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Drumbeat: Ad Buzzaar

Thursday, May 14, 1998

	Govt flashes China card at the West The Centre is hoping that the "China factor" will bail it out of a hurtful sanction regime the international community is threatening to impose on India after the Pokhran nuclear tests. In fact, the entire exercise is predicated on the assumption that the West will not make India into an international pariah because it can be a countervailing force to China.		Pak vows to hold its own against world pressure Pakistan on Wednesday vowed to reject any "unilateral and discriminatory pressure" on matters of national security and expressed satisfaction "over its ability to respond effectively to new threats" in the light of two more nuclear tests conducted by India on Wednesday. The Defence Committee of the Cabinet (DCC) met on Wednesday in response to the Indian blasts.
	Testing times for US media Theories and stories ranging from the wild to the improbable to the fantastic erupted over the American media as a tidal wave of criticism and condemnation followed India's nuclear tests. Shallow at the best of times, most US media struggled to put pictures, quotes and faces on a story that was far removed from the staple Middle East crisis and European affairs they are used to. The result: a grossly distorted picture about the Indian nuclear tests and Indian policy.		Overseas borrowing to be hit The sanctions imposed by the US government are likely to affect the prospects of Indian companies planning to raise funds in the international markets. Infrastructure projects in the power and port sectors will also be hit as several governments have threatened to review assistance to such projects. The external commercial borrowings (ECB) market for Indian corporates may also witness fluctuations.

Indians overseas swell with patriotic pride over nuclear tests
Indians from all over the world swamped on-line opinion polls on the Internet in a strong show of support for the nuclear tests. Naysayers were drowned out by the Indian cyberati in instant live polls on CNN and Time Magazine online. A simple "Do you support India's decision to test nuclear weapons underground for defensive purposes?" question had elicited a 75% "yes" and 25% "no" answer as of Tuesday night.

Sensex crashes 162 pts, GDRs too dip
The nuclear test and its fallout rocked the stock exchanges in the country on Wednesday. The market sentiment took a severe beating as economic sanctions and the second round of nuclear explosions haunted the stock exchanges for the second successive day. The Sensex nosedived by 162.37 points, or 4.11%, in the selling avalanche. Taking a cue, shares (GDRs) of Indian companies listed on overseas stock exchanges also crashed.

LEISURE
Godzilla treat to Clinton's Primary Colours at Cannes
The desert blooms, Las Vegas style

SPORTS
Rios finds form on clay
Second straight win for Anand

EXPRESSIONS
The new Pak game in the Valley
Strange way to make friends

BUSINESS
Unused aid to counter sanctions impact: MoF
Forward premium on $ shoots up

GENERAL
Killing several birds with one atom
G-15 endorses India's stand on unilateral trade actions

POLITICS
Cong hopes to come out with official line on tests after meet
UF to oppose TDP; to contest lone AP seat