MK hardens stand, warns of quitting UPA over Lanka

March 18, 2013

MK_hardens

Chennai/ New Delhi, Mar 18: Hardening his stance against the Centre over the Sri Lankan Tamils issue, DMK president M Karunanidhi on Sunday went a step ahead, warning that the party will pull out altogether from the ruling UPA if the government failed to move amendments to the US-sponsored resolution on the issue at the United Nations Human Rights Council (UNHRC).

The US?is likely to table the draft resolution on Tuesday and voting may take place on Thursday or Friday.

Karunanidhi said India should indict Sri Lanka for the “genocide against the Tamil people there”. Dashing off an urgent letter to Prime Minister Manmohan Singh, copies of which were released at a press conference, he said with just a few more days left before the US resolution against Sri Lanka came up for discussion at the ongoing UNHRC meeting in Geneva, India should take the lead to incorporate key changes in it.

New Delhi, however, is unlikely to lend its voice to the clamour for an “international” probe at the UNHRC next week, though it may support the call for “credible” and “independent” investigation into the alleged war crimes in the island nation. It is likely to support the US-sponsored resolution on Sri Lanka, but is understood to be keen to ensure that it remains “non-intrusive”. Notwithstanding pressure from ally DMK, the government is unlikely to support any move that infringes on the sovereignty of Sri Lanka.

External Affairs Minister Salman Khurshid on Sunday said the government would consult the DMK before deciding on its stand.

Karunanidhi said he had written to the prime minister “with immense mental agony and feeling of having been let down by the Government of India” and urged the Centre to take immediate steps to make critical changes to the US?draft resolution before the UNHRC.

The changes should include the citing that the Sri Lankan Army had “committed genocide and war crimes” against the Tamils there, and the need for a “credible, independent, International Commission of Investigation in a time-bound manner” to enable to punish the guilty.

Significantly, Union Finance Minister P Chidambaram had hoped at a rally in Karaikudi on Saturday evening that India would vote against the island nation at the UNHRC, which possibly included a demand for an independent and international probe into the human rights violation by Sri Lanka. The senior Congress leader from Tamil Nadu had also counselled patience to one and all, including political parties and agitating students in the state till March 22.

Karunanidhi, however, did not seem convinced. “ We want the Centre to get more serious about this issue and hence our repeated reminders to them seeking those changes in the US?resolution,” he contended. Even if the US did not agree to the amendments, India’s failure to even propose such changes will amount to inflicting “severe injustice on the Sri Lankan Tamils,” the DMK chief reasoned.

“We are repeatedly knocking at the Centre’s doors, emphasising these modifications in the resolution; if no response is forthcoming, we have no option but to conclude that they (Centre) are not coming forward to secure justice for the suffering Tamils in Sri Lanka,” Karunanidhi told reporters.

“If they (Centre) do not accept our demand for the above changes in the US resolution, then it is certain that we (DMK) will not continue in the Congress-led UPA alliance,” Karunanidhi asserted. He hinted that his party was not wavering on the issue now, as it did in the past after having given similar ultimatums since 2008.

Meanwhile, students’ protests and fasts continued for the seventh day in different parts of Tamil Nadu on Sunday. A joint struggle committee of students fighting for the “cause of the Eelam Tamils” have also planned to picket Raj Bhavan in Chennai on Monday.

In Theni district down south, hundreds of plantation workers also joined the protest-fasts on Sunday. The World Thamil Organisation registered in the US, also hailed the stir in Tamil Nadu.

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May 18,2020

New Delhi, May 18: Very severe cyclonic storm ‘Amphan’, over central parts of South Bay of Bengal, has intensified into extremely severe cyclonic storm, the India Meteorological Department (IMD) said on Monday. The weather department has warned that ‘Amphan’ may turn into a “super cyclonic storm’.

According to experts, North Odisha coast will face the maximum impact of cyclone Amphan when it makes landfall.

“Wind speed expected to be 110-120 kmph, gusting up to 130 kmph. Balasore, Bhadrak, Jajpur, Mayurbhanj dist can be affected on 20 May (when it makes landfall), IMD Bhubaneswar scientist Umashankar Das told news agency ANI.

The IMD has said that ‘Amphan’ will cross West Bengal - Bangladesh coasts between Digha (WB) and Hatiya island - in the afternoon/evening of May 20 as very severe cyclonic storm.

Earlier, the IMD had warned that ‘Amphan’, over central parts of South Bay of Bengal, will intensify into an extremely severe cyclonic storm on Monday.

“Very Severe Cyclonic Storm (VSCS) ‘AMPHAN’ over central parts of South Bay of Bengal near latitude 12.5°N and longitude 86.4°E, about 870 km nearly south of Paradip (Odisha). To intensify further into an Extremely Severe Cyclonic Storm (ESCS) in the next six hours,” the IMD said in a tweet on Monday.

National Disaster Response Force (NDRF) has sent its 10 teams to Odisha and seven teams to West Bengal in view of the approaching Cyclone Amphan, news agency reported.

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Agencies
June 28,2020

New Delhi, Jun 28: With 19,906 new cases, highest single-day spike so far, India's COVID-19 count touched 5,28,859 including 2,03,051 active cases, 3,09,713 cured/discharged/migrated, according to the Ministry of Health & Family Welfare.

410 deaths were reported in the last 24 hours and the cumulative toll reached 16,095 deaths.

Coronavirus cases in Maharashtra have climbed to 1,59,133 while Delhi's tally stands at 80,188.

2,31,095 samples were tested yesterday and the total number of samples tested up to 27 June is 82,27,802, according to the Indian Council of Medical Research (ICMR).

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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