‘Encounter’ in Noida

Two suspected car-borne criminals, one of them wielding a carbine, were shot dead in an encounter with the Noida (Phase II) police’s team on Monday night. The police, however, could not identify the alleged robbers even hours after the encounter.

Noida’s Senior Superintendent of Police Naveen Arora said, “One carbine and a country-made revolver were recovered from the site, we are checking our records to ascertain their identities. They had come to rob.

” “On the basis of a tip-off, the area was searched and the suspect whiteMaruti Esteem car – registration number UP 83 B 3939 – was found in Noida Phase II,” Arora said. When the police team asked the car’s occupants to stop, they, police said, opened fire.

Later, the duo slipped out of the car while firing and made a desperate bid to escape under the cover of the forest near the Hindon. “They tried to cross over to the other side even though the police kept firing at them,” said Arora.

The exchange of fire continued for around 30 minutes, leaving the duo along with police constable Dharamender Singh injured. The duo were declared ‘brought dead’ at the hospital while the constable was given treatment.
Kapil Datta

Demand for quota for Dalit Christians and Muslims raised in LS

New Delhi, Feb 25 (PTI) A range of issues including reservation in private sector, need for jobs quota to Dalit Christians and Muslims and a fair deal to refugees from Pakistan-occupied Kashmir were raised in the Lok Sabha today. S Ajaya Kumar (CPI-M) made a strong plea that there should be reservation in private sector.

This, he said, was necessary in view of the fact that there has been privatisation of even some public sector undertakings and that the scope of reservation was thus eroding in the government sector. K Francis George (Kerala Congress) wanted the government to accept the recommendations of the Rangnath Mishra Commission which had favoured reservation to the Dalit Christians and Muslims.

He said that economic status does not improve even if any Dalit embraced Christianity or Islam and therefore the reservation facility should be continued to such people. His contention was supported by Iliyas Azmi (BSP) as also Jaya Prada (SP).

Congress member Lal Singh pleaded for a fair deal to the refugees from PoK, saying they have been a “neglected” lot for the past 60 years without having any citizenship rights. PTI.
PTI

UBS stocks fall to record low

UBS stocks fall to record low Zurich – Shares in the Swiss bank UBS continued their fall on Monday, dropping 9.09 per cent to 10 francs (8.59 dollars), setting a new low for the stock on the Zurich exchange.

On Friday, the stock lost 14 per cent, closing at 11 francs.

The decline in value was seen as a reaction to the investigation in the United States into allegations that UBS employees helped clients commit tax fraud and concerns about the fate of the Alpine country’s secret banking laws.

The bank, whose executives admitted employees conducted improper actions, agreed last week to pay a fine of 780 million dollars to US authorities and hand over data on some clients. Reports placed the number at between 250 and 300 names.

Last February, the stock stood at 35 francs.

At the end of 2008, UBS took a bail-out from the Swiss government and central bank, worth about 58 million dollars.

The bank’s executives have come under criticism in Switzerland as the affair has unravelled, as have the US authorities, who have been portrayed as bullies.

The handing over of client details has sparked concern about the future of Swiss banking secrecy laws.

Late Friday, a Swiss high court banned any future transfer of client data until it heard a case brought by eight UBS clients wishing to keep their information secret.

While the US has demanded thousands more names, UBS said it would fight the lawsuit and protect client data. The bank and FINMA, the Swiss regulatory body, said only information on clients accused of fraud were handed over.

The main European economies called for tougher action on tax havens over the weekend at a meeting in Berlin.

German Chancellor Angela Merkel said a list should be drawn up, ahead of the G20 meeting in London on April 2, of “those who refuse to cooperate internationally,” with a view to imposing sanctions against tax havens or regions conducting intransparent business transactions.

Nicolas Hayek, the head of Swatch group, the watch company, made news when he said his company pulled funds out of UBS and the second largest Swiss bank Credit Suisse, over concerns that the financial institutions could become insolvent. (dpa)

Sri Lanka on way to massive first innings total

Karachi, Feb 22 (IANS) Pakistan took three quick wickets even as Sri Lanka extended their total to 614-6 at tea on the second day of the first cricket Test here at the National Stadium Sunday.

Shoaib Malik removed Mahela Jayawardene for 240 and then scalped Tillekaratne Dilshan for a duck while Danish Kaneria got rid of Thilan Smaraweera (231) to bring smile on the faces of the few spectators who turned up to watch their team’s first Test in 14 months.

The three wickets fell in the space of ten balls which is in contrast to what happened earlier in the day when Pakistan were unable to pick a single wicket for almost 56 overs.

Jayawardene completed his fifth double century off 354 balls with 27 fours. A few overs later, Samaraweera reached his first double ton in Test cricket off 287 balls with 31 boundaries.

The pair added 437 runs which is new world record for the fourth wicket, surpassing the feat achieved by England’s Colin Cowdrey and Peter May against West Indies in 1957.

Jayawardene was the first to go when he gloved one to wicket-keeper Kamran Akmal while going for a sweep. Seven balls later, Samaraweera was beaten by a Kaneria googly that went into the stumps after a thin edge off the bat.

Malik then returned to scalp Dilshan who edged one straight into the gloves of Akmal. Sri Lanka added 109 in the second session for the loss of three wickets.

Earlier, resuming their first innings at 406-3, Sri Lanka continued to score freely against a seemingly toothless Pakistan attack, adding another 99 runs in the first session off 30 overs to reach a healthy 505-3 at lunch.
Indo Asian News Service

Naxals kill 3 cops in Chhattisgarh

Naxals attacked a search team of the Central Reserve Police Force (CRPF), killing three cops and injuring another nine, near Manhakal village in Kanker district, about 240 km south of Raipur. The attack comes in the midst of a peace talk offer from Maoists in the state.

Inspector General of Police (Bastar Range) A.N. Upadhya said the Naxals ambushed the search party on Wednesday evening. A fierce encounter ensued and continued till late night.

The bodies of the security personnel were recovered on Thursday morning. A few rebels are also believed to have been killed in the gunbattle.

Of the nine injured, the condition of four is stated to be critical. “Over a hundred CRPF cops from two battalions were on a search operation when the Naxalites ambushed them in a deep forested area, 20 km from the nearest police station.

Three CRPF men were killed,” the IG said. Recently, during the ongoing budget session of the state assembly, Home Minister Nanki Ram Kanwar had said a total of 241 people had fallen victim to Naxal violence in Chhattisgarh in the last one year.

Suicide bomber sets off explosion in northern Sri Lanka

Suicide bomber sets off explosion in northern Sri LankaColombo – A female suicide bomber posing as a civilian entered a government-controlled area from the Tamil rebel-held area in northern Sri Lanka Monday morning and detonated herself at a welfare centre, killing several persons and injuring at least 60 others, the military said.

The explosion went off in the Visuamadu area, 360 kilometres north-east of the capital, where the military is receiving hundreds of civilians before they are sent to transit camps.

Military spokesman Brigadier Udaya Nanayakkara said that so far at least one soldier and several civilians have been reported killed and 60 persons, including some women, have been injured.

The incident came as fighting continued between government troops and Tamil rebels, in what the military described as the last phase of its long drive to defeat the Tamil rebels. (dpa)

Australian bushfires kill 130, dozens more missing

Australian bushfires kill 130, dozens more missingWeary firefighters and rescuers pulled the remains of dozens of people from charred buildings on Monday as the death toll rose to 130 from southern Australia’s deadliest bushfires.

“Everybody’s gone. Everybody’s gone. Everybody. Their houses are gone. They’re all dead in the houses there. Everybody’s dead,” cried Christopher Harvey, a survivor from Kinglake where most people were killed, as he walked through the town.

Police believe some of the fires, which razed rural towns near the country’s second biggest city, Melbourne, were deliberately lit and declared one devastated town a crime scene.

“There are no words to describe it other than mass murder,” Prime Minister Kevin Rudd told local television.

“These numbers (dead) are numbing … and I fear they will rise further,” he added.

The bushfires are the country’s worst natural disaster in more than a century, and will put pressure on Rudd to deliver a broad new climate policy.

One massive bushfire tore through several towns on Saturday night, destroying everything in its path. Many people died in cars trying to flee the inferno and others were killed huddled in their homes, yet some escaped by taking cover in swimming pools or farm reservoirs or hiding in their cellar.

The inferno was as tall as a four-storey building at one stage and was sparking spot fires 40 km ahead of it as the strong winds blew hot embers in its path.

“It’s going to look like Hiroshima, I tell you. It’s going to look like a nuclear bomb. There are animals dead all over the road,” survivor Chris Harvey told local media.

More than 750 houses were destroyed and some 78 people, with serious burns and injuries, are in hospital.

Many patients had burns to more than 30 percent of their bodies and some injuries were worse than the Bali bombings in 2002, said one doctor at a hospital emergency department.

CLIMATE CHANGE POLICY

Wildfires are a natural annual event in Australia, but this year a combination of scorching weather, drought and tinder-dry bush has created prime conditions.

The fires, and major floods in the Queensland in the north, will put pressure on Rudd who is due to deliver a new climate policy in May. Green politicians are citing the extreme weather to back a tougher climate policy.

Scientists say Australia, with its harsh environment, is set to be one nations most affected nations by climate change.

“Continued increases in greenhouse gases will lead to further warming and drier conditions in southern Australia, so the (fire) risks are likely to slightly worsen,” said Kevin Hennessy at the Commonwealth Scientific & Industrial Research Centre (CSIRO).

The Victorian bushfire tragedy is the worst natural disaster in Australia in 110 years. In 1899, Cyclone Mahina struck Australia’s northern Cape York, killing more than 400.

PLEAS FOR MISSING

Thousands of firefighters continued on Monday to battle the fire and scores of other blazes across the southern state of Victoria, as well as fires in neighbouring New South Wales state.

While cooler, less windy, conditions helped firefighters, 10 major fires remained out of control in Victoria. But the week-long heatwave that triggered the bushfire inferno was over.

The fires burnt out more than 330,000 ha of mostly bushland in Victoria, but a number of vineyards in the Yarra Valley were also destroyed. The Insurance Council of Australia said it was too early to estimate the bill.

As dawn broke in the town of Whittlesea, near Kinglake where most people died, shocked residents wandered the streets, some crying, searching for loved ones still missing.

“The last anyone saw of them, the kids were running in the house, they were blocked in the house,” cried Sam Gents who had not heard from his wife Tina and three young children, aged 6, 13 and 15, since an inferno swept through Kinglake.

“If they let me up the mountain I know where to go (to try and find them),” Gents sobbed. Authorities sealed off Kinglake as bodies were still being recovered.

Handwritten notes pinned to a board in the Whittlesea evacuation centre told the same sad story, with desperate pleas from people for their missing family and friends to contact them.

Rudd said it would take years to rebuild the devastated towns and has announced a A$10 million ($6.8 million) aid package. He has also called in the army to help erect emergency shelter.

The previous worst bushfire tragedy in Australia was in 1983 when 75 people were killed.

Japanese volcano erupts, smoke reaches 2,000 metres

Japanese volcano erupts, smoke reaches 2,000 metres Tokyo – Mount Asama in north-central Japan erupted early Monday, spewing volcanic ashes to an altitude of 2,000 metres, the Japan Meteorological Agency said.

The agency issued a warning of continued large ash deposits in the surrounding 4-kilometre radius. No casualties have been reported.

The mountain erupted at about 1:51 am from the crater, and volcanic smoke was detected until around 8 am.

Mount Asama, on the border between Gunma and Nagano provinces, erupted in August. (dpa)

Obama chides Washington over closing school because its snowing

Washington, Jan. 29 (ANI): President Barack Obama seems pretty annoyed over the fact that his two daughters are not going to school in Washington because it is snowing.

At a Roosevelt Room meeting on Wednesday with business leaders to press his economic stimulus plan, Obama suggested that “some flinty Chicago toughness” might be in order to deal with the Capital’s first ice storm of the winter.

“My children’s school was canceled today, because of what? Some ice,” Obama said, as the room erupted in laughter.

“As my children pointed out, in Chicago, school is never canceled,” he continued in amazement. “In fact, my 7-year-old pointed out that you’d go outside for recess in weather like this. You wouldn’t even stay indoors.”

Asked if he were calling Washingtonians weather wusses, Obama gleefully responded: “I’m saying that when it comes to the weather, folks in Washington don’t seem to be able to handle things.”

Actually, he’s dead on. The Nation’s Capital is infamous for falling apart when the weather turns foul.

The tiniest precipitation is enough to snarl traffic. When it’s snow and ice, Washington essentially shuts down.

Emigrants from say, Minneapolis or Rochester, laugh out loud at the locals’ sky-is-falling routine.(ANI)

Nikon Garners Accolades at coveted photography awards in country

New Delhi, Delhi, Jan 21 (ANI/Business Wire India): Nikon won eleven awards under various categories at the industry’s three most reputed award functions – Better Photography Excellence Awards 2008, Asian Photography Awards 2008 and Uniross Smart Photography Awards 2009.

The awards were declared at various functions held during Photofair 2009, the World’s 3rd largest and Asia’s biggest Photography Show organized by the All India Photographic Trade and Industry Association.

Commenting on the accolade, Nikon India Managing Director Hidehiko Tanaka said: “The awards are gratifying recognition of Nikon as the leader in the innovation and manufacturing of cameras. In a tough competitive world, Nikon stands apart in design, usability and its continuous technology improvements. Our strength lies in our legacy and credibility to bring the best to the photographic community. It’s a moment of pride and celebration for all of us at Nikon and I congratulate all team members for successfully bringing to the notice of experts the exquisite quality of our brand and products. It is a great way to start the new year and have greater plans for the Indian market hence on.”

The awards represent excellence in camera technology and imaging and rate the best provider of imaging products and services in various categories.

Nikon celebrated new offering in the DSLR segment. The D700, which has already gained huge market popularity, was awarded the ‘Camera of the Year’ at the Better Photography Excellence Awards 2008 announced on January 7, 2009. Nikon’s D90 won the ‘Semi-Professional Interchangeable Lens Camera of the Year’. Nikon’s P6000 and D3 were declared a runner’s up in the race for the ‘Advanced Compact Camera of the Year’ and ‘Professional Interchangeable Lens Camera of the Year’ respectively.

Nikon continued to bag top accolades at the Photofair when the prestigious Asian Photography Awards were announced on January 8, 2009. Mr. Hidehiko Tanaka was recognized for his contribution to the field of photography and was declared the 3rd most influential person in the photography industry. Nikon’s flagship product D90 bagged the award for the ‘Best SLR camera of the year’.

Adding to this great honor, Nikon also bagged five other much coveted awards at the Uniross Smart Photography Awards. Nikon’s D3, the spectacular professional D-SLR camera, won the ‘Best Professional D-SLR of the year’. AF-S Nikkor 14-24mm f2.8 G ED bagged the award for the ‘Best Wide Angle Zoom Lens of the Year’.

Also the AF-S VR Zoom Nikkor 200-400mm f4G IF ED won the ‘Best Telephoto Zoom Lens of the year’. Nikon’s D90, the world’s first professional camera to provide D-Movie mode in a DSLR, won the ‘Reader’s choice DSLR of the year’. Nikon was also awarded the ‘Manufacturer of the Year’ award.

This is the second year in a row for Nikon to have won eleven awards. The last edition of these prestigious awards saw Nikon wining awards like ‘Best camera of the year (D300 and D3)’, ‘Best Camera Manufacturer’, ‘Reader’s Choice (D40X)’, ‘Best Advanced Compact Camera’ to names a few.

Apart from this, at the Photofair 2009, Nikon won the 2nd Best Stall for showcasing its latest innovations along with some special promotional activities for all photography enthusiasts. Surely it was one of the most visited stall at the fair.

Quick Glance of Awards bagged By Nikon:

Asian Photography

– 3rd most influential people in Photography : Hidehiko Tanaka- Best SLR Camera of the Year Nikon D90

Better Photography

– Camera of the year Nikon D700- Semi-Professional Interchangeable Lens Camera of the Year2008 Nikon D90- Runner Up: Advanced Compact Camera of the Year 2008 Nikon P6000- Runner Up: Professional Interchangeable Lens Camera of the Year 2008 Nikon D3

Smart Photography

– Best Manufacturer of the Year 2008 NIKON- Best Telephoto Zoom Lens AF-S VR Zoom Nikkor 200-400mm f4G IF ED- Best Professional D-SLR Nikon D3- Best Wide Angle Zoom Lens AF-S Nikkor 14-24mm f2.8 G ED- Reader’s Choice D-SLR Nikon D90. (ANI)

Microsoft violated law with IE on Windows, says EU

Microsoft violated law with IE on Windows, says EU Recently it was it formed by the European Commission that European competition law has been violated by Microsoft by including Internet Explorer with Windows.

It was also informed by the Commission that since Windows includes Microsoft’s own browser; the other browsers are prevented from competing with IE.

It should also be noted here that under the European law, IE’s inclusion is not made by the remedies put in place under the US government’s landmark 2002 antitrust settlement with Windows lawful.

Microsoft had agreed to separate IE from Windows and permit users to de-select IE as their chosen browser under that ruling.

The company received this ruling in a Statement of Objections from the Directorate General for Competition of the European Commission, which was issued following browser specialist Opera’s complaint with the Commission a year ago.

It was supposedly complained by Opera that Microsoft continued to abuse its leading position by tying its browser to Windows and by not following web protocols.

As of now a time period of two months has been given to Microsoft in which it has to issue a written response to the directorate general and can request a hearing.

“The company is studying the statement of objections and is committed to conducting its business in full compliance with European law,” said the company via a statement. IE with Windows has been included by Microsoft since 1996.

World leaders gather in Egypt for Gaza summit

Sharm al-Sheikh, Egypt – World leaders met in the Egyptian resort town of Sharm-al-Sheikh on Sunday to discuss means of establishing a lasting peace in Gaza, as sporadic violence continued despite a unilateral Israeli truce that took effect early Sunday.

Egyptian President Hosny Mubarak and French President Nicolas Sarkozy were chairing Sunday’s summit.

UN Secretary General Ban Ki-Moon will reportedly attend, as will German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi, Jordan’s King Abdullah II, Spanish Prime Minister Jose Luis Zapatero, and Turkish President Abdullah Gul.

Jordan’s King Abdullah II and Egyptian President Hosny Mubarak will be the only two Arab leaders present. Among Arab countries, only Jordan and Egypt have signed peace treaties with Israel. dpa

Israel’s security cabinet expected to vote on ceasefire

Tel Aviv – The Israeli security cabinet was expected to vote Saturday night on a ceasefire proposal, as the military campaign entered its fourth week and airstrikes continued overnight across the Gaza Strip.

The warplanes hit about 50 targets during the night, including rocket launching sites, tunnels under the Gaza-Egypt border as well as mosques used as points from where militants fired at Israel, a military spokesman said.

Israeli Prime Minister Ehud Olmert’s office on Friday said there had been “significant progress” in talks in Cairo, where an Israeli delegation had been in discussions with Egypt’s intelligence chief.

Israel and Hamas, the Islamist group which rules Gaza, do not talk to each other directly but go through Cairo, which has been pushing for a ceasefire based on a short-term “humanitarian” truce, followed by negotiations on a longer-term ceasefire that would include the Israeli security concerns and the militants’ demand that the borders be opened.

The security cabinet vote would likely take place in the evening, after the end of the Jewish Sabbath, also giving Olmert and Defense Minister Ehud Barak time to discuss the proposal with their representatives who returned from two trips to Cairo in two days.

There has been speculation that Israel might surprise and go for a unilateral cessation of hostilities, a move United Nations Secretary General Ban Ki-moon had called for.

Israeli Foreign Minister Tzipi Livni signed a bilateral deal with US Secretary of State Condoleezza Rice in Washington on Friday, aimed at helping to curb arms smuggling into Gaza, as part of an effort to secure a ceasefire between Israel and Hamas militants.

Livni called it a “historic” deal that was a “vital component for the cessation of hostilities.”

Khaled Meshaal, Hamas’ Damascus-based political leader, said in Doha, at a summit of Arab leaders, that his organization would not accept Israeli dictates on the ceasefire, and that the militant group “had not suffered a defeat,” in the Gaza fighting.

Some 1,192 Palestinians have been killed and over 5,100 injured since Israel began Operation Cast Lead on December 27, in an attempt to stop Palestinian rocket fire at southern parts of the Jewish state. The first week focussed on airpower and on January 3 the ground troops moved into the enclave.

Three Israeli civilians and 10 soldiers have died since the operation began, and over 700 rockets have been fired from Gaza. (dpa)

Egyptian, Czech foreign ministers to discuss Gaza ceasefire

Cairo – Czech Foreign Minister Karel Schwarzenberg arrived to Cairo Saturday for talks with Egyptian officials over possible a ceasefire in the Gaza Strip.

Schwarzenberg, whose country currently holds the rotating EU presidency, said the EU fully backed efforts for an immediate ceasefire in the strip.

Following his meeting with Egyptian Foreign Minster Ahmed Aboul Gheit, Schwarzenberg said discussions tackled “post ceasefire plans which includes rebuilding Gaza.”

Aboul Gheit said an Egyptian-EU meeting will take place by the end of this month in Brussels “to discuss the post ceasefire plans with the 27 EU foreign minsters.”

Meanwhile, the Israeli security cabinet is expected to vote on a ceasefire proposal, as the military campaign has entered its fourth week and airstrikes and artillery fire continued overnight and in the morning across the Gaza Strip.

Schwarzenberg interrupted a trip as part of an EU meeting in South Africa to fly to Cairo, the Egyptian Foreign Ministry said. An EU delegation led by Schwarzenberg travelled to the Middle East at the beginning of January in an attempt to stop the fighting in the Gaza Strip. (dpa)

Search resumes for engines in Hudson River plane crash

New York City – Divers in the US city of New York continued to search on Saturday for the engines of the US Airways plane that crashed into the frigid waters of the Hudson River on Thursday.

Investigators were interested in recovering the engines to determine the specifics involved in the emergency landing in which, miraculously, all 155 passengers and crew escaped unharmed.

The plane, which crashed near midtown Manhattan, drifted to the island’s southern tip, where it is now anchored. However, the engines broke off during the crash and could be anywhere in a six-kilometre range along the river.

The analysis of the engines is supposed to show whether one or more birds flew into and blocked the engines’ propellers. (dpa)

HSBC sees possibility of second quarter Asian economic recovery

Singapore – Asian’s economy might recover from the recession as early as the second quarter of this year, supported by the governments’ policy responses to the downturn and the sharp drop in commodity prices, a news report said on Wednesday.

“The cavalry is on its way in the form of one of the most significant policy responses ever,” the Straits Times quoted HSBC senior Asian economist Robert Prior-Wandesforde as saying.

“The policy easing and sharp falls in commodity prices should lead to strong domestic demand, thus generating recovery in Asia,” he said.

Rounds of aggressive interest rate cuts and substantial stimulus packages in the region should spur domestic demand, said the daily, citing a HSBC media conference presentation.

But the bank cautioned that Asian economic recoveries might not be as fast as they have been in the past.

“Deep and sharp V-shaped recoveries have been the hallmark of Asia in the past, but we suspect that this time around, the second upward leg will not be quite as steep,” said HSBC, which made the forecast a week after another bank, BNP Paribas, projected a V-shaped recovery for Asia, which is a quicker rebound than the U-shaped slower recoveries.

HSBC also expected continued volatility in Asian stocks this year as “ultra-low interest rates and huge fiscal packages” meet global deleveraging.

It expected the regional markets to end either 10 per cent higher or lower from their current levels, but added that it would not be as bad as last year when Asian equities dropped by 53 per cent in value. (dpa)

Brickwork Ratings assigns “BWR AA+” for Andhra Bank’s upper tier II bonds issue of INR. 10 bn

Bangalore, Jan 13 (ANI/Business Wire India): Brickwork Ratings has assigned BWR AA+ (Pronounced BWR Double A plus) to Andhra Bank’s proposed upper Tier II bonds issue INR 10.0 billion or Rs 1,000 crore.

Brickwork Ratings has recently rated Andhra Bank’s Perpetual Bonds Issue with “AA+” rating.

Brickwork Ratings expects that this addition in the bank’s tier II bonds issue will not change the ratings, since the bank remained well within its borrowing capacity and lending patterns.

More over, Brickwork expects that increase in the tier II capital would support the bank’s quest to sustain its operations. The bank’s overall asset quality seems good with declining trends in NPAs. The bank’s slippage has declined by 17 per cent as of 31st March 2008 and the delinquency ratio stood at 0.72 per cent in the same period, which compares favorably to its peers.

Further, the efficient cash-management system coupled with higher income helped the bank improve its cost to income ratio to 47.2 per cent from the previous of level of 50.1 per cent. The rating factored majority ownership of the Government of India, favorable operating spread and returns, lower NPA, less risky loan portfolio, higher Tier 1 capital and leverage.

However, the bank’s operation largely concentrated in the state of Andhra Pradesh might be a limiting factor.

Headquartered in Hyderabad, Andhra Bank, a mid sized public sector bank incorporated in 1923, was nationalized in 1980.

The bank offers retail banking, small and medium enterprise (SME) banking, treasury and financial institutional services. The bank’s total business increased 20.5 per cent to reach INR 839.93 billion as on 31st March 2008.

This high growth was sustained in spite of 23.55% growth recorded in the previous year – FY 2007. The bank’s total deposits stood at INR. 494.36 billion, as on 31st March 2008, a growth of 19.3 per cent over 2007.

Andhra bank is one of the profitable mid-sized public sector banks in India, with total income of INR 48.71 billion for FY 2008, reflecting the continued buoyancy in the bank’s core business income, fee based income and focus on healthy asset-quality contributed to the improvement in the profitability. Further, the bank’s interest income is 71 basis points more than its peers.

The non interest income of the bank has been marginally lower than that of peers. To augment non-interest income, the bank continues to pursue multi channel approach to sell insurance and investment products.

While the bank’s cost of funds at 6.12 per cent is slightly higher than that of peers, the bank has shown higher returns at 9.25 per cent and higher spreads 3.14 per cent. Even though the bank has shown higher returns, the bank’s loan portfolio does not appear riskier. Gross NPAs dipped to 1.07 per cent compared to 1.88 per cent of peers.

Net NPAs were down to 0.15 per cent from 0.17 per cent. The real estate loans sensitive exposure has been just 7.94 per cent, less than half of that of bank’s peers. The bank’s term loan exposure at 41.95 per cent is lower than the peers’ average.

The bank’s total capital adequacy ratio increased to 11.61 per cent in FY 2008, yet the ratio is less than that of its peers. The bank needs to supplement its capital. Brickwork calculates Leverage that assesses bank’s capital adequacy with reference to both on balance and off balance sheet exposures. Andhra Bank has shown a reasonable leverage of 16.4 compared to its peer group at 21.3. In spite of lower leverage the bank’s ROE was healthy at 17.97 per cent in FY 2008.

Overall, Brickwork Ratings factored the Government of India ownership, quality of risk weighted assets, low cost deposit base, growth in income, decline in gross NPA, and lower leverage. The Bank is well placed to manage the key challenges in liquidity, credit quality declines in the coming months.

The bank’s concentration in a single state as well as lower CASA deposits are limiting factors in the long run. The detailed rationale is enclosed as Annexure A. (ANI)

Israelis debate truce in Cairo, Gaza assault continues

Israelis debate truce in Cairo, Gaza assault continues Gaza/Tel Aviv – Israel’s air force continued pounding the Gaza Strip from the air Thursday, with its solders pressing on with attacks against militants on the ground.

Meanwhile, government officials who were in Cairo to discuss proposals for ending the fighting, which has lasted 13 days so far and claimed hundreds of fatalities, ended the talks without results, Egyptian foreign ministry officials said.

Even as the Cairo talks on the ceasefire were taking place, caretaker Israeli Prime Minister Ehud Olmert said the bottom line of the military campaign was to “change the reality” in southern Israel, meaning an end to militant rocket attacks from the enclave.

“To this we have not yet arrived, and the Israel Defense Force has not yet been asked to carry out everything necessary to do so,” said Olmert while visiting the army’s Gaza division headquarters.

Also Thursday, the United Nations Relief and Works Agency UNRWA said it had “suspended all movement of staff” in the Gaza Strip after a driver bringing humanitarian supplies into the enclave was killed when the aid convoy was fired upon. Later, another UN convoy with international staff came under fire.

The aid convoy had UN flags and the drivers were wearing UNRWA vests, the organization’s spokesman Adnan Abu Hasna said, noting that details were still sketchy and that the agency was gathering more information.

Abu Hasna said the suspension of activity was to protest the attack and lack of access for aid workers in the enclave. However, it was also a safety measure.

The second incident occurred during a three-hour lull in the fighting designed to allow aid trucks into the enclave. The lull also gave residents a chance to stock up on basic supplies and medical teams an opportunity to reach the wounded and dead in areas which had seen heavy fighting and were inaccessible to the medics.

Earlier, in an unusual move, the International Committee of the Red Cross slammed Israel for not allowing medics to access the dead and wounded in certain areas of the Gaza Strip during a four-day period, thereby violating international law.

The organization said that during a lull Wednesday its rescue teams had uncovered over 16 wounded and 18 killed, all trapped under rubble. In one case, four emaciated children were found lying with their dead mothers.

An Israeli military spokesman said Palestinian militants fired at least four rockets at Israel between the pause, which lasted from 1 pm and 4 pm (1100 GMT to 1400 GMT).

The first humanitarian lull, on Wednesday, had passed without incident.

In the actual fighting, Israel had carried out approximately 24 air attacks on targets in the Strip by mid-afternoon Thursday, an Israeli military spokesman said. Militants launched at least 15 missiles at mortars at Israel.

In the Gaza Strip, medical official Mo’aweya Hassanein said 11 Palestinians were killed Thursday and 40 were wounded.

One Israeli officer was killed in the ground fighting, and another wounded, by an anti-tank rocket fired by militants in the Strip.

The latest deaths bring to 763 the number of Palestinians killed, and 3,120 the number of wounded, in the 13 days of fighting. During that time, seven Israeli soldiers and three civilians have been killed as a result of rocket attacks and in the ground battles.

Residents reported heavy shelling in the southern Gaza border town of Rafah overnight. An Israeli military spokesman said Israel bombed another 15 smuggling tunnels running under the border with Egypt, as well as what he said was the house of a militant commander who oversaw the rocket attacks from the Rafah area toward nearby Israeli targets.

Some 5,000 residents of Rafah fled to two UN schools turned into shelters after Israeli helicopters dropped leaflets warning them to leave their homes along the Gaza-Egypt border. The leaflets stated Hamas was using houses along the border to hide the entrances to tunnels used for weapons smuggling.

A guaranteed end to Hamas’ arms supply is one of Israel’s main conditions for ending the fighting.

Although an Israeli Defence Ministry spokeswoman would give no details of what defence ministry official Amos Gilad and Olmert’s advisor Shalom Turjeman had discussed in Cairo, Israeli media reported they wanted to raise the possibility of a permanent American presence along the Gaza-Egypt border.

The Israeli government earlier on Wednesday said it viewed Egyptian-French attempts to reach a diplomatic solution to the Gaza crisis “positively.” US Secretary of State Condoleezza Rice said Wednesday that the United States, which has rejected several others, supports the Egyptian initiative.

But Israel also threatened to expand its ground offensive if the diplomatic attempts failed, with the Israeli cabinet in a meeting Wednesday authorizing the continuation of the Gaza offensive. Thus far, the Israeli ground troops are stationed on the outskirts of Gaza City, the Jabaliya refugee camp in the north and Khan Younis in the south, but have avoided penetrating deep into populated areas. (dpa)

Merle Haggard sues environmental awareness group over illegal use of his name

Washington, Jan 9 (ANI): American country music singer Merle Haggard is suing an environmental awareness group for using his name and image illegally to solicit money.

The suit was filed on January 8 against Nashville, Tennessee environment advocates the Green Train, and the papers claimed that the group forged his signature and exaggerated his involvement in their workings to raise funds.

“By using Mr. Haggard”s name and other aspects of Mr. Haggard”s identity to promote the Green Train project under these circumstances, defendants create the false impression that the project has been operated in a credible, ethical and legal fashion, when in fact that is not the case,” Contactmusic quoted the lawsuit as stating.

Haggard”s legal team also stated that any continued association with the Green Train could harm his reputation, and they are now seeking unspecified damages from the group and its founder, Robert K. Wolf.

According to legal documents, Haggard donated 20,000 dollars to the group, as well as agreeing to attend a concert and train tour the organisation has planned for April (09).

But the star alleges the Green Train misused details of his personal involvement in a bid to drum up more money and support.

It also claims the group forged letters with his signature and sent them to fellow country stars, including Dolly Parton, Jewel, Vince Gill and Amy Grant. (ANI)