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Congress snubs Arjun Singh again
New Delhi, May 9 (PTI) In yet another snub to senior leader Arjun Singh, the Congress high command today outrightly rejected his contention that the decision-making in the party has "fallen into a bit of disarray".
"We do not agree with it. Congress President Sonia Gandhi has always been fair and transparent in holding consultations," AICC spokesperson Shakeel Ahmed told reporters here.
He said consultations were held at every level in the party before taking decisions and the party President also held discussions with the various allies in the UPA.
Arjun Singh is also a member of the Congress Working Committee, in which the leaders can raise whatever issue they want and can have a free and frank discussion, Ahmed said.
Maintaining that the Congress has always had a tradition of holding discussions within the party, he denied suggestions that the leadership has any lack of communication or a trust deficit with any leader.
To a question that the CWC meetings are generally being held for obituary references, he claimed that they were regular meetings of the apex policy making body of the party.
Arjun Singh had in an interview to noted journalist Kanhaiyalal Nandan in a book edited by him titled "Mohin Kahan Vishram" said: "Earlier there were many opportunities to contribute to the decision and even major decisions of the Congress were taken after going through the process of consultations and people used to accept it.
"But now this process has fallen into a bit of disarray and when people do not have feeling that they have contributed to the decision making process, then they have no hassles in defying it," Singh said. PTI
Inflation creeps up to 7.61%; impels more admin measures
New Delhi, May 9 (PTI) Inflation crept up to a nearly four-year high of 7.61 per cent, impelling the government to think of more administrative measures to keep prices down such as goading cement manufacturers to cut rates.
"More administrative steps will be taken as and when necessary," Finance Minister P Chidambaram said today, as inflation rose to a 42-month high in the week ended April 26 on costlier tea, spices, fruits, vegetables and some manufactured products.
It was 7.57 per cent in the week before and 6.01 per cent in the year-ago period. It had last touched a high of 7.76 per cent on November 6, 2004.
The government, which has been rolling out one measure or other almost every week to arrest and ultimately push down inflation, on Monday banned futures trading in four more farm commodities to stop speculation from feeding prices.
"We are in the process of persuading cement companies to roll back prices. If that succeeds, that will also be an administrative step," Chidambaram said, adding that the government's assessment was that inflation was "stable." While key steel producers have taken the cue and cut prices, cement maker ACC yesterday announced it would freeze prices for 2-3 months, while some others have already cut or are in the process of holding the price-line.
On the impact of the initiatives taken by the government and Reserve Bank on prices, Chidambaram said: "When the steps come together and take effect, there will be moderation... One must have faith that these steps will yield results." The government has so far announced measures that carry a revenue implication of Rs 6,300 crore to contain inflation, while Reserve Bank has increased the percentage of cash banks should keep in reserve (CRR) to tighten money supply. PTI
BSF foils infiltration bid along Pak international border
Jammu, May 9 (PTI) A major infiltration bid by militants from across the border was foiled by the Border Security Force in Samba sector of Jammu and Kashmir by appropriately retaliating the heavy firing resorted to by the intruders.
The incident last night prompted the BSF today to lodged a strong protest with Pakistani Rangers.
A group of 10 to 15 militants from Pakistani side managed to cross the border and advanced towards fencing in Benglard area of Samba sector at around 2230 to 2245 hours last night, BSF Deputy Inspector General of Police (Jammu frontier) J B Sangwan told reporters here.
Among the militants, four to five reached near the fencing but alert troops challenged them and opened fire, he said adding the militants resorted to firing and also lobbed grenades.
However, the BSF personnel continued the firing forcing the militants to retreat to the other side of the border, he said.
This was also evident from the trail of foot track observed in the area that militants had entered from Pakistan, Sangwan said.
About 450 empty cartridges of AK series weapons were recovered from the spot.
There was no casualty or damage on Indian side during the firing and hurling of grenades. Three unexploded grenades were also recovered from the area.
BSF authorities have taken note of the incident and lodged a strong protest with Pakistani Rangers at a company commander level flag meeting held at Bangalard border outpost this morning. PTI
It feels like stock market in the World Championships: Anand
New Delhi, May 9 (PTI) The tension, the rush of emotions and the uncertainty of results in the World Championship makes it feel a bit like stock market, says Indian chess ace Viswanathan Anand, who will defend his crown in October.
The world number one, who became the World Champion last September, said although he is not feeling the pressure of the competition to be played in matchplay format in Bonn, Germany, he was "working harder" to defend his title against Vladimir Kramnik of Russia.
"There was a cold shower when I lost my first game in the Wijk Aan Zee and then I drew some 5-6 games after a gap of couple of months. So it is very important to have memories and experience and the feel of the tension of the big chess events.
"You remember big match tensions... Experience becomes important. It's a bit like stock market as match can turn either way, so the emotions, anxiety, experience and all these things become important," said Anand on the sidelines of the nationwide launch of 'NIIT Mindchampions Academy 2008-09 series'.
Anand said despite being top-placed he does not have any advantage against the second-ranked Kramnik in the World championships.
"So far it is only Anand versus Kramnik. You have to forget that you are a World Champion and it's (the match) not between the World Champions versus a challenger," he said. PTI
Investigation over, Nanavati to submit report on Monday
Ahmedabad, May 9 (PTI) In the dock for slapping his India teammate S Sreesanth, Harbhajan Singh today appeared for another disciplinary hearing before the BCCI-appointed Commissioner Sudhir Nanavati who said the probe is over and he will submit his final report on on Monday.
"All the proceeding of the investigation is over and now I don't need to talk to any player or official in this case. I'm satisfied with the answers of both Sreesanth and Harbhajan. I've all the evidence that I need to prepare the report," Nanavati told reporters after the hearing.
He said both the players were very supportive and co-operating during the proceeding.
"I talked to Harbhajan for one hour and 15 minutes and 30 minutes with Sreesanth. They were quite friendly during the hearing," the advocate said.
Mumbai Indians' stand-in skipper Harbhajan slapped Kings XI Punjab pacer Sreesanth after the April 25 IPL match in Mohali, which saw the off-spinner being banned from the remainder of the IPL, apart from losing nearly Rs 3 crore of match fee.
BCCI slapped him a showcause notice for his behaviour before appointing Nanavati to probe the incident.
The hearing took place at the Gujarat Law Society building where Nanavati arrived at around 1400 hrs, followed by BCCI secretary Niranjan Shah. The hearing started at 1430 hrs after Harbhajan arrived, while Sreesanth came to the place around 1530 hrs. PTI
ICC warns BCCI over sub-standard pitch at Kanpur
Dubai, May 9 (PTI) In a major embarrassment for the BCCI, the ICC today censured the Indian Cricket Board for preparing a poor quality pitch for the third Test between India and South Africa in Kanpur last month.
The game's world governing body also recommended that the BCCI take remedial action to ensure a similar pitch is never prepared in future at that venue.
To that end, the BCCI's pitch consultant Daljit Singh has been asked to assist the process.
The BCCI, on its part, accepted the warning and has promised to undertake the necessary action to ensure the pitch at Kanpur is improved for future international matches.
"I thank the ICC for its input and decision in relation to this and I can assure everyone that we will take all steps necessary to ensure this does not happen in the future," said BCCI secretary Niranjan Shah.' The pitch, on which India won the third and final Test to level the series 1-1 against South Africa, saw 32 wickets fall in three days play.
It came in for sharp criticism from the visitors with Proteas coach Micky Arthur saying that the track was one of the most under-prepared in the world.
At that point match referee Roshan Mahanama, who oversaw the Test, submitted a report to the ICC expressing his concern over the quality of the playing surface. PTI
Royal Challengers, Knight Riders fined for slow over-rate
New Delhi, May 9 (PTI) Bangalore Royal Challengers were fined USD 1000 for slow over-rate in their last night's Indian Premier League match against Kolkata Knight Riders while the hosts also copped a USD 500 fine for a similar offence.
The IPL authorities said in a statement that Match Referee Farokh Engineer imposed the fines on the teams both of which were guilty of slow over-rates in the 16-overs-a-side match, which the hosts won last night at Eden Gardens.
The IPL is being played under the ICC Playing Conditions and Rules, according to which USD 500 is fined for every slow over.
The Rahul Dravid-led Bangalore side were found two overs behind schedule, while the hosts skipper by Sourav Ganguly were also one over behind the mark. PTI
Bank depositors to earn negative interest if inflation stays
Mumbai, May 9 (PTI) Bank depositors, who have locked in money for tenure of less than one year, could be the major losers and earn negative interest rate on their fixed deposits if high inflation persists over a longer time.
A study of interest rates, offered by different public sector banks, revealed that all of them are currently offering six per cent to 7.50 per cent interest on deposits for duration of six months to one year. Whereas, inflation has spiralled to 7.61 per cent as of April 26.
If this trend persists and deposit rates are not revised, bank deposits would start or are already earning negative interest rate (rate of inflation being higher than the rate of interest) since the last few weeks. Logically, interest rate on FDs need to be higher than inflation, which helps depositors earn real interest rate or at least beat inflation.
The interest rates offered by banks for term deposits of more than one year are, however, between 8.25 per cent and 8.75 per cent and in some cases even nine per cent and thus depositors are well protected from inflation.
Ajit Ranade, Group Chief Economist, Aditya Birla Management Corporation said it is true the bank depositors will get negative interest rate if the rate of inflation is higher than the rate of interest. However, he pointed out the inflation is a weekly number. One needs to consider the average rate of inflation over a period of time, he said.
S K Goel, Chairman and Managing Director of UCO Bank argued that the interest rates offered by banks at present are taking care of higher inflation. "The inflation has gone up only during the last few weeks. You are to consider average rate of inflation and compare it with duration of deposits," he observed. PTI
Inflation, lending rates to ease in 2-3 months, say bankers
Mumbai, May 9 (PTI) Bankers today discounted fears of any hardening in interest rates and said they expected both inflation as well as select lending rates to ease over the next 2-3-months.
This they expect to happen despite headline inflation spiralling to 7.61 per cent for the week ended April 26, up from the previous week's mark of 7.57, driven by soaring international commodity and oil prices.
"Inflation will certainly come down in the short term, perhaps in 2-3 months. The present high rate is mainly due to the base effect and high international prices," HDFC's Managing Director Keki Mistry told PTI here.
The inflation figure has been exaggerated by the base effect, Mistry said, adding that the combination of monetary and fiscal measures taken by the authorities would drive down inflation in the next couple of months.
"I expect interest rates to stay stable in the short-term...I don't think anybody will effect a further hike in (lending). At the same time, lowering of interest rates are also unlikely in the short-term," he said.
However, banks and home loan lenders might take a cue from the Reserve Bank, which, in its last monetary policy lowered the risk weight for home loans between Rs 20 lakh and Rs 30 lakh to 50 per cent, and extend some relief to borrowers.
In the first indication of such a line of thinking, Union Bank of India, effected a 0.25-1 per cent cut in its lending rates for home loans up to Rs 30-lakh. PTI
Govt mounts pressure on cement producers to cut prices
New Delhi, May 9 (PTI) Government increased pressure on the cement manufacturers today with Finance Minister P Chidambaram saying the government is in talk with the industry to cut prices of the crucial construction material.
"We are in the process of persuading the cement industry to roll back prices," Chidambaram told reporters here.
Leading producer ACC has already announced that it would "hold the cement prices over the coming 2-3 months". The company said it would be engaged "in an open dialogue with the government to explore viable solutions to combat inflationary trends that have disproportionately increased its input costs.
Kolkata-based Shree Cement said it has already reduced the prices in Rajasthan, Haryana and Uttar Pradesh by Rs 2-5 and in Gujarat by Rs 7 per bag of 50 kg in May.
J K Lakshmi Cement, big player in north India, said it is also inclined to hold the price line.
A top official of Barak Valley Cement, which is a dominant supplier in Assam, Tripura and Mizoram, said, "If others reduce prices, we will also reduce it to stay in the market".
However, the Cement Manufacturers Association (CMA), apex industry body, remained non-committal. "CMA has nothing to do with prices. Prices are determined by the market," CMA President, H M Bangur said.
When asked whether others would follow the ACC example, Bangur said every company is free to take its own pricing decision. PTI
Rupee recovers by 17 paise against US dollar
Mumbai, May 9 (PTI) After three days of steep fall, the Indian rupee recovered marginally by 17 paise to 41.59/60 against the greenback in late morning deals today due to some dollar selling by exporters.
Smart recovery in benchmark Sensex after initial weakness also helped the rupee to rise.
In quite trade at the Interbank Foreign Exchange (Forex) market, the domestic currency opened higher at 41.68/69 from overnight close of 41.76/77 a dollar and improved further to 41.59/60 in late morning deals.
Yesterday it hit more than one year low of 41.79 a dollar during trading on the back of heavy dollar buying by oil refiners to meet their import requirements.
Meanwhile, spiraling global crude oil prices to a new peak above 124 dollar a barrel might cap the rupee surge in later part of the day as India imports nearly 70 per cent of its oil requirements. PTI
Maoists and other parties launch talks on new govt in Nepal
Kathmandu, May 9 (PTI) The victorious Maoists and mainstream political parties in Nepal today opened talks on the vexed issue of government formation as they agreed to convene the Constituent Assembly in the last week of May to set the stage for abolition of monarchy.
Amid a raging debate in the mainstream parties about whether to join a coalition led by the former rebels, outgoing Prime Minister Girija Prasad Koirala, Maoist leader Prachanda and top leaders from other parties decided to hold further talks on formation of a new government.
A task force of leaders from Maoists and other parties was set up to decide on the shape of the ministry.
The meeting was held at the official residence of Koirala, who is also the laeder of the Nepali Congress.
The first round of talks today ended with an agreement that the inaugural meeting of the 601-member Constitution-drafting assembly could be held between May 25 and 29.
The responsibility of announcing the exact date was however left to Koirala, Nepali Congress Publicity Department chief Prakash Sharan Mahat told PTI.
"The meeting has decided to ask Prime Minister Koirala to suggest a date for the first meeting of 601-member CA and to move ahead forging cooperation and understanding among the political parties on key issues," Mahat said.
The meeting reviewed the election results which saw Maoists getting a stunning victory bagging 220 of the 601 seats in the constituent assembly -- more than twice the number of their nearest rivals and the fancied Nepali Congress.
The first CA meeting is expected to put in place steps to abolish the 240-year-old monarchy. PTI
Pak says it does not want another war on Kashmir
Islamabad, May 9 (PTI) Pakistan does not want another war with India over Kashmir, Defence Minister Chaudhry Ahmed Mukhtar has said while describing the current status of bilateral relations as the "best" the two countries ever had.
"We are having a very nice relationship with India, the best of the relationship we have ever had. The confidence-building measures are working very well and I think the defence of Pakistan today is much safer than five years (ago)," Mukhtar, senior leader of the Pakistan People's Party that heads the ruling coalition and one of Pakistan's leading industrialists, said.
Ruling out the possibility of a war on the Kashmir issue, the Pakistani minister said the two countries had shown flexibility in their traditional stand on the issue.
"I am sure that both the countries are showing flexibility from their traditional positions. We don't want to fight a war," Mukhtar told Dawn News channel in an interview.
He said the issue will be resolved only through the opening up of the borders and greater inter-mingling of Kashmiris from both sides.
"Today is the time for economic wars and we must prepare ourselves. There are other problems in Pakistan and India there are food shortages, the oil problem, the electricity problem and these problems can't be solved if we are at war with each other." Pakistan, he said, was "trying to help India" in the economic field. "We are saying that we would like to buy gas from Iran and that pipeline will go to India, which is a big market. They will benefit and we will also benefit," he said. PTI
Zia to face trial in second graft charge along with son
Dhaka, May 9 (PTI) Bangladesh's Anti-Corruption Commission (ACC) has approved the chargesheet against detained former prime minister Khaleda Zia, her youngest son and eight cabinet colleagues in a scam case to be tried under tough emergency power rules, officials said here today.
"The commission approved the submission of the chargesheet pressing charges against a total of 24 people for awarding contract of container handling to an incompetent and unfit firm," ACC spokesman Colonel Hanif Iqbal told newsmen late yesterday.
Iqbal said according to the chargesheet Global Agro Trade Company (GATCO) allegedly bribed to handle containers at the Inland Container Depot in Dhaka and at southeastern Chittagong port, incurring a loss of more than Taka 14.56 crore (Rs 8.75 crore approx) to the state exchequer.
"The late shipping minister Akbar Hossain's son Ismail Hossain Simon and Arafat Rahman took Taka 21,999,736 (Rs 1.33 crore approx) in bribe from GATCO for the award of the contact," he said.
Iqbal said ACC would "very soon" lodge the chargesheet with a court while legal experts said if convicted, the accused might face the highest life imprisonment while the emergency power rules demands the trial to be accomplished in 120 days. The convicts, however, will have scopes for appeal before the High Court.
This was the second chargesheet filed against the ex-premier in a week since her arrest along with her younger son Arafat Rahman Koko on September 2 last year as part of a massive anti-graft campaign being spearheaded by the interim government installed with crucial military support on January 12, 2007 following the promulgation of state of emergency. PTI
Blind Arunachalee singer to bring out fourth album
Itanagar, May 9 (PTI) A young visually challenged Arunachalee singer, who cut his first album just two years ago, will be launching his fourth one shortly.
The 25-year-old Bamon Doro, from Sangram circle in Kurumkumey district, who lost his sight to chicken pox when he was hardly three will be bringing out audio album 'Challing dito Donyi' (the light may not have any meaning to me, but let the sun shine for others).
Speaking about his days of struggle, Doro says, he took up singing at weddings and get-togethers and was applauded by villagers for his efforts.
Enthused he came down to the state capital in 1998 hoping to get a sponsor, "but it proved to be difficult in a place like Arunachal. I saw a long struggle ahead of me." During a major tribal festival 'Nyokum' here his performance won the hearts of the people and a person agreed to sponsor him and his first album was released in 2006. It was an instant hit.
He says his career took off with the release of the audio album containing a song 'Challing Yoka Donyi'(The light of the sun has no meaning for me). PTI
I am nowhere near Smita Patil: Chitrangada
Sabi Hussain
New Delhi, May 7 (PTI) Resemblance with Smita Patil is a complement but it is not right to compare me with the legendary actress, says Chitrangada of critically acclaimed 'Hazaaron Khwaishen Aisi'.
"A lot of time people refer to me as another Smita Patil, which of course is a complement. But it's not right to compare me with 'one of the best actresses of all times'. I have done just two movies, so it would be unfair to put me in the same league," says the actress.
"I believe this tag comes with a lot of responsibility and I am still nowhere near her. Still it is a great compliment," she says.
Chitrangada, who is making her comeback from her self declared exile after a gap of almost three years with director Onir's soon to be released "Sorry Bhai" in the lead role opposite Sanjay Suri feels that she couldn't have asked for a better comeback than this romantic comedy.
"'Sorry Bhai' is a very different film and a very different concept. It's a romantic and funny movie, different than what I have done earlier as serious cinema," she says.
"Onir made me an offer I simply couldnt refuse. It's very different from what I have done as serious roles," says Chitrangada who also acted in the movie 'Kal: Yesterday and Tomorrow' in 2005.
'Sorry Bhai' is about a happy family - the parents and their two sons. Everyone has his own values in the changing times but they all love one another. PTI
After singing, Shibani gears up for acting
Sabi Hussain
New Delhi, May 6 (PTI) After Himesh Reshamiya and Sonu Nigam, Shibani Kashyap of "Ho gayi Hai Mohabbat Tumse" fame is gearing up for acting in movies.
"I am really thinking seriously towards it as few filmmakers have approached me. It totally depends on the good script," she says.
"I am ready to perform roles and if something fruitful lands in my kitty, I am open to it," she says.
Shibani, who shot to fame by singing signature tune of AIR FM channel of All India Radio and Amul India is also planning to launch yet another music album after the success of albums 'Nazakat' and 'Hakim Tara Chand'.
"My new album on which I am working quite hard is going to be very philosophical. It will reflect my own personal feelings." Shibani, who has sung and composed the title track of the recent release 'Sirf' starring Kay Kay Menon and Manisha Koirala, says it was a wonderful experience lending music for the film and it feels great when people appreciate your efforts.
"It was a romantic composition, which makes you think about our fast paced life in which we are living with less time for your loved ones," she says.
"Listeners are really enjoying the track as I have received lot of praise for that." PTI
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