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Patil announces 3-pronged strategy for Parechhu flood relief
Shimla, June 29 (PTI) Announcing a three-pronged strategy for immediate, intermediate and permanent relief in flood-hit areas of Kinnaur district, Union Home Minister Shivraj Patil today said the worst of the "Parechhu nightmare" appeared to be over and rebuilding would be taken up on a top priority.
"Rebuilding of the infrastructure like roads and bridges and evacuation of stranded persons would be accorded top priority and a three-pronged strategy would be evolved to provide immediate, intermediate and permanent relief," Patil told reporters here.
He said "satellite pictures indicate that the Parechhu nightmare has subsided and it appears that the worst is over".
Patil earlier made an aerial survey of the area along with UPA Chairperson Sonia Gandhi and Himachal Pradesh Chief Minister V B Singh. They were briefed by district officers at Rekong Peo, the Kinnaur district headquarters, about the flood situation.
He lauded the state government for giving and advance flood warning, which prevented loss of life.
"The services of Army and BSF helicopters will be provided for marketing agricultural produce," the minister said while referring to the chief worry of the farmers of the area about marketing their produce.
He said immediate relief envisaged steps to be taken in next three four days, intermediate relief included steps in next six months while permanent relief would address problems like providing alternate roads and infrastructure to meet any future challenge due to floods and natural calamities. PTI
Yashwanth Sinha sticks to guns, will raise issues
New Delhi, Jun 29 (PTI) A defiant Yashwant Sinha today said he will not quit BJP but continue to raise issues of ideology and people while remaining within the party which he felt had not taken his statements in the "right spirit".
Returning to the capital a day after his sacking as BJP spokesperson for his remarks against party President L K Advani and the Jharkhand government, he told reporters.
"There is speculation that I am planning to quit the party. I am not leaving the party. I'll keep raising the issues that have to do with the ideology of the party and the problems of the people while staying within the party." Sinha, a minister in the Vajpayee government, said his remarks in the wake of the Jinnah controversy, widely perceived to be against Advani, were not against him but related to the issue of ideology and the problems faced by the people of Jharkhand. It was a coincidence that the two statements came close to each other.
"It is obvious that the party has not taken it (his statements) in the right spirit . Otherwise it would not have relieved me of my responsibilities," Sinha said.
He said the party had done the "right thing" against him keeping in mind discipline. PTI
India-Singapore CECA to boost trade, investment
New Delhi, June 29 (PTI) The landmark Comprehensive Economic Cooperation Agreement between India and Singapore will boost bilateral trade and investment besides opening up the banking industry, liberalising the services sector and easing visa restrictions for professionals of the two countries.
The Agreement, India's first ever, is an integrated package comprising trade in goods and services, an agreement on investments and mutual recognition agreements in services and conformity assessment of standards in goods. It also has cooperation pacts in customs, science and technology, media, education, e-commerce and intellectual property.
The pact includes a Bilateral Investment Protection Agreement (BIPA), a Double Taxation Avoidance Agreement (DTAA) with additional safeguards to avoid misuse by shell companies and a Bilateral Economic Integration Agreement in Services.
As per the pact, India will allow three major Singapore banks to set up wholly-owned subsidiaries in the country.
The three banks - DBS Holdings, Oversea Chinese Banking Corporation and United Overseas Bank - will be given national treatment on par with Indian banks with regard to branches, places of operation and prudential requirements.
In turn, Indian banks already operating in Singapore will get full banking status which meant they will be allowed electronic fund transfer, clearance and use of local ATMs.
India has also allowed two FIIs - Temasek and Singapore Government Investment Company - to hold a total of 20 per cent stake in any Indian company as against the normal cap of 10 per cent put by market regulator SEBI. PTI
Centre mops up Rs 510 bn from markets till Jun 24
New Delhi, Jun 29 (PTI) Centre's gross borrowing rose by 45.7 per cent to Rs 510 bn till June 24 and is likely to raise another Rs 100 bn during July 1-8.
With this borrowings, the Centre has completed over 36 per cent of the Rs 1394.67 bn budgeted for the whole of this financial year, according to PNB Gilts.
The Central Government's gross market borrowing was at Rs 350 bn during the corresponding period in 2004-05.
Net borrowings, arrived at after redemptions, registered over seven-fold rise to Rs 339.82 bn till June 24 against a mere Rs 47.24 bn in the year-ago period. Redemption of dated securities stood Rs 170.18 bn.
During the fortnight ended June 24, Centre mopped up Rs 50 bn through 12-year papers while eleven states raised Rs 24.81 bn.
As per the borrowing calender, Centre is scheduled to borrow Rs 60 bn through 5-9 year papers and Rs 40 bn through 15-19 year papers during July 1-8.
Projecting a "positive" outlook on gilts market, the PNB Gilts said, "liquidity is comfortable and government has completed Rs 420 bn of its borrowings under dated securities without much pressure on interest rates" and added Rs 600 bn remain outstanding under Market Stabilisation Scheme.
Inflation is moderating and even after impact of recent fuel price hike, it is likely to stay around five per cent, PNB Gilts said.
"Markets are expected to remain range-bound and take cues from Rs 100 bn issuances scheduled for the first week of July," it added. PTI
Modest fall in gold; silver drops further
Mumbai, Jun 28 (PTI) Gold prices fell modestly even as silver declined further on the bullion market here today due to poor demand by stockists following lower global advices.
Standard gold (99.5 purity) opened weak at Rs 6,250 and fell further on poor offtake, before closing at Rs 6,235, showing a loss of Rs 20 over the last close of Rs 6,255.
Pure gold (99.9 purity) also resumed lower at Rs 6,285 and continued to fall in line with the general trend before closing at Rs 6,270, showing a similar loss over the previous close of Rs 6,290.
In Hong Kong, gold fell to $ 437.30-437.80 per ounce from the last close of $ 439.50-440.00 and in London, the metal was quoted lower at $ 437.50 an ounce from $ 439.30, dealers said.
Ready silver (.999 fineness), after a subdued start at Rs 10,870, eased further to end at Rs 10,860, disclosing a loss of Rs 45 over yesterday's close of Rs 10,905.
In London, silver fell to $ 7.19-7.23 per ounce from the previous level of $ 7.21-7.25. PTI
Bush rules out deadline for troops withdrawal from Iraq
Washington, June 29 (PTI) Amid growing scepticism in US on Iraq war, President George W Bush has ruled out fixing any deadline for withdrawal of troops from the violence-hit country, saying it would be "a serious mistake" that could demoralise Iraqis and US forces and embolden the enemy.
The United States "will stay in the fight until the fight is won," Bush said in a nationally televised address before an audience of about 800 US soldiers at Fort Bragg, North Carolina, last night.
Bush said he understands the public concerns about the war in Iraq. "Like most Americans, I see the images of violence and bloodshed," he said. "Every picture is horrifying and the suffering is real." But "setting an artificial timetable (for withdrawal of troops) would send the wrong message to the Iraqis, who need to know that America will not leave before the job is done. It would send the wrong message to our troops ...(and) to the enmy, who would know that all they have to do is to wait us out," he said.
The President said Iraq is the latest battlefield terrorists have chosen. There is only one course of action against them: to "defeat them abroad before they attack us at home." "Our military reports that we have killed or captured hundreds of foreign fighters in Iraq who have come from Saudi Arabia and Syria, Iran, Egypt, Sudan, Yemen, Libya and other (countries)," said Bush. PTI
US, India sign framework on defence
T V Parasuram
Washington, June 29 (PTI) India and the United States have signed a "new framework for the US-India defence relationship for the next ten years" which includes "new opportunities for technology transfer, collaboration, co-production and research and development".
The agreement, signed here by visiting Defence Minister Pranab Mukherjee and American Defence Secretary Donald Rumsfeld, defined the goals as strengthening "our countries' security, reinforce our strategic partnership, and build greater understanding between our defence establishments." "Both sides agreed that US-India defence relations are an important pillar of their transforming bilateral relationship," a statement said.
The framework stated that both India and the US were entering a new era, "transforming our relationships to reflect our common principles and shared national interests".
It said the defence relationship would support, and would be part of the broader US-India strategic partnership. It acknowledged that defence between the two nations had advanced to "unprecedented levels of cooperation unimaginable" since 1995, when both countries had signed the 'Agreed Minute on Defence Relations'.
The two sides also agreed to expand collaboration relating to missile defence. PTI
UNSC expansion should not overshadow other reforms: US
United Nations, June 29 (PTI) Amid mounting pressure from India and other G-4 nations for expansion of the UN Security Council, the US has said the much-discussed enlargement should not overshadow other key reforms to the world body.
The expansion of the UNSC should not take precedence over other reforms like creation of Human Rights Council and setting up of a new peace building Commission, Secretary of State Condoleezza Rice said visiting the UN headquarters here for the first time after taking charge from Colin Powell.
The proposed Human Rights Council will replace the Geneva-based Human Rights Commission.
Rice briefed Annan on the progress on UN reforms and "stressed the need for agreement on a broad package," said a statement issued by the United Nations.
But media reports quoting American officials and diplomats said she emphasized that Washington would like to see progress on other reforms, including on management, before enlargement of the Council.
Rice and Annan discussed a broad range of international issues including UN reforms, the need for closer US-UN consultation on Iraq and support for the African Union's mission to Sudan's western Darfur region, the statement said.
Diplomats said she discussed UN reforms in detail with the Assembly President Ping and made known the US position on the issue.
However, she did not talk with waiting UN reporters after the 35-minute meeting with General Assembly President Jean Ping and a 40-minute discussion with Secretary-General Kofi Annan. PTI
Singapore CECA to take India closer to CECA with ASEAN: PM
New Delhi, June 29 (PTI) Prime Minister Manmohan Singh today said the Comprehensive Economic Cooperation Agreement with Singapore will take India a step closer to signing a similar agreement with ASEAN as trade and investment liberalisation needed to be put on a faster track.
"It is necessary to place trade and investment liberalisation with respect to India's neighbours and ASEAN countries on a faster track," Singh told the Trade and Economic Relations Committee.
In this connection, he asked the Committee to come up with proposals to enable forward movement on negotiations for an India-ASEAN CECA.
"We must enlarge our economic interaction and integration with SAARC, BIMSTEC and ASEAN and find creative solutions to overcome existing hurdles. We must become a partner in the economic progress of our neighbours," Singh said.
The Prime Minister asked the ministries of Finance, Commerce and External Affairs to strengthen research and policy-making capabilities in trade and economic relations, both within the government and outside.
Singh also asked the TERC to produce an annual review of India's external economic relations.
He asked the Investment Commission and the National Manufacturing Competitiveness Commission to take into account the concerns of the domestic industry and come forward with ideas to facilitate the transition to a more open economy, more closely engaged with South and South-East Asian nations. PTI
Govt begins pre-Hong Kong talks with stakeholders on WTO
New Delhi, June 29 (PTI) Government has started consultations with various stakeholders, including civil society organisations, industry associations and other experts, in the run-up to the next WTO Ministerial Conference in Hong Kong later this year.
As part of these discussions, a workshop on Non-Agriculture Market Access organised by the Commerce Ministry and UNCTAD has concluded that India should try to achieve a balance in the gains and losses from negotiations in NAMA, agriculture and services, while aiming to gain market access on all fronts in the WTO.
The participants said that the ambition of developed countries to reduce Indian applied tariffs reflected their double standards, according to an official release.
Civil society organisations urged the government to make an assessment of the effects of liberalisation before agreeing to further open up the economy.
The participants also said that for small and medium enterprises, which are the backbone of India's export effort, greater market opening in other developing countries was important, the release said. PTI
Govt lines up four more PSUs for disinvestment
New Delhi, Jun 29 (PTI) While the protest by Left Parties over sale of government stake in blue chip Bharat Heavy Electricals Limited continues, the Centre has decided to go ahead with the disinvestment of four more PSUs.
The government had invited Expression of Interest from companies to turn around Tyre Corporation of India and seven firms, including Indo Wagon controlled by Ruias, have shown interest in taking over the company.
For turnaround of NEPA Ltd and Richardson and Cruddas too, the government has decided to induct a joint venture partner, sources told PTI.
However, sale of Tyre Corporation and Richardson and Crudass will require Parliament's nod.
While Richardson and Cruddas was acquired by the government in 1973, Tyre Corporation came into being after nationalisation of two sick companies - Incheck Tyres and National Rubber Manufacturers Ltd.
When the case of Tyre Corporation was referred to Department of Disinvestment, it asked the Department of Heavy Industry, under which it functions, to seek the opinion of the Attorney General if Parliamentary nod for divesting the company was required.
Both these companies have already gone through the Board for Reconstruction of Public Sector Enterprises, which agreed to the administrative ministry proposal to induct a joint venture partner for turning around these companies. PTI
ICC rules out stripping Bangladesh of Test status
H S Rao
London, Jun 29 (PTI) The International Cricket Council has ruled out stripping minnows Bangladesh of their Test status, saying it was looking at ways to assist non-performing countries to improve their playing standards.
"Clearly, the ICC does not wish to see gaps in standards resulting in mismatches on the field, but it also does not believe that punishing teams for performing poorly provides the necessary incentive to allow them to improve", ICC president Ehsan Mani told reporters after the Business Forum meeting.
He said the Bangladesh Under-19 team which visited Australia recently had performed very well beating the host teams in seven of the eight games. "The current Bangladesh Test team is not exposed to that type of experience and it will pick up", he said.
Mani said it was a matter that was considered carefully by the Board, over the course of the year, through the "Review of the Structure of Cricket" project.
There were several options that were put forward in this project that provided alternative playing programmes for all nations.
"What was never contemplated was that any country would be punished for its playing performance by being stripped of its Test status. The ICC Board is looking at ways to assist countries improve their playing standards." On the new rules introduced in one-day international matches, he said "we will try it over the next 10 months and if it is good we will introduce it regularly and if it damages the game, then we will not. PTI
Popat, Anand advance to second round of Singapore Open
New Delhi, Jun 29 (PTI) National women's champion Aparna Popat and Chetan Anand saved India the blushes after all the other men shuttlers were shown the door in the first round of the Singapore Open Badminton Championship singles event today.
Anand, who had to qualify for the main draw of this 5* event, gave no chance to Sho Sasaki of Japan and emerged victorious 15-6 15-5 in just 26 minutes.
The world no 97 will now meet 15th seed Dicky Palyama of The Netherlands in the second round.
In the women's singles, Popat -- returning from a six month injury induced lay off -- took time to settle down before getting the better of Simone Prutsch of Austria 5-11 13-11 11-1 in 45 minutes to move into the second round.
The Indian, who missed the Sudirman Cup mixed team championship in China last month, will now take on third seed Hongyan Pi of France in the second round.
Earlier, top ranked Indian Abhinn Shyam Gupta was the first to bow out when he went down to world no 1 Lin Dan of China 4-15 6-15 in a 55 minutes encounter.
National champion Anup Sridhar was made to bite the dust by Vietnamese qualifier Tien Minh Nguyen 15-7 15-11 while Nikhil Kanetkar showed his fighting spirit but could not overcome the challenge of Peter Mikkelsen of Denmark and lost 2-15 15-7 5-15.
Results: Men - Chetan Anand beat Sho Sasaki (Japan) 15-6 15-5; Abhinn Shyam Gupta lost to Lin Dan (China) 4-15 6-15; Nikhil Kanetkar lost to Peter Mikkelsen (Denmark) 2-15 15-7 5-15; Anup Sridhar lost to Tien Minh Nguyen (Vietnam) 7-15 11-15.
Women - Aparna Popat beat Simone Prutsch (Austria) 5-11 13-11 11-1. PTI
Cricket:Ghavri takes over as Mumbai coach
Mumbai, Jun 29 (PTI) Former India pace bowler Karsan Ghavri has been appointed as the new coach of domestic cricket powerhouse Mumbai following the resignation of another former Test player Chandrakant Pandit.
The Mumbai Cricket Association's Cricket Improvement Committee took the decision to hand over the mantle of guiding the fortunes of the oft-crowned national champions in 2005-06 season after Pandit had sent in a letter expressing his inability to continue, MCA Secretary Lalchand Rajput said here.
Pandit said in his letter that he needed a break from coaching as he had done so for the last four years at a stretch, including a stint as the junior Mumbai team coach at the beginning for one year.
"I do not know whether he is taking up a coaching job in another place", said his former Mumbai and India teammate Rajput.
Ghavri, a former left arm pace bowler who had partnered the legendary Kapil Dev at the beginning of the latter's international career, was coach of the Bengal squad in the last season.
The winds of change sweeping the MCA corridors also saw former captain Milind Rege replacing ex-India skipper Dilip Vengsarkar at the helm of the senior selection committee following completion of the latter's four-year term.
Others comprising the senior committee are; Abey Kuruvilla, Sanjay Patil and Umesh Kulkarni.
As a practice one selector from the higher committee is appointed as Chairman of the next rung and Kuruvilla, the gangling former pacer, has taken over as the chief selector of MCA's under 19-committee with Kiran Mokashi, Raju Sutar and Sanjay Jaywant as other members. PTI
Nana moves HC for recovery of dues
Bollywood actor Nana Patekar today filed a civil suit before Bombay High Court seeking a direction for recovery of Rs 75 lakh from 'Vadh' Hindi film producer Dilip Vadhvani.
Ahmedabad-Mumbai rail traffic resumes
Rail traffic between Ahmedabad and Mumbai, that was disrupted due to heavy rains, resumed today even as the tracks near Kim in Surat are being cleared of excessive rain water, railway officials said here. ''The traffic from Ahmedabad to Mumbai has been restored as water has receded from the tracks in Surat district. The Mumbai-bound Guajarat Express and Saurashtra Express have departed, while several other trains are running...
Salman plea for in-camera trial adjourned
The Bombay High Court today adjourned till July 4, a petition filed by actor Salman Khan seeking to quash a lower court's order which had rejected his plea for in-camera trial in a hit-and-run case.
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1 U.S. $ = 43.4950 INR
1 Japanese Yen = 0.3938 INR
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1 Canadian $ = 35.2300 INR
1 Singapore $ = 25.7977 INR
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1 Euro = 52.4162 INR
1 Qatar Rial = 11.9423 INR
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