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[Grapevine] For 20 Oct, 2008



The Mumbai Grapevine Connecting Mumbaikars with Mumbai
(Published by Mumbai-Central.com)


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______News_______

(From various agencies)

India and Russia discuss atomic trade
New Delhi, Oct 20 (PTI) With the Nuclear Suppliers Group (NSG) allowing New Delhi to conduct atomic trade, India and Russia today discussed the prospect of advancing bilateral cooperation in the field, which includes construction of reactors by Moscow here. The issue was discussed during talks between External Affairs Minister Pranab Mukherjee and his Russian counterpart Sergei Lavrov ahead of the maiden visit of President Dmitry Medvedev in December when an agreement in this field will be signed. "We discussed prospects for future bilateral cooperation in the field," Mukherjee told mediapersons along with Lavrov after the nearly 90-minute talks. Mukherjee did not elaborate but the discussions are understood to have taken into consideration the proposed construction of four additional nuclear reactors by Russia in Kudankulam in Tamil Nadu. The proposal, mooted in January 2007, could not make forward movement because of absence of NSG waiver and India-IAEA safeguards agreement. India finalised safeguards agreement with IAEA and got NSG clearance earlier this year. During the talks, Mukherjee expressed gratitude to Russia for its support for India at the IAEA and NSG. Hailing India's track record and responsible behaviour on the non-proliferation front, Lavrov welcomed the NSG waiver for the country. PTI

Repo cut to have beneficial impact on interest rates: PM
New Delhi, Oct 20 (PTI) Prime Minister Manmohan Singh today said Reserve Bank's decision to reduce short-term lending (repo) rate by 100 basis points will have beneficial impact on the interest rates. "It will have beneficial effect on the interest rate structure, and in combination with the other steps to increase liquidity, will help to support economic activity and investment," he said while making a statement on the impact of ongoing global financial crisis on India. Reserve Bank has lowered the repo rate by 1 per cent in the morning allowing banks to borrow funds from the central bank at 8 per cent as against 9 per cent earlier. The decision was aimed at improving the liquidity position in the country. "Government welcomes this decision," Singh said while pointing out that it was broadly consistent with "our objective to control inflation which has already begun to moderate." PTI

Seven CRPF personnel killed in naxal attack
New Delhi, Oct 20 (PTI) At least seven CRPF jawans were today killed in an ambush by suspected naxalites in Bijapur district of Chhattisgarh. One of the attackers was also killed in the exchange of fire that followed, according to CRPF officers here. Jawans belonging to the 170 Battalion of the force who were on a road opening duty were fired upon allegedly by the ultras that left at least seven personnel dead, they said. The troops, deployed in the area to provide security to Border Roads Organisation (BRO) personnel, retaliated by opening fire killing one of the ultras. The attack took place at around 1330 hours between Modukpal and Kongupalli in the district. The CRPF, which has cordoned off the area, have launched a counter-offensive to flush out the naxals who are suspected to be hiding in the vicinity. PTI

Pakistan violated ceasefire pact 58 times
New Delhi, Oct 20 (PTI) Pakistan had violated the five-year-old pact on ceasefire 58 times since the ceasefire agreement came into effect from November 2003, the Lok Sabha was informed today. Replying to a question in Parliament, Defence Minister A K Antony said since January 2008, Indian positions on the Line of Control (LoC) have been fired upon 34 times, while the total ceasefire violation by Pakistan has occurred on 58 counts. On measures taken up by the government to prevent recurrence of such incidents, Antony said, protests are registered through the established mechanisms of hotline, flag meetings as well as weekly talks between the Director General of Military Operations. "Strong retaliatory action is taken against any attempts of violation of the LoC, while maintaining adequate restraint to prevent escalation," he added. PTI

India 5 wickets away from a memorable win
Amlan Chakraborty Mohali, Oct 20 (PTI) India piled up a run mountain and then Harbhajan Singh and Ishant Sharma knocked the daylight out of Australia's riposte to put the hosts five wickets away from a memorable win in the second cricket Test here today. Chasing 516 for an improbable win, Australia got off to a rousing start before Harbhajan mowed down the top order with his triple strikes and Ishant had them in complete disarray, dealing a double jolt on the penultimate day. Their top order blown away, Australia were gasping for breath at 141 for five wickets when stumps were drawn. Michael Clarke (42) and Brad Haddin (37) would return tomorrow, hoping to delay the inevitable. With a 201-first innings lead behind them, India declared their second essay at 314 for three with Gautam Gambhir (104), Virender Sehwag (90), Mahendra Singh Dhoni (68 not out) scoring bulk of the runs at a brisk pace. In reply, Matthew Hayden (29) and Simon Katich (20) counter-attacked, scoring at seven-an-over before Harbhajan ran amock. Hayden fell to the second delivery of Harbhajan and the off-spinner then removed Katich with his last delivery of the over. In his next over-- on the other side of the tea break -- Harbhajan trapped in-form Michael Hussey (1) for is 299th Test victim. Ishant responded in style, castling his bunny Ricky Ponting (2) and then removing Shane Watson (2), Australia's topscorer in the first innings. PTI

Wrist injury almost pushed me into depression, says Sania
Amanpreet Singh

New Delhi, Oct 20 (PTI) Forced to stay away from courts for almost half the season, a fit again Sania Mirza is eyeing a comeback at January's Classic tennis tournament in Hong Kong and revealed that she almost sunk into depression while struggling to recover from a wrist injury. The Indian ace is out of action since Beijing Olympics, where her wrist injury flared up again and she had to concede her first round singles match. Sharing the trauma she faced when she ran out of options to get her wrist healed, she said it was difficult to cope with the situation at that time. "It was scary. It was career threatening. I was almost going through depression. I think the post-injury period is more difficult to cope with and I am happy to be back. But I never doubted that I cannot make a comeback ," Sania, who is in capital for the treatment, said. Sania said she was keen to make a comeback but was not in a hurry. She confirmed that she will play a team tournament in Hong Kong in January before resuming her Tour activities. "It is a big honour to represent Asia. It is great to be a part of such a large field, where you have players like (Jelena) Jankovic and (Maria) Sharapova. But we still have two-and-a-half months to go and it is very long period in tennis," she said after spending about an hour on the DLTA courts, practicing with Radhika Tulpule. Talking about the next season, she said she was approaching it cautiously. PTI

ICC concerned about playing in extremely hot conditions
Mumbai, Oct 21 (PTI) The International Cricket Council's Medical Committee has expressed concerns about the players performing in extremely hot conditions and will study the issue in detail next year. Peter Harcourt, the head of the ICC's Medical Committee, has said in the latest issue of its quarterly publication that one area which the committee would look into more closely "is the impact of playing of cricket in extreme heat." "The Committee noted that there is more and more international cricket being scheduled in very hot weather conditions and we think it is important that correct steps are taken to protect the health of athletes in these circumstances," he has said. "The ICC already has some sensible guidelines in place that enable the taking of extra drinks but this clearly is an area that merits further research and we hope to commence a project to look into this from 2009," he has noted. The five-member Committee, which met for the first time in May, feels one of its priorities is to make up enough ground and catch up with other leading team sports on anti-doping issues. "Cricket has made significant progress over the last 18 months but it still has ground to make up on some of the other leading team sport. "It is now important for all of the leading member countries to implement their own WADA (World Anti Doping Agency)-compliant national anti-doping codes as a high priority," Harcourt has observed. PTI

Atwal clinches Chattanooga Classic, regains PGA Tour card
Chattanooga (USA), Oct 20 (PTI) Arjun Atwal kept his cool in a thrilling play-off to clinch his maiden title in the United States -- the Nationwide Tour's Chattanooga Classic -- which also earned him a ticket to the PGA Tour next season. The Orlando-based golfer, who earned a whopping USD 90,000 cheque for his triumph, rose to 15th from 34th in the Nationwide Money List with season's earnings of USD 2,48,000. The top 25 in the money list make the cut for PGA Tour at the end of the season. With this, the Indian now has cards on four Tours -- Asian, European, PGA and Nationwide. And with just two tournaments to go in the Nationwide Tour, the 34-year-old, who lost his PGA Card after a disastrous 2007 season, is unlikely to drop out of the top-25 after yesterday's massive win. "I've been working for this all my career. Trying to win in America, sand it feels really good. And also the fact that I'm getting my card back on the PGA TOUR will be it will be a sweet bonus, I'm looking forward to that," an elated and relieved Atwal said after the thrilling win Leading by three strokes after the third round, Atwal (72) and overnight second and local favourite Webb Simpson (69) finished regulation play at Black Creek at 24-under 264, two strokes shy of the tournament record. After a front-nine that was studded with a birdie and an eagle against a lone bogey, Atwal had a two-shot lead on the 16th tee but drove into a fairway bunker and had to chip out. The Indian hit a poor third shot into a greenside bunker resulting in a double-bogey. Simpson made par on that hole leaving the duo tied. PTI

After Maoists, Marxist-Leninists too plan name change in Nepal
Shirish B Pradhan Kathmandu, Oct 19 (PTI) After the Maoists indicated shedding the tag binding them to 'Chairman' Mao to erase their guerrilla past, the other major Communist party of Nepal is planning to shake off Karl Marx and Vladimir Lenin. The Communist Party of Nepal-United Marxist Leninist is also against keeping the "tail" in its name, UML chief Jhalanath Khanal told reporters at the party office here yesterday. "The final decision will be taken at the general convention of the party," he said. The convention of the CPN-UML is scheduled to take place in Butwal from February 16-21 next year. If the meet endorses the proposal, the country's second largest Communist party will drop the tag 'United Marxist Leninist'. However, the move may pit the two Communist parties -- CPN (Maoist) and CPN-UML -- against each other for rights over the name 'Communist Party of Nepal'. There is no possibility of the two parties getting the same name. Indications that the former guerrillas who waged a decade-long insurgency in the impoverished Himalayan nation may no longer identify themselves as 'Maoists' came from Finance Minister Baburam Bhattarai on Friday. The Maoist number two leader told reporters on his return from Washington that his party was contemplating a change in its name. "It would be enough to identify the largest Leftist party as the Communist Party of Nepal," and towards this "we could drop the tag of Maoist," he had said. PTI

Tata gives USD 50 mn to Cornell University
Dharam Shourie New York, Oct 20 (PTI) Noted industrialist and philanthropist Ratan Tata has gifted a USD 50 million to his alma mater, Cornell University in New York, to help recruit top Indian students to support joint research projects with the Indian universities in agriculture and nutrition. The gift from the Tata Trusts, a group of philanthropic organizations run by Tata -- chairman of the business conglomerate Tata Sons Ltd, will allow Cornell to establish and expand partnerships with Indian scientists that build on its strength in applied agriculture research. Tata had graduated from Cornell in 1959. The endowment will also be used to set up a scholarship fund to bring more Indian students, who may be discouraged by Cornell's price tag, to the university. The gift could eventually help support as many as 25 Indian undergraduate and graduate students at a time. The endowment consists of USD 25 million to establish the Tata-Cornell Initiative in Agriculture and Nutrition, which will contribute to advances in nutrition and agriculture for India and USD 25 million for the Tata Scholarship Fund for students from India, to help attract more of the best and brightest talents to Cornell. Tata was named one of the 30 most respected CEOs in the world by Barron's magazine last year, and the Tata Group was awarded the Carnegie Medal of Philanthropy in 2007. Cornell President David Skorton announced the gift during his State of the University address Friday last, calling it "one of the most generous endowments ever received from an international benefactor by an American university." The Tata Group is one of India's oldest and largest conglomerates, operating in seven business sectors and employing around 320,000 people. PTI

Pak seeks US help to halt infiltration from Afghanistan
Rezaul H Laskar Islamabad, Oct 19 (PTI) Pakistan today asked the US to help stop the infiltration of militants into its tribal areas from Afghanistan, saying the proceeds of drug trafficking in the neighbouring country is being used to foment terrorism in its territory. President Asif Ali Zardari sought American assistance to plug infiltration from Afghanistan during a meeting with visiting US Assistant Secretary of State Richard Boucher. They discussed bilateral ties, the war on terror, the regional security situation along the Pakistan-Afghanistan border and the anti-militancy operations in the tribal areas. The ties between both the nations had hit a new low over America's unilateral cross-border drone attacks in Pakistan's tribal region which had killed many. Zardari was quoted by TV channels as saying that the militants were getting support from Afghanistan and there was "heavy infiltration" of rebels into Pakistan. He said that money from drug trafficking in Afghanistan is being used to stoke terrorism in Pakistan, the channels reported. The US and the world community should help in halting the infiltration from Afghanistan into Pakistan's tribal areas, Zardari said. Pakistan is fighting the war against terrorism with a comprehensive strategy and the US needed to understand the ground realities in the country, he said. PTI

Inflation to come down in two months; bank deposits safe: PM
New Delhi, Oct 20 (PTI) Amid apprehensions of banks taking a hit from the global meltdown, Prime Minister Manmohan Singh today assured the Lok Sabha that deposits in PSU and private sector banks are "entirely safe" and promised that inflation will come down in the next two months. On a day the Reserve Bank of India reduced the short-term lending rates by one per cent, the Prime Minister said the government "will not hesitate to do more, if needed," to infuse more liquidity into the banking system. Making a suo moto statement on the ongoing global financial crisis and its impact on India, Singh, however, struck a note of caution saying there will be an "indirect impact" on the economy and "we must be prepared for a temporary slowdown". He said Indian banks, both in the public and private sector, are financially sound, well capitalised and well regulated. "There should be no fear of a failure of any bank," he said adding, "I wish to assure depositors in our banks that their deposits are entirely safe". While inflation has shown a clear deceleration, the Prime Minister said he expects a "further reduction" in the wholesale price index in the next two months. He said some estimates projected GDP growth to go down to 7.5 per cent in the current year. "Our effort will be to minimise the negative effect of the financial crisis... To return to the growth trajectory of 9 per cent," he said. PTI

Deeper cuts in policy rates required: Industry chambers
New Delhi, Oct 20 (PTI) Indian industry has asked RBI for further reduction in policy rates at one stroke in order to signal lower interest rates to the banking sector, even as the apex bank slashed the short-term lending rate, Repo, by 100 basis points today. "We feel that instead of making step by step announcements there is a need for a big bang approach with deeper cuts at one stroke in repo as well as bank rate in order to signal lower rates of interest to the banking sector," industry body Ficci Secretary General Amit Mitra said. The chamber also asked to cut the Statutory Liquidity Ratio, percentage of deposit parked in government securities, and to utilise a small portion of forex reserves for lending through banks to corporates to meet their credit requirements. CII also said that cash reserve ratio (CRR) needs to be brought down to five per cent from existing 6.5 per cent and a dollar fund needs to be created out of India's forex reserves, which could be worth about 7-8 billion dollar. "This fund would be useful in buying Indian assets and thereby creating stability and liquidity in the markets," the chamber said. Similarly, a rupee fund needs to be created with contributions from the RBI, the government and participating banks, with a corpus of about 30,000-40,000 crore, which could be parked with a body like LIC and could be used to inject momentum in the Indian stock markets, it said. US-based bank Goldman Sachs said that with this move, the RBI has decisively come on the side of growth and financial stability against inflation. PTI

Sensex above 10K level, IT stocks surge
Mumbai, Oct 20 (PTI) The Bombay Stock Exchange benchmark Sensex today regained the vital 10,000 level with IT and banking stocks leading in attracting good buying support. Cutting short the three-day losing spree that saw the bellwether index plunging below the 10,000 mark on Friday, the Sensex bounced back by 247.74 points at 10,223.09. National Stock Exchange index Nifty also shot up by 48.45 points at 3,122.80. Marketmen said investors judged the benchmark's three-day, 13 per cent drop as excessive and started buying at existing lower level. A firming trend in global stock markets was also an encouraging factor and helped pushing up share prices, they said. Infosys Technologies and Reliance Industries, the two stocks which carry over one-fourth weightage on the Sensex, posted handsome gains. While Infosys closed higher by 7.9 per cent at Rs 1,297.80, its biggest gain since March 25, Reliance Industries rose 5.3 per cent at Rs 1,375, the highest since September 19. Trading sentiment got a boost by mid-session after the Reserve Bank of India announced a cut in repo rate to benefit borrowers and investors. A reduction in repo rate is expected to result in in cheaper credit. IT sector index at 8.05 per cent was the biggest gainer aming all indices today. PTI

RBI cuts repo by one pc; loans to get cheaper
Mumbai, Oct 20 (PTI) After shoring up the banking system with Rs 145,000 crore funds, the Reserve Bank today paved the way for cheaper home, consumer, corporate and personal loan rates by slashing its key short-term lending rate (repo) by 100 basis points. The cut in repo, the first since 2004, would allow banks to immediately borrow short-term funds from the apex bank at a cheaper eight per cent as against nine per cent till now. Finance Minister P Chidambaram told reporters in New Delhi that this move "will enthuse investors to continue to take forward their investment proposals." "It is a welcome step and clearly shows that the interest rate regime is now on a descent curve," HDFC Bank's Deputy Treasurer, Ashish Parthasarathy, told PTI here. Earlier, RBI cut the mandatory cash deposits that banks must keep with it (CRR) by 250 basis points after five years, along with other measures to inject a total of Rs 145,000 crore into the system. "It is a pro-growth measure," IDBI Bank's Chairman and Managing Director, Yogesh Agarwal, said. PTI

Jet chief meets FM, seeks rationalisation of taxes on ATF
New Delhi, Oct 20 (PTI) Jet Airways Chairman Naresh Goyal today met Finance Minister P Chidambaram to seek tax concessions on aviation turbine fuel as part of measures to overcome the crisis that has hit the Indian civil aviation sector. According to sources, Goyal met Chidambaram at North Block this morning and drew attention of the finance minister to the problems that airlines in the country were facing. Goyal is understood to have asked Chidambaram to consider the demand of airlines to rationalise taxation and levies on ATF, which has become one of the biggest issues of carriers in India. Jet Airways alone had a total outstanding fuel bill of Rs 859 crore, of which it had defaulted on payment of bills which were due on September 25 and October 5. Similarly, Kingfisher owed Rs 110 crore to IOC of which Rs 60 crore remained unpaid after expiry of the credit period. National Aviation Company Ltd, the holding company of Air India, has an outstanding Rs 606 crore as on October 8 and has a monthly fuel bill of Rs 337 crore. Goyal's meeting with Chidambaram also comes days after the former had decided to reinstate 1,900 sacked employees. Jet and Kingfisher had recently entered into an alliance seeking synergies in operations as they try to cut costs together. PTI

Craze for career in Bollywood brings Pak boy to Indian jail
Islamabad, Oct 20 (PTI) A Pakistani teenager's craze for a career in Bollywood has landed him in an Indian jail and his worried parents appeal for his release on humanitarian grounds. Nasir Sultan, a Class 10 student and a diehard fan of the Bollywood superstar Shahrukh Khan, crossed over to India illegally to try and join the film industry. After reaching Punjab in India, he called his parents in the North West Frontier Province to say he was in the neighbouring country. Fifteen minutes later his parents got another call to say that their son had been arrested. Sultan's parents, who hail from Chukiatan, a small town of Dir district in NWFP, are now running from pillar to post to secure his release. Like most Pakistani boys of his age, Sultan was an avid Bollywood fan and was fascinated by the many stunts in Hindi films that he hoped to excel at too. On August 16, Sultan left home for school wearing his uniform and carrying his schoolbag but instead crossed the border. Two days later, his father Sultan Zareen, who works at a petrol pump, got a call from Sultan, who said he was on his way to Mumbai. This was followed soon after by the news of his arrest. Sultan is being held in Faridkot Jail for the past two months. "I don't know what to do to secure his release as he is in another country where I have no influence or resources to use for winning his release," Zareen told The News daily. Zareen said his wife was depressed and the Indian government should release his son on humanitarian ground. PTI

Indian film-maker selects Coventry as location for next project
London, October 20 (PTI) India's noted film company Rajshri Productions has chosen the east Midlands city of Coventry as the location for shooting of their next untitled film. "The story looks at the acceptance of cultures in the western world. If we choose Coventry, half of the film will be set here. It's just a fantastic place and meets our requirements," film director Sooraj Barjatya told media here. Barjatya and producer Ashwani Chopra visited the town this week. They said that the locations, particularly around Coventry University, met their expectations and they were interested in shooting at those sites. "We wanted to find a university that would be the most helpful and Coventry University did that. It is an ideal location - I like the classic architecture with the cathedral by the side of the modern architecture," Chopra said, adding the characters will study courses (fashion design and automotive design) that the university offers here. University officials are thrilled that the locations will showcase the university to the large Bollywood audience across the globe. "It's brilliant and great exposure for us and Coventry as a whole. And it's not just in this city where there is a vast audience of Bollywood movies, it's world wide," said Alison Bushnell, media relations officer at the university, who accompanied the film-makers around the campus. The popularity of Bollywood films such as "Dilwale Dulhaniya Le Jayenge", "Mohabbatein", and "Namaste London", filmed at various tourist destinations in Britain, has led Britain's tourism authorities to bring out a "Bollywood Map of Britain" to help the tourists find their way around the locations. PTI

Stop giving prominence to voices that spread hatred: Naseer
Bedika New Delhi, Oct 17 (PTI) Veteran actor Naseeruddin Shahis critical of giving prominence to voices that spread hatredas he emphasises that it is not the view of the majority ofthe community he represents. Shah, who is depicting the liberal face of Islam inthe new venture 'Shoot On Sight' based on the 2005 London tubebombings, also disapproves of the 'theory of prosecution'citing the aftermath of Delhi serial blasts. "I do not subscribe to the theory of persecution thatmany people believe in. One can see that a lot of the coveragethat is done in the media is biased. They give prominance tothe people who spread hatred and portray it as if these arethe feelings of whole community," he says. Talking to PTI ahead of film's release, the actorsays, "I am playing the character of Tariq Ali, a devoutMuslim who represents the modern face of the religion whilethe character of Om Puri propogates another face which istotally different from Tariq's understanding of the religion". The film, which is entirely shot in London anddirected by the critically acclaimed filmmaker Jag MohanMundra, known for making socially relevent films like'Provoked' and 'Bawander,' is releasing in theatres today. The film, which is banned in Pakistan, is a grippingthriller and a family drama that unfolds the turmoil in thelife of a liberal muslim police officer Tariq Ali (NaseerudinShah)at Scotland Yard. PTI

Virtual reality, the new place to promote your product
Prantick Majumder New Delhi, Oct 20 (PTI) Social networking and virtual reality sites are the new hotspots for advertisers and companies hoping to push their products cutting through traditional billboards and door-to door sales. Interactive websites such as 3D website and, SecondLife.Com, are gaining popularity offering hassled company executives and CEOs a virtual identity to repackage their products. Discussing the pros and cons of a product with consumers in a virtual world has become a trend now, says Ajay Ahuja, a corporate communications manager in a private firm. "Around 60 million people are registered in a 3D virtual world called SecondLife.Com. Hence, it becomes easier for us to reach out to consumers and conduct sessions and forums for explaining the product's benefits," Ahuja says. The virtual world has its own media too, which help in dissipating information about the product. "The media in the virtual world is called 'Second Life Herald'. Here, journalists can also log on with a different identity and discuss the matter with consumers and well as product managers," he says. A leading software company in India, in fact, has started a virtual network with a learning centre, an open pit for discussion and a volley ball court for relaxation. The site, however, allows you to enter only you have been thoroughly checked by their own virtual security centre. Chatting with friends on social networking sites like Friends Reunited, Orkut, Linked In, Facebook, MySpace, twitter and video sharing sites as YouTube are passe. These sites are now helping to get you employment too, Vishal Chopra, a public relations executive of another private firm. PTI

Day-dreaming, for some time not bad, in fact healthy: Experts
Anupam New Delhi, Oct 19 (PTI) Ever got engaged in a fanciful musing of a castle in the air, or a date with Angelina Jolie or Brad Pitt? Daydreaming has long been derided as a lazy and non-productive pastime. But it has also been able to breed many popular artistic careers, like being a composer, novelist or a film-maker, who develop new ideas. "When a person is thinking or fantasizing about his unfulfilled wishes, desires, all that for which he is passionate about, he gets carried away by them and starts day-dreaming," says a well known psychologist Dr Aruna Broota. But, in this fast-pace world, do people have time for day-dreaming? "Yes, they have enough time to day-dream. The fast-pace moving world has not deterred people from day-dreaming," says Dr Roma Kumar, the clinical psychologist at Ganga Ram Hospital. Day-dreaming is a visionary fantasy or a reverie indulged in while awake. A daydreamer gets engaged in a fancy speculation, generally of happy and pleasant moments, hopes or ambitions. While for an observer, the day-dreamer has an expression-less stare to a distance, day-dreaming is very normal, feel experts. "Day-dreaming is completely normal, in fact it is more than normal. It is like trying to think of the happy moments. The person goes back to that time to get more happiness," says Kumar. Kumar however, adds that day-dreaming can be abnormal if it is beyond a limit. "Generally day-dreaming is normal but if it is beyond certain limit and when it makes the person non-functional, it can be an obstacle on the path of progress," she says. PTI

Recession? Designers offer mixed fare on global crunch
New Delhi, Oct 19 (PTI) The cascading effect of the financial crunch felt globally is subtly making its presence felt in the world of Indian fashion too with several local designers choosing to showcase scaled down collections for the next season using muted colours and toning down their elaborate and mostly opulent ramp shows. However, for some designers it is business as usual and they hope to keep the recession blues at bay by fighting back and focussing on roping in more international buyers by aggressively marketing the country's traditional designs and styles. Between themselves the two fashion weeks hosted by rival designer bodies in the capital have totalled over 100 designers presenting cuts, silhouettes, fabrics and prints for the 2009 Spring Summer. For ace designer Tarun Tahiliani the crumbling stock market and its impeding effect on the Indian industry has never taken a backseat in his mind. "If you stop acting, then recession will cause global depression. It's the people who have to fight back and I think fashion is a good way to do so. Simple, fashionable outfits of light shades will surely work," Tarun says. Compatriot Rina Dhaka whose recent offering at the Wills India Lifestyle Fashion Week showcased the richness of 'Bhuj' embroidery work says," There might not be any impact of recession on the Indian fashion industry since the business here is mainly boutique driven." As for international buyers they are already headed for India because of the comparatively cheaper prices and rich variety of clothes present in the county, Dhaka points out. "Our fashion weeks don't stick to one theme. We have a huge variety of themes and styles spanning pret, couture, western and Indian. This is what primarily attracts the foreign buyers," says Dhaka. PTI

Wills Fashion Week draws to close under global crisis shadow
New Delhi, Oct 19 (PTI) After five days of colourful extravaganza in the capital, it was curtains today on the premium B2B event 'Wills Lifestyle India Fashion Week 2009' with designers going home with bulk of orders and long-term relationships in plenty with both Indian and foreign buyers. The carnival witnessed domestic and international buyers from Middle-East, the US, the UK, Paris, Japan and Malaysia. However, the event did not see any growth in terms of business this time, thanks to the global crisis. Most of the UK-US buyers explored collections and are likely to book the orders later. "We have seen the collection. Once we go back and discuss it with team members, we will place orders. This time we are likely to book orders with Rohit Gandhi, Rahul Khanna and Prashant Verma...," said James Watson, a buyer from Liberty of London. This time around, Middle-East buyers were seen in maximum action. Designer Anupama Dayal said, "The response has been positive. I have got orders from Kuwait-based stores like Shamiya and others for 200 designs in the price range of USD 100-150 dollar." However, the financial crisis has hit buyers' budgets mostly those from developed countries including the US, Paris, the UK and and London. Nichole Sewall of Anthropologie of the US said, "We have worked with Manish Arora in the past... This time we will also book orders with Ranna Gill and Rahul Khanna. We are going back and will book orders in the next few months." Dayal added that "this time, the European buyers have limited budget as they seemed are very specific about giving orders". PTI

Digest of domestic news for the week Oct 11-Oct 17, 2008
Saturday Mumbai: Iconic Bollywood actor Amitabh Bachchan is admitted to Lilavati hospital here after he complains of abdominal pain due to suspected incisional hernia, giving anxious moments to millions of fans on his 66th birthday. Srinagar: Kashmir's first train service is inaugurated by Prime Minister Manmohan Singh, realising a long-cherished dream of the people that saw a decade-long arduous effort overcome challenges posed by inhospitable terrain and weather. Sunday Hyderabad: Andhra Pradesh government orders a CBI inquiry into burning of six persons of a family at a village and a judicial probe into communal violence in a town of Adilabad district. Kochi: Sister Alphonsa, a Catholic nun from Kerala, is elevated as Saint by Pope Benedict XVI at a solemn function at the Vatican, making her the first Indian woman to be canonised. Monday New Delhi: A broad consensus to contain communal discord and violence and to protect minority rights is reached at the meeting of the National Integration Council (NIC) which was dominated by the anti-Christian violence and terrorism. Agra: Four days after he fell into a 150-ft deep borewell, the lifeless body of two-year-old Sonu is pulled out by rescue workers who were hoping against hope to save him while authorities ordered legal action against a contractor and two engineers who allegedly left the pit uncovered. New Delhi: Love and emotions of a couple who brought up a woman's love child for a year took a back seat in a legal battle as a court here ordered handing over of the baby to his biological parents who had given him away fearing social stigma. New Delhi: The Delhi High Court has taken strong exception to the Centre's contention that the court would divide the country if it recognises homosexuals as a minority group. Friday Chennai: Mounting pressure on the Centre on the Sri Lankan Tamil issue, 13 DMK MPs, including seven union ministers, submit their resignation to party patriarch and Tamil Nadu Chief Minister M Karunanidhi. Bangalore/Chennai: India moves a step closer to launch its maiden unmanned moon session when the lunar spacecraft Chandrayaan-I was today mated with the polar rocket which is set to blast off on October 22 from the Sriharikota spaceport. PTI


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Sensex: 10223.09, +247.74

The sensex closed at 10223.09, up 247.74


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               This is the Mumbai Grapevine 
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______Forex_______

1  U.S. $ = 49.085 INR
1  Japanese Yen  = 0.4826 INR
1  British Pound  = 85.307 INR
1  Canadian $ = 41.446 INR
1  Singapore $ = 33.197 INR
1  UAE Dirham = 13.365 INR
1  Saudi Arabian Riyal = 13.107 INR
1  Euro = 65.867 INR
1  Qatar Rial = 13.477 INR


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               This is the Mumbai Grapevine 
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