Indian rupee drops to 3-week low on weak stocks

July 1 (Reuters) – The Indian rupee fell to a three-week low on Thursday morning, tracking weak stocks and a stronger dollar overseas.

At 9:39 a.m. (0409 GMT), the partially convertible rupee INR=IN was at 46.78/79 per dollar, its weakest since June 11, and compared with Wednesday’s close of 46.48/49. (Reporting by Suvashree Dey Choudhury)

European shares turn negative; miners fall

June 24 (Reuters) – European shares turned negative on Thursday morning, with miners giving up gains from early in the session, having risen on hopes Australia’s new Prime Minister would compromise on proposed taxes on resource firms.

Stocks | European Markets | Global Markets

At 0730 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.4 percent at 1,035.76 points.

BHP Billiton (BLT.L), Kazakhmys (KAZ.L), Rio Tinto (RIO.L) and Xstrata (XTA.L) were between 1 and 2.7 percent lower. (Reporting by Brian Gorman)

Merkel-German govt to stick to austerity programme

June 24 (Reuters) – German Chancellor Angela Merkel said her government would stick to its austerity programme and said a record federal deficit of 80 billion euros this year meant there was no scope to relax.

Bonds | Global Markets

In an interview with German TV ARD broadcast on Thursday morning, Merkel also dismissed criticism that Germany is not doing enough on economic stimulus measures. She said Germany spends about 2.1 percent of its gross domestic product to reinforce economic growth.

Merkel said the government would stick to its austerity programme even though some leaders of her junior coalition partners, the Free Democrats, have called for tax relief.

“We’ll enact the measures that we’ve agreed upon,” Merkel said. “I believe we should not let up.”

Merkel said a federal deficit of 80 billion euros deficit this year in a budget totalling 320 billion euros made it imperative to continue looking for ways to reduce the deficit.

“Eighty billion euros in a budget of 320 billion euros — it would benefit everyone if we can save another 10 billion euros next year if the economy picks up,” she said, pointing out that would cut interest costs for future generations.

“I think one should be pleased with that but not let up as far as structural cost-cutting is concerned,” she said.

Merkel said she had told U.S. President Barack Obama in a phone call that Germany has done much to support economic growth with stimulus measures. Despite the austerity programme, she said Germany has done much to support a recovery.

“Germany is doing much more in 2010 for the worldwide economic recovery than (other countries) on average,” she said.

Economy Minister Rainer Bruederle had said on Wednesday on Wednesday that tax cuts the centre-right government agreed in a 2009 coalition deal were only delayed recently and not cancelled.

Bruederle, a member of the FDP, called for tax cuts for middle income wage earners before the end of the current legislative period that concludes in 2013.

Germany has launched its biggest programme of fiscal cutbacks since World War Two and Finance Minister Wolfgang Schaeuble has said it does not have the leeway to carry out major tax reforms during the current legislature.

But there has been dissent within Merkel’s coalition over the 30 billion euros in savings over the next four years on welfare and slashing thousands of federal government jobs.

(Writing by Erik Kirschbaum; Editing by Kim Coghill)

UPDATE 1-Japan’s Brother restarts China output after strike

TOKYO, June 10 (Reuters) – Japan’s Brother Industries Ltd (6448.T) said it has restarted production at two industrial sewing machine factories in China on Thursday after a strike had forced it to halt output for about one week.

About 900 workers at the two plants in Xian launched the strike on June 3 seeking better pay and improved working conditions, halting production through Wednesday, Brother spokeswoman Mika Oshima said.

The plants restarted production on Thursday morning but a representative for the workers is still in negotiations with management on pay and conditions, Oshima said.

Brother gets the bulk of its sales from printers and other office equipment. Industrial sewing machines accounted for about 4 percent of its revenues in the past business year.

Honda Motor Co’s (7267.T) output in China has been hampered by a series of strikes at its suppliers, prompting concerns that unrest among workers in the world’s manufacturing hub is spreading. [ID:nTOE65801O]

Shares in Brother closed up 0.3 percent at 995 yen, underperforming a 1.1 percent rise in the benchmark Nikkei average .N225. (Reporting by Nathan Layne; Editing by Hugh Lawson)

China Mobile to invest in People’s Daily Online

HONG KONG, June 10 (Reuters) – China Mobile (0941.HK) will invest 20 million yuan ($2.93 million) to become a strategic investor in the People’s Daily Online, a government-backed online news portal planning a mainland listing, the Wen Wei Po reported on Thursday, citing mainland media reports.

China Mobile spokeswoman Rainie Lei told Reuters that the parent company had not heard of the investment plan, but an official announcement would be made in a timely manner if there was any major investment or acquisition. Shares of China Mobile rose 1.3 percent to HK$77.20 on Thursday morning, the highest in more than five weeks, before steading at HK$76.90 at midsession, still up 0.92 percent, outperforming a 0.49 percent rise in the broader Hang Seng Index .HSI.

The People’s Daily Online may restructure its shareholding and speed up its listing process, the Chinese newspaper said, citing sources.

People’s Daily Online President He Jiazheng declined to comment on the report but said the company was focusing on restructuring, the newspaper said.

Beijing had selected a number of state-backed online news platforms including Xinhuanet and Eastday.com to list shares to reduce government’s financial burden and to enhance competitiveness, the newspaper said.

At least two online news platforms could issue A shares before the end of the year, the paper added.

(US$1=HK$7.8)

(Reporting by Donny Kwok; Editing by Chris Lewis and Jonathan Hopfner)

((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters Messaging: donny.kwok.reuters.com@reuters.net))

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Autorickshaw driver, aide rape 15-yr-old girl at Dahisar

Mumbai, June 6 — The Dahisar police on Friday arrested an autorickshaw driver for allegedly raping a 15-year-old girl. The accused’s accomplice is wanted in the case.

The arrested accused has been identified as Farid Syed (22), a resident of Dahisar (East). Police officials said the incident happened at Raut Compound in Dahisar Thursday morning.

The police said that the victim and two of her friends went to the N. G. Park area in search of a relative, who had been missing for the last two days. The police said the victim’s friends were walking ahead, while the victim was trailing.

Farid and his accomplice were drunk and they allegedly approached the victim. “They threatened and assaulted the victim and then dragged her to an isolated corner,” said Police Sub Inspector D. Girkar of the Dahisar police station.

They reportedly raped the victim and fled. The victim narrated the entire incident to her family, who then lodged a complaint with the police.

Based on the description provided by the victim and her friend, the police arrested Syed from his residence.

Leumi board to be set this wk after shareholder vote

June 2 (Reuters) – Bank Leumi (LUMI.TA) expects by Thursday morning to announce the five new members of its board, one of whom will become the chairman of Israel’s largest bank.

Financials

Leumi shareholders began voting on a new board from a pool of 25 candidates in a secret ballot on Wednesday, as the government prepares to sell its remaining 11.5 percent stake in the bank. [ID:nLDE63R1FC]

The new chairman is likely to be named next week at the earliest next week, after consultations with Finance Minister Yuval Steinitz and Supervisor of Banks Roni Hizkiyahu.

David Brodet, a former director-general of the Finance Ministry and ex-chairman of Mizrahi-Tefahot Bank (MZTF.TA), is seen as the most likely candidate to become chairman. Phoenix Insurance (PHOE1.TA) chairman Ehud Shapira is also considered as a strong candidate.

“We cannot exaggerate the harmony that existed between the board and management during Raff’s tenure,” CEO Galia Maor said at the outset of the meeting, referring to outgoing chairman Eitan Raff, who has served in the position for 15 years.

Leumi’s largest private shareholder Shlomo Eliahu, who holds 9.59 percent, boycotted the meeting after his bid to delay the vote until after the sale of the government’s stake was rejected. Eliahu is seeking to put together a group of investors to form a controlling stake in Leumi. [ID:nLDE64M02V]

He has said the bank needs time to deal with expected changes in control.

The Finance Ministry plans to sell its holdings in Leumi this year. (Reporting by Tova Cohen; Editing by Hans Peters)

Live cartridges found in Radisson; 3 Italians detained

New Delhi, May 27 (IANS) Three Italian nationals were detained Thursday after 24 live cartridges were recovered from their room in south Delhi’s Radisson hotel, police said.

The housekeeping staff of the five-star hotel found the cartridges while cleaning room number 448 Thursday morning. The foreigners had vacated the room Tuesday, a police officer said.

‘The Italian nationals checked in the room Tuesday morning and vacated the room the same day. One of them was detained in Mumbai while the other two where caught in Pune,’ the officer added.

Security has been beefed up at the hotel, located close to the Indira Gandhi international airport.

In February, two British nationals were caught from the same hotel while they were involved in plane spotting. They were later granted bail and let off.

British family shot dead in Pakistan

London, May 21(ANI): A British family hailing from Lancashire has been shot dead in Pakistan in a suspected honour killing.

According to police, Mohammed Yousaf, his wife Parviaz, and their daughter Tania, from Nelson, Lancashire were killed in a village in Pakistan’s Gujrat District on Thursday morning.

“We were informed that an incident had taken place in Pakistan. We are currently liaising with authorities in Pakistan,” The Telegraph quoted a Lancashire Police spokesman, as saying.

“We have also made contact with family in Nelson regarding the incident,” the spokesman added.

The family, who had lived in the UK for over 30 years, had jetted out to Pakistan for a wedding, believed to be their son’s.

Talking about the incident, Nelson Councillor Mohammed Sakib said: “I know the family well. This incident wasn’t just murder, it was an honour issue.” (ANI)

Maoists blow up railway track in Bihar

Motihari (Bihar), May 20 (ANI): Fourteen oil tankers of a goods train derailed and caught fire after Maoists blew up a railway line between Dighwara and Pipra stations in Bihar”s West Champaran District, around 25 kilometers from Motihari early on Thursday morning.

It has been reported that the Maoists blasted dynamites to blow up the railway line at Chintamani village at around 2: 30 a.m.

The goods train was on its way to Raxaul on the Indo-Nepal border from Muzaffarpur.

It took more than four-and-half-hours for the fire tenders that were rushed from Muzaffarpur and Motihari to extinguish the flames.

There are reports that the Maoists left behind several posters and leaflets.

Meanwhile, a combing operation has been launched in the area to get hold of the ultras. (ANI)

Dutch boy unaware of being lone Libyan plane crash survivor

Tripoli (Libya), May 14 (ANI): Nine-year-old Dutch boy Ruben van Assouw managed to make it out of the crashed Afriqiyah Airways Flight 771 with two broken legs, but what he does not know still is that he is the only one to have survived out of the 104 on board.

The boy”s aunt and uncle, who traveled to Tripoli from the Netherlands to bring him home, visited his hospital room on Thursday morning.

He immediately recognized them and smiled when they came in, according to Dutch officials.

“His memory is good: as soon as his relatives walked in he smiled, and was happy to see them,” Dr. Siddiq ben Dilla was quoted by a foreign news agency, as saying.

Dutch Foreign Ministry official Ed Kronenburg said the boy remains dizzy from the after-affects of anesthesia.

“He hasn”t been told yet, as far as we know, that his parents died,” he added.

He may go home as soon as the weekend.

Dutch officials said the family has asked the media to leave them alone, despite the global interest in and sympathy for the miracle survivor. (ANI)

Nepali cyclist attempts to scale Mt Everest on a bike

Kathmandu, May 14 (ANI): Pushkar Shah, who has acquired fame by cycling through 150 countries, has begun his first attempt at scaling Mt Everest by bike.

Calling it the “Peace expedition 2010″, the Nepali cyclist had earlier told the media that he was going on this expedition to pray for world peace.

Accoding to Xinhua, he said his request for financial aid for the undertaking had been turned down by the Nepal Government, forcing him to sell off his belongings, including the cycle on which he rode around the world.

A five-member team led by Shah, which was stationed at the Base Camp situated at an altitude of 5,343 meters, left for the second camp situated at an altitude of 6,900 meters Thursday morning, according to Nepalnews.

The team aims to reach the top of Mt. Qomolangma, the Nepali name for Everest, on May 16. (ANI)

Thai plan to choke Red Shirts put on hold

The Thai government suspended its plan to cut water and electricity supplies to anti-government demonstrators camped in a posh central Bangkok neighborhood, heeding pleas from residents and foreign diplomats who live and work there.

But it also withdrew its offer to hold elections in November, bringing Thailand’s months-old political crisis back to square one, days after it appeared that a compromise was imminent.

The ‘Red Shirt’ protesters believe Prime Minister Abhisit Vejjajiva’s coalition government came to power illegitimately through manipulation of the courts and the backing of the powerful military, and have been demanding new elections in street rallies since March 12. Clashes with security forces and other violence have left at least 29 people dead and 1,400 injured.

A government blockade of the Red Shirts’ barricaded protest zone in central Bangkok was supposed to start yesterday at midnight, but water and electricity were available as usual Thursday morning in the upscale Rajprasong area.

Thousands of Red Shirts protesters are camped on the streets and parks in that area, which is home to several embassies, shopping malls, hospitals and upmarket apartments.

Col Sansern Kaewkamnerd, the spokesman of an agency in charge of suppressing the protest, said late yesterday that the plan to choke off essential services to the ‘Red Shirt’ demonstrators was put on hold because of the repercussions it would have on other residents.

He said European diplomats and others expressed concern to the Bangkok governor that the blockade would effect residents more than the protesters.

“We have to assess who is going to face the impact more: the protesters or people living in the area,” said.

Sansern, said security forces would “not use force at this stage,” but left open the possibility of more violence if the protesters refuse to disperse.

With the government’s tougher tone, chances of a negotiated settlement appeared almost doomed, just days after the two sides had agreed in principle to a reconciliation plan.

Major fire breaks out at Mumbai shopping mall

Mumbai, May 13 (ANI): At least 15 fire engines and eight water tankers were rushed to douse out the fire that broke in the famous Heera Panna mall in Andheri, a Mumbai suburb on Thursday morning.

Uday Tatkare, the Deputy Fire officer, gave the details of the areas affected by the fire.

“The shopping mall has different shops but the fire is still there in the basement in that car storage and TV cabinet storage, so the cars also caught fire, but we have doused them, but the fire is still there in the TV cabinet storage,” said Tatkare.

“We are still trying to douse the fire there. There is too much smoke, it”s difficult,” he added.

Tatkare further said that 90 percent of rescue operation has been done in the fire that began around 4.20 a.m.

“In total, 15 fire engines have come here, we had also brought…as we had to rescue people. Ninety percent of the rescue operation has been done. The search operation is in process,” said Tatkare.

Two ambulances were also rushed to the spot, but there were no reports of any casualties.

The exact cause of the fire is yet to be ascertained. (ANI)

Highway accident site inspected by state opposition leader

New South Wales Opposition Leader Barry O’Farrell says his tour of the Pacific Highway has confirmed the dangerous conditions on the north coast stretch.

Mr O’Farrell drove from Ballina to Grafton on Thursday, the same day as a fatal accident on the highway near Iluka.

He’ll continue the drive from Grafton to Coffs Harbour on Friday.

Mr O’Farrell inspected the accident site yesterday.

“You are not going to have head on accidents if there is divided highway,” said the opposition leader.

“What was chilling for me was not just the accident yesterday on the day that I was visiting but listening to (local politicians) recount the names of the accidents as we went past them,” said Mr O’Farrell.

“They weren’t doing it from notes they were doing it because like good local members they understand what happens in their community they understand where these accidents have occured and they want to see an end to it, ” he said.

More details have emerged of the latest deadly accident on the Pacific Highway.

A 69 year old man died from injuries he received in a head-on collision between his car and a semi-trailer.

The accident happened around half-past five on Thursday morning, two kilometres north of the Iluka.

Police say a station wagon was travelling south when it slammed head on into the prime mover.

The truck’s fuel tank ruptured, it lost a wheel and veered into a truck-stop hitting another truck parked in the area.

The driver of the northbound truck, a 63-year-old Tamworth man, and the man sleeping in the parked truck were not injured.

Police are preparing a report for the coroner.

Planet at stake in US-Russia nuke treaty: Medvedev

Russian president Dmitry Medvedev says the world depends on the nuclear disarmament treaty he is due to sign with US president Barack Obama, as he arrived in Prague for the ceremony.

“The treaty is an important document on which the overall situation in nuclear disarmament depends to a great extent – and so does – speaking in general, the overall situation on the planet,” Mr Medvedev said after meeting Czech president Vaclav Klaus.

Mr Obama is expected to land in Prague around Thursday morning (local time).

The two leaders will sign a successor to the 1991 Strategic Arms Reduction Treaty (START), which expired last December, in the city where Mr Obama called for a nuclear-free world in a keynote speech a year ago.

The deal slashes the number of deployed warheads by 30 per cent from the levels set in the last major US-Russian disarmament treaty in 2002, specifying limits of 1,550 nuclear warheads for each of the two countries.

“That which will happen in Prague tomorrow will be a very important step in the process of disarmament and non-proliferation of weapons of mass destruction,” Mr Medvedev said.

Coal carrier salvage efforts set to begin

Three ships are expected to leave the Gladstone Port in central Queensland on Thursday morning to begin pumping oil from a stricken coal carrier on the Great Barrier Reef.

Chinese coal ship Shen Neng 1 struck a southern part of the Reef over the weekend, rupturing a fuel tank and spilling more than two tonnes of oil into the water.

The remaining 950 tonnes of fuel oil still on board is expected to be pumped out in coming days.

Queensland Transport department spokesman Dave Stewart says moving the ship off the reef could take much longer.

“I can’t tell you at this stage how long that will take,” he said.

“This is a very sensitive and delicate operation – [it will take] weeks not days.”

He says authorities plan to tow the ship to clear waters where divers can inspect the damage before deciding what repairs are needed.

Shipping laws

Meanwhile, Prime Minister Kevin Rudd says the Government will carefully consider changing the rules for shipping through the Great Barrier Reef.

Mr Rudd has repeated his belief that it is outrageous for the ship to have strayed off course in broad daylight.

He says the Government will consider extending a range of piloting and ship monitoring conditions put in place four years ago.

“I’m advised by the previous government, which took the pre-existing arrangements for pilotage and pre-existing arrangement for vessel tracking from the northern stretch of the Barrier Reef to include the Torres Strait, they did not at that stage extend that to the southern Barrier Reef where of course this problem has occurred with the Chinese vessel,” he said.

“Obviously one of the things for us now to examine carefully is the extension of that regime more broadly across the reef.

“We’re going to do this in a very considered way, given the fact that the Great Barrier Reef is too important for all of us to put at risk in the future.

“So let’s get the facts straight first and then act.”

Industry consultation

Australia’s peak shipping industry body wants the Commonwealth and Queensland Governments to consult with the industry on any changes to laws and regulations.

Shipping Australia chief executive Llew Russell says while tighter policing may be needed, the industry should get a say.

“The question of putting compulsory pilots on board for example is an issue that would have to go through the International Maritime Organisation and could take a long time,” he said.

“Also is that the best solution?

“[It's] one we’d like to discuss certainly with the Federal Government, and any other solutions that people have that may achieve a result that actually assists both industry and government.”

Clean-up crews ready

Dutch-based company Svitzer is handling the salvage operation and has flown in three planeloads of specialist equipment, including heavy duty pumps and compressors.

The Australian Maritime Safety Authority (ASMA) ship, the Pacific Responder, will put booms in place while oil is transferred.

Rockhampton Mayor Brad Carter says crews are on standby in case any oil reaches the coast but that is now unlikely.

Councillor Carter says 250 personnel are on standby.

“One of the key logistical issues that have to be addressed is flying people in and out into remote beach locations should an oil spill get onto the beaches,” he said.

“The issue of inclement weather, heavy seas or that system failing, there is still a risk so we are being super, super cautious.”

Maritime Safety Queensland says it will not be rushing salvage operations.

Crew competence

A former federal transport minister, Peter Morris, has raised concerns about the overall competence of crews on cargo ships.

Mr Morris has chaired the International Commission on Shipping and headed the “Ships of Shame” inquiry in the 1990s.

He says the declining level of competence is an international problem “because of the trend to constantly reduce costs and to push down the costs of operating ships”.

“What this really points to in a way is the lack of Australian participation in international trades,” he said.

SA Upper House set to be finalised

The final make-up of the South Australia’s Legislative Council will be declared on Thursday morning.

Half the Upper House members faced the voters on March 20, with Labor and the Liberals winning four seats each.

The Greens’ Tammy Jennings and Family First’s Robert Brokenshire each secured one and Dignity for Disability, whose lead candidate died during the election campaign, is expected to gain the 11th position for its number two candidate on the voting paper, Kelly Vincent.

The successful Labor candidates are all existing members of the Legislative Council; Paul Holloway, Gail Gago, Bernard Finnigan and John Gazzola.

Jing Lee is the new Liberal who will join David Ridgway, Stephen Wade and Terry Stephens who have been re-elected.

Despite a huge swing against the ALP statewide, Mike Rann’s third-term Government has seen its Lower House majority trimmed by just two seats.

Suspicious liquid no threat to water supply

The Sydney Catchment Authority (SCA) says a liquid illegally dumped in the Southern Highlands has not contaminated the region’s water supply.

The suspicious pink liquid was discovered at the Fitzroy Falls Reservoir, near Moss Vale, last Thursday morning.

Moss Vale firefighters and a Shoalhaven HAZMAT team cleaned up almost 100 litres of the substance.

The SCA says it expects the results of tests to be available on Friday, but at this stage it is thought the liquid is a herbicide.

A spokeswoman says the reservoir is not an active part of the current water supply system.

Investigations are continuing into whether the discovery is linked to a similar liquid found in the Burrawang area around the same time.

It is thought the liquid could have spilt from a truck.

Employment expected to remain steady

Most economists are expecting unemployment in Australia to remain steady at 5.3 per cent.

The Bureau of Statistics figures for February are released on Thursday morning at 11:30am (AEDT).

A survey of 25 economists by Bloomberg shows the average forecast is for 15,000 extra jobs to have been created last month.

That would be a slow-down in employment growth, after the creation of nearly 53,000 jobs in January, when the unemployment rate declined from 5.5 to 5.3 per cent.

Spiros Papadopoulos, a senior economist with the National Australia Bank, says that scale of job-creation cannot be repeated every month.

“Having had such strong employment growth over the past five months, and we’re talking about growth in the order of almost 200,000 jobs since August of last year, we expect that the figures will show that there was just some stabilisation in the level of employment in February,” he said.

Mr Papadopoulos says employment growth has been outpacing economic growth for several months.

“Given how much employment growth we’ve had, and given the pace of growth in the overall economy at the moment, we just can’t continue to see employment growth of 40-50,000 a month for the next five or six months,” he said.

“At some point it has to slow, and we believe that February is the most likely timing, given the very big 52,000 increase that we had in January.”

Economists will also be looking at the change in total hours worked, which fell one per cent in January, despite the increase in jobs.