Paraguay’s President removed through impeachment

Paraguay’s Senate removed President Fernando Lugo from office in a rapid impeachment trial on Friday, and the leftist former priest said he was stepping aside even though he considered his ouster a blow to democracy.

Vice-President Federico Franco was promptly sworn in as President after tense hours during which Mr. Lugo’s supporters massed in the streets facing off with riot police. The outgoing President, who was elected on pledges of helping the poor, averted the potential for a bigger conflict by appearing on television and saying he would comply with the Senate’s vote.

Raja Parvez Ashraf: New Pak PM

Raja Parvez Ashraf, a Pakistan Peoples Party (PPP) loyalist elected new PM with 211 votes in the National Assembly, well above the halfway mark of 172.  Raja Parvez Ashraf, enters the office with a corruption case, already in the Supreme Court, that earned him the nickname ‘Raja Rental’.

Huge penalty slapped on cement firms for cartel sale

Competition Commission of India (CCI) has slapped a hefty penalty of over Rs.6,300 crore on 11 cement producers, who were found violating the provisions of the Competition Act, 2002. The Act deals with anti-competitive agreements, including cartels.

The Commission has imposed a penalty on them “at 0.5 times of their profits for the years 2009-10 and 2010-11.’’

The 11 cement firms are: ACC, Ambuja Cements, Ultratech Cements, Grasim Cements (now merged with Ultratech). J.K. Cements, The India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements.