FDI in retail to safeguard international market mafias' interest: BJP

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NEW DELHI: India's main opposition Bharatiya Janata Party (BJP) today said retail reform is a step taken by the Congress led-federal government to safeguard the interests of the international market mafias at the cost of national interest.

BJP vice president Mukhtar Abbas Naqvi said on Saturday that voting inside the parliament would decide as to who is in favour of national interest and who is working for international interests.

"The government feels that their responsibility is to safeguard the interest of international market mafias instead of national interest and for saving the interest of international market mafias, the government is ready to compromise with national interests. Now, the parliament will decide as to who is in support of international market mafias and who are supporting national interests," said Naqvi.

The government's decision to allow foreign supermarket chains such as Wal-Mart had triggered protest not only from opposition parties but also from some of its allies.

BJP had sought debate on the issue of allowing Foreign Direct Investment (FDI) in the retail sector, under the rule that entails voting after discussions.

Meanwhile, Minister in the Prime Minister Office (PMO), V Narayanaswamy said the government would answer all the queries raised by the opposition parties in the parliament and will explain the benefits of allowing FDI in retail sector.

The lower house of parliament has set December 04 and 05 as the date to vote and debate on FDI. The dates for the upper house are yet to be decided.

Narayanaswamy said the government is confident of becoming victorious in the debate.

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Photos: Kilauea Lava Reaches the Sea

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Police: KC Chiefs Player Killed Girlfriend, Self

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Jovan Belcher, a linebacker for the Kansas City Chiefs, committed suicide today in front of his coaches and police officers outside the team's stadium, shortly after he fatally shot his girlfriend, police said.


"We heard that they had been arguing in the past [and] as far as recently, they'd been arguing before the shooting occurred this morning," Kansas City Police spokesman Darin Snapp told ABC News Radio.


The victim was identified Kasandra Perkins, 22. Snapp said the couple had lived together and had a 3-month-old daughter.


A woman first alerted police this morning that her daughter had been shot by her boyfriend, who was a Kansas City Chiefs player, Snapp said. Police initially believed the woman was Perkins' mother, but later learned she was Belcher's mother, who lived with the couple to help care for their daughter and according to family members felt extremely close to Perkins.


It is believed Belcher drove to Arrowhead Stadium shortly after the shooting and police were called.


"When the officers arrived, when they were pulling up, they actually observed a black male who had a gun to his head and he was talking to a couple of coaches out in the parking lot," Snapp said. "As officers pulled up, and began to park, that's when they heard the gunshot and it appears the individual took his own life."












Idaho Teacher Accused of Locking Boy, 5, in Dark Closet Watch Video





Snapp said the coaches told officers they didn't feel they were in any danger from Belcher.


"They said the player was actually thanking them for everything they'd done for him," he said. "They were just talking to him and he was thanking them and everything. That's when he walked away and shot himself."


Kansas City is scheduled to host the Carolina Panthers on Sunday, and the league has told the Panthers to go ahead with their travel plans because the game will be played as scheduled.


In a statement posted on their website, the Chiefs said they are "cooperating with authorities in their investigation" and did not mention Belcher by name.


The 6-foot-2, 228-pound linebacker joined the Kansas City Chiefs in 2009, and had spent all four seasons of his career with the team. He has played every in game since joining the team.


Originally from West Babylon, N.Y., where he was a three-time all-America wrestler in addition to playing on the football team, Belcher went undrafted out of the University of Maine, where he started all 45 games in which he played.


Maine Head Football Coach Jack Cosgrove described Jovan as a "tremendous student-athlete."


"His move to the NFL was in keeping with his dreams," Cosgrove said in a statement released by the university today. "This is an indescribably horrible tragedy. At this difficult time, our thoughts and prayers are with Jovan, Kasandra and their families."


Belcher signed with the Chiefs as a rookie free agent, started 15 of 16 games his second season and last year started all 16 games as left inside linebacker.


Belcher expressed gratitude for his NFL career in an article posted on Nov. 21 on the Chiefs' website that has since been taken down.


"First and foremost, God. Family and friends just keeping me focused, coaches and just everyone," he said.



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Euro pushes higher; yen falls after stimulus announced

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NEW YORK: The euro surged against the dollar Friday, topping the $1.30 level before giving back most of the ground to end only slightly higher.

At $1.2982 at around 2300 GMT, it was still the European currency's best level in five weeks, finishing up from $1.2978 late Thursday.

There was little news to provoke any firm moves, and analysts said the euro could move lower next week as the Greek bond buyback program opens and the European Central Bank sees more room from a lower inflation rate to ease monetary policy.

"With five major central bank interest rate decisions on the docket for the following week, the European Central Bank may have the largest impact on the currency market as headlines surrounding the debt crisis continue to drag on investor confidence," said David Song of DailyFX.

"As the EU prepares to release the details of the Greek bond buyback program, there's speculation that the ECB will provide further monetary assistance to alleviate the downside risks for the economy."

In addition, he added, with inflation on a trajectory to fall below 2.0 percent, "the central bank may show a greater willingness to lower the benchmark interest rate further."

The Japanese government's pre-election announcement of a new 880-billion-yen ($10.7 billion) stimulus package sent the yen lower.

The euro pushed to 107.07 yen from 106.58 yen, and the dollar gained to 82.48 yen from 82.10.

In other currencies, the dollar gained slightly to 0.9280 Swiss francs, and the British pound slipped to $1.6015, from $1.6043 Thursday.

-AFP/ac



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Around 40% states still have more than 5% as stamp duty

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NEW DELHI: The Comptroller and Auditor General's (CAG) audit into Centre's urban renewal programme - Jawaharlal Nehru National Urban Renewal Mission (JNNURM) -- has shown that 40% of states and Union Territories have failed to rationalize stamp duty to 5% for property registration. The defaulting states include Delhi, Haryana, West Bengal, Karnataka, Kerala and Chhattisgarh.

High stamp duty discourages property registration at actual or market value and thereby increases scope of black money in the realty sector.

As per JNNURM norms, stamp duty was to be brought down to 5% or less, including surcharges by local municipal bodies, during implementation of the programme. "It was expected that a reduction in the rate would help develop a healthy real estate market, by providing a boost to the economy, and reduce black money. It was expected that reduction in stamp duty rates would lead to an increase in revenue both for the states and urban local bodies," the report said.

The CAG found that out of 30 states/UTs selected for scrutiny, only 16, including Andhra Pradesh, Chandigarh, Gujarat, Maharashtra, Punjab, Uttar Pradesh and Rajasthan had either 5% or less as stamp duty.

The report mentioned that in the case of Uttarakhand, stamp duty was reduced to 5% for men and 3.5% for women. On the contrary, in Haryana, stamp duty is 7% (5% plus 2% as local body surcharge) for men and 5% for women, including 2% surcharge for local bodies

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Pictures: Bakken Shale Oil Boom Transforms North Dakota

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Photograph by Jim Urquhart, Reuters

His overalls caked in mud, roughneck Brian Waldner wrestles with pipe as North Dakota's new horizon unfolds around him. (Related: "Oil Train Revival: Booming North Dakota Relies on Rail to Deliver Its Crude")

North Dakota, once a sleepy backwater of the petroleum industry, this year surpassed Alaska as the number two oil producer in the United States. The gush of North Dakota crude has helped lift U.S. oil production to its highest level in 14 years, and has the United States on track to regain its spot as the world's top energy producer within five years. (Related: "U.S. to Overtake Saudi Arabia, Russia as World's Top Energy Producer")

It's all due to hydraulic fracturing, or fracking, a new combination of old technologies that has yielded astounding results. Using high-pressure water, sand, and chemicals, the energy industry has been able to force abundant oil and natural gas production from underground shale formations around the United States. (See interactive, "Breaking Fuel From Rock.")

Controversy abounds over fracking's impact on land, water, and air. But there's no question it has boosted energy resources and local economies. (See Special Report, "The Great Shale Gas Rush")

Nowhere is this more visible in North Dakota, which has the lowest unemployment rate in the United States (3.1 percent.)

As workers labored in October on this True Company rig outside Watford City, North Dakota set a new one-month record for issuance of drilling permits, 370, up tenfold from just five years ago. (Related: "Shale Oil Boom Takes Hold on the Plains")

—David LaGesse

This story is part of a special series that explores energy issues. For more, visit The Great Energy Challenge.

Published November 30, 2012

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3 Dead After Attack at Wyo. Community College

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Three people are dead after an attack at Casper College, a Wyoming community college, that may have involved a type of bow and arrow.


The college was shut down Friday morning after the attack.


"Emergency Alert: All classes and activities are cancelled today," read a message posted on the school's website.


Initial calls came in just after 9 a.m. reporting a "traumatic injury" on campus, according to a statement provided by local law enforcement to ABC News. Officers found "multiple victims" and the school was immediately placed on lockdown.






Alan Rogers/Casper Star-Tribune/AP Photo













Three people were found dead. One was a Casper College faculty member and another was a suspect who died of "apparent suicide," according to the statement.


The suspect, authorities said, "was not a current student at Casper College and the incident does not appear to be school motivated."


"There were no firearms involved in the crime," they said, "and the victim's injuries were caused by a sharp-edged weapon."


Police told Wyoming station KCWY that one of the victims was stabbed with a "bow-and-arrow-type" weapon.


The school of around 5,000 students is located in Casper, the state's second-largest city. It was founded in 1945, according to the school's website.


Calls to Casper Police Chief Chris Walsh and school spokesman Rich Fujita were not returned Friday afternoon.


The lockdown was later lifted. The school's website said campus travel was "now permitted" and that counselors were available at the school's Gateway Building.



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Euro benefits from US 'fiscal cliff' hopes

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NEW YORK: The euro rose against the dollar Thursday, boosted by hopes that US politicians will find a compromise to avoid the year-end "fiscal cliff" that could jolt the economy into recession.

With investors' appetite for risk whetted, the euro bought $1.2978 at 2200 GMT, up from $1.2939 at the same time Wednesday.

The European unit rose against the Japanese currency, to 106.58 yen from 106.14 yen late Wednesday.

The dollar edged up to 82.10 yen from 82.03 yen.

"Investors want to believe that the full brunt of the US fiscal cliff is going to be somehow averted," said CurrencyThoughts.com.

David Solin at Foreign Exchange Analytics noted that the euro had softened somewhat from earlier highs, citing "some mixed comments from US officials in regards to these negotiations on the fiscal cliff."

US Treasury Secretary Timothy Geithner met with congressional leaders of the Democratic and Republican parties seeking progress on a deal.

Republican speaker of the House of Representatives John Boehner said, after meeting with Geithner, there had been "no substantive progress" in averting drastic tax hikes and spending cuts that take effect in January.

Solin said the risk market remained quite strong as investors believed that lawmakers would forge a longer-term debt-reduction budget to avoid the fiscal cliff.

"It doesn't make a lot of sense to me, they might be underestimating" the situation, he added.

The European currency also found support from the European Commission approving a plan to restructure some of Spain's banks Wednesday, said Nick Bennenbroek at Wells Fargo Bank.

The EC cleared the restructuring of four Spanish banks -- Bankia, Novagalicia, CatalunyaCaixa and Banco de Valencia -- paving the way for Spain to receive 37 billion euros ($48 billion) in aid next month.

The dollar fell against the Swiss currency, fetching 0.9274 francs, compared with 0.9300 late Wednesday.

Meanwhile, the British pound rose to $1.6043 from $1.6013.

-AFP/ac



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CPM accuses Congress of allowing disruption in Parliament

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NEW DELHI: The CPM on Thursday accused the Congress of allowing disruption of both Houses of Parliament so that it could marshal the numbers in case of a vote on FDI in multi-brand retail. The Lok Sabha was disrupted for four days and Rajya Sabha for five consecutive days as the opposition, including the BJP and Left parties, demanded a discussion and vote on the issue.

"The government has agreed to a discussion in both Houses, but five days (in Rajya Sabha) need not have been lost," CPM MP Sitaram Yechury said.

About two weeks ago, Left leaders had announced that they would move notices under Rule 184 in Lok Sabha and Rule 167 in Rajya Sabha that involve voting after discussion on a matter. Yechury signed the notice in Rajya Sabha and his party colleague Basudeb Acharia sent the notice in Lok Sabha seeking the two Houses reject the government's decision to allow FDI in multi-brand retail.

In an editorial in the latest issue of the party mouthpiece People's Democracy, CPM said Congress allowed disruption of Parliament "to buy time in order to marshal a majority in case they are forced by the opposition to take a vote on the floor of the House" on FDI in multi-brand retail. The Congress-led UPA government has been reduced to a minority after Trinamool Congress withdrew support.

Though the government is quite sure of winning a vote on FDI in Lok Sabha, it is not so confident in Rajya Sabha. If the government wins the vote in one House but loses in the other, it can still go ahead with the decision to allow FDI in multi-brand retail as the opinion of the House is not binding on the government.

Constitutional expert Subhash Kashyap said, "There may be political embarrassment for the government depending on the language of the notice. But it would not have legal, constitutional or procedural consequences."

Yechury though said if the government has a conscience, it would call a joint session of Parliament as happened for the Prevention of Terrorism Act (POTA), 2002. POTA was defeated in Rajya Sabha but the then NDA government won in a joint session of Parliament.

The CPM also pointed out that amendments to Sections 47 and 48 of FEMA, 1999 to allow FDI in retail must be tabled in Parliament. Under the Constitution, neither the executive (government) nor the judiciary can make or amend laws.

"The sole authority for making laws, or, amending existing laws, is the Parliament. Thus, the decision to permit FDI in retail trade can only be taken by the legislature (Parliament) and the authority to do so is beyond the mandate of the executive as decreed by our Constitution," the CPM said in its mouthpiece.

The party believes the government was forced to follow rules and amended the FEMA regulations under pressure from the Supreme Court. The CPM hoped if the due process of law was not followed, then the SC "will surely invoke its constitutional authority of judicial review".

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Pictures: Inside the World's Most Powerful Laser

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Photograph courtesy Damien Jemison, LLNL

Looking like a portal to a science fiction movie, preamplifiers line a corridor at the U.S. Lawrence Livermore National Laboratory's National Ignition Facility (NIF).

Preamplifiers work by increasing the energy of laser beams—up to ten billion times—before these beams reach the facility's target chamber.

The project's lasers are tackling "one of physics' grand challenges"—igniting hydrogen fusion fuel in the laboratory, according to the NIF website. Nuclear fusion—the merging of the nuclei of two atoms of, say, hydrogen—can result in a tremendous amount of excess energy. Nuclear fission, by contrast, involves the splitting of atoms.

This July, California-based NIF made history by combining 192 laser beams into a record-breaking laser shot that packed over 500 trillion watts of peak power-a thousand times more power than the entire United States uses at any given instant.

"This was a quantum leap for laser technology around the world," NIF director Ed Moses said in September. But some critics of the $5 billion project wonder why the laser has yet to ignite a fusion chain reaction after three-and-a-half years in operation. Supporters counter that such groundbreaking science simply can't be rushed.

(Related: "Fusion Power a Step Closer After Giant Laser Blast.")

—Brian Handwerk

Published November 29, 2012

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