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India, Russia agree to double trade in three years
New Delhi, Feb 12 (PTI) India and Russia today agreed to more than double their trade to 10 billion dollars by 2010, for which the two countries will consider opening markets by a Comprehensive Economic Cooperation Agreement.
"If we grow by 30 per cent per year, we might achieve the trade figure of 10 billion dollars by 2010," Russian Prime Minister Victor A Zubkov said at the meeting of the India-Russia Forum on Trade and Investment (IRFTI) here.
Earlier in the day, Zubkov discussed with Prime Minister Manmohan Singh the potential to double bilateral trade within the next three years by enhancing cooperation in areas of oil, gas, mining, technology, transport and energy.
Zubkov told the forum meeting organised jointly by industry bodies FICCI and CII that Russian rupee debt funds are being utilised for the newly launched titanium project in Orissa.
"We are investing Russian rupee debt in the Indian economy," Zubkov said.
A joint task force is considering the market opening Comprehensive Economic Cooperation Agreement between the two of the four fastest growing BRIC (Brazil, Russia, India and China) economies.
"The task force will study the complex economic arrangements between the two countries," Russian Minister of Economic Development and Trade E S Nabiullina said.
Commerce and Industry Minister Kamal Nath said his interaction with IRFTI revealed that the Russian firms were interested in a host of Indian sectors, including engineering, metallurgy, automobile, aircraft building and infrastructure development.
"We are taking steps to build cooperation in the production of titanium oxide," Nath said adding that Russian entrepreneurs were also interested in India's growing telecom market. PTI
Chamber of Comm. set up to enhance India-Russia trade
New Delhi, Feb 12 (PTI) Amid keen interest in India and Russia to enhance two-way trade, a bilateral chamber of commerce was formed today to facilitate increased interaction between the businesses of the two countries.
The India-Russia Chamber of Commerce, which will act as a "bridge" between business communities of the two countries, was inaugurated here by Russian Deputy Prime Minister Alexander Zhukov.
It will facilitate contacts and promote greater understanding of the business climate in both India and Russia.
The chamber will work towards establishing close working relations with economic ministries in India, other chambers of commerce and a cross-section of Indian business and industrial houses.
At the Russian end, the chamber will develop ties with parallel organisations to keep Russian entities informed of Indian market conditions and emerging opportunities.
The chamber aims at correcting the situation with regard to bilateral trade which is below potential, convener of the India-Russia Chamber Pripuran Singh Haer said.
"The motivation behind the above initiative was provided by the present level of bilateral trade, which is seen to be well below its potential," he said.
The initiative seeks to fill the gap of not having a chamber dedicated to a prominent trading partner of India like Russia. PTI
Centre rushes more paramilitary forces to Maharashtra
New Delhi, Feb 12 (PTI) With violence following Maharashtra Navnirman Sena's campaign against north Indians spreading to new areas, additional central paramilitary forces were today rushed to the state to control the situation.
"The Home Ministry is providing central forces to the state government as requested by it. Rapid Action Force (RAF) units are already positioned in Mumbai," a senior MHA official said.
He said the Centre was in "close and continuous touch" with the state government.
The Home Ministry has advised Maharashtra to make all necessary arrangements to ensure that peace was maintained all over the state and activities of mischief-mongers were effectively checked, he added.
Violence spread to Nasik where MNS activists attacked fruit vendors hailing from north India today. Reports said that Pune, Aurangabad, Nanded, Latur and Amravati too witnessed some trouble.
Incidents of violence targeting north Indians in Mumbai started on February three after MNS leader Raj Thackeray launched a verbal tirade against the community. PTI
Tension in Pune; buses targeted
Pune, Feb 12 (PTI) Suspected Maharashtra Navnirman Sena activists today stone buses in some parts of the city amid speculation of arrest of their leader Raj Thackeray who targeted North Indians.
Around eight city transport buses were targeted, police said.
Most of the shopkeepers on the busy Laxmi Road in the heart of the city downed shutters fearing trouble.
No arrests have so far been made by police.
Mumbai Police have filed an FIR against the breakaway Shiv Sena group leader charging him with promoting enmity between groups.
Raj's two-year-old party has launched a campaign against North Indian migrants. PTI
Dhoni blames defeat on rain
Canberra, Feb 12 (PTI) Indian captain Mahendra Singh Dhoni squarely blamed elements for the side's eight-wicket loss against Sri Lanka in the rain-affected tri-series match here today.
Sri Lanka chased a revised target of 154 runs in 21 overs after India had scored 195 for five wickets in their allotted 29 overs at the Manuka Ground.
"If you are chasing 154 (instead of 196) your approach changes a lot. A team can keep only two fielders in catching position and you can't save the boundaries," Dhoni said after the match.
Dhoni said it was not that Indian bowling was below-par but the Sri Lankans took risks and were successful.
"Most of the time their openers were clearing the field. Tillakratne Dilshan, the way he carried on, was the key performer. They got a very good start and cleared everything. It wasn't as if our bowlers were bowling badly. But they took the risk and were successful," he said.
"By the time I realised it, they were 50 on the Board and the game was over," he rued.
India's fielding also became a little ragged when the chase was on but Dhoni put it down to wet conditions in the outfield. PTI
Rain or no rain, we would have won: Jayawardene
Ashish Shukla
Canberra, Feb 12 (PTI) Indians may feel that rain cost them a win but Sri Lankan skipper Mahela Jayawardene insisted that his side would have triumphed even if the Duckworth/Lewis system had not reduced their target at the Manuka Oval here today.
After a delayed start, India scored 195 for five in 29 overs. The target was revised to 154 in 21 overs following another spell of rain after the Indian innings.
The Lankans overhauled the target with 12 balls to spare, losing just two wickets in the process, to register their first win of the tri-series also involving Australia.
"You can't control the weather but we could have chased down 195 as well. Our chase was well-calculated and we kept wickets in hand," Jayawardene said in the post-match press conference.
Jayawardene said his side showed lot of character in winning a critical game for the side, which has thrown the series wide open. PTI
Security experts advise Australia not to tour Pakistan
Karachi, Feb 12 (PTI) Cricket Australia dealt a severe blow to the chances of its team playing in Pakistan in March-April when it informed the PCB in writing that it had been advised by security experts not to play in the South Asian country.
CA Chairman Creagh O'Connor has sent a letter to his PCB counterpart in which he has informed that they have got security briefings against playing in Pakistan.
"They have told us that the security experts have expressed reservations over playing in Pakistan at this time and that the security and political environment is not right for the scheduled series," PCB Chairman Dr Nasim Ashraf said.
Ashraf said what was troubling was that the CA had also asked if Pakistan still wanted them to send a security delegation to assess the situation in the country for the tour.
"I have written to them that we still believe the environment is conducive and safe to have the Test and one-day series at selected venues and they should fulfil their commitment.
"I have told them they should send their delegation soon after the general elections on February 18 and see for themselves the ground realities in Pakistan and also get first hand briefings from our security experts and government officials," the PCB chief said.
The tour has been in serious doubt since the assassination of former prime minister Benazir Bhutto in Rawalpindi in December. PTI
Sri Lanka beat India by eight wickets.
Canberra, Feb 12 (PTI) Sri Lanka beat India by eight wickets in a rain-truncated ODI cricket match of the tri-series here today.
Set 154 to win, Sri Lanka romped home with 12 balls remaining.
Brief scores: India 195 for five 29 overs Sri Lanka 154 for two (D/L method) 19 overs (T Dilshan 63, M Jayawardane 36, Harbhajan Singh 1/15). PTI
Former players should umpire to improve standards: Jones
Melbourne, Feb 12 (PTI) Former Australian cricketer Dean Jones feels retired players should take up upmiring to improve the plummeting standard of on-field officiating that has marred the ongoing cricket season.
"The best umpires, probably apart from Simon Taufel, are the guys who used to be players like David Shepherd and Dicky Bird," Jones was quoted as saying by 'The Daily Telegraph'.
"They are the guys who know the sights to look for and the special sounds of bats and pads and the individual sounds of different grounds," he added.
India's ongoing tour of Australia has been marred by poor umpiring with veterans Steve Bucknor and Rudi Koertzon committing shocking blunders. Bucknor was removed from the Test series after his mistakes outraged the Indians, while Koertzon has also come in for criticism for his bloopers.
Jones felt such furores can be avoided by having former players as umpires on the elite panel.
"It's time for cricket to be pro-active. We have former players Rod Tucker and Paul Reiffel in the system and we need more," he said.
"May be we have to go to them and get them involved for a couple of years and see whether it works," he added. PTI
58 killed in Lanka clashes
T V Sriram
Colombo, Feb 12 (PTI) At least 48 Tamil Tigers and 10 soldiers were killed in a spate of clashes in Sri Lanka's embattled northern region, officials here said today.
Two Liberation Tigers of Tamil Eelam (LTTE) cadres were killed in a clash in the general area of Alakallakottakulam in Vavuniya this morning, the Defence Ministry said It said four guerrillas were gunned down by security forces in Sripurama and Nedunkandal areas of Mannar yesterday.
In a separate incident, seven rebels were killed in Kokkuduthuduvai in northeastern Welioya yesterday while troops shot dead another 13 LTTE cadres and injured 21 in Anandakulam, it said.
Ten soldiers also lost their lives during confrontations in Welioya yesterday, the Defence Ministry said.
The army, meanwhile, said that eight rebels were killed in Udayankulam while five others were gunned down in Mullikulam area of Vavuniya by security forces.
It said four more rebels were killed in a separate clash in Kallikulam yesterday.
In another confrontation, five rebels were gunned down in a bunker attack by troops at Periyapantrivirichchan in Vavuniya yesterday, the Media Centre for National Security (MCNS) said.
Meanwhile, police personnel on a patrol along the Sithulpawuwa-Yodakandiya main road in southern Sri Lanka this morning recovered a pressure mine weighing around 10 kilogram and attached to trigger with three more anti-personnel mines, sources said. PTI
Indian-origin academic is new head of Oxford AMP
London, Feb 11 (PTI) Lalit Johri, an Indian-origin academic at the University of Oxford is overseeing the new version of the Oxford Advanced Management Programme at the university's Said Business School.
Since its inception in 1983, the Oxford Advanced Management Programme (Oxford AMP) has attracted more than 1100 senior executives from over 80 countries worldwide.
In 2008, a new version of the Oxford AMP will be launched by Johri, the new programme director, to reflect emerging issues faced by its participants and their organisations.
Johri has taught as a professor at Delhi University. He joined the Said Business School in 2007 to spearhead the research and development required to redesign the programme.
"The programme has had many revisions over the years to ensure it was keeping pace with the latest thinking and with management education best-practices, but we wanted to initiate a more comprehensive and thorough-going review of the programme to ensure it retains its leading position in the market, and continues to meet precisely the needs of its participants," Johri said.
"Based on extensive market research with past participants and some of our corporate partners in different parts of the world, we have redesigned the programme and it is now highly relevant for the environment in which organisations are operating." The Oxford AMP is an intensive four-week programme providing a forum for participants to share views on how external and internal pressures affect them as individuals and their organisations. PTI
Rupee recovers to 39.6650/6750 a dollar
Mumbai, Feb 12 (PTI) The Indian rupee overcame the pressure of portfolio outflows on encouraging trend in the Asian Stock markets and gained by 3.50 paise today to snap the three-day losing streak.
The domestic currency came under pressure on concerns of over portfolio outflows in the face of lingering fears of a US recession.
Foreign exchange dealers said the local currency moved in line with roller-coaster ride in Indian stock market but drew support from firm trend in Asian stocks, A leading dealer with a private bank commented that the stock market was driving the rupee throughout the day.
Meanwhile, the Indian benchmark Sensex fluctuated erratically in high volatility during the day before settling almost flat at 16,608.01 points.
Reliance Power extended its losses following a dismal debut yesterday.
Foreign Institutional Investors pulled out sizeable chunk of funds from equity market on February 11, as per provisional data. PTI
FM asks PSU banks to implement sugar package in 10 days
New Delhi, Dec 10 (PTI) The government today directed public sector banks to implement a sugar package that involves provision of interest free loans to sugar mills, and submit a report in the next 10 days.
"In the next 10 days the package will be implemented for all sugar mills, which apply under the scheme," Finance Minister P Chidambaram told reporters here after meeting the heads of public sector banks.
The Centre had, in December, notified the package that would allow sugar mills to avail of interest free loans for clearing cane price arrears of 2006-07 and 2007-08 sugar seasons. Sugar year runs from October to September.
Chidambaram said Punjab National Bank, Indian Bank and Indian Overseas Bank have already implemented the package.
"PNB has given me a list of sugar companies for which it has implemented the package," he said, adding that other banks have been advised to complete the exercise by February 22.
The minister also said the banks will have to submit the final report to the government by that date about how many sugar mills have been given the credit facility.
Government has said that mills would have to repay the loan in four years, including a moratorium of two years. Banks are expected to provide loans equivalent to the notional central excise duty payable by sugar mills on total output of sugar during 2006-07 and 2007-08 sugar seasons.
The government would give full interest subvention to all scheduled commercial banks, regional rural banks and co-operative banks for the total duration of the loan. PTI
Markets swing wildly, Sensex ends flat
Mumbai, Feb 12 (PTI) The markets were on a roller-coaster ride before the benchmark Sensex on the Bombay Stock Exchange ended the day almost flat with the investors preferring to book profits at the day's higher levels.
The markets showed signs of revival as a renewed action in select frontline stocks propelled the index several times during the day. The key index moved in a wide range of 16,966.72 and 16,565.48 points.
The 30-share BSE barometer finally settled the day at 16,608.01, a net fall of 22.90 points, or 0.14 per cent, from its previous close.
Analysts had said that they expected the market to recover from its last closing levels. They had further said that they anticipated a bear phase if the sensitive index (Sensex) registered further losses at close.
Brokers also said FII numbers were a matter of concern for investors.
The Foreign Institutional Investors (FIIs, key market driver, were net sellers to the tune of Rs 1,268.67 crore in equity on February 11, as per provisional data.
Analysts continued to anticipate an uncertain outlook in the near-term in the light of lingering worries about a likely recession in the US which will lead to a global slowdown.
They also said the Indian economy is also showing signs of slowing down, pointing out the industrial growth rate in December. Industrial growth slipped to 7.6 per cent compared to 13.4 per cent in the same month the previous year, the government data revealed today.
The Asian markets, however, ended with handsome gains after yesterday's bounce on Wall Street that failed to dispel fears about a US recession. PTI
Markets end on a flat note, BSE ends 23 points lower
Mumbai, Feb 12 (PTI) The stock markets ended flat today with the benchmark Sensex on the Bombay Stock Exchange ending nearly 23 points lower.
The 30-share Sensex, which had tumbled over 825.4 points in the previous day's trading, today fell further by 22.90 points at 16,608.01.
The index touched the day's low of 16,565.48 and a high of 16,6966.72 points during the day.
In a similar fashion, the National Stock Exchange index Nifty lost 18.75 points at 4,838.25, after dipping to the day's low of 4,820.45 and a high of 4,949.68 points.
Barring refinery and bank, all sectoral indices ended in the red on selling pressure. Banking index gained 122.48 points at 9,867.36 and oil and gas index by 40.52 points at 9,926.32.
Among the major losers, consumer durable index plunged by 163.30 points at 4343.28, followed by capital goods index by 160.86 points at 14,873.21. Realty index dropped by 125.49 points at 9,042.84 and PSU index by 115.62 points at 7659.36. PTI
King Khan is back with a new game show
New Delhi, Feb 12 (PTI) Do you think you are smarter than a fifth grade student? Confused!! Well if you are then participate in a new game show and let the Badshah of Bollywood, Sharukh Khan do the rest.
After hitting it big with Kaun Banega Crorepati 3 (KBC), King Khan is back on small screen as he will now host a new television game show, 'Kya Aap Paanchvi Pass Se Tez Hain?', a show that has adult contestants testing their wits with a group of sprightly 10-year-olds.
"Yes, I am back. I am happy to come back on small screen," Khan said at a press conference in the capital to announce the show today.
The new game show to be aired on Star Plus very soon is based on the lines of the US-based game show, 'Are You Smarter than a 5th Grader', where grade-school level questions are put to adults from all walks of life who attempt to relive school with success.
"The idea is actually that I wanted to do something for children this year and I will try to fulfill that desire as an entertainer," said Khan.
He added, "I always hope to churn out something interesting and this time something more educative also." Produced by Siddharth Basu's Synergy Adlabs, this is Shah Rukh's second game show for the company after the hugely successful Kaun Banega Crorepati 3(KBC). PTI
A throne of thorns for Goa CM
Rupesh Samant
Panaji, Feb 12 (PTI) He has survived two political crisis, Goa's Chief Minister, however, continues to sit on the throne of thorns with his own colleagues and alliance partners striking discordant notes every passing day.
The beleaguered Chief chief minister has a vexed issue of cabinet reshuffling on his hands, which is likely to give him more sleepless nights. The seven-month-old minister has already faced two major phases of uncertainty.
The Congress-led government has NCP, Maharashtrawadi Gomantak party (MGP) and an independent legislator as its alliance partner. Its another alliance partner, Save Goa Front (SGF) has merged with the Congress.
While the NCP has two ministers in the twelve member cabinet, independent legislator Vishwajit Rane is also accommodated in and given plum health portfolio. MGP is yet to get the cabinet berth.
Being MGP has propelled further the political ambiguity in this state known for toppling games. Digamber Kamat is left with an arduous task of dropping one of its minister to pave way for MGP legislator to be sworn in.
The recently concluded coordination committee meeting which was attended by All India Congress committee general secretary B Hariprasad and NCP leader Prafulla Patel beside others had cleared the deck of MGP's induction in the cabinet.
The leaders had specifically said that a cabinet reshuffle is a prerogative of the chief minister. So, the ball lies in the court of Kamat putting him in a piquant situation.
Congress party in Goa will never let Kamat drop any minister peacefully. PTI
More Indians head towards the skies for thrill, recreation
Annie Samson
New Delhi, Feb 11 (PTI) Stressed out executives seeking to escape the city crush, young urban professionals with a spirit of adventure or the plain restless youth, all seem to be heading towards the vast open skies to recharge and rejuvenate.
Paragliding, a sport which imitates the flight of a bird, ranks high in popularity with flying schools and clubs registering a hike in the number of people signing up for weekend jaunts and short term courses.
"When we started 10 years ago we had a lot of foreign tourists as clients but recently we are witnessing an increase in the number of locals taking to paragliding. This might be so because more number of people have more disposable income in their hands and sports like paragliding are more fulfilling than going to the pub and downing a couple of drinks," says Sanjay Rao, of Nirvana Adventures, a paragliding school in Maharashtra.
Pranab Kukreti, who heads Treks and Rapids, an adventure sports company based in the capital seconds Rao. "Among all the aerosports, paragliding is now very popular and we have been getting more enthusiasts from smaller towns like Gwalior, Lucknow and Chandigarh," he says.
The sport requires skill and knowledge of the terrain as well as the weather conditions. "I started paragliding some six to seven years ago and continue to do so because I find it a great stress buster. Also I am ambitious it gives me an opportunity to improve myself constantly," says Gokul, a banker who resides in Mumbai's Lokandwala area. PTI
Care to be a condom tester?
New Delhi, Feb 11 (PTI) If you are above the age of 18, a male and seeking a job that combines work with pleasure, here is an unusual opening that promises a combination of both.
The post of a 'condom tester' is up for grabs as Durex, one of the world's largest condom manufacturer has announced plans to recruit Indian males above the age of 18 to test their products.
The chosen 1,000 men would be given a supply of select condoms, with which they can get to work right away, according to company officials.
As the firm itself says, "After you have done full justice to the job, you have to provide Durex with feedback about product performance." In 2007, a two-year study by Indian Council of Medical Research had concluded that condoms made according to international sizes are too large for a majority of Indian men.
This led to a call for condoms of varying sizes to be made more widely available in India.
"Durex wants to ensure that its condoms are best meeting the needs of Indians and what better way to know this than to ask Indians first hand," R Srinivasan, Vice President, TTK-LIG Ltd, marketer of Durex brand in India told PTI.
He adds that Durex has held similar drives in other countries and have received tremendous response.
"It is nice to get customer feedback all the time. For the same initiative in France, we received 100,000 applicants while in Germany and New Zealand we received 25,000 and 3000 respectively," says Srinivasan. PTI
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Sensex: 16608.01, -22.90
The sensex closed at 16608.01, down 22.90
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1 U.S. $ = 39.655 INR
1 Japanese Yen = 0.3701 INR
1 British Pound = 77.335 INR
1 Canadian $ = 39.643 INR
1 Singapore $ = 27.989 INR
1 UAE Dirham = 10.798 INR
1 Saudi Arabian Riyal = 10.589 INR
1 Euro = 57.646 INR
1 Qatar Rial = 10.901 INR
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