Mt. Gox Allows Users to Check Bitcoin Balances With New Login Screen


Bitcoin

Bitcoin



Collapsed bitcoin exchange Mt. Gox has provided a balance confirmation service on its website, allowing users to log in and confirm how much the exchange owes them.


The website also gives a legal announcement under the login option, saying the service is meant for the convenience of all users.


"This balance confirmation service is provided on this site only for the convenience of all users," the statement says.


"Please be aware that confirming the balance on this site does not constitute a filing of rehabilitation claims under the civil rehabilitation procedure and note that the balance amounts shown on this site should also not be considered an acknowledgment by MtGox Co., Ltd. of the amount of any rehabilitation claims of users."


"Rehabilitation claims under a civil rehabilitation procedure become confirmed from a filing which is followed by an investigation procedure. The method for filing claims will be published on this site as soon as we will be in situation to announce it."


Mt. Gox balance confirmation service

Mt. Gox balance confirmation serviceMt. Gox



Japan's MtGox, which had hosted 80% of the world's bitcoin trades, collapsed after losing about 850,000 bitcoins to DDoS attacks. The company filed for bankruptcy protection in Japan on 28 February.


Possible Hoax?


After the service launch by Mt. Gox, a reddit account in the name of former Mt. Gox support agent Marion said the exchange's server has been compromised and the login option on the website is a scam to steal passwords.


"DO NOT LOG IN PLEASE. ffs this is getting ridiculous, I have been notified that the server hosting MtGox has been compromised, if you have logged in they now have your account password, not sure what they could do with it at this point but the malicious intent is obvious. For the record, I do NOT work for MtGox anymore," reddit user marionxd wrote.


Subsequently, other reddit users found the marionxd account to be fake and Mt. Gox server is not hacked. Some have logged into the their Mt. Gox accounts and have been able to see correct balances.



Strong Stomachs Only: The World's Weirdest Foods


The menu at the 110th Explorers Club Annual Dinner at the Waldorf Astoria in New York featured an array of insects, wildlife, animal body parts and invasive species. The dishes served up to Jeff Bezos, Buzz Aldrin, Elon Musk and other distinguished guests included scorpion cupcakes, fried tarantulas and goat penises on skewers.


These dishes got us thinking: What are the world's most off-putting delicacies? You'll need a pretty strong stomach for some of these.



Amazon Chairman and CEO Jeff Bezos samples cooked cockroach at the 110th Explorers Club Annual Dinner at the Waldorf Astoria in New York

Amazon Chairman and CEO Jeff Bezos samples cooked cockroach at the 110th Explorers Club Annual Dinner at the Waldorf Astoria in New YorkReuters



Chefs at the Explorer Club Dinner serve a whole roasted ostrich...

Chefs at the Explorer Club Dinner serve a whole roasted ostrich...Reuters



...and goat penises on a stick

...and goat penises on a stickReuters



Casu marzu, or 'rotten cheese', is a traditional Sardinian sheep milk cheese, containing live maggots. The larvae of the cheese fly Piophila casei break down the fats, resulting in a soft cheese with some liquid named lagrima, or 'tears', seeping out

Casu marzu, or 'rotten cheese', is a traditional Sardinian sheep milk cheese, containing live maggots. The larvae of the cheese fly Piophila casei break down the fats, resulting in a soft cheese with some liquid named lagrima, or 'tears', seeping outWikimedia Commons/Shardan



A street vendor sells 'Virgin boy eggs' in Dongyang, Zhejiang province, China. Eggs boiled in the urine of prepubertal boys are thought to improve circulation and rejuvenate the body. The urine is either donated directly into the vendors' buckets or collected from school toilets.

A street vendor sells 'Virgin boy eggs' in Dongyang, Zhejiang province, China. Eggs boiled in the urine of prepubertal boys are thought to improve circulation and rejuvenate the body. The urine is either donated directly into the vendors' buckets or collected from school toilets.Reuters



A woman cooks guinea pigs in Huacho, Peru, home to an annual festival that celebrates the rodent, which is native to the Andes. The festival features a guinea pig fashion show and stalls serving various guinea pig dishes

A woman cooks guinea pigs in Huacho, Peru, home to an annual festival that celebrates the rodent, which is native to the Andes. The festival features a guinea pig fashion show and stalls serving various guinea pig dishesReuters



A waiter displays plates containing yak penis and donkey penis at the Guolizhuang penis restaurant in Beijing which offers more than 30 types of animal penises served in a Chinese hotpot style. According to traditional Chinese medicine, the penis of certain animals is full of nutrients which give men energy. It is also said to have excellent cosmetic effects for women

A waiter displays plates containing yak penis and donkey penis at the Guolizhuang penis restaurant in Beijing which offers more than 30 types of animal penises served in a Chinese hotpot style. According to traditional Chinese medicine, the penis of certain animals is full of nutrients which give men energy. It is also said to have excellent cosmetic effects for womenReuters



A man eats a part of a dabb lizard in a desert near Tabuk, Saudi Arabia. The lizards, which are considered a delicacy in some parts of the Middle East, are caught in the spring season and can be grilled or eaten raw. According to popular belief, their blood strengthens the body and treats diseases

A man eats a part of a dabb lizard in a desert near Tabuk, Saudi Arabia. The lizards, which are considered a delicacy in some parts of the Middle East, are caught in the spring season and can be grilled or eaten raw. According to popular belief, their blood strengthens the body and treats diseasesReuters



A man inspects donkey cheese in the Serbian village of Kukujevci. The cheese, made from donkey milk, is the most expensive cheese in the world, selling for 1,000 euros per kilogram

A man inspects donkey cheese in the Serbian village of Kukujevci. The cheese, made from donkey milk, is the most expensive cheese in the world, selling for 1,000 euros per kilogramReuters



People eat dog meat at a restaurant in Seoul, South Korea

People eat dog meat at a restaurant in Seoul, South KoreaReuters



A man looks at deep-fried scorpions and seahorses displayed for sale at a food stall in Beijing

A man looks at deep-fried scorpions and seahorses displayed for sale at a food stall in BeijingReuters



A food stand sells culinary delights such as deep fried butter and chocolate bacon at the San Diego County Fair in Del Mar, California

A food stand sells culinary delights such as deep fried butter and chocolate bacon at the San Diego County Fair in Del Mar, CaliforniaReuters






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Gold Hits Six Month High as Moscow Sanctions Loom


Gold prices hit fresh six-month highs on 17 March

Gold prices hit fresh six-month highs on 17 March.Reuters



Gold prices hit six month highs as the possiblity of western sanctions against Moscow relating to the Russia-Crimea referendum boosted the yellow metal's safe haven status.


Spot gold struck $1,391.76 an ounce in morning trade and was down 0.1% to $1,380.05 by 11:04 GMT.


US gold futures struck $1,392.60 an ounce, before trading at $1,378.80.


Traders now await the US Federal Reserve's 19 March monetary policy decision, which is expected to influence bullion prices. The world's most powerful central bank is likely to announce another $10bn cut to its asset-buying stimulus.


VTB Capital said in a note to clients: "The Federal Open Market Commission (FOMC) March policy statement on [19 March] will steal market's attention, but until then gold will trade on risk sentiment still watching Ukraine."



...correction potential is building up which would come into play if the Crimean crisis were to ease.


- Commerzbank Corporates & Markets



Commerzbank Corporates & Markets said in a note: "Gold temporarily climbed to a new six-month high of over $1,390 per troy ounce as the week began. In euro terms, gold briefly rose above the €1,000 per troy ounce mark again for the first time since the end of September. That said, there is no sign whatsoever of market players panicking after the weekend's Crimean referendum - they are clearly waiting to see how the EU and the US will react. [17 March] will see EU foreign ministers meet in Brussels to discuss further sanctions against Russia.


"If further-reaching sanctions were to be imposed, gold would doubtless remain attractive as a safe haven. As the Commodity Futures Trading Commission's (CFTC) statistics published on [14 March] evening show, the increase in the price of gold remains largely driven by speculation, especially given that physical demand in recent weeks has been somewhat subdued - with the exception of the ETF inflows. In the week to 11 March, for example, net long positions were expanded for the fifth consecutive week, bringing them to 106,000 contracts."


"Even if the geopolitical risks and concerns about an economic cooldown in China suggest that prices will continue to rise in the short term, correction potential is building up which would come into play if the Crimean crisis were to ease," Commerzbank added.


Investors Betting on Rising Gold Prices

Investors Betting on Rising Gold Prices.US CFTC, Bloomberg, Commerzbank Corporates & Markets



Hedge funds and other money managers raised their bets in gold futures and options for a fifth straight week to the most bullish stance since mid-December 2012, data from the CFTC showed on 14 March.


Holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, rose 3.29 tonnes to 816.59 tonnes on 14 March.


Gold prices have gained some 15% so far this year.



Saudi's 100-Year-Old Beggar Woman Leaves Millions in Will


saudi beggar

The woman is said to have earned three million Saudi Royals from begging on streets of Jeddah(Reuters)



A 100-year-old Saudi Arabian woman who spent most of her life as a beggar has left behind a fortune following her death.


The woman, known only as Eisha, was said to have built up a fortune of 3m Saudi riyals (£480,000, $800,000) along with jewellery worth an additional 1m riyals and real estate which included four buildings in her hometown of Jeddah, according to the Saudi Gazette.


The woman, who was blind, was said to have been a beggar for at least 50 years, along with her mother and sister. She inherited most of the money after both her sister and mother died, it was claimed.


Ahmed al-Saeedi, a friend of Eisha, said that the will dictated that the money had to be given away.


"They used to get a lot of sympathy and assistance from philanthropists throughout the year, especially during Eid. Eisha continued to beg after the deaths of her mother and sister," he said.


"She was just an old, blind woman who did not have any relatives in this world.


"I asked her to give up this profession as she possessed a huge amount of wealth but she always refused and said she was preparing for hard times."


Eisha also asked that the tenants of her properties be evicted and the buildings given to the government.


The district chief of Al-Balad, Tal'at Ghaith, said he had acknowledged that Saeedi had notified the relevant authorities about Eisha's fortune and property.



Primark Pays Rana Plaza Factory Collapse Victims Extra $10m


Primark Pays Rana Plaza Factory Collapse Victims Extra $10m

Primark Pays Rana Plaza Factory Collapse Victims Extra $10mReuters



Primark is pledging to pay Rana Plaza disaster survivors and the victims' families an extra $10m in compensation after the factory collapse killed more than 1,100 people.


Primark revealed in a statement that it will stump up the extra amount, on top of the $2m (£1.2m, €1.4m) it paid, in in short-term financial support and food distribution.


Around 90% of the extra compensation paid out will go directly to 580 workers of its supplier in Rana Plaza or their dependants, and another $1m to the fund.


Last month, Amsterdam-based Clean Clothes Campaign (CCC), a lobbying group for better conditions in the garment industry, launched a major campaign calling on all clothing brands who source from Bangladesh to immediately pay into the Rana Plaza Donors Trust Fund.


The fund was established to compensate the survivors and victims' families, and run by the International Labour Organisation (ILO).


The group called on major international brands Benetton, KiK, Primark and Children's Place, who were sourcing from factories in Rana Plaza at the time of the collapse or in the recent past, to make significant contributions to the fund.


So far, clothing brands such as Primark, El Corte Ingles, Mascot, Mango, Inditex and Loblaw have publicly committed to donating to the fund.


About $40m is required to ensure all those injured and the families of those killed are fairly compensated, the group said.


"Compensation efforts to date have been completely haphazard, unequal, unpredictable and non-transparent, and have left large groups of victims with nothing," said Ineke Zeldenrust of the CCC.


"The collapse of Rana Plaza is symptomatic of an industry wide problem, and we encourage the entire industry to make generous contributions."


The harsh and unsafe working conditions in Bangladesh's garment factories that employ about 3.6 million people were tragically highlighted after the collapse of the eight-storey Rana Plaza building on 24 April 2013, killing more than 1,100 people.


In addition, the sector has suffered numerous fires, including a November 2012 blaze that killed 112 workers.


Bangladesh is the world's second-largest garments exporter behind China.


Following the accidents, authorities in Bangladesh and clothing companies, especially in the US and Europe, have pledged to improve safety standards at the country's factories. Europe and the US account for 60% and 23% of clothes exports from Bangladesh, respectively.



Kardashian and Kim: Reality Star Compared to North Korean Dictator


Kim Kardashian and Kim Jong-un

The duo are the most famous Kims in the world.Reuters



Kim Kardashian fans have slammed the Mail Online after it compared the reality star to North Korean dictator Kim Jong-un in a controversial billboard.


The advert, which is part of the newspapers new promotional campaign, shows the world's most famous Kims side by side with the tagline: "The Kims. They are on the same page."


But the poster, which appeared on Sunset Strip in Hollywood, drew mixed reactions .


"This is so distasteful. Poor Kim " one fan said, although it was not clear which one the fan was referring to.








This is not the first time the duo's similarities have been highlighted. In December, the Mail Online ran a comparison story after they both went on separate skiing trips around the same time.


While the 33-year-old Keeping up with the Kardashians star hit the slopes with her fiancé Kanye West, daughter North and other members of her close-knit family, the North Korean leader took in the scenery from a chairlift.


"What a waste of column space reporting on these two complete wastes of space. One a little fat commie egomaniac, the other a little air-headed Z-lister," one critic said.


Kardashian, who is preparing to marry West in a lavish Parisian wedding, has not commented on the billboard.



Indian Diplomat Devyani Khobragade Re-Indicted after Acquittal by US Court


India-US diplomatic row

Indian diplomat Devyani Khobragade gives the "namaste" gesture of greeting upon her arrival at Maharashtra Sadan state guesthouse in New DelhiReuters



A grand jury in the US has re-indicted Indian diplomat Devyani Khobragade in the much-publicised "visa fraud" case which had led to several retaliatory measures from India and severely strained relations between the two countries.


Khobragade has been charged with underpaying her Indian maid Sangeeta Richards and making false representations to US immigration about her maid's salary in the US by having two different remuneration contracts with her.


The diplomat reportedly provided evidence to refute the charge.


The 21-page indictment, filed by Indian-born US Attorney Preet Bharara, claims that Khobragade "illegally" underpaid and "exploited" her domestic maid, even as an arrest warrant was issued against the diplomat.


"An arrest warrant was also issued today. The government will alert the court immediately upon the defendant's arrest so that an appearance before Your Honour may be scheduled. At present, the defendant is believed to be in India," Bharara said in a letter to William Pauley, a US district Judge.


The new indictment comes just two days after another US judge had acquitted her on grounds of diplomatic immunity.


US District Judge Shira Scheindlin in Manhattan had pronounced that "even if Khobragade had no immunity at the time of her arrest and has none now, her acquisition of immunity during the pendency of proceedings mandates dismissal."


"The government may not proceed on an indictment obtained when Khobragade was immune from the jurisdiction of the court," Scheindlin had written in her statement.


Judge Scheindlin did not, however, bar the prosecution from bringing new indictments against Khobragade on the very allegations she was acquitted of.


James Margolin, a spokesman for Bharara, had said that they "intend to proceed accordingly" to bring in indictment for Khobragade's "criminal conduct".


The Indian government is upset over the re-indictment. Syed Akbaruddin, spokesman for the Indian external affairs ministry pointed out that US has no jurisdiction over her in India, and the government will no longer engage with the US legal system on the case.


Akbaruddin told reporters: "This was an unnecessary step. Any measures consequent to this decision in the US, will unfortunately impact upon efforts on both sides to build the India-US strategic partnership, to which both sides are committed."



Malaysia Airlines MH370: Co-Pilot Fariq Abdul Hamid's Final Message Sent 12 Minutes After System Shut-down


Malaysia's acting Transport Minister Hishammuddin Hussein shows two maps with corridors of the last known possible location of the missing Malaysia Airlines MH370

Malaysia's acting Transport Minister Hishammuddin Hussein shows two maps with corridors of the last known possible location of the missing Malaysia Airlines MH370Reuters



The chief executive of Malaysia Airlines has revealed that the final words from missing flight MH370 were a simple "alright, good night" to ground control, 12 minutes after the key signalling system was manually switched off.


Ahmad Jauhari added that the words were spoken by co-pilot Fariq Abdul Hamid, but stopped short of saying whether there was any sign of stress in the voice.


Reports suggest the Aircraft Communications Addressing and Reporting System (Acars), which transmits to the ground key information on a plane's condition, was deliberately shut down.


Jauhari said that the last Acars transmission was at 1.07am. Civil aviation chief Azharuddin Abdul Rahmanadded stated that the "all right, good night" message from the cockpit was issued at 1.19am.


A daily press conference on the missing flight failed to spread light on the whereabouts of the plane.


Malaysia's transport minister Hishammuddin Hussein said that over the past 48 hours the number of countries involved in the search increased to 26, with China and France both joining the investigation team.


Hishammuddin also said that Australian Defence commenced planning to provide two additional AP‑3C Orions within the next 24 hours.


He also said that "search and rescue operations in the northern and southern corridors have already begun".


Hishammuddin said that Malaysia "has been co-operating with the FBI, Interpol and other relevant international law enforcement authorities since day one", dismissing speculation that Kuala Lumpur held back information about MH370 movements.



FLIGHT MH370 FACTBOX


Flight MH370 took off from Kuala Lumpur International Airport en route to Beijing at 00:41 on Saturday 8 March (16:41 GMT Friday).


About 50 minutes later, the aircraft lost contact with air traffic control.


No distress call was made.


On board, there were 12 Malaysian crew members and 227 passengers from 14 countries. They included 153 Chinese and 38 Malaysians.


Two Iranian male passengers, Pouria Nour Mohammad Mahread and Delavar Syed Mohammad Reza, were travelling on fake passports. Neither had any apparent links to terrorist groups.


No debris from the plane has been found in the international search.


At least 10 countries, including China, the US and Singapore, are using a total of 42 ships and 39 aircraft to search for the missing plane in the South China Sea, the Malacca Strait and the Andaman Sea.




World Stocks Subdued by Possible Western Sanctions on Russia


World Stocks Near One-Month Low Amid Imminent Western Sanctions on Russia

World stocks near one-month low amid imminent western sanctions on Russia.Reuters



Global equities hovered near a one-month low on 17 March as investors contemplated the economic impact of potential western sanctions on Moscow, after Russia won the Crimea vote on 16 March.


The MSCI world equity index, which tracks shares in 45 nations, was largely steady on the day, trading near the one-month low hit on 14 March.


Market players are worried that sanctions on Moscow, which could negatively impact Russia's already deteriorating economy, could also impact European firms exposed to Russia.


Russian intervention in the Crimean peninsula could create a new cold war in Europe, British foreign minister William Hague warned on Monday.


Lloyds Bank said in a note to clients: "From an economic perspective, data releases [on 17 March] are likely to play second fiddle to the Ukrainian reaction. The final estimate of euro area HICP inflation is rarely a cause of much interest.


"Following surprising stability in February after declines recorded in German and Italian rates (broadly explained by increases in Spanish and French rates) and the growing debate about further policy stimulus from the ECB in response to deflation risks, markets will pay today's release some heed. We forecast no change to the preliminary estimate."


"The US sees a number of releases. After months of activity indicators being depressed by an extreme winter, the first indicators for March should begin to post firmer readings. We forecast rebounds in both the Empire State survey (to 8 from 4.5 last time around) and the NAHB construction survey (to 51 from 46).


"Both would remain subdued by pre-winter standards, but unseasonal weather still affected the US in early March and it may be another month before we can be confident that the data are completely free of distortion. The US also publishes February's industrial output. We forecast a flat outturn, despite expecting some rebound in manufacturing production following January's steep decline," Lloyds added.


In Asia


Earlier in the day, in Asia, Japan's benchmark Nikkei share average led losses and finished 0.35% lower. The Shanghai Composite index was the best performer in the region, finishing 0.96% higher.


The MSCI's broadest index of Asia-Pacific shares outside Japan was flat, staying near 14 March's one-month low. It dropped 2.9% in the week ended 15 March, its biggest decline in more than six months.


Crimea Vote


Russian news outlets reported on 16 March that 95.5% of Crimeans voted to leave Ukraine and join the Russian Federation.


Russia's lower house of parliament has said it would pass legislation allowing Crimea to join the federation in the "very near future."


Meanwhile, US President Barack Obama, rejecting the referendum result, warned Russian President Vladimir Putin that the US was ready to impose sanctions on Moscow.


Wall Street Down


On Wall Street, indices ended lower on 14 March ahead of the vote in Crimea.


The Dow ended 43.22 points, or 0.27%, lower at 16,065.67. The index finished 2.4% lower for the week ended 15 March.


The Nasdaq finished 15.02 points, or 0.35%, lower at 4,245.40 points. The index lost 2.1% for the week, the worst weekly decline in 11 months.


The S&P 500 closed 5.21 points, or 0.28%, lower at 1,841.13. The index shed 2% for the week.



Hot Shots Photos of the Day: Pink Bra Toss, Magic Tattoos, Monkey Hay Fever


Women toss their bras into the air during the Pink Bra Spring Toss near the Eiffel Tower in Paris to support Pink Bra Bazaar, a charity dedicated to breast health education and supporting women diagnosed with breast cancer

Women toss their bras into the air during the Pink Bra Spring Toss near the Eiffel Tower in Paris to support Pink Bra Bazaar, a charity dedicated to breast health education and supporting women diagnosed with breast cancerReuters



Irish dancers participate in the annual St Patrick's Day Festival as it passes Trafalgar Square in London

Irish dancers participate in the annual St Patrick's Day Festival as it passes Trafalgar Square in LondonGetty



A man dressed as a leprechaun stands beside the Chicago River which was dyed green to celebrate St Patrick's Day

A man dressed as a leprechaun stands beside the Chicago River which was dyed green to celebrate St Patrick's DayReuters



Coloured water is thrown at a man during Holi, the Festival of Colours, in the southern Indian city of Chennai

Coloured water is thrown at a man during Holi, the Festival of Colours, in the southern Indian city of ChennaiReuters



A devotee takes part in the annual Magic Tattoo Festival at Wat Bang Phra in Nakhon Prathom province, Thailand. People flock to the monastery to have their bodies adorned by the temple's master tattooist. They believe the tattoos have mystical powers

A devotee takes part in the annual Magic Tattoo Festival at Wat Bang Phra in Nakhon Prathom province, Thailand. People flock to the monastery to have their bodies adorned by the temple's master tattooist. They believe the tattoos have mystical powersReuters



People dressed as zombie soldiers take part in a

People dressed as zombie soldiers take part in a "Zombie Walk" on the Jewish holiday of Purim in Tel Aviv, IsraelReuters



A 21-year-old Japanese macaque named Monday is pictured suffering from an allergy to tree pollen at Awajishima Monkey Centre in Sumoto, Japan. Snow monkeys often suffer from the effects of hay fever at this time of year, with the typical symptoms similar to those of humans

A 21-year-old Japanese macaque named Monday is pictured suffering from an allergy to tree pollen at Awajishima Monkey Centre in Sumoto, Japan. Snow monkeys often suffer from the effects of hay fever at this time of year, with the typical symptoms similar to those of humansGetty



Mo Farah is treated by medical personnel after collapsing at the finish line at the 2014 New York City Half Marathon

Mo Farah is treated by medical personnel after collapsing at the finish line at the 2014 New York City Half MarathonGetty



Aleksey Chuvashev, a rowing Paralympian, climbs a rope using just his hands to set off fireworks during the closing ceremony of the 2014 Paralympic Winter Games in Sochi, Russia

Aleksey Chuvashev, a rowing Paralympian, climbs a rope using just his hands to set off fireworks during the closing ceremony of the 2014 Paralympic Winter Games in Sochi, RussiaGetty



Fireworks explode after the closing ceremony of the 2014 Paralympic Winter Games in Sochi, Russia

Fireworks explode after the closing ceremony of the 2014 Paralympic Winter Games in Sochi, RussiaGetty



People wrapped in Russian flags watch as celebratory fireworks explode after the preliminary results of the referendum are announced on Lenin Square in Simferopol

People wrapped in Russian flags watch as celebratory fireworks explode after the preliminary results of the referendum are announced on Lenin Square in SimferopolReuters



Marcus Ehning of Germany rides Cornado NRW to victory in the Grand Prix Hermes of Paris inside the Grand Palais

Marcus Ehning of Germany rides Cornado NRW to victory in the Grand Prix Hermes of Paris inside the Grand PalaisGetty



Riders and their horses compete on the frozen Yenisei River during the 44th Ice Derby near Novosyolovo, south of the Siberian city of Krasnoyarsk

Riders and their horses compete on the frozen Yenisei River during the 44th Ice Derby near Novosyolovo, south of the Siberian city of KrasnoyarskReuters



Carl Edwards celebrates with a backflip after winning the Nascar Sprint Cup Series Food City 500 in Bristol, Tennessee

Carl Edwards celebrates with a backflip after winning the Nascar Sprint Cup Series Food City 500 in Bristol, TennesseeGetty



A girl looks at planes through a window of the departure hall at Kuala Lumpur International Airport

A girl looks at planes through a window of the departure hall at Kuala Lumpur International AirportReuters



A Japanese coast guard looks out of the window of a Gulfstream V Jet aircraft customised for search and rescue operations as they search for the missing Malaysia Airlines MH370 plane over the South China Sea

A Japanese coast guard looks out of the window of a Gulfstream V Jet aircraft customised for search and rescue operations as they search for the missing Malaysia Airlines MH370 plane over the South China SeaReuters



A TV presenter takes pictures with her mobile phone at Serbia's Progressive Party headquarters in Belgrade

A TV presenter takes pictures with her mobile phone at Serbia's Progressive Party headquarters in BelgradeReuters




India Retains Top Spot in Arms Imports – SIPRI


A Eurofighter Typhoon aircraft performs at Yelahanka air force station

A 'Eurofighter Typhoon' aircraft performs during the inauguration ceremony of the at Yelahanka air force station on the outskirts of the southern Indian city of Bangalore.REUTERS/Vijay Mathur



India has retained its spot as the world's leading arms importer for the third year in a row, according to the Sweden-based Stockholm International Peace Research Institute (SIPRI).


The think tank says India imported about three times as many arms as China and Pakistan in the last five years.


India replaced China as the world's leading arms importer in 2010, accounting for 12% of global arms imports. Even this year, the country's weapons imports are likely to be around $11bn, the NY Times reports.


India's arms imports rose by 59% between 2003 and 2007, about 109% higher than China, the world's second-largest arms importer.


In the last five years, India's top supplier was Russia, which accounts for nearly 75% of Indian arms imports, even though India is now diversifying its sources and seems to be more open to arms purchases from the US.


Russia still has about $39bn of weaponry on order from India, while the US sold only about $1.9bn worth of military equipment to India last year.


But the cost of the latest Indian purchases which included Boeing's C-17A strategic transport aircraft and the P-8I maritime patrol aircraft remarkably surpassed total US exports to Saudi Arabia, one of the top buyers of US arms.


During 2009-13, India was Russia's top buyer accounting for a third of Russia's arms exports market, and is expected to retain the spot for the foreseeable future, even as about 7% of its exports came from the US.


China's domestic arms industry


India's lead over China in arms import can partly be accounted for by the fact that China has been successful in developing its own vibrant domestic arms manufacturing base, beating the UK as the fifth major arms supplier in the world.


Other top arms exporters after China are the US which contributes to 30% of the global arms exports volume, followed by Russia at 26%, Germany 7%, and France 6%.


However, over half of the Chinese arms are bought by Pakistan, which accounts for 55% of the country's exports, followed by Myanmar at 8%, and Bangladesh 7%, according to SIPRI.


"China's rise has been driven primarily by large-scale arms acquisitions by Pakistan," Paul Holtom, director of the SIPRI Arms Transfers Programme, told the Economic Times.


Meanwhile, India's arms-buying spree can be explained by a deficient arms-manufacturing sector that has struggled to keep up with the demands of military in a not-so-benign neighbourhood.


Experts attribute this deficit to corrupt and unproductive government facilities that woefully fall short of expertise or infrastructure to develop weapons on a large scale.


"Our defence industrial base is hopelessly out of date," Manoj Joshi, fellow at Observer Research Foundation, a Delhi-based policy group, told the NY Times. "It needs to be dismantled and handed over to the private sector."


India's share of global arms imports has surged from 7% to 14% in the last five years, ranking eighth in the world in terms of military spending.


"We are seeing trade patterns fundamentally change for the dominant players," Ben Moores, senior analyst at IHS Jane's, a security consultancy, told the Financial Times. "India is outpacing everyone."


India's defence officials feel that India resolutely needs to develop its indigenous arms industry to turn into an exporter from a perpetual importer.