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Headlines
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News:
India launches first dedicated meteorological satellite
Musharraf rules out conversion of LoC into international border
India, Russia to set up joint working group on terror
Indo-Pak tensions among "four threats" to world peace: Annan
Hurriyat hints at "pressure" from America on Kashmir issue
Industry upbeat, grows at 6.4 per cent in July
Liquidation ruled out, IFCI says merger option with IDBI open
Shoaib Malik becomes first to be ruled out LBW by TV umpire
India beat Korea 2-1 to finish second in group
Mohun Bagan defeat Lankan side Saunders
Important to play for the country with pride: Wright
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Markets:
Sensex: 3131.34, +5.68
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Forex, Metals and
Weather below
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News
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India launches first dedicated meteorological satellite
Sriharikota,Thursday, September 12, 2002: India today crossed yet another milestone in space technology today when its first dedicated meteorological satellite was successfully fired into an oval orbit, 21 minutes after a textbook launch of its polar rocket.
The 44.4 metre tall four-stage Polar Satellite Launch Vehicle PSLV-C4, an improved version of this rocket series, injected the 1,060 kg all-weather satellite METSAT into the orbit after its perfect lift off from now renamed Satish Dhawan Space Centre here.
In the Geo-synchronous Transfer Orbit, the satellite will travel in an oval path and will be as far as 36,000 kms from the earth and also come as close to 250 kms.
As the 295 tonnes polar rocket soared majestically into the azure sky in clear weather, the launch has bolstered ISRO's capabilities to undertake more complex satellite missions.
The all weather METSAT is now in a "safe orbit, quite close to the intended geo-synchronous orbit," said a beaming ISRO Chairman K Kasturirangan, adding, that the life of future INSAT satellites could be safely enhanced from the present nine to 15 years.
ISRO officials also said the launch and the injection of the satellite into orbit has taken place in clock work precision.
Immediately after the injection of the satellite, its onboard solar array was automatically deployed as per plan, officials said.
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Musharraf rules out conversion of LoC into international border
New York,Thursday, September 12, 2002: Pakistan President Pervez Musharraf has ruled out conversion of the Line of Control into an International Border, saying he was not a "fool" to pursue this and declared that he would raise the Kashmir issue here "all the way".
"Main bewkoof Nahin Hoon", (I am not a fool), Musharraf snapped back when asked by newsmen Wednesday night whether he was going to propose conversion of the LoC in J and K during his address to the U.N General Assembly and during the bilateral talks with U.S President George W Bush.
"We will raise it (Kashmir) all the way," he said when asked whether he would raise the issue during his meetings here.
To a query whether he would focus on this subject with the same vigour in the international fora like before, he said it will be much more than that" and that the message to India will be "as firm as we can".
Earlier, soon after arrival from Chicago Musharraf said there was no possibility of his meeting with Prime Minister Atal Bihari Vajpayee here.
India has already ruled out the possibility of talks between the two leaders who last met in Kathmandu in January this year on the sidelines of the SAARC summit.
Musharraf is due to address the UN session today while Atal Bihari Vajpayee will be delivering his speech Friday.
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India, Russia to set up joint working group on terror
New York,Thursday, September 12, 2002: India and Russia have decided to set up a joint working group on terrorism.
Foreign secretary Kanwal Sibal gave this information in an informal chat with newsmen and said there was a complete meeting of minds between the two countries on terrorism.
Another issue that the two countries discussed was energy security. New Delhi cannot have a better partner than Moscow in this field, he said.
"India has a large investment in Sakhalin. We expect good cooperation from Russia," the Foreign Secretary said.
On the assembly elections in Jammu and Kashmir, he said "today the position is that the United States, European countries and other important countries have accepted the fact that elections in Kashmir are useful indicators of the wishes of the people.
They are putting their weight behind it and hope that the polls would be violence-free, he said adding they are calling on Pakistan to not to disrupt the elections.
This is a significant gain for India, Sibal added.
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Indo-Pak tensions among "four threats" to world peace: Annan
United Nations,Thursday, September 12, 2002: Terming tensions between India and Pakistan as one of the "four threats" to world peace, UN Secretary General Kofi Annan today said if a fresh crisis erupts between the two countries, "the international community might have a role to play."
In a speech prepared for delivery to the United Nations General Assembly later in the day, Annan also issued a veiled warning to the United States against acting alone against Iraq.
Besides Indo-Pak tension and Iraq, he also listed continuing instability in Afghanistan and the Israel-Palestinian conflict as the other threats in his address, the text of which was given to the US Ambassador to UN John Negroponte 11 hours ahead of its delivery.
He said the situation between India and Pakistan might now have calmed down but it remains "perilious" and if a fresh crisis were to erupt "the international community might have a role to play."
"The underlying causes must be addressed," he told the 190-member Assembly without elaborating.
However, he said he "gladly" acknowledges and "strongly" welcomes the efforts made by "well-placed" member states of the United Nations to help the leaders of the two countries to find a solution.
"In South Asia, the world has recently come closer than for many years past to a direct conflict between two nuclear weapon capable countries," he said.
Prime Minister Atal Bihari Vajpayee, Pakistan President Pervez Musharraf are among the world leaders attending the annual session of the assembly.
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Hurriyat hints at "pressure" from America on Kashmir issue
New Delhi,Thursday, September 12, 2002: Hurriyat Conference today virtually admitted US pressure on it and Pakistan to resolve the Kashmir issue.
"I will not like to term it as a pressure and it is not the right word to use. Instead we can call it an effort to make the countries to have a balanced approach in resolving Kashmir issue," Hurriyat Chairman Abdul Gani Bhat told PTI when asked whether he was admitting that there was US pressure to resolve the Kashmir issue.
He went on to claim that it was the American policy which would decide whether Prime Minister Atal Bihari Vajpayee and Pakistan President Pervez Musharraf would be meeting on the sidelines of the United Nations General Assembly.
Asked whether the amalgam had any ray of hope from the ongoing UN assembly, Bhat said "it all depends on how the United States chooses to engage both of them."
Bhat, who has been camping in the capital for last four days, said finally both New Delhi and Islamabad would have to come to the table to resolve the issue and the "sooner it will be, the better for the entire South Asia."
Asked whether on their return, the amalgam leaders would continue with their "poll boycott" campaign, a seemingly irritated Bhat said "well, we will see. It is not a boycott campaign but an exercise to make people aware about the futility of these elections".
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Industry upbeat, grows at 6.4 per cent in July
New Delhi,Thursday, September 12, 2002: Setting aside all talks of economic slowdown, industrial sector reported a stupendous performance in the month of July registering a growth of 6.4
per cent as against 2.6 per cent in the same month last year.
The major recovery was led by a robust growth of 5.7 per cent in the manufacturing sector, which is up from 2.9 per cent in July last year, according to Quick Estimates of Index of Industrial production (IIP) released by Central Statistical Organisation today.
The cumulative growth during first four months of the current financial year also witnessed a sharp recovery at 4.7 per cent compared to 2.3 per cent in the corresponding period last fiscal.
The manufacturing sector recorded cumulative growth of 4.3 per cent over 2.7 per cent during the period under consideration.
The mining sector was the real turnaround and registered a growth of 12.5 per cent in July against negative performance of 2.6 per cent in the same month in 2001.
Electricity sector also witnessed a jump to 6.2 per cent this year compared to 4.7 per cent during July last year. The April-July growth stood at 4.3 per cent in 2002-03 against 2.8 per cent a year ago.
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Liquidation ruled out, IFCI says merger option with IDBI open
New Delhi,Thursday, September 12, 2002: IFCI today ruled out its liquidation but said the options like merger with IDBI and roping in strategic partners in the oldest financial institution were still open.
"Liquidation is not the option ... I don't believe, that FIs have lost their relevance. The way out is to restructure the FI, which has financed over 4,800 companies so far," IFCI chairman V P Singh told PTI here today.
"The merger with IDBI could be one of the options," he said, refering to the recommendations made by McKinsey.
The global consultant suggested segregation of "good" and "bad" assets of IFCI and then merging the better half of IFCI with IDBI while transferring the NPAs to the asset reconstruction company.
As part of the efforts to clean up the financial sector, Government is working on a package for IFCI "similar" to that annnounced for Unit Trust of India, which included splitting the fund into two -- sick and healthy institutions.
Singh said another option, which can be considered after the government's bailout package, is to dilute the equity held by government-owned institutions like IDBI, LIC, SBI and others, and roping in strategic partners.
"We are trying to invite strategic partners for a controlling stake now that the foreign investment in the banking sector has been hiked to 49 per cent. This can be done after the bad assets (NPAs) are taken care off," he said.
IFCI plans to hive off over Rs 50 billion of its NPAs and stressed assets into a special purpose vehicle and transfer it to its ARC -- IFCI Asset Care Enterprise.
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Shoaib Malik becomes first to be ruled out LBW by TV umpire
Colombo,Thursday, September 12, 2002: Pakistani batsman Shoaib Malik today entered cricket's record books as the first batsman to be given out leg before wicket after a television referral during the opeing match of the Champions Trophy cricket tournament against Sri Lanka here.
Umpire Daryl Harper of Australia exercised the newly created discretionary right to refer almost any decision to the third umpire for determination of facts, when Malik was struck on the pads by a delivery from Chaminda Vaas.
Television umpire Rudi Koertzen took about two minutes to watch replays, which showed that the ball had pitched in line with the leg stump and hit Malik on the roll of the pads, before conveying his opinion to Harper, who raised his finger to signal the batsman's dismissal.
On-field umpires are allowed to consult the television umpire on the height of impact and whether the ball pitched in line with the wicket in case of lbw decisions. However, the authority to take the final decision remains with the field umpires.
The extended use of technology is an innovation introduced on a trial basis for the tournament.
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India beat Korea 2-1 to finish second in group
New Delhi,Thursday, September 12, 2002: India beat Korea 2-1 in a pulsating third and final round Group III tie of the Junior Fed Cup tennis tournament at La Baule, France, on Wednesday.
Despite the win, which put India in the second place in the group behind fourth seeded Russia, the country failed to qualify for the semifinals.
Russia moved into the last four stage which also features the Czech Republic, China and Belarus from other three groups.
In the match against Korea, after Ankita Bhambri lost a closely fought first match to Jae-Hee Joung 4-6 5-7, it was left to the 36th ranked Sania Mirza to keep India's hopes alive.
Sania did just that as she thrashed So-Jung Kim 6-2 6-2, leaving the tie to be decided in the doubles encounter.
Sania and Ankita struck a perfect match which proved too much for Joung and Kim as the Indians romped home with a 6-1 6-4 victory.
India will have to fight for the 5-8 positions with Uruguay, Hungary and Argentina - second placed teams from other groups.
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Mohun Bagan defeat Lankan side Saunders
Colombo,Thursday, September 12, 2002: Puting behind a dismal performance in the Kolkata league back home, fancied Mohun Bagan defeated Sri Lankan outfit Saunders 2-0 in the Asian Football Confederation (AFC) champions league here Wednesday night.
Star striker Baichung Bhutia fired the first salvo in the early stage of the proceedings while Goerge Ekka struck after the breather to seal the fate of their opponents in a fast paced encounter.
Boosted by the availability of four Asiad probables including Indian captain Bhutia, Mohun Bagan took the lead in the 19th minute.
Bhutia, who returns to Indian club football after a three-year hiatus during which he did duty for English second division club Bury FC, was the pick of the Bagan players as he not only put the team in the lead but looked dangerous whenever he managed to penetrate the rival defence.
Mohun Bagan's commendable performance was possible due to the presence of goalkeeper Rajat Ghosh Dastidar, defender Satish Bharti and medio Rennedy Singh who were released from the national camp before the match.
Putting up a solid defence, Bagan thwarted all moves by the Saunders forwards to go to the breather with the 1-0 lead.
George Ekka made it 2-0 in the 54th minute to consolidate the position and the Kolkata outfit managed to latch on to the lead till the final whistle.
Bagan would host the Sri Lankan champion side for the home match at the Salt Lake stadium in Kolkata on September 22.
A victory at Salt Lake would ensure Bagan a berth against Valencia of Maldives in the second round.
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Important to play for the country with pride: Wright
Chennai,Thursday, September 12, 2002: Refusing to get involved into a discussion on the contract issue, Indian coach John Wright today said every player has to understand that it is very important to play for the country with pride.
"From a coach's perspective, everyone has to understand that it is very important to play for the country with pride.
"You have to say that after such a wonderful performance by the boys in England, we have to carry on with the same tempo," Wright told reporters at the airport before the team left for Colombo.
The coach said he was eager to put everything at his disposal to help India win the Champions Trophy in Sri Lanka where the conditions "suit the slower bowlers". I want to put eveything that I have for India to win the Champions Trophy," he said.
Parrying questions on whether there was a divide between the senior and junior players over the contract issue, Wright said the team was eager to maintain the tempo in the Champions Trophy which would serve as a preparation for next year's World Cup.
"I am really concentrating on cricket. Contracts are not my domain. It is between the players and the Board. I am pleased that it has been sorted out", he said.
"Whatever controversy that existed was between the Board and the players but we are looking forward to the tournament. Ultimately, the good tiding is that the best team is playing in the Champions Trophy," Wright said.
"For me as a coach, it is important that we are having our main side for the tournament so we are pleased about that. I am sure the Indian public feel the same way".
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Sensex: 3131.34, +5.68
The sensex closed at 3131.34, up 5.68
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Forex
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1 U.S. $ = 48.4500 INR
1 Japanese Yen = 0.4036 INR
1 British Pound = 75.3591 INR
1 Canadian $ = 30.6859 INR
1 Singapore $ = 27.5315 INR
1 UAE Dirham = 13.1905 INR
1 Saudi Arabian Riyal = 13.1905 INR
1 Euro = 47.3163 INR
1 Qatar Rial = 13.3050 INR
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Weather
| Temperature : 86 F / 30 C
HeatIndex : 89 F / 32 C
Humidity : 55%
Dew Point : 68 F / 20 C
Wind : West at 5 mph / 8.0 km/h
Wind Gust -
Pressure : 29.80 in / 1009 hPa (Steady)
Conditions : Scattered Clouds
Visibility -
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