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Govt exits Maruti, sells residual stake for 2,360 cr
New Delhi, May 10 (PTI) The government today exited the country's largest car maker Maruti Udyog Ltd, selling its residual stake for Rs 2,360 crore to a clutch of financial institutions led by Life Insurance Corporation.
"We have sold the entire shares held by the government in Maruti at an average price of Rs 797 a share to raise Rs 2,360 crore," Minister of Heavy Industries and Public Enterprises Sontosh Mohan Dev told newspersons after the bids were opened.
Maruti shares today closed at Rs 764.65 on the bourses. The government had fixed a floor price of Rs 760 for the sale.
The government had offered 2.96 crore shares in the company, representing 10.27 per cent stake. Of this, LIC got all the 1.3 crore shares it had bid for at a price of Rs 800 per share. The country's biggest insurer, which earlier held 8.1 per cent, now controls 12.5 per cent and has become the second-largest shareholder in the company.
"The shares would, however, be transferred to LIC in September when the shareholders of Suzuki Motor Corporation, which owns the company, amend the Articles of Association. Suzuki officials have already given a go ahead to LIC increasing its stake in the Maruti to over 10 per cent," P V Bhide, secretary in the department of disinvestment said.
In all, 32 financial institutions and mutual funds were alloted shares. State Bank of India was the second most successful bidder and got 83 lakh shares at Rs 775 per share. PTI
It is official - Blair announces resignation
Trimdon (UK), May 10 (PTI) British Prime Minister Tony Blair today announced he would step down from office in June after leading the country for a tumultous decade during which he said it had emerged as a "leader".
Making public his decision at a gathering of supporters of his Labour Party here, 54-year-old Blair said he would tender his resignation on June 27. He also chronicled his achievements since he assumed power in 1997.
Blair recollected that 1997 was a "moment for a new beginning, the sweeping away of all the detritus of the past, and expectations were so high, too high probably..." "Britain is no more a follower, it is a leader today," said Blair, who saw his approval ratings decline dramatically after he sent British troops to back the US-led military campaign in Iraq and Afghanistan.
Blair said his government was the only one since 1947 that could claim achievements like providing more jobs, cutting unemployment, improving healthcare and education, lowering crime and boosting the economy.
"Now in 2007 you an easily point to challenges and grievances that fester, but go back to 1997. Think back about your own living standards, then in May 1997 and now," he told Labour Party workers.
Britain, he said, now plays a major role in the global arena and has a voice in all key areas, whether it is global warming, the fight against terror or Africa's battle against poverty.
Chancellor of the Exchequer Gordon Brown is expected to succeed Blair. PTI
Protest on not treating Anglo-Sikh war Ist War of Independence
New Delhi, May 10 (PTI) Creating a flutter in the Central Hall of Parliament, Lok Sabha Deputy Speaker Charanjit Singh Atwal today led a group of MPs to protest against 1845 Anglo-Sikh war not being treated as the first War of Independence.
Atwal's remarks surprised President A P J Abdul Kalam and several other dignitaries present at a function to commemorate the 150th anniversary of the 1857 uprising.
Backed by three MPs -- Rattan Singh Ajnala, Virendra Singh Bajwa (both Akali Dal) and Tarlochan Singh (Independent), Atwal argued that projection of 1857 as the First War of Indpendence was a "misnomer" as the Anglo-Sikh war preceded that.
The protest came midway through the function addressed by the President, Vice President Bhairon Singh Shekhawat, Prime Minister Manmohan Singh and Lok Sabha Speaker Somnath Chatterjee. It was attended by former Prime Minister Atal Bihari Vajpayee, UPA Chairperson Sonia Gandhi, Leader of Opposition L K Advani, Ministers, MPs and senior leaders.
The Vice President, who had risen to address the gathering, was caught unawares when Atwal raised the issue.
Ajnala, Bajwa and Tarlochan Singh had earlier raised the issue when the Speaker started his address.
Tarlochan Singh and Bajwa later said the protest was against attempts to rewrite history.
They said the 1845 war, led by Sikh General Shyam Singh Attariwala, has to be treated as the first War of Independence.
Distancing itself from the protest, BJP said the 1857 uprising was the first War of Independence and it was fought by Hindus and Muslims hand in hand. PTI
Dhoni powers India to 5-wicket win against Bangladesh
Sirshendu Panth
Dhaka, May 10 (PTI) Mahendra Singh Dhoni defied cramps to hit a mature unbeaten 93 as India recovered from a mid-innings slump to post a hard-fought five-wicket win over Bangladesh in the truncated first cricket one-dayer here today.
Chasing a victory target of 251 in 47 overs, India were in a spot of bother at 144 for five before Dhoni and Dinesh Kaarthick (58 not out) pulled the team out of the pits with a unfinished 109-run partnership and give the side a 1-0 lead in the three-match series.
Befittingly, Dhoni hit the winning stroke off Syed Rasel to see the side reach 253 for five and win the match with one over to spare in a thrilling contest which again underlined Bangladesh's growing stature as a competitive one day team.
Though India skipper Rahul Dravid insists it's not a revenge mission, the win did avenge the side's humiliating defeat against the minnows in the World Cup.
Bangladesh, the surprise package in the recent World Cup, very nearly raised hopes of another upset win by first recording a competitive 250 for seven and then removing the top half of the Indian batting quite cheaply.
Electing to bat after the start was delayed by 45 minutes due to drizzle, the hosts were well-served by a 117-ball 80 by opener Javed Omar and 68-ball 50 by Saqibul Hasan. The young Tamim Iqbal provided a flourishing start with a quickfire 45.
The two teams will play the second one dayer at the same venue on Saturday. More
Surge in infilitration into J-K: minister
New Delhi, May 10 (PTI) Amid demands from certain quarters for reduction of troops in Jammu and Kashmir, the government today said infiltration by militants into the state was increasing in the summer months.
This may shelve any plans for troop reduction in the militancy-hit state as demanded by the PDP, a partner of the ruling Congress-led coalition in the state.
"We are aware of the fact that with the melting of ice in summer, there is a surge in the infliltration," Minister of State for Defence M M Pallam Raju told reporters on the sidelines of the defence exhibition DEFCOM India.
His comment comes close on the heels of warnings by several security agencies including the Military Intelligence that militant groups in Pakistan-occupied Kashmir were planning to infiltrate into the state in a big way to replinish depleting cadres in Jammu and Kashmir.
The government has formed a committee headed by Defence Secretary Shekhar Dutt to examine the issue of relocating and reconfiguring troop deployments in the state following the PDP's demand.
However, with infiltration going up, the chances of reduction or relocation of troops were low, official sources said.
Even Defence Minister A K Antony has said the government will decide on any movement of troops only on the basis of professional advice from the military. PTI
Hosting two previous Games cost Delhi the 2014 bid: Aiyar
New Delhi, May 10 (PTI) Indian Olympic Association (IOA) believes it was his adverse comments which cost them the 2014 Asian Games but Sports Minister Mani Shankar Aiyar today said hosting two Games in the past went against Delhi in the bidding.
Replying to a question in Rajya Sabha today, the Sports Minister said the Republic of Korea's (RoK) bid to host the 2014 Games in the city of Incheon succeeded mainly for two reasons.
"...Partly because the RoK delegation said they would be showcasing all of Asia at Incheon, and not just RoK alone," Aiyar said.
The fact that Delhi had hosted the Games twice in the past also went against the Indian bid, he said.
"...Delhi had earlier been the venue of two Asian Games in 1951 and 1982 respectively, whereas Incheon had not earlier hosted the Games," he reasoned.
Aiyar had commented that events like Commonwealth Games are of little us to common people and after losing the bid, a dejected IOA President Suresh Kalmadi alleged Aiyar's remarks, apart from Korea's money power, cost Delhi dearly.
"Money and Mani cost us the bid," Kalmadi had said.
"As the ballot was secret and no explanation of vote was required either before or after the vote, it is not possible to categorically state the reasons for which the vote was lost but it is to be noted that the Chairman of the Olympic Council of Asia announced that the vote was decided by 'a narrow margin'", Aiyar said. PTI
Squash fraternity rejoices new priority status
Poonam Mehra
New Delhi, May 10 (PTI) With the Sports Ministry promoting squash from general to priority category, the squash community cannot stop rejoicing and feels the development marks a new milestone in the overall growth of the game.
National coach Cyrus Poncha is delighted and foresees great days ahead for the sport.
"I am not aware of what this categorisation would do for the sport on paper but I am 100 per cent sure that squash will benefit tremendously from this development," Cyrus told PTI.
Cyrus said squash has been consistently bringing laurels for the country for the past seven years and needed this boost.
"I think it would translate into more exposure for the youngsters, better training, and more squash courts. And I think this would also result in an increase in the popularity of squash in India. People would start taking it more seriously," he added.
"Over the past six and seven years, we have had a structured training program which has produced champions like Saurav Ghosal and Ritwik Bhattacharya. By the virtue of a couple of excellent results the graph has been going up and both Saurav and Ritwik are among the top-50 in the world now," Cyrus said.
Indian squash players have made rapid strides in the recent past with Ritwik and Saurav being the stars in the men's category while Joshna Chinappa and the fast improving Dipika Pallikal have made headlines in the women's circuit. PTI
Bangladesh 250 for 7 in 47 overs
Dhaka, May 10 (PTI) Electing to bat, Bangladesh scored 250 for seven in 47 overs in the first ODI against India at the Sher-e-Bangla National Stadium here today.
The match was truncated to 47 overs due to a delayed start after light drizzle in the morning.
Brief score: Bangaldesh 250 for seven (Javed Omar 80, Saqibul Hasan 50, Tamim Iqbal 45; Dinesh Mongia 3-49.). PTI
Samsung to hire 700 R&D software engineers by 2010
New Delhi, May 10 (PTI) As its shifts major global research and development activities to India, Korean consumer electronics major Samsung today said it would hire about 700 R&D software engineers for its centre at Noida.
"Currently, we employ 300 people at Samsung India Software Centre (SISC) and would take the number up to 400 by this year end, eventually we hope to touch 1,000 in the next three years," Samsung India Electronics Vice President Software Centre Vikram Vij told PTI.
"Over the past four years the role of SISC has evolved from project support for our headquarter requirements to base IP development for key areas. It has played a leading role in developing software solutions for the company's recently launched series of LCD TVs and television solutions for the hospitality industry," he said.
He said the parent company in Korea is now shifting more global R&D work for digital media to SISC.
"SISC is one of the largest of the company's 16 centres across the globe through which we want to create and provide solutions for the media business globally and value added differentiating features for the Indian market," Vij said. PTI
Global newspaper circulation up; India, China among leaders
London, May 10 (PTI) Internet and TV channels may be getting an increasing number of eyeballs, but newspapers are holding out to the competition as their circulation rose last year across the world on booming demand in India and China, World Association of Newspapers has said.
The paid-for newspaper circulation rose by 1.9 per cent over the 12 months and by 8.7 per cent over five years to more than 510 million copies in 2006. Similarly, the number of new paid-for titles crossed 11,000 mark for the first time in the history, WAN said, quoting preliminary data from its World Press Trends survey.
"Circulations continue to grow globally and not just in China and India," the association said, while asserting that these facts and figures have belied various myths about the newspapers, such as "circulations are falling" and "newspaper as a medium and a business is on decline".
India and China played a major role in the rising circulations. Excluding Asia (including India and China), the global paid-for circulation was up just 0.04 per cent.
Across the various sub-continents, Asia recorded a 2.99 per cent growth, second-biggest after South America's 4.59 per cent. However, North America recorded a decline of 1.97 per cent in the paid-for circulations in 2006.
Asia also recorded the biggest rise of 6.13 per cent in the number of paid-for titles, as against a total of 3.22 per cent globally and declines in North and South Americas.
The free daily newspaper circulation more than doubled over the five years to 40.8 million copies a day, while more than 1.4 billion people are now reading a newspaper daily, the survey found. PTI
Polaris Software launches Canada development facility
Mumbai, May 10 (PTI) IT offshoring major Polaris Software today said it has launched a nearshore application development centre and a global performance engineering and certification lab in Mississauga, Canada.
"Our Canada development centre would provide Polaris' North American customers with a cost-effective nearshore facility for undertaking various mission-critical projects," Polaris said.
Leveraging the cost advantages that Canada offers, the centre will serve as an easily accessible IT extension counter to Polaris Americas' clientele, providing the same-time-zone benefits much sought after by its US and Canada-based customers, it added.
Speaking of the inauguration of the Canada Centre, Polaris President and CEO Arup Gupta said: "Complimenting our existing software development centres in New Jersey, Singapore and Northern Ireland, the Canada Centre greatly improves Polaris' ability to serve its North America-based customers by providing them with the convenience and cost-efficiency of a nearshore facility." Development and application certification projects for two major customers have already commenced at the facility, the company said in a communique to the Bombay Stock Exchange.
The Global PACE Lab, named after Polaris Application Certification Enterprise (PACE), will provide independent performance engineering consultancy services, ISV and product performance benchmarking, remote application performance testing and tuning etc.
Last year, Polaris entered into a strategic partnership with Mercury and is jointly developing testing performance accelerators to cater to the high-performance BFSI business ecosystem. PTI
Finolex Cables Q4 net profit drops 58 pc at Rs 9 cr
Mumbai, May 10 (PTI) Finolex Cables today reported a net profit of Rs 8.83 crore for the fourth quarter ended March 31, against Rs 21.02 crore for the same period a year ago.
Total income (net of excise) of the firm stood at Rs 295.82 crore for the January-March quarter while the same was at Rs 231.22 crore for the quarter ended March 31, 2006, Finolex informed the BSE.
"The sales figure for the quarter ended March 31 is not comparable with the quarter ended March 31, 2006, since there is no billing of JFTC to BSNL/MTNL during this quarter in absence of a tender," the company said.
During the fourth quarter of the previous year JFTC billing to BSNL/MTNL was Rs 22.63 crore, it added.
Meanwhile, Finolex Cables board recommended 70 per cent dividend at Rs 1.40 per equity share of Rs 2 each fully paid up, for the financial year ended March 31.
The Register of Members and Share Transfer Books of the company will remain closed from June 16 to June 29 for the purpose of payment of dividend and annual general meeting.
On annual basis, the company posted a net profit of Rs 68.99 crore, whereas the same was at Rs 50.37 crore for the year ended March 31, 2006.
Total income (net of excise) recorded during the 12 months ended March 31 stood at Rs 1,052.62 crore while the same was at Rs 776.16 crore in 2006.
Shares of Finolex closed at Rs 94.35, up 1.4 per cent on the BSE. PTI
TRAI for lowering FDI for ISPs; suggests tough financial steps
New Delhi, May 10 (PTI) Concerned over poor track record of Internet Service Providers, telecom regulator TRAI today recommended lowering of foreign direct investment on par with telecom sector at 74 per cent from the existing 100 per cent.
ISPs having 100 per cent FDI equity should be given two years for reducing foreign holding to 74 per cent, it said.
In its recommendations to Department of Telecom, TRAI has also suggested major changes in financial and regulatory levies. Instead of free entry, it recommended levying an entry fee of up to Rs 20 lakh along with a uniform licence fee of six per cent of gross revenue.
ISPs seeking licence at national level will have to pay Rs 20 lakh as entry fee while it will be Rs 10 lakh for state level ISPs. The minimum annual licence fee has been pegged at Rs 5,000 for district level ISP, Rs 10,000 for state level and Rs 50,000 for national level ISP.
TRAI's suggestions, if accepted, could make increase the cost of Internet and broadband services in the country.
The regulator has taken a tough stand as the objective of competition and growth of Internet have not been met.
"Out of 700 licences issued within three years of opening of ISP sector to private service providers, only 389 licensees exist today. As per the performance monitoring report with TRAI, only 135 Internet service licensees are functionally active," TRAI said.
The key message from the recommendations is that Internet services in India should be at par with global standards and the interest of consumers in terms of affordability and reliability should be uppermost in the revised plans of ISPs, it added. PTI
Olmert defends Lebanon war, blames army echelons for setbacks
Harinder Mishra
Jerusalem, May 10 (PTI) Israeli Prime Minister Ehud Olmert defended his decision to go to war with Hezbollah last year before a probe panel into the conflict, but blamed the army commanders for setbacks, according to testimony unveiled today which led to renewed calls for his resignation.
The beleaguered leader is being accused of "shirking responsibility" following the release of his testimony in front of the Winograd committee which looked into various aspects of Lebanon war, along with that of Defence Minister Amir Peretz and former chief of staff Dan Halutz.
The Prime Minister, who ordered a massive military offensive on Lebanon after Hezbollah militiamen staged a raid into Israel on July 12 and captured two soldiers, said there was no choice but to take tough action immediately.
"We could make only one decision," he told the panel adding, "Either we don't act, or we act immediately. I think there was no option but to make a move right at the start".
Olmert, who was accused by the Winograd panel of "serious failure" during last summer's war, seems to be blaming the army echelons squarely for the setbacks, claiming that throughout the war there had been something "defective" in the army's "philosophy of command (and) perception of command".
He, however drew a distinction between the soldiers, who he said had been "exceptional", and their commanders.
"It wasn't a question of guts. Everyone showed courage in battle. But something in how we operated our forces, something in how we controlled them, wasn't what we had expected and there is no doubt that this created a gap between what we could achieve and what we actually achieved." PTI
Sharif mulls early return to Pak: report
Islamabad, May 10 (PTI) Pakistan Muslim League-Nawaz (PML-N), the party of the former prime minister Nawaz Sharif, is likely to announce May 28 as the date for the return of its exiled leader to take early advantage of the anti-government sentiments in the country, a news report has said.
Sharif apparently contemplates to return on the day Pakistan every year celebrates its tit-for-tat nuclear tests in 1998 matching that of India's to take full advantage of the turmoil arising after the suspension of Supreme Court Chief Justice Iftikhar M Chaudhry, the Daily Times said.
Sharif's government had carried out nuclear explosions on May 28, 1998 before he was deposed by General Pervez Musharraf in 1999.
There was no confirmation yet but he was reportedly giving a serious consideration to it to take advantage of the prevailing conditions and told the media that present situation may hasten his return.
"I have every intention of going back to Pakistan before the elections. A lot of unforeseen developments are now taking place in Pakistan...But I might have to go fairly soon.. It could be weeks," he told mediapersons in London yesterday.
The deposed Prime Minister was sent into exile to Jeddah in 2000 apparently with an understanding with the Saudi royal family that he would not return to Pakistan for ten years.
Sharif has been living in London after the completion of five years from where he has guided his party.
He had recently said in an interview that he would be in Pakistan well before self-exiled former prime minister Benazir Bhutto's return, which she planned before the polls scheduled to take place towards the end of the year. PTI
Pak says support to South Asian varsity conditional
Islamabad, May 10 (PTI) Pakistan has put a spanner in the setting up of the proposed South Asian University in India saying its support to the varsity was conditional till all issues relating to free movement of teachers and students were resolved, even as it imposed restrictions on Indians travelling on SAARC visa exemption stickers to the country.
The setting up of the SAF university was announced by Prime Minister Manmohan Singh at the SAARC summit attended among others by the Pakistan Prime Minister Shaukat Aziz with an aim to promote the spirit of "full regional connectivity" unilateral liberalisation of visas for students, teachers, professors, journalists and patients from member states.
Islamabad has informed the SAARC Secretariat that its support for the proposal of establishing the main campus of SAF would be conditional till all issues pertaining to free movement of students, teachers, visiting professors and faculty members are resolved.
The main complaint of Pakistan was that India violated norms in respecting SAARC visa exemptions granted to 33 categories of people, including Parliamentarians, Judges of higher judiciary, businessmen etc.
As a retaliation, Pakistan has imposed reciprocal restrictions on Indian nationals travelling on SAARC Visa Exemption Stickers. The Pakistan foreign affairs ministry had conveyed the decision to the SAARC Secretariat, local daily 'Dawn' quoted officials here as saying.
The SAARC Secretariat has informed the member states about it, they added. PTI
Majority of people around the world want UN strengthened
Sridhar Krishnaswami
Washington, May 10 (PTI) A majority of people around the world favour strengthening the United Nations to increase its role in peacekeeping, fighting terror and stopping nuclear proliferation, a new survey has found.
A large majority of those polled in 18 countries representing 56 per cent of the world's population believed the UN Security Council should have the right to authorise military force to prevent genocide, with the highest levels of support in France (85 per cent), Israel and the US (83 per cent each).
The survey by The Chicago Council on Global Affairs and WorldPublicOpinion.Org. In cooperation with polling organisations around the world also found that a majority in eight countries led by China (76 per cent), the US (74 per cent) and the Palestinians (69 per cent) felt it was the UNSC's "responsibility" to intervene militarily to protect people suffering from human rights abuse.
Among Indians, 66 per cent felt the UNSC should have the right to authorise the use of force in defense of a country that has been attacked; and 63 per cent opined that the use of force must be authorised to prevent severe human rights violations such as genocide.
Sixty per cent also feel that the UNSC should have the right to authorise the use of force to stop a country from supporting terrorist groups.
Interestingly, Indians showed relatively modest support for allowing the UNSC to use force to prevent nuclear proliferation -- 53 per cent say it should have the right to prevent new countries from acquiring nuclear weapons, and 50 per cent believe it should also prevent countries from producing nuclear fuel that could be used for weapons. PTI
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