The US Dollar has weakened on growing concerns that middle east Gulf Oil trading countries might opt for a basket of currencies instead of US Dollar. This is based on a supposedly secret meeting of the oil trading countries with the officials outside the region to discuss dropping the dollar for oil trade. A change from dollar to other currencies has both economic and political aspect; it is less likely that this would happen quickly as there is lack of consensus on econo-political issues such as the Gulf Monetary Union. Continue reading Is US Dollar Losing Steam as Global Currency for Oil Trade?
Taliban Options: Infiltrate into India or Get into Jail
The ‘friendly and peace-loving’ Pakistan government has adopted a new strategy to dealwith Taliban by giving them an option to either become part of Jihad against India, or decay in a local jail. There are already 60 surrendered Jihadis who are are to infiltrate into India from POK/LOC. By doing this it is trying to turn situation into its advantage, without having to fight against them. There are clear signals of increase in infiltration in coming 15-20 days, that is when winter will also begin to set in. There are nearly 250-300 Jihadis armed with sophisticated weapons waiting to cross the LOC. Continue reading Taliban Options: Infiltrate into India or Get into Jail
Foreign Direct Investment (FDI) into India crosses $100 bn
New Delhi: Foreign Direct Investment (FDI) into India has crossed $100 bn mark to reach $100.33 bn since July 2000. This financial year has seen inflow of $10.5 bn. About 44% of the total investment has taken the Mauritius route due to India’s double taxation avoidance treaty with Mauritius. Investors worldwide are looking to invest in India because of 2 key reasons: Continue reading Foreign Direct Investment (FDI) into India crosses $100 bn
Banking News: Now ATMs To Clear Your Cheques
New Delhi: Indian Banks are considering CTM (cheque truncating machines) that would facilitate instant encashing your cheques at ATMs. This technology is already being widely used making real-time cheque verification and clearance possible. Currently there are about 48000 ATMs in India, pointing to the level of comfort and efficiency this system would give to both customers and banks. Continue reading Banking News: Now ATMs To Clear Your Cheques
Rain Claims 130 Lives in Karnataka and Andhra; Rescue Operations by Armed Forces
At least 130 people have been killed including 104 in Karnataka and 26 in Andhra Pradesh due to torrential rains caused by deep depression in Bay of Bengal. Thousands have been rendered homeless and death toll is on rise. Army and Air forces are leading the rescue and relief operations. Krishna basin has seen the worst flood in 100 years. The Krishna and Tungabhadra rivers are reaching danger levels while several rivulets are overflowing. The Hyderabad-Bangalore national highway has come to a halt. The rains might continue till Tuesday posing more danger to the region.
In karnataka the worst hit, with casualty taking place, are as are Bijapur (29), Gulbarga (13), Raichur (11), Koppal (10), Bagalkot (10), Davangere (9) and Bellary (8), Belgaum (6). Gadag (5), Bidar (2) and Chikkballapur (1). In Andhra Kurnool, Mahboobnagar, Krishna and Guntur Districts are the affected areas.
Our View: This is yet another time when our Disaster Management Capabilities are being tested.
Link:http://news.in.msn.com/national/article.aspx?cp-documentid=3260857