World
Love spurs Egyptian man to hijack plane to Cyprus
Cairo/Nicosia : An Egyptian man who hijacked an EgyptAir flight to Cyprus was arrested on Tuesday evening, ending a five-hour drama during which most passengers were freed early on and the last of the seven passengers and crew simply escaped.
 
Cyprus President Nicos Anastasiades announced that the hijacker, identified as Seif El Din Mustafa, had personal motives to hijack the jet and that it was not terrorism linked. Officials said Mustafa's action was linked to his ex-wife, who is a Greek-Cypriot and lives in Larnaca.
 
Witnesses told Cyprus Mail newspaper that he threw a letter out of the airport in Larnaca, written in Arabic, asking that it be delivered to his former wife.
 
Asked if the hijacker was motivated by love, Anastasiades laughed and said: "Always there is a woman involved."
 
The Cyprus foreign ministry announced the arrest of the hijacker, who had taken charge of the Airbus 320 when it was on its way from Alexandria to Cairo saying he was armed with explosives. The plane was flown to Larnaca in southern Cyprus.
 
Cyprus officials who had held intense negotiations with the man said he would be interrogated at length. One Egyptian officer dubbed him "mentally unstable".
 
The Flight 181 carried 56 passengers -- 30 Egyptians and 26 foreigners -- and six crew members. Soon after it reached Cyprus, all but seven passengers and crew were let off. The foreigners on board included eight Americans and four Britons.
 
Soon after it landed in Cyprus, the hijacker freed most of the passengers, holding back only four crew members and three passengers whose nationality was not disclosed by officials.
 
As the negotiations continued with the man, the seven escaped -- six of them simply walking out of the step ladder and the seventh hurling himself out of the cockpit window.
 
Earlier, the hijacker was mistakenly identified as Ibrahim Samaha, also an Egyptian. Samaha, however, turned out to be an innocent passenger.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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RBI seeks global pact to curb 'beggar my neighbour' policies
Mumbai : The RBI said on Tuesday called for guidelines to curb central banks globally adopting unconventional monetary policies and seeking exchange rate or financial market interventions to restore growth which may have large adverse spillover effects on others, which then could resort to aggressive policies to gain even small positive domestic effects.
 
"Perhaps instead, countries could agree to guidelines for responsible behavior that would improve collective outcomes," Reserve Bank of India Governor Raghuram Rajan and the bank's specialist advisor Prachi Mishra jointly wrote in a series working paper titled "Rules of the Monetary Game."
 
Otherwise consequently, the world may embark on a sub-optimal collective path, the duo said, ahead of the RBI's first monetary policy for the next fiscal due next Tuesday.
 
"The bottom line is that simply because a policy is called monetary, unconventional or otherwise, it may not be beneficial on net for the world. That all monetary policies have external spillovers does not mean that they are all justified. What matters is the relative magnitude of demand creating versus demand switching effects, and the magnitude of other net financial sector spillovers, that is, the net spillovers," the paper said.
 
"Easy monetary conditions in advanced economies can lead to capital inflows, exchange rate appreciation, rapid credit growth, and asset price bubbles in emerging markets (EMs). On the other hand, monetary normalisation, or a rise in interest rates in advanced economies can cause capital outflows and exchange rate depreciation in the EMs," it added.
 
The paper warns that dangers from applying prevalent global economic models for policy purposes could perhaps be significant.
 
"For example, the choice of scenarios that are played up prominently in policy documents could be tinged by ideology," it said and suggests that towards creating a new global model, countries should engage proceed with eminent academics, there should be international seminars and discussions on the subject, and the International Monetary Fund should be involved.
 
"There can be no more important issue to understand and discuss than the international spillovers of domestic policies. Such a discussion need not take place in an environment of finger pointing and defensiveness, but as an attempt to understand what can be reasonable, and not overly intrusive, rules of conduct," it added.
 
In a commentary posted on the website of Project Syndicate last week, Rajan said that the world needs a new international agreement on the lines of Bretton Woods that created the current multilateral financial system, to prevent central banks from adopting policies that could hurt other economies.
 
He said that central banks in developed countries find various ways to justify their policies, without acknowledging that the exchange rate may be the primary channel of transmission.
 
He said the world is facing an increasingly dangerous situation and both advanced and emerging economies need to grow in order to manage domestic political tensions.
 
"If governments respond by enacting policies that divert growth from other countries, this 'beggar my neighbour' tactic will simply foster instability elsewhere. What we need, therefore, are new rules of the game," he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Aamby Valley, foreign properties not on auction block: Sahara
Mumbai : The Sahara Group on Tuesday said that its Aamby Valley City project in Pune district, Mumbai's Hotel Sahara Star, its foreign and other properties were not in the list of 86 properties pertaining to the Sahara-SEBI case in the Supreme Court.
 
In a statement issued here, the company said the Supreme Court had directed Securities and Exchange Board of India (SEBI) to take inputs and consult with the Sahara Group while selling its properties.
 
The company said on Tuesday it had completed the payment of Rs.5,000 crore in cash component whereas only Rs.5,000 crore bank guarantee component remained to be complied with.
 
The Supreme Court on Tuesday paved the way for markets regulator SEBI to sell 86 properties of Subrata Roy-led Sahara group, worth an estimated Rs.40,000 crore, giving hope to tens of thousands of investors who put their money in its various schemes.
 
The directions from a bench of Chief Justice T.S. Thakur, Justice Anil R. Dave and Justice A.K. Sikri came after it found that the Sahara group was yet to mobilise Rs.10,000 crore for bail to secure the release of its head Subrata Roy, lodged in the Tihar jail since March 2014.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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