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Man waylaid near Landran, robbed at gunpoint

A resident of Balachaur was allegedly robbed of Rs 2.5 lakh at gun-point on the Landran-Banur road this morning. According to the police, Varinder Kumar, a businessman from Balachaur, was going to Delhi when he was looted by two youths, who also bashed up his driver.

Varinder Kumar, a cloth merchant, told the police that he was going to Delhi to buy merchandise. He was carrying a briefcase that contained Rs 2.5 lakh. He said when his car reached Tangori village, he saw a truck and a Maruti car were parked ahead blocking the road. His driver halted the car and before they could react, two youths came out of the Maruti car. While one started bashing up the driver, the other, who seemed to be carrying a gun, asked Varinder Kumar to hand over his purse, the briefcase and the other bags to him.


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The federal funds rate, the price bankers charge each other for overnight loans, was 5.25 percent from June 2006 to September 2007. The rate, after a round of recent cuts, today is 3.25 percent. Markets indicate that traders expect another half-point cut in the months to come. Nariman Behravesh, chief economist of the forecasting firm Global Insight, predicts short-term rates will drop another full percentage point by the end of April.

"There's always the tendency, when you come in as a new central banker, to prove yourself to the fraternity that you're an inflation hawk," Brinner said. "Ben was doubly inclined to do so with his misguided ideas on inflation targeting."

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