Google To Sell Motorola Set-Top Box Unit To Arris For $2.35B

 

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 As many on the Street have long expected, Google is finally getting rid of the Motorola set-top box business.

This afternoon, the cable infrastructure company Arris Group said it agreed to acquire Google's Motorola Home business - which consists mostly of the set-top box line - for $2.35 billion in cash and stock. Google had acquired the business as part of its $12.5 billion acquisition of Motorola Mobility in May 2012.
Under terms of the deal, Google will get $2.05 billion in cash and about $300 million of newly issued Arris shares, giving Google about a 15.7% stake in the company.
Arris said the deal will be significantly accretive to Arris' non-GAAP earnings start in the first full year after closing.The company noted that the deal will more than triple Arris' pro forma combined revenue for the trailing four quarters ended September 30.
“Our Home business has been a vibrant part of Motorola Mobility's portfolio, innovating while delivering strong financial performance,” Motorola Mobility CEO Dennis Woodside said in a statement. “The industry faces its biggest technology transformation, and together Arris and Motorola will be able to accelerate related innovations such as the introduction of the IP Connected Home environments that service providers need and that their consumers crave.”
Arris says Motorola Home is a profitable business that generated revenues of $3.4 billion for the trailing four quarters ended September 30, 2012.
The combination is expected to generate approximately $100 - $125 million in annual cost synergies. The deal is expected to close by the end of Q2 2013.
Arris said the cash portion of the deal will be funded through debt financing commitments from Bank of America Merrill Lynch and Royal Bank of Canada.
Arris holders sure do like the deal: in late trading, the stock has jumped $2.45, or 16.9%, to $16.99. Google shares are down $1.61, or 0.2%, to $718.50.
The sale of the Motorola set-top box business - once an independent company called General Instrument - is almsot certainly going to trigger renewed speculation about whether Cisco Systems will hold on to its own set-top business, once an independent company called Scientific Atlanta.

Sensex in green; realty, power stocks gain

 

Mumbai, Jan 13 (IANS) A benchmark index for Indian equities markets was ruling in the green Friday noon, backed by gains in realty and power stocks. Firm cues from other Asian bourses also helped buying.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,144.57 points, was ruling at 16,131.63 points, 94.12 points or 0.59 percent up from its previous close at 16,037.51 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also was trading in the positive at 4,858.40 points -- up 0.56 percent or 27.15 points from its previous close.
Broader markets were also in the green. The BSE 500 index was ruling 0.75 percent higher from its previous close.
The market breadth was positive with 1,744 stocks advancing, compared to 676 on the decline. Another 84 remained unchanged.
Prominent gainers on the Sensex included Coal India, Tata Power, DLF and Tata Steel. Among the losers were Gail India, TCS, HDFC and Bajaj Auto.
Asian markets were mostly ruling higher after strong bond auctions in Italy and Spain indicated some signs of ease in Europe's debt crisis.
The Japanese Nikkei rose 1.36 percent and closed at 8,500.02points, while Hong Kong's Hang Seng was 0.43 percent up at 19,177.89 points.
The Chinese Shanghai Composite index, however, fell 1.56 percent and was trading at 2,239.41 points as latest inflation data showed that rising prices eased only slightly.

Gold near four-month low, U.S. budget talks watched

 

SINGAPORE (Reuters) - Gold regained some footing on Friday as the euro stayed near an eight-month high against the dollar and talks to avoid a fiscal crisis in the United States seemed to stall again, but the metal was still on track for its fourth weekly fall.

FUNDAMENTALS
* Gold was little changed at $1,647.06 an ounce by 0045 GMT after falling to its weakest level since August in the previous session on heavy liquidation by hedge funds and signs of an improving U.S. economy.
* U.S. gold for February rose $2.30 an ounce to $1,648.20.
* The U.S. House of Representatives abruptly recessed on Thursday amid uncertainty whether Republicans had the votes needed to pass a "fiscal cliff" tax plan offered by Speaker John Boehner.
* Iraq made its first major move in years to bolster its gold reserves in recent months, while Brazil increased its holdings of bullion by almost a third in November, data from the International Monetary Fund showed on Thursday.
MARKET NEWS
* Despite the euro zone's own debt problems, the euro was on track to end the year some 2 percent higher against the greenback. It was at $1.3251, near an eight-month high around $1.3309 set this week.
* Japan's Nikkei share average rose on Friday and may test a nine-month high after Wall Street stocks climbed on hopes for progress in U.S. fiscal talks, with exporters gaining on a weaker yen. (.T)
* U.S. crude stayed above $90 a barrel after five days of gains, though prices pulled back a touch on caution over U.S. budget talks as Republicans in the U.S. Congress pushed ahead with a plan that stands no chance of becoming law.

Kingfisher applies for licence renewal - source

         

A bid by grounded carrier Kingfisher Airlines (NSI:KFA.NS - News) to renew its operating licence, which expires at the end of the year, will not succeed until it submits a turnaround plan, a senior aviation regulatory source said on Thursday.

Kingfisher, which has not flown since October, has estimated debts of $2.5 billion and owes money to banks, airports, tax authorities, plane leasing companies and its staff.
Aviation regulator, the Directorate General of Civil Aviation, suspended Kingfisher's licence to fly in October after months of cancelled flights and staff walkouts.
The carrier can apply to renew its licence within two years from the day it expires, the source, who has direct knowledge but did not wish to be identified, told reporters.
Kingfisher has tried unsuccessfully to raise cash for more than a year. It said earlier this month it was in talks with Abu Dhabi's Etihad Airways and other investors about taking a stake in the carrier.
Plane leasing firm International Lease Finance Corp (ILFC) is seeking to take back four Kingfisher planes, the source said.
Indian tax authorities last week impounded a plane in Kingfisher colours, but DGCA will seek the return of the aircraft, the source added.
ILFC, which is owned by U.S. insurer AIG (NYS:AIG - News), is being sold to a Chinese consortium for up to $4.8 billion.
Kingfisher said on Monday it will "restart in a phased manner," with its own funding, and will not seek banks' support. For it to restart operations, DGCA has to be satisfied with its turnaround plan, the source said.

TOP STORIES OF THE DAY

New banking bill faces key challenges

          

The Rajya Sabha approved the long-awaited banking amendment bill as India seeks to attract foreign investment and increase the number of lenders.

However, the measures are expected to face steep challenges in their implementation at a time when confidence in the banking sector is low due to high valuations in the private sector and poor earnings at state-run lenders.
The bill, which will become law once signed by President Pranab Mukherjee, increases the ceiling on individual shareholders' voting rights at private sector banks to 26 percent from 10 percent and the limit to 10 percent at public sector banks.
A second key provision of the new law would lay the groundwork to issue new licences to non-banking financial companies in a bid to increase the number of lenders in India.
Despite the recent gains in banking shares and NBFCs expected to apply for new licences, analysts warned against expecting a flood of investments, while the RBI is expected to move slowly in issuing licences.
"Not everyone will be laughing all the way to a bank," Citigroup said in a note on Thursday.
The bill's main provision to increase shareholding rights are intended to attract individual investors, especially foreign ones, by giving them a bigger say in lending operations.
However, valuations will prove a tough hurdle, given private sector banks such as HDFC Bank (NSI:HDFCBANK.NS - News) and YES Bank (NSI:YESBANK.NS - News) trade at 3.2-5.3 times book value, compared with state-run State Bank of India at 1.4 times.
Meanwhile, public sector banks, which account for 70 percent of India's loans and deposits, are still dealing with a legacy of bad loans that are constraining earnings.
SBI, India's biggest bank, posted its smallest quarterly profit increase in 2012 in the September quarter.
"Investors would want to see how the operating environment changes for public sector banks," said Manish Ostwal, analyst with Mumbai-based brokerage KR Choksey.
The new banking bill also aims to lay the groundwork to issue new banking licences in a country in which more than 40 banks serve a population of 1.2 billion.
The Reserve Bank of India has the power to grant new licences, but is expected to move slowly given the regulatory risk posed by the entry of financial firms with no banking experience.
Despite earning new regulatory powers in the banking bill passed on Thursday, analysts say the RBI could issue only three to four licences in the next 12-15 months, denting expectations for a flood of new lenders in the sector.

Gold prices drop to four-month low

 

          

 MUMBAI (Reuters) - Gold demand in India, the world's biggest buyer of the metal, improved on Friday as prices in the spot market fell to a near four-month low, luring jewellers preparing for the wedding season.

* The yellow metal was trading around 30,638 rupees per 10 grams, the lowest since August 30, in the spot market.

* "Jewellers are active in the market. Investment demand is still weak," said a Mumbai-based dealer with a state-run bank.

* "Gold is trading above 30,000 rupees. If it falls below 30,000 rupees, then we can see a significant improvement in retail demand. Sentiments will change," the dealer said.

* The wedding season will continue till early January and gold is an important gift item at marriages.

* The actively traded gold contract for February delivery on the Multi Commodity Exchange was 0.85 percent higher at 30,740 rupees per 10 grams as of 3:50 p.m., after falling to 30,370 rupees on Thursday night.

* The rupee, which fell nearly 1 percent on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* Overseas gold slipped, holding near a four-month low hit in the previous session and on track for its steepest weekly drop since June, as the euro softened and U.S. talks to avoid a fiscal crisis stalled again.

* March silver contract was up 0.98 percent at 57,915 rupees per kg.

RIM's new services model to pressure margins - analysts

                       REUTERS - BlackBerry maker Research In Motion Ltd's plan to revamp its services revenue model will put pressure on its high-margin services business, which accounts for about a third of the struggling company's revenue, analysts said.

RIM's Nasdaq-listed shares were down 11 percent before the bell after stronger-than-expected earnings on Thursday were overshadowed by news that subscriber numbers had dropped for the first time and that the company planned a "tiered" model that would charge advanced users more for services.

At least two brokerages cut their price targets on RIM's Nasdaq-listed stock.

Some analysts said there was a danger that RIM, which plans to launch its BlackBerry 10 smartphones on January 30, would become just another handset company without a service ecosystem.

RIM will not be able to sustain profitability by relying on its hardware business alone, said National Bank Financial analyst Kris Thompson, who is rated the top analyst by Thomson Reuters StarMine for the accuracy of his RIM earnings estimates.

Thompson downgraded RIM's stock to "underperform" from "sector perform" and cut his price target to $10 from $15.

Canaccord Genuity analyst Michael Walkley said there was a very low probability that the market would support RIM's new mobile computing ecosystem, and he remained skeptical about the company's ability to survive on its own.

"... We believe RIM will eventually need to sell the company," said Walkley, who cut his price target on RIM's stock to $9 from $10.

Baird Equity Research analysts said BlackBerry 10 faced a daunting uphill battle against products from Apple Inc , as well as those using Google Inc's Android operating system and, increasingly, phones using Microsoft Corp's Windows 8 operating system.

Baird maintained its underperform rating on the stock.

Credit Suisse maintained its "neutral" rating on the stock, but not because it expected BlackBerry 10 to be a big success.

"Only the potential for an outright sale of the company or a break-up keeps us at a neutral," Credit Suisse analysts said.

Positive early feedback on BlackBerry 10 devices has helped RIM's stock more than double in value over the last three months. RIM shares fell about 9 percent after the bell on Thursday. They closed at $14.12 on the Nasdaq.

Police confirm raid on VOB

              Moscow, Dec 21 (IANS/RIA Novosti) Police in the Moscow Region confirmed Friday that they were conducting a number of searches targeting the Russian Football Fan Association, known by its Russian acronym VOB.

Alexander Shprygin, who has headed VOB since 2007, earlier said the association's offices, his apartment, and those of his parents and girlfriend were being searched Friday in connection with a criminal probe into an October paintball attack on Dynamo Moscow players.

Police seized laptops and hard drives that could contain information related to the ongoing investigation, a law enforcement source said, adding it was too early yet to comment on the results of the probe.

Several players including midfielder Alan Gatagov were hit when a gang of camouflaged assailants opened fire from behind a fence at the club's training base just outside Moscow in Novogorsk.

The club blasted the incident and said it would do everything in its powers to prosecute those responsible. The official Dynamo fan club has distanced itself from the attack.

Actor Saif Ali Khan chargesheeted for hotel brawl

                    

"Mumbai's Colaba police station filed a chargesheet against Khan in a metropolitan magistrate court Thursday," Deputy Commissioner of Police Ravindra Shishwe told reporters here Friday.

"The chargesheet has been filed with regard to a complaint registered against him for assaulting an NRI businessman Feb 22," he added.

Two of Saif's friends -- Bilal Amrohi and actress Amrita Arora's husband Shakeel Ladak -- have also been named in the chargesheet.

Saif was arrested Feb 22 with Amrohi and Ladak for assaulting NRI businessman Iqbal Sharma. They were later released on bail.

The incident occurred when Saif, Kareena Kapoor and some others were at the Wasabi Restaurant at the Taj Mahal Hotel.
Disturbed by their ruckus, Sharma requested them to keep their voices down. However, this enraged Saif, who allegedly punched Sharma, breaking his nose. Ladak also allegedly hit Sharma's father-in-law Raman Patel.

Later, Sharma lodged a complaint against Saif at Colaba police station.

Saif has been booked for assault.

 

Real winner in Gujarat is Congress, says Chidambaram

 New Delhi, Dec 20 (IANS) The BJP may form a government in Gujarat but "the real winner" in the state is the Congress, Finance Minister P. Chidambaram said Thursday.

As the Bharatiya Janata Party (BJP) headed towards victory in the 182-member Gujarat assembly, Chidambaram underlined that the BJP's appeal had shrunk in the state.

"It is true that the BJP has won in the sense that it will form the government," he told the media here.

"But the real winner is the Congress, which (is set to win) more seats than in 2007. It is the Congress message that has attracted more voters."

In contrast, he said, the number of seats which would be won by the BJP with votes still being counted would be around 117 -- the same number it got five years ago.
"It is the BJP base that has shrunk, even if it has shrunk only a little," he said.
Chidambaram said the BJP win was expected as the Modi government had strangulated bureaucracy.

"The important point is the kind of sweeping victory the BJP was expecting is not there and it has been contained below the number they had last time," Chidambaram said.

He said that Congress has made an impression on the minds of people in Gujarat.

"The exaggerated claims by the BJP have been proven wrong. Large sections of people of Gujarat feel left behind."

 

Sonia Gandhi chairs 26th meeting of National Advisory Council

New Delhi, Dec.21 (ANI): Congress president Sonia Gandhi on Friday chaired the 26th meeting of the National Advisory Council (NAC).

The NAC reviewed progress on several issues that it had taken up during its last meeting in March 2012.

Among the members who attended the meeting were Anu Aga, Dr. Narendra Jadhav, Dr. Mihir Shah, Prof. Pramod Tandon, Dr N C Saxena, Ashis Mondal, Mirai Chatterjee, Farah Naqvi, Deep Joshi and Dr A.K. Shiva Kumar. 

 

 In its meeting in March 2012, the NAC had deliberated on social security for unorganized workers to make the Unorganized Workers' Social Security Act, 2008 as inclusive as possible with a comprehensive social security package to be provided through single window backed by a common ICT architecture.

The recommendations of the NAC were communicated to the Government in April, 2012. 

 

D.K. Mittal, Secretary, Department of Financial Services, and Dr M. Sarangi, Secretary, Ministry of Labour and Employment, appraised the Council, the salient features, coverage planned, implementation plan and time lines for implementation of the Comprehensive Social Security Insurance Scheme (CSSIS) evolved by Government of India, based on the recommendations of the NAC, to be rolled out by Government of India in 2013-14, after holding consultations with the States.

The Comprehensive Social Security Insurance Scheme (CSSIS) envisages covering life, disability, Girl Child education (class IX-XII); co-contributory pension on optional basis (@Rs 500 and Rs 1000/family each per year) on tripartite basis (GOI, State and Beneficiary); and health insurance under Rashtriya Swasthya Bima Yojana (RSBY). The implementation to be entrusted to dedicated vertical in Life Insurance Corporation (LIC).

Deep Joshi, Member, NAC and Convener of the NAC Working Group on Panchayat (Extension to Scheduled Areas) Act 1996(PESA) presented the draft recommendations of the Working Group to the Council. The NAC deliberated and approved the Working Group proposals on Panchayat Extension to Scheduled Areas Act (PESA) 1996.

The proposal comprises of two main parts - Amendments to the Act and directions under Proviso 3 of the Constitution along with some recommendations to Government of India.

a. Amendments to PESA 1996: The proposal seeks to amend and elaborate on the law with a view to strengthen it and rectify some of the weaknesses in the existing law which include:

i. enlarged list under definitions of terms used in the Act for further clarification;

ii. elaboration of Gram Sabha and its geographical jurisdiction;

iii. enabling the Gram Sabha to constitute various committees for various purposes;

iv. elaboration of the role of Gram Sabha in planning for development and conduct of social audit;

v. prior informed consent for land acquisition and licensing for minor minerals and its procedure;

vi. reinforcing the need to align Central and State laws in conformity with PESA

vii. enabling the State government to make rules;
viii. enabling the Centre to issue directions and

ix. adding a provision of grievance redress for violation of the Act.

Certain directions on major issues were also proposed to be issued under Proviso 3 of the Fifth Schedule in the interim .These need not await amendment to the Act and can be issued immediately for better implementation of the existing law. These pertain to the following areas:

i. Aligning laws in conformity with PESA to ensure autonomy of Gram Sabha and Panchayats in Scheduled Areas.
ii. Identification and declaration of 'Village' to conduct gramsabhas under the law
iii. Powers of Gram Sabha to identify beneficiaries, approve plans, programmes and projects, control over institutions and functionaries and issue of utilization certificate.
iv. Prevention of Land Alienation and Restoration of Illegally Alienated Lands.
v. Control over Usurious Money Lending in the Scheduled Areas.
c. In addition, a few recommendations for Government of India are also provided regarding:

i. Inclusion of tribal habitations hitherto not included under the Fifth Schedule.

ii. Central Govt. to expedite law on Provisions of the Municipalities (Extension to Scheduled Areas) Bill

iii. Constitution of Special Task Force to review functioning of VIth Schedule Areas and to suggest appropriate administrative arrangements for Vth schedule areas.

It was decided that the next meeting of the NAC would be held on 29th January, 2013 (ANI)

 

BJP targets Digvijay Singh for vowing to take revenge against Gadkari

         

 New Delhi, Dec 21 (ANI): Taking potshots at Digvijay Singh over his remark that he would do more research about Nitin Gadkari's businesses, the Bharatiya Janata Party (BJP) on Friday said the Congress General Secretary must do his homework well before making all these kinds of insinuations in the public domain.

"Digvijay Singh today appeared before a court in a defamation case filed by our national president Nitin Gadkariji. And after getting bail, he has made a public comment that he will do more research about the business of Gadkari. This means that while making the baseless allegations against our national president, he has not done any homework," said BJP chief spokesperson Ravi Shankar Prasad.

" And, it is an acknowledgement that his allegation was just without any basis. Though Mr. Digvijay Singh is quite famous for making these kinds of wild allegations, but this time he must do his homework well before making all these kinds if insinuations. The BJP has already condemned it in the past that all the allegations are completely baseless," he added.

Digvijay Singh, who was granted anticipatory bail by a Delhi court in connection with a criminal defamation case filed against him by Gadkari today, said that he would now prove all his charges against Gadkari.

"Now, I can say everything in front of the court the way Gadkari has worked as a businessman and how he has links with various other businessmen, which all companies of his were fake and how he earned profits," he told mediapersons outside the court.

Singh appeared before Metropolitan Magistrate Sudesh Kumar in pursuance to the summons issued against him by the court on November 17 and the judge granted bail to him on a personal bond of Rs 50,000 and a surety of the like amount.

Gadkari had filed the criminal defamation case against Singh, who has accused him of having business links with his party MP Ajay Sancheti who allegedly pocketed a huge sum in coal block allocation.

Gadkari, in his statement recorded in the court, had denied having any business ties with Sancheti and had said Singh levelled 'totally false and defamatory' allegations against him to 'give the impression that I have been responsible for allocation of the coal mines' to Sancheti.

Gadkari, in his petition filed through advocate Ajay Digpaul, had sought Singh's prosecution under sections 499 and 500 of the IPC. (ANI)

Eminent Bengali film

Eminent Bengali film, TV director Jishu Dasgupta dead

     

West Bengal Chief Minister Mamata Banerjee expressed her grief at Dasgupta's untimely death.
"I am deeply saddened at Jishu Dasgupta's untimely demise," said Banerjee.

Kolkata, Dec 21 (IANS) Noted Bengali film and TV show director Jishu Dasgupta died following cardiac arrest at a private hospital here Friday morning after a long battle with cancer, family sources said. He was 53.

Dasgupta, known for directing popular serials like "Sishirer Swapno", "Kuasha Jakhon" and "Tithir Atithi", had been fighting with cancer for the last nine months and was admitted to Peerless Hospital Nov 25 following complications.

"He had been fighting for the last nine months. Towards the end, he had given up. We had admitted him Nov 25 because of liver problems. He had recovered from that but later on his blood pressure had fallen and he was shifted to the critical care unit," a family member told TV channels.

West Bengal Chief Minister Mamata Banerjee expressed her grief at Dasgupta's untimely death.

"I am deeply saddened at Jishu Dasgupta's untimely demise," said Banerjee.

Himachal cabinet

Himachal cabinet recommends dissolution of assembly

Shimla, Dec 21 (IANS) A day after Himachal Pradesh Chief Minister Prem Kumar Dhumal submitted his resignation to Governor Urmila Singh, the state cabinet Friday recommended dissolution of the state assembly.

The state cabinet, at its meeting here, passed a resolution recommending the dissolution of the 68-member assembly.

Admitting defeat, Dhumal told reporters Friday that he submitted his resignation immediately after the results were announced.

A spokesperson for Raj Bhavan told IANS that the governor was out of town and is expected back late Friday.

Meanwhile, Dhumal blamed the poor selection of candidates for the BJP's defeat in the assembly polls, the results of which were declared Thursday.

"There was a problem on the selection of some candidates and the party will shortly analyse to find out where we went wrong," Dhumal said.

The Congress secured 36 seats and the BJP 26 seats, while independents and others bagged six seats.

Prominent losers of the BJP included former ministers Narender Bragta (Jubbal-Kotkhai constituency), Kishan Kapoor (Dharamsala), Khimi Ram (Banjar) and Ramesh Dhawala (Jawalamukhi).

 

அழிவின் விளிம்பில்

அழிவின் விளிம்பில் மண்பாண்ட தொழில்

              

 பராம்பரியமாக பொங்கல் பண்டிகையன்று தமிழர்கள் பயன்படுத்தி வந்த மண்பானைகளை மக்கள் மறந்து வருவதாக மண்பாண்ட தொழிலாளர்கள் வருத்தம் தெரிவித்துள்ளனர்.

 

Clashes as Egyptian Islamists

Clashes as Egyptian Islamists stage rally

             

ALEXANDRIA, Egypt (Reuters) - Supporters of President Mohamed Mursi and his opponents hurled rocks at each other in Egypt's second city on the eve of a final vote on a new constitution shaped by Islamists.

Police fired tear gas as scores of opponents of the constitution and thousands of Islamists hurled rocks across a security cordon separating them near a mosque in Alexandria that was the focus for violence last week.

"God is great," Islamists chanted when the clash began.

The Islamists had gathered in support of an Islamic vision of Egypt's future a day before a second round of voting in a referendum on the basic law. Opposition supporters had also turned out as worshippers assembled for Friday prayers.

Mursi and his Islamist allies back the draft constitution as a vital step in Egypt's transition to democracy almost two years after the fall of Hosni Mubarak.

The opposition says the draft, drawn up by an Islamist-dominated assembly, is a recipe for deepening divisions and more violence.

The Muslim Brotherhood called for the mass gathering in Alexandria to protest after a violent confrontation between Islamists and the liberal, secular opposition last week ended with a Muslim preacher besieged inside his mosque for 14 hours.

Rival factions had used clubs, knives and swords last week, but this time police kept the feuding sides apart, although witnesses saw several protesters and one police being helped away. Some protesters had head wounds.

The run-up to the final round of voting on a new constitution on Saturday has been marked by often violent protests that have cost at least eight lives. The first round on December 15 produced a "yes" vote that is expected to be repeated in the second round.

Lines of riot police cordoned off Alexandria's al-Qaid Ibrahim mosque, scene of last week's violence. Islamists chanted pro-Islamic slogans while a smaller group of opponents gathered nearby, chanting against Mursi, propelled to power in a June election by the Muslim Brotherhood.

ISLAMIC LAW
"The people want the implementation of sharia," the Islamist sympathizers shouted, in a show of support for Islamic law. "Our souls and blood, we sacrifice to Islam," they shouted.
In one incident, an Islamist filming anti-Mursi protesters was grabbed and roughed up. Islamists on the other side of a security cordon pushed and shoved police trying to reach him.
The opposition, facing defeat in the referendum, has called for a "no" vote against a document it says is too Islamist and ignores the rights of women and minorities, including the 10 percent of Egyptians who are Christian.
Anti-Mursi protester Ali al-Banna, a 51-year-old businessman, said: "We reject the constitution. Mursi's legitimacy has collapsed and we will bring him down."

The first day of voting on December 15 resulted in a 57 percent majority in favour of the constitution. The second stage on Saturday is expected to produce another "yes" vote as it covers regions seen as more conservative and likely to back Mursi.

The National Salvation Front, the main opposition coalition, said a "no" vote meant taking a stand against attempts by the Brotherhood to dominate Egypt.

The constitution must be in place before a parliamentary election can be held. If it passes, the poll should be held within two months.
Demonstrations erupted when Mursi awarded himself sweeping powers on November 22 and then fast-tracked the constitution through a drafting assembly dominated by his Islamist allies and boycotted by many liberals.
The referendum is being held over two days because many of the judges needed to oversee polling stayed away in protest. In order to pass, the constitution must be approved by more than 50 percent of those voting.
Adding to the uncertainty as the final round of the referendum approaches, Egypt's chief prosecutor suddenly announced that he was retracting his decision to quit.

Prosecutor Talaat Ibrahim had resigned after more than 1,000 members of his staff gathered at his office to demand he step down because his appointment by the president, rather than by judicial authorities, threatened the judiciary's independence.

Ibrahim said he changed his mind because he had quit under duress.

RUPEES

Rupee hits three-week low; 'fiscal cliff' progess eyed

            

MUMBAI (Reuters) - The rupee hit a three-week low on Friday, extending its fall for a third straight week, as uncertainty over the U.S. "fiscal cliff" resolution dented demand for risk assets including domestic equities.

Traders said month- and year-end dollar demand from oil and gold importers also added to the downward pressure on the local currency. Oil firms bought the greenback aggressively this week while gold importers purchased the U.S. unit to take advantage of relatively lower global gold prices.

"INR has been choppy and I expect it to remain so in the last week as well. The U.S. fiscal agreement will be important for the market," said Paresh Nayar, head of fixed income and forex trading at First Rand Bank.

"54.10 is showing good support while 55.45 is the first technical resistance. I expect the pair to hold in that broad range next week," Nayar added.
The partially convertible rupee closed at 55.06/07 per dollar versus its previous close of 54.8450/8550. The unit fell to a low of 55.2550, its weakest since November 29.

On the week, the rupee shed 1 percent of its value, marking its third consecutive weekly fall.

Traders said dollar sales by exporters around the 55.20 to 55.25 levels helped the rupee recover some of its losses from the day's lows but the weakness in shares hurt.

The Sensex ended lower, marking a second week of declines, as lenders were hit by profit-taking, while Bharti Airtel fell after federal police filed charges as part of a probe into alleged corruption in allocation of mobile airwaves.

Sentiment for the rupee has also been dented by a status quo at the central bank's policy review earlier this week. The RBI kept interest rates on hold on Tuesday, ignoring government pressure to reduce borrowing costs, but said it was shifting its focus towards boosting a flagging economy, raising the odds of a rate cut as early as January.

Global stock markets weakened on Friday and both the euro and gold slipped, as a new setback in talks to avert a U.S. fiscal crisis and evidence of Europe's ongoing economic difficulties stoked investor nerves.

In the offshore non-deliverable forward market, the one-month contract was at 55.43 while the three-month was at 55.95.

In the currency futures market, the most-traded near-term dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange closed at around 55.1975 with a total traded volume of $5.38 billion.

Indian stocks

Markets Weekahead: Derivatives' expiry key for Indian stocks

         

 Reuters Market Eye - Indian markets are expected to remain volatile ahead of the expiry of derivatives on Thursday and given the anxiety over the so-called U.S "fiscal cliff" negotiations at a time of thin volumes.

Developments in the U.S. fiscal cliff talks are expected to especially affect software service exporters such as Infosys and Tata Consultancy Services .

Tuesday: Christmas holiday

Wednesday: The government may take a final call on raising import duties on sugar.

Thursday: Derivatives expiry for December

(Reporting by Manoj Dharra)

Stronger laws, swift punishment for rapists: Kejriwal

New Delhi, Dec 21 (IANS) Demanding strong laws and swift punishment to curb rapes, Aam Aadmi Party (AAP) leader Arvind Kejriwal Friday lashed out at political parties, saying they gave tickets to rapists to contest elections.

"Political parties are giving tickets to people who have rape and murder charges against them. If their legislators sit and watch blue films, what kind of justice do we expect from them. It is a hardcore political problem," Kejriwal said.

"Everyone knows Bharatiya Janata Party (BJP) legislators have been caught watching blue films and many parties like Samajwadi Party and AIADMK have given tickets to such legislators," he said.

Kejriwal was reacting to the brutal gang-rape of a 23-year-old woman in a moving bus by six men Sunday night in south Delhi. The victim is battling for her life in Safdarjung Hospital.

He also demanded a law to complete trials of all rape cases within two months.

"It's not a question of capital punishment. It's a question of swiftness and certainty of punishment. Then only will these rapes stop", Kejriwal said.

"We need a strong law to tackle the menace. This case has shocked us all. Society as a whole needs to introspect," he said.

He added that passing the buck would not help and the entire political spectrum needs to introspect.

Kejriwal added: "The proposal to set up five fast-track courts in Delhi to try rape cases is insufficient seeing the number of rape cases already lodged. It's a half-hearted and incomplete step."

According to the National Crime Records Bureau (NCRB), in 2011 there were 522 rape cases in Delhi and the National Capital Region (NCR), the highest in any metro city in the country. In 2012, reported rape cases have gone up to 651.

 

Court orders framing of charges against Kalmadi

Court orders framing of charges against Kalmadi, 10 others.

New Delhi, Dec 21 (IANS) A Delhi court Friday ordered framing of charges against former Commonwealth Games (CWG) organising committee chief Suresh Kalmadi and ten others for forgery, cheating and conspiracy in a corruption case related to the 2010 Delhi Games.

The court's order came in a case against Kalmadi and his associates, including former organising committee secretary general Lalit Bhanot, in the case related to awarding a Rs.141 crore contract for time, scoring and records system for the Commonwealth Games. Financial irregularities have been alleged in the contract.

Special CBI Judge Talwant Singh passed the order for framing charges against Kalmadi, Bhanot, now a scretary-general of the Indian Olympic Association (IOA), and nine others for illegally awarding a contract to Swiss firm, Swiss Timing Omega that caused a huge loss to the exchequer.

The court said that prima facie charges of cheating, forgery, criminal conspiracy and for offences under the provisions of the Prevention of Corruption Act are made out against eight accused and three companies.

The court said: "Charges under section 120B (criminal conspiracy), 201 (destruction of evidence), 420 (cheating), 467, 468, 471 (relating to forgery), 506 (criminal intimidation) of the IPC and section 13(1)(d) read with section 13(2) (criminal misconduct by public servants) of the PC Act are ordered to be framed against all the accused."

The court posted the matter for Jan 10 for formally framing charges against all the accused.

Kalmadi, who headed the Commonwealth Games Organising Committee, was arrested April 26 for his alleged role in awarding the contract for installing the Timing-Scoring-Result (TSR) system to Swiss Times Omega at an exorbitant cost of Rs.141 crore, allegedly causing a loss of over Rs.95 crore to the public exchequer.

The CBI in its first charge sheet described Kalmadi, who is a Lok Sabha member, as a prime accused and the mastermind in the corruption case related to financial irregularities in awarding the contract for a scoring system for the CWG. Ten others are also named in the charge sheet.

Besides Kalmadi and Bhanot, the other accused in the case are OC's director general V.K. Verma, director general (procurement) Surjit Lal, joint director general (sports) A.S.V. Prasad and treasurer M. Jayachandran. They are no more associated with the sporting orgnisation.

Promoters of two construction companies - P.D. Arya and A.K. Madan of Faridabad-based Gem International and A.K. Reddy of Hyderabad-based AKR Constructions - are also accused in the case. Besides, Swiss Timing Omega is also an accused in the case.

The accused officials and three companies were earlier charged under various sections of the Indian Penal Code for cheating (Section 420), criminal conspiracy under Section 120(B) and forgery (Section 468 & 471)and under the Prevention of Corruption Act.

 

Does India need stricter laws against rape?

Live: Does India need stricter laws against rape?

 But will only staging protest parades or changing your Facebook profile picture bring an end to such brutalities? Currently, Indian law states that the maximum sentence for rape is 10 years. Tell us if this is enough or should capital punishment be awarded to a rapist? Also, will harsher punishment stop people from committing such a crime?

                             

India is witnessing a series of nationwide protests as outraged citizens remonstrate against the brutal gang-rape of a 23-year-old woman who battles for her life at a Delhi hospital.

The unprecedented upsurge of people who have spilled onto the streets to show solidarity with the victim, and similar sufferers, has led to cops, politicians and even the courts to take notice of the deteriorating state of affairs in a nation that worships goddesses and aspires to be a global powerhouse.

The savage rape and torture occurred on Sunday night, when the woman and her male friend boarded a private bus in south Delhi after watching a movie.

The woman was brutally and repeatedly assaulted by six men. Her male friend, who tried to save her, was also beaten up by the rapists.

Both the girl and her friend were stripped and dumped by the roadside near the domestic airport, after the nearly 40-minute ordeal in a moving bus, that passed unchallenged through five different police check points while the ghastly act was underway.

Days after the news of the brutal act, hundreds demanded strong action against those involved in the crime.

But will only staging protest parades or changing your Facebook profile picture bring an end to such brutalities? Currently, Indian law states that the maximum sentence for rape is 10 years.

Tell us if this is enough or should capital punishment be awarded to a rapist? Also, will harsher punishment stop people from committing such a crime?

Or will the inevitability of punishment be the biggest deterrent?

Do we need stricter laws or better implementation of existing ones? Or both?

Statistics say that two women are raped every hour in India. What emboldens the perpetrators of such heinous acts?

Have your say.

LEAVE A COMMENT............

2G CASE

2G case: CBI files charge sheet against Airtel, Vodafone

 

New Delhi, Dec 21 (IANS) The Central Bureau of Investigation (CBI) Friday filed charge sheet against mobile service firms Bharti Airtel, Vodafone India Ltd., and Hutchison Max Sterling for getting excess 2G spectrum in allocation during NDA regime.

The CBI named former telecommunications secretary Shyamal Ghosh and the three telecom firms as accused in the charge sheet for criminal conspiracy and under provisions of Prevention of Corruption Act.

The Supreme Court Nov 29 directed the CBI to prosecute telecom firms and people behind allocation of 2G spectrum during the National Democratic Alliance (NDA) regime after Attorney General G.E. Vahanvati gave his opinion on the alleged irregularities in awarding extra spectrum to the these companies during the tenure of the then communications minister Pramod Mahajan.

The agency, in its first information report (FIR), had alleged the companies had entered into a criminal conspiracy which resulted in a loss of over Rs.500 crore to the state exchequer.

Both the companies have, however, refuted any wrongdoing in the case.

The CBI also alleged the telecom department had increased the base spectrum for telecom companies from 4.4 MhZ to 6.2 MhZ during Mahajan's tenure (2001-2003) and also allocated extra spectrum on subscriber-based criteria.

Delhi gang-rape case

Delhi gang-rape case: Police to file status report today

New Delhi, Dec 21 (ANI): The Delhi police will today submit a status report to the High Court on the probe so far into the gang-rape case in the national capital, which has shaken the whole country.

The 23-year old girl who was gang-raped and attacked with an iron rod on a moving bus in Delhi is "stable, but doctors warned of infection setting in, while Chief Minister Sheila Dikshit said she could be taken abroad, if required.

"A point of concern remains her platelet count, which has fallen. I am not saying she is out of danger...but her vital parameters are within acceptable range," said Dr BD Athani, the Medical Superintendent of Safdarjung Hospital.

"The survivor girl who is battling the horrifying trauma has "remarkable fighting spirit", he added.

The girl has lost most of her intestine after doctors performed an elective abdominal surgery on her and removed her gangrenous small intestine.

Before her operation on Wednesday, she reportedly scribbled messages that she shared with her mother.

"Maa main jeena chahti hoon" (Mother, I want to live), she wrote.

Several politicians, including Congress president Sonia Gandhi, Lok Sabha Speaker Meira Kumar, and Sheila Dikshit have been visiting the girl at Safdarjung Hospital where she was admitted after the brutal assault.

Meanwhile, of the six accused, one has been identified by the victim's male friend who was accompanying her on the fateful night and too was beaten on his head with an iron rod several times.

The young man reportedly took a minute to identify the accused out of 11 men who were brought in front of him at Tihar Jail yesterday. (ANI)

 

Live: Gujarat picks Modi again, Congress wins in Himachal

In Gujarat, the BJP was poised to bag 116 seats, one less than the 117 it won last time, missing a two-thirds majority in the 182-member house. The Congress was set to get 60 seats, one more than 2007's 59.

 

 

The score was one all in the crucial battle for political stakes Thursday with a hat trick of wins in Gujarat for Bharatiya Janata Party's (BJP) Narendra Modi, who virtually equalled his 2007 tally, while the Congress wrested power in Himachal Pradesh.

In Gujarat, the BJP was poised to bag 116 seats, one less than the 117 it won last time, missing a two-thirds majority in the 182-member house. The Congress was set to get 60 seats, one more than 2007's 59.

Former BJP chief minister Keshubhai Patel's Gujarat Parivartan Party (GPP) was left with two seats, including his own.

In the hill state of Himachal Pradesh, the BJP's Prem Kumar Dhumal government conceded defeat to the Congress that won a comfortable victory of 36 seats in the 68-member assembly. The BJP, which had got 41 seats in 2007, was down to 26.

One all perhaps, but not really even stevens. The win in Gujarat, which sends 26 MPs to the Lok Sabha against Himachal Pradesh's four, dominated the political space, with the BJP exulting and the Congress looking for ways to explain its loss.

The drums rolled outside the BJP office in Ahmedabad and sweets were distributed as Modi, whose persona has dominated the party's politics even at the national level, readied for a third straight term as chief minister, with speculation mounting over whether he would be the BJP's man for prime minister in 2014.

Modi, who has ruled Gujarat since 2001 and used innovations like 3-D technology to reach out, visited his mother to get her blessings and even his arch-rival Keshubhai Patel after the results were out.

"No need of looking behind, FORWARD! We want infinite energy, infinite courage, infinite patience..." he said on Twitter even before the results were clear.

"Aaj ka CM, 2014 ka PM!" shouted his supporters as if on cue.

Triumphant at the important win, BJP leaders fought shy of responding to that most asked question.

"(The Gujarat election) is not about PM candidate but about who wins in Gujarat," BJP leader Balbir Punj said. "Let us savour this moment."

Rajya Sabha MP Smriti Irani said frankly that Modi, 62, would be her candidate for the country's top post on the strength of his governance in Gujarat.

Terming it a spectacular victory, Seshadri Chari of the Rashtriya Swayamsewak Sangh (RSS) echoed that view. "This election is not to elect a PM candidate. We had expected the number to cross 125 but still we are very happy."

For Ahmedabad-based activist Shabnam Hashmi, the "victory was frankly very surprising".

"Social activists who stand by principles of democracies, who believe that Modi has finished all democracies, will continue to fight," Hashmi said.

"You need a Congress to lose like this," she added, angrily pointing to the party's inability to garner votes.

The Congress, which in complete contrast to the BJP had put forward no one leader as its chief ministerial candidate and had in fact consciously steered clear of bringing up the minority polarisation in the state, took solace in the fact that Modi had not won more seats.

Even after it became clear that the BJP had won an easy victory, senior ministers looked for ways to describe the loss. P. Chidambaram termed the Congress a real winner, Kapil Sibal said it was a "2D win for a 3D campaign" and Salman Khurshid was of the view that the results should worry Modi.

The Congress welcomed the "thumping victory" in Himachal Pradesh, where its veteran leader Virbhadra Singh steered it to power.

"I have left it on Soniaji (Congress president) to decide that who will be the next chief minister," Virbhadra Singh, 78, told IANS in Shimla, adding that "he has full faith in the high command".

The party will decide on its leader when the Congress Legislative Party (CLP) meets in the next two to three days -- 28 of 36 elected legislators owe alliance to Virbhadra Singh.