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Sunday, August 31, 2014

Nifty breaches 8000-mark for first time, Sensex hits new peak; top 15 stocks - Economic Times

NEW DELHI: The 50-share NSE Nifty index breached the 8,000-mark for the first time ever in trade on Monday and BSE Sensex logged a new peak of 26,854.08 on the back of positive economic growth data for the April-June quarter.

The rally in Nifty was led by gains in Tata Motors, Hero MotoCorp, L&T, Hindalco and GAIL.


Tracking the momentum, the S&P BSE Sensex also managed to rally as much as 216 points to hit its fresh record high of 26854.08, supported by gains in capital goods, consumer durables, banks, power and metal stocks.


India's economy expanded at its fastest pace in more than two years in the April-June quarter. India's GDP grew at 5.7 per cent in the first quarter of 2014-15, exceeding expectations.


At 10:00 a.m.; BSE Sensex was trading 192 points higher at 26831.76. It hit a fresh record high 26854.08 and a low of 26732.39 in trade today.


The 50-share Nifty index also managed to surge over 60 points to hit its fresh record high of 8022.70, led by gains in NTPC, Coal India, Hindalco, L&T and SBI. As much as 65 stocks rose to their fresh 52-week high on the National Stock Exchange.


Here is a list of fifteen stocks which are in focus today:


BPCL, IOC, HPCL: Petrol price was today cut by Rs 1.82 a litre, the third reduction in rates this month, but diesel rates were hiked by 50 paise per litre.


At 10:20 a.m.; BPCL was trading 0.6 per cent higher at Rs 698, HPCL was up 1.4 per cent and IOC was trading 2 per cent higher.


M&M Ltd: Auto major Mahindra & Mahindra, will invest Rs 4,000 crore over a 7-year period to expand its existing facility at Chakan in Maharashtra.


At 10:20 a.m.; M&M was trading 0.13 per cent higher at Rs 1407.


CEAT: Tyre maker Ceat, which plans to raise up to Rs 500 crore through issue of securities, will use majority of the fund to finance expansion of its ongoing projects in Bangladesh and Gujarat.


At 10:20 a.m.; the stock was trading 3 per cent higher at Rs 605.10.


NTPC: Power major NTPC said it is aiming at 8,000-9,000 MW capacity takeover in stressed power plants but the recent Supreme Court ruling on coal mines may have an impact on the move.


At 10:20 a.m.; the stock was trading 1.09 per cent higher at Rs 139.20.


Alstom India Ltd: French electrical engineering group Alstom has won contracts with a total value of 800 million euros to build high-voltage direct current power transmission lines in India, South Korea and Canada, the firm said.


At 10:20 a.m.; the stock was trading 1.8 per cent higher at Rs 495.55.


Adani Enterprises Ltd: Adani Enterprises has agreed to pay A$155 million ($145 million) to Linc Energy to buy out the Australian firm's rights to future royalties from Adani's huge but delayed Carmichael coal project, already four years behind schedule.


At 10:20 a.m.; the stock was trading 0.8 per cent higher at Rs 482.


ONGC: The oil ministry has ordered an inquiry into the difficulties experienced by the Oil & Natural Gas Corp (ONGC) in executing projects, resulting in production targets being missed.


At 10:20 a.m.; the stock was trading 0.9 per cent higher at Rs 439.15.


Dewan Housing Finance: US-based Prudential Financial Inc., which manages $1.3 trillion globally, will sell a 50% stake in its Indian asset-management company Pramerica Mutual Fund for an undisclosed sum to Dewan Housing Finance Co., according to three people with direct knowledge of the development.


At 10:20 a.m.; the stock was trading 2.7 per cent higher at Rs 365.55.



Maruti's August sales rise 27 per cent to 1,10776 units - Business Standard

The country's largest car-maker India today reported 26.9% increase in its total in August at 1,10,776 units as against 87,323 units in the same month of previous year.

sales during the month stood at 98,304 units, up 29.3% from 76,018 units in August of previous year, Maruti Suzuki India (MSI) said in a statement.


Sales of mini passenger cars, including Alto, A-Star and WagonR were up 8.3% at 34,686 units as against 32,019 units in the previous year.


MSI said during the month, sales of its compact cars, comprising Swift, Estilo, Celerio, Ritz and Dzire were at 46,759 units as against 30,512 units in the year-ago month, up 53.2%.


Dzire Tour sales were at 1,328 units as against 520 units in August last year, up 114.2%.


Sales of mid-sized sedan SX4 were down by 85.6% to 50 units as against 348 units in August of previous year, the company said.


The company's sales of utility vehicles, including Ertiga and Gypsy were at 5,491 units as against 4,563 units, up 20.3%.


Van sales, comprising Omni and Eeco were at 9,990 units as compared to 7,956 units in the previous year, up 25.6%, it said.


Exports in August were up 10.3% to 12,472 units from 11,305 units in the same month of previous year, it added.



Nifty breaches 8000-mark for first time, Sensex hits new peak; top 15 stocks - Economic Times

NEW DELHI: The 50-share NSE Nifty index breached the 8,000-mark for the first time ever in trade on Monday and BSE Sensex logged a new peak of 26,854.08 on the back of positive economic growth data for the April-June quarter.

The rally in Nifty was led by gains in Tata Motors, Hero MotoCorp, L&T, Hindalco and GAIL.


Tracking the momentum, the S&P BSE Sensex also managed to rally as much as 216 points to hit its fresh record high of 26854.08, supported by gains in capital goods, consumer durables, banks, power and metal stocks.


India's economy expanded at its fastest pace in more than two years in the April-June quarter. India's GDP grew at 5.7 per cent in the first quarter of 2014-15, exceeding expectations.


At 10:00 a.m.; BSE Sensex was trading 192 points higher at 26831.76. It hit a fresh record high 26854.08 and a low of 26732.39 in trade today.


The 50-share Nifty index also managed to surge over 60 points to hit its fresh record high of 8022.70, led by gains in NTPC, Coal India, Hindalco, L&T and SBI. As much as 65 stocks rose to their fresh 52-week high on the National Stock Exchange.


Here is a list of fifteen stocks which are in focus today:


BPCL, IOC, HPCL: Petrol price was today cut by Rs 1.82 a litre, the third reduction in rates this month, but diesel rates were hiked by 50 paise per litre.


At 10:20 a.m.; BPCL was trading 0.6 per cent higher at Rs 698, HPCL was up 1.4 per cent and IOC was trading 2 per cent higher.


M&M Ltd: Auto major Mahindra & Mahindra, will invest Rs 4,000 crore over a 7-year period to expand its existing facility at Chakan in Maharashtra.


At 10:20 a.m.; M&M was trading 0.13 per cent higher at Rs 1407.


CEAT: Tyre maker Ceat, which plans to raise up to Rs 500 crore through issue of securities, will use majority of the fund to finance expansion of its ongoing projects in Bangladesh and Gujarat.


At 10:20 a.m.; the stock was trading 3 per cent higher at Rs 605.10.


NTPC: Power major NTPC said it is aiming at 8,000-9,000 MW capacity takeover in stressed power plants but the recent Supreme Court ruling on coal mines may have an impact on the move.


At 10:20 a.m.; the stock was trading 1.09 per cent higher at Rs 139.20.


Alstom India Ltd: French electrical engineering group Alstom has won contracts with a total value of 800 million euros to build high-voltage direct current power transmission lines in India, South Korea and Canada, the firm said.


At 10:20 a.m.; the stock was trading 1.8 per cent higher at Rs 495.55.


Adani Enterprises Ltd: Adani Enterprises has agreed to pay A$155 million ($145 million) to Linc Energy to buy out the Australian firm's rights to future royalties from Adani's huge but delayed Carmichael coal project, already four years behind schedule.


At 10:20 a.m.; the stock was trading 0.8 per cent higher at Rs 482.


ONGC: The oil ministry has ordered an inquiry into the difficulties experienced by the Oil & Natural Gas Corp (ONGC) in executing projects, resulting in production targets being missed.


At 10:20 a.m.; the stock was trading 0.9 per cent higher at Rs 439.15.


Dewan Housing Finance: US-based Prudential Financial Inc., which manages $1.3 trillion globally, will sell a 50% stake in its Indian asset-management company Pramerica Mutual Fund for an undisclosed sum to Dewan Housing Finance Co., according to three people with direct knowledge of the development.


At 10:20 a.m.; the stock was trading 2.7 per cent higher at Rs 365.55.



Bapu, Renowned Telugu Filmmaker, is Dead at 80 - NDTV

Bapu, Renowned Telugu Filmmaker, is Dead at 80

Bapu is seen here alongside veteran Telugu director K Raghavendra Rao at Maa Awards 2012


Renowned Telugu filmmaker Sattiraju Lakshmi Narayana aka Bapu died here at his residence on August 31, his family said. He was 80.

"He passed away following a cardiac arrest. He was struggling with illness for the last few months," Bapu's brother Sattiraju Shankar Narayana told IANS.


Born on December 15, 1933, Bapu started his career as a cartoonist for Telugu newspaper Andhra Patrika.


His filmmaking career started with 1960 Telugu film Sakshi, whose story and dialogues were by his best friend Mullapudi Venkata Ramana.


Bapu and Ramana worked together in several memorable Telugu films such as Mutyala Muggu, Mister Pellam, Pelli Pusthakam and Seetha Kalyanam.


An ardent devotee of Lord Ram, Bapu's stories were mostly inspired from the Ramayana.


Some of his best films on Lord Ram include Sampoorna Ramayanam, Ramanjeneya Yuddham and Seetha Kalyanam.


Bapu's last directorial was 2011 Telugu mythological drama Sri Rama Rajyam. Ramana passed away a few months after the film's release.


Since Ramana's demise, Bapu has been unwell too.


"The death of Ramana came as a shock to my brother. He was shaken from the inside because it was the end of over 60 years of friendship," Bapu's brother said.


Bapu had also directed a few Hindi films such as Hum Paanch, Seeta Swayamwar, Woh Saat Din and Mera Dharam.


In his over four-decade-long career, Bapu directed 51 films. He was honoured with the Padma Shri in 2013.


He won the National film award twice and the Andhra Pradesh state Nandi Award six times.


Bapu is survived by two sons and a daughter.


His last rites will be performed here on Septmber 1.




Nifty surges past 8000 as markets hit all-time high again - Livemint

Nifty surges past 8,000 as markets hit all-time high again

All the sectoral indices were trading higher. The BSE consumer durable index was the top sectoral gainer, up 1.1%. Photo: Hemant Mishra/Mint




Mumbai: Benchmark equity indices Sensex and Nifty touched a record high on Monday morning on better-than-expected first quarter gross domestic product (GDP) numbers and strong foreign fund flows.


In morning trade, the 30-share bellwether BSE Sensex touched an all-time high of 26,827.76, while the National Stock Exchange’s (NSE’s) broader 50-share Nifty hit a lifetime high of 8,018.65.


The Nifty touched the 8,000 mark in just 78 trading sessions after it had hit the 7,000 mark.


At 9.40am, the Sensex was trading higher by 0.59%, or 156.45 points, at 26,794.56 points, while the Nifty was trading up 0.63%, or 50.05 points, at 8,004.40 points.


On Friday, the government released GDP as well as fiscal deficit data. GDP grew at 5.7% in the June quarter—the fastest in more than two years and better than the 4.6% increase in the preceding quarter. The GDP data was driven by strong industrial recovery. Manufacturing activity grew 3.5%, while construction advanced 4.8%—the first clear signs that Indian economy is on a recovery track.


The gainers included Coal India Ltd (CIL), which was trading higher by 2.1% to Rs.363.75 after news reports said that the government is likely to approve disinvestment of the company this week, which may fetch the exchequer Rs.22,000 crore. NTPC Ltd rose 1.7% to Rs.140.1.

Among the losers, Bharat Heavy Electricals Ltd (Bhel) fell 0.4% to Rs.239.85 and Sun Pharmaceuticals Industries Ltd fell 0.02% to Rs.854.35.

All the sectoral indices were trading higher. The BSE consumer durable index was the top sectoral gainer, up 1.1%. The BSE capital goods index gained 0.9%, the BSE Bankex 0.8%, the BSE auto and metal indices 0.7% each, the BSE Teck index 0.5% and the BSE oil and gas and IT indices 0.4% each.


Metal and power generation stocks were trading higher ahead of the Supreme Court hearing on the coal block allocations case scheduled on Monday. The Supreme Court on 25 August ruled that all coal block allocations made between 1993 and 2010 are illegal. Analysts, however, are optimistic about a positive outcome to the issue.


In the metal sector, Jindal Steel and Power Ltd rose 0.7% to Rs.234.9, Hindalco Industries Ltd 1% to Rs.171.80, Sesa Sterlite Ltd 0.8% to Rs.279.40, Nalco Ltd 1% to Rs.57.05, Monnet Ispat and Energy Ltd 1.7% to Rs.114.85, Sarda Energy and Minerals Ltd 0.3% to Rs.299.55, and Usha Martin Ltd 0.7% to Rs.40.45.


Wockhardt Ltd was trading at Rs.721 on BSE, up 4.4% from previous close after the company said that its new drug discovery programme in anti-infective research has received a major boost after two of its drugs, WCK 771 and WCK 2349, received the Qualified Infectious Disease Product (QIDP) status from the US Food and Drug Administration (FDA).

Sun TV Network Ltd fell 1.4% to Rs.346.55, while SpiceJet Ltd fell 2% to Rs.12.55 after the Central Bureau of Investigation (CBI) named Dayanidhi Maran and his brother Kalanithi Maran among others as accused in the Aircel-Maxis deal.

Since the beginning of this year, the Sensex has gained 26.61%, while foreign institutional investors have bought $12.99 billion from local equity markets.


According to the data released by the Controller General of Accounts on Friday, fiscal deficit for the April-July period stood at Rs.3.25 trillion, 61.2% of the budget estimate of Rs.5.31 trillion. The fiscal deficit—total receipts over total expenditure—was 62.8% of the budget estimate during the same period in the previous financial year.


On Monday, the HSBC Manufacturing PMI data, compiled by Markit, will be released at 10.30am for the month of August. The Manufacturing PMI had increased to 53 in July from 51.50 in June.


A monthly meeting of the European Central Bank (ECB) is scheduled for 4 September, and there are expectations that the ECB will announce quantitative easing in the coming months to strengthen growth in the euro zone, which may boost market sentiment.


On Friday, markets were closed on account of Ganesh Chaturthi.


Asian markets were trading marginally higher on Monday despite the downward revision of China’s August purchasing managers index to 50.2 from 50.3. China’s Shanghai Composite gained 0.4%, Hong Kong’s Hang Seng was also up 0.4% and Japan’s Nikkei Stock Average advanced 0.2%.


Wall Street indices ended higher on Friday. The S&P 500 gained 0.5%, and Nasdaq Composite and Dow Jones Industrial Average were up 0.5% each.



Artist, film director Bapu no more - Times of India

HYDERABAD: Veteran film director and acclaimed artist Bapu passed away on Sunday evening at his residence in Chennai. He was 80. "He passed away following a cardiac arrest. He was struggling with illness for the last few months," Bapu's brother Sattiraju Shankar Narayana informed.

Born Sattirajuin Lakshmi Narayana in 1933, Bapu spent his childhood years in Narsapur in West Godavari district of Andhra Pradesh. He started his career as a cartoonist for Andhra Patrika. Thereafter, he dabbled in painting, writing for several years and his work, especially his depiction of the Ramayana and the Bapu Bomma series left an indelible impression on Telugu population across the world. He made his first film, Sakshi, in 1960 where he collaborated with his friend Mullapudi Venkata Ramana who went on to partner Bapu in many other movie and literary ventures. One of their endearing work was the series of 'Budugu' books in Telugu about a precocious little boy that were a hit with readers.


Bapu and Ramana worked together in several memorable Telugu films such as 'Mutyala Muggu, Mister Pellam, Pelli Pusthakam and Seetha Kalyanam. An ardent devotee of Lord Ram, Bapu's stories were mostly inspired from the Ramayana. Some of his best films on Lord Ram include Sampoorna Ramayanam, Ramanjeneya Yuddham and Seetha Kalyanam.


His last directorial venture was the 2011 Telugu mythological drama Sri Rama Rajyam. Ramana passed away a few months after the film's release. "The death of Ramana came as a shock to my brother. He was shaken from the inside because it was the end of over 60 years of friendship," Bapu's brother said.


In his more than 40-year career, Bapu directed 51 films and received many awards including the Padma Shri, two National Awards for Muthyala Muggu and Mr Pellam apart from two Filmfare awards and a Lifetime Achievement award for his contribution to cinema.


Bapu is survived by two sons and a daughter. His last rites will be performed in Chennai on Monday.



http://ift.tt/1r0KxxP Lakshmi Narayana,film director Bapu no more


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After threatening Shah Rukh Khan, mafia don Ravi Pujari targets Boman Irani - Firstpost


Mumbai: Bollywood actor Boman Irani has been provided police protection after he allegedly received a threat call from fugitive underworld don Ravi Pujari.


"Boman Irani has received threat call from Pujari and we have provided him security. We are investigating the case," a senior police official said without specifying the nature of the threat.


Boman Irani. Getty Images

Boman Irani. Getty Images



Irani's movie 'Happy New Year', in which he co-stars with Shah Rukh Khan, Abhishek Bachchan and Deepika Padukone, is scheduled for release in October.


On 23 August, three persons had opened fire outside the residence of film producer Ali Morani in suburban Juhu.


Two days later, Pujari had allegedly called superstar Shah Rukh Khan's production house Red Chillies and passed on a message to the actor. Pujari told Khan's staff to tell the actor to stay away from Morani, police had earlier said.


The gangster is known to make calls to builders and film personalities.


PTI



Libyan armed faction takes over US Embassy annex in Tripoli - Reuters India




WASHINGTON Mon Sep 1, 2014 8:53am IST




A view of an annex of the U.S. embassy in Tripoli during a media tour organised by Operation Dawn, a group of Islamist-leaning forces mainly from Misrata, August 31, 2014, after the group took over the annex. Members of the group have taken over the annex but have not broken into the main compound where the United States evacuated all of its staff last month, U.S. officials said on Sunday. REUTERS/Ismail Zitouny

A view of an annex of the U.S. embassy in Tripoli during a media tour organised by Operation Dawn, a group of Islamist-leaning forces mainly from Misrata, August 31, 2014, after the group took over the annex. Members of the group have taken over the annex but have not broken into the main compound where the United States evacuated all of its staff last month, U.S. officials said on Sunday.


Credit: Reuters/Ismail Zitouny





WASHINGTON (Reuters) - Members of a Libyan militia have taken over an abandoned annex of the U.S. Embassy in Tripoli but have not broken into the main compound where the United States evacuated all of its staff last month, U.S. officials said on Sunday.



A YouTube video showed the breach of the diplomatic facility by what was believed to be a militia group mostly from the northwestern city of Misrata. Dozens of men, some armed, were seen gleefully crowded onto the patio of a swimming pool, with some diving in from the balcony of a nearby building.



Libya has been rocked by the worst factional violence since the 2011 fall of Muammar Gaddafi, and a Misrata-led alliance, part of it which is Islamist-leaning, now controls the capital.



A takeover of the larger embassy compound could deliver another symbolic blow to Washington over its policy toward Libya, which Western governments fear is teetering toward becoming a failed state three years after a NATO-backed war ended Gaddafi̢۪s rule.



The United States withdrew all embassy personnel from Tripoli on July 26, driving diplomats across the border into Tunisia, amid escalating clashes between rival factions.



The annex, apparently consisting of diplomatic residences and other facilities, lies about a mile (2 km) from the embassy compound. All sensitive materials were destroyed or removed from U.S. diplomatic sites in the capital before the evacuation.



Security in Libya is an especially contentious subject for the United States because of the Sept. 11, 2012, attack on the U.S. mission in Benghazi, in which militants killed Ambassador Chris Stevens and three other Americans.



Republican lawmakers have kept up steady criticism of President Barack Obama over his administration̢۪s handling of the Benghazi attack, and they have also cited Libya̢۪s latest unrest as another example of what they see as the Democratic president̢۪s failed policy in the volatile region.



â€Å“Libya now is collapsed into a failed state," U.S. Senator John McCain told CBS's "Face the Nation" program. "That is what happens when you lead from behind."



EMBASSY "SAFEGUARDED"



U.S. Ambassador to Libya Deborah Jones, in a message on Twitter, said the YouTube recording, posted by an amateur videographer, appeared to show â€Å“a residential annex of the U.S. mission but cannot say definitively.”



Jones, now based in Malta, said, however, that the embassy compound â€Å“is now being safeguarded and has not been ransacked.”



The U.S. government believes that while the annex has been seized, the main compound has not suffered a similar fate, a U.S. government source in Washington told Reuters.



Later on Sunday, a senior State Department official said in a statement: "We've seen the reports and videos and are seeking additional details. At this point, we believe the embassy compound itself remains secure but we continue to monitor the situation on the ground, which remains very fluid.



"The primary reason the United States temporarily relocated our personnel and operations from Tripoli recently was the ongoing fighting between militias occurring very close to our compound," the official said. "We continue to work with the government of Libya and other parties on issues of concern."



The Misrata-led groups refuse to recognize Libya̢۪s central government and elected parliament, which have moved to the remote eastern city of Tobruk.



The Misrata forces have set up an alternative parliament which is assembling a rival government headed by Omar al-Hasi, an Islamist.



Hasi called on Saturday for diplomatic missions to return to Tripoli, saying foreigners would be protected.



The North African oil producer appears at risk of splitting or even sliding into civil war as political divisions and fighting among former rebels who helped topple Gaddafi have created uncertainty and chaos.



(Additional reporting by Ulf Lessing in Cairo and Andrea Shalal in Washington; Writing by Matt Spetalnick; Editing by Andrea Ricci and Cynthia Osterman)






Missing those who have lived through hell for seven weeks - Haaretz


The nightmare is in abeyance. No more waking up with a heaviness amid Ramallah’s morning sounds — the sesame-bagel seller hawking his wares, policemen in the distance finishing their training by singing the national anthem, the engine of a cement-mixer owned by the Tarifi Ready Mix Concrete Company groaning outside the window.


No more waking up in fear that overnight some of my friends or their relatives and acquaintances were hurt in Gaza. No more discovering that someone's home was bombed or damaged, or that the people had to leave in a rush after a phone call from the Israel Defense Forces informing them that the neighboring building was about to be blown up.


No more feverish searching on news websites for the names of neighborhoods that had just been bombed — to know whether I should dread now, for a couple of hours, that the worst has happened to my loved ones. And all this occurs in a time and place where the unimaginably horrific happens to everyone all the time.


No need to wait impatiently for the suitable late morning to start my daily round of phone calls — a kind of macabre inventory: who’s alive, how many whole families have been bombed in their homes overnight.


Fear permeates the courteous sentences that Gazans say despite the bombings: “So how are you? How is your health? Inshallah, God willing, all is well with you.” These voices reveal apathy.


Now I can write about the heaviness, the burden, that accompanied me for seven weeks, day after day, moment after moment, without falling into the trap of narcissism.


My heart may go out once more to the children, an hour’s drive away, whom Israel does not allow me to watch grow up. My heart goes out to them without fear gnawing at every thought.


My heart goes out to Tayyeb, who “ran away” (it was his mother Fatima who chose that verb, with typical self-irony) to his grandmother’s house in the Al-Shati refugee camp when the bombings resumed. There were many children there his age to play with so he could take his mind off the floors and walls, which shook wildly with every exploding bomb.


My heart goes out to Sireen, who plays the oud and can now take her instrument outside into the street. During the war, she was advised not to take it outside because the Jewish state’s drones might mistake it for a Qassam rocket or something and fire a deadly missile at it — and her.


My heart goes out to Yousef, who never answered the phone, and to Yara, so full of mischief, who always answered: “Everything is as usual. How about you?”


It goes out to Carmel, who of all her sisters allowed her fear to show, and who always clung to her father wherever he went in the apartment, its windows shattered.


It goes out to Amal Samouni, whom I was afraid to call so as not to hear how she was reliving the terror of 2009. (Israeli troops killed her father in their home, right in front of her. Later, on soldiers’ orders, she moved to an adjacent building with 100 of her relatives. A drone hit that building with missiles on the order of Givati Brigade commander Ilan Malka, killing 21 children, elderly people, women, men and teens. Amal was seriously wounded.)


Loved ones over there


The nightmare is in abeyance, and my yearning feels almost normal again — not like the cement-mixer in the belly and the head, which crushes every familiar word in the dictionary. It’s yearning in the sense of affection, love, esteem, closeness — everything I learned and am learning from the objects of my longing.


I miss Bassam’s mane of salt-and-pepper hair — Bassam, who taught me how to drive against the traffic. (“If the world is upside down, why not drive the wrong way?”)


I miss the scoldings his mother served with lunch. (“What’s this — have you Jews lost your minds?” She and her husband, both about 75, have heart trouble and difficulty walking. They went on a pilgrimage to Mecca at the start of the war and insisted on returning to the refugee camp when the bombings were going on full force.)


I miss Fawrat, with her dimples, who describes the fear in a practical tone, as if it were the dough she taught me to knead ages and ages ago. That was when house demolitions by bulldozer, not bombing, were part of our vocabulary.


I miss Abu Wissam, a redhead among many other redheads in Beit Lahia, and his jokes about their Crusader ancestors.


I miss Gazan-style humor (“We demand immediate resumption of the World Cup broadcasts”; “We’re celebrating victory — what did you think?”; “Another victory like this and there won’t be any more Gaza”; “[Kibbutz] Bror Hayil is rooting for the Brazilian team? We’re rooting for Argentina” — the words of refugees from the village of Bureir, on whose land the kibbutz, with its many immigrants from Brazil, is situated.)


I miss Kauthar, whose every sentence is razor-sharp and every description so clear it’s as if her audience were experiencing the story she’s telling.


I miss Nihad, the logical one, whose explanations of sermons or verses from the Koran are so clear that even a sworn atheist understands them. And I miss Subhiyah, whose quiet way of explaining things does not conceal her warmth. Flattery and fakery disgust her, and she never stops protesting injustice.


I miss Fakher, always teaching, even when he’s merely saying he just made coffee.


I miss Abd el-Hakim, who did not answer the telephone the entire seven weeks and to whom I owe my first lessons (from 1991) on the economy of the occupation.


I miss Iyad, whose cynicism is the most endearing I have ever encountered.


I miss Majdi, the cunning Majdi, like all Majdalawis — those from Majdal, or Ashkelon — who are known for their craftiness even if they were born in refugee camps.


And I miss Mustafa, who back in 1993 told me as we were leaving the Civil Administration building in Rafah, with its Israeli officers strutting among the natives as if they owned the world: “Don’t believe that you’re really seeing us. We’re just a picture.”


His sentence is so precise in its inaccuracy. After all, each of you is a world unto him- or herself. Your humanity continues to guide me.



Bapu, Renowned Telugu Filmmaker, is Dead at 80 - NDTV

Bapu, Renowned Telugu Filmmaker, is Dead at 80

Bapu is seen here alongside veteran Telugu director K Raghavendra Rao at Maa Awards 2012


Renowned Telugu filmmaker Sattiraju Lakshmi Narayana aka Bapu died here at his residence on August 31, his family said. He was 80.

"He passed away following a cardiac arrest. He was struggling with illness for the last few months," Bapu's brother Sattiraju Shankar Narayana told IANS.


Born on December 15, 1933, Bapu started his career as a cartoonist for Telugu newspaper Andhra Patrika.


His filmmaking career started with 1960 Telugu film Sakshi, whose story and dialogues were by his best friend Mullapudi Venkata Ramana.


Bapu and Ramana worked together in several memorable Telugu films such as Mutyala Muggu, Mister Pellam, Pelli Pusthakam and Seetha Kalyanam.


An ardent devotee of Lord Ram, Bapu's stories were mostly inspired from the Ramayana.


Some of his best films on Lord Ram include Sampoorna Ramayanam, Ramanjeneya Yuddham and Seetha Kalyanam.


Bapu's last directorial was 2011 Telugu mythological drama Sri Rama Rajyam. Ramana passed away a few months after the film's release.


Since Ramana's demise, Bapu has been unwell too.


"The death of Ramana came as a shock to my brother. He was shaken from the inside because it was the end of over 60 years of friendship," Bapu's brother said.


Bapu had also directed a few Hindi films such as Hum Paanch, Seeta Swayamwar, Woh Saat Din and Mera Dharam.


In his over four-decade-long career, Bapu directed 51 films. He was honoured with the Padma Shri in 2013.


He won the National film award twice and the Andhra Pradesh state Nandi Award six times.


Bapu is survived by two sons and a daughter.


His last rites will be performed here on Septmber 1.




Pakistan army calls for political solution to political crisis - Xinhua


ISLAMABAD, Aug. 31 (Xinhua) -- Pakistan's top military commanders on Sunday showed concerns at the ongoing political crisis in the country and called for immediate and peaceful solution to the crisis.


The corps commanders attended a meeting at the army's headquarters in Rawalpindi at a time when supporters of two opposition parties have clashed with the police and security personnel, which left three people dead and injured nearly 500.


The clashes erupted late Saturday when the protestors tried to storm the Prime Minister House and Parliament Houses.


Pakistan political party Tehrik-e-Insaf's chief Imran Khan and religious party Pakistan Awami Tehreek's chief Tahir ul Qadri have camped thousands of their supporters to mount pressure on Prime Minister Nawaz Sharif. Both leaders call for the resignation of the prime minister. The government has ruled out resignation of the prime minister.


As there was not let up in the political crisis, the country's army chief General Raheel Sharif convened an emergency conference of the top commanders to review the situation.


While reaffirming support to democracy, the conference reviewed with serious concern the existing political crisis and the violent turn it has taken, resulting in large scale injuries and loss of lives.


"Further use of force will only aggravate the problem," the military said in a statement at the conclusion of the conference.


"It was once again reiterated that the situation should be resolved politically without wasting any time and without recourse to violent means," the statement said.


The statement said the army remains committed to playing its part in ensuring security of the state and will never fall short of meeting national aspirations.


Hours earlier Prime Minister Nawaz Sharif presided over a high level meeting in Islamabad and renewed offer of talks to the two opposition leaders, officials said.


Imran Khan and Qadri have refused to hold talks with the government and announced they would continue protests until the prime minister resigns and hold fresh elections. The prime minister has rejected resignation calls.


The meeting maintained that the government adopted the path of negotiations but was betrayed and an invasion was made despite prior commitment. "It was agreed that this undemocratic onslaught should be withdrawn and parties should come back to the negotiation table."


The meeting condemned the attack on the parliament and an attempt to storm the Prime Minister House and regarded it undemocratic and unconstitutional.


The meeting also decided to convene joint session of parliament on Tuesday to review the situation and chalk out a united stand against the attempt to derail the current system.



Nalanda Univ starts today, from a convention centre, with 15 students lodged in ... - Indian Express


The Rajgir Convention Centre where classes will start. (Source: Express photo) The Rajgir Convention Centre where classes will start. (Source: Express photo)


Summary


The students include a Bhutan university dean on study leave and a postgraduate in Buddhist Studies from Japan.




The much-awaited Nalanda University starts functioning from Monday with two schools, 15 students and 11 faculty members. Of the students, five are women.


Set up following a 2010 special Act of Parliament, the university acquired 455 acres at the Rajgir foothills but as there has not been any construction so far, it will for now function from Rajgir Convention Centre, a state government building. Government-owned Tathagat Hotel will serve as the hostel.


Though each discipline is to have a maximum of 20 students, only 15 in all have joined in the two schools of the planned seven that will be starting Monday. The 15 were selected from around 1,000 applicants after multiple screening and tests. The admission process is still on. Of the 15, three students are from Bihar.


The students include a Bhutan university dean on study leave and a postgraduate in Buddhist Studies from Japan. The first two schools to start are the School of Ecology and Environmental Studies and School of Historical Studies.


While two of the faculty members are from abroad — Samuel Wright from the US and Yin Ker of Singapore — the Indian teachers too have experience of teaching at foreign universities. The university plans to stick to a faculty ratio of 1:8.


From the Rajgir Convention Centre, classes are expected to shift to a makeshift building in a month. Construction work on own campus is expected to start from February 2015.


At the Tathagat Hotel, 40 rooms have been hired for students and teachers. The five women students are lodged on a separate floor.


Vice-Chancellor Gopa Sabarwal said despite the university starting with only two schools, “it was a dream come true”. “Of the 11 teachers, seven have arrived. All teachers have outstanding careers. We hope to add schools of linguistics and literature, economics and management and also public health in a year.”


She added that the idea was to blend values of the ancient Nalanda university with the contemporary. Collaborations have been tied up with a number of foreign universities, including Yale.


Shashi Ahlawat, a B.Tech from Technological of Textiles and Sciences, Haryana, is among the five students enrolled at School of Historical Studies. Despite her science background, she said, a brush with competitive exams showed her that “I am cut out for excelling in history”.


Ngawang, the dean of historical research at Royal University of Bhutan, said there can’t be a better place than Nalanda University to study history. “Ever since the Bhutan government introduced Bhutan and Himalayan history in 2011, I had been thinking of studying history,” he said.


Anshuman Shekhar quit a job at an IT firm to enrol at the School of Ecology and Environmental Studies. He had studied microbiology at Bharati Vidyapeeth University, Pune.


Akiro Nakamvva, a post-graduate from the University of Tokyo, will also be studying history at Nalanda University.


Sabarwal said though classes are planned continued…



Actor Boman Irani gets police protection after threat call from Ravi Pujari - Deccan Chronicle


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DC CORRESPONDENT | September 01, 2014, 05.09 am IST


Actor Boman Irani.

Actor Boman Irani.



Mumbai: Bollywood actor Boman Irani has been provided police protection after he allegedly received a threat call from underworld don Ravi Pujari, police said.


However they refused to reveal the nature of threat.


Irani’s movie ‘Happy New Year’, in which he co-stars with Shah Rukh Khan, Abhishek Bachchan and Deepika Padukone, is scheduled for release in October.


On August 23, three persons had opened fire outside the residence of film producer Ali Morani in Juhu.


Two days later, Pujari had allegedly called Shah Rukh Khan’s production house Red Chillies and passed on a message to the actor.


The gangster is known to make calls to builders and film personalities.





Bapu, Renowned Telugu Filmmaker, is Dead at 80 - NDTV

Bapu, Renowned Telugu Filmmaker, is Dead at 80

Bapu is seen here alongside veteran Telugu director K Raghavendra Rao at Maa Awards 2012


Renowned Telugu filmmaker Sattiraju Lakshmi Narayana aka Bapu died here at his residence on August 31, his family said. He was 80.

"He passed away following a cardiac arrest. He was struggling with illness for the last few months," Bapu's brother Sattiraju Shankar Narayana told IANS.


Born on December 15, 1933, Bapu started his career as a cartoonist for Telugu newspaper Andhra Patrika.


His filmmaking career started with 1960 Telugu film Sakshi, whose story and dialogues were by his best friend Mullapudi Venkata Ramana.


Bapu and Ramana worked together in several memorable Telugu films such as Mutyala Muggu, Mister Pellam, Pelli Pusthakam and Seetha Kalyanam.


An ardent devotee of Lord Ram, Bapu's stories were mostly inspired from the Ramayana.


Some of his best films on Lord Ram include Sampoorna Ramayanam, Ramanjeneya Yuddham and Seetha Kalyanam.


Bapu's last directorial was 2011 Telugu mythological drama Sri Rama Rajyam. Ramana passed away a few months after the film's release.


Since Ramana's demise, Bapu has been unwell too.


"The death of Ramana came as a shock to my brother. He was shaken from the inside because it was the end of over 60 years of friendship," Bapu's brother said.


Bapu had also directed a few Hindi films such as Hum Paanch, Seeta Swayamwar, Woh Saat Din and Mera Dharam.


In his over four-decade-long career, Bapu directed 51 films. He was honoured with the Padma Shri in 2013.


He won the National film award twice and the Andhra Pradesh state Nandi Award six times.


Bapu is survived by two sons and a daughter.


His last rites will be performed here on Septmber 1.




PM's Japan tour: 'Teacher' Narendra Modi visits Tokyo school, ahead of summit ... - Zee News


Tokyo: Ahead of significant summit-level talks with Japanese PM Shinzo Abe slated to be held later on Monday, Prime Minister Narendra Modi donned the hat of a school teacher as he began his third day of Japan trip by visiting an ancient 136-year-old school in Tokyo.


Children at Taimei Elementary School in Tokyo greeted 'teacher' Narendra Modi who could be seen enjoying an “impromptu class” in a photo tweeted Syed Akbaruddin, Official Spokesperson, Ministry of External Affairs.


“A new day & a new role! @PMOIndia begins day visiting 123 year old Tokyo school & taking an impromptu class,” tweeted Akbaruddin.


After meeting children at the school, Modi met Japan Foreign Minister Kishida Fumio.


Monday comes with a tightly-packed schedule for PM Modi who will be busy in meetings, and will be greeted by a ceremonial welcome followed by summit-level talks in which the two sides will seek to take their strategic partnership to a new level.


Agreements are expected to be signed in defence and the two sides would discuss cooperation in infrastructure, civil nuclear energy and production of rare earth materials.


Prime Minister Narendra Modi, who is on a five-day Japan tour, arrived in Kyoto on Saturday where he visited ancient Buddhist temples and signed a partnership accord between Varanasi and Kyoto, with an aim to make Kashi a smart heritage city.



China Restricts Voting Reforms for Hong Kong - New York Times

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Protesters switched on their cellphones at a rally in Hong Kong on Sunday night after China curbed election reforms in the city. Credit Bobby Yip/Reuters

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HONG KONG — China’s legislature laid down strict limits on Sunday to proposed voting reforms in Hong Kong, pushing back against months of rallies calling for free, democratic elections.


The decision by the National People’s Congress Standing Committee drew battle lines in what pro-democracy groups warned would be a deepening confrontation over the political future of the city and of China. The committee demanded procedural barriers for candidates for the city’s leader that would ensure Beijing remained the gatekeeper to that position — and to political power over the city.


Li Fei, a deputy secretary general of the committee, told a news conference in Beijing that the nominating guidelines — including a requirement that candidates “love the country, and love Hong Kong” — would “protect the broad stability of Hong Kong now and in the future.”


The move closes one of the few avenues left for gradual political liberalization in China after a sustained campaign against dissent on the mainland this year under President Xi Jinping. In pressing its offensive in Hong Kong, Beijing has chosen a showdown with a protest movement unlike any it has ever faced on the mainland.


Photo


A protester in Hong Kong held a placard reading, “Communist Party, you lie!” at a rally attended by several thousand people. Credit Bobby Yip/Reuters

Hong Kong̢۪s opposition forces enjoy civil liberties denied in the rest of China and, capitalizing on those freedoms, have taken a more confrontational approach than seen before in Hong Kong.


Hong Kong opposition groups and politicians who have campaigned for unfettered voting for the city’s leader, the chief executive, said the limits set by Beijing made a mockery of the “one person, one vote” principle that had been promised to Hong Kong.


“After having lied to Hong Kong people for so many years, it finally revealed itself today,” said Alan Leong, a pro-democracy legislator. “Hong Kong people are right to feel betrayed. It’s certain now that the central government will be effectively appointing Hong Kong’s chief executive.”


Occupy Central, the main Hong Kong group advocating open elections, said it was planning civil disobedience protests in the city̢۪s commercial heart. Several thousand people turned out for a rally opposing Beijing̢۪s plan on Sunday night.


Photo


Benny Tai, right, co-founder of the Occupy Central movement, rallied democracy activists next to the Hong Kong government complex on Sunday. Credit Alex Ogle/Agence France-Presse — Getty Images

“We are no longer willing to be docile subjects,” Benny Tai, a co-founder of Occupy Central and an associate professor of law at the University of Hong Kong, told the crowd. “Our hope is that people gathered here will be dauntless civil resisters. What is our hope? Our hope is that today Hong Kong has entered a new era, an era of civil disobedience, an era of resistance.”


Other groups were also preparing to protest, and the Hong Kong Federation of Students urged university students to boycott classes.


Beyond its consequences for this former British colony of 7.2 million people, the tight reins on Hong Kong politics reflect a fear among leaders in Beijing that political concessions here would ignite demands for liberalization on the mainland, a quarter-century after such hopes were extinguished at Tiananmen Square in 1989.


“They are afraid that caving in to Hong Kong would show weakness,” Minxin Pei, a professor of government at Claremont McKenna College in California, said in a telephone interview. “They believe that political weakness will encourage Hong Kong to demand more and will give opponents of the party’s rule in China great confidence to challenge the party.”


Photo


People gathered in Hong Kong on Sunday to protest election limits imposed by China. Credit Alex Ogle/Agence France-Presse — Getty Images

Since taking leadership of the Communist Party almost two years ago, President Xi has orchestrated intense campaigns in China against political dissent and demands for competitive democracy, civil society and a legal system beyond party control. But Hong Kong presents special challenges.


Advocates and opponents of political liberalization alike have seen Hong Kong as a potential incubator for change in China since it was returned to Chinese rule in 1997. Since then, the territory has had considerable autonomy and retained a wealth of Western-style freedoms under an arrangement known as “one country, two systems.”


The struggle over electoral change here pits the Chinese authorities and their allies in Hong Kong against an opposition that claims robust middle-class support, protections by the city̢۪s independent judiciary and a voice in an independent, though beleaguered, news media.


“China’s two most important cities are Beijing and Hong Kong,” Hu Jia, a prominent dissident in Beijing, said in a telephone interview on Sunday. He said he had been placed under house arrest, like other dissidents, before the National People’s Congress announcement.


Photo


Protesters in the Occupy Central movement outside the Hong Kong government complex on Sunday. Credit Lam Yik Fei/Getty Images

“In the territory controlled by the Chinese Communist Party, only Hong Kong has some space for free speech, some judicial independence, so it is a mirror for people on the mainland,” he said. “The outcome of this battle for democracy will also determine future battles for democracy for all of China.”


Chinese officials have accused Hong Kong̢۪s democracy groups of serving as tools for subversion by Western forces seeking to chip away at party control.


Mr. Li, the legislative official, on Sunday accused them of “sowing confusion” and “misleading society” by arguing that elections for the chief executive should follow international standards. “Each country’s historical, cultural, economic, social and political conditions and circumstances are different, and so the rules formulated for elections naturally also differ,” he said.


Under current law, the chief executive is chosen by an Election Committee, whose approximately 1,200 members are selected by constituencies generally loyal to Beijing and the city̢۪s business elite.


Photo


A storm front moved over Hong Kong on Sunday as protesters began gathering before China’s legislature announced its decision on suffrage in the territory. Credit Alex Ogle/Agence France-Presse — Getty Images

According to the Chinese legislature̢۪s proposal, the leader would be chosen by popular vote starting in 2017, as promised, but candidates would first have to win an endorsement from at least half the members of a nominating committee. The composition of that committee would be based on that of the current Election Committee, according to the decision, announced at Beijing̢۪s Great Hall of the People.


Mr. Li said that the existing committee was already “broadly representative” of the Hong Kong electorate, and so would furnish the right basis for a nominating committee in future elections, an assertion that Hong Kong democrats have roundly rejected. Democracy advocates expect that the new committee, like the existing one, will exclude candidates seen as unfavorable by Beijing.


Its composition would ensure “that democrats have no chance of getting nominated,” said Michael Davis, a law professor at the University of Hong Kong. In fact, he said, it would raise the bar. Candidates have to win only one-eighth of the support of the current committee but would have to win 50 percent under the new guidelines. “As far as I can see, the government has no capacity to offer a deal the democrats will take in this,” he said.


The Chinese government fears that direct nominations would allow candidates hostile to Beijing, and it has said direct nominations would also contravene the Basic Law, the document governing Hong Kong’s relationship with the mainland. The People’s Daily, the main newspaper of the Chinese Communist Party, said in an editorial on Monday that “nobody who is antagonistic” to the central government should ever be allowed to become chief executive.


Photo


From left, Edward Chin, organizer of Financial Professionals for Occupy Central, Benny Tai, co-founder of the Occupy Central movement, and the activist Bob Kraft addressed members of the news media at a protest outside government offices in Hong Kong on Friday. Credit Alex Ogle/Agence France-Presse — Getty Images

The Hong Kong government will use the Chinese legislature’s proposal as a framework for an electoral reform bill. That bill then must win approval from the city’s 70-member Legislative Council, where the 27 democratic members could still block its passage by the required two-thirds majority. Emily Lau, chairwoman of Hong Kong’s Democratic Party, said they would. “We will veto this revolting proposal,” she said Sunday.


But C. Y. Leung, Hong Kong̢۪s current, pro-Beijing chief executive, said killing the bill would also kill universal suffrage.


“Five million Hong Kong people would be deprived of the voting right that they would be otherwise entitled to,” he said. “We cannot afford a standstill in our constitutional development or else the prosperity, or stability, of Hong Kong will be at stake.”


The clash in Hong Kong will be more about winning over public opinion than winning control of the crowded streets. Opinion polls show that most Hong Kong citizens support the demand for “unfiltered” electoral choice, but also that many have qualms about possible disruption from protests. The Chinese government and the Hong Kong political establishment have accused Occupy Central and allied groups of recklessly imperiling the city’s reputation for political stability and support for business. And many ordinary Hong Kong residents have voiced worry about any political conflict that could hurt their livelihoods.


Occupy Central says it will engage in nonviolent civil disobedience to avoid major disruption. Its organizers have said that they do not plan to plunge into mass protests immediately. “We’re not making threats, we’re just sending warning signals,” said Mr. Tai, the group’s co-founder. “The house is on fire, something has to be done.”



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Export push on Modi Japan agenda - Calcutta Telegraph


New Delhi, Aug. 31: India will be seeking greater market access from Japan during Prime Minister Narendra Modi’s visit in return for enclaves along the Delhi-Mumbai Industrial Corridor and a joint venture to run bullet trains.


Commerce minister Nirmala Sitharaman told The Telegraph: “We are asking for greater access to their market so that Indian goods such as gems and jewellery, pharmaceuticals and textiles can be exported.”


The Indian pharma industry, whose growth has slowed down to 1.2 per cent at $14.84 billion last financial year, has been trying to prise open the tightly controlled Japanese drug market.


With rising costs of healthcare for the Japanese population, the country is slowly opening up to generic drug imports and foreign healthcare professionals.


India will also be looking to sign a deal between state-run Indian Rare Earths (IRE) and Japanese trading house Toyota Tsusho. IRE will make mixed rare earth material from uranium and thorium, which Toyota Tsusho will use to produce neodymium for electric and hybrid cars.







Annual production will be about 2,000-2,300 tonnes, which is around 15 per cent of Japan’s demand; around 2,000 tonnes a year can be exported to Japan from as early as next year.


Sitharaman said the “Japanese are interested in some of the rail corridors”.


India has long been considering a high-speed railway network, but felt constrained by the high costs.


Plans to set up around six such corridors, conceived during Mamata Banerjee’s tenure as the railway minister, were quietly buried after the political leadership realised the cost implications. For instance, a 550km line between Mumbai and Ahmedabad will cost Rs 60,000 crore.


Officials said the Narendra Modi-government was also working on a plan to give single-window clearances at the central and state levels for the six mega industrial zones it wants to promote along the Delhi-Mumbai Industrial Corridor. At present, a business has to take an average 38 permissions from different agencies to set up a factory.


The aim is to funnel both foreign direct investment as well as domestic funds into the corridor to be set up at a cost of $90 billion.


The zones are expected to attract more than half of the foreign direct investment into India. Foreign fund inflows into India had dropped from an all-time high of $46.6 billion in 2011-12 to $36.4 billion in 2013-14.


Several big Japanese groups have already become anchor clients, including Suzuki, Mitusbishi, Toshiba, Mitsui and Kansai.


The proposed industrial regions, which want to avoid the pitfalls of taking over or buying of contiguous land, aims to declare a part of a state or even a group of states as a manufacturing investment region and give them world-class facilities, while allowing the industry decide where to buy the land.


The idea of special investment regions had come from a group of non-resident Indian CEOs who had floated the concept in 2004 when the Manmohan Singh-government came to power.


The scheme with suitable modifications, will now be rolled out by the Modi government.



Hong Kong Group Vows Fight Over China 'Puppet' Poll Plan - Bloomberg


Protest leaders in Hong Kong vowed to start an era of civil disobedience that may bring chaos to one of the world’s financial capitals after they accused China of betraying its promise to deliver greater democracy.


The activist group Occupy Central With Love and Peace said the time for negotiation had passed and it will carry out its threat to stage a mass occupation of Hong Kong’s financial district, without specifying a date.


China, which seven years ago promised Hong Kong a form of universal suffrage for the 2017 leadership election, instead approved a plan that would require candidates to be screened by a 1,200-member committee before voters get to cast their ballots.


“We are told Hong Kong people will have one man one vote, but Beijing will select all the candidates, of course puppets, for you,” Martin Lee, 76, founding chairman of the Democratic Party in Hong Kong, told thousands of demonstrators at a rally late yesterday outside the offices of Hong Kong Chief Executive Leung Chun-ying. “So what’s the difference of a rotten apple, a rotten orange and a rotten banana?”


China’s plan angered pro-democracy campaigners because it gives the government in Beijing an effective veto over anyone not viewed as friendly to the Communist Party. Division over universal suffrage threatens to boil over after a series of mass rallies in recent months both for and against action to oppose the framework.


Hopes ‘Dashed’


China’s decision “dashed the hopes” of even the most moderate pro-democracy advocates, Ivan Choy Chi-keung, a senior lecturer in politics at Chinese University of Hong Kong, said in a phone interview. “It’s clear that Beijing won’t allow a pro-democratic candidate in universal suffrage,” he said.


The maximum number of contenders allowed to contest the poll will be set at two or three, according to the decision, a limit that has also upset pro-democracy activists.


“Today is the darkest day of the history of Hong Kong’s democratic development,” Benny Tai Yiu-ting, co-founder of Occupy Central With Love and Peace, told reporters yesterday. “I think now this is the end of any dialogue.”


Obedient citizens will now disobey orders as Hong Kong enters a new era, Tai told cheering supporters gathered amid drizzling rain at the rally late yesterday.


U.S. Responds


In Washington, the State Department expressed support for the demands of the protesters, saying the election’s legitimacy will be “greatly enhanced” if the people get “a genuine choice of candidates representative of the voters’ will.”


“The United States supports universal suffrage in Hong Kong,” a State Department official said in a statement. “We believe that an open society, with the highest possible degree of autonomy and governed by the rule of law, is essential for Hong Kong’s stability and prosperity.”


The official, who spoke on condition of anonymity, said the U.S. will continue to monitor the process, which hasn’t yet reached a final decision.


Leung, Hong Kong’s current leader, who was selected by a committee, urged protesters to be peaceful and law-abiding and called the development a milestone for Hong Kong and China.


“We cannot afford to stand still on our constitutional development, or else the prosperity and stability of Hong Kong will be at stake,” he told reporters.


Second Consultation


Leung pledged to hold a second public consultation before introducing a bill to the city’s legislature early next year. He acknowledged it will be difficult to approve the law.


Some pro-democracy Hong Kong lawmakers, including the Civic Party’s Ronny Tong, said the proposal would be rejected. To become law, the universal suffrage bill will require two-thirds of Hong Kong’s 70-member legislature to support it, meaning the legislation could be halted by the 27 opposition members.


“The pan-democratic camp won’t negotiate,” Tong told Hong Kong Cable TV. “A negotiation could send the wrong signal to Beijing that the democrats are willing to accept an election with pre-screening.”


The draft framework approved by the Standing Committee of the National People’s Congress “made a mockery of the public consultation process,” according to a statement from Hong Kong 2020, a group founded by the city’s former No. 2 official, Anson Chan. If the proposal is rejected, Hong Kong will continue to have its leader picked by a 1,200-member election committee.


‘Broadly Representative’


The NPC decision states that the nominating committee will be “broadly representative” and its composition will follow that of the 2012 Election Committee that selected Hong Kong’s current leader, a body that pro-democrats criticized as being stacked with Hong Kong’s business and political elite.


Public nomination of candidates -- a demand of some groups -- was also rejected as being against the city’s mini-constitution, known as the Basic Law, Li Fei, the NPC’s deputy secretary-general, said at a briefing in Beijing yesterday.


The legislation was a democratic development and some opponents failed to recognize the central government’s governance rights in Hong Kong, Li said. The city reverted to China from British rule in 1997.


“The development chances that Hong Kong may miss because of this will not come back again,” Li said, referring to the possible rejection of the plan.


The Federation of Hong Kong Industries and Hong Kong General Chamber of Commerce welcomed the NPC’s decision, echoing earlier warnings from tycoons and business groups that protests will damage the city’s reputation as a financial center. An illegal occupation of the central district will “rock international confidence in Hong Kong’s stability,” Pang Yiu-kai, the chamber’s chairman, said in a statement.


Protesters Chant


School students and grandmothers were among those who gathered at the rally late yesterday and sat on the grass to loudly beat dishes and plates, while chanting slogans including “fight for democracy,” “disobey orders,” and “never lower our heads.” Organizers said 5,000 people turned out, while police put the number at 2,640.


“We want to tell the world that we will never give up our fight,” said Joseph Cheng, one of the event’s organizers.


After the rally finished at 9 p.m. local time, hundreds of people marched toward a hotel where NPC official Li is scheduled to stay. Some skirmished with police officers en route.


“I’m here to support these students because they are the future,” said one of the marchers, Liu Shaoying, a 70-year-old grandmother. China’s government has “lied to us for 30-odd years and I don’t think I will have another 30,” she said.


Mass Protests


“I don’t know if Beijing will change their minds, but we have to take action,” said another protester, Philip Yeung, a 16-year-old secondary school student.


Li arrived at the airport from Beijing shortly before midnight, telling reporters he would help people understand the decision at a series of events being held today.


“Beijing officials have previously talked with pan-democrats but that’s a show of good-will and public gesture,” said Ding Xueliang, a professor of Political Science at Hong Kong University of Science and Technology. “But Beijing would not make a compromise. What if Shenzhen, which is not far away from Hong Kong, also asked for the same thing?” he added, referring to a Chinese city just to the north.


To contact the reporters on this story: Fion Li in Hong Kong at fli59@bloomberg.net; Jill Mao in Hong Kong at mmao14@bloomberg.net


To contact the editors responsible for this story: Rosalind Mathieson at rmathieson3@bloomberg.net Maura Reynolds, Laurence Arnold



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'I would let one small public sector bank be privatised and see what happens' - Hindustan Times


The Reserve Bank of India wants to reach its target of limiting retail inflation to 6% by 2016, but that doesn't necessarily mean monetary policy has to be tight all the way, governor Raghuram Rajan says in an exclusive interview, in which he also speaks on corporate governance issues in state-owned banks, rising bad assets and the central bank's relationship with the government. Edited excerpts:



Is targeting inflation, as an objective of RBI, acceptable to the government?
We will certainly discuss the central bank's objectives with the government over the year, as announced in the budget speech. For example, we at RBI can't decide what level of inflation the public is going to be happy with... The elected representative of the people speaking through the government has to tell us that. But once it is decided, we should be left to achieve that objective.


Sometimes committees tend to be better at making decisions. (But) we have to make sure members of that committee don't have conflicts of interests.


How worried are you about the state of affairs in public sector banks, particularly after the arrest of a bank chairman involved in taking bribe?

It's hard to tell how much corruption there is, but whatever there is, I think it is too much. We should try and ferret out corruption ourselves, but we are not equipped for it. I am focusing on forensic accounting training. We can punish bad stuff when we see it, as swiftly and as hard as we can. We cannot be seen as a paper tiger.


Punishment is welcome, but how does the regulator purge the state-run banking system?
You are demanding a huge amount of honesty in the system when you put people in charge of Rs. 5-10 trillion of assets, give them absolute command, and tell them they are here for one or two years. If you give them that kind of structure, you are creating a perverse incentive. The system has to be such that you recognise the temptation and you don't require somebody to be above average in terms of honesty in order to stay honest in the system.


So governance in public sector banks is an issue?
Yes, we really have to look at governance as well as compensation in a very careful manner. We need a bank board which is more proactive. We need to strengthen the presence of both the informed as well as people who are willing to speak up, people of integrity. Give the MD (managing director) a longer tenure, separate the MD from the chairman, keep the non-executive chairman as a second layer of oversight.


Could privatisation of public sector banks be the solution?
I think right now PSU (public sector) banks are functioning with one hand tied behind their back. Let's loosen that hand and let them compete. If I had absolute power, I would perhaps let one small public sector bank be privatised and see what happens. Learn from that. Privatisation doesn't necessarily mean selling the government stake to a promoter. It can also be a publicly held company as opposed to a promoter-driven company. Don't pick your worst performing public sector bank. Pick a good one where management, governance and culture are good. Ownership is a small aspect if you have the right governance.


Is the worst over for bad loans?
I want to see more growth before I can be confident about the bad loan problem. I think it will eventually diminish just because the projects that were lent to will come on stream; some of them will be unviable, but will be taken over, the debt recovered.


Where I do worry is, what will be the impact on the taxpayer—we shouldn't hand the taxpayer a big bill. That's why we should push towards resolving these bad assets very quickly.


Now that you have spent some time with two consecutive governments, what is your take on RBI's relationship with the government?


RBI has had cordial relationships with both the governments and sometimes there's a view in the press that there should be differences. Indeed, there are issues where we are not on the same page... Eventually, because decisions have to be made, one side goes along with the other.


There are, of course, occasional differences. The classic example is the central bank's views on growth, inflation and interest rates. At such times, the central banker's job is that of persuasion. You have to persuade against a whole bunch of other people who are trying to persuade the government of the opposite. Every industrialist who wants interest rates to go down... This is where credibility matters; you have to show that you understand the markets and having a track record helps.


So you won't touch the policy rate till retail inflation drops to 6% by January 2016?
Let me be careful about what you just said. The objective is to reach 6% by 2016, but that doesn't necessarily mean monetary policy has to be tight all the way. We are trying to forecast hitting by 2016 January. If we think that we will reach either earlier and it will stay that way, or we will go below it, then there's always a scope (of a rate cut). But remember, it could also go the other way.


(Tamal Bandyopadhyay, consulting editor of Mint, is adviser to Bandhan Financial Services Pvt. Ltd, India's newest bank in the making. He is also the author of Sahara: The Untold Story and A Bank for the Buck)



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