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Tuesday, March 24, 2009

The world’s least expensive car, the Tata Nano, has been launched in India. It will go on sale in April, and will start delivery in July. The automobile costs only 100,000 Indian rupees, or just under US$2,000.

“We are at the gates offering a new form of transportation to the people of India, and later I hope other markets as well,” said the chairman of the auto firm, Ratan Tata, calling the vehicle a “milestone.”

“From the drawing board to its commercial launch, the car has overcome several challenges,” Tata said. “I hope it will provide safe, affordable four-wheel transportation to families who till now have not been able to own a car.

“This was never conceived as the cheapest car, but as providing transport to those people who never owned a car,” Tata said. “Driven mainly by the change in demand that we see elsewhere in the world, we suddenly felt we had a product that could be of considerable interest as a low-cost product in western Europe, eastern Europe, the UK and even the U.S.”

The Tata Nano is a four-door vehicle, and is 3 metres long, 1.5 m wide, and 1.5 m tall. It is equipped with a 33 bhp, 624 cc engine at the rear. No radio, airbags, power steering, or air conditioning are available in the basic model, although upgrades are available. The Nano Europa, a slightly larger European version of the car, is expected in 2011.

According to Ravi Kant, the managing director at Tata Motors, the first 100,000 people to receive a Nano would be chosen from the initial orders by a ballot.

An auto analyst for Bombay’s Angel Broking, Vaishali Jajoo, predicted that the Nano will add only three percent to Tata’s revenues even if it can sell a quarter of a million such cars per annum.

“That doesn’t make a significant difference to the top line,” Jajoo said. “And for the bottom line, it will take five to six years to break even.”

Environmentalists say that the car will exacerbate traffic problems already rife in India, and help increase pollution levels. Tata, however, stated that its vehicle is the least polluting car in the country.

Tuesday, March 10, 2009

A police officer has been killed in County Armagh, Northern Ireland by Continuity IRA gunmen a mere 48 hours after two soldiers were killed.

In what is presumed to be an attempt by dissident Republicans to derail the peace process, Pc Stephen Carroll was shot in the head just before 10:00 p.m. on March 9.

The officer, described as an experienced veteran with 23 years of service, was responding to a call for help in the Lismore Manor estate in Craigavon when he was shot. In what is described as a genuine incident, a female member of the public had called for help saying a street gang had broken a window.

A two vehicle patrol was sent to the incident given previous trouble in the area. After standing off for a reasonable period to ensure that there was no ambush, the members of one vehicle got out to deal with the incident, whilst those in the second vehicle provided cover, while providing cover in the second vehicle that Pc Carrol was attacked.

The PSNI, believe that the officer was hit by one of two shots fired by a gunman secreted in scrubland on the estate. There are unconfirmed reports that a second officer has also been injured.

Responsibility for the shooting has been claimed on behalf of the North Armagh Battalion of the Continuity IRA in a coded message to Belfast media.

The shooting has led to a call for unity and calm from a broad spectrum of the community ranging from spokesmen for the Ulster Volunteer Force, who called for the gunmen to be dealt with through the courts, to Sinn Féin were quick to condemn the gunmen and to offer their condolences to the family of the dead officer.

This is the first death of a police officer to sectarian violence in over a decade, and comes after a nine month period in which intelligence indicated that dissidents were aiming to kill a policeman.

Sunday, April 11, 2010

Member states of the eurozone have offered to give Greece thirty billion euro in emergency loans for the debt-stricken country, should the latter want it.

The loans’ price will be determined using formulas by the International Monetary Fund (IMF), and will be set at around five percent.

The Luxembourgish prime minister, Jean-Claude Juncker, speaking on behalf of eurozone finance ministers, commented that “[t]he total amount put up by the eurozone member states for the first year will reach 30bn euros.” He added that “[t]his is certainly no subsidy” to Greece.

The prime minister also noted that financing would be “completed and co-financed” by the IMF. European Union monetary affairs chief Olli Rehn remarked that the IMF would make a “substantial contribution” to the loan package as well, perhaps around ten billion euros.

The Greek economy has spent more than it has earned for several years now, and currently faces a budget deficit equal to 12.9% of its economic output, or a total debt of 300 billion euros. The country intends to try and reduce the deficit to 8.7% this year.

Friday, November 6, 2009

A 1965 Volkswagen minibus that was stolen in 1974 has been recovered by customs agents in Los Angeles. The vintage minibus was in pristine condition, valued at $25,000, and was found during a routine inspection of a shipping container scheduled for departure to The Netherlands. A routine computer database search on its vehicle identification number flagged it as having been stolen from a vehicle upholstery shop in Spokane, Washington on July 12, 1974. A custom restoration business in Arizona was attempting to deliver it to overseas clients last month when authorities intercepted the vehicle.

The theft appeared on the National Insurance Crime Bureau database, which is used by border authorities and contains all stolen vehicle records. Most police databases remove unsolved vehicle thefts after five years.

The California Highway Patrol does not suspect the restorer of wrongdoing, according to investigating officer Mike Maleta. Possession of the vehicle apparently changed several times. Police in Spokane have not yet located the rightful owner, whose identity has not been released to the press. Maleta hopes that a trail of registration documents and interviews will uncover the thief.

The Allstate insurance company paid $2500 shortly after the theft occurred and wants to take possession of the vintage minibus. Allstate spokeswoman Megan Brunet expects that after the necessary paperwork is processed the firm will sell it at auction.

Monday, October 30, 2006

The BSE Sensex touched another milestone by crossing the historic 13,000 mark. The BSE’s main index reached to 13,039.30 in morning trade, surpassing the previous peak of 12,994.45 set earlier this month on October 17. After 135 trading sessions the new milestone of 13,000 has been achieved. Sensex also gained today all-time closing high of 13,024.26 points.

Reliance Communications Ltd. gained almost 3 percent when it announced it’s better than expected results in the morning. Dr. Reddy’s Laboratories Ltd. gained 4.09 percent at 760 while Bhari Airtel group gained 2.65 percent at 541.25. Infosys gained Rs. 6.55 at Rs. 2,104 per equity share.

People are expecting bullish market and looking for higher benchmarks. Nimesh Kampani, Chairman, JM Morgan Stanley expected the new milestone of 14,000 mark by March, next year.