The search
for the missing Flight MH370 will now revert to an area hundreds of kilometers
south of the first suspected crash site, an official said today, as months of
fruitless scouring in the Indian Ocean has failed to crack the unprecedented
aviation mystery. In a dramatic development in the hunt for the Malaysia
Airlines plane, the search area in the Indian Ocean is to be moved back to a
zone 1,800 kilometres west of Perth, previously dismissed in late March. The
new search area, to be focused on when an underwater probe resumes in August,is
not be based on fresh data but on new analysis of the plane's flight path.
"All the trends of this analysis will move the search area south of where
it was. Just how much south is something that we're still working on,"
said Martin Dolan, chief commissioner of the Australian Transport Safety
Bureau. "There was a very complex analysis and there were several
different ways of looking at it. Specialists have used several different
methodologies and bringing all of that work together to get a consensus view is
what we're finalising at the moment," he said. The Joint Agency
Coordination Centre (JACC) will announce next week that the six-week analysis
of all information related to the Boeing 777's flight path has resulted in an
800 km shift in the search area to the south-west, The West Australian
newspaper reported citing US sources. The search area is still located on what
is termed the seventh arc, based on the Britain-based Inmarsat's satellite
signal contact with the plane - just much further south. The areas which will
now be the focus of the search were previously surveyed from the air, but the
undersea hunt was directed north after "pings" were heard which later
turned out to be bogus false alarms. The ATSB has not given out precise details
of the search to be undertaken, but the US sources have said that one of the
two ocean floor mapping vessels, Fugro Equator, is already operating in the new
area, while a second vessel, the Chinese navy's Zhu Kezhen, is en route to the
same area. The Beijing-bound Boeing 777-200 - carrying 239 people, including
five Indians, an Indo-Canadian and 154 Chinese nationals - mysteriously
vanished on March 8 en route to Beijing from Kuala Lumpur.
Correlating the ups and down in the Indian rupee with the stock market, Vijay Bhambwani, CEO, bsplindia.com, suggests that if the rupee continues with its downward fall, the Indian stock market may fall breach October lows and fall further. “If the rupee falls below the 53.0-53.50 mark vis-a-vis the USD, expect a mini meltdown atleast in the equity markets. In that case, the 2250 level (on Nifty) will be breached easily to form a new low. The possibility of that low being below the 2000 levels on the Nifty spot is fairly high,” he says. Bhambwani supports his outlook by comparing the value of rupee at the time of October lows. “The October 2008 lows were made with the INR at 51.20 - 51.40 band. The rupee has breached the 52 level since then. Clearly the nation’s ‘share price’ (currency) indicates weakness. The curency market is a far more accurate barometer of the nation’s health compared to the equity indices. Whether you like it or not, we are under siege. Had it not been March (NAV ...
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