India denies violating Pakistani airspace

NEW DELHI, December 14, 2008 (AFP) – India on Sunday denied any of its aircraft had intruded into Pakistani air space, as tensions ran high between the nuclear-armed South Asian neighbours over the Mumbai attacks.Pakistan’s air force said Indian jets flew over the Pakistani-administered part of Kashmir and the eastern city of Lahore, both places […]

India industrial growth crashes into negative terrain

NEW DELHI, December 12, 2008 (AFP) – India’s industrial growth unexpectedly shrank for the first time in 15 years, data showed Friday, hit by the widening global recession that has weakened demand in Asia’s third-largest economy. Industrial production contracted by 0.4 percent in October after expanding by 12.2 percent in the same month a year […]

India announces stimulus package to boost growth

NEW DELHI, December 7, 2008 (AFP) – The Indian government on Sunday announced an extra four billion dollars in spending to shield the economy from the impact of the global financial crisis.The government said it would also ensure a substantial increase in expenditure for next year’s budget.“The government has decided to seek authorisation for additional […]

Hedge Management

Dec 06, 2008 (LBO) – The Sri Lanka unit of the Indian Oil Corporation has unwound some oil derivatives it bought earlier in 2008, but is left with 70,000 barrels worth deals that will expire next year, a top official said. Lanka IOC says it is honoring all contracts. Exotic Derivatives Lanka IOC had bought […]

Though shaken by siege, Mumbai comes back to life

MUMBAI, December 1, 2008 (AFP) – For 60 hours, Mumbai residents watched aghast as gunmen opened fire in a station and hospital, seizing two top hotels and a Jewish centre in a coordinated assault that left at least 172 people dead. But soon after an attack described by many in the media here as “India’s […]

India interior minister resigns over Mumbai attacks

MUMBAI, November 30, 2008 (AFP) – India’s interior minister resigned Sunday as anger grew over intelligence failures leading up to the attacks on Mumbai and investigators focused on a Pakistan-based Islamic militant group. Home Minister Shivraj Patil said he took “moral responsibility” for the assault by heavily-armed militants which left nearly 200 people dead and […]

Battle for Mumbai ends, last militants killed

MUMBAI, Nov 29, 2008 (AFP) – Commandos killed three holdout gunmen Saturday in Mumbai’s Taj Hotel, bringing an end to a two-day Islamic militant assault on India’s financial capital that left at least 155 dead, including 21 foreigners. The final attack on the historic seafront hotel was marked by heavy gunfire and loud explosions that […]

Mumbai attacks leave at least 125 dead, Pakistan accused

MUMBAI, November 27, 2008 (AFP) – Indian commandos battled into the early hours of Friday to end a multiple hostage crisis in Mumbai after suspected Pakistan-based Islamic militants killed 125 people across the city. Officials said they had almost totally cleared the luxury Taj Mahal hotel where gunmen had been holed up for more than […]

Commandos storm Mumbai Jewish centre: Eye witness

MUMBAI, November 28, 2008 (AFP) – At least 17 commandos on Friday abseiled from a helicopter into the Jewish centre in Mumbai taken by Islamic militants, and explosions were heard, an AFP witness said.The centre was one of several targets in the city attacked by Islamist gunmen.Officials said hostages, including Israelis, were believed to be […]

White House offers help to India after attacks

WASHINGTON, November 27, 2008 (AFP) – The White House on Wednesday held a meeting of top intelligence and counter-terrorism officials after the deadly attacks in Mumbai and said it stood ready to help the Indian government. “This afternoon, the White House National Security Council convened officials from counterterrorism and intelligence agencies as well as the […]

‘s stock markets shut due to attacks

MUMBAI, November 27, 2008 (AFP) – India’s stocks and commodity exchanges will be closed on Thursday due to the coordinated attacks by gunmen across India’s commercial capital Mumbai, a spokesman said. “Considering the prevailing abnormal situation and the government’s advice” for people to remain indoors, “it has been decided to keep the markets closed for […]

100 killed, foreigners taken hostage in Mumbai attacks

MUMBAI, November 27, 2008 (AFP) – Army commandos laid siege Thursday to two luxury hotels in Mumbai where gunmen held foreign guests hostage as part of coordinated attacks across India’s financial capital that left up to 100 dead. A group calling itself the “Deccan Mujahedeen” claimed responsibility for the attacks late Wednesday night on the […]

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