Weekly Buggles

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Mansoor Ali Khan is smiling again. He is once again dreaming of taking his parents on a vacation to Europe.

Hope is making a cautious comeback a year after the collapse of iconic US investment bank Lehman Brothers triggered a free fall in stock markets worldwide and overnight turned people like Khan, a 31-year-old sub-broker, from aspiring millionaires to debt-laden near-paupers.

A vicious cycle of home loan defaults in the US, banking collapses – Lehman Brothers, the world’s two largest home loan givers Freddie Mac and Fannie Mae, and AIG, the world’s largest insurer, went bust in September 2008 – massive job losses and bankruptcies combined to create conditions akin to the Great Depression of 1929.

Indian companies felt the pinch as cash-strapped western companies cut back on imports and fearful consumers worldwide and in India tightened their purse strings. Export growth turned negative in October– a trend that continues till date. H.T.

Ten persons, including a software engineer, with suspected swine flu symptoms have been admitted to the Civil Hospital in Kolhapur, hospital sources said on Saturday.

They were quarantined on Friday and their swab samples have been sent to Pune’s National Institute of Virology (NIV), they said.

Eight of them, it is suspected had contracted the virus when they had gone to Belgaum in neighbouring Karnataka to meet a relative, a swine flu patient who died later, Civil Surgeon Ravindra Niturkar said.

The software engineer, who works in Hyderabad, has come to his parents’ house here after falling ill, he added.

Terming the austerity drive launched by the Congress-led government as hypocrisy, Janata Dal (United) National President Sharad Yadav on Saturday said that if the Congress is serious on the issue, it should bring a bill to this effect in Parliament.

“The austerity drive of the Congress is hypocrisy,” he told reporters in Jabalpur.

He said that the UPA had been in power for the last five years but it had never given a thought to put an end to the lavish spendings.

“Why all of a sudden is it going for austerity measures ?” he asked. The party should bring a bill to this effect in parliament if it is serious about austerity, he said.

To a query, the JD (U) president said that the UPA government was not serious over bringing back the black money stashed in Swiss banks.

He said that the Indian government like the US should try to get the names of the people having accounts in Swiss banks. He said that the UPA government was giving contradictory remarks on the issue and statements made in Parliament were different from those made outside.

About his party’s poor showing in assembly by-elections in Bihar, the JD (U) chief said that it was the result of the denial of tickets to the kins of nine politicians, as his party stands against promotion of such (family)politics.HT

An anti-terrorism court in Islamabad conducting the trial of seven suspects linked with the Mumbai terror attacks, including LeT operations commander Zakiur Rehman Lakhvi, on Saturday adjourned the hearing till September 26.

No other details of the proceedings were available due to a strict media blackout imposed by Judge Baqir Ali Rana, who is conducting the trial inside the high-security Adiala Jail in the garrison city of Rawalpindi due to security reasons.

The hearings are being conducted in-camera and Rana has issued a gag order, citing national security concerns as well as the security of the accused and witnesses.

Sources told PTI that the judge adjourned the case till September 26 following today’s proceedings.

It is still not clear whether the seven accused have been formally indicted as yet though authorities have so far prepared two chargesheets against them. Lawyers representing the accused said they had been directed by the judge to strictly adhere to the gag order and not to discuss the proceedings with the media.

Five LeT operatives – Lakhvi, communications expert Zarar Shah, Abu al-Qama, Hamad Amin Sadiq and Shahid Jamil Riaz – being tried by the anti-terrorism court.

They have been accused of providing training, financial support, accommodation, equipment and communications gear to the 10 terrorists who attacked Mumbai last year.

No details are available of the charges against the two other suspects, Jamil Ahmed and Younas Anjum.HT