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India’s GDP to Grow at 8.6%; Rising Prices, Volatility Remain Key Worries NEW DELHI (HT) The government on Monday tweaked up the economic growth rate for the current fiscal year, sending a mild note of cheer to an economy worried by prospects of a slowdown. India’s gross domestic product (GDP) would grow by 8.6% in 201011, marginally above its original 8.5% estimate, buoyed by a strong rebound in the farm sector, the government said. But rising prices and volatility in foreign institutional investment (FII) remain key worries. India’s economy had grown by 8.0 % in 2009-10. Overall, the data showed strong domestic demand
driving growth in India, despite some industrial sluggishness, while developed economies are showing a
bumpy recovery. Finance minister Pranab Mukherjee said the buoyancy in tax collec-
tions was reflected in the GDP growth, which has been aided by strong spending in the private sector. While private consumption is estimated to grow at 8.2 % in 2010-11 over the previous year, the growth in investment is anticipated at close to 9 %, advanced estimates of national accounts showed. Growth in government spending is estimated to moderate significantly to 2.6 % in 2010-11. India’s GDP grew 8.9% during the first six months of this fiscal year, making it the second fastest growing
economy in the world, next only to China’s estimated 9 % growth in 2010. Consumer durables sales have grown at robust pace mirroring higher purchases of goods such as televisions, refrigerators and cars and a growing consumer appetite. “The strong revival in private spending and improvement in investment growth is a welcome sign,” Mukherjee said. “However, we still have some distance to go before regaining the investment growth witnessed in the pre-crisis period,” he said. Prices, however, remain a worry.
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HDFC MF u unveils Cancer-based Fund MUMBAI (IE) : Amidst a growing interest in philanthropy, HDFC Mutual Fund today announced the launch of an unique debt product to support needy cancer patients, a first for the AMC industry. Dividend earned under the product christened HDFC Debt Fund for Cancer Cure, a three-year closeended capital protection oriented income scheme, will be donated to the Indian Cancer Society, HDFC’s charity of choice. “At an individual level, people want to give back to society but do not know where to go. A doctor serves society by treating patients free, we will use our distribution network to get good subscriptions for the scheme and help the cause,” HD-
FC’s Chairman, Deepak Parekh, told reporters here today. Parekh said there are two categories of the product – one in which 50 per cent dividend is given to charity and the other where the en-
HDFC MF has launched the product to commemorate its 10th anniversary and had to take special permission from the capital market regulator Sebi before it launched the product.
tire dividend is donated. At the end of three years, the investor will get back the entire principal with the dividend, if applicable.
The offering will be open for investors between February 18 and March 4 and the minimum application amount is Rs one-lakh. HDFC will not charge any fees for the investment. The dividend amount donated to the society will get tax benefits and HDFC will also try to convince corporates and other trusts to invest in the scheme, Parekh said. The move comes within weeks of Indian business leaders like HCL’s Shiv Nadar and Wipro’s Azim Premji making headlines for donating substantial amounts to various charities, creating a right traction for social causes.
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South Asia News of the Diaspora
All Eyes on New Man in Nepal with Maoist backing: Jhalanath Khanal
By DhruBa aDhikary KATHMANDU (ATimes): Clouds of political uncertainty hanging over Nepal have lifted somewhat as a prime minister acceptable to all factions was finally found at the 17th attempt. Last Sunday, President Ram Baran Yadav administered the oath of office to Jhalanath Khanal. The 60-year-old leader of the Unified-Marxist Leninist (UML) party, takes over from Madhav Kumar Nepal, who had served in a caretaker role since resigning last June and is from the same moderate communist party. Khanal will have no time for niceties. As he attempts to revive Nepal’s flagging peace process and meet a May 28 deadline for a much-delayed new constitution, the new prime minister also faces an immediate crisis in his attempts to form a government. Despite previous deals, Khanal’s main coalition partner, the Maoist party led by Pushpa Kamal Dahal (also known as Prachanda), has been unable to agree on the distribution of key portfolios such as the ministries
of home affairs, finance, and foreign affairs. Khanal is seeking to build a “broad coalition” - as has been suggested by Western diplomats in Kathmandu - so he can ensure a twothirds majority in the 601-member Constitution Assembly needed to pass a new constitution. However, there are 28 parties in the assembly, with some clearly opposed to a leftist-dominated alliance that would “capture” power and perpetuate it, possibly through rigged elections. Analysts had began drawing comparisons with a political impasse in Iraq, where a caretaker administration only recently ended after governing for 249 days. Or Belgium, which has been led by a caretaker prime minister for the past 230 days and looks likely to beat Iraq’s record. But defying predictions, the assembly elected Khanal with a clear majority - 368 of the 598 votes cast. The result was both a surprise for Nepal watchers and a much-needed relief to the people of a country in
Jhalanath Khanal, Nepal PM
transition to peace from a decade of civil war. The breakthrough was made possible by Prachanda, who withdrew his own candidacy and extended his party’s support to Khanal. The 237 votes from the Maoists, the strongest party in Nepal since April 2008 elections, proved decisive, with the two remaining contenders, Nepali Congress parliamentary party leader Ram Chandra Paudel and Madhes Janaadhikar Forum-Democratic
chairman Bijaya Kumar Gachhadar, facing a resounding defeat. Why did Prachanda, the strongest among the four contestants, choose to leave the field at such a late stage? It appears that the entry of a fourth candidate - Gachhadar - made him jittery. Prachanda hurriedly withdrew his nomination to direct his party’s support towards Khanal. According to Prachanda, Indian interference was the main hurdle to him resuming the premiership. Sworn in as prime minister in August 2008, his tenure lasted just nine months. Delhi tends to suspect that Prachanda is too close to China, a perception viewed locally as a bit of an exaggeration. Prachanda’s decision to sacrifice himself was a calculated maneuver, according to analysts. It signals to allies in the West - that Prachanda is a force to be reckoned with. Prachanda’s position is comparable to Congress party leader Sonia Gandhi in India, seen as a guiding hand for PM Manmohan Singh. The other significant gain
Prachanda made was is an enhanced image of authority over dissenters within his Unified Communist Party of Nepal (Maoist). There are also fears the leaders agreed that former Maoist combatants now sheltered in supervised cantonments may be formed into a separate fighting force under the government, in breach of agreement to integrate them into the Nepal army and other security agencies. If the Maoists deviate from the agreed path, a sharp polarization of leftist and non-leftist forces would be unavoidable. Observers say this would create a power vacuum that China could step into as part of a plan to “encircle” India. Those who share Delhi’s concerns over Khanal’s leanings observed closely the Chinese ambassador’s promptness in meeting the newlyelected prime minister at his private residence. While Khanal’s predecessor was often seen as a “puppet” of India, Khanal has certainly not inherited this baggage. Dhruba Adhikary is a Kathmandubased journalist.
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World Cup Preview: On a Given Day, Any Team Can Win By Dominic Brock
MUMBAI (Bing Pond Sport): The 2011 Cricket World Cup will run from February 19 to April 2, with games to be played in India, Sri Lanka and Bangladesh. The tournament has been split into two groups of seven teams – Group A (Australia, Sri Lanka, Pakistan, New Zealand, Zimbabwe, Kenya and Canada) and Group B (India, England, South Africa, West Indies, Bangladesh, Netherlands, Ireland). The dreaded Super Six stage of former tournaments has thankfully been axed, with the top four teams from each group instead advancing to the quarter-finals, before the semi-finals and final determine the champion. Here’s your full guide to the 2011 World Cup contenders. INDIA Best World Cup finish: Winner (1983) One-day ranking: 2 Recent results: Lost away ODI series against South Africa, 3-2 Star player: Sachin Tendulkar Betting odds: $4.25 The tournament favourites have home-ground advantage and a hugely talented squad, boosted by an aging champion still somehow at the peak of his powers. Sachin Tendulkar’s 2010 was incredible, and the 37-year-old ‘Little Master’ is set to thrill the Indian crowds again at the World Cup. Squad: Mahendra Singh Dhoni (captain), Virender Sehwag, Sachin Tendulkar, Gautam Gambhir, Yuvraj Singh, Suresh Raina, Virat Kohli, Yusuf Pathan, Harbhajan Singh, Ravichandran Ashwin, Piyush Chawla, Zaheer Khan, Munaf Patel, Ashish Nehra, Sreesanth AUSTRALIA Best finish: Winner (1987, 1999, 2003, 2007) One-day ranking: 1 Recent results: Won home ODI series against England, 6-1 Star player: Shane Watson Betting odds: $5.50 Winning a fourth straight World Cup looked beyond Australia as the Test team capitulated to a horrible series defeat in Ashes, but the Aussies have turned their form around in the one-day arena since then. Squad: Ricky Ponting (captain),
Michael Clarke, Doug Bollinger, Callum Ferguson, Brad Haddin, John Hastings, David Hussey, Jason Krejza, Mitchell Johnson, Brett Lee, Tim Paine, Steve Smith, Shaun Tait, Shane Watson, Cameron White. SRI LANKA Best finish: Winner (1996) One-day ranking: 3 Recent results: Won home ODI series against West Indies, 2-0 Star player: Muttiah Muralitharan Betting odds: $5.50 A huge chance. One of three tournament hosts along with India and Bangladesh, Sri Lanka will be out to repeat their heroics of 15 years ago when Arjuna Ranatunga’s men won the last World Cup held on the subcontinent Squad: Kumar Sangakkara (captain), Mahela Jayawardene, Upul Tharanga, Tillakaratne Dilshan, Thilan Samaraweera, Chamara Silva, Chamara Kapugedera, Angelo Mathews, Thisara Perera, Nuwan Kulasekara, Lasith Malinga , Dilhara Fernando, Muttiah Muralitharan, Ajantha Mendis, Rangana Herath. SOUTH AFRICA Best finish: Semi-finals (1992, 1999, 2007) One-day ranking: 4 Recent results: Won home ODI series against India, 3-2 Star player: Hashim Amla Betting odds: $6
For a country with such a strong cricketing heritage, South Africa have curiously never made the World Cup final. After a long rivalry with Australia, the Proteas remain the No.2 team in Test cricket following the rise of India – but they showed they can match it with the Indians in the one-day game with a recent 3-2 series win at home. Squad: Graeme Smith (captain), Hashim Amla, Johan Botha, AB de Villiers, JP Duminy, Faf du Plessis, Colin Ingram, Jacques Kallis, Morne Morkel, Wayne Parnell, Robin Peterson, Dale Steyn, Imran Tahir, Lonwabo Tsotsobe, Morne van Wyk. ENGLAND Best finish: Runner-up (1979, 1987, 1992) One-day ranking: 5 Recent results: Lost away ODI series against Australia, 6-1 Star player: Jonathan Trott Betting odds: $7 A hugely improved side, as evidenced by a sensational Ashes win in Australia this summer, England nevertheless have hit a speed bump in their latest one-day performances. Their series defeat to Australia could be written off as a post-Ashes hangover, but England’s form will need to turn around quickly if they are to be contenders on the subcontinent. Squad: Andrew Strauss (captain), Jimmy Anderson, Ian Bell,
Ravi Bopara, Tim Bresnan, Stuart Broad, Paul Collingwood, Kevin Pietersen, Matt Prior, Ajmal Shahzad, G r a e m e Swann, James Tredwell, Jonathan Trott, Luke Wright, Michael Yardy. PAKISTAN Best finish: Winner (1992) One-day ranking: 6 Recent results: Won away ODI series against New Zealand,
3-2 Star player: Shahid Afridi Betting odds: $10 For a country in such disarray behind the scenes – with two star bowlers and a Test captain all currently suspended on corruption charges – Pakistan has managed to win their latest one-day series away from home. Granted, that win came against the struggling New Zealanders, but it still shows that the always unpredictable Pakistanis won’t be kept down. Squad: Shahid Afridi, Mohammad Hafeez, Ahmed Shehzad, Kamran Akmal, Younis Khan, Misbah-ulHaq, Asad Shafiq, Umar Akmal, Abdul Razzaq, Abdur Rehman, Saeed Ajmal, Shoaib Akhtar, Umar Gul, Wahab Riaz, Sohail Tanvir. NEW ZEALAND Best finish: Semi-finals (1975, 1979, 1999, 2007) One-day ranking: 7 Recent results: Lost home ODI series against Pakistan, 3-2 Star player: Daniel Vettori Betting odds: $17 The Kiwis have had a horror year in the 50-over game. Since October, they’ve been crushed 4-0 by relative minnows Bangladesh, thrashed 5-0 by India and then beaten at home by a Pakistan side embroiled in more controversy than usual. While never a giant of the game, New Zealand has traditionally punched above its weight in one-dayers, making their shock-
ing recent form all the more surprising. Squad: Daniel Vettori (captain), Hamish Bennett, James Franklin, Martin Guptill, Jamie How, Brendon McCullum, Nathan McCullum, Kyle Mills, Jacob Oram, Jesse Ryder, Tim Southee, Scott Styris, Ross Taylor, Kane Williamson, Luke Woodcock. WEST INDIES Best finish: Winner (1975, 1979) One-day ranking: 9 Recent results: Lost away ODI series against Sri Lanka, 2-0 Star player: Chris Gayle Betting odds: $21 The West Indies have plenty of talent in their squad, but like Pakistan have struggled with off-field distractions in recent years. Dramas surrounding playing contracts has hurt player loyalty, with some players putting their Twenty20 franchises ahead of the team. Squad: Darren Sammy (captain), Adrian Barath, Carlton Baugh Jr., Sulieman Benn, Darren Bravo, Dwayne Bravo, Shivnarine Chanderpaul, Chris Gayle, Nikita Miller, Kieron Pollard, Ravi Rampaul, Kemar Roach, Andre Russell, Ramnaresh Sarwan, Devon Smith. BANGLADESH Best finish: Second-round (2007) One-day ranking: 8 Recent results: Won home ODI series against Zimbabwe, 3-1 Star player: Abdur Razzak Betting odds: $51 No longer the pushovers of international cricket, Bangaldesh are coming off back-to-back one-day series wins, including a stunning 4-0 sweep of New Zealand in October. Since becoming a Test nation a decade ago, Bangladesh’s cricket authorities – including Australian coach Jamie Siddons – have put their faith in talented youngsters, a move that is now paying off. Squad: Shakib Al Hasan (captain), Tamim Iqbal, Imrul Kayes, Shariar Nafees, Zunaed Siddique, Mohammad Ashraful, Raqibul Hassan, Mushfiqur Rahim, Mahmudullah Riad, Abdur Razzak, Naeem Islam, Shafiul Islam, Suhrawardi Shuvo, Rubel Hossain, Nazmul Hossain.
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Indo American News • Friday, February 11, 2011
WEEKLY HOROSCOPE ARIES Mar 21 - Apr 20: Money matters will keep you preoccupied, and may require more time than you really have. But simultaneously, there are chances that you may delve into introspection, and in some cases, attain realization. So while focusing on augmenting your financial assets, don’t let the spiritual aspect suffer in solitude. The realization that both are equally important will be strong. In fact, the latter may help you develop a proper perspective on material considerations. TAURUS Apr 21 - May 21: Further studies, research, even a professional training to get ahead in your financially goals will interest you greatly, You will be practical in your approach towards everything, and will realise the power and importance of communication this week. Your relationship with friends, in-laws, superiors, colleagues and subordinates will, therefore, assume significance. But keep away from unnecessary arguments. GEMINI Family will be very important for you this week. You will enjoy the time spent with your loved ones and will even take an active part in neighborhood and community affairs. Your loving nature and care for everyone around will earn you the respect of the younger members and love of the elderly. It will also give you the upper hand in all your dealings and relationships. CANCER Jun 22 - Jul 23: Brilliant ideas will brew in your mind, and planning and implementing these will also be on creative lines. Acquiring true knowledge by learning from experience and absorbing information on various developments will keep you ahead of others. It may not be the case always, but for this week, you can follow your instincts. Also, build contacts as they may help bag contracts; your
adventurous nature will show you a new direction. LEO July 24 - Aug 23: This week will bring with it rewards for your efforts in the last week. You will have confidence and a fresh and charismatic image that will last through the month. Renovation of home, office or business is likely. You will enjoy the bonhomie of family and friends. Your bond with your partner will be stronger than ever. You will experience a greater comfort level with your spouse. Financially, it will be a easy and resourceful week. VIRGO Aug 24 - Sep 23: This week is lined with professional achievements and gains. There will be a rise in your income, perks and benefits. You will attain a dazzling image both professionally and socially. Yours is going to be a success story. Travel for work and pleasure is most likely. Good part is that your company may be willing to foot all your travel bills. LIBRA Sep 24 - Oct 23: Content that your efforts at work were appreciated and adequately rewarded, you will now look within for inner peace. Meditation, perhaps, even acknowledging the existence of a supreme being will be the major highlights this week. Expenses, on the other hand, will mount, but you will have the mental strength to settle financial issues with ease. In fact, your material and spiritual progress will not run parallel, but will rather be linked to each other. SCORPIO Oct 24 - Nov 22: Enough of unwinding and shirking work, for, it’s time for labor again. A hectic phase sets in this week with a lot of activities lined up at the same time. And the most obvious fallout of this trend is increased expenses. Not that you weren’t already spending way beyond your means already. You will now splurge
health www.GaneshaSpeaks.com on fun, entertainment and, of course, your sweetheart. You will also take a liking to community work and social service.
SAGITTARIUS Nov 23 - Dec 22: If socializing was important last week, not much has changed even in this week. To hang out with friends still tops your priority list. But this doesn’t mean there will be all fun and no work for you. There will be quite a bit for you to do, but almost everything on the personal front. You will be busy handling a host of personal issues during this week. CAPRICORN Dec 23 - Jan 20: Interacting with people at all levels will be your mantra for this week. Indulging in communication activities, be it with friends, colleagues or business clients, will be crucial to achieving your set goals. Also, strengthening ties, both personal and professional, will help you grow in more ways than you may have expected. A stronger social standing may be a result of this newly adopted affable approach.
AQUARIUS Jan 21 - Feb 19: Interacting with people at all levels will be your mantra for this week. Indulging in communication activities, be it with friends, colleagues or business clients, will be crucial to achieving your set goals. Also, strengthening ties, both personal and professional, will help you grow in more ways than you may have expected. A stronger social standing may be a result of this newly adopted affable approach. PISCES Feb 20 - Mar 20: Now that you are clear about exactly what you want and where you are heading, there will be no stopping you. You will shine this week. In fact, the image of those you work for will also gain tremendously because of your newly found popularity. A few changes, most likely for the better, will be discernible in your social, professional and personal life.
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Lowering BP in Middle-Aged Women Cuts Heart Disease Risk
WASHINGTON (Yahoo): A new study has suggested that middle-aged women can reduce their risk of developing cardiovascular disease by lowering their blood pressure. Researchers found that high systolic blood pressure (the pressure when the heart contracts) is a powerful risk factor for cardiovascular complications in middle-aged and older women all over the world. The proportion of potentially preventable and reversible heart disease is almost 36 percent in women compared to 24 percent in men, as measured by 24-hour systolic blood pressure monitoring, said researchers. In the study, the researchers analyzed participants for absolute and relative risks of cardiovascular disease associated with systolic blood pressure. Three major risk factors account for 85 percent of the modifiable (reversible) risk for heart disease in women and men: high systolic blood pressure, high cholesterol and smoking. High systolic pressure is the most important risk factor. Researchers estimated the occurrences of cardiovascular disease in women and men that are potentially preventable by lowering blood
pressure. The absolute and relative risks associated with high blood pressure were assessed using both ambulatory 24-hour blood pressure monitoring and conventional blood pressure measurements in the doctor’s office. “It is recognized that women live longer than men, but that older women usually report lower quality of life than men. By lowering systolic pressure by 15 mm Hg in hypertensive women, there
would be an increased benefit in quality of life by the prevention of cardiovascular disease in about 40 percent in women compared to 20 percent in men,” said Staessen. He recommended that women and physicians become more aggressive in diagnosing and treating high systolic blood pressure. The findings were reported in Hypertension: Journal of the American Heart Association.
Insults of the Week! These insults are from an era before the English language got boiled down to 4-letter words: “He had delusions of adequacy.” - Walter Kerr “He has all the virtues I dislike and none of the vices I admire.” - Winston Churchill
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entertainment
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11th Annual IAAC Film Festival Announces Its 2011 Festival Dates NEW YORK: The Indo-American Arts Council (IAAC) proudly kicks off its second decade of film excellence with a new name and a new set of dates for its signature event of the year. The New York Indian Film Festival: 11th Annual IAAC Film Festival will take place from Wednesday, May 4 to Sunday, May 8. Formerly held every November,
followed by a gala benefit dinner at the opulent Jumeirah Essex House. Film festival screenings will take place from May 5 through May 8 at Tribeca Cinemas with the Closing Night selection to screen at Asia Society followed by the annual awards ceremony and afterparty. Opening and Closing Night film selections will be announced soon. In addition,
Festival Director and a move to Spring,” says Indo-American Arts Council Executive Director Aroon Shivdasani. “I am really excited about these changes and look forward to presenting New York with a fresh and exciting selection of films this year.” Film Festival Director Aseem Chhabra adds “I am thrilled to have been appointed as the director of the
its Diaspora to America’s biggest and most remarkable city. Mira Nair’s ‘Monsoon Wedding’ closed that year’s festival ahead of its worldwide theatrical release and was joined over the years by numerous films such as Deepa Mehta’s Oscar-nominated ‘Water’, Nair’s ‘The Namesake’, the Academy Award-winning ‘Born Into Brothels’ as well as the New
IAAC Film Festival, visit www.iaac. us.
About the Indo-American Arts Council: The Indo-American Arts Council is a registered 501(c)3 not-for-profit, secular service and resource arts organization charged with the mission of promoting and building the awareness, creation, production, exhibition, publi-
the oldest and most prestigious film festival for Indian cinema in North America now moves to its new spring home on the first weekend of May. Aseem Chhabra, noted film writer and long-time IAAC Film Festival selection committee member, ushers in this new era as Film Festival Director. The New York Indian Film Festival continues its tradition of launching at the world-famous Paris Theatre in Manhattan with its star-studded Opening Night red carpet premiere which will take place on May 4
the festival will also host an exclusive celebrity-filled celebration honoring the 150th anniversary of the birth of India’s legendary Nobel Prizewinning artist and poet Rabinranath Tagore at Asia Society on May 8. A call for submissions has been announced by the Indo-American Arts Council with a deadline date of February 20, 2011. Filmmakers can find details on the organization’s web site: www.iaac.us. “We start 2011 with a whole new energy for our annual IAAC Film Festival - a new name, a new Film
festival - now re-named as the New York Indian Film Festival. I have been a part of the IAAC family for several years and its events have been my one-stop shop as an entertainment writer and a New York-based consumer of Indian arts.” Created in 2001 in the wake of the September 11 attacks on New York City, the film festival was started to create a better understanding of the people and stories from the Indian subcontinent by bringing the most acclaimed feature films, shorts, and documentaries from that region and
York Premiere of Danny Boyle’s ‘Slumdog Millionaire’ which won eight Oscars. With the help of loyal supporters such as Nair, Mehta, Salman Rushdie, Madhur Jaffrey, Shabana Azmi, Padma Lakshmi, Shashi Tharoor, the Indian Consulate, and the late Ismail Merchant, the IAAC Film Festival has been able to bring cinema from one of the world’s most vibrant film industries to audiences across New York City. For the latest news, updates and information about The New York Indian Film Festival: 11th Annual
cation and performance of Indian and cross-cultural art forms in North America. The IAAC supports all artistic disciplines in the classical, fusion, folk and innovative forms influenced by the arts of India. We work cooperatively with colleagues around the United States to broaden our collective audiences and to create a network for shared information, resources and funding. Our focus is to work with artists and arts organizations in North America as well as to facilitate artists and arts organizations from India to exhibit, perform and produce their works.
INDO AMERICAN NEWS • FRIDAY, FEBRUARY 11, 2011 • ONLINE EDITION: WWW.INDOAMERICAN-NEWS.COM
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Indo American News • Friday, February 11, 2011
online edition: www.indoamerican-news.com
INDO AMERICAN NEWS • FRIDAY, FEBRUARY 11, 2011 • ONLINE EDITION: WWW.INDOAMERICAN-NEWS.COM