Asian Voice

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FIRST & FOREMOST ASIAN WEEKLY IN EUROPE

VOICE

Let noble thoughts come to us from every side

VOL 40. ISSUE 31

Indian homes hold gold worth $950 bn

10th December to 16th December 2011

India wants Dow out of London Olympics sponsorship The government of India has asked its Olympic association to raise the issue of the London Olympic Games' sponsorship deal with Dow Chemical, the latest sign of pressure on organisers to reconsider involvement of a company linked to the Bhopal gas disaster. Many victims and activists hold Dow responsible for failing to give enough compensation to victims of a 1984 gas leak which killed thousands and injured hundreds of thousands more in Bhopal. "We have written a letter to the IOA (Indian Olympic Association), asking them to take up the matter with the organisers of the London Olympics," a spokesman for the sports ministry said. The pesticide plant was owned by Union Carbide, which settled its liabilities with the Indian government in 1989 by paying $470 million for Bhopal victims.

Children with congenital disorders linked to the Bhopal gas leak at a candle-light vigil.

Dow bought Union Carbide a decade after the company had settled with the Indian government and now finds itself in the firing line for its sponsorship of a temporary decorative wrap over London's Olympic Stadium. The sponsorship has caused anger across India, but nowhere more so than in Madhya Pradesh, where chief minister Shivraj Singh

Chauhan is urging the Indian government to boycott the sporting extravaganza. Chauhan says that instead of sponsoring the games, the company should spend that money on Bhopal survivors. The Indian government last year demanded more than $1 billion additional compensation for the victims of the gas leak. Continued on page 27

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Gold buying in India remains strong but the amount of hoarding of the precious metal that is evident, even in times of crisis, worries some economists. A new report indicates that the gold close to every Indian's heart and in most homes could be well over $950 billion, which in turn is around 50% of the country's GDP in dollar terms. Gold consumption is part of India's culture and tradition. At $950 billion, the hoarding represents 11% of the global stock, the report has said, making India one of the largest private gold holders in the world. Indian households hold 18,000 tonnes of gold, says global research firm Macquarie. In a report, the firm has noted that bars, coins and other modes of retail investment during 2011 have also reported a 90% increase, which are all testimony to the untamed demand for the yellow metal in India. Continued on page 27

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US Sikh group calls for probe into race profiling Amid charges of racial profiling by a group of 38 civil rights organizations led by the Sikh Coalition, the US Transportation Security Administration is investigating allegations that Mexican travellers were being targeted for extra screening. The allegations of such targeting at Honolulu International Airport "resulted in launching an immediate and thorough investigation of the behaviour detection programme at HNL," the TSA said. "Pending the completion of the investigation, TSA also provided HNL Behaviour Detection Officers refresher training to ensure the programme is focused solely on identifying suspicious behaviours." "TSA's behaviour detection programme in no way encourages or tolerates profiling," the agency said. "Profiling is not an effective form of security and our security officers are trained to treat every passenger with dignity and respect." The statement came as 38 civil rights organizations led by Sikh Coalition called for an

independent audit of the TSA to determine whether the agency engages in racial profiling. In a letter to Department of Homeland Security secretary Janet Napolitano, the groups expressed concern about reports that TSA officers targeted Mexican and Dominican travellers for extra scrutiny at airports in Hawaii and New Jersey. TSA officers at the Honolulu International Airport targeted Mexicans so often that their colleagues called them the "Mexicutioners," it said. Sikh travellers are routinely selected for secondary screening at some American airports, even after clearing advanced imaging technology machines without incident, the letter said. The Sikh Coalition said it believes that "these troubling reports are the tip of the iceberg" for TSA profiling. "Based on Sikh experience, we've long suspected that TSA officers are engaged in a pattern of profiling minorities instead of focusing on criminal behaviour."


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