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IPL bonhomie over, Ponting fires fresh salvo at Bhajji

Ahmedabad, May 10: Just as one thought that the IPL has successfully subdued the acrimonious ties between the Indian and Australian cricket teams, Aussie captain Ricky Ponting, back in Australia after raking in the IPL moolah, on Saturday launched a fresh salvo at his nemesis, Harbhajan Singh. Ponting said the off-spinner had been `unmasked` by his attack on teammate Sreesanth.

“The (slapping) incident was him dealing with a guy that he has probably played 20 Tests with,” Ponting was quoted as saying by an Australian newspaper. “After this latest issue in India, I think people should be making their own judgments about Harbhajan. He has again done something wrong.”

Referring to previous run-ins with Harbhajan, Ponting said that every minor error during that ill-tempered series was blown out of proportion.

Harbhajan had slapped Kings XI Punjab pacer Sreesanth after his team Mumbai Indians lost an Indian Premier League match against them. Harbhajan was banned from playing in the IPL this season and the Board of Control for Cricket in India (BCCI) is also conducting a separate inquiry into the incident.

Ponting insisted that he wants to look forward after the series against India, which had left a bitter taste for all the parties concerned. However, he remained incredulous at how Harbhajan got off with just a “slap on the wrist” even after being charged with racially abusing Andrew Symonds as a “monkey”.

After allegedly making the racial slur against Symonds, Harbhajan was initially suspended for three Tests. But after India threatened to boycott the Oz tour, the off-spinner was cleared and received a 50 percent match-fee fine on a lesser charge.

“It certainly wasn`t the outcome that we expected,” Ponting said.

Pressure was applied by the powerful BCCI and there were rumours that Cricket Australia was part of a deal to ensure Harbhajan walked free.

Reflecting on Australia`s perceived bully-boy image during the summer, Ponting admits his team was not blameless.

After the Sydney Test which was marred by umpiring mistakes, on-field confrontations and Australia`s in-your-face celebrations, Ponting was accused of “turning a group of professional cricketers into a pack of wild dogs” by Peter Roebuck, an eminent cricket journalist.

Roebuck had also labelled Ponting as arrogant and called for him to be sacked as captain.

Ponting said his team had several lapses of judgment, but claims they were blown out of proportion.

“Most of us would put our hands up and say we made a few minor errors last year,” Ponting conceded.

“I think the thing that happened was that every time there was a minor error it was turned into something that was a lot bigger than it was. I was reading things about Harbhajan and I having run-ins on the field when we didn`t talk to each other in the course of the day.”

“But the thing that I was happy with was that our cricket was generally pretty good in amongst all the stuff that was going on. At the start of the summer everyone had a lot of doubts about the team with the changeover of players and everyone thought we would probably be pushed. We played pretty well.”

Oil hits record high above USD 126

London, May 09: Oil prices hit a record high above USD 126 today, driven into uncharted territory by speculative interest amid concerns about tight global energy supplies, analysts said.

New York`s main oil futures contract, light sweet crude for June delivery, spiked as high as USD 126.20 per barrel in London trading hours.

London`s Brent Crude Contract hit an all-time high of USD 125.90.

Sucden analyst Michael Davies said there was "keen interest in the oil market by the (investment) funds, which are currently being attracted by oil`s rapid price appreciation this year.

"This probably explains the move higher over the last few days," he added.

Prices have rocketed to fresh records every day this week on the back of unrest in key producer Nigeria and other ongoing supply worries.

Oil has soared 25 per cent since the start of 2008 and has doubled since the same stage last year -- when it stood at about USD 62.

Oil broke through the psychological USD 100 mark in January and has since jumped above USD 110 and 120 in a market also powered by a weak dollar and solid demand from Asian powerhouse economies China and India.

Prices continued higher yesterday after the OPEC cartel insisted the market was well-supplied and driven by speculators, not underlying demand.

OPEC secretary general Abdalla Salem El-Badri said yesterday there was no shortage of crude, brushing aside US calls for higher output to dampen runaway prices.

Microsoft to go its own way: Gates

Jakarta, May 10:Microsoft Corp. will focus on growing its own advertising and Internet search business after it withdrew its takeover offer for ***** Inc., Chairman Bill Gates said late Friday.

Microsoft has not presented an alternative strategy to compete with its dominant rival in the Internet business, Google Inc., since withdrawing a USD 47.5 billion bid for ***** Inc. last weekend.

Analysts have been left wondering how the world's largest software maker will increase its share of that multibillion-dollar market without a major tie-up.

"We have always felt we could do very well on our own and now that's the path we are focused on," Gates said in an interview in Jakarta on Friday. "The standard strategy for us is to just hire great engineers and surprise people at how well we can compete, even with a company that's got a strong lead," he said.

Gates says Microsoft remained open to making acquisitions, but declined to comment on possible candidates, such as networking sites like Facebook in which Microsoft already holds a 1.6 percent stake.

"You never know if there's going to be a deal that makes sense," he said.

Microsoft has developed its own search-ad platform and bought aQuantive, an Internet advertising company, for USD 6 billion, but its US online operations are loss-making.

It has captured just 10 percent of US Internet searches, compared to Google's 58 percent and *****'s 22 percent.

"We are in software very broadly, but that advertising piece, we think, is a very exciting area," he said.

Gates also said that Bill and Melinda Gates Foundation has donated USD 3 million for emergency relief efforts in Myanmar and will provide software to help reunite family members separated in the cyclone.

The funds were transferred to the aid agencies Mercy Corps, World Vision and Care "so they can go in there and help as quickly as possible," he said.

Gates was in Indonesia to meet with government leaders, including President Susilo Bambang Yudhoyono, at The Government Leaders Forum.

After heading Microsoft for more than three decades, Gates is expected to devote most of his time toward his philanthropic foundation starting in July. He will remain the company's chairman.

"I will still get to work on software, but I will be working more on the global health issues and global development issues," he said.

By spending about USD 3 billion every year, the Gates Foundation hopes to reduce the millions of deaths caused by malaria and HIV Aids, provide universal Internet access and encourage social corporate responsibility.

Tata Power fixes warrant conversion price at Rs 1,351.63 each

Mumbai, May 09: Tata Power Company on Friday said its promoter Tata Sons will be alloted equity shares at a price not less than Rs 1,351.63 each upon conversion of warrants.

"The conversion of warrants into equity shares to be alloted to TSL would not be at a price lower than Rs 1,351.63 per equity share, if such right is exercised by TSL," Tata Power said in a filing to the Bombay Stock Exchange.

Last year, the board of Tata Power had approved the allotment of 98.94 lakh equity shares and 1.03 crore warrants to Tata Sons. The warrant holders had an option to subscribe to one equity share for each warrant held after April 1, 2008.

"The number of equity shares on exercise of warrants will continue to represent not more than five percent of the enhanced capital at a price not lower than such adjusted price," the filing added.

As on March 31, 2008, TSL held 30.26 percent in Tata Power.

Shares of Tata Power closed at Rs 1,352, up 0.58 percent, on the BSE.

BHEL to build India`s biggest pwr plant

New Delhi, May 10: State-run Bharat Heavy Electricals Saturday said it would set up Integrated Coal Gasification Combined Cycle (IGCC) power plant at Vijaywada with Andhra Pradesh Power Generation Corporation (APGENCO).

"BHEL has signed a memorandum of understanding with APGENCO to set up country`s biggest 125 mw IGCC power plant at Vijaywada," a company release said.

"BHEL has earmarked on several initiatives to meet the growing demands of the country`s power sector," BHEL chairman and managing director K Ravi Kumar said.

The state-run company has also formally taken over Visakhapatnam-based Bharat Heavy Plate and Vessels (BHPV).

"We are confident of meeting the capacity addition targets for the eleventh plan period, with BHPV complimenting our business," Kumar said.

BHPV`s turnover is expected to cross Rs 1,000 crore in five years and the capital expenditure of the company for three years is Rs 236 crore.

"Today, we are crossing a milestone in power generation technology with the signing of MoU between APGENCO and BHEL for setting up a 125 mw IGCC plant at Vijaywada," union Minister for Heavy Industries and Public Enterprises Santosh Mohan Dev said.

BHEL plans to increase its power equipment manufacturing capacity from 10,000 mw to 15,000 mw per annum by 2009.

MTN talks not to impact Bharti`s ratings: S&P

New Delhi, May 09: Bharti Airtel's ongoing talks with South Africa-based MTN for a possible acquisition of stake will not have an impact on the telecom major's ratings, as the discussions are still preliminary, says global credit rating agency S&P.

However, the agency noted that if the possibility of a significant investment or buyout increases, then Bharti would likely be placed on credit-watch with negative implications.

Currently, Bharti has a medium investment grade rating of 'BBB-' with a stable outlook.

"This will signal rating pressure stemming from the financing and the incremental debt required to fund the outlay for the potential transaction," S&P said in a statement.

It also added that there may not be any upside potential in the ratings, if Bharti indeed pursues a significant investment or acquisition in MTN.

"While a prominent overseas investment adds diversity to Bharti's businesses and cash flows, the financing and the debt requirements are of greater concern, especially since Bharti has budgeted capital expenditures of about USD 3.3 billion per annum," the rating agency said.

Earlier this week, both firms had said they are in exploratory discussions for a possible acquisition of stake in the South African mobile player.

Shell pulls out of Iran gas deal

London, May 10: Oil major Royal Dutch Shell has pulled out of a planned gas project in Iran, after coming under pressure not to participate from US lawmakers who were concerned about Iran's nuclear programme.

A spokeswoman said on Saturday that the world's second-largest non government-controlled oil company by market capitalisation was pulling out of Phase 13 of the giant South Pars gas field but may yet join later stages of the field's development.

Shell, Spain's Repsol and the National Iranian Oil Company (NIOC) signed a Memorandum of Understanding in January 2002 to develop Phase 13 in a project to be known as Persian LNG.

At the time, Shell said deliveries of liquefied natural gas -- gas cooled to liquid under pressure for transportation in special tankers -- could begin in 2007.

However, United Nations sanctions on Iran related to its nuclear programme, which it claims is for power generation but which the US and European states believe is aimed at developing weapons, and criticisms of the deal from US politicians and investors, slowed progress.

Meanwhile Iran grew impatient and threatened Shell with eviction from the project if it did not commit formally.

The spokeswoman for the Anglo-Dutch company said:

"We have agreed the principal of substitution of alternative later phases for the PLNG project so that INOC can proceed with the immediate development of Phase 13."

She would not give a reason for the decision. Repsol was not available for comment.

Iran will now need to find new partners for the project. Media reports have suggested Russia's Gazprom, Indian Oil Corp and Chinese companies could join, as they are expected to be less susceptible to US political pressure, but the companies have limited experience of LNG.

bhoot nath review
By Taran Adarsh, May 8, 2008 - 17:19 IST


Teaming two superstars [Amitabh Bachchan, Shah Rukh Khan] in your directorial debut is as good as impossible. Opting for a novel story -- the relationship between a spirit and a mortal -- is an equally big challenge. Really, it requires courage to make a film that defies the stereotype, yet is seeped in emotions that work with the Indian junta. Vivek Sharma's first outing BHOOTHNATH is a simple story, well told and that's why it works!

Aimed at kids between 6 and 60, BHOOTHNATH relies on the belief that has been passed on to us through generations: Aatma amar hain.


Let's get a few things straight at the very outset. BHOOTHNATH is not an eerie experience [it does have a few moments though]. It's more of a kiddie film with a strong undercurrent of emotions. In fact, the bonding between the spirit and the kid makes you smile, even laugh at times and most importantly, makes you moist-eyed at two vital points of this 2.08 hour film.

One of the prime reasons why BHOOTHNATH works, besides the above-mentioned reasons, is due to the right casting. The story rests on two shoulders -- the experienced [Bachchan] and the raw talent [Aman Siddiqui] -- and both shoulder the responsibility beautifully, both compliment each other wonderfully well and make it a must-see experience.

You forget most films the moment you step out of the cineplex. But there're films that remain etched in your memory for their simplicity. BHOOTHNATH is one of those films. Go for it!




This is a story of a seven-year-old naughty yet innocent boy, who unknowingly turns a foe into a friend. This is a story of Banku [Aman Siddiqui] and his friend, Kailash Nath aka Bhoothnath [Amitabh Bachchan].

Banku's family [SRK, Juhi Chawla] comes to live in a mansion in Goa, considered haunted after the demise of the patriarch of the family. The spirit uses every rule in the book to scare the kid, but the kid is unaffected by it all. Slowly, a bond develops between the two. The story takes a turn when Kailash Nath's son [Priyanshu] decides to sell off the mansion.

Debutante director Vivek Sharma's fundas are clear. Emphasize on substance, not as much on style. 15 minutes into the film and you know that the director doesn't believe in Russian angles or fancy camera wizardry to create the spooky effect. Sure, BHOOTHNATH begins as a spooky fare, but changes lanes the moment the spirit and the kid become buddies.

For most parts, BHOOTHNATH is aimed at the kids. The portions in the classroom/school, the interaction with the school principal [Satish Shah], the game of one-upmanship between the kids brings the kid out of you.

Vivek Sharma reserves the best during the intermission point as also the climax. The unanticipated accident minutes before the intermission and the emotional moments that follow are brilliantly executed. Ditto for the penultimate 20 minutes, right up to a pooja being organized to 'free' the spirit. Simply outstanding! In fact, the emotional quotient takes the graph of the film to an altogether different level.

Any shortcoming? Oh yes! Vishal-Shekhar's music is outright tacky. Either the duo is disinterested or they've run out of stock already. This is the second film in a row [after TASHAN] where the music composers fail in their jobs. The film deserved a better musical score and also composers who have the range to exhibit their talent.

Director Vivek Sharma's choice of the subject as also his handling of a number of scenes deserves brownie points. Besides being a good storyteller, Vivek has also extracted a striking performance from the child artiste. The film would've fallen like a pack of cards if Bachchan would've performed and the kid wouldn't. Another aspect that deserves mention is visual effects. The effects gel beautifully with the goings-on. Cinematography is consistent.

BHOOTHNATH belongs to Amitabh Bachchan and Aman Siddiqui, both. Bachchan continues to surprise you in every film. Any other actor would've been exhausted by now. Not Bachchan. Here's another noteworthy performance by the master actor! The child artiste, Aman, is adorable and a complete natural as far as acting goes. He stands up to Bachchan at every step and that itself is worthy of the highest award.

SRK's there for a good 20/25 minutes. He's excellent. Juhi is first-rate. Satish Shah will be loved by the kids. Rajpal Yadav is wasted. Priyanshu leaves a strong impression in the latter reels. Aashish Chowdhary and Nauheed Cyrusi are okay.

On the whole, BHOOTHNATH is a well-told story that has all it takes to appeal to kids and kids at heart, besides striking a chord with the families. Has the merits and potential to end the dry spell at the box-office.

Subsidy burden to touch Rs 1,80,000 crore: ONGC chairman

Kuthalam, May 11: With the recent upsurge in global crude oil prices, the subsidy burden to the public sector oil companies is expected to touch an all time high of Rs 1,80,000 crore this fiscal, ONGC Chairman R S Sharma on Sunday said.

Talking to reporters here on the sidelines of a function, Sharma said during 2006-07, subsidy burden to the oil companies was about Rs 54,000 crore, which in the next fiscal shot up to Rs 76,000 crore and in the current fiscal the under recovery will touch Rs 1,80,000 crore.

"As far as ONGC is concerned we get international parity price and from quarter to quarter we get subsidy portion from the Government of India. In 2006-07, Centre issued under recovery bonds to the extent of 42.5 per cent to the upstream Oil companies like ONGC, GAIL and IOCL.

"Of the 42.5 per cent, the share of the upstream oil companies was 33 per cent, of which 85 per cent is for ONGC alone. The remaining portion of the subsidy has to be absorbed by the oil marketing companies from their margin itself," he said.

Asked whether there were any chance for crude oil prices to come down from the present USD 126, Sharma said: "It is anybody's guess. Fundamentals do not suggest that prices will come down."

He said in another two weeks, ONGC would come out with its stance on how to implement the company's long-pending refinery project at Kakinada in Andhra Pradesh.

Tata Power fixes warrant conversion price at Rs 1,351.63 each

Mumbai, May 09: Tata Power Company on Friday said its promoter Tata Sons will be alloted equity shares at a price not less than Rs 1,351.63 each upon conversion of warrants.

"The conversion of warrants into equity shares to be alloted to TSL would not be at a price lower than Rs 1,351.63 per equity share, if such right is exercised by TSL," Tata Power said in a filing to the Bombay Stock Exchange.

Last year, the board of Tata Power had approved the allotment of 98.94 lakh equity shares and 1.03 crore warrants to Tata Sons. The warrant holders had an option to subscribe to one equity share for each warrant held after April 1, 2008.

"The number of equity shares on exercise of warrants will continue to represent not more than five percent of the enhanced capital at a price not lower than such adjusted price," the filing added.

As on March 31, 2008, TSL held 30.26 percent in Tata Power.

Shares of Tata Power closed at Rs 1,352, up 0.58 percent, on the BSE.