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This is a bold choice for the President-elect known as `No Drama Obama`. It is a high stakes gamble...which will either be a `sheer stroke of genius` or his `first big blunder`.
US political analyst Jon-Christopher Bua ...
In reply to:
Welcome to the world of Obamanomics.
Posted by :
sambala
Clinton `Accepts Obama`s Offer`
Hillary Clinton has accepted an offer from President-elect Barack Obama to become US Secretary of State, according to reports.
The New York Times quoted two Clinton associates as saying: "She`s ready."
They said she came to her decision after talks with Mr Obama about the nature of her role as the top US diplomat and his foreign policy plans.
Experts say her selection could mean a more hawkish US stance, as she has been more reluctant than Mr Obama to commit to a timetable for withdrawing troops from Iraq.
Meanwhile, Timothy Geithner is expected to become USTreasury Secretary, and New Mexico Governor Bill Richardson Commerce Secretary.
Mr Obama is due to announce his economic team on Monday in an effort to calm markets.
But US shares have already reacted strongly to the Treasury selection news, with the Dow Jones soaring 492.94 points (6.53%) to a preliminary close of 8,045.23.
US political analyst Jon-Christopher Bua said: "It`s time to restore confidence in the market place and Barack Obama has made an excellent choice in doing just that.
"Timothy Geithner, a real team player, is a good choice for the Secretary of the Treasury since in his current role as president and chief executive of the Federal Reserve Bank of New York he knows the key players.
"And he has been intimately involved in negotiating the solutions with the major banks in New York."
Sky correspondent Keith Graves said although the news about Mrs Clinton`s appointment has yet to be confirmed, it appears to be true.
He said an official confirmation is expected after the November 27 Thanksgiving holiday.
He added: "She has had doubts about this because it means giving up her independence, which a Senator has on Capitol Hill - and also probably a much enhanced role on Capitol Hill.
"And she will now be working for the man who defeated her in a rather bitter contest to be the Democratic candidate.
"What we`re hearing now after a week of speculation is that she has been offered the job, she has accepted it. Not from either camp officially, but from the New York Times.
"The New York Times is very close to Mrs Clinton. She is, after all, the Senator for New York. They have very very good contacts close to her. They also have good contacts close to President-elect Obama.
"So it looks as though, at last, after a week of speculation that probably this is correct."
Bua said: "In his quest to emulate Abraham Lincoln`s `team of rivals`, Barack Obama is offering the highest position in his administration to his former chief rival to represent him to the world.
"This is a bold choice for the President-elect known as `No Drama Obama`. It is a high stakes gamble, subject to how this nomination is received, which will either be a `sheer stroke of genius` or his `first big blunder`.
"Judged solely on her own merits, Hillary is clearly an exceptionally bright and qualified candidate ready and able to take on this challenge."
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Clinton `Accepts Obama`s Offer`
Hillary Clinton has accepted an offer from President-elect Barack Obama to become US Secretary of State, according to reports.
The New York Times quoted two Clinton associates as saying: "She`s ready."
They said she came to her decision after talks with Mr Obama about the nature of her role as the top US diplomat and his foreign policy plans.
Experts say her selection could mean a more hawkish US stance, as she has been more reluctant than Mr Obama to commit to a timetable for withdrawing troops from Iraq.
Meanwhile, Timothy Geithner is expected to become USTreasury Secretary, and New Mexico Governor Bill Richardson Commerce Secretary.
Mr Obama is due to announce his economic team on Monday in an effort to calm markets.
But US shares have already reacted strongly to the Treasury selection news, with the Dow Jones soaring 492.94 points (6.53%) to a preliminary close of 8,045.23.
US political analyst Jon-Christopher Bua said: "It`s time to restore confidence in the market place and Barack Obama has made an excellent choice in doing just that.
"Timothy Geithner, a real team player, is a good choice for the Secretary of the Treasury since in his current role as president and chief executive of the Federal Reserve Bank of New York he knows the key players.
"And he has been intimately involved in negotiating the solutions with the major banks in New York."
Sky correspondent Keith Graves said although the news about Mrs Clinton`s appointment has yet to be confirmed, it appears to be true.
He said an official confirmation is expected after the November 27 Thanksgiving holiday.
He added: "She has had doubts about this because it means giving up her independence, which a Senator has on Capitol Hill - and also probably a much enhanced role on Capitol Hill.
"And she will now be working for the man who defeated her in a rather bitter contest to be the Democratic candidate.
"What we`re hearing now after a week of speculation is that she has been offered the job, she has accepted it. Not from either camp officially, but from the New York Times.
"The New York Times is very close to Mrs Clinton. She is, after all, the Senator for New York. They have very very good contacts close to her. They also have good contacts close to President-elect Obama.
"So it looks as though, at last, after a week of speculation that probably this is correct."
Bua said: "In his quest to emulate Abraham Lincoln`s `team of rivals`, Barack Obama is offering the highest position in his administration to his former chief rival to represent him to the world.
"This is a bold choice for the President-elect known as `No Drama Obama`. It is a high stakes gamble, subject to how this nomination is received, which will either be a `sheer stroke of genius` or his `first big blunder`.
"Judged solely on her own merits, Hillary is clearly an exceptionally bright and qualified candidate ready and able to take on this challenge."
...
In reply to:
Welcome to the world of Obamanomics.
Posted by : sambala
Obama `set to offer Clinton job`
US President-elect Barack Obama is "on track" to nominate Hillary Clinton as secretary of state within a week, according to US media reports.
A Democratic Party official was quoted as saying the move would be made public after next week`s Thanksgiving holiday.
The two sides have worked out financial disclosure issues regarding her husband Bill Clinton`s charitable activities, the party official reportedly said.
The former president has offered to allow ethics reviews of his charities.
Mr Clinton has an international charitable foundation with operations in dozens of countries.
There has been mounting speculation that Mr Obama would offer the New York senator the role of America`s top diplomat since a meeting between the two a week ago was reported.
Neither Mrs Clinton nor Mr Obama has confirmed the reports.
But an aide to Mr Obama`s transition team said the two had had substantive conversations about the job, the Associated Press news agency reports.
Mrs Clinton and Mr Obama fought a long and often bitter campaign to be the Democratic Party`s presidential candidate.
But after losing out on the nomination, she endorsed his bid for the presidency and campaigned for his election.
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Unpaid Wages Spur Reminders of 1998; Putin Pledges Help
MOSCOW -- Russians have begun to feel the chill of the financial crisis, as it triggers layoffs and wage-payment delays reminiscent of the economic collapse in the late 1990s.
On Thursday, Prime Minister Vladimir Putin promised new measures, including lower corporate taxes and higher unemployment payments, in addition to an existing bailout package.
Government data show that wage arrears jumped in October to over four billion rubles ($145 million), their highest level in a year, and that firms owe back pay to 300,000 people. Economists say the real figures are likely to be higher, though far below those seen in the 1990s, when tens of millions of people were affected. Then, workers went without salaries for months on end, sparking nationwide protests.
A Moscow-based advertising executive said she hadn`t been paid her salary of 40,000 rubles a month since September. "I keep going to work because I don`t want to lose all the money I`ve earned," she said. "I`m hoping I might get paid before the New Year."
The government has insisted there is no serious crisis and that Russia is much better off than Western countries, airing public reassurances on state television. But as the banking system stutters, the ruble falls and firms dismiss staff, that storyline is becoming harder to sell.
Opinion polls show Russians are becoming more pessimistic about the economy, though some surveys show that many remain convinced the country isn`t yet in crisis.
The independent Levada polling center found a fifth of people said their wages weren`t being paid on time, and a fifth of those surveyed said that they or family members had recently been laid off.
Economic data also are getting grimmer. Finance Minister Alexei Kudrin has said falling oil prices mean Russia may run a budget deficit of 1% next year, while the central bank said Wednesday that it had spent $57.5 billion propping up the ruble in the last two months.
Earlier this week, government data showed growth in industrial output was 1.6% in October. Data from the Moscow-based Romir market-research agency show that consumer spending, while still high, has begun to decline as banks have curbed lending.
Mr. Putin addressed the growing economic storm on Thursday at a congress of the ruling United Russia party, which he leads.
The party`s political future "will directly depend on how we cope with the problems that our country and citizens are facing today," he told party members. Opposition politicians have forecast that social discontent will boost their own ratings and begin to eat away at the once-solid popularity of Mr. Putin and President Dmitry Medvedev. So far, there`s little sign of that in opinion polls.
In his speech, Mr. Putin said he`d do "everything" to prevent an economic collapse of the kind Russia suffered in 1998, when the government defaulted on its debt and the ruble lost two-thirds of its value overnight.
"We have amassed sizable financial reserves which will give us the freedom to maneuver, allow us to maintain macroeconomic stability," Mr. Putin said. Russia`s international reserves, the third-largest after China`s and Japan`s, have dropped by more than $122 billion since early August. Government officials insist the reserves, which stand at $450 billion, will last.
Mr. Putin pledged fresh measures in addition to an existing bailout package valued at more than $200 billion. He promised lower corporate tax rates, higher payments for the jobless, and said the Kremlin would keep spending to keep the ruble stable. He avoided talk of layoffs, warning of what he called "structural changes in the labor market."
...
In reply to:
Job losses....
Posted by : marketman
Many indians loosing the jobs during this economic crisis....
Pfizer replacing US workers with indians....
PMO tells airlines to keepoff sackings....
Small mills sack 10000 in 3 months....
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Space station`s new urine recycler has glitches
HOUSTON: NASA is experiencing problems with a $250 million machine for recycling urine and other wastewater into drinking water for astronauts, the U.S. space agency said on Friday. Glitches triggered two shutdowns during initial attempts on Thursday and Friday to begin the distillation process on precollected samples of urine.
NASA delivered the water regeneration system to the $100 billion International Space Station this week to prepare for its crew growing from three members to six in May. Residents of the station must recycle water because the space shuttles, which produce water as a byproduct of their electrical systems, will no longer fly to the outpost after 2010 and it is too expensive to haul as much water as the crew will need on unmanned cargo ships from Earth.
The recycler problems, which pointed to a sensor, were not unexpected, said mission commentator Rob Navias. NASA still expects the machine to work well enough for astronauts to bring back batches of purified water for analysis when shuttle Endeavour returns to Earth next week.
The shuttle has been at the station since Sunday to deliver more than seven tonnes of cargo to support an expanded crew. In addition to the water recycling gear, the shuttle astronauts delivered two new sleeping compartments, a second toilet, a galley and more exercise equipment. Improvements to the station`s exterior are also under way.
Astronauts on Friday prepared for the third of four spacewalks to fix a problem with a joint in the station`s truss. The 10-foot-wide (3-meter-wide) rotary joint is needed to position solar panels so they can collect light from the Sun as the station orbits about 212 miles (340 km) above Earth.
Last year, NASA discovered one of the two joints had been contamined with metal filings and designed a complicated series of spacewalks to fix the problem and prevent it from happening to the other joint. Space station managers estimate up to 10 spacewalks may be needed to resolve the problems.
The first four spacewalks were scheduled for Endeavour and its astronauts have completed two already, despite the loss of a $100,000 tool kit on Tuesday and a buildup of carbon dioxide in one astronaut`s spacesuit near the end of the second spacewalk on Thursday.
The third outing is scheduled for Saturday. Endeavour is due to leave the station next Thursday after an 11-day stay and return to the Kennedy Space Center in Florida next Saturday. NASA plans eight more missions to the station and a final servicing call to the Hubble Space Telescope before the shuttle fleet is retired in 2010. ...
In reply to:
Chandrayaan lowered into final orbit
Posted by : sambala
NASA astronauts to drink recycled urine in space
London, November 15 (ANI): NASA is launching a machine aboard the space shuttle Endeavour, which will recycle astronauts` urine for consumption as water.
"We did blind taste tests of the water. Nobody had any strong objections. Other than a faint taste of iodine, it is just as refreshing as any other kind of water," the Telegraph quoted NASA`s Bob Bagdigian, the system`s lead engineer, as saying.
"I`ve got some in my fridge. It tastes fine to me," he added.
The launch of the 250million-dollar wastewater recycling machine is part of NASA`s 124th shuttle mission, which was launched on Friday evening from the Kennedy Space Center in Florida.
The shuttle is expected to arrive at the space station on Sunday.
Besides the water recycler, Endeavour carries two small bedrooms, the station`s first refrigerator, new exercise gear, and a second lavatory.
"With six people you really do need to have a two-bathroom house. It`s a lot more convenient and a lot more efficient," said Endeavour astronaut Sandra Magnus.
NASA said that it wanted to ensure that the water-recycling machine worked well before adding three more astronauts to the station`s crew.
NASA researchers said that they expected to process about six gallons, or 23 litres, of water per day with the new device.
They revealed that their objective was to recover about 92 per cent of the water from the crew`s urine and moisture in the air.
As to the process of recycling the wasterwater, the researchers said that they used an extensive series of purification techniques like distillation - which is somewhat tricky in microgravity - filtration, oxidation, and ionisation.
Bagdigian said that the final step, that is, the addition of iodine helped prevent microbial growth.
He said that the device could process a full day`s worth of wastewater in less than 24 hours.
"Today`s drinking water was yesterday`s waste," he said. (ANI)
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NEW YORK (Reuters) - Hundreds of people lined up at Verizon Wireless stores on Friday to buy the BlackBerry Storm, the first touch-screen phone from Research In Motion that aims to compete with Apple`s iPhone.
More than 200 people had waited at a Verizon store in mid-town Manhattan early in the morning, many of whom were turned away after it ran out of the new phones less than an hour after opening at 8 a.m. The angry customers caused a ruckus and police came to restore order.
Verizon said hundreds of others were in lines outside its stores up and down the U.S. east coast, but added that it had "plenty of phones" and would keep getting more shipments. It declined to give specifics on inventory levels.
Anthony Lewis, who was at a Verizon store near New York`s Bryant Park, at first tried to get the Storm at electronics stores nearby. But he was disappointed, despite putting his name on a list ahead of the Friday debut.
"I had two pre-orders at Best Buy and Circuit City. Now I`m here and I`m hearing it`s sold out," said Lewis, 28, of Brooklyn, New York. "I guess 8 a.m. in the morning is too late."
A Verizon employee at the store told customers that if they ordered the phone online or in the store, they would get the gadget in five to seven days.
Verizon Wireless, a venture of Verizon Communications Inc and Vodafone Group Plc, is making a big bet on the Storm for the crucial holiday season. The No. 2 U.S. mobile service heavily promoted four different phones last holiday season, but its focus this year is on the first touch-screen BlackBerry.
Both the Storm and iPhone cost $200 for customers who agree to a two-year service contract and both come with a built-in camera, and music and video players.
Verizon said it was getting reports of queues elsewhere in the country, with more than 100 people lining up outside a store in Bridgewater, New Jersey and another on L Street in Washington, DC. Spokeswoman Brenda Raney said it was too soon to say if stores were selling out.
"If a store has already run out, it`s evidence of pent up demand," she said. "We don`t normally have people line up."
However excitement over the launch stilled paled in comparison to iPhone debuts, when ardent fans camped out days in advance to ensure that they got their hands on the first devices. AT&T Inc is the exclusive U.S. carrier for the iPhone.
In San Francisco, smaller lines of about 20 were seen at Verizon stores at 8 AM. At one of them, an employee estimated that the store had sold about 100 phones since 7 o`clock.
Standing on line in San Francisco`s financial district, Fred Vassard, a systems administrator, said he owns both versions of iPhone, but was dissatisfied with its phone capabilities. He wants Storm for both work and personal use.
"It`s a touch-screen so it has more real estate, the reviews were so-so, so I`m hoping I can find some positives in it. But the phone part will work better [than iPhone]," he said.
...
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Job cuts cast dark cloud over economy
Widespread announcements of corporate job cuts deal chilling reminder that economy likely to worsen before it recovers.
NEW YORK -- As the economic outlook worsens, job cut announcements have come in hard and fast this week from businesses across the nation.
Citigroup (C, Fortune 500) announced Monday it will cut more than 50,000 jobs - one of the largest announced payroll scale backs in history. Boeing (B) said Tuesday it will cut upwards of 800 jobs, Bank of New York Mellon (BK, Fortune 500) plans on cutting 1,800 jobs and Washington Mutual added 1600 jobs to the toll on Thursday.
In all, employers have announced in excess of 110,000 job cuts thus far in November - over 60,000 of which were announced this week alone. Though many of the job cuts represent global figures or won`t take place until next year, the ever-worsening job scene is an ominous sign before this month`s payroll figures are announced in two weeks.
"The pace of deterioration in the labor market is accelerating," said Sam Bullard, economist at Wachovia, who predicted the economy could lose upwards of 350,000 jobs this month.
The economy has shed more than 1 million jobs so far this year, according to the Department of Labor, and first-time filings for unemployment insurance increased 542,000 in the past week - the highest since July 1992. The numerous reports of corporate job slashing in November are a sign that the labor market won`t start to recover any time soon.
Unemployment forecasts have risen as the economic outlook for 2009 continues to worsen.
The Federal Reserve Tuesday said it predicts the unemployment rate will remain around 6.5% for the remainder of 2008, and will rise up to 7.6% in 2009. But that`s a far cry from the jobless rate forecast of 9% for next year with further increases in 2010 that Goldman Sachs released Friday.
Goldman said it expects the U.S. economy to shrink 5% this quarter with more gross domestic product declines in the first half of of next year. An economy in a recession will lead to "unequivocally the worst single downturn on record since World War II insofar as increases in joblessness are concerned," the forecast said.
"It`s hard to have a lot of optimism about the job market, because there are so many headwinds facing the economy," Bullard said. "This is definitely the deepest consumer retrenchment since the mid-1970s."
Accordingly, more job cut announcements are likely on the way. U.S. automakers say they are on the verge of collapse, retailers are expected to have a miserable holiday season and financial institutions continue to struggle in the midst of a credit crisis.
But even if the economy begins to improve in the second half of 2009 as some economists predict, unemployment could still continue to rise. Typically job losses continue for many months after the economy begins to pull out of a recession, with unemployment rates peaking as much as a year after the recession hits its trough.
In an attempt to heal the ailing job market, President-elect Barack Obama has repeatedly stated his support for another economic stimulus package in the form of tax rebates to consumers, states and municipalities. The proposal has gained traction in Congress, with hopes that consumer spending and aid to governments will help boost the economy.
But Obama won`t take office until January, and signed legislation could be a long way off. In the meantime, experts say the labor market will continue to struggle
...
In reply to:
Job losses....
Posted by : sambala
Citi India may lay off over 1,000 employees: WSJ
Days after Citi`s global CEO Vikram Pandit revealed the group`s plans to reduce headcounts by 52,000, there are reports that the financial major will lay-off over 1,000 employees in India. The financial services company has around 10,000 employees in India.
The Wall Street Journal today reported that the majority job cuts in India will come from CitiFinancial India, the group’s non-banking finance company, where 1,000 employees will face the axe over the next few months.
It said that Citigroup will also cut dozens of additional positions from its investment and corporate banking team though the layoff plans are still being finalised.
When contacted, a Citi India spokesperson said: “We have said before that we`re expecting only minimal impact for India. We continue to hire for the business, especially on campuses where we remain very active."
There could be some cuts in Citi`s domestic workforce due to under performance, a senior bank executive said.
Citi has maintained that a large part of the domestic staff strength has already come down following the sale of its business process outsourcing arm, Citigroup Global Services to TCS about a month ago. The BPO outfit had around 12,000 employees.
Earlier this week, at the Business Standard Banking Round Table Citi South Asia CEO Sanjay Nayar had said that the group’s businesses in emerging markets, including India, are doing very well.
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Citi India may lay off over 1,000 employees: WSJ
Days after Citi`s global CEO Vikram Pandit revealed the group`s plans to reduce headcounts by 52,000, there are reports that the financial major will lay-off over 1,000 employees in India. The financial services company has around 10,000 employees in India.
The Wall Street Journal today reported that the majority job cuts in India will come from CitiFinancial India, the group’s non-banking finance company, where 1,000 employees will face the axe over the next few months.
It said that Citigroup will also cut dozens of additional positions from its investment and corporate banking team though the layoff plans are still being finalised.
When contacted, a Citi India spokesperson said: “We have said before that we`re expecting only minimal impact for India. We continue to hire for the business, especially on campuses where we remain very active."
There could be some cuts in Citi`s domestic workforce due to under performance, a senior bank executive said.
Citi has maintained that a large part of the domestic staff strength has already come down following the sale of its business process outsourcing arm, Citigroup Global Services to TCS about a month ago. The BPO outfit had around 12,000 employees.
Earlier this week, at the Business Standard Banking Round Table Citi South Asia CEO Sanjay Nayar had said that the group’s businesses in emerging markets, including India, are doing very well.
...
In reply to:
Job losses....
Posted by : sambala
Stargazers on cloud nine
HYDERABAD: The world can be reeling under recession, but stars of stargazers are clearly on a high, with plum jobs to predict dips and surges (if any) of the stock market being offered to them.
The 2008-09 batch of the astrology department of Potti Sreeramulu Telugu University has seen 10 of its vedic astrologers bag jobs in various portals and financial astrology websites.
Hired as vedic consultants, financial astrologers and vaasthu experts both in India and abroad, they`ll be required to make predictions on the stock market, the success of business ventures and offer astro-tips on financial management. Students specialising in financial and vedic astrology are being lapped up by websites looking for such certified professionals, according to university officials. The packages being offered range from Rs 8.5 lakh to Rs 18 lakh per annum.
Interestingly, those who took this evening course have a finance background, with some bank employees and chartered accountants switching gears to fulltime stargazing. Engineers in the course are also changing streams. For many of these students, the course working out as a fulltime career option, at a time when the job market is shrinking.
Amarnath Sastry, a chartered accountant and a student of astrology department, says, "I joined the course out of interest. But it was only at the fag end of the course that I realized financial astrology is a lucrative profession, especially in the US, with offers coming from business giants in the field.``. Amarnath, whose job will be to make predictions on the stock market, is sitting on a bouquet of offers ranging from Rs 12-18 lakh.
Many students, who joined the course unaware of the opportunities, are relieved that they took the leap. "The offer I got from a search engine has proved to be a boon. While I am getting around Rs 4.5 lakh per annum as an engineer, I will be paid Rs 8.5 lakh per year as a vedic consultant,`` says Amarnath, who is leaving his job of an engineer in South Central Railway.
The demand for vedic consultants in companies abroad has increased over the years, with about 20 students getting jobs in the last two years. Around 150 students pass out of the department every year. "There`s a marked shift from the times when students doing a course in astrology had no opportunities other than further studies. I think this is the best time the students ever had,`` dean, department of astrology, C V B Subrahmaniam told TOI.
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HONG KONG (Reuters) - HSBC will lay off 500 staff in Asia, 90 percent of which will be in Hong Kong, due to deteriorating economic conditions and its cautious outlook for 2009, spokesman Gareth Hewett said.
This will be HSBC`s second round of layoffs in the region. In September, HSBC said it was cutting 1,100 jobs in its investment banking operation, or 4 percent of the unit`s total, including about 100 in Hong Kong, where the bank`s Asian unit is based.
...
In reply to:
Job losses....
Posted by : marketman
Many indians loosing the jobs during this economic crisis....
Pfizer replacing US workers with indians....
PMO tells airlines to keepoff sackings....
Small mills sack 10000 in 3 months....
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NEW YORK (CNN) -- Washington Mutual announced Thursday it will eliminate 1,600 jobs in the San Francisco area, a company spokesman said.
...
In reply to:
Job losses....
Posted by : marketman
Montek rules out job cuts in India....
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Sensex will hit 6.5 to 7 k by march 2009...
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figment of imagination is pigmentation,to color.paint oneself red....
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Strict implementation of the ban on smoking have left thousands of people working in the beedi (local cigarette) industry job-less in Maharashtra.
The economic downturn has very little to do in it.
Rahimatbi has been a part of Solapur`s beedi industry for 40 years but now she has lost her job.
She wonders how will she feed her four children and she`s not the only one. Her employers at the local Beedi factory have sacked many like her citing losses incurred due to the anti-smoking law.
Beedi factory worker Daultabi Nadaf says, “This is the question of our livelihood. Making beedi helps us in running our house. I have four girls and my husband drinks.”
The beedi industry in the region employs 70,000 women many of whom have lost their jobs after beedi factory owners cut jobs by about 40 per cent.
Another beedi factory worker Jaidevi Vasu says, “My husband lost his job. Now even I have got the notice. I don’t have any other option but to commit suicide.”
Workers have now decided to protest against the job cuts. They claim that the factory owners are just harassing women workers under the guise of the anti-smoking law.
MLA, Communist Party Narsayya Adam says, "We will protest against this injustice and will not let Sushil Kumar Shinde set foot here."
Meanwhile, the factory owners justify the downsizing. They say there is no other way as demand has fallen by 15 per cent since the smoking ban came up.
Beedi Factory owner Govind Prasad Tiwadi says, “The law has led to a decrease in demand. We have no other option but to cut jobs.
However, it is not just the smoking ban, some of its set back is the ripple effect of the global economic slowdown forcing beedi factories to trim flab to remain competitive.
(With inputs from Santosh Moreand Siddharth Godam)
ibnlive...
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Yes staring at retest of Oct. lows and it will soon happen....
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Abuse of India`s boys `is rising`
Sexual exploitation of boys as young as six is on the rise in India, researchers say.
Abuse is becoming particularly more common in places of religious tourism, according to the study by non-governmental organisation Equations.
Children interviewed said the abusers were foreign and domestic tourists, as well as local residents.
Civil rights groups say there is an urgent need for the government to address the issue.
The study was carried out in the temple towns of Puri in Orissa, Thirupathi in Andhra Pradesh and Guruvayoor in Kerala.
The report says the abuse starts at about age six and by the time the boys turn nine they get drawn into full time prostitution.
The new findings come nearly a week after an Australian national was arrested on charges of paedophilia in Puri.
Boys unprotected
S Vidya, who compiled the report and is the programme co-ordinator for a Bangalore-based NGO, Equations, told BBC News that the incident was not an isolated case.
"The children interviewed mentioned that the foreign tourists relationships with them was very easy and the abusers were foreign tourists, domestic tourists and the locals also," Ms Vidya said.
"The foreign tourists stay in a particular place for very long and then they get used to the child and the child`s family and they stay with the children and they try to abuse the children. With domestic tourists they go to brothels or middle men to abuse the child. Sometimes they are already abused by family members and later they are forced into it."
Ms Vidya says the current government policies are only geared towards addressing the abuse of girls. She says boys are equally vulnerable but they are being left out of their ambit.
Ms Vidya`s organisation says the government must come up with what it calls zero tolerance towards any form of child abuse.
By Jyotsna Singh
BBC News, Delhi
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Obama `set to offer Clinton job`
US President-elect Barack Obama is "on track" to nominate Hillary Clinton as secretary of state within a week, according to US media reports.
A Democratic Party official was quoted as saying the move would be made public after next week`s Thanksgiving holiday.
The two sides have worked out financial disclosure issues regarding her husband Bill Clinton`s charitable activities, the party official reportedly said.
The former president has offered to allow ethics reviews of his charities.
Mr Clinton has an international charitable foundation with operations in dozens of countries.
There has been mounting speculation that Mr Obama would offer the New York senator the role of America`s top diplomat since a meeting between the two a week ago was reported.
Neither Mrs Clinton nor Mr Obama has confirmed the reports.
But an aide to Mr Obama`s transition team said the two had had substantive conversations about the job, the Associated Press news agency reports.
Mrs Clinton and Mr Obama fought a long and often bitter campaign to be the Democratic Party`s presidential candidate.
But after losing out on the nomination, she endorsed his bid for the presidency and campaigned for his election.
...
In reply to:
Welcome to the world of Obamanomics.
Posted by : sambala
The Bush administration has reacted coolly to the idea of a second U.S. stimulus plan.
For Wall Street, the leaders` talk about ways to provide relief probably will be of more importance than efforts to prevent another financial fiasco, experts said. Even without new concrete commitments for government spending, tax cuts or interest rate reductions, the fact that leaders came together to address the crisis and did not let it become a blame game should help bolster some confidence on Wall Street, according to Goldstein, Yamarone and others.
Commerce Secretary Carlos Gutierrez, appearing on CNN`s "Late Edition" on Sunday, warned against the making any new financial rules of the road too restrictive.
"There is an inclination, when you get into problems like this to go to an extreme, to over regulate, to think that we`re going to have a worldwide compensation system. How is that going to be done? I think we have to be careful, we have to find a balance and we can`t over regulate so that five years from now we`re trying to claw our way back because we overdid it," he said.
