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Indian cadets to visit Nepal and Bangladesh
New Delhi, Feb 20 (PTI) Cadets of the National Cadet Corps (NCC) will be visiting Bangladesh and Nepal next month as part of a youth exchange programme.
Ten cadets along with an officer will be on an eight-day visit to Nepal from February 29, during which they will get to meet prominent leaders of the Himalayan nation.
Another batch of ten cadets and an officer will go to Bangladesh towards March-end, coinciding with the independence day celebrations of the eastern neighbour on March 26.
"We have an understanding with a number of friendly foreign countries. We send our young boys and girls to those countries and youth from their countries visit India," Prakash S Chaudhary, Director General of NCC, told PTI.
The cadets will also interact with local communities and experience the socio-economic and cultural realities of these countries, he said.
"Besides, through the programme the youth also come to know of the developments taking place in the country they are visiting," he said.
Similarly, Chaudhary said the foreign cadets, while on their visit to India, interact with young boys and girls here.
Asked whether there is a need to extend the programme to developed countries as well, on a reciprocal basis, he said, "Experience has been very good so far. We need to expand this in a big way." PTI
Obey the law, Indian workers in Bahrain told
Dubai, Feb 20 (PTI) Indians working in Bahrain must obey local laws and not resort to strikes as such actions are illegal in the Gulf country, Indian ambassador to Manama Balakrishna Shetty said.
His appeal comes at a time when an unprecedented number of workers, including Indians, are going on strike at many Bahrain companies. During the strikes, many of the contracting companies had blamed the Indian embassy for the strikes.
The embassy has in no way been associated with supporting any move by Indian workers to violate local labour laws, he said.
"In the wake of recent reports in the media about strikes by expatriate workers, including Indians, at a few private companies in Bahrain, the Indian Embassy would like to clarify that it has always laid stress upon the Indian workers to strictly abide by all local rules and regulations," Shetty said in a press statement.
Shetty also appreciated the recent initiative taken by Labour Minister Majeed Al Alawi to set up a trouble-shooting panel to ensure peace and harmony at workplaces.
"India warmly appreciates the pioneering steps taken by Bahrain to put in place a humane and equitable working environment for expatriate workers, especially since the largest segment of expatriate workers is from India," he added. PTI
IAF to join US Air Force in a joint exercise in August
Chandigarh, Feb 20 (PTI) Indian fighter aircraft will lock horns with US Air Force jets in the world's toughest air exercise 'Redflag' at prestigious Nellis air range in August in that country, a top IAF officer said today.
"For the first time, the IAF will join in an exercise with the US Air Force at the Nellis base," Air Officer Commanding- in-Chief Western Command Air Marshal P K Barbora said here.
Six Su-30 MKI fighter aircraft from the IAF will take part in the exercise at the US air base.
He said the IAF was invited by the USA Air Force to join the exercise.
Barbora said the IAF had already held joint exercises with France, Russia and Singapore and these were providing valuable inputs to the force. PTI
Laxman put team interest before self: Hyderabad franchise
Mumbai, Feb 20 (PTI) Stylish batsman V V S Laxman put his team interest before self after getting the assurance that he would lead the Hyderabad franchise in the Indian Premier League even as he declined to become an icon player in the Indian Premier League.
"Laxman has been named the captain of the Hyderabad team. He put the team interest before his own and gave away the icon status (which the franchise owners had demanded from the IPL Governing Council) as he wanted Hyderabad to have a larger budget (for buying players). He showed fine sportsman's spirit," said P K Iyer, the managing director of franchise owners Deccan Chronicle, after buying the veteran cricketer for USD 375,000.
Each icon player will get 115 per cent of the highest paid player of that franchise.
IPL has conferred the icon status on Sachin Tendulkar, Sourav Ganguly, Rahul Dravid and Yuvraj Singh to rule them out of the auctioning process and then added Virender Sehwag to that elite list when Delhi franchisees GMR demanded it.
The Hyderabad franchise too wanted Laxman as their icon player before withdrawing the demand a day before the players' auction held here. PTI
Dhoni attracts highest price in landmark auction
Mumbai, Feb 20 (PTI) India's charismatic one-day captain Mahendra Singh Dhoni today emerged as the hottest property in world cricket after being sold out for a staggering USD 1.5 million dollars (approx Rs 6 crore) in a landmark auction which marked the beginning of a lucrative new era in cricket.
The 26-year-old Dhoni set the tempo for the first ever auction of world's top cricketers when he was acquired by the Chennai franchisee for a three-year period, adding another mind-boggling chapter of monetary gains in the BCCI's multi-million dollar Indian Premier League scheduled to begin in mid-April.
Australian all-rounder Andrew Symonds, who recently made headlines for being at the centre of a racial row involving Harbhajan Singh, proved that the controversy had not dented his brand value as he attracted the second highest price of USD 1.35 million (appro Rs 5.4 crore) with the Hyderabad team securing his services.
Eight franchise owners, including corporate tycoons like Mukesh Ambani and liquor baron Vijay Mallya and Bollywood superstars Shahrukh Khan and Priety Zinta, bid for 77 cricketers in a pioneering process which has the potential to change the face of the game.
Flamboyant Sri Lankan opener Sanath Jayasuriya, despite being aged 38, was sold out to Ambani-owned Mumbai team for a whopping Rs 3.9 crore, while Australian speedster Brett Lee (Rs 3.6 crore), South African all-rounder Jacques Kallis (Rs 3.6 crore), Harbhajan Singh (Rs 3.4 crore), West Indian opener Chris Gayle (Rs 3.2 crore) and retiring Australian wicketkeeper Adam Gilchrist (Rs 2.8 crore) were some of the other big draws. PTI
India, Sri Lanka fined for slow over rates
Dubai, Feb 20 (PTI) Both India and Sri Lanka were fined for bowling their overs too slowly during their cricket tri-series match in Adelaide.
ICC Match Referee Jeff Crowe imposed the fines after India was found to be one over and Sri Lanka two overs short in yesterday's match.
The decision was reached after various time allowances were taken into consideration, an ICC release said today.
According to the ICC Code of Conduct regulations governing over rate penalties, players are fined five per cent of their match fees for every over their side fails to bowl in the allotted time, with the captain fined double that amount.
Hence, Mahendra Singh Dhoni was fined 10 per cent of his match fee with each of his players receiving five per cent fines while Mahela Jayawardene was fined 20 per cent of his match fee and each of his players receiving 10 per cent fines.
Crowe commented that the over rates in the tri-series had left much to be desired.
"The over-rates for all teams in this series so far have been pedestrian at times with teams failing to complete their full quota of overs in the stipulated time on several occasions.
"Allowances and early finishes have meant players have been fortunate to escape fines in previous matches and this is an area that all the sides need to give further attention to and improve upon," the former New Zealand captain said.
"I will also talk to all the teams in the series before their next matches to remind them of their responsibilities," he added.
Chennai bags Dhoni for USD 1.5 million
Mumbai, Feb 20 (PTI) The million dollar barrier was breached in the opening round itself when the Chennai franchisee of the Indian Premier League (IPL) bought Twenty20 World Cup winning captain Mahendra Singh Dhoni for a staggering 1.5 million USD (approximately Rs six crore) here today.
Veteran Sri Lankan opener Sanath Jayasuriya, at 39 among the oldest in the 77-player auction, was bought by Mukesh Ambani's Team Mumbai for USD 9,75,000, the second-highest winning bid after two rounds.
Team Mumbai, which did not successfully bid for any of the six players in the opening round, went hammer and tongs in the second round and outbid others to capture the services of India's number one limited overs slow bowler Harbhajan Singh for 850,000 USD.
The side already has the services of icon player Sachin Tendulkar who was not part of the pool at today's auction.
The Mumbai franchisee will now have to tread carefully in getting the remaining players for its team as they have exhausted USD 1.8 million out of the USD 5 million cap in buying out 'Matara Marauder' Jayasuriya and 'Turbanator ' Harbhajan.
The cap includes the amount to be paid to Tendulkar which would be 15 per cent over and above their highest player bid in the auction, which after two rounds is the winning bid for Jayasuriya. PTI
China hopes new govt will bring stability in Pak
Beijing, Feb 20 (PTI) China today said it was "glad" at the smooth conclusion of general elections in Pakistan and hoped for stability in the neighbouring country after the new government is installed.
"Pakistan is China's friendly neighbour, and we hope Pakistan will continue to maintain stability, development, democracy and harmony after the establishment of new government," Chinese Foreign Ministry spokesman Liu Jianchao said, according to official Xinhua news agency.
China, which calls Pakistan as its "all weather friend", "is happy about the smooth complettion of Pakistan's elections", he said. PTI
Musharraf aides meet Zardari, ask him not to go with Sharif
Islamabad, Feb 20 (PTI) Ahead of a crucial meeting between the two victorious opposition leaders, President Pervez Musharraf's aides have reportedly urged Pakistan People's Party co-chairman Asif Ali Zardari not to join hands with Nawaz Sharif's PML-N to form a coalition and even discussed possible prime ministerial candidates from PPP.
Musharraf's aides met Zardari yesterday for discussions on the formation of the next government, their first contact since the February 18 general election, Dawn News channel reported today.
The PPP has emerged as the single largest party in Pakistan's general election by bagging 87 of the 268 National Assembly seats for which direct polls were held, followed by the PML-N with 66 seats. It is widely expected that they may form a coalition and Zardari and Sharif are scheduled to meet here tomorrow for talks.
Musharraf's close aides, including National Security Council Secretary Tariq Aziz, met Zardari here yesterday and urged him not to holds talks with the PML-N on forming a government at the centre, official sources told Dawn News.
Zardari was non-committal in this regard and sources close to the PPP co-chairman told Dawn News that he did not want to forge an alliance with the PML-Q, the party which backs Musharraf and was routed in the polls.
Musharraf's aides and Zardari also discussed the names of the PPP's prime ministerial candidates.
The government team favoured PPP vice-chairman Makhdoom Amin Fahim, Shah Mehmood Qureshi, the president of the Punjab unit of the PPP, and senior party leader Yusuf Raza Gilani, the sources said. PTI
Obama wins Democratic primary in Hawaii
Washington, Feb 20 (PTI) Senator Barack Obama won the Democratic caucuses in Hawaii, scoring a 10th straight victory over rival Hillary Clinton in the nominating contests for the US presidential race.
Obama won his native state as voters turned out in record numbers at caucus sites.
Hours earlier, the African-American Senator from Illinois inflicted a defeat on the former first lady by bagging the Wisconsin primary. PTI
Rupee crosses 40-mark for first time in 5 months
Mumbai, Feb 20 (PTI) The Indian rupee dwindled by 29 paise today against the dollar to breach the psychological 40-mark for the first time in five months with the severe shortage of US currency getting further accentuated by the global crude prices which hit fresh records.
The Indian rupee had been ruling below 40 level since September 20 last year when it closed at 39.88/89 a dollar on the Interbank Foreign Exchange Market.
In brisk activity at the Inter-Bank Foreign Exchange market today, the local currency touched a low of 40.24 against dollar after resuming weak at 39.95/97. The rupee had closed at 39.90/91 against the greenback yesterday.
The rupee premiums on forward dollar ended higher on fresh paying pressure from banks and corporates. The benchmark six-month forward dollar premiums payable in July ended at 13 - 11 paise, up from 8 - 6 paise on Tuesday while far-forward maturing in January closed lower at 8 - 10 paise down from 18 - 20 paise previously.
Forex dealers said the exchange market continued to witness a scramble for dollar coverings by oil refiners to meet their import requirements with the global crude oil prices hitting record highs.
They added that there was an increased demand for the greenback from oil importers as well as banks in the face of inadequate dollar supplies as a result of poor capital inflow.
Meanwhile, the benchmark Sensex on the Bombay Stock Exchange plunged by 458 points or 2.53 per cent today at 17,617.60 points.
Banks stepped up dollar purchases in a bid to raise their dollar resources as foreign institutional investors were seen repatriating funds from equity markets amid mounting fears of a global economic slowdown, a dealer said. PTI
Gold sets new peak of Rs 12,040 on strong global cues
New Delhi, Feb 20 (PTI) Gold prices surged to touch the record of Rs 12,000 per 10 gram level for the first time in the bullion market here today on aggressive buying by stockists and retailers amid strong global cues.
Standard gold and ornaments shot up by Rs 200 each at Rs 12,040 and Rs 11,890 per 10 gram respectively. Sovereign too gained Rs 100 at Rs 9600 per piece of eight gram.
Market sentiment turned bullish after report of a sharp rise in gold prices in the global markets driven by a record hike in crude oil prices over 100 dollar a barrel.
Some investors shifted their funds from equity market due to volatile trading and parked this amount in the bullion market for safe investment.
Marketmen said jewelery fabricators and retailers enlarging their buying triggered by firming trend in global front mainly led to surge in the prices of the precious metal.
The yellow metal in Asia rose to a three-week high of 930.55 dollar an ounce last night. Gold set a record peak at 936.92 dollar on February 1.
Silver was also 0.3 per cent higher at 17.58 dollar an ounce.
Silver ready remained in brisk buying activity and shot up further by Rs 340 to Rs 21,840 per kg and weekly-based delivery by Rs 370 to Rs 22,440 per kg on speculative buying.
Silver coins also traded higher by Rs 100 to Rs 26,100 for buying and Rs 26,200 for selling of 100 coins. PTI
Sensex plunges by over 458 points, IT stocks buck the trend
Mumbai, Feb 20 (PTI) The Bombay Stock Exchange benchmark Sensex today plunged by over 450 points to below 17K level on aggressive selling by funds following weakening global trends.
The Sensex, after a lower start, fell further to post a loss of 458.06 points at 17,617.60. It touched the day's low of 17,505.56 and a high of 17,991.29 points.
While most stocks tumbled, IT sector, led by Infosys Technologies, bucked the trend by gaining fresh ground on reports that the government may consider fresh tax sops to the exports business. Brokers said over 50 per cent of the revenues of Indian software companies comes from the US.
Brokers said a weakening rupee also sent signals of a better revenue for companies in IT business.
The National Stock Exchange index Nifty also dropped by 126.35 points at 5,154.45, after touching a low of 5,116.30 and a high of 5267.15 points.
The selling activity was spread over a wide front sectors, including banking segment, on concerns that margin might fall following a big gap in lending and deposit rates, traders said.
The major pull to the market came in from banking stocks and its index lost 353.95 points at 10,609.81, followed by capital goods index by 459.40 to 15,932.87.
Metal index fell by 376.42 at 15,833.53, realty index by 361.50 points at 9,709.24, oil and gas index by 246.88 points at 10,884 and PSU index by 236.09 points at 8299.70. PTI
India-US investment protection pact likely by year end: Nath
Prakash Chawla
Chicago, Feb 20 (PTI) With Indian firms investing aggressively in the US, India has put on fast track negotiations on signing an investment protection agreement with the States.
While both the US and India have signed the investment protection agreements with a number of countries, the one between them has to be unique because it is a different type of relationship, Commerce and Industry Minister Kamal Nath said here last evening.
The two countries would try and conclude the investment protection agreement by the end of this year, he said, adding that Indian investments were not made in the American stock market but in the backyard of the US economy.
India and the US are also stepping up trade volume, particularly in the wake of the impending slowdown in the US.
Nath was speaking at the reception hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the US-India Business Council at the launch of a major initiative to sensitise American opinion-makers about the growing engagement of Indian firms in the US.
Under the programme, 'Investing in America: The Indian Story', the two industry bodies will roll out roadshows to change India's image from being only the recipient of the foreign direct investment to an important source of FDI.
The Indian industry, which has been at the receiving end of the 'job-shipping' campaign of the US Presidential candidates, has launched the counter-campaign.PTI
Sensex plunges over 439 points at noon
Mumbai, Feb 20 (PTI) The Bombay Stock Exchange benchmark Sensex plunged over 439 points on frantic selling by funds in view of a weakening trend on the global front.
The 30-share index, Sensex, which commenced the day lower by 194 points, fell further to record a loss of 439.68 points at 17,635.98 at 1200 hours.
Similarly, the wide-based National Stock Exchange index Nifty lost 135.60 points at 5,145.20 as most of the heavy-weights like Reliance Industries, Tata Steel, Larsen and Toubro declined sharply.
A selling pressure gathered momentum following reports of a steep fall in global stock markets, traders said.
They said an upward march in information technology stocks on government plans to provide more sops to export business, saved the market from any further major fall. PTI
US co. Forced to recall a batch, Bindi in India goes unchecked
Amit Kumar Srivastava and Diganta Biswas
New Delhi, Feb 20 (PTI) The 'bindi', the ubiquitous mark on the forehead of Indian women is facing a problem in the distant United States where a manufacturer has been forced to withdraw a batch along with other cosmetics products from the market owing to its high lead content.
In the land of its birth, the bindi, however, continues to be manufactured unchecked as there is no agency to monitor the usage and harmful effects of spurious products.
"The cosmetics industry is not at all regulated in India. There's no apex body to control this in India", says Dr Deepak Vohra, a cosmetologist.
"What's worse is the fact that most of the branded products in the market do not carry the mandatory label of ingredients, colouring agent (chemicals used) and Bureau of Indian Standards (BIS) mark and no declaration whatsoever that that the products are manufactured from any carcinogenic or any harmful ingredients", Dr Vohra says.
According to experts, 'sindoor' or 'kumkum' readily available in market often contains high amount of lead, which heightens the risk of poisoning. Lead exposure can result in a wide range of biological effects, depending upon the level and duration of exposure.
Synthetic sindoor can cause serious dermatological disorders like irritation, skin toxicity, eczema, leucoderma. Long-term exposure to even low levels of lead can cause irreversible learning difficulties, mental retardation, and delayed neurological and physical development, doctors say. PTI
Political parties in Haryana step up campaign to woo voters
Chandigarh, Feb 18 (PTI) With an eye on the forthcoming Lok Sabha elections, political parties in Haryana have already accelerated their campaign to woo the voters, with farmers' issue dominating the centrestage.
Ruling Congress has been going to the masses highlighting the achievements of the Bhupinder Singh Hooda-led government during the past three years versus "non-performances" of the previous regimes.
The main opposition Indian National Lok Dal (INLD) held an impressive rally in Rohtak district a few days back, with top UNPA leaders including Mulayam Singh Yadav and Chandrababu Naidu, besides Farooq Abdullah and other leaders in attendance.
INLD president and former Haryana chief minister Om Prakash Chautala has been touring various towns raising the issue of "miserable plight of farmers" and "forcible acquisition of land from peasants for setting up SEZs" by the Congress regime and other issues like power shortage, deteoriorating law and order and SYL canal issue.
Chief Minister Bhupinder Singh Hooda has been criss-crossing the state telling people how his government waived off power arrears of ruralites worth over Rs 1600 crore at one go when his government took over in March 2005, besides making unprecedented development in the state, be it ensuring equitable distribution of water, bringing in thousands of crores worth foreign investment or paying the highest price to the farmers for their produce and land acquired. PTI
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Sensex: 17617.60, -458.06
The sensex closed at 17617.60, down 458.06
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1 U.S. $ = 40.215 INR
1 Japanese Yen = 0.3723 INR
1 British Pound = 78.132 INR
1 Canadian $ = 39.523 INR
1 Singapore $ = 28.471 INR
1 UAE Dirham = 10.950 INR
1 Saudi Arabian Riyal = 10.738 INR
1 Euro = 58.917 INR
1 Qatar Rial = 11.055 INR
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