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PoK PM: Future of area ceded to China by Pak is to be decided
Islamabad, May 21 (PTI) Pakistan-occupied Kashmir (PoK) Prime Minister, Attique Ahmad Khan, has said the fate of the 12,000 square miles of Northern Areas ceded by Pakistan to China in 1965 "is to be decided" as the territory came under the undevided Jammu and Kashmir state.
"Every inch of Gilgit and Baltistan is as important as any other part of the state. The future of 28,000 square miles of Northern Areas (under the control of Pakistan) and 12,000 square miles of areas that are under the control of China is to be decided," he was quoted by 'The Nation' as telling a seminar in Muzaffarabad, the capital of PoK, yesterday.
Khan, son of former PoK President Sarda Qayyum Khan, said Northern Areas were integral part of the Jammu and Kashmir state before partition and their interests would not be compromised.
His statement was regarded significant as a Pakistani or PoK politician seldom refers to the area ceded to China in 1965 as part of the boundary agreement between two countries.
Khan argued that on the areas ceded to China, the Pakistan-China agreement has said their future depended on the future of Northern Areas.
The agreement stipulated that after the Kashmir issue is settled between India and Pakistan, the "sovereign" authority will re-open negotiations with China as to sign a formal boundary agreement. If the authority concerned is Pakistan, the provisions of the present boundary agreement will be maintained in the formal boundary treaty.
Also it was rare that politicians in Pakistan or PoK linked Northern Areas to Jammu and Kashmir. PTI
Hurriyat unveils road map for resolution of Kashmir issue
Srinagar, May 21 (PTI) Loosely based on the four-point formula of Pakistan President Pervez Musharraf, the moderate faction of Hurriyat Conference today unveiled its road map for resolution of Kashmir issue demanding that the state should have its own President, Prime Minister and Supreme Court.
"Many people are talking about self-rule and self- governance. What we understand by self governance is that Jammu and Kashmir should have its own President, Prime Minister, Consitution, Assembly, Supreme Court and Election Commission," senior Hurriyat leader Abdul Gani Bhat said at a rally here.
Musharraf's formula includes self-governance, demilitarisation, joint management of resources and soft borders.
Bhat said self-governance was a concept for resolution of Kashmir issue and not a concession.
He said demilitarisation on both sides of Line of Control in Jammu and Kashmir was the demand of the people of the state.
"Who does not want that the army should leave Kashmir. It is people's wish which has to be respected," he said.
Hurriyat Conference had organised the rally to commemorate the death anniversaries of slain leaders Mirwaiz Mohammad Farooq and Abdul Gani Lone.
Asserting that implementation of Musharraf's formula was a good beginning for resolution of Kashmir issue, Hurriyat chairman Mirwaiz Umar Farooq said the amalgam would not take part in any election in the existing format.
"We will take part in elections if these are held in all regions of Jammu and Kashmir including Pakistan-occupied Kashmir and Nothern Areas with the objective of resolving Kashmir issue," Mirwaiz said. PTI
BSF-BDR engage in heavy firing
Barasat (WB), May 21 (PTI) There was heavy exchange of fire between the Border Security Force and the Bangladesh Rifles over construction of an embankment by the Bangladesh border guards on the border in North 24 Parganas district.
The police said the BDR yesterday fired over 400 rounds on the BSF who repulsed the attack by firing 100 rounds at Amulia over construction of an embankment within 90 yards of the zero line by the BDR without permission of their Indian counterparts.
There was no casualty on the Indian side.
The exchange of fire continued for two hours, the sources said.
The police said that efforts were on for holding a flag meeting.
BSF sources were not available for comment. PTI
Dera violence: Centre issues fresh advisory to Punjab
New Delhi, May 21 (PTI) The Centre today issued a fresh advisory to Punjab government asking it to take all necessary steps to maintain law and order in view of tomorrow's bandh called by Sikh high priests.
The Union Home Ministry was in constant touch with the state government and was closely monitoring the situation arising out of the violence following the stand-off between the followers of Dera Sacha Sauda and Sikh community, MHA sources said.
The MHA had sent two advisory to the state government last week in the wake of violence in Punjab. The Centre has sent 35 companies of para-military force to that state. PTI
India 44/2 at stumps on day 4, Bangladesh 238
Chittagong, May 21 (PTI) India were 44 for two in their second innings at close of play on the fourth day of the first cricket Test against Bangladesh here today.
They have an overall lead of 193 runs.
Brief scores: India: 387 for eight declared in 98.5 overs (S Tendulkar 101, S Ganguly 100, R Dravid 61; M Mortaza 4/97, S Hossain 3/76) and 44 for two in 14 overs (S Tendulkar 24 batting, D Kaarthick 15 batting; S Hossain 2-18) Bangladesh: 238 all out in 68.2 overs (M Mortaza 79, R Sajeh 41, S Hossain 31; R P Singh 3-45, V R V Singh 3-48). PTI
BCCI blames DD for Indo-Bangla Test series blackout
Ahmedabad, May 21 (PTI) The Board of Control for Cricket in India (BCCI) today squarely blamed public broadcaster Doordarshan for denying millions of Indian fans the chance of watching the ongoing Test series between India and Bangladesh.
"Doordarshan is to be blamed for this. They should have prepared an understanding with the broadcaster Neo Sports so that Indian viewers could watch the Test series also," BCCI secretary Niranjan Shah told PTI here.
To a question as to why the BCCI was not interfering in the matter, he said "the BCCI cannot do anything in this. It is something that the broadcaster and Doordarshan should look into." "Doordarshan is showing another one-day series being played (Sri Lanka and Pakistan), why cannot they show the Indian team's series," questioned Shah.
He, however, expressed hope that Neo Sports would come up with a solution soon as the Indian team has a lot of cricket to play both in India and abroad in the current year. PTI
BCCI Technical Committee to meet on June 4
Mumbai, May 21 (PTI) The Technical Committee of the Cricket Board, headed by Sunil Gavaskar, is to meet on June four at Bangalore, the BCCI said today.
"The Technical Committee is to meet at Bangalore on June four. It will discuss the suggestions put forth by captains and managers of last year's Ranji Trophy teams at the one-day conclave (held in Mumbai last month)," said BCCI's Chief Administrative Manager Ratnakar Shetty.
The BCCI has already decided to revamp the Ranji Trophy format for the 2008-09 season by reducing the number of teams of the Elite Division from the present 15 to ten, but this has created a divide among the associations on how to go about it, according to another top BCCI source.
"All the teams should be given a level playing field to make it to the top ten in the 2008-09 season. The ideal way will be to scrap the Elite and Plate divisions for the next season (2007-08)," he says.
"Splitting the 27 teams into three groups with equal distribution of strong and weak sides and then promoting the top three teams in each group plus the Ranji Trophy winners into the 2008-09 Elite division would prevent lot of heart burns," the source feels.
The big question is whether the BCCI's Technical Committee would agree to the suggestion of scrapping the two-division system temporarily for one season to get to the bigger picture.
The decision to prune the Elite Division for the season after next was decided by the board's all-powerful Working Committee at its World Cup review meeting here last month. PTI
More names could crop up for cricket team coach: Shah
Ahmedabad, May 21 (PTI) Amid speculations that Dav Whatmore could be roped in as India's new cricket coach, BCCI Secretary Niranjan Shah today said "more names" were likely to crop up for the lucrative position.
Addressing mediapersons here, Shah said "more names are likely to crop up on June 4 when the seven-member committee meets to discuss on the issue".
Shah, however, refused to divulge names of any of the probable candidates and said things would be clearer after the meeting.
He said several rounds of discussions would be held before the Board takes a final decision on Greg Chappell's successor.
"A final decision on appointing the coach will be taken between June 10-12," Shah said.
Talking about his recent meeting with the current Whatmore, whose contract with Bangladesh Cricket Board ends on May 31, Shah said, "It was Whatmore who showed interest in coaching the Indian cricket team and it was Whatmore who approached us." Shah was among the BCCI members who visited Bangladesh a couple of days ago.
Asked about if certain senior players were unhappy with the new contract, Shah said "senior players are not angry. They wanted to discuss the matter before finalising the contract. We already have a committee looking into the issue." PTI
Sania gets top ranking in doubles event of Istanbul Cup
New Delhi, May 21 (PTI) Fresh from her success in the Morocco Open, Sania Mirza has been top seeded in the doubles competition of the USD 200,000 WTA Istanbul Cup in Turkey.
The Indian ace, who clinched the Morocco doubles title with American Vania King, will be teaming up with Yung-Jan Chan of Taiwan in the event.
The 20-year-old has been seeded eighth in the singles and will take on American Meghann Shaughnessy in the first round.
In the doubles event, Sania and Yung-Jan will start their campaign against the Romanian pair of Sorana Cirstea and Agnes Szatmari.
The tier III event features some of the biggest names in the WTA circuit like US Open champion Maria Sharapova of Russia, American Venus Williams and Swiss Patty Schnyder.
Sharapova has already got a walkover to the second round. PTI
Randhawa misses top 10 finish, ends tied 21st at Irish Open
Adare Manor, May 21 (PTI) A final-hole double-bogey cost Jyoti Randhawa a top-10 finish and the Indian ace finished tied 21st after carding a two-over 75 in the final round of the Irish Open golf tournament here.
Randhawa, who was tied 12th overnight, was close to finishing among the top 10 but in the end, he could not squeeze himself even in the top 20 with a total of six-over 294.
The Indian was off to a good start gaining a shot on the third hole but a bogey on the sixth saw him make the turn even-par. The Indian dropped another shot on the 10th to be one-over but still in sight of at least a top-20 finish.
A par on the last hole would have earned him a tied 11th finish and a birdie would have got him inside top 10 but all Randhawa could do was to drop a double bogey there.
Compatriot Shiv Kapur added a final round of 75 to finish tied 69th with a total of 17-over. Kapur had six bogeys and three birdies in his final round.
At the top, local favourite Padraig Harrington ended a 25-year wait for Ireland by winning the sudden-death play-off against Welshman Bradley Dredge.
Harrington made a par at the first extra hole to beat Dredge, after both of them finished five-under 283, four strokes ahead of the field.
Harrington was four shots ahead of the field by the turn but made a few mistakes and ended at 71 even as Dredge carded a 68, equalling the Adare Manor course record.
As Dredge found the water hazard at the first extra hole, Harrington went over River Maigue safely to ensure his 11th European Tour title and first for Irish fans in 25 years. PTI
Sensex up 115 pts as RIL reaches new peak
Mumbai, May 21 (PTI) The benchmark Sensex today advanced 115 points on Bombay Stock Exchange due to brisk buying by funds even as the index heavy-weight Reliance Industries surged to set a new peak at Rs 1761.55.
The Sensex, which had been on the upward march, extended its gains today by rising 115.19 points at 14,418.60 as most of the index-related stocks led by Reliance Industries notched up fresh ground. It moved between 14,451.30 and 14,362.63 points during the day.
Similarly, the second wide-based National Stock Exchange index shot up by 46.40 points to set a new peak at 4260.90, after touching the day's high of 4269.35 and 4217.55 points. PTI
Govt hopes slow down of external debt to real estate: FM
New Delhi, May 21 (PTI) Government today said it aims to slow down flow of foreign debt into the real estate sector through its recent curbs on External Commercial Borrowings (ECBs).
The Finance Ministry on Friday had barred those setting up integrated townships from raising ECBs and made it difficult for small players to raise these borrowings by lowering ceiling on interest rates to be paid on such debts.
"Now the window has been narrowed down. We hope that flow of external debt to real estate sector will slow down," Finance Minister P Chidambaram told reporters here.
He, however, declined to make any comment, when asked whether further curbs on overseas funds are in the offing.
Currently, real estate companies are already barred from mopping up ECBs, but integrated townships do not come under the definition of these companies hitherto for this purpose. Integrated townships are those which are built on at least 100 acres of land.
Sources said the government is apprehensive about excessive external funds raised by smaller players in real estate sector, where prices have almost doubled in past two years. Further, excessive flow of funds also impacts inflation, they said.
In fact, debt raised by the Indian companies through ECB is now estimated to have reached 24 billion dollars during last fiscal, which is substantially higher than the internal cap of 22 billion dollars put up by the government.
According to figures released by Reserve Bank, about 812 companies have raised about 20.24 billion dollars through ECBs during the April 2006-February 2007 period. PTI
India-Oman trade set to cross USD 1 billion
Dubai, May 21 (PTI) India-Oman bilateral trade is expected to cross the USD 1 billion-mark in 2007 with increased business exchanges between the two countries.
"The increase in the number of high-level visits has helped to create an environment that is very conducive to expansion of trade and investment ties. The excellent relations between Sultanate and India have been further strengthened," said Ashok Kumar Attri, the outgoing Indian ambassador to Oman.
The Indian private sector has also increased its involvement in Oman, he said.
"Our trade, which was USD 300 million in 2003, has already touched USD 900 million in 2006 and is poised to cross the USD 1 billion mark in the current year.
"It includes oil exploration work by Reliance in an offshore block in Oman, which started in March 2005 and an onshore block by an Indian consortium led by Videocon for which agreement was signed in August last year. L&T has made major new investments like establishment of heavy fabrication yard in Sohar and they are in the process of heavy engineering company in Sohar, which will be the first of its kind in the entire Gulf region. Other major players like Birlas and Tatas are also in the process of finalising investment plans," he said.
"On the economic front, the biggest highlight was the completion of construction and inauguration of the USD 1-billion Oman-India fertiliser company (Omifco) in Sur, which is the largest urea production factory in the world and also the largest Indian joint venture in the world," Attri added. PTI
Rupee jumps to nine-year high of 40.55/56 a dollar
Mumbai, May 21 (PTI) The rupee rallied sharply against the US currency and today hit a new nine-year high of 40.55/56 during morning trading on fresh dollar selling triggered by China's decision to revise the trading bank for yuan as well as strong equity markets.
In fairly active trade at the Interbank Foreign Exchange (forex) market, the rupee resumed weak at 40.74/76 a dollar but surge to a fresh nine-year high of 40.55/56 a dollar in late morning deals. It closed at 40.70/71 per dollar on Friday.
The rupee rallied sharply as anticipated in response to China's decision to widen the trading band on the yuan and to raise domestic interest rates, a forex dealer said.
The benchmark Sensex jumped by over 141 points this morning on sustained FII inflows. PTI
Sun Pharma to acquire Taro for USD 454 mn
Mumbai, May 21 (PTI) Sun Pharmaceutical Industries today said it will acquire Israel-based Taro Pharmaceutical Industries Ltd, a multinational generic manufacturer, in an all cash deal for 454 million dollar.
Sun Pharmaceutical together with its subsidiaries, has signed definitive agreements to this effect and it would be subject to shareholders approval and other requisite regulatory clearances.
"This is a good opportunity for Sun and Taro to work together to create increasing value and add a complimentary multinational organisation to Sun's business," Sun Pharmaceutical Chairman and Managing Director Dilip Shanghvi said.
Sun Pharmaceutical would fund this 454 million dollar acquisition with internal accruals and proceeds from its earlier 350 million dollar Foreign Currency Convertible Bonds (FCCBs) issue, Sun Pharmaceutical said in a filing to BSE.
This deal values Taro's equity at 230 million dollar, or 7.75 dollar per share, which is at a 27 per cent premium to its May 18 closing price of 6.10 dollar.
This deal comes in the midst of a motion filed by two of Taro's beneficial owners of around nine per cent shareholding Franklin Advisers, Inc and Templeton Assets Management Ltd, to prevent Taro from entering into any transaction, which might result in discrimination against minority public shareholders.
On May 10, Franklin Advisers and Templeton Assets Management had filed a motion in Tel-Aviv District Court to prevent what they allege to be discrimination against minority shareholders. PTI
India and Mexico to explore preferential trade agreement
New Delhi, May 21 (PTI) India and Mexico have decided to explore the possibility of entering into a Preferential Trade Agreement (PTA) to improve the bilateral trade, which stood at 1.6 billion dollars at the end of 2006.
"The High Level Group (HLG) on Trade Investment and Economic Cooperation that will be set up to ease the flow of trade and investment between the two countries will also look at the possibility of a PTA," Commerce and Industry Minister Kamal Nath said here.
Speaking after signing a memorandum of understanding (MOU) with Mexican Economy Minister Eduardo Sojo Garza-Aldape, he said the potential of Mexico as a gateway to North America was enormous.
Nath said India was reaching out to all the countries and it has already signed PTA with Mercosur, a grouping of Latin American countries.
He said technical-level team of both countries would be meeting soon to identify impediments in trade and investment between two countries. The formal meeting of the group would be held in the next few months.
The HLG will be co-chaired from the Indian side by Minister of Commerce and Industry and the Secretary of Economy from Mexico or by their representative. It will meet once a year alternatively in India and Mexico.
Inviting Indian investments, the Mexican minister said his country has Free Trade Agreements with 44 countries and by setting up a base there, companies can have preferential access to economies which account for 70 per cent of the world's GDP.
He assured to look into the problems faced by Indian businessmen in obtaining long-term visas to Mexico. "The issue will be sorted out in next two-three months," Sojo said.
Bilateral trade between India and Mexico increased from 251 million dollars in 1999 to 1.5 billion dollars in 2006. PTI
41 killed in a series of accidents in China
Beijing, May 21 (PTI) At least 41 people, including 25 women were killed and 15 injured in a series of road accidents, fire and landslide in China since yesterday, the state media reported today.
At least 20 women were killed and four others were injured yesterday when their motor tricycle overturned on a mountain path in Hengren Manchus autonomous country in northeast China's Liaoning Province.
According to police, the accident happened when the driver of the motor tricycle in which 22 women and one man, all farmers, were travelling lost control of the brake.
The vehicle then slammed onto nearby rocks along the slope before overturning, leaving 19 dead at the scene. Four others were injured and one more person was declared dead in the hospital.
In another accident, at least nine people were killed and 11 others injured when a long-distance bus collided head-on with a coal-laden lorry in western Xinjiang Uygur Autonomous Region today.
Nine people lost their lives in a fire at a restaurant in east China's Shandong Province, Xinhua news agency reported.
The fire broke out yesterday in a barbecue restaurant in Zaozhuang city.
Meanwhile, three people were killed, with another three missing after a flash flood and landslide hit Nayong County in southwest China's Guizhou Province last night, a separate report said.
Four residents from Jieshang Village were swept away by the flood, whilst a couple from Saluo Village were buried inside their home by landslide caused by the sudden heavy rains. PTI
Four Lankan soldiers killed in fresh clashes
Colombo, May 21 (PTI) At least four Sri Lankan soldiers were killed and three wounded in separate clashes with the Tamil Tiger rebels today.
Two soldiers were killed when the Liberation Tigers of Tamil Eelam (LTTE) attacked a group of soldiers at Welioya in the north-east of the island, the defence ministry said adding the rebels too suffered heavy losses.
In a separate incident, a tractor trailer carrying soldiers came under a claymore mine attack in Omanthai.
"Two soldiers were killed in the explosion. Three injured soldiers were admitted to Vavuniya hospital," the ministry said in a statement. PTI
China allows foreign stock exchanges to establish offices
Beijing, May 21 (PTI) China has given the green light to the establishment of representative offices of foreign stock exchanges in the country, provided they satisfy and adhere to a slew of conditions.
To be eligible, the stock exchanges should be in operation for over 20 years and have fine financial records, according to the new rules that will come into effect on July one.
Meanwhile, their home country should have signed memorandum of understanding on supervision cooperation with the China Securities Regulatory Commission (CSRC), the securities watchdog of China.
The representative offices can only do non-operating activities including liaison, promotion and research, the rules stated.
Violators will face warning, confiscation of all illegal earnings, or even closure.
The offices are also required to report to the CSRC their large-scale promotion plans targeted at local businesses and can go ahead only if they get no rejection from the securities regulator 10 days after the reporting.
The rules also ordered the offices to submit written reports to the CSRC 10 days after they give severe penalties to the companies listed on their stock exchanges.
No less than half of the staff at the office should be Chinese, the rules says.
The rules also apply to the stock exchanges in Hong Kong, Macao and Taiwan.
Despite the tough entry regulations, analysts say the move is expected to facilitate the listing of more Chinese companies abroad.
"It represents a milestone for overseas stock exchanges in attracting local companies for listing," a senior analyst with CITIC Securities, Cheng Weiqing said. PTI
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