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Headlines
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News:
No demobilisation of troops: Fernandes
Election commision gives steps for smooth conduct of J&K polls
Fernandes brushes aside demand for experts committee
Historic Yatra a low-key affair, peaceful so far
'Father of Pentium' launches $50M India fund
Germany revises its travel advisory
Indo-Pak situation still tense: US
Kneading away the hours on India's trains
India-EU to finalise 15 million Euro programme to boost trade
Govt favours JVs for privatisation of airports
Manufacturing sector revives; IIP up 3.8 per cent in May
EU and India considering limited bilateral deal in textiles
Key stocks aid sensex to end in positive territory
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Markets:
Sensex: 3305.83, +15.27
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Forex, Metals and
Weather below
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News
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No demobilisation of troops: Fernandes
Patna,Friday, July 12, 2002: Ruling out any demobilisation of troops along the LoC in Jammu and Kashmir, Defence minister George Fernandes today said the situation in the state remained unchanged since last month's visit by US Deputy Secretary of State Richard Armitage to the sub-continent to ease tensions between India and Pakistan.
"Overall things have not changed since Armitage's visit for defrosting in the sub-continent... cross border infiltration and export of terrroism to India continue," Fernandes told reporters rejecting the possibility of demobilisation of troops.
"There can be no movement in the direction of peace until Pakistan hands over to India the 20 most wanted men taking shelter in that country, ends infiltration and dismantles terrorist camps run by it," he said.
Asked to comment on Armitage's statement that Pakistan president Pervez Musharraf had assured him of ending cross border terrorism and shutting down of terrorist camps, Fernandes said, "the situation has hardly improved after Armitage went back... later there were reports quoting Musharraf that he never said cross border terrorism would end permanently".
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Election commision gives steps for smooth conduct of J&K polls
New Delhi,Friday, July 12, 2002: The Election Commission Friday announced a series of measures for the smooth conduct of assembly polls in Jammu and Kashmir, including establishment of additional 900 polling booths and extension of Electronic Voting Machine (EVM) facility to Kashmiri migrant voters settled in camps in Jammu and Delhi.
"These measures would go a substantial way in bringing about a good election in the state", Deputy Election Commissioner Sayan Chatterjee told reporters here.
Stating that political parties had represented to the Commission that "clubbing" of the polling stations had put the electorates to inconvenience, he said it has been decided to open booths at 900 additional locations.
Chatterjee said efforts would be made to ensure that as far as possible, voters would not be required to travel more than two kms to reach their polling stations and not more than three polling stations were located in one building.
He said that though the Kashmiri pandits, who migrated to various parts of the country, had the facility to vote by post, the Commission had received complaints that there was considerable delay in the transmission of these postal ballot to the Returning Officers.
"To obviate these difficulties and to make the voting right of these Kashmiri migrants more effective, the Commission has decided to extend the voting facility through EVM in their camps at Jammu and Delhi", he said
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Fernandes brushes aside demand for experts committee
Patna,Friday, July 12, 2002: NDA Convenor and Defence Minister George Fernandes Friday brushed aside demand for an experts committee to review bifurcation of the Eastern Railway for creating the new East Central Railway.
"How can an experts panel rescind Cabinet decisions?" he asked.
West Bengal Chief Minister Buddhadev Bhattacharjee, besides Trinamool Congress Chief Mamata Banerjee and Congress have urged for setting up of an experts committee to go into the reorganisation of railway zones.
Commenting on the issue, Fernandes said "the controversy raised by Mamata Banerjee is totally unjustified and unfair. What Railway Minister (Nitish Kumar) has implemented is a decision of Union Cabinet and not his own."
He said "the decision to reorganise the railways was taken way back in 1996. But since there was little continuity in the Railway Ministry, its implementation got delayed. Now Kumar has implemented it and there is nothing wrong..".
Asked whether the problem had its root in inclusion of the cash-rich Dhanbad division in the newly created East Central zone, he said "the decision to create new zones was taken by the Union Cabinet and the Railway Board decided to amalgamate Dhanbad division with the new zone after due consideration. I see no harm in it."
On what could be a possible solution to the controversy, the NDA Convenor said "the matter is being discussed at various levels and one can hope an amicable solution is found soon".
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Historic Yatra a low-key affair, peaceful so far
Ahmedabad, July 12: The historic 125th Rathyatra of Lord Jagannath rolled out of the Jagannath Temple in the city on Friday morning amidst heavy security. At the initial stages of the mega procession, the Rathyatra this year looked like a low-key affair.
Not only were the raths and akhadas asked to move at a fast pace along the route, the number of persons watching the Rathyatra or welcoming it at various points, had been reduced to about one fourth. Despite heavy troops deployment in the city members of the minority community remained indoors.
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'Father of Pentium' launches $50M India fund
BANGALORE Vinod Dham, a chip-design engineer who led development of Intel Corp.'s first Pentium microprocessor, on Thursday, July 11, announced a $50 million venture fund that will invest in and nurture Indian electronic chip startups with a view to leverage low costs in peninsular India, Asia's technology development hotbed.
New Path Ventures LLC, which Dham will co-manage with another Indian tech whiz, Tushar Dave, is funded for $40 million by San Francisco-based CMEA Ventures and New Enterprise Associates of Menlo Park, Calif., an earlier backer of Dham ventures. Chrysalis Capital, a venture fund based in Mumbai, will contribute $10 million, its principal Kunal Shroff said.
"We will proactively create three to five hybrid Indo-U.S. companies over two years," Dham said in Bangalore. "A sum of $5 million to $10 million will be invested in each of these companies in early stages. In Bangalore, talks are on to set up a core chip-design center and within a year it will employ 100 software engineers," he said, but didn't name the venture.
Bangalore, often called the Silicon Valley of the East, is home to more than 1,000 information-technology companies.
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Germany revises its travel advisory
New Delhi,Friday, July 12, 2002: With the further easing of Indo-Pak tensions, Germany has followed France by revising its travel advisory which no longer urges its nationals to avoid travel to India.
"After the reduction of tensions between India and Pakistan, the German Foreign ministry currently does not see any reason to generally advise against travel to India," the German Embassy here said.
German citizens have been advised to keep themselves informed on the political developments in the region. It has advised them to avoid the border regions between India and Pakistan.
The advice for family members of the diplomatic staff of the Embassy in New Delhi and the Consulate General in Mumbai to leave the country has also been revoked.
Last week, France become the first country to revise its travel advisory dropping earlier mention of asking its citizens to defer travel to India.
The French nationals and their families presently in India have been advised to keep themselves informed of the political situation in the region, it said.
The US and other key allies have dropped their month-long warning to their citizens to leave India but continue to advise them to defer travel to this country, contending that the risk of a conflict between the two neighbours "remains serious".
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Indo-Pak situation still tense: US
Washington,Friday, July 12, 2002: Terming the Indo-Pak situation as "still tense", the United States has said it will continue to stress for dialogue between the two countries when Secretary of State Colin Powell visits the subcontinent towards the end of this month.
It is "still a tense" situation "and we want to see, of course, issues there resolved through dialogue, peacefully. And our engagement with both governments is part of that, part of diplomacy," State Department deputy spokesman Philip Reeker told reporters here yesterday.
"We will continue to stress the need for dialogue and peaceful resolution of issues when the Secretary (Powell) meets in those capitals" of India and Pakistan, he said.
Powell "wants to take the opportunity to continue our engagement with both the government of India and the government of Pakistan," Reeker said.
"We have strong bilateral relationships with both countries, a lot of things to talk about, as well as regional issues, and to continue seeing a lessening of tensions between India and Pakistan, where there still, as you know, remain a number of soldiers along the Line of Control, along the borders," he added.
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Kneading away the hours on India's trains
India's railway authorities plan to introduce on-board massage facilities to relieve the aches and pains -- and boredom -- of long-distance rail travellers, officials said Thursday.
The massage-on-wheels plan follows an announcement by Indian Airways that it will introduce head and neck massages for air travellers during flights.
The rail relaxation plan was dreamed up by officials in the southern state of Kerala, which boasts of being India's massage centre, the Hindustan Times said.
"If it can be introduced in air, we can do it in style on trains," Kerala Tourism Development Corporation (KTDC) chairwoman Padmaja Venugopal told the daily.
The length of time rail journeys take puts many people off travelling by train, but the KTDC plans to turn this aspect to its advantage.
"Many skip rail travel to save time and avoid cramps and unease," Venugopal said. "But we can use the time for short duration rejuvenation therapy."
Venugopal plans to present her idea to Railways Minister Nitish Kumar on Friday, and is confident that it will be taken up without much argument.
If the plan is accepted, high-end customers will be first in line for the massages, which will be introduced on selected long-haul lines such as Madras-Delhi and Thiruvanathapuram-Delhi, the latter trip taking 52 hours.
Aviation experts have reportedly objected to the use of massage oils on planes saying that it is "combustible and smelly" and high-flying masseurs are limited to powders and pastes.
No such limitations apply to the experts who will be brought on to the trains to soothe the needs of passengers. "All we need is a table, some experts and the oil," Venugopal said enthusiastically.
"I will work out other modalities with the railways. It will be a big success for the railways and Kerala tourism." - Sapa-AFP
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India-EU to finalise 15 million Euro programme to boost trade
New Delhi,Friday, July 12, 2002: India and the European Union will soon finalise a 15 million Euro programme to assist specific projects as part of a multi-pronged initiative to promote bilateral trade and investment.
The two countries have also agreed to launch joint studies in four sectors namely financial services, bio-technology, textiles and energy this year.
The decisions were taken at the 12th session of the India-European Commission meeting held in Brussels on July 10, an official release said here.
The meeting, chaired by Commerce Secretary Dipak Chatterjee and EU's Director General-External Relations Guy Legras, was a buildup to the third India-EU summit scheduled to be held between the EU Presidency and Prime Minister Atal Bihari Vajpayee in Copenhagen on October 10 this year.
The commission which is a bilateral forum looking into trade, economic and development issues between the two countries discussed market access related issues and identified deliverables for the next summit, the release said.
The Joint Commission agreed to work out the details of a new 15 million Euro programme. This is likely to be fructified at the India-EU summit in October, it said.
It was also agreed that a scholarship programme for affording opportunities to India and EU students and academia would be launched at the next summit.
A possible launch of negotiations for a customs agreement between India and the EU was another important issue on which a decision is expected at the next summit, it said.
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Govt favours JVs for privatisation of airports
New Delhi,Friday, July 12, 2002: Government has decided to enter into joint ventures between Airports Authority of India (AAI) and private firms instead of taking the leasing route for privatisation of the the country's four metro airports, Civil Aviation Minister Shahnawaz Hussain said today.
"Our first idea was to lease. But, the Law Ministry advised us to go in for joint ventures. The Airports Authority will be the partner (on behalf of the government)," Hussain told reporters on the sidelines of a seminar here.
He said expressions of interest have been received from various private companies for the four airports at Delhi, Mumbai, Kolkata and Chennai.
The percentage of AAI's stake in the joint ventures would be decided later, Hussain said, adding that the process of privatisation would be completed by the end of this fiscal.
Government had earlier decided to give the four airports on long-term lease to private parties.
He said a Bill for privatisation of the four airports was already before Parliament.
To questions on granting of proper landing slots to Air India by British authorities at Heathrow, Hussain said it has to be a quid pro quo arrangement between India and Britain. "So long as we don't get proper slots at Heathrow, we cannot give them similar rights", he said, adding that bilateral talks on the issue remained inconclusive.
A decision to construct a new airport at Ajmer was lying before the ministry and a decision would be taken soon, he said.
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Manufacturing sector revives; IIP up 3.8 per cent in May
New Delhi,Friday, July 12, 2002: Buoyed by a revival in the manufacturing sector, industrial production increased by 3.8
per cent in May this year compared to 1.7 per cent in the same month last year.
Manufacturing sector which accounts for two-third weightage in the Index of Industrial Production (IIP) grew by 3.7 per cent compared to 1.8 per cent, the Quick Estimates of IIP released by Central Statistical Organisation (CSO) said.
During the first two months of current financial year (April-May) too, the industry grew by 3.8 per cent over 2.1 per cent growth registered in corresponding period last year.
The recovery in the manufacturing sector is significant as this could lead to an overall industrial revival.
The mining sector also grew significantly at seven per cent during May compared to negative growth of 0.5 per cent in the same month last year. The cumulative growth in the first two months stood at 5.6 per cent over 1.4 per cent in 2001-02.
Electricity sector, however, witnessed a decline to 2.4 per cent compared to three per cent during May while the 2-month growth was up at 3.8 per cent as against 2.2 per cent last year.
In the manufacturing sector, the recovery has come mainly in the basic goods and consumer non-durables categories.
Basic goods registered a growth of 4.7 per cent in May this year as against 1.3 per cent last year while the cumulative growth stood at 4.2 per cent and 2.6 per cent during first two months of this year and last year.
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EU and India considering limited bilateral deal in textiles
New Delhi,Friday, July 12, 2002: India and the European Union are examining the possibility of a limited bilateral deal in textiles to compensate New Delhi for the likely loss of over 250 million Euro arising out of diversion of trade to Pakistan due to duty-free access being granted to it by EU.
The issue was discussed during the 12th session of the India-EU Joint Commission held in Brussels on July 10, an official release said here.
The Indian side led by Commerce Secretary Dipak Chatterjee raised the issue of concessions in the form ofduty and quota free access given by EU under its drug control window of Generalised System of Preferences (GSP) to Pakistan.
India has maintained that granting of concessions to Pakistan has hurt its textiles and clothing industry and is likely to cause trade diversion of over 250 million Euro.
The meeting discussed the possibilities of a limited bilateral deal to compensate the Indian textiles and clothing industry for the trade loss, it said.
Commerce ministry officials here said that informal negotiations on this issue were held in Brussels on July 9.
A positive outcome of these talks, the third on the issue was significant as India had threatened to take EU to the Dispute Settlement Body under the WTO if the talks fail.
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Key stocks aid sensex to end in positive territory
Mumbai,Friday, July 12, 2002: Select heavyweight counters staged a smart recovery aiding the sensex to end in positive territory in an otherwise narrowly mixed trend on the Bombay Stock Exchange (BSE) Friday on fresh buying from speculators and some purchases by Foreign Institutional Investors (FIIs).
Key counters like HPCL, Infosys Technologies, L&T, MTNL, Tisco, HCL Techno, Cipla and a few others recorded smart gains helping the BSE Benchmark 30-share Index to close past the 3300-level at 3305.83 as against yesterday's close of 3290.56, netting a rise of 15.27 points.
The sensex was trapped in a limited range of 3318.33 and 3293.66 during the day due to divergent trends.
The broad-based BSE-100 Index moved up by 6.53 points to 1660.52 from previous close of 1653.99.
After a heavy sell-off by investors, speculators and retail investors covered part of their positions on the back of selective purchases by FIIs, which had slowed down activity in the past couple of sessions, market sources said.
FIIs were believed to have made fairly good purchases in Infosys Technologies and select old economy stocks as well as second-line IT counters, sources added attributing positive FII activity to a smart recovery by 28.42 points in the Nasdaq Composite Index last night after American markets witnessed a meltdown on July 9 and 10.
Domestic Financial Institutions seemed to be sellers in several counters. Wartsila, Hind Zinc, Bosch & Lomb, ICI India, Hinduja TMT, Indogulf Corp, IDBI, Hindalco and Pentamedia Graphic showed heavy losses.
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Sensex: 3305.83, +15.27
The sensex closed at 3305.83, up 15.27
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Forex
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1 U.S. $ = 48.70 INR
1 Japanese Yen = 0.42 INR
1 British Pound = 75.45 INR
1 Canadian $ = 31.93 INR
1 Singapore $ = 27.86 INR
1 UAE Dirham = 13.26 INR
1 Saudi Arabian Riyal = 12.99 INR
1 Euro = 48.18 INR
1 Qatar Rial = 13.38 INR
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Weather
| Temperature : 86 F / 30 C
HeatIndex : 97 F / 36 C
Humidity : 74%
Dew Point : 77 F / 25 C
Wind : NW at 7 mph / 11.3 km/h
Wind Gust -
Pressure : N/A in / -
Conditions : Haze
Visibility -
Clouds (FEW): 2000 ft / 611 m
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Recent items of interest:
NetGeek posts a very informative write-up on the controversy surrounding Vande Mataram
'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)
2002 SSC results to be declared on June 10. We will post more details as they are available. (Thanks to Mr. Ramesh Kapadia for the information)
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Online hotel reservations for all
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