A three-member team from the Japan Bank for International Cooperation is in Chennai to have a detailed discussion with officials of Chennai Metro Rail Company.
The Japanese Bank is the funding agency for the Rs.9,575-crore project. The team is headed by the bank’s Deputy Director Yoshi Bumi Bito.
The project, cleared by the Union Urban Development Ministry, has been sent to the Planning Commission for final approval, which according to officials here is a formality.
Chennai Metro Rail Company officials are scheduled to have a meeting with the Delhi Metro Rail Corporation (DMRC), the consultant for the project, during the course of next week to firm up the proposed alignment for the metro rail. At present, two corridors are planned – from Washermenpet to the airport and from Fort to St.Thomas Mount. The DMRC, which has drawn up the project report, will be closely associated with the Chennai project right through.
In addition, the company would be appointing a general consultant, the officials added.
The State Government, which has formed the Chennai Metro Rail Company to execute and maintain the partly-elevated and partly-underground metro railway line, is keen on a unified metropolitan transport authority to enable commuters to move from one railway network to the other or to the public transport system.
Tuesday, January 22, 2008
Monday, January 21, 2008
Sensex sheds 1408 points
The contagion effect of U.S. bad loans dealt a big blow to Indian retail investors on Monday as the domestic benchmark stock index, the BSE 30-share Sensex, lost 1408.35 points or 7.41 per cent to close at 17605.35.
This was the largest ever fall in the history of the Indian stock index, which crossed 21,000 points only a few days ago.
The NSE 50-share Nifty lost 496.50 points or 8.70 per cent to close at 5208.80.
“The fall needs to be seen in the context of the sharp run- up witnessed in the last quarter of 2007 and the increasing volatility in the global markets amidst concerns about future economic growth. In that sense, this consolidation being witnessed in recent days is largely due to the growing risk aversion in global markets and was along expected lines,” said Sukumar Rajah, chief investment officer (equity), Franklin Templeton Investments India.
Other markets in the region also moved down sharply.
The decline in the Sensex can be attributed to several technical factors.
This was the largest ever fall in the history of the Indian stock index, which crossed 21,000 points only a few days ago.
The NSE 50-share Nifty lost 496.50 points or 8.70 per cent to close at 5208.80.
“The fall needs to be seen in the context of the sharp run- up witnessed in the last quarter of 2007 and the increasing volatility in the global markets amidst concerns about future economic growth. In that sense, this consolidation being witnessed in recent days is largely due to the growing risk aversion in global markets and was along expected lines,” said Sukumar Rajah, chief investment officer (equity), Franklin Templeton Investments India.
Other markets in the region also moved down sharply.
The decline in the Sensex can be attributed to several technical factors.
Brown backs India’s bid for Security Council seat
The United Kingdom has announced its support for India’s membership of the United Nations Security Council (UNSC), but said the road to the expansion faced several challenges.
“I am pleased to announce that we support the membership of India in the UNSC and reforms of the Security Council for the future,” British Prime Minister Gordon Brown said at a joint press conference with Prime Minister Manmohan Singh here on Monday.
“We have agreed that it is in the interest of both our countries and the world that international institutions should be reformed for the modern era. They need to be equipped to deal with the challenges of the 21st century and to ensure that there are more representatives of the new global order,” he observed.
A joint statement, issued at the end of Mr. Brown’s two-day visit, noted the U.K.’s support for the Indo-U.S. civil nuclear agreement and an “appropriate” India-specific exemption in the guidelines of the Nuclear Suppliers Group.
The two sides also agreed to promote cooperation in the civil nuclear sector and work towards a bilateral agreement.
Mr. Brown said that in his talks with Dr. Singh they found common ground to reform other multilateral institutions such as the World Bank and the International Monetary Fund.
“Essay in persuasion”
While expressing their resolve to reform the UNSC, the Prime Ministers underlined the challenges that the process faced. “We don’t underestimate the difficulties that lie in reforming global institutions. It is an essay in persuasion,” observed Dr. Singh.
Mr. Brown pointed out that there was general acceptance in the world community for reforming the UNSC, but the challenge lay in how change should be effected.
At the same time, both Prime Ministers said they were not pessimistic about reforming multilateral institutions. “It is in the interest of the world economy and politics that in an increasingly interdependent world, international institutions should be representative of contemporary realities. … We can’t deal with global problems unless India is at the global high table,” Dr. Singh said.
India and the U.K. signed, besides the joint statement, an agreement on cooperation in the scientific arena.
Mr. Brown was hopeful that companies from both countries would finalise business worth £10 billion in the near future.
“I am pleased to announce that we support the membership of India in the UNSC and reforms of the Security Council for the future,” British Prime Minister Gordon Brown said at a joint press conference with Prime Minister Manmohan Singh here on Monday.
“We have agreed that it is in the interest of both our countries and the world that international institutions should be reformed for the modern era. They need to be equipped to deal with the challenges of the 21st century and to ensure that there are more representatives of the new global order,” he observed.
A joint statement, issued at the end of Mr. Brown’s two-day visit, noted the U.K.’s support for the Indo-U.S. civil nuclear agreement and an “appropriate” India-specific exemption in the guidelines of the Nuclear Suppliers Group.
The two sides also agreed to promote cooperation in the civil nuclear sector and work towards a bilateral agreement.
Mr. Brown said that in his talks with Dr. Singh they found common ground to reform other multilateral institutions such as the World Bank and the International Monetary Fund.
“Essay in persuasion”
While expressing their resolve to reform the UNSC, the Prime Ministers underlined the challenges that the process faced. “We don’t underestimate the difficulties that lie in reforming global institutions. It is an essay in persuasion,” observed Dr. Singh.
Mr. Brown pointed out that there was general acceptance in the world community for reforming the UNSC, but the challenge lay in how change should be effected.
At the same time, both Prime Ministers said they were not pessimistic about reforming multilateral institutions. “It is in the interest of the world economy and politics that in an increasingly interdependent world, international institutions should be representative of contemporary realities. … We can’t deal with global problems unless India is at the global high table,” Dr. Singh said.
India and the U.K. signed, besides the joint statement, an agreement on cooperation in the scientific arena.
Mr. Brown was hopeful that companies from both countries would finalise business worth £10 billion in the near future.
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