Manmohan has changed millions of lives: Time magazine

Indian Prime Minister Manmohan Singh's speeches may not be winning him followers but his works do and his actions have "changed tens of millions of lives for the better", Time magazine has said.

The American publication has said that Dr. Singh first as Finance Minister and then as Prime Minister since 2004 has made the world's largest democracy one of the fastest growing economies through radical economic reforms.

"... he won the vote and then a sweeping victory in India's general elections this year. It is not Singh's speeches that win him followers; it's the fact that first as Finance Minister and since 2004 as Prime Minister, he has led India through a series of radical economic reforms that have made the world's largest democracy also one of its fastest-growing economies -- and protected the poor too.

"It is Singh's actions that have changed tens of millions of lives for the better, not his words," Time said in an article published online.

Singh-led United Progressive Alliance was voted back to power in the general elections earlier this year. Singh is also credited with the economic reforms which he kicked off as Finance Minister in the early 1990s.

Manmohan has changed millions of lives: Time magazine

Indian Prime Minister Manmohan Singh's speeches may not be winning him followers but his works do and his actions have "changed tens of millions of lives for the better", Time magazine has said.

The American publication has said that Dr. Singh first as Finance Minister and then as Prime Minister since 2004 has made the world's largest democracy one of the fastest growing economies through radical economic reforms.

"... he won the vote and then a sweeping victory in India's general elections this year. It is not Singh's speeches that win him followers; it's the fact that first as Finance Minister and since 2004 as Prime Minister, he has led India through a series of radical economic reforms that have made the world's largest democracy also one of its fastest-growing economies -- and protected the poor too.

"It is Singh's actions that have changed tens of millions of lives for the better, not his words," Time said in an article published online.

Singh-led United Progressive Alliance was voted back to power in the general elections earlier this year. Singh is also credited with the economic reforms which he kicked off as Finance Minister in the early 1990s.

AI plane rams into Aerobridge at Mumbai Airport

A Mangalore-bound Air India aircraft, with 172 passengers and six crew onboard, hit the aerobridge here while taxiing on Tuesday, delaying the flight by almost one-and-a-half hour.

All passengers are safe, Air India spokesperson said, adding "the passengers were transferred to another aircraft and flight took off at 12.20 pm."

"The incident is being looked into to fix responsibility," the spokesperson added.

The incident occurred at around 11.00 am when the aircraft hit the aerobridge while taxiing and resulted in

damaging its door, airport sources said.

All 172 passengers onboard were deboarded and another aircraft was arranged to facilitate their journey to Mangalore, the sources said.

source: ibnlive.com

15 killed in Lahore police training school Attack

LAHORE(Nasrullah Malik): At least 12 persons were killed and dozens were wounded Monday morning in terrorists attack on Police Training Centre in Manawan area of Lahore.

The armed men assaulted Police Training Centre in Manawan area of Lahore on Monday morning killing at least 12 persons and wounding several others.

The contingents of Elite Police have cordoned off the premises.

According to earlier reports the terrorists attacked the police training centre in Lahore in the morning and taken control of the building after grenade attacks. At least four persons were killed in the terrorist attack.

The stand off between the police and militants continued with exchange of heavy fire. The terrorists were holding positions within the police training centre building while the policemen have cordoned off the premises.

The wounded were being transferred to hospitals while some dead bodies and injured were laid near the police training centre.

Heavy contingents of police have cordoned off the centre with the help of the armored carriers.

CCPO Lahore has said that at least 12 terrorists were holding positions inside Manawan police training school building.

According to some media reports at least 15 persons were killed in the shoot out. A police official talking to OneWorld said around 12 to 13 persons were killed in the attack.

Video: Sri Lankan Team Attacked in Lahore

Eight Sri Lankan players wounded in Lahore attack!

LAHORE (Shahid Hashmi/Nasrullah Malik):Unknown gunmen fired over the Sri Lankan cricket team in Liberty area of Lahore, at least five persons were reported killed and five to eight Lankan players were wounded in the incident.

The attackers wearing bulletproof jackets fired over the team van when it was turning towards Gaddafi Stadium from Liberty Chowk of Lahore.

Sri Lankan team manager Brendon Cruppo has said that six Sri Lankan players have been injured in the firing.

Sri Lankan Minister of Sports has confirmed that two players were injured in the attack.

According to officials five to eight Sri Lankan players were wounded in the attack including wicketkeeper batsman Kumara Sangakkara, Samaraweera and Tharanga Pranahitana.

According to the security sources the attackers were in bullet proof jackets.

CCPO Lahore said that 12 masked men were involved in the terror attack. An unknown person had thrown a bag with weapons and ammunition near a shop in the area, witnesses said.

The attackers had lobbed bombs before opening fire, reports said.

A rocket launcher has also been found from the place of the incident.

Federal Minister of Sports Pir Aftab Jeelani has condemned the incident and regretted with Sri Lankan authorities, which sent their team in difficult time of Pakistan cricket.

Selection committee member Salim Jaffar leaving for Sri Lanka to meet the team high ups.

According to reports the injured Sri Lankan players Samaraweera and Tharanga were given first aid at the hospital and they were out of danger.

Governor of Punjab Salman Taseer visited the place of attack and inspected the place.

Talking to the media, Taseer said it was a planned terrorist attack committed by the trained terrorists.

The Lahore second test between Sri Lanka and hosts Pakistan has been called off after a gun attack on the touring team bus injuring players, a Sri Lankan cricket board official told foreign news agency.

"We are trying to bring the team back as quickly as possible. The test match has been cancelled," the official said on Tuesday.

US unveils $250bn banking rescue

Advertisement

President Bush on US government plans to buy shares in banks

The US government has announced a $250bn (£143bn) plan to purchase stakes in a wide variety of banks in an effort to restore confidence in the sector.

President George W Bush said the move would help to return stability to the US banking sector and ultimately help preserve free markets.

US federal authorities will also temporarily insure most new debt issued by US banks.

The moves echo similar steps taken by the UK and other European countries.

"This is an essential short-term measure to ensure the viability of America's banking system," Mr Bush said.

"This is not intended to take over the free market, but to preserve it."

Mr Bush also said that the Federal Reserve would finalise work on a new programme that would make it the buyer of last resort for companies' short-term debt, known as commercial paper.

Furthermore, government deposit insurance is being expanded to cover accounts used by small businesses.

'Objectionable'

The money will come from the $700bn bail-out package approved by US lawmakers earlier this month.

The US plan - effectively part-nationalisation - comes after the bosses of the country's largest banks were summoned to a special meeting at the US Treasury on Monday.

Treasury Secretary Henry Paulson said that the lack of confidence in the financial system was a threat to the US economy.

He said that taking equity stakes in banks "was objectionable to most Americans, including myself".

"We regret taking these actions," Mr Paulson said.

"But we must do this to restore confidence in the financial system."

Mr Paulson said the government would buy stakes in a "wide variety" of banks and thrifts - financial institutions similar to building societies in the UK.

Nine banks, which Mr Paulson described as "healthy institutions", have so far signed up to the deal.

Federal Reserve chairman Ben Bernanke said that the US strategy would evolve and adapt to new developments:

"We will not stand down until we have achieved our goals of repairing and reforming our financial system," he said.

Share surges

The US announcement - and its anticipation earlier in the day - has had a major impact on global shares:

• Wall Street's main Dow Jones index opens up 376 points or 4%. However it subsequently falls back, closing down 76.62 points, or 0.82%, at 9,310.99 amid profit-taking
• The UK's FTSE 100 closes up 137 points or 3.3% at 4,394
• France's Cac 40 ended up 97 points or 2.75% to 3,629, while Germany's Dax adds 137 points or 2.7% to 5,199
• Japan's main Nikkei index ended up 1,171 points, or 14%, at 9,448, the biggest one-day rise in its history

Restrictions

The US government said it would buy preference shares in the banks.

Preference shares pay a fixed rate of interest instead of a dividend, which has to be paid before other shareholders receive anything, but they do not carry voting rights.

Banks that receive the cash injections will be subject to restrictions on executive pay.

US taxpayers may even end up making a profit from the shares if the rescue packages work and the banks recover, but that is not guaranteed.

European lead

The US move comes a day after the UK said it would inject up to £37bn of taxpayers cash into British banks Royal Bank of Scotland, Lloyds TSB and HBOS.

And European governments that share the euro are putting aside more than 1 trillion euros to protect banks through guarantees and other emergency measures.

The bulk of the money will be used to guarantee lending between banks.

The cash will also be used to take stakes in ailing banks.