Black money: Pranab Mukherjee says 9,900 Indian overseas accounts under probe!The global financial turbulence has taken its toll on Indian bourses with FIIs selling more than $2.2 billion worth of Indian shares between August and September.As a result, the government may put off share sales, including that of SAIL and Hindustan Copper, said officials. This may make the target of raising Rs 40,000 crore from divestment "tougher."

Finance minister Pranab Mukherjee on Wednesday said the government had received information from France about Rs 400 crore unaccounted money in as many as 69 overseas accounts of Indians and had recovered Rs 30 crore in taxes from them.

'Aadhaar' to ensure money reaches to people directly: Rahul Gandhi

Muammar Gaddafi is dead: Huge potential for investors, but there are risks too!

Indian Holocaust My Father`s Life and Time - SEVEN HUNDRED Forty SEVEN

Palash Biswas

http://indianholocaustmyfatherslifeandtime.blogspot.com/

http://basantipurtimes.blogspot.com/

www.indianliberationnews.com

20 OCT, 2011, 12.26AM IST, ET BUREAU

Disinvestment: Fiscally challenged, govt chalks new selloff plan

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NEW DELHI: The government will be hard pressed to meet its fiscal deficit goal, Pranab Mukherjee said on Wednesday, as the finance ministry tries a new tack to achieve another key target that could prove elusive - disinvestment.

Mukherjee's statement at a conference of economic editors on Wednesday is the first official admission that the fiscal deficit goal of 4.6% of the GDP for the year ending March 2012 may be too ambitious.

"With crude (oil) prices remaining where they are, it will be a great challenge to maintain the fiscal deficit numbers at 4.6% this year. However, we will make strenuous attempts to keep fiscal deficit at around these numbers," he said.

Projections by the government in recent months have gone consistently awry as India feels the impact of a global economic slowdown and volatile commodity prices. Inflation, a bugbear for any ruling party, has defied government expectations and remained uncomfortably high over many months. While economic expansion stalls, the government has been beset by a series of corruption scandals, leading to accusations that it has lost its nerve, leaving policymaking in a limbo.

With stock markets in a sour mood, the government is huffing and puffing to meet the disinvestment target of Rs 40,000 crore. With only Rs 1,145 crore in its kitty so far from disinvestment, the government is considering open auctions of small portions of the stock it owns in state-run companies instead of share sales through public offers, a finance ministry official said.

But the disinvestment policy does not allow such a method and so the ministry could soon ask the cabinet to approve the new approach, the official said. If the fiscal deficit goal is not met, it may imply that the government will even exceed the revised target for borrowing in the second half of the fiscal year. Earlier this month, the government said it would borrow Rs 52,800 crore more than budgeted in the latter half, but maintained this was only to meet the shortfall in small savings and fiscal deficit would not be affected.

But the financial markets have not been buying the government's fiscal deficit promises. "The bond market is already factoring in a fiscal deficit of up to 5.3%. If the government overshoots the borrowing programme further than what it has already announced, the bond market may take it negatively," said Arvind Konar, headfixed income, Almondz Global Securities.

Deutsche Bank said on October 7 that a likely shortfall in the disinvestment target, lower tax collection and higher fuel subsidies could leave fiscal deficit at around 5.4%.

Disappointing Growth

Abheek Barua, chief economist at HDFC Bank, said the government will struggle to borrow the extra money because the "market doesn't have any appetite". The first two government bond auctions have already devolved on primary dealers because of fears that shortfall in revenues may force even more borrowings at higher yields.

The yield on the 10-year benchmark paper has already firmed up to 8.8% from about 7.9% at the beginning of the year. In February, when Mukherjee presented the budget and forecast that India would grow by 9% in the fiscal to March 2012, that projection was greeted with much scepticism. Most economists have now downgraded the growth outlook to around 7%.
http://economictimes.indiatimes.com/news/economy/policy/disinvestment-fiscally-challenged-govt-chalks-new-selloff-plan/articleshow/10420592.cms
Black money: Pranab Mukherjee says 9,900 Indian overseas accounts under probe!The global financial turbulence has taken its toll on Indian bourses with FIIs selling more than $2.2 billion worth of Indian shares between August and September.As a result, the government may put off share sales, including that of SAIL and Hindustan Copper, said officials. This may make the target of raising Rs 40,000 crore from divestment "tougher."

Finance minister Pranab Mukherjee on Wednesday said the government had received information from France about Rs 400 crore unaccounted money in as many as 69 overseas accounts of Indians and had recovered Rs 30 crore in taxes from them.

FM Pranab Mukherjeesaid inflation had remained "sticky at around 9 per cent" during the first half of this fiscal mainly because of rising commodity prices, including high crude prices, as also global liquidity created by central banks in the US and elsewhere in the West, where they printed money to finance huge public debt.

India received some $23.5 billion of net capital inflows in the first five months of this fiscal against $16.8 billion during the same time last year. Much of the RBI's money sapping moves have been undertaken to sap up this floating liquidity.

The RBI's tough stance has been at variance with many other central banks which have put a brake on rate hikes to help industry. However, Mukherjee made it clear India might not go by other central banks' prescriptions.

Briefing economic editors, the FM said with the help of Double Taxation Avoidance Agreement(DTAA) with France, India was able to extract some information regarding Indians having bank accounts.

He said the government's efforts on black money were paying results. So far, specific requests in 333 cases were made by authorities for obtaining information from foreign jurisdictions. Both the Income Tax department and Financial Intelligence Unit are pursuing these cases.

"Over 9,900 pieces of information regarding suspicious transactions by Indian citizens from several countries have been obtained which are now under different stages of processing and investigation," he added. Besides, more than 30,700 suspicious domestic transactions are under investigation by different agencies.

The Income Tax department has detected mispricing of Rs 34,000 crore in the last two years, preventing the outflow of this amount to foreign jurisdictions. In addition, I-T investigation wings detected concealed income of Rs 18,750 crore during this period. In the first five months of the current financial year, concealed income of Rs 3,014 crore was detected as a result of searches.

Mukherjee said India was engaged with Mauritius to update the existing Double Taxation Avoidance Convention (DTAC) in line with international practices that would help in curbing treaty shopping by corporates here. The government's recent initiative with Switzerland to obtain information on tax evaders was likely to improve the inflow of banking information substantially, the FM said.

AMETHI: The Aadhaar scheme, which aims to provide each citizen with a 12-digit unique number, has been launched to ensure that the funds allocated by the Centre for various schemes directly reach the beneficiaries, Congress general secretary Rahul Gandhi said today.

"Rajiv Gandhiji had once said that of Re 1 released by the government, only 15 paise reaches the people. Situation is same today," Rahul said at a function here.

The local MP rued that crores of rupees were being released under various schemes including NREGA and Sarv Shiksha Abhiyan, but it's not reaching the people. "It is not about UP alone, situation is same across the country."

He said an effort has been made to change the situation by launching Aadhaar scheme.

"Under the scheme, thumb impression of people are being taken and a number is being allotted to each of them. This number will be their identity. An unique identity is being created for each Indian," he explained while inaugurating a branch of Corporation Bank here.

The banking services have been linked with the aadhaar card and there would be one identity number and bank account, he said.

"After this, whatever money we will send from Delhi will directly reach your bank accounts. It is an attempt to fix this 15 paise problem," he said, adding the aadhaar card will also address the discrepancies in BPL list.

"In next two to three years, we will distribute aadhaar cards to all Indians so that whatever money is allocated it reaches directly to the pocket of the people," he said.

He said that country cannot progress unless banking services reach poor, farmers and labourers.

Earlier, Rahul visited the house of Ajay Gupta, who was killed with his wife and two others on October 13, and met his mother.

Gupta's mother handed him over a memorandum demanding a CBI inquiry into the matter, party sources said.

Muammar Gaddafi is dead: Huge potential for investors, but there are risks too
20 OCT, 2011, 10.04PM IST, REUTERS
By Una Galani

Muammar Gaddafi

EDITORS PICK

DUBAI: Muammar Gaddafi's death adds welcome momentum to the Arab revolution, allowing Africa's biggest holder of oil reserves to begin moving towards democracy, like Tunisia and Egypt. If the country's interim rulers can stick to their plan to hold elections within eight months, it might even take less time to get there than either of Libya's revolutionary peers.

Gaddafi's death is a political milestone more than an economic one. It has been more than one month since the United Nations officially recognised the National Transitional Council. Sanctions have been eased. Libyahas resumed oil production and exports. The industry's bulls are predicting Libya could be pumping 1 million barrels per day by early next year, more than half its pre-unrest levels.

Tribal differences exist, and Libya needs to find unity between its east and west. But Libya's combination of vast oil reserves, existing wealth of about $140 billion, and the lack of existing but often compromised civil institutions gives it a cleaner slate than Tunisia or Egypt. It can more easily build a new model for its economy and politics, with everything on the table, from a republic to a constitutional monarchy.

For investors, the potential is huge. Crude production could reach 3 million barrels of oil per day by 2015, with $30 billion of investment, according to recent comments by France's trade commission Ubifrance. Iraq is on track to produce that amount this year and its GDP growth will reach double digits between at least 2011 and 2013, according to forecasts by theInternational Monetary Fund.

But there are risks too. For example, there's no guarantee that the NTC's hints that it will honor existing oil contracts, welcome news for the likes of Italy's Eni, Spain's Repsol, and Total of France, will survive the election. Libya will also need to pioneer a transparent structure for its sovereign wealth fund.

Crucially, the end of Gaddafi will ratchet up the pressure on other dictators currently under siege, including Syria's Bashar al-Assad. Libya may not be the last member to join the club.

CONTEXT NEWS

Former Libyan leader Muammar Gaddafi died of wounds suffered in his capture near his hometown of Sirte on Oct. 20, a senior NTC military official told Reuters.

National Transitional Council official Abdel Majid Mlegta told Reuters earlier that Gaddafi was captured and wounded in both legs at dawn on Thursday as he tried to flee in a convoy which NATO warplanes attacked.

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own)
http://economictimes.indiatimes.com/news/international-business/muammar-gaddafi-is-dead-huge-potential-for-investors-but-there-are-risks-too/articleshow/10431560.cms
Spurred by public criticism of its poor handling of theblack moneymenace and the Supreme Court's intervention, the UPA's accelerated efforts to ferret out ill-gotten wealth have borne fruit.
The government's persistent black money chase has revealed a goldmine of information ontax evaders. The tax authorities have obtained 9,900 leads from foreign banks about suspicious overseas transactions involving Indian citizens. They are also looking at data on another 30,700 domestic transactions for suspected tax evasion and money laundering, Finance Minister Pranab Mukherjee said on Wednesday.
The results are beginning to show as the government has been able to ferret out tens of thousands of crores of black money in the last two years after getting information from foreign entities, working on specific leads and conducting raids.
Besides, tax treaties with foreign countries were amended to enable Indian authorities to get their hands on black money details.
Indian authorities made over 300 specific requests for obtaining banking information from foreign jurisdictions.
Addressing the Economic Editors conference, Mukherjee said, "Due to our sustained efforts in the last two years, both domestically as well as internationally, we have been successful in creating an environment where a regular flow of banking information has started." The investigation wing of the income-tax department unearthed concealed income ofRs.3,014 crore in the last five months of the current fiscal. This was after the sleuths carried out focused searches on the basis of information from abroad. The total black money unearthed by this wing over the last two years stands atRs.18,750 crore.
Meanwhile, the directorate of international taxation has collectedRs.33,784 crore as taxes from cross border transactions in the last two years.
Information on Indians who have overseas bank accounts has been received under the direct tax avoidance agreement (DTAA) with France. In 69 cases, the taxpayers admitted to unaccounted income ofRs.397.17 crore on which taxes ofRs.30 crore have now been recovered.
The finance minister said that the revised tax treaty with Switzerland is expected to improve the inflow of banking information to India substantially. The DTAA will allow India to obtain information from the European nation in specific cases from April 2011.
Mukherjee said that as many as 81 tax treaties with foreign countries had been amended to enable the better flow of financial information and 14 tax information exchange agreements had been signed with four tax havens. India is also constructively engaged with the Mauritius government to update the existing double taxation avoidance convention in line with international practices, he said.
Figures relating to the quantum of illegal funds stashed abroad in tax havens range from $ 500 billion to $ 1,500 billion. But the government has maintained that these figures are based on unverified assumptions.
Instead, the government has set up a committee of experts to estimate the quantum of black money and suggest measures to prevent generation of unaccounted wealth.
A large part of the black money is being generated through transfer pricing mechanism, which shows transactions taking place between a company and its subsidiary firms.
The government was first jolted into action following questions raised by the Supreme Court on the black money issue after which it faced a blitzkrieg from civil rights activists led by Anna Hazare and yoga guru Ramdev.
The Supreme Court had expressed its displeasure over the government's refusal to disclose the names of Indian entities who had stashed black money in overseas tax havens.
It had also appointed a special investigation team to monitor the efforts to bring back black money stashed in foreign banks.
Mukherjee had then announced that the Indian government could not disclose the names of 18 Indian entities - known as the ' Liechtenstein list' - who had stashed black money in foreign banks provided by the German authorities as the information was obtained under "a secrecy clause". This related to money kept in the LGT bank of Liechtenstein.
A special committee has been set up under the chairman of the Central Board of Direct Taxes (CBDT) to examine ways to strengthen the country's laws to curb the generation of black money in the country and its illegal transfer abroad. According to sources, the committee is looking at the issue of bringing in a law that will enable the government to declare wealth generated illegally as a national asset which can then be confiscated.
The issue of enhancing the punishment for tax evasion so that it serves as an effective deterrent is also under discussion.

Read more at:http://indiatoday.intoday.in/story/black-money-upa-pranab-mukherjee/1/156829.html

The government today took strong exception to reports by rating agencies on bank finance to the power sector and the downgrading ofSBI, saying such reports are "uncalled for" and "create a crisis of confidence".

"How did they reach the figure of Rs 56,000 crore. I don't find reason for saying....these kinds of unsubstantiated reports create a crisis of confidence and which is something uncalled for," Department of Financial Services Secretary D K Mittal said.

Yesterday a Crisil report had said that Rs 56,000 crore loans given by banks and financial institutions to the power sector are potentially at risk.

Commenting on the report, Mittal said the Finance Ministry strongly objects to these kinds of reports at a time when economy is passing through a crucial phase.

"They are (Crisil top honchos) are coming to meet us tomorrow and we are going to take it up with them," he said.

All funding that has been done is supported by the government guarantees. So, does it mean questioning government guarantee? There are no loans without guarantees, he said, adding, "if there is a loan and there is a guarantee of the Government of India that is the sovereign guarantee."

Crisil in its report said the health of lenders to the power sector is under scrutiny, given the rising stress in the sector. "These lenders, including Indian banks,Power Finance Corporation, and Rural Electrification Corporation - have so far shown resilient performance, but urgently need strong policy actions to reform the sector, if they are to maintain their health," it had said.
20 OCT, 2011, 06.58AM IST, ET BUREAU

Jairam Ramesh to rope in pvt profs for building naxal-affected districts

NEW DELHI: The rural development ministry is going to tap the potential in the Indian private sector and other quarters of organisations not in the ambit of the government to help implement and monitor rural programmes in naxal-affected districts.

For this, minister for rural development Jairam Ramesh has proposed a Prime Minister's Rural Fellows Programme which will select 180 professionals seeking sabbatical from their current jobs to assist administrative work in 72 naxal-affected districts. The tenure of the fellowship will be two years extendable to another year based on performance. The programme is likely to be implemented by the next financial year. "The professional manpower available to the district collector in the Left Wing extremism-affected districts are next to nothing, severely limiting the ability of a motivated diligent collector from undertaking development work," a draft proposal by the rural development ministry notes.

The institution of the district collector in these areas , the note adds, has to be supported in the form of qualified motivated young professionals, who will assist the collector in planning, implementation and monitoring. The fellows selected for the programme will be placed in special cells within the collector's office to carry out their functions.

Ramesh, who had mooted the proposal at a day-long meeting of district collectors from naxal-affected areas held in September, had said that the fellowship programme will act as an agency to bring quality people from the private sector into the government system. "The inclusion of professionals is aimed to further finetune the implementation structure," Ramesh had said last month at the meeting of the district collectors. "There are enough professionals in the private sector who want to work with the government. This programme can help absorb them," he had added.

The fellows are proposed to be given a monthly stipend of Rs 65,000 in the first year, Rs 70,000 in the second year and Rs 75,000 crore in the third year. A 5% discretionary performance-linked bonus is also proposed to be given for outstanding performance.
http://economictimes.indiatimes.com/news/economy/policy/jairam-ramesh-to-rope-in-pvt-profs-for-building-naxal-affected-districts/articleshow/10423379.cms

Vijay Mallya's white house in the sky

Anshul Dhamija, TNN | Oct 18, 2011, 08.15AM IST
Kingfisher Towers-Residences at UB City, the new home of Vijay Mallya, as well as other billionaires is under way and will be completed in the next three years.

BANGALORE: Mumbai can boast of Mukesh Ambani's $1 billion Antilla, Delhi has its Lutyens' patch, and now Bengaluru gets a billionaire's wonder - a White House in the sky.

Kingfisher Towers-Residences at UB City, the new home of India's flamboyant business tycoon, Vijay Mallya, as well as other billionaires is under way and will be completed in the next three years.

TOI, in its July 11, 2008, edition, was the first to break the news that Vijay Mallya was razing down his ancestral home on Vittal Mallya Road to make way for a ultra-high end 34-storey millionaires ' paradise on top of which he would have a penthouse.

Now, TOI gets you the first-ever visuals and details of Vijay Mallya's 'White House in the sky'. In all probability, Mallya will be the only man in the city who can boast of having a 1-acre parcel of land that's situated in the sky, and not on the ground below.

ABODE OF MILLIONAIRES

Situated in the heart of Bangalore city, Kingfisher Towers has around 82 apartments split in three blocks, of which only 72 are for sale. Of the saleable units, 30 are Mallya's and the rest are with Prestige. The remaining 10 unsold units are to be spilt among members of Mallya's family.

There are five points of entry to the apartments, but to begin with, only two will be used. While the millionaire residents will be using the Kasturba Road Cross entry, Mallya has a separate entry from Vittal Mallya Road, which incidentally, is the same entry as that of his old house. The separate entry, which is adorned on one side by a 39,000 sqft private garden, leads Mallya to his personal lobby, a home-office, and a private lift to the penthouse. Each of the other apartments is 8,000 sqft and begins at Rs 20 crore. The apartments begin only from the 5th floor, and as one goes higher, the price increases. The first four floors, along with two floors in the basement, have been reserved for car parking. While each resident would be getting around 3- 5 car parks, Mallya gets to have a car park area that can accommodate around 100 cars. Mallya will also have a designated area where he will be showcasing his collection of vintage cars.

Initially, the project was to have around 100 units in three different sizes, but the plans were changed to have apartments of one size of 8,000 sqft. It is learnt that many of the millionaire buyers didn't like the idea of there being different apartment sizes as such a scenario would result in ego clashes among them.

TOI has learnt that while Prestige have sold out their share of the apartments, Mallya has just begun the process of selling. Kingfisher Towers might well be the only apartment building in Bangalore, where maids would get their own personal lift and lobby area, which would lead in to their private living quarters.

The luxury project has a 6,000-sqft clubhouse and garden on the 5th floor, a similar sized swimming pool area on the 10th floor, a badminton court on the 15th floor, and party hall and terrace garden on the 25th floor. There is also a 25,000-sqft common garden area for residents that is situated along the entry.

MALLYA'S PENTHOUSE

Situated on the 33rd and 34th floors of the building, Mallya's penthouse sits on one-acre, which is supported by the three blocks 32 storeys high. The penthouse, split in two levels, will have a built-up area of around 40,000 sqft, and would boast a wine cellar, an indoor heated pool, an outdoor infinity pool, a gym, a salon and a spa, to name a few. The roof of the penthouse will have a helipad and, of course, the stars above.

RECAP

In 2008, Vijay Mallya, chairman, UB Group, decided to raze down his 4.5-acre ancestral home to make way for a luxury high-rise, on top of which he would build a penthouse for himself. But, the project was kept under wraps, and Mallya had denied to TOI that such an idea was even being conceptualized.

Once upon a time, the entire land parcel, which now houses UB City, and the upcoming Kingfisher Towers, comprised a brewery which belonged to the UB Group. The land parcel in front of UB City on which the J W Marriott hotel is being built was also part of the brewery.

In September 2009, while briefing shareholders at the 93 rd annual general meeting of United Breweries (holdings ) Limited, the parent company of the UB Group, Mallya had said, "We have got permission to develop an additional 500,000 sqft of space in UB City. This has come about due to changes in the zonal regulations of the area, which has resulted in an increase in the floor area ratio (FAR)."

While Mallya didn't comment further on the subject, UB Group CFO, Ravi Nedungadi, had then said, "There are plans of building a highend apartment."

Then in 2010, while declaring the fourth quarter results of United Breweries Holdings, Mallya himself announced that he had "executed a joint development agreement with a developer on 26 th April 2010, for the development of a luxury residential building in the available land in UB City". The developer was none other than Prestige Group. He also mentioned that the joint development would be in the ratio of 55% to UB and 45% to Prestige.

Meanwhile, Prestige Group, which owns the Oakwood Premier Prestige Serviced Residences in UB City, began renovation work on 46 serviced apartments, situated on the top two floors of the hotel, which would be the temporary address for Mallya and his family, until Kingfisher Towers- Residences at UB City is built.
http://timesofindia.indiatimes.com/india/Vijay-Mallyas-white-house-in-the-sky/articleshow/10397262.cms
20 OCT, 2011, 02.45AM IST, ET BUREAU

India won't join others blindly in rate cuts: Pranab Mukherjee

NEW DELHI Finance Minister Pranab Mukherjee said on Wednesday India will not blindly follow other countries that have been cutting rates despite high inflation. "One need not come to the conclusion that one set of prescriptions will be effective in another atmosphere and in another situation," Mukherjee said. A number of countries, such as Turkey, Brazil, Pakistan and Indonesia, have cut rates in the face of difficult global environment.

The RBI has already raised rates by 350 basis points since March to tame price rise that has remained sticky at around 9%. Chief Economic AdvisorKaushik Basu has said the monetary tightening was not working and India needed to think out of box to address inflation problem.

EU SHOULD ASSESS OWN NEEDS : Eurozone should assess its own solvency needs before seeking funds from the international community, India has said. "We suggested that before you ask international community for help, the whole EU identify the credible solvency liability," Mukherjee said. European leaders are meeting on October 23 to work out a solution to their sovereign debt problems.

Mukherjee said there was a consensus among the G-20 nations that the European nations should first credibly assess their own solvency problems. Last week Mukherjee was in Paris to attend the G-20 finance ministers and central bank governors meet.

CRACKDOWN ON TAX EVADERS : The government has started investigations into possible black money transactions by Indians based on 9,900 pieces of information received from different parts of the world. "Over 9,900 pieces of information obtained regarding suspicious transactions by Indian citizens from several countries have been obtained that are now under different stages of processing and investigation," Mukherjee has said. "Under the EOI Article of DTAA with France, India has received some information regarding Indians having bank accounts.

In 69 cases, the taxpayers have admitted to the unaccounted income of .`397.17 crore," he said, adding that taxes of .`30.07 crore have also been recovered. He said Indian authorities have made specific requests in 333 cases for obtaining information from foreign jurisdictions. Mukherjee said the revised tax treaty with Switzerland "is expected to improve the inflow of banking information to India substantially". The Double Tax Avoidance Agreement (DTAA) will allow India obtain information from the European nation in specific cases from April 2011.

NO POLICY PARALYSIS : Mentioning a slew of steps the government had taken, Mukherjee has dismissed the talk of 'policy paralysis' in the government. He said a number of reforms were on the anvil but the government could not go ahead fast on them because of lack of numbers in Parliament. "I could have assured you here and now that all the legislations will be passed in the Winter Session but today unfortunately I cannot do so because I am 206 in Lok Sabha and 76 in Rajya Sabha," he said .
http://economictimes.indiatimes.com/news/economy/policy/India-wont-join-others-blindly-in-rate-cuts-Pranab-Mukherjee/articleshow/10421605.cms
10 OCT, 2011, 05.55AM IST, VIKAS DHOOT,ET BUREAU

Our desire is 1.2 bn Indians get a UIDAI number as soon as possible: Nandan Nilekani

As the government seeks a radical transformation in how it transmits Rs 3,00,000 crore of annual welfare spends, a lot rests on the shoulders of former Infosys CEO Nandan Nilekani. As the chairman of the Unique Identification Authority of India (UIDAI), he has to assign unique identity numbers for all Indians before a new subsidy regime of direct cash transfers can take off.

But the UIDAI has run into its first spell of rough weather in recent weeks. The finance ministry has rejected its Rs 15,000 crore demand to capture biometrics of 1.2 billion residents through its registrars, citing duplication of expenditure as the census office is also doing this for the National Population Register(NPR). The Planning Commission, accountable to Parliament for the UIDAI's expenditure, has said the authority's structure goes against government procedures.

In a freewheeling chat with Team ET , NandanNilekani sought to set the record straight about the controversies swirling around the UIDAI 's operations. He has asserted that the UIDAI is accountable to Parliament, follows all government procedures and is flexible about which agency collects the biometrics of all 1.2 billion Indians. The full transcript of the interaction...

ET: You have permission for enrollments upto 200 million people as of now. So will the Census office that is building the National Population Register (NPR) do the other billion?

Nandan Nilekani: No, no... What we really do is the technology-led backend activity. The enrolment at the front-end is done through our partners. We have around 50 active registrars like state govqernments, banks, LIC, oil companies and so on.

We reimburse these registrars at the rate of Rs 50 per head. So if a state government enrols one crore people we will pay them 50 crore and they in turn competitively give it to some enrolling agencies. So when we say we can enrol up to 200 million, (it means that) the multiple registrars of UIDAI can enroll up to 200 million people for which reimbursement will be given.

The matter (of whether NPR or UIDAI should do the biometrics) is in front of the cabinet. For the backend, there is no issue because whether the data comes to us from NPR or from our other registrars. What is in question is only whether beyond 200 million, whether we can reimburse registrars at Rs 50.

ET: If the cabinet decides that NPR will do enrolments, is it not a setback to the UIDAI project?

Nandan Nilekani: Our desire is 1.2 billion Indians get a number as soon as possible, so that the applications can roll out. That is all I care about.

ET: How did this question of overlap with the NPR arise?

Nandan Nilekani: The issue has been there from the beginning. When we were ready with this technology, the cabinet last May gave us permission to enroll up to 100 million people, pending the data coming from the NPR. A committee was set up to converge the two (NPR and UIDAI). That committee is giving its report now. I do not want to discuss what it is saying but fundamentally the CC-UIDAI will look at it for the future.
http://economictimes.indiatimes.com/opinion/interviews/Our-desire-is-12-bn-Indians-get-a-UIDAI-number-as-soon-as-possible-Nandan-Nilekani/articleshow/10294048.cms
20 OCT, 2011, 07.39PM IST, JOSEPH STIGLITZ,

What ails the US economy and how to cure it

EDITORS PICK

Joseph Stiglitz is University Professorat Columbia University

As the economic slump that began in 2007 persists, the question on everyone's minds is obvious: why? Unless we have a better understanding of the causes of the crisis, we can't implement an effective recovery strategy. And, so far, we have neither.

We were told that this was a financial crisis, so governments on both sides of the Atlantic focused on the banks. Stimulus programmes were sold as being a temporary palliative, needed to bridge the gap until the financial sector recovered and private lending resumed. But, while bank profitability and bonuses have returned, lending has not recovered, despite record-low long- and short-term interest rates.

The banks claim that lending remains constrained by a shortage of creditworthy borrowers, owing to the sick economy. And key data indicates that they are at least partly right. After all, large enterprises are sitting on a few trillion dollars in cash, so money is not what is holding them back from investing and hiring. Some, perhaps many, small businesses are, however, in a very different position; strapped for funds, they can't grow, and many are being forced to contract.

Still, overall, business investment - excluding construction - has returned to 10% of GDP (from 10.6% before the crisis). With so much excess capacity in real estate, confidence will not recover to its pre-crisis level anytime soon, regardless of what is done to the banking sector.

The financial sector's inexcusable recklessness, given free rein by mindless deregulation, was the obvious precipitating factor of the crisis. The legacy of excess real-estate capacity and over-leveraged households makes recovery all the more difficult.

But the economy was very sick before the crisis; the housing bubble merely papered over its weaknesses. Without bubble-supported consumption, there would have been a massive shortfall in aggregate demand. Instead, the personal saving rate plunged to 1%, and the bottom 80% of Americans were spending, every year, roughly 110% of their income. Even if the financial sector were fully repaired, and even if these profligate Americans hadn't learnt a lesson about the importance of saving, their consumption would be limited to 100% of their income. So, anyone who talks about the consumer 'coming back' - even after deleveraging - is living in a fantasy world.

Fixing the financial sector was necessary for economic recovery, but far from sufficient. To understand what needs to be done, we have to understand the economy's problems before the crisis hit.

First, America and the world were victims of their own success. Rapid productivity increases in manufacturing had outpaced growth in demand, which meant that manufacturing employment decreased. Labour had to shift to services.

The problem is analogous to that which arose at the beginning of the 20th century, when rapid productivity growth in agriculture forced labour to move from rural areas to urban manufacturing centres. With a decline in farm income in excess of 50% from 1929 to 1932, one might have anticipated massive migration. But workers were 'trapped' in the rural sector: they didn't have the resources to move, and their declining incomes so weakened aggregate demand that urban/manufacturing unemployment soared.

http://economictimes.indiatimes.com/policy/what-ails-the-us-economy-and-how-to-cure-it/articleshow/10423591.cms
20 OCT, 2011, 10.32PM IST, REUTERS

Gaddafi shown alive, manhandled before death: TV

CAIRO: Al Jazeera television showed images ofMuammar Gaddafi, apparently wounded but still alive when he was captured.

Gaddafi was shown being manhandled by a group of fighters and appearing to struggle against them at one point. He was shown with a bloodied face and being pushed against a car and being struck on the head by a pistol.

Al Jazeera said the pictures were aired by a Libyan television channel.

20 OCT, 2011, 11.00PM IST, REUTERS

European Union may demand rating blackout for countries in crisis

BRUSSELS: The European Union's executive may ask for powers to censor credit ratings for countries in crisis, its financial reform chief said on Thursday, describing a ban as one way of stopping fallout from "ill-thought-out" ratings.

The proposal, which officials cautioned may be impossible to police, would be the most stringent curb yet on rating agencies and highlights frustration in France, which was this week warned by Moody's that its top rating was under threat, and Germany.

"These rating agencies should probably be considered one of the causes of this crisis," said Michel Barnier, the former French foreign minister who is now the EU commissioner in charge of regulating finance.

"We are thinking about the timeliness of rating countries that are covered by international programmes. Is it appropriate? If we don't consider it to be appropriate, we could ban it or suspend ratings for the necessary timeframe."

The EU Commission plan, outlined in a draft EU law, is part of a shake-up of EU rules governing the rating agencies, which have downgraded several euro zone states in recent months, decisions that some EU leaders say have worsened the crisis.

Barnier's suggestion comes at a crucial juncture in the euro zone debt crisis, ahead of meetings of EU and euro zone leaders expected to agree on plans to end the market turmoil.

Any downgrade of France could have profound implications for the euro zone's rescue scheme, the European Financial Stability Facility, which relies on the triple-A rating of just six euro zone countries, including France, to borrow cheaply.

"On rating sovereign debt, these knock-on effects on financial stability ... can be negative," Barnier said. "They can be made worse by ill-thought-out ratings, without knowing where the ratings have come from, without having the necessary dialogue with the country being rated."

Experts, however, were sceptical about his plan to ban publication of ratings. "A rating is an opinion," said Nicolas Veron, co-founder of Brussels think tank Bruegel. "I think politicians overestimate the impact of rating decisions and underestimate the impact of their own statements, which often move the markets more."

"There is a freedom of expression issue here. I fail to see how banning opinions will do anything to help financial stability."

Under the Commission proposal, which forms the basis for EU law, ESMA, the European markets authority, would get powers of enforcement to silence the rating agencies if their views could upset markets.

But it is unlikely the European authorities could enforce any ban on the two most important agencies, Standard & Poor's and Moody's, which are based in the United States.

India's first IDF likely in next 2 months: R Gopalan
SINGAPORE: Economic Affairs Secretary R Gopalan today said he expects India's first Infrastructure Development Fund in the next two months and the size of the fund is estimated at USD 3 billion.

While discussing the IDF with Singapore investors here, Gopalan said that it was early to state the size of the first IDF but it could be as much as USD 3 billion.

Gopalan, who is on a two-day visit to promote IDF here, said the fund could be launched within the next two months, and for now the fund was going through the initial process of establishment.

The decision to set up IDFs follows an announcement by Finance Minister Pranab Mukherjee for 2011-12, with a view to accelerating and enhancing flow of long-term debt for funding the ambitious programme of infrastructure development in the country.

The IDFs could be in the form of a mutual fund or non-banking financial company (NBFC). While the IDF-Mutual Fund would be regulated by the Securities and Exchange Board of India (Sebi), the RBI will be in-charge of the IDF-NBFC.

Gopalan said once the first fund is established with Indian investors' participation, other similar funds would be followed on with participation from foreign investors.

Gopalan said the Singapore visit was an ongoing campaign to explain the concept of the fund, with other Indian government officials doing so on their regular visits to international financial centres.

On the impact of European crisis on India, he said it would not have an extreme impact on the Indian economy.

Gopalan arrived this morning in Singapore to promote the fund and held a series of meetings with the Monetary Authority of Singapore and Singapore-based financial institutions and banks.

He would call on Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, meet with top management of the state investor Temasek Holdings and continue meeting Singapore based financial and investments tomorrow.

20/10/2011

Jaya appears for first time in wealth case against her

Bangalore, Oct 20 (PTI) Making her first appearance in the trial of the 15-year-old disproportionate case against her, Tamil Nadu Chief Minister J Jayalalithaa today deposed before a special court here in a closed door hearing amid tight security.
The deposition by Jayalalithaa, who has been accused of massing assets worth Rs 66 crore disproportionate to her income, was inconclusive and will resume tomorrow, her counsel said after about five-hour proceedings.

Her statement was recorded before special court judge B M Mallikarjunaiah in a make-shift court close to Parappana Agrahara central jail premises on the city outskirts that was virtually turned into a fortress.

Jayalalithaa faced 379 questions and she answered them "precisely and properly," B Kumar, her senior counsel, said.
An equal number of questions will be posed to her tommorow, he said.

The questions were based on the circumstances mentioned by the prosecution in evidence statements of witnesses, he told reporters.
Only 15 people were in the court hall, including the judge and four accused -- Jayalalithaa, her close confidante Sasikala Natarajan, Sasikala''s nephew Sudhakaran and her sister-in-law Ilavarasi, besides their counsel.

Soon after the hearing ended, the 63-year-old AIADMK chief left for Chennai and will return to the city tomorrow.

She made the appearance after the Supreme Court yesterday rejected her plea for postponing the hearing by a few days due to security concerns and asked her to appear before the special court.
Jayalalithaa arrived here by a special aircraft and flew in a chopper to a helipad located on the premises of a software firm, from where she proceeded in her vehicle to the court.

She was accompanied by a large contingent of her ministerial colleagues and AIADMK legislators.

With Jayalalithaa enjoying ''Z plus'' security, hundreds of policemen were posted along the route.

This is Jayalalithaa''s first appearance before the Bangalore special court after the case was shifted here in 2003 following a Supreme Court directive on a petition by DMK which contended that a fair trial was not possible in Chennai during her tenure as Chief Minister then. .

19/10/2011

Apex court decision on Soni Sori's medical check Thursday

New Delhi: The Supreme Court will Thursday pass orders on an independent medical examination of suspected Maoist conduit Soni Sori for the injuries she allegedly suffered while she was in Chhattisgarh Police custody earlier this month.

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Apex court decision on Soni Sori's medical check Thursday

The tribal teacher, arrested in Delhi Oct 4 by Chhattisgarh Police, is accused of receiving "protection money" from the Essar group on behalf of the rebels. The company has denied funding the Maoists.

The apex court bench headed by Justice Altamas Kabir reserved the order after the Chhattisgarh government offered to get Sori examined at Nagpur whereas her counsel Colin Gonsalves sought a medical check-up at Kolkata.

The state government's offer to get Sori examined at Nagpur came after the apex court asked it to choose any city out Nagpur, Bangalore and Kolkata.

After her arrest in Delhi, Sori was brought to Chhattisgarh on transit remand.

Police Oct 11 shifted Sori to Raipur-based Dr. Bhimrao Ambedkar Government Medical College and Hospital from Jagdalpur, headquarters of the Bastar region, where doctors suggested advanced treatment for her injuries on the head and lower back.

Source: IANS

19/10/2011

Yeddyurappa back in jail, gets AC cell

Bangalore: Former Karnataka chief minister B.S. Yeddyurappa, arrested Saturday in corruption cases, Wednesday began his first day in an airconditioned 24X15 feet cell of the central prison here, after spending three days in two hospitals.

Yeddyurappa back in jail, gets AC cell

The 68-year-old Bharatiya Janata Party (BJP) leader was taken back to the prison in the eastern suburb of Parappana Agrahara from Victoria Hospital in the central business district - this time without the drama that had unfolded when he got admitted to two hospitals in three days.

"After a check-up at the jail hospital, he was lodged in the cell," jail authorities told reporters.

The cell has an attached bathroom as Yeddyurappa enjoys 'Y' category security.

Yeddyurappa was on Saturday sent to judicial custody till Oct 22 by special Lokayukta court judge N.K. Sudhindra Rao in two of five cases of corruption and illegal land deals filed by two Bangalore advocates in January this year.

He did not stay in the jail for long and was shifted to Jayadeva Institute of Cardiovascular Science and Research early Sunday after he complained of chest pain.

He was taken to Victoria Hospital Tuesday evening as tests at the Jayadeva Institute showed he suffered no heart ailment. He got admitted to Victoria on the ground that he suffered from diabetics, high blood pressure and backache.

His supporters and police Wednesday did not try to block video cameramen and photographers from the media from capturing the moment.

On both days they had used a bedspread to shut the view of the arrested former chief minister being wheeled in to hospital.

Yeddyurappa's bail plea will be heard by the high court Thursday.

The case against Yeddyurappa, filed by advocates, Sirajin Bhasha and N.K. Balaraj, is that he, his two sons - BJP Lok Sabha member B.Y. Raghavendra and B.Y. Vijayendra, son-in-law R. Sohan Kumar, - conspired to denotify government land in return for monetary gains.

Former state Muzrai (endowments) minister S.N. Krishnaiah Shetty, BJP legislator Hemachanda Sagar and several others are also accused in the cases.

The judge has given conditional bail to all the accused, except Yeddyurappa and Shetty, who too has moved the high court for bail.

Shetty's bail plea will also be heard Thursday.

Source: IANS

19/10/2011

Sikh group lodges complaint against Amitabh Bachchan

A US-based Sikh human rights group has lodged a criminal complaint against megastar Amitabh Bachchan with authorities in Australia, where he is set to receive an honorary doctorate, for his alleged role in instigating and abetting the 1984 Sikh riots.

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Sikh group lodges complaint against Amitabh Bachchan

The complaint has been filed by Sikhs for Justice (SFJ) with Christopher Craigie, Director Commonwealth Public Prosecutions in Australia.

It has been lodged under Australia's 'Criminal Code Act 1995' which states that Australian courts can have jurisdiction over cases involving crimes against humanity irrespective of whether the offense was committed in Australia or not.

The 69-year old actor is currently in Sydney shooting for 'The Great Gatsby' that co-stars Titanic actor Leonardo Di Caprio.

He will also be honoured by the Queensland University of Technology in Brisbane on Thursday when he will receive an honorary doctorate.

Source: PTI

20/10/2011

Tight money hurts: Pranab

Ahead of the Reserve Bank's credit policy review later this month, finance minister Pranab Mukherjee on Wednesday did not hide his disappointment over sluggish economic growth, blaming it on the tight monetary policy and an uncertain global environment.

Though he did not directly say growth would fall below eight per cent for the year, he referred to "most observers" pegging economic expansion at that rate.

He, however, called for an analysis of the number in the global context, as all major economies were witnessing low growth -- the US grew 1.6 per cent in the first quarter and the European Union 1.7 per cent.
Addressing the annual Economic Editors' Conference, Mukherjee admitted meeting the Budget target to rein in the fiscal deficit at 4.6 per cent of GDP would be a great challenge due to high crude prices. He still exuded confidence the target would be met. Already, till August, the fiscal deficit stood at 66 per cent of the target for the entire fiscal.

When asked if the RBI should pause monetary tightening, Mukherjee said, "I have the opportunity of discussing with the governor before he announces the rates. So, it would not be proper on my part to make any comment."

He refused to buy the "so-called popular perception" the government was suffering from a policy paralysis, citing a number of initiatives such as the draft telecom policy, the proposed manufacturing policy, the proposed mining Bill, the land acquisition Bill, and finalisation of the infrastructure debt fund guidelines.

Source: Business Standard

20/10/2011

Manmohan Singh opens up, admits UPA 'issues'

On Board Air India One, on his trip home from South Africa, Prime Minister Manmohan Singh answered a flurry of questions — ranging from the conflict within the UPA to the global 'Occupy Wall Street' protests. Excerpts below:

Manmohan Singh opens up, admits UPA 'issues'

Differences not uncommon in coalitions

Prime Minister Manmohan Singh Wednesday said differences among alliance partners in a coalition are not uncommon but governance was not an issue in the United Progressive Alliance (UPA) government.

"Well we are a coalition government and there are bound to be differences," the prime minister said when queried on Trinamool Congress, Nationalist Congress Party and the DMK speaking in different voices on issues.

"The real test is that we see that these differences do not undermine the cohesiveness of the government," the prime minister told the media delegation that had accompanied him to Pretoria for the India-Brazil-South Africa Summit.

He said his government was smoothly carrying out the mandate given by the people.

"You have my assurance that despite different perspectives that the various members of our coalition may have, managing the UPA cabinet has never been a difficult task," the prime minister added.

Manmohan Singh opens up, admits UPA 'issues'

India will grow at 8-8.5 percent

Prime Minister Manmohan Singh exuded confidence on 8-8.5 percent growth for India despite the difficult global situation and said a 9 percent target for the next Five Year Plan was also reachable.

"We have to ensure the ill-winds from abroad do not affect the growth processes in our country adversely," the prime minister told journalists on the way back from Tuesday's India-Brazil-South Africa Summit in Pretoria.

"For that it is very essential we maintain the tempo of investment, particularly investment in the infrastructure sector, investment in agriculture, investment in energy saving technologies," he said.

"I am confident that just as in 2008 we showed to the world we can swim against the wind blowing from abroad, it is still possible for us to maintain a healthy growth of 8-8.5 percent despite the adversity of international environment."

The prime minister said India needed to "walk on several legs" to beat chronic poverty, ignorance and disease, for which it was important to ensure economy grows fast enough.

"In the 12th Five Year Plan, we have the target of about 9 percent growth rate. It is difficult in the present world situation but we believe it is achievable," the prime minister said, emphasizing on infrastructure and skill development.

Manmohan Singh opens up, admits UPA 'issues'

Expert panel on Kudankulam by Thursday

An expert panel on safety at the Kudankulam nuclear plant will be formed by Thursday and a letter to Tamil Nadu Chief Minister J. Jayalalithaa on the subject was indeed sent, Prime Minister Manmohan Singh said.

"I do feel we can give reasonable satisfaction to all the stakeholders who are worried about the safety of the atomic energy plant at Kudankulam," the prime minister said while returning from Pretoria after the India-Brazil-South Africa Summit.

"For that matter I have offered to the chief minister (Jayalalithaa) that we will set up a high-level group to interact with the state government and with the local population. That will be set up today or tomorrow," he added.

The prime minister said he was aware of the comment by the Tamil Nadu chief minister that the relevant letter had not reached her and said he was sorry to learn about that.

"I had sent the letter. When I go back I will look at my office as to why the letter that was sent did not reach her in time."

Villagers and anti-nuclear energy activists have been protesting the setting up of the Kudankulam atomic unit near Tirunelveli on safety issues, prompting the chief minister to demand the central government's stand on the issue.

Manmohan Singh opens up, admits UPA 'issues'

India, China will overcome all problems

Prime minister Manmohan Singh said while problems did exist between India and China on a host of issues, he was hopeful all these will be overcome since the top leadership in Beijing also believed so.

"India and China are neighbours. We have problems. The border problem is a long standing problem. But it is my sincere hope it is possible for us to find ways and means by which the two neighbours can live in peace and amity," he said.

"Despite the persistence of the border problem, our both countries have agreed that peace and tranquility should be maintained along the border," he said while speaking to journalists on board his special aircraft.

"Overall our relations are quite good," he added, replying to a question on the threat perception from China while returning after a day-long summit among the leaderships of India, Brazil and South Africa in Pretoria Tuesday.

"I have good working relations with President Hu Jintao, Prime Minister Wen Jiabao. I am convinced that the top leadership of China wants peaceful resolution of all problems that exist between India and China.

Manmohan Singh opens up, admits UPA 'issues'

Council to decide special status for Bihar

The Planning Commission is examining a request for special status for Bihar, but only the National Development Council can take a decision on this, Prime Minister Manmohan Singh said.

"The categorization of the states, the special categories of states, is something which is to be decided in the National Development Council," the prime minister said during his return from Pretoria after the India-Brazil-South Africa Summit.

"Bihar's case is also being examined by the Planning Commission. If a decision is to be taken, that can be taken only in the National Development Council."

The National Development Council is the highest decision-making authority on all matters involving states and includes the prime minister as the chair, Planning Commission deputy chairman, some key union ministers and all chief ministers.

Bihar Chief Minister Nitish Kumar has demanded special status for the state. The state assembly had passed a resolution April 13, 2006, demanding that Bihar be accorded special status as it had suffered huge financial losses due to its bifurcation in 2000 to form the new state of Jharkhand.

Manmohan Singh opens up, admits UPA 'issues'

Telangana issue difficult, but not insurmountable

Prime Minister Manmohan Singh said there was no question of any government inaction on the Telangana issue and while a solution was not impossible there were no quick answers either.

"There is no inaction. Efforts are being made to find a solution that will bring about a broad based consensus among all the various stakeholders," the prime minister told journalists onboard his special aircraft.

"There are difficulties in arriving at quick decisions. There is a long history of the Telangana movement. It is not a new movement. It has been there since the mid-1950s," he said.

"Given the complications involved in settlement, it will take some time. That's why we have been engaged in widespread dialogue and discussions with all the stakeholders," he added.

"It is our hope that out of that will emerge a solution which is a win-win situation for all concerned," he said, while returning from Pretoria after attending the 5th India-Brazil-South Africa Summit.

There have been widespread protests over demands for a separate Telangana state to be carved out of Andhra Pradesh, with opinion also split both ways.

To a different question, the prime minister said the establishment of a states' reorganization commission has been under discussion for several years but that his government had not taken a view on the matter.

Manmohan Singh opens up, admits UPA 'issues'

Occupy Wall Street protests a warning

Prime Minister Manmohan Singh said there were reasons behind the protests in Wall Street and Europe, which were spilling into India, adding these were also warnings for those in-charge of governance at various levels.

"There are reasons why people are protesting. People are protesting in Wall Street, in Europe, about the fat salaries bankers are getting when people are being asked to tighten their belts," said the prime minister.

"There is the problem of growing unemployment in the US. There is worry in Europe also. So, these are problems, which the system must have credible answers to take them on board," he told journalists on board his special aircraft.

"I think democracy that way provides an outlet for people's frustrations, which I think is a very timely warning for all those who are in charge of the processes of governance," he said during his return from Pretoria.

Source: IANS

Libya's Muammar Gaddafi 'killed'

BBC News - ‎15 minutes ago‎

Libya's ex-leader Col Muammar Gaddafi has been killed after an assault on his birthplace of Sirte, officials say. The circumstances of his death are not yet clear.

Gaddafi killed as home town capturedABC Online

Libya: 'Gaddafi dies from wounds' suffered in Sirte captureTelegraph.co.uk

Opinion:Qaddafi's Dead, Now Team Obama Must Do Everything It Can to Help the New Libya ...Fox News

In Depth:Mumammar Gaddafi, son Mo'tassim killed; dictator's body placed in mosqueTimes of India

Live Updating:Gaddafi killed as Sirte falls - live coverageThe Guardian

See all 2,465 sources »

IBNLive

Channel 4 News

Rahane ensures England get no respite

NDTV.com - ‎1 hour ago‎

Mohali: What a relief it must be for the 23-year-old Ajinkya Rahane! While India were having a perfect run in the 5-match ODI series against England, winning the first two games, it hadn't been so perfect for Rahane.

Indian Express

Rahul refutes Maya''s charge of Centre not giving fertilisers

IBNLive.com - ‎57 minutes ago‎

PTI | 10:10 PM,Oct 20,2011 The Congress general secretary hoped that in the Winter session of Parliament, new land acquisition bill which would benefit the farmers and labourers the most, would be passed.

The Guardian

Nokia Pins Turnaound Hopes On Microsoft

InformationWeek -Eric Zeman - ‎19 minutes ago‎

Nokia's first smartphones running Microsoft's Windows Phone platform are expected to debut in London next week. Can the unlikely duo write the turnaround story they both so desperately need?

Indian Express

Sharper rate hikes would have helped: Rangarajan

Financial Express - ‎1 hour ago‎

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CTV.ca

Devs still frozen out of Android ice cream source

Google's Ice Cream Sandwich has been served, and it looks destined to give live-free-or-die open sourcers continued indigestion for now at least.

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The Guardian

Hillary Clinton urges Pakistan to 'squeeze Afghan Taliban'

BBC News - ‎32 minutes ago‎

US Secretary of State Hillary Clinton has urged the Taliban to be part of a peaceful future in Afghanistan or "face continuing assault".

Sydney Morning Herald

Protest against Greek austerity vote turns violent

Reuters - Yannis Behrakis,Lefteris Papadimas - ‎25 minutes ago‎

1 of 26. Policemen are set ablaze on fire by a petrol bomb thrown by protesters during clashes near the Parliament building in Syntagma square in Athens, October 20, 2011.

Telegraph.co.uk

Turkey Attacks PKK in Iraq

Wall Street Journal -Marc Champion,Ayla Albayrak - ‎9 minutes ago‎

ISTANBUL—Turkey's Armed Forces on Thursday launched a broad land assault into northern Iraq to attack bases of the outlawed Kurdistan Workers' Party, or PKK, in a major escalation of a long-running conflict.

Telegraph.co.uk

Carla Bruni-Sarkozy confirms name of daughter: Giulia

Telegraph.co.uk -Henry Samuel - ‎5 minutes ago‎

In a message on her website, she wrote: "I am deeply touched by the many messages of congratulations that I have received since the birth of our daughter Giulia.

CTV.ca

Kenya Reportedly Didn't Warn US of Somalia Incursion

New York Times -Jeffrey Gettleman,Josh Kron - ‎19 minutes ago‎

NAIROBI, Kenya - As fierce fighting spread to new areas of Somalia on Thursday, American officials said they had been taken by surprise by Kenya's recent march into Somalia to battle Islamist militants.

India »

Indian Express

Syed Ali Shah Geelani rebuffs Hizb chief

Times of India - ‎3 hours ago‎

SRINAGAR: Pro-Pakistan Kashmiri separatist Syed Ali Shah Geelani on Thursday rebuffed Hizbul Mujahideen chief Syed Salah-ud-Din's appeal against taking to the Centre, saying he does not take "dictations'' while suggesting softening of his stand on ...

Suspected Naxal held near Mamata's residence

IBNLive.com - ‎38 minutes ago‎

Kolkata: A suspected Naxal has been arrested from near West Bengal Chief Minister Mamata Banerjee's residence on Thursday. The alleged naxal, identified as Prakash Acharya is a resident of Lodha Suli in West Midnapore district of West Bengal.

India Today

Don't ignore positive results of my work: Anna

IBNLive.com - ‎1 hour ago‎

PTI New Delhi: Anna Hazare on Thursday regretted that some people 'tend to ignore' the positive results of his work and talk incoherently about him and his organisation.

Business »

Indian Express

Another 0.25% hike by RBI likely: Survey

NDTV.com - ‎21 minutes ago‎

PTI, October 20, 2011 (New Delhi) The Reserve Bank is likely to go in for another round of rate hike of 0.25 per cent when it meets on Tuesday, and then will pause till March, says a poll by the British lender RBS.

USA Today

US Stocks Pare Loss After Merkel-Sarkozy Statement; DJIA Up 19

Wall Street Journal -Brendan Conway - ‎13 minutes ago‎

NEW YORK (Dow Jones)--US stocks pared their early loss in whippy trading Thursday that was driven by European sovereign-debt worries, driving higher after the leaders of France and Germany said that a key ...

Zee News

Housing finance borrowers need not pay prepayment penalty

Livemint - Abhishek Anand -‎25 minutes ago‎

If you are an existing home loan customer, you have reason to cheer: you will not be charged a prepayment penalty and you will not be at a disadvantage in comparison with new customers.

Business Today

Bajaj Auto delivers in Sep quarter, but limited upside for stock

Livemint - Ravi Krishnan -‎53 minutes ago‎

There was a benefit from falling raw material prices, while the company also managed to rein in employee costs. Realizations improved 3.7% from a year ago as the company was able to sell a better mix of products and increase prices Bajaj Auto Ltd has ...

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Silicon.com

Sony Ericsson Xperia pro and Xperia neo V introduced in India

Mobiletor.com - ‎3 hours ago‎

We were at the pres event in Mumbai, India today as the Sony Ericsson Xperia pro and the Xperia neo V smartphones were launched, with Bharti Airtel tossing in a data plan offer.

Moneycontrol.com

Services to private operators not restored by BSNL in Punjab

Moneycontrol.com - ‎1 hour ago‎

Published on Thu, Oct 20, 2011 at 22:15 | Source : PTI Chandigarh, Oct 20 (PTI) Telecom services to private operators have not been restored by state owned BSNL in Punjab circle yet despite telecom regulator TRAI directing the PSU to reconnect the ...

Zee News

Samsung announces $1 mn contest for application developers

Economic Times - ‎44 minutes ago‎

NEW DELHI: Electronics product maker Samsung today announced the bada 2.0 Power App Race, a global application contest hosted by the Samsung bada developer site which offers developers chance to win up to USD 100000.

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BBC News

Barodian to work at Noida Grand Prix

Times of India - ‎14 minutes ago‎

VADODARA: A motor sports enthusiast and a former motocross rider from the city will get a chance to be in the thick of things at the Airtel India Grand Prix that marks India's debut in the F1 at Buddh International Circuit at Noida.

The Hindu

Taufiq Umar happy at fulfilling desire

Cricketnext.com - ‎1 hour ago‎

Abu Dhabi: Pakistani opener Taufiq Umar said he had achieved a burning desire to score the Test double hundred which set his team on course for a big win in the first of three Tests against Sri Lanka on Thursday.

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Daily News & Analysis

TV writer claims Ra One was his concept moves HC

Moneycontrol.com - ‎1 hour ago‎

Published on Thu, Oct 20, 2011 at 21:45 | Source : PTI Mumbai, Oct 20 (PTI) "Ra.One", the ambitious Diwali offering by Shah Rukh Khan, has been dragged to the Bombay High Court for alleged plagiarism by a television producer- writer.

BBC News

1984 riots: 'Why nobody noticed Amitabh Bachchan spewing venom in India'

Times of India - ‎5 hours ago‎

AMRITSAR: A prime witness in 1984 anti-Sikh riots said that everyone who had been watching Doordarshan saw how superstar Amitabh Bachchan provoked the rioters.

NDTV.com

Anupam Kher to share screen with Robert De Niro

NDTV.com - ‎2 hours ago‎

Anupam Kher is set to share screen space with Hollywood star Robert De Niro in David O. Russell's new film The Silver Linings Playbook and the veteran actor terms it a "dream coming true".

The Hindu

My father gets excited like a newcomer on sets: Esha Deol

NDTV.com - ‎2 hours ago‎

PTI Actress Esha Deol, who is sharing screen space for the first time with her father Dharmendra in Tell Me O Kkhuda, said that working with the veteran actor was a wonderful experience and a dream-come-true.

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Dengue cases cross 500 mark in Delhi

New Delhi News - ‎1 hour ago‎

New Delhi: Even as the capital grapples with a surge of vector borne diseases -- dengue, malaria and chikungunya, the civic agency Thursday said it will upscale anti-dengue and malaria drive during the festive season.

Zee News

Osteoporosis, the next big health worry for India

Times of India - ‎9 hours ago‎

It is expected to affect 36 million Indians by 2013 but osteoporosis - a disease associated with brittle bones, fractures and painful recovery - remains one of the most undermined diseases in the country.

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USA Today

RIM Courts Silicon Valley App Developers With 'Evangelists'

BusinessWeek - ‎1 hour ago‎

Oct. 20 (Bloomberg) -- Research In Motion Ltd., losing ground in a market that its BlackBerry smartphone helped to build, is adding developer "evangelists" in Silicon Valley to change perceptions about the company's prospects and promote a new ...

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PhysOrg.com

Coldest 'brown dwarf' caught on lens outside our solar system

Daily News & Analysis - ‎6 hours ago‎

A new photograph of a planet-like companion that has been obtained is being claimed to be the coldest object ever caught on lens outside our solar system.