Rita damages estimated at 2.5 bln to 5 bln dollars
NEW YORK, Sep 24 (Reuters) Hurricane Rita caused an estimated 2.5 billion to 5 billion dollars in insured losses in eastern Texas and western Louisiana, catastrophe risk modeler AIR Worldwide said today.
AIR said Rita losses will be much lower than those from Hurricane Katrina because this storm weakened significantly in the day or so before it struck land.
"The heavy commercial and industrial areas of Port Arthur and Beaumont - with their numerous refineries - were to the left of the storm's track, where wind speeds are lower, so we do not expect to see significant structural damage to the refineries," Jayanta Guin, vice president of research and modeling at AIR Worldwide, said in a statement.
AIR's estimate compares with a forecast of 9 billion to 18 billion dollars in insured losses from EQECAT, another of the major catastrophe modeling companies.
That outlook was issuedmid-afternoon yesterday when Rita was a somewhat more dangerous storm than it ended up being at landfall.
Rita slammed into evacuated towns and oil-rich swamplands of the Texas-Louisiana border early today, causing widespread damage and power outages.
The powerful storm hit with 120 mph (193 kph) winds and punishing rains, then weakened slightly as it moved inland.
It spared Houston, the fourth largest U S city, a direct hit.
But the oil city of Beaumont, Texas, and many of the largest U S refiners were in Rita's path, and the extent of damage was not yet known.
Much of New Orleans was flooded again, less than a month after Hurricane Katrina, as water poured over levees.
PM blames media for market upheavals CHANDIGARH, Sep 24 (UNI) Prime Minister Manmohan Singh today criticised the media for its role in the coverage of the stock market, stating that the upheavals in the market trends were a fallout of certain stories with no basis.
"How does the financial media deal with market moving stories that have no basis in fact?" "Investors gain and lose, markets rise and fall, but what happens to those reporters, analysts, editors who move and make markets?" Dr Singh raised these questions in his address to mediapersons at the Chandigarh Press Club here.
He even said that the media was not keeping pace with the qualitative development amid its quantitative growth.
"In race for capturing markets, journalists have been encouraged to cut corners, to take chances, to hit and run and I believe that time has come for journalists to take stock of how competition has impacted upon quality," he said.
Shah panel allows 2 weeks' time to Rashtrapati Bhawan AHMEDABAD, Sep 24 (UNI): The Nanavati-Shah Commission, probing the Godhra train carnage and the subsequent riots, today granted two week's time to Rashtrapati Bhavan to divulge official communication between then President K R Narayanan and then Prime Minister Atal Bihari Vajpayee regarding the 2002 communal violence in Gujarat.
P M Nair, Secretary to the President, said in his September 21 letter to the panel's Secretary C G Patel that "the stand taken on both the earlier occasions of claiming privilege with respect to correspondence between the former President and the former Prime Minister in connection with the Godhra Sabarmati train carnage was done after due consulation with the Union government.
"In the instant case too, the observations made by the Commission in its order dated September 6, 2005, have been brought to the notice of the Union government for its advice.
As soon as such advice is received and duly considered by the President, the same shall be communicated through you to the Ho'ble Commission," he said.
The two-member Commission, after considering the request made by Nair for two week's time, granted it time until October 14.
Earlier, the Rashtrapati Bhavan had, twice, invoked special previleges under Article 74 (2) of the Constitution and Section 123 and 124 of the Indian Evidence Act,1872, after consultation and on advice of the Union government.
Later, talking to mediapersons, Mukul Sinha, counsel for the NGO, Jan Sangarsh Manch, said, "It was really surprising and shocking that the Congress-led UPA Government is not interested in bringing out the truth." Sinha also said so far the emerging picture was that it was Rastrapati Bhavan which was withholding the communication between Narayanan and Vajapayee, but now it seethat the Union government itself was not interested in making the truth public for some unknown reasons.
Earlier, on September 6, Sinha had quoted the 1993 Supreme Court verdict in the R K Jain V/s Union Government case, saying that the special privilege of the Rashtrapati Bhavan under Article 74 (2) could be valid only for three reasons, related to issues involving defence, diplomatic affairs and internal security, which was not the case here.
The Commission had upheld the argument of Sinha that the special privilege under Article 74(2) can be invoked by the Union Cabinet only and not by the President.
In fact, the Cabinet, too, can raise special privilege for the information pertaining to national security.
Sinha also stated that the Commission is a statutory body empowered by the Constitution with judicial powers.
He also maintained that the President did not enjoy absolute powers before the judiciary.
The issue of Narayanan's communication with Vajpayee cropped up in the Commission, after the former President told a Malyalam weekly that he had asked the former Prime Minister to take stern actions in controlling the Gujarat riots.
However, describing the legality of the situation, Sinha clarified that the Commission's order can be challenged by the Rashtrapati Bhavan in the Gujarat High Court.
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