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Major News and Events of 07 October 2013

What Happened on 07 October 2013

Business Council meeting between India and Pakistan in Delhi next week: Bashir

Salman Bashir, Pakistan High Commissioner to India informed that India-Pakistan business council will begin their second meeting in Delhi next week. He interacted with business leaders in a CII meet and specified that the council has formed four task forces which will have the job to identify, offer recommendation, start the process of partnership in varied sectors. This council was formed by the commerce ministries of both the countries and has 15 business leaders of both the nations in it. The first meeting of the council was held in June in Islamabad. Bashir specified Pakistan was interested in taking realistic action for fostering cooperation which will be beneficial for both the sides. This collaboration can be in trade, add-ons in case of technology as well as economic collaboration. Bashir also stated that Pakistan’s PM Nawaz Sharif finds great prospect in doing business with India and Pakistan has hopes this will also have a positive impact on the relation of the two countries.

Anti-Telengana protests in Coastal Andhra Pradesh continues


Anti-Telengana protests in Andhra Pradesh have picked up momentum and there are no signs of it dying down. More than 30,000 electricity employees have gone on strike and have stated that their agitation will continue for two more weeks. Six of the seven units at the Vijaywada power plant is shut down. This supplies a third of the state's power. There is a shortfall of 3500 MW. There is impending fear of the collapse of the southern grid with the shortfall. ATMs have stopped functioning in coastal Andhra Pradesh and even the trains have been cancelled. Shoot at sight order and curfew is imposed in coastal Andhra Pradesh’s Vizianagaram town following violent protests by anti-Telangana protesters. Public and private properties were set on fire by the protestors. Earlier 70,000 government employees decided not to take salaries and they have been doing so for the past 2 months.


The Congress has in its defence stated that all political parties gave its approval for the formation of Telengana except the CPI-M. TDP chief N. Chandrababu Naidu has also started a hunger strike as a mark of protest.

IOC only bidder for the stakes in Haldia Petrochemicals Ltd


Indian Oil Corp (IOC) emerged as the only bidder for the stakes in Haldia Petrochemicals Ltd or the HPL where the offer is of less than Rs 3,000 crore. RIL perceived as the most powerful bidder did not bid by the deadline at noon, and as per sources RIL had objection regarding the West Bengal government’s process of receiving the bids in a sealed envelope in place of an open auction. Similarly,GAIL backtracked after having objection regarding some clauses in the shareholders agreement where the state government did not agree to the fact that the companies bided in a consortium. ONGC had earlier dropped out as there were concerns of litigation. Other companies who pulled out included Cairn India, subsidiary of Vedanta Resources, and Jindal Steel and Power Ltd. In HPL, The Chatterjee Group (TCG) has 40.88% stake and IOC has 8.89% as a strategic investor.

BCCI chief Srinivasan's return delayed, apex court suggests fresh investigation


Supreme Court has recommended a fresh probe into the spot-fixing scandal in the IPL 6. This implies there will be further delay in return of N Srinivasan as the BCCI chief. A three member probe panel has been suggested by the apex court which will be headed by a former judge. The committee will then submit the report to the court. BCCI lawyers will need to submit their reply in the next hearing which is on Tuesday. This will be a different investigation from what police is doing. Srinivasan has been restricted by the court to return to power till the probe is not over even though he was elected as BCCI chief on 29th September.

Test firing of surface-to-surface Prithvi-II missile successful


The test firing of surface-to-surface Prithvi-II missile which is nuclear capable was successful. It was done on Monday from a military base at Chandipur in Odisha. This missile has a maximum range of 350 km. The testing was done by the Strategic Forces Command (SFC) of the army. This was a part of a normal training exercise. The country first ballistic missile, Prithivi is one of the five missiles which are developed as a component of Integrated Guided Missile Development Programme. Its flight duration is 483 seconds, can reach 43.5 km of peak altitude and has the capacity to carry a 500-kg warhead. It can reach its target with a few meters of accuracy.

Shah Rukh Khan's Happy New Year generates $5 million revenue for UAE


UAE has gained $5 million from the shooting of Shah Rukh Khan’s Happy New Year. This is the first time the entire movie has been shot at Dubai. The film commission has been happy with the results and stated that more accurate estimate will be given by next month. The revenues were generated by expenditure on hotel rooms, flights, rental of space and equipment. There were three weeks of shooting and 80-90% of the film's shooting was done in Dubai. Red Chillies Entertainment and the film commission required around a year for organizing the shooting. There were incentives given as well from Emirates Airline, Dubai International Airport and immigration authorities. 180 rooms were booked for 25 days at the Atlantis hotel on the Palm.

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