The Mumbai Grapevine
Connecting Mumbaikars with Mumbai
(Published by Mumbai-Central.com)
Please feel free to forward this message to your friends and co-workers
who might be interested in it. The instructions to join the Mumbai
Grapevine are at the end of the message.
India, Russia ink deal for Mig-29 upgradation
New Delhi, Mar 7(PTI) India and Russia today signed an estimated billion dollar deal for upgradation of Indian Air Force's 92 Mig-29 fighter planes to extend their lifespan by 40 years.
Under the deal, signed between Defence Ministry and Russian RAC-Mig company, the fighters are to be armed with top-notch avionics suites to bring them at par with latest shipborne Mig-29K/KUB fighters being made for Indian Navy, official sources dhere said.
This will be the first of the two major deals the IAF is planning to revamp its fast dwindling fighter squadron. In another major deal awaiting a go-ahead by the Cabinet Committee on Security, the Air Force aims to upgrade its 52 Mirage 2000 fighters to bring them to advanced level of French Air Forces Mirages.
Under the Mig-29 upgradation programme, the fighters would be fitted with Advanced Zhuk-ME, Optronics station based on space technology and colour multifunctional displays in the cockpit.
The fighter planes would also be armed with longer range beyond visual range air-to-air missiles, high accuracy guided missiles to destroy ground targets and smart aerial bombs.
The first of the six MIG-29 fighters would be upgraded in Russia and delivered in three years by 2011 and the remaining 86 would be modernised at IAF aircraft repair facilities utilizing kits supplied by the RAC-MIG. PTI
CPI writes to PM, warns of withdrawal of support
New Delhi, Mar 7 (PTI) In further hardening of Left stand, CPI today warned the government of withdrawl of support if it goes ahead with the Indo-US nuclear deal.
"Should the government decide to push ahead with the deal, we will not and cannot be a party to go along with it. We will then be left with no other option than to withdraw our support to the government," CPI General Secretary A B Bardhan said in a letter to Prime Minister Manmohan Singh.
This is the first time a Left party supporting the government from outside has officially written to the Prime Minister threatening withdrawal of support though Left leaders have been making tough statements ever since September when the 123 Agreement was finalised.
CPI, which has 10 members in the Lok Sabha, is part of the CPI(M)-led Left Front that commands the backing of 59 members which is crucial to the government.
Bardhan's missive comes a day after stiff deadline set by CPI(M) to the government to convene a meeting of the UPA-Left Committee on the nuclear deal by March 15 to discuss issues in the wake of US "pressures" to implement the deal.
He criticised Prime Minister's statements in Parliament on the issue, including his appeal to former Prime Minister Atal Bihari Vajpayee to rise above party interests saying "it is an open effort at canvassing BJP's supoprt for the deal".
"Your talk of trying to build a consensus sounds hollow when you are fully aware that no such consensus is possible -- a fact revealed in the Parliamentary debate itself," the CPI veteran said. PTI
Left parties are reasonable: Cong
Bangalore, Mar 7 (PTI) Notwithstanding the Left parties toughening their stand on the Indo-US nuclear deal, Congress today described them as "reasonable" and hoped the party would be able to bring round the UPA government's crucial outside supporters on the issue.
On Left parties' continued opposition to the deal, Congress spokesman M Veerappa Moily told reporters here that "they are only expressing their views. Sometimes they are vociferous. They are reasonable people and I am optimistic we will be able to convince them. However, we are making progress and I am hopeful it will come through.
He said talks on the deal is "progressing in the right direction" and hoped it would come through without any hitch.
Moily said "anything which is good for India in the long run must be done. The deal will open up trade and commerce with other countries." About the possibility of the former Karnataka Chief Minister, who is nurturing aspirations to return to the state political scene, contesting the coming assembly elections, he said "the party high command will decide it." PTI
RBI according high priority to contain inflation: Reddy
Mumbai, March 7 (PTI) Concerned over rising inflation, Reserve Bank Governor Y V Reddy today said the central bank would continue to focus on price stability while trying to achieve the objective of economic growth.
"In the Indian context, considerable weight is currently accorded by the RBI to price and financial stability while recognising its twin objectives of growth and stability", he said while speaking at the international symposium on "Globalisation, Inflation and Monetary Policy" in the French capital of Paris.
Reddy further said that the apex bank, "in the recent years, successfully articulated a self-imposed tolerance limit of five per cent on headline inflation." The inflation rate, however, has crossed the tolerance limit, touching 5.08 per cent for the week ended February 23.
Justifying the RBI's continued focus on inflation, Reddy said, "The large segments of the poor tend to reap the benefits of high growth with a time lag, while rise in prices affects them instantly." He further said that there are "acute policy dilemmas arising from global food and energy prices as also from financial market turbulence that need to be factored in in evolving appropriate policy responses." Reddy also said that structural transformation, dominance of public sector and "notable prevalence of administered interest rates make the tasks (of controlling inflation) particularly complex." Pointing out that monetary policy recognises the growing importance of global factors, he said domestic developments would continue to play a dominant role in the policy making. PTI
Harbhajan denies remarks against Aussie players
Jalandhar, Mar 7 (PTI) India's ace spinner Harbhajan Singh today denied having called Australian opener Matthew Hayden a "big liar" and wicketkeeper-batsman Adam Gilchrist "no saint".
Harbhajan, who was at the centre of most of the controversies during the acrimonious tour of Australia, was quoted by a daily as saying " Don't talk about Hayden's credibility, he is a big liar".
The spinner, however, made it clear that he had not made such comments.
"I did not make these comments. A lot has been written in the last few days, but I have not said such things", Harbhajan told a press conference here.
In that interview, Harbhajan was also quoted as saying that "He (Gilchrist) is also not a saint. He, of course, pretends to be a saint -- someone who does not say an offensive word on the field." "But this is completely wrong. There are times when he does not let an opportunity go waste". PTI
All the bitterness should be buried now : Harbhajan
Jalandhar, Mar 7 (PTI) All the controversies and bitterness generated during the tour of Australia should be buried now that the series is over and India had emerged victorious, according to Harbhajan Singh who played a key role in the historic triumph.
Harbhajan, who was at the centre of most of the controversies during the ill-tempered tour, said the team's performance in Australia has proved that India could become a a major force in world cricket.
"The bitterness memories should be buried. It is all over with our win. We must concentrate on playing cricket and it should be played in good spirit," he told a press conference here today.
"They (Australians) tried to upset our players but were not ready to tolerate anything. We were brave enough to give them a befitting reply through cricket only," the off-spinner, who was involved in a racism row with Andrew Symonds, said.
"It was Australians, who initiated making comments. Some of the comments were so bad that I cannot share it with you. We were there to play cricket only," he said.
Elated by the Indian team's performance Down Under, Harbhajan said he had no doubt that India would soon become a dominating force in forms of cricket.
"Of course if we play like this, we will be number one team in Test as well as one-dayers. We can beat any team with such a strong side. We look forward to play good cricket in the season," he said. PTI
My main job is to take wickets, says Sreesanth
Kochi, Mar 7 (PTI) India's S Sreesanth may have proved expensive as a bowler during the tri-series in Australia but the firebrand paceman says conceding runs never really bothered him since his main job was to take wickets for the team.
Sreesanth, who missed the Tests due to a shoulder injury but was drafted in the team for the tri-series which India won, picked only nine wickets conceding a huge 232 runs in the seven matches he played for an economy rate of 5.75.
But the flamboyant fast bowler defended himself, saying his job in the team was to take wickets and he was not worried about how many runs he gives in the process.
"I am basically a wicket taking bowler. I concentrate on my bowling and not on how much runs I concede. My job is to take wickets. The team also wants the same," said the bowler known for his aggression.
Sreesanth, however, said it felt great to be a part of the team that defeated the Aussies and attributed the success to the players' not losing their focus on cricket despite off-field controversies.
"Australia were number one in the world for the last 10 to 15 years, but that has changed now. It is a beginning for India," said Sreesanth, on returning home from Delhi. PTI
Dhoni returns home to a rousing welcome
Ranchi, Mar 7 (PTI) India's limited overs captain Mahendra Singh Dhoni returned home here to a rousing welcome after winning the cricket tri-series in Australia.
Sporting a black top and jeans, Dhoni waved to his fans at the Birsa Munda airport, where he was greeted with tribal songs and dances amid Z-grade security.
"We are happy that Dhoni is back among us after a long tour. He will have his favourite home-made dishes, particularly milk items he is fond of," Dhoni's cousin Prem Chandra told the waiting media.
Sports Minister Bandhu Tirkey said "we will honour Dhoni on March 16, the last day of a tribal festival at the historic Mohrabadi Ground. The government, however, has not yet decided on what gift Dhoni should be given." PTI
HDFC seeks nod to mortgage farm property for giving loans
Chandigarh, Mar 7 (PTI) Private sector housing lender HDFC today said it has written to the Punjab government for allowing it to take agriculture property as security in lieu of loans to rural people of the state.
"Unlike banks, we are not allowed to mortgage agricultural property under the Agriculture Act in Punjab for advancing loans to rural people for purchasing rural assets," HDFC Joint Managing Director Renu Sud Karnad told reporters here today.
"If we are allowed to keep the property as security for advance then we will be able to disburse loan to rural people," she said.
The corporation targets to disburse loan of Rs 200 crore to rural people of the state.
Stating that the market potential for such loans is quite high in the country as over 70 per cent of the population in India resides in rural areas, she said the corporation would have to devise a mechanism whereby the income of the rural folks could be ascertained for advancing loan to them.
"We will have to match the income level of farmers with the crop cycle and try to understand the income generation so as to ensure the repayment of loan for the success of this scheme," she said.
In rural areas of the northern region, comprising Chandigarh, Punjab, Haryana, Himachal Pradesh, HDFC plans to disburse Rs 800 crore this year.
HDFC has disbursed Rs 4,000 crore since its inception in this region, she added. PTI
Tie-up with Virgin Mobile above board: Tatas
New Delhi, Mar 7 (PTI) Under attack for a tie-up with the UK's Virgin Mobile for its telecom operations, Tata Teleservices today said the deal was absolutely transparent and within the laws of the country.
"The tie-up for virgin mobile services is above board and completely in compliance with the laws and regulations of the country," Anil Sardana, Managing Director of Tata Teleservices (TTSL), told reporters here.
Sardana also admitted that the company had received a communication from the Department of Telecom (DoT), seeking clarifications about the contours of the deal and TTSL had sent its reply on March five.
Although he did not divulge the commercial details of the deal with Virgin, he said there was absolutely no scope of Virgin entering the country as a Mobile Virtual Network Operator (MVNO).
"Network belongs to us... Billing will be done by Tata Teleservices and revenues will come to us," he said, adding that the tie-up is only for using Virgin brand on exclusive basis to expand into segmented sections.
Within two days of launching the services to attract the youth, Sardana said 500 subscribers had come on board.
The GSM operators lobby COAI had sought DoT's intervention to seek clarifications on Richard Branson's Virgin Group's entry into the Indian mobile segment.
The COAI had alleged that the tie-up was nothing but entry of Virgin as MVNO which was not allowed as per the country's existing license terms and conditions. PTI
Sensex plunges over 846 points at midsession
Mumbai, Mar 7 (PTI) Stocks led by banking and realty sectors plunged to their recent lows on the Bombay Stock Exchange at midsession today, pulling the benchmark index Sensex down by 846.63 points.
The Sensex tanked by 845.63 points to 15,696.45 and the NSE index Nifty fell by 245.95 points to 4,675.45 at 1300 hours as most of the heavyweight stocks in banking, realty, metal and refinery sector dip to their recent low levels.
The BSE barometer witnessed its biggest weekly decline since May 2006, as State Bank of India led banks went lower on concerns that profit margins would fall.
The SBI, the nation's largest by assets, dropped to its lowest since October 23, after Finance Minister Palaniappan Chidambaram yesterday, said banks should consider cutting rates on some home loans. SBI shares fell by Rs 89.15 to Rs 1,765.
Punjab National Bank, another state-run lender, fell to its lowest since October 22. ICICI Bank Ltd, India's second largest lender by assets, dropped to almost a six-month low. PTI
Gas pipeline from Gulf to India economically feasible: Expert
Dubai, Mar 7 (PTI) A deepwater pipeline designed to transport large quantities of natural gas 'economically' from the Gulf region to India, straight across the Indian Ocean is now feasible, an expert has said.
"The economics of SAGE deepwater pipeline system are attractive and the risks are now demonstrably low", Peter Roberts, technical director of South Asia Gas Enterprise (SAGE), said at the 13th Annual Middle East Gas Summit in Doha yesterday.
The depth of the Indian Ocean along this route was beyond the economic pipe-lay limit until the mid-1990s, when the enabling technology was developed and a deepwater Code of Design Practice was issued to the industry, Roberts who was quoted by the Peninsula Daily, said.
Every year since then, pipe has been laid into deeper and deeper water, past 2000 metres depth and now up to around 3000m, following the progress of the oil and gas industry into new areas further offshore, Roberts said.
The target installation date for the SAGE pipeline, just past the turn of the decade, will see the industry working at depths beyond the 3,500m that the SAGE line reaches. "This, indeed, is a project whose time has come," he said.
The 13th Annual Middle East Gas Summit concluded here yesterday with the final sessions devoted to prospects of liquefied natural gas and gas projects from the Middle East. PTI
National Assembly to convene within two weeks: Musharraf
Rezaul H Laskar
Islamabad, Mar 7 (PTI) President Pervez Musharraf today said he will convene Pakistan's new Parliament within two weeks and promised to fully support the PPP-led government.
"The national and provincial assemblies sessions will be called in a week or one and a half weeks," Musharraf said in his first public comments since the February 18 polls were won by his rivals.
The victorious parties have been demanding that the president summon the National Assembly so that they can elect their prime minister.
Speaking at the inauguration of a water supply scheme at Jacobabad in southern Sindh province, Musharraf noted that moderate forces had emerged victorious in the general election, especially in the North West Frontier Province.
"I will support the government. I hope the new governments at the centre and in the provinces will complete its five-year constitutional term, he said.
Musharraf hoped the new government would continue his regime's economic policies and the campaign against extremism.
"I am happy that the extremists faced defeat and moderate forces emerged victorious in the elections, especially in the northwest. I hope they will end chaos and curb extremists and terrorists," he said.
"I want the struggle against terrorism and extremism to continue. If we cannot succeed on the economic front and in the fight against extremism and terrorism, (there will be) hurdles in the way of economic prosperity," Musharraf said.
"The country's economy is growing but I admit there are also difficulties. The new government must comprehend the problems and find solutions." PTI
PPP-led coalition five short of 2/3 majority
Rezaul H Laskar
Islamabad, Mar 7 (PTI) The planned PPP-led coalition in Pakistan has fallen five seats short of a two-thirds majority required in the new National Assembly to take any major step like impeaching President Pervez Musharraf or bring a constitutional change.
However, with 10 seats yet to go to polls, the Pakistan People's Party, Pakistan Muslin League (Nawaz) and Awami National Party can still bridge the difference.
According to detailed results for the Feb 18 general election announced late last night by the Election Commission, the three parties bagged a total of 223 seats in the 342-strong lower house of parliament.
The Pakistan People's Party has 120 seats, the PML-N 90 seats and the Awami National Party 13 seats. This includes reserved seats for women and minorities allocated to the winning parties on the basis of the seats won by them and the independent candidates joining them.
The PML-Q, which backs Musharraf, is the third largest group in the National Assembly with 51 seats. The Muttahida Qaumi Movement has 25 seats, the Muttahida Majlas-e-Amal six seats, the Pakistan Muslim League-Functional five seats and the Pakistan People's Party-Sherpao, National People's Party and Balochistan National Party-Awami one seat each.
There are also 18 independent lawmakers in the National Assembly.
The ruling coalition, however, could cross the two-thirds mark if they win even half of the 10 seats whose results have not been announced because of litigation and the termination or suspension of polling.
A two-thirds majority would allow the three parties to impeach Musharraf or revoke his powers to dissolve the National Assembly and dismiss an elected prime minister. PTI
42 killed in Lanka clashes
Colombo, Mar 7 (PTI) At least 38 Tamil Tigers and four soldiers were killed in fierce clashes in Sri Lanka's embattled northern region, officials here said today.
In Mannar, 12 LTTE cadres were killed and their trench line destroyed by troops, who captured the Parappakandal area from the rebels yesterday, the army said.
Separately, security forces gunned down three rebels at Nagarkovil in Jaffna after destroying their bunker yesterday, the Defence Ministry said.
Troops shot dead another seven guerrillas in clashes in Periyapantrichurichchan, Kallikulam and Munimurippu areas of Mannar yesterday, the army said.
In another incident, security forces confronted LTTE cadres in the general area of Andankulam in Welioya, killing four rebels, the army said, adding two security personnel also lost their lives in the confrontation.
In another confrontation at Kokkuthuduvai in Welioya, the army killed 12 rebels yesterday, the Defence Ministry said. Two soldiers also lost their lives in the attack. PTI
US designates HuJI as global terrorist organisation
Dhaka, March 6 (PTI) The US has blacklisted extremist outfit Harakat-ul-Jihad-i-Islami Bangladesh (HuJI-B), suspected of involvement in bomb attacks in India and other countries, as a "global terrorist organisation".
With HuJI-B being named as a "specially designated global terrorist organisation", the US financial institutions will now be required to freeze assets and properties of the outfit that are in the US or "within the control of US persons," a US embassy statement said here.
It said HuJI chief Mufti Abdul Hannan, arrested by Bangladesh authorities, had in February 1998 issued a fatwa sponsored by Osama bin Laden that declared American civilians to be legitimate targets for attack.
"Since then HuJI-B has been implicated in a number of attacks in Bangladesh and abroad," the statement said.
The statement signed by US Secretary of State Condoleezza Rice, also praised Dhaka's anti-militant campaign saying "Bangladesh has been a strong partner of the United States in fighting terrorism, and has taken effective action to bring HuJI terrorists to justice and to prevent further attacks".
Arrested HuJI-B leader Abu Zandal had recently told Bangladeshi authorities that the outfit had sent several consignments of grenades to Lashkar-e Toiba militants for carrying out attacks in India until 2004.
Bangladesh, which has already banned HuJI-B that has been pressing for Islamic rule in the country, immediately reaffirmed its position against terrorism.
"Bangladesh wants to reiterate its strong position against all types of sabotage and terrorism," Home Ministry Additional Secretary Abdur Rashid told reporters last evening. PTI
Asia through the eyes of cartoonists
Ruby Nanda
New Delhi Mar 7 (PTI) Art requires no language to convey a message. More so if it is a cartoon. An exhibition of cartoons from Asian countries proves the point.
A trendy girl in a chic tee and jeans with folded hands before the ancient guru begs him for the secret of life.Pat comes the reply, "go to www.Secret of life.Com and see ok".
A young boy engrossed playing games on TV, while his father is down on floor literally begging to let him watch news.
"Forget about the oil shortage. Have you noticed the textile shortage." Guys looking at skimpily dressed girls walking by.
These are some of the cartoons from ten Asian cartoonists displayed at the Okakura Tenshin Gallery in the capital by the Japan Foundation from February 27 to March 12.
The cartoonists are from India, Bangladesh, Japan, China, Vietnam, Philippines,Indonesia, Sri Lanka, Thailand and Malaysia.
Director Japan foundation Nao Endo says, "It is a way of experiencing the culture of the countries and connecting together. Japanese traditional theatre might not be so easy to understand by the common person here in India but cartoons are easily understood." "We have been organising this cartoon exhibition every year since 1995. And it has been improving every year" says Endo.
Almost 85 per cent of the world's youth lives in developing countries, with approximately 60 per cent in Asia alone according to the UN website. Thus the theme of this year's cartoons being youth is very appropriate. PTI
Bollywood music industry needs revolution in composing: Lata
New Delhi, Mar 6 (PTI) The Bollywood music industry is in urgent need of a revolution in composing to fish itself out of the slump it has witnessed in recent times, says veteran singer Lata Mangeshkar.
"If things have to improve, one of the two has to happen. Either a new musical phenomenon must emerge in composing, or some playback singer or the other should get into composing, taking charge of the music they get to sing," a new book -- "Bollywood Melodies" -- quotes Lata as saying.
But Lata is doubtful if either of these will happen. "For the sake of film music, I wish it did," she hopes. But according to the singer, dubbed as the 'nightingale of India', there is no dearth of talented singers in the country.
"It is just that there's no composer to test a singer's range; work on exploring the voice of the singer the way composers used to do in the 1950s." Lamenting that the emphasis of present-day music is on instant popularity and not on creating something that is original, the book quotes, "Creative music is not happening anywhere -- not in Mumbai, not in the south or even in Bengal. How can you blame the singers alone for it?" The book, written by Bangalore-based organisation development consultant Ganesh Anantharaman, traces the evolution of the Hindi film song to its present status as the cultural barometer of the country, through an evaluation of the works of over 50 leading composers, singers and lyricists -- from K L Saigal to Sonu Nigam, Naushad to A R Rahman, Sahir Ludhianvi to Javed Akhtar. PTI
Indians are charity rich but philanthropy poor
Anurag Sharma
New Delhi, Mar 5 (PTI) There is no paucity of funds or lack of individual commitment to society but Indians are stingy, say non-governmental organisations and experts.
"We raise 90 per cent of our funds to support orphanages from individuals and rest from trusts. There is no shortage of funds but a lack of heart amongst people who spend several thousand rupees on eating out but do not help the impoverished," says Anjali Gopalan, who heads Naz Foundation, a Delhi based NGO.
Most of the time people donate money only if it is connected to aid religious purposes, adds Gopalan. Naz works for raising awareness to prevent spread of HIV/AIDS.
Major-General Surat Sandhu (Retd.), Chairman, South Asian Fund Raising Group (SAFRG), says that while India is charity rich, it is philanthropy poor and NGOs need professional fundraisers to motivate and inspire people to contribute for social issues.
"Most of NGOs suffer from fund crisis. There are 1.2 million NGOs in India but less than one per cent of NGOs has professional fund-raisers and that too in the metros only, what about other cities? The potential of giving in the country is huge but we are tapping a mere fraction of it," he says while adding India has more than 87,000 millionaires in dollar terms and over 700,000 people earning more than 2 million rupees a year.
The civil society sector in the country raises funds upto USD 600 million in a year while the potential is of more than USD 10 billion. Non-profit sector in US raises USD 260 billion each year from population of 295 million and UK raises USD 41 billion in a year from 60 million people. PTI
___________________________________________________________
This is the Mumbai Grapevine
___________________________________________________________
______Market_______
To get regularly updated NIFTY (NSE) quotes by email, join the NSEData
mailing list by sending an email to NSEData-subscribe@yahoogroups.com
To get regularly updated BSE quotes by email, join the BSEData mailing
list by sending an email to BSEData-subscribe@yahoogroups.com
Sensex: 15975.52, -566.56
The sensex closed at 15975.52, down 566.56
___________________________________________________________
This is the Mumbai Grapevine
___________________________________________________________
______Forex_______
1 U.S. $ = 40.435 INR
1 Japanese Yen = 0.3955 INR
1 British Pound = 81.432 INR
1 Canadian $ = 41.387 INR
1 Singapore $ = 29.201 INR
1 UAE Dirham = 11.015 INR
1 Saudi Arabian Riyal = 10.783 INR
1 Euro = 62.272 INR
1 Qatar Rial = 11.122 INR
___________________________________________________________
This is the Mumbai Grapevine
___________________________________________________________