Inside Jobs: Why Facebook’s Hardware Engineering Head Likes Getting His Hands Dirty

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Inside Jobs: Why Facebook’s Hardware Engineering Head Likes Getting His Hands Dirty

No Hands, No Helmet - Mullah Riding Motorcycle

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No Hands, No Helmet - Mullah Riding Motorcycle

EU has ‘blood on its hands’ over Ukraine – UKIP leader

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EU has ‘blood on its hands’ over Ukraine – UKIP leader

Wake Up America! - Navy SEAL Hands Obam

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Wake Up America! - Navy SEAL Hands Obam

India’s new flagship: Russia hands over modernized aircraft carrier to Delhi (VIDEO)

India’s new flagship: Russia hands over modernized aircraft carrier to Delhi (VIDEO)
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Published time: November 16, 2013 17:45

INS Vikramaditya during sea trails (Photo: Indian Navy)

Download video (19.59 MB)

The Indian Navy has received the 44,500-ton Vikramaditya aircraft carrier at the Russian shipbuilding complex in Severodvinsk. The much awaited carrier was fully refurbished for US$ 2.3 billion, and will now become India’s game-changing flagship.

Russian deputy Prime Minister Dmitry Rogozin and Indian Defense Minister AK Antony attended the handing over ceremony at the Sevmash shipyard of the northern Arctic port city, along with other senior government and naval officials of the two countries.

During the ceremony, a Russian flag on the vessel was lowered, and the flag of the Indian Navy was raised in its place. This was followed by a traditional Indian ritual, in which a coconut was smashed against the ship’s side. The ship’s new captain, Suraj Berry, and the deputy director of Russia’s arms export agency Rosoboronexport, Igor Sevastyanov, signed the final handover papers.

Rogozin called the carrier “a mighty contribution to security of India,” adding that India remains a privileged strategic partner of Russia. The ceremony comes just two days ahead of the meeting of the Indo-Russian Inter-Governmental Commission on military-technical cooperation.

Originally commissioned in 1987 as a Soviet Kiev-class aircraft carrier, the ship was deemed too costly for the Russian military budget and was deactivated in 1996. The aircraft carrier – then called ‘Admiral Gorshkov’ – caught India’s attention, and, following years of talks, a Russian-Indian deal for the ship was signed.

In order to match the demands of the Indian Navy, the carrier had to be fully modernized and converted from a hybrid carrier/cruiser to a pure carrier with a ski-jump ramp to fit multirole MiG-29K (Fulcrum-D) fighters.

The refurbishment work, which eventually saw over 70 percent of the ship and equipment replaced, was overshadowed by several delays and cost increases, leading to a diplomatic exchange and tightening of supervision. It became apparent in the process that the Russian shipbuilders underestimated the cabling work costs, and the initial $ 974 million price tag grew to about $ 2.35 billion. Some construction flaws also had to be fixed following the 2012 tests.

The purchase of INS Vikramaditya has been crucial for the Indian Navy, as its British-made INS Viraat, originally commissioned by the UK’s Royal Navy in 1959 as HMS Hermes, has been scheduled for retirement. India’s first indigenous Vikrant-class aircraft carrier has also been experiencing delays. It was launched two years behind schedule in August, with the expected service entry date being 2018.

Now that Vikramaditya is set to be escorted from Russia’s north to the Indian Ocean, India becomes one of the few nations in the world to have more than one aircraft carrier in service – the others being the US, the UK, and Italy. With two ships of that class, India will have the capability to promptly project force on both sides of the Hindustan Peninsula in the increasingly militarized region. Previously, India’s retired carrier INS Vikrant played a key role in enforcing the naval blockade on East Pakistan during the Indo-Pakistan War of 1971.

As for Russia, which currently has one aircraft carrier (Admiral Kuznetsov), it has “no need for [another] ship of the same class,” Rogozin said on Saturday. Calling the fact of having more aircraft carriers “a geopolitical issue,” the Russian deputy prime minister stressed it is “not the issue of the country’s defense capability.” Meanwhile, Russia awaits the delivery of two Mistral-class helicopter carriers from France.

The new Indian flagship was redesigned by Russian shipbuilders to carry 16 MiG-29K fighters and up to 10 Ka-27 and Ka-31 helicopter gunships. With the ship’s length being 284 meters and her beam nearly 60 meters, INS Vikramaditya stretches to an area as large as three football fields and has 22 decks for housing more than 1,600 crew members. It has been estimated that the ship can operate up to 45 days without replenishment, while having the capability to cover 1,400 kilometers a day and maintaining a “surveillance bubble” of a 500 kilometer radius.

RT – News

Read more about India’s new flagship: Russia hands over modernized aircraft carrier to Delhi (VIDEO) and other interesting subjects concerning NSA at TheDailyNewsReport.com

Boston Martial Law Victim: "We Put Our Hands Up and They Searched Us."

Boston Martial Law Victim: "We Put Our Hands Up and They Searched Us."

Gambling addict hands himself in after Ladbrokes robbery

ECB hasn"t tied its hands with guidance, says Weidman

Germany’s federal reserve Bundesbank President Jens Weidmann poses in front of the Bundesbank headquarters during a photo shoot with Reuters in Frankfurt May 17, 2013.

Credit: Reuters/Kai Pfaffenbach

MUNICH | Thu Jul 11, 2013 5:28am EDT

MUNICH (Reuters) – The European Central Bank has not “tied itself to the mast” with its use of forward guidance on low interest rates, and could raise them if inflationary pressures emerge in the future, ECB policymaker Jens Weidmann said on Thursday.

Abandoning its traditional policy of never pre-committing on future rates, the ECB said a week ago it would keep its interest rates at present or lower levels for an “extended period” – its first use of so-called forward guidance.

Markets are trying to assess how long this period could be.

The ECB offered some clarity in its monthly bulletin, also released on Thursday, saying forward guidance was consistent with, but not directly linked to, its decision in May to extend the full allotment liquidity policy until July 2014.

“The extended period of time over which the Governing Council currently expects the key ECB interest rates to remain at present or lower levels is a flexible horizon which does not pre-specify an end-date but is conditional on the Governing Council’s assessment of the economic fundamentals that determine underlying inflation,” it added in the bulletin.

In a speech in Munich Weidmann, a staunch defender of the ECB’s mandate to contain inflation, also stressed that the ECB’s monetary policy stance was conditional on economic developments.

He said the ECB’s expectation that interest rates would remain at record lows for an extended period was justified by a subdued inflation outlook and a weak economic environment.

But he added that the ECB’s policy move last week “is not a historic change in monetary policy communication” but simply an effort to give more guidance in a time of high uncertainty.

“It is not an absolute advanced commitment of the interest rate path,” he said in the text of his speech. “The ECB Council has not, like Odysseus, simply tied itself to the mast.”

Another ECB policymaker, Joerg Asmussen, said on Tuesday the “extended period” of forward guidance meant “… not six months, it’s not 12, it goes beyond.”

The ECB later on Tuesday issued a statement saying Asmussen had not intended to give any guidance on the exact length of time for which it expects to keep rates at record lows.

Weidmann said low rates “are not without side effects”.

“Even if these are justified for monetary policy, we may not close our eyes to them: they can lead to reforms and necessary structural changes being deferred. Financial stability risks can grow,” he said. “These side effects increase with time in the low interest rate phase.”

The ECB took the unprecedented step of using forward guidance last week in response to market volatility, which set in after the U.S. Federal Reserve last month set out a plan to begin slowing its stimulus.

In the monthly bulletin, the ECB also said that the scope for interest rate cuts had not been exhausted.

“The key ECB interest rates can be reduced further if warranted by the evolving outlook for price stability,” the central bank said.

Expressing satisfaction at the market reaction to its guidance move, the ECB said in its monthly bulletin that “after the Governing Council’s communication on 4 July the forward rates based on overnight index swaps have declined appreciably”.

(Reporting by Irene Preisinger, writing by Paul Carrel; Editing by Toby Chopra)

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Reuters: Business News

ECB hasn"t tied its hands with guidance, says Weidman