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STOCKS • FINANCE • SOUTH ASIAN MARKETS • TECHNOLOGY
Coal India IPO brings in Rs. 15,000 Crores NEW DELHI (Outlook): After the NTPC and NMDC flops, the Coal India initial public offer (IPO) was like a lifesaver for the government, which is richer by Rs 15,000 crore. Suddenly, its Rs 40,000 crore disinvestment target for fiscal year 2011 doesn’t seem that distant anymore. Understandably, the government is pleased as punch at the overwhelming response to the IPO. Despite having to pay the full money up front, its issue was oversubscribed15 times by investors. Doomsayers were predicting that the market would crash on the expectation that people would pull money out of other stocks to invest in Coal India. That did not happen. On the contrary, the secondary markets continued to scale up even as a jaw-dropping Rs 2.36 lakh crore of money was deployed into the Coal India issue. It was almost magical. This single golden goose has raised expectations across the board. A majority of investors think this could spark renewed confidence in primary market offerings (of course,
much of that confidence will depend on how the stock fares on listing). The government, like many other business owners waiting on the side to grab their share of the easy money, is more hopeful of meeting its disinvestment target. Sumit Bose, Secretary of the Department of Disinvestment, says the government will be able to raise more money with a number of issuances slated for the rest of the financial year. Upcoming offers
include Power Grid Corporation, Manganese Ore India (MOIL), Shipping Corporation of India and Hindustan Copper. “By December, we plan to come out with these four issues while issues for Steel Authority of India (Rs 16,000 crore), Indian Oil (Rs 18,000 crore) and ONGC (Rs 13,000 crore) will be scheduled for the last quarter (Jan-March) of 2010-11,” he says. In a related development, Coal India hopes to complete negotiations to buy over 10 per cent in Australian miner Peabody. Coal India chairman Partha Bhattacharyya said, “Peabody is going ahead, discussions are becoming quite fruitful. Hopefully, it will be concluded this fiscal.” The Coal India chief said his firm was also looking at “a specific property” of US-based Massey Energy. This apart, CIL may begin talks with the Indonesian government in January for a proposed venture with PT Tambang Batubara Bukit Asam, according to sources.
OUR BUSINESS MINUTE
MUMBAI: After impressive economic growth numbers, high exports growth bolstered trading sentiment further, pushing up the BSE benchmark Sensex by nearly 329 points on funds buying metal, realty and banking stocks. The Bombay Stock Exchange benchmark Sensex, which had gained 385 points in the last two trading sessions, rose another 328.75 points to 19,850 on data that exports grew 21.3 per cent in October, raising hopes that the country’s overall economic recovery was on fast track. Investor confidence got support from data showing that exports to the US and European markets were up, indicating that the global economic environment was positive. The broad-based National Stock Exchange index Nifty rose by 98.20 points to 5,960.90, after touching the day’s high of 5,971.00 as both the most-heaviest Reliance Industries and Infosys Technologies ended higher. Reliance Industries, the most valued in oil sector and heaviest-weighted on the Sensex, gained Rs 3.30 to Rs 990.10. The second heaviest, software major Infosys Technologies, rose by Rs 5.10 to Rs 3,054.55. The two carry nearly 23 per cent weightage on the benchmark.
India to Start Electric Submarine Power Link with Sri Lanka by 2014
By Sudheer Pal Singh NEW DELHI(Business Standard): The two countries India and Srilanka are likely to sign an MoU for the Rs 2,500-crore project. The government’s initiative to have trading of electricity with Sri Lanka is likely to bear fruit by mid-2014. The 285-kilometre India-Sri Lanka power link, which includes submarine cables over 50 km, will enable the two countries to trade their surplus power with each other, thereby offering a cheaper option to bridge their power generation deficits and also manage peak demand. “We are going to sign the MoU with the Sri Lankan side for the project in December. After this, it will take us six months to start work on the development of the project. We will complete the project within three years,” Power Grid Chairman and Managing Director S K Chaturvedi told Business Standard. While India generally reels under an overall 12 per cent peak power
deficit currently, minute electricity market for its projected surplus of power generation capacities in the two countries improve, with surplus surplus in eastern and southern power. grids become available seasonally. The subsea line would initially availability especially in the Indian “With the commissioning of the have a capacity of transmitting 500 southern grid,” Chaturvedi said. The completion of Krishnapatnam the proposed undersea Ultra Mega Power transmission link, Project (UMPP) in h o w e v e r, w o u l d Andhra Pradesh, also depend on the tradeble surplus commissioning of would become NTPC’s 500 Mw available,” imported coal-based Chaturvedi said. power project being UMPPs are largeplanned to be set up sized projects being at Trincomalee in Sri developed by the Lanka. The undersea private sector. The project would be useful Krishnapatnam UMPP is being The commissioning of a high capacity power transmission in evacuation of power developed by Anil link between the Power Grid Corporation of India (PGCIL), from the plant. Dhirubhai Ambani- the country’s largest electricity transmission utility and the “The transmission owned Reliance implementing agency for the project from the Indian side, is likely project is linked to the to sign a memorandum of understanding (MoU) for developing Trincomalee plant. It Power and is likely the Rs 2,500-crore project with Srilanka by January. takes at least four-five to be commissioned years to set up a coalby 2015. The link will help Sri Lanka reduce its use of Mw, according to Power Grid’s based project, while my project takes expensive fuels and import cheaper feasibility report. “Later, the power only three years for completion,” power from India’s surplus. For flow could be ramped up to 1,000 Chaturvedi said. While the work India, the link will help open a new Mw, beginning 2016, when the on NTPC’s project has not begun,
an official from NTPC said the construction work would begin as soon as all the necessary approvals were obtained. Powergrid and Ceylon Electricity Board (CEB), the largest electricity company of Sri Lanka, will lay down cables under the Gulf of Mannar between Rameswaram in Tamil Nadu and Talaimannar in Sri Lanka. Globally, transnational undersea power transmission lines have been laid so far only between the UK and the France for transferring 2,000 Mw of electricity. The Philippines plans to set up similar transmission links to connect its islands through the undersea electricity network. ACKNOWLEDGEMENT Indo American News would like to credit Sadhana Ginde for the article “Ginger Fish Recipe” carried on on page:39 of July 02, 2010 issue.
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Indo American News • Friday. December 03, 2010
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Manufacturing Expands Fastest in Six Months
NEW DELHI (Business Standard): The HSBC Purchasing Managers’ Index (PMI), which measures the growth of Indian manufacturing on a monthly basis, reached a sixmonth high of 58.4 in November, from 57.2 in October. The index had indicated a marginal deceleration in manufacturing activity in September, but that had picked up on the back of increased orders in October and November. “The momentum in manufacturing picked up further in November. Output accelerated and growing order books point to a continued strong momentum in the months ahead,” said HSBC Chief Economist (India and Asean) Leif Eskesen. The PMI numbers came a day after government figures showed that India had grown at 8.9 per cent in the second quarter of the current financial year, beating projections and estimates and kindling hopes of a 9 per cent growth in 2010-11. New orders grew at the strongest rate in four months and companies also reported a significant rise in new export business during the month.
Growth in export orders rose sharply from October’s eleven-month low to grow at the fastest rate since January. “The encouraging thing is that exports have done well. Domestic production is also doing well and it is primarily because of the increase in orders during the festive season.
I think, going by the numbers, the extent of deceleration we were expecting in industrial production was slightly exaggerated,” said YES Bank chief economist Shubhada Rao. However, on the flip side, companies reported capacity constraints as backlogs of work continued to increase with November’s accumulation of outstanding business, in line with the
series high recorded in June. Stocks of finished goods rose for the second successive month, but the increase was marginal and post-production inventories remained unchanged from the previous month’s level. “A spike in the backlog of works suggest tight capacity, which, together with rising input and output prices, underscores the need for continued monetary policy tightening by the Reserve Bank of India,” added Eskesen. Adding to capacity concerns, despite the increase in new orders and output during the month, employment in manufacturing sector decreased marginally. While some companies were aiming to increase employment to boost capacity levels, other companies were finding that attrition was high due to higher wages elsewhere. Input prices, which had been on the rise for the past six months, continued to rise in November. An increase in raw material prices drove costs upwards at the highest pace in six months.
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Indo American News • Friday, December 03, 2010
‘Solar Mission Target Challenging, But Achievable’ NEW DELHI (ET & IE): Applied Materials is the biggest products and services supplier to manufacturers of semiconductors, flat panel displays and solar photo voltaic products all over the world. In India, the company is led by president & managing director Madhusudan V Atre. In a meeting and email interview with FE’s Rajiv Tikoo, he spoke about the role of the semiconductor industry in helping achieve the national solar mission target. Excerpts: What are the implications of the national thrust on solar energy for the semiconductor industry? Since a solar cell is nothing but one of the simpler semiconductor devices, it means that the semiconductor industry too stands to gain from the thrust on the solar industry in terms of the semiconductor manufacturing ecosystem. And what does it mean for Applied Materials? If we look at just one aspect of the solar mission guidelines, there is a focus on domestic content. The solar modules used this year will have to be manufactured in India. Next year, in addition to solar modules, even solar cells used will have to be manufactured in India. To make these cells, equipment are needed, and we are equipment providers. That’s where we come in.
The raging debate is not a solar energy for power. It is not on its technical aspects. It is not on bringing entrepreneurs to invest and make solar energy a viable replacement of conventional power generation . The debate is on tariff i.e., at what rate the solar power producer be allowed to sell the power generated. The debate is on — who will receive the power, whether it is NTPC Vidyut Vyapar Nigam or it is the state distribution companies or it is the private power trading companies. The debate is also on who will decide the tariff — whether it is the
central electricity regulators or it is the state regulators or it is the power departments of states, who are the ultimate users of this electricity and will sign the power purchasing agreement (PPA) with the power produces or the power trading companies . During this debate the government declared an open access system for the sale of electricity by solar power producers . This meant that any power producer installing its project in one state can sell the electricity generated by him in any other state. Photo Credit: Creative Commons IndoAmerican News is in the business of promoting your enterprise. We reach all over Houston to 120 locations. Our record is like no other publication, we stand by the numbers we give, we do give you value for your advertising and help you maximize your investment.
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South Asia News of the Diaspora
Nepalese Woman Fighting Sex Slavery Named CNN Hero of the Year 2010 LOS ANGELES (CNN): A woman whose group has rescued more than 12,000 women and girls from sex slavery has been named the 2010 CNN Hero of the Year. Anuradha Koirala was chosen by the public in an online poll that ran for eight weeks on CNN.com. CNN’s Anderson Cooper revealed the result at the conclusion of the fourth annual “CNN Heroes: An All-Star Tribute.” “Human trafficking is a crime, a heinous crime, a shame to humanity,” Koirala said earlier in the evening after being introduced as one of the top 10 CNN Heroes of 2010. “I ask everyone to join me to create a society free of trafficking. We need to do this for all our daughters.” Koirala was introduced by actress Demi Moore, who along with her husband, Ashton Kutcher, created DNA, The Demi and Ashton Foundation, which aims to eliminate child sex slavery worldwide. “Every day this woman confronts the worst of what humanity has to offer,” Moore said of Koirala. “She says, ‘Stop. Stop selling our girls.’ By raiding brothels and
patrolling the India-Nepal border, she saves girls from being sold into the sex trade, where they are being repeatedly raped for profit, tortured and enslaved. “Since 1993, she has helped rescue more than 12,000 women and girls. Through her organization Maiti Nepal, she has provided more than a shelter for these girls and young women, she has created a home. It is a place for them to heal, go to school, learn a skill, and for some who are infected with HIV/AIDS, it is the place where they can spend their days surrounded by love.” Koirala will receive $100,000 to continue her work with Maiti Nepal, in addition to the $25,000 awarded to each of the top 10 Heroes honored. “This is another responsibility to me to work with all your support,” Koirala told the audience after being named Hero of the Year. “We have to end this heinous crime. Please join hands with me to end this crime. ... Please try to respect the youth. They are the ones who are going to build the next generation. Thank you so much.” Koirala’s speech capped the gala
Anuradha Koirala is fighting to prevent the trafficking and sexual exploitation of Nepal’s women and girls. Since 1993, she and her group, Maiti Nepal, have helped rescue and rehabilitate more than 12,000 victims. “We need to do this for all our daughters.”
event, which was taped November 20 before an audience of nearly 5,000 and premiered Thanksgiving night on the global networks of CNN. The top 10 CNN Heroes, chosen by a blue-ribbon panel from an initial pool of more than 10,000 nominations from more than 100
countries, were each honored with a documentary tribute and introduced by a celebrity presenter. The program featured performances by Grammy Award-winners Bon Jovi, John Legend and Sugarland. Rock legends Bon Jovi performed “What Do You Got?,” a new song
from their greatest hits album, which came out earlier this month. Legend performed “Wake Up Everybody” along with hip-hop artist Common and R&B singer Melanie Fiona. Sugarland performed “Stand Up,” a new song from their album “The Incredible Machine.” All three performances echoed the spirit of the CNN Heroes campaign, which salutes everyday people making a difference in their communities and beyond. Celebrity presenters included Halle Berry, Demi Moore, Jessica Alba, Kid Rock, LL Cool J, Renee Zellweger, Gerard Butler, Kiefer Sutherland, Marisa Tomei, Aaron Eckhart and Holly Robinson Peete. “CNN Heroes has illustrated the best of humanity through the telling of stories of selfless acts of kindness, courage and perseverance” said Jim Walton, president of CNN Worldwide. “We are honored to bring these Heroes the recognition they so deserve. It is a program the entire CNN family is proud of and excited to share with our viewers on Thanksgiving night.”
Indians Top buyers at burj Khalifa DUBAI (NDTV) : Indians top the list of buyers in the world’s tallest tower having acquired space worth US $7.9 million in the first seven months of the skyscraper’s opening. Prominent buyers of swanky apartments in the 100 floor Burj Khalifa tower include Londonbased NRI businessman Raj Kundra, who presented an apartment to his wife Shilpa Shetty. Local businessman of Indian origin B R Shetty, who is managing director and CEO of the New Medical Centre Group of Companies in Abu Dhabi, has also bought the entire 100th floor in the tower. Rizwan Sajan, Chairman of Danube Group is also reported to have recently purchased an apartment in the tower. As the world still reels under a economic downturn, the local UAE nationals come second having spent US $2.62 million on buying space in the tower.
Other major buyers of tower’s space include Australians US $1.25 million, Omanese US $1.14 million, Chinese US $0.62 million and Iranians US $0.73 million. According to Reidin. com, the figures are based on the actual transactions registered with the Land Department of Dubai. Reidin is an exclusive partner and primary data source for the information service in the emerging markets is Real Estate Regulatory Agency and the Land Department. In November, Raj Kundra gave an apartment in Burj Khalifa to his wife and actress Shilpa Shetty as wedding gift. Burj Khalifa has 900 studios, one, two, three and four bedroom units, while the exclusive Armani Residences located in the world’s tallest tower has 144 fully furnished private apartments. It offers luxurious recreational and leisure facilities including four swimming pools, an exclusive residents’ lounge, health and wellness facilities. It also boasts of the world’s highest fine dining restaurant on 122nd floor and at the top. It also has the world’s highest observatory deck with an outdoor terrace on Level 124.
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Wildlife Conservation Society Pledges $50 Million to Save Tigers
ST. PETERSBURG, RUSSIA, (ENS) - To help secure the future of Asia’s critically endangered wild tigers, the Wildlife Conservation Society today pledged to spend $50 million over the next 10 years - $5 million of the total during the next year. Dr. John Robinson, WCS chief conservation officer and executive vice president for conservation and science, made the commitment at the International Tiger Forum in St. Petersburg, a unique four-day meeting that opened Sunday. “WCS will be putting close to $5 million onto the ground in Asia for tiger conservation,” said Robinson. “These funds are entrusted by bilateral government donors especially the U.S. Fish and Wildlife Service and the U.S. Agency for
International Development, and multilaterals like the Global Environmental Facility and the World Bank.” “Together we will be investing a minimum of well over $50 million in the next 10 years before the next Year of the Tiger,” Robinson said. Hosted by Russian Prime Minister Vladimir Putin, the International Tiger Forum is unprecedented. For the first time, world leaders are coming together focused on saving a single species. 13 countries took more than year to write a Global Tiger Recovery Program, to help the world’s 3,200 remaining wild tigers recover from decades of hunting, poaching and clearance of their forest habitats. The Global Tiger Recovery Programme aims to at least double the
number of wild tigers to a target of 7,000 animals by the next Year of the Tiger in 2022. The World Bank Group has been supporting this tiger recovery initiative since its inception. World Bank Group President Robert Zoellick said in St. Petersburg Thursday, “This summit may be the last chance for the tiger; tigers are vanishing.” There has been collaboration between India, Nepal and China on law enforcement and, in the case of Nepal and India on protecting the tiger populations they share. The threats to tiger survival are many. A new report from the wildlife trade monitoring organization TRAFFIC shows that black markets along Myanmar, Thailand and China’s shared borders play a cru-
cial role facilitating the illicit trade in tigers and other endangered species. A report, “Reduced to Skin and Bones,” shows that from January 2000 to April 2010, parts of between 1,069 and 1,220 tigers were seized in 11 of the 13 tiger range countries - an average of 104 to 119 animals per year. Of the 11 countries, India, China and Nepal ranked highest in the number of tiger part seizures, the report states, with India by far the highest number of tiger part seizures at 276, representing between 469 and 533 tigers. China, with 40, had the second highest number of seizures, or
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between 116 and 124 tigers; and Nepal reported 39 seizures, or between 113 and 130 tigers, according to the report. Tiger parts reported in trade ranged from complete skins, skeletons and whole animals - live and dead - bones, meat, claws, teeth, skulls, penises and other body parts. They are used for decoration and in traditional medicines. Still, Robinson of the Wildlife Conservation Society struck an optimistic note today in announcing the organization’s $50 million commitment. “No single country can address the challenges of tiger conservation by itself,” he said.
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Credit: HDW Enterprises Thirteen nations and the Wildlife Conservation Society has pledged $50 million to save the tiger from certain extinction, a looming reality as each year passes.
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sports
Kohli’s Century Sets Up First ODI Win
using his wrists to play into By Sidharth Monga the on side. The pull to cow GUWAHATI (Cricinfo): corner off deliveries not realVirat Kohli’s first century ly short remained his favoubatting first, his fourth overall rite shot, getting four of his and second in a row, set up an boundaries. Upon Yuvraj’s eventually comfortable win dismissal, he did take charge, for India, who are yet to lose but didn’t seem to make any an international in the curdrastic change, getting 42 off rent home season. India did the last 31 balls he faced. lose their way in the last 10 Kohli hit two boundaries in overs of both innings. They the 90s. The Powerplay had lost their last six wickets for been taken, and it had to be 26, and were given anxious made use of. The celebramoments by a 67-run ninthtion upon reaching the cenwicket stand between Kyle tury was representative of the Mills and Nathan McCullum. growth of Kohli the batsman. Gautam Gambhir, leading There was no anger in his India for the first time, soothed reaction on making the landthe nerves when 41 runs were mark, unlike in the past. He needed in five overs with a just had the smile on, enjoylovely catch running backing the moment, more sure wards to remove McCullum. of his place. That the century R Ashwin provided reasons would come seemed just as why he can replace Ravindra sure. Jadeja in the Indian line-up Andy McKay and Mills, in the longer run with the big though, were fantastic in wickets of Martin Guptill and the Powerplay, bowling the Ross Taylor. Ashwin showed slower bouncers - and the he could be an attacking opquicker ones - well. McKay, tion, operating inside the in particular, got the ball to Powerplays, bowling big leave the right-hand batsmen offbreaks, and slipping in the from round the stumps. When carrom balls. With the askMartin Guptill beginning the ing rate climbing, he got his chase with five boundaries in wickets regularly. Virat Kohli made his second successive century. the first six overs, it seemed The pitch had little of the a slog that ended his knock in the New Zealand had shifted the early-morning demons it is eighth over, with the score at 44. momentum. famous for, and all the Indian Ashish Nehra responded by batsmen got starts. Kohli wasn’t Eight overs later Gambhir flirted as flashy as the others, but only with what would have been called shortening his length, getting Jahe converted the start. Not flashy a wide, and perished with India 92 mie How’s wicket with one that got a bit big. Gambhir introduced didn’t equate to not quick in his for 2. Yuvraj took time getting started. Ashwin early, and the bowler decase. Just that he hit only 10 boundaries in his 104, as opposed India’s run-rate dipped below six livered. He beat Guptill in the to Yuvraj Singh’s seven in 42, as he scored seven off his first 28 flight, getting him to hit straight to Gambhir’s six in 38, and Murali balls. Then he started timing well, the deep fielder, signalling a start Vijay’s five in 29. And Kohli ran hitting boundaries at will. By the of a period where India choked the hard. And he placed the ball well, time he fell to Tuffey’s remark- run flow. The accurate Munaf Patel, and creating opportunities to run hard. able knack of picking up wickets in the first overs of new spells, the spinners - Ashwin and Yuvraj It took Vijay and Gambhir a couple of overs of caution to rea- India were 179 in the 35th over. - hardly bowled a bad ball for the lise this was an easier pitch than Unnoticed, Kohli had reached 63 next hour or so, and Taylor had to take his chances against Yusuf Pathe one that had them at 27 for 5 in off 73. Unlike the others, Kohli didn’t than, hitting back-to-back sixes in the last ODI here. Vijay started off by cover-driving what was called need periods of dramatic accel- the 23rd over - a pull and a sloga no-ball for four, and then pulling eration, nor did he need time to sweep. The asking rate read 6.4 even afthe resultant free-hit for another. settle in. The only hiccup was the big shout for an inside edge from ter that over. Gambhir immediateGambhir matched him in aggression, charging at the bowlers, cre- Kyle Mills. There was a sound, but ly brought back Ashwin, and New ating his own driving length, and no deviation. If we were not sure Zealand had to now attack Yuvraj, getting two fours off Daryl Tuffey after watching replays, it is fair to who was bowling well. A middleassume the umpire couldn’t have overs collapse ensued, and when in the sixth over. Taylor fell to another carrom ball Inexplicably, though, Vijay been either. Soon Kohli started finding gaps, in the 32nd over, he had left the switched from classical shots to tail too much to do for too long.
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Ashes: England Saves First Test By Andrew McGlashan GABBA: It was a day for burning up the record books at the Gabba as Alastair Cook and Jonathan Trott produced a herculean unbroken stand of 329 to secure a comfortable draw for England. Cook scored his maiden doublecentury and Trott hit his second hundred against Australia, making it the first time England’s top three had scored Ashes tons, before Andrew Strauss declared at a mindboggling 1 for 517, which left Australia to face 41 overs. There was never a realistic chance of a result with England 296 in front, but they wanted to try to secure further psychological points ahead of Adelaide. Stuart Broad, wicketless in the first innings, made an early breakthrough when Simon Katich edged to slip, however, Ricky Ponting put two days of fielding frustration behind him to notch a brisk half-century as he and Shane Watson batted out the remainder of the match and lifted Australia’s spirits a little. It had been a sobering time in the field, as they claimed a single wicket in 26 overs. While Cook and Trott extended a stand that was already worth 121 overnight, it was difficult to keep up with each new landmark. On a personal level, Cook’s 200 came from 306 balls while Trott’s elegant, composed hundred took 213 and his was an innings studded with wonderful driving. In 2005, Cook cracked a double-hundred against the touring Australians but that wasn’t a first-class match and this innings left his previous Testbest of 173, made against Bangladesh at Chittagong, well behind. In a mark of what Cook achieved, he also broke a record held by Don Bradman for the highest individual score at the Gabba, while his match aggregate bettered that of Matthew Hayden in the 200203 Ashes encounter. Trott, meanwhile, continued the prolific start to his Test career and made it two second-innings hundreds in two Tests against Australia following his debut ton at The Oval. The partnership rattled through the records. It became the highest for England in Australia and banished the Michael Hussey-Brad Haddin alliance to second place for any stand at Brisbane less than two
days after it was set. They finished with the highest-scoring innings for the loss of a single wicket. For the England fans, who far outnumbered the locals on the final day, it will have been the performance of Ashes dreams. England began the day knowing they weren’t out of danger despite yesterday’s heroics and there were more than a few mentions of what happened in Adelaide four years ago. However, this time there was no Shane Warne to spin the batsmen into submission. Instead, Cook and Trott continued as they had done the previous evening by scoring at a rapid pace against unthreatening bowling and by lunch it was just a question of how many overs England wanted at demoralised opponents. Ponting set fairly defensive fields and a number of edges flew through gaps in the slips, but Australia couldn’t even take the one chance that came their when Michael Clarke dropped a sitter at slip when Trott, on 75, tried to guide Watson to third man. Ponting just continued to chew his gum and the home side were deflated. Mitchell Johnson, meanwhile, went through a horrid spell to give his confidence another pounding. He tried over and round the wicket to both batsmen, but his match was summed up when he sprayed a terrible bouncer miles down the leg side against Trott which flew for five wides. Johnson ended wicketless in a Test for the first time and faced a nervous wait to see what his immediate future held. England teams have been through years of pain in Australia, and especially at the Gabba, and the two batsmen were in no mood to let up. Both batsmen start to open their shoulders; Cook used his feet against the spinners while Trott continued to show his sweet straight driving. Even when Doherty found turn from the footmarks, two deliveries beat Brad Haddin for four byes. At the start of the final hour Strauss approached his opposite number and the two captains shook on a draw but, once again, the final outcome doesn’t reflect the drama of the five days. Battle will be resumed in Adelaide, on Friday, where it’s unlikely to be any easier for the bowlers.
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LHASA (CD): In an obscure corner on the Barkor, a famous market street in the heart of Tibet autonomous region’s capital Lhasa, stands a centennial store that sells Nepalese handcraft items ranging from Buddha statues and ornaments to thangka paintings. Local Tibetans call the store “Shamo Garbo,” meaning “white hat,” because the Nepalese man who opened it more than 100 years ago always wore a white hat and his name was too difficult for the locals to pronounce. The present store owner, Ratna Kumar Tuladhar, is the man’s
great grandson. “In my younger days I had to trek many days from Kathmandu to Lhasa in the Himalayas. Today, the two cities are linked by mountain roads and daily flights,” said the 50-year-old. China’s three leading airline companies -- China Eastern, China Southern and Air China -- all operate passenger flights to Kathmandu. Easier and cheaper transport has cut costs, offering a larger profit margin as well as discounted prices for the customers, he said. As China steps up trade and
economic cooperation between its southwestern region and the neighboring countries including Nepal and India, more businesspeople have invested in Tibet, said Su Yuanming, an official in charge of border trade at the regional commerce department. “Such cross-border cooperation is conducive to Tibet’s economic development and the overall growth of China’s underdeveloped western regions,” he said. Tibet reported $254 million of border trade in the first eight months of this year, up 88 percent year-on-year, said Su.
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