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[Grapevine] For 29 Mar, 2004



Title: The Mumbai Grapevine
The Mumbai Grapevine Connecting Mumbaikars with Mumbai
(Published by Mumbai-Central.com)
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Headlines
News:
Reconciliation between Hindus-Muslims underway: Advani
Mumbai blast accused held in Abu Dhabi
Cong to continue efforts for tieup with SP till the end
Surface-to-air-missile Akash test fired twice
Bush team defends itself against criticism on terror response
Three killed, 20 injured in Tashkent suicide attack
India more integrating with global economy: Morgan Stanley
Banaras House Group to sell Amoi mobile phones in India
Offshoring boosts US trade surplus in IT services: Thinktank
Sehwag, Tendulkar help India post massive 675 for five
Sehwag notches highest score by an Indian
Emergence of Pathan, Balaji good for Indian cricket: Zaheer
PCB slashes ticket prices


Markets:
Sensex: 5571.37, +42.43




Forex and Weather below

News
Reconciliation between Hindus-Muslims underway: Advani
Gandhinagar, Mar 29 (PTI) Deputy Prime Minister L K Advani today said reconciliation between Hindus and Muslims is underway but it would not be done at the cost of injustice or appeasement of any section of the society.

Talking to reporters after filing his nomination for Gandhinagar constituency, Advani said relations between the two communities has remained tense for quiet a while, but today the Centre under leadership of Prime Minister Atal Bihari Vajpayee has made all efforts to begin the process of reconciliation between them (two communities).

When asked whether tension should be eased in Gujarat in the backdrop of post-Godhra riots, the Deputy Prime Minister said: "It is time for reconciliation (between two communities) everywhere." Advani said his 'Bharat Uday Yatra' is also paving the way for reconciliation between the two communities.

He cited the "overwhelming response" of minorities in Hubli in Karnataka where the relation between the communities had been tense for a long time.

"They have (minorties) realised how the anti-BJP element have tarnished their image by merely using them as a vote bank," he said. PTI
Top

Mumbai blast accused held in Abu Dhabi
New Delhi, Mar 29 (PTI) A Mumbai serial blast accused and close aide of underworld don Dawood Ibrahim, Tahir Mohammad Merchant has been arrested in Abu Dhabi, UAE, the CBI today said.

Merchant, against whom a red corner notice had been issued by the Interpol was arrested on Saturday, it said.

The Abu Dhabi police informed CBI about the arrests today and efforts were on for his extradition or deportation, the agency said.

Merchant was also wanted in connection with a fake currency smuggling racket, it said. PTI
Top

Cong to continue efforts for tieup with SP till the end
New Delhi, Mar 29 (PTI) Seeking to stonewall itself from the charge of facilitating division of anti-BJP votes in Uttar Pradesh, Congress today asserted it would continue efforts for an alliance with Samajwadi Party till the end of the Lok Sabha polls.

"We will continue our efforts till the end for unity among the secular forces to defeat the BJP," party spokesman Anand Sharma told reporters here, replying to a question on UP Chief Minister and SP chief Mulayam Singh Yadav's statement that the possibility of an alliance between his party and Congress no longer existed.

Asked what prevented Congress from withdrawing its support to Mulayam Singh Yadav Government, Sharma said "in politics, when we take initiative, we try all options till finality".

Congress President Sonia Gandhi, he said, made sincere and repeated attempts to unite secular forces and if there is no rethink by Samajwadi Party in this regard, it would be for the people to judge who was secular.

Arjun Singh, in a statement here, termed as a "total lie" the suggestion by SP General Secretary Amar Singh that he had favoured withdrawal of Congress support to the Yadav Government and said this was an "alibi" for helping BJP-RSS combine.

Asked to comment on Arjun Singh's statement, Sharma said Singh is a senior member of CWC and the party leadership would take a view on it. PTI
Top

Surface-to-air-missile Akash test fired twice
Balasore, March 29 (PTI) India today test fired medium range multi target surface-to-air missile Akash twice from the Integrated Test Range (ITR) at Chandipur, about 13 km from here, official sources said.

The indigenously built sophisticated Akash missiles were test flown from separate mobile launchers at about 3.55 p.m.

And 3.57 p.m. Respectively.

With a range of 25 km, Akash is one of the five missiles currently under various stages of development by the Defence Research and Development Organisation (DRDO).

The DRDO is developing medium range anti-aircraft missile Akash and the Rajendra radar to build a reliable air defence shield with the help of two weapon systems, the sources said.

The state-of-the-art radar, Rajendra can keep track of 64 aircraft simultaneously with various ranges.

The 650 kg missile, Akash is capable of carrying 50 kg payload and uses an integrated two-stage ramjet propulsion technology. PTI
Top

Bush team defends itself against criticism on terror response
Washington, Mar 29 (PTI) Senior US government officials have defended their administration against criticism that it was lackadaisical in responding to the threat of terrorism prior to the September 11 attacks, saying it had always been alert, but concentrated on incidents that might have taken place outside the country.

"We just didn't know that the threat was a domestic one, an internal one," Secretary of State Colin Powell said yesterday in a media interview.

Powell's comment was echoed by Condoleeza Rice, the National Security Advisor, who said in an interview with CBS 60 Minutes TV programme that threat reporting before 9/11 was all about attacks that might take place abroad.

Powell said Defence Secretary Donald Rumsfeld made sure that US fleets were safe by moving them away from dangerous ports (in light of the fact that there was an attack on USS Cole).

Rice said the threat reporting was all about attacks that might take place in the Persian Gulf or perhaps something against Israel or against the Group of Eight leaders' summit that was going to take place in Genoa that summer. "And we were responding to that." Before the 9/11 attacks, said Rice, invading Afghanistan and pushing the Taliban out of power was not on the agenda.

There was a three to five year strategy to eliminate al Qaeda. But nothing in that strategy was going to prevent 9/11 in the seven months that the George W Bush Administration was in office. Rice also said "we cannot rule out that we might have another attack." PTI
Top

Three killed, 20 injured in Tashkent suicide attack
Moscow, Mar 29 (PTI) A female suicide bomber blew herself up in a crowded market in Uzbekistan's capital Tashkent, killing three police personnel and injuring twenty. According to ITAR-TASS news agency, the bomber set off the explosion in the heart of old Tashkent in one of the biggest markets there.

Another policeman was killed in exchange of firing with a suspected accomplice of the female suicide bomber.

Two simultaneous blasts were also reported in the historic town of Bukhara, according to the Interfax.

However, so far there has not been an official word from the Uzbek authorities on the Bukhara blasts and casualties. PTI
Top

India more integrating with global economy: Morgan Stanley
New Delhi, Mar 29 (PTI) Appreciative of India's economic performance, international investment banker Morgan Stanley said today the domestic economy was more integrating with the global ones and corporate houses were focusing on cutting cost to be competitive.

"India is certainly performing well...The economy is increasingly getting integrated with the global economy," Morgan Stanley, Chief Economist and Managing Director Stephen Roach, said here.

Speaking at a CII seminar on 'Global Re-balancing: Day of Reckonining,' he said India's corporate houses were more focused on cutting costs than ever before and outsourcing was one of the options before the country to leverage growth.

He indicated that outsourcing of manufacturing to India was quite possible if the bottlenecks were removed.

Moreover, he said, there was ignorance among the global investors as far as the economic reforms were concerned.

Talking about the growing debate on the issue of outsourcing, Roach said the Presidential elecions in the US had raised it to political level.

"Outsourcing has become more of a politicial issue in the US," he said, adding that the future was dependent on who would win the election.

On the Chinese economy, he said it was destined to slow down since there had been overheating on infrastructure and credit.

He said re-balancing in the global economy was inevitable since the dollar was likely to weaken in the international market because of its high current account deficit. PTI
Top

Banaras House Group to sell Amoi mobile phones in India
New Delhi, Mar 29 (PTI) With its eyes on the lucurative mobile market in India, Chinese company Amoi has tied-up with Banaras House Group for distribution of its mobile phones in the country.

"The agreement between Amoi and Banaras House was signed recently. Banaras House would be the exclusive distributor for Amoi phones and will also provide service facility," Binay Kumar, chairman of Banaras House Ltd told PTI here.

Kumar said that while the agreement entailed brand promotion and quantity sales, it would also consider, at a later stage, manufacturing or assembling in India depending on the volume growth.

The phones are priced between Rs 6000 to Rs 10,000, he pointed out.

Amoi's current range of GSM-based mobile phones include A90 and A90B model (40 polyphonic ringtones and dual folder) A9 and A9B models (40 polyphonic ringtones and dual folder wirh MMS), S6 (Slide-style design), CS6 (slide-style design with FM tuner), and DA6 (MMS with built-in camera) models amongst others.

About 1000 pieces have been brought in during the test marketing phase.

"The unique selling proposition of these phones will be its trendy look as well as host of features," Kumar said. PTI
Top

Offshoring boosts US trade surplus in IT services: Thinktank
New Delhi, Mar 29 (PTI) Contrary to the widespread fear of job loss due to offshoring to countries like India, globalisation of services has created trade surplus in IT services of the US from 2.1 billion dollars in 1995 to 4.2 billion dollars in 2002, according to a US thinktank Cato.

US runs a trade surplus in the IT services, a sector directly affected by offshoring. The US exports rose from 2.4 billion dollars in 1995 to 5.4 billion dollars in 2002 in computers and data processing services while imports rose from 0.3 billion to 1.2 billion dollars. Thus the US trade surplus in these services has expanded from 2.1 billion dollars to 4.2 billion dollars, Cato Institute said in a trade briefing paper.

In recent years, many Americans have lost their jobs and thus suffered hardship. Many others worried that they would be next in the line. There is no point denying these hard realties, but just as surely there is no point in blowing them out of proportion, it said, adding the US economy was not running out of good jobs.

"Regardless of whether economic times are good or bad, some amount of turnover is inescapably a fact of life in a market economy and this fact can not be wished away by blaming foreigners and it can not be undone with restrictions," the paper noted.

There is no place for policies that seek to stifle the change in the name of preserving existing jobs. The innovation and productivity increases that render some jobs obsolate are also source of new wealth and rising living standards, the pater said. PTI
Top

Sehwag, Tendulkar help India post massive 675 for five
M R Mishra Multan, Mar 29 (PTI) Virender Sehwag created history by becoming the first Indian to crack a triple century and Sachin Tendulkar struck an unblemished unbeaten century as India posted the third highest Test score ever to take a firm grip on the opening Test against arch-rivals Pakistan here today.

Sehwag (309) and Tendulkar (194 not out) took centrestage on the second day as they re-wrote the record books with several individual and partnership milestones during a marathon 336-run third wicket association before the visitors declared the innings at an imposing 675 for five on yet another eventful day at the Multan Cricket Stadium.

Faced with an uphill task, Pakistan were 42 for no loss at stumps with Taufiq Umar batting on 20 and Imran Farhat on 17.

The flamboyant Sehwag continued from where he had left on the opening day to record the first triple century in India Test history, eclipsing the previous highest individual score of 281 which stood in the name of his teammate VVS Laxman established against Australia at the Eden Gardens in Kolkata in 2001.

It was was yet another frustrating day for the hosts as Sehwag and Tendulkar launched a ruthless assault on the demoralised bowlers to help India record the highest-ever total against Pakistan, erasing the previous record of 539 for nine declared at Chennai in 1960-61. PTI
Top

Sehwag notches highest score by an Indian
Multan, Mar 29 (PTI) Opener Virender Sehwag rewrote the record books when he reached 282 in the first cricket Test against Pakistan here today to register the highest score in an innings by an Indian.

Sehwag's feat came in the first session on the second day of the Test match at the Multan Cricket Stadium and it bettered V V S Laxman's 281 scored against Australia in 2001.

Sehwag overtook Laxman's score just before the lunch break in a shaky manner -- getting two reprives when on 274.

Abdul Razzaq failed to react on time to effect a run out at the non-striker end from a Yousuf Youhana throw from the deep and soon after a thick edge from Sehwag's blade off Shabbir Ahmed was messed up in the slip by Taufiq Umar as the ball raced to the boundary.

Sehwag soon hit the next ball for another four off Shabbir Ahmed to achieve the milestone. His feat came in 347 balls and included 36 fours and five sixes.

At lunch Sehwag was just eight runs short of a triple century with India sitting pretty on 467 for two. PTI
Top

Emergence of Pathan, Balaji good for Indian cricket: Zaheer
M R Mishra Multan, Mar 29 (PTI) Pace spearhead Zaheer Khan believes the emergence of young seamers Irfan Pathan and L Balaji was a "good sign for Indian cricket" but the duo needs to work hard to keep improving.

Zaheer said the two bowlers have so far shown a lot of promise at the highest level for which he could afford to bowl first change in one-dayers in recent times.

"I think their (Pathan and Balaji) emergence is a good sign for Indian cricket. Fast bowling is a tough job and I am happy that they have come through. They have worked hard and have to now sustain that level and keep improving," Zaheer said.

The 25-year-old pace bowler from Baroda, returning into the team after a gap of nearly two months because of a hamstring injury sustained during the Australian tour, said he knew the tour of Pakistan was "going to be tough" for him.

"I knew it will be tough for me, coming back from injury.

I had not played competitive cricket for two months and needed some time to get my rhythm back.

"I am improving after every match and its just a matter of bowling more overs," he explained.

Zaheer struggled for his rhythm and proved to be quite expensive conceding as many as 291 runs in 45 overs during the five-match one-day series against Pakistan, completing his full quota of 10 overs just twice. PTI
Top

PCB slashes ticket prices
Multan, Mar 29 (PTI) Concerned by the poor crowd turnout for the first Test in 15 years between the arch-rivals, the Pakistan Cricket Board has reduced the price of tickets by half to lure fans to the ground.

In sharp contrast to the one-day series, which witnessed capacity crowd at all the five venues, the first day of the ongoing cricket Test here attracted barely 3000 spectators.

The crowd response was even more disappointing on the second day today as less than 2000 spectators turned up at the Multan Cricket Stadium.

The decision to reduce the price of tickets was taken last night and the PCB expects a larger attendance when Pakistan bat tomorrow.

The tickets, earlier priced at Rs 1500 and Rs 500, would now be reduced by fifty percent. PTI
Top

Markets
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Sensex: 5571.37, +42.43

The sensex closed at 5571.37, up 42.43
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Top

Forex
 
1  U.S. $ = 44.0200 INR
1  Japanese Yen  = 0.4162 INR
1  British Pound  = 79.9843 INR
1  Canadian $ = 33.3460 INR
1  Singapore $ = 26.0427 INR
1  UAE Dirham = 11.9844 INR
1  Saudi Arabian Riyal = 11.7377 INR
1  Euro = 53.3610 INR
1  Qatar Rial = 12.0901 INR
 
Weather
Temperature : 81F 27C  
Humidity : 70%
Dew Point : 70F 21C
Wind : West at 9 mph / 14.5 km/h
Pressure : 29.80 in / 1009 hPa (Steady)
Conditions : Scattered Clouds
Visibility -
Clouds : Scattered Clouds(SCT): 10000 ft / 3050 m
Sunrise : 06:35 AM (IST)
Sunset : 06:51 PM (IST)
Moon Rise : 11:54 AM (IST)
Moon Set : 12:53 AM (IST)
 

 Forecast: 
   Monday:  Scattered Clouds. High: 84 F. / 29 C. 
   Monday Night:  Clear. Low: 75 F. / 24 C. 
   Tuesday:  Scattered Clouds. High: 84 F. / 29 C. 
   Tuesday Night:  Scattered Clouds. Low: 75 F. / 24 C. 
   Wednesday:  Clear. High: 84 F. / 29 C. 
   Wednesday Night:  Scattered Clouds. Low: 73 F. / 23 C. 
   Thursday:  Clear. High: 86 F. / 30 C. 
   Thursday Night:  Scattered Clouds. Low: 78 F. / 26 C. 
   Friday:  Scattered Clouds. High: 87 F. / 31 C. 
   Friday Night:  Scattered Clouds. Low: 80 F. / 27 C. 
   Saturday:  Clear. High: 87 F. / 31 C. 
   Saturday Night:  Scattered Clouds. Low: 80 F. / 27 C. 
   Sunday:  Scattered Clouds. High: 86 F. / 30 C. 
   Sunday Night:  Scattered Clouds. Low: 78 F. / 26 C. 
  
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