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Nov. 28 – Mumbai is gradually getting back on its feet 36 hours after the city came under attack by a large group of organized terrorists. The stock exchange and some offices in the north of the city are open and trains, buses and three wheeled auto rickshaw’s are back on the streets.
South Mumbai remains under curfew as Marine Drive leading up to Colaba and Nariman Point, the commercial center of South Mumbai,remainsl under siege. The death count rose to 125 people, including six foreign nationals overnight, with more than 327 reported injured. Terrorists are still holed up in the Taj Hotel, the Oberoi Trident and Nariman House, home to the ultra-orthodox Jewish outreach group Chabad Lubavitch. India's elite national security guard replaced the army and set up command posts around Nariman House. The commandos, with the help of snipers and helicopters, worked overnight to flush out the terrorists, storming the Jewish community center early Friday morning. Continue reading
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Nov. 27 – Terrorist’s attacked 10 prime landmarks in Mumbai at 10 pm local time last night killing at least 100 people and wounding over 900 others. Prominent amongst those shot down are chief of the anti-terror squad Hemant Karkare, Mumbai’s additional commissioner of police (east) Ashok Kamte and encounter specialist Vijay Salaskar.
A group called the Deccan Mujahideen, have claimed responsibility for the attack, however it is yet to be ascertained to which terrorist outfit they belong. Reports state that the terrorists are targeting foreigners in the city. Besides attacking prominent tourist hot spots such as the Taj Mahal Hotel, Oberoi Towers and Leopolds café in South Mumbai the terrorists reportedly asked guests in these hotels for British and American passport holders. Adding to the panic, hospitals including Cama hospital and Bombay Hospital as well as Mumbai’s largest railway station, the CST station and the Municipal Corporation headquarters have also been attacked. Continue reading
Nov. 26 – Following the failure of the Turkey-Iran-Pakistan-India oil and gas pipeline due to security and cost pressures, visiting Turkish Prime Minister Recep Tayyip Erdogan suggested Turkey could ship oil and gas to India via Israel. The proposed route, through the red sea, will avoid the over- crowded Suez Canal and the longer route around the Cape of Good Hope.
According to the new plan,Turkey would supply India with not only oil and gas but also water, electricity and fiber optic cables. The project is expected to cost over US$10 billion (Rs.496 billion).
Energy abundant Turkey and India plan to increase bilateral trade to US$6 billion by 2010 from the current US$2.6 billion. Continue reading
Nov. 25 – The government of India recently approved modification in the Trademarks (Amendment) Bill, encouraging the transfer of technologies to India and quickening the process for India to join the Madrid Protocol on Trade Marks. The move is also a step towards streamlining registration and protection of trademarks within India, ultimately leading to a one window paperless system.
“The amended bill will provide better protection to Indian trademarks in designated member countries and afford reciprocal protection to trademarks from member countries abroad,” minister of state in the prime minister’s office, Prithviraj Chavan told the Financial Express. Continue reading
Nov. 24 – In order to ensure that infrastructure projects in India are not stalled due to a lack of funds, the government has decided to set up a dedicated Rs. 50,000 crore (US$10 billion) infrastructure fund. The fund, according to the Economic Times is expected to be available for projects developed by both private and public-private joint ventures to build roads, airports, power plants or ports. Some of the infrastructure projects that are in the planning stage include 43 IT cities, developing roads in India's Northeast, and completing the US$90 billion industry corridor which will connect India's capital New Delhi with her commercial capital Mumbai. Continue reading
Nov. 19 – Will India follow the United States, Japan and 15-nation Eurozone into a Recession? Government officials, economic and industry captains doubt it. While growth is expected to slow down in the subcontinet, the Indian government feels it has taken adequate measures to stimulate the economy offseting effects of the global economic slowdown. Continue reading
Nov. 18 – Japanese telecom giant NTT DoCoMo acquired a 26 percent stake Tata Teleservices (TTSL) for about Rs 13,070 crore (US$2.7 billion) or an enterprise value of Rs 50,269 crore ($10.38 billion) last week. TTSL has 25 million subscribers spread across 20 telecom circles in India, commanding 9.3 percent marketshare and is the county's sixth largest telecom player. NTT DoCoMo also confirmed that the company will have the right to appoint three directors in the TTSL board.
The deal comes ahead of India's auction of 3G spectrum, a technology of which that DoCoMo has extensive experience. Continue reading
Nov. 17 – At a time when the rest of the world is firing employees, India is hiring. Within the last week companies across the country announced plans to hire atleast 40,000 people. According to the Economic Times, Private insurer MetLife India is looking to recruit about 2,000 sales managers and a whopping 30,000 financial advisors in the coming months. Global management consultancy firm Deloitte Touche Tohmatsu is also looking to hire 3,500 employees in the country aiming to take the firm's total headcount to 12,000 in the next three years. Meanwhile the largest lender in the country, the State Bank of India also announced plans of hiring 25,000 employees in the year to March, the Press Trust of India reported. Continue reading