Thursday, June 30, 2011
'Jersey Shore' Fight May Have Been Staged, Sock Continuity Suggests
Ishant claims six wickets, gives India lead
Wimbledon fever rises for men`s semi-finals
London: Wimbledon`s Centre Court will be packed to the rafters later Friday when defending champion Rafa Nadal takes on local hope Andy Murray in their eagerly-awaited Wimbledon semi-final.
Second-seeded Serb Novak Djokovic battles France`s Jo-Wilfried Tsonga in the first last-four clash with the Serb extra wary after the number 12 seed upset six-times champion Roger Federer in the quarter-finals.
Empty seats and some poor quality tennis marred Thursday`s women`s semi-finals but the second men`s encounter will certainly capture the public`s imagination at the grasscourt grand slam in southwest London.
Fourth seed Murray is bidding to be the first British man in 75 years to win Wimbledon and the home fans will be roaring on the 24-year-old in a repeat of the semi-final he lost last year.
Spain`s top seed Nadal, nursing a minor foot injury, also beat the Scot at the same stage of this year`s French Open.
The world’s craziest basketball court is in Munich
There is a basketball court in Germany that is about to blow your mind.
We're not sure, outside of displaying one's artistic integrity, why someone would choose to make a 3D-styled basketball court featuring lumps and lamps and all sorts of weirdness, but we do appreciate the results. Because it gives us an excuse to wonder what it would be like to play basketball on a court like this:
Whoa, man. Here's a description of the court:
Mao did it all wrong, believe China’s Communists
In fact, as it celebrates its 90th anniversary, the party says Mao's ways resulted in "chaos in entire society" and it was a policy crafted out of the lessons learnt from his failures that have put China on a path to economic glory.
"Mao did it all wrong because he tried to develop the economy in a revolutionary way," Xie Chuntao (Xie), vice director of the Party History Department at the Party School of the CPC Central Committee told state-run Global Times.
Xie said "Mao told his colleagues in Yan'an (his home province) that the Party must let the masses to supervise the government. He then began his way of implementing democracy, which resulted in chaos throughout the entire society".
The CPC, which had its ups and downs in its 62-year uninterrupted rule of China, will turn 90 on July 01 and the party is currently carrying out a massive campaign to revitalise itself by recreating its past spirit.
Xie said the liberalised atmosphere brought in by Deng has made CPC take decisions with objective reality.
"As Deng once said, the system is the most decisive factor. The bad have nowhere to hide in a working system and the good may turn bad when in a rotten system.”
"Democracy, without surrendering to the whims of individuals, has to be implemented systematically within the frame of the law," he said.
PTI
Osama’s security at Abbottabad was 'phenomenal'
Virtually giving a clean chit to Pakistan's authorities, John Brennan, assistant to the US President for Homeland Security and Counterterrorism, said in his speech at the Paul Nitze School of Advanced International Studies that the al Qaeda chief maintained high level security and secrecy at his hideout.
"He (bin Laden) was there for six years. To our knowledge, he never left that compound once he got there. The people that were out of the compounds were, most of them never left either. You have a couple of folks who basically served as his interlocutors with the outside world and provided the type of support that he needed," he said.
"So this is something that I don't know how many people in al Qaeda, in the senior leadership ranks, knew exactly where bin Laden was. But he is someone who knew that if he... let it be known of his whereabouts... his days were going to be numbered. I think he was -- he became, then, confident and relaxed in Abbottabad. I think he was totally taken by surprise when our brave SEALs confronted him that night," Brennan said.
Brennan said the Pakistani leadership too was taken "totally unawares" by the fact that bin Laden was found in a compound in Abbottabad, close to a military academy and not too far from the nation's capital.
"They are trying to figure out why, in fact, he was able to be there for six years. That's not to say that there aren't elements somewhere within the Pakistani broad establishment that were knowledgeable, provided assistance. But you know, looking at that situation, bin Laden and the people at that compound practiced absolutely phenomenal OPSEC (operations security)," Brennan responded to a question. The al Qaeda chief was killed in a secret US raid on his compound in Abbottabad on May 02.
"So again, I have not seen anything (evidence of top Pak leadership knowing about it). This is one of the big questions that we had right away and we raised it at the senior-most levels of the Pakistani government. They tried to figure out the same thing: you know, what gives. But, you know, Pakistan is a large country," he said.
Calling Abbottabad as one of the lessons learned for Pakistan, he said there have been individuals in the past from al Qaeda that have used Abbottabad as a transit point from Islamabad into Waziristan.
Brennan also said that information seized from bin Laden's hideout revealed that he was concerned about the al Qaeda's long-term viability.
"He called for more large-scale attacks against America, but encountered resistance from his followers and he went for years without seeing any spectacular attacks. He saw his senior leaders being taken down, one by one, and worried about the ability to replace them effectively," he said.
According to a White House fact sheet, bin Laden saw that al Qaeda is losing the larger battle for hearts and minds as it had murdered many innocent civilians, most of them Muslims, permanently tarnishing its image.
PTI
World's longest bridge opened to public in China
ICC bans politicians in national cricket boards
Turtles crossing runway cause NY flight delays
The reptiles were trying to get to the other side of the runway to lay eggs on the sandy shores of the Jamaica Bay Wildlife Refuge, which borders the airport.
"Flight delays attributed to turtles were minor, about 15 minutes or so," he said.
Naturalists said the 185-acre Jamaica Bay may be the diamondback's most popular breeding ground in North America.
"It happens every year at about this time. It's the great migration, and this is the peak of the season," he said.
Flights were rerouted to another runway, as waves of turtles pressed on with their march to the bay.
"At one point, we decided to heed Mother Nature and use other runways. This is not impacting flights," Marsico said.
Pakistan ends US use of base for drone attacks
Pakistan has long publicly opposed the missile attacks as a violation of its sovereignty, but has in private given support including intelligence to help target members of al Qaeda and the Taliban in the northwest region along the Afghan border.
The Financial Times quoted Defence Minister Ahmed Mukhtar as saying that Pakistan had ended US drone flights out of Shamsi base in the southwestern province of Baluchistan, long reported to have been used for the covert war against militants.
Ties between the countries, strained since the killing of two Pakistanis by a CIA agent in January, suffered a further setback after US SEALs killed al Qaeda leader Osama bin Laden in a secret raid last month that Pakistani officials said further breached its sovereignty.
Pakistan's Army has drastically cut down the number of US troops allowed in the country and set clear limits on intelligence sharing with the United States, reflecting its anger over what it sees as continuing US interference in its affairs.
Washington had been asked to remove all its infrastructure from the Shamsi air base, the Financial Times cited an unidentified Pakistan official as saying. The official, though, said no drone flights had taken off from the base since 2009.
Since US President Barack Obama took office, drone strikes have been stepped up, focused on the Waziristan region in northwest Pakistan, a hub for militants from around the world.
These attacks have further intensified since bin Laden's killing which reinforced suspicion in the United States that elements of Pakistan's security establishment may have helped hide him.
Zuckerberg now richer than Google founders
Wednesday, June 29, 2011
Quentin Tarantino’s sexapade with an Indian woman!
The news spread like wild fire through social networking sites when the girl graphically illustrated the incident and mailed it to her fifteen friends, narrating how she made out with one of Hollywood’s greatest filmmaker.
Apparently, Beejoli had gone out partying with her friends when she met Quentin Tarantino. Incidentally, QT not only poured her a drink, he also publicly made out with her.
According to the girl, Quentin Tarantino asked her if he could jerk off while sucking her toe! A shocked Beejoli then goes on to describe the ‘weirdest’ ten minutes of her life. She wrote: “And thus began the weirdest ten minutes of my life - having my feet made out with by an Oscar winning filmmaker while he pleasured himself. No bodily secretions were ejected anywhere near me or my feet, and just as I hoped, we went to bed right after.”
After enjoying together, the duo went off to bed and the next morning, Tarantino dropped the girl to her home.
With the news of Tarantino making out with an Indian girl making headlines, no reaction has come from the filmmaker about his alleged encounter with Beejoli.
Google unveils social network to challenge Facebook
New York, June 29 (IANS) Google Tuesday unveiled its new social networking service to take on Facebook.
The Internet search engine introduced Google+ social network for what it called 'real-life sharing.' To be available first by invitation only, Google said its social network will meet the most basic human needs to connect with others.
Aiming to take advantage of flaws in networking on Facebook, Google said, 'Today, the connections between people increasingly happen online. Yet the subtlety and substance of real-world interactions are lost in the rigidness of our online tools. In this basic, human way, online sharing is awkward. Even broken. And we aim to fix it.''
Google said, 'We'd like to bring the nuance and richness of real-life sharing to software. We want to make Google better by including you, your relationships, and your interests. And so begins the Google+ project.''
It would offer options of networking, including 'Circles' interface for adding friends and sharing 'what matters, with the people who matter most' and 'Hangouts' interface for group video chat.
'The debut of Google+ will test whether Google can overcome its past flops in social networking, like Buzz and Orkut, and deal with one of the most pressing challenges facing the company,'' said the New York Times.
'At stake is Google's status as the most popular entry point to the Web. When people post on Facebook, which is mostly off-limits to search engines, Google loses valuable information that could benefit its Web search, advertising and other products.''
But Google+ might be already too late, the paper said.
'In May, 180 million people visited Google sites, including YouTube, versus 157.2 million on Facebook, according to comScore. But Facebook users looked at 103 billion pages and spent an average of 375 minutes on the site, while Google users viewed 46.3 billion pages and spent 231 minutes.
'Advertisers pay close attention to those numbers, and to the fact that people increasingly turn to Facebook and other social sites like Twitter to ask questions they used to ask Google, like a recommendation for a restaurant or doctor, because they want more personalized answers,'' the New York Times said.
Wrong replay shown to give Dhoni out
Sharapova, Azarenka close on noisy final
London: Maria Sharapova and Victoria Azarenka will ratchet up the decibel levels later on Thursday when two of the loudest women players on tour look to win their Wimbledon last-four encounters and set up a noisy final.
Fourth seed Azarenka of Belarus, whose wailing during matches has upset the All England club, meets Czech Petra Kvitova in the first semi on Centre Court.
Sharapova, the favourite as former champion despite being a seed lower than Azarenka, will grunt her way through against Sabine Lisicki knowing the German wildcard has already knocked out French Open champion Li Na and the fiery Marion Bartoli.
The 2004 winner has not dropped a set all tournament, though, and it will take another Herculean effort from Lisicki to deny the Russian.
Bureau Report
US committed to nuclear deal, no threat to clean waiver: Pranab
Tuesday, June 28, 2011
Tomic is an ‘incredible talent,’ says Djokovic
London: World number two Novak Djokovic has hailed Bernard Tomic and described him as am ‘incredible talent’.
Tomic has been the one of the most impressive players at the Wimbledon. He is the first player to have confirmed his place in the quarterfinals, a daily reports.
“I am looking forward to the next challenge. It is going to be a tough match because Bernard is an incredible talent with incredible potential,” Djokovic was quoted as saying.
Tomic will face Djokovic in the quarterfinals. Second seed Djokovic, is the most successful male player this season with 47 wins from 48 matches.
“He is showing it now. He is going to be a top player. He is beating some good players already, so I`m looking forward to playing him,” he added.
The 18-year-old Tomic cruised into the last eight of the Wimbledon with a breathtaking 6-1, 7-5, 6-4 win over world No. 42 Xavier Malisse.
Only Boris Becker, John McEnroe and Bjorn Borg have made the last eight at a younger age than Tomic’s.
Earlier, Former tennis star Boris Becker and Wimbledon hero Roger Federer had praised Tomic and tipped him as a star in the making.
Militants sexually abuse kidnapped kids in Pak
The 2011 Trafficking in Persons Report says that in Pakistan, “non-state militant groups kidnap children or coerce parents with fraudulent promises into giving away children as young as 12 to spy, fight, or die as suicide bombers in Pakistan and Afghanistan”.
“The militants often sexually and physically abuse the children and use psychological coercion to convince the children that the acts they commit are justified,” the report adds.
The Asian Development Bank estimates that 1.8 million Pakistanis – one percent of the population – are bonded labourers.
There are reports of child sex trafficking between Iran and Pakistan, says the State Department’s report, adding that Pakistani girls and women also are sold into forced marriages - in some cases their new “husbands” move them across Pakistani borders and force them into prostitution.
News organisations, NGOs, and international organisations reported that the 2010 floods contributed to increased trafficking in Pakistan.
The report has placed Pakistan among Tier 2 countries - those nations whose governments do not fully comply with the Trafficking and Violence Protection Act’s minimum standards but are making significant efforts to bring themselves into compliance with those standards.
According to the report, the Pakistan Government continued its programs to prevent and combat bonded labour, but did not criminally convict any bonded labour offenders or officials who facilitated trafficking in persons, the report points out.
“The government continued to lack adequate procedures to identify trafficking victims among vulnerable populations and adequate protection for these victims,” it added.
'South China Sea disputes could cause war in Asia’
Justin Bieber's Pal President Obama Introduces Him To 9/11 Teens
ICC allows 14 teams for 2015 World Cup
China's 300 kmph Beijing-Shanghai bullet train
A train carrying government officials, managers of the companies that built the line and reporters left Beijing for the 1,318-kilometer (824-mile) trip. It was due to take about five hours, or half the time of conventional rail.
The communist government is building thousands of miles (kilometers) of high-speed rail to link together China's far-flung regions and show off its rising wealth and technological prowess.
The multibillion-dollar plan has provoked complaints that it is too expensive for a country where millions of people still live in poverty. The government announced in April the top speed of the fastest lines would be reduced from 350 kph (220 mph) to 300 kph (190 mph) and ticket prices would be cut.
Official plans call for the network to expand to 8,000 miles (13,000 kilometers) of track this year and 10,000 miles (16,000 kilometers) by 2020.
China's trains are based on Japanese, French and German technology but its manufacturers are trying to sell to Latin America and the Middle East. That has prompted complaints Beijing is violating the spirit of licenses with foreign providers by reselling technology that was meant to be used only inChina.
Monday's test run comes ahead of celebrations of the 90th anniversary of the founding of the Communist Party on July 1.
In a statement, the Ministry of Railways said it made extensive preparations for safety and security. They include plans for daily inspections of tracks and other facilities and an earthquake monitoring system.
The Beijing-Shanghai line crosses seven provinces that include some of China's most densely populated and economically developed areas.
The railway ministry says the line will run 63 pairs of trains a day at 300 kph (190 mph) and 27 at 250 kph (155 mph). Ticket prices range from 1,750 yuan ($269) for a business class seat on the fastest train to 410 yuan ($63) for second-class on slower trains.
The multibillion-dollar plan has provoked complaints that it is too expensive for a country where millions of people still live in poverty. The government announced in April the top speed of the fastest lines would be reduced from 350 kph (220 mph) to 300 kph (190 mph) and ticket prices would be cut.
Official plans call for the network to expand to 8,000 miles (13,000 kilometers) of track this year and 10,000 miles (16,000 kilometers) by 2020.
China's trains are based on Japanese, French and German technology but its manufacturers are trying to sell to Latin America and the Middle East. That has prompted complaints Beijing is violating the spirit of licenses with foreign providers by reselling technology that was meant to be used only inChina.
Monday's test run comes ahead of celebrations of the 90th anniversary of the founding of the Communist Party on July 1.
In a statement, the Ministry of Railways said it made extensive preparations for safety and security. They include plans for daily inspections of tracks and other facilities and an earthquake monitoring system.
The Beijing-Shanghai line crosses seven provinces that include some of China's most densely populated and economically developed areas.
The railway ministry says the line will run 63 pairs of trains a day at 300 kph (190 mph) and 27 at 250 kph (155 mph). Ticket prices range from 1,750 yuan ($269) for a business class seat on the fastest train to 410 yuan ($63) for second-class on slower trains.
Toyota Etios LIVA Launched
Toyota Etios LIVA Launched
Paes, Bhupathi advance in mixed doubles
Bhupathi and his Russian partner Elena Vesnina, seeded fourth, beat Australians Stephen Huss and Anastasia Rodionova 6-2, 7-6 (3), while 14th seeds Paes and Zimbabwe's Cara Black got the better of the Dutch-Polish team of Rogier Wassen and Alicja Rosolska 6-1, 6-4.
Bhupathi and Vesnina will now be facing an American-Belarussian combination of Eric Butorac and Olga Govortsova.
On the other hand, Paes and Black will be up against the winners of the second-round match between the third seeded Serbian-Slovak pair of Nenad Zimonjic and Katarina Srebotnik and local favourites Ross Hutchins and Heather Watson.
PTI
Munaf fit for Barbados Test: Report
New Delhi: Ending uncertainty over his participation in the all-important second Test at Barbados, Indian team management has been learnt to have declared paceman Munaf Patel fit to play the Barbados Test which starts from Tuesday.
Patel’s recovery is good news for India as they would, in all likelihood, go into the match with a three-pronged pace attack on a pitch that is expected to provide a lot of assistance to the faster bowlers.
This means India would leave leg-spinner Amit Mishra out of the Test despite his satisfactory performance in Jamaica.
Mishra’s exclusion is seen more to do with the pacy Bridgtown pitch than his performance in the series so far.
India has not won a single Test match in the last 58 years in Barbados where the hosts have always bounced India out.
Ishant Sharma and Praveen Kumar will be two other medium pacers while Habrhajan Singh will be the lone spinner.
We have nothing to hide, says Sathya Sai Trust
Rejecting allegations of any wrongdoing with regards to the Rs 35 lakh – allegedly Trust’s money -seized by the police, Srinivasan said, “The fact of the matter is that the trustees had taken a decision that a Samadhi be erected for Bhagwan Baba within the Sai Kulwant Hall. Several offers by devotees were received by Trust to carry out the work. Following which the trust decided that it will not do it directly but permit it to be carried out by devotees under its supervision.”
Srinivasan said that the Rs 35 lakh in question was donated by the devotees for the construction of the Samadhi.
“It was decided to call the project consultant to procure materials (for the construction of Samadhi). Accordingly, the money was handed over to the consultant in Prashanti Nilayam on June 18. The car was stopped by the police and the fund seized and it is under investigation.”
“The consultant has filed a report with the police saying that the money was meant for the Samadhi work. The donors have also filed an affidavit saying that the money was given to Trust member RJ Ratnakar for the Samadhi. The funds were not seized from any vehicle of the Trust or the trustees. All information sought by the police has been given,” Srinivasan said, adding, “The Trust reiterates that there is no loss to it.”
The senior trustee also revealed that a board of management has been constituted to take care of day-to-day functioning of the institutions controlled by the Trust.
“The three member board of management has been given necessary powers for operating bank accounts. All financial instruments have to be signed by any two of three members,” he said.
Assuring the concerned devotees of Sathya Sai Baba, he added that all financial members are being met as they arise. “Salaries of staff of university, hospitals, schools are paid on due date.”
“All statutory returns have been submitted before the due date. Donations received are being credited to the bank accounts and receipts given,” he pointed out.
With regards to the money and valuables recovered from Sathya Sai’s personal chamber, Srinivasan said, “Yajur Mandir, housing the private chambers of Bhagwan Baba was opened on June 16 in presence of trustees, management and independent witnesses. Detailed inventory of cash and valuables was taken and proceeding duly recordings and signed.”
“All cash has been duly deposited in bank accounts. Valuables have been sealed and deposited with State Bank of India,” he added.
The board, without being demanded by the income tax department, has paid Rs 9.75 crore as income tax on the value of inventory, Srinivasan pointed out.
Libya rejects ICC arrest warrant for Gaddafi
"Libya ... does not accept the decisions of the ICC which is a tool of the Western world to prosecute leaders in the Third World," Justice Minister Mohammed al-Qamoodi told a news conference in Tripoli.
"The leader of the revolution and his son do not hold any official position in the Libyan government and therefore they have no connection to the claims of the ICC against them," Qamoodi added.
The Hague-based court approved warrants for Gaddafi, his son Saif al-Islam and Libyan intelligence chief Abdullah al-Senussi on charges of crimes against humanity. Prosecutors allege they were involved in the killing of civilian protesters who rose up in February against Gaddafi's 41-year rule.
Presiding judge Sanji Mmasenono Monageng said Gaddafi and his son were accused of having "conceived and orchestrated a plan to deter and quell by all means the civilian demonstrations" against the regime. Senussi was accused of having attacks carried out.
While the ruling is unlikely to lead to Gaddafi's arrest as long he remains in power and inside Libya, it was welcomed by the Libyan rebels and their NATO backers as a sign that Gaddafi had no legitimacy to rule.
Who will rule Russia – Putin or Medvedev?
“Russia’s next President will be selected by Russia’s last President.”
The joke is doing the rounds in Moscow’s chattering classes, who are spending quite a bit of their time guessing who will contest for Russia’s presidentship next year.
Vladamir Putin, who was President for eight years and is now Prime Minister, or Dmitry Medvedev who is President until 2012.
Under the post-Soviet Russia, a President can serve no more than two terms of 4 years each. Putin led Russia for eight years and got his friend installed as President at the end of his eights year in office. The Constitution has been amended meanwhile to enhance the Presidential term to six years at a time. This means that the next President will rule Russia for six years – and with greater certainty and self-assurance than at present.
Ask an ordinary man as to who will be the next President, the answer will be: Vladmir Putin who during his years in power re-established Russia’s confidence in itself after Boris Yeltsin’s wasted time after the collapse of the Soviet Union.
The joke that the previous President will decide who will be next President actually speaks about the ground realities.
Both Vladamir Putin and Dmitry Medevedev are long-time friends from St. Petersburg. Medvedev became President because of Putin’s support. No one has spoken about any differences between the two leaders, except where Russia officially did not condemn western intervention in Libya, but Putin compared it to medieval crusades. A public statement issued at President Medvedev’s instance undid western misgivings on this account.
Also significant is a statement by the ruling party – United Russia – that no decision had been taken on who will be its candidate for next year’s election This was after Medvedev’s remarks which led to the speculation about his candidature.
Medvedev has during three years of Presidency gently pushed economic reforms. He is said to be more liberal of the two leaders., hence more popular with the western media.
But most people in Moscow think that Russia still needs Putin at the Kremlin because he restored Russia’s pride and confidence. Putin also enjoys the support of the oligarchs who have controlled Russian economy after the collapse of the Soviet Union and the state-run economy.
Ultimately, the candidate for President will be selected by the Kremlin establishment which takes major decisions affecting the Russian State. Putin has been the candidate of this establishment. He is also a favourite of the oligarchs who wield considerable influence in Moscow.
Putin will be the option if the Kremlin establishment – which is not known to take public positions – in case it wants a strong Presidency during the next six years. It could be Dmitry Medvedev, in case it wants economic liberalization and a more pliable presidency.
In case of serious differences in the Kremlin establishment on who is to govern Russia, it can also choose a dark horse.
The question who rules Russia is important not only for the Russians, but also for the rest of the world. At stake are the major issues relating to the resetting of the ties between Russia on one side and the US and Nato on the other.
China also will be interested to know who will be the next President in Moscow because during last few years relationship between Russia and China has become very close. The western powers are still to figure out its ramification of the growing friendship between China and Russia.
Both Vladamir Putin and Dmitry Medvedev have been good friends of India which will be studying what kind of foreign policy Moscow evolves about the US, China, West Asia and nearer home on Central Asia and Afghanistan. The world as such will be wanting to know which side Russia will turn during the next ten years or so.
Joshi to table 2G report before PAC today
Joshi had earlier stated that the 2G spectrum scam report, that was returned by Speaker Meira Kumar as it had not been adopted and passed by members of the outgoing PAC, will be tabled in the next meeting of the panel.
"The new PAC will decide what should be done with the report," Joshi had told reporters on June 17.
Congress members in the new PAC have already indicated that they would not allow the new panel to take up the 2G spectrum allocation scam as a JPC is already looking into it.
A UPA member of the new PAC said that the tabling of the controversial 2G report is not listed in tomorrow's agenda which has among others, a draft report on accelerated rural water supply programme based on a CAG report of 2008, and a few other draft reports for consideration and adoption.
Sources said the revelations made in a CAG draft report, 'leaked' to the media, on alleged favours to Reliance Industries in the KG Basin may also figure in the PAC meeting.
"The PAC can take suo moto cognisance of the issue like it did in the 2G scam case instead of waiting for the CAG report to be sent to the panel," a PAC member said.
The CAG report has alleged that between 2004-06, the Petroleum Ministry circumvented rules to allow Mukesh Ambani's Reliance Industries Limited (RIL) to benefit at the cost of government's own financial stake in development of K G Basin.
Priyanka to replace Aishwarya in ‘Heroine’?
Speaking to a daily, a source revealed, “Priyanka thinks it`s a role of a lifetime. She has worked with Madhur in ‘Fashion’ and they share a great equation.
When she got the news, PC was one of the first to send him a SMS implying her willingness to work in the film. She was even cool with smoking, drinking and the intimate scenes. She has advised him against scrapping the film.”
Looks like Aishwarya’s decision to start a family will benefit Priyanka as well!
Vedanta takes 10% stake in Cairn India, rejigs deal
As part of changes announced on Monday, the deal will complete in two tranches, with Vedanta buying an initial 10 percent stake by July 11.
This will add to shares bought through an open offer and from Malaysian group Petronas, lifting Vedanta's stake in Cairn India to 28.5 percent, with Cairn remaining the majority shareholder.
Vedanta, which will become a fully fledged diversified miner once it secures a slice of India's oil reserves, will acquire the remaining 30 percent stake it has agreed to buy once it has necessary consents from India.
Vedanta and Cairn said they had agreed to remove a non-compete provision and a related fee of 50 rupees per share, cutting the price tag for the total 40 percent stake being sold to USD 6.02 billion from USD 6.65 billion.
While neither Cairn nor Vedanta gave reasons for the changes to the drawn-out deal, analysts said the changes could be linked to an expected decision on royalty payments which would alter the financials of the deal.
Cairn Energy agreed last August to sell a majority stake in Cairn India to Vedanta, but completion has been held up over issues with state-run oil and gas explorer ONGC which has a 30-percent holding in the Cairn-operated fields in western India but pays 100 percent of the royalties.
India's oil ministry has been pushing to share the royalty burden between ONGC and Cairn India, a move opposed by both Cairn and Vedanta.
The government has yet to give its long-awaited verdict on the deal and specifically on the key issue of royalties. An Indian ministerial panel said in May it would refer the deal back to the cabinet, but did not disclose its recommendation, which it said was "unanimous".
A government source told the panel would recommend the operators of Cairn Energy's key Indian oil field share the royalty burden in proportion to their stake in the project.
"Vedanta believes this initial 10 percent purchase is a further demonstration of its commitment to India," chairman Anil Agarwal said.