Questionable governance when loss-incurred CB has made a profit transfer to Government

March 2, 2015

Massive losses incurred by Central Bank in 2013
A very vital piece of information relating to the Central Bank which has been missed by many has been the incurrence of a massive loss amounting to Rs. 24 billion in its ordinary operations during 2013. This loss has further been increased to Rs. 39 billion when its comprehensive operations are also taken into account.
These figures, arrived at by preparing the accounts of the Bank in terms of International Financial Reporting Standards or IFRSs, are slightly at variance with the requirements for calculating profits as laid down in the Monetary Law Act enacted as far back as 1949. Yet, for assessing the solvency and the performance of the Bank, the losses calculated in terms of IFRS are relevant.

Questionable Governance When Loss-Incurred CB Has Made a Profit Transfer to Government by Thavam Ratna

WikiLeaks: By Improving SL Navy’s Ability, US Will Help To Bring Terrorist LTTE To Heel: Embassy Colombo

March 1, 2015

“As extensive embassy reporting has discussed, the political, economic, military and security environment in Sri Lanka has undergone dramatic changes since the 5 december 2001 parliamentary elections which brought a new government to power. The GSL and Tamil Tigers (LTTE) have signed a ceasefire Memorandum of Understanding as a prelude to talks (o/a may 27) aimed at ending nearly two decades of brutal civil war. Feelings of optimism and hope have swept over this troubled island. The fighting has stopped, and the many and onerous security procedures that affected every day life have dissipated: long closed roads have reopened; police and military checkpoints have shut down; and draconian restrictions on fishing and other maritime activities have begun to disappear.” the US Embassy Colombo informed Washington.

Ashley Wills

The Colombo Telegraph found the related leaked cable from the WikiLeaks database. The cable discusses Sri Lankan Navy’s strengths and weaknesses. The “Confidential” cable written on February 05, 2003 and signed by the US Ambassador to Colombo E. Ashley Wills.

The ambassador wrote; As our reporting also has stressed, however, the GLS wants to enter this delicate period with ‘a warm heart, but a cool head.’ the GSL’s foe is one of the world’s most ruthless and sophisticated terrorist organizations. As our public statements and other information have made clear, we continue to see ltte efforts at resupply and other activities that seem to indicate, at a minimum, a lack of total reliance on peace talks as a means to resolve the dispute that has torn apart Sri Lanka.

Under the sub heading “The Sri Lankan Navy Needs Help” the ambassador wrote; “It has repeatedly shown a willingness to close with the ltte’s ocean-going force, the sea tigers. The navy’s will to fight, however, has exceeded their ability to fight effectively. The sea tigers have inflicted serious casualties on the navy, including through the use of devastating suicide craft. Open press in Sri Lanka points to past attacks by LTTE suicide boats as the inspriration for the attack on the uss cole. Tiger maritime supply arguably remains one of, if not the most, serious challenges faced by the gsl in brining to a successful conclusion the recently launched peace process. An assessment by a team form the us pacific command headquarters in september and october of 2002 indicated that maritime interdiction of the ltte’s resupply capability was one of the most important factors needing to be addressed by the governemtn of Sri Lanka. The navy simply cannot do the job with its current fleet — and the tigers know it and simply do not take the navy very seriously. Beefing up the ability to interdict and deter tiger supplies would make a major contribution to the peace talks, showing the LTTE that talking is better than fighting, and, if the talks break down and conflict resumes, the navy could put a serious dent in terrorist supply efforts. To those ends, the country team strongly supports the provision of a 210′ eda cutter to the sl navy.”

“Providing the Sri Lanka navy with vessels of the medium endurance cutter class size supports embassy Colombo’s MPP. Regional security and counter-terrorism are two fundamental areas of the mission’s plan for Sri Lanka. By improving the navy’s ability to interdict LTTE supplies, the USG will help to bring this terrorist organization to heel.” the ambassador said.

Under the subheading “Human Rights” ambassador Wills wrote; “The Sri Lanka military has had an improving Human Rights record while the LTTE has a consistently poor record. Assisting the GSL to bring and keep the LTTE at the negotiation table and in the political process can only help improve the human rights record of both sides. The Sri Lanka navy’s sea-going units have a solid HR record with few verifiable incidents in the last three years.”

Placing a comments he said; “Provision of the cutter fully supports our 2003 MPP and the overall US objectives of combatting terrorism and illict traffic in drugs and humans. It further increases US influence with the SL military and rewards a frankly pro-US government that seeks increasingly close US-SL mil-to-mil relations.”

Read the cable below for further details;

No quick fixes for corruption

Editorial-February 28, 2015

There are many Lankans disgusted to the core with the rampant corruption and profligacy of the ousted Mahinda Rajapaksa administration that are publicly and bitterly complaining that no big fish have been netted or locked up bar the soap opera-type arrest, remanding and bailing of former Minister Wimal Weerawansa’s wife over a relatively minor offence. Ministers John Amaratunga who is responsible for the police and Cabinet Spokesman Rajitha Senaratne added their voices to the cacophony last week demanding speedy action by the police on the bribery and corruption front. There has also been the promise of more exposures. The country has been told that `suspects’ like Duminda Silva, Sajin de Vass Gunawardene, Mahindananda Aluthgamage and the former Sri Lanka Ports Authority Chairman Priyath Bandu Wickrema against whom complaints have been made or there was information have been `grilled.’ That obviously has not satisfied the critics from the JVP, JHU and, indeed from among the general public who are looking, or shall we say lusting, for very much more blue blood.

We need not labor the point that it is easier to make these demands than to act on them. Whenever there are complaints, the law enforcement agencies cannot rush and make blanket arrests. There has to be solid evidence to sustain successful prosecutions. It is worth remembering that only a very small percentage of those who are prosecuted in our criminal courts are convicted. How much harder then to nail VIP crooks, many politicians among them, who surely took precautions to cover their tracks whatever grand larceny they were guilty of committing. Investigations that must be thorough and painstaking must necessarily be slow. That does not mean that they should remain open for several years, as in the case of the Lasantha Wickrematunga assassination with no development of any value up to now. Sadly, a VVIP is supposed to have named a suspect, not once but six times, in conversations with Wickrematunga’s brother. If the authorities had that kind of evidence/information why was there no follow through? Obviously mega commission takers will not bring their loot into the country and flaunt it openly but would salt such ill-gotten gains in some haven or another. Countries providing safe parking for tainted money do not easily cooperate with corruption investigations which makes the nailing of offenders that much more difficult. But the Inland Revenue Department, given the necessary will, can ask searching questions from those under the searchlight.

With regard to Weerawansa’s wife’s passport, the public surely is entitled to know why she was issued a diplomatic passport in the first place. Is it that all ministers’ wives are entitled to that privilege? If so why? We can see a justification if they are accompanying their husbands on official visits but not if they are going shopping to Singapore, Bangkok or wherever. Education Minister Akila Viraj Kariyawasam, then an opposition MP, revealed in parliament last year that some 2,872 diplomatic passports have been issued to various beneficiaries regardless of what one report called "exclusivity of a list of pre-approved personalities." His statement was not contradicted. The whole business smacks of dispensing of favour and deserves a re-look. President Maithripala Sirisena, as we commented last week, has already set a good example by making his overseas visits on scheduled commercial flights without large retinues of hangers-on. We are told that the prime minister’s wife went abroad a few days ago without any fuss or bother like any other normal passenger waving off efforts to accord her special treatment. These are examples that deserve emulation.

The country is also saddled with the lack of skilled investigators to pursue the many rogues that abound in our society. The return of Mr. Thilak Karunaratne as Chairman of the Securities and Exchange Commission has been widely welcomed by most stock market participants. Karunaratne resigned after his predecessor, Ms. Indrani Sugathadasa (the wife of the then president’s secretary), also threw in the towel allegedly over pressures relating to investigation of stock market manipulation. Dr. Harsha de Silva, the Deputy Minister of Policy Planning and Economic Affairs who called himself the "chap who is running the policy shop" told a gathering at the Colombo Stock Exchange last week that the CSE had the government’s full backing and called on the regulator to make the market one that was free of interference and manipulation. Karunaratne’s main responsibility as the head of the SEC was to ensure that the market was free from

interference, that manipulation is completely and absolutely removed, wrongdoers punished, thus creating an environment that would attract market participants knowing that they have an equal chance of "making or losing money," he said. Given some of the shady goings-on in the past, the new regulatory order is most welcome.

We run a report today that Justice Minister Wijeyadasa Rajapakshe, who was in London for the Magna Carta Law Conference had told our correspondent that there is no delay in tackling the bribery and corruption issue. He had alleged that the Bribery Commission had been defunct for over a decade and the new Director-General who had been appointed by the present administration had got things moving. Also a special unit of the CID had been set up to deal with this problem and the police and the Attorney General’s Department has been told to conduct impartial inquiries and implement the law. These are not directions that need to be given. The concerned agencies should have done exactly that without being told. But given that persons obligated to the regime had been appointed to some key positions, a reluctance to displease their masters had been all too visible in the past.

A major problem is that given the 100-day program which was a major plank in the Sirisena platform, the public expects quick results. This is particularly true about bringing rogues who once ruled the roost to book. Apart from the bribery and corruption sphere, delivery is going to be difficult in many other areas as well. We hear conflicting statements from leaders of various constituents of government about when Parliament is going to be dissolved and when the parliamentary election is going to be held. Ven. Madulawawe Sobhitha whose National Movement for a Just Society played a major role in toppling what many thought was an invincible regime says that there is no hurry to have the election which is due in April next year. There are others who are convinced that the next election should not be fought under the present PR system. How the president will ensure an equitable distribution of parliamentary seats between the SLFP he leads and the UNP which played a major and decisive role in electing him remains to be seen. And what is Mahinda Rajapksa going to do – will he or won’t he? The developing scenario is not easy to read and the weeks and months ahead are going to be interesting times for watchers of the political scene.

First Chinese, now Indians under probe!

 March 2, 2015

• Cabinet approves full review of $ 430 m ‘One Colombo’ mixed development project in Slave Island by world-famous and highly-respected corporate giant Tata of India
• Project envisaged three apartment blocks comprising 40 storeys each containing 580 housing units not less than 400 sqft per unit and 96 luxury housing apartments

Flashback: Tata officials explain the One Colombo project to the then Defence and Urban Development Secretary Gotabaya Rajapaksa at the ground breaking ceremony held in May last year. File photo

First it was China’s Port City and now the President Maithripala-Premier Wickremesinghe Government has zeroed in on India’s corporate giant Tata’s $ 430 million mixed development project in Slave Island.
The Cabinet last week decided to do a complete review of the highly-respected corporate Tata’s project titled ‘One Colombo Ltd,’ which was previously approved under the Strategic Development Act.
The project, on an area of eight acres in Slave Island, was launched in May last year. It envisaged three apartment blocks comprising 40 storeys each containing 580 housing units not less than 400 sqft per unit. In addition, Tata Housing Development Ltd. also plans to build 96 luxury housing apartments. Construction work was expected to be complete within a period of two-and-a-half years.
On a proposal made by Minister of Investment Promotion, Highways and Higher Education Kabir Hashim, Cabinet approved to review the whole process of launching a mixed development project in the Slave Island area of Colombo 2.
This was with the objective of providing a better life standard to the people residing in the area and to recommence the whole project from the very beginning in accordance with the terms and conditions of the Strategic Development Act.
When the project was launched last year, it was emphasised that the primary goal was to uplift the living standard of the people in the area and provide them a better living environment, thereby improving the liveability of the city.
Actively promoted by the then Defence and Urban Development Secretary Gotabaya Rajapaksa, under the project each beneficiary will get a more spacious house compared to their old houses. During the construction period, each displaced family will be paid a house rental allowance starting from Rs. 15,200 to Rs. 52,000.
The project in Slave Island encompasses Malay Street from the east, Justice Akbar Street from the south, the railway track from the west and the land used by the Ministry of Education from the north. The total cost for providing relocation houses/commercial units is estimated at Rs. 5.8 billion including rental payments for temporary accommodation of families.
The One Colombo project was part of the Urban Development Authority (UDA) overall housing development program targeting to resettle around 65,000 number of low income families living in underserved settlements in the city of Colombo.
The Defence and Urban Development Ministry at that time stated that due to the substantial cost involved for construction of houses for resettlement of shanty dwellers, the UDA explored getting private sector participation for the development of such encumbered lands. Accordingly, UDA identified a block of land in extent of around eight acres at Slave Island as a priority project.
“This particular block has got fragmented into smaller pieces over the years and that resulted in disputing title of those land plots. As per the enumeration survey carried out by the UDA, 456 residential units and nearly 100 non-residential units occupied the block in a congested manner and without basic facilities. The entire block remains in a dilapidated state. Due to unclear title and limitation of extent, the individual occupants were not able to develop their respective plots. Therefore the UDA’s intervention was essential to clear out those bottlenecks and to utilise it for high-rise mixed developments, harnessing the maximum potential of this prime location in the city,” the Defence Ministry said.
Of the land plots, 77% are of less than two perches in extent. About 12 land plots were of more than six perches; 25% of the houses have a floor area of less than 400 sq ft. Almost all the land plots are not acceptable to lending institutions. Individual property owners cannot sell or develop their properties due to limitations. Houses are located in a back-to-back position, having only foot path access. Titles are not clear due to fragmentation into smaller pieces.
The UDA also took action to acquire the said land block under the Land Acquisition Act for its title clearance purpose.
At its launch, the Defence Ministry said almost all the families had agreed to renounce their rights to claim for compensation for the respective land plots as they are provided with permanent houses with all facilities within two to three years in lieu of their individual properties. Very few families have claimed compensation instead of obtaining alternative houses and the UDA will accommodate their request.
No sooner the compensation amounts are determined by the acquiring officer, the UDA will release the payments to them without any delay. A developer has to initially invest his own funds to build the relocation apartments to the quality standard specified by the UDA. The balance land extent released through this process will have to be alienated to the investor to develop for high rise apartments and commercial uses based on a proper urban design layout which includes all facilities and amenities adhering to the UDA planning and building regulations whereby the investor could recover his investment.
“This strategy will pave the way to achieve a win-win situation for the occupants as well as developer,” the Defence and Urban Development Ministry said last year.
It was envisaged that once the ongoing surrounding developments in the John Keells site, Station passage and former Colombo Commercial sites are completed in Slave Island, the recipients of relocation houses in the Tata project could gain a huge value addition to their houses. The project would bring additional benefits to the country through direct foreign remittance, employment generation, technology transfer and multiple effects to the building industry, the Defence and Urban Development Ministry said.

Zero Discrimination Day to be celebrated around the world

Sunday, 01 March 2015 

Discrimination continues to affect the lives of millions of people around the world. On 1 March, Zero Discrimination Day, people from all corners of the world will unite under the theme of Open Up, Reach Out in order to celebrate diversity and reject discrimination in all its forms.

The support garnered for Zero Discrimination Day has created a global movement of solidarity to end discrimination, which remains widespread. Millions of women and girls in every region of the world experience violence and abuse and are unable to exercise their rights or gain access to health-care services, education or employment. Discrimination at work, school and health-care and other settings reduces people’s ability to participate fully and meaningfully in societies and provide and care for themselves and their families. Globally, there are almost 80 countries that still have laws criminalizing same-sex sexual relations. Some 38 countries, territories and areas impose some form of restriction on the entry, stay and residence of people living with HIV. Furthermore, legal and social environments are still failing to address stigma and discrimination against people living with HIV and those most vulnerable to HIV infection

“Discrimination is a violation of human rights and must not go unchallenged,” said United Nations Secretary-General Ban Ki-moon. “Everyone has the right to live with respect and dignity.”

For this year’s Zero Discrimination Day people have been invited to Open Up, Reach Out, using social media channels to tell the world what zero discrimination means to them. People have shared songs, poems, thoughts and activities inspired by the butterfly, the transformative symbol of the campaign. People are also calling on their governments to make greater efforts to realize and protect human rights and eliminate discrimination.

“Some of the world’s most challenging problems can be solved simply by eliminating stigma and discrimination,” said Michel Sidibé, Executive Director of UNAIDS. “As we collectively strive for a fairer world we can be encouraged by the enthusiasm for achieving zero discrimination.”

Among celebrities supporting the campaign are UNAIDS International Goodwill Ambassador David Luiz, who posted a special message on standing up to racism, UNAIDS Goodwill Ambassador Toumani Diabaté and his son, Sidiki Diabaté, as well as the Sri Lankan cricketing star Kumar Sangakkara, whose message is being played on screens at venues hosting the Cricket World Cup in Australia and New Zealand. Governments, lawmakers and business leaders have also pledged their support to the campaign.

Events to mark Zero Discrimination Day include photo exhibitions in China, dancing in Gabon, concerts in Madagascar, a storytelling event for children in Mongolia and special film screenings in Nepal. Seminars and workshops to discuss issues relating to stigma and discrimination will take place in more than 20 countries worldwide, from Colombia to Uzbekistan.

Zero Discrimination Day was first celebrated on 1 March 2014.

More information is available at:

http://www.unaids.org/en/resources/campaigns/20150204_zerodiscrimination

https://www.facebook.com/zerodiscrimination #zerodiscrimination

Netanyahu’s address to Congress will be most important speech of his life

Israeli Prime Minister Netanyahu visits Jerusalem's holy Western Wall hours ahead of trip to Washington where he is expected to deliver controversial Congress speech on Iran. (Reuters)

By William Booth-February 28 at 9:24 PM

JERUSALEM — Prime Minister Benjamin Netanyahu’s upcoming address to a joint meeting of Congress will probably be the most important speech of his career — and one that has already jeopardized relations between Israel and the United States.

Netanyahu’s Address to Congress Will Be Most Important Speech of His Life by Thavam Ratna

Security officials suspect US drone strike killed three al-Qaida militants in Yemen

The US has launched several strikes in recent weeks, reflecting Washington’s resolve to keep fighting militants despite Yemen’s political paralysis

 Thousands of anti-Houthi protesters marched Saturday in five provinces – Taiz, Ibb, Dhamar, Sanaa and Hodeida – to show support for Yemen’s president. Photograph: Stringer/Reuters

Associated Press in Sana'a-Saturday 28 February 2015

A suspected US drone strike on Saturday in central Yemen killed three men believed to be al-Qaida militants, security officials said.

The officials said the attack took place in the town of Bihan in Yemen’s Shabwa province and that the nationalities of the men killed had not been established. They spoke on condition of anonymity because they were not authorised to brief journalists.

The US has launched several strikes in recent weeks, reflecting Washington’s resolve to keep fighting militants despite Yemen’s political paralysis. A Shia rebel power grab forced the president to flee the capital and run the country from the southern city of Aden.

Al-Qaida in the Arabian Peninsula (AQAP), as its Yemeni affiliate is known, is considered by Washington as the network’s most dangerous franchise.

Meanwhile Saturday, the Shia rebels who control Yemen’s capital, Sana’a, signed an agreement with Iranian authorities in Tehran to set up direct flights between the two countries, the nation’s official news agency reported.

The memorandum of understanding between aviation officials from the two countries calls for 14 flights per week from each side, according to the SABA news agency, controlled by the Shia rebels known as Houthis. Officials also discussed training for Yemenis in the aviation sector, it added.

The rebels, who stormed into Sana’a last September, are widely believed to have support from Iran, the regional Shia power. Yemeni president Abed Rabbo Mansour Hadi managed to escape Sana’a and house arrest at the hands of the rebels and has established a base in the southern city of Aden, from where he says he is still the country’s rightful ruler.

Also on Saturday, Bahrain announced it was relocating its embassy in Yemen to Aden, a move aimed at supporting Hadi. Saudi Arabia, the United Arab Emirates and Kuwait have done the same since Friday.

Thousands of anti-Houthi protesters also marched in five provinces – Taiz, Ibb, Dhamar, Sanaa and Hodeida.

Thousands march in Moscow to mourn Nemtsov

Huge turnout for rally in honour of Kremlin critic Boris Nemtsov who was gunned down on Friday night.

01 Mar 2015 15

Tens of thousands of people have marched through Moscow in memory of Kremlin critic Boris Nemtsov, who was gunned down in the Russian capital on Friday night.

More than 70,000 people turned out in central Moscow on Sunday, many carrying Russian flags and slowly marching through an avenue alongside River Moskva, one of the organisers said, but police estimated the crowd at more than 16,000.

Al Jazeera's Rory Challands, who is reporting from Moscow, said security is "very tight" for the rally.

Our correspondent is also reporting that a Ukrainian member of parliament, who attended the march, has been detained.

Thousands March in Moscow to Mourn Nemtsov by Thavam Ratna

Ukraine's Mariupol holds its breath for next rebel move

A woman walks past a burnt-out a store at a residential sector affected by shelling in Mariupol, a city on the Sea of Azov, eastern Ukraine February 3, 2015.

BY ALESSANDRA PRENTICE-Sun Mar 1, 2015

(Reuters) - Scanning the sky for incoming artillery fire has become a force of habit for Ukrainian beetroot-seller Svetlana Kumurzhi, who dived under her wooden stall in government-held Mariupol when shells rained down a month ago.
Ukraine's Mariupol Holds Its Breath for Next Rebel Move by Thavam Ratna

​The Word That Broke the Chinese Internet

The World Wide Web seems to be suffering from collective winter boredom.

 BY BETHANY ALLEN-EBRAHIMIAN-FEBRUARY 27, 2015

It might be gibberish, but it’s also a sign of the times. The word duang, pronounced “dwong,” is spreading like wildfire throughout China’s active Internet – even though 1.3 billion Chinese people still haven’t figured out what it means. In fact, its particular combination of sounds can’t even be represented with China’s existing writing system. Notwithstanding, since Feb. 24 it has appeared over 8.4 million times on Weibo, China’s massive Twitter-like microblogging platform and spawned a synonymous hashtag, still top-trending on Weibo as of Feb. 27, with more than 100,000 mentions. New mentions and iterations continue to roll in.

The story of duang started with film star Jackie Chan, a Hong Kong actor famous both in mainland China and abroad for his often-silly action flicks. U.S. filmgoers may be unaware that Chan has burnished the revenue from his cinematic empire with product sponsorship, most notably for Chinese herbal shampoo Bawang. Chan has been the shampoo’s spokesperson for years, but on Feb. 24, what looked like a new ad appeared on Youku, a video streaming site, featuring Chan. “It makes your hair so black, shiny, and moisturized,” Chan appears to say of the product. “It’s just … it’s just … duang!” he then declared, as if describing the sound reverberating from his flowing tresses.

In fact, the video was a fake advertisement that remixed actual footage of Chan with a voice-over. But the facts hardly mattered to a bored netizenry. “Have you duang’ed today?” asked one user. “I’ve already been brainwashed by duang!” wrote another. Some have even circulated a new Chinese character to represent the word, pictured in triplicate above, comprising the two characters of Chan’s Chinese name.

Perhaps it’s the tilt of the planetary axis. With the northern hemisphere mired in a nasty winter — it’s currently 28 degrees Fahrenheit in Beijing — Internet users around the world seem content to occupy themselves with viral trivia, be it a silly word in China, or the color of a dress, which swept the U.S. Internet on Feb. 27 as Americans debated its hue. There used to be a time when Chinese netizens invented new words or slang as part of a constant effort to keep ahead of government censors. But the latter, particularly over recent months, seem to be winning, expanding the zone of forbidden speech and driving the noncompliant further into the shadows. Perhaps it was inevitable that a new word would emerge that simply meant nothing at all.

Here's What The World Tells Foreign Tourists Heading To India. And It's Scathing

Mallika Circar-February 26, 2015

Given India’s rape epidemic (there’s honestly no other way to term it), countries and travel organizations around the world are increasingly wary about women visiting India. A little while ago, Japan issued a warning to its female citizens interested in traveling to India, following two allegations of rape on its citizens. In one case, a Japanese tourist said a man, claiming to be a tour guide, raped her while dropping her at her guest house. In the other, a Japanese national in Bodhgaya was allegedly kidnapped, robbed and raped by 6 men from Kolkata.

Here's What the World Tells Foreign Tourists Heading to India. and It's Scathing by Thavam Ratna

Modi passes budget test despite lack of reform dazzle

Prime Minister Narendra Modi (R) listens to Finance Minister Arun Jaitley during the Global Business Summit in New Delhi January 16, 2015. 

 Finance Minister Arun Jaitley (C) poses as he leaves his office to present the 2015/16 federal budget in New Delhi February 28, 2015. 

BY FRANK JACK DANIEL AND SWATI BHAT-Sun Mar 1, 2015

(Reuters) - India's reform-minded prime minister, Narendra Modi, appears to have passed a major test with a budget that pleased economists and investors with pledges to spend more on modernising India's ageing roads and railways while keeping borrowing in check.

The budget presented by Finance Minister Arun Jaitley on Saturday loosened the reins on public spending to drive growth, but promised lower-than-expected borrowing despite raising the fiscal deficit target.

While it was short on the "big bang" reform measures that free-market champions have been calling for since Modi took office with a strong mandate last year, the budget won plaudits for moves to cut corporate tax and make India more competitive.

That should help temper bond traders' concerns of a glut of government debt and avoid a big sell-off when markets open on Monday.

"Despite the higher fiscal deficit; the market borrowing number is below market expectations," said Arvind Chari, head of fixed income and alternatives at Quantum Advisors in Mumbai.

Stocks, which some investors say are over-valued and risked a 6-8 percent crash if the budget disappointed, ended up nearly 1 percent on the NSE market, which opened in a special session during the budget speech.

"We think the budget is positive for growth and the (Indian rupee)," HSBC Global Research said in a note to investors, who will now be focusing keenly on Modi's ability to deliver on his programme.

The budget had been billed in advance as "make or break" for Modi's efforts to bring new vigour Asia's third largest economy.

India, a major energy importer, is seeking to take advantage of swooning oil prices to mount a dash for growth that would see it eclipse rival China as a motor of the global economy.

SUMS QUESTIONED

Some have questioned Jaitley's arithmetic, warning it could come undone if oil prices rise and that his budget included optimistic targets for revenues from partial privatisations and other non-tax receipts.

"We notice a 400 billion rupees ($6.5 billon) swing in 'other receipts' which is helping fund the extra fiscal deficit.  Whether that 'other' materializes is up to question but as for now the lower budgeted borrowing should keep bond markets happy," said Chari.

Other critics say Jaitley should have made a bolder statement to reduce India's expensive food and fertilizer subsidies, a move the government may have felt was more difficult politically after defeat in a state election made Modi look less invincible.

But overall the budget was described as competent, if not exciting.

Jaitley's headline innovation was a roadmap for simpler taxation, with a promise to cut corporate tax to 25 percent from 30 percent over four years, and a commitment within a year launching a national service tax union to make business easier.

The budget also shifted more resources to states in a boost for federalism. It promised to clamp down on India's black economy and warned of tough new penalties including overseas asset seizures and jail time for tax evaders.

All of this was praised in India's leading newspapers and analyst notes, with public opinion also broadly positive. Even a decision to hike a service tax to 14 percent met with acceptance from some middle-class Indians, but with caveats.

"The absence of incentives for us means that we have a chance at getting better infrastructure," said Lahar Bhasin Singh, a New Delhi-based researcher. "If the government fails to deliver, I would be very upset."

(Additional reporting by Aditya Kalra; Editing by Alex Richardson)

Talcum powder is Linked to Ovarian Cancer. Shocking Reasons to Stop Using It Immediately 

March 1, 2015
Without knowing it, you have probably used talcum powder or other talc powder containing products. It is used in many  industries. Talc is used in cosmetics and body powders, including those for babies.

But, lately some studies have shown that talcum powder can cause significant lung damage (or even lung cancer) if inhaled. However, despite these apparent risks, the FDA has still not pulled this product from the market or forced manufacturers to place more comprehensive warning labels informing consumers about the possible health risks related to the usage of talcum containing products.
A study made back in 1971 found particles of talc in 75 percent of the ovarian tumors they studied. In another study done by 19 scientists in 8 different countries, research showed that there is a 30-60 percent increased risk of ovarian cancer if talc is used in the genital area. Study after study for the last 50 years shows that talc is dangerous.

Here Are Some Evidence Supporting Talc’s Possible Health Risks

• The American Academy of Pediatrics said baby powder is no longer recommended for treatment or prevention of diaper rash (relates to risks for damage to the baby’s lungs).
• They even proposed this label from Cancer Prevention Coalition for all Talc Products: “Frequent application of talcum powder in the female genital area substantially increases the risk of ovarian cancer,” http://www.prnewswire.com/news-releases/petition-seeking-a-cancer-warning-on-cosmetic-talc-powder-products-57264457.html
• Exert from MSDS (Material Safety Data Sheet) on Talc U.S.P http://www.hvchemical.com/msds/talc.htm (Important to note that talc also contains small amounts of Crystalline silica which may cause serious health consequences of its own http://www.osha.gov/OshDoc/data_General_Facts/crystalline-factsheet.pdf ). “Prolonged inhalation of dust is associated with respiratory effects. Long term excessive exposures to talc may cause Talcosis, a pulmonary fibrosis which may in turn lead to severe and permanent damage to the lung. Crystalline silica: Chronic inhalation of dust can produce silicosis, a disease of the lungs. Cardiopulmonary impairment may occur. Chronic inhalation of crystalline silica is a lung cancer hazard. ” 
• There is a  warning label from Johnson’s Baby Powder: “Warnings: For external use only. Keep out of reach of children. Close tightly after use. Do not use on broken skin. Avoid contact with eyes. Keep powder away from child’s face to avoid inhalation, which can cause breathing problems.” 
• It has also been found on some reports of lung irritation, respiratory distress, respiratory failure and even death upon inhalation http://pediatrics.aappublications.org/content/43/6/1058.abstract,  http://www.ijponline.net/content/37/1/47 , http://www.nlm.nih.gov/medlineplus/ency/article/002719.htm
• Many warnings and reports suggesting increased risk of ovarian cancers when talcum powder is applied to the genital area http://www.ncbi.nlm.nih.gov/pubmed/20406962 .
• Talc has been closely related to the known carcinogen asbestos

Source: livingtraditionally.com