NASCAR: Daytona Race to Go On After Crash












Every seat will be filled at Daytona International Speedway today after a team worked overnight to repair a fence that was breached in a horrific crash that injured at least 28 spectators in the grandstands.


Joie Chitwood III, president of Daytona International Speedway, said his team met with NASCAR officials at 8 a.m. EST today to review the repairs, hours before 147,000 fans will fill the grandstand seats to watch the Daytona 500 race.


If fans are uneasy about their seating location today, Chitwood said his team would make "every accommodation we can" to move them.


PHOTOS: Crash at Daytona Sends Wreckage Into Stands


The track became a disaster scene on Saturday when 12 cars became tangled in a fiery crash during the final lap of the Nationwide race.


Pieces of rookie Kyle Larson's shredded race car turned into shrapnel that flew into the stands, injuring at least 28 people.






Chris Graythen/Getty Images









RELATED: Fiery Daytona Crash Injures Fans


At least 14 of the injured were transported to hospitals and more than a dozen others were treated at the speedway, Chitwood said.


"I do know that we transported individuals from lower level and upper level [of the grandstands]," he said.


Terry Huckabee, who was sitting in the grandstands with his brother, compared the scene to a "war zone."


"I mean, tire flying by and smoke and everything else," he said.


Huckabee said his brother is recovering in the hospital after his leg was sliced open by the spray of debris.


The crash was apparently triggered when driver Regan Smith's car, which was being tailed by Brad Keselowski on his back bumper, spun to the right and shot up the track.


Smith had been in the lead and said after the crash he had been trying to throw a "block."


Larson's car slammed into the wall that separates the track from the grandstands, causing his No. 32 car to go airborne and erupt in flames.


When a haze of smoke cleared and Larson's car came to a stop, he jumped out uninjured.


His engine and one of his wheels were sitting in a walkway of the grandstand.


"I was getting pushed from behind," Larson told ESPN. "Before I could react, it was too late."


Tony Stewart pulled out the win, but in victory lane, what would have been a celebratory mood was tempered by concern for the injured fans.


"We've always known this is a dangerous sport," Stewart said. "But it's hard when the fans get caught up in it."



Read More..

UK downgrade pressures reluctant Osborne to change course


LONDON (Reuters) - Britain's finance minister insisted on Saturday he would not change course after the loss of the country's 'AAA' credit rating but George Osborne is facing pressure to do just that as his bet on austerity falters ahead of the 2015 election.


Moody's dealt Britain its first sovereign rating downgrade on Friday, saying the $2.5 trillion economy faced years more sluggish growth and debt would continue to rise until 2016.


Economically the one-notch cut will have limited importance -- most of Europe, Japan and the United States have already suffered the same fate and Britain continues to borrow at historically low rates.


But politically it is toxic for Osborne who has repeatedly vowed to protect the top credit rating since the 2010 election campaign. The downgrade exposes him to opponents who say his failure to deliver economic growth is driving Prime Minister David Cameron towards electoral defeat.


Osborne said on Saturday the move by Moody's showed he was right to focus on restoring Britain to fiscal health, arguing that only by doing that will the conditions for growth be restored.


"I am absolutely determined to make sure we deal with our problems, to make sure that Britain stays the course, to make sure that it doesn't take from this credit rating the wrong message which is we should go and borrow a lot more," the 41-year-old Chancellor of the Exchequer said.


"I'm absolutely clear we're not going to do that."


For investors, the downgrade underscores Britain's predicament: a debt-ridden, stagnating economy which has kept bond yields low in large part thanks to the Bank of England becoming the world's biggest investor in UK government debt by buying it with newly printed money.


"Osborne no longer has any place to hide or anyone to blame," said David Blanchflower, who served on the Bank of England's interest rate setting committee from 2006 to 2009.


He said the minister should "stand up, be a man and accept responsibility for the worst recovery in 100 years" and, in a message on Twitter, suggested a swift cut to value-added tax, a labor tax holiday for workers under 25 and incentives for investment and hiring to kick start growth.


Osborne can take comfort from Moody's confidence that his austerity plan would eventually "reverse the UK's debt trajectory".


A Treasury official noted Moody's had given the UK's credit rating a stable outlook, meaning little chance of a further downgrade in the next 12-18 months. When the United States and France were downgraded, their outlooks remained negative.


But whether growth will return forcefully long enough before the 2015 election to allow voters to appreciate it is now highly uncertain.


Sterling fell by almost a cent to around $1.5160 after the downgrade, just off Thursday's fresh 2-1/2-year low. Analysts said they expected it to fall further on Monday.


Some of the Conservatives' Liberal Democrat coalition partners questioned the political judgment of attaching so much importance to Britain's AAA rating.


"This is a self-inflicted injury for George Osborne," said Matthew Oakeshott, a former Liberal Democrat Treasury spokesman. "To be fair, he was very green in 2009 ... He foolishly erected triple-A status as a virility symbol."


"BLEEDING THE PATIENT"


Cameron, who led his Conservative Party back to office as part of a coalition government after 13 years out of power, risks another year of stagnation and giving his opponents and open goal to aim at.


The Labor Party - which left the biggest peacetime deficit when it lost the 2010 election - called for Osborne's head.


"The medicine is not working so the Chancellor says increase the dose - that's crazy economics. It is like an 18th-century doctor bleeding a patient as they get sicker and sicker," said Ed Balls, the party's main spokesman on finance issues.


But people close to Britain's most powerful two politicians say they are completely aligned. Osborne led Cameron's bid for leadership of the Conservatives and ran the 2010 election campaign. There is little or no chance of him being sacrificed or being forced into a humiliating policy U-turn which would wreck his career.


"Osborne has lots of critics, both inside and outside the party, who are now going to be emboldened by this, but there is no coherent alternative," said Tim Montgomerie, editor of the influential ConservativeHome website.


Though Labor is about 10 percentage points ahead of Conservative Party in polls, surveys show voters trust Cameron and Osborne more than Labor's leader Ed Miliband.


TIME FOR A TWEAK?


Osborne originally gambled that by slashing spending, growth rates of between 2 and 3 percent would kick in from 2013.


But with Britain's banks still recovering from the financial crisis and many of its main trading partners in Europe stuck in recession, his debt targets will be missed. His room for more spending is limited as he tries to avoid pushing up yields on Britain's 1.29 trillion pounds ($1.97 trillion) of debt.


With government spending so restricted, many investors' hopes lie with the Bank of England. Its governor, Mervyn King, this month voted to restart government-bond buying. Although in the minority, his change of heart suggested the bank may be closer than expected to pursuing more stimulus.


If Osborne slows his debt reduction plans, he could upset bond investors and throw his deficit targets further off course.


"We should stick to the plan," said Kwasi Kwarteng, a Conservative lawmaker. "The prime minister would not want to be seen to be panicking, and he's committed to keeping George Osborne where he is."


"But we do also need to look at growth," said Kwarteng, who suggested cutting corporation tax and red tape.


Business lobby the Confederation of British Industry has called for more investment on infrastructure and housing to be funded by more cuts in day-to-day spending. It also expects the government to guarantee more private-sector projects.


Osborne has a chance in his annual budget next month to deliver such tweaks to policy. ($1 = 0.6551 British pounds)


(Additional reporting by Mohammed Abbas and William Schomberg. Editing by Mike Peacock)



Read More..

Football: Berbatov's magic moment sinks Stoke






LONDON: Fulham forward Dimitar Berbatov produced a moment of magic to end his side's poor run with a 1-0 win over Stoke at Craven Cottage on Saturday.

Berbatov marked his 200th Premier League appearance with his 85th goal in the English top-flight and it was one of the former Manchester United star's best as he netted a superb volley just before half-time.

Martin Jol's team still needed a second half penalty save from Mark Schwarzer, who kept out Jon Walters' effort, to clinch just their fourth win in 19 Premier League games.

Berbatov and Schwarzer's heroics lifted Fulham to 11th, nine points clear of the relegation zone, and continued the away-day misery for Stoke, who have won just one in their last 23 leagues games on their travels.

Fulham's first sight of goal fell to Berbatov after Sascha Riether's cross picked out the Bulgarian forward for a close-range volley that looped just over.

Bryan Ruiz had the ball in the net moments later but Fulham's celebrations were cut short as referee Lee Probert correctly ruled that the Costa Rican forward had used his hand to score.

Steven Nzonzi needed treatment after a collision with Berbatov left the Stoke midfielder with blood dripping from the bridge of his nose.

Nzonzi still seemed miffed following that incident and he was fortunate to escape with a booking after cuffing Ruiz around the head in an off-the-ball incident.

A ferocious free-kick from Fulham's Greek midfielder Giorgos Karagounis brought the best save of the half from Asmir Begovic.

Stoke sent on American midfielder Brek Shea for his debut when Matthew Etherington hobbled off with a back injury.

Jol's team pushed on and finally broke the deadlock in first half stoppage-time when a cross was only half cleared to Berbatov, who showed superb technique to lash a brilliant volley into the top corner of Begovic's goal.

Fulham defender Philippe Senderos almost gifted Stoke an equaliser immediately after the interval when his attempt to shepherd the ball back to Schwarzer allowed Peter Crouch to nip ahead of him and flick a shot that the Australian saved well.

Schwarzer came to Fulham's rescue again in the 54th minute after Dejagah conceded a penalty when he blocked Shea's cross with his raised arms.

Walters stepped up to take the spot-kick, but the Stoke striker has a poor record with penalties this season and his luck was out again as Schwarzer dived to his right to save.

- AFP/fa



Read More..

Photography at bathing ghats banned at Kumbh

ALLAHABAD: The Kumbh Mela administration on Saturday banned photography at all bathing ghats at the religious congregation, officials said.

Vide a letter ST/SSP/C-14/2013 dated February 21, the senior superintendent of police (Kumbh) has directed all policemen and other security personnel on duty in the mela premises to ensure that no one was allowed to click pictures at bathing ghats.

Throwing the ghats off bounds for shutterbugs and photo journalists who have converged from all over the world and also the common man, the administration cited the clause 18 of the Sanyukt Mela Prant Adhiniyam, 1940 and has said that the high court had also issued directives on banning photography there.

Boards have also been put up at the bathing ghats informing everyone of the ban on photography, said a senior official. The additional mela adhikari of Kumbh told IANS that the ban includes photo journalists, media persons and also electronic media journalists who will now not be allowed to film the bathing.

The media centre officials were tight-lipped about the fate of the hundreds of passes it had issued to photo and video journalists to cover the mega event.

Allahabad divisional commissioner Devesh Chaturvedi, the senior most official overseeing the Kumbh, confirmed to IANS that the mela administration had indeed banned photography at bathing ghats.

"This has been done primarily to ensure that the directives of the high court are met with and also to stop unnecessary problems," he said, adding that the passes issued to photo journalists would only allow them to click "general pictures".

The order is likely to disappoint the camera fraternity into despair as hundreds of photographers are camping at the Kumbh to capture the momentous bathing scenes.

"I find this surprising as in the past month or so since the Kumbh started in January, it has been largely a media event where photographers were all around," said Sandeep Malkania, a New Delhi-based freelance photo journalist.

Many officials attributed the decision to the recent stampede at the Allahabad railway station that left 37 dead and the subsequent negative media coverage of the arrangements at the Kumbh following incessant rains. A French journalist was also detained for flying very low on a chopper to click some close shots of the bathing on Mauni Amavasya.

Police officials conceded in private that the decision was taken "majorly because of security concerns specially after the Mauni Amavasya stampede and the Hyderabad serial blasts".

"The clauses being invoked now and the court directives cited now have always been there but they are being enforced strictly now to avoid any major embarrassment at this juncture of the Kumbh when just a fortnight is left for its conclusion," said a senior police officer.

Read More..

FDA approves new targeted breast cancer drug


WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.


The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.


Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.


"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."


Cobleigh helped conduct the key studies of the drug at the Chicago facility.


The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.


The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.


Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.


FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.


Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.


FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer


Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.


Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.


Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.


Read More..

Pistorius Family: 'Law Must Run Its Course'












South African Olympian Oscar Pistorius is spending time his family today after the athlete was freed on $113,000 bail Friday.


"We realise that the law must run its course, and we would not have it any other way," the Olympian's uncle, Arnold Pistorius said in a statement on Saturday.


The Pistorius family expressed their gratitude that the former Olympian was allowed out of jail before the trial.


"This constitutes a moment of relief under these otherwise very grave circumstances" said Arnold Pistorius."We are extremely thankful that Oscar is now home."


Pistorius, 26, is charged with premeditated murder in the Valentine's Day shooting of his girlfriend Reeva Steenkamp.


While the prosecution argued that the world-renowned athlete was a flight risk and had a history of violence, South African Magistrate Desmond Nair, who presided over the case, disagreed.


FULL COVERAGE: Oscar Pistorius


"He regards South Africa as his permanent place of abode, he has no intention to relocate to any other country" Nair said during his two hour ruling, before concluding with, "the accused has made the case to be released on bail."








'Blade Runner' Murder Charges: Oscar Pistorius Out on Bail Watch Video











Oscar Pistorius Granted Bail in Murder Case Watch Video





Pistoriuis will have to adhere to strict conditions to stay out of jail before the trial. He must give up all his guns, he cannot drink alcohol or return to the home where the shooting occurred, and he must check in with a police department twice a week.


Oscar Pistorius is believed to be staying at an uncle's house as he awaits trial.


RELATED: Oscar Pistorius Case: Key Elements to the Murder Investigation


During the hearing, the prosecution argued that Pistorius shot Steenkamp after an argument, while the defense laid out an alternate version of events saying Pistorius mistook his girlfriend for an intruder.


Nair took issue with the head detective originally in charge of the case, who he said "blundered" in gathering evidence and was removed from the case after it was revealed he is facing attempted murder charges.


RELATED: Oscar Pistorius Case: Lead Det. Hilton Botha to Be Booted From Investigation Team


After the magistrate's decision, cheers erupted in the courtroom from the Pistorius camp. Pistorius' trial is expected to start in six to eight months, with his next pre-trial court date in June.


Reeva Steenkamp Family Reaction


Steenkamp's father, Barry Steenkamp told the South African Beeld newspaper that the 26-year-old athlete will "suffer" if he is lying about accidentally shooting 29-year-old model.


PHOTOS: Oscar Pistorius Charged with Murder


Barry Steenkamp went on to say that the Pistorius will have to "live with his conscience" if he intentionally shot Reeva.


The Associated Press contributed to this report.



Read More..

South Africa's Pistorius goes free on $113,000 bail


PRETORIA (Reuters) - A South African court granted bail on Friday to Oscar Pistorius, charged with the murder of his girlfriend on Valentine's Day, after his lawyers successfully argued the "Blade Runner" was too famous to flee justice.


The decision by Magistrate Desmond Nair drew cheers from the Paralympics star's family and supporters. Pistorius himself was unmoved, in marked contrast to the week-long hearing, when he repeatedly broke down in tears.


Nair set bail at 1 million rand ($113,000) and postponed the case until June 4. Pistorius would be released only when the court received 100,000 rand in cash, he added.


Less than an hour later, a silver Land Rover left the court compound, Pistorius visible through the tinted windows sitting in the back seat in the dark suit and tie he wore in court.


The car then sped off through the streets of the capital, pursued by members of the media on motorcycles, before it entered his uncle Arnold's home in the plush Pretoria suburb of Waterkloof.


At least five private security guards stood outside the concrete walls, keeping reporters at bay.


Under the terms of his bail, Pistorius, 26, was also ordered to hand over firearms and his two South African passports, avoid his home and all witnesses, report to a police station twice a week and abstain from drinking alcohol.


The decision followed a week of dramatic testimony about how the athlete shot dead model and law graduate Reeva Steenkamp at his luxury home near Pretoria in the early hours of February 14.


Prosecutors said Pistorius committed premeditated murder when he fired four shots into a locked toilet door, hitting his girlfriend cowering on the other side. Steenkamp, 29, suffered gunshot wounds to her head, hip and arm.


Pistorius said the killing was a tragic mistake, saying he had mistaken Steenkamp for an intruder - a possibility in crime-ridden South Africa - and opened fire in a blind panic.


However, in delivering his nearly two-hour bail ruling, Nair said there were a number of "improbabilities" in Pistorius's version of events, read out to the court in an affidavit by his lawyer, Barry Roux.


"I have difficulty in appreciating why the accused would not seek to ascertain who exactly was in the toilet," Nair said. "I also have difficulty in appreciating why the deceased would not have screamed back from the toilet."


By local standards, the bail conditions are onerous but it remains to be seen if they appease opposition to the decision from groups campaigning against the violence against women that is endemic in South Africa.


"We are saddened because women are being killed in this country," said Jacqui Mofokeng, a spokeswoman for the ruling African National Congress' Women's League, whose members stood outside the court this week with banners saying "Rot in jail".


TOO FAMOUS TO RUN


However, Nair said he made his decision in the "interests of justice" and argued that the prosecution, who suffered a setback when the lead investigator withered under cross-examination by Roux, failed to show Pistorius was either a flight risk or a threat to the public.


Roux stressed the Olympic and Paralympics runner's global fame made it impossible for him to evade justice by skipping bail and leaving the country.


"He can never go anywhere unnoticed," Roux told the court.


Pistorius, whose lower legs were amputated in infancy forcing him to race on carbon fiber "blades", faces life in prison if convicted of premeditated murder.


Prosecutors had portrayed him as a cold-blooded killer and said they were confident that their case, which will have to rely heavily on forensics and witnesses who said they heard shouting before the shots, would stand up to scrutiny at trial.


"We are going to make sure that we get enough evidence to get through this case during trial time," a spokesman for the National Prosecuting Authority told reporters.


In court, lead prosecutor Gerrie Nel was scornful of Pistorius's inability to contain his emotions. "I shoot and I think my career is over and I cry. I come to court and I cry because I feel sorry for myself," Nel said.


"DEEPLY IN LOVE"


In his affidavit, Pistorius said he was "deeply in love" with Steenkamp, leading Roux to stress his client had no motive for the killing.


Pistorius contends he reached for a 9-mm pistol under his bed because he felt particularly vulnerable without his prosthetic limbs.


According to police, witnesses heard shouting, gunshots and screams from the athlete's home, which sits in the heart of a gated community surrounded by 3-m- (yard-) high stone walls topped with an electric fence.


In a magazine interview a week before her death, published on Friday, Steenkamp spoke about her three-month relationship with the runner, who won global fame last year when he reached the semi-final of the 400 meters in the London Olympics despite having no lower legs.


"I absolutely adore Oscar. I respect and admire him so much," she told celebrity gossip magazine Heat. "I don't want anything to come in the way of his career."


Police pulled their lead detective off the case on Thursday after it was revealed he himself faces attempted murder charges for shooting at a minibus. He has been replaced by South Africa's top detective.


Pistorius's arrest stunned the millions around the world who saw him as an inspiring example of triumph over adversity.


But the impact was greatest in South Africa, where he was seen as a rare hero for both blacks and whites, transcending the racial divides that persist 19 years after the end of apartheid.


(Writing by Ed Cropley; Editing by Michael Roddy)



Read More..

Jailed Tymoshenko fit to leave hospital: ministry






KIEV: Ukraine's jailed former prime minister Yulia Tymoshenko is now fit to leave the civilian hospital where she has spent the last nine months with back problems, the health ministry said Friday, paving the way for her return to prison.

A medical commission "has concluded that the patient Y. Tymoshenko no longer needs further treatment or rehabilitation in hospital," the ministry said in a statement.

Tymoshenko, 52, has been in prison since August 2011 but was moved in May last year from her Kharkiv prison to hospital because she was in acute pain from a herniated disc.

The charismatic figurehead of the 2004 Orange Revolution was convicted of abuse of power and jailed for seven years in 2011 after losing a 2010 presidential race to Viktor Yanukovych.

She is currently on trial on separate charges of fraud and tax evasion and was also charged in January with ordering the 1996 gangland-style shooting of a lawmaker.

Her imprisonment has provoked a serious rift between Ukraine and the European Union, which has called the charges against her politically motivated.

- AFP/jc



Read More..

We are attacking problems across value chain of power sector: Scindia

The responsibility of lighting up the country today rests on the young shoulders of Jyotiraditya Scindia. Just three months into his new job, the power minister has set an electric pace to energise the sector. He shares his vision with ToI in a freewheeling interview with Sanjay Dutta:

About 24,000 mw gas-fired generation capacity is idling due to domestic gas shortage. This is threatening to turn more than Rs 1 lakh crore investment sour. What is the mechanism proposed by your ministry to make imported liquid gas-fired power affordable?

The problem is a little more complicated than you described. Gas plants today are running at 40% PLF (plant load factor or capacity). Almost a Gig (giga watt) capacity is completely stranded, not even idling. How do you resolve the situation?

I am 100 days into my job. What I am trying to do is resolve issues across the whole value chain of the power sector. That's generation, transmission, distribution and last mile. What we are trying to do is deal with issues in each and every bucket: We have dealt with FSAs (fuel supply agreement) of coal; dealt with issues with regard to NTPC -- that's reallocation of coal blocks; allocation of new coal blocks for 8,460 mw, or 42 mtpa (million tonne per annum), which would be done in this auction; whether it was the public issue of $2.3 billion; we've got approval for 2,600 mw for hydro projects from environment and forest clearance.

On the transmission side, we are trying to give independence and full autonomy to POSOCO (grid operator); we're looking at the clauses in the Electricity Act that need amendment to ensure that the incident (grid collapse) that happened last July does not happen again.

On the distribution side, we are trying to look at the FRC, where eight states have come on board, we have full commitment of those states. The only thing I need to get done is confirmation of the transitional financing mechanism from the ministry of finance. The moment we do that, close to Rs 1.2 lakh crore short-term liabilities will be rescheduled... 50% from the banks and 50% from the state governments.

I am also trying to bring out the creditory (rating) system for discoms where we will do the first half and a full year to show transparency and accountability to the lenders. It is also important that you don't have solution for all the power sector issues and you must involve all stakeholders.

In the last 100 days I have tried to do that and trying to fix mechanisms for the same. For the first time, in three months I've had three meetings with the Parliamentary Consultative Committee on power. I have set up an advisory group of bankers on Februray 5, I have also met the CERC and regulators to make sure that there is clear signal on the regulatory side, I will hold annual and semi-annual meetings with them..so that we have the message very clear and have annual meetings with them, I have also put together an advisory group which met on Februrary 19, which encompasses all the stakeholders in the power sector -- ex secretaries of coal, power and environment sector, renewable energy side, financing, institutional authorities.

What I am doing with them is attacking problems. Gas is an issue, availability is not there and the only solution that I can come up is to use imported RLNG, which you get for Rs 8 or Rs 9, as a substitute to diesel gensets which is costing the industry close to Rs 20 crore. I have put this up as an item to discuss with the advisory group.

Our next meeting is very much on SBD-2 which is on March 6 and I have already circulated the papers and have the sitting with them. And I am trying to get my hands on each part of the problem. If you ask me very candidly, I don't have a solution today...

The standard bid document for case-2 projects wherein state government gives land etc proposed by your ministry has universally been rejected by all promoters and nobody is happy with it. Why are you sticking with it?

There is lot of noise about SBD. You have to come out with a regime that makes sense for bankers, investors and it makes sense for all stakeholders, including state governments. SBD Case 2 is a very different product to SBD Case 1, where the state govt will give you land and a linkage, you are a developer, your return is based on the efficiency of your enterprise...we have put together parameters which are as transparent and accountable as possible...there is great deal of noise about is because all the facts and clauses are not known . I am taking this to EGoM as you know, based on the advisory group. I have told the stakeholders we are on the same side of the table... I will first meet with you, discuss it and will only then take it to EGoM, which is why we are meeting within two weeks we are having the second meeting with the advisory groups on the March 6.

Promoters are facing problems due to fluctuation in the rupee's exchange rate. Have you thought about any step to mitigate the problem?

As I said, I am right now concentrating on four things -- generation, transmission, distribution, last mile. Hedging in terms of foreign currency exposure is something, to be very honest with you, to which I have not applied my mind yet. I am not very clear, but not sure whether it really falls into my domain as power minister.

Projects using imported coal have been hit by a double whammy - rise in cost of imports and notices for paying Customs duty, even though the 2012 Budget had assured of an exemption?

I am discussing it with the FM. It's not a Budget item, it's off-Budget. We just need a clarification. The issue is of steamed coal Vs indigenous coal. I am aware of that. I am coming up the learning curve as soon as possible.

Read More..

FDA approves new targeted breast cancer drug


WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.


The drug Kadcyla (kad-SY'-luh) from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a double-shot of anti-tumor poison.


Cancer researchers say the drug may offer a clear advantage over older drugs because it delivers more medication with fewer side effects.


The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2.


The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.


Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.


FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.


Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.


FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug.


Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.


Kadcyla was co-developed by South San Francisco-based Genentech and ImmunoGen Inc., of Waltham, Mass. ImmunoGen developed the technology that binds the drug ingredients together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.


Shares of ImmunoGen Inc. rose 33 cents, or 2.27 percent, to $14.63 in midday trading.


Read More..