Tuesday, November 25, 2008

cricket

A convincing series win for India

Indians have managed to shrug off the tag of chokers, writes L. Sivaramakrishnan




PULLING HIS WEIGHT: Spearhead of the Indian attack, Zaheer Khan, has taken up the responsibility of managing the final power-play overs.

India has wrapped up the series very convincingly. With it one can see the emerging confidence of a squad which believes in itself. From a group of brilliant individuals, they have transformed into a collective bunch who can finally call themselves ‘a team’. Indians have tasted victory and have discovered how addictive it can be. They have managed to shrug off the label ‘chokers’ and have grown in a short span from strength to strength.

The reasons may range from shrewd captaincy, to the coach’s ability to hold the team together or even exceptional individual performances. The bottom-line is that India is finally looking at a winning combination.

At a time when the senior most members of the team are looking to retire and young talents are being inducted, the team has managed to hold its own. There is a sense of wanting to make a contribution to the team — a contribution that counts.

In Bangalore, one could see Zaheer Khan given the responsibility of working with the bowlers. During the English batting power-play, Zaheer was seen talking to both Ishant Sharma and Munaf Patel, setting the field for them and pointing out the most effective line and length to bowl. He himself bowled a brilliant first spell restricting England to just 21 runs in the first six overs. Yuvraj Singh took over the fielding aspect pushing the boys to run faster and dive harder.

Realistically speaking, this was England’s best chance to win. Choosing to bowl first, when weather was always a factor, was absolutely the right thing to do. Well knowing that the Duckworth/Lewis method was going to come into play, chasing a target was a smart option. But the catch here was that India knew it too! So what India needed to do was get quick runs without losing too many wickets.

Brilliant batting

This is exactly what they did. They not only scored quick runs but lost only one wicket by the end of 17 overs. Constant rain interruptions can not only break your concentration but the momentum of play as well. Given the circumstances, they batted brilliantly almost as if all their collective experience from their Twenty20 matches and IPL combined to produce some scintillating cricket.

With complicated calculations, India’s 166 runs in 22 overs was deemed to be equal to 197 runs in 22 overs, thanks to India not losing too many wickets before 20 overs. Getting almost 10 runs an over was always going to be an uphill task.

Fast bowlers impress

It was only when Owais Shah and Andrew Flintoff got going that England posed any kind of threat. Rather than say that England did not make an impact, it would be fair to credit the Indian fast bowlers.

They choked the English batsmen and forced the runs to dry up when it counted the most. England managed to score only 14 runs off their power-play. With it they frittered away a chance of victory.

u.s economy

Obama starts work on US economy

Work on rescuing the troubled US economy "starts today" because "we don't have a minute to waste", President-elect Barack Obama said.

Mr Obama, who has named New York Federal Reserve president Timothy Geithner, 47, as his Treasury Secretary, said he had "assembled an economic team with the vision and expertise to stabilise our economy, create jobs, and get America back on track".

He said swift and bold action was needed and he wanted leaders "who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas".

"Even as we face great economic challenges, we know that great opportunity is at hand - if we act swiftly and boldly," Mr Obama said.

Just hours earlier, incumbent President George Bush stressed the need for the two leaders to work closely together as he told reporters he had talked with Mr Obama about the current administration's plans to rescue stricken US bank Citigroup.

At a press conference in Chicago, Mr Obama said he wanted to "bring together the best minds in America" to guide the country through "an economic crisis of historic proportions".

"If we do not act swiftly and boldly, most experts now believe that we could lose millions of jobs next year," he said.

"While we can't underestimate the challenges we face, we also can't underestimate our capacity to overcome them - to summon that spirit of determination and optimism that has always defined us, and move forward in a new direction to create new jobs, reform our financial system, and fuel long-term economic growth.

"We know this won't be easy, and it won't happen overnight."

He declined to put a figure on his new economic stimulus package, but said a recovery plan was needed "for both Wall Street and Main Street" - "a plan that stabilises our financial system and gets credit flowing again, while at the same time addressing our growing foreclosure crisis, helping our struggling auto industry, and creating and saving 2.5 million jobs"

the hindhu

Economy will grow at 7-8%: Chidambaram
Security, terrorism to dominate India-Pakistan talks today
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BUSINESS
‘Action will bolster Citigroup’s morale’
The bold move is the latest in a string of high-profile U.S. government bailout efforts
I was tortured, says Purohit
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All-party meet on Tamils issue today


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Aanmajothi’s National Music and Dance Festival inaugurated

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CHENNAI: The bodies of two patients who died on Sunday at the Government General Hospital here were mixed up on Monday, leading to relatives of one of the deceased staging a protest at the hospital. A mortuary attendant has been ...

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Sunday, November 23, 2008

Won’t use nukes first, says Zardari, but adds a rider

Pakistan President Asif Ali Zardari said today that Pakistan will never be the first to use nuclear weapons but then quickly added Islamabad’s traditional rider: that India should sign the South Asian Non-Nuclear Treaty to free South Asia of nuclear weapons.

Experts said linking the two is a non-starter and Zardari’s comments do not appear to represent a doctrinal change.

Addressing the Hindustan Times Leadership Summit via video-conferencing from Islamabad, Zardari said, “I am against nuclear warfare altogether.” When asked if Pakistan would adopt the policy of no-first-use of nuclear weapons, he said, “Most definitely, yes, we hope we will never get into that position (of using nuclear weapons). I am for a South Asian Non-nuclear Treaty.”

“I can get my Parliament to agree to it right away,” he said. “Can you (India) get your Parliament to agree to it?”

India, which announced a no-first-use policy soon after the 1998 nuclear tests, has proposed a no-first-use treaty to Pakistan but Islamabad rejected it arguing that its nuclear weapons programme is India-specific and it would keep its options open for parity given India’s superiority in conventional arms.

In turn, Pakistan has always pushed for a South Asian treaty to freeze nuclear weapons in the region, aimed at locking the Indian nuclear programme. New Delhi has rejected it saying it has a wider concern which includes China. Former Indian Ambassador to the UN Arundhati Ghose, who played a pivotal role in New Delhi not signing the CTBT, told The Sunday Express, “It seems that it’s a general answer and is not a change in the nuclear doctrine of Pakistan’s establishment. He is not speaking of no-first-use policy, and by making it dependent on the South Asian treaty, it’s rhetoric. This is nothing new.”

Zardari, during his half-hour interaction, made all the right noises. To loud applause, he said: “There is a little bit of Indian in every Pakistani and a little bit of Pakistani in every Indian and I speak today as a Pakistani, as much as the little Indian in me.”


NEW DELHI: Painting a rosy picture in the current grim scenarioglobally, Securities and Exchange Board of India Chairman C. B. Bhave on Friday maintained that India would be among the first few countries to recover the fastest from the ongoing crisis and the interregnum period should be utilised to focus on institutional reforms that would be required to handle bigger markets.

Global meltdown

Speaking at the HT Leadership Summit here, the market regulator pointed out that the current global financial meltdown was a crisis in the credit market and not in equity markets and stressed the need for introducing more exchange-traded products to bring about transparency in their transactions.

On the unprecedented slump in the country’s bourses since October, Mr. Bhave made it clear that the recent meltdown was not owing to any market manipulation or a scam. The prime cause was the fact that those FIIs (foreign institutional investors) who had borrowed huge amount of funds for investment were leaving the markets even as long-term investors such as pension funds and retail investors were actually picking up stocks. “We have not found anything in the market that would give us suspicion that something had seriously gone wrong with the market itself,” he said.

Elaborating further, Mr. Bhave noted that only leveraged FIIs such as hedge funds were going out of the market while pension funds and university funds were buying stocks. “Equity is going into the hands of people who have patience,” he said. According to SEBI’s analysis of the market, if four FIIs sold stocks during September 1 to November 14 this year, three others bought them during the same period which indicated minimal net selling.

Sale by brokers

The net stock sale by FIIs during September 1 to November 14 was worth Rs. 22,000 crore, while the sale by brokers was worth another Rs. 700 crore on proprietary accounts. On the contrary, the net purchase of stocks by mutual funds was worth Rs. 1,000 crore while domestic institutional investors and others, including retail investors, accounted for another Rs. 16,000 crore and Rs. 5,600 crore, respectively.

The market regulator pointed out that smart investors were, in fact, picking up stocks in the current slump. “If you think Indian investors don’t have money, if you think Indian investors are running away, think again. There are some smart guys sitting out there, who think that this market is giving valuations,” he said.

Word of caution

Mr. Bhave, however, had a word of caution for retail and institutional investors. While he warned retail investors against borrowing for investing in equities and advised them to keep aside funds for emergency situations, he also cautioned institutional investors against overleveraging to levels that lead to systemic risks in the market.

“Where the system is getting overleveraged and the risk becomes too great for financial markets, we as regulators must intervene and tell them to bring it down,” he said.

‘Smart investors picking up stocks’


NEW DELHI: Painting a rosy picture in the current grim scenarioglobally, Securities and Exchange Board of India Chairman C. B. Bhave on Friday maintained that India would be among the first few countries to recover the fastest from the ongoing crisis and the interregnum period should be utilised to focus on institutional reforms that would be required to handle bigger markets.

Global meltdown

Speaking at the HT Leadership Summit here, the market regulator pointed out that the current global financial meltdown was a crisis in the credit market and not in equity markets and stressed the need for introducing more exchange-traded products to bring about transparency in their transactions.

On the unprecedented slump in the country’s bourses since October, Mr. Bhave made it clear that the recent meltdown was not owing to any market manipulation or a scam. The prime cause was the fact that those FIIs (foreign institutional investors) who had borrowed huge amount of funds for investment were leaving the markets even as long-term investors such as pension funds and retail investors were actually picking up stocks. “We have not found anything in the market that would give us suspicion that something had seriously gone wrong with the market itself,” he said.

Elaborating further, Mr. Bhave noted that only leveraged FIIs such as hedge funds were going out of the market while pension funds and university funds were buying stocks. “Equity is going into the hands of people who have patience,” he said. According to SEBI’s analysis of the market, if four FIIs sold stocks during September 1 to November 14 this year, three others bought them during the same period which indicated minimal net selling.

Sale by brokers

The net stock sale by FIIs during September 1 to November 14 was worth Rs. 22,000 crore, while the sale by brokers was worth another Rs. 700 crore on proprietary accounts. On the contrary, the net purchase of stocks by mutual funds was worth Rs. 1,000 crore while domestic institutional investors and others, including retail investors, accounted for another Rs. 16,000 crore and Rs. 5,600 crore, respectively.

The market regulator pointed out that smart investors were, in fact, picking up stocks in the current slump. “If you think Indian investors don’t have money, if you think Indian investors are running away, think again. There are some smart guys sitting out there, who think that this market is giving valuations,” he said.

Word of caution

Mr. Bhave, however, had a word of caution for retail and institutional investors. While he warned retail investors against borrowing for investing in equities and advised them to keep aside funds for emergency situations, he also cautioned institutional investors against overleveraging to levels that lead to systemic risks in the market.

“Where the system is getting overleveraged and the risk becomes too great for financial markets, we as regulators must intervene and tell them to bring it down,” he said.

Fiat way to tackle market slowdown


MUMBAI: In a bold move amid dipping car sales and all-around production cuts in the automobile industry, Fiat India has announced that it is launching two new models in India — the Linea sedan in December and Grande Punto in February 2009.

The company on Friday rolled out the Linea from the Ranjangaon plant near Pune in Maharashtra where commercial production was announced. The Ranjangaon facility was set up as a Rs. 4,000-crore, 50:50 joint venture between Fiat and Tata Motors and has a capacity to make two lakh cars three lakh powertrains (engines) annually. Linea is positioned in the C plus segment and is to be launched in the third week of December. Linea was first launched by Fiat in Istanbul, Turkey, in May 2007. Grande Punto, a hatchback, has been a top seller in Europe, clocking annual sales of around 3.50 lakh units.

Addressing the media, Fiat India Automobiles Chief Executive Officer Deepak Kapoor said “the best way to tackle a market slowdown is to launch attractive products. Linea is probably the best car in its segment and would certainly be accepted by Indian buyers.”

Fiat plans to step up exports of Palio, which is being made at Ranjangaon. According to Mr. Kapoor, “Exports of the 1.2 Palio petrol both AC and non-AC variants have commenced. The 1.2 Palio petrol is being exported to South Africa and the company will look at prospective right hand drive markets for export of other products. The products exported from the Ranjangaon plant will include versions of Palio, Linea and Grande Punto. FIAL also supplies automobile components to other Fiat facilities.”

Fiat was rolling out the car from a brand new platform and according to Mr. Kapoor, “Fiat is launching a car from its own manufacturing facility after 2001 when Palio was rolled out from the Kurla plant. The new car will help Fiat establish our brand in a new avatar.” The Kurla plant has since been shut down and disposed of. Tata Motors’ new version of the Indigo sedan will also be made at Ranjangaon. Linea will be sold with diesel (1.3 litre) and petrol (1.4 litre) engine options and with three versions each — Active, the basic model and Dynamic and Emotion being the higher end models.

The current level of localisation of Linea was around 55 per cent but this would rise to 90 per cent by December 2009, said Mr. Kapoor.