The Hindu Business Line : <I>`Steel'ing the headlines </I>

Media circles in the capital were not sure whether the controversial bid by Mr L. N. Mittal for Arcelor would be brought up by the Prime Minister, Dr Manmohan Singh, during his discussions with the visiting French President, Mr Jacques Chirac. The company and the other Governments have strongly opposed it. But from India, it was the lone voice of the Commerce and Industry Minister, Mr Kamal Nath, who publicly spoke up for Mr Mittal. One view that prevailed in India was that the Government had no real reason to intervene because there is no Indian connection to Mittal Steel, except that Mr Mittal was born in India. Another argument against any intervention was that India should keep its options open against hostile takeovers because it is possible that some multinational company could try a similar bid on an Indian major. Convinced with this line of thinking, the media at the joint press conference of Dr Manmohan Singh and Mr Chirac, wanted a confirmation that the matter had not figured in the official talks. But, surprisingly, the Prime Minister confirmed having brought up the issue. Now, speculation is on as to why he did so.

Bush-Budget clash

Though the dates have not yet been made public, the Finance Ministry is a bit wary of the forthcoming visit of the US President, Mr George Bush. But the Ministry's concerns are different from those of the Left parties. The Finance Ministry's apprehension is that the media coverage of the US President will edge out the Budget coverage. Mr Bush is to arrive the day after the Budget.

Traders' party

The Manmohan Singh Government's policy initiative of allowing foreign direct investment in single-brand retail has got the Bhartiya Janata Party and the Communists on one platform. At a recent protest meeting organised by traders' associations, the BJP leader, Mr Murli Manohar Joshi, could not resist a dig at the CPI General Secretary, Mr A. B. Bardhan, when he rose to address the meeting. "Oh, you too have landed up in a traders' meeting," he told the Communist leader. The irrepressible Mr Bardhan shot back: "Do you think you have some sort of monopoly on the trading community?" Mr Joshi sheepishly muttered "we have always been known as a traders' party."

Vastu power?

The new Power Minister, Mr Sushil Kumar Shinde, seems to have honed his skills in renovation during his stint at the Hyderabad Raj Bhavan. With the power sector in dire need for a heady dose of reforms, the Minister seems to have started the process by reforming his office location on the first floor of Shram Shakti Bhavan. The Minister's office has now been shifted from its earlier location to the other side of the building's central corridor, where the Ministerial staff used to be seated. The buzz is that vastu shastra and the "less than propitious fate" of the earlier four incumbents are among the reasons said to have prompted the new Power Minister to go in for the shift in the Ministerial chamber.

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