Missionaries Of Post Modern Manusmriti and aparteid

[PalashKL]

Paulson Pill, Bernanke Balm,India Inc,FDI and Missionaries of Post
Modern Manusmriti and Apartheid

Troubled Galaxy Destroyed Dreams: Chapter 69

Palash Biswas

Huge price of street politics
Nobel laureate Amartya Sen, in a letter emailed to The Telegraph
editor Aveek Sarkar, assesses the Singur situation and warns of the
consequences if the “attrac ... | Read..
http://www.telegraphindia.com/section/frontpage/index.jsp

Bush wants OK to spend $700B
CNNMoney.com - 2 hours ago
Bailout proposal sent to Congress seeks authorization to spend as much
as $700 billion to buy troubled mortgage-related assets. By Jeanne
Sahadi, CNNMoney.
Bush Officials Urge Swift Action on Rescue Powers New York Times
UPDATE 1-Bush says US financial rescue needed to prevent worse Reuters
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Calcutta Telegraph
Governor urges WB govt, TC to continue talks on Singur
Economic Times - 1 hour ago
20 Sep, 2008, 2240 hrs IST, PTI KOLKATA: West Bengal Governor
Gopalkrishna Gandhi on Saturday asked both the government and the
Trinamool Congress to persevere with their discussions in the interest
of a solution to the continuing Singur impasse at a ...
Singur impasse: Buddhadeb meets Governor, sticks to stand Times of
India
Buddha did not do adequate homework on Singur: Dasmunsi Press Trust of
India
NDTV.com - Hindu - Zee News - Calcutta Telegraph
all 207 news articles » हिन्दी में »




Sify
Will the RBI hold its interest rates?
Sify - 7 hours ago
There is fresh optimism with the market abuzz about the Reserve Bank
of India (RBI) holding interest rates in its monetary policy review in
October 2008.
Rupee rises on dollar selling, unwinding of forwards Economic Times
Indian financial system secure: ICICI Bank Moneycontrol.com
Times of India - Financial Express - Myiris.com - Business Standard
all 167 news articles » BOM:532174 - HKG:0566




Sify
Atomic power to be part of Integrated Energy Policy: Plan Comm
Economic Times - 8 hours ago
20 Sep, 2008, 1511 hrs IST, PTI NEW DELHI: The Planning Commission
will move Cabinet next month for approval of an Integrated Energy
Policy that will include atomic power as part of efforts to fuel the
growing economy, Plan panel said today.
Montek Singh wants a tribunal for regulating energy sector Business
Standard
Manmohan Singh calls for integrated energy policy Hindustan Times
Hindu - SINDH TODAY - Indian Express - Livemint
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"Capitalism as we knew it - free-market capitalism - seems to be
dead," declared Rob Cox, editor of financial website breaking
views.com.

It happens to be the latest news break from United States of America
which waged Non Stop War against Marxism to sustain Capitalism.Our
Marxist friends in India depend too much on the sponsored Economists
like Dr Amartya Sen and Md. Yunus. The West Bengal government is well
known to be fed by the feedback from Abhirup Sarkar, Dipankar Dasgupt
and Arjun Sengupta. The Marxist in India run blind on the super
Highway of capitalist Marxist Development while Globalisation and
Capitalism are challenged in USA itself.

Who may stop the Missionaries of Post Modern Manusmriti and Apartheid
believing in miracles of Paulson pills and Bernanke balm! Their vision
is limited into Worldwide Indices only. Yes, it is true for the time
being that a massive bout of short-covering by FIIs, mainly hedge
funds, saw Indian markets surging the most in two months as regulators
in the US, the UK and Australia took steps to curb bets that stock
prices of banks and brokerages will fall, easing concern that the
crisis in the financial markets will worsen.

Mind you, the Anand Bazaar Group of Publications supported US
aggression in Iraq. It launched Brand Buddha. It supports blindly the
Marxist ways of Capitalism. This newspaper group always opposed
communist movement in India. It is against any democratic movement and
opposes every mass mobilisation. It is engaged war footed to ensure
the sovereignty of market and it has launched a misinformation
campaign against Singur and Nandigram Insurrection. It has always
opposed Left front during Jyoti Basu tenure. suddenly it has turned
out to be a better mouthpiece for CPIM than its official mouthpiece.
Anand bazzar has published the Bengali version of amartya letter
written to Aveek sarkar, the owner editor of Anand Bazaar.

Amartys Sen is also known to be engaged in rescue operations to bail
out the Marxist Gestapo.

The Cabinet gave its approval to review the print media policy and
allow publication of foreign magazines’ Indian editions.

Foreign magazines can come out with Indian editions with local as well
as global content at cheaper prices. As of now, foreign publications
are allowed to take out only facsimile editions.

Now we have to enjoy the Glossy Indian Edition of Play Boy and so on!

“The Cabinet on Thursday approved the reviewing of the Print Media
Policy by allowing Indian editions of foreign magazines to publish
news and comments—periodicals falling under the news and current
affairs category with 26% foreign investment,” Mr Dasmunshi said.
Meanwhile, the Cabinet Committee on Economic Affairs decided to
provide Rs 79-crore bailout package for 10 sick PSUs.

We have to understand the changing role of Indian Media in this
connection. Thus, however irrelevant it may sound, I have to insert
some autobiographical content relating media role in different parts
of India.

FDI in media has killed the spine of Indian media. It is no more
committed to public cause. it is rather engaged in defence of the
capitalist corporate MNC interests and the journalist involved have
adopted the role of agent sub agents. Editorial staff is degenerated.
The institution of Editor is merged into the financial capacity of
CEO.

FDI policy of the GOI completes the Viscous circle!

The Super Slave Indian Prime Minister advised his Cabinet colleagues
to stay alert on the global financial turmoil following the fall of
Lehman Brothers and the crisis faced by Merrill Lynch. He was
confident that there would be no impact on the Indian economy. “The PM
asked the ministers to stay alert on the global financial situation,”
rural development minister Mr RP Singh said. CPI-M leader Mr Sitaram
Yechury feels the collapse of Lehman Brothers and Merrill Lynch should
prompt the government to reconsider liberalisation of the country’s
financial sector.

I am afraid to admit that Democrat Presidential election strategy seem
rather Faulty, Vague and suicidal!

Our Dearest Friend Barrack Hussein Obama perhaps may have to pay
heavily if he survives to win!

I don`t understand the logic of all out attack against low profile
Hockey Mom Sara Palin!

Just see how Republican Presidential candidate Vietnam war Vetaran Mc
cain is allowed to play so wide open!republican are not so generous to
spare any space for Obama. rather they seem very liberal for the
Democrat Vice president candidate Bidden.

Look! How the Sub Prime crisis and the resultant Global Financial
Depression plus Credit crunch go abegging!

Democrat fielding seems very arrogant to me. They loose so many match
winning catches!

I know well that no one amongst us, the black untouchables worldwide
would dare to choose the historical role of Barrack Obama! But we may
simply visualise how White Hillary votes and Non White racial
communities swing sharply away!
Neither we may dare to wear the progressive, initiative,secular masks
of Amartya lot!

Global ruling class would never allow martin Luther King`s dream come
true!

Indian ruling hegemony would never allow Untouchability and Caste
System to be abolished. apartheid sustains as the Missionaries of Post
Modern Manusmriti and apartheid playing Die Hard!

Just read the lot of Globalisation spokesmen as famous as Dr Amartya
sen and Md. Yunus!

Obama has to be defeated if not assassinated, thus, the Oval House and
Federal Bank of USA are so active to dilute the global financial
crisis. So crude oil prices tamed! So dollar revitalised!

Well, I am proud to be recognised as an Uttarakhandi Bengali!

This status is despised in West Bengal where I am treated as an
Outsider! But it links me to the Great Himalayas changing the
landscape of my total existence!
I feel the soothing touch of the sacred virgin environment of the
Everest and the Man Sarovar in my soul!

I tried my best lifelong to replicate the lifestyle prescribed by my
teachers like Pitambar Pant and Tara Chandra Tripathi.Tripathi
convinced me to write in Hindi communicating the Indigenous people of
India. He drove me hard to learn English so that I may address the
Gloabal Resistance! My teachers tried their best to make me socially,
historically relevant. I am lucky that they never tried to discipline
me and discard anarchic elements of my personality.

During my Graduation days, in DSB college the beautiful ladies in the
English Department Mrs Madhulika Dexit and Mrs Anil Bisht extended
their kind hands to make my love of literature, language and culture
aesthetically enhanced.

I was shocked to face untimely demise of our Uttarakhandi Economist Dr
Chandresh Shastri.He had been our Icon. But Professor Shekhar Pathak
and his wife, Dr Uma Bhatt , most friendly influenced me during my
studeis most. I am happy to remember my college days while I got
support from every department of the institution. I was an Arts
student but mathematics Professor Mrs kavita Pandey cared for me.
Entire Hindi department led by Dr Batrohee helped me. I was very
welcome in chemistry, Physics and botany departments. I loitered
everywhere in the college. Sociology, Economics, Political
Science,History, Geography, Geology.. everywhere. It was possible only
in the DSB in seventies, I believed. It helped me to understand the
things out of my limit. I was never afraid of any discipline of
Knowledge whatsoever and it is the legacy of my college, my home.

Our whole lot was interested to replicate the Kumuini Folk poet Girda!
He was the kumuini version of Ginsberg for us!

kapilesh Bhoj, Zhor Alam, Harua Daree, Pawan rakesh and me! It was a
complete cabinet. We studied everything available, We did everything
on agenda. We travelled everywhere. The Naini Lake was our source of
Inspiration.

yes, those were the Golden days in the Heaven! But I was destined to
loose the Paradise. I had to be spirited like the Satan!

Snowfall alaways encouraged me to die young like Keats, Shelley,
Browing, Caudwel, Sukanta Bhattacharya, Dhoomil or Amrita Shergil! But
I had decided long before that I woudn`t die without a real fight!

I read the Romantic poets but I never intended to be a solitary
Reaper. i had to go Miles! I never expected to be a happy, effluent
person detached from the rest of the world.I never bought any share or
a lottery ticket to open the doors of Fortune. I never prayed to god.

My teachers closed all the short cuts for me. i had to chose the
toughest long route. I had never been afraid of the heights as I am
basically a Kumuini. Though I loved the Valleys and the Lakes!

In Nainital Terai, just after the deforestation, I shared my childhood
with the New Born Independent India. Our people could not recover from
the haunting memories of partition and displacement. They were
refugees in their own country. But we , the children were happy to be
the first Independent Generation of India. It was an exciting
experience. We were always eager to hoist the Tricolor any time. We
hoped good thing to happen which never happened.

Our people scattered all over the country were never represented. We
were predestined to be enslaved, bonded with inherent inequality,
injustice!

But we enjoyed participation, sharing, brotherhood, combined society,
enlightenment and empowerment.


We happened to be an integral part of, more or less, an aboriginal
tribe seeking shelter in an alien land. We were emerging from the
ashes like the phoenix wings. We had to establish our identity in
Nainital and rest of the country out of Bengal. We had no Hamlet or
Macbeth reining our psyche.But we the indigenous black untouchables,
the bengali refugees thrown out of the geopolitics of Bengal
rediscovered a set of ready made elite Totems!

What were the Totems?

They were Rabindra Nath Tagore, Bankim, sharat, Kazi Nazrul Islam,
Vidyasagar, Raja Ram Mohan Roy, Swami Vivekananda and his Guru
Ramakrishna, Chaitanya Mahaprabhu and Krishna consciousness, Netaji
Subhash Chandra Bose and INA, Satyendra Nath Bose, Michael Madhusudan
Dutt, Master Surya Sen and Khudiram, Abbasuddin and folk poet Vijoy
Sarkar, Jtra and kavigan, Sukanta Bhattacharya and so on.. Rabindra
sanget was compulsory. Every village had a Bengali school. We
identified ourselves with Bengali nationality and forgot our Caste
Identity. It was total liberation from the age old caste system and we
elevated ourselves. All of a sudden, we wiped out the legacy of
complex social order and inherent inequality and injustice. We were as
equal as others were. rather we learnt to dominate others. We were
practicing untouchability against others and thus became pseudo Caste
Hindus! And this status was universally recognised. Hence,we fought
for the right to learn Mother Tongue which identified us with powerful
Bengali nationality. but our people never demanded reservation or
quota during 20th century. We passed and got jobs in general category.

It was a Myth recreated. We were living in a superstition of caste
Hindu consciousness.

Yes, those were the days of Missionary journalism. I had to read out
edits of Bengali, English and Hindi dailies in my childhood.
Vivekananda Mukhopaddhyaya was the most respected person in our eyes.

A reporter of Press Trust of India, based in Bareilly was the closets
friend my social activist father had..He was the man who ensured the
entry of my father in the closest circle of Indian Power Politics. ND
Tiwari and KC Pant were great leaders. But I never liked them. I was
the fan of the reporter, NM Mukherjee!Who stood rock solid with our
people in their movements and insurrections! his mission was the most
crucial Print in my psyche which perhaps led me into professional
journalism quite unconsciously. My daily routine of reading various
newspapers in my childhood mad me the tough most guy in our circle who
would criticise everything and stand like rock when my people would
demand. My popularity graph rocketed sky high and it continued in
every part of the country where ever I worked. I never sought favour
or gain. I just had to distinguish between just and unjust. True and
false.Then I would jump into the fire. i was rather very successful
until 1990. But LPG equation went against me as the Media changed its
role and I was not relevant at all in mainstream media! I was
sidelined and I am sidelined. They have closed all avenues of my
sustenance. But I sustain. I have a readership. I have an audience. I
have some friends whom I may call from anywhere and they would bail
out me.

But it is not so easy for others who seek career in Media. who want
footage and promotion. Who are always on the firing line!

Thus. the Missionaries of Indian journalism happen to be the fossils
of a lost clan.

My involvement as an Eco activist in Uttarakhand pushed me deep into
journalism. Thus, I could not replicate my heroes. I could not
replicate either Chandresh or Shekhar for which I longed so much! So
much.

United Uttar Pradesh provided our people the mileage we would have
never dreamt of in Bengal! Sucheta kriplani, the chief minister in
sixties and SM Bannerjee, the three time MP of Kanpur and the Delhi
based famous couple, Nikhil Chakrabari and Renuka Chakrabarti enhanced
our status in North India. My sister was named after Renuka!This
rather boosted our moral to dominate others. thus, we were isolated
from the rest of Indigenous back untouchable brothers and sisters. We
may not compensate this.

I dared to destroy this privileged Myth of Benagli Nationality status
in Uttarakhand in my fiercest journalistic adventure when I was a just
an M.A Previous student in DSB. Rajiv Lochan shah launched Nainital
Samachar and we all were in the team. it was during 1977. Indira was
dislodged. I stood against my father and opposed Emergency. I had been
a star attraction in Terai belt during mid term election in March
1977.But the scenario changed quite dramatically while I violated the
Sentiments of superiority of my people.

In those days, we had no mainstream newspaper edition from anywhere in
Uttarkhand. We had to wait for the Mufassil editions published from
New Delhi and Lucknow. We used to get Danik Basumati by mail almost a
week late. All India Radio and BBC were the prime sources of
information in those primitive days in Uttarakhand.

No one dared to write against the Land Mafia and Big farmers except
one, the socialist leader of Terai, Jagannath Mishra who was shot dead
in daylight in Gadar pur Bazzar just 9 km away from my home. I was a
student in Dineshpur High School. Since then, no body tried to write
on Terai.

I was dare devil enough to focus on Terai. My father supported me.My
friends in Hills, too. I choose to expose the Land mafia as well as
the social fabrics in Terai.I was dealing with social realism with
rhetoric hitherto alien. In fact, I tried to replicate Asian Drama,
written by Gunnar Myrdal.

With the publication of the third instalment, My own people began to
react vehemently. I was addressing their problems and was supporting
them. I could not convince them. They alleged that I was destroying
their Identity identified with caste Hindu Icons of West Bengal.Threat
letters poured in .My people wanted my blood..

but I continued the campaign along with wildest reactions!

Meanwhile, Shekhar, Girda and me reported on the Pantnagar genocide,
13the April, 1978. Girda was spotted in Rudrapur, near Pantnagar and
had been pulled out of the bus in which he was travelling for an All
India Radio recording to be held in New Delhi.
It was a warning. But I didn`t care. In October , 1979 I was sieged in
a Puja pandal in Shakti farm and the Mob wanted to lynch me on the
spot. Some of my friends got an escape route and I was safe. I could
not step out of my home during 1978 to 1979 as I had to face the wrath
of Bengali refugees!

But I accomplished my mission!

I accidentally landed in Dhanbad, the coal capital in the Jharkhand
part of United Bihar. Where I engaged myself in a local daily. I
launched a campaign against the Coal mafia. I learnt Mining and I
began investigation into Mines accidents. very soon, I was very
popular in Dhanbad. it sustained until this date. I have a permanent
readership base in Jharkhand and that is why I selected Dhanbad and
Jamshedpur to launch my interactive anti Imperialism Novel AMERICA SE
SAVDHAN, BE AWARE OF AMERICA IN 1994 while I had shifted in Kokata.

I wrote byline stories daily and consumed pages after pages.The
newspaper was identified with me. It continued during 1980 to 1983.
Suddenly,the management struck a deal with the Coal Industry and began
to defend the criminals. it turned out to be anti labour, anti people.
The people who praised me, turned foes as they doubted my integrity
and could not believe that anything could happen without my consent.
People rushed from everywhere from Jharkhand and Bihar just to abuse
me. they would not allow me to eat, take a bath or sleep. I just
resigned and shifted to Ranchi.

Then I realised the Media was changing!

I decided not to write byline stories in commercial publications. I
followd the policy and tried to create space elsewhere.

Currently, I am virtually out of mainstream journalism in India.
Little mags blacklisted me as I am dead against the capitalist ways of
a Marxist Government.


The statesman reports from Kolkata:Trinamul Congress chief Miss Mamata
Banerjee today met Governor Mr Gopalkrishna Gandhi and complained to
him that while he was away in Delhi the state government announced,
“in flagrant breach of the accord reached at Raj Bhavan on 7
September,” a fresh rehabilitation package for farmers whose land had
been acquired for the Tata Motors' small car project at Singur.

The Governor told Miss Banerjee that he would talk to the state
government on the issue, Miss Banerjee later said at a Press
conference. Minutes after Miss Banerjee's meeting with the Governor,
the chief minister, Mr Buddhadeb Bhattacharjee, said the Singur
stalemate could be resolved if the Opposition accepted the new
rehabilitation package advertised in all newspapers by the state
government.

The Trinamul chief, who was accompanied by two other party leaders,
told the Governor that when the committee, set up as per the Raj
Bhavan agreement to determine the modalities to locate maximum land
from within the project, was yet to complete its findings, the state
government announced its revised package and virtually dissolved the
committee.

“I told the Governor that the committee was to have submitted its
report to him and that the Trinamul representatives could locate 300
acres from within the project area that could be returned to the
unwilling farmers. But it was rendered null and void because of the
unilateral decision of the state government to dissolve it,” Miss
Banerjee said. She urged the Governor to intervene and “see to it”
that the Raj Bhavan accord was implemented in toto. “We earnestly want
the Singur impasse to be over in the interests of the people and
farmers. We also hope good sense will prevail on the state government
and the accord signed in the presence of the Governor will be
implemented in letter and spirit,” the Trinamul chief said.


Washington:The extent of the US government's reach into the operations
of private companies has been unprecedented. On Tuesday it took
control of the world's largest insurer, American International Group
Inc. The week before it took over mortgage giants Fannie Mae and
Freddie Mac, which together guarantee nearly half of the $12-trillion
US mortgage market.The Bush administration, moving to prevent an
economic cataclysm, urged Congress on Friday to grant it far-reaching
emergency powers to buy hundreds of billions of dollars in distressed
mortgages despite many unknowns about how the plan would work.


In United States of America,The Federal Reserve, through its power to
raise and lower interest rates, exercises more influence over economic
growth and the level of employment than any other government entity.
That unusual role dates from the 1970s, when the executive branch and
Congress pulled back from the use of fiscal tools — vast New Deal
spending and targeted tax cuts — as a means of regulating prosperity.

Meanwhile, Fanning the hopes of private industry, the Government of
India on Saturday said it would consider allowing 49 per cent foreign
investment in the defence sector "on a case-to-case basis." On the
other hand,the Union Cabinet on Thursday approved amendments to the
Agriculture Processed Food Products Export Development Authority
(APEDA) Act for registration of intellectual property and patent
rights by APEDA. This would help APEDA in protecting India’s farm
products like Basmati rice from patent violations. After the amendment
is passed by Parliament, APEDA will be able to fight violation cases
abroad. “If Basmati is registered by India under GI, producers from
other countries cannot sell their rice as basmati,” an expert said.
The government may introduce an ordinance to amend the APEDA Act.


The government is planning to modify the shortlisting norms for public-
private partnership (PPP) projects in highways to allow more private
players in the bidding process. The finance ministry is mulling a
decision to amend the model concession agreement (MCA) to increase the
number of qualifying bidders for road projects.

Amending the request for qualification (RFQ) criteria to raise the
number of players from the current six to 10 would promote competition
and enable better price discovery, said a source. Under the current
bidding procedure, only six players are shortlisted at the RFQ stage
so as to keep only serious players in the fray.

The move comes close on the heels of the amendments to the request for
proposal (RFP) stage made earlier this month to restrict the
participation of a single party to two projects only so as to give a
chance to other road developers. The change was made as the road
sector is crowded by a number of medium-sized players, which were
getting left out due to the presence of larger infrastructure
players.

“Larger infrastructure players have been shortlisted repeatedly for a
number of projects as the marking system favours those who have
experience not only in the road sector but also in other areas such as
power, airports, ports and railways,” a senior government official
added.

The change in the RFQ will also enable players with expertise
specifically in the road sector to come on board for consideration.
With a kitty of small, medium and large players available at the final
bidding stage, the government is likely to get a better pricing for
the road projects.

Road developers had filed a case in the Delhi High Court stating that
limiting the number of players and the current marking system lead to
cartelisation in the sector. According to industry sources, the
finance ministry may suggest the move to increase the number of
bidders in the court in its next hearing sometime at the end of this
month.

"We will stick to the policy of allowing 26 per cent FDI in Indian
defence sector. We will consider allowing 49 per cent FDI only on a
case-to-case basis, if the industry is able to convince us," Defence
Minister A K Antony told an Assocham seminar on Defence Procurement
Policy in New Delhi.

Stating that India favoured openness in its defence deals, Antony
assured the industry there would be no more "veil of secrecy"
surrounding the tendering process.

"We believe in open deals. There will be no more veil of secrecy in
the Request for Proposals. Details would be made available to all
industry representatives by placing the tenders on the net, except in
the most sensitive cases, which is a minuscule number," he said.

Claiming that the government believed openness would ensure speedy
procurement, the Minister said best equipment at affordable prices
would be the norm for allotment of contracts.

"Earlier, only a select few companies got the RFP. But with the
implementation of the new Defence Procurement Procedure-2008 (DPP-08),
we will ensure every industry gets the tender details. That way we
ensure transparency and also widen the vendor base," he said.

BHAVNAGAR: The government is closely monitoring the balance sheets of
the Indian arms of the troubled US entities-Lehman Brothers and
Merrill Lynch-to avert direct impact on the country's economy,
Government of India Secretary, Financial Service, Arun Ramanathan
said.

Ramanathan was in Bhavnagar on Friday to attend the first central
board meeting in post-merger of State Bank of Saurashtra (SBS) with
State Bank of India (SBI).

Chairman of SBI OP Bhatt, while clarifying about the impact of SBI's
exposure of five million dollar in Lehman Brothers, said: "The impact
of exposure in Lehman Brothers will be marginal as it has been fully
provided for and we hope to retrieve 60-70 per cent of the amount."

The sub-prime crisis that erupted afresh in the US due to filing of
bankruptcy by the Lehman Brothers, had adversely impacted the Indian
capital markets.

Sounding a word of caution, the chairman SBI said: "We need to be more
watchful on sharp rate of assets build up in the banking sector
because the history says non-performing assets(NPAs) tend to go up."

Bhatt categorically stated, "Since March last year NPAs of SBI have
declined, and we as an institution are more careful now in the wake of
financial turbulence."


Washington:If Congress approves the necessary legislation next week,
the government could become the biggest player in the US financial
sector, taking control of hundreds of billions of dollars in shaky
mortgage-related assets that are at the centre of the credit crisis.

As Wall Street tottered on the brink of collapse and the US government
unveiled one the largest market interventions in its history,
stakeholders from every side weighed in with incredibly stark views of
the country's economic future.

The assessments did not just focus on the country's short-term
economic health. Many believe this week's events could drastically
change the way the US does business.

Reliance starts pumping crude from Krishna-Godavari basin

New Delhi/Mumbai, Sept. 19Reliance Industries Ltd (RIL) has put an end
to speculation regarding its ability to exploit hydrocarbon from its
offshore asset in Krishna-Godavari Basin, on schedule. It has been
able to flow crude oil for the first time from the deepwater area.

Sources told Business Line that the company has started crude oil
production off the Andhra Pradesh coast and an announcement is
expected to be made by the company’s Chairman and Managing Director,
Mr Mukesh D Ambani, on Sunday. RIL started pumping crude oil from its
Dhirubhai 26 field in D6 Block from September 17.

RIL’s D6 Block (KG-DWN-98/3), which is predominantly a gas rich area,
has attracted attention not only for its finds but also for the
controversies regarding who would be the beneficiary of the gas.

The current oil output is expected to be over 200 barrels per day.
Sources maintained that oil production from the field will be ramped
up slowly.

The Block is held by a consortium of RIL and Niko Resources of Canada.
RIL is the operator of the block with 90 per cent stake. The D26 field
has been found to have oil, condensate, and associate gas.

While the oil would be sold to refiners, the associate gas, sources
said, would be injected back. The FPSO (floating, production, storage
and offloading system) installed by RIL earlier this week has the
facilities to handle all – oil, condensate and associate gas.
Therefore, nothing would go waste, sources explained.

Sharing row


The find came into the public domain when the younger brother decided
to slug it out in the court on the issue of sharing of natural gas
with RIL. Reliance Natural Resources Ltd of the Anil Ambani group and
RIL are currently in litigation in the Bombay High Court over sharing
of natural gas from the K-G Basin fields. The court has restrained RIL
from selling it to third parties. The next hearing is on September 30.

The oil output from the D 26 field is expected to rise to
10,000-15,000 barrels per day soon and finally taken to 34,000 barrels
per day (1.7 mtpa).

FPSO system


The FPSO, which has been contracted for $ 733 million, has a
production capacity of 60,000 barrels of oil per day and can store up
to 1 million barrels.

It has been stationed at the oil production site and shuttle vessels
will be used for offloading oil from the FPSO and carrying the produce
to the coastal refineries.

This will help eliminate the need for piping the oil to the shore for
onward transportation to refineries. RIL, however, may not refine the
oil at its existing and soon-to-be commissioned Jamnagar refineries.
Indications are that the crude will be sold to public sector refiners
like Hindustan Petroleum Corporation’s Visakhapatnam refinery and
Indian Oil Corporation’s subsidiary, Chennai Petroleum Corporation
Ltd.

RIL has invested $ 2.234 billion in the oilfield. It is investing $
5.2 billion in phase-I of its gas field development plan, production
from which is expected by the end of this year.
http://www.thehindubusinessline.com/2008/09/20/stories/2008092051840100.htm


EDMUND L. ANDREWS writes for New york times from Washington:

The US Treasury will propose a $500 billion to $800 billion government
programme to take toxic mortgage-related assets off the books of US
financial firms, banking industry sources said on Friday.

The sources said the government would acquire residential and
commercial mortgages and mortgage-backed securities under the
proposal, which needs Congressional approval.

A Treasury spokeswoman declined to comment. The moves capped a week in
which financial markets faced their most serious confluence of crises
since the Great Depression in the 1930s and threatened national
economies and the worldwide banking system.

Henry M. Paulson Jr., the Treasury secretary, made it clear that the
upfront cost of the rescue proposal could easily be $500 billion, and
outside experts predicted that it could reach $1 trillion.

The outlines of the plan, described in conference calls to lawmakers
on Friday, include buying assets only from United States financial
institutions — but not hedge funds — and hiring outside advisers who
would work for the Treasury, rather than creating a separate agency.
Democratic leaders immediately pledged to work closely with Mr.
Paulson to pass a plan in the next week, but they also demanded that
the measure include relief for deeply indebted homeowners, not just
for banks and Wall Street firms.

At the end of a week that will be long remembered for the wrenching
changes it brought to Wall Street and Washington, Mr. Paulson and Ben
S. Bernanke, the Federal Reserve chairman, told lawmakers that the
financial system had come perilously close to collapse. According to
notes taken by one participant in a call to House members, Mr. Paulson
said that the failure to pass a broad rescue plan would lead to
nothing short of disaster. Mr. Bernanke said that Wall Street had
plunged into a full-scale panic, and warned lawmakers that their own
constituents were in danger of losing money on holdings in ultra-
conservative money market funds.

People involved in the discussions on Friday said that Mr. Paulson
said he did not want to create a new government agency to handle the
rescue plan. Rather, he said, the Treasury Department would hire
professional investment managers to oversee what could be a huge
portfolio of mortgage-backed securities.

He indicated that he wanted to buy securities only from United States
financial institutions, a decision that could anger legions of foreign
institutions that poured hundreds of billions of dollars into the
American mortgage market in the housing boom, and have customers
located here.
Basic questions remained unanswered as of Friday evening, including
how much of the mortgage market the administration hoped to buy up.
The broader economic questions were even more daunting. What were the
dangers in letting the government borrow another $500 billion — which
ultimately might have to come from foreign investors — at the same
time the deficit was already skyrocketing?
Would this epic bailout lead to the same kind of runaway inflation
that plagued the United States throughout the 1970s?
But as the stock market zoomed for the second day in a row, mainly in
response to hopes of a sweeping bailout plan from Washington,
President Bush and lawmakers alike focused on how fast they could
deliver as much government help as necessary.
“Given the precarious state of today’s financial markets — and their
vital importance to the daily lives of the American people —
government intervention is not only warranted, it is essential,”
President Bush said in a speech in the Rose Garden at the White House.
News of the giant rescue plan sent stock markets soaring around the
world. The Dow Jones industrial average shot up 368 points, or 3.35
percent, on Friday, after having jumped 410 points on Thursday on
early rumors of the plan. The rally erased the losses from earlier in
the week and allowed stock prices to end higher for the week. Perhaps
more important to Fed and Treasury officials, the credit markets
showed signs of thawing as well. Yields on three-month Treasury bills
had sunk to almost zero on Wednesday and Thursday as investors fled
from most debt securities and poured their money into the safest and
shortest-term Treasuries. But on Friday, the yield on three-month
Treasuries had edged up to 0.99 percent — still well below normal, but
much closer to normal than before.
Meanwhile, the Federal Reserve and Treasury deployed additional tens
of billions of dollars to prevent an investor panic and flight from
the nation’s money market mutual funds. Such funds, totaling $3.4
trillion in assets, are held by tens of millions of individuals and
are traditionally considered as safe as bank deposits. But they had
come under pressure in recent days as investors began to pull money
out faster than the funds could sell assets.

Reuter reports from Washington:The United States surged into action on
Friday to launch an all-out attack against the worst financial crisis
since the Great Depression, readying a plan to tap hundreds of
billions of dollars in taxpayer funds to buy up toxic mortgage-related
debt.
Capping a week that has reshaped Wall Street, Treasury Secretary Henry
Paulson urged Congress to quickly agree on a program for huge
purchases of bad debts held by banks and other financial
institutions.
Lawmakers promised fast action on the plan, which two banking industry
sources put in the $500 billion to $800 billion range.
Losses on mortgage-related debts have choked the financial system,
forced lenders into bankruptcy and led the economy to what President
George W. Bush called a "pivotal" moment.
"America's economy is facing unprecedented challenges, and we are
responding with unprecedented action," Bush told reporters in the
White House Rose Garden.
After having taken a series of other emergency steps that failed to
erect a firewall against the spreading credit turmoil, U.S.
authorities turned their attention to the underlying problem -- the
rising tide of bad mortgage debt.
Paulson offered few details on Treasury's proposal but said he would
work through the weekend and next week with Congress to get a program
put in place. The proposal being sent to lawmakers would run only a
few pages, a source said. A congressional aide said staff on Capitol
Hill would be briefed on the plan on Saturday morning.
Rep. Steny Hoyer, the Democratic leader in the House of
Representatives, said the chamber would likely take up a bill to
implement the program early next week. House Speaker Nancy Pelosi said
lawmakers would stay in town past their hoped-for adjournment next
Friday if needed to pass it.
"We must now take further, decisive action to fundamentally and
comprehensively address the root cause of our financial system's
stresses," Paulson said at a news conference.
"We're talking hundreds of billions. This needs to be big enough to
make a real difference and get at the heart of the problem."
U.S. stocks, which chalked up their best day in six years on Thursday
as talk of the more aggressive approach spread, soared again on
Friday. The blue chip Dow Jones industrial average closed up 368
points, or about 3.4 percent.
The news also caused waves in the U.S. presidential campaign.
Republican hopeful Sen. John McCain knocked the Treasury for taking a
haphazard approach to the crisis, while rival Democrat, Sen. Barack
Obama, supported the latest moves.
$1 TRILLION
Paulson and Federal Reserve Chairman Ben Bernanke have already put
close to $1 trillion of taxpayer money on the line to try to keep
credit flowing.
At a meeting with congressional leaders on Thursday night, Paulson and
Bernanke made the case for aggressive action to get ahead of events
that could devastate an already weak economy.
"When I heard his description of what might happen to our economy if
we failed to act, I gulped," Democratic Sen. Charles Schumer of New
York said, referring to Bernanke's appraisal.
A congressional aide on a telephone conference call between the Fed,
Treasury and lawmakers on Friday said Bernanke issued a stark warning:
"If Congress doesn't act soon, there will be an economic meltdown."
Fed spokeswoman Michelle Smith declined to comment directly on the
accuracy of the chairman's reported remark, but confirmed that he
painted "a dark scenario".
At his news conference, Paulson said the latest plan was the best hope
of ultimately protecting the public purse and avoiding a grave
recession.
"I am convinced that this bold approach will cost American families
far less than the alternative -- a continuing series of financial
institution failures and frozen credit markets unable to fund economic
expansion," he said.
A Treasury official said hedge funds and non-U.S. financial
institutions would not be allowed to offload troubled assets under the
plan.
The banking industry sources said "reverse auctions" would be held to
purchase $50 billion tranches of debt, which could include residential
and commercial mortgages and mortgage-backed securities. One source
said the purchases would then be made in further increments of $10
billion and that five outside asset managers would help run the
auctions.
A Treasury spokeswoman declined to comment on those details, although
the Treasury did confirm asset managers would be hired.
PILING ON DEBT?
The White House said it was too soon to say how the plan would impact
the nation's debt, and said it was possible many of the funds could be
recovered as markets stabilize and currently bad assets are sold off.
An industry source said there would be no limit on how long the
government could hold the debt, which would have had to have been on
selling institutions' books as of September 15.
A congressional aide said the issue of whether the government should
receive warrants in companies offloading assets was under discussion.
In addition, Democrats signaled they might try to use the legislation
to put some limits on CEO pay and possibly extend further help to
distressed homeowners.
The plan is reminiscent of the Resolution Trust Corp, a government
agency set up to help the nation out of the savings and loan crisis in
the 1980s. The RTC, however, took whole institutions under its wing,
whereas the new fund under discussion would remove bad assets from the
balance sheets of financial institutions to help revitalize them.
One financial source briefed on calls made by the Treasury to
Washington lobby groups said the Treasury feels it has the authority
to take on these assets directly, and therefore won't need to set up a
separate agency.
EMERGENCY ACTIONS
The emergency effort marked the latest dramatic government bid to
prevent credit markets from freezing up over huge losses on subprime
and other mortgage debt.
These have forced U.S. investment bank Lehman Brothers Holdings Inc
into bankruptcy, Merrill Lynch into a hasty marriage with Bank of
America, the Fed to bail out troubled insurer American International
Group, and the government to seize control of mortgage finance giants
Fannie Mae and Freddie Mac.
"The federal government must implement a program to remove these
illiquid assets that are weighing down our financial institutions and
threatening our economy," Paulson said.
The Treasury also said on Friday that it would siphon up to $50
billion from a fund established in the 1930s to conduct foreign
exchange market intervention to backstop the rattled U.S. money market
mutual fund industry.
This long-safe corner of financial markets, home to some $3.5 trillion
of deposits, has increasingly appeared at risk of falling victim to
the year-old credit crunch. Money market fund assets dropped by a
record $169.03 billion in the week ended September 17 as jittery
investors pulled money out.
The Treasury said it would back money market funds whose asset values
fall below $1 a share. Separately, the Fed said it would lend money to
banks to finance purchases of certain assets from money market funds.
Paulson also said the administration would step up a program announced
this month to directly buy mortgage-backed securities in the market,
and said Fannie Mae and Freddie Mac would also increase their buying
to try to get credit flowing.
"They are absolutely petrified of ... a run on financial assets," said
Boris Schlossberg at GFT Forex in New York.
Huge price of street politics
- AMARTYA SEN ON THE SINGUR SITUATION
Nobel laureate Amartya Sen, in a letter emailed to The Telegraph
editor Aveek Sarkar, assesses the Singur situation and warns of the
consequences if the “attraction of street activism” persists and the
Tatas pull out.
Thank you for asking me about my assessment of the Singur situation. I
have, in fact, been trying to follow the events as closely as
possible, and I must confess I am greatly concerned about what is
going on. It is a complex subject, and we have to consider many
different issues together.
First, as I argued in my two Telegraph essays on December 29 and 30
last year, unlike the Nandigram decision, which was (I believe)
significantly mistaken, the Singur project with the Tatas was
basically sound. West Bengal badly needs industries and new employment
and income earning opportunities, and Tatas with the ancillary
enterprises would help in that greatly, and also encourage a new image
of West Bengal as being no longer hostile to industrial investment.
Second, it is a pity that the plot that the Tatas wanted for the
factory, based on their concerns (including closeness to Kolkata), is
not only well suited for their project but also fertile for
agriculture. It would have been easier if the location were different,
but that is no longer a possibility. I am not concerned here so much
about the aggregate loss of agricultural land, since that is
relatively small, and the income and employment gain from economic
expansion in the Singur region would be incomparably larger. What is
not, however, small is the loss for those owners of land who did not
want to part with their plots, and that is a serious issue.
Third, I argued in my Telegraph essays that (1) it would have been
much better to buy the land involved without any compulsion, rather
than acquiring it (acquirement has to be the last resort, not the
first move), and (2) even with acquirement, giving a 40% higher price
than the existing market price was not adequate, since with the entry
of industries the land prices would rise much more than that. Of
course, if Tatas move out now (as seems likely), the land prices in
and around Singur would drop dramatically as Singur returns to its old
economic state. That should be a big concern right now for the
political protesters, but on the part of the Government of West
Bengal, there was a strong case for offering a higher price originally
as part of the Singur project, since — with the Tatas there — land
price in Singur would be much higher than what the government
initially offered and paid.
Fourth, the new compensation offer made by the government is much more
reasonable. The higher land prices now offered (combined with the
other facilities that have also been offered, including employment
arrangements) make it a good compromise.
Fifth, the protesters might be persuaded by their political leadership
that their interests would be best served by getting back their old
piece of land. Attachment to particular plots is certainly an
understandable desire. But the world in which all this will happen
will be very different. The Tatas have made clear that they will move
out if they get less land than they have been given (they judge that
they need that land for the viability of their project). Not just
Maharashtra, but also Karnataka and Uttaranchal, among other states,
seem to be ready with alternative offers much more favourable to the
Tatas. Indeed, there is good reason to expect that the Tatas are very
much in the process of relocating, unless there is a fairly immediate
breakthrough (which now seems unlikely). With their departure from
West Bengal will come a huge fall in land prices all around Singur,
and also loss of job opportunities that will affect the local
population. I am not sure how much the leaders of the protest
movements have thought through these issues.
Sixth, for West Bengal as a whole, it would be a huge economic
setback, if the Tatas do move out. Its impact would not be confined
only to the economic loss from the withdrawal of investments of the
Tatas and the ancillary producers, but also from the general sense
across India that the politics of West Bengal makes it nearly
impossible to base any new economic move in the state, and that the
single-minded politics of the street can drive out any new
enterprise.
That politics might change over time once the terrible consequences of
industrial and economic stagnation are more widely appreciated and
understood. But for the moment the political attraction of street
activism seems dominant, supplemented intellectually by the old
physiocratic illusion of prosperity grounded only on agriculture. The
latter piece of romantic thought cannot but fade over time with the
influence of realism (no country has ever achieved much prosperity on
the basis of agriculture alone). But at this moment realism looks like
a distant dream.
http://www.telegraphindia.com/1080920/jsp/frontpage/story_9861298.jsp
Contention of Tata Motors opposed
KOLKATA, Sept. 19: Can the people of the state be barred from knowing
details of an agreement between Tata Motors and West Bengal Industrial
Development Corporation (WBIDC), a portion of which has already been
read out in a standing committee meeting of the state Assembly, Mr
Kalyan Banerjee submitted before Mr Justice Dipankar Dutta of Calcutta
High Court today. Appearing for Mr Partha Chatterjee, Leader of the
Opposition, he was opposing an interim order of this Bench restraining
the Chief Information Commissioner (CIC) of the state from disclosing
the agreement over setting up of a small car factory at Singur by Tata
Motors for a period of two weeks.
The people should have information about the functioning of a
government to ensure participatory democracy, it was submitted. With
the WBIDC entering into an agreement with Tata Motors, it has to be
seen whether the state government is really acting in public
interest.
Secrecy in government functioning would promote corruption. Moreover,
the state commerce and industries minister had undertaken before Mr
Gopalkrishna Gandhi at Raj Bhavan to give a copy of the agreement to
the Leader of the Opposition, it was submitted.
Though a copy had been sent, two annexures are missing from it. It
remains to be seen how public interest is affected even if the
competitors of Tata Motors reach an advantageous position by it, it
was submitted.
The Tata Motors' contention that it is a third party and as such
entitled to notice by CIC does not hold water, it was submitted. The
agreement has been reached between Tata Motors and the WBIDC which
makes the Tata Motors either the first or the second party, it was
further submitted.
The contention that Tata Motors is not a third party is misconceived,
Mr Samaraditya Pal appearing for Tata Motors submitted. Commercial
confidence has been reposed on the WBIDC by Tata Motors and full
disclosure of the agreement would betray it. The CIC is an appellate
body and it is not his duty to serve a notice on Tata Motors, Mr
Raghunath Chakraborty, appearing for the CIC, submitted. It is the
duty of the State Public Information Officer (SPIO) to do so, it was
further submitted. The matter will come up for hearing again on
Tuesday.
Meanwhile, economist Dr Arjun Sengupta, who is also the chairman of
the National Commission for Enterprises in the Unorganised Sector,
said if the Trinamul Congress chief, Miss Mamata Banerjee, continues
to harp merely on the demand for returning land from Tata Motors
project site, it would only “boomerang” on her. Dr Sengupta who also
met the Governor and later agriculture minister Mr Naren De said that
neither alternative land nor attractive compensation would benefit the
small and marginal farmers. He also called for paying prospective
value of the land. The state government had only paid the market price
of land for farmers in Singur. According to Dr Sengupta, the farmers
could be trained and with compensation money could set up enterprises
in non farm area. Renowned physicist, Dr Bikash Sinha also deplored
the current impasse on Singur.
The chief minister also had to explain the situation at Singur to a
delegation of French Senators visiting the city. n SNS
http://www.thestatesman.net/page.news.php?clid=1&theme=&usrsess=1&id=223216

Economy Stays Stuck as Consumers Cut Back

By MICHAEL M. GRYNBAUM
Published: September 3, 2008
http://www.nytimes.com/2008/09/04/business/economy/04economy.html?_r=1&oref=slogin
The nation’s economy failed to pick up speed in August and the final
days of July, as rising prices and a weak job market prompted
consumers to reduce spending and shop at discount stores to try to
conserve cash.
Economic activity stayed “weak, soft or subdued” across the country,
according to the Federal Reserve Bank’s beige book, a regular snapshot
of the economy. The latest edition of the survey, released on
Wednesday, signaled that the economy spent the summer in a rut, with
consumers feeling little relief from the government’s tax rebates.
Although gasoline and oil prices began to subside in August, many
businesses reported that they felt squeezed by relatively expensive
raw materials. In at least half of the 12 Fed districts — including
Atlanta, Boston, Dallas and New York — businesses said they had been
forced to raise prices, potentially stoking inflation faster.
“The Fed found a whole bunch of different adjectives to describe
weakness in growth, and a whole bunch of adjectives to describe price
pressures,” said Ethan Harris, chief economist of the investment bank
Lehman Brothers. “What it’s describing is basically stagflation.”
Officials at the Fed have been more circumspect in their outlook,
cautioning that while activity will probably slow for the rest of the
year, the economy will avoid the mix of fierce inflation and stagnant
growth of the 1970s.
Still, the combination of weak spending and higher prices last month
reinforced expectations that Fed policy makers would keep interest
rates steady when they met on Sept. 16. Fed officials, including the
chairman, Ben S. Bernanke, have signaled a determination to control
inflation, but they cannot raise interest rates as jobs dry up, house
values continue to fall and banks confront a still-treacherous
financial landscape.
Indeed, the beige book painted a gloomy portrait of the economy. To
say the least, August was not an easy time for businesses to raise
prices. Consumer spending slowed, or stayed slow, in nearly every
district, according to the report. When Americans did shop, they opted
for big-box discount stores and nonbranded products.
“Consumers were concentrating on food, staples and other necessary
items while reducing spending on discretionary items,” the report
said. Sales of clothing, electronics and jewelry declined in several
regions, and demand for furniture and many household products dropped
sharply.
“The consumer story does not look very encouraging,” said Brian A.
Bethune, an economist at the research firm Global Insight. “Consumer
spending remains weak. Auto sales were universally weak.”
With the government still pondering a second round of tax rebates,
there appeared to be little on the horizon that could lead Americans
to start spending again. Consumer spending declined in July after
adjusting for inflation, the Commerce Department reported last week.
Fewer purchases will have a substantial ripple effect throughout the
economy; spending usually accounts for more than two-thirds of overall
economic growth.
Wages rose moderately in August. The real estate market, however,
worsened or stayed soft, with most districts reporting less demand for
both residential and commercial properties. And activity at
manufacturing businesses declined, despite an unexpected rise in
demand at factories.
In July, factory orders rose 1.3 percent, more than economists had
forecast, the Commerce Department said on Wednesday. The increase
comes after a 2.1 percent rise in June.
Export sales have propped up many American businesses throughout the
current downturn, but there were some signs that foreign demand was
starting to ease.
“A number of districts reported that export orders were bolstering
manufacturing activity, but manufacturers in several of those
districts have noted some recent slowing in growth from this source,”
the report said.
The anecdotes contained in the beige book, which is compiled through
interviews, phone calls and surveys mailed to hundreds of businesses,
are used by Fed officials as a companion to the quantitative data on
the economy compiled by its staff.
Among the more positive spots of the report, agricultural businesses
said they had felt some relief from a recent drought, energy and
mining activity was strong, and banks reported steady demand for
commercial and industrial loans.
The beige book appeared to have little effect on investors in the
stock market, which moved in and out of negative territory. The Dow
Jones industrial average finished about 16 points higher, and the
Standard & Poor’s 500-stock index fell 0.2 percent.


India Inc's billion-dollar club shrinks by 38%
20 Sep, 2008, 0610 hrs IST,Vivek Sinha, ET Bureau
NEW DELHI: The global bear hug and the swing in the rupee-dollar
exchange rate have shrunk India Inc’s billion-dollar club. The number
of companies with market capitalisation (M- cap) exceeding billion
dollars has shrunk to 139 from 227 at the peak of the bull run, a drop
of 38%.
ET analysed the market value of listed companies between January 10,
when the Sensex hit an alltime high, and September 19. The sharp fall
in the stock market has been led by sectors affected by the global
financial crisis, such as real estate, power and financial services. A
host of real estate and infrastructure companies, including
Purvankara, Omaxe, Parsvnath, Anant Raj Industries, Ansal Properties ,
Gammon, Peninsula Land and Sobha Developers have slipped below the $1-
billion mark due to the fall in their share prices. Other companies
that dropped out of the billiondollar M-cap group include Voltas, Max
India, Ashok Leyland, Adlabs, GVK Power, Godrej Industries ,
Edelweiss, India Infoline, Motilal Oswal, JM Financial, Religare, Jet
Airways, CESC, Ispat, and Century Textiles.
While the sharp fall in stock prices shaved off the wealth of many
bigwigs of India Inc, some companies dropped out of the billion-dollar
club due to the rupee-dollar exchange rate movements. The rupee was
quoting at 39.2 to a dollar early this year, but has now weakened to
46.
Companies that may have figured in the billion-dollar club if the
exchange rates had not moved adversely include Jubilant Organosys,
Bajaj Holdings, GVK Power & Infra, Mphasis, Oriental Bank Of Commerce,
Tata Tea, Petronet LNG, IRB Infra, Godrej Industries, Sterling
Biotech, Cadila and Voltas. The list of top 10 most-valued Indian
companies has seen three changes between January 10 and September 19.
Infosys, BHEL and L&T entered the top chart, while Reliance
Communications, ICICI Bank and DLF slipped down the ranks. The number
of PSUs among the top 10 most-valued companies has now gone up to six
— BHEL, ONGC, NTPC, MMTC, NMDC and SBI. There were 36 listed companies
in India with a M-cap exceeding $10 billion at the height of the bull
market. This number has now shrunk to a mere 22. Companies, which have
slipped out of this list, include Unitech, Reliance Capital, Sterlite,
Tata Steel, Suzlon, Power Grid, Jaiprakash Associates, Reliance Infra,
Mundra Port, Cairn India, JSPL, Gail, GMR Infra, Kotak Mahindra Bank.
http://economictimes.indiatimes.com/News/News_By_Company/India_Incs_billion-dollar_club_shrinks_by_38/articleshow/3505176.cms


Tata investment in Africa is worth billions
19 Sep, 2008, 1144 hrs IST, IANS
DURBAN: As one of the first Indian companies to enter Africa almost
six decades ago, the Tata Group, through its affiliate Tata Africa,
now has a presence in 11 countries, with investments there worth
billions of rands.
Tata Africa Managing Director Raman Dhawan was speaking at a gathering
where the first Tata scholarships for post graduate students of the
University of KwaZulu Natal were made here Thursday.
"The Tata Group's historical connection with Africa dates back to 1909
when Mahatma Gandhi, the father of our nation, also called on the
support of the Passive Resistance Movement against (what would later
be called) apartheid in South Africa. And Tata got actively involved
at that time," Dhawan said.
Emphasising the importance of honesty, integrity and transparency to
the students, Dhawan explained these basic principles of the Tata
Group, "The Tata Group is one of very few that has managed to
successfully traverse three centuries in its 140-year existence
because the founders used a very simple but forward-looking concept,
what comes from the people must go back.
"In Tata Sons, which is the apex body of the group, 66 percent of the
profits go into philanthropy and therefore there are many social
institutions and other organisations such as the Tata Memorial
Hospital, recognised as one of the leading cancer research institute
sin the world."
Dhawan summed up Tata's diverse interests in South Africa, "We
obviously could not invest in South Africa (because of apartheid
isolation), and our operations in South Africa started only about 13
years ago. During that period the group has engaged in various
activities.
"We are a very diversified group, so currently what we have in South
Africa is automobiles, we make bus bodies in Johannesburg and we are
looking to assemble vehicles as well.
"One of the largest investments of Tata in South Africa is in your
province, the ferrochrome smelter in Richards Bay that makes 130 tons
of ferrochrome."
Dhawan mentioned the current huge activity in the telecoms sector by
the second national fixed line licensee, Neotel, in which Tata has a
major stake; as well as Tata Consultancy Services, "one of the jewels
in the Tata group", which is also operating in the IT sector South
Africa and the rest of the continent.
"We are also now constructing two hotels, the first one has started in
Cape Town and the second one will be in Johannesburg. In fact we also
tried to build a hotel in Durban, but due to some issues we could not
start that, but we will come back as and when those issues are
resolved. We look forward to be back here in Durban to build that
hotel."
Dhawan said the total investment by Tata in South Africa, when all the
projects are completed, should be about 10 billion rands.

Metro Cash & Carry fate in Kolkata hangs on Forward Bloc
19 Sep, 2008, 1929 hrs IST, PTI
KOLKATA: German wholesale giant Metro Cash & Carry has hit a political
roadblock in the opening of its first outlet in Kolkata with Left
Front constituent Forward Bloc resisting renewal of its APMC licence.
METRO Cash & Carry sources said the company was ready with
infrastructure but the APMC (Agricultural Produce Marketing Committee)
licence, which was unilaterally withdrawn in June 2007, has not been
renewed.
The state government had issued the APMC licence in 2005 and renewed
it twice in 2006 and 2007. The APMC licence is issued by the Agri
Market Board which is controlled by Forward Bloc. Food products
comprise a critical part of the company's wholesale trade.
Forward Bloc state general secretary Ashok Ghosh told PTI, "This is
not an administrative issue now. It has become a political matter and
a decision must be reached on a political level. We have written to
Left Front chairman Biman Bose seeking a bilateral meeting with him."
He said his party was opposed to opening large stores by big business
houses at the cost of small trader and farmers. Agriculture minister
Naren De said, "I will look into the matter once the concerned officer
resumes office on Monday."
Metro Cash & Carry has so far invested Rs 140 crore and employs 350
persons at the Kolkata store.
Spencer's to focus on food & bakery services
20 Sep, 2008, 0321 hrs IST,Writankar Mukherjee, ET Bureau
KOLKATA: Spencer’s Retail has decided to focus on food and bakery
services in its stores in a bid to position itself on the
‘retailtainment’ platform. The RPG retail flagship intends to create a
food court in each of large format stores by carving out around 3,000
sqft.
While the food courts will be rolled out under the ‘Modern Menu’
brand, plans are also afoot to replicate such food courts in Spencer’s
top 1,000 small-size outlets. The decision to foray into food and
bakery services was triggered by Spencer’s consumer research which
revealed that a shopper spends an average of 90 minutes in the stores
during weekend.
“Hence, the need to evolve the stores as a retail entertainment
destination was felt. It will create an experience for consumers and
increase the average bill size,” a Spencer’s Retail spokesperson told
ET.
Spencer’s has thus tied up with reputed food joints, restaurants and
coffee shops to set up shop-in-shop within the food courts. This
includes tie ups with Flury’s, Monginis, Bread Talk, Daily Breads,
Pizza Corner, Nirula’s, Cafe Coffee Day, Barista and Tiffany for such
shops.
“The food and bakery services will contribute around 5% to our
turnover. We have agreed upon a 15-20% revenue sharing with partners,”
the spokesperson added.
http://economictimes.indiatimes.com/News/News_By_Industry/Services/Retailing/Spencers_to_focus_on_food__bakery_services/articleshow/3504863.cms

Retail industry to touch Rs 18.1 lakh cr by '10: Report
17 Sep, 2008, 2034 hrs IST, PTI
NEW DELHI: Spiralling income and rising economic growth will see the
Indian retail industry touch Rs 18,10,000 crore by 2010 with organised
retail expected to constitute about 13 per cent of the total market to
reach Rs 2,30,000 crore, said the India Retail Report 2009.
The India Retail Report 2009 compiled by research group Images F&R
Research said, despite the hue and cry over the perceived impact of
organised large retail on mom and pop stores, modernising the retail
sector would engage around 15 million people in various activities by
2010.
At present, the 13,30,000 crore Indian retail market is growing at
10.8 per cent of which the organised retail sector's contribution is
5.9 per cent at Rs 78,300 crore, the report said.
"This modern retail segment grew at the rate of 42.4 per cent in 2007,
and is expected to maintain a faster growth rate over the next three
years, especially in view of the fact that major global players and
Indian corporate houses are seen entering the fray in a big way," it
said.
Organised retail is expected to touch Rs 2,30,000 crore (at constant
prices) by 2010, constituting roughly 13 per cent of the total retail
market.
The report is based on rising economic growth rate of 8-9 per cent and
a hike in average salaries by about 15 per cent which may trigger the
rate of consumption.
On the employment front, the study said, "Modernising retail will see
some 15 million people engaged in retail and retail support activities
by 2010 - including front end retail operations, supply chain
management, logistics, process and infrastructure development and
supplies."
Food and grocery dominated the retail segment with 59.5 per cent share
valued at Rs 7,92,000 crore, followed by clothing and accessories with
a 9.9 per cent share at Rs 1,31,300 crore.
Food security flak at meet
OUR CORRESPONDENT
Bhubaneswar, Sept. 19: Malati Bariha is a mother of three girls. This
tribal widow of Kudumuha village in Sundergarh district has never seen
a single government employee in her area. Neither she gets old age and
widow pension nor she has any Antyodaya or BPL card.
“My girls are growing up and we do not have a place to stay,” she
says. Malati earns a living by going for daily wage labour that is
grossly insufficient to feed her and her family. Her community
sometimes helps her out with a meal or two and there have been days
she and her daughters go to bed hungry. Yet hers is not a case of
“starvation” so far the government definition goes.
Scores of similar stories relating to hunger and malnutrition were
heard at the Peoples Tribunal on Hunger and Public Policy in Orissa
here today.
“The government either takes refuge in the narrow definition of
starvation death and argues that most deaths occurred due to disease
and not starvation. In some cases, the victim is blamed for
‘superstition’ or ‘ignorance’ for consuming inedible roots, tubers or
mango kernels,” the tribunal observed.
“This insistence on death as a proof of starvation should be given up.
Continuance of a distress situation is enough proof that a person is
starving,” said N.C. Saxena, the commissioner of Right to Food.
“Starvation is also rarely an isolated instance, but reflects instead
prolonged denials of adequate nutrition to households, communities, or
social categories,” he observed.
“Long-term unaddressed malnutrition and endemic prolonged phases of
hunger must be recognised as situations of starvation, and the duty of
the state to prevent deaths of persons who are living with
starvation,” said Harsh Mander, special commissioner of Right to Food.
The Supreme Court Commissioner’s Office, in collaboration with various
organisations in Orissa, conducted a rapid survey of government food,
work and social security schemes in April-June 2008.
The survey — done by 40-odd organisations — covered 62 gram panchayats
of 48 blocks in 13 districts.
http://www.telegraphindia.com/1080920/jsp/nation/story_9859517.jsp
Consent’ to shipyard
OUR CORRESPONDENT
Tamluk, Sept. 19: The Bengal government said it had obtained consent
for acquisition of nearly 440 acres out of the 492 required for a
shipyard in East Midnapore after the last day for hearing farmers’
objections.
Owners of 250 acres in Geonkhali have given their consent in writing.
Additional district magistrate Srikumar Tarafdar said: “We completed
our hearing today and owners of 55 acres objected to the acquisition.
So we take it that the rest are willing to give up their land.”
Bharati Shipyard has proposed the Rs 2,000-crore shipyard to be built
in collaboration with the Apeejay Group.
The administration today heard the farmers who had lodged objections
to the acquisition at Deulpota, one of the four mouzas identified for
the project. “We heard some 150 farmers who own about 2.26 acres,”
said an official.
At Deulpota, 154 acres have been marked for acquisition.
Nearly 250 landowners of Bhangagora and Badur mouzas had given their
consent to the acquisition of 176 acres on Tuesday. In the first
hearing in August, owners of 17.88 acres had opposed the acquisition.
The Trinamul Congress-led Save Farmland Committee in Geonkhali accused
the administration of lying and said about 300 farmers owning about
250 acres had not given their consent.
Around 400 committee supporters demonstrated in front of Tarafdar’s
office today and they nearly came to blows with a group of CPM
supporters, including farmers who have already pledged their land for
the project. The hearing was delayed by two hours because of the
commotion.
“Nearly 300 farmers owning about 250 acres have refused to give up
their land. But while lodging protests with the district magistrate in
June, some of them forgot to mention the quantity of land they owned.
The administration rejected their petitions,” alleged Goutam Das, a
convener of the committee.
He warned that the administration would be making a “grave mistake if
the unwilling farmers were forced” to give up their land.
“We will launch a Nandigram-type agitation in Geonkhali if the
administration exercises force while acquiring the land for the
shipyard.”
Nandigram, where a bid to acquire land for a chemical hub had turned
bloody last year, is only about 50km from Geonkhali.
East Midnapore Trinamul president Sisir Adhikary said the shipyard
could not be allowed at the cost of farmers. “We will prevent any such
move.”

http://www.telegraphindia.com/1080920/jsp/nation/story_9861323.jsp
Mamata sees end to impasse
INDRANIL GHOSH & BARUN GHOSH

Mamata Banerjee on Friday. Picture by Amit Datta
Calcutta, Sept. 19: Mamata Banerjee today said the deadlock over
Singur would be broken soon.
Following pleas from ail- ing CPM patriarch Jyoti Ba- su and governor
Gopalkrishna Gandhi for a resolution “for the sake of Bengal and its
people”, Mamata said in the evening: “I believe the Singur problem
will be resolved soon.”
In a 90-minute meeting, Mamata told Gandhi that Buddhadeb
Bhattacharjee had violated Trinamul Congress’s agreement with the
government, reached in presence of the governor, and announced a
compensation package for all farmers whose land had been acquired. “We
requested him (Gandhi) to get the government to honour the September 7
agreement and roll back the package. We hope they (government) will
see reason,” she said.
The government lost no time in making it clear that it did not have
any intention to roll back the package, which, it claimed, was a
product of the agreement.
The chief minister said: “In the presence of the gover-nor, the
government and the Opposition had discussed the Singur issue, on the
basis of which the package was announced…. A solution can be reached
if the Opposition accepts this package.”
According to Mamata, the agreement entitles her to 300 acres inside
the project and another 100 outside — figures that have been shot down
by the government. She has also sought to offer her own interpretation
to the phrase “land to the maximum” in the pact.
Gandhi heard the Trinamul chief, who repeatedly professed her “full
faith” in his office, but did not offer any explanatory statement. He
promised to find out the actual position from the government.
Mamata refused comment on Basu’s appeal to accept the package, but she
used the same key words at a news conference to underscore her
eagerness for a settlement. “I seriously want a solution to the Singur
problem in the interest of Bengal, industrialisation, agriculture and,
above all, its people…. I have requested the governor to talk to the
government to find a solution.”
There was frenetic activity in Left and Trinamul circles since morning
after it became clear the Tatas were pursuing an alternative site for
the project. The CPM got Basu to issue the appeal and Trinamul MLA
Partha Chatterjee called on the governor to tell him how CPM cadres
were “forcing” farmers to accept the package.
Reports from Singur said 11 farmers who were earlier unwilling to take
the compensation collected their cheques today. “About 20 to 25 of
them submitted applications,” said Hooghly district magistrate Neelam
Meena.

Dilip Barik, 38, whose father owned three cottahs in the project area,
was one of them.
“We decided to collect our cheque after the government announced the
additional benefits. I don’t want them (Trinamul) to know that I’m at
the DM’s office to submit the application. A villager in our area had
been ostracised for giving up his land. No one spoke to him, he was
not allowed to visit the barber and his family was not allowed to
collect water from the tube well. He had to surrender to the Trinamul
leaders for a reprieve,” said Barik, a jute mill employee from
Bajemelia.
Krishna Kolay, 36, of Gopalnagar submitted an application for a job.
“We gave up our land willingly. We have heard that the new package
offers a job to a member of every landloser family. I have done MA in
history and want a job,” said Krishna, whose husband is an electrician
at the Tata project.

WITH INPUTS FROM UTTAM DUTTA IN SINGUR
http://www.telegraphindia.com/1080920/jsp/bengal/story_9861683.jsp
CPM gets Basu to plead for truce
BISWAJIT ROY

Jyoti Basu
Calcutta, Sept. 19: The CPM state secretariat today egged Jyoti Basu
on to read out a statement urging the Opposition and the unwilling
farmers to accept the new compensation package and “co-operate with
the government” to end the Singur stalemate.
“The Singur project is very important.… The state will witness
economic progress and employment will increase with its
implementation,” the CPM patriarch said.
“More investment will come to the state as the project takes shape….
The state’s image will suffer in the country and abroad if the world-
class project is not implemented here. All should welcome the
development of the state irrespective of their political position.”
He didn’t name the Trinamul Congress or the unwilling farmers but
urged “all concerned” to accept the government’s new compensation
package. “I appeal to those who are opposing the project to rise above
politics in the interest of the state and co-operate with the state
government to resume work at the project.”
CPM state secretary Biman Bose joined him in urging Mamata to “see
reason” and end her agitation demanding the return of 300 acres from
the project site.
Mamata refused to respond to Basu’s appeal.
The party’s initiative came in the wake of Mamata’s visit to Basu’s
house in an apparent bid to drive a wedge in the CPM. The move was
mooted when party general secretary Prakash Karat and Bose called on
Basu yesterday.
Bose went to Basu again after the weekly state secretariat meeting
today, which both chief minister Buddhadeb Bhattacharjee and
industries minister Nirupam Sen attended.
Basu, 94, who has a blood clot in the brain, had returned home after
10 days in hospital only on Tuesday.
CPM secretariat members, however, ruled out any administrative step if
the Trinamul chief refused to budge. “Mamata wants violence, the
imposition of Section 144 (prohibitory orders), police action and dead
bodies. We won’t oblige her. Let the people realise her real
intentions,” said party veteran Benoy Konar.
Another reason for the reluctance to take any such step is Ratan
Tata’s assertion that he wouldn’t like to run a factory with police
protection, secretariat member Madan Ghosh said.
“We are still trying to make the project happen. But it is no more in
our hands. Everything depends on the Tatas and Trinamul,’’ said Konar.
PIL thrown out
The Calcutta High Court today refused to hear a PIL moved by a Delhi-
based NGO demanding its intervention to ensure the Tata Motors project
stayed in Singur.
“How can the court interfere in the matter?” the division bench of
Chief Justice S.S. Nijjar and Justice S. Banerjee said and dismissed
the plea.
http://www.telegraphindia.com/1080920/jsp/bengal/story_9861684.jsp
It's festive mood in West Bengal
18 Sep, 2008, 0104 hrs IST,Sutanuka Ghosal & Basistha Basu, ET Bureau
KOLKATA: A wide section of Kolkata’s retail segment is going berserk
just now with pre-Puja offers. Step into a Pantaloons, a Big Bazaar, a
Westside or any of the numerous wayside shops that trade in typical
puja merchandise, and you will find offers vying with each other to go
one better.
From “Take one, get one free” or “Buy two and get two free” to
discounts ranging from 5-70%”, Kolkata is ablaze with offers. It is
the festive season mood.
The best however, isn’t this. “Cash assistance to landlosers and
bargadars so that they are able to buy agricultural land of their
choice, 300 days wages at NREGA rate to affected agricultural
labourers and unrecorded bargadars, 10% of the award money to those
who have not received compensation......”—this pre-puja offer by
Bengal to Singur's residents takes the cake.
http://economictimes.indiatimes.com/News/News_By_Industry/Services/Retailing/Its_festive_mood_in_West_Bengal/articleshow/3495993.cms
Pantaloon Retail total income jumps 52 pc
20 Sep, 2008, 1902 hrs IST, PTI
MUMBAI: Pantaloon Retail, a part of Future Group, on Saturday said its
total income has rose by 52 per cent to Rs 5,052.67 crore in FY'08 as
compared with Rs 3,328.77 crore during the last fiscal.
Pantaloon Retail follows the July-June financial year. During the
period under review, the net profit of the company increased by 111
per cent (excluding extraordinary income) to Rs 125.97 crore, a press
release issued here said.
The company had posted a net profit of Rs 119.99 crore in FY'07, which
included an extraordinary income of profit from sale of investments of
Rs 88.87 crore.
The Board of Directors has recommended a dividend of 30 per cent per
equity share of face value of Rs 2.

Farmers to vote on Mumbai special economic zone
20 Sep, 2008, 1311 hrs IST, IANS
PEN (MAHARASHTRA): In a path-breaking move that can trigger major
policy changes, farmers in this paddy-growing coastal sub-district of
Maharashtra will Sunday participate in a referendum to decide the fate
of Asia's biggest Special Economic Zone (SEZ) being developed here by
Reliance Industries (RIL).
Faced with the firm refusal to part with 3,417 hectares (8,542.5
acres) of land from about 10,000 farmers in 22 villages who have their
farms by a nearby dam, the district administration will record their
statements on whether or not they want the tax-free enclave to come up
in their region.
While there will be no ballot papers or boxes to put them in, polling
booths of sorts are being set up in the 22 villages in the Pen tehsil
(sub-district) where administration personnel will note down the
villagers' say after checking their land ownership documents, Raigad
district collector Vinayak Nipun told IANS.
And with a bid by Mumbai SEZ Ltd, the RIL subsidiary implementing the
project, to stall the first of its kind democratic exercise failing in
the Bombay High Court Thursday, people opposed to the SEZ have stepped
up their campaign against the upcoming project that promises to boost
the region's economy.
The opponents are happy that their agitation has resulted in the
government agreeing to go for a referendum - which they are confident
of winning - even as Singur and Nandigram in West Bengal continue to
simmer over much smaller chunks of land.
Though nearly 10,000 hectares of land is under acquisition for the
project coming up over 14,000-hectares spanning 46 villages in Pen,
Panvel and Uran tehsils of Raigad district, the government encountered
the toughest resistance in Pen that falls in the Hetavne irrigation
dam command area.
The Hetavne project, for which gazette notification was issued in
1981, is almost complete. Till now, Rs.3.29 billion has been spent on
the project against the estimated Rs 130 million.
A whopping Rs 683.4 million would be needed to bring alternative land
under irrigation if the 3,417 hectares in the existing command area
were to be given away for the SEZ project, its executive engineer R M
Kulkarni had stated in his submission to the land acquisition office
last year.
Senior Peasants and Workers Party leader N D Patil went on a fast two
months ago, forcing Chief Minister Vilasrao Deshmukh to promise that a
hearing will be held for the farmers.
Deshmukh subsequently modified the promise by directing the district
collector to hold a referendum.
"Sixteen farmers had gone on an indefinite fast in July last year,"
said Vaishali Patil, coordinator of the committee heading the protest
against the SEZ project.
Protesters have also held demonstrations and blocked roads besides
making representations to the government, Patil told IANS, but added
that the agitation was peaceful unlike that in Singur and Nandigram.
"It is exasperating that the government kept issuing land acquisition
notices to farmers despite the SEZ Act providing against acquisition
of irrigated land," Patil said.
She expressed satisfaction, however, that ultimately a referendum was
being held and said at least 80 percent of farmers would vote against
the project.
An RIL official told IANS that the company has challenged the
government's move to hold referendum as the 'in-principle' approval
has already been granted for the project.
According to him, the move violated the agreement the government has
entered into with the company.
"The government has accepted the company's rehabilitation plan which
offers farmers the best possible deal including Rs.1 million plus
compensation per acre, 12.5 per cent for developed plot in the project
area, a suitable job to one person per family and training," he
added.

Govt acquires 2,000 hectares for renewable energy SEZ
17 Sep, 2008, 1521 hrs IST, PTI
NEW DELHI: Government on Wednesday said it has acquired 2,000 hectares
of land to develop a special economic zone for renewable energy in
Nagpur, which would become operational within 2-3 years.
"2,000 hectares of land has been acquired for the Renewable Energy SEZ
in Maharashtra and it would become operational in 2-3 years time,"
Union Minister for New and Renewable Energy Vilas Muttemwar told
reporters here.
This SEZ is being developed by the Maharastra Industrial Development
Corporation (MIDC) and Indian Renewable Energy Development Agency
(IREDA).
A European firm is understood to have committed investment worth 3.71
billion euros (Rs 22,000 crore) in the SEZ.
Government is focussing on non-conventional energy sources, including
wind and solar power. Various tax benefits have been given for
investments in the renewable energy area.
India has emerged as a major supplier of equipment for wind power, led
by Pune-based Suzlon Energy.


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Books by Amartya Kumar Sen





Development as Freedom - 2001 - 383 pages
Development as Freedom - 2001 - 396 pages
Indian Development: Selected Regional Perspectives - 1997 - 454 pages
books.google.co.in - More book results »

Amartya Sen - Wikipedia, the free encyclopedia
Amartya Sen is interested in the debate over globalization. He has
given lectures to senior executives of the World Bank and is a former
honorary president ...
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Amartya Sen - Autobiography
Amartya Sen I was born in a University campus and seem to have lived
all my life in one campus or another. My family is from Dhaka - now
the capital of ...
nobelprize.org/nobel_prizes/economics/laureates/1998/sen-autobio.html
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Amartya Sen
Official Nobel Foundation website, with press release (including
summary of his contributions to welfare economics), and extensive
(8000-word) ...
nobelprize.org/nobel_prizes/economics/laureates/1998/ - 15k - Cached -
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Amartya Sen
Prof. Amartya Sen. This page will automatically be redirected to Prof.
Sen's latest Website in 5 seconds. If the URL does not change please
click HERE.
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Harvard Econ Department - Contact Info for Amartya Sen
Amartya Sen Address: Littauer Center 205 E-Mail:
slr...@fas.harvard.edu Tel: 617-495-1871 Fax: 617.496.5942 Staff
Support: Shelley Rich Littauer 204 ...
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Amartya Sen
Brief biographical notes from India Today. [registration required]
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Amartya K. Sen
It may be a slight exaggeration to claim that "Welfare Economics" is
but a synonym for Amartya Sen, but few economists have taken that
field as far, ...
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Hunger is quiet violence: Amartya Sen
26 Apr 2007 ... India has done badly on three issues: fighting hunger,
providing adequate health, and gender inequality, says the Nobel
Laureate.
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Amartya Sen Winner of the 1998 Nobel Prize in Economics
Amartya Sen, a Nobel Prize Laureate in Economics, at the Nobel Prize
Internet Archive.
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Poverty and Famines: An Essay on Entitlement and Deprivation - Google
Books Result
by Amartya Kumar Sen - 1981 - Social Science - 257 pages
Includes indexes.
books.google.co.in/books?isbn=0198284632...

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News results for Global financial Crisis

BBC News Lessons from global financial crisis - 5 hours ago

A glance at the current global financial crisis will tell us that some
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People's Daily Online -- "Global financial crisis is coming ...
Yong Tang: Does that mean almost all countries will be involved in
this global financial crisis? LaRouche: Yes. It's bigger than the
crisis of the 1930s. ...
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The Global Financial Crisis
The global financial crisis has clearly become a leading foreign
policy priority of the Clinton Administration. Few people are as
qualified to evaluate the ...
www.nixoncenter.org/publications/Perspectives/greenberg3_5.htm - 21k -
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The global financial crisis
The global financial crisis. In the new financial environment that has
emerged as a result of the collapse of the Bretton Woods system of
fixed exchange ...
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Global Financial and Economic Crisis
Asian crisis Causes and Sources of the Asian Financial Crisis ... See
also: Reforming the Global Financial Architecture: Issues and
Proposals ...
www.twnside.org.sg/crisis.htm - 15k - Cached - Similar pages - Note
this
The History of the global financial crisis of 1997-99 in Asia as a ...
The History of the global financial crisis of 1997-99 in Asia as a
whole.
www.hartford-hwp.com/archives/50/index-a.html - 11k - Cached - Similar
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frontline: the crash
This report examines the global financial crisis of August 1998 when
the world financial system came close to collapse and examines the
underlying dynamics ...
www.pbs.org/wgbh/pages/frontline/shows/crash/ - 15k - Cached - Similar
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TP: The Global Financial Crisis
The social consequences and geo-political implications of the global
financial crisis are far-reaching particularly in the uncertain
aftermath of the Cold ...
www.heise.de/tp/r4/artikel/6/6223/1.html - 55k - Cached - Similar
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Fallout from global financial crisis will be long lasting, warns ...
25 Sep 2007 ... The global credit crisis is not over, and its effects
will be long lasting, the International Monetary Fund has warned.
www.independent.co.uk/news/business/.../fallout-from-global-financial-crisis-will-be-long-lasting-warns-imf-403451.ht...
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The Real Reason for the Global Financial Crisis…the Story No One’s ...
18 Sep 2008 ... The Real Reason for the Global Financial Crisis…the
Story No One’s Talking About :: The Market Oracle :: Financial Markets
Analysis ...
www.marketoracle.co.uk/Article6335.html - 51k - Cached - Similar pages
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Blog posts about Global financial Crisis

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Radio Australia Kevin Rudd's criticised New York trip could have big
consequences ...
Sydney Morning Herald, Australia - 3 hours ago
But with the global financial crisis, he is packing into his program
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Sify Indian shares slump following global financial crisis
Newspost Online, India - 19 Sep 2008
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(Getty Images: Sergio Dionisio, file photo) Former Liberal Party
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Voice of America Global Financial Crisis Hits Banks in London, Other
World Markets
Voice of America - 19 Sep 2008
VOA's Mandy Clark looks at the global financial fallout of the
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Britain. ...

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