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Canadian Mining Company Suspends
Project in Argentina
Canadian mining company Osisko has suspended a gold mining project in Argentina
after protests by locals. The company said it would put its operation in
north-western La Rioja province on hold if it did not get the backing of the
local population. Hundreds of people protested at the Canadian Embassy in Buenos
Aires last week, saying that the Famatina project would pollute the environment,
even though the company at the centre of the controversy has assured of
conducting environmentally responsible exploration. Local residents, supported
by environmental groups such as Greenpeace, had been holding a series of
protests against the project. The protesters say mining of the Famatina Mountain
would require a million litres of water a day and the use of cyanide to extract
precious metals.
Davos meet concluded
India today assured global CEOs during
the Davos summit which kicked off on
January 25, 2012 that its reforms agenda
is well on course and the decision to
put on hold FDI in multi-brand retail is
“just a pause”, forced by compulsions of
coalition politics. A firm assurance in
this regard was given by Commerce and
Industry Minister Anand Sharma when he
met top management functionaries of
global retail chains Wal-Mart and the
Metro Group on the sidelines of the
World Economic Forum meeting here. David
Cameron tackled EU leaders head-on last
night, warning that the Euro is doomed
to failure unless they take urgent
action and declaring: ‘Tinkering simply
isn’t going to cut it anymore.’ The
Prime Minister said the Euro lacked all
the features of a successful currency,
bluntly telling Angela Merkel that
Germany must transfer billions to
debt-stricken Euro zone nations if she
wants it to survive. Mr. Cameron’s tone
angered officials from France and
Germany, coming just weeks after he
vetoed their plans for a new EU-wide
treaty to create a fiscal union.
Speaking to international leaders and
business chiefs at the World Economic
Forum in Davos, Switzerland, he poured
scorn on Franco-German proposals for a
new ‘Tobin tax’ on financial
transactions as ‘quite simply madness’.
Instead, he said EU leaders should be
concentrating on providing real cash for
their currently non-existent bailout
fund, ensuring creaking banks have
enough money to survive and sorting out
the debt disaster in Greece.
Pakistan Has No Hidden Agenda in
Afghanistan – Khar
Speaking at a news conference in Kabul with her Afghan counterpart, Pakistan’s
foreign minister, Hina Rabbani Khar, said that her country had no hidden agenda
in Afghanistan. Her statement was in response to a leaked secret NATO report on
Islamabad’s links to the Afghan Taliban. The report stated that the Taliban were
helped by Pakistani security services, and that they remained defiant with wide
support among the Afghan people. The report, based on material from 27,000
interrogations with more than 4,000 captured Taliban, al-Qaeda and other foreign
fighters and civilians, noted that “Pakistan’s manipulation of the Taliban
senior leadership continues unabatedly, and that Pakistan is aware of the
locations of senior Taliban leaders. It further added that “senior Taliban
representatives, such as Nasiruddin Haqqani, maintain residences in the
immediate vicinity of ISI headquarters in Islamabad”. The report also depicts
the depth of continuing support among the Afghan population for the Taliban.
Romney Scores Big Win in Florida
US presidential hopeful Mitt Romney won a resounding victory in the
Republican primary election in Florida, according to official results. Mr Romney
polled 46 percent, but rival Newt Gingrich, who only managed 32 percent, says he
has no intention of dropping out. Florida’s primary was the biggest of the 2012
election season so far and saw a bitter TV ad battle between the men hoping to
take on Barack Obama. Exit polls indicated the economy was the key issue for a
majority of voters. The data suggested Mr Romney led his main rival on a host of
issues – including likely handling of the economy. The exit polls also suggested
he appealed to a broad range of Florida Republican voters, including the state’s
crucial Hispanic population. A victory for Mr Romney in the Sunshine State gives
him his second win, after the New Hampshire primary, and sees him claim all of
Florida’s 50 nominating delegates. A total of 1,144 delegates are needed for a
candidate to win the Republican nomination. Mr Romney, 64, has been the
front-runner for much of the race, but was thrashed by his rival in South
Carolina’s primary earlier last month. A series of polls has indicated he stands
the best chance of beating Barack Obama.
Tensions Rise over Falkland Islands
Even after nearly 30 years since
British and Argentinean troops fought over the Falkland Islands, politicians
from both countries are ratcheting up their rhetoric over the British-controlled
territory. The battle comes ahead of Prince William’s scheduled Royal Air Force
tour of duty in the region next month. The move has drawn more attention to the
islands at a time when Argentinean officials are increasingly criticizing the
British presence in the area. The islands have been under British rule since
1833. Argentina invaded the Falklands in 1982, prompting a war in which more
than 600 Argentinean and 255 British troops died. After the war, the United
Kingdom retained control of the islands, which are off Argentina’s coast in the
South Atlantic. About 2,500 residents live on the islands, in addition to 1,700
people stationed at the British military’s Mount Pleasant Complex there.
Argentinean President Cristina Fernandez de Kirchner recently emphasized her
country’s claim to the territory, saying she wanted British officials to enter
into talks with Argentina over the islands, which are known as the Malvinas in
Argentina.
Two Killed in Anti-Wade Protests in Senegal
Two people have been killed in the
Senegalese capital during a
demonstration against President
Abdoulaye Wade’s re-election bid. Police
and thousands of opposition supporters
clashed in the centre of the city.
Earlier, two people were shot dead
during protests in a northern town after
a court ruled that Mr Wade’s third-term
election bid was legal. Elections in the
West African country – often held up as
one of Africa’s model democracies – are
due on February 26. Senegal’s
constitution has a two-term limit but
the constitutional court has ruled this
does not include Mr Wade’s first term,
which began before the clause was
adopted. At the same time as allowing Mr
Wade to stand, the court ruled singer
Youssou N’Dour and two other opposition
candidates could not run. There has been
international criticism of the ruling
amid warnings that Senegal’s
long-standing record for democracy and
political stability could be
jeopardised.
Four Men Admit to London Stock
Exchange Bomb Plot
Four men, Mohammed Chowdhury, Shah Rahman, Gurukanth Desai and Abdul Miah, have
admitted planning to detonate a bomb at the London Stock Exchange, apparently
inspired by al-Qaeda. The men, all British nationals from London and Cardiff,
were arrested in December 2010 and were set to stand trial at Woolwich Crown
Court. They had been inspired by the preaching of the recently-killed radical
extremist Anwar Al-Awlaki. It emerged that those who admitted planning to target
the London Stock Exchange wanted to send five mail bombs to various targets
during the run up to Christmas 2010 and discussed launching a “Mumbai-style”
atrocity. The conspiracy was stopped by undercover anti-terror police before
firm dates could be set for attacks. |
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India and China Discuss Unresolved Boundary Question
The 15th round of talks between the Special Representatives of India and China
on the boundary question – Shri Shivshankar Menon, National Security Advisor and
His Excellency, Mr. Dai Binggou, State Councillor – took place in New Delhi on
January 16-17, 2012. During this round, the two sides continued their
discussions on a framework for a resolution of boundary question. The SRs agreed
that they would prepare a joint agreed record for their Governments on the
progress made so far in the SR talks on the boundary question. An Agreement on
the Establishment of a Working Mechanism on Consultation and Coordination on
India-China Border Affairs was signed in the presence of the two SRs. Both sides
also discussed other bilateral, regional and global issues. The discussions were
wide ranging, productive, forward-looking and marked by a commonality of views
on many issues. Making a positive appraisal of the current state of bilateral
relations, the SRs noted the importance of regular high-level exchanges and
strengthened cooperation across different areas between the two countries. The
SRs agreed that there was scope for greater coordination on regional and global
issues. They agreed that the next round of SR talks would be held in China.
India and Mali Expand and Consolidate Mutually Beneficial Relations
The President of Mali H.E. Mr. Amadou Toumani Toure, accompanied by the first
lady Mrs. Toure Lobbo Traore, paid a state visit to India from January 10-13,
2012. This was the first-ever exchange of VVIP visit between India and Mali.
Relations between India and Mali have always been close and friendly. India
opened its resident mission in Mali in 2009 and Mali reciprocated in 2010.
President Toure was accompanied by a high level ministerial and business
delegation. During the visit, President Toure met the President of India, who
hosted a state banquet in honour of the visiting President. He also held talks
with Prime Minister Dr. Manmohan Singh. The discussions between the leaders of
the two countries covered various bilateral as also regional and international
issues of mutual interest.
India Reiterates Continued Support for Infrastructure Development in Myanmar
In an effort to review progress in bilateral cooperation between India and
Myanmar since the state visit of His Excellency U Thein Sein, President of
Myanmar to India in October 2011, and to discuss regional and international
issues of mutual interest, Foreign Minister of the Republic of the Union of
Myanmar, Mr. Wunna Maung Lwin paid an official visit to India from January
22-26, 2012. The visiting Minister of Foreign Affairs called on the Prime
Minister, and later, held delegation level talks with his Indian counterpart, Mr
S.M Krishna. The two sides positively assessed the development in bilateral
relations after the landmark state visit of the President of Myanmar. Both sides
discussed measures to enhance mutually beneficial cooperation, including in the
areas of trade and commerce, security, agriculture, health, culture, science and
technology, human resource development and capacity building. The Indian side
reiterated its continued support for infrastructure development and cooperation
projects for the benefit of the people of Myanmar. The two Foreign Ministers
underlined the significance of such projects which could improve connectivity
between India and the other countries of South East Asia through Myanmar.
India and Thailand Further Multifaceted Bilateral Relationship
Her Excellency Ms Yingluck Shinawatra, Prime Minister of Thailand, paid a state
visit to India from January 24-26, 2012 and was Chief Guest for the Republic Day
ceremony. This was her first visit to India since assuming office in August
2011. She was accompanied by a high level ministerial delegation, senior
officials and a business delegation. The visit took place in the backdrop of
65th anniversary of bilateral diplomatic relations as well as 20 years of
India’s enhanced engagement with the ASEAN. During her stay in India, PM
Shinawatra called on Honourable President and Vice-President, and held bilateral
talks with PM Dr. Manmohan Singh, who hosted an official banquet in her honour.
Her other engagements included a meeting with the External Affairs Minister. She
also attended a business luncheon meeting hosted jointly by CII/FICCI/ASSOCHAM.
The visit of Prime Minister Shinawatra is expected to provide further momentum
to our multifaceted bilateral relationship.
India and Trinidad and Tobago Enhance Bilateral Ties
H.E. Ms. Kamla Persad Bissessar, Prime Minister of the Republic of Trinidad and
Tobago visited India from January 5-14, 2012, at the invitation of Prime
Minister Dr. Manmohan Singh. Prime Minister Persad Bissessar was accompanied by
her spouse Dr. Gregory Bissessar as also a high level ministerial and business
delegation, taking forward the time-tested, strong historical and cultural
linkages. Prime Minister Persad Bissessar was the Chief Guest during this year’s
Pravasi Bhartiya Divas, which was held in Jaipur from January 7-9, 2012. Besides
Delhi and Jaipur, the visiting dignitary also travelled to Jodhpur, Kolkata and
Mumbai, and her ancestral village in Buxar district of Bihar. During the visit,
discussions between the leaders of the two countries covered various issues in
the bilateral interaction between India and Trinidad and Tobago as well as
regional and international issues of mutual interest. The visit of the Prime
Minister of Trinidad and Tobago, the first such visit in nearly 15 years,
provided an opportunity to further consolidate and expand the mutually
beneficial relations between the two friendly countries.
India-Saudi Arabia Joint Commission Works towards Cooperation in Investments
The 9th meeting of the India-Saudi Arabia Joint Commission on Technical and
Economic Cooperation (JCM) was held in New Delhi on January 4-5, 2012. Shri
Pranab Mukherjee, Finance Minister and H. E. Dr. Tawfiq bin Fowzan Al-Rabiah,
Minister of Commerce and Industry of the Kingdom of Saudi Arabia co-chaired the
JCM. Dr. Al-Rabiah was accompanied by H. E. Mr. Abdullah A. Al Hamoudi, Deputy
Minister for Foreign Trade, a 36-member official delegation and a 40-member
business delegation. The meeting of JCM took stock of the progress made since
the “Riyadh Declaration 2010”, signed during the visit of the Indian Prime
Minister to Riyadh. The discussions of the JCM were held in three bilateral sub
committees dealing with - economic and commercial, education and science and
technology and consular and community affairs. Both sides noted that while the
trade between the two countries was growing rapidly, cooperation in investments
needed to be raised to make it commensurate with that of bilateral trade. The
two sides proposed to work towards this objective.
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Fortis Buys 85 Percent Stake in Singapore Diagnostic Chain
According to a Reuters report, Fortis Healthcare (India) Ltd is said to have
paid US$62.9 million to buy 85 percent in RadLink-Asia Pte Ltd, a
Singapore-based diagnostic chain. RadLink operates in diagnostic imaging,
molecular imaging, cyclotron and general purpose clinics segments. The
acquisition, which was done through Fortis Healthcare International a wholly
owned unit of the Indian company, has sent Fortis shares up by nearly 4 percent.
RadLink-Asia will provide a diagnostic platform for Fortis Healthcare’s new
specialty hospital coming up in Singapore, apart from giving the Indian hospital
operator an entry into the premium diagnostics and molecular imaging market
there. Fortis Chairman Malvinder Singh said late last year the hospitals
operator would raise $175 million in debt to acquire Fortis Healthcare
International.
France’s Dassault Wins $10.4 Billion Jet Deal with India
After over four years of a fiercely-fought bidding process, French aviation
major, Dassault won a $10.4 billion (Rs.52,000 crore) order for 126 fighter
jets. The ‘mother of all defence deals’, often regarded as India’s biggest, is
perhaps the world’s biggest defence deal as well. The French ousted the
Americans, Russians, the Swedes and finally, the European consortium, EADS
Cassidian Eurofighter, to emerge the ultimate winner. After a gruelling
technical and commercial evaluation spread over a period of five years, India
finally selected the French jet Rafale over the Eurofighter Typhoon for a
massive MMRCA (Medium Multi-Role Combat Aircraft) programme to supply 126
aircrafts to the Indian Air Force. The process of signing the contract will take
four to five months, after the final round of commercial negotiations between
the Ministry of Defence (MoD) and Dassault.
India Increases Base Import Price of Gold and Silver
According to a Government statement, India, the world’s biggest bullion
consumer, has raised the base import price for gold by 5.7 percent to $556 per
10 grams and that of silver by nearly 12 percent to $1,067 per kg. The base
price is the rate at which imports are taxed, irrespective of the purchase
price, to prevent under-invoicing. The move, which could hit the annual Indian
demand of around 800-900 tonnes of gold, is seen as a measure to raise state
revenues as the government struggles to meet its fiscal deficit target due to
increasing outlays, including subsidies for fuel and food. Last month, India
hiked its gold import duty by 90 percent and doubled the tax on silver, sending
futures prices higher and hitting shares of jewellers.
Maruti Suzuki Reverses Seven Month Drop in Sales
Maruti Suzuki, the country’s largest car-maker, has made a turnaround in monthly
sales after seven consecutive months of drop, with the company reporting 5.18
percent rise in sales to 1,15,433 units for January. A statement issued by
Maruti Suzuki India (MSI) stated that the company had sold 1,09,743 units in the
same month last year. Similarly, MSI’s exports increased by 54.34 percent to
14,386 units in January from 9,321 units in the year-ago period. MSI’s sales had
declined for the seventh consecutive month in December 2011 with the firm
reporting 7.1 percent fall at 92,161 units. In January this year, the national
capital-based company sold 1,01,047 units in the domestic market against
1,00,422 units in January, 2011.
SBI May Cut Interest Rates to Boost Credit Expansion
State Bank of India, the country’s largest lender, is likely to cut interest
rates in order to boost credit expansion. Though the timeline for the rate cut
has not been indicated, it is expected that the bank would take a call on the
issue after taking into account the spreads and profitability. The Reserve Bank
of India last month reduced the Cash Reserve Ratio (CRR), the portion of
deposits that banks are required to keep with the central bank, from 6 percent
to 5.5 percent, releasing Rs 32,000 crore of primary liquidity into the system.
As regards SBI, the CRR cut would unlock Rs 5,000 crore for the lender. The
Government too has recently approved Rs 7,900 crore of fund infusion into the
bank to help it expand business without sacrificing the capital adequacy norms.
According to estimates, SBI would require additional capital of around Rs.
16,000 crore next year.
“17 CPSU’s to Invest Rs. 140,000 Crore”-PM
17 central public sector undertakings (CPSUs) will invest Rs.140,000 crore in
the coming year, said Prime Minister Dr. Manmohan Singh. Addressing a function
in New Delhi, Dr. Singh said, “I am extremely happy to learn that 17 of our
largest CPSUs have committed to investment plans amounting to Rs.140,000 crore
in the coming year. Public investment is particularly needed at a time when the
country is facing a difficult global environment, and is looking to domestic
drivers of growth,” the Prime Minister said, adding that he would encourage the
CPSU’s to also boost capital investments. Investment from CPSUs is mainly
concentrated in manufacturing, mining, electricity and services sector. The
Prime Minister also stressed that the central public sector enterprises (CPSEs)
need to focus on good corporate governance, strategic planning, innovation,
research and development (R&D) and greater attention to quality control for
staying competitive.
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