Year: 2015

  • Wave of ‘virtual kidnappings’ strikes New York

    Wave of ‘virtual kidnappings’ strikes New York

    WASHINGTON (TIP) : A new breed of self-professed kidnappers in New York is not actually kidnapping anyone, says the FBI. Receiving a phone call from an unknown number and hearing a foreign voice saying a loved one has been kidnapped and will be killed unless they get a ransom would be enough to send anyone this side of Taken’s Liam Neeson into a panic.

    Well, the FBI and New York Police Department have said panicking is the last thing you should do if you receive such a call. The phone call could very well be a troubling new scam that is growing in popularity. The scam has been dubbed virtual kidnapping and involves calling a random person and telling them that person a friend or family member has been kidnapped, and scaring them into paying a ransom. The only thing is, no one has been kidnapped.

    Virtual kidnapping may sound ridiculous, but the FBI has issued a warning that it is on the rise in New York.

    Reported scams have included the kidnapping scenario, complete with a screaming pseudo-victim in the background, and a phone call saying that a family member has been involved in a car accident with a gang member and needs to go to the hospital, but will not be allowed to go until the gang member is paid for damages to the car.

    Of course, there is no kidnapping victim or car accident in these scams. The person on the other end of the phone just wants the money, between $600 and $1,900 in cases that have been reported, according to the FBI. “This is a scheme that takes advantage of some of the most vulnerable people in New York City,” FBI assistant director, George Venizelos, said in a statement. “We need the public to be aware of this scam and call us if they have been a victim.”

  • Delhi to go to polls on February 7, counting on 10th

    Delhi to go to polls on February 7, counting on 10th

    NEW DELHI (TIP): The national capital will go to the polls on February 7 with the Aam Aadmi Party (AAP) hoping to beat its stunning debut performance a year ago, while the Bharatiya Janata Party (BJP) faces another big test of its popularity after back-to-back election wins at the Centre and in state assemblies.

    Results will be announced on February 10. Delhi has been under President’s Rule for almost a year since the Arvind Kejriwal-led AAP quit after just 49 days in office, most of them dominated by public sit-ins, conflicts with electricity, water and law enforcement agencies as well as a power struggle with the Centre.

    Most analysts see the election as a two-way contest between the BJP and AAP with price rise and women’s safety emerging as key electoral issues, though the Congress is also looking to revive its fortunes in the 70-member assembly following a string of defeats last year.

    BJP: Eyeing absolute majority

    Unable to get the magic number in 2013 assembly elections despite a strong anti-incumbency wave against the ruling Congress, the BJP was forced to sit in the opposition as AAP formed the government with outside support from the Congress.

    But with consecutive wins in the Lok Sabha polls and then assembly elections in Haryana, Maharashtra, Jharkhand and a good showing in J-K, the BJP has the momentum going. Also, the party won all seven parliamentary seats in Delhi. However, like the last time, the party is finding it difficult to project a

    chief ministerial candidate. With too many in the race for the top post, the party has decided to bank entirely on brand Modi to keep infighting at bay.

    The party’s campaign has been designed solely around Modi and the Prime Minister will address a rally each in all parliamentary constituencies. Unlike AAP and Congress, the BJP is yet to announce its candidates.

    With successive electoral reverses leaving the Congress weak, the party is in a direct contest with AAP. The Arvind Kejriwal party has taken the lead by announcing names for all 70 seats and going door-to-door seeking votes. Though pre-poll surveys are giving a clear majority to the BJP, it remains to be seen whether it lives up to the hype.

    AAP: Looking to better 2013 tally

    When the AAP came second in 2013 on its electoral debut, winning 28 seats in the 70-member Delhi assembly, volunteers looked ecstatic. Even many of their leaders shared, in private, that the result caught them by surprise as the party went on to rule Delhi for a brief period.

    But the decision to quit is something that has never stopped hurting AAP. It still enjoys support among the lower-middle class and the poor of Delhi. But many of those more affluent did not—and continue not to—approve leaving Delhi for national footprint.

    The party is projecting its “governance potentials” to demonstrate that it is prepared to stay the course. Through policy blueprints, it is fighting its image of a one-issue (corruption) party driven only by agitation.

    The party also has built an organisational structure and is trying to build a perception about the “good works” it did ‘with Congress’ in those 49 days. But this time around nothing short of a clear majority will do.

    The question is: will the party get there, as Delhi BJP hides behind party strongman and PM Narendra Modi? “I will not claim that we’re sure to win. It’s tough for us, but it’s no less tough for the BJP,” senior party leader Yogendra Yadav said in a recent address to AAP volunteers.

    Congress: Fighting survival battle
    Unlike the BJP and the Aam Aadmi Party, which are aiming to form a government with a clear majority, something that the either party failed to achieve in the 2013 polls, the fight for the Congress is that of survival.

    Despite ruling the Capital for three consecutive terms — between 1998 and 2013 — and a long list of infrastructure projects it completed during its 15-year rule that changed the face of Delhi on its election agenda, the party could not withstand the anti-Congress wave that swept across the city. Its seat tally came down from 43 in 2008 to just eight in 2013. The party’s poor run continued in the 2014 Lok Sabha elections when all seven sitting members of Parliament lost by huge margins, four of them forfeiting their security deposit.

    Not much seems to have changed for the Congress in the past few months. The poor, Dalits and the minorities, which were ardent followers of the Congress and had been voting for the party for the past several years, started gravitating towards the Aam Aadmi Party, which was fighting its debut election, in 2013. The trend continued in 2014 Lok Sabha elections too. The party faces an uphill task of bringing these voters back to its fold.

  • Censor Board chief quits to protest film MSG ‘clearance’

    Censor Board chief quits to protest film MSG ‘clearance’

    NEW DELHI (TIP): Amidst reports that controversial film “Messenger of God” featuring Dera Sacha Sauda chief Gurmeet Ram Rahim Singh in lead role has been cleared by Film Certification Appellate Tribunal (FCAT), Censor Board chief Leela Samson on January 15 night said she has decided to resign.

    Asked if she was aware of media reports that the nod has been given by FCAT to the film’s screening, Samson said “I hear so. Nothing in writing yet. It is a mockery of Central Board of Film Certification. My resignation is final. Have informed the (I&B) Secretary”.

    There was, however, no official word on the decision, if any, of FCAT.

    The Censor Board had referred the issue of clearance to “Messenger of God” to FCAT. The film was slated to hit the screens on Friday.

    Asked why she has decided to quit, she did not specifically refer to the reported clearance to the film but said the reasons cited are alleged “interference, coercion and corruption of panel members and officers of the organization who are appointed by the ministry.”

    According to Samson, “…having to manage an organization whose Board has not met for over nine months as the ministry had no funds to permit the meeting of members.”

    She said the term of all the members and the Chairperson of the Censor Board “are over. But since the new government failed to appoint a new Board and Chairperson, a few were given extension and asked to carry on till the procedure was completed.”

    “However, recent cases of interference in the working of the CBFC by the ministry, through an ‘additional charge’ CEO, and corrupt panel members has caused a degradation of those values that the members of this Board of CBFC and Chairperson stood for,” Samson alleged.

    Meanwhile, a spokesman of Sirsa (Haryana)-based Dera Sacha Sauda said “as per our information, FCAT has cleared the movie for release. But a written order is awaited.”

    Govt denies interference
    There was no coercion or interference from the government to give a “clearance” to controversial film “Messenger of God” featuring Dera Sacha Sauda chief Gurmeet Ram Rahim Singh, Rajyavardhan Singh Rathore, junior minister in information and broadcasting ministry, said on January 16.

    “This is her personal choice, the government has no comment on it,” Rajyavardhan Singh Rathore commented on resignation of Censor Board chief Leela Samson.

    Rathore also said that if “Leela Samson is saying that there was coercion or interference from the government side, then she should give proof of it”.

    “Censor Board and all its members were brought in by the last government, we haven’t brought in new members,” Rathore added.
    Hinting that Leela Samson was not taking here role seriously, Rathore said that “my officers tell me that in last few months, she only attended office once”.

  • Kerry ignores India, brags of backing Pak’s PoK dam

    Kerry ignores India, brags of backing Pak’s PoK dam

    NEW DELHI (TIP): Disregarding New Delhi’s sensitivity, United States Secretary of State John Kerry has bragged about Washington’s support to Islamabad in mobilising funds to construct a hydroelectric and irrigation project in Pakistan occupied Kashmir (PoK). Kerry told journalists in Islamabad that Washington in October 2014 introduced the Diamer-Bhasha dam project to US investors to encourage them to invest in construction of the hydroelectric plant-cum-irrigation facility.

    He made the remark while addressing a news-conference jointly with Sartaj Aziz, National Security and Foreign Affairs adviser to Pakistan Prime Minister M Nawaz Sharif last week.

    New Delhi is understood to be upset over Kerry’s remarks. India has since long been objecting to the controversial Diamer-Bhasha dam project since it is proposed to come up at Gilgit-Baltistan in Pakistan-occupied Kashmir (PoK).

    The US support to Pakistan on the Diamer-Bhasha project has emerged as a new irritant in New Delhi’s ties with Washington ahead of American President Barack Obama’s visit to India.

    The joint statement issued after Kerry and Aziz chaired the US-Pakistan Strategic Dialogue on Tuesday also expressed “satisfaction” of both as the US Agency for International Development and the US Chamber of Commerce on October 8 last convened the Diamer-Bhasha Dam Project Business Opportunities conference.

    Kerry met Aziz in Islamabad and made the remark just two days after calling on Prime Minister Narendra Modi at Gandhinagar on the sideline of the “Vibrant Gujarat Global Investors’ Summit”. The US also “reaffirmed” its support for exploring “the potential of the Diamer-Bhasha project to meet critical energy and water needs of Pakistan”.

    Pakistan, according to the joint statement, looked forward to the “completion of the feasibility study of Diamer-Bhasha project being conducted by the USAID (a wing of the American government assigned to administer its civilian aid overseas)”.

    Sources in New Delhi told Deccan Herald that the government had in October 2014, taken note of the US bid to help Pakistan seek fund for the project.

    New Delhi had also used diplomatic channels to convey its objection to Washington.

    “The entire state of Jammu and Kashmir is an integral part of India. The PoK is under illegal occupation. Hence, any infrastructure project in the region by the Pakistani government, too, would have no legal basis at all,” a source familiar with New Delhi’s stand on the issue said. “Our position on the issue is well-known to the US and it will be reiterated again,” he added.

  • 18 ARMYMEN HELD IN NASHIK VIOLENCE CASE

    18 ARMYMEN HELD IN NASHIK VIOLENCE CASE

    MUMBAI (TIP): Eighteen Army personnel were arrested and remanded in magisterial custody on January 15 in connection with two incidents of violence in the cantonment town of Deolali in Nashik district.

    However, they were later released on bail by the Nashik Road court. Army’s Southern Command promised investigation and “exemplary action” against its errant personnel. The Nashik police reported the matter to the Maharashtra Police headquarters and the Home Department.

    The 18 personnel from the School of Artillery in Deolali camp were arrested and produced before a magistrate’s court, which remanded them in judicial custody. They moved for bail which was granted by the court, said advocate M Y Kale, who represents the accused.

    Meanwhile, Nashik Police Commissioner Kulwant Kumar Sarangal refuted reports and claims from the Army that their officer was manhandled first.

    “This is not the way you behave,” Sarangal said, taking serious note of the incident in which three police personnel reportedly sustained injuries, one women officer was threatened and the Upnagar police station was ransacked.

    The police claimed in the court that about 160 Army personnel were involved in the violence. The Army was guarded in its comments.

    “The Army and police are working closely in this case and all help is being extended by the School of Artillery in the ongoing investigations.

    As per the initial report, the reason for the altercation was the alleged detention and manhandling of an officer of School of Artillery on the night of January 13 by the police personnel of the Upnagar police station.

  • MUMBAI: ANOTHER ISIS TERROR MESSAGE IN AIRPORT WASHROOM

    MUMBAI: ANOTHER ISIS TERROR MESSAGE IN AIRPORT WASHROOM

    MUMBAI (TIP): Security was stepped up at Mumbai’s Chhatrapati Shivaji International Airport on January 16 after another terror message was discovered by cleaning staff in a washroom in Terminal 1A.

    The message warned of an Islamic State (IS) attack on January 26th.The incident is being probed by the Central Industrial Security Force (CISF).

    A similar message was discovered on January 7 with the words, ‘ATTECK BY ISIS 10/01/15 (sic),’ scribbled by pen on a men’s washroom wall.

    According to a senior security official, “The terminal is already under watch after Air India received threat and hijack calls earlier this month. After the T2 message, security was beefed up and today’s messages will ensure that the security will be strengthened even further, especially on the city side.”

    With no CCTV cameras inside the washroom, the CISF is analysing footage from outside the washroom as well as getting experts to analyse the handwriting in both the notes.

  • India well prepared to thwart possible terror attack: Parrikar

    India well prepared to thwart possible terror attack: Parrikar

    New Delhi/Nagrota (TIP): Defence Minister Manohar Parrikar has said India is well prepared to thwart any possible terror attack in the backdrop of intelligence inputs that strikes could be carried out on soft targets in Jammu and Kashmir ahead of US President Barack Obama’s visit here this month.

    “They (terrorists) may try to do something to create news. But we are well prepared,” Parrikar said.

    He was replying to a question about the statement by a top army officer that there were inputs about possibility of attacks on “soft targets” by Pakistan-based terror groups such as schools, religious places, military convoys and civilian areas in the militancy-hit state ahead of Obama’s visit.

    General Officer Commanding (GOC), 16 Corps, Lt Gen K H Singh said that 200 heavily armed militants were waiting in 36 launching pads across the Line of Control (LoC) on the other side of Pir Panjal range and there is every possibility that Pakistan might try to divert the fringe elements of the home-grown terrorist outfits on this side of the border.

    “There are general inputs that terrorists might try to attack soft targets, including schools, religions places, army convoys and other civilian areas,” he told reporters in Nagrota.

    Asked if the killing of five hardcore militants of Jaish-e-Mohammad (JeM) and Hizbul Mujahideen (HM) in a fierce gunbattle in Shopian district of south Kashmir today was related to Obama visit, he said, “No, that (encounter) is a different thing.”

    He said the encounter showed the success of information gathering by the security forces.

    Talking to reporters on the sidelines of a reception hosted by Army Chief Gen Dalbir Singh on occasion of Army Day, Parrikar said Pakistan will have to put words into action for bilateral dialogue process to begin.

    “Let things cool down at the borders also. If things are quite now, it is not because of Pakistan Army. It is because we reacted in a certain way when they fired first,” he said, when asked about media reports from Pakistan that it’s government plans to ban 10 terror outfits, including 26/11 mastermind Hafiz Saeed-led Jamaat-ud-Dawa (JuD).

  • TRINAMOOL MINISTER QUITS TO JOIN BJP

    TRINAMOOL MINISTER QUITS TO JOIN BJP

    KOLKATA (TIP): In a major blow to the ruling Trinamool Congress (TMC) government in West Bengal, minister Manjul Krishna Thakur quit the Cabinet on January 15 and joined the BJP.

    Thakur, the Minister for Refugee, Relief and Rehabilitation, joined the saffron party along with his son Subrata, who was also a Trinamool panchayat functionary.

    The TMC is already under pressure as the BJP is making inroads into the state’s political scenario and hundreds of ground-level Trinamool workers have switched sides.

    Thakur’s resignation is likely to give a jolt the party as he represents the Matua community, which forms a large block of the TMC vote bank.

    The Matuas, a community of Hindu refugees who migrated from Bangladesh over the years since partition, have played a major role in the state’s non-BJP vote bank.

    According to analysts, with about a crore voters coming from the community from across seven Assembly constituencies and three districts, Thakur’s departure is likely to hurt the Trinamool’s lot in the polls and could provide a much-needed boost to the BJP. Sources said Manjul Krishna, who acceded to Bongaon Parliamentary seat in a bypoll after it was vacated following the sudden demise of his elder brother Kapil Krishna, has been in talks with the BJP for some time. This is particularly since the ruling Trinamool did not make many moves over amendments in the Citizenship Act, which has been a longstanding demand of the Matuas.

    “The Matuas have been demanding official recognition as citizens since many of them have come from Bangladesh after 1951. The BJP has been making noise over that and the Matuas are hoping that Prime Minister Narendra Modi will be able to take some positive steps,” a senior member of the community said. Manjul Krishna, who admitted that he was disgruntled with the TMC for some time, hoped that his son Subrata would also get a nomination for the 2016 Assembly polls from the BJP.

    ‘No room for good men’

    “I failed to work for refugees despite being a minister. The TMC didn’t allow me to work and I resigned as my conscience asked me to. There is no scope for good men in Trinamool,” he said.

  • GOVT WON’T DILUTE KEY GREEN LAWS: JAVADEKAR

    GOVT WON’T DILUTE KEY GREEN LAWS: JAVADEKAR

    NEW DELHI (TIP): The government has refuted environmentalists’ allegations that key green laws in the country would be “diluted”. Environment Minister Prakash Javadekar says his aim is to improve and smoothen environmental clearance processes by bringing in them “clarity and openness” without compromising on green issues.

    Javadekar, who has indicated his keenness to bring about amendments to legislations during the upcoming Budget Session, says he is still studying the recommendations of the TSR Subramanian report and nothing has been finalised.

    “The report has not been adopted, it has just been put on the ministry’s website for comments. How can they
    (environmentalists) talk of dilution when the laws have not even been drafted? They should wait for the final drafts before reacting,” he says.

    Though the government is keen to amend green laws, these are unlikely to be introduced in the form of ordinances. The government wants the laws to be discussed in Parliament, officials say. “The aim is to bring clarity in law and process and reduce the court’s intervention in matters related to clearances. Linking the Subramanian committee report to laws is wrong. The report is in public domain. Anyone can see it and give their opinion on it. The standing committee also has its own opinion and rights,” said an official.

    The high-powered committee under former Cabinet secretary Subramanian was set up by the Narendra Modi government to assess the existing environment and forest laws and recommend amendments “to bring them in line with changing times”.

    These include the Environment (Protection) Act, 1986; Forest (Conservation) Act, 1980; Wildlife (Protection) Act, 1972; Water (Prevention and Control of Pollution) Act, 1974; and the Air (Prevention and Control of Pollution) Act, 1981.

    In a deposition before the Parliamentary Standing Committee on Environment and Forests, Science and Technology recently, several environmental groups criticised the recommendations of the panel as “counter-productive to the cause of environment”. The BJP-led dispensation is already under attack for “diluting” laws such as the Land Acquisition Act and any change in environmental laws is expected to be fiercely contested by the Opposition in Parliament.

  • Defence Ministry plans DRDO overhaul

    Defence Ministry plans DRDO overhaul

    NEW DELHI (TIP): After the removal of Avinash Chander as Defence Research and Development Organisation (DRDO) chief, the Defence Ministry plans to overhaul the military research establishment by creating two separate posts of Secretary, Department of Defence Research and Scientific Adviser to the defence minister.

    The secretary would be ex-officio director general of the DRDO. The post of the secretary would be senior to the post of the scientific adviser.

    “We are thinking about splitting the dual position of the DRDO chief as Scientific Adviser to the Raksha Mantri. There should be two separate people for these two roles. Nothing has been finalised as yet,” a senior government official said. After Chander was suddenly sacked two days ago, Defence Minister Manohar Parrikar said he recommended the missile scientist’s ouster. But the minister maintained that he came to know about the sacking order from the media. Talking to journalists last month, Parrikar stated he would thoroughly review the functioning of the DRDO that came under criticism from Prime Minister Narendra Modi for its failure to deliver in time and the laid-back attitude.

    One of the transformation plans is to give more financial authority to the directors general who head seven clusters of laboratories working in the areas of naval systems; aeronautical systems; armament and combat engineering systems; missile and strategic systems; electronic and communication systems; life sciences and robotics; and computational systems.

  • Delhi Police question crew of Air India flight on which Sunanda, Tharoor fought

    Delhi Police question crew of Air India flight on which Sunanda, Tharoor fought

    NEW DELHI (TIP): Taking forward its ongoing probe into the Sunanda Pushkar death case, the Special Investigation Team (SIT) of Delhi Police is reported to have questioned the crew of Air India flight on which Congress leader Shashi Tharoor and his deceased wife had an altercation on January 15 last year.

    Media reports on January 16 claimed that the Air India crew was questioned by the SIT on January 15.

    The SIT may also question a senior Congress leader, who was on the same flight, to know what actually triggered the altercation between the couple, a senior Delhi Police official associated with the probe indicated.

    The development comes a day after Tharoor lashed out at the media, saying he was being “defamed day in and day out”.

    Tharoor, who refused to take any questions related to his wife’s death regarding which Delhi Police filed a murder case last week, said the advent of 24/7 TV channels and the pressure of breaking news and TRPs has led to a race to the bottom in terms of sensation, voyeurism and headline grabbing.

    “I have been misquoted in media, being defamed now day in and day out,” the former union minister told reporters here.

    Describing the media as “free and irresponsible”, he said, “90 percent of Indian journalists do not record what I am saying. Almost every quote attributed to me in the Indian media is an inadequate para-phrase by the journalist of what he thinks I said.” Sunanda, who married Tharoor in 2010, was found dead a year ago at a five-star hotel in the national capital. She had checked into The Leela Hotel in Chanakyapuri a day before her death on January 17, 2014.

    Tharoor’s aides said the couple had checked into the luxury hotel because of renovation work at his Delhi bungalow.

    Prior to her death, Sunanda was embroiled in a spat with Pakistan-based journalist, Mehr Tarar, whom she accused of stalking her husband.

  • BIPASHA’S DUAL AVATAR OF GHOST & VICTIM

    BIPASHA’S DUAL AVATAR OF GHOST & VICTIM

    Alone, featuring Bipasha Basu and Karan Singh Grover, is a horror love story that revolves around conjoined sisters. When one sister dies, she returns to seek revenge on the other.

    One can say that Bipasha has an unusual role at hand, as she plays both— the ghost and the victim — in the film produced by Kumar Mangat Pathak, Abhishek Pathak, Pradeep Agarwal and Prashant Sharma. An official remake of the Thai blockbuster by the same name, the film has been made with a few changes to the original script. It has been adapted by Shantanu Ray and Sheershak Anand, with dialogues by Shagufta Rafique.

    After 1920 – Evil Returns and Ragini MMS 2, this film marks director Bhushan Patel’s third horror venture. He says, “Alone is the scariest film I have made till date. I think Bipasha and Karan have done full justice to their roles.” Of course, the chemistry between the lead pair hasn’t gone unnoticed by the audience, thus adding to the curiosity around the movie. What makes it all the more intriguing is the fact that the film has been shot in the scenic locales of Kerala — an unusual setting for a horror story.

  • JESSICA ALBA DRAGS COSMETIC COMPANY TO COURT

    JESSICA ALBA DRAGS COSMETIC COMPANY TO COURT

    Jessica Alba has sued a company that claimed the actress’ billions worth lifestyle company was too similar to theirs.

    Cosmedicine had fired off a cease and desist letter to Alba’s flourishing The Honest Company, however, Honest Co. went a step ahead and took the matter to court, TMZ.com reported.

    Alba’s co. clims that there’s no dilemma as the bottles used for lotions are completely different in addition to a huge price difference. Plus, Cosmed’s lotion was yet to be out on retail shelves yet. As if this was not enough, Honest Co. even bragged that they had revenue of over 200 million dollars over the past 3 years, calling Cosmed as a failing line, which was desperately trying to bring back life to an old product.

  • HUMA QURESHI GOES ON A SHOPPING SPREE

    HUMA QURESHI GOES ON A SHOPPING SPREE

    Huma Qureshi went on a shopping spree in Dubai. After spending a busy 2014, the actress took some time off.

    She flew to Dubai to bring in the new year and then extended her stay. Huma did not have a fixed itinerary but went around exploring the place. In fact, she had dedicated a whole day for shopping and went on a spree.
    However, till the end of the day she did not manage to complete even half of the mall and so dutifully returned the next day to complete her shopping. She thoroughly enjoyed her time shopping and loved the Christmas collection available there. The malls had lovely decor for the festivities which only added to the charm.
    While she splurged on herself, she also bought gifts for her family.

  • Belgium police kill 2 in anti-terror raid during shootout

    Belgium police kill 2 in anti-terror raid during shootout

    BRUSSELS (TIP): Belgian police killed two terror suspects in a shootout in the eastern city of Verviers on January 15 and arrested another, foiling a major attack, authorities said.

    The suspects immediately opened fire on security forces when they closed in on them near the city’s train station, Magistrate Eric Van der Sypt said in Brussels. He said there was no link at this stage to the Paris attacks, and that the raid is the result of an investigation that has been underway for a few weeks.

    “These were extremely well-armed men,” with automatic weapons, Van der Sypt said.

    The magistrate said more anti-terrorist raids were underway in the Brussels region and Verviers, adding that Belgium’s terror alert level was raised to its second-highest level. The operation was part of an investigation into extremists returning from Syria, authorities said.

    Witnesses speaking on Belgium’s RTBF radio described a series of explosions followed by rapid fire at the center of Verviers, near a bakery and in the neighborhood of the train station. Video posted online of what appeared to be the raid showed a dark view of a building amid blasts, gunshots and sirens, and a fire with smoke billowing up.

    Earlier Thursday, Belgian authorities said they are looking into possible links between a man they arrested in the southern city of Charleroi for illegal trade in weapons and Amedy Coulibaly, who prosecutors say killed four people in a Paris kosher market last week.

    The man arrested in Belgium “claims that he wanted to buy a car from the wife of Coulibaly,” said federal prosecutor’s spokesman, Eric Van der Sypt. “At this moment this is the only link between what happened in Paris.” Van der Sypt said that “of course, naturally” we are continuing the investigation.

    At first the man came to police himself claiming there had been contact with Coulibaly’s common law wife regarding the car, but he was arrested following a search on his premises when enough indications of illegal weapons trade were found.

    Van der Sypt stressed there was no established weapons link with the Paris attack at this moment.

    Several countries are now involved in the hunt for possible accomplices to Coulibaly and the two other gunmen in the French attacks.

  • Artist paints daughter in the nude, irks China

    Artist paints daughter in the nude, irks China

    BEIJING (TIP): A Chinese artist has caused a huge controversy by using his daughter as a nude model for a collection of his paintings titled ‘Oriental Goddess and Mountain spirit’. This has sparked an intense debate on ‘sexual morality’ among the artist community and art lovers in China.

    The painter, Li Zhuangping used his daughter, Li Qin as a nude model to pose with various animals, including a tiger and a eagle. The issue came to fore after an art critic, Yuan Zushe, published an article in a local newspaper, China Youth, and termed Li’s act of using his 23-year-old daughter for the paintings as unethical. “Such a practice could have a negative impact on society’s sexual morality,” he wrote.

    Yuan’s criticism was backed by thousands of art lovers and internet users, who said the father-daughter relationship is of a nobler kind and should not be put to such test.

    But Li and his wife, as well as the daughter, see nothing wrong in the nude paintings. “I’ve never looked at the matter from an ethical point of view. After I got the approval of my wife and daughter, we began working together,” said Li.

    He added that none of the family members felt awkward working on the painting. “Actually, it was no different than giving her a bath in her childhood,” said Li.

    The daughter completely backed her father saying, “I’m also a painter. Being a model for my father is a sacred thing. No matter what other people think about us, we are very magnanimous.” Though Li is receiving flak on internet, some members from the artist community are supporting him. “Some artists ask their wives to model for them. But asking one’s daughter to model is less common. It’s very respectable that he has challenged the ethics and morality,” said Lin Mu, an art critic and professor at Sichuan University. Art website, oilpaintingcentre.com, said Li felt his daughter was best suited to portray a goddess in his mythological paintings that he was planning. “So he asked her whether she was willing to go nude for the paintings. Li Qin agreed, and both of them worked on the paintings for several years, finally creating these amazing works,” the website said in an article.

  • High winds, heavy snow buffets Britain; travel hazardous

    High winds, heavy snow buffets Britain; travel hazardous

    LONDON (TIP): Britain and Ireland have been battered by 100mph (160kph) winds and heavy snow, stranding some motorists after a major road was closed.

    The environment agency said on January 15 that 149 flood alerts and 32 flood warnings had been issued in England and Wales, with more reported in Scotland.

    Heavy weather and high seas also hit Northern Ireland.

    Some of the most severe problems took place in Scotland where drivers on were stranded overnight on a highway by heavy snow. Hundreds of homes were left without power. In Dublin, airport officials said a number of incoming flights were diverted to other airports because of high winds. Travelers were advised to check their flight status before going to the airport.

  • Boat sinks on China’s Yangtze River, 20 missing: Report

    Boat sinks on China’s Yangtze River, 20 missing: Report

    BEIJING: China’s state-run Xinhua News Agency is reporting that more than 20 people, including several foreigners, are missing after a tugboat sank on the Yangtze River. The January 15 morning report says the boat sank Thursday afternoon during a trial voyage in the eastern province of Jiangsu and that three people were saved. The report said Japanese and Singaporeans were among the missing, and that a Frenchman may also be missing. The boat’s owner and technicians working on the boat were also missing.

  • Niger bans Charlie Hebdo over Mohammed cartoon

    Niger bans Charlie Hebdo over Mohammed cartoon

    NIAMEY (TIP): Niger on January 15banned distribution of Charlie Hebdo in the mainly Muslim country, with the government “vehemently” condemning the cartoon of the Prophet Mohammed in the latest issue of the French satirical weekly.

    “The government vehemently denounces and condemns the cartoon of the Prophet Mohammed, peace and blessings be upon him, contained in the issue of Charlie Hebdo for Wednesday, January 14, 2015, which it considers an insulting provocation and totally unacceptable,” it said in a statement read on radio and state television.

    “Also, on the instructions of the president of the republic, the government has decided to ban the publication and sale of this issue across the country,” said the statement read by government spokesman and justice minister Marou Amadou.

    President Mahamadou Issoufou was one of six African heads of state who took part in the march in Paris following the jihadist attack on the magazine.

    He was strongly criticised by Muslim associations and local non-governmental organisations for saying on air “We are all Charlie”.

    “His participation” in the Paris march “stems from his commitment against terrorism and for freedom” and “does not imply any support for the abuses that can arise from a certain notion of press freedom”, said Amadou.

    Niamey also justified the president’s participation in the march because of France’s commitment to fight militants in the Sahel.

    In Africa, Senegal has also banned distribution of the latest issue of Charlie Hebdo.

  • TURKEY WILL NOT ALLOW MOHAMMED TO BE INSULTED SAYS PM

    TURKEY WILL NOT ALLOW MOHAMMED TO BE INSULTED SAYS PM

    ANKARA (TIP): Turkey will not allow Mohammed to be insulted, Prime Minister Ahmet Davutoglu said January 15, describing the publication of cartoons of the prophet as an open provocation.

    “Freedom of the press does not mean freedom to insult,” Davutoglu told reporters in Ankara a day after leading Turkish daily Cumhuriyet and Turkish Internet sites published cartoons featuring the prophet from the special Charlie Hebdo issue.

    The newspaper produced a special four-page pull-out of cartoons and articles drawn from the French satirical magazine Wednesday in solidarity with the 12 people gunned down in an attack on its offices in Paris.

    “We do not allow any insult to the prophet in this country,” Davutoglu said. “As the government, we cannot put side by side the freedom of press and the lowness to insult.”

    Davutoglu said people were sensitive about their religion in the predominantly Muslim Turkey and could not be expected to show patience towards insults to the Muslim prophet.

    “If some print cartoons that insult the prophet — and this is the situation and there is a sensitivity in Turkey — it is a provocation… it is an open provocation,” said Davutoglu.

    “We are determined to protect the honour of the prophet the same way as we are determined in our stance against terrorism in Paris,” he said.

    A Turkish court on Wednesday ordered a block on access to websites featuring the latest cover of Charlie Hebdo, after a petition from a single lawyer claiming that the printing of the cartoon had the potential to endanger the public order.

  • Ukraine separatists claim victory in battle for airport

    Ukraine separatists claim victory in battle for airport

    DONETSK, UKRAINE (TIP): Russian-backed separatists announced on January 15that they had captured the shattered remains of the Donetsk airport terminal in eastern Ukraine and plan to claw back more territory, further dashing hopes for a lasting peace agreement.

    The airport, on the fringes of the rebel stronghold of Donetsk, has been at the center of bitter battles since May. Control over it was split between the separatists and Ukrainian forces who had held onto the main civilian terminal. Reduced to little more than a shell-littered wreck, the building is of limited strategic importance but has great symbolic value.

    An AP reporter saw a rebel flag hoisted over that building on Thursday, although fighting still appeared to be ongoing. Ukraine insisted government troops were holding their positions at the airport.

    Alexander Hug, deputy head of an Organization for Security and Cooperation in Europe monitoring mission to Ukraine, said rebel forces carried out artillery attacks from within residential areas.

    “These attacks … attract counter-fire from positions opposite and other directions, which leads unfortunately to repeated civilian casualties and damage to infrastructure,” Hug said.

    The rebel leader in Donetsk, Alexander Zakharchenko, said the separatist offensive would continue and its goal was to recapture all territory lost to government forces last year.

    “Let our countrymen hear this: We will not just give up our land. We will either take it back peacefully, or like that,” Zakharchenko said, nodding his head toward the sound of explosions coming from the direction of the airport.

    If the separatists do advance further, that would undermine the chances of resurrecting a September cease-fire that laid out specific demarcation lines between the opposing sides.

    The rebels’ disregard of that agreement appears to defy Moscow’s public backing of the peace deal.

    The likelihood of any further negotiations looks compromised against the backdrop of continued unrest.

    Separatist leaders in the regions of Donetsk and Luhansk have declined to attend talks with Ukraine and Russia expected to take place on Friday in the capital of Belarus, Minsk. They have instead dispatched envoys and said they refuse to take part in more talks unless specific results are achieved.

    The battle for Donetsk airport took place as Ukraine held a day of mourning for 13 people killed on Tuesday when their bus was hit by what the government says was a rebel shell.

    President Petro Poroshenko said respects would be paid for all people killed by rebel offensives.

    The separatists deny responsibility for the deaths and accuse Ukrainian forces of staging an attack in a bid to smear them. OSCE observers said the bus showed “damage consistent with a nearby rocket impact.”

    In Kiev, the Ukrainian parliament on Thursday approved a presidential decree for three waves of military mobilization this year. Poroshenko said that was motivated by the worsening security situation.

  • French President Hollande seeks tolerance; Charlie Hebdo buries staff

    French President Hollande seeks tolerance; Charlie Hebdo buries staff

    PARIS (TIP): French President Francois Hollande insisted January 15 that any anti-Muslim or anti-Semitic acts must be “severely punished,” as he sought to calm rising religious tensions after his country’s bloodiest terrorist attacks in decades.

    With 120,000 security forces deployed to prevent future attacks, nerves jumped overnight when a car rammed into a policewoman guarding the president’s palace. The incident at the Elysee Palace had no apparent links to last week’s shootings and might have been an accident, prosecutors and police said.

    The country is tense since 20 people, including three gunmen, were killed in last week’s rampage. It began at the offices of satirical newspaper Charlie Hebdo, which was burying several staff members Thursday. Charlie Hebdo had been repeatedly threatened for caricatures of the Muslim prophet Muhammad.

    Two of the attackers claimed allegiances to al-Qaida in Yemen, and another, who targeted a kosher supermarket, to the Islamic State group.

    The attacks occurred in an atmosphere of rising anti-Semitism in France, and have prompted scattered attacks on Muslim sites around France in an apparent backlash. They have also put many French Muslims on the defensive.

    Hollande said in a speech that France’s millions of Muslims should be protected and respected, “just as they themselves should respect the nation” and its strictly secular values.

    “Anti-Muslim acts, like anti-Semitism, should not just be denounced but severely punished,” Hollande said on Thursday at the Institute of the Arab World in Paris.

    Noting that Muslims are the main victims of Islamic extremist violence, he said, “In the face of terrorism, we are all united.” At his office overnight, a car carrying four people took a one-way street in the wrong direction then drove off when the police officer tried to stop them. The officer sustained slight leg injuries, police said. Two people were later arrested, and two others in the car fled. US and French intelligence officials are leaning toward an assessment that the Paris terror attacks were inspired by al-Qaida but not directly supervised by the group, a view that would put the violence in a category of homegrown incidents that are extremely difficult to detect and thwart.

  • IN B.G. VERGHESE’S DEATH, Indian Journalism lost its best

    IN B.G. VERGHESE’S DEATH, Indian Journalism lost its best

    A hero of mine is no more. Veteran Indian journalist B.G. Verghese passed away on December 30, 2014, at the age of 87. Indians will always be indebted to him for the stupendous contribution he made, in his six-decade-long career as a journalist, writer, civil rights advocate, and social and political commentator. I will always be indebted to him for one more reason: His insightful writings and gentlemanly qualities had been a source of inspiration for me in my early years in journalism. He was one of my role models in life. I came to know about him first through his writings in The Times of India, a leading English daily, at the time published only from Bombay. Later, it began publishing simultaneously from various Indian cities. Mr. Verghese began his career in journalism as a correspondent at The Times. Once I became a journalist, in the late 1960s, I learned a lot more about him, especially about the person he was, from my journalist friends who worked with him. All of them described him in superlative terms – “a perfect gentleman,” “a fine human being,” “a champion of the underdog,” etc. Getting such accolades from subordinates and peers alike is a rare thing in journalism, a profession known for fierce competition, jealousy, egoclashing and the like. One of the regrets I had in my early years in journalism was that I didn’t have a chance to work with Mr. Verghese. I did try a couple of times, though. By the time I became a journalist, Prime Minister Indira Gandhi had persuaded Mr. Verghese to quit The Times of India and join her office as Information Adviser to the Prime Minister. Though not an establishment person, he believed in government’s ability and responsibility to do good for the less fortunate in society. So his career move did not surprise his admirers. But their admiration grew more when he quit the job just three years after he took it, because he did it on principle: He refused to be a pen-pusher for Mrs. Gandhi. The parting of the ways between them came in 1969.

    Finding a job in journalism was not at all difficult for him. He became editor of The Hindustan Times, another leading English daily in India, this one published from New Delhi. He held that position from 1969 to 1975. Those were turbulent years in India. The economy was in a shambles. Poverty, unemployment, inflation and skyrocketing prices of essential commodities made people take to the streets frequently. They demanded action from the Indira Gandhi government. Things came to a boil in 1975, when Mrs. Gandhi, threatened with the possibility of being ousted from office, declared a state of emergency (the Emergency, it came to be called) in the country. She suspended all civil liberties and arrogated dictatorial powers to herself. The Emergency came into effect on June 26, 1975. Its immediate casualty was the vibrant India press. It was put under strict government censorship. While most journalists in the country complied with the censorship rules, a few decided to defy them. At the forefront of this laudable few were B.G. Verghese and another respected Indian journalist, Kuldeep Nayar. Both became vocal critics of the Emergency – and each paid a heavy price for it. Failing to get Mr. Verghese to go easy on his criticism, the industrial house of the Birlas who owned The Hindustan Times dismissed him from its editorship. Kuldeep Nayar was put in jail

    The courage of conviction of the two journalists, and a handful of others, demonstrated during the Emergency, was in striking contrast to the spinelessness shown by the vast majority. Some of the latter even stooped to the level of being courtiers of Mrs. Gandhi. Their sycophancy invited this comment from L.K. Advani, when the Emergency was lifted 21 months later and Mrs. Gandhi was voted out of office: “You were asked only to bend, but you chose to crawl.” I am no fan of Bharatiya Janata Party leader Advani. But this pithy remark of his I have quoted with relish many a time.

    My Meetings with Verghese

    I had the privilege of meeting Mr. Verghese on two occasions. The first was in 1971, at a four-day seminar for junior journalists selected from various newspapers in India. It was held at Ooty, a hill station in the southern Indian state of Tamil Nadu. I was working as a copy editor on Free Press Journal, an English daily published from Bombay. Mr. Verghese was one of the senior journalists invited to preside over some of the panel discussions. The Ooty seminar was an unforgettable experience for me. The star attraction at the seminar was Mr. Verghese. More than his depth of knowledge on a variety of subjects, it was the way he interacted with novices like me that endeared him to us. There was not an iota of condescension in the way he offered his advice on how to hone our skills and become better journalists. I was to learn later that mentoring juniors in the profession was something Verghese took upon himself as a responsibility. My second meeting with him was in 1978, when he was working as a fellow at the Gandhi Peace Foundation, New Delhi. There, he had been doing research on rural development, one of his pet themes, after his unceremonious dismissal from The Hindustan Times. I was, as I still am, living in New York. I arrived in New York in 1975. I had just started a monthly, The Voice of India, when the Emergency was declared. Though I started it with the sole purpose of surviving as a journalist, I couldn’t help using it to trash the Emergency and attack the Indira Gandhi government. The indignity Mr. Verghese was subjected to and the imprisonment Kuldeep Nayar and a few others whom I admired were undergoing was weighing heavily on my mind.

    The front page of the very first issue of The Voice of India, launched in October 1975, was dominated by two stories, one by B.G. Verghese (I took it without his permission from a booklet he had published just before the Emergency). The other was about him, written by me. The former was headlined “What Ails India: Truth of Mahatma Recalled” and the latter “A crusading journalist dismissed.” By the time I met Mr. Verghese in 1978, The Voice of India had died a slow and painful death. With the lifting of the Emergency, on March 21, 1977, the Indian press had once again become its old vibrant self. Seeing Mr. Verghese in a small cubicle at the Gandhi Peace Foundation, I thought to myself, “From the helm of a newspaper empire to this tiny cubicle – what a fall!” Though I dared not articulate that thought, some of the questions I put to him might have sounded sympathyevoking. He resented those questions and I regretted not couching them carefully. I should have known that sympathy is something that a person of his stature would never brook. Still, I wanted to put to him one question that had been nagging me. In 1978, he was only 51 years old, with a lot of energy and time still ahead of him. Journalists like me wanted his continued, reassuring presence in our profession. After showing him the few issues of The Voice of India that I had with me, I read to him the last paragraph of my story about him, “A crusading journalist dismissed.” It’s a quote from the Ramon Magsaysay Award citation. Mr. Verghese was the 1975 recipient of this prestigious annual award, an Asian variant of the Pulitzer Prize. The citation said: “In an occupation encumbered by cynicism, Verghese has remained an optimist with critical integrity. Despite all of its uncertainties, and competitiveness, journalism for him is zestful.”

    After reading those words, I asked: “This is what you mean to people like me. When are you coming back to journalism?” I felt so relieved that he took the question seriously. “I never left journalism,” he said. Opening his desk drawer and pulling out a copy of the journal Voluntary Action, he added, “This is what I am editing now. I am also doing a lot of research work on rural development.” I had known about his work for Voluntary Action, a journal that promoted his favorite rural development theme. But I had not expected him to take his work for a limitedcirculation journal that seriously. But then, that was the man Mr. Verghese was. He took seriously even the small things he did, if they were going to be helpful to the downtrodden. That also explained his firm commitment to rural development. Actually, he was a pioneer in developmental reporting in Indian journalism.

    Editor-in-Chief of The Indian Express

    He did return to popular journalism in 1982, this time as editor-in-chief of The Indian Express, the English daily with the largest circulation in India at the time. He left the paper in 1986. Unlike his exit from The Hindustan Times a decade earlier, he left the job this time on very friendly terms with his employer. Ramnath Goenka who owned The Indian Express was a champion of press freedom, and his paper was a vehement critic of the Emergency. Even now journalists in India talk about the way The Express welcomed the Emergency. It did it with a blank editorial column. Warrior of the Fourth Estate: Ramnath Goenka of the Express, one of the numerous books Verghese authored, could as well be his way of thanking Goenka for the smooth relationship he had with him during his four-year tenure at The Express and for the total editorial freedom he gave to journalists who worked at the paper. Though he was fluent as a writer and speaker only in English, he showed great interest in promoting journalism in regional languages. He knew the best way to improve the lot of ordinary Indians is to communicate with them in their languages, i.e., through the vernacular media. He also encouraged more and more women to come into journalism. The Chameli Devi Award, given annually to the best woman journalist of the year, was instituted and administered by him. After leaving The Express, until his death, he was associated with the Centre for Policy Research. This New Delhi-based think tank is “dedicated to improving policy-making and management, and to promoting national development.” Needless to say, Verghese found this institution the right place to continue his multifarious activities and his work on various projects – all of them aimed at transforming India socially, politically and economically. His heart was always with those at the bottom of the society.

    Glowing Tributes

    Since his death glowing tributes have been paid to Mr. Verghese’s memory, through various media outlets, by those who knew him very closely. I find two of them very touching, and both are from journalists who were junior-most in the profession, when they worked with Verghese at The Indian Express. I chanced upon their recollections of their boss – a term Mr. Verghese would spurn – while browsing through The Hoot, an online journal (thehoot.org) edited by Sevanti Ninan. This is what Arati Jerath, one of them, has written: “I have two wonderful memories of Mr. Verghese that mark him out both as a crusader for justice and a fine human being. “…I will never forget the way he supported and encouraged our reportage of the gruesome 1984 anti-Sikh riots in Delhi…. Two of our reporters, Rahul Bedi and Joseph Maliakan, risked their lives on several occasions to rescue innocent Sikhs who were being hunted down by rampaging mobs. They were able to do so only because Mr. Verghese backed them all the way…. He brooked no compromise on reporting the events of that time exactly as they unfolded, leaving behind a valuable store of reference material for posterity. “The other memory I have is more personal…. His gesture touched me deeply at a time when I was vulnerable. This was during the famous hijacking incident of 1984 when an Indian Airlines plane was hijacked by a group of Sikh militants to Lahore. My husband, Ajoy Bose, was on board, on his way back from Srinagar where he had gone to cover the toppling of the Farooq Abdullah government.

    “I was on late-night duty that evening, worried sick and waiting for news. My sixmonth- old daughter was alone at home with the maid. Mr. Verghese walked into the reporters’ cabin, having just heard that Ajoy was on the hijacked plane and I was in office. He looked most concerned and ordered me to go home, saying that he would get someone else to cover my late night shift that day. I told him that I was better-off in office because at least I was in touch with the news…. He didn’t look convinced but told me that I was free to contact him at any time should I need help. It was such a kind and thoughtful gesture from an editor to a mere reporter and I remember it with warmth till today….” The incident that the other reporter, Sanjay Suri, narrates also occurred during the 1984 anti-Sikh riots. Suri’s experience with Verghese was more moving than Jerath’s. This is how he recollects it: “Through those three days of killing [in] Delhi in 1984 after the assassination of Indira Gandhi, it’s odd to recall a dinner. But I do remember that dinner; it was served to us reporters in the Indian Express newsroom by B.G. Verghese, then editor-in-chief. “…I had returned to the office after a long day visiting Sultanpuri where hundreds had been killed. My colleagues Rahul Bedi and Joseph Maliakan had been reporting from Trilokpuri. None of us had thought about finding food, Mr. Verghese did.

    “He had the dinner prepared at the Guest House in the Express building where Ram Nath Goenka, who owned the paper, lived. Having had rice, daal [lentil] and sabzi [vegetables] cooked for us, Mr. Verghese then served the dinner himself to us lowly reporters. He brought the plates and the food to our tables, and made room for them beside our old Remington typewriters. He asked me a couple of times if I wanted more daal; he came up holding the bowl in his hand. He insisted I have a banana. “All this offended all the protocol of hierarchy we’d grown up on. But that evening he was not editor, he was father…. “They don’t make editors like Mr. Verghese anymore. They don’t make men like Mr. Verghese anymore. We have lost our best.”

  • RBI CUTS RATES; HOME, CONSUMER LOANS TO COST LESS

    MUMBAI (TIP): Reserve Bank of India governor Raghuram Rajan cut key interest rates — for the first time in almost two years — by 25 basis points about a fortnight ahead of the monetary policy review on February 3. Home and consumer loan rates are set to fall, as is the cost of capital for doing business.

    The RBI had been under growing pressure from industry and reportedly the government to lower rates in the hope that it would stimulate growth. There had been speculation in the media that the finance ministry was unhappy with Rajan for being too focused on keeping inflation in check, and ignoring the need to get the economy back on track.

    Raghuram Rajan RBI

    Banks have responded to the mid-term move by bringing down lending and deposit rates and are forecasting more rate cuts in coming months.

    Government-owned United Bank of India and Union Bank of India were the first off the block, nipping the base rate by 25 basis points to 10%. The base rate is the benchmark rate set by every bank to which the pricing of all its floating rate loans is linked.

    Other large lenders are expected to follow suit. State Bank of India chairman Arundhati Bhattacharya said that a cut in rates was on the bank’s horizon and there was some preparedness to do so but the timing would be decided by the asset-liability committee. HDFC vice chairman and CEO Keki Mistry said lenders were expected to pass on benefits of lower interest rates to customers by February.

    Finance minister Arun Jaitley, who had been making a case for lower interest rates, said the move would provide a fillip to the economy directly by increasing the private sector’s ability and willingness to spend. “It should also help indirectly by improving the balance sheet of the corporate sector and banks, facilitating an increase in the demand and supply of credit,” said a statement from the FM. While the lower inflation numbers and drop in international crude prices have worked in favour of a rate cut, what appears to have emboldened RBI to go in for a mid-term move is the sharp fall in inflation expectation in RBI’s household survey.

    The RBI decision came as a surprise although Rajan had indicated in the last policy review in December that he would be open to reducing rates early- 2015 even “outside the policy review cycle if the current inflation momentum and changes in inflation expectations continued”. Extending his wishes to the people on Thursday on the occasion of Makar Sankranti, Pongal and Uttarayana, Rajan said,
    “Inflation outcomes have fallen significantly below the 8% targeted by January 2015. On current policy settings, inflation is likely to be below 6% by January 2016. These developments have provided headroom for a shift in the monetary policy stance”. According to data released by the government, retail price increase as measured by the consumer price index was 5.2% in December — much below RBI’s best case scenario as forecast in its monetary policy.

    Market dealers said another trigger for the RBI decision might have been the release of the US Fed’s ‘Beige Book’ Wednesday night showing some slowdown in growth in oil-producing areas in the country, an effect of the recent crash in crude oil prices. It also revealed little pressure on wages or prices to rise. All these indicated that rates in the US may not rise as quickly as expected now.

  • Bank of America profit hurt by lower bond trading revenue

    Bank of America profit hurt by lower bond trading revenue

    WASHINGTON (TIP): Bank of America Corp, the second-largest US bank by assets, reported a 14 per cent fall in quarterly profit as revenue from fixedincome trading fell. Bond trading revenue plunged 21 per cent to $1.5 billion. BofA, like much of Wall Street, was hit by a sharp spike in market volatility in December that discouraged many investors from taking positions. JPMorgan Chase & Co reported a decline of 14 per cent in quarterly bond trading revenue on January 14. Total revenue fell 13 per cent to $18.73 billion, excluding accounting adjustments. BofA’s shares were down nearly 3 per cent in premarket trading on January 15. Net income attributable to common shareholders fell to $2.74 billion, or 25 cents per share, in the fourth quarter from $3.18 billion, or 29 cents per share, a year earlier. The bank had adjusted earnings of 32 cents per share, according to calculations by Thomson Reuters I/B/E/S. On that basis, analysts on average had estimated earnings of 31 cents per share. Overall fixed-income trading has been on a decline since 2009, largely due to new rules that discourage banks from taking unnecessary risks. Several big banks have scaled back their trading operations or quit the business. BofA has been hit by high legal costs since the financial crisis, which have been undermining the cost-cutting initiatives introduced by Chief Executive Brian Moynihan. “In 2014, we continued to invest in our businesses while reducing expenses and resolving our most significant litigation matters,” Moynihan said in a statement. BofA’s legal expenses fell to $393 million, suggesting the worst may be behind the bank in terms of legal costs to resolve regulatory probes linked to home loans, mortgage bonds and other issues in the aftermath of the financial crisis. The bank’s legal costs totaled $2.3 billion a year earlier and $5.6 billion in the third quarter. BofA has agreed to pay at least $70 billion in fines and settlements since 2010. The bank agreed to pay a record $16.65 billion in August to resolve US Department of Justice charges that it and companies it bought misled investors into buying troubled mortgage-backed securities.