Iraq Trade Minister seeks Indian investments

MUMBAI: Stating that his country is the new investment destination for the world in the West Asia region, Iraq’s Trade Minister Dr Kheer Allah Hassan Babkr on Wednesday called upon the Indian industry to invest in diverse sectors of that country. “We are in the process of renovating our country. We are in need of everything and we have the money to pay for it. No matter what your sector, we can do business with you,” he said. Dr Babkr, who is leading a business and political delegation from Iraq, visited India’s business capital to interact with the captains of the Indian industry in an exclusive session titled ‘India- Iraq: Unlimited Business Opportunities’, organised by the Confederation of Indian Industry (CII). He further said “The new government’s focus today is on strengthening economic evolution, enhancing standard of living and reinforcing governance and security in the country. To do this we are looking for business and expertise in a host of industry. Today, because of its huge economic potential, Iraq is the new investment destination for the world in the region. And with the world’s third largest proven oil reserves, we have the money to pay for our own rehabilitation.” He called upon Indian industry to have bilateral protocols as per their choice, either directly with the private companies or with Iraqi state companies. “There is no need for government intervention in these,” the Iraqi minister added. He invited the Indian industry to participate in the Baghdad International Fair so that their process of identifying opportunities in that country is eased up. Dr Sami Araji, chairman of National Investment Commission of Iraq, outlined the sectors in which investment is being sought in the country. “We have 10 economic sectors in Iraq each with huge business and investment opportunities. Agriculture, electricity, health, industry and minerals, pharmaceuticals, chemicals and petrochemicals, oil and gas, education, infrastructure and telecommunication,” he said while giving details of the exact investments they are seeking in these. “Currently there are 80 private and 208 state-owned hospitals and 2000 clinics. We immediately need 32 general and specialised hospitals and 2,140 clinics in the country. We need three billion housing units till 2019 and are giving incentives and tax exemptions for these. From six million barrels per day, we want to increase our oil production to 12 million barrels by 2017 and hope to be competing with Saudi Arabia for that. There’s need to newly build or rebuilt seven airports. Five thousand schools need rebuilding and 3,000 new schools need to be made immediately and we have put aside 10 billion dollars just for this. For basic infrastructure, we have six billion dollars worth of project,” the minister said. “On a whole, Iraq is ready to look at serious investors on any basis: private, PPP and governmental,” he said. Ninad Kapre, managing director and chief executive offi cer of Aptech Ltd, said “To take advantage of the existing opportunities, we need to increase and enhance understanding of local conditions, encompassing all aspects that impact investments and business activity, ranging from culture to infrastructure, as also costs of land, power, and indeed cost of living. Such knowledge will lead to informed business decisions. There is need for the goodwill between our two countries to be translated into a vibrant business relationship.” Mayank Mallik, managing director and chief executive offi cer of CITI Bank (Jordan & Iraq), said “The opportunity in Iraq is very compelling and attractive. We see a Saudi in the making in Iraq thathas one of the largest population in the Arab world and has a verygood level of education and talent in the region. If Indian business wants to have a front runner advantage, this is the time. It is along term play as we see this market lead the Middle East in the future. Besides, the historical relationship, India’s expertise of low cost but quality innovation would prove crucial between the two countries.

India in partial protest of London Olympics games

NEW DELHI: In protest of London Olympics Organising Committee’s denial to withdraw Dow Chemicals’ partnership, India is considering boycotting the opening and closing ceremonies of the 2012 Games, according to media reports on Wednesday. Indian contingent is likely to take part only in the events as mark of protest, which IOA say is the least they can do. However another report, quoting a highly placed source, said no decision has yet been taken on the matter. The source said the Government had written a letter to the International Olympic Committee (IOC) on February 24 and would rather wait for a response before deciding on the future course of action. “It is a little premature to talk about boycotting the opening and closing ceremonies at this stage. We will have to fi rst wait for an answer from IOC”, the source said. After IOA failed to convince the IOC to drop Dow Chemicals as the London Games’ sponsor, the Government had stepped in to ask the IOC to “go beyond lesser considerations” and cancel the deal. In a letter to IOC President Jacques Rogge, the Sports Ministry has sought Dow’s removal as Olympic sponsor. Dow currently owns Union Carbide, the company responsible for the 1984 Bhopal Gas tragedy. The move came after the IOC refused to entertain pleas by the Indian Olympic Association. “We cherish and celebrate the noble ideals of the Olympic movement. India stands fi rmly committed to these ideals and the values they promote of friendship, unity, brotherhood and compassion,” the letter stated. “We strongly believe that there is no better medium than sports to inculcate and foster the feeling of friendship and solidarity among the people of the world. This being so we are dismayed that the IOC has not respected the sentiments of a large group of stakeholders including Olympians and withdrawn its association with Dow Chemicals,” said the letter signed by Rahul Bhatnagar, joint secretary inthe Ministry. IOA had repeatedly expressed its opposition to the Dow Chemicals as one of the sponsors for the London Olympics because of its ownership of the infamous Union Carbide which was responsible for the worst industrial disaster in India. IOA had urged the IOC and London Organising Committee for the Olympic and Paralympic Games (LOCOG) to withdraw Dow as Games Sponsors. In a letter to IOA acting President Vijay Kumar Malhotra, IOC chief Jacques Rogge had said that “IOC recognises that the Bhopal tragedy in 1984 was horrifi c event for India and the world. The Olympic Movement sympathises with the grief of the victims` families and regrets the ongoing suffering people face in the region.” “The IOC and LOCOG were aware of the Bhopal tragedy when discussing the partnership with Dow. Dow had no connection with the Bhopal tragedy. Dow did not have any ownership stake in Union Carbide until 16 years after the accident and 12 years after the USD 470 million compensation agreements was approved by the Indian Supreme Court,” he said. Meanwhile, UK government defended Dow Chemicals by saying Dow wasn’t operating the plant at the time of Bhopal tragedy. They also urged Indian athletes to participate in the Games. “Dow didn’t own or operate the plant at the time of tragedy,” UK High Commission said. UK government justifi ed their stand by saying it was not their decision to hand Dow sponsorship but it was decided by the International Olympic Committee (IOC). “Dow sponsorship was decided by the IOC and the decision was taken with all knowledge of facts,” it said.

Cargo vessel hits fi shing boat, 2 fi shermen killed, 3 missing

KOCHI: Two fi shermen were killed, as many injured and three feared missing when a cargo vessel collided with a fi shing boat anchored off Cherthala in the early hours of today. According to the owner of the fi shing boat, the deceased were identifi ed as Xavier (42) and Justin (40), both hailing from Kollam. The two injured fi shermen were shifted to the Alappuzha Medical College Hospital, he said adding a search was on to locate the missing fi shermen. The incident took place at 0130 hrs off Cherthala Coast and the fi shing boat was anchored after its fi shing off 9.44 GPA, which was said to be about 24 nautical miles off Cherthala Coast, he said. After the incident, the ship sailed without taking account of the accident. Coast Guard sources told media that two of their fast boats, a ship and an aircraft were searching to locate the ship, which was said to be moving southwards. The ill-fated boat with seven fi shermen ventured from Kollam Fishing Harbour on Sunday and it was supposed to return to coast at noon. Further details were being awaited. An Italian oil tanker M V Enrica Lexie was detained at the Kochi Port after two fi shermen were killed in a fi ring by two Italian Maries on board the ship on February 15 last. Families of the victims fi led for a compensation of Rs three crore. The police had arrested two marines, allegedly involved in the fi ring, who were now under police custody. Two Italian Ministers and a team of top offi cials and Military experts had held discussions with Union External Minister S M Krishna for the release of the arrested marines. They claimed the incident had taken place in International waters and hence, the Indian Government had no right to register a case and put them on trial under Indian laws as only international laws were applicable.

BHEL Small Industries’ Assn, Shock on power holiday

TIRUCHIRAPALLI: The BHEL Small Industries’ Association (BHELSIA) has expressed its shock over the decision of the Tamil Nadu Electricity Board to enforce power holidays with effect from today, in addition to the existing peak hour restrictions. In a statement here today, Association’s President Rajappa Rajkumar said the power shortage has badly hurt the hundreds of BHELSIA units supplying components to BHEL. The ancillary units have been losing several crores of rupees on account of idle labour. Next month, the BHELSIA will be in an unenviable situation of delivering 60,000 tonnes of components, he claimed. Rajkumar, who is also the vice president of Tamil Nadu Tiny and Small Industries’ Association, said with the additional burden of power holiday, we will not be in a position to meet the target set by BHEL. It will be extremely diffi cult to deliver 15,000 tones a week in the prevailing situation. He also pointed out that initially, industries thought that barring the day of power holiday, uninterrupted power would be provided rest of the days. Now that the power availability has been further curtailed, the survival of BHEL’s ancillaries in and around Tiruchirapalli will be at stake. If the situation continued, the BHEL would be forced to outsource work to vendors in other States and it would be a blow to the local economy, he added. Unscheduled power cuts have already damaged machineries and crippled the industrial process, besides the quality of work gets affected at times of unscheduled power cuts due to which temperature of heat treatment furnaces cannot be maintained, he added. He further said that once supply resumes after a power cut, the heat treatment furnace has to be switched on again for the required number of hours for reaching the requisite temperature before the jobs could be carried out. He said that a delegation would meet the TNEB chairman shortly with a request to ensure uninterrupted power supply on the rest of the week barring the day of power holiday.

Kerala fi rm on commitment to build Mullaperiyar dam

T H I R U V A N A N - THAPURAM: Kerala on Thursday affi rmed its commitment to build a new dam at Mullaperiyar in place of the 116-year old structure, saying its resolve to do so is based on the principle of ‘water for Tamil Nadu and safety for Kerala’. Governor H R Bhardwaj in his address to the legislative assembly to mark the start of budget session said the issue relating to the dam over which Kerala has a long standing dispute with Tamil Nadu is the foremost crisis the UDF government has had to face since coming to power in May 2011. He said Kerala is keen to preserve and foster the long standing cordial relations between both states and that the state welcomes an amicable resolution to the crisis. “On this issue, the state has shown solidarity and unanimity in its stand on construction of a new dam at Mullaperiyar, rising above partisan considerations,” he said. The Governor pointed out the Kerala State Disaster Management Authority has formulated a crisis management plan for the dam in the wake of ‘grave risks’ arising from its safety. Kerala is insisting on construction of a new dam, arguing that the present structure in Idukki, bordering the two states, is weak. But Tamil Nadu, which gets water from the dam to irrigate fi ve districts, is opposed to this stand, holding that it is strong as the state has taken up periodical maintenance. The dispute is now before the Supreme Court, which has appointed an Empowered Committee to examine the safety and other aspects of the present dam.

Better to do through Government--They never go to Jail

Better to do through  Government--They never go to Jail

Audio books at World Book Fair-2012

NEW DELHI: No time to read? No worries you can always ‘listen’ to your favourite book while cooking, jogging, driving or even when out buying groceries, thanks to a range of audio books that have been available in the country for some time now. Audio versions of about hundred fi ction and nonfi ction books have been featured as part of the ongoing World Book fair 2012 by audio book brand Reado. From “Peter Pan” to “Jungle Book” and subjects ranging from waistline reduction to confi dence boosting, there is much to choose for “book-listeners”. The 100 titles available range from children stories, popular contemporary fi ction and classics, to health, self-help and books on business. Reado’s CEO & Co- Founder Sumit Suneja says the idea to bring these audio books came from the growing need to cater to that section of society which is moving in the fast lane and has very little time to read books. “I know so many people in my life who do not have the time in their lives to read books but they still want to gain knowledge. People’s lifestyles have become very busy. I have been one of them. For seven years I have been bringing audio books from America and listening to them. I wanted the same luxury to be available in India and that’s when we decided to initiate a venture in audio books here,” says Suneja. Audio books, that are pegged at USD 7 billion global is still in its infancy in India and has been estimated to grow, are easily downloadable on mobile phones, MP3 players, Ipad, Iphone, Android and other tablet devices, making it a convenient experience for hi-tech book-lovers. Audio booths available at the stall have been attracting curious visitors at the Book fair. Suneja describes the response at the fair as overwhelming and added that there is a great potential for audio-books in the Indian market. “We have received stupendous response. We took a small booth but it seems we should have taken one that is three times bigger. The interest is humongous. All phones are now compatible, no additional devices are required, and your time is well spent while doing other activities. It’s the right time for audio books lifestyle,” says Suneja. The audio books stall has been a big hit with children. 11-year-old Zenab Zaidi’s smile remains fi xed as she listens to an animated voice narrating crimes and mysteries being solved by the enigmatic fi ctitious detective Sherlock Holmes. “I really liked it; it’s like listening to stories like we listen to music. It was really fun,” says Zaidi. However, these audio books have not been able to impress all. Hyderabad-based mathematician V Anand Krishna says such books would ruin children’s vocabulary and grammar. “After book culture, it was the visual culture. Now it is the listening culture. But book culture is the best. You have to read the books and then only you will learn and improve your vocabulary. Listening is secondary, reading is primary,” says Krishna. In order to convert the books into audio formats, Reado has partnered with several publishing houses including Penguin, Hachette, Harvard Business Review and Brilliance. The audio books are available at prices ranging between Rs 299 and Rs 599.