Shiv Shankar Menon takes over as NSA

NEW DELHI: Veteran diplomat and former foreign secretary Shiv Shankar Menon on Saturday took over as national security adviser. 60-year-old Menon, who will serve in the rank of minister of state till further orders, took charge from M K Narayanan, who has been appointed as West Bengal Governor.

The 1972-batch IFS officer, who retired as foreign secretary in July last year, brings with him vast experience in diplomacy.

A highlight of his diplomatic career was the key role he played in negotiations for the landmark Indo-US civil nuclear deal that ended India's long isolation in the atomic sector.

After being named as the NSA on Thursday, Menon said he was "very conscious that it is a big responsibility and I will do my best."

Earlier on Saturday morning, Prime Minister Manmohan Singh hosted a farewell lunch for Narayanan, where finance minister Pranab Mukherjee, home minister P Chidambaram, defence minister A K Antony and MoS in PMO Prithviraj Chavan were present.

Singh hailed Narayanan as "one of the finest" civil servants.

He particularly referred to Narayanan's contribution to negotiations on the Indo-US nuclear deal and said it would not have come through without his role.

"His best is yet to come. He is going to Raj Bhavan, which is public service," Singh said.

Narayanan will take over as West Bengal Governor on Sunday.

TOI

BSE Sensex snaps its four-week winning streak

STAFF WRITER 13:0 HRS IST

Mumbai, Jan 23 (PTI) Stocks: The BSE benchmark Sensex snapped its four-week winning streak and dropped by 695 points past week to close below the psychological 17,000 mark on all-round selling pressure following disappointment from key corporate earnings amid a weak trend in the global markets.

Global stocks tumbled after US President Barack Obama on Thursday proposed new restrictions on banks, which would prevent banks or financial institutions (that own banks) from investing in, owning or sponsoring a hedge fund or private equity fund.

Global markets had already recoiled in recent weeks on fears that demand from China would slowdown as Beijing taps the brakes on its roaring growth to stave-off inflation and to keep the economy from overheating.

Also poor show by some of the key corporate houses that announced their Q3 results past week infused selling pressure.

India ready for ‘any eventuality’ in case of another 26/11: Krishna

New Delhi, Jan 21: A day after the US warned Pakistan of the limits to India’s patience in the event of another Mumbai-like attack, External Affairs Minister S.M. Krishna on Thursday said the government would have to be prepared to meet any eventuality. “Yes, that is a worrying development because having been a victim of an earlier attack, gone through the anguish, the agony, the trauma, I think India certainly will have to be prepared to meet any such eventuality,” he told reporters. Krishna was responding to a question on US Defence Secretary Robert Gates’ remarks on Wednesday that it would be extremely difficult for India to show ‘restraint and statesmanship’ if another 26/11 attack was repeated. “Of course, the defence forces and the home ministry are in close touch and coordination with the external affairs ministry and it will be our endeavour to maintain peace and tranquility within India,” he said.

Core sector posts 6% growth

NEW DELHI, Jan 22 (PTI): Core infrastructure industries grew by 6 per cent in December 2009 against a meagre 0.7 per cent growth a year ago reflecting recovery in the industrial production.

Six key sectors - crude, petroleum refinery products, coal, electricity, cement, finished steel - showed a growth of 4.8 per cent in April-December 2009 against 3.2 per cent in the corresponding period last year, an official statement said today.

These sectors have a weight of 26.68 per cent in the country’s total industrial output.

Finished steel and crude oil turned the table, expanding by 9.6 per cent and 1.1 per cent respectively in December, against contraction of 8 per cent and 0.3 per cent last year.