Be Aware of Great Indian Crocodiles! Cash Erodes Esop Values. Employee Stock turn into TRASH. Indian Brahaminical Hegemony Bid to Rescue US Zionist War Machine, Mc Cain Relieved Rejects SURRENDER! Global Financial Crisis Ignites Food Insecurity Every Where. Lay Off Swamps Economies. Panic in Street and Dance and Discount to Beat the FREE FALL. Just See Political MATING around you . Sadhvi Pragva Turns Global Hindutva Icon.Slice of forex reserves for liquidity-hit banks!Anti National GOI Does Everything to Save the FREESEX Market! Salvation FDI for many More sectors despite the Flight OUT of FIIS!
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SCENARIOS: How Obama, McCain are faring in key states
Reuters - 1 hour ago
(Reuters) - Next week's US presidential election will be decided in a handful of battleground states where opinion polls show Democrat Barack Obama leading Republican rival John McCain.
Latest polls show US presidential race uphill battle for McCain Xinhua
Who will win the electoral college? BBC News
eTaiwan News - Aljazeera.net - Voice of America - guardian.co.uk
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Presidential Pick
New York Times - 31 minutes ago - By ADAM NAGOURNEY Last week, Tom Ridge, the former Pennsylvania governor, said that Senator John McCain might now be on ...
Indian Express - The Associated Press - CNN
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Suspected US strike kills up to 20 in Pakistan
Khaleej Times - 1 hour ago - DERA ISMAIL KHAN, Pakistan - Suspected US missiles killed 20 people at the house of a Taliban commander near the Afghan ...
AFP - The Associated Press - guardian.co.uk
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Leaders of Europe and Asia Call for Joint Economic Action
New York Times - 11 hours ago - By KEITH BRADSHER HONG KONG - Leaders from across Asia and Europe gathered in Beijing on Friday and Saturday and ...
Inquirer.net - International Herald Tribune - Reuters UK
THE FAULT LINE
- Nano’s exit should give the state administration cause to reflect
ASHOK MITRA
Post-Singur West Bengal is even a gloomier picture. Following the decision of Tata Motors to walk away, the mood amongst a few stalwarts in the state administration is reportedly one of stop-the-world-I-want-to-get-off. They do not feel like living any more in West Bengal in the company of those who have spoilt the Nano broth.
Before holding the people of West Bengal responsible for their disappointment, should not these stalwarts first enter into a season of introspection? Their party — and the Left Front it provides leadership to — had won a thumping poll victory in the state barely two-and-a-half years ago; goodwill and affection for the party were at their peak in town and country. All that now seems to be a distant, unreal dream. How has this state of affairs come about?
Perhaps the magnificence of that electoral triumph was itself at the root of the tragic sequences of events since. The party’s state leadership, along with its ministerial team, was relatively young. Most of them had not gone through the grill of toughening that the hard, earlier days of the party provided; their understanding of issues was circumscribed by the existential reality of the party’s overwhelming dominance in the post-1977 period. That apart, the collapse of the Soviet Union and Deng Xiao Ping’s apparent success with market socialism made shambles of the ideological beliefs of the young lambs at the helm. The 2006 poll sweep made up their mind: they must do a Deng, pronto, in West Bengal; whoever opposes them on whichever ground deserves to be sent to the gallows.
There was a problem though. Deng had inherited a post-revolution China with the rigour and discipline of one-party rule; West Bengal was part and parcel of India’s multi-party ‘democratic’ structure. Not bothering over differences in the basic situation, those shaping the destiny of supposedly Marxist West Bengal declared an open house for private capital. Big and small-scale tycoons, with their private axes to grind, began frequenting the state secretariat and the party headquarters; the essentially petit bourgeois party leadership, with little background in working-class struggle, was easy meat for them. Industrial development in the state, it was taken for granted, had to be exclusively at the initiative of private capital. Some neo-literates in the party came up with a bemusing thesis: unless capitalist development had come to full bloom, a proletarian revolution was simply not on. The message went down among party ranks to keep on hold such themes as class antagonism and class war; the primary task of Marxists governing a federating state within the confines of a feudal-capitalist structure was, it was pontificated, to compete with other states in seeking favours from the private sector.
The cause of the private sector became the cause of the government and the leading party in West Bengal. The deus ex machina of democratic centralism was invoked to still intra-party questioning. Things came to a head on the issue of acquisition of land, particularly at Singur and Nandigram, by using an antiquated colonial law which permitted forced acquisition for public purposes. The legislation smacked of both arbitrariness and hauteur. The reverie of quick-fix industrialization in their eye, ministers decided to compulsorily acquire land by claiming private purpose to be indistinguishable from public purpose. It was not considered necessary to discuss the roster of acquisition with local leaders or cadres or representatives of the kisan sabhas or, for the matter, elected panchayat bodies: centralism was at work in the party, it was at work in the administration.
The party, which was once in the forefront in the great agrarian battles for wresting land for the landless and legal rights for tenants as well as for ensuring living wages for the working peasants, discovered itself in a different role: dispossessing the peasantry from their land. The peasantry had been taught by the party to weave dreams around the land that had of late come to them. Suddenly the same party, their own party — and the government they themselves had elected — effected a one-hundred-and-eighty degree turn: the land has to be given up, not for industrialization under state auspices in accordance with a grand programme with which the peasantry were to be actively associated, for example, through offer of co-ownership, but exclusively for advancing the interests of private entities. Things needed to be explained to the peasantry. It called for tact, patience, and calm, reasoned dialogue both within party ranks and with elected representatives of the people in the panchayat bodies.
http://www.telegraphindia.com/1081027/jsp/opinion/story_10000481.jsp
Anti national GOI does Everything to save the FREESEX Market!
Salvation FDI for many More sectors despite the Flight OUT of FIIS!
With FII funds continuously flowing out of the country due to the global meltdown and RBI finding it difficult to defend the rupee, the go vernment may revisit the proposal to allow FII to invest beyond sectoral limits on foreign direct investment (FDI)! In a bid to step up capital inflows, an inter-ministerial may take up this issue which has a significant impact on key segments like stock exchanges, information & broadcasting and telecom. The department of industrial policy and promotion (DIPP) had mooted the idea some months ago, but opposition from other government departments held it up. A cabinet note to this effect is pending due to lack of consensus!
What an Anti National Government we have in India, led by traitors unprecedented! committee led by the finance secretary Arun Ramanathan has made out a case for using a part of the country’s foreign exchange reserves to provide liquidity support to Indian banks for their overseas operations.
Last week, the Reserve Bank of India (RBI) governor said that the monetary policy authority would take conventional and unconventional measures to ensure financial as well as price stability and growth.
Government may set up a common body to adjudicate direct and indirect tax cases relating to the foreign firms as suggested by the Parliam
entary Panel, an official report said.
The Standing committee on Finance which recently tabled its report in the Parliament has suggested the government to form a common Authority for Advance Ruling (AAR) on Central Taxes instead of two departments.
"According to the Ministry of Finance, while reviewing the performance of the two authorities for Advance Rulings..., it was noticed that these Authorities do not have adequate work, to justify separate bodies with separate establishments", the report by the Standing committee said.
The committee has submitted a report on the Authority in the Central Taxes Bill to both the Lok Sabha and the Rajya Sabha.
More policy co-ordination between Asia's monetary authorities would help the region's markets better cope with the global financial crisi
s, Reserve Bank of India (RBI) governor said in remarks published on Monday.
The RBI Governor Duvvuri Subbarao told the Financial Times in an interview that there were some informal contacts among the region's policymakers, but more concerted action would have greater impact.
"I think (greater co-ordination) would be helpful especially in times of crisis like this," he said.
"Although there is no institutional arrangement spanning Asia, there are informal arrangements. Some of the governors have been courteous enough to call me and let me know of their action."
Turbulence in US and European financial markets, spilled over to Asia, knocking stock markets to multi-year lows and hitting the regions' currencies.
Last week, the RBI slashed its main interest rate by a full percentage point to 8 percent and has also cut the amount of cash banks are required to keep with the central bank.
The Tsunami has to take its Toll.Much of the panic has been driven by global developments, but Dalal Street observers say there are also excesses in the home market yet to be purged.There are a number of stress points. FIIs, under pressure in Western markets, are exiting from emerging markets. This is particularly true of hedge funds. Domestic factors include promoters, who had pledged shares, are facing margin calls. In Marxist ruled Brahaminical Bengal,Cyclone averted thanks to still surviving Mangrove forest Sundervana. clear Sky is forcasted for Damp diwali celebration !But Bengal has not recovered from Microbial siege as yet.An alert has been sounded in three blocks of Hooghly district in West Bengal where virus of the dreaded Chikunguya disease has been detec ted in the blood of 11 persons. The Hooghly district health administration souned the alert following an emergency meeting on October 23 after blood samples of 11 persons tested positive for the disease. The Chief Medical Officer of Health, Bhusan Chakraborty, today said that blood samples of 100 persons from the three blocks - Khanakul, Singur and Chanditola - had been sent for examination after they displayed symptoms of the disease accompanied by high fever.
Oil prices sank to 59 dollars on Monday, hitting 17-month lows on worries that a global recession will sap energy demand and as the US currency strengthened against the euro! But Government of India never considers any relief for the masses. Petro Prices were hiked as the Oil Pricerocketed to 149 dollars! It is almost One Third now. But the Washington Italian Government of India is engaged more and more Public Money in the FREESEX market! It has no time to care for the BPL community which was never the part of any Financial system in India. neither they have any chance in MOON MARS OPen Market India shining Brahaminical!Oil trimmed losses after sinking to a new 17-month low below $62 a barrel on Monday, driven down by investor pessimism about the deteriorating global economic climate and its likely impact on demand for fuel.
It is only the market, the FREESEX market on ramp is endangered and the Toilet Media die to prove the resilience of indian economy. Nuke Deal is not discused. Not the Global Financial crisis as yet. The Womaniser politicians of Ruling Hegemony are engeged into Airconditioned resort Honeymoon as the seventy percent of Indian enslaved population face intense food insecurity.
The Jobcut, wide scale Retrenchment heralded with Jet airways crisis. FINMIN or RBI or GOI , non of the financial agency or Indian Media Icons seems to be concerned least for the JOB CRUNCH ahead! LPG rooted well. We are now habitual to be gangraped! VRS, ERS, HIRE FIRE never irritate us anymore!
Just see the situation in the CORE country and feel the Destiny of the Colonised Periphery!
The labour market in the US is at its worst since the previous two recessions of 2001 and early 1990s, with the number of people jobless fo
r 27 weeks or more reaching two million in September, which could chill consumer spending and delay recovery from the economic downturn.
According to new job data from the Labour Department, the two million who have been unemployed for 27 weeks or more is 21 per cent of the total unemployed, and the rate is approaching the prior peaks of about 23 percent in 2003 and 1992, the Wall Street Journal reported.
In America! The finance arms of US automakers such as General Motors Corp and Chrysler could apply aid from the financial rescue package approved by Congress earlier this month, the White House said on Monday!Meanwhile,the US government will start doling out $125 billion to nine major banks this week to get credit flowing again, but Monday's announcement offered cold comfort to investors as rising anxiety about a worldwide recession drove stocks down sharply around the globe.
The bailout package has undergone a major change in emphasis since it was passed by Congress. Treasury Secretary Henry Paulson decided to use $250 billion of the $700 billion to make direct purchases of bank stock, partially nationalizing the country's banking system, as a way to get money into the financial system more quickly.
The plan is also aimed at clearing banks' balance sheets of bad assets. That effort has yet to begin although the administration expects to use $100 billion to purchase bad assets in coming months.
The deployment of the first $125 billion to the major banks had been delayed while the government and the banks worked out the details for the purchases. Nason, a key architect of the rescue plan, said in an interview Monday on CNBC that those agreements had been signed late Sunday night.
Treasury is also starting to give approval to major regional banks with the goal of getting another $125 billion in stock purchases made by the end of this year.
ORISSA: Students and their parents in Kandhamal district are a worried lot. Though board examinations are just four months away, 40 schools
in this Orissa district are closed due to the widespread anti-Christian violence that engulfed the region and have been turned into camps for the displaced people and Central Reserve Police Force (CRPF) personnel!
The Superslaves of the Phoenix Galaxy Order try their best to save the Open Market as well as Capitalist system of Corporate Imperialism and Fascist Hegemonies! Indian Brahminical Hegemony bid to rescue the US Zionist White War machine to continue the infinite war against the Indigenous Black Untouchables of this world. Mc Cain is relieved as NRI brahaminical Indians and India Incs try their best to mobilise the Anti Muslim anti Black Racial votes against Barrack Obama and hope for a diwali Miracle to do wonder for th War criminal republicans! Mc Cain rejects to surrender and Sara Paulin continues the PUB show!The market seemed to lose bottom on Monday as the Sensex sank below the 8,000 market and Nifty breached the 2,300 level. The market was expected to drop given the heavy losses in the US on Friday and weak start to trade in Asia, but the severity of the fall has taken everyone’s breath away. The current turmoil has resulted in 17 stocks amongst the BSE 100 Index to trade a book value of less than one on valuation matrix price.
The Washington planted Prime Minisister and his close associates the RSS ensured to disinvest the Public sector. NDA government had a Disinvestment Cabinet Minister, eminent Journalist arun shaurie. Thanks, SBI and LIC spared. These Public sector units hold the bulk of the Mutual Fund! Thsu, the Sensex slide has not crossed the Five K mark as yet. it could have been Blacker Diwali had SBI and LIC disinvested!Ironically, on the other hand, the meltdown at the bourses has left corporate India not even worth its revenue base with the collective market capitalisation of all the listed companies slipping below their cumulative latest fiscal revenues!
Nevertheless,Country's largest lender State Bank of India's net profit for the July-September quarter jumped 40 per cent to Rs 2,259.72 on higher interest income, although the global banking industry is caught in a financial whirlpool.
"Driven by high growth in interest income coupled with other income, the bank has registered over 40 per cent growth in its profit during the quarter" SBI said in a statement.
The bank had a standalone net profit of Rs 1,611.42 crore in the September quarter last year.
Meanwhile, SBI has doubled its business to Rs 108,881 crore in the September quarter this year.
Next week's US presidential election will be decided in a handful of battleground states where opinion polls show Democrat Barack Obama leading Republican rival John McCain!
Meanwhile, Growing evidence of a severe global economic slowdown drove oil prices to below $62 a barrel on Monday, as investors brushed off a sizable OPEC output cut!
Global financial Crisis has ignited the Food Insecurity as it happened never before in any part of this planet. Capture Resources continues despite the Free Fall. Indian Ocean is Sieged still. US forces have not Left neither Middle east nor South Asia! War Machine is well fed with BLIND NATIONALISM Inferno created by Fascism in third world country including south Asia. Hindutva Bomb explodes and Sdhvi Pragva turns to be the global HINDUTVA Icon amid continued systematic Violence against Minorities in different parts of India. AFPSA prevails. Neither Financial Crisis nor Nuke Deal ever discussed in the Parliament. Constitution killed. Human rights and civil Rights violated. Maharashtra is pitted against entire North India thanks to a got up Sub Version game played between UPA and NDA. Tmail sensitivity and Dravid nationality remains unaddressed as yet.
"Mumbai police fired from a cannon to shoot a chicken." Thus reacted an agitated Bihar chief minister Nitish Kumar on the "cold-blooded" killing of Patna boy Rahul Raj in an alleged shootout in a Mumbai suburb on Monday morning!
On the other hand,
Maharashtra Deputy Chief Minister R R Patil on Monday justified the gunning down of a Bihari youth by the Mumbai police in the bus who was posing a threat to commuters!
"The police did the right thing. Whoever takes the law in their own hands and tries scaring people will be shot at. Police did their duty," Patil told reporters here.
He said, "If a mad man gets into a bus and goes on a shooting spree, this is what people will do. This is the response they will get from the police."
Patil praised the policemen who averted a major incident when Rahul Raj an X-ray technician hailing from Patna was overpowered by police in the upper deck of the bus where there were 15 passengers in the bus.
Nitish, Lalu meet PM Manmohan Singh
Times of India - 1 hour ago
NEW DELHI: Bihar chief minister Nitish Kumar and RJD chief Lalu Yadav on Monday strongly condemned the killing of a youth from the state in a shootout in Mumbai.
Bihar CM condemns killing of Patna youth by Mumbai police Zee News
Politicians lose their sparkle, Dhoni shines this Diwali Economic Times
This is XXXXX shining India Sensex FREESEX for Diwali Jackpot Royal casino!
A curfew-like situation prevailed in the Kashmir Valley today as troops were deployed in strength to thwart a planned protest by separatist s who also gave a strike call forcing closure of business establishments, offices and educational institutions.
The restrictions were imposed by the authorities as the separatist Coordination Committee had announced that it would form a human chain from Saddar court complex in Lal Chowk to High Court complex to protest the landing of Indian troops in the state on October 27, 1947.
Weighed under selling pressure from funds, Bombay Stock Exchange benchmark Sensex on Monday went on a roller-coster ride yet again, falling over 1,000 points to breach the crucial 8,000 level in intra-day trading, but later recovered some losses on renewed buying.
In a choppy trade, the 30-share index, which had lost over 1,000 points during the mid-session on major sell-off by funds, attracted some buying at the existing lower levels only to regain 812.17-point losses and closed at 8,509.56 level, 191.51 points down from the last week's close. It touched the day's low of 7,697.39, a level last seen on October 2005.
Similarly, the wide-based National Stock Exchange index Nifty dropped below 2,300 points before ending at 2524.20, still showing a loss of 59.50 points.
Marketmen said emergence of buying by domestic financial institutions and covering up of short positions by speculators at prevailing lower levels helped Sensex recover part of the lost ground.
What recovery! sensex replicates Dow American. Next day, we have to see how the resilience and Recovery vanish like wind!
Friends! If you read me, share my opinon and experiences, please remember how many times I have written that the Leftist Withdrawal from NDA highlighting NUKE DEAL controversy is nothing but Ideological Strategical JUGGLERY! A real GIMMIC to appease the Muslim Vote Bank most vital to hold on Power in Marxist ruled states including BENGAL! I have also written so many things on Marxist Corporate alliances and Marxist ways of Capitalism. I have already written how Tata Motors limited relocated NANO to save its Credit in Auto industry during Melt down!
I dare to assure that the Ruling Brahaminical Hegemony Power Equations have to remain the same. Marxist would get shelter into the BOTTOM of UPA! let the Loksabha Elections be over. NDA would never allow Mayawati emerging powerful as the Zionism and Hindutva combined would never tolerate a BLACK President in WHITE HOUSE!
Got Up well, BIG BOSS!
Taste of Pudding!
In its Eating!
Now jsut enjoy the Political Mating around you beating Hard PORN!
Indian people have to bear with it all on the name of Democracy! No white Tiger is there to dare and try a CHANGE! Nothing changes in India for thousands and thousands years since the Brahmins have taken over everything! Rest of us happen to be the Mythical and superstitious enslaved masses Helpless destined to be killed some time or other time!
NDTV.com
Sadhvi's passion for motorcycles led to her arrest
Expressindia.com - 4 hours ago
Bhind (MP), October 27: Sadhvi Pragya Singh Thakur's passion for motorcycles in her college days proved costly for her, as the vehicle used in the Malegaon blasts, registered in her name, led to her arrest, official sources claimed on Monday.
After Sadhvi, another woman detained NDTV.com
Pragya Singh's arrest sparks war of words in Sangh Parivar Hindu
CRAZY Animal hop around and they may have their share anytime any where!
You may not guess who crosses the FENCE next! And when the Jackal would assasinate you!
What bloody economy they have created meantime. Two hundred years of British Colonial rule could not kill our society or our culture! But twenty years of AMERICANISM has decultured us , degenerated us and we have no roots, no roots at all!
I knew a KANAI LAL Bhattacharya, a Cashier in Indian Post. who committed suicide jumping on Metro Railway Track on one evening in MG Road Metro station in Kolkata. The poor fellow represented in person the resurgent Middle class who possessed scores of CREDIT CARD. I know a few central Government Employees having adventures in Air Conditioned MON and MARS with changing Bed Partners! This is the BOOn we recieved from Open Market. We have lost so many coleagues and neighbours and relatives lost in CREDIT BOOM! We have to witness MUSHROOMING Shopping Malls, Multiplexes, Retail chain, Resorts, Delux Housing complex and Private Hospitols, SEZ, Chemical Hubs, SEZ, Nuclear Parks and retrenched Jobless, displaced, starving faces around us. We have to feel AMERICA on the graveyards of Cotton, Tea and Jute!
Indian ruling hegemony does everything to save the Money machine, the corporates and MNCs. national Revenue is cahnnelised into the pockets of the Capitalists. The Worldbank gangsters led by the Chettiar FM and his damned FINMIN and RBI bypass the Parliamnet with such a ease because the people of India may be diverted anytime indulging them in communal clash as the Indian society is divided in more than Six thousand castes. Everyone from another caste, may be Untouchables themselves may feel Higher to some or other castes as prescribed by the shrude Brahmins. The micro minority three percent brahmins rule India in the same way as america is ruled by the micro minority zionists. Hence, Zionists and Hindus join hands to defeat some barack hussain Obama pledging Martin Luther King`s dream true!
Mind you, no politician raised a single question how the Reserve Bank of India (RBI) and the finance ministry created a flood of liquidity to help banks channel investments into the economy and keep stock markets buoyant, despite the global uncertainties. RBI deployed its full arsenal of instruments to release funds to banks and financial entities and made it more attractive for global investors to invest in rupees, after noting the sustained improvement in the rates at which banks borrow from each other and the resultant cutback in their demand for cash from RBI through the repo window.
Sify
RBI may cut repo, CRR further by over 100 bps: Citi
Business Standard - 38 minutes ago
PTI / New Delhi October 27, 2008, 19:40 IST Citigroup expects the Reserve Bank to further reduce the benchmark short-term lending (repo) rate or mandatory deposit that banks keep with the central bank by over 100 basis points to infuse liquidity.
Is RBI's about-turn tactical or strategic? Moneycontrol.com
Slice of forex reserves for liquidity-hit banks Economic Times
I met a young man working for a Security agency in a bank in Highcourt area. The agency have twenty six thousand such youngmen who get only Rs Two Thousand and six hundred only. But the agency gets RS Seven Hundred for every head! I know many of them. I know the guys working round the clock in Call centres! I have to see the swarms of Generation Next flocking around the coaching Classes boasting placement for lacs of them and no regulation stops them.
I am pained to see the faces of Future lost in virtual Reality!
Are you?
We have heard so many things about the BASTARDUISED ideas to link Pension to Mutual funds, Lequidation of Indian currency and making shares the part of compensation in change of Indiscriminate land Acquisition for Free Fucking!
How do we, the Majority masses, the ensalved Black Untouchables, Indigenous communities and minorities with inherent injustice and inequality, fare in the troubled galaxy of Post Modern MANUSMRITI and APARTHEID!
The meltdown in the Indian markets this week got reflected on their counterparts listed on American bourses, which cumulatively witnessed a value erosion of over 11 billion dollars led by ICICI and Wipro.
The shares of 16 Indian companies listed on Nasdaq and the New York Stock Exchange have seen significant decline in their valuation in just one week.
The Indian companies listed on the American bourses witnessed a fall of USD 11.33 billion in their market capitalisation for the week ending October 24, a significant decline from the cumulative gain of USD 7 billion witnessed during the week ending October 17.
The fall was led by India's largest private sector lender ICICI Bank and software exporter Wipro, which together incurred loss of nearly six billion dollars.
Wipro's market capitalisation decreased to 2.63 billion dollars, while the firm witnessed a gain of 2.44 billion dollars last week. While, ICICI Bank rose as much as 1.25 billion dollars for the week ending October 17, it lost two billion dollars for this week.
ICICI bank would announce its second quarter result tomorrow, amid the topsy-turvy of events globally in the financial arena.
As the financial turmoil gripped world economies, markets globally had one of the worst weeks ever and India's benchmark Sensex registered the highest ever percentage wise drop and second largest in absolute terms. The 30-share index, settled at 8,701.07 losing 11 per cent on Friday.
Private sector lender HDFC Bank and internet firm Reddif.Com India lost over three billion dollars in their market valuation. HDFC Bank declined by 1.76 billion dollars and Reddif shed 1.87 billion dollars in the valuation on the American bourses.
Other major losers are leading copper producer Sterlite Industries, which posted a loss of 927 million dollars in market capitalisation, while it registered a gain of nine per cent at Rs 1,720.81 crore in the second quarter ended on September 30.
Further, other losers -- IT bellwether Infosys declined by 423 million dollars, Tata Motors slipped by 629 million dollars, IT company Satyam Computers Services by 336 million dollars and Tata Communication dropped by 300 million dollars in their market capitalisation.
Other Indian shares listed as ADRs are internet firm Sify Technologies, BPO companies Genpact and ExlService Holdings and telecom entity Mahanagar Telephone Nigam. Limited.
I am often siged by Gestapo spkesmen and cdres claiming all round development and Resilience of Indian Economy quoting the Globalisation agent Toilet Media and economists. They celebrate the Nuclear super power status!
economic times reports:
The committee, appointed by the finance minister to assess the liquidity situation, has said that a portion of India’s forex reserves, aggregating $273 billion, could be used to invest in securities such as bonds issued by foreign offices of Indian banks, said a person familiar with the issue.
This will boost resources of these banks at a time when access to lines of credit or funds from overseas banks, with whom Indian lenders have arrangements, have been severely curtailed. The forex pile, which could be utilised for this purpose, could be in the range of $1 billion to $ 5 billion. The seizure of financial markets world-wide had left many Indian banks with branches in some of the major financial capitals struggling to raise funds.
The other measures suggested by the committee include opening a refinance window for small- and medium-enterprises. The committee is said to have indicated that policy makers would have to be mindful of the large foreign debt repayments which are due next year. The government and RBI are expected to take a view on the recommendation soon.
There is a precedent for using part of the forex reserves in this manner. Following an announcement in the 2007-08 Budget, the India Infrastructure Finance Company (IIFCL), in which the government is the dominant shareholder, has formed a company — IIFCL (UK) — to use up to $5 billion of the reserves to help Indian corporates finance their capital expenditure. The plan is to finance imports of capital equipment by the IIFCL subsidiary, with the entire transaction being done overseas to ensure that there is no impact on domestic liquidity.
In this case, RBI will invest in bonds or securities issued by IIFCL (UK), with the government providing an assurance that returns on this investment would be higher than the returns generated by the central bank on deployment of its reserves. In 2007-08, the returns on India’s foreign exchange reserves were 5.1% (4.8% net of depreciation) compared with 4.7 % a year ago.
Over the past few months, the forex stockpile has depleted by $35 billion as RBI had to sell dollars to stem the erosion in the value of the currency caused by foreign portfolio investors selling stocks and pulling out their money.
Till mid-year, the debate in India centred around how to utilise the relatively large hoard of forex reserves to increase earnings. But, RBI was treading cautiously, saying, unlike other countries like China, which have huge reserves (over $1 trillion at last count) due to a current account surplus, India still runs a current account deficit.
Bankers say that it makes sense to provide a funding line to Indian banks’ overseas operations, considering that their predominant business is financing the needs of Indian corporates which are expanding their operations globally or to overseas subsidiaries of Indian firms.
There is very little money available for Indian banks which have foreign branches to draw upon from and the proposal could go a long way in easing their funding needs, a senior banker said. Banks had raised this issue with the central bank last week. In fact, the liquidity squeeze had resulted in some of these banks buying dollars in India and sending them abroad to meet their overseas requirements.
Many liquidity boosting measures were announced by RBI and the government before the committee finalised its report. The committee includes, besides the finance secretary, IBA chairman TS Narayanswami, UTI AMC CMD UK Sinha, L&T CFO YM Deosthalee and Sidbi CMD RM Malla.
http://economictimes.indiatimes.com/News/Economy/Policy/Slice_of_forex_reserves_for_liquidity-hit_banks/articleshow/3644203.cms
Chandrayaan-I left all cheerful but Byalalu villagers high and dry
Economic Times - 50 minutes ago
BANGALORE: The launch of India's maiden moon mission Chandrayaan-I from Sriharikota recently cheered all across India, except the residents of Byalalu and Chandrappa Circle villages near Bangalore where Deep Space Network is tracking the Chandrayaan ...
Chandrayaan-I reaches halfway point domain-B
Voyage to the Moon Mainstream
Times of India - Hindu - MyNews.in - Techtree.com
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News Line 365
Announcement made by Nokia to launch Nokia 2228 CDMA phone
TopNews - 25 Oct 2008
Recently, Nokia revealed its plans to release a novel and extraordinary handset titled Nokia 2228. This handset is equipped with some unique features, is a perfect combo of slim 12 mm compact design and ultra light weight, and is meant for those, ...
Nokia 2228 CDMA phone announced TechGadgets.in
Nokia announced launching monoblock 2228 CDMA phone News Line 365
TechShout! - Mobiletor.com - Infibeam - TechWhack (press release)
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NDTV.com
NASA pros send resumes to India
Hindustan Times - 19 hours ago
With Chandrayaan-I less than half way (1, 64, 600 km) to its rendezvous with the Moon, Indian space establishment’s credentials seem good enough for job inquiries from scientists from around the world.
NASA scientists ring up ISRO, want to work in 'desi' missions Press Trust of India
India's small town space heroes NDTV.com
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Bad loans weigh on top banks, shares hit
Reuters reports from Mumbai:
India's two leading banks posted better-than-expected profits on Monday, but worries about bad loans and the impact of a global recession saw their shares hammered in a market that fell more than 11 per cent.
State Bank of India shares slumped more than 14 per cent to 1-½ year lows after it increased provisions for bad debts and its chairman forecast thinner interest margins, even after the country's top bank beat profit forecasts.
Shares in ICICI Bank, which has the largest exposure among Indian banks to the global credit crisis, fell as much as 9 per cent to a 4-year low, though it posted an unexpected rise in quarterly net profit, and later traded 1.4 per cent higher as the broader market pared losses.
ICICI has sold its $600 million non-India linked credit derivatives exposure and has only $1.1 billion in India-linked exposure, Joint Managing Director Chanda Kochhar said.
SBI's provisions for bad debts rose to 9.11 billion rupees ($182 million) in the fiscal second quarter ended September from 2.47 billion rupees in the previous quarter, largely due to a government waiver of small farmers' debts.
Chairman O.P.Bhatt said the state-run bank's net interest margins had peaked and would be a little lower in the next quarter, but he added the bank wanted to keep these above 3 per cent. Net interest margins, a key measure of efficiency, were at 3.16 per cent in the quarter.
"The slippages are a cause for concern given the economic slowdown. Going forward, the market is convinced SBI may not be able to get the best out of its other revenue streams," V.K. Sharma, head of research at Anagram Stock Broking, said.
State-run SBI and its associates control a quarter of the Indian banking industry.
Since the bankruptcy of Lehman Brothers last month, ICICI Bank, which has units in Britain and Canada, has repeatedly said it was well capitalised and its deposits were safe.
ICICI, which is also listed in New York, said its UK unit posted a $47 million net loss in the quarter.
Like their peers around the world, Indian lenders have been battling tight liquidity as volatile financial markets make banks reluctant to lend, even to each other.
That has forced some to borrow at interest rates of 20 per cent or more and raise the rates they pay on deposits after local money markets froze, pushing policy makers to unveil a slew of measures to restart credit markets.
BAD LOANS INCREASE
ICICI's bad loans rose to 1.91 per cent of net advances from 1.43 per cent a year ago, but provisions for bad loans eased to 8.68 billion rupees in the quarter from 8.78 billion rupees in April-June.
Kochhar said the bank was slowing loan growth to single digits to rein in bad debts.
SBI, which raised $4.1 billion in a rights issue in March, said July-September net profit rose to 22.6 billion rupees from 16.1 billion rupees a year earlier, beating a Reuters poll of analysts that had forecast fiscal second-quarter earnings of 18.7 billion rupees.
State Bank, which has more than 10,000 branches across India and overseas, has the lowest cost of funds among the nation's lenders. The bulk of its funds come from savings bank deposits that cost about 3.5 per cent in annual interest payments.
SBI shares rose 32 per cent in July-September, easily outperforming a 4.5 per cent drop in the main share index, but are down around 30 per cent in October. Shares in ICICI fell 15 per cent in July-September, and are down more than 40 per cent in October.
The Telegraph, Kolakat reports:
Stock options issued by several companies have been shredded into worthless bits of paper in the ferocious market meltdown.
The volatile market has left employees holding grants that were issued more than three years ago from which they can no longer derive any benefits.
“The market meltdown has led to a situation where the employee stock option plans (Esops) will provide no real benefit to employees,” said a senior official with Deloitte & Touche Consulting.
Result: there is a strong possibility that employees will now start spurning stock option offers, preferring instead to be compensated in cash.
In one sense, this is a throwback to 1998 when employees of many companies — though not frontline infotech companies — found they had no use for stock options and preferred fatter pay packets. Stock options caught on again after a four-year hiatus, long after the dust from the dotcom bust had settled.
But with the sensex plunging by over 45 per cent in this calendar year, stock options no longer enjoy the price discounts they did during the stock boom since 2005.
Take an example: employees at Infosys were able to exercise their options at an average weighted price of Rs 634 last year under its Stock Option Plan of 1999, according to the company’s annual report.
The weighted average price on the 15 lakh options that are still outstanding has swelled to Rs 1,163, which is just a tad lower than last Friday’s closing price of Rs 1248.75 on the Bombay Stock Exchange. That is one of the main reasons why none of the employees has exercised the option in this fiscal.
Companies tend to grant stock options in driblets throughout the year and rarely, if ever, give it at one go. Since the pre-determined option price is calculated on the basis of a formula linked to the ruling market price at the time of the grant and the expected volatility in the stock, options are variously priced. For instance, Wipro issued stock options in 144 tranches over a three –year period, according to data sourced from the Centre for Monitoring Indian Economy (CMIE). Satyam Computers had 143 tranches.
The Infosys employees still have a price headroom on their options; others have not been so lucky.
The stock option — one of the best deferred benefit programmes that India Inc has used to retain managerial talent — arrived on the scene in the early nineties and has gone through several refinements since.
In the initial years, it was used primarily by infotech giants — Wipro and Infosys — to ensure rivals didn’t poach their top talent.
Later, a number of other companies like ITC, ICICI Bank and even Bajaj Hindustan Sugar and Industries latched on to the concept as they fought to keep their best managers.
Two developments changed the rules of the game for stock options: the first was a set of guidelines issued in 1999 by the capital market regulator which tightened option pricing rules; the second was the imposition of a fringe benefit tax (FBT) through the Finance Act 2007 which is applicable at the time of vesting rather than when the option is exercised. Companies typically pay FBT and later recover it from employees.
The imposition of the FBT wasn’t bad as long as employees made gains when they pressed the button to convert the options into shares. There has to be a minimum period of one year between the grant of the option and vesting — a process under which the employee earns the right to apply for the shares.
But now a piquant situation has arisen: employees have already paid the FBT but are unable to exercise their options because of the market meltdown.
Does this mean the end of the road for stock options?
Rachna Nath, executive director (performance improvement) at PriceWaterhouseCoopers, doesn’t think so. She believes that Esops will still be a favoured compensation option. “But this will depend on the health of the individual company and the industrial sector it belongs to,” she added.
Nath reckons that stock options will be out of favour in the financial services industry, but manufacturing companies will still be able to use them to retain talent.
Companies can, of course, re-price the lapsed stock options after seeking shareholders’ approval. The Deloitte official believes that several companies will do so.
But in an uncertain and volatile market, employees may not bite the bait.
http://www.telegraphindia.com/1081027/jsp/frontpage/story_10025699.jsp
Spirits still high in pub
ANIL BUDUR LULLA IN BANGALORE
Saturday, 7.30pm: The Tavern in Bangalore’s Museum Road, a favourite watering hole among techies and the BPO crowd, is half empty because of a steady drizzle.
Waiting for his friends to arrive, Manoj Dev says: “The conversation here last Diwali was about the rising stocks. It was a time to flaunt money; now I guess it’s good to hide whatever little you have.”
Manoj, 28, who has been in three jobs in four years — with Infosys, Wipro and now with an IT services major — is not scared about a possible recession in the US.
“Job security has never bothered me; I think none of us in IT is afraid,” he says between pints of beer. “What we find scary is that the sensex has wiped out our savings.”
Manoj doesn’t want to discuss his losses but adds this is the best time to buy stocks. His friend P.J. Kishore, 29, who has just arrived, agrees.
“Having worked in the US, I know every economy will have ups and downs. But the Indian economy will bounce back because there is so much opportunity (in the country).”
“So far, my portfolio has eroded by more than 60 per cent,” he grins, sipping ale. “The economic crisis is a lesson for young investors like us.”
At another table, Deepu Sahadevan and A.K. Urs are doing the “state-of-the-economy speech”. “Those in ITES are watching two things: the downturn in the US — which translates into a good time for outsourcing — and the upcoming presidential polls. An Obama may make things difficult with legislation against outsourcing,” says Deepu, 37, an IT company team leader.
“But this is a great time to buy stocks if you are looking three-five years ahead. It’s only the new investors who bought stock at high prices who are spooked,” Urs says.
“By next January, things will be different. Let’s do a bottoms up to that,” Kishore says, ordering another ale.
The next stop is Taika, where assorted actors, theatre-wallahs and French teachers have hit a decibel level higher than the techno that’s playing.
Krishnan Vaidyanathan, 39, waves and beckons. The chartered accountant, sitting alone and nursing a fresh lime, is with an accounting BPO. “I don’t drink; I put all spare money in the market,” he jokes.
“I lost some, gained much more in the last 10 years. I will still put my variable pay due next week in stocks,” he says. Why? It’s a good time to buy shares of infrastructure and healthcare firms, he says.
Krishnan had picked up stocks when the sensex was around 9500 and exited when it zoomed pass 19000, making a small fortune.
http://www.telegraphindia.com/1081027/jsp/frontpage/story_10025701.jsp
Dance and discount to beat meltdown
RAKHEE ROY TALUKDAR AND BASANT RAWAT
Women shop at a mall in Mumbai for Diwali. (AFP)
Oct. 26: From “shop till you drop” last year when the sensex was upwardly mobile, it’s become “dance, drop, but please shop” this year as the bourse bloodbath continues.
Mall managers in places like Jaipur and Ahmedabad, where pre-Diwali sales form a big chunk of a trader’s annual earnings, are conjuring innovative ways to attract footfalls and get the people to do some buying.
Discounts, freebies, special prices and schemes: all the baits are there but customers, feeling the hard pinch of the paisa, have so far not fallen for them.
Ramakant, the manager of City Pulse mall in Jaipur, said the biggest challenge was to get the customers in.
“We thought of adding a dance floor with a DJ to lure the young crowd so they would at least spend sometime grooving in the arcade for free. In the process, they may end up doing some impulse buying,” Ramakant said.
Biswajitsinh Rathod, manager at a mall in upmarket west Ahmedabad, agreed.
“People come in, but the footfalls don’t translate into purchases. Most people just do window-shopping at malls,” he said.
“If at all they buy anything, they prefer street vendors or the walled city area across the Sabarmati, where prices are cheaper. In normal times, these people would not have gone there to shop.”
Although traders say that sales picked up on Wednesday’s auspicious Pushay Nakshatra, the economic meltdown has proved a damper for the common man.
Preeti Masukhani, a bank official in Jaipur, said: “With the prices of every commodity rising, from vegetables to petrol, our Diwali budget has come down this year. Each one of us has been affected by the meltdown despite playing safe.”
Masukhani, who earns over Rs 2 lakh a month, added: “Our Diwali budget was Rs 50,000 last year, but this year it has come down to Rs 20,000. We have put off our plan to buy an LCD television. We have also cut down on exchanging gifts with our friends and everybody understands why.”
A weak rupee and the prevailing uncertainty have led to a fall in sales of cars too. Harvinder Singh of Roshan Motors in Jaipur admitted to a 30 per cent drop from last year in car sales in Rajasthan.
“Not even cars in the lower segment are moving,” he said.
With the equity market in the red and people not left with much disposable money, there has been a 30 per cent drop in bookings for leisure travel as well, said Jatin Shah, manager of Tsunami Tour and Travel, Ahmedabad.
Shah said tour operators were the worst affected, especially those who had “blocked” seats in many airlines in anticipation — a common practice that has turned out a big gamble this year. These people stand to lose the 25 per cent non-refundable amount they had paid in advance.
For those in the jewellery trade, the picture is no different. Business is down by 40 per cent, said Amit Zaveri, who owns a showroom in Ahmedabad’s C.G. Road.
“But there is a distinct preference for diamond as against gold. Those who can afford it are still buying diamond-studded jewellery,” he said.
The reason, Zaveri said, is that gold prices are fluctuating whereas the price of diamond is stable.
“So diamond, an all-time favourite, is still considered a safe investment.”
http://www.telegraphindia.com/1081027/jsp/frontpage/story_10024957.jsp
Much ado about nothing
Prasun Chaudhuri argues that moon missions are more about technology demonstration than genuine scientific endeavour
Is it truly the landmark in Indian science it has been hailed as being or a leap into an Asian space race?
Some experts describe the successful launch of India’s moon mission Chandrayaan-1 as India’s foray into a space race between China and India. Space scientists have clearly indicated that such spectacular missions are more about technology demonstration than genuine scientific endeavour. “It reminds me of the US versus the Soviet Union space race of the cold war era,” said Paul Wiita, a professor of astrophysics at the Princeton University in the US. “There’s an immense potential for scientific benefits, but technological prowess and national prestige are stronger motivations for the Asian nations. You can’t rule out the possible military spin-offs too,” he added.
Comparisons with China have obviously come to the fore: the maiden Chinese mooncraft Chang’e-1 managed to orbit the moon exactly a year ago. Chinese ‘taikonauts’ (astronauts) even achieved their first space walk a month ago. Moreover, China plans to put humans on the moon before India can do so.
“The issue of lunar exploration is so politically charged in this country that as a scientist I have nothing much to say,” Shuang-nan Zhang, an astrophysicist at Beijing’s Tsinghua University , told KnowHow immediately after Chandrayaan-1 was launched. “Most of the Chinese — including peasants — seem to support the mission because it involves national prestige.” The Chinese space walk was perfectly timed to round off the patriotic pride prevalent after hosting the dazzling Olympic Games.
“Their space ambitions are clearly intended to project China as a superpower,” said Jayant Murty, a professor at the Indian Institute of Astrophysics, Bangalore. “To that extent, India’s mission to the moon is reactive — to avoid falling behind in the world’s perception.” Although Indian officials — including Indian Space Research Organisation (Isro) chief Madhavan Nair — insist that they are not in a race with China, both the countries have been fiercely competing with each other ever since China invaded India in 1962. China launched its first satellite Dong Fang Hong 1 in 1970, while India’s Aryabhatta was put in space in 1975.
G.S. Bisnovatyi-Kogan, a senior astronomer at the Russian Space Research Institute, Moscow, however, said that such competition between these new economic power centres is not unexpected. “It is quite normal that these big nations are spending a part of their wealth on exploring new frontiers. Such efforts have strong economic, technological and military implications,” said Bisnovatyi-Kogan.
Astrophysicist A.R. Rao at Mumbai’s Tata Institute of Fundamental Research, however, said, “Unlike the cold war strife China-India rivalry is more like the weapon buying spree between India and Pakistan decades ago.”
But, how does such a contest benefit science in these nations? Is there any justification for pursuing manned moon missions?
Sandip Chakrabarti, the head of astrophysics, S.N. Bose National Centre for Basic Sciences in Calcutta, doesn’t think there is anything great about the technology deployed in the mooncraft. “Apart from the ability to calculate and execute mid-course correction of trajectories of the launch vehicle, things are pretty routine,” he said. According to him, the best instruments in Chandrayaan-1 are either of US or European origin. “The images captured by the instruments will be used by them and India will play a minor role,” said Chakrabarti who had a stint in Nasa in the mid 1990s.
Upendra Desai, who had been an astronomer both at Nasa and Isro, too agreed that science output of such missions is meagre. “Except for the solar experiments in the initial few years, Isro’s ventures have little to do with physics and astronomy,” he said. Desai is also sceptical about the scientific implications of India’s proposal to explore Helium-3 in the regolith (moon’s dust) to fuel its nuclear power stations. Concurred Chakrabarti, “It’s an eyewash since tonnes of regolith have to be processed to get even a microgram of Helium-3.”
The manned moon missions planned both by the Indian and Chinese space agencies will be bigger mistakes from a scientific perspective, say scientists. “We need to justify the benefits of sending astronauts to the moon,” said Shuang-Nan. Wiita too doesn’t see any scientific rationale behind the move. “Robotic missions can obtain better data than a manned mission at a fraction of the cost,” said Wiita. Concurred Desai, “Neither China nor India can afford such superfluous expenditure. These countries still have so many social and economic issues to handle.”
http://www.telegraphindia.com/1081027/jsp/knowhow/story_10022687.jsp
Mkts trim losses, settle 191 pts down
Weighed under selling pressure from funds, Bombay Stock Exchange benchmark Sensex on Monday went on a roller-coster ride yet again, falling over 1,000 points to breach the crucial 8,000 level in intra-day trading, but later recovered some losses on renewed buying.
In a choppy trade, the 30-share index, which had lost over 1,000 points during the mid-session on major sell-off by funds, attracted some buying at the existing lower levels only to regain 812.17-point losses and closed at 8,509.56 level, 191.51 points down from the last week's close. It touched the day's low of 7,697.39, a level last seen on October 2005.
Similarly, the wide-based National Stock Exchange index Nifty dropped below 2,300 points before ending at 2524.20, still showing a loss of 59.50 points.
Marketmen said emergence of buying by domestic financial institutions and covering up of short positions by speculators at prevailing lower levels helped Sensex recover part of the lost ground.
They said a steep fall in equities drove down the rupee against the dollar and gold also fell sharply, thus leaving no other option for investors but to return to the bourses.
A remarkable recovery was seen in the realty sector, which had suffered heavy losses during the day. The realty index bounced back to close higher by 74.01 points at 1,817.28 as stocks of Unitech, Indiabulls Realestate, Omax and Akruti City closed with handsome gains.
Slain Bihar gunman wanted to take on Raj Thackeray
Passengers narrating the shooting incident in a BEST double-decker bus on Monday said the person from Patna, holding a gun, kept on shouting that he had come to Mumbai to take on MNS chief Raj Thackeray.
One of the commuters said that the 23-year-old gunman identified as Rahul Raj, went on screaming subsequently that he had nothing against the passengers and only wanted to ‘take on’ Raj Thackeray.
"He (Raj) then made some passengers write in chits, and kept on dropping it from the bus stating that he had come to attack Raj Thackeray. The person also kept demanding for a mobile phone," the terrified passengers said adding that the gunman was later shot dead by the police.
Recounting the terror, another passenger, Abdul Rashid Sheikh, said, "I was sitting on the upper deck of the bus when I heard some screams... I saw this man (Raj) trying to strangle the conductor with some kind of a chain and then he let him go... After that he shot one of the passengers for no reason."
"All of us ducked down under the seat and we were very scared since we didn't know if the police was to start firing," Sheikh, an employee with a local bank and a resident of suburban Andheri, who was travelling with his wife Rafia, said.
"There were nearly 15 passengers on the upper deck of the bus. He first tried to take my wife out but then apologised to her, seeing she was woman, and said that he (Raj) would escort her out of the bus," Sheikh said.
"I refused to let her (Rafia) go since I was scared that she could be hit in any crossfire that might take place," the bank employee, who was taking his wife to visit a doctor, said.
"We then heard some sounds of shooting and later heard that he (Raj) was dead," Sheikh added.
Meanwhile, Deputy Commissioner of Police Milind Bharambe said that the gunman repeatedly asked to speak with the City Police Commissioner and also wanted to kill Raj Thackeray.
"We found two (currency) notes, a fifty rupee and a ten rupee, on which it was written, "I only want to kill Raj Thackeray and no one else," Bharambe said.
The currency notes were recovered from near the bus when the hostage drama was unfolding.
Several Kerala youths recruited by Faisal for ultras
In a startling disclosure, the youth who was arrested in Kannur for acting as "recruiting" agent to a Kashmir-based terrorist outfit has confessed that he was instrumental in handing over youths for terrorist operations.
Faisal, who is lodged in the central prison in Kannur following his arrest on October 25, revealed that he had recruited a few hands from Kerala's Malabar region and taken them to places like Hyderabad where terrorist outfits held training camps, a senior police official said on Monday.
"We are yet to make a final assessment on how many persons got recruited by Faisal," Prince Abraham, member of the Special Squad investigating Kerala's links with terrorist outfits in Jammu and Kashmir said.
The exact number of people handed over to the terrorist outfits would be clear only after detailed investigation, the senior police official said.
Faisal admitted that the local youth Mohammed Fayas (22) and Mohammed Fahis (24), who got killed in the army encounters in Kashmir earlier this month, were taken to Hyderabad on September 10 even as parents of Fahis had informed the police on Sunday that their son was found missing from that day.
10 top sizzling sex secrets revealed
Want to spice up your bedroom life? Well then here's a new book that offers you some red-hot tips, which will take your sex life to new heights.
'Sizzling Sex', written by Dr Pam Spurr, is full of fun and saucy advice, reports the Sun.
It offers 250 tips altogether including kissing techniques, naughty positions, games with food and lots more.
Article 355 never invoked against Orissa, K'taka: Centre
Seven general advisories to maintain law and order were sent to Orissa in less than two months as the state recorded highest communal violence incidents that has left 41 people dead so far.
The Ministry, which overlooks the internal security in the country, could not do much to stop attacks on minorities other than sending seven general advisories to Orissa asking the state to take “stringent action” against the perpetrators of the violence.
“The Government never invoked Article 355 to warn Orissa and Karnataka to rein in violence following attacks on churches and prayer halls in the state,” a Home Ministry official said.
The provision of the Constitution enables the Centre to issue a direction under which the state should be ruled in accordance with the Constitution failing which it becomes a fit case for imposition of Central rule.
“Seven advisories or communications were sent to the government of Orissa between August 25 and October 10 at various levels, including the Home Secretary and the Union Home Minister,” the official said.
In these advisories, Orissa government was asked to take stringent action against the persons indulging in communal violence, including identifying and apprehending the elements inciting and stocking communal violence and hatred.
The Home Ministry asked the state government to ensure arrangements to provide security to members of the minority community and their places of worship, undertake comprehensive measures for relief and rehabilitation of the victims and other affected persons.
The Centre also asked Orissa to take “effective steps” to create an environment in which people who had to leave homes could return at the earliest.
Besides, on October three, Home Minister Shivraj Patil shot off a strongly-worded letter to Chief Minister Naveen Patnaik asking him to take effective measures and provide security for the community.
The letter came following Prime Minister Manmohan Singh’s statement expressing anguish over the situation in Orissa on which he had to face embarrassment during the recent India-EU Summit in Marseilles.
After the killing of the VHP leader Swami Laxmanananda Saraswati on August 23, Orissa has witnessed large scale violence against Christians, which claimed nearly 40 lives.
Parts of Karnataka have also witnessed a series of attacks on churches and Christian community allegedly by the activists of Sangh Parivar outfits last month.
Here are 10 of the best bits of advice from the book:
For women
1. A lip-smackingly great kiss: By alternating the movement of your tongue between a swirling action and a poking action, amazing sensations are created.
2. Perfectly sexy pinching: Slowly introduce a pinching sensation and she may start to feel incredibly aroused.
3. The Naughty Dog Kiss: This kiss is perfect for stimulating her by using it on different parts of her body. What you need to do is allow your tongue to relax.
4. The Roman Bath: Ask her to share a bath with you. Add some aromatherapy oil and slip in first. Ask her to get in and sit inside your legs with her back towards you. Trickle some warm water from a face cloth down her neck and back and gently kiss the back of her neck with your lips. Then slide your arms around her ribcage and stroke the whole of her breasts.
For men
5. Buff him up: Tell him you want to enhance his sense of touch and offer to exfoliate his chest and neck area.
6. Turn it into an SEP - Simple Erotic Pleasure: Take the exfoliating scrub, rub it between your fingertips and then gently circle the skin on his chest and neck area with it. Whenever you kiss these areas during foreplay it will feel far more sensitive to him.
7. Footie Heaven: Men have incredibly sensitive feet. And by stimulating different points on his feet you'll send pulses of pleasure up through his body.
8. Inner Wrist Magic: While you're kissing him is to begin stroking his inner wrist. This is an incredible erogenous zone that's definitely neglected in men.
9. The pearl necklace technique: Get out an old beaded necklace - a fake pearl one is ideal. Take his penis between your hands and with lashings of lubricant start moving them up and down.
For both men and women
10. Blindfolded lust: Put blindfolds on each other at some point during foreplay. Once blindfolded you'll be amazed at how quickly your skin comes to life as you are touched, and as you touch your lover.
Global crisis may cost Thailand 1 mn jobs
The global economic slowdown could cost Thailand a million jobs early next year and output will be slashed, the Federation of Thai Industries (FTI) said on Monday.
"I think industries will cut their production by 20-30 per cent and about 900,000 to 1 million jobs will go in the first quarter," Thaveekij Jaturajarernkul, an FTI vice chairman, said.
"The impact on exports will clearly be felt from early next year," he said, adding the garment, furniture and electrical parts sectors were likely to suffer because of weak consumption.
That would make it difficult for new entrants to the workforce -- about 700,000 each year -- to find jobs, he said.
The workforce in Thailand numbers 20 million, most in agriculture but around 5.7 million in non-agricultural jobs.
Thanit Sorat, another FTI vice chairman, noted that the global financial crisis came on top of protracted political unrest at home, which had already hit tourism.
Unfavourable economic conditions would make banks more cautious about lending and that would be a big problem for small and medium-sized businesses, Thanit said.
"The economy next year, although we don't expect a recession, is likely to slow down sharply," he said, adding the FTI forecast economic growth of 3.8-4.0 per cent at best next year, down from the 4.5 per cent it projected for 2008.
The Bank of Thailand has forecast 2009 economic growth of 3.8-5.0 per cent, against projected 4.3-5.0 per cent this year and 4.8 per cent in 2007.
The central bank expected export growth to be 7-10 per cent, down from the 20-23 per cent projected for 2008.
Thanit said the FTI had asked the government to try to boost investor confidence and ensure there was sufficient liquidity in the financial system.
Thailand has said it has no liquidity problems. Deputy Prime Minister Olarn Chaipravat said last week the problem was how to make banks lend and investors borrow in order to get the economy going.
Another FTI official, Sommat Khunset, said conflict on the Thai-Cambodian border had affected border trade and tourism as the number of Thai tourists visiting Cambodia had fallen sharply.
"There's not a problem yet for the manufacturing sector but trade and tourism have already seen some impact. Thai investors are also reluctant to invest there," Sommat said.
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Rtd Major under probe has BJP past
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SMITA NAIR, MILIND GHATWAI & CHANDAN HAYGUNDE
MUMBAI, BHOPAL, PUNE, OCTOBER 26 The Maharashtra Anti-Terrorism Squad (ATS) has conducted fresh raids across the state and neighbouring Madhya Pradesh and Gujarat and picked up at least two more Hindu activists, including a woman, for questioning in connection with the Malegaon and Modasa bomb blasts last month as links emerged between the Sangh Parivar and a retired army Major who is also being questioned for his suspected role. The ex-Army officer is said to have once headed a BJP ex-servicemen cell in Mumbai.
While sources said that the woman who had been picked up for questioning was suspected to be a member of the Durga Vahini organisation in Madhya Pradesh, the state’s police chief S K Raut said that a man named Sameer Kulkarni had also been picked up by the ATS on Saturday night. He said Kulkarni was suspected to have been a member of the Akhil Bharatiya Vidyarthi Parishad (ABVP) and is believed to have organised an exhibition against terrorism at Gandhi Bhavan in Bhopal a few months ago.
Kulkarni is also believed to be linked to a Pune-based voluntary organisation called ‘Abhinav Bharat’, Raut added. The working president of Abhinav Bharat, retired Major Ramesh Upadhyay, is already being questioned by the ATS for his suspected links with Sadhvi Pragyasingh Thakur and two other Hindu activists, arrested last week in connection with the September 29 twin-blasts, which together killed six Muslims during Ramzan. According to the website of Abhinav Bharat, the outfit was formed in June 2006 with the aim of combating terrorism and rebuilding the nation around Bharatiya and Hindu culture.
Another junior army officer is also being questioned but ATS sources refused to disclose his name. Both officers are said to be associated with the Bhonsala Military School in Nashik, which also has a branch in Nagpur. ATS chief Hemant Karkare said that three people from Indore had been detained, numerous others being questioned but added that there were no fresh arrests. The detentions come on the back of the arrest of the sadhvi from near Surat and two Hindu activists from Indore last week.
While the ABVP, the Hindu Jagran Manch as well as other Sangh Parivar outfits such as the BJP and the RSS have denied any links with the blasts or the three people arrested in connection with them, fresh information emerged today that Major Upadhyay headed the Mumbai unit of the BJP’s ex-servicemen’s cell. Serving office-bearers of the cell, who did not want to be identified, said that Upadhyay was removed from the post “after he committed some mistakes”. One office-bearer said that Upadhyay had also been paid by the party for his work but he was not connected with the BJP after his removal from the post.
Sources in Pune said that Kulkarni was also suspected to be associated with Sadhvi Pragya, other Hindu groups and was active in the Pimpri-Chinchwad area. His name had come up during the attack on Pastor Peter David Silway of Vineyard Worker’s Church in Dapodi in August last year. Abraham Mathai, Vice-Chairman of the State Minorities Commission and General Secretary of the All Indian Christian Council, had then named five people, including Kulkarni, as allegedly associated with the Vishwa Hindu Parishad (VHP) and involved in the attack. Pastor Silway’s car was stoned by motorcycle-borne youth on a bridge linking Dapodi and Bopodi.
Mathai had alleged that Kulkarni was one of those who orchestrated the attack. Sources said that Kulkarni was a science graduate. Ranjeet Natu, Pune city leader of VHP, denied Kulkarni was an active member of the organisation. “I don’t know Sameer Kulkarni,” he said.
At the Rail Residency Cooperative Housing Society in Akurdi in Pune, where Upadhyay resides, there is complete silence. Police officers don’t deny they are keeping a watch on the Upadhyay residence despite the fact the ATS has still not arrested him.
Police Inspector Gaurav of Special Branch, who was at the Upadhyay home, said he was there on a routine inquiry. “We have come on a regular inquiry after we got to know that Maj Upadhyay was picked up by the Mumbai ATS. But it does not mean he is linked to the Malegaon blasts,” he said. Upadhyay’s daughter Madhu said: “We don’t wish to speak to the media right now but if needed, we will definitely contact you.”
— (With inputs from Dhaval Kulkarni in Mumbai, Tarun Nangia in Pune)
http://www.expressindia.com/latest-news/Rtd-Major-under-probe-has-BJP-past/378350/
Obama vows to curb outsourcing
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Agencies
Posted: Oct 27, 2008 at 0909 hrs IST
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Washington, October 27: Sitting politically 'pretty' with only a week to go for Presidential polls, the Democratic nominee Barack Obama has kept hammering away with his theme of creating jobs and curbing outsourcing and blamed the Republicans for the mess America finds itself in.
Back on the campaign trail after a short break in Hawaii to see his ailing maternal grand mother, Senator Obama was in the "Red" state of Colorado pushing his economic plans.
Holding the Bush administration and by extension his Republican rival John McCain for the current economic recess, Obama said, "It's time to turn the page on eight years of economic policies that put Wall Street before Main Street but ended up hurting both."
"We need policies that grow our economy from the bottom-up, so that every American, everywhere, has the chance to get ahead -- not just the person who owns the factory, but the men and women who work on its floor; not just the CEO, but the secretary and the janitor," he said in Denver.
The Illinois Senator said, "If we've learnt anything from this economic crisis, it's that we're all connected; we're all in this together; and we will rise or fall as one nation as one people. The rescue plan that passed the Congress was a necessary first step to easing this credit crisis, but if we're going to rebuild this economy from the bottom up, we need an immediate rescue plan for the middle-class, and that's what I will do as President of the United States" he added.
Keeping his rhetoric on outsourcing alive, Obama said, "I've proposed a new American jobs tax credit for each new employee that companies hire here in the United States over the next two years. I'll stop giving tax breaks to companies that ship jobs overseas and invest in companies that create good jobs right here in Colorado."
Obama said, "I won't let banks and lenders off the hook when it was their greed and irresponsibility that got us into this mess. We should not be bailing out Wall Street; we should be restoring opportunity on Main Street."
"...For the last eight years, we have tried it John McCain's way. We have tried it George Bush's way. We've given more and more to those with the most and hoped that prosperity would trickle down to everyone else. And guess what? It didn't. So it's time to try something new. It's time to grow this economy by investing in the middle class again.
"If I am President, I will invest USD 15 billion a year in renewable sources of energy to create five million new, green jobs over the next decade -- jobs that pay well and can't be outsourced; jobs building solar panels and wind turbines and fuel-efficient cars; jobs that will help us end our dependence on oil from Middle East dictators," he added.
Even the lowest of estimates in the Electoral College vote in the various scenarios have shown Obama winning 270 votes that are needed quite easily and projections for the
Democratic nominee have even gone in the upwards of 360 which will point to a landslide that has not been witnessed for quite sometime now.
The clear edge to the Democrat candidate at the Presidential level will be impacting the races for the United States Congress as well and the Democrats are looking to "unleash a bloodbath in the House of Representatives and the Senate."
In the House, the Democrats are expected to be picking up between 25 to 30 seats from the current strength of 235; and in the Senate the party is looking at a Cloture proof majority of 60 seats or up by 11 from the current position.
Waiting for the Grim Reaper
The Janata government saw plenty of jockeying for power. In an extract from a yet-to-be-published book, Shanti Bhushan, who was law minister then, recounts how Prime Minister Morarji Desai was waiting for the death of his two senior colleagues — and one of them in turn was waiting for Desai’s death
Shanti Bhushan Pic: Prem Singh
The year was 1978. The Morarji government was in its second year. Charan Singh was the home minister and Jagjivan Ram the defence minister. In March 1977 when the Janata Party won a resounding victory in the elections both Choudhary Charan Singh and Jagjivan Ram had been serious contenders for the office of prime minister, along with Morarji Desai. The decision was finally left to Jayapraksah Narayan and Acharya J.B. Kriplani. Both of them decided in favour of Morarji Desai on account of his vast political and administrative experience and also because he had already held the post of deputy prime minister earlier.
Towards the end of 1978 rumours were afloat that Charan Singh wanted to stage a coup and become prime minister. There was a cabinet committee on electoral reforms consisting of four cabinet ministers — Charan Singh, L. K. Advani, Dr P.C. Chunder and me. The committee used to meet from time to time and was deliberating on the various suggestions relating to electoral reforms to strengthen democracy in the country. Since the subject of electoral reforms pertained to my ministry, I continue to regret the fact that the committee was unable to complete its task and the Morarji government fell abruptly in July 1979. Much work had already been done by the committee and if it had been able to complete its work and introduce the necessary bill perhaps the political history of this country might have been somewhat different.
The meetings of this committee used to be held punctually at 11 a.m. Apart from the four cabinet ministers and their department secretaries, the cabinet secretary also attended these meetings. Charan Singh did not reach on time for one particular meeting though all the other members were there. We kept waiting for him for about 15 minutes. When he arrived he was embarrassed to find all of us waiting for him. He stood behind his chair and refused to sit down. He said that he was very sorry that he came late and would take his seat only after he had been pardoned by all of us. We pleaded with him to take his seat but he refused to do so. He explained that he was late because when he was about to get into his car a journalist accosted him and asked whether he was very keen to become prime minister. Charan Singh lost his temper and told the journalist that there was nothing wrong in his ambition to become prime minister. He asked the journalist whether he did not want to become the editor of a top newspaper and told him that if he did not have such an ambition he must be a worthless fellow. Choudhary sahib further explained that even though he did possess the ambition to become the prime minister of the country one day, he was not plotting to remove Morarji from that position. He added that someday Morarji would die and there was nothing wrong in his ambition to succeed as prime minister.
One does not talk about the death of a living person. It is in poor taste to do so. We were appalled at Choudhary sahib speaking about Morarji’s death in such a casual manner. However, we finally persuaded him to resume his seat and the deliberations of the cabinet committee started.
That very afternoon I had a meeting with the prime minister. I wanted to remove the impression from Morarji’s mind that Charan Singh was plotting his ouster. So I decided to narrate the incident at the meeting of the cabinet committee to him. It was in a totally different language that I narrated to Morarji Desai that Choudhary sahib had told the cabinet committee about his ambition to become the prime minister if and when there was a vacancy. Even though I thought that I had sufficiently sugar-coated what Charan Singh had said, shrewd as Morarji was, he guessed what Charan Singh must have actually said. He immediately asked how Charan Singh could be sure that he would not predecease him, that is, Morarji. It dawned on me then that even though Morarji was much older than Charan Singh, he was in much better health. It was possibly for this reason that Morarji was confident that he would outlive Charan Singh.
I said to Morarji bhai that I found a lot of force in his observation and that it occurred to me that Choudhary sahib was close to 76. I added that this age was very dangerous because both my father and my father-in-law had died at 76. Morarji then said that I was quite right and he reeled off half a dozen names of important political leaders who had died at 75 or 76. Morarji then lowered his voice and almost whispered to me that in fact an astrologer had told him that he was going to lose two of his cabinet ministers within one year. When I commented, a tad anxiously, that I hoped that I would not be one of them, he assured me that I was not. The two were supposed to be Charan Singh and Jagjivan Ram.
On hearing this I had no doubt left in my mind that the government could not survive for long. I was convinced that if the prime minister was waiting for the death of his two senior-most colleagues and one of them in turn was waiting for the death of the prime minister, it was impossible for such a government to last. The government of Morarji survived only for a few months thereafter. Incidentally, Morarji Desai lived till 1995. Babu Jagjivan Ram and Choudhary Charan Singh both predeceased him in 1986 and 1987, respectively.
Overweening ambition is a person’s worst enemy. While Charan Singh possessed many good qualities as a politician, his ambition often came in the way. It was his ambition to become the prime minister as quickly as possible which led to his downfall. This was cleverly exploited by Sanjay Gandhi who was able to persuade Chaudhary sahib to believe that if he defected from the Janata Party with his group and brought about the downfall of the Morarji government the Congress would make him prime minister and he would continue in that office for the rest of the term of the Lok Sabha which was two years and eight months. Any other person would have seen through the game but Charan Singh’s desire had effectively blinded him so that he fell into the trap. Within a couple of weeks after Charan Singh had been sworn in, the Congress withdrew its support and the Lok Sabha had to be dissolved. Charan Singh remained only a caretaker prime minister for a few months and never entered parliament as prime minister even for a single day.
In any case, as soon as Charan Singh’s government was sworn in formally, the Morarji Desai government came to an end, and all of us formally ceased to be ministers. I resumed my practice the very next day and started attending the Supreme Court. Advocates on Record started approaching me with their briefs. Morarji Desai had decided to call it a day. He had realised his ambition of becoming prime minister of India, and that was enough for him.
Published with the permission of Penguin India from Courting Destiny: A Memoir by Shanti Bhushan; Viking; Rs 650 (To be published in November 2008)
http://www.telegraphindia.com/1081026/jsp/7days/story_10020854.jsp
The worst is not yet over for realty sector
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Kakoli Chatterjee
Posted: Oct 27, 2008 at 1118 hrs IST
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New Delhi, October 27: The BSE realty index has slipped by over 82% from its high a year ago. This is the biggest loss for any sector on the BSE in a year, and far eclipses the 56% fall of the BSE 200 index in the same period. That, in a nutshell, just says it all—the sector that could make no wrong moves a year ago is simply coming apart.
Since the fund flow from the equity market is drying up, the realty companies would need more debt. And here, the sector may have just landed in more difficulty as the RBI made no further cut in its interest rates on Friday. This means bank finance will remain costly. So the sector is facing a major credit crunch from all sides.
“Borrowing costs are currently about 15.5 to 16.5%, compared with 12.1% for the year ended March 31, 2008, according to Sanjay Chandra, managing director of Unitech. The company’s shares were hammered 51.3% in the market meltdown on Friday but Chandra has blamed it on a bear cartel.
The company is the second-worst performer on the realty index this year. Its second quarter results are due on Friday.
Talking of the developments, Renu Karnad joint managing director, HDFC Ltd, told FE that banks were becoming more prudent while lending to the sector and disbursing home loans. She said, “We are providing customers construction-linked plans for home loans. We are giving funding (only) as the project progresses.”
Moreover, funding from PE is also drying up. “Investors want high returns, but PE firms cannot deliver such returns from their investments in real estate”, said an analyst with a firm that has put about 31% of its corpus in Indian realty.
In a report of estimated results for the second quarter for the top real estate firms, including Unitech, DLF & HDIL, brokerage firms are not very upbeat. Emkay, Religare and ICICI Securities say except for HDIL, the profit after tax of the other two firms could show a negative growth.
Revenues for DLF are expected to go up by 21.7% for the second quarter. Its profit after tax could decline by 2.5%. Unitech’s revenues for the second quarter are estimated up 7.3%, but profit after tax is expected to go down by 9.5%.
As cash becomes tight in the financial turmoil that has gripped the world, the interest is now on the land banks that these companies are sitting on. But many of these were bought at high prices. Those prices do not exist any more, so selling them to raise cash could be difficult again.
Currently, the policy of most developers is to consolidate their position and not expand their land banks. But even after a 20% price correction in the market, industry experts and analysts believe there is going to be more. So some new projects are being launched for raising funds. But developers are upbeat they have a healthy order book as a lot of consumers are waiting for the price to dip further before they book their houses. Mall rental rates are also expected to rationalise.
The debt-equity ratio of over the last few years has been healthy for most companies, except on a few occasions. Most realty companies had a debt-equity ratio over one during ‘04-05. ‘
In the next fiscal it was slightly higher. DLF at 4.67, Unitech at 2.89, Sobha Developers at 3.09 had higher debt equity ratios. In ‘06-07 DLF had an astonishingly high debt-equity ratio of 10.37 followed by Unitech and Omaxe at 3.08 and 2.9, respectively. The rest of the firms had it under 1. During the last fiscal, ‘07-08, most players managed to contain the debt-equity ratio below 1. Unitech at 3.78, Shobha Developers at 1.78 and Omaxe at 1.48 were the only exceptions.
http://www.expressindia.com/latest-news/The-worst-is-not-yet-over-for-realty-sector/378460/
Fearing global recession, central banks poised to act
26 Oct, 2008, 2200 hrs IST, AGENCIES
SINGAPORE/LONDON: Central banks are likely to launch new coordinated emergency action this week to calm the panic sweeping financial markets, which could be rocked further by data pointing to global recession.
The U.S. Federal Reserve is widely expected to cut rates sharply following share selloffs and currency collapses in developed economies and the emerging markets of Asia and Latin America. Advance third-quarter U.S. economic growth data due on Thursday is expected to show a 0.5 percent contraction in gross domestic product after 2.8 percent growth the previous quarter.
"Increasingly, the signs point to a deep and synchronised global recession," JPMorgan economist Bruce Kasman said.
"It is still too early to accurately gauge the depth of the downturn, as the outlook depends on how well policy actions contain the financial crisis." The likelihood of the Fed slashing interest rates by 50 basis point stood at 74 percent on Sunday and at 26 percent for a cut of 75 basis points to 0.75 percent.
Asian and European leaders closed ranks over the weekend to bolster confidence among investors facing the worst financial crisis in 80 years.
PROTECTING REAL ECONOMY
"We must use every means to prevent the financial crisis impacting growth of the real economy," Chinese Prime Minister Wen Jiabao said at the end of a two-day summit of 43 Asian and European leaders in Beijing. China's central bank governor, Zhou Xiaochuan, was on Sunday quoted as saying that Asia's second-largest economy was in good condition but needed to be on guard to fend off risks created by the turmoil.
Investment in infrastructure and expansion of consumer demand could help cushion the impact of weakening exports, he said, adding that the central bank would work out an advance plan to provide emergency help to banks if needed.
Central banks provide more money
27 Oct, 2008, 1852 hrs IST, AGENCIES
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GERMANY: The European Central Bank made 12 billion euros available to Denmark on Monday, part of its efforts to provide neighboring countries with he
lp in the financial meltdown.
The ECB, the central bank for the 15-nation euro zone - Denmark is not a member - said the 12 billion euro ($15.1 billion) reciprocal currency arrangement, or swap with Denmark's central bank would remain in effect as long as needed and was done with the goal of increasing the amount of cash in short-term euro money markets. Credit has been scarce and expensive as the crisis makes banks afraid to lend to one another.
The move will make it easier for Denmark, whose krone currency is pegged to the euro, get access to euros and should lower the exchange rate for euros in Denmark.
The ECB provided similar moves for Hungary and Switzerland earlier this month.
Meanwhile, the Bank of England and Swiss National Bank continued their daily offers of overnight dollars.
The BoE and Swiss National Bank kept up their offers of overnight dollars, part of the ongoing effort to ease credit bottlenecks between lenders.
The BoE offered its usual $10 billion to its limit of 10 bidders and received bids for just under $3 billion. The SNB offered its standard $10 billion and received 7 bids for $6.8 billion.
The lower number of bids suggested that tight credit markets stricken by the world financial crisis are loosening up.
The cost of loans between banks - a key indicator of wider credit conditions - has also dropped in both Europe and the US in recent days.
The European Central Bank did not take part in the operations, saying it would monitor the market and only offer liquidity when it sees it necessary.
In another brief statement posted on the ECB's Web site Monday, the central bank said G-7 finance ministers and central bank governors were paying particular attention to the Japanese yen and its recent fluctuations.
UK plans to increase borrowing to combat recession
27 Oct, 2008, 1605 hrs IST, AGENCIES
LONDON: British Prime Minister Gordon Brown is laying out plans for an increase in government spending to cushion the country's fall into recession.
``We will and can allow borrowing to rise to help restore demand and to come to the aid of workers, businesses and homeowners,'' Brown is set to tell business leaders and academics in a speech Monday, according to extracts released by his office.
Last week, official statistics revealed that Britain's economy contracted for the first time in 16 years in the third quarter between July and September.
Brown and Bank of England Governor Mervyn King have predicted that next quarter's figures will also show economic contraction, warning that Britain is likely heading into a recession - defined as two or more consecutive quarters of negative growth.
Brown plans to argue Monday that increasing government spending through borrowing will limit the effects of the economic downturn by putting more money in taxpayers pockets.
``The responsible course is to borrow now to maintain growth and output,'' he says in the speech text, adding that the move will ``support hard-pressed families and businesses through the downturn.'' But not everyone is convinced that increasing borrowing is the right course of action. In a letter to the Telegraph newspaper on Sunday, 16 leading economists argued that the plan could do more harm than good.
``It is misguided for the government to believe that it knows how much specific sectors of the economy need to shrink and which will shrink 'too rapidly' in a recession,'' the economists said in the letter. ``Thus the government cannot know how to use an expansion in expenditure that would not risk seriously misallocating resources.''
The letter was signed by economists including Trevor Williams, chief economist at Lloyds TSB Corporate Markets and Peter Spencer, a leading economist at Ernst & Young.
The planned borrowing increase contradicts Brown's own rule for national debt, which he set out when he became Treasury Chief in 1997. Then, Brown said Britain's debt level shouldn't go above 40 per cent of gross domestic product, but in August net debt rose to 43.3 per cent - or 633 billion pounds ($973 billion).
Brown also has faced criticism from the opposition Conservative Party, which has said that Brown's Labour Party failed to limit spending and put away savings during the economy's boom growth over the last decade.
G7 warns on yen surge, stirs intervention talk
27 Oct, 2008, 1506 hrs IST, REUTERS
TOKYO: The Group of Seven warned on Monday that the yen's wild swings threatened financial stability, fanning speculation central banks may intervene
to halt a rally in the currency driven by a Japanese exodus from emerging markets.
G7 finance ministers and central bank governors said they were prepared to act, if necessary, but market reaction was muted, reflecting doubts over the will for co-ordinated action and whether Tokyo could succeed acting on its own.
"We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability," the brief statement said.
"We continue to monitor markets closely, and cooperate as appropriate," the group, comprising the United States, Japan, Germany, Britain, France, Italy and Canada, said.
Some analysts took the statement as a code for a possible currency intervention, especially after the Australian central bank stepped into the market for a second day to support its dollar near record lows against the yen.
"Given the panicky and irrational movements of the yen of late, the Japanese authorities may conduct intervention independently," said Kazuyuki Kato, foreign exchange trader at Mizuho Trust & Banking in Tokyo.
"Such action may be taken if the dollar falls below the 90 yen level. But given the fact that the dollar is rising against major currencies, except for the yen, Japan is not likely to be able to win support for coordinated action."
Japan has not intervened in currency markets since 2004.
IMF should be more like independent central bank: British PM
27 Oct, 2008, 2035 hrs IST, AGENCIES
LONDON: The International Monetary Fund (IMF) should be run more like an independent central bank and less under political control, British Prime Min
ister Gordon Brown said Monday.
Brown has called for a new Bretton Woods system to cope with the current global financial crisis, referring to the international financial architecture established at the end of World War II.
Of the IMF, he told an audience of business leaders in London: "It should be more like an independent central bank in my view than a political committee, which is what it is at the moment."
Brown added that a new system should better reflect the changing global economic balance of power, in particular the growing weight of China.
"We've got to see how Europe and America particularly can work together. But we've got to involve China in there, and all the emerging market economies," he said.
The Bretton Woods system was agreed at the end of World War II. It set in place the world's financial architecture, which remains in place today, based on the IMF and the World Bank.
Retail story continues to sparkle this Diwali
27 Oct, 2008, 1912 hrs IST, PTI
KOLKATA: The global financial crisis and the crashing stock market has failed to dampen the sparkle of Diwali, with spending by consumers remaining b
uoyant.
RPG Group's retail chain Spencer's VP sales S S Shekhawat said that the Dhanteras week-end sales was the best ever in their history.
"We did Rs 20 crore in sales during the Dhanteras week-end and hope to do well today also. Across the board buying was witnessed including in fashion, jewellery, electronics and electrical," he said.
Jewellers were happy for a better year in both volume and value terms during the Dhanteras compared to the previous year.
"We received a better response during this Dhanteras compared to the previous year despite some apprehensions. In value terms, the growth is 20 per cent higher than the previous Dhanteras, while in volume terms it could be around 10-15 per cent," Senco Gold Ltd executive director Subhankar Sen said.
Leading jeweller and exporter P C Chandra's director Suvro Chandra also said demand during the festive period had gone up by 15-20 per cent.
According to them, the softening of gold price by some Rs 200 per gram since its peak on October 10 had made it affordable and buying on account of Dhanteras has led to the demand.
Jewellery stores were offering hefty discounts and gifts to attract consumers. All India Gems and Jewellery Trade Federation, a national body of the jewellery business, has also come out with a gift scheme to encourage consumers to their member stores.
Politicians lose their sparkle, Dhoni shines this Diwali
27 Oct, 2008, 1723 hrs IST, IANS
PATNA/RANCHI: The Lalu-Rabri brand seems to have lost its spark this Diwali. Firecrackers named after the railways minister and his wife, a former ch
ief minister of Bihar, were a staple but have gone missing this year to give space to "item girl brand firecrackers" and star cricketer Mahendra Singh Dhoni.
It might be scant comfort for the Rashtriya Janata Dal (RJD) chief, but there isn't too much trace of Chief Minister Nitish Kumar or Congress president Sonia Gandhi either in the run-up to the festival of lights in Bihar.
"There are no Lalu bombs, Lalu engine, Lalu rocket, Nitish pataka or Rabri phuljhari this year. It is surprising," said Mohammed Rizwan Ahmad, a shopkeeper selling crackers and other incendiary delights this festive season in Patna.
"There is demand for the Lalu-Rabri and Nitish brands of firecrackers, but we have no such item," added Manoj Singh, another shopkeeper selling crackers.
"We are selling hot girl and item girl brand firecrackers," said Arvind Kumar, a wholesale agent of firecrackers.
He recalled the years when the Lalu-Rabri brand outsold all others. "The high sales of the Lalu-Rabri crackers were the accepted index of their popularity among the people."
In Ranchi, the field has been left clear for Dhoni with not just firecrackers but also sweets named after the cricketer flying off the shelves. The Dhoni brand has emerged top, competing with filmstars like Vidya Balan, Kareena Kapoor, Aishwarya Rai and, of course, Lalu Prasad.
"Dhoni firecrackers have captured more than half the market," said Praveen Mangal, a shopkeeper in the Jharkhand capital.
The Dhoni range starts at Rs 50 and goes up to Rs.700.
"Dhoni lies in the heart of each and every person in Jharkhand," said Kawaljeet Singh, another seller.
Dhoni fans are enthusiastic. "I have purchased Rs 1,800 worth of Dhoni crackers. Now I will buy Dhoni brand sweets. Dhoni has made the people of Jharkhand proud and it is our duty to make his brand successful," said Rajesh Sen, a student of St Xavier's College from where Dhoni is doing his graduation.
BSNL comes up with special offers for festive season
27 Oct, 2008, 2034 hrs IST, PTI
BANGALORE: BSNL Bangalore Telecom District on Monday announced special offers in view of Deepavalai and Rajyotsava Festival,including doubling of bro
adband limit free of charge for existing customers for the month of November.
Customers who have minimum of six months subcription as on November 1 2008 would be offered double usage of free download that is twice what is normally available in the plan. The scheme would be applicable for all broadband plans andis valid for November, Shubhendu Ghosh, Principal General Manager told media.
BSNL has also come up with three offers for landline which were valid for October 31 and November only. In the first package, new customers could get installation fee and instrument (Rs 250 plus Rs 250) waived with additional free offer of CLIP instrument for caller indentification.
In the second package,either installation fee or instrument fee of Rs 250 would be waived off with additional free offer of Clip Instrument. In addition, `Call Now' card worth Rs 300 or fixed line pre paid (FLPP) account card of Rs 100 with FLPP recharge worth Rs 200.
In the third package consumers could get CLIP instrument free. In addition, call now card worth Rs 500 or FLPP Account card of Rs 100 with FLPP recharge coupoin worth Rs 500.
Under broadband, there are two packages. Under package one, installation fee Rs 250 (only on modem on rent will be waived) and offer is valid on the two days.
Another offer is a flat 20 per cent discount on plan charges for six months from date of activation (offer is valid from October 23 and November 1) with free offer of call now card worth Rs 300 or FLPP account card Rs 100 with FLPP rechage coupoun worth Rs 200, he said.
Fin crisis sends German business confidence tumbling
27 Oct, 2008, 1858 hrs IST, AGENCIES
BERLIN: German business confidence plunged to its lowest level in more than five years in October, a key survey released on Monday said, as the world
financial crisis triggered panic selling on global stock markets and fears grew about a looming recession.
The closely watched IFO business confidence index dropped more than expected to 90.2 points in October from 92.9 points in September, adding to the prospects of the European Central Bank (ECB) cutting rates again possibly as early as next meeting Nov 6.
Analysts predicted that the index, which is drawn up by the Munich-based IFO economic institute, would fall to 91 with the indicator also representing a major test of sentiment in Europe's biggest economy following the global share meltdown.
"German firms are anticipating declining business activity," said IFO chief Hans-Werner Sinn with Germany's key manufacturing sector expecting "a clear worsening of their business over the coming six months" as key global export markets contract.
The deepening sense of gloom in Germany's boardrooms also came as European companies roll out a bleak set of third-quarter profits and warn about tough times ahead.
Based on a survey of 7,000 German executives, the IFO climate index's drop in October represented the indicator's fifth consecutive monthly fall.
While the German industry leaders' assessment of current business conditions essentially remained unchanged, their expectations for six months down the track dropped from 86.5 points last month to 81.4 points.
"The economic downturn in Germany has once again clearly gained momentum," said economist Commerzbank AG Ralph Solveen.
The latest IFO report comes in the wake of a slew of major economic sentiment surveys, which are pointing to a bleaker outlook taking shape across Europe.
The mood among industry leaders in France, the 15-member eurozone's second biggest economy, fell to a 15-year low, a survey released this month said.
In the meantime, another key survey released earlier this month showed German investor confidence plunging in October as the world financial crisis took hold.
Reports due to be released Tuesday are forecast to show consumer confidence in both France and Germany falling amid worries about a deep and protracted recession.
This also helped to drive the euro down against the dollar with the common currency slumping below $1.24 Monday. The euro stood at a record of more than $1.60 in July.
The fall in the euro combined with dwindling inflationary pressures as a result of a drop in oil prices have also given the European Central Bank room to trim interest rates.
New Companies Bill would not dilute regulation
27 Oct, 2008, 0507 hrs IST,KG Narendranath, ET Bureau
NEW DELHI: The concept which underlies the formulation of Companies Bill 2008 introduced in the Lok Sabha last week is this: supplant excessive inter
vention of the central government in the internal affairs of companies with an easy-to-comply regime of self-regulation with accountability. The self-regulation would be fortified with more mandatory disclosures, enhanced shareholder democracy, greater protection of shareholder rights and amplified enforceability of penal measures. As minister for corporate affairs, Prem Chand Gupta put it, "the control of the central government over internal corporate processes will largely be substituted by shareholder control."
One could still get the impression that the government is wilfully diluting its own role in the regulation of companies. This is, however, far from reality. The Bill in fact proposes quite a number of additional measures aimed at improving the behaviour of corporate entities. Although a great deal of freedom is to be granted to companies, the lever would still be held by the government. For example, even as the Bill envisages faster, easier approvals for mergers and acquisitions-with the provision of even a deemed approval in case of regulatory delaysit makes it mandatory for companies seeking to involve themselves in M&A schemes to use the services of "independent valuers" from a registry of valuers that centre would create for this purpose. So, a new concept of government-approved valuer is being introduced. Valuation of shares of companies involved in M&A schemes or those which allot shares for consideration other than cash would need the stamp of these independent registered valuers. This means the shareholder of the merged entity can fetch the right price of his stake.
Also, when preference shares are issued, the registered valuer will have a role. The promoter will be barred from offering discounts from market value at will to whom the shares are issued on preferential basis. Currently, the promoters can do this provided the shareholders approve the proposal. Similarly, sale of undertakings by one company to another will be subject to the approval of the registered valuer. So, registered valuer will have a role in issue of preference shares, transfer of assets during M&A process and sale of undertakings, if the Companies Bill 2008 is approved in the present form.
Currently, courts more often than not uphold the promoters' valuation of preference shares, on the ground that these are commercial decisions best left to shareholders. So, in this case, the new Bill is adding another regulatory layer. Any chartered accountant, cost-and-works accountant, company secretary or persons possessing similar qualifications can apply to the central government to get registered as a valuer. "Fair valuation of shares and properties during various transactions is what the government is aiming at through these new provisions," said an official. Additionally, the Bill also proposes the new concept of auditing standards. Auditors would be barred from providing non-audit services to ensure their fair-mindedness. Currently, only accounting standards are mandatory.
Audit standards, as recommended by the Institute of Chartered Accountants of India are merely advisory in nature. Now, the auditing standards will have statutory backing. Even though there is no provision in the Bill for compulsory rotation of auditors, the proposed National Company Law Tribunal, which will take over the functions of the company law board and the BIFR, would be empowered to direct a company to change its auditor if his involvement in any fraud is found. Another instance of regulatory stringency can be seen in the proposal to not allow companies to accept deposits from the public. If a company wants to do so, it will have to seek permission from other regulators such as the RBI. Further, even as it proposes total freedom for businesses in defining corporate frameworks and also in carrying out related-party transactions, consolidated accounting is made mandatory to prevent misuse of this freedom.
So, the new companies Bill, even as advocates more freedom to companies in the way, proposes a set of additional safeguards for the benefit of all stakeholders.
Centre weighs maha navratna tag for top PSUs
27 Oct, 2008, 0224 hrs IST,Dheeraj Tiwari & Subhash Narayan, ET Bureau
NEW DELHI: Blue chip public sector companies such as Gail, NTPC, ONGC, Bhel, SAIL and Indian Oil may get a super status. With the slot of navratnas g
etting crowded, the government is considering to classify some of them as `maha navratna’ companies based on their performance. The new classification would give more financial powers and functional autonomy to maha navratnas.
It is learnt from official sources the department of public enterprises (DPE) has been asked to prepare a report in this regard. It will also make a list of additional powers to be conferred to these maha navratnas.
With already 18 companies having navratna status, the coveted position has lost its sheen, an official said. Coal India is the latest addition in the list of navratnas. Recently at a conference, the minister of heavy industries and public enterprises Santosh Mohan Dev had also hinted at the move.
“This thinking has been there for some time. We’ve been periodically reviewing the performance of PSUs and large profit-making PSUs can be given the ‘maha navratna’ status with additional powers. Also, with 18 companies having the navratna status a need has been felt that some PSUs should be moved into a higher league with greater autonomy on both financial and management decisions,” a DPE official said.
As of now, a navratna company is allowed to establish financial joint ventures and wholly-owned subsidiaries in India or abroad. It is, however subject to the condition that such investment should not exceed 15% of the company’s net worth and the total investment in one project should be below Rs 1,000 crore.
The overall ceiling on such investment in all projects put together is 30% of the company’s net worth. The board of directors of these companies also have the power for approving mergers and acquisitions activity and only need to inform the government in case of investments abroad. The navratna status is presently subject to the condition that these PSEs shall not depend up on budgetary support or government guarantee.
http://economictimes.indiatimes.com/News/Economy/Policy/Centre_weighs_maha_navratna_tag_for_top_PSUs/articleshow/3643985.cms
Agri-growth not less than 3 pc this year: Abhijit Sen
16 Oct, 2008, 1920 hrs IST, PTI
NEW DELHI: Planning Commission member Abhijit Sen today sounded more optimistic than the PM's Economic Advisory Council with his projection that the
agriculture growth would not be less than three per cent this year.
The Prime Minister Economy Advisory Council (PMEAC) has projected a mere two per cent growth in the sector for the current year.
"Considering the first advance agriculture estimates of the current year along with the final estimates of last year, agriculture growth this year should not be less than three per cent," Sen said after releasing a report on food prices compiled by an international agency Oxfam India.
Earlier in August, PMEAC had projected the agriculture production to grow at a lower pace of two per cent in the current year as against 4.5 per cent in 2007-08. The reasons for the slackening projections were higher base and uneven spread of the South-West Monsoon in July.
Noting food production, Sen said as per the first estimates, rice and soybean output is expected to be more, while other cereals lower than last year.
"Overall, agriculture growth during the 11th Plan period would be fairly good at around four per cent," Sen, who is also an agriculture economist, said.
In the last three years, the average agriculture growth has stood at 4.2 per cent and "we will achieve more than the set target of four per cent by the end of the 11th Plan," he noted.
On huge hike in minimum support price (MSP) under UPA government, Sen said MSP was increased at a lower rate by Rs 10 to 20 per quintal by the last government because stocks were high. Whereas now, MSP is increased as stocks are very low.
Govt extends farmers package by two years
8 Oct, 2008, 2228 hrs IST, PTI
NEW DELHI: The centre on Wednesday decided to extend the timelimit to implement the Rs 16,978-crore rehabilitation package for suicide-prone district
s of Karnataka, Maharashtra, Kerala and Andhra Pradesh till September 2011.
The package, which was announced on September 29, 2006, involving an outlay of Rs 16,978 crore, comprising Rs 10,579 crore as subsidy and Rs 6,399 crore as loan, was to be implemented for a period of three years, Finance Minister P Chidambaram told reporters.
Briefing reporters on the decision taken by the Cabinet at its meeting today, he said the package covers 31 districts of the four states. "Feedback recieved from the state governments and other implementing agencies indicate that implementation of the package has been satisfactory but is not likely to be implemented over a three year period," he said.
Besides, he said that there were suggestions to amend the existing interventions to make it sharper and improve the speed of implementation. "The principal modification is the package will be implemented over a five-year period ending September 30, 2011. Secondly, additional finacial support will be given to the concerned ministries and departments for implementation of the programmes included in the package," Chidambaram said.
He said the Cabinet has decided to double the per farmer area limit under the seed replacement scheme to two hectares.
"We think that the package can be implemented within the original cost. No additional money has been approved today," Finance Minister said.
UTI woos overseas Indians with new gold, equity-based fund
27 Oct, 2008, 1728 hrs IST, IANS
DUBAI: Even as the world grapples with a financial crisis, India's UTI Mutual Fund has launched a new product that will offer overseas Indians a chan
ce to invest in equities and gold.
The UTI Wealth Builder Fund Series II, launched here, offers overseas Indian investors an opportunity to gain from combined strengths of equities and gold to build a long-term diversified portfolio, according to a UTI statement.
There are around 4.8 million expatriate Indians in the Gulf and 1.5 million of them are in the United Arab Emirates.
The new fund is aimed at long-term capital appreciation through investment predominantly in a diversified portfolio of equity and equity-related instruments along with investments in gold exchange traded funds (ETFs) and debt and money market instruments.
"The launch of this fund comes at a critical moment. With current market uncertainties, what investors need is more genuinely 'counter cyclical' or low-correlated asset classes that they can add to their portfolios," Harsha Upadhyay, fund manager and vice-president of UTI Asset Management Co, said in the statement.
"If one of your primary objectives is to earn positive investment returns while having a low probability of incurring losses in a reasonable timeframe, one must (also) look for asset classes that behave differently in diverse economic cycles," he said.
According to Upadhyay, gold is one such asset that is counter-cyclical in nature and hence an ideal asset for use in portfolio diversification.
"The UTI Wealth Builder Fund Series II is the first of its kind to offer an asset allocation combining traditional as well as non-traditional asset classes," he said.
"By providing exposure to alternative asset class, the fund offers common investors a strategy traditionally reserved for high net worth (HNIs) or institutional clients," he explained, adding that the fund would provide a hedge against extreme volatility while assuring reasonably attractive returns.
The fund takes gold exposure through gold ETFs, which give an investor the advantages of investing in gold while eliminating drawbacks of physical gold such as storage cost, liquidity issues and concerns over purity and safety.
The fund is an open-ended equity-oriented scheme and the units will be sold at face value of Rs 10, plus load as applicable, in the new fund offer period.
The minimum initial investment amount is Rs 5,000 and in multiples of Re.1 under the regular plan, and Rs.10 million and in multiples of Re 1 under the institutional plan. The issue closes Nov 19, 2008.
Speaking about the effects on India from the global financial crisis sparked by a credit crunch in the West, Upadhyay said the Indian growth story was still intact as the fundamentals remained very strong and only 13 percent of India's gross domestic product (GDP) was dependent on exports.
"The recent fall in Indian stocks is mainly driven by sentiment and is not based on fundamentals," he said.
Mutuals get leeway in bond valuation
21 Oct, 2008, 0000 hrs IST, ET Bureau
MUMBAI: Close on the heels of providing an emergency credit line to cash-starved mutual funds (MFs), financial regulators have announced another move to provide fund houses more relief.
The Securities and Exchange Board of India (Sebi) has announced that fund houses will now have more leeway in valuing bonds on their books. This will not only bring in more efficiency while calculating net asset values of funds, but also help fund managers get a better price while exiting their investments in times of redemptions.
Most fund managers have welcomed these crucial changes to MF valuation of debt securities. Money market schemes, which invest in debt paper of a duration — generally less than one year — were facing large-scale redemptions by corporates and other institutional investors.
The market turmoil had made it very difficult for fund managers to ascribe a value to bonds. So, in times of such redemptions, bonds often had to be sold at a loss. Fund managers can now hope for better prices while selling units of schemes, when investors seek their money back.
Arriving at the NAV of these funds — the price at which investors exit or enter the scheme — has always been a challenge for fund managers, since there is no active market for most of these instruments.
Therefore, the value is calculated using a methodology devised by ratings agency Crisil — called the Crisil Bond Valuation Matrix. This meant that at best the NAVs were estimates. And on days when investors sought their money back, fund managers often exited their investments, at panic, ‘fire sale’ rates.
“Today, the market is very irrational due to the illiquidity, and prices of debt securities are not reflecting the current market reality. Therefore, this adjustment has been provided. This will give a little more leeway for fund houses and Crisil,” explained Amfi chairman AP Kurien.
In recent times, there have been high fluctuations in yields of bonds from real estate companies and NBFCs, since investors have been sceptical about their quality.
When a large investor like the treasury of a company asked for his money to be returned, the fund manager often sold these bonds at much lesser price than their market value. This meant that NAVs of the schemes — when such redemptions were large enough as it happened with DSP Merrill, Templeton and Mirae recently — often got eroded.
Meanwhile, the Reserve Bank of India (RBI) on Monday said that the next special fixed rate term repo on offer for banks to meet the liquidity needs of MFs would be conducted on October 22.
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