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RIDHI SOOD

Currency wars to dominate IMF, G7 meets

There’s been a rush to devalue currencies in recent weeks, leading to warnings from IMF that it could derail global recovery.

IMF chief Dominique Strauss-Kahn said, . “There is clearly the idea beginning to circulate that currencies can be used as a policy weapon. Translated into action, such an idea would represent a very serious risk to the global recovery”.

At the centre of the debate is China, which has refused to allow its currency to appreciate quickly, warning of domestic social unrest if it were to do so. The US, in turn, has accused China of ‘stealing’ American jobs by artificially keeping its currency devalued, making its exports cheaper.

The US has unilaterally tried to pass trade sanctions against China, allowing American

companies to seek import duties on Chinese exporters using an artificially weak currency, a move which China has condemned as protectionist.     

•  The US Fed is also doing its bit to intervene in its currency, with repeated rounds of stimulus packages. Jobless data on Friday showed unemployment still at around 9.6%, dramatically increasing expectations that the Fed will announce what is known as QE2 — Quantitative Easing Round II, which essentially consists of pumping cheap money into the system as an economic stimulus. 

CWG is govt failure, private sector success

The Commonwealth Games accurately mirror this reality: they too represent a mix of private sector success and government failure.

Many Indian companies have emerged as world class, but government services and corporations have, with some honourable exceptions, remained ridden with waste, corruption and callous inefficiency.

The one clear private sector success has been the construction of

the world-class Terminal 3 at Delhi Airport, which was ready by July, well in time for the Games.

This is an airport of 5.4 million sq ft capable of handling 34 million passengers per year. It is the eighth largest in the world, and is recognized as a global hub. It is India`s first airport with automatic parking spread over seven levels, designed for 4,300 cars. 

Terminal 3 was built by the Delhi International Airport Ltd (DIAL), a consortium headed by GMR of Hyderabad, with Fraport of Germany, and Malaysia Airports as partners. The Airports Authority of India has a 26% stake. 

Navi Mumbai clearance in a month

FINAL clearance for the Navi Mumbai airport is likely to be issued in a month. The proposed second airport for Mumbai was back on track after project developer, City and Industrial Development Corporation (Cidco), agreed to make design changes to address environmental concerns.

Environment minister Jairam Ramesh said,” Compromise in on the cards as the bulk of environmental concerns are reportedly being met. I spoke to Praful Patel yesterday and he has assured me that changes to address these concerns are being met”.

The bulk of environmental concerns are being met. The proposed airport will be moved a little to the south. This shift would mean moving out the nonaeronautical components and will not compromise the aeronautical elements.

It would prevent the destruction of most of the 400 acres of mangroves.

Mining companies may have to pay annual compensation to land losers

THE government will make it mandatory for mining companies to pay annual compensation to land losers, through a mutual agreement between the firms and the persons holding traditional rights over the land.

The revised legislation for mining — the Mines and Mineral (Development and Regulation) Bill — which incorporates the delibrations of a group of ministers who are overseeing the bill, has proposed a slew of concessions to those affected, directly or indirectly, by mining activities. 

The compensation amount shall be determined before commencement of operations and paid in advance each year. The holder of mining lease shall also have to pay 26% of profit after tax, or a sum equivalent to the royalty paid during the previous year, whichever is higher. 

The compensation amount shall be determined before commencement of operations and paid in advance each year. The holder of mining lease shall also have to pay 26% of profit after tax, or a sum equivalent to the royalty paid during the previous year, whichever is higher. 

After the termination of mining lease or licences, firms would also have to pay additional compensation mutually agreed upon to affected persons for damage done to the land due to mining.

Wrestler Sushil Kumar wins 28th CWG gold for India

India won its 28th gold at the Commonwealth Games when wrestler Sushil Kumar won gold in 66kg freestyle event while archer Rahul Banerjee won gold in individual recurve event on Sunday. 

Earlier Rahul Banerjee won the men's recurve archery final at the Commonwealth Games on Sunday, completing a golden double for the host nation after Indian teenager Deepika Kumari won the women's event. 

Earlier, India won its 26th gold at the Commonwealth Games when Harpreet Singh won the individual 25 m centre fire pistol shooting event on Sunday. 

India's medal winners on Sunday Gold (3) Silver (1) Bronze (4) 

 

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