Hidden Transactions Creating Deep Depression!

[Palash]

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Hidden Transactions Creating Deep Depression!

Troubled Galaxy Destroyed Dreams: Chapter 70

Palash Biswas

Six Khairlanji Dalit murder convicts sentenced to death
24 Sep, 2008, 1331 hrs IST, IANS

BHANDARA: A court on Wednesday sentenced to death six of the eight
people convicted of killing four members of a Dalit family in
Maharashtra's Khairlanji village. Two were given life imprisonment.

On Sep 20, eight people were convicted of killing four Dalits in
Khairlanji village of Maharashtra.

The first ad-hoc sessions judge, S.S. Dass, who Monday convicted eight
of the 11 accused in the case for murder of four members of a family
in Khairlanji of Bhandara district, had heard that day the arguments
of prosecution and defence on the quantum of punishment and had fixed
Sep 24 for his pronouncement.

Special public prosecutor Ujjwal Nikam had made a forceful plea for
capital punishment to all the convicts who killed the wife and three
children of Bhaiyyalal Bhotmange, a farmer, Sep 29, 2006.

Defence lawyers Sudip Jaiswal and Neeraj Khandewale pleaded for
leniency in view of the act committed in the heat of the moment and
clean past record of the convicts.

This news item is a reflection of Indian Social reality even after
sixty years of so called Independence! On the other hand, we
appreciate Citizen`s empowerment in United states of Anerica and the
internal democracy there. The Financial crisis has exposed the Hidden
Transaction in the heart of the Unipolar Super power!

Rahul deplores attacks on Christians
Hindu - 4 hours ago
Jalandhar (PTI): Condemning the attacks on Christians and churches in
Orissa and Karnataka, Congress leader Rahul Gandhi on Wednesday said
the people who attack religious places should be dealt with a stern
hand.
POTA a failed terror law: Rahul Gandhi NDTV.com
Rahul as PM? Congress scion says 'question is open' Times of India
PunjabNewsline.com - IBNLive.com - Calcutta Telegraph - Daily News &
Analysis
all 197 news articles » हिन्दी में »



Radio Australia
Senate panel nod to Indo-US nuclear deal
Financial Express - 33 minutes ago
The powerful Senate Foreign Relations Committee on Wednesday approved
the landmark Indo-US civil-nuclear deal. However, the suspense
continues on whether Prime Minister Manmohan Singh and President
George W Bush will be able to sign the agreement when ...
US cong session to end soon; N-deal still uncertain IBNLive.com
US Senate panel greets PM with thumbs up for N-deal NDTV.com
BBC News - Express Buzz - Business Standard - Hindu Business Line
all 402 news articles »




Techtree.com
Chandrayaan is all set to make history; taking India to the moon
Techtree.com - 22 Sep 2008
If everything goes as planned, any of the days starting October 19th
to 28th would be remembered as a red-letter day for us Indians.
Moon mission in December if ISRO misses Oct. launch window Hindu
India to be propelled to big league with Chandrayaan-1 launch
Khabrein.info
News Locale - New Straits Times - Aviation Week - ITvoir
all 17 news articles »


Hidden Transactions creating Deep Depression!

What you see!

What you see all about the Super power to be!

Dr. Manmohan Singh has landed in Washington to sign the Nuke Deal!
Newly elected Pak President also present there. Despite the US
Military Operations in Pak Territory without prior information, the
Pak President is humble enough to be submissive enough to implement
the Post Modern Manusmriti Apartheid Agenda of the Global Hindu
Zionist White Ruling Hegemony!

We know all about the Nuke Opera in Indian parliament and we also know
about the hidden transaction in between Washington and New Delhi!

Indiscriminate Industrialisation and Urbanisation leads Indian State
Power to Land Acquisition most barbaric. The People`s resistance is
reflected in Singur and Nandigram Insurrections!

In United states of America, we witness with horror how the Ruling
Republican Hegemony manages national revenue in the best interest of
the Corporates!

Just see how a key Senate panel's approval for the India-US civil
nuclear agreement came amid hectic efforts by Indian American
community leaders on Capitol Hill to get the deal done before
lawmakers break for the Nov 4 elections!

Community leaders from across America gathered here on Tuesday for "A
Day of Advocacy" organised by the US-India Friendship Council, an
umbrella group of all of the community's political, social and
professional organisations.


The credit markets grew more tense on Tuesday, boosting demand late in
the day for both short- and long-term government maturities as doubts
heightened on Wall Street about Washington's ability to solidify plans
for a $700 billion bailout of U.S. banks. Meanwhile, Resentment is
growing on both sides of the US political divide over a plan to use
$700 billion of taxpayer money to bail out Wall Street firms with bad
mortgage debt. The disquiet comes from many voters on the left who see
hypocrisy in the rush to help some of the world's richest firms when
the government says there is insufficient money to spend on other
priorities. It also comes from some on the right, from people who say
the bailout violates the principle that government should aim to limit
its role in the economic life of the country and citizens, and that
corporations should take responsibility for their actions.

Tata Motors and Marxist government of West Bengal, India struck a
secret Deal for Monopolistic Auto International market to open the
Third World Monopoly market for the Indian Inc. West Bengal Governor
Gopal Krishna Gandhi did everything possible with his Gandhigiri but
could not solve Singur Stand Off Puzzle. he had to cry against
insensitivity on the part of the government while implementing land
acquisition! A democratic People`s movement against the Capitalist
ways of Marxist Government is being subverted by Money and Muscle
power!

What happens in United states on the other hand?

The most powerful people in this Universe has no right to know all
about the hidden transaction which led their economy deliver a Global
financial crisis!

A Cluster of US Banks submerged the US Economy in quest of infinite
Money. The Secretary of the Treasury, the Federal Bank and the
omnipotent US President jumped in the fray to bail out the Defaulters!
Now general US Tax Payers have to pump Seven Hundred billion Dollars
in the Sub Prime Crisis struck recession economy without any return!

What was the result?

Demand for safe, short-term Treasury was high most of the day, as
investors noticed scant signs of recovery in the squeezed credit
markets. And an afternoon slide in the stock market, which brought the
Dow Jones industrial average down more than 160 points, gave even the
less attractive long-term Treasury bonds a lift.

What happens in Kolkata, India?

Ruling CPI(M) on Wednesday expressed dismay over the delay in
execution of the Tata Motors small car project in Singur and said the
chance of its commissioning would be remote.

"The more the project is delayed, the prospect of its coming up
becomes bleaker" CPI(M) General Secretary, Prakash Karat told
reporters at the airport in Kolkata. He said the Singur project was
important for the industrialisation of the state. The project is
currently suspended following demand of the opposition parties for 400
acres of land for the farmers evicted from the area.

And just have a taste of the Hidden Transaction!

US Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben
Bernanke on Tuesday urged Congress to act swiftly to put in place a
$700 billion financial system bailout, warning delay would put the
economy at risk.

Testifying before a sometimes-skeptical Senate Banking Committee, they
said financial markets were in serious stress and needed to be
stabilized quickly by cleansing them of illiquid assets.

Paulson wants lawmakers to approve a massive war chest, funded by
taxpayers, to buy distressed debt from financial institutions to try
to keep credit markets from choking up.

Lawmakers have vowed to move without delay, but also are insisting on
changes. These include more protections for taxpayers and limits on
compensation for executives of firms that would be offloading their
bad assets onto the government

Not a word about the transaction!

Not a word about the secret deal!

Why a Marxist party and its government have to identify the future of
a nation with a Corporate house, it is the basic question? Why the
opposition, UPA as well as NDA isolate Ms Mamata Bannerjee and support
the Rulers! Entire Indian Polity rallies behind the Tatas and the
Tatas becomes saviour of the Shining sensex India!

No Industrialist may not pose unaware of the risks involved!

Then why should the common masses have to suffer for their Money
Making game?

It is the same story in India as well as in United states of America!

The capitalist system tries socialism to bail out AIG! Why?

President Bush tries nationalisation Unprecedented with his hands full
of Blood!

Why?

White lies are in vogue! Blind nationalism in Indian subcontinent
justifies Wars and Civil Wars! Persecution and Repression infinite! It
overlaps injustice and inequality practiced against the majority
enslaved Population comprising of SC, ST, OBC and minorities.

In America, Americanism justifies the most planned and scientific
system of Mass destruction. The super Power may not save its interests
at home and launches war against the rest of this Galaxy! It has been
since the proclamation of Star Wars by Ronald Reagan. The rise of
Barack Obama and Martin Luther King`s dream do not seem to be the
right answer to this complex question of Shakespearean soliloquy, To
Be Or Not to Be!

Economics has become Jugglery thanks to slave economists and politics
has turned out to be the most hated Red Light Area!

How the NRI Indians rally behind the Nuclear deal to revamp US War and
Weapon Economy!

"This is part of our Washington Chalo campaign on behalf of the
nuclear deal, which is similar to what we did two years ago before the
vote on (US enabling law) the Hyde Amendment," said the group's
coordinator Swadesh Chatterjee.

The community also took out a full-page advertisement in the Capitol
Hill newspaper Roll Call, urging the US Congress to join 2.3 million
"proud Americans of Indian origin - and India and other billion-person
economy - in bringing an end to India's civil nuclear isolation".

"Ratification of the US-India 123 Agreement will unite the world's
largest and oldest democracies, laying a foundation of mutual trust
and respect, and advancing a strong partnership-in commerce,
international security, and more," it said.

Declaring that "the US and India are natural partners - as beacons of
multicultural democracy, as free markets, and as the largest English
speaking nations on earth", the advertisement asked lawmakers to
"schedule the vote in this Congress, clinch a vital partnership with
India".

The coalition has also sent out a draft letter to Indian Americans
around the country to be faxed to their respective senators and
representatives, urging them to vote for the nuclear deal.

"As one of the 2.6 million Americans who trace their roots to India, I
believe that this historic agreement represents a great opportunity
for both the United States and India for further strengthening a
strategic relationship between the two great democracies," says the
draft letter.

It notes that "this agreement strikes a fine balance between the
United States and India in two ways: The agreement provides for India
to gain access to technology which allows it to meet its burgeoning
energy demand in an environmentally sustainable manner and help in
mitigating carbon emissions and global warming".

"By having India place strict international safeguards on its
reactors, the US can continue to support its non-proliferation
interests," it adds. The deal would also "open up new venues for
business of US companies with India and tremendously increase trade
between the two countries".

"Today, I believe the US has a unique window of opportunity to send a
vote of confidence to India and the Indian Diaspora in America. This
vote is Yes for the approval of the US-India Civil Nuclear Agreement,"
the draft letter said.

This lobbying follows a similar undertaking by the Indian American
community last week under the banner of the Indian American Committee
led by Hemant Patel, immediate past president of the Association of
American Physicians of Indian Origin (AAPI).

The invitees at a Congressional luncheon as part of this lobbying
effort included House Foreign Committee Chairman Howard Berman, who
has been holding out on calling a session of his panel to speed up the
passage of the accord.

Others joining were House Majority Leader Steny Hoyer and two former
co-chairs of the Congressional Caucus on India and Indian Americans,
Gary Ackerman and Frank Pallone besides a couple of senior US
officials.

The financial crisis and growing pessimism about the US economy is
giving Democratic candidate Barack Obama's White House campaign a
lift, polls showed on Wednesday.

The Illinois senator is nine points ahead of his Republican rival John
McCain, 52 to 43 per cent, according to a poll of likely voters
published on Wednesday.

Only nine percent of those surveyed agreed that the US economy was in
good or excellent shape, the first time since 1992 that number has
been in the single digits, the Post said.

Just 14 percent said the country is moving in the right direction -
the lowest figure since 1973.

Asked who they trust more to handle the economy, 53 per cent chose
Obama and 39 per cent, McCain.

In a poll also published Wednesday, 48 per cent of respondents said
Obama could do a better job handling the financial crisis, and 35 per
cent said McCain could.

The poll surveyed 1,082 people from September 19 to 21 and had a
margin of error of plus or minus three per cent, or plus or minus four
percent among likely voters.

The poll was conducted over the same three days and included 1,428
people. Its margin of error was three per cent.

Freddie Mac paid monthly fee to McCain aide's firm!

AGENCIES report from Washington:

The lobbying firm of John McCain's campaign manager was paid $15,000 a
month for several years until last month by one of two housing
companies taken over by the federal government, a person familiar with
the financial arrangement said Tuesday night.

That money from mortgage giant Freddie Mac to the firm of Rick Davis
was on top of more than $30,000 a month that went directly to Davis
for five years starting in 2000. The $30,000 a month came from both
Freddie Mac and Fannie Mae, the other housing entity now under
government control because of the crisis in the financial markets.

All the payments were first reported by media, which posted a story on
its Web site Tuesday night revealing the $15,000 a month to the firm
of Davis Manafort. Media quoted two people with knowledge of the
arrangement.

In response to the disclosure, McCain's presidential campaign issued a
statement saying Davis left the firm and stopped taking a salary in
2006. A person familiar with the contract says the $15,000-a-month in
payments from Freddie Mac to Davis's firm started around the end of
2005 and continued until the last month or so. The person spoke on
condition of anonymity.

The connection between Davis and the housing giants that figure so
centrally in the global financial crisis emerged after the McCain
campaign unleashed a sharp attack on Democratic rival Barack Obama.

McCain has tied Obama to Fannie and Freddie's troubles and has called
on Jim Johnson and Franklin Raines - both Obama supporters and former
Fannie Mae executives - to return million-dollar ``golden parachute''
payments they received from the corporation after leaving. Obama had
chosen Johnson to run his vice presidential search committee, but
Johnson stepped down after McCain and other Republicans began
criticizing his home mortgage deals.

McCain's campaign recently released a television ad that says Raines
is among those advising Obama on housing policy. Obama's campaign
released a statement from Raines, who says he is not an Obama
adviser.

Tata Motors has moved equipment key to manufacturing 'Nano,' the ultra-
cheap car, from its under-construction plant at Singur in West Bengal
to another facility in order to meet its roll-out obligation. Sources
familiar with the development said that equipment was carted out from
the plant and the cargo is believed to have been moved to the
company's plant in Pantnagar in Uttarakhand.

Now the blackmail the people! Just clear the decks for Tata Motors
otherwise you have no future!

If Tata Motors as a corporate House has an obligation to supply Nano
within a certain deadline, it should be the headache of its
management! But it has proved the worst debate in between Democracy
and development!

Since Tata motors has to make quick money, indigenous communities
should give up their land , life and livelihood without asking a
single question! Just accept the package and go!

US Zionist Money makers have put the National economy on stake in
quest of monopoly in Global Market and the President has decided to
bail out them!

No questions should be asked!

Capitalism does not demand transparency. The Bengali Marxists have
proved even Marxism does not demand transparency in transactions! The
Ruling Hegemony may decide anything and we the predestined common
people, specially the Black Untouchables and indigenous communities
have to oblige!

When contacted, a Tata Motors spokesman said: "I have no comments to
make."

The company, which unveiled the Nano in January this year, had
committed that the commercial launch of the sub-USD 3,000 car would
take place in the October-December quarter.

The FBI is investigating Fannie Mae, Freddie Mac, Lehman Brothers
Holdings Inc. and insurer American International Group Inc. and their
senior executives for potential mortgage fraud, a news channel
reported on Tuesday. The FBI did not provide specifics but said the
inquiries were part of a broader probe, the channel said. The bureau
is trying to determine whether anyone in those financial institutions,
including their senior executives, had any responsibility for
providing "misinformation," CNN reported.

In India, it is rather unthinkable! CBI is not going to deal with any
mysterious transaction involving the National economy. Defence Deals
were probed sometimes and the results we know! it is always eye
washing!

FBI results also reflect persecutions much more and FBI itself needs a
little bit transparency! Nevertheless,a federal law enforcement
official confirmed the FBI is now looking at 26 cases of potential
corporate fraud related to the collapse of the US mortgage lending
industry.

FBI Director Robert Mueller told the US Congress a week ago that 24
cases of potential corporate fraud were under investigation, up from
21 disclosed by the bureau in July. In testimony before the House of
Representatives Judiciary Committee, the FBI chief also vowed to
pursue corporate executives if necessary in mortgage fraud cases.

Mueller said the FBI was looking at all levels of the mortgage
systems. With respect to the corporate probes, which could result in
federal charges, "the allegations would be there were misstatements of
assets," he said.

On the other hand, a nationalisation wave seems to take over United
states of America this time! But American International Group Inc
(AIG.N: Quote, Profile, Research, Stock Buzz) is cooperating with a
large investor group working to thwart a government takeover, a lawyer
for investors said. Representatives of the investor group will be
briefed by the company on its financial position as early as Tuesday
afternoon, said Mickey Kantor, of law firm Mayer Brown.


SC seeks explanation on farmers' plea

NEW DELHI: The Supreme Court has sought replies from Grasim Industries
Ltd and others on a petition by farmers seeking closure of its
chemical plant in Ujjain for allegedly polluting water sources and
damaging crops.

A bench headed by Chief Justice K G Balakrishnan asked Grasim
Industries (chemical division) and the Madhya Pradesh government to
respond to the petition alleging that crops had been damaged due to
effluents and chemicals released from the factory at Nagda in Ujjain
district.

Challenging the Madhya Pradesh High Court ruling, farmers alleged that
the court had erred in setting aside the order of a sub-divisional
magistrate who ordered closure of the factory on January 27, 2006
under Section 133 of the Criminal Procedure Code.

Even the Madhya Pradesh Pollution Control Board had found the Birla
group company plant was polluting water, the petition said. The board
said that chloride and salt were much more than the specified standard
for drinking water, it added.

The group of five farmers alleged that polluting drinking water was
causing threat to human lives and their livelihood.
According to the petition, around 23 farmers of Azimabad Pardi village
had moved an application before before the sub-divisional officer of
Nagda on January 5, 2005 seeking to stop the release of effluents from
the plant as their crops were being burnt and water sources polluted.

After a probe, the village revenue officer said in a report on January
9, 2005 that wheat crops in 28 hectares and gram crops in 27 hectares
were destroyed. Besides, acid was found in village wells due to
release of chemicals by the factory.

"There was a joint inspection and the report of the State Pollution
Board and the Agriculture Department to show that the water has been
polluted and the crops have been destroyed because of the chemical
released in the water," said the petition filed through advocate Vikas
Upadhaya.

However, the Additional Sessions Judge at Khachrod on Grasim's plea
had set aside the government's closure order.
Even the High Court had upheld the decision of the lower court and
allowed Grasim to run the factory while observing that "the
preliminary prohibitory order for closure of the concerning industries
immediately appears to be illegal and that had rightly been set
aside."

However, Grasim had made a statement before the High Court that the
company was observing necessary and adequate measures for the
treatment of waste water and treated water was being used for watering
the plantation.


In United States of america, CEO Edward Liddy and others at AIG "could
not be more cooperative," Kantor added.

AIG declined to comment.

The investor group represents more than a third of all AIG
stockholders, including pension funds, and current and retired
employees, Kantor said.

"We think it is in the best interest of the company to put some plan
in place," he added.

Former CEO Maurice "Hank" Greenberg, AIG's largest individual
shareholder, has thrown his support behind the investor group, said a
spokesman.

Investors have much at stake. AIG's stock has fallen more than 90
percent over the past year, and will have little chance of recovery if
the federal government -- which stepped in to keep the insurer from
collapse with an $85 billion credit facility -- exercises warrants for
up to 80 percent ownership.

AIG is to repay the government loan with proceeds from asset sales.

On paper, AIG has a net saleable value of $82 billion -- equal to more
than $30 a share -- Credit Suisse said in a research note on Tuesday.

The net figure assumes AIG will pay in excess of $30 billion to rid
its balance sheet of thorny liabilities, including credit default
swaps on mortgage-linked derivatives that triggered $18 billion in
losses over the past three quarters.

Shares of AIG closed up 6 percent at $5 Tuesday on the New York Stock
Exchange.

Still, analyst Tom Gallagher said investors face hurdles in being able
to outmaneuver the government taking majority ownership.

"Some hurdles to getting this done would include raising that much
cash in a short amount of time ... and uncertainty over whether there
will be a shareholder vote regarding approval of the terms with
government."

The New York Insurance Department -- appointed to oversee AIG's
insurance operations in the wake of the federal bailout -- would
evaluate any proposal presented, said spokesman David Neustadt.

Broad & co

Eli Broad, a major AIG shareholder and former director, flew into New
York with Kantor from Washington D.C. on Monday to meet with other
investors.

"There was a unanimity of opinion," said Kantor, a former U.S.
Secretary of Commerce in the Clinton administration, of the tone set
in the group's first formal meeting.

Broad has spoken with Liddy by telephone, Kantor said.

In June, Broad, in concert with fund managers Shelby Davis of Davis
Selected Advisors LP and Bill Miller of Legg Mason Inc (LM.N: Quote,
Profile, Research, Stock Buzz), were critical of management's handling
of massive mortgage losses, leading to then-chief executive Martin
Sullivan's ouster.

The internal briefing on the company's financial position, and
possible assets for sale, will include several people from AIG, but
not new CEO Liddy, Kantor said.

Liddy was in Washington D.C. on Tuesday, along with representatives of
the New York Insurance Department, briefing insurance regulators from
across the nation on AIG's situation.

The former Allstate Corp (ALL.N: Quote, Profile, Research, Stock Buzz)
chairman took over AIG's helm last week, replacing former Citigroup
executive Robert Willumstad, who had been CEO since June 15.

Liddy has said he expects to unveil what parts of AIG are up for sale
within the next week to 10 days.

AIG on Tuesday said it will halt its common stock dividend in a bid to
conserve capital.


In WASHINGTON: Treasury Secretary Henry Paulson plans to urge
Congress, in testimony on Tuesday, to not weigh down a proposed $700-
billion financial system bailout with unrelated provisions that would
delay addressing key issues.

"We saw market turmoil reach a new level last week, and spill over
into the rest of the economy," Paulson said in testimony prepared for
delivery to the Senate Banking Committee and obtained by Reuters.

"We must now take further, decisive action to fundamentally and
comprehensively address the root cause of this turmoil," he added.

He said removing illiquid assets from markets through the proposed
bailout will cost taxpayers less in the long run than having credit
markets fail to work.

He said Congress should "avoid slowing it down with other provisions
that are unrelated or don't have broad support."



Anger over the deal is expressed most sharply by people caught up in
the home mortgage crisis and their advocates.

"Hypocritical? Absolutely," said Gabriel Onofrio, who negotiates on
behalf of people in North Carolina who face foreclosure.

"When you have the free market and the privatization of profit but the
socialization of the losses, that doesn't make any sense," said
Onofrio, whose organization, the Neighborhood Assistance Corporation
of America, argues that lenders should restructure home mortgages to
make them more affordable.

Markets cheered last week when President George W. Bush asked Congress
to approve a plan to enable the government to acquire up to $700
billion in home and commercial mortgages to stabilize firms by taking
bad assets off their books.

The plan aimed to halt the worst financial crisis since the Great
Depression, which has seen global credit markets seize up over
concerns about the plummeting value of U.S. housing and securities
based on home mortgages.

Architects of the bailout urged Congress on Tuesday to act swiftly or
face dire consequences, and it was unclear whether any concerns
expressed by voters would hamper its progress.

But lawmakers are sensitive to constituents, particularly in an
election year. Republican Sen. Orrin Hatch from the conservative state
of Utah said reaction to the plan from his constituents was "all
negative."

That comment was echoed by numerous callers to conservative talk shows
and a new website VoteNoBailout.org (http://www.votenobailout.org)
also aimed to rally support against the legislation, which it said
effectively enabled bankers to take the country hostage.


Meanwhile,The Federal Reserve on Wednesday said that it has set up an
additional $30 bn currency swap facility with central banks in
Australia and Scandinavia, a move aimed at improving liquidity
conditions in the global financial markets.

The Federal Open Market Committee has authorised the establishment of
new swap facilities with the Reserve Bank of Australia, the Sveriges
Riksbank (Bank of Sweden), the Danmarks Nationalbank (Bank of
Denmark), and the Norges Bank (Bank of Norway), Federal Reserve said
in a statement.

These new facilities would support the provision of $ dollar liquidity
up to $10 bn each by the Reserve Bank of Australia and the Sveriges
Riksbank and up to $5 bn each by the Danmarks Nationalbank and the
Norges Bank, it said.

The temporary reciprocal currency arrangements (swap lines) has been
established to address elevated pressures in US dollar short-term
funding markets.

"These facilities, like those already in place with other central
banks, are designed to improve liquidity conditions in global
financial markets," it stated.

Central banks continue to work together during this period of market
stress and are prepared to take further steps as the need arises.

Meanwhile, these new facilities represent a $30 bn addition to the
$247 bn previously authorised temporary reciprocal currency
arrangements with other central banks including European Central Bank
($110 bn), Bank of Japan ($60 bn), Bank of England ($40 bn), Swiss
National Bank ($27 bn), and Bank of Canada ($10 bn).

These reciprocal currency arrangements have been authorised through
January 30, 2009, it added.

In United nations,World leaders called for international action to
combat the global financial crisis, urging cooperation even as the US
pressed ahead with unilateral action to stem a credit crunch that has
engulfed global markets.The focus on the dismal economic situation in
the United States at the annual UN General Assembly ministerial
meeting reflected how what began as a mortgage market meltdown in the
US has grown to overshadow other issues, such as the threat of
terrorism.

French President Nicolas Sarkozy called for the wholesale reform of
the global financial system, urging major economic powers to meet
before the end of the year to examine the lessons of the crisis.

``Let us rebuild capitalism in which credit agencies are controlled
and punished when necessary, where transparency ... replaces
opaqueness,'' Sarkozy said at Tuesday's meeting. ``We can do this on
one condition, that we all work together in our globalized world.''

Although Sarkozy and other leaders insisted on this global approach,
US President George W Bush - in his last speech before the General
Assembly - assured officials his government was aggressively working
to contain the credit meltdown some fear will undercut development and
poverty-fighting efforts.

The Bush administration is working with Congress to come to quick
agreement on a $700 billion bailout bill, in addition to other recent
actions he called ``bold steps'' aimed at stabilizing markets and
keeping credit flowing.

Bush said he realizes that other nations are watching how the U.S.
deals with the financial crisis, and he expressed confidence that
Washington will act ``in the urgent timeframe required'' to prevent
broader problems.

He did not ask for any action by other countries. Sarkozy, who
currently heads the European Union - which includes some of
Washington's closest allies - insisted on a global solution.

``What is important is that no country, however powerful it may be,
can bring an effective answer to the financial crisis on its own, so
it would be logical to have it in the format of the G-8, the major
eight economies of the world,'' he said.

Brazil's President Luiz Inacio Lula da Silva, a former labor leader,
also called for a global solution to the financial crisis and lashed
out at speculators whom he blamed for the ``anguish of entire
peoples.''

``The global nature of this crisis means that the solutions we adopt
must also be global,'' Silva said.

Philippines President Gloria Macapagal Arroyo said ``economic
uncertainty has moved like a terrible tsunami around the globe, wiping
away gains, erasing progress.''

``Just when we thought the worst had passed, the light at the end of
the tunnel became an oncoming train, hurtling forward with new shocks
to the global financial system,'' she said.

The widespread concerns came on a day when the head of the US central
bank, Federal Reserve Chairman Ben Bernanke, warned US lawmakers, that
they risk a recession and deepening economic woes if they fail to act
on the administration's plan to bail out the financial industry.

At the UN, the worry about the impact of the credit crisis on the
world's most vulnerable nations and peoples was evident.

Addressing more than 120 world leaders and dozens of government
ministers at the opening of the meeting, Secretary-General Ban Ki-moon
called for global leadership to restore order to international
financial markets, make trade concessions and act on climate change.

Ban said he worried that nations are losing sight of the ``new
reality'' - that there are ``new centers of power and leadership in
Asia, Latin America and across the newly developed world'' - and that
``in this new world, our challenges are increasingly those of
collaboration rather than confrontation.''

``The global financial crisis endangers all our work - financing for
development, social spending in rich nations and poor, the Millennium
Development Goals'' to improve life for the poorest,'' he said.

``If ever there were a call to collective action - a call for global
leadership - it is now,'' Ban said.

``We need to restore order to the international financial markets,''
he said. ``We need a new understanding on business ethics and
governance, with more compassion and less uncritical faith in the
`magic' of markets. And we must think about how the world economic
system should evolve to more fully reflect changing realities of our
time.''

He urged world leaders to adopt a new trade deal to help developing
countries at the Doha review conference later this year.

PTI reports from NEW YORK: The government has said inflation will
return to single digits by the end of the current fiscal and asserted
it was not in favour of taking excessive harsh measures to rein in the
problem as it will have a harmful impact on the economy.

Talking to reporters accompanying Prime Minister Manmohan Singh on his
US visit, the deputy chairperson of the Planning Commission Montek
Singh Ahluwalia said the trend of constant rising inflation in India
was disappearing.

Maintaining that the financial meltdown in the US has not had a direct
impact on India, Ahluwalia said the country had an ample stock of
foreign exchange reserves to deal with the temporary meltdown in
financial markets.

"The direct impact has been negligible," he said. He also said that
the financial turmoil is not likely to settle quickly and may only end
by next year.

"A turnaround in financial markets cannot be expected by the 2009
end," he said.

From India's point of view, however, it will be foolish to think that
it will not face any economic uncertainties in the future if the
turmoil in the financial markets continue, Ahluwalia said.

On the sensitive issue of land acquisition in states for setting up
industries, Ahluwalia said state government must create a credible
mechanism for purchase of land by industrialists.

REUTERS reports from GENEVA: The financial crisis should not undermine
efforts to open up the global economy, the head of the World Trade
Organisation (WTO) said on Wednesday.

WTO Director-General Pascal Lamy said the lesson from the Great
Depression that followed the 1929 Wall Street Crash was that
protectionism made things worse for economies.

"The current hurricane that has hit the financial markets must not
distract the international community from pursuing greater economic
integration and openness," Lamy told a public forum at the WTO.

"In a financial crisis and at a time of economic distress, in
particular at a time of soaring food prices, what impoverished
consumers desperately need is to see their purchasing power enhanced
and not reduced," he said.

The WTO chief said it was important to complete the Doha Round of
multilateral trade talks, which began in 2001 and whose stated aim is
to open up the world economy and help developing countries export
more.

Lamy said diplomats were trying to get an outline deal on farming and
industrial tariffs and subsidies, after ministers failed to reach a
breakthrough in July. The newest aim was to agree on those two main
pillars by the end of the year, he said.

He did not say -- as he did last week -- that he was ready to bring
ministers back to Geneva in the coming weeks to resume a high-level
push for an agreement.

Such a meeting would require headway in talks between officials from
seven major economies, who have met over the last two weeks to discuss
the issue which led to deadlock at the July meeting -- a measure to
help poor-country farmers cope with import surges.

That issue remains a problem, with rich countries like the United
States unwilling to accept a mechanism that could disrupt trade, and
developing nations such as India saying they need to be able to help
their subsistence farmers quickly in a crisis.

"We unfortunately couldn't come up with a breakthrough," said a senior
diplomat from one of the seven countries.

The focus of the Doha Round talks now moves to a series of
consultations conducted by New Zealand's WTO ambassador, Crawford
Falconer, who will try to narrow gaps in discussions involving small
groups of affected countries. WASHINGTON/SYDNEY: The US Federal
Reserve on Wednesday moved for the second time within 24 hours to keep
the wheels of the financial world turning, this time acting in concert
with Australia and Scandinavia to supply money markets with $30
billion in funds.

The European Central Bank, the Bank of England, the Bank of Japan and
Australia's central bank have also once again injected billions of
dollars into their banking systems to stop banks from hoarding cash.

The Fed set up currency swaps with central banks in Australia,
Denmark, Norway and Sweden, marking its latest bid to ease global
credit market strains on top of $247 billion already committed to
currency swaps with other big banks.

"These facilities, like those already in place with other central
banks, are designed to improve liquidity conditions in global
financial markets," the Fed said.

Once a byword for safety and liquidity, the short-term lending market
in which banks lend to each other has repeatedly seized up in the
financial crisis because of increasing worries over the
creditworthiness of borrowers.

The moves follow a rout in financial markets, gripped by fears of more
Wall Street failures after Lehman Brothers filed for bankruptcy,
Merrill Lynch lost its independence, insurer AIG was saved in a $85
billion bailout and Morgan Stanley and Goldman Sachs ceased to operate
as investment banks.


The ECB and the Bank of England offered up to $40 billion in dollar
overnight funds each. The offers followed an earlier Bank of Japan 1.5
trillion yen ($14.2 billion) injection and the Reserve Bank of
Australia's A$815 million ($680 million) cash supply.

As part of a global central bank effort to deal with dollar shortage,
Japan's central bank also offered $30 billion in one-month funds to
easy the money market funding squeeze.

STEADY RATES

Overnight dollar rates held steady between 2.5-3.5 percent in light
trade in Asia on Wednesday after central bank moves. "I reckon
everyone is reducing activity with the market still jittery," said a
trader in Singapore.

The rates came off a about 10 percent hit last week, but still held
above the Federal Reserve's 2 percent target.

On Tuesday, the ECB offered banks $65 billion in liquidity, the Swiss
National Bank $18 billion, and the Federal Reserve added $20 billion,
subduing U.S. overnight rates even though longer term lending between
banks remained fraught with tension.

The moves came as Federal Reserve Chairman Ben Bernanke and Treasury
Secretary Henry Paulson urged the U.S. Congress to act swiftly on a
$700 billion bailout plan for U.S. financial firms or face dire
economic consequences.

U.S. President George W. Bush, giving his farewell speech to the
United Nations, offered assurances of his commitment to stabilising
world markets but faced criticism over the excesses of global
capitalism that Washington has long pushed as the path to economic
prosperity.



The Grand reality show continues!

``We didn't get any progress being made,'' said Kim Rupert, managing
director of global fixed income analysis at Action Economics LLC,
adding that the market is worried that Congress will take longer than
expected to pass the plan, and perhaps even ``water it down a little
bit.''

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry
Paulson testified before Congress Tuesday, urging lawmakers to quickly
pass the $700 billion financial bailout orchestrated over the weekend.
The discussions got heated at times, with many members from both sides
of the partisan divide expressing doubts over the magnitude of the
proposed plan, and the speed at which Bernanke and Paulson were hoping
to enact the plan.

``All investors, especially the professional ones, are jittery about
the issue of congressional passage,'' said Kevin Giddis, managing
director of fixed income at Morgan Keegan. ``The market's tenuous;
it's very fragile right now. If they get wind that this is becoming a
political event, we will see a complete disruption again.''

The credit markets seized up nearly a week ago after the bankruptcy
filing of Lehman Brothers Holdings Inc. and the government's emergency
bailout of insurer American International Group Inc. raised so much
fear that it became virtually impossible to borrow. Investors stormed
into Treasury bills, forcing 3-month yields to zero, because they were
the safest place to put cash.

News of the bank rescue plan helped the markets ease somewhat, but the
uncertainty about the government's proposal is keeping them on edge.
Moreover, concerns that huge borrowing by the government will lead to
higher inflation dried up some demand for long-term Treasurys, the
bonds most vulnerable to rising prices over time.

Giddis added that because the Treasury will need to keep tapping the
credit markets for bailout funding, even if the economy turns around,
inflation is indeed apt to rise.

Some investors have also been nervous that flagging economy and the
risky assets the government is planning to take on its balance sheet
could dent its credit rating _ although Moody's Investors Service said
Monday that the U.S. government's AAA rating is not threatened by the
current climate. If the U.S. government's rating fell, it could mean
that big buyers of Treasurys like China would scale back their
holdings.

The Treasury plans to sell $34 billion in 2-year notes on Wednesday
and $24 billion in 5-year notes on Thursday _ unprecedented amounts,
Giddis said. Investors will be closely watching to see how strong
demand is for those issues, particularly among foreign buyers.

The yield on the 3-month Treasury bill was at 0.79 percent by late
Tuesday, down from 0.88 percent late Monday. A month ago, the yield on
the 3-month T-bill was 1.69 percent. The discount rate on the 3-month
T-bill was 0.78 percent.

``There's still a really heavy presence of safe-haven demand keeping
yields at nearly historic lows,'' Rupert said. ``It's just a real
fearful atmosphere.''

The 30-year Treasury bond, meanwhile, rose 18/32 to 101 30/32, and its
yield fell to 4.38 percent, down from 4.42 percent late Monday.

In other Treasury trading Tuesday, the benchmark 10-year Treasury note
rose 12/32 to 101 19/32, and its yield was at 3.80 percent, down from
3.85 percent late Monday.

The 2-year Treasury note rose 5/32 to 100 18/32 and yielded 2.08
percent, down from 2.17 percent late Monday.

Most market participants agree that a government bailout is necessary
to prevent a widespread collapse of the global financial system. But
they also acknowledge that the prospect of the U.S. government going
to the capital markets to get about $700 billion in funding in the
coming years could lead to other problems for companies trying to grow
their own businesses.

A big worry in the market is that ``if we have the government come in
at this level, they will crowd out private borrowers,'' said Howard
Simons, strategist with Bianco Research in Chicago. ``In a slowing
economy with choked credit, declining job growth, declining economic
activity, you can't suddenly have this designated risk-free
borrower ... start claiming funds and not have an effect on private
borrowers.''

So far, few companies outside the financial sector have been revealing
major problems in getting funding or doing business in the congested
markets. However, there are signs emerging that they might if current
conditions continue.

``If you have a roll of fat around your waist, you're going to survive
a famine better than someone who's skinny,'' Simons said. But ``you
can't take the financial system out of the U.S. economy for very
long.''

Bank of America Corp. has decided to temporarily freeze extending new
lines of credit to McDonald's Corp. franchisees, according to Wall
Street analysts.

The overnight London Interbank Offer Rate, an important bank-to-bank
lending rate known as LIBOR, was little changed on Tuesday morning
compared to Monday, and well below last week's peak above 6 percent.
However, at just below 3 percent now, it is still much higher than the
Fed's target fed funds rate, another interbank lending rate, of 2
percent. That figure showed that banks are still largely keeping their
cash to themselves.

The market for commercial paper _ or the debt that companies issue for
short-term cash _ appeared to be a bit tighter Tuesday than on
Monday.

The rate for the highest quality 30-day asset-backed commercial paper
was at 3.61 percent, up from 3.43 percent on Monday, Simons said. And
the rate on 30-day dealer commercial paper was at 3.53 percent, up
from 3.2 percent on Monday.

The market for credit default swaps _ or insurance to protect against
corporate bond defaults _ also indicated that conditions remain
squeezed. A high spread, or difference between a certain company's
credit default swap rate and a benchmark lending rate, shows that the
market is factoring in a higher chance of default.

A broad credit default swap market indicator, the Markit CDX North
America Investment Grade Index, was at 1.565 percent above LIBOR, up
from 1.51 percent above LIBOR late Monday, according to Phoenix
Partners Group. The credit default swap rates of Morgan Stanley and
Goldman Sachs, the two remaining investment banks that are now
becoming commercial banks, rose on Monday as well from Friday's
levels.

EDF launches 12.5 bn pound bid on British Energy
24 Sep, 2008, 1241 hrs IST, REUTERS

PARIS: French utility EDF launched a 12.5 bn pound ($23.14 bn) agreed
takeover bid on power producer British Energy, helping to secure
Britain's nuclear future.

EDF, the world's biggest maker of nuclear energy, said on Wednesday it
offered to pay 774 pence per British Energy share.

As an alternative, EDF is also proposing to pay 700 pence in cash plus
one nuclear power note, linked to BE's future performance.

"We are delighted that the British Energy Board has unanimously
accepted this offer," said EDF Chairman Pierre Gadonneix. "This paves
the way for investment in the UK."

EDF and Centrica, which owns British Gas, are in talks about Centrica
taking a 25 percent stake in the new British Energy following EDF's
completion of the deal with British Energy.

EDF's final offer of 774 pence per share represents an increase of 9
pence per share from an original proposal, which was rejected by
British Energy on August 1, and values the company at 12.5 bn pounds.

'Corrupt Asians' feel vindicated by Wall Street bust
23 Sep, 2008, 2223 hrs IST, REUTERS

KUALA LUMPUR/SEOUL: A decade ago, Federal Reserve Chairman Alan
Greenspan declared that Asia would realise that "market capitalism, as
practiced in the West, especially in the United States, is the
superior model".

Asia never quite saw it that way. Now the region's policymakers can
feel that the collapse of Wall Street investment banks and
Washington's planned $700 billion bailout vindicated their suspicion
of freewheeling capitalism.

The implications for investors in the region are enormous, if not
immediately obvious. Governments may slow deregulation, rush to rescue
of troubled companies or clampdown more quickly on market ructions.

Greenspan made his comments to U.S. lawmakers to justify a bailout for
Asia's collapsing economies during the 1997/1998 crisis. He is now in
the dock, charged by some economists with pursuing a lax monetary
policy and loose regulation that helped create the bubble that led to
Wall Street's financial implosion.

Asian policymakers have not forgotten the hectoring they got from the
United States and the International Monetary Fund, which dispensed
cash in exchange for hiking interest rates, closing banks, slashing
spending and opening markets.

"At that time, (IMF and U.S. officials) behaved as if they were
treating an owner of a small business just about to go bankrupt," said
Chung Duck-koo, chief South Korean negotiator with the IMF in 1997,
when he was a deputy finance minister.

Malaysia, which spurned both the cash and the IMF advice by fixing the
value of its ringgit currency and imposing capital controls back in
1998, sees Washington's rescue efforts as proof it had converted to
its way of thinking.

"We are now seeing the West, particularly the U.S., ignoring the
standard IMF prescriptions and implementing the same measures that
Malaysia had done during the 1997 crisis," said Nor Mohamed Yackop, a
top Malaysian finance ministry official, who in 1998 helped impose
capital controls.

BITTER MEDICINE Ten years ago Asia was on its knees as a financial
meltdown rocked the region after a series of crises in Latin America
that later bankrupted Russia. Despite high growth and low inflation,
Asia's tiger economies succumbed due to overvalued exchange rates,
persistent current account deficits, speculation in financial markets
and dependence on short term capital.

Most countries applied the IMF's bitter medicine and consequently
South Korea's economy shrank 7 percent in 1998, Indonesia contracted
by 13 percent and Thailand by 10.5 percent, according to the Fund's
data.

But the region recovered quickly, amassing in the process trillions of
dollars in foreign currency reserves, first as defence against another
crisis and later thanks to windfall profits from the global commodity
boom.

Ironically, much of those reserves are invested in U.S. Treasury
bonds, bankrolling Washington's efforts to contain today's crisis,
with the latest plan to buy toxic debt alone earmarked at $700 billion
and the total cost estimated at up to $1.8 trillion.

The irony is not lost on nations that took draconian steps in return
for $35 billion the IMF initially offered in 1997 to rescue Indonesia,
South Korea and Thailand and later topped it up with extra $77
billion.

Critics say the "Washington Consensus", a term referring to the market
liberalisation pursued by the IMF and the U.S. administration, has led
to today's meltdown.

"It was so patronising, first it was the lazy Latinos, then it was the
corrupt Asians and their crony capitalists," said Professor Stephany
Griffith-Jones, a leading authority on capital flows and developing
economies.

"The lesson is you need to regulate everything. Any deregulated market
in developed and developing countries leads to these results," said
Griffith-Jones, Executive Director of the Initiative for Policy
Dialogue at New York's Columbia University.

BUBBLES TO STAY Others, however, say the IMF-bashing goes too far and
that the crises that rocked Latin America and Asia were largely of
their own making.

They also argue that it is impossible to staunch the capital flows
that finance growth in many developing economies.

"No doubt capital markets have plenty of problems, often they generate
these bubbles. The bubble explodes and then there is a financial
crisis," said Domingo Cavallo who was Argentina's finance minister
from 1991-1996.

"So far there has been no recipe for avoiding these problems," said
Cavallo, who was the architect of Argentina's plan that fixed the
dollar-peso exchange rate at parity, crushing inflation and boosting
growth and investment.

"We thought it was good for Latin America, it was not an imposition of
Washington."

South Korea's Chung says rich nations may tighten regulation and see
more government intervention, but developing countries can ill-afford
to reverse to pre-1997 policies.

"In developing or underdeveloped countries, in which each government
has the mission to improve overall welfare and overall income level,
there is no choice for them but to continue to accept and pursue
globalisation."

Paul Luke, an investment banker and fund manager who lived through
emerging market crises from Brazil in the 1980s to Russia in 1998,
says those who ignored the IMF advice, not those who followed it are
now at the centre of the global upheaval.

"A lot of the countries that have followed it are countries that have
done rather well," he said.

"It is two countries in the Organisation for Economic Co-Operation and
Development, the U.S. and Britain, who haven't been following the
Washington Consensus."

Auctions may be only option for US bailout
24 Sep, 2008, 2000 hrs IST, REUTERS

NEW YORK: The US government may have little choice but to use an
auction process to price up to $700 billion of toxic mortgage debt it
is buying from financial institutions, even if the formula has its
snags.

The Bush administration sent a proposal for the unprecedented bailout
to U.S. lawmakers this weekend to tackle the nation's worst financial
disaster since the Great Depression.

The government has a tightrope to walk. It wants to buy assets cheaply
enough to make sure taxpayers don't lose too much money, and perhaps
even make money when markets stabilize, but at a high enough price to
avoid hurting banks any more than necessary.

An auction process would make sense, because it would allow the banks
with the best information about the securities to determine the price,
said Peter Cramton, a professor of economics at University of Maryland
who has set up auctions for governments globally. But competition
among sellers would prevent banks from setting too high a price.

Cramton believes a "reverse descending clock auction" is ideal in this
situation. Through that process, the government would announce a
target for how much of a particular security it is seeking to buy in
dollar terms, and an initial buying price.

Sellers would indicate how much they would sell at that initial price,
and if there were too many sellers, the government would lower its
price until the amount of securities that banks are willing to sell
equals the government's target.

"I've conducted dozens of these auctions for assets valued at billions
of dollars, and they are extremely effective in determining a
competitive market price," Cramton said.


DRAWBACKS

But there are drawbacks. A reverse descending clock auction would work
best for securities held by multiple banks, but not as well for
securities that are owned by just one or two institutions, Cramton
said.

In that case, there would be less competition to sell. The price might
be higher than the assets end up being worth, costing the government
money.
Banks believe there are differences among their securities. For
example, Merrill Lynch & Co Inc agreed in July to sell $30.6 billion
of repackaged debt known as collateralized debt obligations at 22
cents on the dollar. That is well below where Citigroup Inc marked its
securities in the second quarter. If Citi embraced Merrill's pricing
levels, the bank could have another $7 billion of charges in the third
quarter, Deutsche Bank analyst Mike Mayo estimated this summer.

And if auctions do attract a large number of sellers, competition may
push prices down to low levels, forcing other banks to write down the
value of their mortgage bonds to those prices.

Those write-downs could force banks to seek new capital, which has
difficult to raise in the current environment. If raising capital
proves too hard, more major banks could fail or get pushed into
shotgun marriages, potentially worsening the financial crisis.

"Recognition (of losses) brings capital shortfalls into the open,"
wrote Jan Hatzius, an economist at Goldman Sachs, in a note on
Saturday.


NEVER BEFORE

Also worrisome is the speed at which this auction will be set up,
because of the complexity of the securities being sold.

"Nothing on this scale has ever been done before," said Eric Maskin,
professor at the School of Social Science at the Institute for
Advanced Study, who won a 2007 Nobel Prize for economics and has
conducted extensive research into auctions.

But even with these concerns, such an auction can likely be done, and
there may not be another choice, Maskin said.

Banks must purge bad assets before they can raise the new capital they
need, or find other institutions willing to buy them. After the
failure of Lehman Brothers Holdings Inc last week, investors have
grown increasingly suspicious of U.S. financial institutions.

"You might not like the consequences of an auction, but it seems like
the least of all evils," said Lawrence Ausubel, a professor of
economics at University of Maryland.

Bernanke's testimony to Joint Economic Committee
24 Sep, 2008, 1937 hrs IST, REUTERS

I will now turn to a brief update on the economic situation. Ongoing
developments in financial markets are directly affecting the broader
economy through several channels, most notably by restricting the
availability of credit. Mortgage credit terms have tightened
significantly and fees have risen, especially for potential borrowers
who lack substantial down payments or who have blemished credit
histories.

Mortgages that are ineligible for credit guarantees by Fannie Mae or
Freddie Mac--for example, nonconforming jumbo mortgages--cannot be
securitized and thus carry much higher interest rates than conforming
mortgages. Some lenders have reduced borrowing limits on home equity
lines of credit.

Households also appear to be having more difficulty of late in
obtaining nonmortgage credit. For example, the Federal Reserve's
Senior Loan Officer Opinion Survey reported that as of July an
increasing proportion of banks had tightened standards for credit card
and other consumer loans. In the business sector, through August, the
financially strongest firms remained able to issue bonds but bond
issuance by speculative-grade firms remained very light.

More recently, however, deteriorating financial market conditions have
disrupted the commercial paper market and other forms of financing for
a wide range of firms, including investment-grade firms. Financing for
commercial real estate projects has also tightened very significantly.
When worried lenders tighten credit, then spending, production, and
job creation slow.

Real economic activity in the second quarter appears to have been
surprisingly resilient, but, more recently, economic activity appears
to have decelerated broadly. In the labor market, private payrolls
shed another 100,000 jobs in August, bringing the cumulative drop
since November to 770,000. New claims for unemployment insurance are
at elevated levels and the civilian unemployment rate rose to 6.1
percent in August.

Households' real disposable income was boosted significantly in the
spring by the tax rebate payments, but, excluding those payments, real
after-tax income has fallen this year, which partly reflects increases
in the prices of energy and food. In recent months, the weakness in
real income together with the restraining effects of reduced credit
flows and declining financial and housing wealth have begun to show
through more clearly to consumer spending.

Real personal consumption expenditures for goods and services declined
in June and July, and the retail sales report for August suggests that
outlays for consumer goods fell noticeably further last month.
Although the retrenchment in household spending has been widespread,
purchases of motor vehicles have dropped off particularly sharply.

On a more positive note, oil and gasoline prices--while still at high
levels, in part reflecting the effects of Hurricane Ike--have come
down substantially from the peaks they reached earlier this summer,
contributing to a recent improvement in consumer confidence.

However, the weakness in the fundamentals underlying consumer spending
suggest that household expenditures will be sluggish, at best, in the
near term. The recent indicators of the demand for new and existing
homes hint at some stabilization of sales, and lower mortgage rates
are likely to provide some support for demand in coming months.

Moreover, although expectations that house prices will continue to
fall have probably dissuaded some potential buyers from entering the
market, lower house prices and mortgage interest rates are making
housing increasingly affordable over time. Still, homebuilders retain
large backlogs of unsold homes, which should continue to restrain the
pace of new home construction. Indeed, single-family housing starts
and new permit issuance dropped further in August.

At the same time, the continuing decline in house prices reduces
homeowners' equity and puts continuing pressure on the balance sheets
of financial institutions, as I have already noted. As of midyear,
business investment was holding up reasonably well, with investment in
nonresidential structures particularly robust.


Recent moves hint at steady rates in RBI policy review
24 Sep, 2008, 1252 hrs IST, ECONOMICTIMES.COM

http://economictimes.indiatimes.com/Markets/Global_Markets/Recent_moves_hint_at_steady_rates_in_RBI_policy_review/articleshow/3521414.cms

MUMBAI: The finance ministry’s latest move to allow companies to issue
foreign currency exchangeable bonds (FCEB) has come just a day after
it decided to raise the external commercial borrowing limit of
infrastructure companies.

The funds raised can be used for direct investment overseas in joint
ventures and wholly-owned subsidiaries, or even in group companies.
The promoter group company receiving such investments will not be
permitted to utilise the proceeds in the capital market or in real
estate in India. Minimum maturity of FCEB shall be five years.

On Monday, RBI raised the external commercial borrowing limit of
infrastructure companies aimed at helping them meet their huge funding
requirements.

This move would be a welcome one especially for construction and
realty companies, as the recent monetary tightening by the central
bank in lieu of double digit inflation has made it tough for such
companies to borrow in domestic markets.

“The recent stock market meltdown has made it hard for infrastructure
companies to source funds from the primary markets,” Sharath Zha,
analyst with Raxson Wealth Management.

It is estimated that in next five years infrastructure companies
require $500 billion.

Liberalisation of the ECB norms by the RBI also gains importance with
India's core infrastructure sector growth declining to 4.3 per cent in
July from 7.2 per cent a year ago. It had slumped to 3.4 per cent
earlier month.

“Sectors like capital goods, construction, engineering, telecom and
transport are directly tied to the growth of infrastructure. Any
investment in infrastructural projects multiplies the positive effect
to the other sectors. So, given the slowdown in the global economy,
investments in the infrastructure sector hold the key,” said V
Theegala, an analyst with a local brokerage.

“Infrastructural bottlenecks, if eliminated, will enhance efficiency
of other sectors and thereby reduce costs. China's robust growth is
due to its state of the art infrastructure and consequent low cost
structure of the economy,” he added.

The RBI increased the overseas borrowing limit for core sector
companies to $500 million from $100 million per financial year. It
also raised the upper limit on interest rate by 100 basis points to
450 bps over the London Interbank Offered Rate.

The raising of ECB limit also serves a dual purpose of infusing
dollars into the system and supporting the falling rupee. However,
there could be more to it than meets the eye.

“Given the rupee deprecation against the US dollar and global
liquidity crisis what made Indian government ease the ECB norms? It
would seem the RBI is preparing against the impact of global slowdown.
Normally, governments give priority to infrastructure development in
such situations,” Zha said.

However, companies taking the RBI cue will find it difficult to raise
money overseas given the turmoil in the financial markets. Also, it is
doubtful if funds raised would be at cheaper rate, considering the
LIBOR is 3.50 per cent (it peaked at 5.03% on Sep 17), which makes a
borrowing over seven years at 8 per cent or more.

This would likely put a damper on RBI’s plans to support the Indian
currency against the US dollar.

Earlier in the month, the Indian central bank announced measures like
direct participation in the foreign exchange market, additional
liquidity injection and increase in the FCNR and NRE term deposit
rates.

But the real reason behind RBI’s recent moves may be its inability to
raise interest rates any further when it meets on Oct 24 for the
second quarter review of the monetary policy.

Another hike in interest rates would severely impact India’s growth,
which slowed to 7.9 per cent in the first quarter ended June 30, from
8.8 per cent in the preceding quarter and 9.2 per cent in the same
quarter last year. This is the lowest GDP growth in three years.

In fact, Sunil Sharma, CEO, Haribhakti Group, said, “RBI may cut 25
basis points in CRR in order to pump in money into the system. The
government has to take note of liquidity factor.”

Goldman Sachs Group expects the central bank may cut benchmark
interest rates in the first quarter of 2009 as inflation and growth
slow.

Taking a different view, Shanto Ghosh, director and principal
economist, Deloitte Haskins & Sells, said, “Chances are high that
interest rates would be raised further in view of forthcoming election
next year. Repo or reverse repo rates may be hiked. By hook or by
crook, the government will have to control inflation for that
matter.”

India’s inflation rate, based on the wholesale price index, was 12.14
per cent for the week ended Sep 6.

“Consequently, growth rate will come down further. It may reach 7 per
cent by March 2009. In that case, the government may pump in certain
incentives to sectors like infrastructure, power etc,” he added.
CRISIL director and principal economist, Dharmakirti Joshi said, “the
government will adopt a policy for the whole economic system. In view
of that, RBI may hike repo rate by another 25 basis points as the
system is still very fragile with high inflation. However, the finance
ministry might take some measures to make liquidity available to
certain industries depending on the situation.”
“I feel, GDP still sounds pretty good even after rate cuts,” added
Joshi.
Goldman Sachs to receive $5 bn Buffett investment
24 Sep, 2008, 0356 hrs IST, REUTERS
NEW YORK: Goldman Sachs Group Inc on Tuesday said it will receive a $5
billion investment from Warren Buffett's Berkshire Hathaway Inc, a
vote of confidence for the Wall Street bank from perhaps the world's
best-known investor. Berkshire will buy $5 billion of perpetual
preferred stock that carries a 10 percent dividend.
It also will receive warrants to buy $5 billion of common stock at
$115 per share, exercisable within five years. Goldman also said it
plans to sell at least $2.5 billion of common stock.
It announced the offerings after earlier this week announcing it would
become a bank holding company, enabling it to accept deposits, and
killing the investment banking model that has dominated Wall Street
for decades. "This is a marriage of two incredibly intelligent,
attractive partners," said Michael Holland, a money manager at Holland
& Co in New York.
"Buffett is saying about the top management of Goldman Sachs that
they're distinct and different from their competitors. and it's a vote
of confidence which is gold plated. You don't get better than this."
Shares of Goldman rose $10.65, or 8.5 percent, to $135.70 in after-
hours trading following the announcement. They rose $4.27, or 3.5
percent, to $125.05 in regular trading.
"Goldman Sachs is an exceptional institution," Buffett said in a
statement. "It has an unrivaled global franchise, a proven and deep
management team and the intellectual and financial capital to continue
its track record of outperformance." Buffett was not immediately
available for further comment, according to Debbie Bosanek, who works
in his Omaha, Nebraska office.
Lloyd Blankfein, Goldman's chief executive, in a statement said
Buffett's investment is "a strong validation of our client franchise
and future prospects. This investment will further bolster our strong
capitalization and liquidity position." The investment is Buffett's
second major purchase in less than a week.
On Thursday, his MidAmerican Energy Holdings Co affiliate agreed to
buy power supplier Constellation Energy Group Inc for $4.7 billion.
Constellation took that bid over a higher offer led by French energy
giant Electricite de France SA.
Quick bailout action urged, Senate pushes back
24 Sep, 2008, 0215 hrs IST, REUTERS
WASHINGTON: Top US officials pressed Congress on Tuesday to act
swiftly to erect a $700 billion bulwark against the worst financial
crisis since the Great Depression, warning delay would put the economy
at risk.
In a rare nod to concerns among Democrats on Capitol Hill, President
George W. Bush said there were many ideas that deserved to be heard on
how to structure a taxpayer-funded program to buy up distressed assets
from financial firms.
Treasury Secretary Henry Paulson last week called for the creation of
a massive government war chest to take illiquid assets off the books
of banks and other firms in the hope of unclogging credit markets
choking on mortgage-related debt.
"I feel a great urgency. I believe it's got to be done this week or
before you leave," Paulson told members of the Senate Banking
Committee, who are scrambling to get legislation together before their
hoped-for adjournment at week's end.
Committee leaders, though, said it would be a mistake to rush through
legislation to create such a sweeping program.
Democratic Sen. Christopher Dodd of Connecticut, who chairs the
committee, said Treasury's proposal "is not acceptable" in its current
form and the committee's top Republican, Alabama Sen. Richard Shelby,
pledged no "rubber stamp" for the proposal.
Federal Reserve Chairman Ben Bernanke warned of the high economic cost
of delay.
"Financial markets are in a quite fragile condition and I think absent
a plan, they will certainly get worse," Bernanke told the panel during
a nearly five-hour hearing.
Stock markets worldwide plunged early last week after Lehman Brothers
Holdings Inc, the parent of a major U.S. investment bank, declared
bankruptcy. While news of a massive bailout of the financial system
gave stocks a big lift at the end of last week, major indexes have
fallen sharply this week on renewed worries about the plan.
Congressional critics
While congressional leaders have made clear they intend to move
quickly, the Treasury's proposed plan drew some stiff criticism from
lawmakers.
Sen. Richard Shelby of Alabama, the top Republican on the committee,
said the plan "only codifies Treasury's ad hoc approach" to long-
festering issues that have beset financial markets and said he feared
it would waste taxpayers' money.
Committee Chairman Christopher Dodd of Connecticut called the Treasury
proposal "stunning and unprecedented in its scope and lack of detail."
Like many of his fellow Democrats, Dodd said it needed work, like more
protections for taxpayers.
In a highly charged atmosphere at the hearing, there were occasional
catcalls and clapping from spectators that led Dodd to warn the room
would be cleared if it did not stop.
Paulson said the broader economy was under threat and said it was
essential to move decisively beyond the case-by-case approach followed
in the government takeover of mortgage finance companies Fannie Mae
(FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N:
Quote, Profile, Research, Stock Buzz) and the bailout of insurer AIG
(AIG.N: Quote, Profile, Research, Stock Buzz).
"We saw market turmoil reach a new level last week, and spill over
into the rest of the economy," Paulson said. "We must now take
further, decisive action to fundamentally and comprehensively address
the root cause of this turmoil."

US stress weighs heavy on Sensex
24 Sep, 2008, 0349 hrs IST, ET Bureau
http://economictimes.indiatimes.com/Market_Analysis/US_stress_weighs_heavy_on_Sensex/articleshow/3519961.cms
MUMBAI: The euphoria over the $700-billion bailout plan to help the
troubled US financial firms appears to be on the wane. As the US
administration sought a swift approval of the plan from lawmakers,
investors were soaking in the details of the package in an attempt to
assess its impact on the broader economy.
Key Asian markets ended mixed, while European and US shares were down
in early trade as Federal Reserve chairman Ben S Bernanke warned that
financial markets were under “extraordinary stress”.
The worry lines are etched deeply as the Fed Reserve eased rules to
allow buy out and private equity firms to buy into banking companies
to help bolster their capital.
Back home, Indian shares were the second-worst performers in Asia,
with the Sensex and Nifty shedding 2-3% in the run up to the
derivative contracts expiry on Thursday. The slide caught most players
off guard as they were expecting the market to stabilise, after having
shown remarkable resilience in the face of the global turmoil last
week.
The 30-share Sensex closed at 13,570.31, down 424.65 points, or 3%,
over the previous close. The 50-share Nifty ended the day at 4126.90,
down 96.15 points, or 2.3%, over the previous close. Hong Kong was the
worst performer falling close to 4%.
IT, realty and banking shares figured among the major losers of the
day. Overall, retreating stocks outnumbered advancing ones in the
ratio 5:2.
Traded turnover on both exchanges combined, rose to around Rs 83,000
crore on Tuesday. Brokers, however, attributed much of the trading
volumes to inter-institutional activity. Retail investors continue to
keep away, while inflows into equity schemes of mutual funds too is
dipping steadily, they said.
Market watchers said the quantum and the nature of rollover positions
in the derivatives segment should provide some clues as to how the
market is expected to fare in the near term. Traders who were long on
the market have suffered heavy losses since the start of last week.
Dealers say this could result in fewer long positions being carried
forward to the next month. “Within emerging markets, we believe
investors will focus on India’s structural advantages such as being
under-leveraged, under-penetrated (in products & services) and under-
exposed (to global growth & commodities),” said ICICI Securities in a
note to its clients.
“We believe investors should stay overweight in domestic, capital-
efficient and interest rate-sensitive sectors, which would benefit
from continued strong GDP growth (albeit toned down), lower commodity
prices and likely earlier-than expected easing of monetary policy,”
the note added.

Goldman, Morgan woes could trigger more FII exit
23 Sep, 2008, 0650 hrs IST,Pradeep Pandey, ET Bureau

MUMBAI: With the US Federal Reserve approving the conversion of two
major global investment firms into bank holding companies, Indian
market is likely to witness more pullouts by foreign institutional
investors (FIIs), fear BSE traders. The conversion of Goldman Sachs
and Morgan Stanley into banks may see more winding down of structured
investments vehicles which these entities had built in India and other
Asian countries. Now, there could be a curb on their investment
portfolios with much tighter regulatory norms, traders said.

Goldman Sachs and Morgan Stanley will now be regulated like any other
bank and will have to follow strict ‘dos and don’ts’ of the
regulation. P-Notes, exotic structured investments and other such
derivatives-based instruments would have to be wound down, a senior
official with a leading private securities firm said.

As such, investments would be required to be shifted to some other
subsidiaries of the proposed banks. However, on the positive side,
they would be able to access public deposits,” he said. Airing a
similar view, a financial market specialist with a global financial
institution told ET that these entities would now be placed under much
tighter regulation by the Fed, including tough capital requirements
for investments. In addition, they will have to follow sectoral and
group limits under overall banking norms as they will be controlled by
the banking regulator, he asserted.

In the backdrop of the global turmoil of the past two weeks, FIIs have
been pulling out drastically from the Indian market and have been on a
continuous selling mode. In this calendar year so far, FIIs have sold
a net of about $ 8.2 billion (Rs 37,000 crore) and have been net
sellers for every month since May, according Sebi data.

“It is for the first time since 1994, that FIIs are net sellers for
such a long sustained period,” said a technical analyst. Goldman Sachs
and Morgan Stanley were granted approval on Sunday to become bank
holding companies regulated by the US Federal Reserve.

Under the new set-up, the Federal Reserve becomes the primary
regulator of the parent companies though the Securities Exchange
Commission (SEC) continues to regulate their US securities businesses.
The Federal Reserve’s control over banks is much tighter though
Goldman and Morgan would gain long-term access to the Fed’s discount
window and be able to access bank deposits insured by the Federal
Deposit Insurance Corp.


Indian markets trying to understand Wall Street changes
22 Sep, 2008, 1654 hrs IST, IANS

NEW DELHI: Indian investors are still trying to evaluate the full
implications of the biggest financial restructuring in the US since
the Great Depression of 1929, analysts said here on Monday.

"What is happening today is similar to what happened after the Great
Depression of 1929 when the US federal government set up the
Reconstruction Finance Corporation to provide credit to credit crunch-
hit companies," said analyst Jagannadham Thunuguntla.

Thunuguntla is the head of capital markets of India's fourth largest
share brokerage firm, the Delhi-based SMC Group.

He was referring to the various measures that the US central bank, the
Federal Reserve Bank and the US government have announced over the
last few days.

The US Fed said late Sunday it had agreed to a request by the last two
major investment banks - Goldman Sachs and Morgan Stanley - to change
their status to bank holding companies.

The decision means that both Goldman and Morgan Stanley will be able
not only to set up commercial bank subsidiaries to take deposits,
giving them a major resource base, but they will also have the same
access as other commercial banks to the Fed's emergency loan
programme.

"The possible downside of this decision is that they (Goldman Sachs
and Morgan Stanley) may no more be able to take the kind of risks they
used to take and be aggressive investors all over the world,"
Thunuguntla said.


US financial crisis has a lesson for India on derivatives: CEA
21 Sep, 2008, 1130 hrs IST, PTI

NEW DELHI: The financial crisis in US, the biggest since the Great
Depression, has a lesson for India, exercise caution in opening up
derivative products and initially permit only those which are exchange-
traded, said a top economic adviser to the government.

"You have to be cautious. Say, for example, when derivatives are
mentioned, the implication to me is that you should try and first open
up derivatives which are exchange- traded because those are much more
transparent," Chief Economic Adviser Arvind Virmani told media here.

Pointing out that the country should open up where the risks are the
least, Virmani said, even if the people make mistakes in exchange-
traded products, it can be seen by all and can be a lesson for them.

"People will know that these fellows have bought and lost money," he
said, adding these are far better than the complex, non-transparent
private deals, which are causing problems in the US.

"The structure of deals in the US was so layered and complex that you
do not know even after a year what has been going on. That I think is
the simple but effective lesson that applies also to us," he said.

According to analysts, the sub-prime crisis turned into a systemic
risk in the US as original lenders to sub-prime housing borrowers sold
their portfolio to other players, also through complex derivatives.
Therefore, it is not clear what would be the size of losses and which
other firms would succumb to the financial meltdown.

Last week Merrill Lynch was bought over by Bank of America, Lehman
Brothers filed for largest bankruptcy in the US after which Barclays
agreed to buy some of its assets for USD 1.75 billion. AIG was given a
USD 85 billion package by the US Federal Reserve.

There are two distinct groups of derivative contracts in India -- Over-
the-counter (OTC) and exchange traded.

OTC derivatives are contracts that are traded directly between two
eligible parties, with or without the use of an intermediary and
without going through an exchange.

On the other hand, exchange-traded derivatives are traded on an
exchange.

The Reserve Bank and market regulator SEBI have recently permitted
exchange-traded currency futures, initially in rupee-dollar pare, and
are expected to allow exchange-traded interest rate futures by
December-January.

Besides, there exist certain OTC derivatives also in the interest rate
futures and currency futures categories.

"What it (the crisis) tells us is what that caution should be. It is
an old lesson in a new form. Transparency is almost like a mantra.
Then we forget what transparency is. Crisis like this tells you what
it means in concrete terms," Virmani said.

So, this is the old lesson in the new form -- caution in opening up,
regulatory systems, transparency, good accounting and so on, he said.

He said crisis gives you more information on which are the areas you
should be cautious.

"Basically, it is innovation. When there are innovations, you have to
be cautious. But you must try to understand that and open up where the
risks are the least," Virmani said.

China to help Pak set up 10 nuke power plants
24 Sep, 2008, 1713 hrs IST, PTI

ISLAMABAD: In an apparent bid to counter the Indo-US civil nuclear
deal, Pakistan plans to seek fuel technology from China for 10 new
atomic power plants it intends to set up over the next two decades.

During a high-level meeting, Prime Minister Yousuf Raza Gilani
approved the construction of two new nuclear plants at Chashma in
Punjab province, sources said, adding that these plants are expected
to be built with Chinese assistance.

The September 19 meeting attended by top officials of the military and
Strategic Plans Division, the body that oversees the country's nuclear
arsenal, had drawn up plans to acquire new nuclear plants and a
satellite communications system.

The Chashma complex, located about 200 kilometre southwest of
Islamabad, already has two atomic power plants one that is functional
and other that is expected to be completed in 2011.

Pakistan plans to build 10 nuclear power plants at six sites across
the country in the next 22 years and President Asif Ali Zardari will
seek fuel technology from China for future atomic plants during his
forthcoming visit to that country, The News daily reported on
Wednesday.

The plants are aimed at generating 8,800 MW of nuclear energy in the
next two decades, a senior government official said.

The six sites selected for the new plants are Qadirabad-Bulloki link
canal near Qadirabad Headworks, Dera Ghazi Khan Canal near Tuansa
barrage, Taunsa-Punjnad canal near Multan, Nara canal near Sukkur, Pat
feeder canal near Guddu and Kabul River near Nowshera, the report
said.

Meira Kumar asks Chidambaram, Ahluwalia to ensure funds for SCs
24 Sep, 2008, 1515 hrs IST, IANS

NEW DELHI: Social Justice and Empowerment Minister Meira Kumar has
asked Finance Minister P Chidambaram and Planning Commission Deputy
Chairman Montek Singh Ahluwalia to ensure proper allocation of funds
for Scheduled Castes (SCs) by all ministries and government
departments.

In a letter to Chidambaram and Ahluwalia, Kumar, an influential
minister in Prime Minister Manmohan Singh's government, has sought
measures to ensure that from 2009-10, central ministries and
departments set aside 15 per cent of total funds for SCs, as per
norms.

What has upset Kumar, the daughter of India's known Dalit icon late
Jagjivan Ram, is the nonchalance of ministries and departments despite
SCs being one of India's largest disadvantaged social group,
accounting for 16.2 per cent of the country's bn-plus population as
per the 2001 census.

In view of their social, educational and economic backward for
decades, India's central government allocates special funds to all
ministries and departments annually to be spent on the development of
SCs.

In the letter, Kumar regretted that "none of ministries and
departments, for which information is available with us, has started
showing the SCSP (schedule caste sub-plan) allocation."

The SCSP, earlier known as SC plan, was introduced in 1979 to achieve
overall development of SCs by raising them above the poverty line.

"Non-earmarking of adequate funds under SCSP by majority of ministries
and departments shows laxity in implementing an important mission,"
said Mrityunjay Nayak, member, National Commission for Scheduled
Castes (NCSC).

"The plan panel must evolve a mechanism to get SCSP funds set aside at
the very outset of budgetary allocation, instead of leaving it to the
discretion of ministries and departments," Nayak said.

Since the finance ministry is the nodal ministry for the country's
central budget, Kumar has sought from Chidambaram "urgent necessary
instructions" to all ministries and departments to ensure that "at
least from 2009-10" they show an appropriate portion (15 per cent) of
the plan budget under the SCSP head.

Funds under SCSP are supposed to be spent on providing basic minimum
services to SCs like primary education, health, drinking water,
nutrition, rural housing, electrification and link roads.

Since the Planning Commission is to play an equally key role in
executing the SCSP, Kumar in her letter has also drawn Ahluwalia's
attention to how the norms are being flouted by the ministries and
departments.

The plan had revised the guidelines for SCSP funds utilisation and
allocation in December 2006 to make the scheme more effective and
result oriented at the grassroots level.


According to the Planning Commission, India's official policy maker,
only six ministries in 2005-06, and 12 in 2006-07 earmarked funds
under the SCSP.
They included the ministries of human resource development, science
and technology, health and family welfare, rural development, labour
and employment, and small, micro and medium enterprises.
The National Sample Survey Organisation (NSSO) report 2004-05 says
36.8 per cent SCs in rural areas and 39.9 per cent in urban areas are
below the poverty line.
The poverty line is currently pegged at a monthly per capita
expenditure of Rs 327.56 in rural areas, and Rs 454.11 in urban
areas.
Enlarge G-8 to settle world problems: France
24 Sep, 2008, 1122 hrs IST,
NEW YORK: French President Nicolas Sarkozy has called for adding new
members to the exclusive G-8 and the UN Security Council so they can
more effectively deal with problems that continue to defy efforts by
Western governments.
Sarkozy said in an address to the UN General Assembly that the UN
Security Council, currently with 15 members, and the world's group of
eight leading industrialized nations (G-8) should be enlarged to
reflect demands of emerging countries.
The G-8 in particular could become the G-14, with new members like
China, India, Mexico, South Africa and Brazil, the emerging economic
powers among developing countries. The group currently comprises of
the United States, Germany, Italy, France, Canada, Japan, Britain and
Russia.
Though Russia is a member of the G-8, its relations with the West were
stressed over its invasion of Georgia in August and US Republican
presidential candidate John McCain had even called for ousting the
Russians from the G-8.
Italy will host next year's G-8 summit and will propose a major reform
to the group, Sarkozy said.
Sarkozy said the world is still governed by 20th-century institutions
in a 21st century world.
"Let today's major powers and the powers of tomorrow unite to shoulder
together the responsibilities their influence gives them in world
affairs," Sarkozy said in an address to the UN General Assembly.
"To all those who are hesitant, I wish to say that enlarging the
Security Council and the G-8 is not just a matter of fairness, it is
also the necessary condition for being able to act effectively," he
said.
"We cannot wait any longer to enlarge the Security Council," he said.
The 192-nation assembly has been engaged in a so-called open-ended
process in the past 15 years to reform the Security Council, which now
includes five veto-wielding permanent - the United States, Russia,
France, Britain and China - and 10 elected ones.
Sarkozy, whose country currently holds the rotating European Union
(EU) presidency, turned to Russia, declaring, "Europe does not want
war."
"What Europe is telling Russia is that we want links with Russia, that
we want to build a shared future with Russia, we want to be Russia's
partner," he said in a reference to the recent clash between the EU
and Russia over the conflict in Georgia.
He called for building a "continent-wide common economic space"
uniting Russia with Europe.
Sarkozy warned, however, that Europe cannot compromise the principle
of sovereignty and independence, territorial integrity and respect of
international law on the issue of Georgia.
Turning to the nuclear dispute with Iran, the French leader said in a
press conference that France and Europe stand ready to impose
additional sanctions against Iran for refusing to stop conversion
activities on its uranium enrichment programmes. He said Russia and
China could help also in resolving the dispute.
But Sarkozy said he would refuse to shake hands with Iranian President
Mahmoud Ahmadinejad, who was also attending the UN General Assembly
session in New York.
"It's difficult to shake the hands of a man who called for the
destruction of Israel, that declaration is unacceptable," Sarkozy
said.
He said the current Tehran regime's nuclear ambitions is putting the
Iranian population and the world in a "gigantic risk."





Voice of America
Countries Ban Some Chinese Products in Wake of Milk Scandal
Voice of America - 54 minutes ago
By VOA News At least 12 governments have banned Chinese dairy products
or stepped up quality-testing, as China struggles to cope with its
tainted-milk scandal.
Dutch to check Chinese products for melamine International Herald
Tribune
Findings on recalled milk out in 2 weeks Sun.Star
The Standard - Bloomberg - ABS CBN News - AllAfrica.com
all 1,134 news articles »


IBNLive.com
Intervention in case between Ambanis to ensure gas supply: Govt
Economic Times - 2 hours ago
24 Sep, 2008, 2106 hrs IST, PTI NEW DELHI: A day after his ministry
was criticised by Anil Ambani for "siding" with Mukesh-run RIL,
Petroleum Secretary RS Pandey on Wednesday said the government had
intervened in the litigation between the two brothers ...
Anil sues Mukesh for Rs 10000 cr, alleges slur IBNLive.com
ADAG threatens criminal action Hindustan Times
Expressindia.com - MSN India - Hindustan Times
all 21 news articles » हिन्दी में »




Boston Globe
Paulson yields no ground on taking equity stakes
Reuters - 20 minutes ago
WASHINGTON (Reuters) - Treasury Secretary Henry Paulson showed no sign
on Wednesday of yielding to congressional calls that the government
take an equity stake in firms that benefit from a proposed financial
system bailout.
US faces grave threat to fin systems: Bernanke Moneycontrol.com
Bernanke demands bail-out action BBC News
Forbes - New York Times - Bloomberg - Wall Street Journal
all 2,127 news articles »




BBC News
Tatas start moving equipment; time running out, says Sen
Financial Express - 22 minutes ago
Amid speculations that what would be an alternate site for the launch
of Tata Motors' dream project, the Nano, if Singur issue is not
resolved, it is learnt that Tata Motors' has started moving out
equipment from its under-construction plant at Singur ...
Tatas start shifting equipment out of Nano factory Hindustan Times
UPDATE 1-India Tata Motors begins exit from Nano site-report Reuters
Press Trust of India - Economic Times - Moneycontrol.com - Hindu
all 440 news articles » BOM:500570




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ABC News
Poll Results Attacked, Cheered
Washington Post - 34 minutes ago
A new Washington Post-ABC News poll gives Democratic presidential
nominee Barack Obama a nine-point lead over Republican nominee John
McCain.
FOX News Poll: Obama Reclaims Lead Over McCain, 45% to 39% FOXNews
Economic Woes Edge Obama Over McCain ABC News
The Weekly Standard - NPR - Times Online - U.S. News & World Report
all 1,193 news articles »




BBC News
Church 'at risk' in Indian state
BBC News - 38 minutes ago
An Indian government team has criticised the government of southern
Karnataka state for not doing enough to stop attacks on churches and
clergymen.
Catholics, Karnataka and BJP IBNLive.com
EU parliament voices concern over situation of Christians in India
Khabrein.info
Indian Catholic - Reuters India - Daily News & Analysis - Times Online
all 338 news articles »




TopNews
Karnataka HC lifts ban on women serving at bars
Times of India - 2 hours ago
BANGALORE: The Karnataka High Court on Wednesday lifted a ban on women
serving liquor at bars and pubs. The High Court while announcing its
verdict also referred to a similar judgment by the Supreme Court last
year, which permitted women to be employed ...
Karna HC allows women to work in Bars and Restuarants Press Trust of
India
Karnataka HC permits women bartenders NDTV.com
Zee News - SINDH TODAY
all 16 news articles »




Sify New package for Singur farmers after Durga puga : WB govt
Press Trust of India, India - 2 hours ago
Kolkata/Singur, (WB), Sep 24 (PTI) The West Bengal government would
offer a new package to 'unwilling' land-losers at Singur, the site of
Tata Motors' ...
‘Solution’ to Singur in Tata walkout? Hindustan Times
Bengal govt must sort out Singur issue for investments: Nooyi Business
Standard
Tata rolls equipment out of Singur Times of India
Expressindia.com - Press Trust of India
all 440 news articles » BOM:500570

IBNLive.com Bengal Governor's criticism of LF govt handling of Singur
issue
Press Trust of India, India - 4 hours ago
Kolkata, Sept 24 (PTI) In a veiled criticism of West Bengal's Left
Front government for its handling of Singur issue, Governor
Gopalkrishna Gandhi said ...
Security guards assaulted at Singur Hindu
Mamata demands CBI probe into cheque distribution in Singur
Thaindian.com
Exit Nano: Tata Motors says bye bye to Singur, begins relocation drive
IBTimes India
Hindustan Times - Sify
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Singur issue to be fought politically: Karat
Hindu, India - 2 hours ago
Kolkata (PTI): Accusing Trinamool Congress chief Mamata Banerjee of
"ganging up" with Maoists to oppose the Tata Motors small car project
in Singur, ...
Singur prospect becoming bleak: Karat Business Standard
Left's opposition to finance sector reforms kept India insulated ...
Hindu
all 15 news articles » BOM:500570
Gowda asks political parties to solve Singur impasse
Hindu, India - 4 hours ago
Kolkata (PTI): The West Bengal Government's compensation package to
farmers at Singur is a "model" for other states, former Prime Minister
HD Deve Gowda on ...
Great tragedy for WB if Tatas pull out of Singur: Sibal Hindu Business
Line
Tracked by 0 users IBNLive.com
all 7 news articles » BOM:500570

Voice of America Singur: Mamata gives 7-day ultimatum, threatens stir
NDTV.com, India - 21 Sep 2008
She also has plans of holding public rallies in Singur and Kolkata on
September 25 and 26. Mamata's ultimatum comes on a day when Buddhadeb
Bhattarcharjee ...
Buddhadeb urges opposition to withdraw Singur protest Sify
Help! Tatas about to quit Singur: CM Economic Times
‘Singur can become another Jamshedpur’ Hindu
Times of India - Economic Times
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AK Bhattacharya: Bakreshwar, Haldia and Singur
Business Standard, India - 23 hours ago
Soon, Singur may be added to the list of names that connote political
controversies, delays and lost opportunity. West Bengal Chief Minister
Buddhadeb ...
Mahisadal may see Singur rerun
The Statesman, India - 21 hours ago
23: While the Marxist government is striving hard to come out with a
solution to the Singur impasse, yet another Singur-like situation
could develop if the ...
It would be a setback if Tatas leave Singur: Pranab
Economic Times, India - 21 Sep 2008
21 Sep, 2008, 1623 hrs IST, PTI BERHAMPORE: If the Tatas were forced
to leave Singur, the site of small car project, it would be a setback
to ...
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Bihar Times LESSON TO BE LEARNT FROM THE SINGUR SEIGE
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Sydney Morning Herald UPDATE 1-Australia urges firm action on
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CTV.ca UN Head Says Global Financial Crisis Threatens Fight Against
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Global financial crisis strikes S Korea's equity derivatives market
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News results for Global financial Crisis

Xinhua World Leaders Call for Efforts to Curb Growing Global Financial
Crisis - 20 hours ago

"We face a global financial crisis," said the UN chief. "A global
energy crisis. A global food crisis. Trade talks have collapsed, yet
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In depth coverage of Global financial crisis from the Financial Times
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Economy of the United States
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Economy of United States

Currency United States Dollar (USD)
Fiscal year 1 October - 30 September
Trade organizations NAFTA, WTO, OECD and others
Statistics
GDP (PPP) $13.81 trillion (2007)[1] (1st)
GDP growth 2.1% (II quarter 2008, from year ago)[1]
GDP per capita $45,850 (2008) (10th)
GDP by sector agriculture (0.9%), industry (20.6%), services (78.5%)
Inflation (CPI) 5.6%(Jun 2007 to Jun 2008) [1]
Population
below poverty line 12.5% (2007)[2]
Labor force 154.5 million (includes unemployed) (May 2008)[2]
Labor force
by occupation managerial and professional (35.5%), technical, sales
and administrative support (24.8%), services (16.5%), manufacturing,
mining, transportation, and crafts (24%), farming, forestry, and
fishing (0.6%) (excludes unemployed) (2007)
Unemployment 6.1% (August 2008)[3]
Main industries petroleum, steel, motor vehicles, aerospace,
telecommunications, chemicals, electronics, food processing, consumer
goods, lumber, mining, defense
External
Exports $1.149 trillion f.o.b. (2007 est.)
Export goods agricultural products (soybeans, fruit, corn) 9%,
industrial supplies (organic chemicals) 27%, capital goods
(transistors, aircraft, motor vehicle parts, computers,
telecommunications equipment) 49%, consumer goods (automobiles,
medicines) 15% (2003)
Main export partners Canada 21%, Mexico 12%, China 6%, Japan 5%,
United Kingdom 4%, Germany 4%
Imports $1.985 trillion c.i.f. (2007 est.)
Import goods agricultural products 5%, industrial supplies 33% (crude
oil 8%), capital goods 30% (computers, telecommunications equipment,
motor vehicle parts, office machines, electric power machinery),
consumer goods 32% (automobiles, clothing, medicines, furniture, toys)
(2003)
Main import partners China 17%, Canada 16%, Mexico 11%, Japan 7%,
Germany 5%
Gross External Debt $13.77 trillion (30 June 2008)
Public finances
Public debt $9.67 trillion (September 2008)[4]
Revenues $2.568 trillion (2007)[5]
Expenses $2.896 trillion (2007)[5][6]
Economic aid ODA $19 billion, 0.2% of GDP (2004) [3]
Main data source: CIA World Factbook
All values, unless otherwise stated, are in US dollars
This box: view • talk • edit

The economy of the United States is the largest national economy in
the world.[7] Its gross domestic product (GDP) was estimated as $13.8
trillion in 2007.[8] It is a mixed economy in that private firms make
the majority of the microeconomic decisions while being regulated by
the government. The U.S. economy maintains a high level of output per
person (GDP per capita, $46,000 in 2007, ranked at around number ten
in the world). The U.S. economy has maintained a stable overall GDP
growth rate, a low unemployment rate, and high levels of research and
capital investment funded by both national and, because of decreasing
saving rates, increasingly by foreign investors. In 2008, seventy-two
percent of the economic activity in the U.S. came from consumers.[9]

Major economic concerns in the U.S. include national debt, external
debt, entitlement liabilities for retiring baby boomers who have
already begun withdrawing from their Social Security accounts,
corporate debt, mortgage debt, a low savings rate, falling house
prices, a falling currency, and a large current account deficit. As of
June 2008, the gross U.S. external debt was over $13 trillion,[10] the
most external debt of all countries in the world.[11] The 2007
estimate of the United States public debt was 65% of GDP.[12] As of
September 2008, the total U.S. federal debt was approximately $9.7
trillion[13], about $31,700 per capita. Including unfunded Medicaid,
Social Security, Medicare, and similar promised obligations, the
government liabilities rises to a total of $59.1 trillion, or $516,348
per household.[14]



Economy of the United States - Wikipedia, the free encyclopedia
[8] It is a mixed economy in that private firms make the majority of
the microeconomic decisions while being regulated by the government.
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Tata Motors - HomePage
Website of Tata Motors, including sections on its cars, utility and
commercial vehicles, and corporate profile and information.


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Sify UPDATE 1-India Tata Motors begins exit from Nano site-report
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REFILE-Tata Motors sets dates for $914 mln rights issue
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The Australian, Australia - 23 Sep 2008
Mr Bush assured world leaders yesterday his Government was taking
"bold, aggressive, decisive" action to rescue the teetering US
economy. ...
Kenya: 'Will the Economic Downturn Help Obama?' AllAfrica.com
It's the economy, stupid The Age
An open letter to independent and undecided voters Salon
Boston Globe - The Washington Independent
all 1,242 news articles »

WELT ONLINE The local impact of the US financial crisis
Inquirer.net, Philippines - 10 hours ago
For although we are no longer dependent on the US market for much of
our exports as before, when the US economy goes into a recession so
does many other ...
US economy bailout may 'hit the buffers' This is Money
Bailout Prevents Great Depression 2.0 U.S. News & World Report
PAULSON, BERNANKE PUSH BAILOUT; Recession fear in rush to rescue Arab
Times
Independent - The Associated Press
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View all web results for Indo US Nuclear deal

Radio Australia Senate panel approves Indo-US nuclear deal
Press Trust of India, India - 12 hours ago
Washington, Sept 24 (PTI) Advancing the hope for an early Indo-US
nuclear accord, the Senate Foreign Relations Committee voted to
approve the Bill by 19 to ...
Senate panel nod to Indo-US nuclear deal Financial Express
New twist to Indo-US nuke deal controversy? Hindu Business Line
US Senate panel greets PM with thumbs up for N-deal NDTV.com
Merinews - IT Examiner
all 402 news articles »

Sify Indo-US nuclear deal zips past one hurdle
IBNLive.com, India - 6 hours ago
Washington: The Indo-US nuclear deal has inched forward with the US
Senate Foreign Relations Committee (FRC) approving it for a vote. ...
PM hopeful US Congress will approve N-deal quickly Press Trust of
India
US working hard to get n-deal done during Manmohan visit Economic
Times
Indo-US N-deal caught in financial storm PRESS TV
Times of India - NDTV.com
all 112 news articles »

Sify N-deal with India to support 2.5 lakh high-tech jobs in US
Business Standard, India - 23 Sep 2008
PTI / Washington September 23, 2008, 17:44 IST America's premier trade
body has projected that the Indo-US nuclear deal could revitalise the
US nuclear ...
'N-deal can support 250000 high-tech US jobs' Rediff
N-deal may support 250000 US jobs: US Chamber of Commerce Sify
‘US economic turmoil a temporary aberration’ IndiaPost.com
Hindu Business Line
all 34 news articles »

Visit Bulgaria N-deal may not be sealed during PM's trip
NDTV.com, India - 22 Sep 2008
India is hopeful but not certain that Indo-US nuclear deal will be
done during Prime Minister Manmohan Singh's trip to the United States,
according to ...
US financial crisis diverts attention from N-deal Press Trust of India
PM ‘hopeful’ of wrapping n-deal during visit Indian Express
Brave New Words Mainstream
The Statesman - Press Trust of India
all 419 news articles »

Calcutta Telegraph Indo-US nuke deal to aid India's energy projects:
Kalam
Press Trust of India, India - 23 Sep 2008
New Delhi, Sep 23 (PTI) Backing the Indo-US nuclear deal yet again,
former President APJ Abdul Kalam today said the agreement would solve
the uncertainty of ...
BJP Wooing Ex-President APJAbdul Kalam for Anti-Terror Campaign
Associated Content
BJP back at Kalam door Calcutta Telegraph
all 15 news articles »
Senate panel votes for nuclear deal
Hindustan Times, India - 11 minutes ago
The Indo-US civilian nuclear agreement moved a step closer to approval
by Congress on Tuesday with the powerful Senate Foreign Relations
Committee voting to ...
US Senate panel approves nuke deal
NDTV.com, India - 4 hours ago
In a big step forward for the Indo-US nuclear agreement, the US Senate
Foreign Relations Committee has overwhelmingly approved the deal,
paving the way for ...

TopNews I’m for nuclear deal, anytime, anywhere: Rahul Gandhi
SINDH TODAY, Pakistan - 9 hours ago
Gandhi was replying to questions regarding the Indo-US nuclear deal
from the media here on the last day of his three-day trip to
Punjab. ...
Rahul praises Prime Minister on N issue, economy Indian Express
Need strong laws to fight terror: Rahul Zee News
Strong laws needed to fight terror: Rahul Gandhi Thaindian.com
The Statesman - Hindu
all 197 news articles »

Hindu Nuke deal will lead to Cong's fall from power: CPI(M)
Hindu, India - 22 hours ago
Chennai (PTI): The CPI(M) today said the Indo-US nuclear deal would
lead to Congress' exit from power at the Centre and no government
after that would go ...
Left resistance prevented crisis: Karat Hindu
all 6 news articles »
No legal obligation for India in Indo-US nuke deal: Kakodkar
Economic Times, India - 22 Sep 2008
Now it is a matter of a few days, said Atomic Energy Commission
Chairman (AEC) Anil Kakodkar on Monday when asked if the Indo-US civil
nuclear deal could ...
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