Friday, November 21, 2008

China-Pak N-cooperation needs NSG approval: US

WASHINGTON: The US has asked China to halt its plan to construct two more nuclear reactors in Pakistan and indicated that any new Sino-Pak cooperation in the atomic field would require "consensus" approval from the NSG, a "difficult" to achieve.

"Although Pakistan's energy needs are real and increasing, we believe Pakistan's proliferation record would make NSG consensus difficult were China to request an exception," State Department Assistant Secretary for Legislative Affairs Matthew Reynolds said in a letter to Democrat Congressman from Massachusetts, Edward J Markey.

Reynolds said Washington has already communicated its "position clearly" to Islamabad and Beijing that the proposed cooperation between the two countries to construct two more nuclear reactors in Pakistan should not move forward.

"We have communicated our position clearly to our Chinese and Pakistani interlocutors at multiple levels in Washington, Beijing, and Islamabad, and have made plain our view that proposed cooperation on Chasma III and IV should not move forward.

The US position is that cooperation on the construction of two new reactors, Chasma III and IV, would be inconsistent with the commitments China made at the time of its adherence to Nuclear Suppliers Group (NSG) guidelines in 2004.

"We also have been in contact with other NSG members, a number of whom have expressed similar concern at the recent reports," the State Department said in the letter, which was made public today.

Reynolds also said that the US has sought and continue to seek clarification from Islamabad and Beijing on this matter.

Markey has been a vocal critic of the Indo-US civil nuclear deal, arguing that Washington's atomic cooperation with New Delhi will send wrong signals to China and Pakistan.

This October, Markey had written the secretary of state Condoleezza Rice, expressing concerns on cooperation between China and Pakistan.

Following Pakistani President Asif Ali Zardari's October trip to Beijing, senior Pakistani officials have announced that Beijing and Islamabad had agreed to expand bilateral civil nuclear cooperation at the Chasma complex, to include the construction of two additional reactors.

"We have sought and continue to seek clarification from Islamabad and Beijing on this matter. In our discussions, both Pakistan and China have defended their long and well- known civil nuclear cooperation," the senior State Department official told Markey.

"Both countries have also affirmed that any new China- Pakistan cooperation would be conducted under International Atomic Energy Agency safeguards and would be consistent with their international commitments," he added.

In 2004, China's representatives detailed in a statement China's ongoing nuclear cooperation with Pakistan that would be "grandfathered" upon China's adherence; nothing in that statement permitted construction of reactors beyond Chasma I and II, the senior US official maintained.

Meanwhile, Markey in a statement asked China not to violate its international obligations by selling new nuclear reactors to Pakistan.

"The United States has clearly stated that such a sale would be against international nonproliferation rules, and I hope other countries stand up to deliver the same message."

"Pakistan is responsible for more nuclear proliferation than any other single country; nuclear cooperation is off the table" he said

Soruce: http://timesofindia.indiatimes.com/?in_leftnav

Army initiates court martial proceedings against 'corrupt' retd Lt Gen

NEW DELHI: In the first-of-its-kind case, the Army on Friday decided to initiate court martial proceedings against a retired Lieutenant-General on corruption charges for allegedly procuring poor quality food items for troops fighting insurgency in Jammu and Kashmir four years ago.

Lt Gen (retd) S K Sahni will be senior-most army officer, serving or retired, to face such disciplinary proceedings under the Army Act.

The court martial proceedings, to be presided over by a senior Lieutenant General, will begin on November 26 at the 11 Corps headquarters in Jalandhar.

The retired officer had served as the Director General (Supplies and Transport) in Army headquarters and retired from that post in 2006. He held the responsibility of supplies to the troops serving across the country.

Under the Army Act, any retired officer could be called back for court martial proceedings for offences committed during his service tenure that had come to light before or after his superannuation.

A court of inquiry probing the charges indicted him along with six other officers including a major general and 2 brigadiers.
The Delhi High Court had earlier rejected Lt Gen Sahni's plea against the disciplinary proceedings, following which the Army invoked laws that provided for action against erring officers even three years after retirement, Army sources said.
After the court orders, the Army headquarters attached him to the 11 Corps headquarters in Jalandhar for pending disciplinary proceedings following an indictment for his acts of omission and commission.
Apart from (retd) Lt Gen Sahni, another army officer (retd) Lt Gen S K Dahiya of Army Service Corps (ASC), had come close to facing court martial proceedings after a court of inquiry indicted him for supplying sub-quality meat to troops.
But he was let off after an administrative action and severe reprimand. He was also denied the post of Director General (Supplies and Transport) despite being the senior most ASC officer.
The Quarter Master General of the Army was given additional charge of Supplies and Transport with a major general appointed as the acting DG(ST).
Soruce: http://timesofindia.indiatimes.com/S_K_Sahni_becomes_first_Lt-Gen_to_face_court_martial/articleshow/3740604.cms

Indira Gandhi's vision saved us from current financial crisis: Sonia Gandhi

NEW DELHI: Congress president Sonia Gandhi on Friday invoked her mother-in-law Indira Gandhi to send a message that but for the former prime minister's "much reviled" bank nationalisation four decades back the country's financial institutions would have been hit by the current global economic crisis.

"Every passing day bears out the wisdom of that decision (bank nationalisation in 1969)," Gandhi said in her address at a conference in New Delhi.

"If you allow me the liberty of showing what is to you the proverbial 'red rag to bull', Let me take you back to Indira Gandhi's much reviled bank nationalisation of 40 years ago," she told the distinguished gathering.

Gandhi went on to say that "Our prudence has been marked in the case of the financial sector.”

Lauding the public sector financial institutions, Gandhi said they have given the country's economy the stability and resilience we are witnessing in the face of the economic slowdown.

Prudence implies ensuring an economic system that imposes clear, fair rules and rewards those who play by them, Gandhi said.

It implies a system that insists upon transparency in all economic transactions, and accountability on the part of those who conduct them, she added.

"And it implies a system that accepts the need for supervisory institutions to serve as effective watchdogs, so that the interests of society as whole are not overlooked in the justifiable quest for corporate gain," she said.
Soruce: http://timesofindia.indiatimes.com/Indiras_vision_saved_us_from_financial_crisis/articleshow/3740948.cms

India to sustain 8% growth rate: PM

Adressing the Hindustan Times Leadership Summit he said we can and we will survive this crisis
PTINew Delhi: India will sustain a growth rate of 8% despite the adverse impact of the global financial crisis, Prime Minister Manmohan Singh said today.
“We have the ability to sustain a growth rate of about eight per cent. And we will do so,” he said at the Hindustan Times Leadership Summit here.
Exuding confidence that India had the “resources and the wisdom to grapple and deal” with the crisis, Singh said all instruments of public policy -- monetary, fiscal, public investment and exchange rate -- “will be deployed” to tackle it.
Noting that the global economy was going through “choppy waters”, the Prime Minister said “we can and we will survive this crisis”.
Soruce: http://www.livemint.com/2008/11/21103339/India-to-sustain-8-growth-rat.html

Principal Pnb MF unveils FMP 91 Days - Series XIX

Date : Nov-21-2008 Principal Pnb Mutual Fund has launched Principal Pnb Fixed Maturity Plan -91 Days - Series XIX on 20 November 2008. The new issue will be open for the subscription till 24 November 2008. The NFO price for the fund is Rs 10 per unit. It is a close-ended debt scheme. The date of allotment is 25 November 2008 and date of Maturity will be 23 February 2009. The investment objective of the scheme is to build an income-oriented portfolio and provide returns along with regular liquidity to investors.
The scheme offers two plans, regular and institutional plan with growth and dividend options. The dividend option under both plans will further offer dividend payout and sweep facilities. The minimum investment amount under regular plan is Rs. 1,000. And under institutional plan, the minimum investment amount is Rs. 5 lakh. Ritesh Jain will be the fund manager for the scheme. The performance of this scheme will be benchmarked against the Crisil Liquid Fund Index. No entry load will be charged during the New Fund Offer of the scheme. The scheme will charge 1% as an exit load if redemption is done from first NAV to maturity.