Invoke Nuclear Mother Durga as Colonisation Complete! War Criminal George Bush Squeeze a Solid Boom Boom Periphery to Feed Recession Struck Core US We

Invoke Nuclear Mother Durga as Colonisation Complete! War Criminal George Bush Squeeze a Solid Boom Boom Periphery to Feed Recession Struck Core US Weapon Economy as the best Survival Strategy for the Warmonger Republicans!


Troubled Galaxy Destroyed Dreams: Chapter 74

Palash Biswas

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Prime Minister Manmohan Singh arrived in France on Sunday afternoon, after concluding his visit to the United States. Upon landing in the resort town of Marseilles, Dr Singh said that he will discuss civil nuclear co-operation during his meeting with French President Nicolas Sarkozy. He also expressed confidence that an agreement in this regard may be signed during the visit. The Prime Minister will also take part in the ninth India-EU summit in the French Riviera tomorrow.
The War Crimes of George W. Bush "The War Crimes of George W. Bush" Paper presented at the annual meeting of the APSA 2008 Annual Meeting, Hynes Convention Center, Boston, Massachusetts, ...
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Nuke Assam and freeit of all living beings! - Palash Speaks ... Contact: Palash C Biswas, C/O Mrs Arati Roy, Gosto Kanan, Sodepur, ..... As such Durga Puja celebration for the tea workers who wait and crave every year ...
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Feel America in Durga Puja Count Down! Palash Biswas http://troubledgalaxydetroyeddreams.blogspot.com/ The Hindu Business Line Durga puja celebrations HYDERABAD The onelakh odd Bengaliswho have ...
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Slow but steady, the Nuke deal likely to win the race
2008-09-28 [08:04:00 hrs]

The Indo-US civil nuclear deal cleared one more hurdle when the US House of Representatives early on Sunday India time approved the highly anticipated Indo-US Civil Nuclear Deal, ending a three-decade ban on US nuclear trade with India. The deal got approved by an overwhelming 298-117 vote. The House, which had put off a formal vote on the deal on Friday night as it grappled with other pending legislations, approved implementing the 123 accord with the required two-thirds vote under suspension of rules.


Among those favouring the deal were 178 Republicans and 120 Democrats. Only 10 Republicans voted against the agreement, while 107 Democrats registered their opposition to the vote in the 435-member Democrat controlled House.

Though the vote demonstrated massive bi-partisan support for the agreement that would let India resume nuclear commerce with the US after 30 years, it was much less than the 359-68 backing by which the enabling US law, the Hyde Act, was passed in 2006.

But the agreement still has to clear one last obstacle - approval by the Senate - before President George W Bush can present it as a done deal to Prime Minister Manmohan Singh ending his five-day visit to the US Saturday night.

Despite the smooth passage of the deal in the House, its fate still hangs in the balance with an anonymous lawmaker putting a "hold" on the consideration of the bill in the Senate. The hold must be lifted before the agreement is brought to the Senate floor for debate or approved by "unanimous consent" of the legislators.

The "hold" process involves a lawmaker telling the Majority Leader and Minority Leader that he or she is against the "hotlining" of the bill without debate and vote through Unanimous Consent.

Earlier Friday, the Senate Majority Leader Harry Reid did indicate that the deal would likely come up for approval before the Senate only next week after its consideration by the House of Representatives Friday, but made no mention of the hold.

However, sources say that the deal could be signed in India on October 3. US Secretary of State Condoleezza Rice is to visit India at that time.

Prime Minister Manmohan Singh had earlier said that nuclear deal would help widen our clean energy options.



CPM support Buddha in his standoff with the Forward Bloc
28 Sep, 2008 [01:25 PM]

The CPM today stood by Buddhadeb Bhattacharjee in his standoff with the Forward Bloc, which renewed its pullout threat but appeared to leave an escape hatch open.
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German pat for Metro stand
28 Sep, 2008 [01:24 PM]
The German consul-general in Calcutta, who had warned of dire consequences if Metro Cash & Carry were denied a licence in Bengal, today praised Buddhadeb Bhattacharjee’s....Read More

Home Ministry asks Army to explain infiltration of civilians along LoC
28 Sep, 2008 [03:39 PM]
The Home Ministry has sought an explanation from the Army about the recent 'infiltration' of civilians through the barbed fence along the Line of Control (LoC)....Read More


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28 Sep, 2008 [01:14 PM]
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28 Sep, 2008 [01:13 PM]
Justifying their reservations on the recommendations made by the Sixth Pay Commission, Army Chief General Deepak Kapoor on Sunday said that there are no differences between....Read More


IAF network-centricity plans go haywire due to AWACS delay
28 Sep, 2008 [01:12 PM]
The Indian Air Force's (IAF) plans to go network-centric has gone haywire as the Israeli airborne early warning systems delivery gets delayed further. ....Read More


Fragile North East peace process raises concerns
28 Sep, 2008 [12:57 PM]
Ceasefire with militant groups in the Northeast has almost always led to fratricidal killings. ....Read More


Rajasthan HC stays Raje govt's ambitious scheme
28 Sep, 2008 [12:56 PM]
In a major setback to the Raje government, the Rajasthan High Court has stayed a pet project of Chief Minister Vasundhara Raje. ....Read More




http://www.taratv.com/top_story.php?task=full&newsid=368


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28 Sep, 2008, 2022 hrs IST, REUTERS



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Bloggers get their own Ten Commandments

http://economictimes.indiatimes.com/


Who was behind the Origin of Taliban?

Who destabilised the Nations in every part of the Universe?

Whose interests lie on every piece of land, all over in the Space and Deep under the Sea?

Who interferes in internal matters of Nations anywhere anytime?

Who launched Star Wars?

Who bombed Hiroshima and Nagasaki?

Who invented Chemical and Biological warfare?

Who have been always the source of Inspiration ans support for all the wars, civil wars,insurgency, disturbances, troubles, man made calamities and tragedies and terrorism in this world?

Just think my countrymen! Just think our Brothers Worldwide! What we have to celebrate! Who are at the receiving end? Who are the people making Money ? Who are those who rule with the gimmicks of appeasement and economism, pay hike policy for the powerful forces of persecution, repression, manipulation, enslavement, wars and civil wars and mass destruction!

O my Bleeding Asian geopolitics residents! just think once before the grand celebration, why the War zone is shifted in our Heart, the Peaceful Indian Ocean zone abundant of natural and Human resources!

Are we thus destined to continue as Periphery of the Developed core Economies?

Prime Minister Manmohan Singh has left New York for France after winding up his five-day visit to the US. During the second leg of his tour, the PM will attend the ninth India-European Union (EU) meeting in Marseilles on Sunday and then travel to Paris tomorrow for the Indo-French summit on Tuesday. There are no clear indications as to whether the two countries will initial a bilateral nuclear agreement during the summit talks though the pact has been finalised.

The Indo-US civilian nuclear deal has moved into the last lap clearing a major hurdle when the US House of Representatives approved a legislation on it that will now go to the Senate before the two countries can implement the civil nuclear agreement.
After a lot of drama and suspense, the House passed the Bill on an unusual extra day of sitting on Saturday with bi-partisan support but a considerable number of Democrats were still opposed to it.

The Berman Bill H R 7081, named after Howard Berman, a Democrat strongly opposed to the deal on non-proliferation grounds and who converted only a couple of days ago, was adopted with 298 voting for and 117 against. One lawmaker merely voted present.

The deal just needs the backing of the Senate which may vote next week on the issue. But the Senate vote appears to be a formality given the fact that an identical Bill has already been approved by its Foreign Relations Committee earlier this week.

Though a Congressional consent eluded the deal when PM Manmohan Singh and President George W Bush met on Thursday, the House approval came hours before the PM left the US shores winding up his five-day visit on his way to France.

Once the Senate gives its nod, the nuclear agreement between the two countries will be ready for signing between External Affairs Minister Pranab Mukherjee and Secretary of State Condoleezza Rice, who is slated to visit New Delhi on October 3.

Last Night a young energetic mainstream journalist encountered me with showers of provocative questions!

India US combined superpower is unchallengeable, he claimed! Is it?

`India was the colony of British empire! During second world war, the British included India in the War. Not a bomb exploded in Indian geopolitics but the greatest death toll belonged to us due to the great famine caused by the World War! Now we have become a party in the War against terrorism, nuclear race and space dominance, rather a bigger death toll waits this time!’ I answered.

He said,`All the economist of Indian origin, the descendants from Dr Amarty Sen and Md. Yunus support globalisation, industrialisation, neoliberalism, economic reforms, urbanisation! Anti Imperialism or Ideology of any genre, morality and social values are quite irrelevant in modern times of intense survival war!’

`Thus, they defend fascism as well as imperialism! Dr Amartya sen identifies the future of Bengal and India with the MNCs and India Incs. He visualises doom`s day if Tata motors choose to leave Bengal. Abhiroop Sarkar, Surjeet Margjit, Dipankar Dasgupta and Arjun Sengupta make the family of Adam smith complete with Dr. Manmohan Singh, Montek Singh, Pranab, Chidambaram, Kamal Nath, Buddhadeb, Narendra Modi and Asim Dasgupta around for dictation! They support anything on agenda for mass destruction, ethnic cleansing, persecution, repression and displacement on the name of capitalist Development!’

He emphasises, ` Just see the fifty day countdown of Puja! How liquid was money. what a rush for Retail Chain and shopping Mall! See the Share index! The Mobiles! Computers! Mobiles! Gadgets and Brands!Style and Vogue! How many people are effluent these days! It is resurgence of Indian wealth!’

I asked him, ` Have you noted well the keynotes of global financial crisis? is this sustainable growth ? Is this development meant for public welfare? How do you pay taxes while you use an infrastructure? have you the purchasing power? would you like to have a VISA or Credit card to enter your Home? A passport to
get admission in your village? The villages are much more connected, true. But it is on the other hand is a break through deep into the heart of rural India for MNCs, India Incs, builders, promoters and criminals, rapists! The escalation of market means the escalation of starvation, displacement and genocide!” I answered.

`The motto is live and let die!’ He said.

`Well said. Live alone. Be happy!’ I added.

Former Cuban president Fidel Castro mocked US President George W Bush for the speech he gave late Wednesday on the spiralling US financial crisis.
In an article published in Cuba's leading newspapers on Thursday, the convalescing 82-year old Castro derided Bush's failure to assign blame for the collapse of US financial institutions.

"Looks like 'democratic capitalism' doesn't include self-criticism," Castro wrote.

"In any case, we must not be ungrateful or impolite: we have to thank Bush for his brilliant insight on political theory," Castro added, tongue-in-cheek.

Bush on Wednesday delivered a 13-minute televised speech urging the US Congress to pass his government's USD 700 billion dollar bailout plan for Wall Street, and warning "our entire economy is in danger ... could experience a long and painful recession."

It is Mahalaya today and tomorrow in Hindu Geopolitics worldwide!

It is Celebration Times for the ruling Hegemony worldwide! Spiritual science has always believed that death is not the end of a being. And as the soul that departs from one incarnation, it leaves back the testimony of its existence in form of family, friends or relations that had been close to him. In Hindu tradition, Pitru Paksha or Mahalaya Shradh is dedicated as the most powerful and auspicious time, to pay homage and remember one's ancestors. Hindus have decided to perform a Torpon of freedom and sovereignty to invoke the Nuclear Mother Durga!

US financial crisis deepened further with 119-year old banking institution Washington Mutual deciding to file for bankruptcy protection after selling its banking operations to JPMorgan Chase.
Washington Mutual, which has an asset of over USD 300 billion, will be the second major financial entity after Lehman Brothers to file for bankruptcy protection. The fall of Washington Mutual, popularly known as WaMu, is being viewed as the biggest banking failure in the American history.

"Washington Mutual Inc announced that it has, together with its wholly-owned subsidiary WMI Investment Corp, commenced voluntary cases under Chapter 11 of the United States Bankruptcy Code," a statement released by Business Wire said.

WaMu, according to reports, was expected to lose around USD 19 billion on bad mortgages.

Credit agency Standard and Poor's has already slashed its rating to eight level below investment grade.

Earlier the US administration has seized WaMu and sold its banking operation to JPMorgan Chase for USD 1.9 billion.

The American financial turmoil triggered by subprime mortgage crisis has taken a heavy toll on the global financial system, even as the US government is trying to work out a USD 700 billion bailout package.

Apart from forcing Lehman Brothers, WaMu and IndyMac Bancorp into bankruptcy, the crisis has driven US's sixth largest bank, Wachovia, which has an asset base of over USD 800 billion, to look for a buyer.

The turmoil had also forced Merrill Lynch to sell its shares to Bank of America, while the crisis-ridden AIG, Freddie Mac and Fannie Mae were bailed out by the US Government.


The CPI(M) will oppose the Indo-US nuclear deal, which was passed by the US House of Representatives, when Prime Minister Manmohan Singh comes back to the parliament to discuss the treaty, Polit Bureau member Sitaram Yechuri, said in kolkata.

I pity the communists in India! They have a posture anti imperialist and anti fascist. And at the end of the day, they turn out more rightist than the Right worldwide in defence of fascism and Imperialism!

Invoke Nuclear Mother Durga as Colonisation Complete! War Criminal George Bush Squeeze a Solid Boom Boom Periphery to Feed Recession Struck Core US Weapon Economy as the best Survival Strategy for the Warmonger Republicans!

Nuclear Deal struck! At last! The slave Prime Minister becomes the Co Architect, with George Bush of course, of the latest Strategic alliance of Brahminical Hindu Zionist White Post Modern Manusmriti Apartheid Galaxy Order. Now, India and United States of America together make a Combined Hindu Zionist white Super power. The global killer Ruling Hegemony has got the new Goddess of relentless war against the Black untouchable Indigenous communities worldwide. In the same manner as the Myth of Mahalaya and Goddess Durga stands for. The Hindu Brahaminical Goddess was invoked to defend the ruling Hegemony of Hindu gods against the demonised Indigenous communities which were eventually killed, tamed, enslaved and diluted in Caste System cursed with untouchability! Such has been the mind control, knowledge control brainwashing game of the Brahmins that durga Puja has become the cultural identity of Bangla nationality which roots into ASURA culture. We Bengalies celebrate the annihilation of our ancestors. Since we are technically scientifically far ahead of time, we may now celebrate our own Mass destruction.

Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation's financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.

House and Senate negotiators from both parties emerged with Treasury Secretary Henry M. Paulson Jr. at 12:30 a.m. from a marathon session in the Capitol to announce that they had reached a tentative agreement on a proposal to give Paulson broad authority to organize one of the biggest government interventions in the private sector since the Great Depression.

Full details of the plan were not immediately available. Lawmakers said their staffs would be working through the night to assemble the package and post it on the Internet.

"We've made great progress, but we have to commit it to paper before we can formally agree," said House Speaker Nancy Pelosi (D-Calif.), who has pledged to make the plan available to the public for at least 24 hours before the House votes on it. A vote could come as early as tomorrow in the House, with the Senate expected to follow soon after.

"We've been working on this a long time. We've still got more to do to finalize it, but I think we're there," Paulson said. "So far, so good."

Congress termed the passage of the nuclear deal in the US House of Representatives as the ‘highest feat’ of diplomacy sculptured by Prime Minister Manmohan Singh.
Party spokesperson M Veerappa Moily said the country is also ‘grateful’ to US President George W Bush who made it possible to happen due to his ‘untiring’ efforts.

"This is the highest feat of diplomacy chiselled and sculptured by our great statesman Prime Minister Manmohan Singh, guided and inspired by our visionary party President Sonia Gandhi," Moily said in a statement.

Congratulating the team of diplomats and nuclear scientists, he said "proud" India presents itself to the entire world "victory after victory" from the day MoU on 123 agreement to the trust vote and from the clearance of IAEA to the passage of the deal in the house.

Noting that 21st century has been heralded as the century of India and its glorious future, he said, "the great surge is now poised ultimately to have the approval of the US Senate and also the final signing of the nuclear agreement between India and the US."

It is confusion in popular Indian Mass Mainstream Psyche as genuine anti fascism Anti imperialism Resistance absconding thanks to Hindutva Hegemony and hypocrite Capitalist Marxist adopting US dictated ways only. Even the child`s Brain is washed with surgical precision.

You may recall the memory as I interviewed the seven year Kid Prithu the other day. He knows well the dangerous george bush but his mind is set beautifully to support the Nuclear deal. moderntimes Indian psyche is no better than the understanding of the Kid, well informed and technocrate but confused. The psyche is reflected well while bengal celebrates Mahalaya!

Do the shradh and tarpan for your ancestors on Sunday but switch on the radio for the classic Mahishasurmardini programme at Monday dawn.

Mahalaya, the day that heralds the start of the divine fortnight, is creating confusion galore this year.

“Our company’s calendar shows Monday to be a red letter day but we will see tomorrow to find out if the banks are open. If they are, we will cancel Monday’s leave,” said Kishen Kejriwal of cast iron manufacturer and exporter Kiswok Industries.

Do the shradh and tarpan for your ancestors on Sunday but switch on the radio for the classic Mahishasurmardini programme at Monday dawn.

Mahalaya, the day that heralds the start of the divine fortnight, is creating confusion galore this year.

“Our company’s calendar shows Monday to be a red letter day but we will see tomorrow to find out if the banks are open. If they are, we will cancel Monday’s leave,” said Kishen Kejriwal of cast iron manufacturer and exporter Kiswok Industries.

The confusion heightened with the state government accepting Mahalaya to be on Sunday. “Monday is supposed to be a holiday but with state government offices staying open, there is a chance that we will be told to work on Monday,” said a Sector V employee.

“We are being flooded with calls seeking clarifications,” said proprietor of Gupta Press almanac Arijit Roychowdhury.

A look at the almanacs shows that Mahalaya this year straddles two days. According to Gupta Press, new moon period starts at 1.14pm on Sunday and continues till 12.55pm on Monday. For the other school of calculation, Bisuddhasiddhanta, the period is from 1.50pm on Sunday to 1.42pm on Monday.

This means Amavasya falls on both days. But almanac-makers say Mahalaya would still be on Sunday.

The confusion heightened with the state government accepting Mahalaya to be on Sunday. “Monday is supposed to be a holiday but with state government offices staying open, there is a chance that we will be told to work on Monday,” said a Sector V employee.

“We are being flooded with calls seeking clarifications,” said proprietor of Gupta Press almanac Arijit Roychowdhury.

A look at the almanacs shows that Mahalaya this year straddles two days. According to Gupta Press, new moon period starts at 1.14pm on Sunday and continues till 12.55pm on Monday. For the other school of calculation, Bisuddhasiddhanta, the period is from 1.50pm on Sunday to 1.42pm on Monday.

This means Amavasya falls on both days. But almanac-makers say Mahalaya would still be on Sunday.

Come September, and Hindus all over the world get enthused in festive fervor. Come “Mahalaya” and Bengalis get busy to complete the final preparations for their greatest festival - Durga Puja! AS THE monsoon clouds recede in the distant horizon, they make way for the azure blue sky with flakes of fluffy white that move at a leisurely pace from one end of the sky to the other. There is a chill in the early morning air and drops of dew cover the grass carpet beneath your feet. The tender corns of paddy sway in the breeze, rivers are full, the trees regain their charm, flowers bloom all over the countryside and birds disturb the silence with their happy chirpings. There is no need to announce that Sharodatsav has arrived.


In fact, Dr Manmohan Singh has done the rituals of Bodhan in Washington! Devi Durga is reincarnated with Nuclear armament and we, the black untouchables, SC, ST. OBC, nationalities and minorities have to be killed to complete the Puja!One can literally feel the festive mood setting in. The eastern part of India goes gaga over Durga Puja, the North and the South prepares to burn effigies of the demon king, Ravana to celebrate Dussehra, and the West gears up to sing and sway to the tunes of dandiya to usher in Navaratri.
Even as the Indo-US nuclear deal is making its passage in the US Congress, French President Nicolas Sarkozy made clear his country's intention to forge ahead with the civil nuclear cooperation with India which will be sealed in an agreement he is signing with Prime Minister Manmohan Singh in Paris on Tuesday.
France, the world's leading country in nuclear power which produces 80 per cent of electricity from atomic energy, is ready to offer its latest EPR technology to India under the agreement.

In an e-mail interview to PTI ahead of his talks with Singh, Sarkozy said the prospects of cooperation between France and India in the civil nuclear field are ‘very promising’ considering his country's expertise, long tradition of cooperation with New Delhi and an atmosphere of trust.



For the Bengali who still longed to be among their very own relatives and friends, the tension gets released once the train enters the boundaries of Bengal. In order to become one with the elements, he gets down at the railway station, paces up and down the platform, breathes in the typical Bengali air and has a cup of tea served in a ‘khuri’ (small earthen container that can fit into your palm). Then he reaches for his favorite snacks – shingara and vegetable chops.
Durgotsav, as it is called in Bengal, starts from Mahalaya. This is the day when Goddess Durga started her journey from her husband’s house in Mount Kailash in the Himalayas to her mother’s place in Bengal accompanied by her children. On this auspicious day, early in the morning, at four o’ clock to be precise, a two-hour long programme is broadcast in Bengali from Akashvani, Kolkata. Many of the artistes are no longer among us but their recorded voices still reverberates in each and every Bengali house on the day of Mahalaya.

The Administration is keen on signing the deal before the end of the term of Bush who had entered into the agreement with Singh more than three years ago that will end three decades of nuclear apartheid against India.

National Security Advisor M K Narayanan welcomed the adoption of the deal by the House saying it was a matter of great satisfaction. He expressed the hope that the Bill would get cleared in the Senate sooner than later rather than wait for the next session.

Hailing the House action, Indian Ambassador to US Ronen Sen said, it would now be the last lap of a historic step for both the countries. The deal enjoyed bi-partisan support and was good for both India and the US.

South Carolina Republican Joe Wilson, one of the strongest supporters of the legislation and the agreement, hailed the vote saying it moved the US one step forward in strengthening the partnership with people of India.

Despite the US Congress being busy in the midst of clearance of a package for the financial institutions gone bankrupt, the House met unusually on Saturday for conducting business.

The vote on the nuclear Bill was suspended on Friday after another opponent Ed Markey demanded a recorded vote instead of a voice vote after the debate was completed.

Berman had originally introduced a Bill that was slightly different from the measure approved by the Senate Committee and adoption of it would have delayed implementation of the nuclear deal.

Berman was talked to by Rice after which he withdrew his original Bill and introduced a legislation identical to the Senate Committee that ensured its quick passage.

Joe Wilson said he was grateful for the work of President Bush, Prime Minister Singh and Rice for their steadfast support in seeing this agreement implemented.

Earlier, the House completed a lively debate that saw Markey putting up a stiff opposition to the deal with India.

However in the Senate, an anonymous lawmaker put a ‘hold’ on consideration of the bill which must be lifted before the agreement is brought to the Senate floor or approved by a unanimous consent agreement.

The latest hiccup in the Senate is actually a counter to the attempt of the leadership to ‘hotline’ the Senate Bill through unanimous consent without debate and vote.

The schedule of the Senate is still fluid but it is meeting tomorrow and re-convening on Wednesday after taking a break on Monday and Tuesday on account of Jewish holidays.



What's Mahalaya?
Mahalaya is an auspicious occasion observed seven days before the Durga Puja, and heralds the advent of Durga, the goddess of supreme power. It's a kind of invocation or invitation to the mother goddess to descend on earth - "Jago Tumi Jago". This is done through the chanting of mantras and singing devotional songs.

Amavasya is the Indic name for a new moon. The word Amavasya is common to many Indian languages especially Sanskrit, Hindi, Bengali, Marathi and Gujarati.

The fortnight containing the new-moon is considered auspicious by Hindus. They believe that during this period, the offerings they make, reach their late forefathers. Every month, the new-moon day is considered auspicious and poojas are made. However, no travel ought to be scheduled the first day of the new moon, as travel without moonlight in the ancient times was forbidden.

The dark fortnight of Aswayuja (September-October) is known as the Mahalaya Paksha or the fortnight specially sacred for offering oblations to the departed ancestors. The last day of this period, the new moon day, is considered as the most important day in the year for performing obsequies and rites.

The renowned hero of the Mahabharata, Karna, when he left the mortal coil, ascended to the higher worlds and the great charity he had done here was returned to him hundredfold. But, it was all gold and silver; there was no food, as he had not done any food-charity! He prayed to the god of death. So, he was sent back to Earth for fourteen days, to make up for this deficiency.

For fourteen days, he fed Brahmins and the poor, and offered oblations of water. On his return to the higher regions, he had food in plenty. It is these fourteen days that are commemorated in the Mahalaya Paksha. Due to the grace of the Yama, it has been ordained that offerings made during this period benefit all the departed souls, whether they are connected to you or not.

Since the early 1930s, Mahalaya has come to associate itself with an early morning radio program called “Mahisasura Mardini” or “The Annihilation of the Demon.” This All India Radio (AIR) program is a beautiful audio montage of recitation from the scriptural verses of “Chandi Kavya”, Bengali devotional songs, classical music and a dash of acoustic melodrama. The program has also been translated into Hindi set to similar orchestration and is broadcast at the same time for a pan-Indian audience.

This program has almost become synonymous with Mahalaya. For nearly six decades now, the whole of Bengal rises up in the chilly pre dawn hours, 4 am to be precise, of the Mahalaya day to tune in to the “Mahisasura Mardini” broadcast.

The Magic of Birendra Krishna Bhadra
One man who'll always be remembered for making Mahalaya memorable to one and all is Birendra Krishna Bhadra, the magical voice behind the “Mahisasura Mardini.” The legendary narrator recites the holy verses and tells the story of the descent of Durga to earth, in his inimitable style.

Bhadra has long passed away, but his recorded voice still forms the core of the Mahalaya program. In a sonorous, reverberating voice Birendra Bhadra renders the Mahalaya recital for two thrilling hours, mesmerizing every household with the divine aura of his narration, as the Bengalis submerge their souls in quiet moments of prayer.

A Landmark Composition
“Mahisasura Mardini” is a remarkable piece of audio drama matchless in Indian culture. Though the theme is mythical and the mantras Vedic, this program is a landmark composition. It's scripted by Bani Kumar, and narrated by Bhadra. The enchanting music is composed by none other than the immortal Pankaj Mullick, and the songs are rendered by famous singers of yesteryears, including Hemant Kumar and Arati Mukherjee.

As the recital begins, the serene morning air resonates with the long drawn sound of the sacred conch shell, immediately followed by a chorus of invocation, melodiously setting the stage for the recitation of the Chandi Mantra.

The Story of “Mahisasura Mardini”
The story element is captivating. It speaks of the increasing cruelty of the demon king Mahisasura against the gods. Unable to tolerate his tyranny the gods plead with Vishnu to annihilate the demon. The Trinity of Brahma, Vishnu and Maheswara (Shiva) come together to create a powerful female form with ten arms - Goddess Durga or 'Mahamaya', the Mother of the Universe who embodies the primeval source of all power.

The gods then bestow upon this Supreme creation their individual blessings and weapons. Armed like a warrior, the goddess rides a lion to battle with the Mahisasura. After a fierce combat the 'Durgatinashini' is able to slay the 'Asura' king with her trident. Heaven and earth rejoice at her victory. Finally, the mantra narration ends with the refrain of mankind's supplication before this Supreme Power:

"Ya devi sarbabhuteshshu, sakti rupena sanksthita Namasteshwai Namasteshwai Namasteshwai namo namaha."


The traditional six day countdown to Mahasaptami starts from Mahalaya. Goddess Durga visits the earth for only four days but seven days prior to the Pujas, starts the Mahalaya. For Bengalies and bangla nationality,the enchanting voice of Birendra Krishna Bhadra fill up the predawn hours of the day thus marking the beginning of " devipaksha " and the beginning of the count-down of Durga Puja. Sarat in its bloom, mingled with the festive spirit of Durga Puja reaches its pitch on the day of Mahalaya. From this day starts 'Devipaksha' and marks the end of 'Pitri-paksha'. It is the day when many throng to the banks of river Ganga, clad in dhotis to offer prayers to their dead relatives and forefathers.People in the pre-dawn hours pray for their demised relatives and take holy dips in the Ganges. This ritual is known as

'Torpon'. This day bears immense significance for the Bengalis. It is according to the myths that Sree Rama hastily performed Durga Puja just before he set for Lanka to rescue Sita from Ravana.

According to Puranas, King Suratha, used to worship goddess Durga in spring. Thus Durga Puja was also known as Basanti Puja. But Rama preponed the Puja and worshiped Durga in autumn and that is why it is known as 'Akal Bodhon' or untimely worship. It was considered untimely as it is in the myths that puja was performed when the Gods and Goddesses were awake i.e. "Uttarayan" and was not held when the Gods and Goddesses rested ie."Dakshinayan".


It was on the day of Mahalaya,the beginning of "devipaksha",the Gods and Goddesses woke up to prepare themselves for Durga Puja. Akashvani Mahalaya: In the year 1930, Mahalaya was first broadcasted over the radio in Akashvani. The programme was organised by Premankur Aatorthi, Birendra Krishna Bhadra, Nripendra Krishna Mukhopadhya and Raichand Boral. It was broadcasted live then. Later it was recorded and played. Bengal's cine star, Uttam Kumar had once recited Mahalaya while Hemanta Kumar Mukhopadhya was the music director. But it was not popular among the mass and from then it has always been the voice of Birendra Kishna Bhadra enthralling the listeners in the pre-dawn hours of Mahalaya. The script was written by Bani Kumar, music was directed by Pankaj Kumar Mallik while Dijen Mukhopadhya, Manobendra Mukhopadhya (Tabo Achinta....), Sandhya Mukhopadhya, Arati Mukhopadhya, Utpala Sen, Shyamal Mitra and Supriti Ghosh (Bajlo tomar alor benu....) sang in their melodious voices.


Obama, McCain in favour of nuke deal: Menon

Agencies
Posted: Sep 26, 2008 at 1449 hrs IST

New York, September 26: India said on Friday that it was confident of the passage of the Indo-US civil nuclear deal as it enjoyed bipartisan support among lawmakers, assuring that American firms would not be put at a disadvantage even if there is delay in getting a Congressional nod for the accord.
Both presidential candidates Barack Obama and John McCain, have also spoken for the deal. The delay is only as lawmakers are preoccupied with pressing economic legislation, Foreign Secretary Shivshankar Menon told newsmen while briefing about the Prime Minister's meeting with President George Bush.

Prime Minister Manmohan Singh and President Bush have expressed satisfaction at having brought the civilian nuclear deal to the point where it is about to be adopted by the US Congress, Menon said.

Singh expressed gratitude to Bush for having decisively intervened at various crucial levels to move the deal forward. The discussions between the two leaders, which covered the whole gamut of international and regional issues as also the current financial crisis, lasted about two and half hours first in the Oval office and later over dinner, he added.

Rejecting suggestions that American suppliers of nuclear equipment would be placed at disadvantage if the adoption of deal by the Congress was delayed, Menon said the sheer number of reactors India needs would not allow that.

"The issue will be of economic competitiveness of the companies," he told reporters.

However, he declined to set any time-frame for the deal to go through the Congress or comment on the ongoing political process, saying it is America's internal matter.

Asked whether India would be able to start buying equipment from other member countries of the Nuclear Suppliers Group (NSG), including France and Russia, even if the deal is held up in the Congress, he said the NSG waiver provides that its members can cooperate with India and it is for the group's members to do so.

Speaking about the Singh-Bush meeting, Menon said the two leaders also touched issues of regional importance, including the need to continue support to Afghanistan's transformation into a peaceful society and to free the region from terrorism.

Menon replied in the affirmative when asked if Pakistan came up during the discussion, but said it was not a large part of the parleys.

Replying to a question, Menon said that India, which is not involved militarily in Afghanistan, does not intend to change that.

But it is involved in a big way in reconstruction, having committed an assistance of USD 1.2 billion and some 4000 Indians are working on various projects. This, he said, is a sizable number.

During the initial meeting which was attended by the United States Trade Representative Susan Schwab the issue of Doha trade talks came up. Prime Minister Singh emphasised that the developing countries have interest in rule-based international trading system.

But emerging economies also face the issue of subsistence farmers which is most important to them, he told Bush. President Bush expressed understanding of the situation and opined that these aspects need to be accommodated, Menon said


Kandhamal situation is very tense: Orissa Govt
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Agencies
Posted: Sep 26, 2008 at 1918 hrs IST


Bhubaneswar, September 26: Terming the situation in riot-hit Kandhamal as ‘very tense’, Orissa government on Friday said it would like to hold dialogues with different stake- holders to restore peace in the tribal-dominated district.
“The situation in Kandhamal is very tense,” Chief Secretary Ajit Tripaty said adding tension escalated after killing of a Dalit belonging to the majority community.

Tripathy’s remarks came after Chief Minister Naveen Patnaik’s statement last night that the overall situation in Kandhamal was ‘largely under the control’ though sporadic violence took place in the past three days.

The government is yet to begin a dialogue with any one, the chief minister had said adding he would like to hold discussion with all concerned people who could help in bringing peace in the district.

He said the government was closely monitoring the developments in Kandhamal. “Additional state police force has rushed to Kandhamal in the wake of fresh violence,” Patnaik said adding he had asked for 10 more companies of para-military force for Kandhamal.

According to the chief secretary, the state has so far received three advisories from the Union Home Ministry on September 6, September 19 and on Thursday asking it to ensure “that peace is maintained in Kandhamal and we are doing that."



Kalam concerned over qualified youths' involvement in terror
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Agencies
Posted: Sep 27, 2008 at 1152 hrs IST


Allahabad, September 27: Voicing concern over the increasing involvement of qualified youths in terrorism, former president A P J Abdul Kalam has said that the worrying trend underscores the need for imparting value-based education.
"This (involvement of highly qualified young people in terrorist activities) is a matter of great concern. It proves that our education system, though excellent in equipping people with skills, needs to focus more on inculcating values. This also points out that moral science is as much relevant as other branches of science," he said during an interaction at the Indian Institute of Information Technology in Allahabad on Friday night.

The "missile man" was replying to a query from a young student who asked why people with degrees in engineering and other professional skills were getting involved in terrorism and other types of crime.

A devout Muslim and also known to be a great admirer of the Bhagvad Gita, Kalam stressed on the "unifying role of religion and spirituality".

"Every religion has two aspects - theology and spirituality. The former is usually exclusive and often makes co-existence of people with divergent views difficult. But the latter is all-inclusive as spirituality is all about finding harmony in a life beset with turbulence.

Hence, to bring peace and harmony in society we need to drive our youth towards the spiritual traditions of religions," Kalam said.

Kalam also recounted the imposition of President's rule in Bihar and the Office of Profit controversy as the two most challenging phases of his Presidential tenure.

"But despite the challenges, I was never unhappy with the assignment. This is my advice to the young ones - try to love the job at hand and you shall always remain happy".



Kolkata within terror range, says Buddhadeb
28 Sep, 2008, 2100 hrs IST, PTI

KOLKATA: Kolkata cannot be ruled out of terror strikes as it sits very much in the terror network that spreads from Afghanistan to Bangladesh taking India in its sweep, West Bengal Chief Minister Buddhadeb said on Sunday.

Bhattacharjee cautioned the city police to be more vigilant and strict against subversive forces.

Claiming that the city Police is one among the best in the country, the chief minister told a felicitation programme of the Kolkata police that its responsibility had increased much in view of the troubled times.

''Though our police force is one of the best in the country, we can't be complacent. We have to be more careful,'' he said.

He spoke of the need for the city police to reach out to people so that the social face of the police became more visible.




Rice says Russia can't veto NATO expansion
28 Sep, 2008, 1852 hrs IST, REUTERS
ATHENS: Russia cannot be allowed to veto NATO membership for former Soviet states such as Ukraine and Georgia, US Secretary of State Condoleezza Rice said in an interview published on Sunday.

Rice said Moscow should not be permitted to profit from its military victory over Georgia last month, and said its 15-year effort to join the World Trade Organisation (WTO) was in danger.

"We will not permit Russia to veto the future of NATO, neither the countries offered membership nor their decision to accept it," Rice said in an opinion piece published in Greek in the Typos newspaper.

"We and our European allies will give our help to Georgia ... The United States and Europe strongly support the independence and the territorial integrity of Russia's neighbours," she said.

At an April summit, NATO stopped short of putting Ukraine and Georgia immediately on the path to joining the transatlantic military alliance, but pledged that the two ex-Soviet states would one day become members.

While the United States has backed the entry bids of both Georgia and Ukraine, allies including Germany, France and smaller NATO states have opposed them for fear of provoking Russia. Russia regards both countries as part of its traditional sphere of influence in which it has "privileged interests".

In Ukraine itself, where the east of the country is broadly pro-Russia, the idea of joining NATO is unpopular with the majority of the population, according to opinion polls.

Rice reiterated U.S. warnings that Russia's military action in Georgia could derail its efforts to join the WTO and the Organisation for Economic Cooperation and Development (OECD), a grouping of democratic market economies.

EU Trade Commissioner Peter Mandelson has argued it would be counter-productive to withhold WTO membership to punish Moscow.

U.S.-ally Georgia tried to retake control of its pro-Russian South Ossetia province in early August but its troops were quickly defeated by Russia. Moscow's troops drove deep into Georgian territory, drawing international condemnation, before pulling back.

Russia, which on Friday announced plans to bolster its nuclear deterrent, has until Oct. 10 to comply with a French-brokered deal to withdraw its troops from security zones around Georgia's breakaway zones of South Ossetia and Abkhazia.



India unsure if Zardari can deliver on anti-terror pledge
28 Sep, 2008, 2053 hrs IST

Pakistani President Asif Ali Zardari may be keen on improving ties with India, but New Delhi is not sure whether he can deliver on his anti-terror pledge.

Financial crisis boosts trade reform calls
28 Sep, 2008, 2022 hrs IST



The debacle is reinforcing calls to strengthen the rules of commerce by agreeing a new trade deal. Top 10 US bank failures | Top banking crises | Tackling fin crisis



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N-deal in spotlight, UN seat out of Singh's mind
The unifocal spotlight on the nuclear deal during Prime Minister Manmohan Singh's four-and-a-half-day stay in the US may have dented India's traditionally important role at the UN during the most important week of the 63rd General Assemb. ... | Read..


Big smile awaits ‘man of word’
The German consul-general in Calcutta, who had warned of dire consequences if Metro Cash & Carry were denied a licence in Bengal, today praised Buddhadeb Bhattacharjee’s move to resolve the matter despite opposition from Left Front partner Forward Bloc. ... | Read..

Bloc escape hatch open
The CPM today stood by Buddhadeb Bhattacharjee in his standoff with the Forward Bloc, which renewed its pullout threat but appeared to leave an escape hatch open. ... | Read..


Bikers’ bag blows up on boy
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Buddha gets Tata reply
Buddhadeb Bhattacharjee today said Ratan Tata had agreed to meet him soon to discuss Singur and stressed that time was running out. ... | Read..


Cut out the ‘aunty’, please, this is London
A computer game has been devised to help Indian students freshly arrived in the UK get over the “culture shock” of encountering a very different way of life. ... | Read..


Letter reveals Huji design
A letter found on one of the seven suspected Huji militants killed by the army in Assam’s Dhubri district yesterday reveals that the group was sent as part of a bigg ... | Read..



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Sify
No big deal, says BJP on N-deal passed by US House
IBNLive.com - 34 minutes ago
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IBNLive.com
Boy killed in Delhi blast cremated
Hindu - 1 hour ago
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Washington Post
China plans manned trip to moon after successful mission
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Debate on Indo-US nuclear deal in US House: Who said what
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IndUS Business Journal An ode to energy security
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Pakistan should convince world to sign nuclear deal like India
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He was addressing a seminar on “Indo-US Nuclear Deal” her at Institute of Strategic Studies in collaboration with the South Asian Strategic Stability ...


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Where From You Get Your Home Loan? Are You Insured? History of Money Struck by darkest Hour,Fall Sets in with Big Fear and Sub prime Crisis Exploded w

Where From You Get Your Home Loan? Are You Insured? History of Money Struck by darkest Hour,Fall Sets in with Big Fear and Sub prime Crisis Exploded with the US Tagged Global Economy, Global Market and Globalisation in Turmoil!

Troubled Galaxy Destroyed Dreams: Chapter 66

Palash Biswas
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RBI slaps curbs on Lehman’s India arms


Our Bureau


Mumbai, Sept. 16 The Reserve Bank of India has issued a notice placing restrictions on the activities of the Indian subsidiaries of Lehman Brothers.

The RBI said on Tuesday it was issuing the instructions “in public interest and in the interest of financial stability”.

Lehman Brothers Capital Private Ltd, a non-banking financial company, would need the prior approval of the RBI before contracting any direct or indirect liability from any institution in or outside India or before making any foreign currency remittances.

The RBI also said that Lehman Brothers Fixed Income Securities Private Ltd, a primary dealer, cannot declare any interim dividend or remit any amount to its holding company or any other group company without its prior approval.

The RBI has also asked the primary dealer not to undertake transactions in government securities in the primary market.

According to the Website of the Securities & Exchange Commission, US, there are eight subsidiaries of Lehman Brothers in India.
http://www.thehindubusinessline.com/2008/09/17/stories/2008091752620100.htm

Where From You Get Your Home Loan?
Are You Insured?
History of Money Struck by darkest Hour!
Fall Sets in with Big Fear and Sub prime Crisis Exploded the US Tagged Global Economy, Global Market and Globalisation!

Gone are the days while anybody would get a home anywhere on this planet.

my niece Krishna told me once while she was reading in just class Nine in a Delhi public school, `We may not hope anything from the land! every piece of land is occupied!’

She opined,` We may not do anything in the Space either because it is also colonised!’

Krishna believed, `Hope lies under the deep where the destiny of Mankind rests’.
I really don`t know!

War against Terror have changed citizenship Act and Immigration Act worldwide. No one is a Citizen by Birth. You have to acquire citizenship. Half of the indigenous world population is stranded on the No Man`s land ejected out of life and livelihood!

It is very tough toe get a home in any part of our earth nowadays.

Explosion of US domestic Sub Prime crisis despite a boom in nuclear and weapon markets thanks to Indian Comrador Ruling Hegemony and Strategic Hindu Zionist White reliance, makes it tougher to get a home in poor third world countries further.

In India, every piece of land, urban, suburban, semi urban or rural is occupied by Realty Market. majority of the enslaved classes, castes and communities may not to afford a home nowadays.

In West Bengal, where I base for full seventeen years, I have not been able to get a piece of land or a home, just because as a professional my wages does not allow me to get one. But Housing Sector all over India is blooming by Foreign Investment and Big Global Players have just jumped in. Resurgence of Indian Middle Class banking on growing Plastic Money have led the Economy to be limited within the limits of Durable consumer Goods and Capital Goods. Thus, Sensex indices remain the heartbeats of Indian Economy. Every attempt is made to expand the Rural and retail consumer market. Universal education Agenda of Globalisation is being implemented with diverse multi level schooling system to create consumers after generation to generation without any real production. Indigenous production system and indigenous communities are meant for mass destruction, Agro Sector in India has been transformed into an infinite Killing Field! Inherited Industries from the British Colony like heavy Engineering, Jute, Tea and Cotton have become grave yards!
Fifty Six thousand factories are closed in West Bengal but the ruling Left runs on the super Highway of Marxist Capitalism!

Closed scores of Cotton and Jute Mill Campuses across Hugli River are destined for the Builders and Promoters only as every piece of land on the sides of BT Road, Jassore Road, Kona Expressway, EM Bypaas, Durgapur Expreesway, kalyani Highway, Belgharia Expressway is captured or booked already. Closed factories have opened spaces for Housing Complexes, Multiplexes, Retail chain. Industrialisation demands indiscriminate land acquisition and displacement and death of the indigenous communities in West Bengal. We know the updates of Singur and Nandigram!

We may not get a home in Luxury colonies. We just target the lower income housing. We may not have the deposit anywhere and we go to bank. Indian Banks are doing havoc with housing sector. construction sector is on growth.

On the other hand, Insurance sector being privatised, mandatory Insurance is quite in vogue. The Plastic Money circulated by Banking Sector feeds on Insurance!

Yes, this is the genetically modifies seed for Indian Sub prime Crisis, I am afraid!

Indian Banks dare not to touch the effluents but do everything for recovery against small customers!

Sub Prime Crisis is going to effect all those common people seeking Home Loans from the Banks! Never the less, Indian banks are very selective to handle its customer service and the Private sector banks have already made a name! Defence, Media, Police and Railway employees are always at run to get loan from Indian Banks!

Greed and fear factor has taken over the Market.

US tagged Indian economy may not be able to save the interests of the common people. neither it seems to be interested as it is trying its best to defend the MNCs, Builders and corporates!

Chines economy depends on its internal strength and is never tagged with USA. It is self sufficient as it has coined a different Globalisation unthinkable to third world countries. China is successful to save its indigenous production system while opening all avenues for the rest of the World in china.

Thus, china seems to take over with a Big jump!

The Economic super power, on the other hand is as miserable as India is, because it is also tagged with USA and Japanese Jumbo Companies depend on heavily on US market!


The Reserve Bank of India (RBI) stepped in this evening to check any potential adverse impact of the global financial turmoil on the Indian markets by announcing measures to ease the liquidity crunch and bolster the weakening rupee.

Tomorrow onwards, as an ad-hoc liquidity-injecting measure, the central bank will allow banks in dire need of funds to borrow more by relaxing the statutory liquidity ratio (SLR), or the amount banks must mandatory invest in government securities.

Although Indian overnight indexed swaps were mostly steady on Wednesday, helped by lower global oil prices and infusion of fresh liquidity by the central bank through its repo facility, Bankers in Mumbai discussed among themselves how to sort out their exposures on equity, debt and interest rate swaps to Lehman. They are taking legal opinions on whether a possible non-payment by Lehman could be construed as a “default” since Lehman India is a separate entity here. Both Lehman and Merrill’s operations in India will see a substantial shakeout soon, and there’s a possibility that BankAm may sell Merrill’s India operations. Market regulator SEBI on Tuesday said it will allow trading in exchange traded interest rate futures by December-January, a move which will help banks and FIIs manage interest rate risks.India's economy is expected to grow by more than 8 per cent in the fiscal year to March despite being hurt by the global slowdown and soaring oil prices, Prime Minister Manmohan Singh said in New Delhi, on Wednesday. Singh said annual wholesale price inflation, which held above 12 per cent in late August, was showing some signs of moderation and prices were expected to improve further due to steps taken by the government. The Indian government has cut import duties and banned exports of food items, while the central bank raised its key lending rate in both June and July to tame inflation. The repo rate now stands at a seven-year high of 9 per cent.

Whatever may be the projected Virtual reality of Shining India Sensex Economy tagged with US War Economy hard facts remain to challenge the Policy Makers! The Asian Development Bank (ADB) warned on Wednesday, Asia's high inflation problem is due to lax monetary policy rather than soaring food and energy prices, and the threat of "lasting damage" is real!

WTO fame Commerce and industry minister of India Kamal Nath said in New Delhi on Tuesday,`While the US financial crisis is unlikely to affect India’s growth story, flow of foreign direct investment (FDI) may take a hit. “There will be a slow down due to the frenzy effect.”The impact on FDI flow will be assessed in the next two-three weeks, the minister said. He, however, added that the FDI target of $40 billion was likely to be met.

Speaking at an interaction with special economic zone (SEZ) developers, organised by the export promotion council for EOUs and SEZs (EPCES), Mr Nath said while the US had been asking India to adopt best banking practices, it is their banks that have faltered. “Those who preached us best practices have not helped their own financial sector,” he said. The minister said the amount of exposure of the banks going down is small in Asia and smaller in India. “A very small fraction of that (US economic turmoil) is in Asia. This shows that best practices have been adhered to in Asia,” he added.

However, he said the economic turmoil in the US is causing concern to most of the global economies. “It still has to be assessed to what extent it will affect the economy in Europe,” he said. It would also affect flow of FDI to India.
The US credit crisis worsened on Monday with Lehman Brothers going bankrupt and investment bank Merrill Lynch being bought by Bank of America.


Seated on the financial Atom Bomb right into the Heart Of new York,Indian Minister of state for Commerce and Industry Ashwani Kumar has claimed,`The current turmoil in the global financial markets is unlikely to have an adverse effect on India's healthy growth rate or on the huge investments it is attracting.’
Admitting the crisis might have slight impact on the functioning of the Indian economy, Kumar expressed confidence that fiscal management will insulate it to the maximum possible extent, asserting that the US and India would continue to be in a "very tight economic embrace."

The American economy is resilient and dynamic and current crisis could be just cyclic or temporary aberration, he told reporters. Kumar, who is here to deliver a series of lectures in Harvard University, said, money flows only to countries whose economies are resilient and give higher returns, with India fulfilling both qualifications.

The Indian economy is resilient, its economic fundamentals strong and it has 400 million strong middle class with huge purchasing power, he said. Besides, India is strengthening its infrastructure at huge cost.

The Chinese economy on the other hand, Kumar stressed, has reached a saturation point, while India will continue to be one of the principal destination.

Replying to a question, he also expressed hope that the Indo-US Nuclear Deal would clear the Senate by the time Prime Minister Manmohan Singh holds summit with President George Bush on Sept 25 in Washington.

He also praised the Bush administration for its "forceful diplomacy" and time interventions at critical stages during negotiations of Nuclear Suppliers Group (NSG).
Meanwhile,IT major Wipro Technologies and Gurgaon-based knowledge process outsourcing firm Copal Partners have expressed interest in bidding for the Indian back office business of Lehman Brothers Holdings, the US-based investment banking firm that filed for bankruptcy protection yesterday.

Lehman is expected to close its captive unit in Powai, a Mumbai suburb, by the end of this month. The unit’s 1,200 employees, who work on equity research and analytics support for the mergers and acquisitions business, have been orally told to quit by September-end. They have also been informed that they will be paid only for this month, which will be treated as a severance package.

Investment banking sources said Wipro and Copal have been looking at buying opportunities in this space for some time. Though the Lehman BPO unit does not have an anchor client it may help them quickly scale up the business.

Wipro declined to comment and Rishi Khosla, co-founder and chief executive officer of Copal, could not be reached.

Copal Partners already has clients in industries such as investment banking, equity research, credit research, and strategy consultancy.

Unlike employees in Lehman’s investment banking business, who have been receiving feelers from domestic banks, employees in the captive BPO are unlikely to find alternative jobs quickly because the IT and IT-enabled services industries have already begun downsizing, owing to the global financial crisis.



What is the Objective Cruel realism?

ICICI Bank today said it might need to make an additional provision of $28 million (Rs 188 crore) on its exposure to bonds issued by investment bank Lehman Brothers, which has filed for bankruptcy in the United States.


The country’s second largest bank, which stands to lose the most among Indian lenders, is yet to decide if the investment would be marked to market for the second quarter.

Following an analyst report this morning, ICICI Bank issued a statement saying its UK subsidiary had an exposure of around $80 million to Lehman’s senior bonds. It had already made provisions of $12 million on these bonds and a further $28 million worth of provisioning might be required if 50 per cent recovery is assumed, the bank said.


PTI reports Shares of 16 Indian firms listed on the US bourses have suffered a loss of over $7 billion in just two days, amid the crisis which has gripped major investment banks in that country.

Country's largest private sector lender, ICICI Bank suffered the brunt of the meltdown, receiving a blow of about $2.58 billion in the market capitalisation of its American Depository Receipts.


ICICI Bank's ADRs listed on the New York Stock Exchange plunged over 15 per cent since Friday last week.

It settled at $25.2, down nearly 4 per cent at the close of trade last night.

IT firms including Satyam, Infosys and Patni Computers witnessed a sharp fall with their market cap dropping $968 million, $480 million and $91 million, respectively.

Vedanta Group firm Sterlite Industries' ADRs also declined over 10 per cent in two days witnessing a drop of $793 million in its market value, since Friday last week.

Meanwhile, Tata Communications (formerly known as VSNL) and Rediff.Com were the only exceptions to the melting markets and managed to stay afloat.

Tata Communications gained nearly 3 per cent in the past two days on the NYSE, while Rediff.Com had closed up 0.4 per cent on Tuesday on the Nasdaq.

Another private lender, HDFC Bank's ADRs also dropped sharply in the past two days loosing close to $884 million in market capitalisation.



It had settled at $81.25 on Tuesday falling 7.14 per cent from $87.5 on Friday last week.
In the past two day, ADRs of outsourcing firms Genpact, WNS (Holdings) and EXLService Holdings Inc also witnessed a drop of over 8 per cent, 2.39 per cent and 6.6 per cent, respectivley.



No one knows how markets will pan out over the next few weeks! Blue chip shares opened sharply lower Wednesday with the market still weighing the situation after the Federal Reserve bailed out insurance giant AIG: the Dow was off 1.78 percent and the Nasdaq slid 1.69. The dollar extended gains against the yen in Asian trade on Wednesday after the US Federal Reserve announced an unprecedented rescue package for troubled insurance giant AIG, dealers said.

Speculative buying in the real estate market in leading cities has declined to 5% from 30-40% earlier and genuine end-users account for nearly 80% of total property sale, a report on real estate by Ernst & Young and FICCI has said.

The report said, “The last three to four quarters have witnessed a significant shift in the buyers’ profile with real estate prices reaching a level where speculators\investors cannot realise significant returns.”

Speculators used to account for 30 to 40% of total sales earlier, according to the report released at a real estate summit.


Market fall continues on fear of global liquidity crunch. Japan, Australia and India pumped $33 billion into money markets on Wednesday as US government rescue of insurer AIG failed to soothe frayed nerves and ease a funding squeeze triggered by the crisis engulfing Wall Street. Across Asia, which has been largely shielded from the worst of the credit crisis, central banks were bracing for more market turmoil.
Singapore shares close 1.71 pc lower
Chinese shares close 2.9 pc lower
Hong Kong shares close down 3.6 pc
Asia greases money markets; AIG deal fails to soothe
Chinese shares close 2.9 per cent lower
London stocks open higher after AIG rescue

Lehman Brothers’ bankruptcy is likely to cost Indian real estate dear. It may impact the financial major’s existing investments worth $500 million in realty firms, including DLF and Unitech, besides drying up another $500-million worth of potential investment which was expected to flow into Unitech’s Mumbai projects.

The news of Lehman’s collapse brought the BSE realty index down by 7.65% on Monday, while the benchmark Sensex declined 3.35%. Both DLF and Unitech fell 7.5%.

Lehman’s fall signals a deepening of credit crisis for Indian developers, who have lately been battling falling sales, rising cost of construction and tightening credit. It is expected that the US-based firm is likely to go for a fire sale of its assets.

The financial services major was very bullish on India and was among the active investors in Indian real estate. Early this year, it had leased out an office space in Mumbai paying Rs 1 crore per month as rental. This would divert a part of fresh funds seeking to invest in Indian realty.
This is because global fund houses have country-allocations. And as they buyout Lehman’s stake in some of the Indian assets, they will end up diverting some of the fresh funds-in-hand to existing assets rather than investing in new projects.

“Lehman’s departure will impact future cash flows of real estate companies. In a market situation like today’s, it will be all the more difficult for the firms to raise funds,” says Karvy Stock Broking vice-president Ambareesh Baliga.

Lehman invested $200 million in DLF promoter group company DLF Assets last year and bought 50% stake in Unitech’s Mumbai project for $175 million a few months ago. It had also invested $80 million in Bangalore-based SEZ Gandhi City and was likely to hike its share to $300 million.

Lehman’s other investments include a 40% stake in an IT park project of Peninsula Land in Hyderabad for an initial investment of Rs 50 crore. It had also teamed up with Mumbai-based developer HDIL to bid for the redevelopment of Asia’s largest slum Dharavi.

Wherever the developers had received fund, they are safe. But where the funds are yet to come, the developers could get stuck. Some analysts say a distress sale by Lehman will impact the valuation of existing projects.

DLF CFO Ramesh Sanka had earlier told ET that Lehman’s sale of investments in DAL would not impact DAL’s valuation. Unitech MD Sanjay Chandra said that his company had already received funds. So, the company won’t get impacted by Lehman’s bankruptcy.

Some industry executives say that FDI norms of a three-year lock-in period may prevent Lehman from making an immediate sale. But analysts argue that the lock-in period in case of bankruptcy may not hold.

High interest rate regime consequent to the monetary tightening measures initiated by the Reserve Bank along with subdued demand conditions and high raw materials prices have led to further moderation in growth momentum, says Dun & Bradstreet India in a research report.

GDP, for instance, grew merely by 7.92% (y-o-y) during Q1 FY09 as compared to 8.76% (y-o-y) during Q4 FY08. Industrial production too slowed down substantially and registered an average growth of 5.70% during April-July 2008 period from 9.78% during April-July ’07.

Growth in industrial production as measured by the Index of Industrial Production also moderated to 7.06% during July 2008 vis-à-vis 8.28% during July 2007. “Although it is higher than the growth witnessed during the previous three months of the current fiscal, nevertheless, given the subdued demand conditions to some extent and high raw material prices, growth in industrial production is expected to remain moderate. We expect to have grown within the range during August 2008,” the report says.

“In line with D&B expectations, GDP growth moderated to around 8% during Q1 FY09,” said Kaushal Sampat, COO, Dun & Bradstreet India. “The oderation in growth is significant, especially when compared with the 9.24% growth during Q1 FY08. Additionally, the moderation in growth of Gross Fixed Capital Formation to 8.96% in Q1 FY09 is indicative of a slowdown in investment activity, and would have a bearing on industrial production in the future. Going forward, given the high interest rates and low consumer demand, industrial production is expected to remain subdued.”

Sampat added, “Although moderation in international crude oil and edible oil prices have provided some respite to surging inflation in the last few weeks, headline inflation continues to be double digit and thus remains an overriding concern for policy makers. With growth in money supply and bank credit still above RBI's target rates, we expect further monetary tightening.”


Central banks pumped billions into money markets for a second day on Tuesday as efforts intensified to stop the demise of Lehman Brothers turning the year-old credit crunch into a credit freeze.

A day after Lehman Brothers filed for bankruptcy and Merrill Lynch, another Wall Street titan once considered invincible, was sold, central banks in Europe and Japan provided a desperately needed 160 billion dollars in liquidity.

Total injections since the weekend are now approaching 300 billion dollars.

With insurance giant AIG scrambling to prevent its own collapse -- showing that the end of Lehmans is not the end of the crisis -- the money is needed to keep banks lending to each other and therefore to firms and individuals.

The Bank of Korea warned that foreign funds would keep flowing out of the domestic bond market. India added an extra money market operation to improve banks' access to funds while Taiwan made lending easier by lowering the ratio of time deposits banks must keep in reserve.

A commentary from a Chinese academic in the official newspaper of China's ruling Communist Party, went as far as to suggest that the global financial system was ruptured beyond repair.

"The world urgently needs to create a diversified currency and financial system and fair and just financial order that is not dependent on the United States," Shi Jianxun, a professor at Shanghai's Tongji University said in the overseas edition of The People's Daily.

Asian stocks and the dollar initially rallied on news that the global financial system would be spared the collapse of an insurance giant that operates in 130 countries. But shares gave up their early gains and cash remained tight in money markets with no end in sight to the 13-month old credit crisis.

Overnight dollar funds changed hands at rates as high as 8.5 percent in Asia, much above the Federal Reserve's 2 percent target rate, dealers in Singapore said.

Lending between banks nearly seized up this week after the global credit crisis pushed Lehman Brothers to seek bankruptcy protection, Merrill Lynch into the arms of Bank of America and insurer American International Group Inc to the brink of collapse, all during one tumultuous weekend.

"There is mistrust among Japanese lenders towards foreign borrowers because there is no clear policy about which US financial institutions are rescued and which aren't," said a deputy general treasury manager at a Japanese bank.

Australia's central bank supplied the banking system with extra cash for the third day running, more than doubling the previous day's injection to A$4.285 billion ($3.4 billion), which was nearly twice the market's estimated cash need.

Bank of Japan pumped 3 trillion yen ($28.58 billion) into the market in two moves, matching a record from March 31, after overnight rates jumped above 0.7 percent, 20 basis points higher than the central bank's target rate.

The Bank of Japan kept its benchmark rate unchanged just as the Fed did on Tuesday.

The Federal Reserve, which supplied an $85 billion bridge loan to rescue AIG, disappointed investors who had bet that it would follow its injection of emergency funds with an interest rate cut.

By staying pat, the Fed would leave the European Central Bank little choice but to keep pumping cash into the euro zone money market too, said Suresh Ramanathan, head of currency and rates strategy at CIMB Investment Bank.

"For the Fed itself, yesterday's non easing will mean another round of dollar shortage hitting European money markets, forcing the ECB to continue with its liquidity injection," he said.

The Manila-based lender on Tuesday jacked up its 2008 inflation forecast for developing Asia to 7.8 per cent from the 5.1 per cent it predicted in April. Meanwhile it trimmed its economic growth forecast for the region to 7.5 per cent from 7.6 per cent.

"External food and oil price shocks explain less than 30 per cent of Asia's CPI (consumer price index) inflation, while excess aggregate demand and inflationary expectations account for about 60 per cent," said a study by ADB economists Juthathip Jongwanich and Park Donghyun.

The ADB study said the spike in commodity prices has given the region's policymakers "an excuse for not raising interest rates." The bank warned that "monetary policy accommodative of the food and oil price shocks" will only reinforce the problem.

"This truly frightening prospect gives the region's central banks every reason to wake up to the importance of subduing inflation before it becomes entrenched and inflicts lasting damage on the economy."

The ADB study said loose monetary policy that encouraged excessive demand was the result of governments' priority to get their economies back on their feet after the 1997 Asian financial crisis.

The region did recover swiftly in the past decade in a regime of low inflation, but the study said this may have "lulled monetary authorities into complacency." It acknowledged that tightening now was "not without significant risks" including reinforcing economic contraction amid falling demand for Asian exports and global economic slowdown.

"However, it is important not to exaggerate those risks," the study said. "The loss of output due to anti-inflationary tightening will somewhat dent the region's growth but is unlikely to push the region into recession.

"Central banks may come to rue not acting today as a rare missed opportunity to fight inflation at a manageable cost," it added.


The Lehman effect
17 Sep, 2008, 0000 hrs IST, ET Bureau
http://economictimes.indiatimes.com/Editorials/The_Lehman_effect/articleshow/3491137.cms

India’s outsourcing story has become the unintended victim of the collapse of some of the most venerable Wall Street firms such as Lehman Brothers and Merrill Lynch since the subprime crisis began to unravel. India can no longer claim that BPO/KPO operations will escape unscathed from troubles of the US financial sector.

Already, hundreds of jobs have been lost following the downsizing of operations and closing down of back offices in India — the toll of the collapse of Lehman is reportedly about 2,200 jobs. Several other global financial services companies too have been forced to cut the strength of the back office operations in India, laying off people across various functions as their incomes were hurt by the crash of the stock markets.

Software majors such as TCS, Infosys, Wipro and Satyam that earn a significant portion of their revenues from the banking, financial services and insurance (BFSI) sector would need to be prepared for loss of business. Needless to say, the loss of several well-paying jobs would dampen demand in some product-segments as well as the real estate, which is already suffering due to sluggish sales. Indian companies which have partnered these institutions for business collaborations or funds would have to be prepared for a change in partners and even stake sale by the distressed institutions.

However, that is not to say the collapse of the financial sector would make the outlook for India and its market more gloomy. There have been a few positive developments over the past couple of weeks. For instance, the industrial production for July 2008 looks healthier, rising 7.1% over the same month last year.

In particular, the robust growth of the capital goods sector (albeit over a low base in July 2007) and consumer durables (perhaps in anticipation of the festival season demand) are definitely encouraging. The decline in global commodity prices, particularly crude oil now inching close $90 a barrel, should spell good news for inflation control. Besides, the first quarter GDP growth at 7.9%, although slowest in three years, reflects that the fundamentals of the economy is still very strong. That should inspire confidence in the performance of our stock markets.

Wall Street's acid test
16 Sep, 2008, 0135 hrs IST, ET Bureau
http://economictimes.indiatimes.com/Opinion/Wall_Streets_acid_test/articleshow/3487033.cms
Is this the financial apocalypse the world has been dreading since the subprime crisis first hit the global economy more than a year ago? Or is there more to come? That’s the question uppermost on most minds as nothing the US administration does, including the once-unthinkable nationalisation of two big financial institutions, Fannie Mae and Freddie Mac, seems able to stem the slide.

If only we could be sure this is indeed apocalypse then maybe we could hope the worst is behind us and expect things to improve. Unfortunately the world has no such luxury — instead there is mind-numbing uncertainty about how many more financial giants may finally go down (and drag economies down with them) as the crisis unravels. Monday’s announcements by Lehman Brothers Holdings, once the bluest of investment banks, that it would file for Chapter 11 bankruptcy protection, and by Bank of America that it had agreed to buy Merrill Lynch in an all-stock deal worth $50 billion only add to the sense of foreboding.

It remains to be seen whether the sale of Merrill and the controlled demise of Lehman will be enough to finally turn the tide in the financial crisis that has crippled Wall Street. Reports that American International Group, (AIG) the largest US insurer by assets and Washington Mutual, the largest S&L institution are also seeking Fed support suggest it might not.

There is also the danger that the winding down of the 158-year-old investment bank could expose other banks to losses on Lehman’s assets, risking more bank failures even as the Federal Deposit Insurance Corporation exhausts its reserves, raising the spectre of a repeat of the savings and loan meltdown. The only difference is that this time the rest of the world is hitched on to the US economy in a way that was not the case earlier.

Inevitably the ripple effects are being felt in markets round the world. The sensex dropped more than 5% in the first 15 minutes of trading (the market finally closed 470 points down at 13,531) and the rupee fell to 46.08 as US financial woes added to fear psychosis created by bomb attacks in the Capital on Saturday. Fortunately many Asian markets were closed, else the carnage might have been much worse. How events will finally pan out is hard to predict but they are bound to hit the broader US economy and the world, including India, pretty hard.

Economic times reports:Indian policymakers will now have to face up to the challenge of slowing capital flows, which could slide further after the latest developments on Wall Street. The turmoil in the global financial and credit markets had led to capital flowing out at a faster pace.

Between April and July this year, foreign portfolio investors have taken out close to $4.5billion, going by RBI data. According to SEBI figures, foreign investors have pulled out close to $400 million in August and September so far. For the full year, foreign portfolio investors have sold stocks worth over $7 billion.

The slowdown in capital flows this fiscal is in sharp contrast to the scenario over a year ago when the Indian central bank was struggling to manage inflows. The new RBI governor D Subbarao now has the challenge of stemming outflows unlike his predecessor, YV Reddy who had to manage the copious flow of capital for a good part of his tenure.

The prime minister’s economic advisory council in its outlook for the economy for 2008-09 has already warned that policymakers “may have to be prepared to face a situation of greater volatility in capital inflows on account of the uncertain external environment”.
http://economictimes.indiatimes.com/Markets/Analysis/Thinning_capital_inflows_spark_new_challenges/articleshow/3491500.cms

REUTERS reports from WASHINGTON: In one $85 billion fell swoop, Federal Reserve may have wiped out what credibility it won resisting Lehman Brothers' rescue plea and opened its door to countless other companies to come calling for cash.
By providing a massive loan to American International Group on Tuesday, just two days after refusing to use public funds to save Lehman Brothers from bankruptcy, the central bank also invited tough questions on how exactly it determined whether a company was too big to fail.
Between the $29 billion the Fed pledged to swing the Bear Stearns sale to JPMorgan in March, $100 billion apiece to rescue mortgage finance firms Fannie Mae and Freddie Mac, up to $300 billion for the Federal Housing Authority, Tuesday's $85 billion loan to insurer AIG and various other rescue deals and loans, taxpayers are potentially on the hook for more than $900 billion.
"They pretended they were drawing a line in the sand with Lehman Brothers but now two days later they're doing another bailout," said Nouriel Roubini, a professor at New York University's Stern School of Business.
"We're essentially continuing a system where profits are privatized and...losses socialized," Roubini said, adding that auto makers, airlines and other struggling businesses would no doubt be asking for government help too.
The government was hard pressed to say no to AIG because of concerns that its collapse would harm thousands of companies around the world and cause chaos in the $62 trillion market for credit default swaps, where it is a big player.
Many on Wall Street were clamouring for a rescue earlier on Tuesday, and AIG's share price swung wildly throughout the day as rumours swirled of an on again, off again government rescue.
But Roubini said instead of handing out money to firms that made bad bets -- which could inadvertently encourage more risky behaviour if companies think they have a safety net -- the government should be buying up mortgages and rewriting the terms so that households are not buried in debt.
Some events leave their mark on the history of money and change the rules of the game forever. On Monday, when traders watched in shock and horror at the news tickers, they sensed that history was unfolding before them. “Lehman failed, Merrill sold and AIG trying to raise $50 billion before the opening bell” — it was surreal. Wall Street will never be the same again.
In the course of an extraordinary weekend, it’s oldest and the fourth-largest investment bank Lehman Brothers Holdings Inc filed for bankruptcy, while Merrill Lynch, famous for its iconic bull statue in the New York City financial district, sold out before it was too late.
With stunning speed, two of the most storied investments banks faded into history, with Lehman headed for the biggest-ever bankruptcy filing and Bank of America (BankAm) buying Merrill in a $50-billion stock deal. The world of high finance had turned upside down. At the time of writing, another world titan, the largest US insurer, American International Group Inc (AIG) has been given special permission to access $20 billion of capital in its subsidiaries to free up liquidity. AIG had asked the US Federal Reserve for a bridge loan.
The enormity of the disaster sparked distrust among high-street banks, which refused to lend to each other, and panic among investors who sold fearing the worst, forcing some of the central banks to swing into action. People’s Bank of China cut interest rate for the first time in six years and lowered reserve requirements for smaller banks, while the US Fed made it easier for bond houses to borrow. The greed and excesses of the market had come home to roost.

In the financial capital of India,mumbai, Call it a repercussion of the credit turmoil in the US or the unabated negative trend the market has taken, the banking sector continues to remain in the grips of the bears.
The BSE Banking Index on Wednesday fell by almost 6 per cent. ICICI Bank was the worst-hit. The stock fell close to 9 per cent to Rs 544.05 (LTP). HDFC Bank, Axis Bank, and Allahabad Bank fell by 3-4 per cent.
The rupee rose more than 1 per cent in volatile trade on Wednesday, boosted by the Reserve Bank of India's (RBI) move to keep selling dollars and lift deposit rates for non-resident Indians, but stock market losses remained a weight.
The partially convertible rupee ended at 46.33/35 per dollar, off a high of 46.25, and 1.2 per cent stronger than 46.89/90 at the close on Tuesday. It fell to a low of 46.99 on Tuesday, its weakest since July 2006.
On Wednesday the rupee fell as low as 46.75 due to heavy dollar demand from foreign institutional investors and oil companies, traders said.
They said the RBI commitment on Tuesday to continue intervening to support the rupee helped it strengthen in early trade.
"The rupee started trimming gains due to dollar demand from custodial banks, but then around 46.70 the central bank appears to have stepped in which was followed by aggressive dollar selling by exporters and banks," a senior dealer with a private bank said.
Dealers said the rupee may rise towards 46 per dollar in the near term, helped by the central bank's supportive stance.
India's main share index fell 1.9 per cent, taking its losses to more than 11 per cent over the past seven days. Foreign funds have so far sold a net $8.7 billion worth of stocks this year, helping push the rupee down nearly 15 per cent.
Dealers said the dollar's strength versus other currencies overseas was also weighing on the rupee.
In the currency futures market, the most heavily traded near-term contract closed at 46.54 per dollar. The total volume in the market was slightly higher than 52,000 contracts.

In New york, Stocks skidded again Wednesday, with anxieties about the financial system still running high even after the government bailed out the insurer American International Group Inc. The Dow Jones industrial average dropped about 200 points.The Federal Reserve is giving a two-year, $85 billion loan to AIG in exchange for a nearly 80 percent stake in the company. Wall Street had feared that the insurer, which has lost billions in the risky business of insuring against bond defaults, would follow the investment bank Lehman Brothers Holdings Inc. into bankruptcy.
Lehman, after filing for bankruptcy protection on Monday, sold its North American investment banking and trading operations to Barclays, Britain's third-largest bank, on Tuesday for the bargain price of $250 million.
The moves by the Fed and Barclays lift some of the uncertainty surrounding two of the most precarious pillars of the U.S. financial system, but investors' worries are far from erased.
Goldman Sachs Group Inc., the world's largest investment bank, said Tuesday its third-quarter profit plunged 71 percent from a year earlier, an almost unthinkable drop for a firm widely described as the smartest on Wall Street.
Goldman's results, its worst slump in profits since it went public in 1999, reflected the continuing damage from the ongoing credit crisis that has already vanquished three of its rivals. Goldman and Morgan Stanley, which late Tuesday reported better-than-expected third-quarter results, remain the only major independent investment banks on Wall Street after a major shake-up of the investment banking industry. Lehman Brothers Holdings Inc. filed for bankruptcy Monday after succumbing to distressed real estate holdings, while Bear Stearns Cos. and Merrill Lynch & Co. were swallowed by commercial banks in emergency sales.
After two years of record profits, Chairman and Chief Executive Lloyd Blankfein has been the only CEO to navigate his firm through the market dislocation without posting a loss or major write-downs. But he said "this was a challenging quarter" marred by a "decrease in client activity and declining asset valuations."
With Merrill Lynch & Co. agreeing to be acquired by Bank of America Corp., more pressure has come on Goldman to make a similar deal. Many analysts believe stand-alone investment banks can balance volatile businesses like investment banking or trading with the relative stability of deposits held by retail banks.
Meanwhile,after taking over part of the North American operations of Lehman, British bank Barclays has kicked off talks to buy out the Asian and European operations of the failed US investment bank.
According to sources close to the deal, the acquisition of the Asian assets of Lehman is likely to be completed in the next 48 hours. Barclays is likely to buy out only the investment banking and brokerage business. The move would help the bank kick-start its equity capital market business and also beef up its M&A advisory business substantially.
Barclays Capital, the investment banking division, now offers only fixed income products. The move would provide the bank access to ready made infrastructure across the region. It recently added a merger and acquisition division after picking up senior officials from ABN across the region.
When contacted, Barclays officials from Singapore said, "We are not in a position to comment on whether Lehman's Asian and European operations would be acquired by Barclays."
Lehman officials did not respond to an e-mail questionnaire.
Barclays had on September 16 said it will acquire Lehman's North American investment banking and capital markets businesses for $250 million in cash. The British bank would also purchase the New York headquarters and two data centers in New Jersey at their current market value, which is estimated at $1.5 billion.
Incidentally, Barclays had in a statement post the announcement said that, "In addition to the agreed transaction, Barclays Capital intends to immediately commence discussions with the relevant international regulatory authorities to acquire Lehman Brothers' similar operations outside North America, although there can be no assurances such international operations will be acquired."
Barclays now has close to 5,000 employees in 11 countries in Asia.
AP reports from WASHINGTON :Another day, but not just another bailout. This one's a stunning government takeover.
In the most far-reaching intervention into the private sector ever for the Federal Reserve, the government stepped in Tuesday to rescue American International Group Inc. with an $85 billion injection of taxpayer money. Under the deal, the government will get a 79.9 percent stake in one of the world's largest insurers and the right to remove senior management.
AIG's chief executive, Robert Willumstad, is expected to be replaced by Edward Liddy, the former head of insurer Allstate Corp., according to The Wall Street Journal, citing a person it did not name. Willumstad had been at the helm of AIG since June.
A call to AIG to confirm the executive change was not immediately returned.
It was the second time this month the feds put taxpayer money on the hook to rescue a private financial company, saying its failure would further disrupt markets and threaten the already fragile economy.
AIG said it will repay the money in full with proceeds from the sales of some of its assets. It will be up to the company to decide which assets to sell and the timing. The government does, however, have veto power.
Under the deal, the Federal Reserve will provide a two-year $85 billion emergency loan at an interest rate of about 11.5 percent to AIG, which teetered on the edge of failure because of stresses caused by the collapse of the subprime mortgage market and the credit crunch that ensued. In return, the government will get a 79.9 percent stake in AIG and the right to remove senior management.

AIG shares sank $1.34, or 36 percent, to $2.41 in morning trading Wednesday. They traded as high as $70.13 in the past year.
The government's move was similar to its bailout of Sept. 7 of mortgage giants Fannie Mae and Freddie Mac, where the Treasury Department said it was prepared to put up as much as $100 billion over time in each of the companies if needed to keep them from going broke.
The Fed said it determined that a disorderly failure of AIG could hurt the already delicate financial markets and the economy.
It also could "lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance," the Fed said in a statement.
The decision to help AIG marked a reversal for the government from the weekend, when it refused to use taxpayer money to bail out Lehman Brothers Holdings Inc. Lehman, which filed for bankruptcy protection Monday, collapsed under the weight of mounting losses related to its real estate holdings.
The White House said it backed the Fed's decision Tuesday.
"These steps are taken in the interest of promoting stability in financial markets and limiting damage to the broader economy, " White House spokesman Tony Fratto said.
After meeting with Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke in a late-night briefing on Capitol Hill, Congressional leaders said they understood the need for the bailout.
"The administration is approaching an unprecedented step, but unfortunately we are living in unprecedented times. Hearing of these plans, you have to stop to catch your breath. But upon reflection, the alternatives are much worse," said Sen. Charles Schumer, D-N.Y.
In a statement late Tuesday, AIG's board of directors said the loan will protect all AIG policy holders, address concerns of rating agencies and buy the company time to sell off assets.
"We expect that the proceeds of these sales will be sufficient to repay the loan in full and enable AIG's businesses to continue as substantial participants in their respective markets," the statement said. "In return for providing this essential support, American taxpayers will receive a substantial majority ownership interest in AIG."
New York officials said the deal helps stave off a fiscal crisis for the state. AIG is based in New York.
"Policy holders will be protected, jobs will be saved," New York Gov. David Paterson said Tuesday night.
In an interview on ABC's "Good Morning America" program Wednesday, former longtime AIG CEO Maurice "Hank" Greenberg was asked whether critics are being fair who say the situation at AIG and the financial markets generally happened because of greed, bad business practices and corruption.
"No, I think it's an unfair appraisal," said Greenberg, who was replaced as CEO three years ago as part of an accounting probe. "You know, there are many things that contributed to this unfortunate episode. after I left the company, all the risk management procedures that we had in place were obviously dismantled. I can't explain that. There's a new board of directors. One should be asking that board of directors what they did and why."
Greenberg said he has lost "my entire net worth. Literally, my entire net worth.'
"Worked 40 years building the greatest insurance company in history, one that everyone in the world envied who was in this industry. I'll get by, but my heart goes out for the thousands and thousands of employees and their families who shareholders and not only in the united states but worldwide. That is a tragedy," he said.
The Fed's move was part of a concerted push to help calm jittery markets and investors around the world.
On Tuesday, the Fed decided to keep its key interest rate steady at 2 percent, but acknowledged stresses in financial markets have grown and hinted it stood ready to lower rates if needed.
The central bank also pumped $70 billion into the nation's financial system to help ease credit stresses. In emergency sessions over the weekend, the Fed expanded its loan programs to Wall Street firms, part of an ongoing effort to get credit flowing more freely.
The stock market, which Monday posted its largest point loss session since the Sept. 11 attacks, recovered Tuesday after the Fed's decision on interest rates. The Dow Jones industrials rose 141 points after losing 500 points on Monday.
AIG's shares swung violently, though, as rumors of potential deals involving the government or private parties emerged and were dashed. By late Tuesday, its shares had closed down 20 percent - and another 45 percent after hours.
The problems at AIG stemmed from its insurance of mortgage-backed securities and other risky debt against default. If AIG couldn't make good on its promise to pay back soured debt, investors feared the consequences would pose a greater threat to the U.S. financial system than this week's collapse of the investment bank Lehman Brothers.
The worries were heightened Monday after Moody's Investor Service, Standard and Poor's and Fitch Ratings lowered AIG's credit ratings, forcing AIG to seek more money for collateral against its insurance contracts. Without that money, AIG would have defaulted on its obligations and the buyers of its insurance - such as banks and other financial companies - would have found themselves without protection against losses on the debt they hold.
Another report by AP from New york:
Stocks skidded again Wednesday, with anxieties about the financial system still running high even after the government bailed out the insurer American International Group Inc. The Dow Jones industrial average dropped about 200 points.
The Federal Reserve is giving a two-year, $85 billion loan to AIG in exchange for a nearly 80 percent stake in the company. Wall Street had feared that the insurer, which has lost billions in the risky business of insuring against bond defaults, would follow the investment bank Lehman Brothers Holdings Inc. into bankruptcy.
Lehman, after filing for bankruptcy protection on Monday, sold its North American investment banking and trading operations to Barclays, Britain's third-largest bank, on Tuesday for the bargain price of $250 million.
The moves by the Fed and Barclays lift some of the uncertainty surrounding two of the most precarious pillars of the U.S. financial system, but investors' worries are far from erased.
The two independent Wall Street investment banks left standing - Goldman Sachs Group Inc. and Morgan Stanley - remain under scrutiny. Morgan Stanley revealed its quarterly earnings early late Tuesday, posting a better-than-expected 7 percent slide in fiscal third-quarter profit and insisting that it is surviving the credit crisis that has ravaged many of its peers.
Over the weekend, Merrill Lynch, the world's largest brokerage, sold itself in a last-ditch effort to avoid failure to Bank of America Corp.
Furthermore, the troubles in the financial sector could exacerbate the problems facing the weak U.S. economy. The Commerce Department reported Wednesday that new home construction fell by 6.2 percent in August to 895,000 units, the slowest building pace since January 1991.
Slumping demand for houses, sinking home prices and mortgage defaults have been the catalysts behind Wall Street's turmoil - and the risky mortgage-backed assets held by the nation's banks are not apt to regain in value until the housing market turns around.
A day after Wall Street regained some of Monday's nosedive, the Dow fell 200.54, or 1.81 percent, to 10,858.48 in early trading.
Broader stock indicators also tumbled. The Standard & Poor's 500 index fell 21.38, or 1.76 percent, to 1,192.22. The Nasdaq composite index fell 44.21, or 1.76 percent, to 1,192.22.
---
Anatomy of a global credit crisis
17 Sep, 2008, 0208 hrs IST,Sugata Ghosh, ET Bureau
http://economictimes.indiatimes.com/Markets/Analysis/Anatomy_of_a_global_credit_crisis/articleshow/3491632.cms
How can a bank like Lehman go down so fast?
Financial markets can be punishing and reversal of fortunes can be dramatic. More so, if an institution is overleveraged — when loan and investment books are much, much bigger than its capital. What compounds problems are strange accounting practice and high-risk nature of the loans and investments. There are also disclosure issues: Lehman, in its last conference call with investors, gave no clue that it was actually on the brink.
How did the crisis build up?
An investment bank uses its proprietary book (own money) to lend others and invest. It started with the subprime crisis. Banks like Lehman, buy mortgage loans from other banks, and then package them to sell bonds against the loan pool. Often they add cash to make the loan pool more attractive, so that the bonds can be sold at a higher price. Suppose mortgage was earning 6%, these bonds are sold at 4%. The difference is the spread which the investment bank earns. By selling these structured bonds, it raises money and frees capital. But when homebuyers started defaulting, these bonds lost their value. It all began like this, and then the virus spreads across markets.
But don’t investment banks play advisory role?
They do, but slowly over the years, their prop books have multiplied. Investment banks also organise big loans for their clients for funding acquisitions. At times, investment banks take positions, only to palm off the securities to other clients and banks. In a crisis, they may not get the opportunity to down-sell such positions. This adds to the panic.
Can’t central banks step in to stem the crisis?
Well, they can and they have, to an extent. It’s precisely to discourage banks and bond houses from selling securities to generate liquidity, Fed has relaxed the rules under which it lends to institutions against securities. Moreover, if there’s a financial chaos of this magnitude, banks refrain from lending each other, fearing that the money would get stuck. A liquidity window from the central bank thus comes handy.
How does the domino effect play out?
Suppose Lehman faces a redemption and has to repay another bank it has borrowed from. If it sells the mortgage-backed bonds, whose prices have fallen, it will not raise as much as was earlier expected. So, it sells some of the other good assets or bonds which may have nothing to do with mortgages. But since the bank starts dumping these assets, prices of these bonds also dip. This is when the crisis spreads from subprime to prime.
How does it impact the balance-sheet?
Herein lies the strange accounting of bonds and derivatives like mortgage-backed securities. All banks are required to mark-to-market (MTM) their investments. So, if the price of an instrument falls, the difference between the price at which it was bought and the current market price has to be provided — meaning, it has to be deducted from the earnings. So, a drop in price leads to the MTM loss. But there’s a bigger problem which really has deepened the crisis. An MTM loss can be provided only if there’s a ‘market’. How do you provide when there is no market?
But aren’t these instruments traded? How can the market suddenly vanish?
Remember, it’s very different from checking the price of a stock from a stock exchange website. Many of the instruments are over-the-counter derivatives, which are struck on a one-to-one basis between two parties. Suppose, a derivative is linked to variables like the yen-dollar rate, and may be prices of other actively-traded assets, say gold price and US Treasury bill. What the bank does is construct a model, feeds the available market price of these variables in the computer, to arrive at what the market price of the derivatives could or should be. This is an artificial model-generated price. This is called the mark-to-model against mark-to-market.
So, what’s wrong in that?
The trouble is when the bank actually goes out to sell the derivatives, it discovers that there are no takers. And, even if there are buyers, they are willing to pay just a fraction. In other words, there is a sea of difference between the price that is being offered in the market and the high artificially-generated price thrown up by the model. So, when the bank ends up selling the instrument or unwinding derivatives, the loss suffered is far in excess of the mark-to-model loss. Such extra losses on thousands of securities and multiple portfolios can wipe out the capital of the bank.
What is the nature of the instruments?
There are collateralised debt obligation (CDOs), credit default swaps (CDSs) and all kinds of derivatives. CDOs are asset (or loan)-backed securities, while CDSs are like a guarantee. Say Bank A lends to a corporate but is unwilling to take the full credit risk. So, Bank A enters into a CDS deal with Bank B; under this, Bank B promises to pay Bank A if the corporate defaults. The money that Bank B earns for this is the CDS premium, which is similar to an insurance premium. Now, if markets turn choppy, risks go up and so does the CDS premium. So, Bank B, which is earning a lower premium has to promote a mark-to-market loss against the CDS position.
How does one minimise such turmoil?
No easy answer to that. Maybe, some of the accounting norms need to be changed, so that the definition of MTM gets narrowed down. Besides, to stop banks from going overboard, capital requirement may have to be raised for derivatives position. But all this may be easier said than done.
Managing the crisis: Stay focused on fundamentals
17 Sep, 2008, 0636 hrs IST,Aditya Puri,
http://economictimes.indiatimes.com/Markets/Analysis/Managing_the_crisis_Stay_focused_on_fundamentals/articleshow/3491599.cms
Financial crises are terrifying when underlying economic fundamentals are out of line with established theory, leading to bursts of unjustified optimism and/or pessimism. It is the responsibility of the powers that be to bring sense to the market. Every financial crisis is different, but they do all end. The Lehman Brothers bankruptcy and Merrill Lynch’s acquisition by Bank of America is yet another stage in the progression of the financial crisis that had its roots in the US sub-prime mortgage market.
The initial stage of the crisis took a toll on direct mortgage lenders like Countrywide Financial. In a subsequent stage, guarantors of mortgage-backed securities like Freddie Mac and Fannie Mae came under attack.
This culminated in their going into US government ‘receivership’ (effectively nationalisation) a few weeks ago. Lehman’s demise marks the stage where banks with indirect but large exposures to the US mortgage market, principally through derivative instruments, bear the brunt. This is not necessarily the final stage and the worst is perhaps not over.
A key feature of this crisis that started in the middle of 2007 has been the lack of clarity on both the nature and number of financial institutions that have indirect exposure to subprime assets, as well as, cross-product problems involving movement from subprime to prime mortgages with final spillover into derivatives, structured products and counterparty risks.
We could see another set of intermediaries coming under severe pressure. The decision by the US Treasury and the Fed not to guarantee Lehman’s financial liabilities is a clear signal to the market that they believe that no institution is ‘too big to fail’. Going forward, a government-funded bailout is likely to be the exception, not the norm. Besides, with Lehman’s bankruptcy, the fate of its counterparties hangs in balance.
It is not clear whether a fire-sale of Lehman’s assets will be adequate to pay off its creditors. Besides, apprehensions of other banks meeting Lehman’s fate will keep inter-bank lenders on edge. This could lead to a huge squeeze on inter-bank liquidity and trigger another bout of turbulence in credit markets. Finally, the Lehman episode has ramped up the level of risk-aversion in the global financial system.
These are days of extreme and often irrational pessimism. The way to survive this crisis is to stay focused on the fundamentals. From a fundamental perspective, India’s financial system has a lot going for it. Indian banks have no direct exposure to G-7 mortgage markets and their indirect exposure is minuscule relative to the size of their balance sheet. This has protected us in the past and will continue to insulate us to a significant degree from the turmoil in global markets. As this phase of extreme pessimism abates a bit, global investors are likely to reward India for the robustness of its system.
(The author is managing director of HDFC Bank)

India going through classic cyclical slowdown
17 Sep, 2008, 0151 hrs IST,Narayan Ramachandran,
http://economictimes.indiatimes.com/Markets/Analysis/India_going_through_classic_cyclical_slowdown/articleshow/3491583.cms
A 158-year-old firm that has weathered the great Depression, the junk bond crisis and the Asian flu, has filed for bankruptcy. Another Wall Street firm with a bull for mascot has agreed to a take-over by a commercial bank. Investors everywhere are legitimately nervous.
So what’s the prognosis for the Indian economy and markets?
The Indian economy has been gradually slowing down over the last couple of quarters. This has so far been an industrial production and investment lead slowdown. The tempering of growth has been complicated by record high food and oil prices and a cooling of FII interest in India.
Of course, this has abated a bit since mid-July, but like a few Ajantha Mendis middle overs in cricket, has left the stock-market reeling. The rupee is touching a two-year low versus the dollar. Corporate earnings expectations are probably a shade too robust still, given the slowdown in the economy.
Is there anything else to say other than to suggest buying a few more mattresses to slip your savings under?

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? IFRS: Are Indian banks ready?
? The immediate fallout of the US crisis

In contrast to the balance sheet recession in the Anglo-Saxon economies, India is going through a classic cyclical slowdown. By and large, balance sheets in India are not impaired (both corporates and households) and companies have in-built operating leverage that will come into play when the cycle turns. And turn it will, sooner or later.
Financial markets are funny beasts. At precisely the moment of maximum despair, is born the seed of a new cycle. In addition to the action that the Fed is expected to take tonight, Central Banks from Australia to China have begun to ease policy.
In the not-too-distant future, expect the ECB, BOJ, a myriad other central banks and RBI to do the same. For long-term investors in India, there are bargains to be had on the stock market. Perhaps not dirt cheap questionable quality assets, but reasonable value-growth quality assets.
Most investment conversations in India obsess about precisely picking the bottom. While this may be a worthwhile past-time for a few professional investors, for most others, it exposes the risk of the exact opposite — which is to say they remain under-invested when things begin to work again. I
India never did shine as brightly as people thought in 2006, nor is as dull as people are thinking now. The truth is in the middle, and there is money to be had for the long-term investor in recognising that.
(The author is Country Head of Morgan Stanley in India)
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ICICI Bank: Wall Street woes
http://www.business-standard.com/india/storypage.php?autono=334609
THE COMPASS
Shobhana Subramanian & Varun Sharma / Mumbai September 17, 2008, 4:52 IST
The $80-mn exposure to Lehman bonds isn’t large in itself but there could be more to come.
The Street is understandably getting increasingly nervous given the growing crisis in the US financial markets. That’s probably why the ICICI Bank stock crashed 10 per cent in intra-day trades on Tuesday. It’s probably not just the $80 million exposure to Lehman Brothers in the form of senior bonds that’s worrying investors.
That ‘s not reason enough to shave off around $1.5 billion of market capitalisation. It has more to do with the worsening credit environment and a feeling that similar exposures to other banks could turn bad. Had business in the home market been brisk, the market would not have been so worried. But it’s not really been great going for the bank with credit growth tapering off and delinquencies on the rise.
The June 2008 quarter saw the bank post decent numbers: the shift from growth to profitability is paying off in many ways. For instance, the net interest margin improved by 45 basis points to 2.4 per cent and fee income grew by a smart 37 per cent.
But growth will obviously taper off this year and moreover, delinquencies increased by about Rs 200 crore sequentially.
In some ways it’s probably a good thing that the bank is not lending aggressively in today’s challenging credit environment—the consolidated loan book grew by just 20 per cent y-o-y in the June quarter. With a weighted cost of funds that is nearly 200 basis points higher than that of its peers, the bank would find it hard to compete and would end up attracting the worst kind of credit risk.
What ICICI Bank is doing is attempting a structural shift in its resources base by moving away from high cost wholesale deposits to cheaper CASA (current account and savings accounts). That would make it less vulnerable to an increase in funding costs especially in a rising interest rate scenario.
If it can increase the proportion of CASA from the current levels of around 28 per cent, a higher portion of incremental lending would earn better spreads. At the current price of Rs 565, the stock trades at just one time FY09 price to adjusted book value and is cheap. However, it may be a while before the market believes that the worst is over.
Govt acquires 2,000 hectares for renewable energy SEZ
Press Trust Of India / New Delhi September 17, 2008, 18:45 IST
http://www.business-standard.com/india/storypage.php?tp=on&autono=46706
Government today said it has acquired 2,000 hectares of land to develop a special economic zone (SEZ) for renewable energy in Nagpur, which would become operational within 2-3 years.

"2,000 hectares of land has been acquired for the Renewable Energy SEZ in Maharashtra and it would become operational in 2-3 years time," Union Minister for New and Renewable Energy Vilas Muttemwar told reporters here.
This SEZ is being developed by the Maharastra Industrial Development Corporation (MIDC) and Indian Renewable Energy Development Agency (IREDA).
A European firm is understood to have committed investment worth 3.71 billion euros (Rs 22,000 crore) in the SEZ.
Government is focussing on non-conventional energy sources, including wind and solar power. Various tax benefits have been given for investments in the renewable energy area.
India has emerged as a major supplier of equipment for wind power, led by Pune-based Suzlon Energy.
N-deal with Russia likely in October
Bs Reporter / New Delhi September 17, 2008, 0:51 IST

In a move that is likely to put further pressure on the US Congress, India is putting finishing touches on a civil nuclear agreement with Russia during Russian Foreign Minister Sergei Lavrov’s visit to India on October 20.
This agreement was first set to be signed during Prime Minister Manmohan Singh’s visit to Russia in 2007. The Russian establishment, keen to leverage its historical connection with India’s atomic energy programme, had offered to build four more reactors in Kudankulam for civilian nuclear energy.
While accepting that offer, the Indian PM had told the Russian government that India would prefer to wait until the paperwork, especially the Nuclear Suppliers’ Group clearance, was completed.
Now, ironically, although the US has pulled out of its nuclear deal with Russia, citing Russian intervention in Georgia as the reason, India is going ahead with the Russian deal.
The Russian civil nuclear industry is enthusiastic about the opening of India’s nuclear business and hopes to get the first-mover advantage after the NSG approved rule change India’s favour.
Prime Minister Manmohan Singh is expected to sign a nuclear deal with France in the last week of this month.


Centre announces Rs 2,518 cr debt relief to farmers in Kerala
Press Trust Of India / Kottayam September 17, 2008, 18:51 IST

Centre has announced a debt relief of Rs 2518.12 crore to the farmers in Kerala during the current year.


Out of the amount, the farmers who failed to repay their loans in the district will get Rs 239 crore, an official release said today.
The total investment extended by various banks in the district amounted to Rs 8990 crore for the three month period ended June 30, 2008 while the amount of loan stood at Rs 5,948 crore. The loan investment ratio was 66.16 per cent.
State Bank groups have disbursed Rs 3,710 crore in the form of investment and loans of Rs 2,684 crore.
The investment by private nationalised banks was to the tune of Rs 4,416 crore while that of loans Rs 2,484 crore.
The contribution of co-operative banks in the form of investment was Rs 863 crore and of loans Rs 779 crore.
As per the estimate of district credit plan 2008-09 loans of Rs 248 crore distributed in agricultural sector.
A sum of Rs 18 crore were distributed in the form of 549 educational loans from April to June, 2008 in the district, it said.


Arvind Subramanian: Fixing American Finance
Arvind Subramanian / New Delhi September 17, 2008, 5:59 IST
http://www.business-standard.com/india/storypage.php?autono=334621
It is worth pondering Robert Shiller’s perspective: imaginative, radical but not implausible.

First, Bear Stearns, Freddie and Fannie, now Merrill Lynch and Lehman Brothers, and possibly the American insurance giant AIG soon to come. American finance is having a great fall. The President’s men are trying to put it together again. And, on occasion, the Sheikhs’ men have ridden to the rescue too. Who could have guessed that the departing, lasting legacy of George W Bush’s conservative administration would be the divvying up of the icons of American financial capitalism between Uncle Sam and foreign, mostly autocratic, governments?
The tragedy, of course, is that tragedy was not inevitable. The fall of finance did not sneak up on the world, under cover of darkness. It was predictable and predicted. Among the many who did so, the most analytical Cassandra was Robert Shiller of Yale University. His “beware the bubble in the housing market” sounding was prescient strike two. Strike one was his early warning about the outrageous stock market valuations that led to the bursting of the tech bubble in 2000. That warning and its memorable translation into euphemism — “irrational exuberance” — were embraced, even appropriated, by Alan Greenspan, even as he did little to prevent the bubble from inflating as Fed Chairman.
But a flawless record in dire prediction is the lesser of Shiller’s achievements. What sets Shiller apart — brilliantly apart — from other analyses of the housing bubble are the sharpness of his diagnosis and the creativity of his solutions. These are the core of his excellent new book, The Subprime Solution: How Today’s Global Financial Crisis Happened and What to Do about It.
Why did house prices get so out of whack? The litany of explanations and the associated cast of culprits are long and familiar. Aggressive and sometimes unscrupulous lenders pushed mortgage loans out to complacent, gullible, and often uncreditworthy (subprime) borrowers, on terms that seemed enticingly low upfront. When the real estate-backed loans were repackaged and sold to investors as securities, rating agencies routinely and irresponsibly graded them as high quality. Regulators looked away. This binge of borrowing and re-borrowing was facilitated by cheap money at home and plentiful money abroad. And Americans were in collective denial that wealth cannot be created by selling the same asset-homes-to each other in part because the whole business had the conscience-assuaging egalitarian veneer of promoting homeownership, especially for low-income blacks. Life, liberty and the pursuit of happiness in the new millennium required not just the SUV but also a home, preferably a McMansion.
Shiller’s contribution here is to view all these elements as important but not the real deal. The ultimate cause, according to him, was simply bubble psychology, the collective belief that had taken hold that house prices could only head in one direction, a belief reinforced by the observable reality that house prices were indeed steadily accelerating for several years. Why is this diagnosis appealing? Because all the culpable actions — lazy home appraisals, regulatory neglect, dubious ratings and even the Greenspan “put” — were ultimately sustainable only because of the “social contagion,” as Shiller aptly puts it, that house prices would not come down.
Shiller’s focus on the fundamentals then naturally leads to his creative and original remedies. Caught up in the tangled web of proximate causes and multiple suspects, most mainstream analysts see the remedy largely in terms of better regulation. Leave aside how this is achieved in practice, history shows with depressing regularity that regulation alone is unable to prevent speculative bubbles in assets whether they are tulips, art, stocks, or land. Bubbles, alas, spring from some deep human hard-wiring that produces greed, avarice, denial, and complacency. Along comes Shiller, whose goal is nothing short of addressing this hard-wiring, and whose preferred method is to create a financial democracy, so that all financial consumers are empowered and educated to make sound financial decisions, reducing their key and inherent vulnerability — and hence that of the financial system — to bubble psychology.
To Shiller the solution is not a choice between markets and regulation but more of both in order to harness the true potential of finance while minimising its vulnerability. Trust should finally be reposed not just in regulators or markets but in financially literate and discerning consumers. Some of the more innovative ideas include providing subsidised financial advice to customers, and setting up a financial product safety commission that would oversee financial product quality just like its consumer safety counterpart.
Two proposals are particularly appealing. Borrowing from the insights of behavioural finance, Shiller suggests the creation of default options for mortgages. These would be simple and geared for the average consumer to prevent him from succumbing to enticing but bad choices involving teaser interest rates, zero interest financing and other fancy financing arrangements whose complexity would elude most customers. Defaults can be over-ridden but that would require a much greater degree of understanding that only the most sophisticated would possess. The creation of default options has acquired broader appeal in recent years and is in the spirit of the apparently oxymoronic principle of “libertarian paternalism”: the paternalism arises because people have to be nudged away from making bad and self-defeating choices which they tend to out of myopia, inertia, or laziness. But the arrangement is libertarian because people retain the right not to chose the default option if they so wish.
Another suggestion is to create and popularise units of account called “baskets” so that all consumers can distinguish changes in the real values of assets from changes that merely reflect inflation. Even more radical ideas call for creating new financial markets for home equity insurance and insurance against occupational loss.
Finance is a problem, Shiller seems to acknowledge, but stresses that the problem is finance as we know it, and asserts that more finance, more innovative finance, and finance under an improved institutional setting is definitely the way forward.
As cries of Armageddon echo through Wall Street, cries that no longer sound unduly alarmist, it is worth pondering Robert Shiller’s offering: a brilliant and radical but not implausible perspective on putting the Humpty Dumpty that is American finance together again.
The author is Senior Fellow, Peterson Institute for International Economics and Center for Global Development, and Senior Research Professor, Johns Hopkins University. A version of this article first appeared on Forbes.com.
M J Antony: Free hand for acquisition
OUT OF COURT
M J Antony / New Delhi September 17, 2008, 3:30 IST
http://www.business-standard.com/india/storypage.php?autono=334575

The more the Supreme Court writes, the more the land owners seem to lose.
Every political or economic question leaves an impression on the courts. The present concern is land acquisition for private companies. So the number and size of judgments on this problem seem to be getting bigger. In last week’s judgment of 130 pages, Sooraram vs Dist Collector, the Supreme Court dealt elaborately with ticklish subjects like the meaning of ‘public purpose’, the extent of sovereign power to take over private property and the validity of the procedure for acquisition when the land is meant to be given to a private corporation.
Land owners seem to have lost all possible legal arguments for the future after this well-considered judgment. This is what the judges say: “Prima facie the government is the best judge as to whether public purpose is served by the acquisition; the courts are not entitled to go behind the declaration of the government regarding public purpose; if the acquisition is through a statutory authority, the court would presume that it is for public purpose; even if the authority makes losses in the process, this presumption would not be rebutted; if the government makes even a ‘trifling’ sum for the acquisition on behalf of an industry, the private purpose could be turned into public purpose; the special procedure for acquisition for a company would come into play only if it bears the entire cost; the take-over proceedings could be initiated even before the planning project.”
The court deals with three main sore points of land acquisition law. The first, ‘public purpose’, has been unsatisfactorily defined in Section 3(f) of the Land Acquisition Act. It has also been exhaustively dealt with in a number of judgments. The court has admitted that “the expression is incapable of precise definition”. The tenth Law Commission report stated that if an exact definition is enacted, it would become rigid and leave no room for alteration “in the light of changed circumstances”.
Though the section specifically says that public purpose “does not include acquisition of land for companies”, that is exactly what the state governments are indirectly doing now, “in the light of changed circumstances”. The Supreme Court also says that “public purpose should be liberally interpreted, not whittled down by logomachy[sic]”. It emphasised that the mere fact that the immediate use is to benefit a particular individual would not prevent the purpose being a public one, if in the result it is conducive to the welfare of the community.
Secondly, the court also swore by the theory of eminent domain, which in essence is the state’s power to acquire private property for public use, without the owner’s consent, upon payment of a reasonable sum. Here again, the boundary between public and private purposes is blurred. Economic and political necessity justifies the take-over. The modern and more liberal view, according to the court, is that the acquired property need not be transferred to public ownership or for public use; “it is sufficient that the public derives advantage from the scheme”. Thus, even indirect benefits like roads, employment and markets would justify the compulsory takeover of land.
The third decisive declaration is that “if the intended project, taken as whole, is an attempt in the direction of bringing foreign exchange, generating employment and securing economic benefits to the state and the public at large, it will serve public purpose”. The consequence is that private land can be compulsorily acquired and given to an industry if it benefits the people at large.
According to the court, Section 6(3) of the Act makes it clear that once the government declares that the takeover is for public purpose, it shall be conclusive. The acquisition could be either for public purpose or for a company. In the latter case, there is a special procedure. But the border between these two objects has become hazy as every industry is bound to confer benefits on the local community and the nation at large. Therefore, the special procedure laid down in Part VII of the Act for acquisition for companies could be bypassed. This is so despite the fact that the definition of public purpose has categorically excluded acquisition of land for companies.
A bill to make changes in the 19th century Act is still on the anvil and may not materialise till a new government settles down after next the general election. One reported change is to make the benefiting industry pay 70 per cent of costs. Some other improvements are necessary. The computation of compensation should be more liberal. The definition of public purpose should be more specific. The area of public notice, public hearing and land owner negotiations should be fortified and local government should be actively involved.


INDUSTRY & ECONOMY
http://www.thehindubusinessline.com/2008/09/17/03hdline.htm
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STEEL: Fall in industrial metal prices to help steel, construction industry
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POWER: India-France nuclear ties may get a boost
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ECONOMY: ‘States will submit joint memo to finance panel’
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URBAN DEVELOPMENT: Vizag corpn to float bonds soon
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TAXATION: HC sets aside CST assessment orders for not allowing personal hearing of assessee
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DISINVESTMENT: Andrew Yule to complete jt venture divestment by March
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TRADE & LABOUR UNIONS: Trade union moots scrapping income ceiling on bonus
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SCIENCE & TECHNOLOGY: ‘Work on to transmit data via quantum mechanics’
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ECONOMY: ‘Indian SEZ schemes offer best competitive package’
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PETROLEUM: Airline body seeks DGFT nod to import turbine fuel
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INFRASTRUCTURE: ‘Global crisis may not impact infrastructure growth’
Hyderabad, Sept. 16 The global financial crisis, which resulted in the collapse of giants such as Lehman Brothers, may not have an immediate impact on the Indian infrastructure sector, according to experts at the infrastructure summit ...

EVENTS: Industrial expo in Hyderabd from tomorrow
Hyderabad, Sept. 16 The Micro, Small and Medium Enterprises Development Institute (MSME-DI), in association with the Andhra Pradesh Department of Industries and Commerce, is organising a four-day National Industrial ...

REAL ESTATE & CONSTRUCTION: Pan Atlantic invests $10 m more in Sobha Developers’ SPV
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CEMENT: Cost pressure to ease for cement manufacturers
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Unless foreign players pump in money it's very difficult to hold the markets higher. Given the global scenario, Indian equities are likely to remain under ...

Hindu Business Line Rupee crashes by 90 paise
Hindu Business Line, India - 20 hours ago
However, dollar selling by public sector banks, perhaps on behalf of the Reserve Bank of India, supported the rupee to some extent, said forex dealers. ...
Indian bankers see little impact of Lehman collapse but stock ...
Thaindian.com, Thailand - 55 minutes ago
The Reserve Bank of India (RBI) has sprung regularly to the rupee’’s defense, buying it in the currency market and exacerbating a shortage of local currency ...LEH
India copper weak on financial market worries
Reuters India, India - 16 Sep 2008
MUMBAI, Sept 16 (Reuters) - Indian copper futures extended losses on Tuesday as investors continued to pull money out of risky assets fearing a slowdown in ...


Strategies to Resurrect Rural Credit Delivery System in India
9 Jul 2007 ... Downloadable! The RFIs operating in Maharashtra have not only shown slower growth in their loan advances and other operational indicators ...
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by D Shah - Related articles - All 4 versions
SSRN-Strategies to Resurrect Rural Credit Delivery System in India ...
SSRN-Strategies to Resurrect Rural Credit Delivery System in India by Deepak Shah. ... In brief, the focus of rural credit delivery system should be on ...
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by D SHAH - Related articles - All 4 versions
Taxation System in India - tax structure - India tax reforms laws ...
Taxation System in India. India has a well-developed tax structure with clearly .... Domestic corporations are granted credit on foreign tax paid by them, ...
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BANGLAPEDIA: Informal Credit
In course of time, the cash credit system, though limited, started to evolve ... The Dutch east india company's debt to Kasimbazar merchants, computed with ...
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Making Money Spending Money: CIBIL-TransUnion Credit Scoring ...
CIBIL-TransUnion Credit Scoring System Launched in India ... Credit score is new system in India, launched on Thursday, November 29, jointly by Credit ...
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The Hindu : `Choice-based credit system helpful in meeting demand ...
A choice-based credit system — a fast-evolving system of delivering degree ... A key issue in India was how higher education related to employment needs. ...
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Strategies to Resurrect Rural Credit Delivery System in India ...
Strategies to Resurrect Rural Credit Delivery System in India. Shah, Deepak (2007): Strategies to Resurrect Rural Credit Delivery System in India. ...
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by D Shah - 2007 - Related articles - All 4 versions
Microfinance Gateway: Site Content: Rural Financial System in ...
Rural Financial System in India : Directed Credit & Subsidized Interest Policy Need Fresh Look. Patel, A. & Kalkoti, G. Publication Date: 2007 ...
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Do we have a credit rating system in INDIA? - Yahoo! Answers India
1 Yahoo! Answers - Do we have a credit rating system in INDIA? – Discover the answer for this question and Earn more points for the best answer on Yahoo!
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Business Analyst Credit Risk Management System in India : TechJobs ...
Vinirma Consulting Pvt Ltd looking for Business Analyst Credit Risk Management System to work in India.
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Home Loans, Housing Loans, Home Loans in India - HDFC.com
Housing Development Finance Corporation Limited (HDFC) - Offering range of services like Home Loans, Housing Loans and Home Loans in India.


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STATE BANK OF INDIA :: INDIA's LARGEST BANK
SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of State Bank of India. Best Practices followed in SBI ...
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Home Loans India: Housing Loans, Home Insurance, Housing Finance ...
Apply for Home Loans, Home Insurance, Housing Loan through various Home Loan Providers as well as Home Insurance Providers which include Banks like Bank of ...
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Home Loans in India
Tools, Interviews, Views on News, Special Reports, Tutorials. On Loans.
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India Property Loans. Cheap home loans, NRI loans, home finance ...
Low interest rate Home loans, home finance in India, NRI home loan, EMI calculator, Mumbai, Delhi, Pune, Bangalore, Chennai,Hyderabad, Kolkata, ...
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NRIs can easily get home loans in India - The Financial Express
NRIs can easily get home loans in India. Posted: Feb 17, 2008 at 2206 hrs IST Updated: Feb 16, 2008 at 2225 hrs IST. Font Size ...
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Home Loans India. Apply for a home loan online | HSBC Bank India
Whether you are buying a first home, switching bank loans, or looking for a mortgage loan, see what HSBC can do to make it happen faster.
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IDBI BANK Ltd.
NRI Services. India Remit. Online money transfer from U.S.A. ... IDBI pares Home Loan floating interest rate loans by 50 bps to 10.50% ...


Show stock quote for 500116

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EMI nightmare: Home loan set to go up again - Express India
25 Jun 2008 ... Going forward, we do not see further measures by the RBI,” said T Narayansami, Chairman and Managing Director, Bank of India. Home loan ...
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ApnaLoan: Car Home Personal Loans & Credit Cards in India
Get information on home loans, car loans & personal loans in India and apply for a loan online. Compare popular credit cards from ICICI, Citibank, ...
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News results for Home Loan in India


Hindu Business Line Securitisation rules prove critics wrong, saves pain for India - 19 hours ago

MUMBAI: In 2005-06, when the Reserve Bank of India (RBI) first issued guidelines on ... In hindsight, considering the size of default in home loans, ...

Economic Times - 24 related articles »




India set to ride consumer credit boom, growth seen at 24%
India set to ride consumer credit boom, growth seen at 24%. The Economic Times: September 01, 2004. A global equity research report by Morgan Stanley has ...
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The Hindu Business Line : Credit boom, but where are the profits?
29 Nov 2005 ... Money & Banking - Credit Market Credit boom, but where are the profits? ... Banks in India 2004-05 published by the Reserve Bank of India, ...
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The Hindu : Open Page : Consumer credit boom and its pitfalls
YOUR EDITORIAL "Consumer credit: boon or bane?" (The Hindu, December 31) was ... And even if the boom continues in India, not all companies will do well. ...
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Editorial & Publication : Journal (Issue 73) : Balancing India’s ...
Balancing India’s credit boom. Chetan Modi. "The Indian banking system may need to double its capital base over the next five years" ...
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Is another interest rate hike justified?
What is relevant for identifying a credit boom is not the trend in the level of ... The Reserve Bank of India has increased the policy rate four times since ...
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BBC NEWS | Business | India escapes global credit crunch - for now
20 Sep 2007 ... Unless there is a huge global slowdown the credit boom in India is set to continue for a very long time. Akhilesh Tilotia, Parks Financial ...
news.bbc.co.uk/1/hi/business/6993609.stm - 58k - Cached - Similar pages - Note this
EDITORIAL: The coming credit boom. | Economic Times (New Delhi ...
EDITORIAL: The coming credit boom. from Economic Times (New Delhi, India) in Business provided by Find Articles.
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Quantum Asset Management Company Private Limited
Using the aforementioned IMF criteria of identifying a Credit Boom in India, the current credit expansion can be defined as a credit boom. ...
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EDITORIAL: The coming credit boom. | The Economic Times (New Delhi ...
EDITORIAL: The coming credit boom. Publication: The Economic Times (New Delhi, India) (via Knight Ridder/Tribune Business News). Publication Date: 17-AUG-05 ...
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EDITORIAL: The coming credit boom. | Article from Economic Times ...
EDITORIAL: The coming credit boom. ...find Economic Times (New Delhi, India) articles. Aug. 17--CONDITIONS IDEAL TO RAMP UP DEBT: Belying the consensus that ...
www.highbeam.com/doc/1G1-135230080.html - 36k - Cached - Similar pages - Note thisIndia Money Market
The money market is a mechanism that deals with the lending and borrowing of short term funds.
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Indian Money Market: Market Structure, Covered Parity and Term ...
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in the Indian money market despite a plethora of interest rates of ... A well defined yield curve does not exist in the Indian money market because domestic ...
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by JR Varma - Cited by 2 - Related articles - All 2 versions
Indian Money Market : Structure, Operation and Developments/M.S. ...
Introduction to money market. 2. Evolution, structure and role of the Indian money market. 3. Recommendations of study groups--a review. 4. ...
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Emerging Money Market in India/edited by Alak Ghosh
Emerging money market in India/M.G. Bhide. 2. Functioning of money market in a market economy with reference to India/Dev Raj. 3. Evolution of money markets ...
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News results for Indian Money Market

Sify Market slips after firm start, Ranbaxy tumbles - 9 hours ago

India’s largest private sector firm in terms of market capitalization and oil ... to almost 47 against the dollar — and supply cash in the money market. ...

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Money & The Money Market In India, 1100-1700 (themes In Indian ...
Money & The Money Market In India, 1100-1700 (themes In Indian History) : Subrahmanyam, Sanjay (Ed.), Price US$ 5.63.
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The Hindu Business Line : Templeton India Money Market Account: Invest
T EMPLETON India Money Market Account (TIMMA) is a short-term fund that invests in money market instruments. Those looking to increase their returns on the ...
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The Hindu Business Line : Templeton India Money Market Account: Invest
TEMPLETON India Money Market Account offers good returns for those with short-term investment horizon. As of November 30, the fund had 91 per cent of its ...
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GLOBAL INTEGRATION OF INDIA’S MONEY MARKET: INTEREST RATE PARITY ...
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the World, by focussing on the degree of integration of the Indian money market with. global markets. Frenkel (1992) in his review of Capital Mobility ...
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Money Control
Provides news, views, and analysis of stock market.
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Statebank Of India
While there is no minimum deposit required for opening Money Market Accounts, ... Current Annual Percentage Yield (APY) on Money Market Deposit Accounts ...
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