Business and Economy

• Cash hungry Indian companies are on a fund-raising spree through the foreign currency convertible bond (FCCB) market. In the first quarter of 2006, companies are set to raise USD 2.5 billion more than 60% of the USD 4 billion accumulated last year. While India took about 40% of all money raised through FCCB in Asia last year, it has taken 74% of the total regional funding this year. Jet Airways is raising USD 500 million, Mahindra & Mahindra USD 200 million, and McDowell USD 250 million. Other companies with pending applications are Cipla, Wockhardt, Matrix Labs, and HCC for a combined off take of USD 1 billion. Indian companies are leveraging the lower interest regimes to finance their expansion through mergers and acquisitions. Dr. Reddy's Lab bought the fourth largest German generic drug manufacturer for close to half a billion USD.

Democracy, Politics and Judiciary

• The Enforcement Directorate questioned disgraced former Foreign Minister Natwar Singh for a second day in the Iraqi oil-for-food scam. Singh's son Jagat Singh was interrogated earlier and had reportedly confessed to using his father to gain contacts within Iraq to obtain oil coupons. Of these coupons, some worth about USD 750,000 was actually lifted. He then used his friend Andaleeb Seghal and Jamil Saeedi's Hamdeen Exports to siphon the money into India.  They had used the Jordan National Bank and a London-based relative (Aditya Khanna) of Singh Sr. to launder the proceeds

Environment, Health and Education

• CSL Ltd of Australia reported that it has produced the smallest vaccine does that can protect humans against the bird flu virus. However, it admitted that it does not know how this vaccine will work if the virus mutates further. Experts say that it will take months before they can start working on a mutated strain. The H5N1 strain has killed 91 people in East Asia and Middle East and there are a total of 169 confirmed human cases. Cases have been reported in Nigeria and Europe recently.

•  Over 27,000 chickens have died in the last 15-day in Nandurbar district of Maharashtra and 70% of them are from the H5N1 bird flu virus strain. The local Collector Jayant Gaekwad said that there were on confirmed human infestation although there are reports of people being admitted to the hospital. When the birds started dying, the initial suspicion was Ranikhet disease and only after confirmation from the National Anima Laboratory at Bhopal was a bird flu outbreak confirmed. Gaekwad said that all poultry deaths took place within one taluk, which had 49 farms and 400,000 birds. As a precaution, the State Government has asked all these birds to be slaughtered. Secretary of Animal Husbandry and Dairying P.M.A. Hakeem said that India had 2 months vaccine stocks imported from Europe and he indicated that 3-10 kilometer radius around the area will be cordoned off. He said India had previously tested 20,000 birds since 2004 but this was the first confirmed incidence. He said that chicken cooked at 60 degrees centigrade for 15 minutes is not harmful to humans The poultry industry does not agree with the Government saying that there is no confirmation yet on whether the birds were infected with bird flu or not.

• Editorial : Regulate Ship Breaking Business

Terrorism, Defense, Security and Science & Technology

• Ten countries including South Africa and many from the Far East have showed keen interest to buy the Indo-Russian BrahMos supersonic missile.  It is the only supersonic precision missile with a range of 290 kilometers with multiple launch capability. Starting this month, the missile will be inducted into the Indian Navy.

• Pakistan President Pervez Musharraf is visiting China for a five-day visit seeking China's help in nuclear energy, textiles, energy, and communications. Pakistan was rebuffed by European Union and the United States on its demand for nuclear parity with India. Pakistan was greeted with official and media based barrage on its non-proliferation and terrorism performance. However, Musharraf hopes to gain Chinese assistance for 2 more reactors in its efforts to increase nuclear energy generation capacity from 437 megawatts to 8500 megawatts. China had assisted Pakistan with the 300 megawatt Chasma Nuclear Power Plant.

• Editorial: The Nepal Stalemate

• Editorial: Iran's Nuclear Program

World

• A new Palestinian Parliament dominated by the terrorist group Hamas was sworn in even as its relationship with its President Mahmoud Abbas and Israel remained uncertain. Hamas leader Ismail Haniya is expected to become Prime Minister. Abbas said that the Oslo Accords, which recognized the legitimate right of autonomy within Palestinian territories cannot be questioned and must be honored. At the same time, clearly implying that Hamas must shun violence, he insisted that the Palestinian Government must accept negotiations as the "sole" means to achieve Palestinian goals. He is expected to ask the Government a formal charter that will direct foreign policy; two state solution, recognition of Israel's right to exist, pursuit of non-violent struggle against Israeli occupation, and a US sponsored roadmap to peace. Unfortunately, Hamas rejected Abbas's call saying that it "rejects negotiation with the occupation under the current circumstances, which occupation and aggression continues." The spokesperson went on to say that it was their "natural right" to resist for the welfare of Palestinians. However, Hamas had indicated a long-term truce with Israel but not under international pressure. According to Palestinian mode of governance, while Hamas will have some control over Palestinian security forces, decisions on appointments, promotions, and deployment have to be routed through the President's office.

• Angry Libyan protestors incensed by an Italian Minister's threat to wear T-shirts with the distasteful Danish cartoons and called Muslims "Ali Babas" overran security forces and burnt a consulate building at Benghazi.  About 1000 stone-pelting protestors stormed the Italian Consulate even as security forces fielded tear gas to burn down the building. The Italian Prime Minister Silvio Berlusconi urged Reform Minister Roberto Calderoli, responsible for the comments, to resign. Police in Libya said that 10 protestors had been killed.