IMPHAL, Jan 13 – Unidentified militants exploded a powerful grenade inside a private hotel near here in Imphal West district, official sources said today. The militants triggered the explosion near the reception of Hotel Bheigo at Wahengbam Leikai area here last evening, sources said. Nobody was injured in the blast but windows and a motorbike parked near the hotel was damaged in the blast, police said. Senior police officers visited the spot for investigations. No individual or group has claimed responsibility for the incident. Police said some militants of banned Kangleipak Communist Party (KCP) allegedly had demanded money from the hotel authorities a few months ago but the matter was settled after negotiations with the militants. – PTI
Wednesday, January 14, 2009
Ultras explode grenade in Manipur hotel
RIL asks Govt to free fuel pricing
NEW DELHI, Jan 13 (PTI): Reliance Industries, which had shut down all of its petrol pumps last year because of huge losses, today asked the government to free retail fuel pricing to provide a level-playing field to its PSU competition. The government should use only fiscal measures to moderate retail rates in times of high international crude oil prices and extend fuel subsidies, which are currently available only to state-run firms, to private companies as well, said P Raghavendran, president of Reliance’s refinery business. “Removal of government controls is much more critical than a simple statement that the private sector can come in,” he said, adding, the company would reopen its outlets only when it gets a level-playing field. The Mukesh Ambani-run company had shut all of its 1,432 petrol pumps in March 2008 after it failed to compete with public sector companies, who sold fuel at rates much lower than their cost, as they got government subsidies. However, with the fall in international oil prices, margins on both petrol and diesel have turned positive. State-run oil companies Indian Oil, Bharat Petroleum and Hindustan Petroleum are making a neat profit of Rs 9.10 a litre on petrol and Rs 3.70 per litre on diesel. Essar Oil, the second-largest private fuel retailer, has reopened about 1,000 petrol pumps since September, when international crude oil prices began declining.
Oil falls below $37 on demand outlook, stock build
PERTH: Oil fell again on Thursday to below $37 a barrel, extending an overnight 1.3 per cent decline on another build in US crude stocks and grim data from the world's major economies.
Asian shares followed their US counterparts down, hitting a 5-week low as weak US retail sales data overnight was followed by a record fall in Japanese machinery orders, while continued strength in the dollar against the euro also weighed on crude.
US light crude for February delivery fell by 71 cents to $36.57 a barrel by 0306 GMT, after settling down 50 cents on Wednesday.
London Brent crude fell 28 cents to $44.80 a barrel. "The flow of international economic news remains poor, leaving a range of commodity and energy prices under pressure," said David Moore, a commodity strategist at the Commonwealth Bank of Australia.
The US Commerce Department said on Wednesday that total retail sales fell 2.7 per cent to a seasonally adjusted $343.2 billion last month following a revised 2.1 per cent drop in November, previously reported as a 1.8 per cent decline.
Underlining the global nature of the economic problems, the German economy contracted sharply in the final quarter of 2008 and euro zone industrial output plunged in November.
Slowing economic growth means less need for oil, a link confirmed by figures showing US distillate demand fell to the lowest level in five years, causing stocks to surge by 6.4 million barrels in the week to Jan. 9.
Crude stocks also rose for the third consecutive week, by 1.2 million barrels to 326.6 million barrels, according to the Energy Information Administration.
Supplies at the NYMEX delivery point in Cushing, Oklahoma, were up 800,000 barrels to 33 million barrels, a record storage level at the site.
Analysts said oil traders will be looking towards US economic indicators due out later on Thursday, including weekly jobless claims and monthly producer price changes, to gauge how the economy is faring.
Oil prices have toppled from record highs over $147 a barrel struck in July as the economic crisis clips global oil demand, with the EIA now forecasting world consumption will drop by more than 800,000 barrels per day (bpd) this year.
With recent supply cuts by producer group OPEC having had little success in propping up collapsing oil prices, several members, including top exporter Saudi Arabia, have said that the group may reduce output again in March.
Soruce: http://economictimes.indiatimes.com/News/Economy/Oil_falls_below_37_on_demand_outlook_stock_build/articleshow/3981237.cms
Asian shares followed their US counterparts down, hitting a 5-week low as weak US retail sales data overnight was followed by a record fall in Japanese machinery orders, while continued strength in the dollar against the euro also weighed on crude.
US light crude for February delivery fell by 71 cents to $36.57 a barrel by 0306 GMT, after settling down 50 cents on Wednesday.
London Brent crude fell 28 cents to $44.80 a barrel. "The flow of international economic news remains poor, leaving a range of commodity and energy prices under pressure," said David Moore, a commodity strategist at the Commonwealth Bank of Australia.
The US Commerce Department said on Wednesday that total retail sales fell 2.7 per cent to a seasonally adjusted $343.2 billion last month following a revised 2.1 per cent drop in November, previously reported as a 1.8 per cent decline.
Underlining the global nature of the economic problems, the German economy contracted sharply in the final quarter of 2008 and euro zone industrial output plunged in November.
Slowing economic growth means less need for oil, a link confirmed by figures showing US distillate demand fell to the lowest level in five years, causing stocks to surge by 6.4 million barrels in the week to Jan. 9.
Crude stocks also rose for the third consecutive week, by 1.2 million barrels to 326.6 million barrels, according to the Energy Information Administration.
Supplies at the NYMEX delivery point in Cushing, Oklahoma, were up 800,000 barrels to 33 million barrels, a record storage level at the site.
Analysts said oil traders will be looking towards US economic indicators due out later on Thursday, including weekly jobless claims and monthly producer price changes, to gauge how the economy is faring.
Oil prices have toppled from record highs over $147 a barrel struck in July as the economic crisis clips global oil demand, with the EIA now forecasting world consumption will drop by more than 800,000 barrels per day (bpd) this year.
With recent supply cuts by producer group OPEC having had little success in propping up collapsing oil prices, several members, including top exporter Saudi Arabia, have said that the group may reduce output again in March.
Soruce: http://economictimes.indiatimes.com/News/Economy/Oil_falls_below_37_on_demand_outlook_stock_build/articleshow/3981237.cms
Govt may ban deemed varsities
MUMBAI: Hundreds of deemed universities have sprouted across the country, but if the report of the Yash Pal committee appointed by the prime minister, is accepted and implemented, there will be no more such universities.
"Deemed university system has become exploitative. These institutes charge huge fees, but have not been successful in providing quality education to our students. Besides, most members feel that they give a very different projection of the university system," said a committee member.
Initially, just three institutions - the Indian Institute of Science in Bangalore, the Indian Statistical Institution and PUSA in Delhi, were recommended for deemed university status for their academic excellence.
However, since then, the number of deemed universities have grown at an extraordinary rate. State governments have no control over them. In fact, while March 2002 to 2006 saw central and state universities growing by 11 per cent and 22 per cent respectively, deemed universities grew by 96 per cent, according to data available from the ministry of human resource development.
The high-profile 27-member national committee is likely to meet in February and finalize its report before submitting it to the ministry and the prime minister's office.
In a draft report, a copy of which is with this paper, members have stated that universities must be treated as self regulatory bodies, not subjected to inspections from any central regulatory bodies. Moreover, the University Grants Commission (UGC) and All India Council for Technical Education (AICTE), which have called the shots in higher education for decades, should make way for a single body. The UGC was set up in 1956, while the AICTE came into existence in 1987.
Committee members have also stated that the National Assessment and Accreditation Council, that accredits colleges across the country, be disbanded and state-wise bodies be set up.
Source: http://timesofindia.indiatimes.com/India/Govt_may_ban_deemed_varsities/articleshow/3979661.cms
Apple chief Steve Jobs takes medical leave, shares tumble
SAN FRANCISCO: Apple Inc chief and tech visionary Steve Jobs will take a leave of absence till end-June because of health problems "more complex" than thought, backtracking on reassurances, stunning investors and sending its shares skidding 10% on Wednesday.
Jobs, a pancreatic cancer survivor, dropped his bombshell in a cryptic announcement on Wednesday -- only nine days after he soothed jumpy investors somewhat by saying his dramatic weight loss over the past seven months was due to an easily treatable hormone imbalance. He had promised to remain at the helm throughout his treatment.
Wednesday's revelation, which contained scant detail on Jobs health, comes at a difficult time for the company behind iPod media players and iPhones but now grappling with a slowing product line, rapidly worsening consumer spending and an uncertain succession plan.
Jobs, 53, vowed to remain involved in major strategic decisions while he's away. Chief Operating Officer Tim Cook will take over day-to-day operations in what experts say could be a dress rehearsal for a more permanent CEO performance. It will be a familiar role for Cook, who stepped in to run the company in 2004, when Jobs sought treatment for cancer.
"Unfortunately, the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well," Jobs said in a letter to employees that was released by the company. Analysts were divided over the longer term impact were Jobs to take himself out of the equation. Some were confident a successor will rise from within Apple's ranks, others lamented the loss of the firm's helmsman and inspiration. "It's the classic blind man feeling around the elephant. We are all dealing on partial information," said Collins Stewart LLC analyst Ashok Kumar.
"There's no individual or even a management team that can fill his shoes. That being said, there is hope that the management bench is deep enough to continue the track record and also that Steve will be able to return in some capacity or the other to the company in the near future."
Speculation about Jobs' health resurfaced in June 2008, when he appeared dramatically thinner at an Apple event. Jobs is viewed as the driving force behind Apple's consumer-friendly products, which also include Macintosh computers.
"The next six months are going to be basically a trial period for Tim Cook to be CEO," said Brian Marshall at Broadpoint Amtech." "If that period goes well, my expectation is that Steve will pass the baton over to Tim in June and basically Steve will be his senior adviser."
But with details scarce in Wednesday's statement, fears about Jobs' health will continue to haunt markets. Investors have blasted the company for failing to announce a succession plan, considering how vital Jobs is to Apple's success.
"Apple is more dependent on its CEO than most other companies," said Roger Kay of Endpoint Technologies. "Steve is a critical judge of the company's business, and that maestro role that he performs is what makes Apple great. But there is no maestro-in-training to take over Steve's role."
Indeed, legal experts said investors are likely to take the firm to court for less-than-timely disclosure -- and they would have a case. Jobs and the firm have remained close-mouthed amid swirling speculation in the media and on the Internet about his health.
"It is extremely difficult because it is the most private part of his life," Steve Williams, a plaintiffs attorney for Cotchett Pitre & McCarthy, said. "At the same time, Apple is Steve Jobs." Some investors had long since bet on Jobs' imminent departure.
Adam Harter, an analyst at Financial Enhancement Group, said last week that his company had added to its position in Apple a couple of months ago when the stock was trading in the mid-$80s, thinking that the so-called "Jobs premium" had been discounted from the share price. Jobs' apparently seesawing health also complicates what was already expected to be a difficult year for Apple and the electronics industry, as a severe downturn saps consumers' spending appetite.
Some fear that Jobs' absence will mean no big product launch -- such as last year's 3G iPhone -- in 2009, and hence put a dampener on the firm's share price. "Steve Jobs is known as the company but we have to see how well his 'support system' -- the people he put in place -- will hold up," said Tom Sowanick, chief investment officer of Clearwater Financial.
Customers at a bustling Apple store in San Francisco said they knew about Jobs' health-related issues from the media, but thought his absence from the company wouldn't immediately influence their buying decisions.
"A visionary man draws visionary people to him, so even if he isn't at the helm, the company is still in good hands," said Sam Brown, a 22-year-old Pittsburgh resident. Jobs, 53, turned around a once-moribund Apple in large part due to the blockbuster success of the ubiquitous iPod.
A showman, he often unveiled the latest Apple products at trade shows and conferences amid cheers and applause from thousands of software developers, customers and employees. Jobs, a college dropout, started Apple Computer with his friend Steve Wozniak in the Jobs family garage in Silicon Valley more than 30 years ago. The company soon introduced the Apple 1 computer.
But it was the Apple II that became a huge success and gave Apple its position as a critical player in the then-nascent PC industry. Today, Jobs is a board member and the largest individual shareholder of Walt Disney Co, a position he took when Disney bought his animation company, Pixar Animation Studio, now known as Disney-Pixar, in 2006. Disney did not respond to queries about whether Jobs would continue to serve on the company's board.
Apple's stock fell as much as 10% following Jobs' announcement, before paring losses to trade at $79.64 after hours. The stock had closed down 2.71 percent at $85.33 on Nasdaq.
Source: http://timesofindia.indiatimes.com/Apple_chief_Steve_Jobs_takes_leave_shares_tumble/articleshow/3981510.cms
Jobs, a pancreatic cancer survivor, dropped his bombshell in a cryptic announcement on Wednesday -- only nine days after he soothed jumpy investors somewhat by saying his dramatic weight loss over the past seven months was due to an easily treatable hormone imbalance. He had promised to remain at the helm throughout his treatment.
Wednesday's revelation, which contained scant detail on Jobs health, comes at a difficult time for the company behind iPod media players and iPhones but now grappling with a slowing product line, rapidly worsening consumer spending and an uncertain succession plan.
Jobs, 53, vowed to remain involved in major strategic decisions while he's away. Chief Operating Officer Tim Cook will take over day-to-day operations in what experts say could be a dress rehearsal for a more permanent CEO performance. It will be a familiar role for Cook, who stepped in to run the company in 2004, when Jobs sought treatment for cancer.
"Unfortunately, the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well," Jobs said in a letter to employees that was released by the company. Analysts were divided over the longer term impact were Jobs to take himself out of the equation. Some were confident a successor will rise from within Apple's ranks, others lamented the loss of the firm's helmsman and inspiration. "It's the classic blind man feeling around the elephant. We are all dealing on partial information," said Collins Stewart LLC analyst Ashok Kumar.
"There's no individual or even a management team that can fill his shoes. That being said, there is hope that the management bench is deep enough to continue the track record and also that Steve will be able to return in some capacity or the other to the company in the near future."
Speculation about Jobs' health resurfaced in June 2008, when he appeared dramatically thinner at an Apple event. Jobs is viewed as the driving force behind Apple's consumer-friendly products, which also include Macintosh computers.
"The next six months are going to be basically a trial period for Tim Cook to be CEO," said Brian Marshall at Broadpoint Amtech." "If that period goes well, my expectation is that Steve will pass the baton over to Tim in June and basically Steve will be his senior adviser."
But with details scarce in Wednesday's statement, fears about Jobs' health will continue to haunt markets. Investors have blasted the company for failing to announce a succession plan, considering how vital Jobs is to Apple's success.
"Apple is more dependent on its CEO than most other companies," said Roger Kay of Endpoint Technologies. "Steve is a critical judge of the company's business, and that maestro role that he performs is what makes Apple great. But there is no maestro-in-training to take over Steve's role."
Indeed, legal experts said investors are likely to take the firm to court for less-than-timely disclosure -- and they would have a case. Jobs and the firm have remained close-mouthed amid swirling speculation in the media and on the Internet about his health.
"It is extremely difficult because it is the most private part of his life," Steve Williams, a plaintiffs attorney for Cotchett Pitre & McCarthy, said. "At the same time, Apple is Steve Jobs." Some investors had long since bet on Jobs' imminent departure.
Adam Harter, an analyst at Financial Enhancement Group, said last week that his company had added to its position in Apple a couple of months ago when the stock was trading in the mid-$80s, thinking that the so-called "Jobs premium" had been discounted from the share price. Jobs' apparently seesawing health also complicates what was already expected to be a difficult year for Apple and the electronics industry, as a severe downturn saps consumers' spending appetite.
Some fear that Jobs' absence will mean no big product launch -- such as last year's 3G iPhone -- in 2009, and hence put a dampener on the firm's share price. "Steve Jobs is known as the company but we have to see how well his 'support system' -- the people he put in place -- will hold up," said Tom Sowanick, chief investment officer of Clearwater Financial.
Customers at a bustling Apple store in San Francisco said they knew about Jobs' health-related issues from the media, but thought his absence from the company wouldn't immediately influence their buying decisions.
"A visionary man draws visionary people to him, so even if he isn't at the helm, the company is still in good hands," said Sam Brown, a 22-year-old Pittsburgh resident. Jobs, 53, turned around a once-moribund Apple in large part due to the blockbuster success of the ubiquitous iPod.
A showman, he often unveiled the latest Apple products at trade shows and conferences amid cheers and applause from thousands of software developers, customers and employees. Jobs, a college dropout, started Apple Computer with his friend Steve Wozniak in the Jobs family garage in Silicon Valley more than 30 years ago. The company soon introduced the Apple 1 computer.
But it was the Apple II that became a huge success and gave Apple its position as a critical player in the then-nascent PC industry. Today, Jobs is a board member and the largest individual shareholder of Walt Disney Co, a position he took when Disney bought his animation company, Pixar Animation Studio, now known as Disney-Pixar, in 2006. Disney did not respond to queries about whether Jobs would continue to serve on the company's board.
Apple's stock fell as much as 10% following Jobs' announcement, before paring losses to trade at $79.64 after hours. The stock had closed down 2.71 percent at $85.33 on Nasdaq.
Source: http://timesofindia.indiatimes.com/Apple_chief_Steve_Jobs_takes_leave_shares_tumble/articleshow/3981510.cms
Top Satyam bosses fly out of country
HYDERABAD: Satyam's former interim CEO Ram Mynampati is not the only one to quietly go abroad. Two other senior staffers of Satyam are also currently out of India.
While senior vice president and director Virendra Agarwal has gone to Singapore, another senior VP and director Keshub Panda has pushed off to London. Mynampati, now in the US, is an American citizen. Most of his immediate family members also have US passports.
Satyam insiders claim that all three executives have journeyed overseas to reassure clients and make collections for bills due.
"But the possibility of their travelling overseas to avoid questioning by the police and other regulatory bodies cannot be discounted," a senior Satyam staffer admitted. He felt that the chances of Mynampati ever returning are very remote.
It is learnt that the three decided to go abroad on January 9. Satyam insiders claimed that letters to clients were dispatched after Ramalinga Raju quit.
The letters counselled the clients to bear with the situation in Satyam and generally sought their support.
"Between January 7 and 9 phone calls were made to clients. But making phone calls is one thing and interacting in person is quite another. In fact, some clients wanted presentations from the company in person. So it was decided that they would go and physically meet them," a senior Satyam staffer said.
For Satyam, 62% of all business comes from the US where Ram Mynampati will have to meet scores of clients. Europe contributes over 20% of the business and Keshub Panda looks after this region. Virendra Agarwal looks after Asia Pacific/Africa/Middle East markets which account for over 15% of Satyam's business.
Meanwhile, senior staffers of Satyam who had said that they were happy after hearing of government-appointed directors have now changed their status message to "feeling less unhappy" compared to their state after Raju left. These staffers confessed that there was still a vacuum in the company. "With the appointment of new directors, there is at least a cheque-signing authority in the company but without a full-time CEO, there is no day to day decision-making authority," a senior manager admitted.
"Maybe the government will step in and provide some liquidity for the time being. But if clients and investors do not feel comforted, then there is very little chance of the company being able to stand on its feet," a senior Satyam staffer said.
The fact that the entire top level leadership of Satyam is under a cloud has added to the sense of disquiet among staffers.
Soruce: http://timesofindia.indiatimes.com/Top_Satyam_bosses_fly_out_of_country/articleshow/3980686.cms
While senior vice president and director Virendra Agarwal has gone to Singapore, another senior VP and director Keshub Panda has pushed off to London. Mynampati, now in the US, is an American citizen. Most of his immediate family members also have US passports.
Satyam insiders claim that all three executives have journeyed overseas to reassure clients and make collections for bills due.
"But the possibility of their travelling overseas to avoid questioning by the police and other regulatory bodies cannot be discounted," a senior Satyam staffer admitted. He felt that the chances of Mynampati ever returning are very remote.
It is learnt that the three decided to go abroad on January 9. Satyam insiders claimed that letters to clients were dispatched after Ramalinga Raju quit.
The letters counselled the clients to bear with the situation in Satyam and generally sought their support.
"Between January 7 and 9 phone calls were made to clients. But making phone calls is one thing and interacting in person is quite another. In fact, some clients wanted presentations from the company in person. So it was decided that they would go and physically meet them," a senior Satyam staffer said.
For Satyam, 62% of all business comes from the US where Ram Mynampati will have to meet scores of clients. Europe contributes over 20% of the business and Keshub Panda looks after this region. Virendra Agarwal looks after Asia Pacific/Africa/Middle East markets which account for over 15% of Satyam's business.
Meanwhile, senior staffers of Satyam who had said that they were happy after hearing of government-appointed directors have now changed their status message to "feeling less unhappy" compared to their state after Raju left. These staffers confessed that there was still a vacuum in the company. "With the appointment of new directors, there is at least a cheque-signing authority in the company but without a full-time CEO, there is no day to day decision-making authority," a senior manager admitted.
"Maybe the government will step in and provide some liquidity for the time being. But if clients and investors do not feel comforted, then there is very little chance of the company being able to stand on its feet," a senior Satyam staffer said.
The fact that the entire top level leadership of Satyam is under a cloud has added to the sense of disquiet among staffers.
Soruce: http://timesofindia.indiatimes.com/Top_Satyam_bosses_fly_out_of_country/articleshow/3980686.cms
Deloitte, KPMG are new joint auditors for Satyam
The newly appointed three-member board of fraud-hit Satyam Computer Services on Wednesday appointed Deloitte and KPMG as the new joint auditors for the company in place of PricewaterhouseCoopers.
The development was confirmed by Deepak Parekh, one of the board members of the beleaguered firm, which is going through turbulent times following the admission of a Rs.70 billion ($1.43 billion) fraud by its founder and former chairman B. Ramalinga Raju.
The board comprises Parekh, chairman of Housing Development Finance Corp (HDFC), Kiran Karnik, former president of the National Association of Software and Service Companies, and C. Achuthan, former member of the Securities and Exchange Board of India (SEBI), the markets watchdog.
KMPG and Deloitte, along with PricewaterhouseCoopers and Ernst and Young, form the big four of global audit firms.
The inability of PricewaterhouseCoopers in detecting the major scam came under scrutiny with state investigation agencies Tuesday conducting a raid on its premises at the upscale Jubilee Hills in Hyderabad, also the headquarters of Satyam.
The markets regulator is also probing the role of the former auditors in the scam. A team of SEBI officials had also checked the records of the firm in Hyderabad last week.
Soruce: http://www.hindustantimes.com/Homepage/Homepage.aspx
The development was confirmed by Deepak Parekh, one of the board members of the beleaguered firm, which is going through turbulent times following the admission of a Rs.70 billion ($1.43 billion) fraud by its founder and former chairman B. Ramalinga Raju.
The board comprises Parekh, chairman of Housing Development Finance Corp (HDFC), Kiran Karnik, former president of the National Association of Software and Service Companies, and C. Achuthan, former member of the Securities and Exchange Board of India (SEBI), the markets watchdog.
KMPG and Deloitte, along with PricewaterhouseCoopers and Ernst and Young, form the big four of global audit firms.
The inability of PricewaterhouseCoopers in detecting the major scam came under scrutiny with state investigation agencies Tuesday conducting a raid on its premises at the upscale Jubilee Hills in Hyderabad, also the headquarters of Satyam.
The markets regulator is also probing the role of the former auditors in the scam. A team of SEBI officials had also checked the records of the firm in Hyderabad last week.
Soruce: http://www.hindustantimes.com/Homepage/Homepage.aspx
Market rallied on firm growth in foreign Indices: Sensex nearing 9,500 mark
Date : Jan-14-2009 13:34
Market came back from choppy volatility of yesterday and now trading strong as sustained buying is experienced in Index stocks. Further, firm return in foreign Indices and strong results by Infosys boosted the sentiments of domestic investors. However, the concerns over the slowing economic momentum and corporate earnings is acting as a resistance in the market and keeping many of the investors away.
On the sectoral front, traders on-loaded position across sectors. IT stocks capitalized for the second day in a row boosted by stronger than expected Q3FY09 results from Infosys Technologies. Meanwhile, special economic zones (SEZs) set up by IT majors like Infosys, Wipro and TCS under the parent companies will soon be able to benefit 100% tax exemption on profits on par with SEZs set up as separate entities, as the government has reportedly decided to amend the income tax law relating to tax exemption for units operating of SEZ.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,281stocks traded so far, 1,329 shares advanced while 852 shares declined. Nearly 100 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 271.96 points at 9,343.32 and NSE Nifty is up by 77.4 points at 2,822.35.
The BSE Mid Cap is trading higher by 43.83 points at 3,050.25 and Small cap is trading up by 36.44 points at 3,478.80.
Gainers from the BSE Sensex Pack are Reliance Industries Ltd surged 6.51% to Rs. 1151.30 along with Infosys Tech by 5.43% at Rs. 1,297.00, TCS surged 4.25% to Rs. 545.00, Tata Steel grew 3.94% to Rs. 210.85, Reliance Infra by 3.79% to Rs. 494.20, Mahindra & Mahindra by 3.79% to Rs. 315.10 and Sterlite Ind by 3.56% at Rs. 272.10 among others.
Losers from the BSE Sensex Pack are Sun Pharma tumbled 1.20% to Rs. 1,120.90 along with Ranbaxy Labs down by 1.13% at Rs. 213.95, Tata Motors by 0.64% at Rs. 154.25.
The BSE IT index is higher by 98.67 points or 4.56% at 2,246.36. Stocks trading in green are HCL Tech gained 8.24% to Rs. 117.55, Infosys Tech by 5.43% at Rs. 1,297.00, Aptech by 5.13% at Rs. 75.80, TCS surged 4.25% to Rs. 545.00 and Tech Mahindra by 3.50% to Rs. 240.75 among others.
TCS surged 4.25% to Rs. 545.00 on speculation it has got a significant portion of World Bank contracts that were previously serviced by Satyam Computer Services.
Wipro rose 0.77% to Rs. 242.95 as American depository receipt jumped 6.67% on Tuesday, 13 January 2009.
Nucleus Software Exports gained 3.29% to Rs. 53.40 on bagging an overseas contract.
Reliance Industries Ltd surged 6.51% to Rs. 1151.30 as it would re-enter the retail fuel business when government deregulates fuel prices and allows the market-determined prices to prevail.
ONGC advanced 4.39% to Rs. 658.00 on rise in crude oil price.
NTPC rose 1.49% to Rs. 170.65 as it approved investment of Rs. 6,037 crore in super thermal power projects in Madhya Pradesh, Uttar Pradesh and Chattisgarh.
HDFC Bank gained 1.60% to Rs. 1,004.75 on anticipation of strong Q3 results due later in the day today, 14 January 2009. The results will include the impact of the merger of Centurion Bank of Punjab and hence will not be comparable.
Airline stocks Jet Airways up 5.19% to Rs.151.00, Kingfisher Airlines up 5.07% to Rs. 35.20, and SpiceJet up 5.70% to Rs. 13.90, rose on reports the government may allow foreign airlines to pick up a minority stake in domestic airlines.
Mundra Port & Special Economic Zone surged 4.77% to Rs. 371.00 on signing a pact with the state government of Gujarat, involving a total investment of Rs. 15,000 crore for expansion and development of new facilities in the state.
Satyam Computer Services slipped 5.12% to Rs. 29.65 on reports the government is finding it difficult to move ahead with a rescue plan for the company.
HOV Services jumped 6.41% to Rs. 34.85, after its board approved buyback of shares at a price not exceeding Rs. 50 per share, a 42.86% premium over the ruling market price.
Market came back from choppy volatility of yesterday and now trading strong as sustained buying is experienced in Index stocks. Further, firm return in foreign Indices and strong results by Infosys boosted the sentiments of domestic investors. However, the concerns over the slowing economic momentum and corporate earnings is acting as a resistance in the market and keeping many of the investors away.
On the sectoral front, traders on-loaded position across sectors. IT stocks capitalized for the second day in a row boosted by stronger than expected Q3FY09 results from Infosys Technologies. Meanwhile, special economic zones (SEZs) set up by IT majors like Infosys, Wipro and TCS under the parent companies will soon be able to benefit 100% tax exemption on profits on par with SEZs set up as separate entities, as the government has reportedly decided to amend the income tax law relating to tax exemption for units operating of SEZ.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,281stocks traded so far, 1,329 shares advanced while 852 shares declined. Nearly 100 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 271.96 points at 9,343.32 and NSE Nifty is up by 77.4 points at 2,822.35.
The BSE Mid Cap is trading higher by 43.83 points at 3,050.25 and Small cap is trading up by 36.44 points at 3,478.80.
Gainers from the BSE Sensex Pack are Reliance Industries Ltd surged 6.51% to Rs. 1151.30 along with Infosys Tech by 5.43% at Rs. 1,297.00, TCS surged 4.25% to Rs. 545.00, Tata Steel grew 3.94% to Rs. 210.85, Reliance Infra by 3.79% to Rs. 494.20, Mahindra & Mahindra by 3.79% to Rs. 315.10 and Sterlite Ind by 3.56% at Rs. 272.10 among others.
Losers from the BSE Sensex Pack are Sun Pharma tumbled 1.20% to Rs. 1,120.90 along with Ranbaxy Labs down by 1.13% at Rs. 213.95, Tata Motors by 0.64% at Rs. 154.25.
The BSE IT index is higher by 98.67 points or 4.56% at 2,246.36. Stocks trading in green are HCL Tech gained 8.24% to Rs. 117.55, Infosys Tech by 5.43% at Rs. 1,297.00, Aptech by 5.13% at Rs. 75.80, TCS surged 4.25% to Rs. 545.00 and Tech Mahindra by 3.50% to Rs. 240.75 among others.
TCS surged 4.25% to Rs. 545.00 on speculation it has got a significant portion of World Bank contracts that were previously serviced by Satyam Computer Services.
Wipro rose 0.77% to Rs. 242.95 as American depository receipt jumped 6.67% on Tuesday, 13 January 2009.
Nucleus Software Exports gained 3.29% to Rs. 53.40 on bagging an overseas contract.
Reliance Industries Ltd surged 6.51% to Rs. 1151.30 as it would re-enter the retail fuel business when government deregulates fuel prices and allows the market-determined prices to prevail.
ONGC advanced 4.39% to Rs. 658.00 on rise in crude oil price.
NTPC rose 1.49% to Rs. 170.65 as it approved investment of Rs. 6,037 crore in super thermal power projects in Madhya Pradesh, Uttar Pradesh and Chattisgarh.
HDFC Bank gained 1.60% to Rs. 1,004.75 on anticipation of strong Q3 results due later in the day today, 14 January 2009. The results will include the impact of the merger of Centurion Bank of Punjab and hence will not be comparable.
Airline stocks Jet Airways up 5.19% to Rs.151.00, Kingfisher Airlines up 5.07% to Rs. 35.20, and SpiceJet up 5.70% to Rs. 13.90, rose on reports the government may allow foreign airlines to pick up a minority stake in domestic airlines.
Mundra Port & Special Economic Zone surged 4.77% to Rs. 371.00 on signing a pact with the state government of Gujarat, involving a total investment of Rs. 15,000 crore for expansion and development of new facilities in the state.
Satyam Computer Services slipped 5.12% to Rs. 29.65 on reports the government is finding it difficult to move ahead with a rescue plan for the company.
HOV Services jumped 6.41% to Rs. 34.85, after its board approved buyback of shares at a price not exceeding Rs. 50 per share, a 42.86% premium over the ruling market price.
USD 820 million Power Transmission projects in Orissa
Date : Jan-14-2009 11:05
The Eastern Regional Power Committee (ERPC) agreed to implement power transmission projects valued at USD820 million in the eastern state of Orissa. The approved projects include the development of substations of 400/220 kilovolts (kv) each in Bolangir, Keonjhar and Sundergarh, the installation of 2 x 315 megavolt-ampere (MVA) 400/220 kV substation in Behrampur, the linking of the existing 400-kV substation in Duburi with the central transmission network, and the development of 765/400-kV pooling stations in Angul, Dhenkanal and Jharsuguda and linking them to 765-kV transmission lines.
The cost of the project is to be funded by Grid Corporation of Orissa (GRIDCO), that is expected to be minimal. GRIDCO will be able to evaculate surplus power to the national grid at an additional affordable cost.
The ERPC comprises representatives from the eastern states of Bihar, Jharkhand, Orissa, Sikkim, and West Bengal, and the electricity utility Damodar Valley Corporation (Kolkata). While development of intrastate and interstate transmission infrastructure has been a long-standing issue, no progress had been made because of the lack of cooperation among the states.
The Eastern Regional Power Committee (ERPC) agreed to implement power transmission projects valued at USD820 million in the eastern state of Orissa. The approved projects include the development of substations of 400/220 kilovolts (kv) each in Bolangir, Keonjhar and Sundergarh, the installation of 2 x 315 megavolt-ampere (MVA) 400/220 kV substation in Behrampur, the linking of the existing 400-kV substation in Duburi with the central transmission network, and the development of 765/400-kV pooling stations in Angul, Dhenkanal and Jharsuguda and linking them to 765-kV transmission lines.
The cost of the project is to be funded by Grid Corporation of Orissa (GRIDCO), that is expected to be minimal. GRIDCO will be able to evaculate surplus power to the national grid at an additional affordable cost.
The ERPC comprises representatives from the eastern states of Bihar, Jharkhand, Orissa, Sikkim, and West Bengal, and the electricity utility Damodar Valley Corporation (Kolkata). While development of intrastate and interstate transmission infrastructure has been a long-standing issue, no progress had been made because of the lack of cooperation among the states.
India, Canada sign MoU on agriculture
Date : Jan-14-2009 10:14
India and Canada have signed a memorandum of understanding here to extend the co-operation in agriculture that includes the sharing of knowledge on technology as well as the marketing of farm products and animal development.
The MoU was signed by Sharad Pawar, Food and Agriculture Minister and Canada''a Minister of Agriculture Gerry Ritz.
“The cooperation envisaged in the MoU is expected to lead to increase in bilateral trade by creating new marketing opportunities benefitting farmers of both the countries,” an official statement said. It also added that the MoU provides for the representation of all stakeholders, including the private sector.
India and Canada have signed a memorandum of understanding here to extend the co-operation in agriculture that includes the sharing of knowledge on technology as well as the marketing of farm products and animal development.
The MoU was signed by Sharad Pawar, Food and Agriculture Minister and Canada''a Minister of Agriculture Gerry Ritz.
“The cooperation envisaged in the MoU is expected to lead to increase in bilateral trade by creating new marketing opportunities benefitting farmers of both the countries,” an official statement said. It also added that the MoU provides for the representation of all stakeholders, including the private sector.
Indians confident of keeping jobs this year: Survey
NEW DEHI: Sixty-two percent Indians feel they will be able to hold on to their jobs in 2009, notwithstanding the economic slowdown, says a survey released here Wednesday by leading global human resource consulting firms.
"Optimism runs high and the Indian employees show resilience," says the survey conducted across Asia-Pacific by TNS, a market research and business analysis firm, with Gallup International, a global human resource consulting firm.
"It seems, despite economic slowdowns and reports of downsizing, there is an overall confidence among the employed in India that 'My job is secure! Difficulties, if any, are for the others, not me'," said TNS India executive director, Chhavi Bhargava.
The study, titled "Voice of the People: End of the Year Survey", was conducted between October and December 2008 with interviews of people in 46 countries about their job prospects in 2009.
"In view of the 57% of citizens in India who expect unemployment to increase during 2009, the results are especially interesting as clearly most of the interviewees do not consider they will be the ones affected," says the survey.
"A third of the workers interviewed believe they would be able to find a new job fairly quickly, while 56 percent fear it may take longer. Eight percent of those currently employed in India would even go so far as to not bother looking for work were they to lose their jobs this year."
Moreover, just 16% of the Indian respondents feel unemployment will fall slightly, while a negligible one percent thinks it will fall a lot. Similarly, 38% feels it will increase a lot and 27% thinks it will increase slightly.
Soruce: http://timesofindia.indiatimes.com/Business/Indians_to_hold_jobs_this_year_Survey/articleshow/3977606.cms
"Optimism runs high and the Indian employees show resilience," says the survey conducted across Asia-Pacific by TNS, a market research and business analysis firm, with Gallup International, a global human resource consulting firm.
"It seems, despite economic slowdowns and reports of downsizing, there is an overall confidence among the employed in India that 'My job is secure! Difficulties, if any, are for the others, not me'," said TNS India executive director, Chhavi Bhargava.
The study, titled "Voice of the People: End of the Year Survey", was conducted between October and December 2008 with interviews of people in 46 countries about their job prospects in 2009.
"In view of the 57% of citizens in India who expect unemployment to increase during 2009, the results are especially interesting as clearly most of the interviewees do not consider they will be the ones affected," says the survey.
"A third of the workers interviewed believe they would be able to find a new job fairly quickly, while 56 percent fear it may take longer. Eight percent of those currently employed in India would even go so far as to not bother looking for work were they to lose their jobs this year."
Moreover, just 16% of the Indian respondents feel unemployment will fall slightly, while a negligible one percent thinks it will fall a lot. Similarly, 38% feels it will increase a lot and 27% thinks it will increase slightly.
Soruce: http://timesofindia.indiatimes.com/Business/Indians_to_hold_jobs_this_year_Survey/articleshow/3977606.cms
Sensex ends higher on RIL-RNRL settlement rumours
MUMBAI: Markets closed near the day’s high on Wednesday led by heavy buying activity in Reliance Industries and other Reliance Group (Mukesh and Anil Ambani) stocks. There are rumours that warring brothers may head for some amicable settlement bringing end to their business rivalry over gas dispute. Sustained buying activity was also seen in IT and metal stocks.
Bombay Stock Exchange’s Sensex ended at 9,370.49 points, 3.3% or 299.13 points higher than its previous close.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) also closed higher at 2,835.3 points, up 90.35 points or 3.29%
BSE midcap index gained 1.9% while the smallcap index rose 1.26%.
Biggest Sensex gainers were Reliance Communications (13.1%), Reliance Infrastructure (12.04%), Reliance Industries (10.93%), Infosys Technologies (6.23%) and Tata Steel (5.79%).
Losers comprised Grasim Industries (-3.21%), HDFC Bank (-1.61%), Maruti Suzuki (-1.23%), Sun Pharmaceuticals (-0.84%) and Hindustan Unilever (-0.37%).
Market breadth on BSE showed 1398 advances against 984 declines on the BSE.
http://economictimes.indiatimes.com
Bombay Stock Exchange’s Sensex ended at 9,370.49 points, 3.3% or 299.13 points higher than its previous close.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) also closed higher at 2,835.3 points, up 90.35 points or 3.29%
BSE midcap index gained 1.9% while the smallcap index rose 1.26%.
Biggest Sensex gainers were Reliance Communications (13.1%), Reliance Infrastructure (12.04%), Reliance Industries (10.93%), Infosys Technologies (6.23%) and Tata Steel (5.79%).
Losers comprised Grasim Industries (-3.21%), HDFC Bank (-1.61%), Maruti Suzuki (-1.23%), Sun Pharmaceuticals (-0.84%) and Hindustan Unilever (-0.37%).
Market breadth on BSE showed 1398 advances against 984 declines on the BSE.
http://economictimes.indiatimes.com
Unhappy Priya Dutt denies feud as Sanjay joins SP
MUMBAI: Congress MP Priya Dutt on Wednesday expressed her disappointment over her actor-brother Sanjay Dutt's decision to associate with Sawajwadi Party for the Lok Sabha polls, saying "we have always been a Congress family".
"Definitely there is disappointment. We have always been a Congress family. I hope he would have fought for the Congress party," Dutt, a sitting MP from northwest Mumbai seat, told reporters here.
She, however, said her brother's decision to associate with Samajwadi Party was completely an individual one and that there was no family feud over it.
"There is no family feud. Everybody is free to take a decision for himself or herself. This is Sanjay's decision and he has to take responsibility for this," she said.
Dutt declined to comment when asked if Sanjay's wife Manyata had played any role in her brother's decision.
She said she was misinterpreted by a section of the media about her views on Sanjay's move.
"Everyone has a right to take his own individual decision. I don't want to pass judgement on anybody's life. But at the time of crisis, we are one as a family," she said.
She said it is good that Sanjay had decided to serve people by entering politics.
Asked whether her brother took the decision because Congress "did not stand by him," Dutt replied in the negative, saying "I do not think that is true".
Dutt said that her parents' name should not be brought into any controversy.
"I have never brought my family to public life. My parents and family should not be brought into any controversy," she said.
Dutt said Sanjay's decision to associate with the Samajwadi Party had not been discussed within the family.
Dutt has been allowed by the Supreme Court to travel abroad.
Soruce: http://timesofindia.indiatimes.com/Unhappy_Priya_Dutt_denies_feud_as_Sanjay_joins_SP/articleshow/3977148.cms
"Definitely there is disappointment. We have always been a Congress family. I hope he would have fought for the Congress party," Dutt, a sitting MP from northwest Mumbai seat, told reporters here.
She, however, said her brother's decision to associate with Samajwadi Party was completely an individual one and that there was no family feud over it.
"There is no family feud. Everybody is free to take a decision for himself or herself. This is Sanjay's decision and he has to take responsibility for this," she said.
Dutt declined to comment when asked if Sanjay's wife Manyata had played any role in her brother's decision.
She said she was misinterpreted by a section of the media about her views on Sanjay's move.
"Everyone has a right to take his own individual decision. I don't want to pass judgement on anybody's life. But at the time of crisis, we are one as a family," she said.
She said it is good that Sanjay had decided to serve people by entering politics.
Asked whether her brother took the decision because Congress "did not stand by him," Dutt replied in the negative, saying "I do not think that is true".
Dutt said that her parents' name should not be brought into any controversy.
"I have never brought my family to public life. My parents and family should not be brought into any controversy," she said.
Dutt said Sanjay's decision to associate with the Samajwadi Party had not been discussed within the family.
Dutt has been allowed by the Supreme Court to travel abroad.
Soruce: http://timesofindia.indiatimes.com/Unhappy_Priya_Dutt_denies_feud_as_Sanjay_joins_SP/articleshow/3977148.cms
Osama bin Laden calls for jihad against Israel
DUBAI: Al-Qaida leader Osama bin Laden has called for jihad over the Israeli offensive in Gaza in a new audio tape that appeared on Islamist websites on Wednesday.
"God has bestowed us with the patience to continue the path of jihad for another seven years, and seven and seven years," bin Laden said in the tape that was dated in the current Islamic month.
Bin Laden also condemns Arab governments for preventing their people from acting to ``liberate Palestine.''
The tape was entitled "A Call for Jihad to Stop the Aggression against Gaza". "The question is, can America continue its war with us for several more decades to come? Reports and evidence would suggest otherwise," he said.
The authenticity of the tape could not immediately be verified.
The Palestinian death toll from the 19-day-old Israeli offensive against the Islamist Hamas movement in Gaza has risen to about 1,000. Israel says 13 Israelis have been killed.
The Saudi-born terrorist said the global financial crisis had exposed the waning influence of the United States in world affairs and would in turn weaken its ally Israel.
More than 60 messages have been broadcast by bin Laden, his second-in-command Ayman al-Zawahri and their allies since the Sept. 11 attacks in 2001.
Last week Zawahri, in an Internet message, called on Muslims to strike Western and Israeli targets around the world over Israel's Gaza raids.
Soruce: http://timesofindia.indiatimes.com/Osama_bin_Laden_calls_for_jihad_against_Israel/articleshow/3978502.cms
"God has bestowed us with the patience to continue the path of jihad for another seven years, and seven and seven years," bin Laden said in the tape that was dated in the current Islamic month.
Bin Laden also condemns Arab governments for preventing their people from acting to ``liberate Palestine.''
The tape was entitled "A Call for Jihad to Stop the Aggression against Gaza". "The question is, can America continue its war with us for several more decades to come? Reports and evidence would suggest otherwise," he said.
The authenticity of the tape could not immediately be verified.
The Palestinian death toll from the 19-day-old Israeli offensive against the Islamist Hamas movement in Gaza has risen to about 1,000. Israel says 13 Israelis have been killed.
The Saudi-born terrorist said the global financial crisis had exposed the waning influence of the United States in world affairs and would in turn weaken its ally Israel.
More than 60 messages have been broadcast by bin Laden, his second-in-command Ayman al-Zawahri and their allies since the Sept. 11 attacks in 2001.
Last week Zawahri, in an Internet message, called on Muslims to strike Western and Israeli targets around the world over Israel's Gaza raids.
Soruce: http://timesofindia.indiatimes.com/Osama_bin_Laden_calls_for_jihad_against_Israel/articleshow/3978502.cms
Osama bin Laden calls for jihad against Israel
DUBAI: Al-Qaida leader Osama bin Laden has called for jihad over the Israeli offensive in Gaza in a new audio tape that appeared on Islamist websites on Wednesday.
"God has bestowed us with the patience to continue the path of jihad for another seven years, and seven and seven years," bin Laden said in the tape that was dated in the current Islamic month.
Bin Laden also condemns Arab governments for preventing their people from acting to ``liberate Palestine.''
The tape was entitled "A Call for Jihad to Stop the Aggression against Gaza". "The question is, can America continue its war with us for several more decades to come? Reports and evidence would suggest otherwise," he said.
The authenticity of the tape could not immediately be verified.
The Palestinian death toll from the 19-day-old Israeli offensive against the Islamist Hamas movement in Gaza has risen to about 1,000. Israel says 13 Israelis have been killed.
The Saudi-born terrorist said the global financial crisis had exposed the waning influence of the United States in world affairs and would in turn weaken its ally Israel.
More than 60 messages have been broadcast by bin Laden, his second-in-command Ayman al-Zawahri and their allies since the Sept. 11 attacks in 2001.
Last week Zawahri, in an Internet message, called on Muslims to strike Western and Israeli targets around the world over Israel's Gaza raids.
Soruce: http://timesofindia.indiatimes.com/Osama_bin_Laden_calls_for_jihad_against_Israel/articleshow/3978502.cms
"God has bestowed us with the patience to continue the path of jihad for another seven years, and seven and seven years," bin Laden said in the tape that was dated in the current Islamic month.
Bin Laden also condemns Arab governments for preventing their people from acting to ``liberate Palestine.''
The tape was entitled "A Call for Jihad to Stop the Aggression against Gaza". "The question is, can America continue its war with us for several more decades to come? Reports and evidence would suggest otherwise," he said.
The authenticity of the tape could not immediately be verified.
The Palestinian death toll from the 19-day-old Israeli offensive against the Islamist Hamas movement in Gaza has risen to about 1,000. Israel says 13 Israelis have been killed.
The Saudi-born terrorist said the global financial crisis had exposed the waning influence of the United States in world affairs and would in turn weaken its ally Israel.
More than 60 messages have been broadcast by bin Laden, his second-in-command Ayman al-Zawahri and their allies since the Sept. 11 attacks in 2001.
Last week Zawahri, in an Internet message, called on Muslims to strike Western and Israeli targets around the world over Israel's Gaza raids.
Soruce: http://timesofindia.indiatimes.com/Osama_bin_Laden_calls_for_jihad_against_Israel/articleshow/3978502.cms
We are always ready for war: Army chief
NEW DELHI: Hoping that the nuclear arsenal in Pakistan was as secure as anywhere else in the "civilized world", Army chief Deepak Kapoor said on Wednesday that India was keeping all its options open in the wake of the November 26 terror attack in Mumbai.
"It must be clearly understood that we are keeping all our options open whether diplomatic, economic or as a last resort, the military one," the Army chief said.
"Some Pakistani troops have come from FATA (Pakistan's Federally Administered Tribal Areas bordering Afghanistan) to the Indian border but let me assure you that the Indian Army has factored all this into its plans. It is not a cause for worry," General Kapoor told reporters on the eve of the 61st Army Day on January 15.
The Army chief said there had been more tension with Pakistan than usual after the Mumbai attack.
Meanwhile, Times Now reports that India is going to approach the United Nations Security Council asking it to list Jaish-e-Mohammed chief Masood Azhar under Resolution 1267. The listing will make it difficult for Pakistan to duck the issue. ( Watch )
Under the resolution, the UN established a sanctions regime to cover individuals and entities associated with al-Qaida, Osama bin Laden and the Taliban wherever they are located. The regime has since been reaffirmed and modified by a dozen more UN Security Council resolutions. Since the US invasion of Afghanistan in 2001, the sanctions have been applied to individuals and organizations in all parts of the world.
Soruce: http://timesofindia.indiatimes.com/?in_leftnav
"It must be clearly understood that we are keeping all our options open whether diplomatic, economic or as a last resort, the military one," the Army chief said.
"Some Pakistani troops have come from FATA (Pakistan's Federally Administered Tribal Areas bordering Afghanistan) to the Indian border but let me assure you that the Indian Army has factored all this into its plans. It is not a cause for worry," General Kapoor told reporters on the eve of the 61st Army Day on January 15.
The Army chief said there had been more tension with Pakistan than usual after the Mumbai attack.
Meanwhile, Times Now reports that India is going to approach the United Nations Security Council asking it to list Jaish-e-Mohammed chief Masood Azhar under Resolution 1267. The listing will make it difficult for Pakistan to duck the issue. ( Watch )
Under the resolution, the UN established a sanctions regime to cover individuals and entities associated with al-Qaida, Osama bin Laden and the Taliban wherever they are located. The regime has since been reaffirmed and modified by a dozen more UN Security Council resolutions. Since the US invasion of Afghanistan in 2001, the sanctions have been applied to individuals and organizations in all parts of the world.
Soruce: http://timesofindia.indiatimes.com/?in_leftnav
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