US hails Myanmar election as step for democratic change

Washington: The United States on Monday hailed a strong showing by Aung San Suu Kyi's pro-democracy party in Myanmar's by-elections, calling the vote an important step in the country's democratic transformation.

"We hope it is an indication that the government of Burma intends to continue along the path of greater openness, transparency and reform," Jay Carney, press secretary for US President Barack Obama, said in a statement.

The United States and European Union had hinted they could lift some sanctions - imposed in the past two decades in response to human rights abuses in the country formerly known as Burma - if the election were free and fair.

AK Antony asks army to streamline weapons' acquisitions

New Delhi: Amid allegations of bribery in purchases and complaints of gaps in preparedness, Defence Minister AK Antony on Monday asked the army to streamline its purchase process in a manner that accountability can be fixed in the event of slippages.

This was conveyed by Antony to the army brass led by its chief Gen VK Singh at a meeting to review the army's capital acquisition and revenue expenditure proposals at the South Block.

This is the first time Antony and Gen Singh came face-to-face since the acrimony over the army chief's allegation of a bribe offer made to him by a retired officer and the leak of a secret letter from him to Prime Minister Manmohan Singh on gaps in defence preparedness.

India, UK for reforms and increasing funds in IMF

New Delhi: Pitching for quota and governance reforms in the International Monetary Fund (IMF), India and Britain on Monday said the funds of the multilateral lending agency should be adequately increased to help it play a meaningful role in mitigating global economic problems.

"Both sides (India and the UK) are committed to ensuring that the IMF is adequately resourced to play its systemic role in the international financial system in support of its entire membership....," said a joint statement after a meeting between UK Chancellor of Exchequer George Osborne and Finance Minister Pranab Mukherjee.

The two sides were of the view that the quota and governance reforms of IMF be implemented within the agreed timelines, it said.

RBI relaxes overseas direct investment norms

Mumbai: The Reserve Bank of India (RBI) has eased its overseas direct investment norms by waiving the need for Indian entities to seek its approval to open foreign currency accounts abroad.

The norm has been liberalised to provide operational flexibility to Indian entities, the central bank said in a statement on Monday.

However, all other norms required to open, hold and maintain foreign currency accounts for overseas investment remain unchanged, the statement said.

2G: SC to take up review plea on licence cancellation

New Delhi: Justice KS Radhakrishnan has been put on the Supreme Court bench to hear a bunch of pleas by the Centre and various telecom firms, seeking reviews of various aspects of the verdict cancelling 122 2G spectrum licences.

He replaces AK Patnaik, who came in the place of Justice Asok Ganguly, who has retired. Justice GS Singhvi, who is heading the bench in the 2G matters, earlier on March 16 had said Chief Justice SH Kapadia has set up a new bench comprising him and Justice Patnaik for hearing all cases on the 2G spectrum scam.

The cause list for Tuesday, however, shows that Justice Singhvi and Justice Radhakrishnan will take up the petitions for in-chamber hearing, which is normally done in case of the review and curative pleas.

Syria agrees to April 10 peace deadline: Annan

United Nations/Beirut: Syria has pledged to withdraw all military units from towns by April 10 to pave the way for a full ceasefire with rebels two days later, the spokesman for international mediator Kofi Annan said on Monday.

The UN-Arab League peace envoy briefed the UN Security Council on the deadline behind closed doors, telling them there had been no reduction in violence so far, but urging them to consider an observer mission nevertheless, diplomats said.

Some Western diplomats expressed scepticism about the latest pledge from Syria, which has repeatedly promised to end a year-long assault on anti-government activists that has brought the country to the brink of civil war.