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Headlines
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News:
Kalam enters the fray for July 15 Presidential election
Three ultras killed in Doda, ammunitions recovered in Rajouri
Foreign poll oservers may seek prior govt clearance: Lyngdoh
No differences in party over Guj leadership issue:BJP
Pak for duty concessions on over 600 items of trade from India
Terrorist attack beyond control of India, Pak can provoke reaction
BEST proposal: Topper Kadam may land a job
Rupee steady against US Dollar
FDI inflows touch record high; cross $four billion in 2001-02
Mobile market hit by hunt for tax evaders
Gopichand happy with re-introduction of 15-point format
India to take part in 26 disciplines in Busan Asiad
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Markets:
Sensex: 3284.54, -38.96
Stocks suffer setback on institutional selling
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Forex, Metals and
Weather below
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News
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Kalam enters the fray for July 15 Presidential election
New Delhi,Tuesday, June 18, 2002: Eminent missile technologist and candidate of virtually all the parties except the Left, A P J Abdul Kalam, today entered the fray for the July 15 Presidential election with major formations filing nominations on his behalf.
Accompanied by leaders of NDA grouping headed by Prime Minister Atal Bihari Vajpayee, 71-year-old Kalam entered the chamber of Rajya Sabha Secretary General R C Tripathi, who is also the Returning Officer, before noon.
Vajpayee handed over the first set of papers which had Home Minister L.K. Advani, TDP supremo N. Chandrababu Naidu, Samajwadi Party chief Mulayam Singh Yadav, BSP leader Mayawati, AIADMK leader O Panneerselvam, Samata Party leader and Defence Minister George Fernandes and DMK leader Murasoli Maran, Shiv Sena leader Suresh Prabhu, BJD chief Naveen Patnaik and Trinamool Congress chief Mamata Banerjee among the 60 proposers and equal number of seconders. Congress President Sonia Gandhi, who was already waiting in the chamber, filed the second set of papers on behalf of her party. Those who signed the papers included Manmohan Singh, Arjun Singh, Natwar Singh, Pranab Mukherjee, Najma Heptulla, P.M. Sayeed, Shivraj V Patil and S.Jaipal Reddy. With a week to go for the nominations to close, Kalam's nomination is the first filed on behalf of any political party. The only other candidate of some consequence Capt. Lakshmi Sahgal being fielded by the Left parties is expected to file her nominations on June 21.
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Three ultras killed in Doda, ammunitions recovered in Rajouri
Jammu,Tuesday, June 18, 2002: Three militants were killed by security forces in two separate incidents in Doda district of Jammu division and a huge quantity of arms and explosive were recovered from a militants hideout since yesterday, official sources said today.
Two ultras, identified as Shahnawaz alias Bilal and Shabir Ahmed of Lashkar-e-Toiba outfit were killed in Bisran nallah of Bhaderwah tehsil Monday evening, they said adding two AK rifles, two handgrenades and one wireless set were recovered from them.
Another LeT militant liaquat was arrested during the operation, they said.
In another incident, security forces shot dead a LeT militant identified as Abu Yonus at Seoj Dhar of Doda district. One AK rifle was recovered from him.
Reports from Rajouri district said that security forces busted a militant hideout in Thanamandi area last evening and recovered a huge quantity of arms and explosive.
The recoveries included one kg plastic explosive, 11-m-60 anti-tank rifle grenades, four H E grenades, one RPG booster, eight pencil timers, 13 remote control units of IED's, two IED demolition units, one detonator, some pistol rounds and five Pakistani maps.
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Foreign poll oservers may seek prior govt clearance: Lyngdoh
Jammu,Tuesday, June 18, 2002: Chief Election Commissioner (CEC) J M Lyngdoh said today that poll experts from countries with "good democratic credentials" could be allowed to see the poll process in Jammu and Kashmir provided they had "necessary government clearance."
Elaborating on earlier remarks regarding foreign poll observers in the strife-torn state, he said "The election Commission shall not invite any group, body or organization to function as observors for the Jammu and Kashmir elections."
"However, if any individual who is associated with the conduct of elections in his/her country and that country has good democratic credentials, then in his/her individual capacity such person can come to see the election, subject to the person's getting necessary government clearance," Lyngdoh told mediapersons here.
Commenting on the hype generated for the polls due by October, Lyngdoh said "You have got an international angle and whole world is watching. That is the difference."
It enjoins the Election Commission to appoint its own observors who are senior civil servants, he said, adding India has a large pool of such neutral civil servants.
Like in other parts of the country, the Commission would rely on media reports including the foreign press, so all mediapersons, would have easy access to the polling stations, he said.
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No differences in party over Guj leadership issue:BJP
Ahmedabad,Tuesday, June 18, 2002: BJP today made it clear that there were no differences within the party over the state's leadership issue and that the coming Assembly elections will be held under the guidance of Chief Minister Narendra Modi.
"There are no differences in the party over Chief Minister Narendra Modi's leadership," BJP Vice President Ramdas Agarwal told reporters here.
He said the elections would be held under the leadership of Modi who was on Monday again authorised by the state executive of the BJP, at its meeting in Gandhinagar, to decide on the timing of holding of the polls.
Meanwhile, the party has drawn up a plan to reach out to the electorate at the grassroots level for the polls due by March next year.
Disclosing the plan to spread BJP's +message+ to the people, he said a series of programmes would be held between June 23 and July 6 (death and birth anniversary of founder of Janasangh, Shyama Prasad Mukherjee).
It was also proposed that Modi would devote four days of a week for official work and in the remaining, he would work for the organisation, the BJP leader said.
Modi would lead a +Gujarat Gaurav Yatra+, to be taken out from different places in the state, the schedule of which would be announced later, he said.
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Pak for duty concessions on over 600 items of trade from India
Islamabad,Tuesday, June 18, 2002: As Indo-Pak tensions show signs of abatement, Pakistan has further raised prospects of a largescale increase in bilateral trade by offering to exempt duty on over 600 items imported from India.
Pakistan has slashed duty over 600 items of trade from India and in principle included India to avail tariff concessions being worked out under the South Asian Preferential Trade Agreement (SAPTA) of the SAARC, 'The News' quoted a government notification as saying.
The notification came into effect from June 15, it said adding similar concessions have been offered to Iran and Turkey also.
Extra concessions have also been offered to SAARC countries other than India on the items imported from those nations under category of Least Developed Countries, the report said.
Officials were not immediately available to comment on it but the new order could pave the way for normalisation of trade relations which have always been linked by Pakistan to resolution of the Kashmir issue.
However, Pakistan so far has not extended the Most Favoured Nation status to India which was required under SAARC charter even though India has extended the same to Pakistan along with other members.
The slow progress of SAFTA (South Asian Free Trade Agreement) process was also blamed on Indo-Pak tensions. The Indo-Pak trade was stated to be around 500 million dollars with Balance of Trade in favour of India. But official trade through third countries was stated to be over billion dollars per annum.
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Terrorist attack beyond control of India, Pak can provoke reaction
Washington,Tuesday, June 18, 2002: Despite lessening of tension between India and Pakistan a terrorist attack "beyond the control of either side" could provoke reaction, US Defence Secretary Donald Rumsfeld has said.
"There is a clear perception that tensions are easing and that the likelihood of a conflict is lessening" but military situation on the ground and the respective levels of alert has "really not changed notably," Rumsfeld told reporters here Monday while briefing about his recent visit to India and Pakistan.
He, however, said "there are several risks ahead in the period we're now entering, including the possibility, of course, of a terrorist act beyond the control of either party, which could be misunderstood and conceivably provoke a reaction."
Rumsfeld said both nations have taken some initial steps that, while not definitive, are having a positive effect.
The leaders of both countries are increasingly aware that tension in the region is hurting them economically, he said adding fear of war discourages international investment to the detriment of the economies of both the countries and certainly their people.
"We raised that issue with both countries, and I think they are sensitive to it," Rumsfeld said.
He said both Pakistan and India indicate a desire for continued US involvement and appreciated the efforts that President George Bush, Prime Minister Tony Blair and others have been making.
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BEST proposal: Topper Kadam may land a job
(Express News Service)
Anil Vitthal Kadam is an expert at fixing buses. Now, the 19-year-old hopes he can fix his future with a clerical job at the Brihanmumbai Electric Supply and Transport (BEST) undertaking. Though the odds don’t appear to be in his favour — the BEST placed a freeze on employment two years ago — the HSC topper in the night school category hopes his stint as an apprentice as a motor mechanic at the undertaking’s Pratiksha Nagar depot will stand him in good stead. A proposal in favour of the teenager has been forwarded but a decision is yet to be taken.
Kadam, who has enrolled for a Bachelor of Commerce degree at the Mahatma Junior Night College, says he will pursue his education anyway and eventually earn a degree in management studies. ‘‘I am just an HSC-pass and can’t decide how much I should get but if the BEST offers me a mechanical job, I shall take that too because Topper Kadam may land a job any help is welcome. I shall look for another job later. There were a lot of people who have said they will help but nothing has happened,’’ rues the teenager.
But things are not all grim. Corporator Praveen Chedda, who is also a member of the BEST Committee, had passed a of motion at the committee’s meeting on June 6 requesting the management to consider taking Kadam as an employee. ‘‘A winner and a go-getter like Kadam should be a part of our organisation. He has been working here for some time so why loose him,’’ says Chedda.
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Rupee steady against US Dollar
Mumbai,Tuesday, June 18, 2002: The rupee was more or less steady against the US currency in quiet range bound early trade at the Interbank Foreign Exchange (FOREX) market here today.
Opeing around Rs 48.9850/9950 per dollar, the rupee is currently quoted at 49.0000/0050, little changed from the overnight finish of Rs 48.9900/9950.
Stray dollar demand from banks put mild pressure on rupee but there is adequate local dollar supply to absorb the limited buying. Moreover, the forex spot trade remained shallow and within tight band due to lack of market moving factors, a dealer said.
In cross currency trade, the Euro was quoted at Rs 46.42/44, Pound sterling at Rs 72.55/57 and Japanese yen (100) Rs 39.38/40.
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FDI inflows touch record high; cross $four billion in 2001-02
New Delhi,Tuesday, June 18, 2002: India recieved FDI inflows of over four billion US dollars during 2001-02, the highest so far, and registered a growth of 66 per cent over the previous year despite an economic slowdown that hit the global economy during the year.
FDI inflows amounted to 4.06 billion dollars in 2001-02 as against 2.46 billion dollars a year earlier, an official release said here.
The inflows, if recalculated on the basis of international reporting practices, would work out to be much higher than what is currently reported since the FDI inflow figures are based purely on foreign equity investments (including preference shares) other than foreign portfolio investment.
It excludes investment by off-shore venture capital investors, which in international practices form part of the FDI inflows.
In order to align the FDI reporting system with the international computation standards and updating FDI inflows into the country, Government has recently set up a joint committee comprising representatives from the RBI and the Department of Industrial Policy and Promotion. The committee is expected to complete its work shortly, the release said.
The IMF definition of FDI as laid down in the Balance of Payments, adopted by most countries as also by UNCTAD for reporting FDI data in its annual publication entitled World Investment Report treats both reinvested earnings and other direct capital flows such as debt securities, trade credits, grants as part of FDI, the release added.
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Mobile market hit by hunt for tax evaders
MUMBAI: India's cellular phone market, ballyhooed as likely to be one of the world's fastest growing this decade, is suffering suddenly from a decline in subscribers.
Rather than growing exponentially as expected, the number of new subscribers has declined in the two months since the government began requiring prepaid card users to provide proof of identity and all cellphone owners to file tax returns.
Analysts are not rushing to revise their forecasts, however. They believe the downturn is temporary and will reverse as increased competition slashes prices.
The Indian cellular industry added 275,393 users in May, down 3 per cent from April, when the number slid 28 per cent, according to Cellular Operators Association of India (COAI) data.
"Growth was definitely impacted by the verification process," said Sanjeev Aga, COAI chairman.
National security is also involved. India wants to know the identities of all subscribers, especially those using prepaid services, to help intelligence agencies in dealing with threats in Kashmir, with Pakistan and the recent Gujarat riots.
Prepaid users are the fastest growing segment of the Indian cellphone market, and account for about half of the current subscriber base of just under seven million.
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Gopichand happy with re-introduction of 15-point format
Bangalore,Tuesday, June 18, 2002: India's badminton star Pullela Gopichand, the winner of the 2001 All England Championship, expects to be far more consistent from August when the game reverts to the 15-point format.
Expressing happiness over International Badminton Federation's recent decision to do away with the seven-point format, introduced on an experimental basis from August last year, Gopichand told PTI here: "It's a happy move for me. Hopefully, I will have some good results."
A strong votary of the old system, he said most of the senior and established players were keen that the game be reverted to the 15-point format.
Asked if his performances had slumped to some extent after the All England triumph in March last year and whether the seven-point format was a major factor, he said it was unfair to say that his performances were not in tune with his expectations.
Though he did not have a win, reaching the semi-finals of the Indonesian Open and Japan Open and finishing in the world's top five bracket in a full year after winning that title was "quite a good performance", he felt.
Gopichand said to be consistent with the seven-point format was difficult and it was the case with most of the senior and established players. "Now that it (seven-point format) has gone, I hope things will be better".
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India to take part in 26 disciplines in Busan Asiad
New Delhi,Tuesday, June 18, 2002: India will take part in not more than 26 disciplines out of the 38 in which competitions will be held in Busan Asian Games in September this year.
In its quest for exceeding the tally of 7 gold, 11 silver and 17 bronze medals it won in the last Asian Games in Bangkok, the Indian Olympic Association got a shot in the arm with the Korean Electronic giant Samsung stepping as the official sponsor for the Indian contingent.
After signing a Memorandum of Understanding (MoU) with Samsung here today, IOA President Suresh Kalmadi said he was confident India would exceed the tally at Bangkok.
Samsung Vice-President Ravinder Zutsi, who signed the MoU, said the sponsorship amount of Rs 20 lakh would go towards the preparation of the Indian contingent and its participation in the Asiad.
This is the third major event for which Samsung is sponsoring the Indian contingent. Its association with IOA began with the Indian squad for the Bangkok Asian Games. It was followed by the 2000 Sydney Olympic Games.
Kalmadi announced that Jagdish Tytler, President of the Judo Federation of India, would be the Chef-de-Mission of the Indian contingent for the Asian Games to be held in the South Korean city of Busan (earlier known as Pusan).
Mool Chand Chowhan, secretary of the Table Tennis Federation of India, has already been made the Chef-de-Mission of the Indian squad for the Commonwealth Games to be held in Manchester (England) next month.
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Markets
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Sensex: 3284.54, -38.96
The sensex closed at 3284.54, down 38.96
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Stocks suffer setback on institutional selling
Mumbai,Tuesday, June 18, 2002: Stocks suffered a sharp setback pushing the sensex down by about 39 points at close on the Bombay Stock Exchange (BSE) today in the wake of increased selling from domestic funds as well as Foreign Institutional Investors (FIIs).
Local funds mainly the Unit Trust of India reportedly pressed fresh sales in several counters including software stocks, which initially had witnessed a mild rally on the back of a strong upsurge on the Wall Street on Monday night.
The Dow Jones Industrial Average and the Nasdaq Composite Index spurted by about 213 points and 49 points respectively.
Reflecting the reaction in shares, the BSE Benchmark 30-share Index which opened firm at 3337.32 and spurted to the intra-day high at 3361.23, later turned weak due to selling pressure and finished the session at 3284.54 as against yesterday's close of 3323.50, a net loss of 38.96 points or 1.17 per cent.
The broad-based BSE-100 Index dipped by 21.54 points to 1673.94 from previous close of 1695.48.
Initially, select counters like Grasim, L&T, RIL, Telco, BSES, HPCL, Hero Honda, HCL Tech, HLL and SBI were in keen demand from punters and retail investors that also continued to make fairly good purchases in several low-priced second-line stocks.
Market sources said consistent net sales by FIIs have caused concern among the investors. FIIs, which made total sales of Rs 396 crore against the purchases of Rs 184 crore, were net sellers to the tune of Rs 115 crore on Friday alone.
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Forex
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1 U.S. $ = 48.89 INR
1 Japanese Yen = 0.39 INR
1 British Pound = 72.49 INR
1 Canadian $ = 31.67 INR
1 Singapore $ = 27.27 INR
1 UAE Dirham = 13.31 INR
1 Saudi Arabian Riyal = 13.04 INR
1 Euro = 46.37 INR
1 Qatar Rial = 13.43 INR
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Metals
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No data |
Weather
| Temperature : 84 F / 29 C
HeatIndex : 89 F / 32 C
Humidity : 66%
Dew Point : 72 F / 22 C
Wind : SW at 7 mph / 11.3 km/h
Wind Gust -
Pressure : 29.62 in / 1003 hPa (Steady)
Conditions : Rain
Visibility -
Clouds : Scattered Clouds(SCT): 1800 ft / 550 m
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'Make Peace, not War' - a seminar organised by Pakistan India Peoples' Forum for Peace and Democracy on Saturday June 8, 2002 at Press Club, at 3.00 pm opposite BMC Head quarters, VT, Mumbai 400 001. (via nukkad)
Atul Dwivedi posts a terrifying picture of the consequences of a nuclear war on the subcontinent.
V.K.Venugopal, an ex-bureaucrat, suggests a few electoral reforms (on nukkad)
Arya tries to reconcile his many roles: so many of me? (via nukkad)
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