The recent cut in the benchmark interest rates by the US Federal Reserve by 75 basis points from 4.25 per cent to 3.50 per cent on January 22 and a further 50 basis points to 3 per cent on January 30 as a response to a possible recession in the United States has completely surprised analysts across the world.
Unprecedented as it is, this steep cut in the interest rates effected by the Fed has the potential to dynamite the US dollar, the US economy and, by extension, the global economy.
What could surprise many is the fact that the US Fed's prescription to reduce interest rates, ostensibly to tackle the prospect of a recession might well turn out to be its Waterloo. Put bluntly, the US faces as much of a risk of a recession after this rate cut as it did before.
Two economists end up usually giving rise to three opinions. Nevertheless, most of them are near unanimous in their view that the situation in the US economy is quite serious. In fact, many experts are veering to the view that the US economy -- the engine of the world economic growth -- is well and truly into recession.
What is increasingly viewed as conclusive proof of a recession within the US is that the US Fed cut interest rates on three occasions in the second half of 2007 aggregating to 100 basis points, prior to this cut of 125 basis points in January 2008. All these are alarming signs indeed.
Breather for (sub-prime) borrowers?
Ostensibly this cut is aimed at alleviating the worst housing recession in the US since 1991 and ease the pressure on the economy. The situation is so appalling that some US lawmakers had even called for cheaper borrowing costs for the benefit of the average Americans (and you thought that such silly demands could be made only by our desi politicians).
And this cut is aimed at providing succour to all those stakeholders -- borrowers and lenders -- who were party to this credit extravaganza for the past several years. It may be noted that it is this credit expansion in the US that acted as a de-facto compressor for the above mentioned engine of global economic growth.
And it is not a problem that pertains only to sub-prime borrowers, as is commonly believed. As many credit card, car and consumer loans too are beginning to turn bad, the US financial sector is facing a crisis of an unprecedented magnitude.
Consequently, with many banks and financial institutions facing prospects of going belly up, the Fed had no other option but to cut interest rates. For, if it hadn't effected a rate-cut, it would have triggered a severe crisis within the US financial sector over the next few months and might have led to the collapse of many financial institutions.
But will it solve the problem?
Apparently, by cutting interest rates the US Fed expects to stimulate consumption, crucially lower mortgage payments, and in the process trigger a recovery in the US economy. Be that as it may, top economists -- including Noble Laureate Joseph Stiglitz -- point out to the futility of this exercise saying that this cut in interest rates will have little impact on the overall scenario.
According to them, it is a case of too little and too late -- akin to applying pain balm when chemotherapy was the need of the hour.
Even as the interest rate cuts are carried out experts believe that US Fed chairman Ben Bernanke may be open to the charge of creating 'moral hazard.' After all, in sum and substance, the act of the Fed is rewarding all those who were party to reckless borrowings and lending.
As US lowers its interest rates dramatically, economists are worried that it could find that global capital is moving away to other countries which offer higher rates of interest simply on account of arbitrage opportunities. This could mean appreciation of currencies across continents and depreciation of the US dollar. As the dollar depreciates against other currencies, goods from other countries would become costlier in the US, leading to inflationary pressures within the US economy.
According Allan Meltzer, a Fed historian, the Fed "put all of its chips on the prospect of a possible recession, and very little on the possibility of inflation." And should the US be visited by a bout of inflation, as predicted, the Fed would have no other option but to once again increase interest rates. And that could be an unmitigated disaster.
What could worry the US economists is that years of sustained imports of 'cheap' goods -- ostensibly aimed at controlling domestic inflation -- meant ignoring the competitiveness of the domestic manufacturing sector in the US. It may be noted that this model also suited developing nations as it provided cheap manufactured products to them, made cheaper through a strong dollar. But all good times have to come to end, right?
American economist Robert Blecker has examined the impact of the extant currency valuation arrangement between the US and other currencies on the US manufacturing investment spending. He estimates that under this paradigm the US manufacturing investment was lowered by 61 per cent between 1995 and 2004. This has structurally and systematically weakened the US industrial base making imports inevitable to meet the gargantuan domestic consumption.
Further, it also makes the future task of developing a competitive domestic manufacturing base within the US in the next few years an exercise in futility. Given a weak-manufacturing base in the US and the extent of dependency on imports to meet domestic demand, it is quite probable that any further depreciation of the dollar could stoke inflation in the US. And that could be a trigger for higher interest rates.
But will it lead to a collapse of the dollar?
But inflation within the US is not the only issue that bothers economists. What complicates the entire matrix is that the US is dependent on global capital flows of approximately $900 billion in 2007 to sustain its economy. With global inflation untamed and central bankers of other countries having virtually exhausted every other policy option to deal with inflation, interest rates are at a high across continents.
Naturally, none of the central bankers of other economies are in any mood to cut interest rates in tandem with the Fed.
Consequently, it is feared by many economists that this steep interest rate cut effected by the Fed would trigger currency readjustments. This would be particularly sharp should different economies fail to lower their domestic interest rates.
It is thus no wonder that the dollar is going the Titanic way against the other currencies even as I write this. Similarly, given this paradigm of interest rate differential prevailing between the US and India, the Rupee which had posted handsome gains against the dollar in recent months too is expected to appreciate further in coming months.
Naturally, the Reserve Bank of India [Get Quote] is caught in this predicament. As global capital finds its way to India because of higher interest rates here, RBI would increasingly be 'forced' to cut interest rates. If it does not, the deluge of foreign exchange flows would lead to a corresponding increase in Rupee circulation within the economy and thereby lead to higher inflation and still higher interest rates.
But with an overhang of liquidity and domestic inflationary pressures caused due to a multiplicity of local factors, lowering interest rates is not a preferred policy option. No wonder the RBI was reluctant to cut interest rates while undertaking the latest review of the Credit Policy on January 29. Surely, a Catch-22 situation for RBI.
Given this scenario, as (stock) markets realise these intrinsic dangers arising out of interest rate cuts initiated by the US Fed, they are sure to witness some correction.
No wonder markets the world over are already feeling exhausted within days of the Fed announcing the moves. Where is the question of comparing or analysing the quantum of risks, returns and rewards when the principle itself is in doubt? This is one question that seems to have come back to haunt market players as they understand the mess in all its dimensions.
For all these reasons the interest rate cuts may not work and Fed's game plan could well be condemned. And that is the crux of the issue -- the US economy would have collapsed had the Fed not cut the interest rates and as it cuts the interest rates it could endanger the dollar and cause its collapse.
Needless to emphasise, the beneficiary of the rate cuts are the stock markets and not the US economy as a whole as is commonly believed.
So what was the compulsion for the Federal Reserve to take this gamble? Why protecting the US stock markets became more important that anything else for the Fed Reserve? Is the US stock market more precious than the US dollar? Is bailing out the reckless lenders and borrowers more important than controlling inflation in US?
Questions that are too crucial and the answers to these questions may well determine the fate of the global economy in the next few moths.
I will attempt to answer some of these questions in the second part of this column tomorrow.
Thursday, January 31, 2008
BMW eyes No. 1 spot in India's luxury mart
World's largest premium carmaker BMW is ready to compete with Mercedes head-on in the fast growing Indian luxury car market with plans to overtake its German rival in the coming few years.
"We have far exceeded our performance in India with 1,387 units sold last year. As we get closer to Mercedes, you can imagine we have in our sight that we want to overtake Mercedes, whether we do it in 2009 or 2010 we will have to see," BMW Director Region Asia Pacific David Panton told reporters in Tokyo.
He said the Indian customers have accepted the BMW brand well and the company's future growth in the country would depend upon how the market develops.
BMW operates out of an assembly unit in Chennai, Tamil Nadu where it makes 3 and 5 series sedans which started production in March 2007. It had initially set a target to sell 1,000 units in the April-December period of 2007 but owed to the expanding market and encouraging response to its brand, the company sold 1,387 units.
The company, which has set a target to sell 2,000 units in the Indian market in calendar year 2008, is closing in fast on sales of Mercedes. Mercedes has been assembling cars in India since the mid 90's and sold 2,491 units in the country in 2007. It plans to sell as many as 3,000 cars in the country in the current calendar year.
BMW considers Indian market as a more stable and reliable market vis-�-vis China where the carmaker reported a 36.6 per cent growth last year with sales touching 61,000 units.
Check out the hot new BMW M3
"We have far exceeded our performance in India with 1,387 units sold last year. As we get closer to Mercedes, you can imagine we have in our sight that we want to overtake Mercedes, whether we do it in 2009 or 2010 we will have to see," BMW Director Region Asia Pacific David Panton told reporters in Tokyo.
He said the Indian customers have accepted the BMW brand well and the company's future growth in the country would depend upon how the market develops.
BMW operates out of an assembly unit in Chennai, Tamil Nadu where it makes 3 and 5 series sedans which started production in March 2007. It had initially set a target to sell 1,000 units in the April-December period of 2007 but owed to the expanding market and encouraging response to its brand, the company sold 1,387 units.
The company, which has set a target to sell 2,000 units in the Indian market in calendar year 2008, is closing in fast on sales of Mercedes. Mercedes has been assembling cars in India since the mid 90's and sold 2,491 units in the country in 2007. It plans to sell as many as 3,000 cars in the country in the current calendar year.
BMW considers Indian market as a more stable and reliable market vis-�-vis China where the carmaker reported a 36.6 per cent growth last year with sales touching 61,000 units.
Check out the hot new BMW M3
Sydney, career's toughest Test: Ponting
Ricky Ponting [Images] on Thursday admitted his toughest match as captain of the Australian side was the Sydney Test for all the drama surrounding it and oozed confidence that the fracas would not affect the team's popularity in India.
Ponting said losing the Ashes to England [Images] in 2005 was the most difficult moment in his career as the captain of the side but it was for cricketing reasons. But for non-cricketing reasons, it has to be the acrimonious Sydney Test, he said.
"Well yes, it was probably the toughest Test, but not for cricketing reasons," he told NDTV.
The Sydney Test was marred by umpiring blunders and a racism row which saw Harbhajan Singh [Images] being slapped a three-Test ban for allegedly racially abusing Andrew Symonds [Images] before Appeals Commissioner John Hansen upturned the Match Referee's verdict and reduced the punishment to 50 per cent of his match fees.
Ponting and Symonds, among others, signed a letter to Justice Hansen during the appeal hearing in which they requested the Commissioner to downgrade the charge against the Indian off-spinner.
Also read: Ponting furious with Bhajji verdict
Ponting said both he and Symonds worked in the greater interest of the game.
"It was a decision of both me and Andrew, along with Cricket Australia, to try and find a middle way. A lot of allegations had been made from both sides but we had the larger picture in mind. Me and Andrew worked in the greater interest of the game," he said.
Despite the acrimony, Ponting did not find reasons behind the team's dipping popularity in India, where most of the Australian cricketers are scheduled to take part in the Indian Premier League.
"Obviously we are going to India but I don't think we have done anything wrong which you can complain about. Harbhajan (Singh) has still been found guilty of breaching 2.8 (of ICC [Images] Code of Conduct for the players).
"I really don't know why the Indian public would dislike us. We always believed that what's in the field should stay in the field," Ponting said.
He also asserted that both teams should put behind the bad blood, even though he did not rule out little chit-chat on the field.
"I guess there will be some chit-chat but my team knows the line and they would not cross it," he added.
Ponting said losing the Ashes to England [Images] in 2005 was the most difficult moment in his career as the captain of the side but it was for cricketing reasons. But for non-cricketing reasons, it has to be the acrimonious Sydney Test, he said.
"Well yes, it was probably the toughest Test, but not for cricketing reasons," he told NDTV.
The Sydney Test was marred by umpiring blunders and a racism row which saw Harbhajan Singh [Images] being slapped a three-Test ban for allegedly racially abusing Andrew Symonds [Images] before Appeals Commissioner John Hansen upturned the Match Referee's verdict and reduced the punishment to 50 per cent of his match fees.
Ponting and Symonds, among others, signed a letter to Justice Hansen during the appeal hearing in which they requested the Commissioner to downgrade the charge against the Indian off-spinner.
Also read: Ponting furious with Bhajji verdict
Ponting said both he and Symonds worked in the greater interest of the game.
"It was a decision of both me and Andrew, along with Cricket Australia, to try and find a middle way. A lot of allegations had been made from both sides but we had the larger picture in mind. Me and Andrew worked in the greater interest of the game," he said.
Despite the acrimony, Ponting did not find reasons behind the team's dipping popularity in India, where most of the Australian cricketers are scheduled to take part in the Indian Premier League.
"Obviously we are going to India but I don't think we have done anything wrong which you can complain about. Harbhajan (Singh) has still been found guilty of breaching 2.8 (of ICC [Images] Code of Conduct for the players).
"I really don't know why the Indian public would dislike us. We always believed that what's in the field should stay in the field," Ponting said.
He also asserted that both teams should put behind the bad blood, even though he did not rule out little chit-chat on the field.
"I guess there will be some chit-chat but my team knows the line and they would not cross it," he added.
Wednesday, January 30, 2008
Interpol officials in India, Canada in touch over kidney scam
Amidst reports that Amit Kumar, the alleged kingpin of a multi-crore kidney transplant racket, may have fled to Canada, Interpol sleuths in India and Canada [Images] are in touch in connection with the case.
Canadian authorities currently have 'limited information' about the Indian police investigation into the case, a Canadian police spokesperson said.
"We can, however, say that Interpol-Ottawa has been in communication with Interpol-New Delhi about this case," said Royal Canadian Mountain police Sgt Sylvie Tremblay.
'When I woke up, they told me my kidney was gone'
The Haryana police had sought a red corner Interpol notice to track down Kumar fearing he may have fled the country. It also said that Kumar did not possess requisite medical degrees.
Kumar, dubbed 'Dr Horror' by the media for allegedly supplying hundreds of kidneys bought or coerced from his country's poor, was reportedly running the operation partly from an unknown location in Canada, where his family is said to be living, Canadian daily National Post reported on Tuesday.
Union health minister Anbumani Ramadoss said that the Centre would seek a probe by the Central Bureau of Investigation into the case.
Canadian authorities currently have 'limited information' about the Indian police investigation into the case, a Canadian police spokesperson said.
"We can, however, say that Interpol-Ottawa has been in communication with Interpol-New Delhi about this case," said Royal Canadian Mountain police Sgt Sylvie Tremblay.
'When I woke up, they told me my kidney was gone'
The Haryana police had sought a red corner Interpol notice to track down Kumar fearing he may have fled the country. It also said that Kumar did not possess requisite medical degrees.
Kumar, dubbed 'Dr Horror' by the media for allegedly supplying hundreds of kidneys bought or coerced from his country's poor, was reportedly running the operation partly from an unknown location in Canada, where his family is said to be living, Canadian daily National Post reported on Tuesday.
Union health minister Anbumani Ramadoss said that the Centre would seek a probe by the Central Bureau of Investigation into the case.
Tendulkar's word saved Harbhajan
ICC-appointed Appeals Commissioner Justice John Hansen on Wednesday confirmed that Sachin Tendulkar's [Images] word counted in his decision to clear Harbhajan of racial abuse and drop charges against him.
"A viewing of the video shows that people were moving around but certainly Mr Tendulkar appears to have been closest to Mr Singh in the course of the heated exchange we are concerned with. Contrary to reports that Mr Tendulkar heard nothing he told me he heard a heated exchange and wished to calm Mr Singh down. His evidence was that there was swearing between the two. It was initiated by Mr Symonds. That he did not hear the word "monkey" or "big monkey" but he did say he heard Mr Singh use a term in his native tongue "teri maki" which appears to be pronounced with a "n". He said this is a term that sounds like "monkey" and could be misinterpreted for it," a copy of the judgement released by the International Cricket Council said.
*
Judgment of Justice John Hansen
Harbhajan was originally suspended for three matches by match referee Mike Procter after being found guilty of racially abusing Australian all-rounder Andrew Symonds [Images] during the second Test in Sydney.
The more serious charge of racial abuse had been downgraded to a lesser charge of using abusive language at Tuesday's appeal hearing in Adelaide and Harbhajan was fined 50 per cent of his match fees.
*
Relieved Bhajji wants to move on
Hansen also blamed Andrew Symonds for provoking Harbhajan.
"Andrew Symonds approached Harbhajan Singh [Images] and told him that he had no friends amongst the Australians (he admits he used the word 'fuck' or a derivation thereof). Singh used similar language to Symonds and neither took offence at that stage.
"However the exchange caused Singh to become angry and he motioned to Symonds to come towards him. Singh then said something to Symonds," the statement said.
It also adds that Harbhajan never used the word 'monkey' or 'big monkey'.
*
Previous good conduct helped Harbhajan
The BCCI had raised the stakes by announcing on Monday that the Indian team would be called back home if the racial charge was not withdrawn against Harbhajan.
However, Cricket Australia bore scathing attack from its furious players and local media for bowing down to the BCCI's "money power" and letting Harbhajan off the hook with minimal punishment.
"A viewing of the video shows that people were moving around but certainly Mr Tendulkar appears to have been closest to Mr Singh in the course of the heated exchange we are concerned with. Contrary to reports that Mr Tendulkar heard nothing he told me he heard a heated exchange and wished to calm Mr Singh down. His evidence was that there was swearing between the two. It was initiated by Mr Symonds. That he did not hear the word "monkey" or "big monkey" but he did say he heard Mr Singh use a term in his native tongue "teri maki" which appears to be pronounced with a "n". He said this is a term that sounds like "monkey" and could be misinterpreted for it," a copy of the judgement released by the International Cricket Council said.
*
Judgment of Justice John Hansen
Harbhajan was originally suspended for three matches by match referee Mike Procter after being found guilty of racially abusing Australian all-rounder Andrew Symonds [Images] during the second Test in Sydney.
The more serious charge of racial abuse had been downgraded to a lesser charge of using abusive language at Tuesday's appeal hearing in Adelaide and Harbhajan was fined 50 per cent of his match fees.
*
Relieved Bhajji wants to move on
Hansen also blamed Andrew Symonds for provoking Harbhajan.
"Andrew Symonds approached Harbhajan Singh [Images] and told him that he had no friends amongst the Australians (he admits he used the word 'fuck' or a derivation thereof). Singh used similar language to Symonds and neither took offence at that stage.
"However the exchange caused Singh to become angry and he motioned to Symonds to come towards him. Singh then said something to Symonds," the statement said.
It also adds that Harbhajan never used the word 'monkey' or 'big monkey'.
*
Previous good conduct helped Harbhajan
The BCCI had raised the stakes by announcing on Monday that the Indian team would be called back home if the racial charge was not withdrawn against Harbhajan.
However, Cricket Australia bore scathing attack from its furious players and local media for bowing down to the BCCI's "money power" and letting Harbhajan off the hook with minimal punishment.
Yuvraj set to miss first ODI
Yuvraj Singh [Images] will stay put in Australia and is set to be available for the tri-series from the second one-day internationals onwards.
Yuvraj was miserably out-of-form in the Test series and was left out of the third match in Perth after he injured his knee in a practice session. Though Yuvraj has been declared fit by physio John Gloster, the left-hander is reluctant to test himself out in the first ODI against Australia in Brisbane on February 3.
* Kirsten helps Sehwag find his touch
he dashing right-hander who is also the vice-captain in ODIs, is surely ruled out of the Twenty20 match in Melbourne on Friday.
India's second match is against Sri Lanka [Images] on February 5 in Brisbane and Yuvraj is looking forward to play in that game.
The BCCI has already called up Bengal youngster Manoj Tiwary as a cover for Yuvraj but signs are the latter would be up for the task for the rest of the series.
* Australia win the battle, lose the war
Yuvraj's absence in the Twenty20 game in Melbourne though would rob the game of it's star value as the Punjab left-hander is a huge success in this shortest form.
Yuvraj set the stage alight in the Twenty20 World Cup in Australia where he played a key role in India's triumphant campaign, including the world record six sixes in a single over off England [Images] fast bowler Stuart Broad.
The young Indian team would need Yuvraj in best of shape in the ODIs and even though no encouraging signs have emerged in the last few weeks, the sight of a familiar format and coloured clothings could spark a revival in one of India's most talented bats.
Yuvraj was miserably out-of-form in the Test series and was left out of the third match in Perth after he injured his knee in a practice session. Though Yuvraj has been declared fit by physio John Gloster, the left-hander is reluctant to test himself out in the first ODI against Australia in Brisbane on February 3.
* Kirsten helps Sehwag find his touch
he dashing right-hander who is also the vice-captain in ODIs, is surely ruled out of the Twenty20 match in Melbourne on Friday.
India's second match is against Sri Lanka [Images] on February 5 in Brisbane and Yuvraj is looking forward to play in that game.
The BCCI has already called up Bengal youngster Manoj Tiwary as a cover for Yuvraj but signs are the latter would be up for the task for the rest of the series.
* Australia win the battle, lose the war
Yuvraj's absence in the Twenty20 game in Melbourne though would rob the game of it's star value as the Punjab left-hander is a huge success in this shortest form.
Yuvraj set the stage alight in the Twenty20 World Cup in Australia where he played a key role in India's triumphant campaign, including the world record six sixes in a single over off England [Images] fast bowler Stuart Broad.
The young Indian team would need Yuvraj in best of shape in the ODIs and even though no encouraging signs have emerged in the last few weeks, the sight of a familiar format and coloured clothings could spark a revival in one of India's most talented bats.
Monday, January 28, 2008
Sehwag denies Gilchrist final win
Fourth Test, Adelaide, day five (close):
Australia 563 drew with India 526 & 269-7
Scorecard
Adam Gilchrist
Gilchrist is given an affectionate welcome for his final day in Tests
The fourth and final Test in Adelaide ended in a draw as Australia secured a 2-1 series victory against India.
With captain Ricky Ponting off the field because of a back problem, Adam Gilchrist fittingly captained the side for part of his final day of Test duty.
But India opener Virender Sehwag struck magnificent 151, featuring two sixes, to lead the tourists to safety after they resumed eight ahead at 45-1.
Sehwag batted until deep into the final session as India reached 269-7.
Australia were confident of giving Gilchrist a farewell victory, and their hopes increased when two of India's key batsmen departed in unusual fashion in the opening session.
Firstly Rahul Dravid was struck painfully on the finger by a lifting ball from Brett Lee in the fifth over of the morning.
The former skipper made no addition to his overnight 11 and was forced to leave the field shortly after sustaining his injury.
Then Sachin Tendulkar, in what is sadly likely to be his last Test innings in Australia, was run-out attempting a poorly judged single shortly before lunch.
Virender Sehwag
Sehwag defied the tricky batting surface to score a superb century
Tendulkar got off the mark with a stylish cover drive for four but had made only 13 before pushing Mitchell Johnson into the leg-side, getting halfway down the pitch and being sent back and falling well short of his ground as the bowler's throw rattled into the stumps.
In an emotional final day of the series, Tendulkar was later awarded the Man-of-the-match award for his scintillating first innings century and praised by Cricket Australia chairman Creagh O'Connor for his achievements down under.
Sehwag, who had never previously made a second innings hundred, was the one batsman to score freely on a wicket that became increasingly slow and difficult to time the ball on.
He lofted Brad Hogg for a huge six over long-on and then drove the next ball through the covers for four.
In the ninth over after lunch, with India's lead 125, Sourav Ganguly drove a near yorker length ball from Johnson to short cover, and the third umpire confirmed that the catch was clean and not a 'bump ball.'
606: DEBATE
I don't think any other country would have stretched the Aussies as much as India did
CT
VVS Laxman succumbed to a short one from Lee that he gloved to Gilchrist down the leg-side, while Mahendra Dhoni drove a wide, full length delivery from the paceman that was snaffled brilliantly one-handed by Matthew Hayden in the gully.
With Dravid and RP Singh unable to bat, it was important that Sehwag remained, and he played in the responsible fashion some of his critics felt he was unable to.
India were content to consolidate and there were no boundaries in the 25 overs between lunch and tea, but Sehwag reached 150 with a fluent drive through to the cover boundary.
In the next over, however, he feathered a catch off Andrew Symonds to give Gilchrist his 379th and final catch in Test cricket.
The match continued for a further 12 overs, during which Ponting defied his troublesome back to pouch a Harbhajan Singh drive above his head at mid-off.
But with India 232 ahead there was to be no dramatic run chase that all Australians - and a great many other cricket followers around the world - were hoping would have been led by Gilchrist.
It did, however, give the opportunity for the players and the crowd to show their appreciation for a great cricketer.
Australia 563 drew with India 526 & 269-7
Scorecard
Adam Gilchrist
Gilchrist is given an affectionate welcome for his final day in Tests
The fourth and final Test in Adelaide ended in a draw as Australia secured a 2-1 series victory against India.
With captain Ricky Ponting off the field because of a back problem, Adam Gilchrist fittingly captained the side for part of his final day of Test duty.
But India opener Virender Sehwag struck magnificent 151, featuring two sixes, to lead the tourists to safety after they resumed eight ahead at 45-1.
Sehwag batted until deep into the final session as India reached 269-7.
Australia were confident of giving Gilchrist a farewell victory, and their hopes increased when two of India's key batsmen departed in unusual fashion in the opening session.
Firstly Rahul Dravid was struck painfully on the finger by a lifting ball from Brett Lee in the fifth over of the morning.
The former skipper made no addition to his overnight 11 and was forced to leave the field shortly after sustaining his injury.
Then Sachin Tendulkar, in what is sadly likely to be his last Test innings in Australia, was run-out attempting a poorly judged single shortly before lunch.
Virender Sehwag
Sehwag defied the tricky batting surface to score a superb century
Tendulkar got off the mark with a stylish cover drive for four but had made only 13 before pushing Mitchell Johnson into the leg-side, getting halfway down the pitch and being sent back and falling well short of his ground as the bowler's throw rattled into the stumps.
In an emotional final day of the series, Tendulkar was later awarded the Man-of-the-match award for his scintillating first innings century and praised by Cricket Australia chairman Creagh O'Connor for his achievements down under.
Sehwag, who had never previously made a second innings hundred, was the one batsman to score freely on a wicket that became increasingly slow and difficult to time the ball on.
He lofted Brad Hogg for a huge six over long-on and then drove the next ball through the covers for four.
In the ninth over after lunch, with India's lead 125, Sourav Ganguly drove a near yorker length ball from Johnson to short cover, and the third umpire confirmed that the catch was clean and not a 'bump ball.'
606: DEBATE
I don't think any other country would have stretched the Aussies as much as India did
CT
VVS Laxman succumbed to a short one from Lee that he gloved to Gilchrist down the leg-side, while Mahendra Dhoni drove a wide, full length delivery from the paceman that was snaffled brilliantly one-handed by Matthew Hayden in the gully.
With Dravid and RP Singh unable to bat, it was important that Sehwag remained, and he played in the responsible fashion some of his critics felt he was unable to.
India were content to consolidate and there were no boundaries in the 25 overs between lunch and tea, but Sehwag reached 150 with a fluent drive through to the cover boundary.
In the next over, however, he feathered a catch off Andrew Symonds to give Gilchrist his 379th and final catch in Test cricket.
The match continued for a further 12 overs, during which Ponting defied his troublesome back to pouch a Harbhajan Singh drive above his head at mid-off.
But with India 232 ahead there was to be no dramatic run chase that all Australians - and a great many other cricket followers around the world - were hoping would have been led by Gilchrist.
It did, however, give the opportunity for the players and the crowd to show their appreciation for a great cricketer.
Indonesia bird flu deaths hit 100
The human death toll from bird flu in Indonesia has risen to 100 - almost half of the total worldwide fatalities.
Two Indonesians from the outskirts of Jakarta succumbed to the H5N1 strain of the disease over the weekend, said Joko Suyono of the National Bird Flu Centre.
Indonesia is the nation worst affected by bird flu and has struggled to contain the virus.
Since the H5N1 virus emerged in South East Asia in late 2003, it has claimed more than 220 lives around the world.
Suyono said a nine-year-old boy and a 23-year old woman had died from the disease over the weekend.
"The woman died yesterday [Sunday] but we just received the results that she's positive with bird flu," Suyono told AFP news agency.
"The total number of deaths is now 100 out of 124 positive cases."
Indonesia is one of the only countries to log human deaths year-round.
Almost all infected people are thought to have contracted the disease from poultry.
But scientists fear the virus could mutate into a form which could be easily passed from human to human, triggering a pandemic and potentially putting millions of lives at risk.
Two Indonesians from the outskirts of Jakarta succumbed to the H5N1 strain of the disease over the weekend, said Joko Suyono of the National Bird Flu Centre.
Indonesia is the nation worst affected by bird flu and has struggled to contain the virus.
Since the H5N1 virus emerged in South East Asia in late 2003, it has claimed more than 220 lives around the world.
Suyono said a nine-year-old boy and a 23-year old woman had died from the disease over the weekend.
"The woman died yesterday [Sunday] but we just received the results that she's positive with bird flu," Suyono told AFP news agency.
"The total number of deaths is now 100 out of 124 positive cases."
Indonesia is one of the only countries to log human deaths year-round.
Almost all infected people are thought to have contracted the disease from poultry.
But scientists fear the virus could mutate into a form which could be easily passed from human to human, triggering a pandemic and potentially putting millions of lives at risk.
Finger injury likely to put Dravid out
Rahul Dravid [Images] is likely to be out of action for the next couple of weeks following a hair-line fracture to his right middle finger on the fifth and final day of the fourth Test in Adelaide on Monday.
Dravid sustained the injury when he was hit on the glove by a Brett Lee [Images] bouncer. The Indian middle order batsman received on-field treatment from physio John Gloster and decided to leave the ground early to be taken for an X-ray.
He spent the day using ice-cubes to heal the finger, but a final report is still awaited.
The Indian middle-order batsman, who has been ignored for the upcoming one-day tri-series, is expected to be fit for the home series against South Africa, starting in March.
Dravid sustained the injury when he was hit on the glove by a Brett Lee [Images] bouncer. The Indian middle order batsman received on-field treatment from physio John Gloster and decided to leave the ground early to be taken for an X-ray.
He spent the day using ice-cubes to heal the finger, but a final report is still awaited.
The Indian middle-order batsman, who has been ignored for the upcoming one-day tri-series, is expected to be fit for the home series against South Africa, starting in March.
Sunday, January 27, 2008
How to invest safely: 5 great tips
You may have stood outside, watched the dancers and wondered when was a good time to join the equity party. You may have taken a step forward, heard the thunderous music and then jumped backwards.
With the indices marking record highs in 2007, the equity party was certainly one where latecomers were kept out. Even as the party continues to be loud, don't be afraid to join in. But, be careful and don't get swept off your feet.
As the new year begins, let safety be your resolution. Outlook Money defines five ways of making equity investing safer.
1. Pick 'safe' stocks. Stock picks are paramount in any kind of market, and especially so in a market like ours that has had a significant run up. The market is now trading at around 20 times one-year forward earnings, an unprecedented level. Even at the best of times earlier, valuations have not exceeded 16 times one-year forward earning.
The first mistake to avoid is to assume that the cheapest way to enter this market is through initial public offers.
Says Gaurav Mashruwala, a Mumbai-based financial planner: "Many people say that the market is too expensive and putting money in an IPO would be cheaper. That is a wrong strategy. Companies just getting listed are more risky than established blue-chips."
The safest way to enter the market is by investing in large companies, ideally those that are part of the market index.
Once you gain some experience, you can diversify. Even then, it's better to stick to well-known players. Try and get research reports from reputed brokers. Learn to read balance sheets and understand the industry the company operates in. Ignore hype and, most importantly, do not depend on 'market tips' your friend always gives.
Another important factor to investing safely is knowing when to sell.
2. Read between the lines. Beware of hype. One of the recent trends to emerge from trading patterns in the last few months is that delivery-based transactions are sometimes less than half of actual volumes in the market.
This indicates that the price rise in a lot of stocks is purely speculative and not backed by any fundamentals. This is true even for large-cap, well-known stocks.
Try and understand the reason why certain scrips are gaining. Check data from the exchanges.
If volumes for delivery constitute a major portion of trades transacted during a period, it indicates genuine buying and selling. If only day traders or speculators are interested in the stock, you may be buying into an artificial demand.
As the Sensex reaches unthinkable levels, massive volatility is par for course. Do not get caught on the wrong foot.
3. Do not over-leverage. You had a good run last year and have substantially improved your portfolio. You wish you had more funds to make an even bigger killing. Your broker suggests margin trading. At just 10 per cent of the investment you get to take a position on a stock that is definitely going up. Sounds great? Well, resist.
Even brokers are of the opinion that the current market is not one for retail investors to try and test their skills in.
As our bourses get increasingly aligned to foreign ones, short-term market movements will be driven by forces we cannot foresee or predict. Avoid buying stocks to trade them in a few days, and even more importantly, avoid over-leveraging yourself.
If your call goes wrong and you have utilised the margin trading facility, you will have to cough up the remaining 90 per cent overnight. You may have to liquidate other investments or even borrow at a higher cost to cover up the losses.
"Margin trading is not safe even in the most placid of market conditions. Though we do offer this facility, it is inadvisable to use it in the current market conditions. In 2008, we expect more volatility, not ideal conditions for a novice to leverage market positions," says the head of a large broking house.
4. Be vigilant. As more investors are entering the market, regulators, exchanges and depositories have been tightening the rules. However, this does not mean that all fraud is eliminated. Choose your broker carefully. If you are picking the stocks yourself, then you can go with the cheapest broker. If you are going to rely on your broker for investment advice, then choose one that has the best research capability.
Even if you have picked a reputed broker, be vigilant. After every buy or sell transaction, check your contract note. It should have the order number, trade number, trade time, quantity, price and brokerage, and should be signed by the authorised persons.
If you have an online broker, check your depository participant status. Shares must reach you on the second day after you have put in your buy order and cash must be in your account the second day after you sell.
Keep a daily check on your DP account even if you have not transacted. Sometimes brokers move your shares to their common pool and transact on them. Call them and ensure that they reverse this. If a record date for dividend payment has been set on the day your broker does this, you may lose the dividends.
5. Be diligent. The best way to ensure the safety of your money is to be diligent. Get yourself organised and keep your papers in order. If you are applying for an IPO, keep a copy of your application form and cheque.
If you are buying and selling through a broker, check your contract notes and file them away safely. If you have all your documents in one place, it is easy for you to spot fraud and take action against it.
Market regulator Securities and Exchange Board of India as well as the Bombay and National Stock Exchanges have investor complaint cells. You can write to them and follow up to ensure that action is taken against the broker or the registrar if you face problems with your transactions or IPO allotment. But, for this, you need to have all your evidence in place and in the right order.
Stockmarket investing is fraught with risks and not for the faint hearted. But facing the risk of an intelligent and calculated transaction going wrong is one thing, and having to lose your money because of greed or laxity is another.
If 2006 was a year when even your pet dog could stock pick and make a decent profit, 2007 has taught us that, ultimately, markets favour the intelligent. Indications are that 2008 will teach us more of this. Brace yourself and enjoy the party.
With the indices marking record highs in 2007, the equity party was certainly one where latecomers were kept out. Even as the party continues to be loud, don't be afraid to join in. But, be careful and don't get swept off your feet.
As the new year begins, let safety be your resolution. Outlook Money defines five ways of making equity investing safer.
1. Pick 'safe' stocks. Stock picks are paramount in any kind of market, and especially so in a market like ours that has had a significant run up. The market is now trading at around 20 times one-year forward earnings, an unprecedented level. Even at the best of times earlier, valuations have not exceeded 16 times one-year forward earning.
The first mistake to avoid is to assume that the cheapest way to enter this market is through initial public offers.
Says Gaurav Mashruwala, a Mumbai-based financial planner: "Many people say that the market is too expensive and putting money in an IPO would be cheaper. That is a wrong strategy. Companies just getting listed are more risky than established blue-chips."
The safest way to enter the market is by investing in large companies, ideally those that are part of the market index.
Once you gain some experience, you can diversify. Even then, it's better to stick to well-known players. Try and get research reports from reputed brokers. Learn to read balance sheets and understand the industry the company operates in. Ignore hype and, most importantly, do not depend on 'market tips' your friend always gives.
Another important factor to investing safely is knowing when to sell.
2. Read between the lines. Beware of hype. One of the recent trends to emerge from trading patterns in the last few months is that delivery-based transactions are sometimes less than half of actual volumes in the market.
This indicates that the price rise in a lot of stocks is purely speculative and not backed by any fundamentals. This is true even for large-cap, well-known stocks.
Try and understand the reason why certain scrips are gaining. Check data from the exchanges.
If volumes for delivery constitute a major portion of trades transacted during a period, it indicates genuine buying and selling. If only day traders or speculators are interested in the stock, you may be buying into an artificial demand.
As the Sensex reaches unthinkable levels, massive volatility is par for course. Do not get caught on the wrong foot.
3. Do not over-leverage. You had a good run last year and have substantially improved your portfolio. You wish you had more funds to make an even bigger killing. Your broker suggests margin trading. At just 10 per cent of the investment you get to take a position on a stock that is definitely going up. Sounds great? Well, resist.
Even brokers are of the opinion that the current market is not one for retail investors to try and test their skills in.
As our bourses get increasingly aligned to foreign ones, short-term market movements will be driven by forces we cannot foresee or predict. Avoid buying stocks to trade them in a few days, and even more importantly, avoid over-leveraging yourself.
If your call goes wrong and you have utilised the margin trading facility, you will have to cough up the remaining 90 per cent overnight. You may have to liquidate other investments or even borrow at a higher cost to cover up the losses.
"Margin trading is not safe even in the most placid of market conditions. Though we do offer this facility, it is inadvisable to use it in the current market conditions. In 2008, we expect more volatility, not ideal conditions for a novice to leverage market positions," says the head of a large broking house.
4. Be vigilant. As more investors are entering the market, regulators, exchanges and depositories have been tightening the rules. However, this does not mean that all fraud is eliminated. Choose your broker carefully. If you are picking the stocks yourself, then you can go with the cheapest broker. If you are going to rely on your broker for investment advice, then choose one that has the best research capability.
Even if you have picked a reputed broker, be vigilant. After every buy or sell transaction, check your contract note. It should have the order number, trade number, trade time, quantity, price and brokerage, and should be signed by the authorised persons.
If you have an online broker, check your depository participant status. Shares must reach you on the second day after you have put in your buy order and cash must be in your account the second day after you sell.
Keep a daily check on your DP account even if you have not transacted. Sometimes brokers move your shares to their common pool and transact on them. Call them and ensure that they reverse this. If a record date for dividend payment has been set on the day your broker does this, you may lose the dividends.
5. Be diligent. The best way to ensure the safety of your money is to be diligent. Get yourself organised and keep your papers in order. If you are applying for an IPO, keep a copy of your application form and cheque.
If you are buying and selling through a broker, check your contract notes and file them away safely. If you have all your documents in one place, it is easy for you to spot fraud and take action against it.
Market regulator Securities and Exchange Board of India as well as the Bombay and National Stock Exchanges have investor complaint cells. You can write to them and follow up to ensure that action is taken against the broker or the registrar if you face problems with your transactions or IPO allotment. But, for this, you need to have all your evidence in place and in the right order.
Stockmarket investing is fraught with risks and not for the faint hearted. But facing the risk of an intelligent and calculated transaction going wrong is one thing, and having to lose your money because of greed or laxity is another.
If 2006 was a year when even your pet dog could stock pick and make a decent profit, 2007 has taught us that, ultimately, markets favour the intelligent. Indications are that 2008 will teach us more of this. Brace yourself and enjoy the party.
Bird flu spreads to two more districts in West Bengal
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Bird flu [Images] was detected in South 24 Parganas and West Midnapore on Sunday, taking the number of affected districts to 13 in West Bengal. Authorities of the two districts confirmed the spread of avian flu and told PTI that culling operations would begin on Monday.
West Midnapore District Magistrate N S Nigam said samples of chicken sent from Chakbelcha village in Debra block of Kharagpur subdivision had tested positive.
In South 24 Parganas, the disease tested positive in Budge Budge, District Magistrate Sanghamitra Ghosh said.
Nigam said 40 teams would start culling operations within five km radius of Chakbelcha on Monday.
Meanwhile, bird flu spread to Baro Khalasamari at Mathabhanga block in affected Coochbehar district, where the disease had hit four villages in Dinhata bocks I and II. In the affected district of Howrah, avian flu spread to Panchla in addition to Sankrail. Reports from the district said a fox and other birds like falcon were found dead there.
Over 15.75 lakh hens and cocks have already been culled so far out of the target of 22 lakh in 11 districts and 1.25 lakh had died, West Bengal Animal Resources Development Minister Anisur Rehman said. "The rest of the birds would be culled on Monday," he said.
With the disease now virtually knocking at Kolkata's doors after spreading in Howrah, Rehman told PTI that poultry products from the affected areas would not be allowed to enter the city. The fear has aggravated since the spread to South 24 Parganas, part of which form the city's suburbs, and Kolkata Municipal Corporation has formed eight teams to monitor the situation in the city.
State Finance Minister Asim Dasgupta said the government would provide financial and other help to five lakh families, who have lost their poultry in the culling operation, and waive their loans.
"As the five lakh families whose birds have been culled cannot start their business for the next three months, we have decided to give each of them Rs 500 as one time relief. For this we need Rs 25 crore," he told a press conference. "We will try to compensate the entire loss directly and indirectly to all the affected families," he added.
The affected districts are South 24 Parganas, West Midnapore, Birbhum, South Dinajpur, Murshidabad, Nadia, Burdwan, Bankura, Malda, Coochbehar, Hooghly, Purulia and Howrah. Culling was over in Hooghly, Burdwan, Bankura, South Dinajpur and Nadia districts.
Djokovic tames Tsonga for first Slam
Third seed Novak Djokovic overcame a leg injury to win his first Grand Slam title with a 4-6, 6-4, 6-3, 7-6 victory over unseeded Frenchman Jo-Wilfried Tsonga in the Australian Open final on Sunday.
Djokovic, who became the first Serbian man to win a Grand Slam singles crown, received court-side treatment during the fourth set.
He had been labouring after chasing down a Tsonga drop-shot in the fifth game of the set and was forced to call for the trainer.
- Images from the final | Melbourne Snapshots
The 20-year-old, however, did not seem to be hampered by the injury when he returned and neither man was able to break serve in the fourth set.
The unseeded Frenchman had a break point in the 11th game but wasted the opportunity when Djokovic calmly put away a cross-court volley.
The Serb held and so did Tsonga to force the tiebreak.
But Djokovic, who lost last year's U.S. Open final to Roger Federer [Images], upped his game in the tiebreak, taking two points on Tsonga's serve and he sealed it 7-2 when the Frenchman's forehand sailed wide.
SURPRISE LEAD
Tsonga, bidding to become just the second Frenchman to win a grand slam singles title in the Open era, had taken a surprise one-set lead when he recovered from losing the first game of the match to break Djokovic in the second and 10th games.
Both players held serve in the second set until Djokovic broke in the seventh game and he went on to level the match.
Djokovic then stepped up a gear in the third when he broke the 22-year-old in the third game.
The pair traded service games with neither really threatening to break until the final game of the third set.
The Serb took a 0-40 lead to give him three break points, which Tsonga saved.
Djokovic created three more set points, all of which he wasted, before making no mistake on his seventh opportunity to take the set 6-3.
List of Australian Open men's champions (till 1990)
2008 Novak Djokovic (Serbia) beat Jo-Wilfried Tsonga (France [Images]) 4-6 6-4 6-3 7-6
2007 Roger Federer (Switzerland [Images]) beat Fernando Gonzalez (Chile) 7-6 6-4 6-4
2006 Roger Federer (Switzerland) beat Marcos Baghdatis (Cyprus) 5-7 7-5 6-0 6-2
2005 Marat Safin [Images] (Russia [Images]) beat Lleyton Hewitt [Images] (Australia) 1-6 6-3 6-4 6-4
2004 Roger Federer (Switzerland) beat Marat Safin (Russia) 7-6 6-4 6-2
2003 Andre Agassi [Images] (US) beat Rainer Schuettler (Germany [Images]) 6-2 6-2 6-1
2002 Thomas Johansson (Sweden) beat Marat Safin (Russia) 3-6 6-4 6-4 7-6
2001 Andre Agassi (US) beat Arnaud Clement (France) 6-4 6-2 6-2
2000 Andre Agassi (US) beat Yevgeny Kafelnikov (Russia) 3-6 6-3 6-2 6-4
1999 Yevgeny Kafelnikov (Russia) beat Thomas Enqvist (Sweden) 4-6 6-0 6-3 7-6
1998 Petr Korda (Czech Republic) beat Marcelo Rios (Chile) 6-2 6-2 6-2
1997 Pete Sampras (US) beat Carlos Moya [Images] (Spain) 6-2 6-3 6-3
1996 Boris Becker (Germany) beat Michael Chang (US) 6-2 6-4 2-6 6-2
1995 Andre Agassi (US) beat Pete Sampras (US) 4-6 6-1 7-6 6-4
1994 Pete Sampras (US) beat Todd Martin (US) 7-6 6-4 6-4
1993 Jim Courier (US) beat Stefan Edberg (Sweden) 6-2 6-1 2-6 7-5
1992 Jim Courier (US) beat Stefan Edberg (Sweden) 6-3 3-6 6-4 6-2
1991 Boris Becker (Germany) beat Ivan Lendl (Czechoslovakia) 1-6 6-4 6-4 6-4
1990 Ivan Lendl (Czechoslovakia) beat Stefan Edberg (Sweden) 4-6 7-6 5-2 retired
Saturday, January 26, 2008
Pakistan nuclear sites on alert
Pakistan has raised the state of alert around its nuclear facilities amid concerns they could be targeted by Islamist militants.
But a senior Pakistan military official said there had been no specific threat to the sites, and insisted that safeguards in place were fool proof.
The official was speaking in a rare press briefing on the issue.
It followed Western media reports warning that Pakistan's nuclear weapons could fall into the wrong hands.
The Pakistani authorities have been angered by Western media reports speculating that the country?s nuclear arsenal could fall into the hands of al-Qaeda militants.
The senior military official briefing foreign journalists said that the weapons were protected by an elaborate command and control system, and multiple levels of security.
'No collusion'
He acknowledged that Islamic militants had begun to attack army personnel in recent months, and that nuclear sites may also become a target.
He said the state of alert around nuclear facilities had increased, but there had been no specific threats against them.
The official said there was no way the Taleban or al-Qaeda could take over Pakistan?s estimated 50 nuclear warheads.
And he dismissed the possibility of collusion from within the system, saying all personnel dealing with sensitive material had been carefully monitored.
Despite fears raised by US media and politicians, the official said the US administration had not shown any recent concern about the safety of Pakistan?s nuclear weapons.
He also said any foreign intervention over the issue would be disastrous for the intruder.
Satellite could plummet to Earth
A "large" US spy satellite has gone out of control and is expected to crash to Earth some time in late February or March, government sources say.
Officials speaking on condition of anonymity said the satellite had lost power and propulsion, and could contain hazardous materials.
The White House said it was monitoring the situation.
A spokesman said "numerous" satellites had come out of orbit and fallen back to Earth harmlessly over the years.
"We are looking at potential options to mitigate any possible damage this satellite may cause," said Gordon Johndroe, who speaks for the US National Security Council.
Questioned by The Associated Press, he would not be drawn on whether the US would try to destroy the satellite, perhaps with a missile.
An unnamed official quoted by AP said the US government was keeping lawmakers and other countries abreast of the situation.
Fuel hazard
The satellite contains the rocket fuel hydrazine, a government official told AP on condition of anonymity.
A colourless liquid with an ammonia-like odour, the fuel is a toxic chemical and can cause harm to anyone who comes in contact with it.
John Pike, director of the defense research group GlobalSecurity.org, said an uncontrolled re-entry could risk exposure of US secrets.
Spy satellites typically are disposed of through a controlled re-entry into the ocean so that no one else can access the spacecraft, he was quoted by AP as saying.
The military expert believes that shooting the satellite down would create debris that would then re-enter the atmosphere and burn up or hit the ground.
In his estimate, the satellite weighs about 20,000 pounds (9,072kg) and is the size of a small bus.
It is possible, he adds, that this one died as long as a year ago and is just now getting ready to re-enter the atmosphere.
Another expert, Jeffrey Richelson of the National Security Archive, said the satellite is probably a photo reconnaissance satellite.
Into the ocean
AP notes that the largest uncontrolled re-entry by a US space agency (Nasa) craft was Skylab.
The 78-tonne abandoned space station fell from orbit in 1979.
Its debris dropped harmlessly into the Indian Ocean and across a remote section of western Australia, the US news agency says.
In 2002, officials believe debris from a 7,000-pound (3,175-kg) science satellite hit the Earth's atmosphere.
It rained down over the Persian Gulf, a few thousand miles from where they first predicted it would crash.
Body of student, killed in US, arrives
Tears rolled down from the eyes of Sitaram Mahto and Aarti Mahto as soon the body of their only son, Abhijit Mahto, who was shot dead near the Duke University Campus in Durham, USA, on January 18, arrived at their home in Saraikela-Kharswan district on Saturday.
Twenty-nine year-old Abhijit, a second year Ph D student in Duke's Pratt school of Engineering, was found in a pool of blood in his apartment on Anderson Street near the university campus by his local guardian on January 19.
Abhijit's body was brought to Gamariah, 20 km from Jamshedpur, by road after it reached Ranchi via Delhi on Saturday afternoon. The state government had made arrangements to bring the body.
Family members and relatives broke down as soon as Abhijit's body was taken inside the home for performing the rituals before taking it for cremation at Parvati Ghat in Bistupur, Jamshedpur.
The body, which was kept in a coffin and was brought in an ambulance from Ranchi, was kept at home over an hour for people to pay their tribute.
Road traffic on the main thoroughfare in Gamariah came to a standstill as huge crowd thronged near his house to have a glimpse of the body.
People from all walks of life, including politicians, top civil and police officials, took part in the funeral procession.
Abhijit's 13-year-old nephew Manik Chandra Mahto lit the funeral pyre.
President Kalam's Republic Day agenda
When Rediff.com requested former President A P J Abdul Kalam to compose a Republic Day message for our readers, he promptly sent us this piece, which we are honoured to publish:
Dear friends, let me share with you a seven-point resolve on the occasion of ensuing Republic Day 2008:
1. Wherever I am, a thought will always come to my mind -- *What can I give?*
2. Whatever the mission I will do, my motto will be *to work with integrity and succeed with integrity.*
3. I will always remember that *my winged days, be not spent in vain*.
4. I realise I have to set a great goal that will *lead me to think high*, work and realise the goal.
5. My greatest friends will be *great human beings, great teachers and great books*.
6. I will firmly believe that no problem can defeat me; *I will become the captain of the problem, defeat the problem and succeed.*
7. My National Flag flies in my heart and I will bring glory to my nation.
France confers highest civilian honour on Narayanamurthy
Infosys [Get Quote] mentor N R Naryanamurthy was on Saturday conferred with the Officer of the Legion of Honour, the highest civilian distinction of the Government of France [Images].
The French honour for Narayanamurthy comes on a day when he was chosen for Padma Vibhushan, the second highest civilian award of the country.
French Minister of Higher Education and Research Valerie Pecresse bestowed the honour to the "most admired business leader" of India at a glittering function in New Delhi on Saturday evening.
Created in 1802 by Napoleon Bonaparte, the Legion of Honour is the highest civilian distinction that can be conferred in France regardless of the social status or the nationality of the recipients.
Pecresse acknowledged the humble beginnings of Infosys, which was co-founded by Narayanamurthy in 1981 along with six friends and 215 dollars in the pocket.
"Infosys, which employs over 82,000 staff, is a shining example of development in India," she said.
Accepting the distinction, Narayanamurthy said he was extremely grateful to the government of France for honouring him and said he will try and work harder.
Narayanamurthy, who pursued higher studies in France, said it was a country he loves most after India.
"Today is a very important day. I read in the newspapers on Saturday morning that I had been chosen for the Padma Vibhushan award. It was a pleasant surprise," he said.
Friday, January 25, 2008
Worldwide share jitters continue
Global stocks were mixed on Friday, ending two straight days of solid rises as concerns returned about the state of the worldwide financial sector.
While the main US share indexes fluctuated between small rises and falls in lunchtime trading on Wall Street, European stocks ended lower.
London's FSTE closed down 6.8 points to 5,869, while Frankfurt's Dax lost 4.3 points and Paris' Cac fell 37 points.
Analysts said sentiment was hit by reports a hedge fund was in trouble.
America's main Dow Jones index was up just six points by noon in New York.
Reports said that one of the main US hedge funds was in financial difficulty, but no names have been suggested.
US economic plan
Global stocks had risen earlier on Friday as investors welcomed the previous day's announcement of a US government plan to spend $150bn (£76bn) reviving the country's economy.
Strong earnings from Microsoft and building equipment firm Caterpillar had also helped to lift the mood, with Japan's main Nikkei index closing up 4%.
On Monday, stock markets from Japan to the UK were heavily sold on growing fears that the US would fall into a recession and drag down other key economies too.
In many markets, the falls were the worst since the 11 September 2001 attacks on the US.
The resulting turmoil prompted the Fed, the US central bank, to cut US rates to 3.5% from 4.25%.
Analysts now expect more volatility in the short term.
"We expect sharp gains and losses in the next few days and weeks," said Heinz-Gerd Sonnenschein, a strategist at Postbank in Germany.
"The US has done many things to stabilise the market, but all the bad news is not yet out there."Century a tribute to Bradman: Tendulkar
Sachin Tendulkar [Images] on Thursday described his 80th international century, which came at the home ground of Sir Don Bradman, a tribute to the Australian legend.
Tendulkar hit an unbeaten 124 on day one of the fourth and final Test against Australia at the Adelaide Oval, which has not been a happy hunting ground for him.
"It hasn't been a great ground [for me], so I was determined to get a big one," he said.
"It also happens to be Sir Don's home ground so I think it was a tribute to Sir Don," he was quoted as saying by the Australian Associated Press.
Bradman, who died in February 2001, had in an interview once remarked that Tendulkar reminded him of how batted.
Tendulkar was also touched by the Adelaide crowd which congratulated him after the ton, his 39th in Test cricket.
"It's truly special and very overwhelming. Sometimes I need to look at the scoreboard to figure out if I'm batting 100 plus or whether I'm on zero, so the ovation has been truly fantastic, it is a special one and it has made my trip very, very special," he said.
Djokovic ends Federer's reign in Melbourne
Roger Federer's [Images] invincibility was pierced, then pummelled and finally pulled apart at Melbourne Park on Friday, the world number one brutally ejected from the Australian Open semi-finals by Novak Djokovic.
- Images | Bhupathi-Sania in mixed final
The Swiss champion and top seed fell 7-5, 6-3, 7-6 ending his bid to reach an 11th consecutive Grand Slam final. Instead Djokovic will face muscular Frenchman Jo-Wilfried Tsonga in Sunday's showpiece.
Where third seed Djokovic was thunderous, Federer was ponderous.
"It's unbelievable to beat the number one player in the world, probably the best this court has seen," Djokovic beamed.
"I am very proud."
This defeat was Federer's first in straight sets at a grand slam since he lost to Gustavo Kuerten in the 2004 French Open.
The holder of 12 grand slam crowns, his chase of Pete Sampras's record 14 is now on ice until the 2008 French Open begins in May.
Djokovic was simply too strong, too steady. Where Federer inched past Djokovic in the last grand slam final -- the US Open last September -- this time the Serb was always a nose ahead.
DICTATED PLAY
More aggressive throughout, the world number three dictated play from the off.
"It's very difficult to play against a player who is so dominant on any surface," Djokovic said.
"He has been so successful in the last couple of years in Australia and he had the crowd behind him. I am amazed at the way I coped with the pressure and I played my best tennis."
Friday night marked Federer's 15th straight appearance in a grand slam semi-final. Not once in those previous 14 has he put in such a low-key performance.
Seemingly distracted, slow off the mark and uncharacteristically cranky with the umpire he was there for the taking.
Djokovic did not need more than one invitation.
It was the Swiss who grabbed the first break of the match but it was more a case of Djokovic needing to settle than Federer's superiority.
From trailing 5-3, the Serb reeled off the next four games to clinch the set in 45 minutes.
Djokovic broke for 3-1 in the second set, chasing down a glanced backhand volley and flicking it down the line before pounding his chest with his fist.
He held a set point while leading 5-3 but Federer saved that with a rapier forehand down the line.
SHANKING SHOTS
Djokovic received a time warning immediately afterwards but immediately crunched a forehand winner to bring up a second set point which he took with his fourth ace before glaring at the umpire.
Federer is not the type to give up and raced into three break points for a 2-0 lead in the third set but Djokovic saw them all off with mighty serving.
A step off the pace and shanking shots off his frame, Federer looked in deep trouble.
The pair were neck-and-neck throughout the third set.
Federer got a break point at 6-5 up but Djokovic held with a big serve to the backhand. The Swiss earned another a moment later with a sweeping piledriver of a forehand cross-court but again a big serve followed by a forehand winner saved the Serb.
His 13th ace silenced Federer and a clever drop-shot-volley combination forced the tiebreak.
Federer grabbed the first mini-break for a 2-0 lead in the tiebreak by forcing his way to the net but Djokovic would not be denied, punching back and clinching it 7-5 to seal victory after two hours and 28 minutes.
France the best friend of India: Sarkozy
Pitching for a greater role for India in global affairs, French President Nicholas Sarkozy on Thursday favoured its inclusion in the expanded UN Security Council and G-8 to give New Delhi its "rightful place" in the changed world order.
On a two-day visit, he also sought India's "help" in convincing Iran that the "path it has adopted (on nuclear programme) has a dead-end''.
At an interaction with business leaders of the two countries here, the visiting President in a charm offensive asserted that France [Images] was the "best friend of India" as he sought greater all-round partnership.
Keeping aside his prepared speech, the visiting President spoke extempore "from the heart", saying it was in the interest of the world to engage a country like India.
Rejecting the 20th century world order, Sarkozy saw a new 21st century international order where India has its "rightful place" with a permanent membership of the UN Security Council and a member of expanded G-8 bloc of industralised countries.
"I do not see how we can wait and wait for the reform of the UNSC.... We have to increase the seats and India has to be a member,'' he underlined.Anti-ballistic missile system to be operational in three years.
Sachin, Madhuri, Pranab in Padma awards list
India's top civilian awards were announced on Friday.
External Affairs Minister Pranab Mukherjee and star cricketer Sachin Tendulkar have been chosen for the Padma Vibhushan awards.
Other noted personalities to be bestowed with the Padma Vibhushan include noted playback singer Asha Bhosle, chess wizard Viswanathan Anand, mountaineer Edmund Hillary (posthumously) and industrialists Ratan Naval Tata, Infosys [Get Quote] mentor N R Narayana Murthy, steel tycoon Lakshmi Narayan Mittal and hotelier P R S Oberoi.
Nobel prize [Images] winner and noted environmentalist R K Pachauri, Delhi Metro Chief E Sreedharan, former bureaucrat P N Dhar and former Chief Justice of India Justice A S Anand complete the list of 13 personalities to be awarded the country's second highest civilian award.
Thirty-five Padma Bhushan and 71 Padma Shri awards are also being given this year.
Indian-American astronaut Sunita Williams, Central government's interlocutor for talks with Naga groups and former Home Secretary K Padmanabhaiah, noted commentator Jasdev Singh, DPS R K Puram principal Shyama Chona and ICICI [Get Quote] chief K V Kamath are among those named for Padma Bhushan awards.
Noted French writer Dominique Lapierre, HCL [Get Quote] chief Shiv Nadar, Citibank head Vikram Pandit and former diplomat Chandrashekhar Dasgupta are other Padma Bhushan awardees.
Bollywood actress Madhuri Dixit, Hollywood film maker Manoj Night Shyamalan, actor Tom Alter, UGC chairman Sukhdeo Thorat, FICCI general secretary Amit Mitra, noted footballer Baichung Bhutia and swimmer Bula Chowdhury have been named for Padma Shri awards.
Leading television journalists Barkha Dutt (NDTV), Rajdeep Sardesai (CNN-IBN) and Vinod Dua (NDTV-India), Jammu University Vice Chancellor Amitabh [Images] Mattoo and playback singer Jawahar Wattal are among other Padma Shri awardees.
For the seventh consecutive year, no one has been named for the country's highest civilian award, Bharat Ratna.
Wednesday, January 23, 2008
ODI team selection timing not ideal: Kumble
Indian skipper Anil Kumble [Images] on Wednesday admitted that the timing of announcing the one-day side is far from "ideal" but hoped his axed senior players would shrug off the disappointment to stay focussed for the crucial fourth and final Test against Australia, starting in Adelaide on Thursday.
"[The selection] is not in their hands. I have gone through it, it's not ideal [the announcement of the ODI team in the middle of the Test series] but that's the way. It's a bit disappointing.
"It's not easy on senior players, having said that we would keep our focus on this Test," the ace leg spinner said.
Kumble said the senior players are mature enough to take the exclusion in their stride.
"It's a challenge [to get them around]. People [not selected] would be disappointed but they have played enough cricket to understand, why this [Test] is important for Indian cricket and to stay in the series," he said.
Shockingly Sourav Ganguly [Images], and to a lesser extent Rahul Dravid [Images] and VVS Laxman have been left out of the one-day squad for the tri-series, by the selectors.
Kumble was statesman-like while speaking on the importance of the final and deciding Test.
"It all started here [in 2003-04], it's a special venue for me for India as the last four years have gone well for Indian cricket. Now the opportunity is there for us to level the series."
Kumble also looked at his own revival, starting from the Adelaide game in 2003-04, and conceded this time around it's definitely going to be his final match.
"They said the same [about my last visit to Australia] in 2003. But this time I am sure it's the last time. It's been great so far, we came with a purpose of winning the series in Australia.
"We have held our head high and hopefully we would perform which would [inspire] the Indian teams in future to do what we couldn't achieve here," he said.
Kumble, unsurprisingly, stood up for his tribe -- the bowlers -- and spoke glowingly about their contribution.
"Before we came here, we were asked if we could pick 20 Australian wickets in the series. As a senior most experienced bowler, I am delighted that our young bowling attack has stepped up the plate."
- Special: Laxman returns to haunt Australia
The Indian pace trinity -- R P Singh, Irfan Pathan [Images] and Ishant Sharma -- outshone their Australian counterparts at Perth and Kumble admitted they are undecided on including Harbhajan Singh [Images] on a pitch, which is tipped to help spinners too.
"There are a few possibilities but we would like to take another look at the pitch. It [five bowlers] is an option and that is something we will definitely assess," Kumble said.
There has been a suggestion that Indian fast bowlers could be found out on this pitch where the bounce would not be as big a factor nor would be the breeze.
"I am sure this place offers swing. As for reverse swing [considering the dry conditions at the Adelaide Oval], I would say we are not ignoring the possibility and [bowling coach] Venkatesh Prasad is working hard on it with the boys."
One of India's success story in bowling has been the continued dominance over Ricky Ponting [Images] and Kumble could not hide his glee that his bowlers had been successful in taming one of the greatest batsman of modern era.
"He [Ponting] is definitely a key member of the Australian team. Success against him has allowed us to work on their middle order sooner than what would have been the case.
"It doesn't matter whether it's Harbhajan or Ishant or RP Singh or me. As long as anyone can do the job it's okay."
Kumble also exuded confidence that India's young guns, if nurtured properly, have it in them to take the game forward for the nation.
"Indian team is undergoing transition. That's the key. India certainly has the talent. It's just a matter of ensuring they [the younger lot] get the confidence.
"In four or five years time, I am sure, India would have a good set of players and Indian cricket would move forward," he said.
My mother needs a holiday, says Rahul Gandhi
Congress general secretary Rahul Gandhi [Images] sought the help of the media to create pressure on his mother - party president Sonia Gandhi [Images] - to take a break from work and go on a holiday.
Rahul told rediff.com that his mother always sticks to her guns and accomplishes everything she puts her mind to.
"My sister and I have been trying our level best to persuade her (Sonia) to take a break, keeping her health in mind. But we have not succeeded. Maybe I would take your (media) help to create pressure on her so that she takes a break. She is very firm and once she decides to do a particular thing, nothing can prevent her from doing that," Rahul said.
Sonia Gandhi had to be hospitalised after an asthmatic attack and was admitted to the ICU for several days, raising concerns amongst the Congress leadership.
When informed that Uttar Pradesh chief minister Mayavati was finally visiting the drought-affected region of Bundelkhand, he said that as chief minister of the state, she had every right to do so.
"I have taken up the issue with the Congress president and Prime Minister Dr Manmohan Singh [Images]. I have given my suggestions on how the delivery system may be improved. A central team is going there soon to take stock of the situation and submit its report," he said.
Rahul refused to divulge the contents of his conversation with Bharatiya Janata Party leader L K Advani when the two met recently. "A private conversation is private," he said, adding that the BJP is a political adversary, nothing more.
The All-India Congress Committee general secretary said that the second leg of his tour would begin in the southern states, but may not include Karnataka.
Gandhi said he plans to encourage greater participation from the youth so that they do not feel left out. Rahul, who is being projected by the party as the potential prime minister, said the complaints he was getting were regarding the distance of the political class from young people. "They do not feel a part of politics," he said.
"The general issue is that the youth needs more access to politics, more access to decision-making and a new type of thinking," he added.
Jaffer dropped; Harbhajan, Karthik in 12 for 4th Test
A resurgent India have dropped struggling opener Wasim Jaffer [Images] but are still undecided whether to opt for a five-pronged bowling attack as they go into the fourth and final cricket Test against Australia in Adelaide on Thursday seeking to level the four-match series.
Jaffer, who failed in six innings in the series, was omitted from the shortlisted 12 for the crucial game which India needs to win to square the series 2-2.
Off-spinner Harbhajan Singh [Images], who sat out in Perth, where India recorded one of their greatest overseas victories, and wicketkeeper-batsman Dinesh Karthik [Images] have been named in the 12 but the team management has decided to wait till tomorrow before finalising the playing eleven.
With the Adelaide Oval expected to assist the slow bowlers on the last two days, Harbhajan stands a good chance of playing the match.
The Indians also have the option of going in with a five-pronged bowling attack, in which case Karthik may have to perform the 12th man's duties. But if they stick to the conventional four-man attack, Karthik is almost certain to don the opener's role at the expense of a paceman.
"There are a few possibilities but we would like to take another look at the pitch. It [five bowlers] is an option and that is something we will definitely assess," skipper Anil Kumble [Images] said.
India's unheralded pace trio -- R P Singh, Irfan Pathan [Images] and Ishant Sharma -- were impressive at Perth and it will be a tough call to leave one of them out to accommodate Harbhajan.
The 72-run triumph at Perth will no doubt serve as a tonic for Anil Kumble and his men, who have now proved to be worthy challengers to the champion team, which has been strengthened by the return of opener Matthew Hayden [Images].
The Australians have also not finalised their team composition, but it is likely to be a choice between paceman Shaun Tait, who was far from impressive in Perth, and spinner Brad Hogg [Images].
Captain Ricky Ponting [Images] refused to divulge details about team composition and said he was still to make up his mind on whether to persist with Tait or bring back Hogg.
"We just have to toss up in our head whether the spin is the way to go or do we try and use pace with variable bounce late in the game," he said.
"I think historically spin has probably been the preferred option for the Australian team to play in most conditions around the world."
"But when you have someone like Taity -- a wicket taker like that in the room as well, it gives you lots of options but makes your decision very difficult as well," he added.
But if spin was to be Ponting's option, the Australian skipper said he would try not to put too much pressure on Hogg.
"If he does come in, it's important we make sure he is not under too much pressure because we all do know how hard it is to perform when you do feel like your spot is on the line," Ponting said.
Kumble was confident that some of his senior players, who have been axed from the ODI squad, will keep their focus on the task at hand.
"It's not easy on senior players. Having said that we would keep our focus on this Test," Kumble said.
"It's a challenge [to get them around]. People [not selected] would be disappointed but they have played enough cricket to understand, why this Test is important for Indian cricket and to stay in the series," he said.
The Australians, whose 16-match winning streak was broken in Perth, have a few problems to solve with Hayden and Andrew Symonds [Images] alone passing muster among its top batsmen who, not very long ago, were striking terror in the hearts of opposition bowlers.
Swing has emerged as the big poser for the hosts and they reckon it is the presence of left-handers in their ranks -- five of them are southpaws -- which is helping the cause of India's left-arm swing bowlers.
Ponting is hurt by his first loss as captain on home soil and by the growing din in the media that Australia is no longer invincible.
Not that Australia's bowling worries are less pronounced. Brett Lee [Images] is a class act but Mitchell Johnson has a long way to go and Stuart Clark, despite his accuracy, still cannot run through a side.
Left-arm spinner Hogg has a question mark on his ability because of his tardy spell on the final day of the Sydney Test. This has left Ponting in a bit of dilemma on the final composition of the teamTuesday, January 22, 2008
Another volatile day: Sensex ends down 875 pts
The Sensex opened with a negative gap of 721 points at 16,884 on Tuesday, after the 1,408-point fall on Monday on weak global cues.
The index hit the 10% lower limit at 15,889 within minutes, and trading was suspended for an hour.
The index staged a dramatic recovery on resumption of trading, and zoomed to a high of 17,069.
The index was unable to hold gains as a fresh round of selling saw it slide to a low of 15,332 - down almost 13% (2,273 points) from the previous close.
Fresh buying in the last one-hour of trades saw the Sensex recover once again and finally finish with a loss of 875 points (5% ) at 16,730 - a recovery of 1,398 points from the day's low.
The NSE Nifty slumped to a low of 4,449, down 14.6% (760 points), recovered and ended with a loss of 6% (310 points) at 4,899.
The BSE breadth was extremely negative -- out of 2,454 stocks traded, 2,273 declined, 152 advanced and 29 were unchanged on Tuesday.
Index shakers. . .
- ONGC [Get Quote] crashed nearly 14% to Rs 962.
- ITC and Hindalco [Get Quote] slumped around 9.5% each to Rs 184 and Rs 150, respectively.
- Mahindra & Mahindra plunged over 9% to Rs 611, and Ambuja Cements tumbled 8.5% to Rs 116.
- Cipla and HDFC [Get Quote] shed 8% each at Rs 175 and Rs 2,480, respectively.
- Reliance and Tata Steel [Get Quote] dropped over 7% each to Rs 2,358 and Rs 671, respectively. Hindustan Unilever slipped 6.8% to Rs 186.
- Ranbaxy [Get Quote], Reliance Communications [Get Quote] and BHEL slipped over 6% each to Rs 341, Rs 575 and Rs 1,985, respectively.
. . . and the movers
Most active counters
- Reliance topped the value chart with a turnover of Rs 440.50 crore followed by Reliance Petroleum [Get Quote] (Rs 413.50 crore), Reliance Natural Resources [Get Quote] (Rs 404 crore), Reliance Energy [Get Quote] (Rs 368 crore) and ICICI Bank [Get Quote] (Rs 175 crore).
- Reliance Natural Resources led the volume chart with trades of around 3.74 crore shares followed by Reliance Petroleum (3.09 crore), Ispat Industries [Get Quote] (2.33 crore), IFCI (2.20 crore) and Tata Teleservices [Get Quote] (1.45 crore).
Slight recovery when it re-opened
The stock market re-opened after trading was suspended for one hour at the Bombay Stock Exchange after the benchmark Sensex fell to the low of 15,576.30 within minutes of opening, crossing the circuit limit of 10 per cent.
Early shock
On Monday, the 30-share barometer tumbled by 1,408 points on concerns regarding the American economy going into recession.
The market opened at 16,884.09 points. At the time suspension, the Sensex was quoted at 15,576.30 points, plunging 11.53 per cent from Monday's close.
A similar trend was witnessed at the National Stock Exchange, whose barometer Nifty opened at 5,203.35, and later spiralled downward to a low of 4,569.50, a slide of 12.1 per cent. It was last trading at 4,578.35 points.
If the Nifty falls another 306.93 points and the Sensex another 1,326.63 after the market opens at 10.55AM, then trading will be halted for another two hours, reported NDTV Profit.
This was the fourth instance that the market hit 10% lower circuit. The first time was during the Harshad Mehta scam in 1992, then in 2004, when the NDA lost to the Congress and in October 2007, when the P-Note issue was on. The Sensex lost 25% and the Nifty was down 28% from their life-time highs.
Additional inputs: PTI
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