, said. "We are not seeking any concession in profit sharing," he added.
Domestic corporate entities have expressed discontent over the government's profit-sharing proposal to benefit locals. Tatas, which run the private sector giant, Tata Steel, had recently stated that the government should not charge the profit shared as separate tax, as social obligation forms a part of the company's operating cost.
Jaiswal also said the delays in obtaining forest clearances by mining companies were a major constraint in increasing production from captive coal blocks. The Union environment ministry had recently announced an indicative categorisation of the country's coal bearing regions as "go" and "no-go" areas, specifying regions where mining could be permitted only after stringent forest clearances were obtained.
Noting that Obama's visit will give a major boost to the multi-dimensional engagement between the two major democracies of the world ranging from defence to climate change and clean energy to counter-terrorism, the officials said it (visit) will unleash the true potential in all the field. "....Not just talking about it, we need to see some things that are going to demonstrate that this relationship has pay-offs," said senior US government officials.
The officials made it clear that US policy has been very clear for many years on the conflict in Kashmir and that it was an issue which was part of the discussions between India and Pakistan and not an issue for the US to take a role.
After the civil-nuclear pact between the two countries, the next big thing would be the "broader and deeper" relations which rest on the full range of strategic cooperation in the field of economy, defence, security, counter-terrorism and political coordination among other areas.
Describing the Indo-US relations as "par-equal" and not that of a "donor-donee" any more, the officials said India is an "indispensable" partner of the US in 21st century and Obama''s visit will highlight growth, strength and breadth of the US-India ties.
They maintained that besides reflecting the growth in ties, the visit also reflects the personal relationship Obama and Prime Minister Manmohan Singh share. "This visit is about substance and it is about this friendship and partnership between the US and India," the officials said.
India and Japan today decided to speed up negotiations on a civil nuclear deal and formally announced the firming up of a free trade agreement that will lead to slashing of taxes up to 94 per cent over the next decade. Prime Minister Manmohan Singh and his Japanese counterpart Naoto Kan held wide-ranging discussions on ways to push the strategic cooperation to a higher level with both agreeing that it was beneficial for the two countries.
In a statement to media after the talks, Kan said: "We agreed to speed up negotiations for civil nuclear energy cooperation, while seeking India''s understanding of our country''s sentiment" as a nation which faced nuclear bomb attack. Singh, who earlier in the day said that he will not "force" Japan on the nuclear agreement because of its sensitivity, said, "Civil nuclear energy can be another mutually beneficial area of our cooperation.
" Earlier in the day, Singh invited Japanese firms to participate in expansion of India''s nuclear industry. "We would hope that Japan will be India''s partner in expansion of its civil nuclear industry for peaceful purposes.
But I do recognise the sensitivity of the subject in Japan and will not therefore force the issue," he told a business luncheon meeting here. After the extended delegation-level talks, the two leaders officially endorsed the Comprehensive Economic Partnership Agreement (CEPA).
The negotiations for the CEPA began in 2007 and the agreement could not be signed today as Japan needs to complete certain internal processes, like clearance from its Parliament (Diet) which will take some time.
"Based on the discussion of the Group of Ministers (GoM), the final draft of the new mining bill is being prepared by the Mines Ministry and will be placed before the GoM. After that it is to be sent to the Cabinet," Mines Secretary S Vijay Kumar told PTI.
Last week, the 10-member ministerial panel headed by Finance Minister Pranab Mukherjee arrived at a consensus on the Mining Bill, which, among other things, makes it mandatory for companies to share 26 per cent of the profits from mining with project-affected people.
The GoM will meet soon to clear the final draft of the Bill.
Steel Minister Virbhadra Singh, who is a part of the GoM, has sought a "special consideration" for PSUs like SAIL and NMDC, a proposal termed by industrialist-turned politician Naveen Jindal-led Jindal Steel and Power as discriminatory. The firm has also termed the proposed 26 per profit-sharing regime to be too high.
Besides Jindal, the Tatas have also criticised the proposed levy and asked the government not to charge it as a separate tax, saying that social obligation is part of the operating cost of the company.
The new Bill has proposed that companies share 26 per cent of the profits from mining with the locals who lose land. For such profit-sharing, the GoM has proposed creation of a District Mineral Foundation, for disbursement of benefits to the locals.
It also proposes that in case a mine is non-functional, or running in losses, the firms should compensate the people affected by land acquisition by paying them an amount equal to the royalty given to state governments.
The royalty paid by mining companies to state governments runs into hundreds of crores of rupees.
The new Bill seeks to expedite the grant of mineral concessions in a transparent manner and attract big-ticket investments in the sector.
Mines Minister B K Handique had earlier said the ministry plans to introduce the Bill in the Winter Session of Parliament to replace the existing Mines and Mineral Development and Regulation (MMDR) Act, 1957.
The new legislation is being framed at a time when UPA Chief Sonia Gandhi has voiced concerns over land acquisition norms. Gandhi had said she favours the Haryana model, where farmers are provided lucrative compensation in addition to annuity for 33 years.
On his part, Steel Minister Virbhandra Singh, who is a member of the group of ministers, defended the proposal and indicated that there could be many more rounds of discussion before it is implemented. "The group of ministers has just approved the proposal. It will now go to the Cabinet and will then be placed before the houses of Parliament. It is possible that it could be referred to the state committee from Parliament. Some consultations will take place. This is just the beginning," he said. Asked if 26 per cent share in profits for locals was justified, Singh said: "Some sort of levy was necessary. I have an open mind on this."
C S VermaEven as SAIL spoke against the proposal, Tata Steel came out in its support. "Large tracts of land are acquired for mining purposes. Invariably, issues over land acquisition crop up. The prime objective of industrialisation is to improve the quality of people's life. I am happy that the government has decided to mandate a certain percentage of profits for local people," Tata Steel Vice-chairman B Muthuraman said while delivering the Holland Memorial Lecture at the seminar.
Muthuraman added that apart from profit-sharing, activities around the displaced people should be undertaken as well. "We agree to the proposal in principle. Accounting issues can be resolved," Muthuraman later clarified.
Cites practical problems as captive mines are not accounted separately in books.
The ten-member group of ministers was constituted in June to discuss the provisions of the Mines and Mineral (Development and Regulations) Bill. Headed by Finance Minister Pranab Mukherjee, it includes Home Minister P Chidambaram, Law Minister Veerappa Moily, Mines Minister B K Handique, Commerce Minister Anand Sharma, Tribal Affairs Minister Kantilal Bhuria, Planning Commission Deputy Chairman Montek Singh Ahluwalia, Coal Minister Sriprakash Jaiswal and Environment and Forests Minister Jairam Ramesh, apart from Singh. Industry associations and trade bodies have made their reservations on the proposal public.
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23 Oct, 2010, 09.38AM IST,MUMBAI MIRROR
Barack and Michelle's Mumbai darshan plans
US President Barack Obama and First Lady Michelle will be extremely busy in Mumbai, upon landing on November 6 for a two day India visit. As the world's most powerful man and his wife zip around the city visiting the 26/11 memorial on Marine Drive, the National Centre for Performing Arts (NCPA), Mani Bhawan and other locations in south Mumbai, the security obviously will be water-tight .
Adding to the Obamas' busy schedule is Michelle's likely visit to Kamathipura, where she will meet commercial sex workers on the invitation of an NGO. The highprofile visit is likely to inconvenience the citizens, as there could be a complete clampdown on traffic on some main roads of south Mumbai and sanitisation of buildings flanking them.
The Obamas will stay at the Taj Mahal Hotel, and his itinerary practically means Marine Drive will be shut for vehicular traffic on the day of the President's visit, while buildings flanking it will be sanitised with security personnel manning them until Obama has left the place. Same would be the case with Obama's visit to Mani Bhawan and Michelle going to Kamathipura.
An officer with the security establishment said, "Several other arterial roads in south Mumbai will also see restricted traffic movement, with tight security all around. The Obamas are not expected to schedule any engagements in the night due to security reasons."
Since Obama is expected to arrive in the afternoon on November 6, and will travel by road to the Taj Mahal Hotel, the entire stretch from airport to the hotel will be under heavy security. The officer said, "There will be no vehicular movement on Western Express Highway at that time. Traffic on roads leading up to the highway will also be stopped. All buildings flanking the entire stretch will be sanitised. However, there is no threat from the snipers as the President will travel in a bullet-proof car with 4.5-inch thick sheets, which are impenetrable for any gun."
Obama's personal security staff itself will be huge, and it has already started making its own arrangements in Mumbai. "A team of secret service agents has already arrived, and has surveyed the areas of his stay and the roads and places on his itinerary," the officer said.
To ensure fool-proof security, the President's team has booked the entire the Taj Mahal Hotel, including 570 rooms, all banquets and restaurants. Since his security contingent and staff will comprise a huge number, 125 rooms at Taj President have also been booked, apart from 80 to 90 rooms each in Grand Hyatt and The Oberoi hotels. The NCPA, where the President is expected to meet representatives from the business community, has also been entirely booked.
The officer said, "Obama's contingent is huge. There are two jumbo jets coming along with Air Force One, which will be flanked by security jets. There will be 30 to 40 secret service agents, who will arrive before him. The President's convoy has 45 cars, including the Lincoln Continental in which the President travels."
Since Obama will stay in a hotel that is on sea front, elaborate coastal security arrangements have been made by the US Navy in consonance with the Indian Navy and the Coast Guard. "There will be US naval ships, along with Indian vessels , patrolling the sea till about 330-km from the shore. This is to negate the possibility of a missile being fired from a distance," the officer said.
The President will be accompanied by his chefs, not because he would not like to savour Indian cuisine, but to ensure his food is not spiked.
US President Barack Obama and First Lady Michelle Obama are scheduled to land in Mumbai on November 6.
Gujarat plans Rs 50,000 cr first-of-its-kind over the sea dam
In a first, Gurajat is planning to build an over the sea dam in the northern portion of the Gulf of Khambat (Cambay) with an investment of over Rs 50,000 crore.
The 35-kilometre dam project named Kalpasar Dam Alignment would lead to a sweet water reservoir. Besides, it will also have a road and rail overbridge, which will reduce the distance between Bhavnagar and Surat by 200 kilometre.
While, the main dam help generate tidal power, the reservoir is expected to supply water for drinking and agricultural purposes.
"The project envisages dam and road and rail overbridge from just north of Bhavnagar in the west coast of Gulf of Cambay to Alandar in Dahej in the east coast. Though final cost is to be worked out in detail, it will be over Rs 50,000 crore," a senior state government official said.
The timeframe will be decided once the environmental and other clearances come.
The Gujarat government has already set up a dedicated department for the project -- the Kalpasar department.
"Besides creating a fresh water reservoir in the northern portion of the Gulf of Khambat, the road and rail overbridge will reduce the distance from Bhavnagar and Surat to 150 kilometre from the existing 350 kilometre," the official said.
Travelling between Bhavnagar in Saurashtra and Surat in South Gujarat currently require a long detour through Ahmedabad.
The dam is also expected to take thousands of square kilometre in the northern coast of the Gulf of Khambat out of Coastal Zone Regulation (CZR) rules.
"This will allow development activity in a zone, which has high salinity and also create fishing opportunity in the envisage area," he said.
With the construction of the dam, which is 160 kilometre from the Pipavav port, the nearby port of Bhavnagar is also likely to be upgraded as a prime port. The Dholera Special Investment Region lies close to the proposed dam area.
"The State Maritime Board is studying the proposal for upgradation and expansion of the Bhavnagar port," the official said.
Hike in fuel prices unavoidable: Chidambaram
SIVAGANGA: Describing the rise in prices of petroleum products as "unavoidable", Home Minister P Chidambaram on Saturday said that oil companies continue to sell fuel products, except petrol, at subsidised rates.
"The rise in prices of petroleum products can not be avoided in developing countries," he said at a function late last night at Karaikudi in his native district of Sivaganga, Tamil Nadu, while noting that India imports 70 per cent of its fossil fuel requirement at present.
Nevertheless, the government provides a subsidy of Rs 300 on domestic cooking gas cylinders and Rs 15 per litre of kerosene, he said while inaugurating a State Bank of India ATM at a petrol bunk.
In June, the government had freed petrol pricing from its administrative control, allowing state companies to fix rates in line with the cost of production.
Participating in a separate education loan disbursal function organised by Indian Bank at Vridhachalam in Cuddalore district yesterday, Chidambaram said the scheme providing interest subsidy on educational loans would be available in the ongoing 2010-11 academic year as well.
Giving away educational loans to the tune of Rs 20 lakh on the occasion, he said the Centre launched the interest subsidy scheme in 2009-10 to help economically poor students take up higher education.
He asked students to fully utilise the scheme to pursue higher education.
Chidambaram said the UPA government has provided monetary benefit to the tune of Rs 1,24,000 crore to various weak sections of society in the country. This includes farm loan waivers worth Rs 70,000 crore, educational loans totalling Rs 34,000 crore and Rs 20,000 crore of financial assistance for 30 lakh self-help groups.
The beneficiaries should be thankful to late Prime Minister Indira Gandhi for her foresight in nationalising the country's banks, the Home Minister said.
India Inc expects sterner RBI measures on Nov 2: RBS survey
A quarter of corporate India is expecting 0.25 per cent each hike in the mandatory cash reserves (CRR) and the key policy rates by the RBI at its forthcoming policy review, says an RBS India survey.
A large majority of these corporates are also keen on holding to the rupee, which means that they are comfortable with the continuing appreciation of the rupee, and expect the local unit to rise further in the coming months and settle at around 44 to an American dollar.
The survey was carried out early last week among the RBS' top corporate clients, banks, insurance companies and mutual funds to gauge the sense of India Inc in the run-up to the second quarter monetary policy review by the Reserve Bank on November 2.
"Around 75 per cent of the 108 respondents are expecting a 25 bps-one basis point is 0.01 per cent-hike in the repo and reverse repo (short term lending and borrowing rates) in the November policy review, while another 22 per cent expect a 25 bps spike in the CRR or cash reserve ratio, which is the amount of cash that banks park with the central bank to meet the prudential requirement," RBS (Royal Bank of Scotland) India managing director and head of markets Ramit Bhasin told newsmen while releasing the survey findings here over the weekend.
Bhasin further said these companies are also bullish on holding onto the rupee, which has been rising against the US dollar as also against the many other major overseas units for quite some time now, even if it goes past 44 mark.
However, they expect the local unit to stabilise around 45 against the dollar, with most of the clients expecting the rupee to settle around 44.75 by this December and 44.25 by next March.
The industry expects the repo touching 6.25 per cent by December 2010 and March 2011 up from the current 6 per cent, and reverse repo at 5.25 per cent from the present 5 per cent during this time. But a minuscule 11 per cent see these rates remaining unchanged, Bhasin added.
Significantly enough, none of these 108 corporates see the central bank cutting either repo, reverse repo or CRR rates by December or March even if inflationary pressures lessen, the survey said.
Food inflation for the week ended October 14 stood at a high 15.53 per cent while headline inflation for September ruled at an uncomfortable 8.62 per cent.
The break-up of the survey result is follows: 27 per cent see a 25 bps spike in the CRR rate while 71 per cent see the RBI leaving it untouched; 81 per cent see a 25 bps hike in the repo rate, 4 per cent expect a 50 bps hike and 15 per cent expect no change in this key policy rate on November 2; and when it comes to the reverse repo, 76 per cent foresee a 25 bps spike, 19 per cent no change and 5 per cent do not rule out a 50 bps increase in this rate.
It can be noted that since the economy started recovering from the impacts of the 2008-09 global financial meltdown from the last quarter of 2009 on the back of an expansionary monetary policy by RBI and stimulus measures by the government, RBI had effected five rounds of policy tightening measures.
The latest such measure was the mid-quarter review on September 16, when it hiked the reverse repo by 50 bps and repo by 25 bps to narrow down gap(more popularly known as the monetary corridor) between the lending and borrowing rates to 6 and 5 per cent respectively in order to reflect the real interest rate scenario in the economy as also to normalise its monetary policy measures.
RBI mulls changes in regulations for foreign banks
The Reserve Bank is considering changes in the rules governing the overseas players' banking operations in the country, a move aimed at in hands oversight of the overseas banks and classified domestic lenders like ICICI bank as Indian-managed despite majority foreign holding.
As per the new regulations being mulled over by it, the central bank might ask the foreign banks to incorporate all their branches as their subsidiaries in India so that all of them are required to follow the rules governing capital adequacy ratio and sector-specific exposure limits and the Reserve Bank can have a greater regulatory oversight, sources said.
RBI is believed to have taken up the matter with the Finance Ministry and could come out with a discussion paper on the draft guidelines after getting a go-ahead from the government, they added.
Sources said that local incorporation of the foreign banks' branches here would also help define them as Indian subsidiaries of foreign institutions or banks controlled and managed by overseas entities.
This would, in turn, help differentiate the Indian lenders such as ICICI Bank and HDFC Bank, where the majority shareholders are overseas entities, from foreign banks.
The new regulations would describe these Indian lenders as 'Indian-managed' banks, despite them being foreign-owned in terms of their shareholding patters.
As per the new FDI norms announced by the government last year, ICICI Bank and HDFC Bank have been labelled as 'foreign-owned' despite being controlled by Indians and having their roots in the country. This is because of more than 74 per cent equity in these banks being held by foreigners.
After this categorisation, the ICICI Bank MD & CEO Chanda Kochhar had said that they continue to work as an Indian- managed bank and hoped that a clarification would emerge soon on the whole issue.
HDFC Bank chief Aditya Puri had also said earlier that HDFC Bank remained an Indian bank with majority of voting rights vested with Indians.
Regarding the local incorporation of bank branches as wholly owned subsidiaries, the RBI has so far found favourable response from the foreign banks and their only concern has been regarding any possible tax implications arising out of the change of their existing branches into new structure, sources said.
23 Oct, 2010, 01.29AM IST,REUTERS
India's green push needn't worry investors
NEW DELHI: India's increasingly assertive green policy may have put on hold several multi-billion dollar mega-projects, as conserving forests and rivers trumps polluting factories, but investors have little reason to worry.
Shedding the image of a dead letter office, the environment ministry has scrapped or halted hundreds of projects, including those of UK-based Vedanta and South Korea's Posco, signalling a course correction that is not necessarily investor-unfriendly.
Commentators say thousands of factories get built in India every year and the government has clearly encouraged industrial projects, which shows that the ruling left-of-centre Congress party is not anti-development.
What India is trying to do in the actions of its feisty environment minister Jairam Ramesh , is to create a model for sustainable economic development that is in keeping with the country's image of an emerging responsible global power.
"If India is looking for a level-playing field on the global stage, then it becomes important for it to send the right message to the world," said TR Manoharan, WWF India's forest programme head.
"India seeks a growing role in every global sphere, from economics to politics to diplomacy to environment. It cannot afford to be seen as lax in implementing regulations, it is saying play by the rule and you will be ok."
Underlying all this, is a realisation in India that enforcing environmental rules does not have to hurt growth and can boost the idea of a rule of law and make government policies transparent.
For years, the environmental ministry was seen as rubber-stamping projects. But Mr Ramesh has scrapped or delayed clearance for some 100 mining projects.
While Vedanta's plans to expand its one million tonne a year alumina refinery in Orissa have been scrapped, Posco's fate too hangs in the balance. Mr Ramesh is expected to rule on Posco on Monday.
A second airport in Mumbai is caught in the environment debate as are dozens of road and dam projects. When a speeding train killed seven elephants in eastern India, he criticised the railway ministry.
Mr Ramesh, who has the backing of his party and Prime Minister Manmohan Singh, has also cracked down on illegal mining, often done with help from local politicians, and brought more accountability in a sector that had minimal implementation.
"We have fairly good regulation which is being now implemented," said Nitin Desai, member of the prime minister's panel on climate change.
"In most cases (of violation), it is the failure of the industry to implement the obligation that it had taken on."
But in a country focused on development and raring to take the global high table, critics have branded Mr Ramesh as an overzealous 'Dr No', whose tussle with his own cabinet colleagues on clearing forests for mining and roads underlines India's struggle for sustainable growth. — Reuters
Mining lobbies have accused Mr Ramesh of witch-hunting multinational corporations, saying he is going after projects in states not controlled by the Congress party.
But Mr Ramesh has also acted against the Navi Mumbai airport project in Maharashtra and a coal-based power plant in Andhra Pradesh — states ruled by Mr Ramesh's Congress party or its allies.
NAC recommendations on Food Security Bill
The story, 'NAC consensus on food security,' in The Hindu of 24 October 2010 erroneously stated that the National Advisory Council recommendations on the proposed Food Security Bill envisage 35 kg of foodgrains at subsidised prices for 75 per cent of the population and 20 kg for the remaining 25 per cent of the population.
In fact, the NAC recommendation is that the new law should provide a legal entitlement to subsidised foodgrains for at least 75 per cent of the population, which translates into 90 per cent of the country's rural population and 50 per cent of the urban population.
This 75 per cent of the population is, in turn, divided into "priority households" — who should have a monthly entitlement of 35 kg at a subsidised price of Re. 1 a kg for millets, Rs. 2 a kg for wheat and Rs. 3 a kg for rice — and "general households" who should have a monthly entitlement of 20 kg "at a price not exceeding 50 per cent of the current Minimum Support Price" for the three grains.
The NAC proposes that 46 per cent of the rural population and 28 per cent of the urban population would be classified as priority households. And that 44 per cent of the rural and 22 per cent of the urban population would be classified as general households. The criteria for categorising households as 'priority' or 'general' should be specified by the government of India.
What this means is that those entitled to 35 kg of grain in the price range of Rs 1-3 will form approximately 40 per cent of the total population, while those entitled to 20 kg will form approximately 35 per cent of the population. The NAC proposal also allows for the provision of subsidised foodgrains to be extended beyond the poorest 75 per cent of the population.
The errors in the original story are regretted.
http://hindu.com/2010/10/25/stories/2010102550560100.htm
GoM approves strong central mining regulator
Sudheer Pal Singh / New Delhi October 25, 2010, 0:02 IST
Despite some doubts over the efficacy of the proposed central regulator in curbing illegal mining, the Union government has decided on substantive teeth to the National Mining Regulatory Authority (NMRA) to be set up under the new mining legislation.
The draft of the Mines and Minerals (Development and Regulation) Bill, 2010, finalised by a 10-member Group of Ministers (GoM) after consultations over the past six months, has sought to give wide powers to the NMRA, from investigating illegal mining cases to settling disputes of jurisdiction between the Centre and the states. A final meeting of the GoM is likely soon, to formally approve the draft, after which it would be introduced in the winter session of Parliament.
"The NMRA shall have powers to authorise investigation and launch prosecution against any person for offences under the Act, relating to mining for any mineral without license, undertaking of mining or exploration activity outside the area granted under licence, storage or export of illegally raised minerals without lawful authority," Section 61 of the draft Bill states.
Companies continuing with mining activity even after the expiry of their mining lease and mining outside the area granted under the lease are the two chief constituents of illegal mining. Overall, 182,000 cases of illegal mining had been in the five years ending March 2010, and only in 17 states for which data is available. These include the resource-rich ones of Andhra Pradesh, Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Orissa and West Bengal.
The Bill lists as many as 16 powers granted to the mining regulator under the legislation. These powers, in addition to those mentioned earlier, include reviewing royalty rates, suggesting penal action for failure to pay royalty, advising the Centre on issues of increasing transparency in grant of mineral concession, supporting investment, recommending the amount of fee levied on miners, advising on models on competitive bidding of minerals and laying down quality standards.
'Central monitoring needed'
Asked on the thinking behind putting in place a strong central regulator despite the concerns over states losing their traditionally held ownership and control over minerals, a senior central government official closely associated with the drafting said: "There has been a perception that wherever minerals are not regulated in the best interest of the nation, the central government has a duty to intervene."
The official, who did not wish to be identified as the matter was still with the GoM, also said the need to induce greater central control over the sector had been felt across the political spectrum. "In the previous session of Parliament, there was a sentiment cutting across party lines in both the Houses that because minerals are national wealth, in addition to the mining leases entered into by the state governments, the Centre has a duty to ensure that conservation of minerals happens in the national good," he said.
The sharp teeth the new legislation seeks to provide to the regulator is in marked contrast to the current situation, where the Indian Bureau of Mines (IBM) serves as a sector regulator, but a toothless one. "The IBM has been a technical regulator. The basic idea in the Bill has been to put in place a regulator which does not have to intervene in day-to-day management like IBM. The regulator should be a body which can sit outside and take decisions at an arm's length," the official said.
Experts believe a strong central regulator was due for a long time in the mining sector. "Mining is a specialised subject. There are issues in the sector which impact the country as a whole. It is important to have uniform regulatory framework regarding, for instance, how many leases are to be given," said Shubhranshu Patnaik, executive director, Deloitte India. "The provisions of the Bill do encroach on the states' jurisdiction to some extent, but it is the state governments who will have to implement these. The regulator will act like an additional watchdog."
The NMRA will have its head office in New Delhi and will consist of a full-time chairperson, along with nine members. The chairman will have "special knowledge and experience of not less than 4 years in law relating to mines and mineral concessions," the draft Bill states. It also states that for the selection of the chairman and members, a screening committee headed by the cabinet secretary will be set up once the Act comes into force. The screening committee will have the secretary of the mines ministry and the law ministry as members. NMRA will also have benches, consisting of a chairperson and a member, spread across the country.
http://www.business-standard.com/india/news/gom-approves-strong-central-mining-regulator/412628/
New mining rules to create national and state funds
Sudheer Pal Singh / New Delhi October 11, 2010, 2:45 IST
Sharing of 26 per cent of annual profits by mining companies with tribals is not the only legislative measure proposed in the Bill being finalised by the 10-member Group of Ministers (GoM) after discussions spanning six months. A final meeting of the GoM is likely soon to approve the draft.
The Mines and Minerals (Development and Regulation) Bill, 2010, the text of which has now been finalised by the GoM, headed by Finance Minister Pranab Mukherjee, has provision also for creation of funds, at both national and state level, to check illegal mining and ensure investment in local development for areas affected by mining operations.
For creation of a National Mineral Fund (NMF), the government will levy a cess on major minerals. "The central government shall establish a fund to be called the National Mineral Fund. The proceeds of the cess levied shall first be credited to the Consolidated Fund of India, and the central government may, if Parliament by appropriation made by law in this behalf so provides, credit such proceeds to the National Mineral Fund from time to time," states Section 50 of the draft.
The cess to be credited to the fund will be levied as excise duty where the ore is sold to an end-user and as customs duty where the ore is exported, at a rate which will not be increased more than once in five years.
There are provisions in the revised draft for creation of a similar fund in each state. The proceeds from the NMF will be utilised for various purposes including prevention of illegal mining through commissioning of surveys, making grants for the National Mining Regulatory Authority and National Mining Tribunal Fund, and local area development, among others.
CAG INVOLVEMENT
The NMF will be under the administrative and managerial control of the central government, which will prepare an annual statement of accounts for this fund in consultation with the Comptroller and Auditor General of India.
On similar lines, the state governments will create State Mineral Funds in every district where mining leases have been granted. The amount credited to the state level fund will be channelised for, among other things, rewarding whistle-blowers on illegal mining, Section 53 of the draft Bill states. "A whistle-blower is a person who provides credible information of illegal mining."
The state-level fund will also be channelised for financial assistance to the District Mineral Foundation. Which, in turn, will make payments of monetary benefits on a monthly or quarterly basis to all members of families affected by mining operations.
After its introduction in the winter session of the Parliament, the Bill is likely to go to a standing committee of both Houses for further deliberation. Private sector mining companies are already opposing the 26 per cent profit sharing provision. The Tatas, for instance, which run the private sector giant, Tata Steel, had recently said the government should not charge the profit shared as separate tax, as social obligation forms a part of the operating cost of the company.
The new mining legislation also has provision for setting up a central regulator for the mining sector to check the rampant illegal mining practices in India.
http://www.business-standard.com/india/news/new-mining-rules-to-create-nationalstate-funds/410886/
Is Sunderban tiger a different sub-species?
Ananya Dutta
Exhibit distinctive morphological adaptations suited to mangrove habitat
Sunderban tiger was perhaps separated about 500 to 1,000 years ago: Dr. Jhalla
'The leaner frame and lesser body-mass is an advantage for the Sunderban tiger in its habitat'
KOLKATA: Scientists and officials of the Sunderban Tiger Reserve are investigating whether the Sunderban tiger is a different sub-species compared to those found in the sub-continent, officials told The Hindu on Sunday.
The Sunderban tiger exhibits certain distinctive morphological adaptations that make it particularly suited to the mangrove habitat of the Sunderban islands.
The average size of the adult tigers there is much smaller and it weighs about only 100 kilograms, compared to the heavier tigers elsewhere.
A six-year-old male tiger that strayed into the inhabited areas and captured by reserve officials over the weekend weighed only 98 kilograms.
Measurements of its body parts confirmed that the animal has a smaller frame than the tigers on the mainland, said Subrat Mukherjee, Sunderban Tiger Reserve Field Director.
Besides DNA analysis of the cat, Mr. Mukherjee will also study the skeletons of tigers as part of the research.
DNA analysis
"We will have to see whether these adaptations are only morphological or whether they are genetic adaptations that will qualify them to be listed as a separate sub-species. For this purpose, the mitochondrial and nuclear DNA of the tigers will have to be studied," said Y. Jhalla, an expert at the Wildlife Institute of India.
Dr. Jhalla explained that considering the mutation rates that led to a genetic change, usually an animal that was isolated for a period of one million years was classified as a different species and one that was genetically isolated for between 20,000 and 50,000 years was a different sub-species.
"In the case of the Sunderban tiger, it was part of a contiguous region with others and was perhaps separated about 500 to 1,000 years ago," he said.
Advantage
The leaner frame and lesser body-mass was an advantage for the Sunderban tiger in its habitat, he added.
A smaller animal needed lesser food.
Since the main prey of the Sunderban tiger (spotted deer) was a lean animal that weighed only about 50 kg, compared to much heavier sambar or gaur that were eaten by other tigers, the animal could make do with lesser food, he said.
Muddy terrain
"Secondly, less body weight makes it easier for the animal to move around in the muddy terrain of the Sunderbans. If the tiger is heavier, its feet will sink further into the soil as it walks and it will have to expend more energy," Dr. Jhalla said.
http://hindu.com/2010/10/25/stories/2010102558242000.htm
More time needed on takeover code: SEBI
Market regulator Sebi today said it needs more time to decide on the new takeover code -- wherein proposals have been made to give retail investors parity with promoters, and also for open offer for cent per cent stake in acquisitions. A decision could not be made in today''s board meeting and the issue would be taken up again in the next meeting of the board, Sebi Chairman C B Bhave told reporters here.
The regulator has already collated all the public comments on the proposed draft Takeover Code. In July, a Sebi committee, under the Chairmanship of C Achuthan, had proposed changes in the current takeover rules, to give more rights to minority shareholders.
The panel had also recommended making it mandatory for acquirers to make an offer for up to 100 per cent stake in any listed company. At present, an open offer for a minimum of 20 per cent in is required to be made by any entity that has purchased 15 per cent equity, either from the promoters or the open market.
The committee had also suggested an increase in the open offer trigger point to 25 per cent, from 15 per cent now. Sources said that there have been mostly positive comments on the guidelines proposed in the draft Takeover Code, especially for the one enhancing the public offer trigger point to 25 per cent.
However, there is no unanimous view on acquirers being asked to make an offer for the entire 100 per cent holding in the public offers so that public shareholders also get an opportunity along with promoters to exit. The new code has also proposed to bring in parity in pricing for promoters and non-promoter shareholders.
It proposes that minority shareholders also get the same price as a substantial shareholder and provide a level playing field to all stakeholders, whether they are promoters or small investors. At present, the promoters and some large shareholders get better price by way of non-compete fees and other payments from the buyers and these are not available to small investors.
Uranium mining faces no hurdles in Kadapa dist
TNN, Oct 24, 2010, 01.36am IST
HYDERABAD: It is a study in contrasts. While environmental activists vehemently opposed the Uranium Corporation of India's plan to carry out uranium mining in Lambapur area of Nalgonda district, the uranium processing facility in Tummalapalle in Kadapa district has attracted no opposition whatsoever and is now in the final stages of completion.
The processing of uranium ore from the Tummalapalle plant may begin by March 2011, making it a first in south India. Tumullapalle is located in Pulivendula assembly constituency, represented by former chief minister Y S Rajasekhara Reddy till his death in September 2009.
According to sources, the location of the uranium plant in an area inside YSR constituency ensured that there is no opposition to it, either from the local people or environmental activists. "Enough steps were taken to ensure that the project comes up without any hitch," one official said.
The steps included providing employment to about 300 people belonging to the families who lost their land for the project. The sources said some more jobs were being created to accommodate the members from poor families whose DKT patta land had been acquired for the project. The uranium corporation also undertook welfare measures in the villages in the 15-km radius of the plant which included construction of schools, providing drinking water facilities, as well as medical aid.
The Tummulapalle uranium processing facility, which is in the final stages of completion, has got clearance from the Centre for the enhanced processing of the ore from the original 3,000 tonnes per day to 4,500 tonnes, although the plant has a capacity to process 6,000 tonnes a day. "Every effort is being made to start the processing of uranium by March 2011," the sources said adding that all the units such as processing mill, chemical house are in the final stages of completion.
According to the sources, the mine is expected to yield three times more uranium than what was earlier thought of. "Initially, it was estimated to produce 15,000 tonnes of uranium. It is now revised upward to 40,000-45,000 tonnes," they added.
Regarding the commencement of the uranium mining plant in Nalgonda, the sources said that UCIL is actively pursuing the clearances for construction of three underground mines in the Lambapur area and a processing plant at Seripallee, a village close to the mine site," the sources said.
Read more: Uranium mining faces no hurdles in Kadapa dist - The Times of India http://timesofindia.indiatimes.com/city/hyderabad/Uranium-mining-faces-no-hurdles-in-Kadapa-dist/articleshow/6800653.cms#ixzz13NVs09IQ
'Save Tamirabharani' awareness campaign
Staff Reporter
Planned by CPI in Tirunelveli, Tuticorin
TIRUNELVELI: Communist Party of India (CPI), which has moved the Madurai Bench of Madras High Court against rampant sand mining in the Tamirabharani, has planned to conduct 'Save Tamirabharani' awareness campaign in Tirunelveli and Tuticorin districts for protecting the perennial river from being plundered by the sand mafia.
Speaking to reporters here on Sunday, veteran CPI leader R. Nallakannu said the party was forced to approach the court after sand mining was carried out in unchecked fashion at Thirumalaikozhunthupuram, Thozhappanpannai, Appankovil, Mukkaani and some other places, where all mining norms like quarrying only up to 1 metre, carrying out mining activities 500 metres beyond drinking water infiltration wells etc., had been violated.
Moreover, to facilitate the movement of trucks to take the sand from the riverbed, roads were laid across the Tamirabharani that polluted the water.
"After hearing the case, the Madurai Bench of Madras High Court granted interim stay for sand quarrying in some places of the Tamirabharani. We hope that the court will give its final verdict on October 27, which will save the river from the mafia," said Mr. Nallakannu.
Even as waiting for the judgment, the CPI has planned to conduct campaign to create awareness among the public on the need for protecting the Tamirabharani from being 'systematically murdered' by a group of people for their welfare. In this connection, two awareness campaign teams - one from Papanasam and another one from Authoor in Tuticorin district – will start the 'crusade' simultaneously on November 9.
"While CPI Tirunelveli district secretary R. Shanmugavel will flag off and lead the campaign starting from Papanasam, where the perennial river from the Western Ghats touches the ground, Tuticorin district secretary A. Mohan Raj will lead the movement from Authoor. On culminating at Palayamkottai in the evening, a public meeting will be organised at Jawahar Grounds in the evening, in which the CPI State secretary D. Pandian will address," Mr. Nallakannu said.
While welcoming the government's decision not to use earthmovers for taking sand from Tamirabharani and Palar riverbeds, the leader said this ban should be extended to all 31 riverbeds in the State so that the groundwater table in these regions could be protected.
He warned that the government's plan to give 1.5 crore litres of water a day to a Tuticorin-based factory by laying huge pipes from a point before Srivaikuntam dam would destroy farming activities in this region.
Instead, the factory could be given water from Mukkaani, Mr. Nallakannu suggested.
http://hindu.com/2010/10/25/stories/2010102550610100.htm
Economic pact to be centrepiece of Manmohan Singh's Japan visit
Sandeep Dikshit
MoU on easing the visa procedures will also be signed
For CEMENTING ties:Prime Minister Manmohan Singh and his wife Gursharan Kaur on arrival at the Tokyo International Airport on Sunday.
TOKYO: Prime Minister Manmohan Singh arrived here on Sunday as part of his tour of three East Asian countries.
The centrepiece of his stay in Japan will be the signing of a document that concludes negotiations on the Comprehensive Economic Partnership Agreement (CEPA). The other highlight will be the inking of a memorandum of understanding on easing the visa procedures.
Though the text of the 850-page CEPA has been frozen, it will not be signed during this visit because the agreement is yet to be scrutinised by the Japanese Cabinet Legal Bureau.
"It has to conform to our existing laws and other international agreements. Japan's EPAs with other countries are normally signed three to four months after finalisation of negotiations. This will take one to two months. These are necessary procedures. There is nothing political behind the delay," a Japanese diplomat explained.
The omnibus EPA goes far beyond a Free Trade Agreement whose usual components are investment, goods and services. These components apart, the agreement covers facilitation of business environment and the rules of origin, which are used to determine the country of origin of a product for international trade.
"This will mark the economic alignment of the second and third largest economies of Asia. This is an important message it sends. That is why we say the conclusion of the EPA is the centrepiece of this visit," Indian officials said.
More importantly, the CEPA will help India make inroads in to the areas of its strength: information technology and pharmaceuticals. It will ensure national treatment for Indian companies in registering drugs, making it easier for them to get over this barrier, a deterrent in most countries. For instance, Indian diplomats have for some time been trying without success to get Russia and Central Asian countries, both potentially lucrative markets, to ease registration norms.
The MoU on visa procedures is expected to facilitate the flow of people to both countries, with Japan expecting more Indian visitors. India will grant three-year work permit to Japanese businessmen, thus lessening the burden of executives applying every year for extension of their stay. "Time-wise, this will have an immensely positive impact," Indian officials said. Together with the CEPA, easier visa procedures will help India make an impact in the Japanese IT sector.
Further discussions will be held on expanding defence and security cooperation under a defence framework agreement signed during Dr. Singh's earlier visit.
Officials also pointed to the political unanimity in Japan on developing closer ties with India. Pointers to that are two rounds of talks and the increasing frequency of joint military exercises, and the first round of 2 + 2 talks (involving the Defence and Foreign Secretaries). Japan has also pared down the list of Indian companies under the export control list.
http://hindu.com/2010/10/25/stories/2010102562211400.htm25 Oct, 2010, 05.07AM IST, Mohit Bhalla & Dheeraj Tiwari,
Govt plans private lessons for PSUs in investor affairs
NEW DELHI: After successfully managing the disinvestment of six public sector companies, the government is now exploring a proposal aimed at helping PSUs learn from the best practices in investor relations followed by the blue chip companies such as Infosys, Wipro and Airtel .
Disinvestment secretary Sumit Bose told ET the government is working on developing such a programme with SCOPE, the representative body for central public sector companies. "The aim is to create an effective channel of communication with investors in order to ensure that the companies are aligned with the expectations of their investors," he said. He, however, refused to divulge any details saying that the proposal is still being worked out.
The move comes at a time when the Coal India public offer has been subscribed over 15 times. Foreign institutions alone had put in subscription of over Rs 1,00,000 crore. As per the lead managers, new pension funds from outside US have also subscribed to the issue. The disinvestment list for the current fiscal year include heavy weights such as IOC and ONGC. The government has set a selloff target ofRs 40,000 crore in this fiscal.
According to a senior finance ministry official, the government may invite some blue chip companies to share their best practices and experiences. "These companies have dealt with both domestic and foreign institutions. Besides, companies such as Bharti have recently struck major deals abroad and they can share strategies on how to get investors on board and support the company," he said. Mr Bose also said that such a programme will help the PSUs in the long run as they would have to evolve and understand and deliver on the expectations of their investors.
Scope chairman UD Choubey confirmed that they are working on developing such a programme and will seek participation from companies and their administrative ministries. "We will help bridge the gap between the investors, the PSUs and their respective administrative ministries," he said, adding that such a platform will help investors to understand the long-term plans of the company, the government policies and hence increase their confidence.
While the contours of the proposed programme are still being worked out, it is likely to include companies such as NHPC , SJVNL, Coal India and some other PSUs that will soon hit the capital markets with public offers such as Power Grid and Manganese Ore.
Infosys has been ranked among the best companies in the Asia Pacific and China , in the categories of 'investor relations website' , 'financial disclosure procedures' and 'corporate governance practices' in IR Global Rankings 2010, conducted jointly by IR Global Rankings and MZ Consult, a leading investor relations and financial communications firm.
Earlier, as per a joint survey conducted by Interconnected Stock Exchange (ISE) and Investor Relations Society (IRS), fund managers are willing to pay a premium on share prices of those companies which have best investor relation practices in place.
22 Oct, 2010, 06.26AM IST,ET Bureau
Coal India sellout shows appetite at right price
MUMBAI | KOLKATA | NEW DELHI: Coal India's initial public offering (IPO) drew bids for at least Rs 2.3 lakh crore, or $54 billion in cash—enough to build 25 airports similar to the sparkling New Delhi one—indicating investors' eagerness to buy if shares are priced reasonably.
Janus Capital, Fidelity, Franklin Templeton and Capital International led overseas investors' bids while State Bank of India , ICICI Bank and Life Insurance Corporation topped the list of domestic institutions, raising hopes of strong demand for forthcoming issues, said people familiar with the bids.
Coal India joins the league of top state-run companies in the world such as China's Agriculture Bank that sold $22 billion worth of shares and Brazil's Petrobras that raised $70 billion. Companies in emerging economies are drawing record funds as investors in developed markets fear a double-dip recession in their home countries.
"This is a premier organisation," said finance minister Pranab Mukherjee. "It speaks how much confidence they enjoy."
State-run companies have been outperforming the market, with the BSE PSU Index gaining 25.5% in the last three years, compared with the Sensex' 12.8%. Shares in Maruti Suzuki have risen 12-fold since the IPO, and utility NTPC's have trebled.
Japan a factor in Asian peace, stability: PM
Prime Minister Manmohan Singh on Sunday arrived in Tokyo to take forward India's negotiations with Japan on an Agreement for Peaceful uses of Nuclear Energy and also conclude talks over a Comprehensive Economic Partnership Agreement (Cepa) covering all aspects of trade in goods, services and investments.While the two pacts will not be signed now, Singh's Annual Summit meeting with Japanese Prime Minister Naoto Kan assumes significance in the backdrop of growing friction between Japan and China. Ahead of his departure from New Delhi, Singh said India considers its partnership with Japan as "strategic" and sees it as a factor of peace, stability and prosperity in Asia.
When asked if India would counter China's aggressiveness, he told the Japanese media in an interview that all countries were trying to respond and readjust to global trends towards multi-polarity. "Inter-state relations must be based on the five principles of peaceful co-existence. It is in this context that we also approach our relations with China, with whom we have established a Strategic and Cooperative Partnership," he said.
Acknowledging that Japan is a major economic partner of India, Singh said, "We have embarked upon mega infrastructure projects with Japanese assistance which have the potential of transforming our economy. Our trade and economic relationship is set to enter a new phase. I look forward to detailed discussions with Prime Minister Kan on bilateral, regional and global issues." Japan and India have set up a Project Development Fund to identify projects in the Delhi Mumbai Industrial Corridor for investment by the private sector. Besides, Japan has also evinced interest in the Dedicated Freight Corridor project in India.
Singh will also address business leaders at the Nippon Keidanren, the leading industry association in Japan.
The PM is accompanied by a business delegation led by Mukesh Ambani of Reliance Industries, who is the co-chair of the Japan-India Business Leaders' Forum.
In his second leg, he stops over at Kuala Lumpur in his first bilateral visit to Malaysia. "I will seek new areas of understanding with Prime Minister Dato Sri Najib that reinforce the rich bonds of history and culture that unite us. We share a special bond with Malaysia because it is home to one of the largest People of Indian Origin communities of over two million, and I look to forward to meeting some of them," he said. Singh will also deliver the Khazanah Global Lecture 2010 on India's development experience.
His last stop will be at the 8th India-ASEAN Summit and 5th East Asia Summit in Vietnam. "The scale and range of our interaction with the ASEAN countries has expanded significantly in the last six years. I will discuss with the ASEAN leaders a roadmap for our future cooperation which will be reflected in an India-ASEAN Plan of Action for 2010-2015," he said.
The East Asia Summit represents the desire of the Asia Pacific region to build an open and inclusive architecture of regional cooperation. In its short period of existence, the EAS process has made significant progress. This year's Summit is expected to welcome the US and Russia into the EAS process.
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BJP seeks PMO clarification on Padgaonkar's Pak comment
The BJP has taken strong exception to the mention of Pakistan by the head of the Centre-appointed group of interlocutors on Kashmir and demanded the PMO explain whether the Pakistan dimension was part of the brief given to the team. The main Opposition was agitated by Dileep Padgaonkar's remarks in Srinagar that a permanent solution to the Kashmir issue was not possible with out the involvement of Pakistan. "Is this a part of the brief given or has he stepped beyond the panel's brief?" BJP spokesperson Nirmala Sitharaman sought to know.
She said Padgaonkar's comments sound "as if they (the panel) are rationalising Pakistan's stand on its unfinished agenda on Kashmir." Furthermore, "it seems as if the panel is arguing for the Hurriyat angle in this matter," she added and wondered, "What was the Pakistan dimension that the interlocutor was referring to?"
Afghanistan to develop $3 trln in mining potential
Afghanistan is estimated to be sitting on $3 trillion worth of untapped mineral deposits, but poor infrastructure and investor caution are inhibiting development of its mining industry, its mines minister said.
"This estimate is based only on 30 percent of the country's area; there is still 70 percent we have no idea about," Afghan Mines Minister Wahidullah Shahrani told Reuters in an interview on the sidelines of an industry conference in Dubai on Monday.
Since the start of the year, the ministry has been making presentations in London and New York to drum up investor interest in the nascent mining sector.
By July next year, the ministry hopes to award a tender to a foreign company for the development of the Hajigak iron ore deposit west of Kabul, said Shahrani.
"We estimate that there are 2 billion tonnes of reserves in Hajigak, with a 62 percent of iron concentration," he added.
U.S. defence officials, who recently examined the results of a 2007 USGS survey and other information from the Soviet era, estimate Afghanistan's mineral wealth could top $1 trillion.
Mining experts say this figure is untested, however, and caution that it will take years, even decades, for that level of revenue to materialise because of a host of problems from war and infrastructure to a government trying to overcome years of corruption.
In February, Afghanistan had scrapped an earlier tender for the Hajigak deposit, citing global recession and low investor interest in a large vertically integrated project.
Afghanistan awarded a giant copper contract in 2007 to a Chinese consortium to develop a deposit in the Aynak region south of Kabul, and Shahrani said he expected there would be Chinese and Indian interest in the forthcoming iron ore tender.
The ministry also plans to launch tenders by late 2011 for the Balkhab copper deposit, which has reserves of around 45 million tonnes and is located in the north, he said.
"This will be a very active year for issuing tenders, and we want to assure investors that the government will not interfere in the mining business and will only have a regulatory role in the process," he added.
(Reporting by Amena Bakr; Editing by Jane Baird)
Wal-Mart "very positive" on India rules easing
Wal-Mart, the world's largest retailer, expects India to open up foreign direct investment in multi-brand retail given the positive tone coming from government officials, its chief executive said on Monday.
India's $450-billion retail sector, with organised retail accounting for just 6 percent, is largely closed to foreign firms and favours small stores which provide livelihoods for hundreds of thousands and serve a market of more than 1 billion.
But Prime Minister Manmohan Singh's government has begun to speak more positively about relaxing the rules, despite the potential political backlash this could cause with some of the ruling Congress party's rural grass-root voters.
"Regarding the timing (of opening up the sector), it is not really my position to set this. It is for the Indian government but the feeling I get is a very positive feeling in the discussions we have had (with government officials)," Wal-Mart Stores Inc CEO Mike Duke told a news conference.
Duke also said he was optimistic about Wal-Mart's discount store business in the United States for the upcoming Christmas season, adding that the company has taken steps to have a more positive shopping season compared with 2009.
"There is still an overhang of concern and that impacts consumers," Duke said in India's capital city. "Regarding our own business we're optimistic."
Wal-Mart, in an equal partnership with India's top telecoms group Bharti Enterprise, operates four cash-and-carry outlets in India and also supplies to retail stores run by Bharti.
The joint venture plans to open a fifth store late in November or in early December this year.
Duke declined to say how the world's largest retailer would react to a sudden decision to open up the Indian retail sector.
"Depending on the outcome (of any government decision) we will look with our partners as to what the next steps are."
Wal-Mart has long been courting the Indian government, the private sector and local farmers to win support for removing restrictions to foreign companies investing in multi-brand retailing in the world's second-most populous country.
Duke met India's commerce minister as well as the deputy planning commission chief, who is in charge of initial proposals on how to relax FDI limitations in India's retailing sector.
LUCRATIVE MARKET
Most top retailers such as Wal-Mart and French retailer Carrefour have been waiting for India to ease foreign ownership restrictions to begin retail operation.
"It is our desire to see 100 percent opening to FDI but we do understand...a thoughtful approach to opening up and we respect that," Duke said.
India represents tremendous opportunities for foreign players given the size of the population, expected economic growth, a growing middle class and the lack of a mature and organised retail market.
Analysts say opening retail to foreign direct investment may help create thousands of jobs and rein in food price inflation by curbing waste in a country where at least 40 percent of produce rots because of inadequate storage and transportation.
"Thirty to 40 percent of produce never makes it to the consumer and that cost ends up being consumed in the system," Duke said. "Competition is just good for business and consumers benefit from that."
He did not comment on whether he expected U.S. President Barack Obama to lobby on behalf of Wal-Mart and other U.S. firms in opening up the Indian market when he visits next month.
India's current rules limit FDI in single-brand retail outlets to 51 percent, while retailers that carry multiple brands are restricted to cash-and-carry or wholesale outlets.
Germany's Metro AG operates cash-and-carry outlets in India, while Carrefour plans to set up wholesale stores.
India this year took a tentative step towards opening up retail in Asia's third-largest economy by putting out a discussion paper, but it steered clear of suggesting changes to the existing investment cap.
The entry of multinational retailers into India has been mired in controversy, with moves to open up the sector opposed by leftist parties and small traders fearful of job losses.
(Editing by Alistair Scrutton and Michael Shields)
"Criticising interlocutors not in national interest"The Hindu - 35 minutes agoAdverse comments about the government-appointed interlocutors for Kashmir, whose task is very difficult, are not in national interest, Congress spokesman Shakeel Ahmed said here on Monday. He was responding to Bharatiya Janata Party's criticism that ...'Pak has a role in J&K'Hindustan Times - 7 minutes agoA day after the BJP lashed out at Dileep Padgaonkar, the head of the three-member interlocutors' team on Kashmir, for saying Pakistan should be involved in a resolution to the Kashmir issue, Jammu and Kashmir chief minister Omar Abdullah lent support ...Eight injured in fresh violence in KashmirHindustan Times - 2 hours agoEight people, including a school-goer, were injured on Monday as fresh violent protests erupted in several areas of Kashmir valley. A ruling National Conference minister's public rally was also attacked by stone-throwing protesters in north Kashmir. ...
Omar supports interlocutors; says Pak cannot be ignoredThe Hindu - 3 hours agoPTI PTI Reiterating his support to the Centre appointed interlocutors, Jammu and Kashmir Chief Minister Omar Abdullah said Pakistan has a role in bringing peace to the Valley. Supporting Centre-appointed interlocutors for their comments on involving ...Cong: Irresponsible criticism to hinder interlocutors' workHindustan Times - 3 hours agoThe Congress said on Monday that political parties or other groups should not resort to "irresponsible criticism" of the Kashmir interlocutors "who were doing a sensitive job in national interest". Congress spokesman Shakeel Ahmed told reporters that ...Boycott interlocutors, Geelani tells KashmirisTimes of India - 3 hours agoSRINAGAR: Hardline Kashmiri separatist leader Syed Ali Geelani on Monday asked Kashmiris to boycott the interlocutors named by the Indian government on Jammu and Kashmir. Addressing the media at his residence, where he was placed under house arrest ...Prepare roadmap for azaadi: Interlocutor to J&K studentsZee News - 29 minutes agoSrinagar: Dilip Padgaonkar, who heads the group of Centre's interlocutors on Jammu and Kashmir, today asked students to prepare a roadmap for 'azaadi' by the time they return for a second visit to the Valley. "Next time when we come (to Kashmir), ...Interlocutors dabbling on issues against their mandate: BJPZee News - 4 hours agoJammu: BJP on Monday accused noted journalist Dileep Padgaonkar of "dabbling on issues" which are against the mandate given to the three-member team of interlocutors, headed by him. "The interlocutors, especially the noted journalist Padgoankar, ...Hurriyat's strike call shuts KashmirKashmir Dispatch - 2 hours agoSrinagar, October: After a day's normalcy, life across the Valley on Monday crippled again due to the shutdown call given by pro-freedom Hurriyat Conference (G) that spearheads the ongoing 'Quit Kashmir' campaign. At least six people, including two ...Congress invokes 'national interest' on J&K interlocutorsTehelka - Iftikhar Gilani - 2 hours agoThe Congress on Monday invoked "national interest" to tell the Bharatiya Janata Party (BJP) not to create obstacles in the work of the government-appointed interlocutors for Jammu and Kashmir "just for the sake of politics. ...All 72 related articles » | RelatedJammu and KashmirSrinagarBharatiya Janata PartySyed Ali Shah GeelaniAll Parties Hurriyat ConferenceDileep PadgaonkarTimeline of articles Number of sources covering this story
Images The Hindu indiablooms The Hindu NDTV.com Oneindia Oneindia Oneindia India Today Calcutta Telegr...All related images »Videos BJP targets Kashmir interlocutors over Pak commentsNDTV.com - 8 hours ago Watch video<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/N8QKyA1F7L8/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=N8QKyA1F7L8">BJP targets Kashmir interlocutors over Pak comments</a> <span class="source">NDTV.com</span> - 8 hours ago <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=N8QKyA1F7L8">Watch video</a></div>
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SEBI doubles retail investor cap in public offer
Hindustan Times - 51 minutes agoIn a move that aims to recognise the increased size of the economy, market regulator Securities and Exchange Board of India (SEBI) on Monday doubled the application size for retail investors in public offerings from R1 lakh to R2 lakh. ...
More time needed on takeover code: Sebi
Business Standard - 3 hours agoPTI / Mumbai October 25, 2010, 19:22 IST Market regulator the Securities and Exchange Board of India (Sebi) today said it needs more time to decide on the new takeover code -- wherein proposals have been made to give retail investors parity with ...
SEBI tightens share preferential issue norms
Reuters India - Sowmya Kamath, Ami Shah - 2 hours agoMUMBAI (Reuters) - India's stock market regulator, the Securities and Exchange Board of India (SEBI) has tightened the norms for preferential allotment to founder shareholders. Also, the board doubled the limit for retail investors in initial public ...
SEBI doubles limit for retail investors to Rs.2 lakh
Sify - 2 hours agoMumbai, Oct 25 (IANS) India's capital markets regulator Monday doubled the investment limit for individual investors in initial public offerings (IPOs) to Rs.200000 to attract more retail participants into such primary issues of companies. ...
Cos should come out clean on pre-IPO media reports: SEBI
IBNLive.com - 1 hour agoPTI | 09:10 PM,Oct 25,2010 Mumbai, Oct 25 (PTI) Market leader SEBI today asked the companies coming out with IPOs to come clean on their media coverage in the run-up to the public issue by making adequate disclosures to the watchdog and investors about ...
SEBI clears more shares for retail, IPO norms for insurers
IBNLive.com - 1 hour agoPTI | 09:10 PM,Oct 25,2010 Mumbai, Oct 25 (PTI) In the face of flooding of IPOs, market regulator SEBI today doubled the limit for retail investors to Rs two lakhs and tightened the norms for firms to guard against unnatural hyping of the issues. ...
Sebi tightens norms for pref allotment by cos to promoters
Deccan Herald - 1 hour agoAimed at checking companies from abusing preferential share or warrant allotment norms to favour promoters, market regulator Sebi today put in place stringent conditions for such allocations. The promoters can not be allotted such warrants or shares if ...
SEBI doubles IPO limit for retail investor to Rs2 lakh; places curbs on ...
domain-B - 1 hour agoThe Securities and Exchange Board of India (SEBI) today announced an increase in investment limit for retail investors in initial public offers (IPOs) and follow-on offers (FPOs) to Rs2 lakh per issue from the current Rs1 lakh. ...
SEBI hikes retail investor limit in IPO to Rs 2 lakh
Moneycontrol.com - 3 hours agoRetail investors are elated as Securities and Exchange Board of India (SEBI) Chairman CB Bhave on Monday increased the investment limit in initial public offer (IPO) and follow-on offer (FPO) to Rs 2 lakh from current Rs 1 lakh. ...
SEBI raises limit for retail investors to Rs 2 lakh for public issues
Economic Times - 4 hours agoMUMBAI: Market regulator SEBI today doubled the investment limit for retail investors in an initial share sale offer to Rs 2 lakh. The board approved categorising all investors putting in up to Rs 2 lakh to buy shares through a public offer as retail ...
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Chinese glue brings India, Japan togetherHindustan Times - 1 hour agoThe prime ministers of India and Japan talked the language of strategy through a round of Chinese whispers. China was a key component of the discussions that Prime Minister Manmohan Singh had with Naoto Kan at the end of the former's state visit. ...India, Japan to steadily expand security and defense cooperationOneindia - 40 minutes agoTokyo, Oct.25 (ANI): Indian Prime Minister Dr. Manmohan Singh and Japanese Prime Minister Naoto Kan on Monday decided to steadily expand security and defense cooperation between India and Japan. Both the leaders today held extensive talks on bilateral, ...PM asks Japan Inc to invest in Indian infrastructureHindustan Times - 1 hour agoPrime Minister Manmohan Singh made a strong plea for a "much greater role by Japanese industry" in the development of India's "economic infrastructure". Singh was addressing the Japanese business organisation, Nippon Keidanren, in Tokyo on Monday. ...
India, Japan to speed up nuclear deal talksTimes of India - 2 hours agoTOKYO: India and Japan on Monday decided to speed up negotiations on a civil nuclear deal and formally announced the firming up of a free trade agreement that will lead to slashing of taxes up to 94 per cent over the next decade. ...India, Japan reaffirm commitment to assist AfghanistanZee News - 49 minutes agoTokyo: India and Japan Monday reaffirmed their commitment to assit Afghanistan to become a stable, democratic and pluralistic nation free of terrorism and extremism. Discussing the situation in Afghanistan during their bilateral talks, Prime Minister ...India, Japan hail negotiations for cooperation in peaceful use of nuclear energyOneindia - 40 minutes agoTokyo, Oct.25 (ANI): Prime Ministers of India and Japan on Monday welcomed commencement of negotiations between their countries on an Agreement for Cooperation in the Peaceful Uses of Nuclear Energy in June 2010. Indian Prime Minister Dr. Manmohan ...India and Japan sign trade dealsAljazeera.net - 5 hours agoEconomic co-operation and nuclear deals top agenda as Indian PM visits Japan against a backdrop of regional tensions. The leaders of India and Japan have signed an agreement to boost trade and investment, marking the end of trade negotiations that ...India, Japan conclude negotiations on CEPAIBNLive.com - 23 minutes agoPTI | 10:10 PM,Oct 25,2010 From Ajay Kaul Tokyo, Oct 25 (PTI) In a breakthrough in bilateral economic relations, India and Japan today successfully concluded negotiations for a CEPA pact that will liberalise trade between them, even as Prime Minister ...'Bilateral Indo-Japan pact likely before N-deal'Economic Times - 6 hours agoTOKYO: Japan could ink a "stricter" bilateral agreement with India to overcome the dilemma it faces in signing a civilian atomic pact with it, the Japanese media reported on Monday as it highlighted the visit of Prime Minister Manmohan Singh. ...India, Japan conclude talks on trade opening pactMSN India - Ajay Kaul - 17 minutes agoTokyo, Oct 25 (PTI) Lifting their economic ties to a new level, India and Japan today declared the conclusion of talks on an ambitious agreement for opening up trade, investment and movement of professionals across the two countries. ...All 113 related articles » | RelatedManmohan SinghIndiaTokyoNaoto KanJapanTimeline of articles Number of sources covering this story
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India seeks US vote for UNSCHindustan Times - 10 minutes agoThe United States is playing a hardball game in supporting India's candidature for a permanent seat in the expanded United Nations Security Council (UNSC). To overcome this non-commitment and improve the US position of "India being a natural choice" ...US says no to Kashmir meddling, welcomes India's CSC planSify - 2 hours agoNew Delhi, Oct 25 (IANS) With less than two weeks to go for US President Barack Obama's visit, the US has assured India that it has no intention of mediating on Kashmir and indicated positive movement on a host of issues, including the lifting of ...US terms India's plan to sign CSC as "positive"Hindustan Times - 4 hours agoPTI India's willingness to sign Convention on Supplementary Compensation (CSC) on nuclear damages was on Monday welcomed by American officials who said this will allow their companies to do nuclear commerce with India. Reacting to India signaling that ...US rebuffs Pakistan's bid to globalise Kashmir issueSify - 2 hours agoNew Delhi: As Pakistan steps up efforts to internationalise the Kashmir issue during President Barack Obama's India visit, the US on Monday rebuffed Islamabad, making it clear that it is a bilateral issue between India and Pakistan. ...India Inc eyes easing of export control normsFinancial Express - 1 hour agoNew Delhi: With the focus of the forthcoming visit of US President Barack Obama to India is to showcase what the two countries can do together, especially in trade, defence and climate change, and the bilateral trade expected to touch $50 billion, ...Kashmir: US officials reiterate 'no intervention' policyThe Hindu - 4 hours agoPTI Crucial bilateral issues such as easing of export controls and outsourcing curbs by the US as well as regional security situation vis-à-vis Pakistan will be high on the agenda when President Barack Obama arrives in India early next month, ...Factbox: Top issues during Obama's India visitReuters - 4 hours ago(Reuters) - President Barack Obama, who has described India-US ties as "one of the defining relationships" of the 21st century, will visit the rising Asian power for the first time early next month. India will seek assurances regarding US support for ...India Inc looks forward to President Obama's visitEconomic Times - 5 hours agoNEW DELHI: With India- US bilateral trade projected to reach record levels this year and top $50 bn, corporate India is looking forward to the upcoming visit of President Barack Obama to help realise the true potential of their economic ties. ...Obama visit: Industry expects easing in US tech transferBusiness Standard - 43 minutes agoPTI / New Delhi October 25, 2010, 22:06 IST India Inc expects to make a breakthrough during US President Barack Obama's visit here next month on relaxation of export sanctions on dual-use technologies with both military and civil applications. ...America rules out any intervention in Kashmir issueonlineindiannews - 21 minutes agoUS ruled out any American intervention in Kashmir. It reiterated that it is a bilateral issue between India and Pakistan and there is no question of third party mediation. Senior US officials said in New Delhi that this has been the consistent position ...All 158 related articles » | RelatedKashmirBarack ObamaIndiaPakistanTimeline of articles Number of sources covering this story
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Coal India Sets IPO Price at Top of Range
Wall Street Journal - Prasanta Sahu, Satish Kumar - 2 hours ago
NEW DELHI—Coal India Ltd. priced its initial public offering at 245 rupees ($5.50) a share, the top end of its indicative price range, ministers said. "The Coal India IPO will fetch the government around 151 billion ...
Coal India sale fetches government 3.4 billion dollars
AFP - 1 hour ago
NEW DELHI — India said Monday its biggest-ever share offer of stock in state-run Coal India will bring more than 3.4 billion dollars into government coffers. The share sale, which opened last Monday and closed Thursday, drew strong demand of 52.48 ...
Coal India issue price fixed at Rs. 245 per share
The Hindu - 3 hours ago
PTI The government on Monday fixed Coal India's mega IPO issue price at Rs. 245 per share, the upper end of initial offer price range. The government would fetch over Rs. 15000 crore by issuing 63.16 crore shares of Coal India at a price of Rs. 245 per ...
Coal India fixes IPO price at Rs 245 per share
Moneycontrol.com - 4 hours ago
Issue price of much-awaited Coal India (CIL) initial public offering (IPO) has been fixed. Coal Minister Sriprakash Jaiswal said that the issue price of India's largest IPO has been fixed at Rs 245 a share, at higher end of price band of Rs 225-245. ...
Coal India pricing reflects keen demand
Financial Times - James Fontanella-Khan, Joe Leahy - 2 hours ago
Coal India's $3.5bn initial public offering will be the country's biggest after the Indian government decided to list the state-run company at Rs245 a share. The decision to price the shares at the top ...
63cr shares of Coal India will go to highest bidders
Times of India - 19 hours ago
Initial public offering (IPO) is an offering of stock or shares to the general public by a company which wants to raise capital for the first time. Following an IPO, the company gets listed and its shares are traded on stock exchanges. ...
Govt to fix issue price for CIL shares tomorrow
Economic Times - Oct 24, 2010
NEW DELHI: The issue price of Coal India's initial share sale will be decided tomorrow by an Empowered Group of Ministers, paving the way for public trading of the company on the stock exchanges on November 4. "The meeting of the Empowered Group of ...
Brokers eye FII refund money from Coal India
Business Standard - Ashish Rukhaiyar - Oct 24, 2010
After the allotment of shares of Coal India, foreign institutional investors (FIIs) will be sitting on a massive amount of cash, courtesy the huge over-subscription and the mechanism of proportionate allotment. Market participants are wondering if this ...
Coal India IPO priced at Rs 245 per share
All India Radio - 2 hours ago
The government today fixed Coal India's mega IPO issue price at 245 rupees per share. It will fetch over 15000 crore rupees to the government by issuing 63.16 crore shares of Coal India at the fixed price. It will offer a discount of five per cent to ...
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"I don't know what it's like to be picked on for being gay," ... "But I do know what it's like to grow up feeling that sometimes you don't belong. It's tough"
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Obama visit: Industry expects easing in US tech transfer
Business Standard - 49 minutes ago
PTI / New Delhi October 25, 2010, 22:06 IST India Inc expects to make a breakthrough during US President Barack Obama's visit here next month on relaxation ...
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'Action, not talk will steer Obama's visit' Hindustan Times
Financial Express - Sify
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NDTV.com
UHQ reviews JK security scenario ahead of Obama''s India visit
IBNLive.com - 1 hour ago
PTI | 10:10 PM,Oct 25,2010 Srinagar, Oct 25 (PTI) Ahead of US President Barack Obama''s visit to India next month, the Unified Headquarters (UHQ) today ...
J&K: Omar to hold meet on security NDTV.com
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msnbc.com
Democratic hopeful on Obama backing: 'Shove it'
AFP - 34 minutes ago
WASHINGTON — The Democratic candidate for governor in Rhode Island said Monday that President Barack Obama can "shove it" for withholding his endorsement ...
Video: Obama will visit Rhode Island
Suspicious package destroyed near site of scheduled Obama speech CNN International
Democratic candidate tells Obama to 'shove it' after not receiving endorsement Herald Sun
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Reuters
Democrats off to good start in early voting
Reuters - Kevin Lamarque - 2 hours ago
A woman wearing an Obama shirt listens as US President Barack Obama speaks in support of gubernatorial candidate Mark Dayton at a campaign rally in ...
Slideshow: President Obama rallies for Dayton, DFL at university Minnesota Independent
Obama's Mpls stop ends four-day campaign swing Minnesota Daily
Barack Obama recommends meditation for Republicans Minneapolis City Pages (blog)
Minnesota Public Radio - Gadaa.com Oduu - News
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Reuters
Factbox: Twelve House races to watch
Reuters - John Whitesides, Stacey Joyce - 47 minutes ago
... majority in the US House of Representatives in the November 2 election on a wave of voter concern about the economy and President Barack Obama's agenda. ...
What Happens Next? The Complex Post-Election Landscape Huffington Post
Obama's message mixed on GOP cooperation The Associated Press
Charles Dharapak / AP Newsweek
The Press Association - Telegraph.co.uk (blog)
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MyFox Tampa Bay
Feds give Fla. $800 million more for high-speed
MiamiHerald.com - 1 hour ago
President Barack Obama came to Tampa in January to announce $8 billion in stimulus awards for rail projects nationally including $1.25 billion for the ...
Feds Award $800 Million More for Central Florida High-Speed Rail The Ledger
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Telegraph.co.uk
South Mumbai faces shutdown for Obama visit
Hindustan Times - 21 hours ago
Security measures for US President Barack Obama's Mumbai visit on November 6 and 7 — Laxmi Puja is on November 5 — could slow down Residents are preparing ...
Obama's visit to Mumbai: Filled with symbolism and business Hindu Business Line
Barack Obama's Indian delegation 'books 800 rooms in Mumbai' Telegraph.co.uk
Michelle Obama may visit Mumbai red street Express Buzz
Indian Express - Times of India
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J&K police fear terror attacks ahead of Obama's visit
Times of India - Saleem Pandit - 6 hours ago
SRINAGAR: The Jammu and Kashmir police is suspecting a step-up in militancy in Kashmir valley in the wake of US president Barack Obama's visit to New Delhi ...
Telegraph.co.uk
Obama signs iPad
Macgasm - 2 hours ago
Mr. Cann got President Barack Obama's signature. That in itself is impressive and worth keeping in the ol' scrapbook, but instead of pushing a piece of ...
Barack Obama Signs iPad; Meets With Steve Jobs Tom's Hardware Guide
Man Gets Obama's First Digital Autograph on His iPad - Photos, Video Softpedia
First iPad autograph by Barack Obama as President agrees to iSign Telegraph.co.uk
Daily Mail - The Guardian (blog)
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Barack Obama to Eddie 'Piolin' Sotelo: Don't blame me
Politico (blog) - Carrie Budoff Brown - 29 minutes ago
President Barack Obama defended his record on immigration reform in an interview ...
Let's keep the score
Hindustan Times - 55 minutes ago
As the Parliament building is being spruced up to receive President Barack Obama, he has reportedly fired an advance missive in the form of a letter to ...
Harsimrat Badal impresses upon Robert Blake for Obama's visit to Golden Temple
Punjab Newsline - 8 hours ago
She said that US President Barack Obama must pressurize Pakistan to desist from patronizing narcotic smuggling because the end destination of all narcotic ...
Reuters India
Clint Eastwood 'not a fan' of Barack Obama
NME.com - 5 hours ago
Clint Eastwood has spoken out against US President Barack Obama, saying he's "not a fan" of him and accusing the leader of doing just enough to stay in the ...
Clint Eastwood "not a fan" of President Obama Reuters Canada
Clint Eastwood is 'not a fan' of President Barack Obama's work OnTheRedCarpet.com
CLINT Eastwood Hating On President Barack Obama DimeWars (blog)
Newser
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Fox News
Joe Manchin might not back Harry Reid, Barack Obama
Politico (blog) - Andy Barr - 5 hours ago
... Senate candidate Joe Manchin says he may not support Harry Reid's bid to remain Senate majority leader or endorse Barack Obama for president in 2012. ...
Joe Manchin Won't Endorse Harry Reid for Leader, Obama for President Politics Daily
Manchin Now Becomes a Man Without a Political Home HNN Huntingtonnews.net
Obama the man to beat in West Virginia Kansas City Star
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Politics in Minnesota (blog)
Opponents stay active during Obama's visit
Minnesota Daily - Luke Feuerherm - 11 hours ago
Under an overcast sky just down the street from TCF Bank Stadium, a long line of people waited for President Barack Obama's visit in ...
Video: Obama Revs Up Minnesota Dems For Mark Dayton-full video Hi Q.
St. Cloud State survey: Dayton leads (handily), Obama would beat Pawlenty (barely) Minneapolis Star Tribune (blog)
Dayton hopes to get big boost from Obama visit Minnesota Public Radio
Politico - Pioneer Press
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ABC News
Could Losing Control of Congress Be Good for President Obama?
ABC News - 4 hours ago
President Barack Obama attends the "Moving America Forward" rally held at a local park next to the Roberts Elementary School, in this Oct. 10, ...
Moneycontrol.com
'With love, for Barack Obama'
Times of India - Nidhi Singhi - Oct 24, 2010
LUDHIANA: A young artist, Manjit Singh Gill, has prepared a statue of Prime Minister Manmohan Singh and American President Barack Obama which he wants to ...
Ahead of his visit, Obama sends wish list to Singh Indian Express
Singh, Obama to discuss coop in fight against terror IBNLive.com
No Headley but counter terror on Obama-Manmohan agenda Sify
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After the Midterms: How Obama Can Reboot
TIME (blog) - Mark Halperin - 6 hours ago
President Barack Obama talks with interim chief of staff Pete Rouse at the White House, Oct. 5, 2010 It is time for a ...
Washington Post
Analysis: Republicans may affect US pressure on Israel
Jerusalem Post - 8 hours ago
WASHINGTON — A big Republican win in November 2 congressional elections could stymie US President Barack Obama's attempts to reset relations with Russia, ...
Analysis: Overseas ties could be in for change Washington Post
US-Sino Relations: Opportunity Wasted ISN
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Weasel Zippers
Bill Richardson Reportedly Barred From Bill Clinton Event
Huffington Post - 2 hours ago
... that the former first family is still holding a grudge over Richardson's choice to endorse Barack Obama over Hillary Clinton for president in 2008. ...
Bill Clinton races to help Democratic candidates TMCnet
Why Bill Clinton is a much better politician than Barack Obama Washington Examiner (blog)
The rehabilitation of William Jefferson Clinton: the Browns The Jersey Journal - NJ.com
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J-K security officials meet ahead of Obama's visit
Hindustan Times - Oct 24, 2010
PTI Top security officials in Jammu and Kashmir met here to discuss the security situation in the state ahead of US president Barack Obama's visit to India ...
Herald Scotland
Alan Cumming criticises Barack Obama
ATV News - James Ryder - 4 hours ago
Openly bisexual actor Alan Cumming has criticised the American president Barack Obama for doing 'diddly squat' on gay rights issues. ...
Cumming Slams Obama Over Gay Rights Contactmusic.com
Obama, who benefited from civil rights progress, makes little progress on gay ... Minnesota Daily
'You've done diddly squat': actor Cumming slams Obama over gay rights Herald Scotland
Pink Paper
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Providence Journal
Jack-o'-lanterns to greet Obama in Providence
Providence Journal - Karen Lee Ziner - 15 hours ago
PROVIDENCE — Here comes the Great Big Presidential Pumpkin: a 200-pound, backlit orange vegetable likeness of Barack Obama, with a Lincoln Memorial ...
Telegraph.co.uk
Obama and Palin Related?
About - News & Issues - 5 hours ago
President Barack Obama and former Alaska Gov. Sarah Palin clearly are not friends. But a popular genealogy website claims they are related though a ...
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Palin, GOP leaders lambaste Obama during Florida rally MiamiHerald.com
Donkey, elephant ... Alaskan moose? Will Palin run for president? Sydney Morning Herald
Yes, But, However! - msnbc.com
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Comedy Central
Michelle Obama Likes to Garden with Non-Fatties
Comedy Central - Sara Benincasa - 41 minutes ago
While Barack Obama was busy on his West Coast tour, eating a donut like a damn bachelor on a The Hangover-esque wild weekend, his better half was back home ...
Jay-Z To Be Barack Obama's National Economic Council Director?
RWD Online - Tego Sigel - 2 hours ago
He's going to tell Obama how to spend his money I think. That's a good idea "Barack, go buy a basketball team, a bad one." This appears to be more than just ...
Jay-Z May Work For President Obama DimeWars
Obama's Secret 2012 Weapon: Jay-Z Newser
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Obama speaks in support of dems at USC
UPI.com - 1 hour ago
US President Barack Obama speaks at a campaign rally for Democratic Senator Barbara Boxer and gubernatorial candidate Jerry Brown at USC in Los Angeles on ...
President Obama Rallies Area Youth Vote Patch
Obama Rallies Area Youth Vote Patch
President Obama Speaks at USC Patch
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Cote Says Obama Gets No Credit for Avoiding Depression: Video
Bloomberg - 1 hour ago
... of Honeywell International Inc., discusses the implications of the US budget deficit for the economy and President Barack Obama's job performance. ...
HON
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'Keep Golden Temple on US President Obama's schedule'
Hindustan Times - Oct 21, 2010
PTI The American Sikh community has asked the White House to keep the Golden Temple on the schedule of US President Barack Obama during his visit to India ...
Video: Why Obama won't visit Amritsar
Obama visit to Pak only in 2011: White House The Hindu
Obama to skip Pakistan during his visit to India Daily News & Analysis
Deccan Chronicle - IBNLive.com
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Obama, Moses and exaggerated expectations
Reuters Blogs (blog) - 3 hours ago
President Barack Obama is close to the half-way mark of his presidential mandate, a good time for a brief look at health care, unemployment, war, ...
Letter: No change required in November election TCPalm
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US plays it safe on India, Pak issues
Hindustan Times - 12 minutes ago
Senior US officials on Monday did quite a balancing act between New Delhi and Islamabad in addressing each other's concerns on issues. The officials maintained that the US aid given to Pakistan is "civilian" in nature and stressed that Islamabad's role ...
JK Police examining Arundhati's speech
Hindustan Times - 1 hour ago
PTI Jammu and Kashmir Police is looking into the controversial speech of Arundhati Roy on Jammu and Kashmir's accession to India and does not rule out taking action against the high profile writer and activist. Highly-placed sources in the state home ...
Geelani, Arundhati may be booked under sedition charge
Hindustan Times - 1 hour ago
PTI A go ahead to file a case of sedition against hardline Kashmiri separatist leader Syed Ali Shah Geelani and activist Arundhati Roy has been given to Delhi Police by Union Home Ministry. However, it is far from clear now whether the police will ...
At a seminar on Kashmir on Sunday, writer Arundhati Roy said, "Kashmir has never been an integral part of India - it is a historical fact. Even the Indian government has accepted this."
more by Arundhati Roy - 2 hours ago - IBNLive.com (7 occurrences)
Case might be filed against Geelani, Arundhati Roy
IBNLive.com - 2 hours ago
New Delhi: Government has received legal opinion from law officers who say a case under 124-A under Indian Penal Code for sedition is possible against Hurriyat Conference Chairman Syed Ali Shah Geelani and writer Arundhati Roy for their anti-India ...
India Run By Corporate Colonialists: Roy
Kashmir Observer - 3 hours ago
Srinagar, Oct 24: Unflinching in her support for a free Kashmir, internationally acclaimed writer, Arundhati Roy on Sunday said that the state was never an integral part of India and urged Kashmiris to stay focused on achieving their goal of azadi. ...
View Point: Arundhati spreading totalitarian ideology
Central Chronicle - 3 hours ago
Arundhati Roy's statement at a seminar in New Delhi on October 21, where the Maoists hosted Kashmiri secessionist leader Syed Ali Shah Geelani, that Kashmir should get Azadi (freedom) from bhookhe-nange Hindustan is not only highly offensive and ...
Arundhati Roy may be booked for 'Anti-India' remarks
Bharat Chronicle - Piyush Goyal - 1 hour ago
Srinagar: Booker prize winner and activist Arundhati Roy has attracted fresh trouble for her alleged 'Anti-India' remarks at a seminar here on Sunday. A case may also be registered against Hurriyat Conference Chairman Syed Ali Shah Geelani for his ...
Arundhati must take back Kashmir statement: Cong leader
Hindustan Times - 5 hours ago
PTI A senior Congress leader on Monday asked writer and activist Arundhati Roy to withdraw her statement that Kashmir was not an "integral part of India", saying it could mislead people. country's best-known writers," said Satya Prakash Malaviya, ...
Cong asks Arundhati Roy to withdraw statement on JK
Indian Express - 5 hours ago
The Booker Prize winning author had said "Kashmir has never been an integral part of India." A senior Congress leader asked noted writer and activist Arundhati Roy to withdraw her statement on Kashmir, saying it was 'contrary to historical facts' and ...
Govt 'nod' to case against Syed Ali Shah Geelani
NDTV.com - 4 hours ago
New Delhi: Hurriyat leader Syed Ali Shah Geelani could be facing sedition charges for allegedly giving "hate speeches" at a seminar on azadi for Kashmir, held in Delhi a few days ago. This "hate speech" by the Kashmiri separatist leader led to protests ...
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Chinese economy still looking very strong: Tyche Group
1 Hour agoET Now
M Hennecke, of Tyche Group, says that the Chinese economy is still looking very strong. He adds that there will be risks in holding fixed income bonds.
UK hints at rethink on cap on Indian professionals1 Hour ago
PTI
British PM David Cameron hinted that the annual cap on recruiting professionals from India and other non-EU countries would be relaxed.
Geelani, Arundhati Roy to be booked under sedition charge1 Hour ago
PTI
The police is now mulling over possible ramifications of proceeding with the case and is likely to seek political clearance to go ahead.
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Online Bus Ticket Booking. Ludhiana is centrally located on the national highway 1 from delhi to amritsar, and is connected to the indian capital city of new delhi by road and frequent train service. Ludhiana is the richest district in the state of punjab, and includes the most expensive fertile land of all of india.
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