India lost $123 billion in black money in a decade

WASHINGTON: The Indian economy suffered $1.6 billion in illicit financial outflows in 2010, capping-off a decade in which it experienced black money losses of $123 billion, according to a new report.

India is ranked as the decade's 8th largest victim of illicit capital flight behind China, Mexico, Malaysia, Saudi Arabia, Russia, the Philippines, and Nigeria, respectively in the report by Global Financial Integrity, a Washington-based research and advocacy organization.

Titled "Illicit Financial Flows from Developing Countries: 2001-2010," the report found that all developing and emerging economies suffered $858.8 billion in illicit outflows in 2010, just below the all-time high of $871.3 billion set in 2008-the year preceding the global financial crisis.

"While progress has been made in recent years, India continues to lose a large amount of wealth in illicit financial outflows," said GFI director Raymond Baker.

"Much focus has been paid in the media on recovering the Indian black money that has already been lost," he said suggesting policymakers should instead make curtailing the ongoing outflow of money priority number one.

"$123 billion is a massive amount of money for the Indian economy to lose," said Dev Kar, GFI lead economist and co-author of the report with GFI economist Sarah Freitas.

"It has very real consequences for Indian citizens. This is more than $100 billion dollars which could have been used to invest in education, healthcare, and upgrade the nation's infrastructure," he said.

A Nov 2010 GFI report, "The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008," found that the Indian economy lost $462 billion to illicit financial outflows from 1948 through 2008.

Authored by Kar, the report measured India's underground economy as 50 percent of GDP, with cumulative illicit outflows accounting for an increasing share of the total underground economy.

The new GFI study also estimates the developing world lost a total of $5.86 trillion to illicit outflows over the decade spanning 2001 through 2010.

The $858.8 billion of illicit outflows lost to all developing countries in 2010 is a significant uptick from 2009, which saw developing nations lose $776.0 billion.

GFI advocated that world leaders increase the transparency in the international financial system as a means to curtail the illicit flow of money highlighted by Kar and Freitas' research.

Read More..

GRAIL Mission Goes Out With a Bang

Jane J. Lee

On Friday, December 14, NASA sent their latest moon mission into a death spiral. Rocket burns nudged GRAIL probes Ebb and Flow into a new orbit designed to crash them into the side of a mountain near the moon's north pole today at around 2:28 p.m. Pacific standard time. NASA named the crash site after late astronaut Sally Ride, America's first woman in space.

Although the mountain is located on the nearside of the moon, there won't be any pictures because the area will be shadowed, according to a statement from NASA' Jet Propulsion Laboratory in California.

Originally sent to map the moon's gravity field, Ebb and Flow join a long list of man-made objects that have succumbed to a deadly lunar attraction. Decades of exploration have left a trail of debris intentionally crashed, accidentally hurtled, or deliberately left on the moon's surface. Some notable examples include:

Ranger 4 - Part of NASA's first attempt to snap close-up pictures of the moon, the Ranger program did not start off well. Rangers 1 through 6 all failed, although Ranger 4, launched April 23, 1962, did make it as far as the moon. Sadly, onboard computer failures kept number 4 from sending back any pictures before it crashed. (See a map of all artifacts on the moon.)

Fallen astronaut statue - This 3.5-inch-tall aluminum figure commemorates the 14 astronauts and cosmonauts who had died prior to the Apollo 15 mission. That crew left it behind in 1971, and NASA wasn't aware of what the astronauts had done until a post-flight press conference.

Lunar yard sale - Objects jettisoned by Apollo crews over the years include a television camera, earplugs, two "urine collection assemblies," and tools that include tongs and a hammer. Astronauts left them because they needed to shed weight in order to make it back to Earth on their remaining fuel supply, said archivist Colin Fries of the NASA History Program Office.

Luna 10 - A Soviet satellite that crashed after successfully orbiting the moon, Luna 10 was the first man-made object to orbit a celestial body other than Earth. Its Russian controllers had programmed it to broadcast the Communist anthem "Internationale" live to the Communist Party Congress on April 4, 1966. Worried that the live broadcast could fail, they decided to broadcast a recording of the satellite's test run the night before—a fact they revealed 30 years later.

Radio Astronomy Explorer B - The U.S. launched this enormous instrument, also known as Explorer 49, into a lunar orbit in 1973. At 600 feet (183 meters) across, it's the largest man-made object to enter orbit around the moon. Researchers sent it into its lunar orbit so it could take measurements of the planets, the sun, and the galaxy free from terrestrial radio interference. NASA lost contact with the satellite in 1977, and it's presumed to have crashed into the moon.

(Learn about lunar exploration.)

Read More..

Conn. Kids Laid to Rest: 'Our Hearts Are With You'

Visibly shaken attendees exiting the funeral today for 6-year-old Noah Pozner, one of 20 children killed in the Connecticut school massacre last week, said they were touched by a story that summed up the first-grader best.

His mother, Veronique, would often tell him how much she loved him and he'd respond: "Not as much as I [love] you," said a New York man who attended the funeral but was not a member of the family.

Noah's family had been scheduled to greet the public before the funeral service began at 1 p.m. at the Abraham L. Green & Son Funeral Home in Fairfield, Conn. The burial was to follow at the B'nai Israel Cemetery in Monroe, Conn. Those present said they were in awe at the composure of Noah's mother.

Rabbi Edgar Gluck, who attended the service, said the first person to speak was Noah's mother, who told mourners that her son's ambition when he grew up was to be either a director of a plant that makes tacos -- because that was his favorite food -- or to be a doctor.

Outside the funeral home, a small memorial lay with a sign reading: "Our hearts are with you, Noah." A red rose was also left behind along with two teddy bears with white flowers and a blue toy car with a note saying "Noah, rest in peace."

CLICK HERE for complete coverage of the tragedy at Sandy Hook.

Don Emmert/AFP/Getty Images

Sandy Hook Victims: Jack Pinto's Funeral Held Watch Video

First Sandy Hook Shooting Victims to Be Buried Watch Video

The funeral home was adorned with white balloons as members of the surrounding communities came also to pay their respects, which included a rabbi from Bridgeport. More than a dozen police officers were at the front of the funeral home, and an ambulance was on standby at a gas station at the corner.

U.S. Sen. Richard Blumenthal, U.S. Rep. and Sen.-Elect Chris Murphy and Gov. Dannel P. Malloy, all of Connecticut, were in attendance, the Connecticut Post reported.

Noah was an inquisitive boy who liked to figure out how things worked mechanically, The Associated Press reported. His twin sister, Arielle, was one of the students who survived when her teacher hid her class in the bathroom during the attack.

CLICK HERE for a tribute to the shooting victims.

The twins celebrated their sixth birthday last month. Noah's uncle Alexis Haller told the AP that he was "smart as a whip," gentle but with a rambunctious streak. He called his twin sister his best friend.

"They were always playing together, they loved to do things together," Haller said.

The funeral for Jack Pinto, 6, was also held today, at the Honan Funeral Home in Newtown. He was to be buried at Newtown Village Cemetery.

Jack's family said he loved football, skiing, wrestling and reading, and he also loved his school. Friends from his wrestling team attended his funeral today in their uniforms. One mourner said the message during the service was: "You're secure now. The worst is over."

Family members say they are not dwelling on his death, but instead on the gift of his life that they will cherish.

The family released a statement, saying, Jack was an "inspiration to all those who knew him."

"He had a wide smile that would simply light up the room and while we are all uncertain as to how we will ever cope without him, we choose to remember and celebrate his life," the statement said. "Not dwelling on the loss but instead on the gift that we were given and will forever cherish in our hearts forever."

Jack and Noah were two of 20 children killed Friday morning at Sandy Hook Elementary School in Newtown, Conn., when 20-year-old Adam Lanza sprayed two first-grade classrooms with bullets that also killed six adults.

Read More..

Obama in Newtown, Conn.: ‘You’re not alone in your grief’ over school massacre

NEWTOWN, Conn. — President Obama offered words of solace to a heartbroken and inconsolable community Sunday, meeting with loved ones of the dead from Sandy Hook Elementary School and lamenting at a nationally televised memorial service that the United States has failed in its duty “to keep our children, all of them,” safe from harm.

“Whatever measure of comfort we can provide, we will provide,” Obama vowed, addressing a grief-stricken audience of hundreds in the auditorium of the town’s high school. Many more listeners crowded near speakers in the school’s gym, while others huddled outside in a cold drizzle, holding candles and weeping at times.

Read More..

AIG moves to sell final shares in AIA

HONG KONG: US insurance giant American International Group (AIG) will sell its remaining stake in Asian insurer AIA, in a deal that could raise up to $6.5 billion.

The sale will mark AIG's total exit from AIA after the US insurer, which was bailed out by Washington during the financial crisis, sold two-thirds of the unit in a Hong Kong listing in 2010 to help repay the financial aid.

The Hong Kong initial public offering in 2010 raised US$20.5 billion, making it one of the world's biggest.

AIG, which holds 13.69 per cent in AIA, started selling 1.65 billion shares at a price range of HK$29.65-HK$30.65 ($3.82-$3.95), Dow Jones Newswires said, quoting a term sheet.

In a short statement AIA said trading in it had been suspended in Hong Kong on Monday pending the potential sale by AIG on a "significant portion" of its stake.

AIA said it expects the trading to resume no later than Tuesday.

AIG has sold off assets as it restructured itself back to a path of profitability, and raising money to repay the $182 billion bailout it received from the US government four years ago.

It has sold AIA shares twice this year, raising a total of $8 billion.

The move also comes a week after the US Treasury sold off all of its remaining shares in AIG, earning the government $7.6 billion from the sale and taking the government's net profit on the AIG bailout to $22.7 billion.

- AFP/ck

Read More..

Railways to adopt PPP mode for modernization: Bansal

SANGRUR: Union railway minister Pawan Bansal said on Sunday that public private partnership (PPP) mode would be adopted for modernizing and upgrading the railway infrastructure.

The minister, who was in Sangrur and Barnala districts of Punjab to lay the foundation stones for new railway projects, said that Rs 1.10 lakh crore would be generated through PPP mode for implementing the revamping plan.

"Railways is failing in mobilizing the required funds through internal sources. The annual plan for the ongoing fiscal has been cut short by over Rs 4,000 crore and the plan outlay has been reduced from earlier Rs 60,100 crore to Rs 55,900 crore," he said.

Bansal, who belongs to Tapa town of Barnala district, said, "The railways has chalked out ambitious plans for doubling the tracks, electrification, laying of new railway lines and manufacture of coaches in the next five years. All this will be done on PPP mode."

Bansal said that railways will need about 30,000 more coaches in the coming years and for this, all the states have been asked to provide land on which railways will set up coach factories.

"Both Punjab and Haryana have already shown keen interest in the plan," said Bansal.

He said that presently, there are 14,000 unmanned railway crossings in India and the railways is inching towards making these manned in a phased manner.

Bansal said that the Kolkata-Ludhiana and Delhi-Mumbai freight corridors will be completed during the next five years.

Read More..

Space Pictures This Week: Frosty Mars, Mini Nile, More

Photograph by Mike Theiss, National Geographic

The aurora borealis, also known as the northern lights, illuminates the Arctic sky in a recent picture by National Geographic photographer Mike Theiss.

A storm chaser by trade, Theiss is in the Arctic Circle on an expedition to photograph auroras, which result from collisions between charged particles released from the sun's atmosphere and gaseous particles in Earth's atmosphere.

After one particularly amazing show, he wrote on YouTube, "The lights were dancing, rolling, and twisting, and at times looked like they were close enough to touch!" (Watch his time-lapse video of the northern lights.)

Published December 14, 2012

Read More..

Obama: Nation Faces 'Hard Questions' After Shooting

President Barack Obama said at an interfaith prayer service in this mourning community this evening that the country is "left with some hard questions" if it is to curb a rising trend in gun violence, such as the shooting spree Friday at Newtown's Sandy Hook Elementary School.

After consoling victims' families in classrooms at Newtown High School, the president said he would do everything in his power to "engage" a dialogue with Americans, including law enforcement and mental health professionals, because "we can't tolerate this anymore. These tragedies must end. And to end them we must change."

Mandel Ngan/AFP/Getty Images

President Obama: 'Newtown You Are Not Alone' Watch Video

Sandy Hook Elementary Shooting: Remembering the Victims Watch Video

The president was not specific about what he thought would be necessary and did not even use the word "gun" in his remarks, but his speech was widely perceived as prelude to a call for more regulations and restrictions on the availability of firearms.

The grieving small town hosted the memorial service this evening as the the nation pieces together the circumstances that led to a gunman taking 26 lives Friday at the community's Sandy Hook Elementary School, most first graders.

"Someone once described the joy and anxiety of parenthood as the equivalent of having your heart outside your body all of the time, walking around," he said, speaking of the joys and fears of raising children.

"So it comes as a shock at a certain point when you realize no matter how much you love these kids you can't do it by yourself," he continued. "That this job of protecting kids and teaching them well is something we can only do together, with the help of friends and neighbors, with the help of a community, and the help of a nation."

CLICK HERE for Full Coverage of the Tragedy at Sandy Hook

Read More..

Japan votes in poll likely to eject ruling party

TOKYO - Voters in Japan went to the polls Sunday in an election likely to return conservatives to power at a time of growing tension with China and as the nation seeks to arrest economic decline.

Polls point to a heavy defeat for Prime Minister Yoshihiko Noda's government, but observers say the electorate will hand the reins of power only reluctantly to the opposition Liberal Democratic Party (LDP).

Hawkish one-time premier Shinzo Abe appeared set for a return to office, after a campaign in which he has sketched out a harder line on foreign policy, as tensions rise with China over disputed islands in the East China Sea.

Polls opened early Sunday and exit polls from broadcasters will be released shortly after the ballot boxes are sealed at 8:00 pm (1100 GMT).

Abe, whose brief stint as premier in 2006-2007 ended ignominiously, has pledged to right Japan's listless economy, which has suffered years of deflation, made worse by a soaring currency that has squeezed exporters.

"With stronger monetary policies, fiscal policies and growth policies, we will end deflation, correct a high yen, and grow the economy," said Abe Saturday.

"It's time to put an end to the confusion and doldrums of three years and three months," Abe said, referring to the stint in power of Noda's Democratic Party of Japan.

"We've got to take a fresh step forward. Please join us for the fight," added the former premier, whose party ruled Japan almost continuously for more than five decades until it was ousted by the DPJ.

He has also pledged to boost spending on infrastructure projects at a time when large parts of the tsunami-ravaged northeast have yet to see significant rebuilding following the March 2011 catastrophe.

The collapse of an ageing highway tunnel that claimed nine lives earlier this month lent credence to his calls, which have been criticised by opponents as a return to the LDP's "construction state" of the last century.

Public unease about a deteriorating security environment -- North Korea launched a rocket over Japan's southern islands last week and China sent a plane into Japanese airspace -- has bolstered Abe's cause.

He has promised to boost defences and revitalise a security alliance with the United States that is widely thought to have drifted under Noda's party.

"It is an urgent task to rebuild the Japan-US alliance as unshakable and achieve peace and stability in Asia," Abe's LDP said in a statement issued ahead of the Sunday vote.

The DPJ disappointed voters who handed it a hefty majority in 2009 polls. Policy missteps, diplomatic gaffes and vicious factional infighting saw it burn through three premiers in as many years and squander its electoral hand.

A plodding and sometimes confused response to the disaster at Fukushima where nuclear reactors went into meltdown after the tsunami last year did it no favours either.

"Let us have another try... a lot of promises have yet to be fulfilled," Noda was quoted as saying in newspaper adverts published on Sunday.

Opinion polls show that despite a strong anti-nuclear feeling in Japan, an array of smaller parties promising an atomic exit may struggle to get much traction.

But commentators say there is little enthusiasm for any party, and the LDP's likely victory will come from their perceived status as the least-worst option.

- AFP/ir

Read More..

Haryana residents prefer khaps over courts: Report

CHANDIGARH: A survey carried out by a sub-committee constituted by Haryana Backward Class Commission (HBCC) to ascertain possibility of reservation for jats and other communities has found out that rustic Haryanvis have more faith in social panchayats than judicial courts and prefer to approach khaps for remedial measures.

During the survey conducted on 49,870 households in rural areas, it was found that 66.6% families from 16 different castes said they preferred approaching khap panchayats than opting for judicial remedies for seeking justice whenever disputes arise. The survey was tasked to ascertain khaps' influence in Haryana and was conducted by a sub-committee headed by K S Sangwan, a former HoD of department of sociology at Maharishi Dayanand University, Rohtak.

The research was one of the 12 social indicators used by the sub-committee for determining social, educational and economical backwardness of various castes and communities of Haryana. While this part of the report has come as a shot in the arm for khap leaders, who claim khap panchayat to be legitimate dispute disputes platform, they have very conveniently chosen to trash the rest of the report.

"This is the only portion where the commission could not manipulate. We cannot rely on any other recommendations made in the report,'' said Sube Singh Samain, a spokesperson of Sarvjat Khap Panchayat.

Khaps in Haryana have been inviting criticism from various sections of the society as well as Punjab and Haryana High court for their diktats on barring same-village marriages and inter-caste marriages, which has led to incidents of honor killings in the state.

"Bhaichara (brotherhood) concept still exists in rural Haryana. Khaps have played important role in solving common problems. Villagers feel that in courts only one party wins the case. But when it comes to khap panchayats, it is a win-win situation for both the parties,'' said Sangwan.

Read More..