Mumbai, formerly known as Bombay, has been hit by a series of shootouts and attacks late Wednesday night.

The attacks have occurred at extremely affluent and historically safe areas of South Mumbai and inside two luxury hotels: The Taj Mahal hotel opposite the The Gateway of India and The Oberoi Hotel (named The Trident hotel) at Nariman Point, an up-market business area. Both hotels are prominent landmark hotels in Mumbai and all over India.
There is an ongoing hostage situation with both Indian and foreign nationals at the hotels.
Here are some reliable sources you can get updated information about the situation in Mumbai.
Analysis of the Blasts
Citizen Journalism, New Media and the Bombay Attacks:
Whose to Blame?
Significance of the Attack
The attacks come after a series of bomb blasts in India's capital New Delhi on September 18, 2008 and a deadly attack in Pakistan at the J.W. Marriot Hotel on September 21, 2008.
Both Oberoi and Taj are the most secure and safe hotels and preferred destinations for foreign premium tourists in India.
The Oberoi Hotel
Officially called The Trident and until a few years ago, The Hilton, The Oberoi Hotel is one of Mumbai's tallest buildings and a defining structure to Mumbai's skyline. It sits at the end of Marine Drive, what is also called The Queen's Necklace.

In 2000, U.S. President Bill Clinton visited Mumbai and stayed at the Oberoi.
The Taj Mahal Palace Hotel also has tremendous historical significance. It is one of India's most iconoic hotels that has been open since December 16,1903. The hotel was started by patriot, Jamsedji Tata before Indian independence, as a sign of revolt against the British disallowing Indians in luxury hotels in India.
Reports of shootings first came from Leopold Cafe - a popular beer bar since 1871 and favorite among foreign tourists. It features in Lonely Planet's book on Mumbai. This video shows the number of foreigners at the bar:

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