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Thursday, November 5, 2009
Dollar losing its luster but still reigns globally
Until a few years ago, most Brazilians able to hoard cash would rush to buy US dollars to prevent runaway inflation or another economic meltdown from wiping out their hard-earned savings. These days, with the greenback getting trounced around the globe and the Brazilian real soaring, the once almighty dollar is losing its luster in Latin America's largest country.
Instead of stashing dollars under their mattresses, many Brazilians now set aside money to buy euros or invest their savings locally, a sign of the country's newfound confidence in its economic future.
"People here just don't view the dollar as the safe haven it once was," said Joao Medeiros, a partner at Pioneer Corretora in Sao Paulo, Brazil's largest currency brokerage. While the dollar still reigns supreme in global commerce, its precipitous decline is tarnishing its allure as an investment or as a safety net among the burgeoning moneyed classes in emerging economies like Brazil and Russia. But in many places, especially those where black markets in currencies are an integral part of the economy, the greenback is still king.
The dollar has dropped about 16 per cent against a basket of currencies since early March, dragged down by worries about the ballooning US deficit. The recovering world economy has also helped push the dollar lower by rekindling appetite for riskier investments such as stocks and corporate bonds.
The greenback's slide is causing headaches for policymakers around the globe, particularly in countries with floating exchange rates, and may be discussed at this weekend's Group of 20 meeting of finance officials in Scotland. Brazil, which last month began taxing foreign capital inflows in a bid to halt the real's surge, wants the G20 to take action to staunch the flow of money into emerging markets as yield-hungry investors shed dollar assets.
Professional investors aren't the only ones dumping the dollar. In Russia, where the dollar was the benchmark after the collapse of the Soviet Union in the 1990s, residents are increasingly turning to the euro. "I need euros because this is the currency with which I travel to Europe," said Taissia, a 57-year-old architect in Moscow who declined to give her surname.
"I never go to America on holiday, but I still have dollars to balance my savings." Polls show that the euro has overtaken the dollar as the preferred foreign currency for savings in Russia, though most residents now prefer to keep roubles or invest in real estate. "People can't get an adequate rate of returns by investing in dollars. So that's why they tend to leave more of their money in their home countries," said Edmund Phelps, a Nobel Prize winning economist from Columbia University in New York.
In many places around the world, however, the dollar retains its status. On the streets of Hanoi, Vietnamese looking to save for the future invariably swap dong for dollars or gold, the world's two most traditional safe havens. In China, where the government manages the exchange rate, the yuan is the only currency most people come across. But when the Chinese do seek out a foreign currency, they go after the dollar, betting that Washington's superpower status will guarantee the greenback's long-term strength. "I can live with the dollar at these levels," said Xu Jingchang, a businessman in the southern export hub of Guangzhou.
"The dollar might very well go up in the future, so I'll just wait and see. The economy will recover in the United States sooner or later." In some Latin American countries, the dollar remains an insurance policy of sorts against inflation or a possible devaluation of the local currency -- two perennial threats that have dogged the region for decades. Battered by successive economic crises, Ecuador scrapped the sucre in 2000 and adopted the dollar as its official currency, a move that left-wing President Rafael Correa recently said would be too painful to undo.
In Venezuela, residents and companies alike flock to money changers to stock up on dollars to seek protection against rising prices and a devaluation of the bolivar, which is trading on the black market at more than twice the official exchange rate of 2.15 to the greenback. Argentines, stung by the traumatic collapse of their economy in 2002, distrust the peso and often change their savings into dollars and stash them offshore or in dollar-denominated bank accounts locally. "I'm saving to buy an apartment because here prices are set in dollars and it's going to be like that for a long time," said Soledad Orozco, a 35-year-old telecommunications manager in Buenos Aires who holds her savings in greenbacks.
In Mexico, on the United States' doorstep, the thirst for dollars is even more pronounced. After all, the two countries' economies are so intertwined that the dollar is widely accepted as a parallel currency to the Mexican peso. "If a foreigner wants to pay in dollars, we benefit," said Rene Juarez, a 25-year-old vendor whose family runs a garment shop in Mexico City's famed marketplace, the Ciudadela.
"Some we use to cover expenses. But the rest we save in a mattress to take out whenever there is trouble."
Monday, November 2, 2009
Sachin misses milestone as Kangaroos claw back in Mohali
Nathan Hauritz gave a major breakthrough to the Australian team after he caught star Indian opener Sachin Tendulkar plumb in front of the wickets, to dismiss him for 40 runs.
The decision may put serious credibility of on Umpire Amiesh Saheba’s judgment as it seemed like the ball would have comfortably missed the 5th stump.
India’s 251-run chase received yet another major jolt after Virat Kohli too departed cheaply, leaving India’s score at 78/2.
Bollinger collected his second wicket of the match as he got Kohli caught by Graham Manou, thus dismissing him for mere 10 runs.
A spectacular innings by Virender Sehwag came to an end after Doug Bollinger got him caught by Shane Watson in the mid-off for 30 runs.
Collecting his maiden wicket of the series, Bollinger pitched the ball up outside off, as Sehwag went under it too much to lofts it high enough for Watson to get a well-calculated catch at the mid-off.
Sehwag played a scintillating innings as he scored 30 runs from mere 19 balls, that also included 4 boundaries.
Run-outs cast a shadow over Australia’s batting campaign as the visitors posted a score of 250 all out against India in the fourth ODI of the 7-match Hero Honda Cup here on Monday.
Aussies lost four of its wickets through run-outs in their innings, courtesy spectacular fielding by and the presence of mind by the Indian players. Ashish Nehra could easily be declared the star in the first innings as claimed three crucial wickets.
Earlier, after winning the toss, skipper MS Dhoni opted to field first, a decision that was contrary to what most had thought, given the fact that the condition of the pitch was more batting friendly.
Nonetheless, opponent skipper Ricky Ponting considered himself to be very lucky to have been given the opportunity to bat first.
However, his celebration did not last long as Nehra gave an early breakthrough to India as he caught Shaun Marsh (5) plumb into front of the wickets leaving the Australian scoreaboard reading 24/1.
Later, Shane Watson and Ponting took control of the regime. After building a partnership of 64 runs, Harbhajan Singh played the spoilsport for the guests as he dismissed Watson for 49 runs, depriving the Aussie of what could have been his 10th ODI half-century.
Ponting then took the onus on his shoulders has took his team’s score above the 100 run mark, thus, also claiming his 72nd ODI fifty in the process. But his celebrations were again cut-short after he had to face an absolutely opposite fate when a splendid bull-eye hit by Ravindra Jadeja from deep mid wicket departed him for 52 runs.
The Australian captain attempted to take a quick single of a Harbhajan Singh delivery. However, he fell short of time as Jadeja swiftly picked the ball from Deep mid-wicket to cleanly hit the mid-stumps; here came the first run out for Australia.
Amazed by the skill and accuracy, Ponting stood for a moment on the field, trying to absorb the shock, but later shyly walked out of the field leaving the Australian scorecard at 123/3.
Ponting’s dismissal left Michael Hussey to further take care of the team’s total. However, after a well made 40 runs, he was caught by Ishant Sharma at the deep mid-wicket off a Yuvraj Singh delivery, thus leaving the Aussie scorecard reading 196/4.
Moments later, Bhajji struck again to bowl out Moises Henriques for mere 6 runs.
Wickets started coming in plenty after that as Nehra struck thrice in quick succession to take two important wickets, Cameron White (62) and Mitchell Johnson (8).
White’s dismissal became the second run-out dismissal for Australia. Nehra bowled tight line on the stumps, while Johnson hoped to defend it. White, however, did not pay much attention and took off to grab a quick single. Nehra then showed immense presence of mind and fielded the ball quickly to knock back middle stump with a fierce direct hit.
Later, Johnson fell prey to Nehra’s bowling attack as the pacer knocked off the middle stump to send the birthday boy back to pavilion. Johnson’s dismissal was soon followed by Peter Siddle’s farewell as he was caught by Jadeja caught a simple catch to send him back packing for mere 1 run.
Then came Australia’s third run-out wicket! Graham Manou (7) met a fate similar to White, and was run out by Praveen Kumar.
In the end, Yuvraj Singh, after missing Nathan Hauritz’s a simple catch of Praveen Kumar’s delivery, made sure to a sharp throw to finally dismiss Australia’s last wicket.
Australia, thus, posted a total of 250 to India.
Squads:
Australia: Shane Watson, Shaun Marsh, Ricky Ponting(c), Cameron White, Mike Hussey, Moises Henriques, Graham Manou(w), Mitchell Johnson, Nathan Hauritz, Peter Siddle, Doug Bollinger
India: Virender Sehwag, Sachin Tendulkar, Virat Kohli, Yuvraj Singh, Mahendra Singh Dhoni(w/c), Suresh Raina, Ravindra Jadeja, Praveen Kumar, Harbhajan Singh, Ashish Nehra, Ishant Sharma
The decision may put serious credibility of on Umpire Amiesh Saheba’s judgment as it seemed like the ball would have comfortably missed the 5th stump.
India’s 251-run chase received yet another major jolt after Virat Kohli too departed cheaply, leaving India’s score at 78/2.
Bollinger collected his second wicket of the match as he got Kohli caught by Graham Manou, thus dismissing him for mere 10 runs.
A spectacular innings by Virender Sehwag came to an end after Doug Bollinger got him caught by Shane Watson in the mid-off for 30 runs.
Collecting his maiden wicket of the series, Bollinger pitched the ball up outside off, as Sehwag went under it too much to lofts it high enough for Watson to get a well-calculated catch at the mid-off.
Sehwag played a scintillating innings as he scored 30 runs from mere 19 balls, that also included 4 boundaries.
Run-outs cast a shadow over Australia’s batting campaign as the visitors posted a score of 250 all out against India in the fourth ODI of the 7-match Hero Honda Cup here on Monday.
Aussies lost four of its wickets through run-outs in their innings, courtesy spectacular fielding by and the presence of mind by the Indian players. Ashish Nehra could easily be declared the star in the first innings as claimed three crucial wickets.
Earlier, after winning the toss, skipper MS Dhoni opted to field first, a decision that was contrary to what most had thought, given the fact that the condition of the pitch was more batting friendly.
Nonetheless, opponent skipper Ricky Ponting considered himself to be very lucky to have been given the opportunity to bat first.
However, his celebration did not last long as Nehra gave an early breakthrough to India as he caught Shaun Marsh (5) plumb into front of the wickets leaving the Australian scoreaboard reading 24/1.
Later, Shane Watson and Ponting took control of the regime. After building a partnership of 64 runs, Harbhajan Singh played the spoilsport for the guests as he dismissed Watson for 49 runs, depriving the Aussie of what could have been his 10th ODI half-century.
Ponting then took the onus on his shoulders has took his team’s score above the 100 run mark, thus, also claiming his 72nd ODI fifty in the process. But his celebrations were again cut-short after he had to face an absolutely opposite fate when a splendid bull-eye hit by Ravindra Jadeja from deep mid wicket departed him for 52 runs.
The Australian captain attempted to take a quick single of a Harbhajan Singh delivery. However, he fell short of time as Jadeja swiftly picked the ball from Deep mid-wicket to cleanly hit the mid-stumps; here came the first run out for Australia.
Amazed by the skill and accuracy, Ponting stood for a moment on the field, trying to absorb the shock, but later shyly walked out of the field leaving the Australian scorecard at 123/3.
Ponting’s dismissal left Michael Hussey to further take care of the team’s total. However, after a well made 40 runs, he was caught by Ishant Sharma at the deep mid-wicket off a Yuvraj Singh delivery, thus leaving the Aussie scorecard reading 196/4.
Moments later, Bhajji struck again to bowl out Moises Henriques for mere 6 runs.
Wickets started coming in plenty after that as Nehra struck thrice in quick succession to take two important wickets, Cameron White (62) and Mitchell Johnson (8).
White’s dismissal became the second run-out dismissal for Australia. Nehra bowled tight line on the stumps, while Johnson hoped to defend it. White, however, did not pay much attention and took off to grab a quick single. Nehra then showed immense presence of mind and fielded the ball quickly to knock back middle stump with a fierce direct hit.
Later, Johnson fell prey to Nehra’s bowling attack as the pacer knocked off the middle stump to send the birthday boy back to pavilion. Johnson’s dismissal was soon followed by Peter Siddle’s farewell as he was caught by Jadeja caught a simple catch to send him back packing for mere 1 run.
Then came Australia’s third run-out wicket! Graham Manou (7) met a fate similar to White, and was run out by Praveen Kumar.
In the end, Yuvraj Singh, after missing Nathan Hauritz’s a simple catch of Praveen Kumar’s delivery, made sure to a sharp throw to finally dismiss Australia’s last wicket.
Australia, thus, posted a total of 250 to India.
Squads:
Australia: Shane Watson, Shaun Marsh, Ricky Ponting(c), Cameron White, Mike Hussey, Moises Henriques, Graham Manou(w), Mitchell Johnson, Nathan Hauritz, Peter Siddle, Doug Bollinger
India: Virender Sehwag, Sachin Tendulkar, Virat Kohli, Yuvraj Singh, Mahendra Singh Dhoni(w/c), Suresh Raina, Ravindra Jadeja, Praveen Kumar, Harbhajan Singh, Ashish Nehra, Ishant Sharma
Sachin misses milestone as Kangaroos claw back in Mohali
Nathan Hauritz gave a major breakthrough to the Australian team after he caught star Indian opener Sachin Tendulkar plumb in front of the wickets, to dismiss him for 40 runs.
The decision may put serious credibility of on Umpire Amiesh Saheba’s judgment as it seemed like the ball would have comfortably missed the 5th stump.
India’s 251-run chase received yet another major jolt after Virat Kohli too departed cheaply, leaving India’s score at 78/2.
Bollinger collected his second wicket of the match as he got Kohli caught by Graham Manou, thus dismissing him for mere 10 runs.
A spectacular innings by Virender Sehwag came to an end after Doug Bollinger got him caught by Shane Watson in the mid-off for 30 runs.
Collecting his maiden wicket of the series, Bollinger pitched the ball up outside off, as Sehwag went under it too much to lofts it high enough for Watson to get a well-calculated catch at the mid-off.
Sehwag played a scintillating innings as he scored 30 runs from mere 19 balls, that also included 4 boundaries.
Run-outs cast a shadow over Australia’s batting campaign as the visitors posted a score of 250 all out against India in the fourth ODI of the 7-match Hero Honda Cup here on Monday.
Aussies lost four of its wickets through run-outs in their innings, courtesy spectacular fielding by and the presence of mind by the Indian players. Ashish Nehra could easily be declared the star in the first innings as claimed three crucial wickets.
Earlier, after winning the toss, skipper MS Dhoni opted to field first, a decision that was contrary to what most had thought, given the fact that the condition of the pitch was more batting friendly.
Nonetheless, opponent skipper Ricky Ponting considered himself to be very lucky to have been given the opportunity to bat first.
However, his celebration did not last long as Nehra gave an early breakthrough to India as he caught Shaun Marsh (5) plumb into front of the wickets leaving the Australian scoreaboard reading 24/1.
Later, Shane Watson and Ponting took control of the regime. After building a partnership of 64 runs, Harbhajan Singh played the spoilsport for the guests as he dismissed Watson for 49 runs, depriving the Aussie of what could have been his 10th ODI half-century.
Ponting then took the onus on his shoulders has took his team’s score above the 100 run mark, thus, also claiming his 72nd ODI fifty in the process. But his celebrations were again cut-short after he had to face an absolutely opposite fate when a splendid bull-eye hit by Ravindra Jadeja from deep mid wicket departed him for 52 runs.
The Australian captain attempted to take a quick single of a Harbhajan Singh delivery. However, he fell short of time as Jadeja swiftly picked the ball from Deep mid-wicket to cleanly hit the mid-stumps; here came the first run out for Australia.
Amazed by the skill and accuracy, Ponting stood for a moment on the field, trying to absorb the shock, but later shyly walked out of the field leaving the Australian scorecard at 123/3.
Ponting’s dismissal left Michael Hussey to further take care of the team’s total. However, after a well made 40 runs, he was caught by Ishant Sharma at the deep mid-wicket off a Yuvraj Singh delivery, thus leaving the Aussie scorecard reading 196/4.
Moments later, Bhajji struck again to bowl out Moises Henriques for mere 6 runs.
Wickets started coming in plenty after that as Nehra struck thrice in quick succession to take two important wickets, Cameron White (62) and Mitchell Johnson (8).
White’s dismissal became the second run-out dismissal for Australia. Nehra bowled tight line on the stumps, while Johnson hoped to defend it. White, however, did not pay much attention and took off to grab a quick single. Nehra then showed immense presence of mind and fielded the ball quickly to knock back middle stump with a fierce direct hit.
Later, Johnson fell prey to Nehra’s bowling attack as the pacer knocked off the middle stump to send the birthday boy back to pavilion. Johnson’s dismissal was soon followed by Peter Siddle’s farewell as he was caught by Jadeja caught a simple catch to send him back packing for mere 1 run.
Then came Australia’s third run-out wicket! Graham Manou (7) met a fate similar to White, and was run out by Praveen Kumar.
In the end, Yuvraj Singh, after missing Nathan Hauritz’s a simple catch of Praveen Kumar’s delivery, made sure to a sharp throw to finally dismiss Australia’s last wicket.
Australia, thus, posted a total of 250 to India.
Squads:
Australia: Shane Watson, Shaun Marsh, Ricky Ponting(c), Cameron White, Mike Hussey, Moises Henriques, Graham Manou(w), Mitchell Johnson, Nathan Hauritz, Peter Siddle, Doug Bollinger
India: Virender Sehwag, Sachin Tendulkar, Virat Kohli, Yuvraj Singh, Mahendra Singh Dhoni(w/c), Suresh Raina, Ravindra Jadeja, Praveen Kumar, Harbhajan Singh, Ashish Nehra, Ishant Sharma
The decision may put serious credibility of on Umpire Amiesh Saheba’s judgment as it seemed like the ball would have comfortably missed the 5th stump.
India’s 251-run chase received yet another major jolt after Virat Kohli too departed cheaply, leaving India’s score at 78/2.
Bollinger collected his second wicket of the match as he got Kohli caught by Graham Manou, thus dismissing him for mere 10 runs.
A spectacular innings by Virender Sehwag came to an end after Doug Bollinger got him caught by Shane Watson in the mid-off for 30 runs.
Collecting his maiden wicket of the series, Bollinger pitched the ball up outside off, as Sehwag went under it too much to lofts it high enough for Watson to get a well-calculated catch at the mid-off.
Sehwag played a scintillating innings as he scored 30 runs from mere 19 balls, that also included 4 boundaries.
Run-outs cast a shadow over Australia’s batting campaign as the visitors posted a score of 250 all out against India in the fourth ODI of the 7-match Hero Honda Cup here on Monday.
Aussies lost four of its wickets through run-outs in their innings, courtesy spectacular fielding by and the presence of mind by the Indian players. Ashish Nehra could easily be declared the star in the first innings as claimed three crucial wickets.
Earlier, after winning the toss, skipper MS Dhoni opted to field first, a decision that was contrary to what most had thought, given the fact that the condition of the pitch was more batting friendly.
Nonetheless, opponent skipper Ricky Ponting considered himself to be very lucky to have been given the opportunity to bat first.
However, his celebration did not last long as Nehra gave an early breakthrough to India as he caught Shaun Marsh (5) plumb into front of the wickets leaving the Australian scoreaboard reading 24/1.
Later, Shane Watson and Ponting took control of the regime. After building a partnership of 64 runs, Harbhajan Singh played the spoilsport for the guests as he dismissed Watson for 49 runs, depriving the Aussie of what could have been his 10th ODI half-century.
Ponting then took the onus on his shoulders has took his team’s score above the 100 run mark, thus, also claiming his 72nd ODI fifty in the process. But his celebrations were again cut-short after he had to face an absolutely opposite fate when a splendid bull-eye hit by Ravindra Jadeja from deep mid wicket departed him for 52 runs.
The Australian captain attempted to take a quick single of a Harbhajan Singh delivery. However, he fell short of time as Jadeja swiftly picked the ball from Deep mid-wicket to cleanly hit the mid-stumps; here came the first run out for Australia.
Amazed by the skill and accuracy, Ponting stood for a moment on the field, trying to absorb the shock, but later shyly walked out of the field leaving the Australian scorecard at 123/3.
Ponting’s dismissal left Michael Hussey to further take care of the team’s total. However, after a well made 40 runs, he was caught by Ishant Sharma at the deep mid-wicket off a Yuvraj Singh delivery, thus leaving the Aussie scorecard reading 196/4.
Moments later, Bhajji struck again to bowl out Moises Henriques for mere 6 runs.
Wickets started coming in plenty after that as Nehra struck thrice in quick succession to take two important wickets, Cameron White (62) and Mitchell Johnson (8).
White’s dismissal became the second run-out dismissal for Australia. Nehra bowled tight line on the stumps, while Johnson hoped to defend it. White, however, did not pay much attention and took off to grab a quick single. Nehra then showed immense presence of mind and fielded the ball quickly to knock back middle stump with a fierce direct hit.
Later, Johnson fell prey to Nehra’s bowling attack as the pacer knocked off the middle stump to send the birthday boy back to pavilion. Johnson’s dismissal was soon followed by Peter Siddle’s farewell as he was caught by Jadeja caught a simple catch to send him back packing for mere 1 run.
Then came Australia’s third run-out wicket! Graham Manou (7) met a fate similar to White, and was run out by Praveen Kumar.
In the end, Yuvraj Singh, after missing Nathan Hauritz’s a simple catch of Praveen Kumar’s delivery, made sure to a sharp throw to finally dismiss Australia’s last wicket.
Australia, thus, posted a total of 250 to India.
Squads:
Australia: Shane Watson, Shaun Marsh, Ricky Ponting(c), Cameron White, Mike Hussey, Moises Henriques, Graham Manou(w), Mitchell Johnson, Nathan Hauritz, Peter Siddle, Doug Bollinger
India: Virender Sehwag, Sachin Tendulkar, Virat Kohli, Yuvraj Singh, Mahendra Singh Dhoni(w/c), Suresh Raina, Ravindra Jadeja, Praveen Kumar, Harbhajan Singh, Ashish Nehra, Ishant Sharma
Friday, October 30, 2009
Jaipur IOC depot fire rages on; 13 killed, 150 injured
The death toll in Indian Oil Corporation depot fire disaster in Jaipur has risen to 13 with over 150 injured, reports claimed early Friday. This is one of the worst fire related incident in IOC’s history.
The official death toll still stands at five. Meanwhile, senior state and police officials are saying that another 5-6 people are still trapped inside. Teams from the Army and Bombay High are trying to control the fire in the oil depot located in Sitapura Industrial Area on the highway near the airport 20 kms from the pink city.
Even as relief and rescue operations continue, one more explosion was heard.
Elaborating more on the rescue operation, Union Petroleum Minister Murli Deora, who has arrived in Jaipur, said, “Experts have been called in to help in accessing and minimising the damages done to the IOC establishment”.
"We will have to let all the fuel burn. Only then will experts be able to go anywhere near the site," Deora told reporters here after a visit to the site with senior officials of the state-run company. "We expect the fuel to burn out by evening."
Deora also announced compensation of Rs 5 to 10 lakhs to the victims and their families.
It is believed that fire broke out –due to leakage - when petrol was being transferred from the fuel depot to a pipeline at around 7.30 pm yesterday.
Huge flames shot into the air amid billowing smoke as hundreds of people in the villages in and around the depot panicked and fled from their homes. The fire also spread to some industrial units in a radius of three km destroying them.
IOC Chairman Sarthak Behuria told a news agency that the fire broke out at a petrol storage tank and quickly spread to other tanks. Police said several explosions were heard.
The IOC tank farm had 8 to 10 storage containers that stored petrol, diesel kerosene for supply in Jaipur and adjoining areas.
Officials said steps were being taken to ensure that the fire did not spread far through the pipeline.
Electricity in the area has been cut off as a precautionary measure.
Dr Ashok Pangudia, Medical Superintendent at Sawai Man Singh (SMS) hospital, confirmed that twelve persons have so far died in the incident, while one person was reported to have died in a private hospital. Some of the injured had splinter injuries, he said.
The injured were also rushed to Mahatma Gandhi and SMS hospitals. Some of them had serious burn injuries.
The official death toll still stands at five. Meanwhile, senior state and police officials are saying that another 5-6 people are still trapped inside. Teams from the Army and Bombay High are trying to control the fire in the oil depot located in Sitapura Industrial Area on the highway near the airport 20 kms from the pink city.
Even as relief and rescue operations continue, one more explosion was heard.
Elaborating more on the rescue operation, Union Petroleum Minister Murli Deora, who has arrived in Jaipur, said, “Experts have been called in to help in accessing and minimising the damages done to the IOC establishment”.
"We will have to let all the fuel burn. Only then will experts be able to go anywhere near the site," Deora told reporters here after a visit to the site with senior officials of the state-run company. "We expect the fuel to burn out by evening."
Deora also announced compensation of Rs 5 to 10 lakhs to the victims and their families.
It is believed that fire broke out –due to leakage - when petrol was being transferred from the fuel depot to a pipeline at around 7.30 pm yesterday.
Huge flames shot into the air amid billowing smoke as hundreds of people in the villages in and around the depot panicked and fled from their homes. The fire also spread to some industrial units in a radius of three km destroying them.
IOC Chairman Sarthak Behuria told a news agency that the fire broke out at a petrol storage tank and quickly spread to other tanks. Police said several explosions were heard.
The IOC tank farm had 8 to 10 storage containers that stored petrol, diesel kerosene for supply in Jaipur and adjoining areas.
Officials said steps were being taken to ensure that the fire did not spread far through the pipeline.
Electricity in the area has been cut off as a precautionary measure.
Dr Ashok Pangudia, Medical Superintendent at Sawai Man Singh (SMS) hospital, confirmed that twelve persons have so far died in the incident, while one person was reported to have died in a private hospital. Some of the injured had splinter injuries, he said.
The injured were also rushed to Mahatma Gandhi and SMS hospitals. Some of them had serious burn injuries.
Monday, October 5, 2009
Damage in Andhra due to floods: Rs 12,225 crore
Andhra Pradesh has estimated damages due to heavy rains and floods at Rs 12,225 crore.
In a letter to Prime Minister Manmohan Singh on Monday, Chief Minister K Rosaiah urged the Centre to consider the devastating floods a national calamity and provide the state with Rs 6,000 crore for relief works immediately.
Highlighting the severity of the flood situation in the state, Rosaiah said some mandals in the districts of Mahabubnagar and Kurnool had rainfall of over 30 cm in a day, leading to heavy inflows into major dams in the Krishna basin viz. Srisailam, Nagarjuna Sagar, Prakasam Barrage and others.
The inflow at Srisailam was over 25 lakh cusecs when the floods started - the highest in 100 years and way beyond the full reservoir level. The first casualty was a 770 MW power house next to the dam, which was completely inundated.
In a letter to Prime Minister Manmohan Singh on Monday, Chief Minister K Rosaiah urged the Centre to consider the devastating floods a national calamity and provide the state with Rs 6,000 crore for relief works immediately.
Highlighting the severity of the flood situation in the state, Rosaiah said some mandals in the districts of Mahabubnagar and Kurnool had rainfall of over 30 cm in a day, leading to heavy inflows into major dams in the Krishna basin viz. Srisailam, Nagarjuna Sagar, Prakasam Barrage and others.
The inflow at Srisailam was over 25 lakh cusecs when the floods started - the highest in 100 years and way beyond the full reservoir level. The first casualty was a 770 MW power house next to the dam, which was completely inundated.
Tuesday, May 19, 2009
Wednesday, October 29, 2008
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