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News:
CEC warns security forces in J and K
India May Pay Dearly for the War Scare
Presidential race picks momentum
'Time' article on PM completely biased: Govt
UFO in Lanka? Clarke says no way
Maharashtra tops FDI inflow list
HC allows amended petition challenging VSNL disinvestment
GAIL all set to make foray into West Asia, South East Asia
Rupee steady against US Dollar
Jeev earns his glory amidst Tiger victory
Nehru Planetarium director resigns
A Muslim tailor who stitches clothes for Hindu deities
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CEC warns security forces in J and K
Srinagar,Monday, June 17, 2002: Chief Election Commissioner J M Lyndoh today warned the security forces of legal action if they tried to force voters to exercise their franchise in the coming assembly elections in Jammu and Kashmir and declared that he was not averse to foreign observers but they would not be part of the official team.
There will be no compulsion on anyone to exercise franchise and the job of the security forces would be restricted to reassure voters in the state and not interfere in the poll process, Lyngdoh told reporters here while briefing them on preparations for the polls due in October.
"Uniformed forces are not there to rig elections or increase the poll percentage. Their job is to sanitize the area, re-assure voters who should go on their own to cast their votes'', he said.
"No Indian can be compelled to vote. Anybody indulging in such activity will commit an electoral offence which will be prosecuted under the law", he said adding the security forces would not also provide any transportation to the voters.
On the sensitive issue of allowing foreign monitors, he said "Anybody from anywhere in the world would be given access to polling stations but they cannot be part of our official observer team and we would not invite them."
"We will be sending the best of our observers, and handpick who are not afraid of anybody," he said adding that media persons would also be allowed free access to the polling stations.
"We are doing this deliberately and media from all parts of the world would be given facilities to cover the polls as they are the best observers".
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India May Pay Dearly for the War Scare
(Excerpted from Business Week)
Now that war fever has begun to abate between India and Pakistan, investors are starting to ask some pointed questions. How much have the tensions damaged India's economy? And how long will it be before the nation is seen as a safe destination for foreign investment again?
The answer is that the economy has taken a beating from which it may not soon recover. In the three weeks after mid-May, when Pakistani militants attacked an Indian army camp in hotly contested Kashmir, foreign institutional investors pulled an estimated $48 million out of the Bombay Stock Exchange, helping knock the bourse down 10% (chart). The $8 billion software industry is hurting, too, with visits of foreign clients being canceled. Also hard hit is the garment export industry, which fears loss of business in seasons ahead.
Long accustomed to living in a volatile region, Indians have a hard time understanding foreign jitters. Last week, the Confederation of Indian Industry likened British and U.S. travel warnings to "unofficial economic sanctions, [which are] unjustified and should be reversed." But the truth, says Ajay Sondhi, country chief of UBS Warburg in Bombay, is that "India's perceived risk profile has been heightened and may not be lowered in a hurry."
Investors can be forgiven for seeing India as a risky bet these days. Even as relations with Pakistan began to boil, communal violence in the industrial state of Gujarat in February rocked the nation. A $200 million fraud in India's cooperative banks showed the dangers lurking in the financial system. Adding to the pain is the recent decision by Morgan Stanley Dean Witter & Co. to change its widely followed MSCI emerging-markets index of recommended weighting for portfolios. India's weighting was reduced from 7.5% to about 3.5%. All this makes for an unappetizing stew for the firangi, as foreigners are called.
Hardest hit is India's vaunted software industry. "September 11 delayed the industry's recovery," says Infosys Technologies Ltd. Chief Operating Officer S. Gopalkrishnan. "This will delay it further." Ditto India's plans to become the back office and call center to the world. Foreign investors in India's telecom sector say the tension will make them loath to commit new funds.
The tensions with Pakistan came just as India was climbing out of a trough. The markets were looking up for the first time since September 11, there had been an uptick in auto and cement sales, a housing boom was under way, and the software sector appeared to have bottomed out. Even the country's languid privatization program had gained momentum. Business hub Bombay was buzzing again. And investors had been looking forward to a dozen public issues this year--a bonanza in a market that hosted just six since 2000.
The move back from the brink is having some positive impact. On June 11, I-Flex Solutions Ltd., a subsidiary of Citibank India that makes banking software, went ahead and floated 10% of its shares. The issue was oversubscribed by three times and the company raised $43 million. There are contrarian bulls in the crowd, too. They believe a historic moment of opportunity has arrived for India and Pakistan to bury their differences--and that the market is undervalued. Samir Arora, head of Asian emerging markets at Alliance Capital Management in Singapore, says he has been "buying like mad"--up to $5 million a day of such stocks as auto maker Telco and refiner Hindustan Petroleum Corp., which is due to be privatized this year. Jon Thorn of the $15 million India Capital Fund has been buying from departing foreign investors. "They're just scaredy cats," he says.
Maybe so. But most investors prize stability, and India, at least from a distance, doesn't have much. Analysts say what's needed to counteract the war scare is an acceleration in the tempo of economic liberalization. Then, says UBS Warburg's Sondhi, "when the war clouds finally lift, India will again be seen as a good investment destination." Unless, of course, some new crisis intervenes.
[ This story along with a chart showing the performance of the BSE sensex over the past few months is at: http://www.businessweek.com/magazine/content/02_25/b3788131.htm
- Harshal ]
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Presidential race picks momentum
New Delhi,Sunday, June 16, 2002: The race for the country's top post picked up momentum today with NDA nominee A P J Abdul Kalam arriving here to file nomination papers tomorrow for the July 15 poll, even as his rival Lakshmi Sahgal fired the first salvo that Kalam as Presdient would send "wrong signals" at this juncture.
'Missile man' Kalam arrived in the capital to a rousing welcome from the scientific community and a host of Ministers who received him at the airport. "I have come here on a mission. I will file my nomination papers tomorrow", he told
Earlier, Kalam referred to support from various parties and said it showed that "people want me".
Sahgal, who is being fielded by the left parties in a symbolic contest against Kalam, told a press conference that she admired him greatly for his scientific mind and his contribution to science but his election to the top post would send "wrong signals" at a time when tensions ran high between India and Pakistan.
Sahgal will be filing her nomination on June 21.
Later, Prime Minister Atal Bihari Vajpayee hosted a lunch for Kalam at his residence which was also attended by Home Minister L K Advani, Defence Minister George Fernandes, HRD Minister Murli Manohar Joshi and Parliamentary Affairs Minister Pramod Mahajan.
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'Time' article on PM completely biased: Govt
The government has taken strong exception to the contents of an article on Prime Minister Atal Bihari Vajpayee in the Time magazine, terming it as "completely biased" and "baseless".
"Our views in this regard have been made known to the editor," an External Affairs Ministry spokesperson told reporters on Monday when comments were sought on the article which among other things makes references to Vajpayee's health.
"It certainly doesn't fall into the category of the kind of reporting expected from Time magazine," the spokesperson said.
She said it was "completely without foundation. It is baseless and ill-advised. It is a completely biased and ill-informed article".
[ The 'Time' article is here:
http://www.time.com/time/asia/magazine/article/0,13673,501020617-260747,00.html
- Harshal]
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UFO in Lanka? Clarke says no way
(Farah Ahmed - Times News Network)
COLOMBO: Sri Lanka is abuzz over aliens after some villagers and a journalist spotted an unidentified flying object (UFO) in the north central town of Polonnaruwa, but visionary space scientist Sir Arthur C Clarke has played down the local X File episode.
The unusually glimmering flying object was first spotted by a farmer in Polonnaruwa, but its presence was also confirmed by several others in the area including a television journalist, local media reports said on Sunday.
The object had been seen over Sri Lankan skies for nearly a week and eventually prompted the Sri Lankan Air Force to investigate the matter, the reports added.
Polonnaruwa is an ancient Sri Lankan capital and is a popular tourist attraction because it houses many rare historical ruins dating back to the first century AD.
A team of astrophysicists -- led by Dr Chandana Jayaratne of the University of Colombo -- has also started studying the Sri Lankan sky to determine what the object is.
But for the internationally renowned author of several books on this subject, Arthur Clarke, all the hype appears to be largely unwarranted.
"I wish I would one day be able to meet a visiting alien, but I don't for a moment agree that aliens are visiting the Earth in UFOs making secret appearance of contacting a handful of human beings," Clarke said in a statement.
"We need to discern enthralling science fiction from science fact," he added.
According to Clarke, despite several investigations by NASA and the US Air Force, no credible evidence has been found anywhere in the world of aliens visiting the earth.
Clarke also warned that people were spending far too much attention on investigating UFOs rather than studying NEOs or Near Earth Objects like asteroids and comets that could crash on earth and destroy life.
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Maharashtra tops FDI inflow list
India received foreign direct investment inflows worth over $880 million during March. Maharashtra topped the list of states attracting the highest inflow.
According to statistics compiled by the Secretariat of Industrial Assistance, the total amount of FDI inflow received, including the advance pending issue of share, was pegged at $887.5 million, which in rupee terms was valued at Rs 4,260 crore.
Maharashtra attracted the highest inflow at $505.9 million, accounting for 57 per cent of the total share, followed by Tamil Nadu with $90.2 million. While Gujarat topped the list of top five states attracting the highest FDI approvals, it did not figure in the top five list of states attracting highest FDI inflows during March 2002.
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HC allows amended petition challenging VSNL disinvestment
New Delhi,Monday, June 17, 2002: The Delhi High Court today allowed an amended writ petition seeking quashing of the disinvestment agreement between Government and Tata Sons Ltd on management control of VSNL.
Without issuing notices to any of the respondents, a Bench comprising Justice M A Khan and Justice R C Chopra fixed July 10 as the next date of hearing on the matter.
Besides seeking setting aside the agreement reached between Government and Tatas on the VSNL disinvestment, the amended petition has requested the court to call for the records of the case from the respondents.
Additional Solicitor General (ASG) K K Sud, appearing for the Centre and senior advocate and former Finance Minister P Chidambram appearing for VSNL opposed the petition saying it was not maintainable.
Chidambaram contended that after the Supreme Court judgement in the BALCO disinvestment case, there was no case in this petition.
He said even in the amended petition there was only addition of paragraphs and there was no averments.
The ASG submitted that there was no urgency to bring the matter before the vacation court as the disinvestment agreement took place in Februrary.
Earlier on June 7, the court while refusing to issue notices to the Ministry of Communication and Information Technology, VSNL, Tatasons Ltd and Tata Tele Services had given liberty to Forum for Justice and Peace (FJP), which had filed a Public Interest Litigation (PIL) highlighting the ongoing controversy over alleged transfer of Rs 1200 crore by VSNL to Tatas, to amend the prayer part of its petition.
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GAIL all set to make foray into West Asia, South East Asia
Bangalore,Monday, June 17, 2002: The Gas Authority of India is all set to make a foray into West Asia and South East Asia and also plans to enter the LPG marketing business in India, a top GAIL official said today.
"We have plans to introduce Compressed Natural Gas in the gas-rich countries of West Asia and South East Asia", GAIL's Chairman and Managing Director, Proshanto Banerjee said.
GAIL, he said, also proposed to take up projects in those countries on gas transporation, gas processing and related areas close to its core competence.
Asked which countries had been identified, Banerjee said the company was looking at Iran, Oman, Kazakhstan, Bangladesh, Sri Lanka and Indonesia. Discussions in this regard were in the final stages, he said.
He said GAIL would either form joint ventures in those countries to take up business there or create business units, depending on rules in those nations and business conditions prevailing there.
Banerjee said GAIL was keen on entering the LPG marketing business. "We produce one million tonnes of LPG. We are in dialogue with the Petroleum Ministry (seeking the latter's nod for the move). We are waiting for a favourable response".
He said the company was expected to enter the LPG marketing business in the next two to three months.
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Rupee steady against US Dollar
Mumbai,Monday, June 17, 2002: The Rupee held steady against the US Dollar in extremely thin and listless early trade at the the Interbank Foreign Exchange (FOREX) market here today.
Opening around Rs 49.01/02 per dollar, the Rupee is currently quoted at 49.00/01, unchanged from weekend levels.
The Forex spot trade remained quiet and range bound due to lack of market moving factors. However, dollar supplies accumulated over the weekend will give the Rupee underlying support, a forex dearler said.
Receding war fears will also benefit the Rupee, he added.
In cross currency trade, the Euro was quoted at Rs 46.31/34, Pound Sterling at Rs 72.34/36 and Japanese yen (100) Rs 39.41/43.
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Jeev earns his glory amidst Tiger victory
New Delhi,Monday, June 17, 2002: Ace Indian golfer Jeev Milkha Singh shot his fourth successive round of five-over 75 in extremely windy conditions to end his campaign at the 102nd US Open Golf championship with a tied 62nd place.
On a day when Tiger Woods won his seventh title in last 11 major appearances, the ace Indian played a battling round under tough conditions at the par-70 Bethpage Black Course, Farmingdale, New York on Sunday.
With just three players breaking par, Jeev often had the large gallery in raptures with his exquisite putting and magic around the greens, according to information received here today.
Jeev's performance was creditable, given he had qualified for it for the first time. Also, he made history by making the cut at the tough tournament.
"I tried to attack on every possible hole, which is actually not the best of ideas on a course like the Bethpage Black. I kept telling myself that I had nothing to lose, and everything to gain," said the Hero Honda-sponsored player.
The biggest factor inhibiting scoring on a day when the sun peaked out for the first time in three days, was the swirling winds. It was so windy that some players had to wear their caps backwards to prevent them from flying off.
"Playing the US Open was a great learning experience for me and I enjoyed the challenge. I surely could ha zczc
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Nehru Planetarium director resigns
The Director of Nehru Planetarium here, Dr Mayank Vahia has resigned from the post as he was "unhappy over the administrative practices at the Centre that curbed scientific freedom," Nehru Science Centre sources said on Monday.
In his resignation letter earlier this month, addressed to Director, Finance and Administration of the Centre S K Kulkarni, Vahia, who was Associate Professor in the Department of Astronomy and Astrophysics at Tata Institute of Fundamental Research (TIFR) before joining Nehru Centre on April one last year, alleged the Centre "curbed the real scientific temper."
The freedom of a scientist in "carrying out research and other measures to popularise astronomy and astrophysics that will enrich activities of the planetarium, is being checked," the letter said.
Vahia is planning to return to his mother organisation from July one, TIFR sources said.
Vahia's letter said he had organised various programmes for students including Astronomy olympiad "for which the Nehru Centre administration had objected, saying that he should restrict all his activities to the planetarium and dissociate himself from TIFR and research activites."
Earlier, during Vahia's meeting in April with I M Kadri, the Centre's General Secretary, it was suggested that if he was unhappy he should find a replacement and leave the centre, the sources said.
Meanwhile, the executive director of Nehru Centre Satish Sahney was not available for comments.
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A Muslim tailor who stitches clothes for Hindu deities
Ayodhya: Ali Hasan is a tailor who belongs to the minority community, yet he stitches clothes for the Hindu deities. And, this becomes even more challenging as he sticks to his trade even while staying in this religious town, which witnessed in 1992 the worst ever commual riots in the country.
The short statured tailor, popularly known as "Ramsewak", is neither a politician nor a peace activist, but has suffered much in the communal discord that followed the demolition of the Babri mosque.
Hasan's speciality stays as a "fashion designer" for the innumerable idols of Hindu gods dotting the temple town. 51-year old Hasan's association with Hinduism goes a long way. He, in fact, started making clothes for Hindu idols because of his close friendship with several Hindu seers and priests.
"I started stitching clothes for gods because of my friendship with several Hindu seers. I used to be friendly with many priests of the temples in the town. In fact, all of them are still good friends. Being with them, I started to stitch and soon gained expertise in this field", he said.
He said that he has never felt alienated or scared as a person belonging to minority community of the town considered to be a flashpoint for communal violence. More than 3000 people were killed in the violence as Hindu zealots demolished the Babri mosque in 1992.
After 1992, Hasan bacame more determined to bridge the gap that arose between the two communities following the demolition of the 16th century mosque. He took up a job that no Muslim would dare accept especially in the aftermath of the religious discord. In his shop "Roxy Tailors", he makes clothes for idols of Lord Ram.
Hasan and his son are regular visitors to the Ram Janmabhoomi complex. Armed with special passes, the father-son duo visit the famous site almost everyday to take measurements and make dresses for the idols.
Hasan admits that the events of 1992 created a rift between Hindus and Muslims. "There has been a change in the peaceful and harmonious relations between the two communities. Earlier, there was great love and peace but now everybody has a stilted view of things. Today, the feeling of brotherhood exists only between a few people," Hasan said.
For his extraordinary love for universal brotherhood, a large number of Hindus in the town regard Hasan as a respectable figure. Sachidanand Dass, a Hindu temple official, said that Hasan's commitment is exemplary. He said, "Ali Hasan is one of the many who serve god and are committed to god. They also participate in our festivals with great excitement. We never feel that there is any discord between the two communities".
The activity, of stitching clothes for Lord Ram, has now become a family tradition with Hasan's 16-year-old son Badal stepping into his father's shoes. (ANI)
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