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Crisis prone Kamat leaves it to God on his tenure as CM
Panaji, Jan 22 (PTI) Surviving a second threat to his coalition government in Goa in seven months, Digamber Kamat today said he was leaving it to God on how long he will continue to be Chief Minister of the politically volatile state.
"I will continue to be the chief minister till God wants me to be," Kamat said talking to reporters at Goa airport on his return from New Delhi after four days of hectic parleys to defuse a fresh political crisis to save the Congress-led government.
Kamat said a cabinet reshuffle would be carried out only after constituting the coordination committee comprising Congress and NCP leaders. This exercise is keenly awaited since there is a clamour from coalition partners for some key portfolios.
"The committee will decide on the portfolios only after detailed deliberations on the issue," the chief minister said.
The government was in deep crisis after Congress's alliance partner NCP along with independents had withdrawn the support on January 16 when the crucial Goa Appropriation Bill 2008 was to have come up in the Assembly.
In a massive troubleshooting exercise, Congress and NCP leadership stepped in to bail out the government. While in Delhi, Kamat said he was relying on God to save his ministry.
In a blessing in disguise, the Kamat government got a shot in the arm when the two-member Save Goa Front (SGF), a ruling alliance partner, agreed to merge into the Congress.
The Congress' strength in the Assembly increased from 16 to 18 in a House of 40. The strength of the ruling coalition will correspondingly go up to 25 that includes the three-member NCP group.
Kamat said the SGF merger has strengthened the Congress organisation in the state.
Within a month after he assumed office in June last year, Kamat faced his first political crisis. PTI
North India shivers under cold snap, one dies in J-K
New Delhi, Jan 22 (PTI) Bone chilling conditions cut a swathe through most north Indian states today with sub-zero temperatures recorded at many places even as Adampur in Punjab froze at minus five degrees Celsius, the lowest there in 35 years.
The minimum temperature in the national capital dipped to 2.6 degrees with icy winds blowing from hills in northern parts of the country due to snowfall attributed to this fall.
However, the weathermen said cold wave conditions over northwest India are likely to abate with western disturbances likely to affect the Himalayan region and thus increase night temperatures during the next two-three days.
In Jammu and Kashmir's Udhampur district, a jawan of General Reserve Engineering Force died due to cold today.
In Rajasthan, Pilani was the coldest at minus 0.6 degrees, followed by Sriganganagar at minus 0.2 degrees and Churu zero degree.
The chill also prevailed in some parts of Bihar, Saurashtra, Uttar Pradesh and Uttarakhand.
Adampur had registered a low of minus 5.2 degrees on January 6, 1972. Amritsar also experienced intense cold, recording its coldest night of the season at minus 2.4.
The minimum temperature in Chandigarh dropped to 1.6 degrees while Karnal in Haryana registered its coldest night in a decade at minus 0.3 degrees.
People in Himachal Pradesh capital Shimla had some respite as the low there climbed slightly from yesterday's minus 2.2 degrees to minus 0.6. But night temperatures in high-altitude areas of the hill state continued to be low.
While it was minus 23.5 degrees at Patscio in Lahaul-Spiti district, it was minus 15 at Dhundi in Kullu, minus 11.3 at Keylong and minus 5.5 degrees at Solang Nala. PTI
CPI demands probe into stock market malpractices
Kolkata, Jan 22 (PTI) The CPI today demanded an inquiry into the malpractices that led to the 'disaster in the stock market' and said Union Finance Minister P Chidambaram should take moral responsibility for it.
"The disaster in the share market can be attributed to unbridled speculation unconnected with economic fundamentals generously allowed by the government to attract money," CPI leader Gurudas Dasgupta told PTI.
Blaming the UPA at the Centre, he said "If anybody has lost, it is the government which is responsible and the Union Finance Minister must take moral responsibility".
"Nothing was done to cool the hyper-volatility. Instead, government institutions like the LIC were asked to pour in funds." He alleged that it was because of government inducement that "all kinds of illegalities were done. And, yesterday there was even default of payment." Taking a dig at Prime Minister Manmohan Singh, Dasgupta mentioned that it was during his tenure as the country's Finance Minister that the 'Harshad Mehta phenomenon' happened.
"I demand an appropriate inquiry into the malpractices that have happened and no unusual concession should be given to Foreign Institutional Investors to attract them to the market," he added. PTI
Mayhem on, investors lose Rs 10 lakh cr in 2 days
Mumbai/New Delhi, Jan 22 (PTI) In the continuing meltdown, the stock market today lost nearly 900 points, leaving investors poorer by about Rs 10 lakh crore in two days of mayhem triggered by fears of a recession in the US economy.
The government, on its part, did well to assure investors scared by the carnage on Dalal Street that adequate liquidity would be ensured for market players - many of whom had borrowed money to invest in stocks at higher levels.
The promise led to a remarkable recovery after a loss of over 2,200 points in initial trading that was marred by suspension. The Sensex closed the day at 16,729.94, a net fall of 875.41 points or 4.97 per cent from yesterday's close.
Besides the development in the US that prompted Foreign Institutional Investors (FIIs) to take a sell call, investors were also stalked by the fear that drying up of margin money could lead to a payment crisis.
In fact, the market has shown a declining trend during the whole of last week and investors have lost a wealth of over Rs 15 lakh crore in the seven trading sessions - a meltdown whose magnitude is unparallelled, during which the Sensex shaved off nearly a fifth of its level.
The soothing touch was, however, provided by blue chip companies Bharti Airtel and Tata Motors, who were the only gainers among the 30 shares that make up the Sensitive Index.
Finance Minister P Chidambaram sent out a confidence boosting message to investors immediately after the BSE authorities suspended trading within a minute of commencement.
"I am assured by RBI and all the banks that enough liquidity will be provided to brokers and market players. Liquidity will not be an issue," Chidambaram said.
"We had anticipated that markets will open today on a downward note and may hit the circuit breaker," he said in New Delhi. PTI
Gold plunges as investors shift to stocks
New Delhi, Jan 22 (PTI) The mayhem at equity markets has taken the shine of gold as an investment option with investors switching their preference to stocks, especially fundamentally strong ones, which look attractive at current low levels.
In the bullion market here today, standard gold and ornaments lost Rs 180 each at Rs 11,170 and Rs 11,020 per 10 grams respectively. Sovereign followed suit and lost Rs 50 at Rs 9,050 per piece of eight gram.
Silver ready dropped by Rs 600 at Rs 19,600 per kilo and silver weekly-based delivery by Rs 760 at Rs 20,020 per kilo on reduced offtake by speculators. Silver coins also fell by Rs 100 at Rs 25,300 for buying and Rs 25,400 for selling of 100 coins.
Marketmen said reports of gold falling in global markets on firming up of dollar and falling crude oil prices brought pressure on the precious metal in the domestic mart.
Gold in London fell by 14.93 dollar to 850.07 dollar an ounce. It had fallen 2.1 per cent yesterday, the biggest one-day slump since November 15. Gold has plummeted 6.1 percent since reaching a record 914.30 dollar on January 14.
Silver also dropped by 10 cents, or 0.6 per cent, to 15.48 dollar an ounce, thus pushing down the metal's prices in the Asian region, traders said. PTI
Markets cut losses to 875 pts; FM lends support
Mumbai, Jan 22 (PTI) After what appeared like another day of mayhem, the Indian stock market restricted losses to 875.41 points as funds and investors returned to Dalal Street, lapping up fundamentally strong scrips available at lower levels.
The 30-share Sensex, which tumbled nearly 2273 points causing trade to be suspended for one hour, closed the day at 16,729.94, after touching the day's low of 15,332.42 points. The index had tanked 1408 points yesterday on fears of a possible recession in the US.
Finance Minister P Chidambaram's statement on the economy's health appears to have had a positive impact on investor sentiment.
The National Stock Exchange index Nifty ended the day with a loss of 309.50 points at 4899.30. It had touched the day's low 4448.50 and a high of 5230.35 points depicting the volatile trend of the markets.
Market men said tumbling commodities prices and a drop in Asian markets added to the concern that world economic growth is faltering.
"We had anticipated that markets will open today on a downward note and may hit the circuit breaker," Chidambaram said in New Delhi after exchange authorities suspended trading due to a fall in stock prices minutes after the bourse opened.
The circuit breaker is activated when the market moves 10 per cent, either up or down.
"I am assured by RBI and all the banks that enough liquidity will be provided to brokers and market players. Liquidity will not be an issue," Chidambaram said.
The Sensex has now slumped more than 25 per cent from its closing peak on January 8, joining benchmarks in Asia and Europe into a bear market and extending a global selling. PTI
Sensex rebounds in pre-close trade as FM support market
Mumbai, Jan 22 (PTI) The Bombay Stock Exchange benchmark Sensex curtailed losses to just over 653 points in pre-close trading, as Finance Minister P Chidambaram's statement on the economy's health appeared to have had a positive impact on investor sentiment.
The 30-share Sensex, which plunged by 1,408 points yesterday due to fears of a recession in the US, further tumbled by 2029 points at open today prompting suspension of trade for one hour.
It, however, recovered in fag-end trading to reduce the losses to 653.13 points at 16,952.22 at 1515 hrs.
Market men said tumbling commodities prices and a drop in Asian markets added to the concern that world economic growth is faltering.
After the exchange authorities suspended trading, Finance Minister P Chidambaram asked investors to "stay calm." The Sensex has now slumped more than 25 per cent from its closing peak on January 8, joining benchmarks in Asia and Europe into a bear market and extending a global selling.
The Bombay and National stock exchanges halted trading for an hour for the first time since October 17, when proposals to curb offshore derivatives triggered a slump in markets that ended 8-straight weeks of gains by the Sensex. PTI
Sensex down 1,917 pts
Mumbai, Jan 22 (PTI) The Bombay Stock Exchange benchmark Sensex was lower by 1,917 points at noon with all stocks trading deep in the red.
The Sensex fell by 1916.67 points at 15,688.68 at 1215 hrs as funds undertook heavy selling, creating panic in the market for the seventh straight session.
The 30-share barometer had hit the lower level circuit limit to fall to 15,576.30 within minutes of start of session, leading to suspension of trading for an hour.
The National Stock Exchange Nifty was lower by 584.50 points at 4,624.30. PTI
PPP asks US to ensure clean Pak elections
Rezaul H Laskar
Islamabad, Jan 22 (PTI) The Pakistan People's Party (PPP) has appealed to the US to ensure that the February 18 parliamentary polls are held in a free and fair manner, warning that anything less than a "completely clean election process" will be unacceptable.
In a letter to US Secretary of State Condoleezza Rice, PPP co-chairman and slain ex-Premier Benazir Bhutto's husband Asif Ali Zardari said there would be "negative consequences" if there is evidence that the polling and vote counting have been compromised in any way.
Zardari also sought the US backing for the PPP's demand for a UN-led inquiry into Bhutto's December 27 killing.
"While the party welcomes the involvement of Scotland Yard in the current investigation, it strongly believes that the horrific nature of this incident warrants the full attention -- and involvement by -- the world community," he wrote in the letter.
Only a UN-led probe would ensure that the perpetrators of the crime and "those who might have tried to cover it up" are brought to justice, he said.
Zardari called on the US and other members of the international community to dispatch observers to Pakistan to monitor the February 18 general election.
There should be no restrictions on the observers' ability to conduct exit polls nor should they have to provide advance information to the government about the polling stations they wish to visit.
He asked Rice to send a "strong message" to Islamabad, asking for the lifting of all remaining restrictions on journalists, political parties and lawyers. PTI
EU to monitor Pak elections
Mujtaba Ali Ahmad
Brussels, Jan 22 (PTI) The European Union will send a team of observers to monitor Pakistan's Feb 18 elections, European Foreign policy chief Javier Solana has said.
Solana, who met President Pervez Musharraf yesterday, gave a blunt message to the Pakistani leader that any future cooperation will depend on holding of free and fair polls.
"Our message is clear. It is that the elections have to be fair, free and secure. We expect that a government conforming to the will of the people would be in place and continue reforms especially setting up rule of law," Solana said after lunch talks with Musharraf who was here on the first leg of his four-nation eight-day European trip.
"Our reaction on cooperation and the level of engagement will be in view of the result of the process," he added.
A team of EU election observers will be "on the ground" to monitor the elections, Solana said.
Musharraf told the EU that its election monitors were free to go around in Pakistan and observe the elections and were free to report from anywhere.
Addressing the European Parliament, Musharraf also sought to allay fears of its nuclear arsenal falling into the hands of extremists and criticised the West for questioning its commitment to the fight against terrorism.
"Stop criticising us. We are fighting the war on terror for ourselves, more than for anyone else," Musharraf He asked the EU help in trade and investment, saying that investing in Pakistan's economy would wean the extremists from their violent paths. EU accounts for 40 per cent of Pakistan's trade and Musharraf said he had sought greater market access for Pakistani goods. PTI
Militants kill five Pakistani soldiers in South Waziristan
Islamabad, Jan 22 (PTI) Five Pakistani security forces personnel were killed early today while repulsing an attack by militants on an outpost in the troubled South Waziristan tribal region which has been raided by rebels several time over the past week.
Militants attacked the observation post and fort in Ladha at 1 am, killing five troops and injuring seven others, military spokesman Maj Gen Athar Abbas said.
"The security forces repulsed the attack and inflicted heavy casualties on the miscreants," Abbas said, adding the exact number of militant casualties could not be ascertained. The skirmish continued for two hours.
Abbas denied reports that the security forces are planning a major operation in South Waziristan, a stronghold of Tehrik-e-Taliban Pakistan commander Baitullah Mehsud.
"The army launches counter attacks only when they are attacked," he said. The security forces launch attacks only when the militants "create problems for civilians".
South Waziristan has witnessed severe clashes between pro-Taliban militants and security forces in the past week. The army has claimed that nearly 130 militants have been killed in skirmishes in the past few days, but this has been denied by the Taliban spokesman Maulvi Omar. PTI
Bhupathi-Sania in mixed doubles semis
Melbourne, Jan 22 (PTI) An upset second round win followed by a walkover in the quarterfinals ensured Mahesh Bhupathi and Sania Mirza a berth in the last four of the mixed doubles event at the Australian Open here today.
The unseeded Indian team quelled the challenge of Simon Aspelin and Lisa Raymond, seeded second in the event, 6-3 2-6 10-7 before benefitting from a walkover given by seventh seeded Czechs Martin Damm and Kveta Peschke.
In the boys' singles, Yuki Bhambri kept the Indian flag flying by advancing to the third round while curtains were drawn on Karunuday Singh's campaign.
The eighth seeded Bhambri rallied to beat Slovakia's Zalan Klempa 3-6 6-4 6-2 in his second round match and will take on Japanese Tadayuki Loughi in the pre-quarterfinals.
Karunuday went down fighting 6-7 (4-7) 4-6 against Tsung-Hua-Yang of Chinese Taipei in the same round.
Sixth seeded Bhupathi and Mark Knowles of Bahamas would take on top seeded pair of Mike Bryan and Bob Bryan in the men's doubles quarterfinals tomorrow. PTI
Australia should be scared of me: Sreesanth
New Delhi, Jan 22 (PTI) S Sreesanth has not set his foot on Australian soil yet but the spunky Kerala speedster has already issued a warning, asking Ricky Ponting's men to watch out for him in the forthcoming tri-series there.
A renowned Australia antagonist, Sreesanth is aware that spotlight would be on him Down Under because of his frequent run-ins with Ricky Ponting and his teammates, especially Andrew Symonds.
That, however, does not bother the pacer.
"I'm not scared of anyone. On the contrary, I think Australia should be scared of me because I'm back. And I'm back after a rest too," he told reporters here today.
Having featured in numerous eyeball-to-eyeball confrontation with Symonds during Australia's ODI series last year, Sreesanth knows he would be under scrutiny but does not lose his sleep over the prospect.
"Well, I always loved spotlight," he quipped.
Perhaps aware that India's ongoing Australia tour has already seen enough bad blood, Sreesanth, however, vowed that he would never overstep the line.
"Sreesanth will always remain Sreesanth. I love the game and play it with passion. I would always follow my heart.
"But having said that, I know the rules of the game and I would never overstep. I would never do something that can affect the spirit of the game," he said. PTI
Bhupathi returns for Davis Cup tie; Paes non-playing captain
New Delhi, Jan 22 (PTI) Veteran doubles specialist Mahesh Bhupathi made a comeback for national duty as a five-member Indian team for the Asia-Oceania Davis Cup tie against Uzbekistan was announced here today.
As non-playing captain, an injured Leander Paes will lead the team which also includes youngsters like Prakash Amritraj, Rohan Bopanna and Somdev Varman.
The home tie will be played here from February 8-10.
Bhuapthi's return was expected as the doubles ace is required to represent the country to be eligible to participate in Beijing Olympics.
The Bangalore-based player did not play in India's last Davis Cup outing against the Uzbeks after his spat with Paes during the Doha Asian Games in December 2006.
In the away tie in Uzbekistan, India -- comprising Paes, Vivek Shokeen, Karan Rastogi and Sunil Kumar Sipaeya -- had fared poorly and lost 1-4 to the hosts.
While Bhupathi will provide depth and experience to the Indian team, National hard court winner Ashutosh Singh and National grass court winner Vishnu Vardhan will be on the stand-bye to meet any exigency.
Meanwhile, chances of Paes taking the field cannot be ruled out during the home tie.
"He (Paes) is upset as he was keen to play. He said, 'although I am not well, I will be very much there'," AITA Secretary Anil Khanna said. PTI
Without aggression Australia lack the edge: Warne
Melbourne, Jan 22 (PTI) Legendary leg-spinner Shane Warne has said Australia cared too much about their image in the Perth cricket Test and lost the edge without their trademark aggression.
Warne said the main weapon for Australia was their aggressive body language on the field and by being careful of their conduct after the Sydney fiasco, they found it difficult to curb the Indians.
"There have been some suggestions that Australia lost their edge and were too concerned about their image going into Perth. Sport is about passion and attitude and knowing yourself. Australia play best when they get in the face of the opposition and are very aggressive," Warne wrote in his column for 'The Daily Telegraph'.
"Maybe they were not as aggressive in their body language in Perth as they normally are, but I think that was the nature of this Test, in which they were behind for most of the game," he said.
Warne appreciated India's effort to stop Australia from getting to their 17th consecutive Test win.
The former Aussie spinner hailed Indian captain Anil Kumble's feat of capturing 600 Test wickets, saying the Indian leggie was a true champion.
"Congratulations to Kumble on joining the 600 wickets club. He is one of the most competitive opposition players I have ever played against, a true champion and a credit to the game and his family." PTI
Newsletter:Militants demand money, force closure of banks, schools
Imphal, Jan 21(PTI) Demands by militant outfits for money that forced the closure of a school, two hospitals and a national bank for four days recently is worrying the state government which has ordered stepping up security measures to contain such incidents.
Transactions and other businesses at all the 15 branches of the United Bank of India (UBI) in Manipur were closed for four days from January 8 as employees struck work to protest demand of Rs 10 lakhs from the UBI by a militant outfit.
The closure not only caused inconvenience to thousands of account holders, worst affected were pensioners and government employees who draw salaries and pensions from the bank.
Although officials refused to divulge the identity of the militant outfit, a senior Manipur police official said an outfit primarily-based in Nagaland made the demand in collusion with their 'local supporters'.
The bank refused to concede the monetary demand of the baned outfit.
After emissaries convinced the militant outfit of the losses local people would suffer if the bank was closed down by the authorities in the wake of their monetary demands, the militant outfit withdrew the demand without any condition, sources said.
Insurgent organisations involve in armed struggle of late have resorted to making demands from various institutions including banks and schools, a senior police official said. PTI
IIT Chennai steps in to improve science education in schools
Snehesh Alex Philip
New Delhi, Jan 21 (PTI) In a unique endeavour, IIT Chennai, one of India's foremost engineering colleges has now tied up with number of schools to enhance high school science education in the country.
"The way science is taught in our schools leaves much to be desired. Our children get programmed to answer questions in examinations without being able to relate the concepts to the real world around us. There is too much focus on scoring marks than on understanding, " Dr. T S Natrajan of IIT-Chennai told PTI.
Though IIT has introduced a number of initiatives like the National Programme on Technology Enhanced Learning (NPTEL) to enhance the quality of engineering education in the country by developing curriculum based video and web courses, Natrajan points out that new 'Science Enrichment Program' is first direct initiative of the institute for betterment of school education.
"This is my personal initiative and the institution is backing me completely for this. I wonder what kind of science is taught in the schools when students have to go for coaching classes in preparation for specialised entrances exams," he says.
Under the new programme, IIT Chennai will provide consultancy and develop Science Enrichment Program for classes Five to Twelve in Physics and Chemistry. This will include planning and developing problem based worksheets and activities which will make science fun and easy for children. PTI
Northeast to unravel its hidden wonders on Republic Day
Soma Chakraborty
New Delhi, Jan 20 (PTI) More in news because of insurgency, Northeastern states will go all out to showcase the flora and fauna as also their rich archaeological and cultural heritage in their tableaux participating in the Republic Day parade.
Capturing the beauty of the region's wildlife, its magnificent architectural heritage and diverse socio-cultural traditions, the northeastern states of Tripura, Meghalaya and Arunachal Pradesh are all set to roll their fascinating tableaux down the majestic Rajpath as part of the Republic Day Parade in the Capital on Saturday morning.
Meghalaya, which is the home to some of the exquisite varieties of butterflies in the world, will present its float titled 'Butterflies of Meghalaya'.
"Meghalaya is an abode of splendid varieties of butterflies, some of which are indigenous only to the state," says B Kharsamai, Public Relation Officer of the Meghalaya government.
"Our attempt will be to project Meghalaya as a natural storehouse of exquisite butterflies," he adds.
Out of about 1000 species of butterflies found in India, about 250 species are present in Meghalaya alone. Some of the indigenous exquisite varieties of butterflies found in Meghalaya are Blue Peacock, Kaiser-E-Hind, Leafs-Butterfly, Dipper, Bhutan Glory,Yellow Orange Tip, Vagrant, Common Blue Bottle and Red-Breast Jazebel.
Tripura, the green picturesque hilly land of mythology, will showcase ‘Unakoti’, a pilgrimage center.
"Unakoti literally means 'one less than a crore' is an ancient Shaivite pilgrimage centre in North Tripura District of Tripura. PTI
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