Dec/06/2011

IMF approves $2.95 bn rescue loan to Greece

The International Monetary Fund is sending $2.95 billion to Greece, the latest instalment in a joint effort to help the ailing government avoid a default on its debt.

The global lending organisation’s rescue package follows $10.7 billion provided by the 17 euro-zone nations last week. Greece’s huge budget deficits and shrinking economy have made it impossible for the country to borrow in private markets, which has necessitated a bailout by the IMF and 17-member euro-zone.

Christine Lagarde, managing director of the fund, called on Greece’s new government, formed last month, to “steadfastly implement” its budget reforms.

The IMF agreed in May 2010 to contribute $40 billion to the euro-zone’s $147 billion bailout loan to Greece. The euro-zone and IMF are currently negotiating a second package with Greece.

More LNG, crude sought from Gulf nations

India is in talks with Persian Gulf nations, including Qatar, for increased supplies of LNG and with Kuwait and Saudi Arabia for additional supplies of crude oil, Union Petroleum and Natural Gas Minister Jaipal Reddy said here on Tuesday.

Addressing the delegates of the 20th World Petroleum Congress at Doha, Mr. Reddy said India required additional energy sources to match its growth. “Wherever there is an opportunity for LNG, crude oil or any other sources, we ask for more supplies,” he said.

Mr. Reddy also held bilateral talks with Mohammed Bin Hamad Al Rumhy, Oman's Minister of Oil and Gas, on additional supplies of LNG. He was accompanied by Petroleum Secretary G. C. Chaturvedi and senior officials of the oil marketing companies. Both the sides discussed the issue of possible investment by Oman in projects in India. India also expressed interest in Oman's downstream projects, consultancy and management, upstream opportunities and gas supply to India. Mr. Reddy also talked about making investments in the LNG plants in Oman.

In addition, Mr. Reddy held talks with Kuwaiti officials to discuss the issue of supplying 2 lakh barrels a day of additional crude oil under long-term contracts by Kuwait Petroleum Corp. At present, the state-run oil company provides India about 4 lakh barrels a day under long-term agreements.

About the New Exploration Licensing Policy (NELP), the Minister said that the process for award of exploration blocks under the IX bid round would be concluded soon. He said India was looking for long-term sourcing of LNG with the producers of LNG. “Our companies are also looking for investment opportunities in LNG plants in producer nations. Qatar has been our long time partner country in this area. We are keen to have more such relationships,” he said.

The Minister also reiterated his emphasis that unregulated over-the-counter (OTC) transactions and trading in ‘paper barrels', along with unbridled speculation activity were to be blamed for the unprecedented price rise in 2008. “I advocated that we need to consider establishing position limits and moving OTC activity on to regulated exchanges,” he said.

Singhvi denies delay in tabling report on Lokpal

Parliamentary Committee chairman Abhishek Manu Singhvi on Tuesday rejected criticism of delay in tabling the report on Lokpal Bill in Parliament and said only a procedural extension of a few days was being sought.

Mr. Singhvi, who met Vice President and Rajya Sabha Chairman Hamid Ansari apparently on the issue of seeking one more extension to table the report in Parliament, said the “procedural extension” sought for translation of the report and its binding should not be termed as a delay.

“If the report is adopted tomorrow, then very soon, in the next two to three days, it will be tabled in Parliament,” he told reporters after meeting Mr. Ansari.

He said perhaps no other Parliamentary committee has completed a report on such a “vast and complicated” subject in two-and-a-half months time.

The Lokpal Bill was referred to the Standing Committee on Personnel and Law and Justice in August this year and given three months time to submit its report. On November 9, the committee’s deadline on submission of report on Lokpal Bill was extended till December 7.

He said the final report will reflect the sense of the committee as well as the dissents given by the members on Lokpal Bill.

To a question on Team Anna rejecting the draft recommendations of his panel, Mr. Singhvi said the Committee was writing the report in national interest and not to please “anyone or everyone“.

“The report is not to satisfy any individual or organisation or all individuals and organisations...if you don’t agree, it’s your problem,” he said.

Kaziranga's Royal Bengal tigress shot dead

An adult Royal Bengal Tigress of the Kaziranga National Park was shot dead by a jawan of a battalion of the Assam Police on Monday morning after it strayed into Bosa village near the Kohora range of the park and attacked some people.

Chief Wildlife Warden of Assam Suresh Chand told The Hindu that the tigress strayed into the village. “Milk was still oozing from its nipples, which suggested that it was in search of its cubs. It was hiding in a bamboo bush in the village and some villagers noticed it and raised an alarm. Soon a huge crowd gathered. The tigress then became agitated and it was shot dead by security personnel.”

Mr Chand said the National Tiger Conservation Authority (NTCA) had ordered a probe into the incident.

Lalit Kala Akademi Secretary sacked

In a first such incident in the history of Lalit Kala Akademi, the services of its secretary Sudhakar Sharma have been terminated by the prestigious arts body's outgoing chairman Ashok Vajpayee.

In a 15-page order issued on Friday, Dr. Vajpayee dismissed the services of Dr. Sharma “on the charges of non-compliance of several decisions, not upgrading his own subordinates, and not doing enough in spite of instructions that includes holding of triennial in November 2011,” Dr. Vajpayee said.

Dr. Sharma, who has been silent on the matter so far, reacted, “Triennial could not happen because of Dr. Vajpayee himself and not me. The reason is that till November he couldn't finalise a director for the triennial. The name that he had suggested didn't find the approval of the Executive Board Members. So how could I hold it?”

The decision according to the constitution of Lalit Kala Akademi is also “illegal” on two counts; it does not give Dr. Sharma a fair chance to justify his position as he was neither served a show-cause notice, nor did the decision meet the approval of the Executive Board which comprises eight members. Moreover, Dr. Vajpayee is an honorary head and has no such powers to sack any officer.

Says Dr. Vajpayee, “Though repeated reminders were sent to him to explain certain acts, he didn't even care to reply. I gave him one-and-a-half years for explaining. Why does he need time in the end?” Dr. Sharma, retorts, “I am not obliged to act on dubious orders which are illegal in nature.”

The decision has surprised many in the art fraternity. Renowned artist and curator Anjolie Ela Menon says, “The news is shocking. Sudhakar has done an excellent job for LKA. Under his supervision, the gallery has gotten a fabulous new look and its new lightings are now even better than even NGMA. He did an excellent job when he worked with me for a French show I curated for NGMA. He is extremely sincere and diligent. All artists should stand by him. As far as the triennial is concerned, the trouble with it is that it always starts too late in the year. It needs at least a year's time for preparation.”

Says well-known artist and gallerist Arpana Caur, “The prestigious Venice Biennale was held under Sudhakar for the first time in India. You cannot hold one person responsible for the failure of the triennial to take place. In my interaction with him, his behaviour has been impeccable. He has always been respectful, polite and accessible.”

Curator Alka Raghuvanshi goes to the extent of saying that Dr. Vajpayee has a dubious reputation of “pushing a self-destruction button in any organisation he has worked with”. She cites Bhopal's Bharat Bhawan as an example from where “he was asked to leave because of his malafide intentions to control the Bharat Bhawan Trust.”

But curator Sushma Bahl differs, “I was working on last triennial for LKA seven years ago but it didn't happen. I wasn't paid so I resigned. It's a shame that it didn't happen. Even private galleries are doing it.” Says photographer Ram Rahman, “I had filed certain RTIs about renovation etc. of Lalit Kala Akademi of which I got false replies.”

Dr. Sharma has already presented his case to the Ministry of Culture. “I am awaiting justice,” he said.

Jawhar Sircar, Secretary, Ministry of Culture, says, “I really can't comment. There are volumes of papers that have reached us and we need time to examine the legal aspects”.