News and Events - September/October/November/December- 2009

[dineshchaturvedi]

Wall St. Giants Giving Little to Obama Party Fund-Raiser

http://www.nytimes.com/2009/10/20/u...l=1&adxnnlx=1256041273-9Bjl8dM0G7rJzyGxPYGzqQ

WASHINGTON — The Wall Street giants that received a financial lifeline from Washington may have no compunction about paying big bonuses to their dealmakers and traders. But their willingness to deliver “thank you” gifts to President Obama and the Democrats is another question altogether.
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President Obama, who spoke on Wall Street last month, is scheduled to return to New York on Tuesday for fund-raising events.
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Mr. Obama will fly to New York on Tuesday for a lavish Democratic Party fund-raising dinner at the Mandarin Oriental Hotel for about 200 big donors. Each donor is paying the legal maximum of $30,400 and is allowed to take a date. Four of the seven “co-chairs” listed on the invitation work in finance, and Democratic Party organizers say they expect that about a third of the attendees will come from the industry.

But from the financial giants like Goldman Sachs, JPMorgan Chase and Citigroup that received federal bailout money — and whose bankers raised millions of dollars for Mr. Obama’s election — only a half-dozen or fewer are expected to attend (estimated total contribution: $91,200).

Part of the reason, several Democratic fund-raisers and executives said, is a fear of getting caught in the public rage over the perception that Wall Street titans profiting from their government bailout may use their winnings to give back to Washington in return. And the timing of the event, as the industry lobbies against proposals for tighter regulations to address the underlying causes of last year’s meltdown on Wall Street, has only added to the worry over public appearances.

“There are sensitivities there,” said Scott Talbot, a lobbyist for the industry’s Financial Services Roundtable. Political contributions “can make a donor a target,” Mr. Talbot said. Many involved, though, say the low attendance from those Wall Street giants also reflected a broader disenchantment with Mr. Obama over the angry language emanating from the White House over the million-dollar bonuses and anti-regulatory lobbying.

“There is some failure in the finance industry to appreciate the level of public antagonism toward whatever Wall Street symbolizes,” said Orin Kramer, a partner in an investment firm who is a Democratic fund-raiser and one of the event’s chairmen. “But in order to save the capitalist system, the administration has to be responsive to the public mood, and that is a nuance which can get lost on Wall Street.”

Dr. Daniel E. Fass, another chairman of the event who lives surrounded by financiers in Greenwich, Conn., said: “The investment community feels very put-upon. They feel there is no reason why they shouldn’t earn $1 million to $200 million a year, and they don’t want to be held responsible for the global financial meltdown.” Dr. Fass added, “How much that will be reflected in their support for the president remains to be seen.”

Mr. Obama remains a potent fund-raising draw. Plunging into the 2010 midterm campaigns last week, he raised more than $3 million in one night in San Francisco, speaking at a similar $30,400-a-couple dinner and a larger rally with tickets at $1,000 and under.

In addition to the big-ticket dinner on Tuesday, Mr. Obama will also address a more small-d democratic event at New York’s Hammerstein Ballroom, where roughly 2,500 donors paying $1,000 or less will also make cellphone calls to promote his health care overhaul. Over the next five days he will appear at fund-raisers for Bill Owens, a candidate for a House seat in New York; Gov. Jon Corzine of New Jersey (himself a former Goldman Sachs banker); Gov. Deval Patrick of Massachusetts; and Senator Christopher J. Dodd of Connecticut.

Democratic fund-raisers say the economic slump has dampened fund-raising across every industry. Wall Street has lost Bear Stearns, Merrill Lynch and Lehman Brothers to consolidation in last year’s credit crunch. Some former Obama fund-raisers on Wall Street have ascended to jobs in the administration, like Michael Froman, a former top Citigroup executive who is now an adviser on economics and national security.

Current Democratic fund-raisers say their 2008 take from Wall Street may also have benefited from the personal connections of the party’s chief fund-raiser that year, Philip D. Murphy, a former top executive at Goldman Sachs. (He is now ambassador to Germany). And as in recent years, Democrats are raising far more from Wall Street executives than Republicans, according to campaign finance data sorted by the Center for Responsive Politics.

The Democrats, including House and Senate party committees and the party itself, raised about $5.4 million in the first eight months of the year, while the Republicans took in just $2.7 million.

So far in the current election cycle, though, Wall Street accounts for less than half as much of the Democratic Party’s fund-raising as it did in 2008: 3 percent, or about $1.5 million out of a total $53.6 million in the eight-month period, compared with about 6 percent, or $15.3 million out of $260.1 million during the last election. (Republicans relied more heavily on their party to support their presidential candidate in 2008, and the party’s Wall Street fund-raising has fallen even further.)

Fund-raisers say smaller but lucrative businesses like hedge funds and private equity firms now account for more of Wall Street’s political contributions than the big banks that received bailout money, with the possible exception of the famously generous executives of Goldman Sachs.

Employees associated with the financial firms that received bailout money from the federal government contributed almost $70,000 to the Democratic Party in the first half of this year. Most of that, $60,800, came from one couple who each contributed the legal limit. At the time of the donation, the husband, John M. Noel, had recently retired as head of a unit of the insurance giant AIG called AIG Travel Guard.

Mr. Obama, though, still has the loyalty of other powerful friends on Wall Street. Among the other chairmen of the Tuesday dinner in New York is Robert Wolf, head of the American investment banking division of the Swiss giant UBS Group. Mr. Wolf raised more than $500,000 for Mr. Obama’s campaign and sits on a White House panel of outside economic advisers.

Mr. Wolf does not have to worry about the same appearance problems as Wall Street rivals, however. His firm was bailed out by the government of Switzerland, not the United States.

 

[dineshchaturvedi]

Afghan Election Panel Orders Runoff

Afghan Election Panel Orders Runoff - WSJ.com

KABUL -- Afghanistan's election commission has ordered a runoff election for Nov. 7 after a fraud investigation dropped President Hamid Karzai's votes below 50% of the total.

Mr. Karzai accepted the fraud panel finding in a press conference and endorsed a runoff election.

The chairman of the Independent Election Commission, Azizullah Lodin, said the commission did not want to "leave the people of Afghanistan in uncertainty" any longer.

"The commission is agreed to go to a second round and say that nobody got more than 50 percent," Mr. Lodin said. Afghan electoral law says a runoff is needed if no candidate gets above that percentage. Mr. Lodin said all the materials are ready for the runoff.

 

[gokulakannan]

PM: Reports of imminent attacks against India

PM: Reports of imminent attacks against India

Prime Minister Manmohan Singh has expressed his concern about the deteriorating situation in India's neighbourhood.

"There are regular intelligence reports of imminent attacks in the country. This is a matter of deep concern, and there is no room for complacency. The terrorist attack on our Embassy in Kabul on October 8 is yet another grim reminder of the forces we are pitted against," said the Prime Minister in his annual address to the chiefs of the army, navy and air force in New Delhi.

The PM added, "India is a democracy and an open society and is, therefore, sometimes highly vulnerable. We have, therefore, to improve our defensive mechanisms against all forms of terrorism, asymmetric warfare and aggravated militancy."

 

[RAM]

European astronomers discover 32 new planets


Star gazers have discovered 32 new planets orbiting stars outside of our solar system. Many are relatively small and could harbor conditions that would allow for life forms.

Some of the 32 newly discovered planets are just a few times larger than Earth. The astronomers said this increases the possibility that conditions on them could give rise to life.
Researchers announced their findings on Monday, October 19, at a conference in Porto, Portugal. They said the discovery could mean that 40 percent or more of Sun-like stars have such planets - so-called exoplanets - in orbit around them.

Stephane Udry of the Geneva Observatory in Switzerland said the recent discovery brings the total number of known exoplanets up to 400.


Most of these are giant balls of toxic gas, which are unsuitable for life as we know it. However, 28 are so-called "super-Earths," with masses 20 times the size of Earth or less, which means they could be rocky instead of gaseous, the European Southern Observatory (ESO) said in a statement.



"Nature doesn't like a vacuum, so if there is space to put a planet it will put a planet there," Udry told reporters in Porto.



None of the newly found exoplanets are Earth-like, said the researchers. However, whether any of them could be home to carbon-based life forms would depend on where they orbit in relation to their stars.



Earth itself is located in a zone where the temperature is "just right" - neither too hot for our atmosphere to be stripped away, nor too cold for seas to freeze. It can therefore contain liquid water - the stuff of life.

High-powered telescope

The discovery of the 32 planets was made using HARPS - the High Accuracy Radial Velocity Planet Searcher - which is a spectograph attached to ESO's 3.6-meter (11.8-foot) telescope located in La Silla, Chile. The planets are too small to be seen directly, but scientists are able to calculate their size and mass by measuring the gravitational impact they have on the stars they orbit.



HARPS was developed by experts from the Geneva Conversatory and is the most successful planet spotter, having detected 75 of the 400 known exoplanets.

courtesy-PTI

 

[gokulakannan]

Arrested Nasa spy worked on Chandrayaan project - India - The Times of India

A senior American space scientist arrested by the FBI in the US for allegedly spying for Israel was one of the main
investigators of a Nasa scientific instrument Mini-Sar that flew aboard India's lunar craft Chandrayaan-1. The scientist had visited Bangalore twice and met up with Isro scientists.

The Federal Bureau of Investigation on Monday filed a criminal complaint against Nasa scientist Steward David Nozette, 52, for attempted espionage. He is believed to be working for Israeli intelligence.

Isro has said Nozette visited Bangalore and interacted with scientists but had no access to critical Isro establishments during the visits and there was no concern about loss of data.

Isro chief spokesperson S Satish told TOI: "Isro has strict security protocols for foreign scientists. Accordingly, Nozette had not been allowed access to critical establishments. We ensured complete compliance to the protocol. Like any other foreign national, Nozette had no access to critical facilities."

Nozette, a PhD in planetary sciences, was contacted by an FBI undercover employee last month posing as a Mossad officer and invited for lunch at a hotel in Connecticut Avenue in Washington DC to part with details about sensitive US satellite data for a sum. Nozette quoted a price which went into several thousand dollars.

On Monday, during a sting operation which was video-taped by the undercover FBI officer, Nozette was trapped and arrested.

Nozette's bio on Nasa's Mini-RF (Miniature Radio Frequency) project page describes him as the instrument's principal investigator on the American Lunar Reconnaissance Orbiter and co-investigator on Mini-Sar on Chandrayaan-1.

Satish confirmed Nozette had visited Isro Bangalore at least twice. "He did have some interactions. Isro officials were constantly accompanying him and ensured security compliance."

Said a scientist who didn't want to be identified: "We have interacted with him and we never got an impression of him being a spy. We were not aware of his complete background because the system is such at the moment that we only rely on the passport details of the visiting foreign scientists. What has happened is very very bad and embarrassing and most of us are shocked."

It may be recalled that when the agreement relating to two Nasa payloads, the Moon Minerology Mapper and the Mini-Sar, were in the process of being firmed between Washington and New Delhi for being flown on Chandrayaan-1, the US administration raised numerous questions and doubts. This considerably delayed the shipment of the two payloads to Bangalore for testing and integration with the main spacecraft.

The Mini-RF project flew two radar instruments -- the first one on Isro's Chandrayaan-1 called Mini-Sar (synthetic aperture radar), which mapped lunar poles, and the second one on Nasa's Lunar Reconnaissance Orbiter.

Nasa's Moon Mineralogy Mapper proved the presence of water molecules on Moon.

 

[dineshchaturvedi]

3 Nanos catch fire, Tata to do pre-delivery audit
http://www.defenceforum.in/forum/news-social-events/4980-news-events-sep-oct-nov-2009-a-9.html

NEW DELHI: The Nano, the world's cheapest car, appears to have developed a technical snag. Three cases have been reported of the car developing
short circuit near the combination switch in the car's steering column, igniting small fires. The company has called two of them back for repairs.

The company has now decided to carry out pre-delivery audit of the car's electrical circuits and also check out cars that are already with customers. It is not, however, calling these check-ups a "recall". Recalls are done by companies when they detect a snag in a batch of vehicles that could lead to a compromise in safety norms.

"We do not believe that this is generic and we are not considering any recall. However, a pre-emptive check may be carried out on cars that are to be handed over or those that are with customers, purely as a precautionary measure," a spokesman for Tata Motors told TOI from Mumbai.

The problems, that are similar in nature, have been noticed in three cars — one each in Ahmedabad, Lucknow and Delhi. The cars have seen smoke emanate from near the steering column area, even when parked with ignition switched off, following which some of the area around it has melted due to heat.

Giving details of the problem, the Tata Motors spokesman said, "There was a minor emanation of smoke, following which there was localised meltdown of some of the wires in the combination switch area probably because of a short circuit."

The spokesman said while the car damaged in Ahmedabad had already been repaired, the vehicle in Lucknow was being repaired now. "The Delhi customer is yet to give his car to us," he said.

Industry analysts hoped that the glitch, if generic, is sorted out as soon as possible. Nano, they pointed out, is planned for overseas markets too. Pawan Kumar, the customer in Delhi, said his Nano caught fire while it was parked and blamed it on a "manufacturing fault". "I have lodged a complaint with the police as I feel a manufacturing defect is responsible for this mishap," Kumar, for whom this is a first four-wheeled vehicle, said.

Raza Rizvi, the customer in Lucknow whose car also had a similar problem, also said that the problem happened after the vehicle had covered about 1000 kms and was due for a service. "The car belongs to my niece and was due for a service. But before we could give it for service, we noticed smoke and flames near the steering column, following which we called the company dealer. They rectified the problem free of cost," he said.

Dilip Desai, a technical expert on automobiles, said that there are live wires in vehicles even when they are parked and the ignition is switched off. "There are certain systems that are always live. If there is a leak in any of these systems, then there is a chance of a short circuit that can lead to such problems," he said.

 

[dineshchaturvedi]

Somali pirates hijack carrier with 24 Indian crew
Somali pirates hijack carrier with 24 Indian crew
Pirates on Thursday hijacked a Panamanian-flagged carrier in waters off Somalia, taking 26 crew hostage, 24 of them Indian, a NATO spokeswoman said.

"The MV Al Khaliq, a Panamanian-flagged bulk carrier, has been hijacked early this morning off Somalia," said a spokeswoman for NATO's anti-piracy mission in London.

"There were 26 crew on board, 24 of whom are Indian and two Burmese."

A second carrier, the Italian-flagged Jolly Rosso, also came under fire from pirates north of the Seychelles, she said.

The ship was travelling from Novorossiysk port, Russia to Mombasa, Kenya and was loaded with 35,000 tons of wheat.

Three pirates ships launched attack between Seychelles and Mombasa.

First a Italian ship was attacked with rocket launchers and grenades, but they managed to escape then MV Al Khaliq was attacked and hijacked.

Last contact with crew was made at 11 IST this morning.

There are reports that the hijacked ship is headed to an unknown Somali Port. (With NDTV inputs)

 

[gokulakannan]

Nepal to use lesbians, ***s to boost tourism sector

Nepal to use lesbians, ***s to boost tourism sector

Nepal is set to use lesbians and ***s to boost its tourism sector, which has been adversely impacted after the country went through a devastating decade-long Maoists' insurgency and political instability.

Almost three years after the Supreme Court gave legal sanction to *** rights in Nepal, the government to set to host "one of the most extravagant groups of tourists in the world" the sexual minorities consisting of lesbians, ***s, bi-sexuals and transgenders (LGBTs).

Nepal government has held a series of meetings with well-known international tour operators and non-profit organisations to promote Nepal as a potential destination for LGBTs, the Kantipur online said on Thursday.

Nepal Tourism Board (NTB) officials hope that LGBT arrivals will give a boost to the number of visitors to the country as the government mulls new way to bring in a million foreign tourists in the Nepal Tourism Year 2011.

"Some international companies want to work in tandem with the government and attract LGBTs. We will develop strategies for the same. The beginning is encouraging," said an NTB official.

As part of the first promotional activity, Nepal will host a historic international conference
in February, which is expected to bring together the worlds top tour operators, airlines and agencies selling adventure tourism to Kathmandu to explore opportunities for *** tourism in Nepal, the report said.

http://www.ndtv.com/news/world/nepal_to_use_lesbians_***s_to_boost_tourism_sector.php

 

[gokulakannan]

Navy probing pay-off by US firm: Antony

Navy probing pay-off by US firm: Antony

Defence Minister A K Antony on Thursday said that the Navy has ordered a probe into bribery allegations against its officers made in a letter from Indian Ambassador to US Meera Shankar to the Prime Minister's Office.

"I can assure you the government will take it (the allegations) seriously. On the Navy's part, they have already taken it seriously and have started investigation. We will not ignore it," said Antony on the sidelines of the four-day Navy Commanders Conference that began in New Delhi.

Refusing to comment more on Shankar's letter, the Defence Minister said since it was addressed to someone else, he had not seen or read it so far.

He, however, added that the allegations were not only against the Navy officers, but also against seven other Indian agencies.

Shankar's May 12 letter to Prime Minister's Principal Secretary T K A Nair had alleged that an agent of US firm York International Corporation had paid off Rs 61 lakh as bribe to Navy officers between 2000 and 2006 for placing over 200 orders with the global heating and air conditioning firm.

The letter also talks about seven other Indian agencies such as Maharashtra Electricity Board, Indian Railway and Central Insecticides Board officials too having received kickbacks from other US firms.

link

 

[tarunraju]

Once upon a time, a brotherly country to India, which attracted pilgrims (who perhaps would donate heavily to the temple shrines, and spend in Nepal). Let's see how their descent will help their tourism besides mountaineering.

 

[dineshchaturvedi]

Apple spits at Windows 7: You can't trust Microsoft
Apple spits at Windows 7: You can't trust Microsoft | Technically Incorrect - CNET News

Very Good Ad
http://www.youtube.com/watch?v=ZtyYdjf***E&feature=player_embedded

http://www.youtube.com/watch?v=qU8svLjNWQk&feature=player_embedded

 

[gokulakannan]

India concerned over safety of Pak's nuke installations

link

India has expressed concern about the security of the Pakistan's nuclear arsenal after militants struck near a nuclear facility in Kamra in Punjab province on Friday.

Foreign Secretary Nirupama Rao said on Friday that India hoped Pakistan government would take steps to ensure its nuclear weapons do not fall into the hands of militants.

The statement holds significance in the wake of an attack near a nuclear facility in the Pakistan Aeronautical Complex within the cantonment in Kamra in Punjab on Friday, which killed seven people. The terrorists struck near a nuclear facility in Pakistan for the fourth time since 2007.

Apart from the Karma blast, a bus carrying a marriage party was also blown up in a landmine explosion near Mohmand Agency. Several women and children are among the dead in the incident.

Hours before the bus blast, at least 10 people were injured in a bomb attack outside a restaurant in the northwestern city of Peshawar.

 

[gokulakannan]

Jet Airways van catches fire at Mumbai airport

Jet Airways van catches fire at Mumbai airport

A Jet Airways van caught fire at Mumbai airport on Friday. The vehicle was carrying a doctor and two people to attend a medical emergency on board an aircraft when the mishap occurred.

The van was parked near the bay and nit too close to the runway.

No injury has been reported and no operations affected due to the fire.

The doctor went to attend to the patient, when smoke started coming out from it, while the two people were inside.

Fire was quickly extinguished and everything is normal at the airport

 

[Pintu]

Bridge comes crashing down on local train, 2 die - Mumbai - City - The Times of India

Bridge comes crashing down on local train, 2 die
Roana Maria Costa & Nitin Yeshwantrao, TNN 24 October 2009, 03:30am IST

THANE/MUMBAI: Two persons, including the motorman of a Kalyan-bound 12-coach slow local, were killed between Mulund and Thane after a 142-tonne pre-stressed concrete girder of an under-construction Kopri road overbridge collapsed on the motorman’s coach on Friday morning.

The train, which was moving at 40 kmph, was unable to halt immediately, and dragged the girder a few metres down the track. It then hit a water pipeline close by. The motorman, R Ramchandran (43), who was piloting the wheel of the new MRVC-Siemens train, died after the rescue team was forced to amputate his arm to free him. The accident also claimed the life of 35-year-old Bhandup resident Subhash Popat Nikam. Eleven commuters were injured, one of whom is critical. All of them have been admitted to the Thane civic hospital.

Official reports say the incident occurred at 10.55 am on track number one. Two coaches of the train were derailed and nearly 50 metres of the track and 200 metres of overhead equipment extensively damaged.
Central Railway services on all the four lines between Thane and Ghatkopar were suspended and will be restored by 6 am on Saturday, say CR officials.

The motorman is believed to have bled to death. With the impact of the girder, his cabin was totally smashed and sources said he was squeezed into a very small space. “His left leg and right hand were crushed. He most likely died due to heavy bleeding and shock,’’ said an official at the spot who did not rule out internal injuries too. The motorman’s body was extricated at 2.15 pm, more than three hours after the accident.


Onlookers said that the girder broke because it was placed on wooden planks, which had detoriated over the years due to water seepage. Expansion work on the Kopri ROB began in 2002, with the Thane Municipal Corporation awarding the Rs 2 crore-contract to a private contractor. The CR was supervising the construction. Eight years on, the jobs remains incomplete.

Two 100-tonne cranes were brought in by road, while another 140-tonne crane was brought in from Kurla to clear the tracks. Other equipment at the spot included emergency medical vans, breakdown trains to restore equipment during derailment and tower wagons used for the restoration of OHE (overhead electrical wire)-related equipment.

It is too early to assess the cost of the damage. By 9.30 pm, two tracks were cleared of debris even as OHE restoration work was in progressing. Around 500 people are working at the spot through the night, said chief CR PRO S C Mudgerikar.

Even as rescue operations were underway, there was complete chaos at the site. Authorities could not control the crowd and officials agreed that there could be safety hazards since the structure supporting the steel pipes washanging precariously and could give way any time. The RPF was called in to control the situation but political leaders, the media and curious onlookers could not be reined in.

It was only after 2 pm that the police started cordoning off the area. CRS (central circle) Sudhir Kumar will conduct an enquiry on Monday at Thane station, and on Tuesday in the DRM office at CST Mumbai, said officials.
Top CR officials faced the wrath of political activists in Thane who accused them of lapses and “creating obstacles’’ in the timely construction of the Kopri bridge.

Shiv Sena MLAs Eknath Shinde, Pratap Sarnaik, Rajan Vichare and Sena MP Anand Paranajape were on ground zero arguing with the CR personnel. At one point, the Sena activist pushed around CR divisional engineer Shiv Kumar, who, they claimed was solely responsible for denying permission to mega-blocks on this route. A scared Shivkumar was seen pleading with the Sena leaders and finally agreed for having traffic and power shut down on the route from November 1 to facilitate speedy construction of the Kopri bridge. Sena activist threatened to tie him up to a a tree if he did not order immediate blocks on this route.

Meanwhile, CR general manager Bharat Bhushan Modgil was roughed up by angry political activists at the Thane civil hospital. Agitated relatives of the deceased motorman and the gathered crowd demanded an explanation for teh delay in rescue operations. With no specific answers to their questions, the crowd became more agitated and forced him into the morgue to witness the mutilated body of the motorman. It was only after the police intervened that Modgil was brought out of the morgue and escorted to his vehicle.

The civil hospital staff had segregated an entire ward to attend to the victims of the train accident. Three of the injured have head injuries, four suffered fractures cases and the rest are cases of bruises and minor cuts, informed civil surgeon Dr S N Thompe, Thane civil hospital.

 

[dineshchaturvedi]

Tougher hedge fund norms may hit India too
Tougher hedge fund norms may hit India too- Foreign Trade-Economy-News-The Economic Times

BALACLAVA (MAURITIUS): Life could become tougher for hedge funds
and private equity firms, with the European Union and US policy makers
Investment

considering stricter regulations for the trillion dollar industry.

The watchdogs are aiming to fill in the gaps in the system and have called for greater transparency in the funds’ investment style, periodic disclosure of portfolio, besides limiting their aggressive leverage.

The proposal, if implemented, could impact India too, say industry observers. This is because most of the funds that invest in India are from these countries. Also, it would limit domestic private equity funds’ ability to raise money from the overseas market as US and European investors are the biggest subscribers, said Vikram Shroff of law firm Nishith Desai Associates.

At a recent private equity seminar organised by the government of Mauritius,Securities and Exchange Board of India’s executive director Usha Narayanan said the market regulator always encouraged registered foreign entities to India.

However, she added that the EU proposal may impact funds flowing through tax-efficient jurisdictions as the directive restricts the ability of marketing of Alternative Investment Fund Managers (AIFM) domiciled outside.

Mauritius is the favourite gateway of PE firms to route their to India because of attractive tax rules. PE investments in India in 2008 stood at a little over $11 billion.

The proposal has sparked intense debate among fund managers, with some strongly criticising the approach. Speaking at the seminar, Jean-Marc Goy, counsel for international affairs of Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), said: “While Luxembourg supports the aim of the proposal (European directive on AIFM), we believe that the proposal has to be improved in a number of fields.’’ CSSF supervises Luxembourg’s financial sector. In Luxembourg, the directive would cover 1,811 investment funds, which manage assets worth € 395 billion.

The attempt to regulate AIFM follows their alleged involvement in disharmonising the global financial system. Late last year, Bernard Madoff, through his Ponzi scheme, duped thousands of investors. Recently, Galleon hedge fund founder Raj Rajaratnam was arrested in relation to an insider trading case.

One of the EU rules includes funds adhering to caps on leverage (borrowing capital against their holdings for faster and quicker returns). Narayanan said leveraging is not considered a major issue as foreign funds were not permitted to borrow in India but the regulator is conscious of the impact that sudden withdrawal of leveraged funds can have on the Indian market.

The new EU regulations, according to international media reports, could cost hedge funds and PE firms as much as € 3 billion to adhere to the new standards

 

[RAM]

Dr K Radhakrishnan made ISRO chief

Avionic expert Dr K Radhakrishnan, Director of Vikram Sarabhai Space Centre (VSSC) here, has been appointed as Chairman of Indian Space Research Organisation (ISRO), VSSC sources said.

A senior scientist who played a key role in several Indian space missions, Radhakrishnan succeeds Dr G Madhavan Nair who is retiring this month-end.

"I am extremely glad. It is a very huge responsibility that has been given to me. A lot of hopes and expectations are there about Indian space programmes. My mission now is to lead team ISRO to achieve the objectives", Radhakrishnan told PTI.

He said space applications, satellites and launch vehicles were 'programmes of thrust'. Another imporant mission is the human space flight programme, he said.

Graduating in engineering from Kerala University in 1970, Radhakrishnan is also an MBA from IIM, Bangalore, and took his doctorate from IIT Kharagpur

courtesy-PTI

 

[dineshchaturvedi]

Dr Singh, Chinese PM discuss bilateral ties; skirt Arunachal issue
PM, Wen discuss ties; skirt Arunachal issue: Rediff.com India News
Meeting in the backdrop of recent recriminations, Prime Minister Manmohan Singh [ Images ] and his Chinese counterpart Wen Jiabao on Saturday agreed that bilateral issues should be 'properly handled' through discussions, even as they chose to skirt the controversy over Arunachal Pradesh.

The two leaders underlined the importance of building trust, harmony and better understanding and agreed that neither side should let differences act as impediments to the growth of their relations.

During his hour-long talk with Wen on the sidelines of the ASEAN-India Summit, Dr Singh said both sides should have better understanding at the political level, so that bilateral relations are strengthened.

Wen concurred with Dr Singh that the issues which may arise in the bilateral relationship should be 'properly handled' through discussions and they should not become impediments in the development of friendly ties, said N Ravi, Secretary (East) in the Ministry of External Affairs.

The two leaders did not discuss the issue of Arunachal Pradesh over which the two countries have sparred in the recent past. Chinese state-run news agency Xinhua said the two leaders agreed to make efforts to gradually narrow their differences on border issues.
Dr Singh and Wen agreed to try to ensure peace and stability in the border areas, saying this would be conducive to resolving the border issues and furthering bilateral cooperation, Xinhua reported. The two sides agreed to continue talks with the aim of incrementally removing the barriers to a solution that was fair and acceptable to both sides, the Chinese agency said.

From the Indian side, Ravi only read out a prepared text but did not take any questions from the media. The Chinese premier said it was important that India and China should live in harmony and friendship and enjoy prosperity, Ravi said. Describing Dr Singh as an 'old friend', Wen said it was important to implement the agreements outlined in the 10-pronged strategy of 2006 and the Vision Document of last year to 'deepen mutually beneficial cooperation' on bilateral, regional and international issues.

"We want to have a healthy and steady relationship with India," Wen said and expressed confidence that in the years ahead, the two countries will have good relations. Wen referred to Dr Singh's remark -- that both countries have enough space to develop and cooperate -- and said that "there are sufficient areas in the world for India and China to enhance such cooperation".

The meeting came as the two countries struck conciliatory notes after provocative statements from China on Arunachal Pradesh evoked a strong response from India.

Wen, while felicitating Dr Singh on his re-election, recalled that in the past years, India and China had reached important agreements on developing and strengthening bilateral ties. "This serves the interests of the two countries, the region and the world," he said while stressing the importance of high-level visits to this end.

Terming his meeting with Wen as productive, Dr Singh said it was a 'good discussion' and the two sides agreed to further promote strategic and cooperative partnership. Dr Singh, while reviewing with Wen the bilateral relations in all aspects, said he would like to see the ties move forward in every direction.

He described the bilateral economic and trade relations as 'a vital pillar of our partnership' and referred to the exchanges in the defence field.

Dr Singh noted India's readiness to cooperate with China on global issues like climate change, world trade and the global financial crisis. Both the prime ministers agreed that the partnership between the two countries was in the interest of the region and the whole world.

Wen made a pitch for friendly and cooperative relations to ensure that 'Asian Century' becomes a reality. Xinhua quoted Wen as saying, "We have reached an important consensus on promoting bilateral ties, and I believe that our two countries could maintain a good relationship in the future, which conforms the interests of the two countries and I have confidence about that."

Dr Singh said the Indian side was looking forward to President Pratibha Patil's [ Images ] visit to China next year.

After their much-awaited meeting, Dr Singh and Wen shared the dinner table on Saturday evening, sitting next to each other at a reception hosted for the Asia Pacific leaders.

It is not clear whether it was a well planned strategy to seat the two leaders together at the gala dinner hosted by ASEAN chair Thailand or just a coincidence.

If the purpose was to convey to the rest of the world that India and China are mature neighbours, the message did go across, an official present at the Hotel Holiday Inn said.

The two leaders, who met for the first time after India and China traded jabs over Arunachal Pradesh recently, appeared to share a good chemistry as they dined at the hotel, located on a quiet beach on the Gulf of Thailand.

The meeting between Dr Singh and Wen came in the backdrop of the recent war of words between India and China over Arunachal and other issues like China issuing visas to people from Jammu and Kashmir [ Images ] on loose sheets. India also strongly voiced its objection to Chinese developmental activities in Pakistan-occupied Kashmir.

New Delhi [ Images ] has also made clear its objections to the building of a dam by China on Brahmaputra River. China has also objected to the proposed visit of Tibetan spiritual leader Dalai Lama [ Images ] to Arunachal Pradesh in November.

India, on its part, has rejected the objection and maintained that the Dalai Lama was free to travel anywhere in the country. However, in the last few days, conciliatory tones were heard from both New Delhi and Beijing [ Images ]. Senior functionaries of both the countries said the border issue could be resolved by dialogue.

 

[dineshchaturvedi]

Hurt by Sena poll rout, Thackeray attacks Marathi manoos
Hurt by Sena poll rout, Thackeray attacks Marathi manoos - India - The Times of India
PUNE: Upset over Shiv Sena's electoral debacle in Maharashtra, party chief Bal Thackeray today said it was not "outsiders" but Maharashtrians
themselves who had stabbed him in the back.

Quoting an English newspaper headline ‘MNS gives Cong Raj a hand", (Raj Thackeray-led MNS helps Congress retain power), the Sena chief said, "This sums it all".

Striking a cynical note in his first editorial in party mouthpiece ‘Saamna' after the assembly election results on October 22, the 84-year-old Thackeray said, "There is an evil spirit that is separating me from you (Marathi people) and not allowing a meeting of minds".

"I do not have any hope that even this writing will have any influence on your thinking. In fact, I have lost faith in everything, including Maharashtrians and also God. I am at great pains to make this statement but I have no desire to hide the truth and indulge in self-deception," he said.

He wondered as to why the 'Marathi manoos', who turns to Shiv Sena to serve his interests in all walks of life, failed to vote for the organisation born for him.

The Sena, which ruled the state in alliance with BJP from 1995 to 1999, finished fourth, winning just 44 of the 169 seats it contested. BJP bagged 46 seats. Maharashtra Navnirman Sena, led by Thackeray's estranged nephew Raj, severely dented the Sena's traditional Marathi vote base.

Citing success of regional parties of Jayalalithaa and M Karunanidhi in Tamil Nadu, and Narendra Modi, who appealed to the Gujarati "pride" besides Naveen Patnaik in Orissa, Thackeray said, "it seems that Marathi people still have not got wiser and their minds are dead."

"I have given vent to my feelings to relieve my anguish. I devoted 44 years of my life for you. I do not know what crime I have committed and where I have gone wrong. If the dead minds of Maharashtrians are not going to be resurrected, I should not subject myself to this agony," the Sena patriarch added.

 

[RAM]

Universal phone charger approved


New mobile phone charger that will work with any handset has been approved by the International Telecommunication Union (ITU), a United Nations body.

Industry body the GSMA says that 51,000 tonnes of redundant chargers are generated each year.

Currently most chargers are product or brand specific, so people tend to change them when they upgrade to a new phone.

However, the new energy-efficient chargers can be kept for much longer.

The GSMA also estimates that they will reduce annual greenhouse gas emissions by 13.6m tonnes.

"This is a significant step in reducing the environmental impact of mobile charging," said Malcolm Johnson, director of ITU's Telecommunication Standardisation Bureau.

"Universal chargers are a common-sense solution that I look forward to seeing in other areas."

The charger has a micro-USB port at the connecting end, using similar technology to digital cameras.

It is not compulsory for manufacturers to adopt the new chargers but the ITU says that some have already signed up to it.

"We are planning to launch the universal charger internationally during the first half of 2010," Aldo Liguori, spokesperson for Sony Ericsson told the BBC.

"We will roll it out with new products as they launch."

COURTESY
BBC NEWS | Technology | Universal phone charger approved

 

[RAM]

Bangladesh Islamist group banned

The Islamist organisation, Hizb-ut Tahrir has been banned in Bangladesh, the home ministry has announced.

Home Secretary Abdus Sobhan Sikdar said the government feared Hizb-ut Tahrir posed a threat to peaceful life.

It is the first time that an Islamist group which has not been implicated in any terrorist acts been outlawed.

The group has condemned the ban and pledged that it will not be silenced by a government it said was guilty of a "pro-imperialist stance".

Officials say that Hizb ut-Tahrir has been banned in at least 20 countries and topped a government list of about 10 groups suspected of plotting subversive acts in Bangladesh.

Mutiny

"The government has decided to ban Hizb-ut Tahrir because they are against the interest of law and pose a threat to public security," Mr Sikdar said.

Hizb-ut Tahrir has been active in Bangladeshi universities
Hizb-ut Tahrir has been active in Bangladesh for the past eight years.

Nearly 40 members of the organisation were arrested earlier in the year after they were alleged to have distributed leaflets in support of a mutiny by border guards in which over 50 army officers were killed.

Mr Sikdar said that intelligence agencies had been monitoring the activities of 12 organisations.

Out of those, four were banned earlier - they were suspected of involvement in what the government calls "terrorist" and "anti-state" activities.

The head of Hizb-ut Tahrir in Bangladesh, Professor Mohiuddin Ahmed, denied his organisation was involved in terrorist activities.

He said the group believed that terrorism and other violent acts were totally contrary to the teachings of Islam.

Professor Ahmed said that such action by the government had failed to silence his organisation in the past and would not succeed in the present.

''I can tell you clearly that whenever a repressive government in any part of the world has banned us, we have not stayed quiet," he said.

"We have always raised our voice against imperialists. We will continue to expose this government's pro-imperialist stance."

The home secretary said that intelligence agencies would continue their surveillance of Hizb-ut Tahrir to make sure it did not re-emerge under a different name.

The BBC Bengali editor Sabir Mustafa says that Hizb-ut Tahrir - which has well known global links - has been active lately in universities and the government may well have been worried about its increasing influence among students.

BBC NEWS | South Asia | Bangladesh Islamist group banned