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Social activist Anna Hazare on Wednesday (19 February) declared his support to West Bengal Chief Minister Mamata Banerjee, who apparently has ambitions outside the state in the coming Lok Sabha election, and snubbed his one-time protege by saying that he will not support Arvind Kejriwal.The anti-graft leader said that he was supporting Banerjee as she responded to his 17-point agenda and agreed to implement it."I had written a letter with my 17-point demands to political parties. Didi (Banerjee) responded to it and agreed to implement it. I had also sent a letter to Arvind Kejriwal, but he did not respond to it. So there is no question of supporting him," Hazare said at a joint press conference with Banerjee.His support to Banerjee comes at a time when his relations with his one-time aide Kejriwal has strained. He had also criticised Kejriwal for taking government accomodation after becoming the Chief Minister.Hazare said that he supported Banerjee not as a party, but as an individual he admired and that he also backed her views on society and country."As the Chief Minister, she could have spent a luxurious life like others. But she stays in a small house, uses no government car. This is sacrifice without which the country and the society cannot progress," Hazare said, adding that four months back he had written to all political parties about his 17-point agenda and Banerjee responded to it positively.The 17-point agenda included important legislations like protection to whistle-blowers. It also demanded to make government decisions taken in all matters, except defence and foreign affairs, public after two months to bring in more transparency.He demanded making villages as the nucleus before chalking out policies, land acquisition from farmers without their approval, major electoral changes like Right to Recall and Right to Reject, opposition to privatisation of rivers and reservoirs, ending disparity between the rich and the poor, bring back black money and have a new taxation policy. When asked whether he would oppose Kejriwal and BJP's Prime Ministerial candidate Narendra Modi, Hazare said he would neither support nor oppose them.The anti-graft activist, who had led a movement for Lokpal, said he would campaign for "clean" candidates fielded by Banerjee."In 2014 (Lok Sabha) elections, whichever candidate Didi fields, I will support them," Hazare said.Advocating for a change in the political system, he said that even if Banerjee wins 100 seats, the task of bringing in change will be much easier under her leadership.Banerjee, on her part, said that most of the points have already been implemented by her party in her state after Trinamool Congress formed the government."There are issues over 2-3 points like the point on Land Acquisition, but we will discuss on these issues," she said.When asked from where will the party get 100 MPs, she said, "We have 42 seats in Bengal, but we will contest from Assam, Tripura, Arunachal Pradesh and Manipur. In North and South India, we will talk to Anna and contest after taking his advice," Banerjee said.Banerjee also said that she will not support UPA or the NDA in the upcoming election.Hazare said that he would travel across the country from March and mobilise people for a clean government so that a pressure is built."In 2019 elections we will have independent candidates across the country and I work on it," he said.(PTI)
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The devaluation of Kazakhstan's rouble-shadowing tenge has left investors wondering which other closely managed emerging market currencies might be next, with those of commodity exporters like Nigeria and Angola in the spotlight.The free-floating currencies of the 'Fragile Five' countries that rely on foreign investment to finance deficits - Brazil, India, Indonesia, Turkey and South Africa - felt the brunt of an emerging market sell-off that began last May.Then, investors who could easily take their money out of these countries returned it to the United States as the prospect of a cut in the Federal Reserve's bond-buying programme pumped up the yields on U.S. bonds.The sell-off has quickened this year as Fed tapering has begun, spreading to countries with higher political risks, such as Hungary and Russia.But oil exporter Kazakhstan's hefty 19 per cent devaluation of its tenge earlier this month to keep it in line with the currency of regional giant Russia has made investors nervous about less flexible currency regimes.Currencies pegged to the dollar or managed within a narrow band had until recently avoided the worst of the sell-off.But as weakness in emerging markets continues, fuelled by worries about a slowdown in China and further monetary tightening in the United States, central banks are likely to run out of firepower to keep their currencies stable.And if they export commodities, for which the price outlook is not comforting, they may need the extra local currency that a devaluation would bring, to lower local manufacturing and debt servicing costs."For the commodity exporters, it's going to be fragile, we are going to see policy mistakes in these countries," said Lars Christensen, head of emerging markets research at Danske in Copenhagen. "It's time to have a look at some of the African currencies."After Turkey raised rates by a whopping 425 basis points at an emergency meeting last month, and other Fragile Five members tightened policy to defend their currencies, attention has turned to countries such as Nigeria.It was a star performer last year due to growth in financial services and consumer markets, along with its status as Africa's top oil producer.But Nigerian stocks have fallen 6 per cent this year after a 47 per cent rise last year, and the naira currency has fallen below its managed 150-160 band to the dollar despite central bank intervention.With presidential elections next year, Nigeria also has a political risk problem, while there will also be a change at the helm of the central bank in the next few months when highly respected governor Lamido Sanusi steps down.Foreign exchange reserves have dropped by 10 percent from a year ago to $42 billion - barely six months' worth of import cover. While the minimum yardstick for import cover is normally three months, analysts say an oil exporter like Nigeria should have more of a cushion because oil is priced in dollars."We are at the end-game," said Angus Downie, head of economic research at Ecobank. "There is a real risk if the naira does not stabilise and the central bank cannot maintain market confidence, then devaluation is what we are looking at."Devaluation would cut the value of international investors' holdings of Nigeria's domestic debt or local shares.Renaissance Capital sees a possible devaluation after the change of governor, to 160-170 naira per dollar, although it and several other analysts expect the central bank to tighten monetary policy first to support the currency.The smaller, more closed economy of Angola may also suffer a devaluation of its kwanza currency, as it depends both on oil exports to and investment from a slowing China.The Angolan central bank tries to keep the currency stable through interventions, but its forex reserves also stand only at around six months of import cover, analysts say.China Shock"The China shock is likely to lead to depreciation pressures on the Angolan kwanza," wrote Danske's Christensen in a recent blog. "If the Angolan central bank tries to maintain a quasi-pegged exchange rate then these depreciation pressures will automatically translate into a significant monetary tightening."The right thing to do is therefore ... to allow the kwanza to depreciate to adjust to the shock."Other oil-exporting markets with fixed currencies, such as Algeria, Kuwait or the United Arab Emirates, are seen at less risk of devaluation.Their markets are less open to the fickle speculative flows that have hit those emerging markets which are more integrated with the global financial system, or they enjoy larger cash buffers with which to support their currencies.Only further weakness in the growth outlook for China and the United States, impacting commodity demand, could shake these currency props."For the GCC (Gulf Cooperation Council) countries there is no currency risk impact," said Slim Feriani, Chief Executive Officer of Advance Emerging Capital."The oil price has more of an impact. If oil prices were to fall and stay low for three, four, five months, it would start to affect sentiment."(PTI)
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With the Supreme Court order on gay sex creating a major uproar, the government on Tuesday (22 April) said it is considering all options to decriminalise homosexuality and filing a curative petition in the apex court could be one of them."The Government is considering all options to restore the (Delhi) High Court verdict on (Section) 377 (of IPC). We must decriminalise adult consensual relationships," Law Minister Kapil Sibal said.Finance Minister P Chidambaram said the Supreme Court ruling was "wrong" and all options would be looked at to set right the Supreme Court order.Terming the judgement "disappointing", he said the court should have applied "current social and moral values" in the case.He said the government should file a review or curative petition and that the matter should be heard by a five-bench judge.Chidambaram, the former Home Minister, said the Delhi High Court judgement was a "well-researched one" which the Union government accepted and did not challenge in the Supreme Court.He added that the government's decision of not opposing the High Court judgement in the Supreme Court was also his party's view.Chidambaram noted that the bench that gave the order, should have referred the matter to a five-judge bench and that the interpretation of law cannot be static.Chidambaram said the government should ask for a review for a curative petition and the matter should be referred to a five-judge bench."I think the bench should have referred it to a five-judge bench and they should have looked into all aspects of law. Interpretation of law cannot be static. What you have done is, (you have) gone back in time, in 1860, and I am therefore terribly upset," Chidambaram said.Noting that the current section 377 was made in the year 1860, the Finance Minister said it reflected the social and moral values of that age and the knowledge of psychology, physiology, genetics in that era was extremely poor."But today in the year 2013, there is so much knowledge about human psychology, human physiology, human genetics to say that something like intercourse against the order of nature (is not right) and that is the social and moral value today, and therefore, it is the legal value of today. That (judgment) is completely outdated, completely retrograde," he said.When asked why did the government not amend section 377 while amending the rape laws in the wake of Delhi gang-rape incident, Chidambaram said the High Court judgment laid down section 377 only in a limited manner."They decriminalised homosexuality only among consenting adults and in private. Therefore, there was no need to amend section 377," he said.Chidambaram added that legislative option still remains open, because if one looks closely at section 377, that option is not required."Section 377 can remain, because between two non-consenting adults it still remains a crime. So, there was no occasion to amend the section. And the amendment of the section was necessary only after the final announcement of the judgment. The case was pending in the Supreme Court and there was no occasion to amend it," he said. (PTI)
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The devaluation of Kazakhstan's rouble-shadowing tenge has left investors wondering which other closely managed emerging market currencies might be next, with those of commodity exporters like Nigeria and Angola in the spotlight.The free-floating currencies of the 'Fragile Five' countries that rely on foreign investment to finance deficits - Brazil, India, Indonesia, Turkey and South Africa - felt the brunt of an emerging market sell-off that began last May.Then, investors who could easily take their money out of these countries returned it to the United States as the prospect of a cut in the Federal Reserve's bond-buying programme pumped up the yields on US bonds.The sell-off has quickened this year as Fed tapering has begun, spreading to countries with higher political risks, such as Hungary and Russia.But oil exporter Kazakhstan's hefty 19 per cent devaluation of its tenge earlier this month to keep it in line with the currency of regional giant Russia has made investors nervous about less flexible currency regimes.Currencies pegged to the dollar or managed within a narrow band had until recently avoided the worst of the sell-off.But as weakness in emerging markets continues, fuelled by worries about a slowdown in China and further monetary tightening in the United States, central banks are likely to run out of firepower to keep their currencies stable.And if they export commodities, for which the price outlook is not comforting, they may need the extra local currency that a devaluation would bring, to lower local manufacturing and debt servicing costs."For the commodity exporters, it's going to be fragile, we are going to see policy mistakes in these countries," said Lars Christensen, head of emerging markets research at Danske in Copenhagen. "It's time to have a look at some of the African currencies."After Turkey raised rates by a whopping 425 basis points at an emergency meeting last month, and other Fragile Five members tightened policy to defend their currencies, attention has turned to countries such as Nigeria.It was a star performer last year due to growth in financial services and consumer markets, along with its status as Africa's top oil producer.But Nigerian stocks have fallen 6 per cent this year after a 47 per cent rise last year, and the naira currency has fallen below its managed 150-160 band to the dollar despite central bank intervention.With presidential elections next year, Nigeria also has a political risk problem, while there will also be a change at the helm of the central bank in the next few months when highly respected governor Lamido Sanusi steps down.Foreign exchange reserves have dropped by 10 per cent from a year ago to $42 billion - barely six months' worth of import cover. While the minimum yardstick for import cover is normally three months, analysts say an oil exporter like Nigeria should have more of a cushion because oil is priced in dollars."We are at the end-game," said Angus Downie, head of economic research at Ecobank. "There is a real risk if the naira does not stabilise and the central bank cannot maintain market confidence, then devaluation is what we are looking at."Devaluation would cut the value of international investors' holdings of Nigeria's domestic debt or local shares.Renaissance Capital sees a possible devaluation after the change of governor, to 160-170 naira per dollar, although it and several other analysts expect the central bank to tighten monetary policy first to support the currency.The smaller, more closed economy of Angola may also suffer a devaluation of its kwanza currency, as it depends both on oil exports to and investment from a slowing China.The Angolan central bank tries to keep the currency stable through interventions, but its forex reserves also stand only at around six months of import cover, analysts say.China Shock"The China shock is likely to lead to depreciation pressures on the Angolan kwanza," wrote Danske's Christensen in a recent blog. "If the Angolan central bank tries to maintain a quasi-pegged exchange rate then these depreciation pressures will automatically translate into a significant monetary tightening."The right thing to do is therefore ... to allow the kwanza to depreciate to adjust to the shock."Other oil-exporting markets with fixed currencies, such as Algeria, Kuwait or the United Arab Emirates, are seen at less risk of devaluation.Their markets are less open to the fickle speculative flows that have hit those emerging markets which are more integrated with the global financial system, or they enjoy larger cash buffers with which to support their currencies.Only further weakness in the growth outlook for China and the United States, impacting commodity demand, could shake these currency props."For the GCC (Gulf Cooperation Council) countries there is no currency risk impact," said Slim Feriani, Chief Executive Officer of Advance Emerging Capital."The oil price has more of an impact. If oil prices were to fall and stay low for three, four, five months, it would start to affect sentiment."(Reuters)
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US airlines lag hotels and online travel agencies in customer satisfaction as travelers face increasingly cramped airplanes and poor in-flight service, a poll published on Tuesday (22 April) showed.The annual American Customer Satisfaction Index found that airlines scored 69 on a 100-point scale, compared with 75 for hotels and 77 for Internet travel agencies. Though that grade was unchanged for air carriers from the year before, only subscription TV service, social media and Internet service ranked lower among other industries tracked.The ACSI Travel Index is based on random interviews with more than 7,400 US customers of airlines, hotels and Internet travel websites from October 2013 to March 2014. The poll is the latest of several studies in recent weeks suggesting airlines have room to improve various aspects of customer service.An annual report from researchers at Wichita State and Embry-Riddle Aeronautical universities found that while carriers overall had fewer passenger complaints, on-time performance and mishandled baggage rates worsened in 2013 from 2012.Another study from the U.S. Public Interest Research Group Education Fund found that Spirit Airlines, American Airlines Group and United Continental ranked worst in terms of passenger complaints.The ACSI study found that while airlines got high marks for the ease of check-in and reservation procedures, the onboard experience could be improved. Customers rated carriers low on the quality of in-flight service such as beverages, bathrooms and seat comfort.“The biggest challenge (for airlines) is the flight itself,” David VanAmburg, managing director of ACSI, said in an interview. He said passengers give low marks on seat comfort because flights have become crowded and cramped as carriers look to fill every seat. He said he doesn’t expect this trend to reverse since fuller airplanes have helped airlines improve their financial performance.“It’s been a clear trend in the industry in recent years to create cost efficiencies by putting more people on the plane,” VanAmburg said.Airlines with the highest satisfaction scores were JetBlue Airways, Southwest Airlines and Delta Air Lines, the survey found. United Continental had the worst score.Hotels fared better than airlines in the index but lost stature as room rates went up. The overall hotel industry ranking of 75 was down from 77 in 2013.Customers don’t feel hotel amenities have improved as prices have risen, VanAmburg said. Budget and middle-market hotels such as Choice Hotels International’s Econo Lodge fared worse in guest satisfaction than luxury hotels. Marriott International’s Ritz-Carlton scored highest among hotel brands in the index.(Reuters)
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The Indian rupee declined by 21 paise to trade at fresh one-month low of 60.80 against the US dollar in early trade on Tuesday due to appreciation of the American unit against other currencies overseas.Besides, increased demand for the US dollar from importers also put pressure on the rupee.The local unit had lost 30 paise to close at one-month low of 60.59 against the dollar yesterday due to fresh demand for the US currency from importers, mainly oil refiners.Dealers attributed the fall in the rupee on Tuesday (22 April) to dollar's gains against other currencies overseas, but a higher opening in the domestic equity market capped the fall.Meanwhile, the benchmark Bombay Stock Exchange (BSE) Sensex rose by 47.53 points, or 0.20 per cent, to hit an all-time high of 22,812.36 in opening trade on Tuesday. (PTI)
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The passage of Telangana Bill in Lok Sabha on Tuesday (18 February) sparked celebrations across the ten districts of the region even as Chief Minister N Kiran Kumar Reddy, strongly espousing the cause for keeping the state united, appeared set to quit his post in protest.Pro-integrationists denounced the move and seemed downcast as stage is now set for the creation of a separate state of Telangana once the Rajya Sabha also gives its nod.YSR Congress, in the forefront of the agitation against division of Andhra Pradesh, has called for a bandh on Wednesday (19 February) in the state in protest against the passage of the Bill."This is the black day in the history of this country," YSRC president and Kadapa MP, Y S Jaganmohan Reddy, told reporters in Delhi.The ruling Congress suffered a setback in Coastal Andhra, with state Infrastructure and Investment Minister Ganta Srinivasa Rao quitting his post and the party in protest against the Centre going ahead with the state's division."A decision (regarding division) was taken against people's wishes...," said Rao, a former MP and an influential leader in north coastal Andhra, who was elected in 2009 from Anakapalle in Visakhapatnam district on the ticket of Chiranjeevi's Praja Rajyam, which later merged with Congress.A defiant Chief Minister has invited his loyalist ministers and legislators for a meeting tomorrow to formally communicate his decision to quit, according to state Social Welfare Minister Pitani Satyanarayana."The Chief Minister will address a press conference at 10.45 AM and then proceed to Raj Bhavan to hand over his resignation to Governor E S L Narasimhan," the minister, one of the his close followers, said.As the news of the passage trickled in, chants of "Jai Telangana" rented the air in many parts of the region, where a festive atmosphere prevailed with the separate statehood supporters bursting crackers, distributing sweets, taking out victory rallies and dancing to the tunes of popular songs hailing Telangana.A large number of students gathered in Osmania University here, the nerve-centre of separate statehood agitation, and danced in joy.Congress activists at some places in Telangana rejoiced distributing sweets and held pictures showing their party president Sonia Gandhi in the image of 'Telangana Talli' (Telangana mother)."Greetings to Telangana people. This is the result of a long struggle. The bill will be passed in Rajya Sabha tomorrow. We thank Sonia Gandhi, Prime Minister Manmohan Singh, BJP leaders Sushma Swaraj, CPI General Secretary Sudhakar Reddy and each one of those who supported separate Telangana bill. We are actually at loss of words to express our joy," Telangana Joint Action Committee (JAC) chairman M Kodandaram said.APNGOs, a powerful union of employees from Coastal Andhra and Rayalaseema who have been agitating against the division, slammed the passage of the Bill."People will not forget this. They will teach a lesson to this government. People (of Seemandhra) need not feel sad.We have to move ahead in such a way the loss is minimal on account of state's division," APNGOs' president P Ashok Babu, who also heads the forum for protection of united AP, said in Delhi.Security in Seemandhra region of Andhra Pradesh was today beefed up and forces were put on alert to meet any eventuality on law and order front."We are monitoring the situation... police in districts have already been asked to be on alert... depending upon the situation we will take appropriate action," Additional Director General of Police (Law and Order) VSK Kaumudi told PTI.(Agencies)
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The Indian rupee on Monday (21 April) lost a hefty 30 paise to end the day at almost one-month low of 60.59 against the dollar due to fresh demand for the US currency from importers, mainly oil refiners despite a surge in stocks. At the Interbank Foreign Exchange (Forex) market, the domestic unit plunged to 60.61 before settling at 60.59, a fall of 30 paise or 0.50 per cent from its previous close. Forex managers attributed weakness in the rupee value to heavy dollar demand from importers, mainly oil refiners, to meet their month-end requirements. "There was buying from nationalised banks throughout the day for oil companies. Some short-covering by market participants also led to the fall," said Agam Gupta, Managing Director and Head of Fixed Income Trading, Standard Chartered Bank. Meanwhile, the BSE benchmark Sensex today rose to its all-time high of 22,795.58 but settled the day a few points lower at 22,764.83--its life-time closing high. According to per Sebi data, foreign institutional investors bought shares worth USD 67.58 million last Thursday. The dollar index, a gauge of six major global rivals, was almost stable. Pramit Brahmbhatt, Veracity Group CEO, said: "The rupee opened flat after a three-day week-end break and also due holiday in some of the global markets due to Easter Monday. Not much movement was seen in the dollar index and it is trading near its previous close." The benchmark six-month premium payable in September declined to 218.5-220.5 paise from 220-221.5 paise previously. Far forward contracts maturing in March, 2015 also dropped to 456-458 paise from 460-462 paise. The Reserve Bank of India fixed the reference rate for dollar at 60.33 and for the euro at 83.38. The rupee moved down against the pound to 101.80 from last Thursday's close of 101.37 while declined further against the euro to 83.69 from 83.56. It, however, edged up to 59.03 per 100 Japanese yen from 59.04.(PTI)
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The rupee fell the most in three weeks on Tuesday on bunched-up dollar demand from importers, with weakness in emerging Asian currencies adding to losses.Dealers cited thin dollar supply due to the Presidents Day holiday in the United States on Monday. Consistent dollar demand from a large state-run bank, likely to meet the needs of its oil refining clients, also pulled down the rupee, they said.The rupee has been largely stable even after the U.S. Federal Reserve started tapering its bond buying programme, having cut it to $65 billion a month.Finance Minister P. Chidambaram said on Monday that the current account deficit would come in at $45 billion in the current fiscal year, sharply lower than $88 billion in the previous year.Presenting his last budget before facing elections due by May, Chidambaram bettered his previous fiscal deficit target of 4.8 percent for the current fiscal year and said he will achieve 4.1 percent in the next.India's large fiscal and current account deficits have been a sore point for foreign investors and rating agencies. It has also been a key reason for the rupee's fall to record lows last summer.Subsequently, policymakers took steps to shore up foreign reserves by raising $34 billion via two concessional swap facilities and bringing down the current account deficit through higher taxes on gold imports.With the interim budget out of the way, dealers are now focusing on the general elections as the next trigger. A stable government is expected to help bolster reforms and be rupee positive."INR continues to remain shockingly stable and is trading with a bullish bias, thought this cannot be disentangled from the weak-USD macro environment enough to say that it is on account of Indian-bullish factors," said Sacha Tihanyi, a senior currency strategist at Scotiabank in Hong Kong."Technically speaking, we are heading towards 61.50 as the next USD/INR downside target."The partially convertible rupee closed at 62.20/21 per dollar versus its close at 61.84/85 on Monday. It fell 0.58 percent, its biggest daily fall since January 27.Indian bond and currency markets will be shut on Wednesday for a religious holiday.In the offshore non-deliverable forwards, the one-month contract was at 62.52, while the three-month was at 63.39.(Agencies)
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India's Supreme Court commuted death sentences on three men for killing former prime minister Rajiv Gandhi to life imprisonment on Tuesday because of an 11-year delay in deciding on their petitions for mercy.Gandhi was killed by an ethnic Tamil suicide bomber while campaigning in an election in the southern Indian town of Sriperumbudur in May 1991.The three Indian men - tried as Santhan, Murugan, Perarivalan - were members of a Sri Lankan ethnic Tamil separatist group, the Liberation Tigers of Tamil Eelam (LTTE) and Gandhi's killing was seen as an act of retaliation after he sent Indian peacekeepers to Sri Lanka in 1987.The three were convicted of involvement in 1998 and sentenced to death by hanging. A fourth person, a woman, was also given the death sentence but it was later commuted to a life term.The men appealed for mercy but successive Indian presidents gave no decision until 2011, when their plea was rejected."Delay in deciding mercy pleas is one of the grounds to commute the death sentence to life imprisonment," the Supreme Court headed by Chief Justice P. Sathasivam said in its order.Gandhi's widow, Sonia, is head of the Congress party while their son, Rahul, leads its campaign for elections in the next few months.Rajiv Gandhi's mother, Indira, was assassinated in 1984 over the army's storming of the Golden Temple in Amritsar to crush a Sikh militant movement.The death penalty remains in force in India despite a long campaign by human rights groups to abolish it. It has rarely been carried out, however.About 500 people are on death row, many of whom have been there for years.In November 2012, India ended what many rights groups had interpreted as an undeclared moratorium on capital punishment when it executed a gunman convicted for the 2008 militant attack on Mumbai. Three months later, it hanged a man from Kashmir for a 2001 militant attack on parliament.The Supreme Court said on Tuesday the administration must move faster on deciding on mercy petitions in the interest of justice.Last month, the Supreme Court commuted the sentences of 15 death row prisoners to life in jail on the grounds of delay.(PTI)
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