Fires Again at new wing of the Taj hotel in Mumbai

A fire broke out between the 20 and 21st floor of the Taj Hotel's new building in south Mumbai early on Tuesday.

Fire officials here said the building, one of the sites of the November 26 terror attacks, was empty when the incident happened.

There are no casualty reports in the incident and though the cause of the fire is still unknown, unofficial sources attributed it to faulty wiring.

RBI reduces repo, reverse repo rates by 100 bps

Buoyed by easing inflation, the RBI on Saturday announced further measures, including a one percentage point cut in the short term rates at which it lends and borrows from banks, in a clear signal to ease interest rates.

Besides, the apex bank also pumped in Rs 11,000 crore in Small Industries Development Bank of India and National Housing Bank to give a fillip to realty and small and medium sectors.

The short-term lending rate (repo) will fall to 6.5 per cent and borrowing (reverse repo) rate to 5 per cent with effect from December 8.

The primary liquidity made available to the system through these measures is worth over Rs 3,00,000 crore, RBI Governor D Subbarao said in New Delhi.

RBI also allowed select banks to buyback foreign currency convertible bonds from customers to "take advantage of current discounted rate at which these bonds are trading."

Announcing the fresh measures, Subbarao said that "taken together with earlier measures, these would step up demand and arrest the growth moderation."

He was also confident that the government's decision to lower petrol and diesel prices would further ease inflation.

The cut in the repo/reverse repo rates, he said, "should result in a reduction in the marginal cost of funds to banks and enable them to improve the flow of credit to productive sectors of the economy on viable terms."

The government has deferred by a day the announcement of the Rs 17,000-crore stimulus package to buoy the realty, exports, infrastructure and auto sectors, which it was expected to make public today immediately after the RBI measures.

The liquidity support given to SIDBI, RBI said, would alleviate the credit stress being faced by the micro and small enterprises and "should revive activity in these employment-intensive drivers of growth".

The facility of premature buyback of FCCBs, he added, will help Indian companies to take advantage of the discounted rates at which these instruments are trading.

Similarly, the RBI governor said the special dispensation for treating loans to Housing Finance Companies as priority sector lending will increase the flow of funds to the housing sectors.

Referring to the RBI's decision to permit banks to restructure loans given to the real estate sector, Subbarao said, "It will help soften pressures being faced by the commercial real estate sector and other sectors in the current environment."

As per the proposal, the concessional treatment facility with regard to the classification of assets by the banks will be extended to the real estate sector for loans that are restructured till June 2009.

The RBI chief further said that the benefit of the concessional rate of interest for exporters up to 180 days "is intended to benefit exporters who have drawn bills for shorter maturities and are facing difficulties in realising the bills on due dates on account of external problems".

Given the uncertain outlook on the global crisis, Subbarao said, "Reserve Bank will continue to closely monitor the developments in the global and domestic financial markets and will take swift and effective action as appropriate."

Noting that period of painful adjustment is inevitable, he said, "RBI's policy endeavour will be to minimise the negative impact of the crisis and to ensure an orderly adjustment."

The central bank, Subbarao said, will try to maintain "a comfortable liquidity position, see that the weighted average overnight money market is maintained with the repo-reverse repo corridor and ensure conditions conducive for flow of credit to productive sectors, particularly the stressed export and small and medium industry sectors."

TERROR ATTACKS IN MUMBAI

20 killed, 348 injured as gunmen target rail terminus, luxury hotels; 40 taken hostage
Terror strikes yet again: A man injured in a terror attack being carried to hospital in Mumbai on Wednesday, when gunmen opened fire at seven places.
MUMBAI: The city witnessed a major terror strike on Wednesday with explosions and firing reported from several places. Reports said 20 people were killed and 348 injured. Unconfirmed reports put the death toll at 60.
Maharashtra Director-General of Police A.N. Roy confirmed that there were seven attacks, three of them encounters.
A.K. Sharma, Railway Police Commissioner, said two or three persons, carrying AK 47 rifles and grenades entered the Chattrapati Shivaji Terminus with AK 47 rifles at 8.35 p.m. and opened fire indiscriminately and the panic-struck people rushed out. He said 10 people were feared dead and 30 injured. “The situation is still not resolved. However, there has been no firing for the last 45 minutes,” Mr. Sharma said.
Eyewitnesses, who claim to have seen at least one person dead, said two gunmen fired several shots and then rushed out of the station towards the Special Branch Office.
Rakesh, who had come with his wife and child to board a long distance train, said he heard shots and saw many people with blood stains on them. He rushed out with his family and took refuge in a building opposite the station.
The entire area has been cordoned off and no vehicles were allowed near the station. Commandos and special police teams were trying to get the situation under control. Random shots were still heard from the station at the time of our going to press.
The mangled remains of a taxi after an explosion on the western express highway near the domestic airport.
Sunil Babbar, a policeman of the MRA station close to the CST station, was returning home when he was summoned back. He tried to enter the station but heard two explosions and immediately rushed out to get police reinforcements.
Many of the injured have been rushed to nearby hospitals. Several blasts were reported across the city from places in South Mumbai and suburbs such as Vile Parle.
Two low-intensity explosions and firing were reported outside The Trident Hotel. Forty people were taken hostage inside the hotel, even as occupants and staff were being evacuated. At 11.15 p.m., the firing had not stopped and smoke was billowing from the hotel lobby. A constable on the spot said a third blast took place in the hotel lobby. He said commandos had gone inside. A police officer said two persons were injured. They were taken to hospital.
Firing was also reported outside Leopold Café at Colaba. Windscreens of cars were shattered and bloodstains seen all over.
Sheikh Pasah, an eyewitness, said: “I was on the other side of the road, going to have dinner when I saw people firing. Then I saw a girl drop on the road. They fired from outside and then went inside and opened fire. They were carrying long rifles, [probably] AK 47.” Mumbai Police Commissioner Hasan Gafoor said the police operation was still on.
Three persons, employees of the Taj Hotel in South Mumbai, were shot dead and two others died in a bomb blast in a taxi on Dockyard Road

Politics loves tollywood, but till when?

Politics of Andhra Pradesh has turned into a psyche game these days with all the parties trying to woo the Telugu cinema celebrities in order to get the votes of their fans. They are making many sorts of amendments in order to accommodate the film stars.

Already Chiranjeevi, Balakrishna, Nagarjuna, Superstar Krishna, Pavan Kalyan, Nagubabu, Mahesh Babu (about to campaign for Congress), Rajshekhar, Ashwini Dutt, Hari Krishna, Kalyan Ram, Tarak, Junior NTR, Mohan Babu, Brahmanandham (Yet to Announce), Jayasudha, Roja, Jeevitha Rajshekhar, Vijaya Nirmala, Parchuri Brothers, Comedian Venu Madhav (If the criminal case against him ends in time) Babu Mohan, Ramanaidu, Dasari Narayana Rao and others are into the murky game of politics. Some have started to their duty to attract the voters with their presence, while other are yet to enter politics. Actor Ravi Teja and Venkatesh have openly revealed that they will stay away from politics.

TDP, Congress has started to evaluate the stars according to their profiles + back ground and are seen busy in wooing them. Mahesh Babu is being lured in the politics as his wife is planning to venture out into diamond and fashion business and he may get a resourceful package from the present Chief Minister. Chiranjeevi and his family are already into politics and are seen wooing the voters with some promises. TDP clan showed their strength to the opposition by organizing a Praja Garjana which more looked like Kamma Garjana.

But only till the elections this entertainment will be served to people, after the elections, Nara Chandrababu is going to eliminate Balakrishna, Hari Krishna and others and will take on the reigns. Congress is well known to back stab people from the past 20 years. Chiranjeevi is still in a dilemma whether the people are with him or against him. If at all he wins the elections his followers i.e. Dr. Mitra, Allu Arvind, Nagababu and Pavan will make him a puppet.

So, all you populace of Andhra Pradesh, please beware of this political games and poise your valuable vote to the truly deserving candidate.

Stevens guilty on 7 counts, won't quit Senate race

ASHINGTON – Ted Stevens, a pillar of the Senate for 40 years and the face of Alaska politics almost since statehood, was convicted of a seven-felony string of corruption charges Monday — found guilty of accepting a bonanza of home renovations and fancy trimmings from an oil executive and then lying about it.

Unbowed, even defiant, Stevens accused prosecutors of blatant misconduct and said, "I will fight this unjust verdict with every ounce of energy I have."

The senator, 84 and already facing a challenging re-election contest next Tuesday, said he would stay in the race against Democrat Mark Begich. Though the convictions are a significant blow for the Senate's longest-serving Republican, they do not disqualify him, and Stevens is still hugely popular in his home state.

The jury — itself a daily drama, trying to expel one of its own members — convicted Stevens of all the felony charges he faced, accusations based heavily on the testimony of a wealthy oil contractor who for years had been a fishing and drinking buddy.

Visibly shaken after the verdicts were read — the jury foreman declaring "guilty" seven times — Stevens tried to intertwine his fingers but quickly put his hands down to his side after noticing they were trembling. As he left the courtroom, he got a quick kiss on the cheek from his wife, Catherine, who testified on his behalf during the trial.

Stevens faces up to five years in prison on each count when he is sentenced, but under federal guidelines he is likely to receive much less time, if any. The judge did not immediately set a sentencing date.

The monthlong trial revealed that employees for VECO Corp., an oil services company, transformed Stevens' modest Alaska mountain cabin into a modern, two-story home with wraparound porches, a sauna and a wine cellar.

Stevens said he had no idea he was getting freebies. He said his wife handled the business of the renovation. He said he paid $160,000 for the project and believed that covered everything.

As his attorneys had during the trial, Stevens said in a statement issued afterward that prosecutors had improperly held back favorable evidence, had sent a crucial witness back to Alaska and "allowed evidence to be introduced that they knew was false."

"I am innocent," he declared. "I ask that Alaskans and my Senate colleagues stand with me as I pursue my rights." Addressing the folks back home, he added, "I will come home Wednesday and ask for your vote."

He had asked for an unusually speedy trial, hoping he'd be exonerated in time to win re-election. Despite being a convicted felon, he is not required to drop out of the race or resign from the Senate. If he wins re-election, he can continue to hold his seat because there is no rule barring felons from serving in Congress. The Senate could vote to expel him on a two-thirds vote.

"Put this down: That will never happen — ever, OK?" Stevens said in the weeks leading up to his trial. "I am not stepping down. I'm going to run through, and I'm going to win this election."

Taking nothing for granted, Begich said merely, "This past year has been a difficult time for Alaskans, but our people are strong and resilient and I believe that we will be able to move forward together to address the critical challenges that face Alaska."

Gov. Sarah Palin, the Republican vice presidential nominee, said, "The verdict shines a light on the corrupting influence of the big oil service company that was allowed to control too much of our state. It was part of the culture of corruption I was elected to fight. And that fight must always move forward regardless of party or seniority or even past service."

"I'm confident Senator Stevens will do what's right for the people of Alaska."

Carl Shepro, a professor of political science at the University of Alaska in Anchorage, said, "It's very possible that he's going to win the election."

Many Alaskans believe Stevens is being unjustly attacked, and that the charges against him don't amount to real corruption, Shepro said.

Democrats, hoping to pick up a long-sought Republican seat, have invested heavily in the race, running television advertisements starring fictional FBI agents and featuring excerpts from wiretaps introduced at the trial.

Stevens' conviction hinged on the testimony of Bill Allen, the senator's longtime friend and the founder of VECO. He testified he never billed Stevens for the work on the house and the senator knew he was getting a special deal.

Stevens spent three days on the witness stand, vehemently denying that allegation. He said his wife paid every bill they received.

Living in Washington, thousands of miles away, made it impossible to monitor the project every day, he said. Stevens relied on Allen to oversee the renovations, he said, and his friend deceived him by not forwarding all the bills.

Prosecutors used a barrage of witnesses to question how Stevens could have been in the dark about VECO's work on the project. VECO employees testified to seeing Stevens at the house. One left him a company business card. Stevens sent thank you notes to others.

Stevens' conviction is the highlight of a lengthy FBI investigation into Alaska corruption, but prosecutors noted that it is not the end. Stevens' longtime Republican colleague, Rep. Don Young, remains under investigation for his ties to VECO. Stevens' son, Ben, a former Alaska lawmaker, is also under investigation.

Stevens is a legendary figure in Alaska, where he has wielded political influence since before statehood. His knack for steering billions of dollars in federal money to his home state has drawn praise from his constituents but consternation from others.

Stevens is the fifth senator convicted of criminal charges. The last previous one was Republican David Durenberger of Minnesota, who was indicted in 1993 on charges of conspiring to make fraudulent claims for Senate reimbursement of $3,825 in lodging expenses. He later pleaded guilty to misdemeanor charges and was sentenced to one year of probation and a $1,000 fine.

The jury left the court without comment.

Said U.S. District Judge Emmet Sullivan: "The jurors have unanimously told me that no one has any desire to speak to any member of the media. They have asked to go home and they are en route home."

They had been a story all by themselves after deliberations began last Wednesday.

They complained of stress and violent outbursts in the jury room. They tried to expel one of their members. They asked to go home early. Then one of them said her father had died, and she was allowed to go home to California. Then she couldn't be reached.

The judge put an alternate on the jury on Monday, and within hours there was a verdict.

China far ahead, but Kazakhstan still desires India alliance

Astana, Oct 26 (IANS) Despite being slow off the block, India can still build close economic and trade ties with oil and mineral rich Kazakhstan as the country is keen to attract Indian investments and expand economic collaboration, experts say.

Kazakhstan is a potential goldmine and has rich deposits of as many as 99 elements out of the 110 listed in Mendelev's periodic table. Plus, it has large proven reserves of oil.

Yet, while China-Kazakhstan bilateral trade is currently around $14 billion and is tipped to touch $15 billion by 2010, India-Kazakhstan bilateral trade stands at a minuscule $200 million or so, according to foreign office figures here.

China has also inked several energy partnerships with the oil rich Central Asian countries including Kazakhstan and is an active member of the Shanghai Cooperation Organisation that includes besides China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.

But despite China's lead, Kazakhstan is still keen to attract Indian investments and expand economic and trade ties.

Kazakh Deputy Foreign Minister Nurian Yermekbayev told a visiting IANS correspondent: 'We are interested in India's partnership in information technology (IT), space research and oil exploration.'

Says Indian envoy Ashok Sajjanhar: 'Indian businessmen couldn't take advantage of Kazakhstan's tax incentives during the initial years of its independence. But it is never too late.'

Kazakhstan is still keen to attract investments from India in a number of sectors where the Southeast Asian economic giant has an edge over most other countries such as education, petrochemicals, IT, tourism, power generation and transmission, oil refining, railways and agriculture as well as agro-processing, he says.

'Even collaboration in space research can be a great bet,' Sajjanhar told IANS in this business hub and capital city of Kazakhstan.

Kazakhstan possesses the world's eighth largest oil reserves, the world's largest lead, tungsten, barite, and uranium reserves, the world's second-largest chromite, silver, and zinc reserves and the third- largest deposits of manganese besides significant deposits of gold, copper and iron ore.

Located near the northeast portion of the Caspian Sea, Kazakhstan claims most of the sea's biggest known oil fields. According to the Energy Information Administration of the US government, Kazakhstan's combined onshore and offshore proven hydrocarbon reserves have been estimated between nine billion and 40 billion barrels - comparable to OPEC members Algeria on the low end and Libya on the high end.

OPEC stands for Oil and Petroleum Exporting Countries.

The country produced approximately 1.45 million barrels per day (bbl/d) of oil in 2007 and consumed 250,000 bbl/d, resulting in net petroleum exports of around 1.2 million bbl/d.

Oil exports are the foundation of the country's economy and have ensured that average real gross domestic product (GDP) growth has stayed above nine percent for the last six years, making it one of the fastest growing countries in the world.

India, on the other hand, imports nearly 70 percent of its oil requirement, most of it from the Middle East. To overcome its dependence on the Middle East, the country needs to diversify its sources of oil import.

For India, the most attractive oil domain outside the Persian Gulf is the Caspian Basin. Recognizing this, India is already trying to befriend the region and gain a foothold.

But experts say India must do more to build meaningful relationships with countries such as Kazakhstan. Says strategic expert Sanat Kushkumbayev: 'It's time India looked towards east in its close neighbourhood rather than focusing only on the west.'

Kushkumbayev is deputy director of the Kazakhstan Institute for Strategic Studies.

'For Kazakhstan, India is strategically a vital partner. India has a responsible role in the Central Asian region. And our country is especially interested in collaboration in oil refining, railways and agriculture,' he adds.

Kazakhstan, the last Soviet republic to declare independence in December 1991, is a country bigger than the whole of western Europe. It is nestled between two Asian giants - Russia and China - sharing borders with Uzbekistan, Kyrgyzstan, Turkmenistan and the Caspian Sea.

Since its independence, the country has received more than $40 billion of foreign investment and, according to official estimates, the country's oil and gas sector is tipped to attract $150-200 billion in the next 10 years.

At the official level too, Kazakhstan is very keen to expand ties with India given New Delhi's increasing demand for uranium to fuel its growing nuclear energy requirements.

Thus, despite China's substantial lead and its far-reaching presence in the Central Asian region, experts say it is still not too late for India to join the race and leverage its edge in many sectors like oil exploration and space research.