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Fearing a Financial Tsunami if the Congress did not act fast, President George W Bush on Thursday, September 25 took his case on the financial bailout packet to the American people.
Bush in a nationally televised address said, ``The market is not functioning properly. There has been a widespread loss of confidence, and major sectors of country`s financial system are at risk of shutting down. The governmen`s top economic experts warn that, without immediate action by Congress, America could slip into a financial panic.``
He warned by saying, ``I`m a strong believer in free enterprise, so my natural instinct is to oppose government intervention. I believe companies that make bad decisions should be allowed to go out of business. Under normal circumstances, I would have followed this course, but these are not normal circumstances.``
The blunt message capped an uncanny day in America with law makers still at odds over the bailout package. Top administration officially frantically tried to convince a skeptical Congress of the urgency of the situation while the Republican nominee Senator John McCain broke off his campaign returning to Washington DC and called on his Democratic rival Senator Barack Obama to delay the debates.
However, President Bush did not fail to point out what is in store for Americans if Congress did not act urgently.
He cautioned, ``more banks could fail. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. More businesses would close their doors, and millions of Americans could lose their jobs.``
Further he said, ``Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And, ultimately, our country could experience a long and painful recession.``
He also said, ``Fellow citizens, we must not let this happen. I appreciate the work of leaders from both parties in both houses of Congress to address this problem and to make improvements to the proposal my administration sent to them.``
``But given the situation we are facing, not passing a bill now would cost these Americans much more later,`` Bush maintained.
The message by the President can be viewed as a step to bridge the gap between Republicans and Democrats and perhaps even more so within the Grand Old Party.
For information,with regards
rvk41
...
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lesson to the min or the workers.u learn only when u pay.not wen free advice is given....
In reply to:
CEO killed, minister says its a lesson
Posted by :
karen
The Government has said that "simmering discontent among the workers" is the main reason behind the death of LK Chaudhary, the CEO of an Italy-based company Graziano Trasmissioni, in Greater Noida.
"This should serve as a warning for the managements. It is my appeal to the managements that the workers should be dealt with compassion," Union Labour Minister Oscar Fernandes said in New Delhi.
"There are disparities in the wages of permanent employees and contract workers. The workers should not be pushed so hard that they resort to whatever that had happened in Noida,” he said.
"It is a fact that the number of organised workers has been decreasing. It came down from seven per cent to six per cent. We are going to discuss the matter of hire and fire policy in the next Labour Congress. First we deal with PSU and later with private sector on the issue."
The workforce is "unable to express its simmering discontent over the management policies," leading to strained ties between them and the management, he said while expressing his condolences to members of the bereaved family.
The Minister is expected to visit the incident site on Wednesday.
Around two months ago, some workers of the company were dismissed. The CEO of the company was allegedly beaten to death by a group of dismissed employees on Monday inside the premises after a compromise meeting called failed.
Meanwhile, Chaudhary's killing has sent shock waves among business establishments across the country.
President of the Association of Greater Noida Industries Aditya Ghildyal said that thefts, robberies and car jackings are rampant in Greater Noida despite the area having four police stations.
“How can industrialists or their employees feel secure here?” Ghildyal said.
Some software executive working in Greater Noida asked how can the general workers and staff be safe if the CEO of a multinational is not safe within the premises of his company.
Industry lobby Associated Chambers of Commerce and Industry (Assocham) President Sajjan Jindal said that Uttar Pradesh, the country's most populous state in which Greater Noida falls, has already lost industrial glory and will increasingly find it difficult to attract investments unless it eradicates lawlessness.
The Federation of Indian Chambers of Commerce and Industry (FICCI) said in a statement that such incidents are bound to sully India's image amongst overseas investors at a time when India is making all-out efforts to make the business environment investment-friendly.
"The company is almost sealed and we don't know what will be our future. I just want to leave this company,” said an employee of the Italian company that has over 300 employees in India. 
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very hard to be @ 2000 levels......
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DRDO develops ‘laser power’ for Indian troops------------------- New Delhi: Following in the footsteps of the US Armed Forces, the Indian Army soldiers will soon be armed with laser guns to help take on militants without even firing a single shot.
The Laser Science and Technology Centre (LASTEC), a DRDO laboratory, has developed ‘Laser Dazzler´ -- a non-lethal gun -- for the armed forces to be used during counter-insurgency and anti-terrorist operations.
“The laser gun is a non-lethal anti-personnel weapon, which could be used to disorient or dazzle an armed soldier or a terrorist without causing any collateral damage in the process,” LASTEC’s associate director A K Maini told PTI here today.
He said the gun would flash a laser beam, which could virtually “blind” the terrorist or anti-social element for around 40 seconds - time good enough for the troops to nab the culprit.
The flash beam of the gun is two to three metres wide, which would provide better chances to the forces in disorienting the target.
“The gun can be used effectively in counter-insurgency operations and close combat battles by the defence and paramilitary forces,” Maini said.
The DRDO-developed gun would be used for trials by the Army in counter-insurgency operations in the next five to six months. It would be tested in “real combat” situations in both Jammu and Kashmir and North Eastern states.
The laser guns are also fully compliant with the UN conventions, which prohibit the use of laser guns that cause permanent blindness.
By PTI.....................
The Government has said that "simmering discontent among the workers" is the main reason behind the death of LK Chaudhary, the CEO of an Italy-based company Graziano Trasmissioni, in Greater Noida.
"This should serve as a warning for the managements. It is my appeal to the managements that the workers should be dealt with compassion," Union Labour Minister Oscar Fernandes said in New Delhi.
"There are disparities in the wages of permanent employees and contract workers. The workers should not be pushed so hard that they resort to whatever that had happened in Noida,” he said.
"It is a fact that the number of organised workers has been decreasing. It came down from seven per cent to six per cent. We are going to discuss the matter of hire and fire policy in the next Labour Congress. First we deal with PSU and later with private sector on the issue."
The workforce is "unable to express its simmering discontent over the management policies," leading to strained ties between them and the management, he said while expressing his condolences to members of the bereaved family.
The Minister is expected to visit the incident site on Wednesday.
Around two months ago, some workers of the company were dismissed. The CEO of the company was allegedly beaten to death by a group of dismissed employees on Monday inside the premises after a compromise meeting called failed.
Meanwhile, Chaudhary's killing has sent shock waves among business establishments across the country.
President of the Association of Greater Noida Industries Aditya Ghildyal said that thefts, robberies and car jackings are rampant in Greater Noida despite the area having four police stations.
“How can industrialists or their employees feel secure here?” Ghildyal said.
Some software executive working in Greater Noida asked how can the general workers and staff be safe if the CEO of a multinational is not safe within the premises of his company.
Industry lobby Associated Chambers of Commerce and Industry (Assocham) President Sajjan Jindal said that Uttar Pradesh, the country's most populous state in which Greater Noida falls, has already lost industrial glory and will increasingly find it difficult to attract investments unless it eradicates lawlessness.
The Federation of Indian Chambers of Commerce and Industry (FICCI) said in a statement that such incidents are bound to sully India's image amongst overseas investors at a time when India is making all-out efforts to make the business environment investment-friendly.
"The company is almost sealed and we don't know what will be our future. I just want to leave this company,” said an employee of the Italian company that has over 300 employees in India....
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A Lexington man, now famous for how many times he's been arrested, is again making headlines.
Yesterday, Henry Earl answered to a judge on a charge of alcohol intoxication - a crime he's now committed one-thousand times.
Henry Earl is a man well known inside the Fayette County Detention Center and well beyond the walls. He's an internet sensation for the sheer number of times he's been arrestted.
His latest arrest coming last night.
"Mr. Earl, you are before the court on the charge of alcohol intoxication."
"Yes sir."
And while being arraigned, as Earl usually is on his charge, he entered his usual plea.
"How do you wish to plea on this?"
"Guilty your honor."
"Are you sure you want to do that?"
"It's my right."
But this time, unlike the many, many, many times before, Earl was thrown a curveball by Judge Gary Payne.
"For your anniversary we'll give you a thousand days."
Needless to say, the sentenced shocked Earl.
"Do you think that's appropriate?"
"No sir."
"That's a long time."
"That's a lot of time but you can do it."
"No sir, a thousand we'll see you on Thursday."
"You'll see me Thursday. Yea, we'll be counting down the days.'' You'll be down to 998."
If you're wondering what one-thousand arrests on alcohol charges equals, here's a look at Henry Earl's history.
In all, he's spent 4,123 days in jail.
Thirty-five of his 1,000 arrests have been this year alone, landing him behind bars 189 days in 2008 so far.
On average, Earl is out of jail about two days before he lands back behind bars again.
...
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NEW DELHI: The tax man wants a larger share of BCCI\\`s bouyant revenues, now pegged at Rs 1,000 crore, driven by ad and IPL earnings. BCCI has filed for a total tax deduction at source (TDS) of Rs 65 crore on payouts amounting to Rs 670 crore for the year 2007-08, but the Income Tax department is now looking to skim off some more.
Sources said the TDS amount of Rs 65 crore received has seen the I-T authorities asking questions about the uneven manner in which the liability for players, umpires, managers and other employees was assessed. The I-T department points out that the Board and its franchisees had, in some cases, deducted tax @ 2% with regard to some players. This was because some employees were seen to be on contract.
Now, in a fresh notification issued by the Central Board of Direct Taxes, it has clarified that all sportspersons, Indian or foreign, besides coaches, trainers, umpires, referees, team physicians, physiotherapists, event managers, commentators, anchors and columnists, must be levied TDS at 10%.
All persons associated with the sport through BCCI have been clubbed as professionals, just like those rendering technical services, under Section 194J of the I-T Act liable to pay TDS @ 10%.
Sources said while no discrepancies had been noticed in TDS on payments made to foreign players, in case of some Indian players the tax deducted was @ 2%, which is the practice in normal contract payments under Section 194C of I-T Act, not applicable to professionals. In 2007-08, BCCI is believed to have had an income of Rs 1,000.41 crore that included media rights of over Rs 550 crore, surplus from tours, interest on bank deposits of over Rs 1,100 crore and income from other sources. In 2006-07, it had an income of not more than Rs 652 crore.
According to reports, the Board\\`s wage bill for players, both domestic and foreign, would be around Rs 132 crore, a significant jump from the previous year when it was only Rs 86 crore.
...
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Mumbai: Five suspected activists of the shadow terror group Indian Mujahideen have been arrested for their alleged involvement in the Ahmedabad and Delhi serial blasts, with the police saying they were controlled by a high-ranking functionary of the Lashkar-e-Toiba (LeT) and the Harkat-ul-Jihad-e-Islami (HuJi) from his base in Pakistan.
A large cache of explosives was recovered from the five men, who had next planned to carry out serial bombings in Mumbai, police said.
Full coverage: Delhi serial blasts
Police commissioner Hasan Gafoor told a jam packed media gathering on Wednesday evening that the five suspects are in their 30s, belong to Azamgarh district of Uttar Pradesh - where other suspected terrorists linked to the recent bombings also belong - and are highly educated individuals who used their academic expertise for their terror activities.
The Indian Mujahideen group, which includes the elusive Tauqeer, Aftab Ansari and others, is controlled by one Aamir Reza, a high-ranking functionary of both the LeT and HuJi, from his hideout in Pakistan.
The men were identified as Mohammed Afzal Usmani, Mohammed Sadik Shaikh, Mohammed Zakib Shaikh, Sheikh Mohammed Ansar and Abu Rashid.
"All have also been trained in a hostile foreign country for prolonged periods in different aspects of terrorist acts like bomb-making, triggering blasts, etc," Gafoor said.
Special: Terror comes to Modi land | Full coverage: Ahmedabad serial blasts
At least one more terrorist, Roshan Khan, said to be the co-founder of IM, is absconding. The crime branch sleuths were on his trail, joint commissioner of police (Crime) Rakesh Maria said.
Maria said that the most shocking outcome of the investigations was that these terrorists had been linked to practically all the bomb blasts carried out all over India by the group since 2005, pointing to their sheer expertise, deep connections and the vast resources at their command.
They were directly connected with the July 26 serial bomb blasts in Ahmedabad, had links with the September 13 New Delhi serial blasts, as well as the previous July 25 Bangalore blasts and the May 13 Jaipur blasts, as also the July 11, 2006, serial blasts aboard Mumbai's suburban trains, the police officials said.
Maria said that the five masqueraded as Pakistanis in the underground terror network, but it has been revealed that they are actually Indians. They had been trained in all aspects of terrorist activities by the HuJi and LeT, he said.
The police officials refrained from naming the "hostile country", though the obvious indication is Pakistan.
According to Gafoor, the five had been arrested from "in and around Mumbai.
...
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New York: Prime Minister Manmohan Singh on Wednesday met his Chinese counterpart Wen Jiabao here to discuss the development of bilateral relations and resolving outstanding issues, including the vexed boundary dispute.
Manmohan and Wen, who are here to attend the UN General Assembly meeting, met at the Waldorf Hotel where the Indian Prime Minister is staying.
The high-level meeting is taking place amid some tension in bilateral ties in the wake of attempts by China to block a consensus on the India-specific waiver at the NSG meet in Vienna earlier this month.
Also read: ‘Mastermind of Delhi, Ahmedabad blasts in Pak’
Beijing's stand at the Nuclear Suppliers Group upset New Delhi, which conveyed its unhappiness to Chinese Foreign Minister Yang Jiechi during his recent visit to New Delhi.
...
Mumbai: Four of the five alleged members of the Indian Mujahideen (IM) who were arrested by the Mumbai police went to Pakistan via Iran for training in arms and use of explosives around 2004, police said on Wednesday.
Five alleged members of the IM were arrested recently by Mumbai police in connection with the Delhi serial blast.
Also read: ‘Mastermind of Delhi, Ahmedabad blasts in Pak’
"All four went to Pakistan for training in arms and explosives. They went to Iran and then to Dubai to enter Pakistan," additional commissioner of police (Crime) Deven Bharti said.
Founder members of the IM, Mohammad Saddik Shaikh, Mohammad Arif Shaikh, Ahmed Zakir Shaikh and Mohammad Shaikh Ansari had travelled to Pakistan.
Saddik, a programme engineer by profession and living in the Cheetah camp area of Trombay in north east Mumbai, had reportedly travelled to Pakistan at least twice. On one occasion, he visited the country for nine months and on the next, for 45 days, police said.
Full coverage: Delhi serial blasts
Arif, allegedly the bomb-circuit maker for explosives used by the group since 2005, had also travelled to Pakistan for training. Two other accused Ansari and Zakir travelled to the country for training in 2004, they said.
"The group was provided training by the Lashkar-e-Taiba and HuJI and were also supported by them," joint commissioner of police (Crime) Rakesh Maria said.
Saddik had a mentor in Pakistan, identified as Amir Reza, with whom he was regularly in touch, Maria said, adding that they had evidence of the communication between the two.
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could you please advise on the rajesh exports.....
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Tembec\\\\`s Chapter 15 filing is not for Bankruptcy but rather for Recognition of the Canadian order dated February 29, 2008 which accepted the recapitalization of the Company. Please see press release on www.tembec.com....
In reply to:
78 APAC CDO tranches lowered/placed on -ve CreditWatch
Posted by :
MMB Messenger
Standard & Poor's Ratings Services said that it had lowered its ratings on 74 tranches relating to 60 Asia-Pacific (ex-Japan) synthetic CDO transactions. Ten of the downgraded CDO tranches were also placed on CreditWatch with negative implications
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Standard & Poor's Ratings Services said that it had lowered its ratings on 74 tranches relating to 60 Asia-Pacific (ex-Japan) synthetic CDO transactions. Ten of the downgraded CDO tranches were also placed on CreditWatch with negative implications...
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Shri Lakshmi Cotsyn Ltd. has launched India’s first eco-friendly textile brand in India, “WEAVES” to offer a wide range of innovative home furnishing products and bedsheets for health conscious families
...
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It is sad that the on-going negotiations resulted in the murder of the CEO in a NOIDA firm. What is shocking is the comments of the Union Labour Minister as reported in the press. As a human being and later as Union Minister, the Minister should have outrightly condemnd the dastardly action of the strikers. Is it because some of the strikers had just joined AITUC? If it had been some other unon affiliated to communist parties, would the Centre have condemnd the attack by now? The Union Labour Minister should be asked to put in his papers for the comments attributed to him. Will PM act?...
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Udayan's Market Outlook
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Situation grim for Indian markets | |
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| Udayan Mukherjee, Stocks Editor, TV18 | ||
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Popular Boarders 7days| 244 | |
| 167 | |
| 105 | |
| 105 | |
| 100 | |
Top Tracked 7days| 705 | |
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Prolific Boarders 7days| 418 | |
| 324 | |
| 289 | |
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