France, EU laud India on successful moon landing

New Delhi - France, chair of the 27-nation European Union, Saturday lauded India on the successful lunar exploration mission, which, it stressed, confirmed “India's eminent position among the world-class scientific and technological powers”. “France, on behalf of the European Union, warmly congratulates India for the successful landing of the Moon Impact Probe and the launch of the lunar exploration programme,” the French embassy said in a statement here.“This remarkable success of the Indian space vehicle confirms anew India's eminent position among the world-class scientific and technological powers,” it said.
“France and the European Union look forward to the strengthening of the existing scientific cooperations with India in the field of space, which are particularly promiseful for the development of science and knowledge worldwide,” the statement underlined.In a milestone for the country's space programme, India planted its national colours on the moon Thursday as the foil-wrapped Moon Impact Probe landed in the Shakelton crater near the lunar South Pole.The Moon Impact Probe, dropped from the larger, unmanned Chandrayaan-1 orbiter, sampled the thin lunar atmosphere during a half-hour free fall.Chandrayaan-1, India's first unmanned lunar probe, was launched Oct 22. After the US, then USSR, and Japan, India is the fourth country to land a probe on moon.

Take a sabbatical, Infosys tells employees

Bangalore: Bangalore: India's second-largest information technology services provider, Infosys Technologies, has issued letters to its employees stating they could opt for a one-year sabbatical to engage themselves in philanthropic activities. They would continue to draw 50 per cent of their salary during the period. Infosys crossed the 100,000-employee mark in India in the quarter ended September 30, 2008.
The company said that while the move may have coincided with the global financial turmoil and slowing growth rates of IT firms, it should be perceived as a pure voluntary act by employees who are prompted by altruistic motives and inspired by the example of its chairman and chief mentor, NR Narayana Murthy.
The employees, an internal memo said, need to be on the company rolls for at least two consecutive years before they are eligible for the offer and a panel comprising senior members of the Infosys leadership team will decide each case. "This policy will promote volunteerism among employees and we believe that the value and benefits arising from it will have an impact on community, the employees and ultimately, the company," it said.
Sources said that the policy came into force only a few days ago and the company is working out the finer points like whether the employees will be given any salary or emolument during the sabbatical. However, it is understood that the company is planning to pay some amount of the salary, while the rest the employees can earn from the NGO they are working for.An Infosys spokesperson confirmed the development: "We introduced this policy almost two months ago, which allows employees to go on up to one year of sabbatical to engage in philanthropic activities. A
ll employees have been communicated the policy internally."When asked how much the employees will be paid during that time, the spokesperson said they will be given 50 per cent of the salary, while the other half will be given by the respective NGOs they work with."It's a part of Narayana Murthy's desire to give back to society, which is driven by the fact that many employees quit their jobs to pursue philanthropic activities. This would give such employees an option to pursue their hobby while still continuing with the jobs, even if they will be paid a small amount by the company.
The employees can go out with a cut in their salaries, even though the final details are being worked out by the company," a source close to the development said.Infosys has a good deal of exposure to the sectors which have been worst hit by the current global economic meltdown such as banking and financial services, telecom and retail. In the last quarter, the company had announced that some of its clients in their sectors are coming back to re-negotiate. In a recent report, brokerage house CLSA had forecast that Infosys might miss its dollar revenue guidance for the third quarter, and may even post a sequential fall in the quarter. The CLSA report also acknowledged that the flow of IT deals from the BFSI segment has "worsened substantially" and that long-term deals are being offered on "very tough terms", thus putting pricing under serious threat as customers play one vendor against the other.

Ponting finally sees positives of India loss

Melbourne: The humbling Test series loss in India followed by the scathing criticism at home doubled up to make for a miserable time for Australian cricketers but skipper Ricky Ponting insisted that far from having a demoralising effect, the setback has made his team stronger.

"There are positives in losing a series. Losing can make good cricketers with character better. I'm sure that has been the case for a lot of our blokes who have come into the side recently and for some who have been there for a long time," Ponting, who himself drew flak for his "ordinary" captaincy during the 0-2 loss, wrote in a column for 'The Australian'.

"We are not in India now. While it is important for us all to think about what happened and how we played, you cannot live in the past with cricket, we have to put things behind us and move on quickly," he added, urging the team to focus on the tasks ahead.

Ponting reiterated that the Indians played better cricket in the four-match series but asserted that the Aussies would be back to their best after having learnt from the debacle.

"We were beaten by a better side there and now it's time to change gears," he said referring to the upcoming Test series against New Zealand starting November 20.

"There were, however, a lot of good things to take out of that series and the more I think about it the more confident I am about the future," he added.

Ponting singled out Simon Katich and Shane Watson's performances as the biggest gains in an otherwise poor series for the world champions.

"Simon Katich was a real positive for us. His form was very good, as it was in the West Indies. We took him to India because he had success there before and he did not let us down. He handled the conditions as well, if not better, than anybody."

"Shane Watson was a revelation. His bowling stood up as good as any of our quicks and his batting in Mohali showed his qualities. There had been question marks about Watto's ability to stand up physically to Test cricket and he did that, finishing off the tour as well as he started it," he pointed out.

Rookie spinner Jason Krejza, who grabbed 12 wickets in his debut Test in Nagpur, also got a word of praise from Ponting.

"...it is stating the obvious to say that Jason Krejza was terrific in India, 12 wickets on debut is a once-in-a-generation effort, but what was so good was watching him improve as the tour went on. "

"He's got very good flight, drift and drop, he puts a lot of over-spin on the ball and gets a lot of turn. He's still a work in progress," he said.

Citigroup mulls 10,000 pink slips | India insulated?

New York: Vikram Pandit-led Citigroup, the world's largest bank, will hand out pink slips to at least 10,000 employees beginning this week and is also planning to raise its credit card interest rates as part of plans to return to profitability, a report said on Friday.
According to a report in the Wall Street Journal, Citigroup is embarking on "another huge round of layoffs and is raising interest rates on millions of credit card customers" as part of its push to become profitable again.
The fresh measures follow net losses of more than $20 billion over the past year and the subsequent efforts by Pandit, who became Citigroup's CEO late last year, to stabilise the financial giant, the report added.
"Starting this week, Citigroup is handing out pink slips toat least 10,000 employees..." the Journal reported.
In October, Citigroup reported a net loss of 2.8 billion dollars for the third quarter and said that its headcount was cut down by about 11,000 employees during the period.
In the first three quarters of this year, Citigroup cut down its workforce by about 23,000 persons.
Another report in the New York Times said that worst may be yet to come for Citi despite a year of losses, months of share price plunge and a 25 billion dollar government help.
The company's share price have lost nearly two-third of its value so far this year and figures among the top losers on the Dow Jones Industrial Average index.
The New York Times report quoted unnamed Citi executives as saying that the bank has announced plans to cut 40,100 jobs as of the third quarter and "still needs to hand out pink slips to 9,100 workers to meet its goals and bankers are bracing for much of the bad news to arrive early next week."

'India could benefit from global economic meltdown'

New York: Even though India is feeling the pinch of the financial crisis, a leading US expert has said India could benefit the most from this economic meltdown as this offers new opportunities to it.
"There is a sense that the international institutions will be remade to reflect the current balance of power, and that India may be able to turn this crisis into a permanent place at a new high table," said Adam Segal, Maurice R. Greenberg Senior Fellow for China Studies at the Council on Foreign Relations, a New York-based think tank.
Notably, for quite some time, India has been demanding its rightful place in international financial institutions like the International Monetary Fund and the World Bank by arguing that they no longer represent the realities of the world and the balance of power in these organizations is tilted more towards the developed countries.
In a policy paper on the current economic crisis and its impact on India, Segal said: "India has been hurt by the global financial crisis, but it may be better positioned for a quick recovery and for future growth than many of the other developing economies."
Segal argued that the Indian financial sector is relatively insulated; the rupee is not fully convertible; and Indian banks did not have significant exposure to subprime loans in the United States. However, its stock market has been badly hit as foreign institutional investors have sold almost $10 billion of their investments in Indian companies to cover losses accrued in their home markets.
Even as there are lot of issues of concern and the Indian economy will be unable to avoid the fallout of a US and European recession, Segal argued there are reasons for optimism about how quickly India could turn the corner.
"Domestic demand could remain a strong driver of growth; farm income and rural employment are both up and consumers received large tax breaks in this year's budget. India imports 80 percent of its oil, so it will benefit from prices hovering around $70 a barrel as well as from the declining prices of other commodities," he said.
As the G-20 Summit began in Washington Friday evening with a dinner at White House, Segal said India has two broad objectives from it -- ensuring that credit begins to flow again as quickly as possible and that the World Bank and IMF invest heavily in large infrastructure projects in developing countries.

ATS links Lt Col Purohit with Samjhauta blasts

New Delhi: Prime accused in Malegaon bomb blast case Lt Col P S Purohit was also directly involved with 2007’s twin Samjhauta Express blasts that killed 68 people and injured 50, Anti-Terror Squad (ATS) of Maharashtra Police told a Nashik Court on Saturday.
ATS alleged Purohit handed Army RDX from a consignment entrusted to him to one 'Bhagwan', who used it to carry out the Samjhauta Express blasts.
The Samjhauta Express — an amity train that runs between India and Pakistan — had many Pakistani visitors on board when the bombs went off.
Of the 68 who died, 42 were Pakistani. The blasts were triggered by low-intensity explosives which were accompanied by inflammable material.
Three unexploded suitcase bombs were later recovered from the train.
The army officer, who is alleged to have trained the other accused in handling explosives and procuring RDX for the September 29 blast in Malegaon, was presented to the court after his police custody period expired.
ATS alleged that Purohit is a recruit of Swami Amritanand Dwivedi alias Dayanand Pandey who they claim masterminded the Malegaon blast. The ATS says that Purohit organised RDX for that terror attack too.
Purohit has admitted that he met Sadhvi Pragya Thakur — the other key accused in the blast case — through the Swami.
Narco-analysis on Purohit has revealed that he had been tasked by Army Intelligence to gather information on SIMI.
The court remanded Purohit to further police custody till November 18 in the Malegaon blast case.
SUPPORT FOR PUROHIT
Meanwhile, nearly 350 volunteers of an organisation called Hindu Rashtra Sena were rounded up by the police after they demonstrated in front of a court in support of Purohit.
The activists, holding saffron flags and shouting slogans had arrived here from Mumbai to express solidarity with the accused, sources in the little known Hindu Rashtra Sena said.
Activists of the Shiv Sena and Bharatiya Janata Party (BJP), who had staged demonstrations in front of the court when accused Sadhvi Pragya Singh Thakur was brought before it, did not turn up this time.
Six people were killed in the low-intensity blast in the Maharashtra town of Malegaon on the night of September 29.

Sacked from job, employee guns down bosses

Silicon Valley: An Indian-American CEO of a semiconductor company was shot dead along with two other persons by a laid-off employee of the firm in northern California, police said.
Sid Agrawal, the chief executive officer of SiPort Inc, the company's vice president of operations Brian Pugh and an unidentified woman was killed when several rounds were fired on the premises of the firm in Santa Clara yesterday.
Police said investigators are searching for Jing Hua Wu, 47, in connection with the shooting.
Jing worked as a lead product test engineer for the four-year-old firm, media reports here said. Police said he had recently been laid off from the company and investigators are exploring that as a possible motive in the shooting.
It is believed that a handgun was used in the shooting, a police official told reporters.
Police released a description of the vehicle in which Jiang is believed to have fled and launched a manhunt for him.
According to his biography in the company's website, Agrawal had more than 25 years of experience at startup and established high-technology companies, including at Adobe, Intel and Bell Labs.
He held a degree in Electrical Engineering from IIT-Kanpur, an MS degree from Southern Illinois University and an MBA from the University of Chicago.

Raj Thackeray secures bail after arrest

MUMBAI: Maharashtra Navnirman Sena (MNS) chief Raj Thackeray secured a transit bail from a Mumbai court shortly after his arrest on Saturday afternoon on a a Jamshedpur court's non-bailable warrant against him.
Accordingly, Thackeray will not be required to appear before a Jamshedpur court, which issued the warrant for his allegedly defamatory statements against people from Bihar and Uttar Pradesh.
Earlier, Thackeray went to the Mazagaon court to surrender, following which he was arrested.
The Jamshedpur police have sought from the court permission for his remand after lawyer Hamid Reza Khan accused Thackeray of hurting religious sentiments of a section of society.
Besides, at least 59 cases have been filed against the MNS chief in various parts of India.
An MNS office-bearer told IANS the party would seek a transfer of all these cases to a single court in Jharkhand or in Mumbai.
Incidentally, unlike in October when MNS activists went on a rampage all over Maharashtra following Thackeray’s arrest, the legal formality against him Saturday passed off peacefully with a token police presence around the court premises.
Since last year, Thackeray, estranged nephew of Shiv Sena chief Bal Thackeray, and his supporters have been campaigning against people from north India, particularly from Bihar and Uttar pradesh, who come to the state in search of jobs.

Government cries off Mukesh-Anil gas row

A dispute between estranged industrialist brothers Mukesh and Anil Ambani over the price of gas one's company would buy from the other's has taken a new twist the government distancing itself from the issue. The Government of India told the Bombay High Court in an affidavit filed on Friday that it will not influence the price that Reliance Industries Ltd (RIL) would charge Anil Ambani-controlled Reliance Natural Resources Ltd (RNRL) for gas from the Krishna-Godavari basin.
The government said gas from the basin to be sold to any agency other than the government or its nominees will be treated at market rates. Both companies declined comment as the matter is before courts.
However, sources indicated that RNRL is preparing to file a counter-affidavit by November 25. The affidavit said RIL approached the Centre to seek approval for a price formula but it was "rejected by the government for not having been based on an arm's length transaction.
" RNRL wants the sale of natural gas at a preferential rate of $2.34 per unit of gas (MMBTU), against the government approved rate of $4.20 per unit.

More Images from First One Day match

Leaders set for G20 crisis talks

World leaders have arrived in Washington to discuss measures to contain the recent financial turmoil.
They hope to agree on long-term reforms to reduce the risk of further crises.
But few expect a major breakthrough given the absence of President-elect Barack Obama whose involvement will be key to any far-reaching initiatives.
Divisions have also emerged between Europe, which wants stricter market rules, and the US and other countries, which prefer more moderate reforms.
Leaders from the G20, which groups developed and emerging nations, are attending a dinner at the White House on Friday evening and will hold five hours of talks on Saturday.
This will be followed by a communique and a statement from President George W Bush.
It would be a terrible mistake to allow a few months of crisis to undermine 60 years of success
President Bush
Q&A: G20 summit
Analysis: Summit hopes
What was Bretton Woods?
They hope to agree on a common set of principles for future reform, including changes to the organisations charged with regulating the world economy.
Later summits will focus on working out the details of the reforms needed.
'Prosperity and hope'
President Bush insisted the financial crisis was not a failure of free-market capitalism.
Speaking in New York, he said the surest way back to sustained economic growth was not to reinvent the system, but to reform it.
"The answer [...] is to fix the problems we face, make the reforms we need, and move forward with the free-market principles that have delivered prosperity and hope to people all across the globe," he said.
Canadian Prime Minister Stephen Harper said that he thought it was unlikely that the major economies of the world would consent to have external control of their regulatory systems.
"Compulsory governance...is unrealistic," he said.
However, European leaders have signalled that they are seeking more far-reaching initiatives.
"We want to change the rules of the game in the financial world," said French President Nicolas Sarkozy.
German Chancellor Angela Merkel said she was surprised to hear warnings against too much regulation of financial markets when the crisis had not yet been overcome.
China holds the cards
China is likely to be key to any reforms agreed.
With nearly $2 trillion in foreign exchange reserves and an economy that is still expanding, albeit at a slower pace, it is one of the few countries attending that has the cash to help countries in distress.
UK Prime Minister Gordon Brown has taken the lead in urging China and other countries with big cash stockpiles to finance the International Monetary Fund so that it can make more emergency loans.
"We will actively participate in rescue activities for this international financial crisis," said Yi Gang, deputy governor of the Chinese central bank.
However, in exchange China is likely to want to hold more power at the IMF, which is dominated by the US and the EU.
Japan has announced it is prepared to lend up to $100bn to the IMF to help emerging economies hit by the financial crisis.
The G20 meeting is bringing together both leading industrial powers such as the US, Japan and Germany, and emerging market countries such as China, India and Brazil.
The countries represent 85% of the world economy.

India vs England, 1st ODI Images

Losing toss was a blessing in disguise, says Dhoni

Delighted with the perfect start to the seven-match series against England [Images], India captain Mahendra Singh Dhoni [Images] said losing the toss was a blessing in disguise, for he too would have opted to field first in the first ODI against England.
Report Scorecard
England captain Kevin Pietersen [Images] won the toss and inserted India, only to see the hosts pile up a mammoth 387 for five and in their chase, the visitors wilted for 229 within 38 overs.
Dhoni admitted he too would have opted to field first.
"Losing the toss was a blessing in disguise, we also wanted to field," an amused Dhoni said after India crushed England by a record 158 runs.
"We expected the pitch to help the seamers in the first 30-45 minutes but the pitch didn't do much," he observed.
Dhoni was effusive in his praise for Man of the Match Yuvraj Singh [Images] who braved a back pain to blast an unbeaten 138 off just 78 balls.
"After the fantastic start given by (Virender) Sehwag, (Gautam) Gambhir and (Suresh) Raina, Yuvraj was simply fantastic. On a day like this, the opposition cannot do much. That kind of innings just takes you through," he said.
His opposite number Kevin Pietersen also doffed his hat at Yuvraj and felt England indeed could do little against such a devastating batting by the Indians.
"At the end of the day when you stand up and watch innings like Yuvraj - Sehwag and Gambhir also played well - you just have to say 'well played guys'.
"It was an amazing batting pitch. Little touch and it went for four, you touch harder and it goes for a six. But when blokes played like that, you can only say 'well played'. They played superb cricket," Pietersen said.
The England captain, however, insisted that with six more matches to go, England would bounce back in the series.
"We have to regroup and sort things out. There are six games still left," he said. Yuvraj, on his part, was elated after notching up yet another scintillating century, which he considered among his best knocks.
"It has been a hard couple of months. I didn't have a good last series and was not in the Test series. I sat down and thought about what I need to do to improve," said the left-hander.
"The rate at which I carried on, this is one of my best knocks in ODI. I didn't have to run, I just pressed the pedal. Guys around me like Raina helped and before Viru and Gambhir gave a good start. It was a great batting wicket," he said.
Asked about his back pain, Yuvraj looked confident of regaining full fitness before the second ODI. "I pulled a muscle in the back, will try to get fit for the next game," he said.

England floored by Yuvraj

Yuvraj Singh [Images] marked his return to form with a swashbuckling unbeaten 138 as India recorded its biggest victory by runs against England [Images], spanking the visitors by 158 runs in the series-opening One-Day International in Rajkot on Friday.
After rattling up a record 387 for 5 at home, the hosts bundled out England for 229 in 37.4 overs to take a 1-0 lead in the seven-match series.
India's previous best victory margin by runs against England was 86 at Sydney in 1985. Their biggest victory margin is 257, against Bermuda at Port of Spain in 2007.
Yuvraj's ninth ODI hundred spurred India to post its second-highest ODI total ever -- well behind their 413-5 against Bermuda in the 2007 World Cup but ahead of its previous home record of 376-2 against New Zealand [Images] in 1999.
Clobbered by the in-form Indian bastmen, the English attack conceded more runs than ever in one-dayers, surpassing the 353-6 against Pakistan at Karachi in 2005. India's previous highest total against England was 329-7 at Bristol in August 2007.
Yuvraj defied a troublesome back to roar back into form as he plundered runs at will, belting as many as 16 boundaries and six sixes during his 78-ball massacre.
The dashing Virender Sehwag [Images] (85), Gautam Gambhir [Images] (51), Suresh Raina (43) and captain Mahendra Singh Dhoni [Images] (39) were the other notable performers after England captain Kevin Pietersen [Images] put India in to bat on a belter of a track at the Madhavrao Scindia stadium.
England could never really recover from a disastrous start as they lost wickets at regular intervals, with only Pietersen standing bravely amidst the ruins with a belligerent 63 and Ravi Bopara [Images] (54 not out) hitting some lusty shots.
But with the asking rate climbing steeply, the game gradually slipped out of England's reach even before the halfway stage.
The teams now travel to Indore for the second match, to be played on Monday.
The left-handed Yuvraj, batting with a girdle around his waist and Gambhir his runner for a major part of his dazzling knock, hammered the visiting team's bowlers all around the park to notch his ninth one-day hundred.
The Punjab batsman got his hundred off just 64 balls, inclusive of 11 fours and four sixes, narrowly missing out on overhauling Mohammad Azharuddin's 62-ball century record.
The 26-year-old batsman, who was struggling in the Ranji Trophy after a poor run in the Challenger Series prior to this match, got to his second fifty off only 22 balls, with the help of six fours and two sixes.
His final tally of 138 not out, coming off 75 balls, was studded with six sixes and 16 boundaries. It powered India to a best-ever total at the ground, surpassing New Zealand's 349 for 9, the hosts in November 1999.
The total was also the best ever by India against England, overhauling the 329 for 7, put up in August 2007 at Bristol.
Yuvraj's power-hitting show set the visitors a stiff asking rate of 7.7 to win the match.
Asked to take first strike by visiting team captain, Kevin Pietersen, the hosts rocketed off to a great start as Virender Sehwag and Gambhir stitched together a partnership of 127 in less than 20 overs.
After their departure, Suresh Raina (43) and Yuvraj added 89 runs in only 12.5 overs.
Later Yuvraj and skipper Mahendra Singh Dhoni (39) made mincemeat of the visiting team's largely one-dimensional attack to rattle up a stand of 105 runs in only 58 balls for the fifth wicket.
The lone batsman to fail was Yousuf Pathan (0), who lasted only two balls.
Thirteen sixes were clobbered off the England bowlers which left the visitors shell-shocked and helped India to its highest-ever ODI total against a Test team.
Left-handed Gambhir attacked the England bowlers with gusto, stepping out with impunity and carting the ball around.
A lofted on-drive off Anderson for four and a step-out shot against Broad were followed by an edged four to help the 27-year-old batsman complete 2000 runs in his 61st ODI.
Pietersen rung in quick changes and called on experienced duo of Andrew Flintoff [Images] and Steve armison to stem the flow of runs. But they also failed to apply the brakes. Pietersen then turned to left arm spinner Samit Patel, who also could not make any impact.
Paul Collingwood [Images] was brought on and Sehwag greeted the medium pacer by smacking him over long off and then hoisting the bowler from wide of the off stump over the mid-wicket fence for two sixes off successive balls.
Gambhir completed his 12th fifty by off-gliding Flintoff, in the latter's tight second spell, for a single but fell to Patel while trying to hit the diminutive left arm bowler over the straight field.
The dismissal of Sehwag after India crossed 150 in the 24th over brought together the left-handed pair of Raina and Yuvraj.
Raina struck Broad for a six over wide long on to help India reach 200 in the 32nd over and then clubbed Pietersen over mid-wicket for another six in the next over to keep the run-rate at over six.
Yuvraj then hammered Flintoff straight for his first six after the mandatory ball change at the end of the 34th over. He then square cut Harmison for a four and then struck him for a mighty six over long-on in successive balls before Raina sliced Flintoff to backward point for Paul Collingwood to pull off a fine catch.
Yousuf Pathan got promoted but lasted just two balls, which brought skipper Dhoni in.
Yuvraj, famous for hitting Broad for six sixes in an over in the World T20 Championship in 2007, carted Patel for a huge six over mid-wicket, his fourth of the innings, to pilot India past the 300 mark.
Dhoni fell at 352 but Yuvraj went into overdrive and clouted Flintoff for two sixes in the 46th over before remaining unbeaten after putting on 35 runs with Rohit Sharma (11 not out).
Faced with a stiff target, the England innings never really took off, as Matt Prior [Images] (4) fell prey to Munaf Patel [Images] and Zaheer Khan [Images] accounted for Owais Shah (0), reducing the visitors to 17 for 2 by the fifth over.
The dismissal of the hard-hitting Andrew Flintoff (4), trapped leg before by Zaheer, came as a huge setback for England, who desperately needed him to click to entertain hopes of overhauling the target.
Paul Collingwood (19) also could not survive long as Harbhajan Singh [Images] claimed his wicket. The off-spinner struck a few minutes later, dismissing Samit Patel much to the delight of his teammates.

The 40 Richest IndiansThe 40 Richest Indians

These are painful times for India's richest as the ongoing global turmoil drastically reshapes their fortunes. The country's once soaring stock market fell 48% in the 12 months, the rupee depreciated 24% against the dollar and gross domestic product growth is expected to slow down to 7.5%, partly owing to double-digit inflation.
All of this conspired to knock 60% off the combined fortunes of the nation's 40 wealthiest. Their total net worth fell $212 billion, to $139 billion, down from $351 billion a year ago.
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Last year's No. 1, U.K. resident Lakshmi Mittal, dropped $30.5 billion amid plunging steel prices, but he slips only a bit, to No. 2. Mukesh Ambani, who oversees petrochemicals giant Reliance Industries, grabs the top spot for the first time, despite losing $28.2 billion in the past year. His estranged brother, Anil, ranked third, is the biggest dollar loser, down $32.5 billion.
Others were nearly wiped out entirely. India's wind power man Tulsi Tanti and his brothers lost 91% of their fortune, amid reports about the poor quality of Suzlon's wind blades. Real estate fortunes were among those hit the hardest. K.P.Singh lost $27.2 billion since we last published our listing but is down an astonishing $39 billion since his DLF stock peaked in January. Property tycoon Ramesh Chandra's net worth dropped 91% to $1 billion. His Unitech lost half its market capitalization in one day last month.
Thirty-three of the 34 tycoons who returned to our ranking of India's richest are at least 20% poorer than they were a year ago. Only one fortune from last year's ranks increased, that of brothers Malvinder and Shivinder Singh, who sold their 34% stake in generic drug firm Ranbaxy Laboratories to Japan's Daiichi Sankyo at a hefty premium to its current stock price. They added $550 million to their combined wealth.
Others with pharmaceuticals fortunes outperformed the market, but thanks to a sliding rupee, their net worth fell too. Dilip Shanghvi of SunPharma, India's most valuable drug maker, was poorer by $800 million, despite an increase in his net worth in rupees.
Six people dropped off our list altogether after losing a collective $7.9 billion. They included flamboyant liquor and airlines tycoon Vijay Mallya, whose Kingfisher Airlines is racking up losses, and Gautam Thapar, whose Ballarpur Industries is India's largest paper maker. Taking their places are four newcomers, including Micky Jagtiani, who oversees a retailing empire in the Middle East, and Hemant Shah, son of a Bollywood film producer, who made his fortune in construction.
Returning to the list after a one-year absence are Yusuf Hamied, head of generics producer Cipla, and Brijmohan Lall Munjal, patriarch of Hero Group, which makes motorcycles and bicycles.
Some more sobering statistics: While all 40 tycoons were billionaires last year, only 27 now have 10-figure fortunes, nine fewer than in 2006.
These net worths are snapshots of wealth taken on Nov. 3, when we locked in market prices and exchange rates. Had we locked in just a week earlier, the losses would have been still greater, as the nation's main index gained 21% in the days leading up to our list publication.
Privately held companies were valued by comparing them to similar public companies. Indian nonresidents like Lakshmi Mittal were included as long as they still hold Indian citizenship. This ranking, unlike the Forbes billionaires list, includes family fortunes.

Now fluttering: The Tricolour on the moon

A beaming Tricolour will flutter on the moon now.
India is officially on the moon. After a couple of tense moments, the Lunar Impact Probe which was launched by the Chandrayaan planted the Tricolour on the moon at 8.31pm.
The mood was upbeat at Bangalore after the Indian tricolor marked it presence on the moon on Friday night after having flown 3,86,000km from the earth.
Incidentally this proud day for India coincides with Children's day which makes it even more special. India becomes the fourth nation after the US, Russia [Images] and ESA to have the national flag painted on the moon. The moment of pride was very obvious at the ISRO Telemetry, Tracking and Command Network (ISTRAC) at Peenya, Bangalore.
ISRO CHIEF UPBEAT
Madhavan Nair, ISRO chief, had tears in eyes and said, "India can achieve anything. It sure is a proud moment for us. He further said that the Moon [Images] Impact Probe had impacted at the designated point at 8.31 pm near the Schakleton crater. The impact probe was released from the Chandrayaan was released at 8.06pm from the equator of the moon. The 20-20 dream has been realised and Chandrayaan-2 and an Indian man on the moon will be galvanized"
ABDUL KALAM OVER THE MOON
Dr. A P J Abdul Kalam, former President of India whose idea it was to plant the Indian flag on the moon, was seen punching his fist in happiness.
"India has the flag on Mount Everest [Images] and now it is on the moon, he said. I congratulate ISRO on this remarkable achievement," he said.
A beaming project director Mylswamy Annadurai said, "The impact probe crash-landed on the moon's lunar surface and disintegrated. But the fact is that we have made an impact with the Tricolor.The Tricolor which is now successfully painted on the moon, was painted on all sides of the 29-kg Moon Impact Probe and was attached to the main orbiting spacecraft, Chandrayaan-1."
THREE MAJOR PAYLOADS
The impact probe weighing 29 kg was riding piggyback on the top deck of the main orbitter and was released at a predetermined time after the orbiter reached the final 100 km orbit and impacted at the designated location. The main objectives of this mission comprise design, development and demonstration of technologies required for impacting a probe at a desired location on the moon. Qualify technologies required for future soft landing missions and exploration of the moon from close range.
The moon impact probe comprises three major payloads. They are the radar altimeter, video imaging system and mass spectrometer.
The Radar Altimeter will measure the altitude of the moon impact probe above the lunar surface and qualify technologies for future landing missions.
The video-imaging system which comprises of an analog CCD camera along with a video decoder will acquire images of the surface of the moon from the descending probe. The Mass Spectrometer will measure the constituents of tenuous lunar atmosphere during descent.
Image: Pictures of the moon's surface taken by Moon Impact Probe (MIP) on November 14, 2008 as it approached it after separating from Chandrayaan-1 spacecraft.

Obama assures 'high priority' to India

US President-elect Barack Obama has assured India that he attached ''high priority'' to further strengthening the strategic bilateral ties as top officials of the two sides met here to discuss the global financial crisis, the second high-level contact between them in as many days.
Deputy Chairman of the Planning Commission Montek Singh Ahluwalia, accompanied by the Indian Ambassador to the US Ronen Sen, held talks with former Secretary of State Madeleine
Albright and Congressman Jim Leach, who have been nominated by Obama to meet delegations at the G-20 Summit on his behalf. ''There was an exchange of views on issues related to the current international economic and financial crisis, the summit, and also bilateral relations. Secretary Albright, inter alia, conveyed the president-elect attached high priority to further strengthening relations between India and the US,'' an Indian embassy statement said. This was the second high-level contact between the two sides since Obama telephoned Prime Minister Manmohan Singh on Wednesday and described the Indo-US strategic relationship as a ''very important partnership.'' Ahluwalia, the 'sherpa' of the Indian delegation at the summit also had a bilateral meeting with his US counterpart Dan Price, US President's Special Assistant for Economic Affairs.

Is Vijay Mallya in trouble?

Sydney incident inspired us to beat Aussies: Harbhajan

NEW DELHI: India off-spinner Harbhajan Singh on Tuesday said the incident in Sydney early this year inspired his side to the historic 2-0 thrashing
of the Australians and challenged Ricky Ponting that he would dismiss him any time, even without playing cricket for six months. "I think the events in the Sydney Test match really hurt all of us. The things that they accused me of and their overall approach irked us as a team. I can safely say that the events at the Sydney Test match inspired this win," he said. The Punjab offie said he did not consider Ponting a complete batsman as the Australian captain had failed to leave a mark against the Indians. "Ponting had a lot to say about our players and about the way we play our cricket. In fact, it is Ponting who first needs to go and learn to bat against spin bowling. "He got a hundred in the first Test match in Bangalore but I don't think that is enough, he needs to comeback and score some more before he can claim to be a complete batsman," Harbhajan told a website. Harbhajan has so far dismissed Ponting 10 times including the two occasions in the four-match series with the Australians losing 0-2. "I can get Ponting out any time, I think I can get him even after I come post a six-month lay off," Harbhajan said. During the series, the Australians continued to play mind games. Adam Gilchrist and Andrew Symonds did it in their books while Ponting did in his captain's diary. Harbhajan lashed out at them for employing cheap tactics to shore up the sale of their books. "The whole team was infuriated by the claims made by Adam Gilchrist about Sachin Tendulkar. He (Tendulkar) is a legend and insulting him was a big mistake and Gilchrist accused him of things that he never did. "The whole world knows what happened in that game. To be honest, I think they are just trying to sell their books," said Harbhajan who took 15 wickets to play a pivotal role in India's series win. Harbhajan said he had some great moments in the series but his dismissal of Michael Hussey was the best. "I think it was the best ball of my career so far. To get a batsman like Hussey and the way I did was very satisfying," he said.

No regrets for elbowing Watson: Gambhir

NEW DELHI: Gautam Gambhir had to sit out the Nagpur Test against Australia for elbowing Shane Watson, but the Indian opener said he was provoked by
the all-rounder and had no regrets for what he had done. "No gentleman can hear things that Aussies were saying in Delhi. If what I did was wrong, then even sledging should be stopped, it has no place in the game," said the left-hander. "Aussies sledge from all corners, they sledged at me in Bangalore, Mohali and then in Delhi. I could have taken (their sledging) only to a point but they tend to get personal which is just not on. "I agree that I shouldn't have crossed a certain line but people should take the holistic view rather than blaming just me for the episode. Frankly, I don't regret the Watson episode," he said.
Gambhir, who scored a double century in the third Test in Delhi and a hundred before that in Mohali, said Australians never liked their opposition giving a tough fight to them. "They don't like when the opposition reacts the way we did. Australians were never expecting that we will come hard at them and that's why they reacted the way they did." The Delhi batsman, who emerged the highest run-getter in the four-match Test series with 463 runs, said he was unhappy for being ignored for the Man of the Series Award, which was bagged by Ishant Sharma. "I have never been that lucky, may be I need to get 400! I'd be lying if I said it didn't hurt. I take comfort in the fact that the team won the series and I am really happy for Ishant who bowled his heart out in the series," Gambhir told a website.
The opener though said he would never shed his aggressive image despite the recent tiff with the Australians. "I like to be aggressive, I am a fighter who plays for his team, his country and will do everything to restore that pride and never you'd see me taking a backward step." Reacting to Shahid Afridi's comment, that the ban on playing Nagpur Test would hlep the India opener learn lessons, Gambhir said, "It is a joke coming from Afridi, actually, he should concentrate on his own game rather than telling me what to do. People who live in glass houses shouldn't throw stones at others, I can't take Afridi seriously." On criticism against him for getting out in the 60s and 70s, Gambhir said, "Frankly, it doesn't really bother me what critics say as long as I help my team and my country win series after series and tournaments after tournaments,"
"VVS Laxman told me in Sri Lanka that my biggest challenge will be playing against Australia and I need to pass that test. I met him in Nagpur and asked him if did clear that test, he told me, 'you have not only passed the test but passed it with a distinction.' I don't think I need any more approvals from anyone."

China 'regrets' Pranab's remarks on Arunachal

China on Tuesday angrily rejected India's assertion that Arunachal Pradesh is its integral part, insisting that Beijing [Images] never recognised the 'illegal' McMahon Line and that the status of the border state was 'never officially demarcated'.
Deeply regretting External Affairs Minister Pranab Mukherjee's statement that Arunachal Pradesh was part of India, Chinese Foreign Ministry spokesman Qin Gang said New Delhi [Images] has not taken into account the 'historical facts'.
"We deeply regret the Indian side's remarks, that take no regard of the historical facts," Qin said when asked to comment on Mukherjee's comments on Sunday in Tawang, Arunachal Pradesh that the state was an integral part of India and that China was aware of it.
Arunachal an integral part of India, says Pranab
"China and India have never officially settled demarcation of borders, and China's stance on the eastern section of China-India borders is consistent and clear-cut," Qin said at a regular bi-weekly news briefing.
"The current Chinese government, as well as previous ones, has never recognised the illegal McMahon Line," the official Xinhua news agency quoted Qin as saying.
"India knows this," Qin said, referring to the McMahon Line, the demarcation line drawn on the map referred to the Simla Convention in 1914. Although China disputes its legal status, the McMahon Line is currently the effective boundary between China and India.
The Sino-Indian border dispute
Mukherjee had also said that "China is often making claims on Arunachal Pradesh, but Arunachal Pradesh has a special place in our heart."
"People of Arunachal Pradesh regularly elect two representatives to the Lok Sabha and there is an elected state assembly carrying out the responsibility of administration like any of other 27 states. The question of parting company with Arunachal or any of its part does not arise," he had said.
As for the pending boundary issue between China and India, the Chinese Foreign Ministry spokesman said that China is willing to find a solution, which is 'fair, reasonable and acceptable' to the two sides, through peaceful and friendly negotiation in the spirit of mutual understanding and adjustment.
China uneasy over PM's Arunachal visit
Mukherjee's rejection of the Chinese claim on Arunachal Pradesh follows recent declaration of Prime Minister Manmohan Singh [Images] during a visit to the state that Arunachal was 'our land of rising sun'.
This is the second time within a week that Beijing has reacted sharply to Mukherjee's remarks on China.
On November 7, China had rejected an apparent 'China threat' remark made by him during a speech.
PM announces Rs 1000 crore package for Arunachal
India says China is illegally occupying 43,180 sq kms of Jammu and Kashmir [Images] including 5,180 sq km illegally ceded to Beijing by Islamabad [Images] under the Sino-Pakistan boundary agreement in 1963. On the other hand, China accuses India of possessing some 90,000 sq km of Chinese territory, mostly in Arunachal Pradesh.

Arrested armymen played major role in Malegaon blast

Even as Mumbai police levelled charges of murder against the two retired army officers Ramesh Shivji Upadhyay and Sameer Kulkarni who were arrested on Tuesday, Additional Commissioner of Police Sukhvinder Singh told reporters that the duo were "a part of the larger conspiracy" and played a "major role" in the Malegaon blast on September 29 that killed six persons.
Blasts: Sadhvi, 2 others charged with murder
A court in Nashik ordered brain-mapping, narco and polygraphy tests of the two retired army officers as it was told by the police that one of them was in touch with Sadhvi Pragya Singh Thakur already held in the case.
Nashik's civil judge P G Patil upheld Maharashtra Anti-Terrorist Squad's plea to subject Upadhaya, a former army major, and Kulkarni to scientific tests and remanded both to 14-day police custody till November 10.
Understanding blast-hit Malegaon's maladies
It had last Thursday given permission for similar tests on 38-year-old Pragya Singh, a former office-bearer of Bharatiya Janata Party's student wing Akhil Bharatiya Vidyarthi Parishad.
Arguing for the remand of Upadhyay, who was picked up from Pune, and Kulkarni, arrested in Madhya Pradesh [Images], public prosecutor Ajay Misar said it is necessary to keep the accused in 14-days police custody for investigation by ATS as the forensic report has revealed use of high explosives like RDX in the September 29 Malegaon blast which killed six persons.
Misar said there was communication between Upadhayay and Pragya Singh Thakur who is already in ATS custody till November 3.
Pleading before the court, Upadhyay, however denied the charges, including his meeting with Pragya Singh and his involvement in Malegaon blast, and said "I had shared a dais with the Sadhvi only once and did not have any communication with her for a long time since then."
Upadhyay said "I was in the army and a patriot and would never get involved in any anti-national activities".
"I am a heart patient and if remanded I would need a daily medical check-up," he said.
Misar told reporters that sections 302 (punishment for murder), 307 (attempt to murder), 326 (voluntary causing grievous hurt by dangerous weapons or means) and 427 (mischief causing damage) of the IPC while some sections under Explosives Act were levelled against Upadhyay and Kulkarni

India vs Australia, 4th Test, Day 5 Images

India crush Australia

India crushed Australia [Images] by 172 runs to win the fourth and final Test and regain the Border-Gavaskar trophy, in Nagpur on Monday.
Harbhajan Singh [Images] claimed four wickets for 64 runs, while Amit Mishra took three for 27, as Australia, chasing a record 382 for victory, were dismissed for 209 in 50.2 overs, handing India a 2-0 series triumph.
My Son, Sourav
Sourav's last Test innings
It was an emotional moment for Indian cricket as its most successful captain Sourav Ganguly [Images] bid farewell to the international game. The left-hander, who scored 324 in the series, at an average of 54, was even handed charge of the team for a while, after Australia had lost nine wickets.
Gautam Gambhir [Images], who missed the match because of a ban, finished as the top scorer from either side with 463 runs in six innings at 77.16. Fast bowler Ishant Sharma, later named man of the series, and Harbhajan Singh emerged the top wicket-takers with a haul of 15 wickets each. Jason krejza was adjudged man of the match.
India had won the second Test in Mohali by 320 runs, while the first Test and the third were drawn.
Morning session: (98 runs, 21.3 overs, 3 wickets)
Defending a target of 382, India's plan was clear: set a defensive field and bowl wide outside the off-stump. With a 1-0 lead one would not blame them for doing so. It forced the Australian batsmen to come up with something out of the ordinary, something they have not been accustomed to over the years.
Simon Katich came out firing and swung at a delivery outside the off-stump to the leg side boundary in the fourth over of the innings. However, that was followed by a few moments of sheer madness as the two Aussie openers fished at everything wide and were lucky not to edge a few of those.
Katich's agony ended on 16 when he tried another wild swipe across the line off Ishant but holed it on the off-side and wicketkeeper Mahendra Singh Dhoni [Images] neatly pouched it.
Ricky Ponting [Images] survived a close chance when his edge off Zaheer fell short of Rahul Dravid [Images] at first slip. But five balls later the Aussie captain was run out for 8 at the non-striker's end by a direct hit from Amit Mishra at mid-off.
Michael Clarke [Images] survived a confident leg before wicket appeal off the third ball he faced, from Ishant. Closer looks at replays indicated that he was trapped in front and lucky to be given not out.
Clarke, who came in with a runner, then survived two more chances when his edges flew just wide off slips in the boundary in the 11th over of the innings, bowled by Zaheer.
Only 10.3 overs were bowled in the first hour of play, with Australia scoring 52 runs and losing two wickets. It was clear India were in no rush to bowl their overs just like Australia did the day before.
Harbhajan Singh came into the attack in the 13th over and was smashed for a boundary by Hayden. The very next ball Hayden, on 30, tried another cut short but the straight forward edge was dropped by Dhoni.
Australia were surely having a dash at the target with Hayden even attempting a reverse sweep off Harbhajan that fetched him a boundary. But their hopes suffered a setback when Ishant claimed the big wicket of Clarke for 22, caught behind by Dhoni, as Australia were reduced to 82 for three.
Hayden, on 35, attempted another reverse sweep off Harbhajan but this time hit it straight to Dravid, at first slip, who failed to hold on to a sharp chance.
At lunch on the final day, Australia were 111 for 3 in 23 overs. Hayden (46 not out) and Hussey (14 not out) are looking to attack at every opportunity, but the target seems a huge mountain to climb.
India's over-rate, as expected, was pathetic at around 10 overs per hour, but, as Dhoni said on Sunday, their first aim is winning the series, and for that even a draw would do.
By the look of things, they are just playing for that.
Post-lunch session: (98 runs, 7 wickets, 27.2 overs)
Hayden completed his half-century in the first over after lunch when he thumped Sehwag through mid-wicket for a boundary. The left-hander then launched into Harbhajan in the 27th over with two powerfully swept boundaries and followed it up with a big six off Sehwag in the following over.
35 runs had come off the first five overs after lunch, as Australia tried to step up a gear. Immediately Dhoni reacted and his bowlers bowled negative lines and fielders were all back on the boundary.
Mishra was introduced into the attack and the young leg-spinner struck in his very first over. He got one to bounce from the rough, which Hussey could only fend to Dravid at first slip for 19.
In the following over, Harbhajan claimed the big wicket of Hayden for 77. The left-hander walked across his stumps to play on the leg-side but missed the shot and was trapped plumb in front. He hit eight boundaries and a six in his 93-ball knock and his dismissal took India closer to victory.
Brad Haddin also perished cheaply, caught at mid-on by Tendulkar off Mishra for 4. Incidentally, that catch saw Tendulkar achieve another landmark as he completed 100 catches in Test cricket.
Whatever hopes Australia had of at least saving the match were all dashed by their collapse after lunch which saw them lose three wickets for 11 runs in the space of four overs.
Shane Watson prodded around for a while before he was caught behind off Harbhajan for 9.
Jason Krejza could not do much damage with the bat as he was stumped off Mishra for 4, trying a huge shot down the ground.
Interestingly, in a rare goodwill gesture, Dhoni gave Ganguly the perfect farewell by allowing him to lead the team at the fall of the ninth Australian wicket. It brought back memories of the Ganguly of yore as he moved around his fielders and chatted with the bowlers while Dhoni stood and watched for a few overs.
Mitchell Johnson was the final dismissal, trapped leg before wicket by Harbhajan for 11. Australia were out for 209, giving India a huge 172-run victory.
It ensured India their first series win against Australia since 2001.
Defensive tactics or not, Australia were comprehensively outplayed in this Test and had no answers to Dhoni's quick thinking.
Harbhajan was the star performer for India with the ball as he ended with four for 64 in 18.2 overs, while Mishra claimed three for 27.
Immediately after the victory, Ganguly was chaired to the pavilion by his team mates. Even Anil Kumble [Images] and Gautam Gambhir joined in the celebrations.

Malegaon probe: Army officer undergoes narco test

The Mumbai Anti Terrorist Squad on Monday subjected two prime suspects in the Malegaon blasts case to scientific tests.Lt Col Purohit and Ramesh Upadhyay were subject to narco analysis tests at Bangalore.Sources told rediff.com that the suspects revealed a lot of information about the blasts.The Mumbai ATS also sought to confirm the details given by Sadhvi Pragya Singh during her narco test, which was conducted in Mumbai recently.The ATS also sought answers about the explosives used to carry out the blasts and about their origin.