IMF Briefing Note Says Slow Growth is Certain in 2nd Half of 2010

Article first published as IMF Briefing Note Says Slow Growth is Certain in 2nd Half of 2010 on Technorati.

The International Monetary Fund reiterated that risks for slowdown in global growth in 2^nd half of 2010 may be unavoidable and even intensified, due to recent turbulence in sovereign debt markets and prolonged weakness in the financial sector. In a briefing note prepared for Group of 20 (G20) countries’ deputy finance ministers, the IMF said though the global growth in 1^st half of 2010 had been somewhat stronger than expected, it would slow in 2^nd half of 2010 and 1^st half of 2011.

First half of 2011 includes last quarter of present FY11 for India. This poses a danger to India’s present hawkish markets’ mood that risks India’s GDP growth for FY 2010-11 as the US developments automatically impact Asian economies as per recent comments by IMF director Dominic Strauss Khan. IMF cites crisis of confidence in some national economies coupled with the financial sector’s weakness as major reasons for the expected slowdown.

US weakness

Yesterday the WEF report said the U.S ranking slipped from 2^nd position to 5^th position due to decreasing businesses’ confidence in the US economy and its huge debt and deficit. The IMF said the US property market was a source of downside risk as foreclosures of mortgaged houses had been speeded up there. Increased foreclosures or number of home repossessions are further pressuring bank balance sheets.

This may be causing reduction in credit available to the economy, the IMF suggested. Risk of credit unavailability causes renewed turbulence in sovereign debt market that could adversely affect the ‘to and fro’ flow of finance between sovereigns and the financial sector. Such developments could cause Greece like crises in developed economies.

India tops forecasts in July industrial output

Amid growing expectations of India surpassing it's GDP growth target of 8.5% for the present fiscal year that closes March 2011, India has recorded must faster than forecast of industrial output for July 2010. Industrial output rose 13.8% from an year earlier which is nearly double the forecast 7.7% of the market analysts. Capital goods' output is seen behind the surge in industrial output. This is also higher than the rise in June that was revised to 5.76%. 

Analysts see a strong case of hike in interest rate to contain inflation. Inflation began to ease for last two months, though very slowly from double digit figure. Balancing between maintaining growth momentum and containing inflation has become a big problem for central bank of India RBI. RBI has already raised interest rate by 100 basis points in 2010 and further rise of 50 basis points is expected by the end of December 2010. Soaring prices have prompted the opposition parties in India to observe national strike on 7th September. Regular protests against rising prices and agricultural inputs have become the order of the day. 

Some Sops for Worrisome Investors as the New U.S. Data Offers Positive Signs

Article first published as Some Sops for Worrisome Investors as the New U.S. Data Offers Positive Signs on Technorati.

Here are some sops to those who worry about the nearly unanimous expectations that the US slows down in the second half of the present financial year. Offering a rosier picture that the U.S. economic recovery might be still on track, the stocks the US and the EU are lifted up with the release of rather stronger than expected US data as well as optimistic comments from officials of advanced countries. The US data released on data Thursday, on labor conditions and business activities signaled for the US economy may somewhat continue to maintain some recovery.

Positive Signs

As per the data released on Thursday, the US trade deficit shrank more than estimation in July as exports expanded highest in one year; and the new claims for unemployment insurance fell more than expected. The data has been positive for last few days compared with that of August month. Fear of double dip recession for the recession kept investors away from being active in August month and the present data, though not up to the mark for cautious people, have pulled some investors into activity.

Japan's Finance Minister Yoshihiko Noda said the ministry was conducting simulations on forex intervention, though the Japanese currency hardly budged as the perception remains that Tokyo is unlikely to intervene until the U.S. currency falls near 80 yen. But the governor of Bank of Japan undermined the minister’s comments as he said he did not discussed about valuation of currencies and monetary policy at a government meeting.

People are Moving Forward, but Priests, Pastors and Mullahs are going back to Stone Age

My goodness! Who is this priest of the 21^st Century? Burning Quran is a step in the right direction somebody said on ‘Blogcritics.org’ while accepting that it incites burning bibles? Then what is it you want to advocate by burning? Is it hatred or peace?

I can never imagine that a priest -in the name of holy god, in the name of 9/11 destruction caused by a section of people of a religion- would preach to burn a book that is equally holy to another religion. This happened in medieval ages between and within various religions throughout the civilizations. The US has no particular civilization. People from various civilizations came, that too lately, to settle in the US. It is a conglomeration of several religious, racial and national people. Hence it is supposed to be more tolerant and accommodating. But this priest, seems to be felt the lack of medieval history of bloodbath for his country, wants to make such a history in the modern times of love and tolerance.

I don't remember any mullah was among those who drove planes into the lives of thousands.

When a priest ceases to be a priest, maybe things like this happen. But still, no, I can never imagine such things happen by any means. The people who drove planes into skyscrapers may believe in Quran. Does it mean everybody who believes in Quran on this planet tends to drive planes or cars into buildings?

A mother who loves her children also love other children, at least doesn't hate. A mother is always a mother throughout her life. A priest is supposed to be so. The people who resort to terrorist

Harbhajan Singh says he would slap if a bookie approaches him

Harbhajan Singh was asked by NDTV reporter as a part of 'Walk the talk' programme what would he do if a bookie approaches him. His spot response without hesitation was he would slap him. Harbhan is well known for his spot reactions that reflect his originality. Originality in the sense that it doesn't contain dramatic expressions, stylish gestures or hypocritical statements. Harbhajan possesses such originality. That's how he could offer a straight answer. Straight answers generally provide no room for subsidiary questions. So the conversation on the particular topic ends with one or two questions and answers and the questioner will be forced to move on to the next question. 

Harbhajan also said he was never approached by any bookie in his entire cricket career. This may also mean that the he may have not known that the person approached him is a bookie. A bookie is identified when he starts to make offers for some favors. What if the bookie who approached Harbhajan was thrown away with straight answers? The bookie senses the danger and leaves him before he is slapped. This is not to suggest that bookies approached Harbhajan but this is actually a bit of appreciation for not providing any room for further unwanted questions.

Growth of the EU and the US to continue to slow –IMF Official

Despite strong growth figures recorded in the Europe, Germany in particular, and the United States economic growth in both regions will remain at slow pace as per the IMF chief economist Olivier Blanchard. His remarks were published on Monday in a French newspaper Le Figaro, Reuters reported. He reiterated that the euro zone governments should deliver credible plans so as to reduce their budget deficits for medium terms. Instead of stipulating target dates only the contents of the plans would reassure financial markets about the financial health he remarked. “Whether it is 2013 or 2014 is not important,” he said.

Impact on Asia

A slowdown in the US would have automatic impact on growth in the short term Mr. Blanchard was quoted as saying. He might be referring to the dependent on exports to the US of the major players of Asia China, Japan and India. Exports from the three countries are majorly destined to the US and hence the impact. China recently concentrated on developing domestic market to relieve itself from depending on exports to the US. Japan market is already saturated and the haunting deflation for Japan is preventing it to shift priorities in trade it seems. Decreasing prices prevent consumers to come to shops as they expect the prices may further slip. That is making hard for Japan to increase consumer spending. 

Stage set for Sex Industry to Flourish during Common Wealth Games, New Delhi

Logo for Common Wealth Games -2010

 Article first published as Stage set for Sex Tourism to Flourish during Common Wealth Games, New Delhi on Technorati.

It has become an open secret that various international sporting events are best opportunities for sex industry run by mafias across the world. Since the fall of so called ‘socialist’ USSR and its disintegration, Russian mafia acquired prominence in world mafia. It is no wonder that the sex industry, one of the core businesses of the mafia kingdoms is also dominated by the Russian mafia.

Since 1990s when USSR collapsed, their economies have suffered death blows. Armed coups, rebellions of nationalities, mass movements and mass sufferings have become the order of the day. No country of erstwhile Soviet Union is yet stabilized and hence the destabilization of people’s lives. Hunger, unemployment, poverty all such evils pushed them to succumb to flesh trade, human trafficking under unruly mafia gangs. ‘Indian Association of Tour Operators’ has disclosed in July that sex workers mostly may come from countries like Ukraine, Georgia, Kazakhstan, Uzbekistan, Azerbaijan, Chechnya and Kyrgyzstan besides others to cash in CWG. It doesn’t mean that western advanced countries do not offer such services. Actually they are costly in this trade.

The Indian government has announced ‘code of ethics’ to curb sex tourism during Common Wealth Games. It has even sought the assistance of PATA, UNODC and NGOs like ‘Save the Children’ long back in July. ‘Apne Aap Women Worldwide’ has made an open appeal to the president of India “not to let the sex

Another Big Blow to India-Focused Vedanta Resources

Article first published as Another Big Blow to India-Focused Vedanta Resources on Technorati. Here is another big blow from India’s environment ministry to India-focused mining giant Vedanta Resources. The U.K. based company has received a letter that is also posted on environment ministry’s website (letter can be found here or here) in which it has been asked to explain for its serious violations of country’s green laws made at Bauxite refinery in Orissa. The ministry asked Vedanta to explain why the environment clearance given to its one million tonnes a year factory in Orissa should not be cancelled. The government of India has recently rejected permission to mine at Niyamgiri hills in Orissa. A government panel has given a report to the government not to permit Vedanta to mine in forest area that would seriously endanger the existence of two tribal groups namely Dongria Kondh and Kutia gondh. Vedanta is also facing hurdles in its bid to acquire Cairn India for $9.6 billion. ONGC has 30% stake in Cairn India’s Rajasthan oil field due to which Cairn India is subjected to get permission from the federal government in case of change of ownership. The latest government notice puts Vedanta's alumina refinery under cloud. The company has plans to expand the refinery's annual capacity to six million tonnes. Vedanta's project in Orissa is valued at about $9.5 billion. It is also come to known that the company has not taken permission to increase the capacity of the bauxite refinery. The latest violations were

Social Activists Condemn Using Force against Protesting Stone Throwers in Kashmir

Article first published as Social Activists Condemn Using Force against Protesting Stone Throwers in Kashmir on Blogcritics.

Even women Kashmir women to protest against police killings

Using live ammunition against protesting stone throwers in Kashmir valley is strongly condemned by social activists, working in various fields in India, in a conference held in Mumbai on Friday 3^rd September. They demanded the government to immediately halt the use or arms by security forces against stone throwers to end the turmoil in the Kashmir valley that is raged as a consequence of killing innocent people of Kashmir for last 3 months. The conference is convened by Peace Mumbai, a network of several social organisations. The meeting also called for an immediate withdrawal of security forces from the civilian areas of Jammu & Kashmir. At least 70 people have been killed in firing by security forces, including boys and girls below the age of 15 years, only in August.

Resolution

The conference is held throughout the day on the issue titled “Kashmir at Crossroads: The Way Forward”. The meeting passed a resolution demanding all parties of various perspectives, to return immediately to the negotiating table that also said the solution can be obtained only by initiating the political process. The conference expressed concern over naked violations of human rights for the Kashmir people and urged the Prime Minister Manmohan Singh to implement his promise of zero tolerance for all human rights violations in Kashmir. The Prime Minister is asked to repeal the draconian laws such as ‘the Armed Forces (Special Powers Act) and ‘the Public Safety Act’ that provided the security forces every power to kill innocent people at their free will in Kashmir.

Draconian Laws

The Armed Forces (Special Powers Act) has attracted wide condemnation even in North-East states like Manipur. Some 12 middle-aged Manipur women protested without a single piece of cloth on their bodies in front the headquarters of the army forces displaying a banner reading “Indian Army, Rape Us” in protest against brutal rape and killing of a Manipuri woman aged about 30 years, named ‘Thanglam Manorama’. The Indian Army and security forces have been given extraordinary powers under the Armed Forces (Special Powers) Act 1958 to search, seize, arrest and even kill anyone suspected of being an insurgent in order to "maintain the public order." Armed with these acts along with guns the security forces are causing enormous miseries and humiliation daily for Kashmiris.

Yasir Hameed Claims He didn’t Talk, But Truth is Otherwise

Article first published as Yasir Hameed Claims He didn’t Talk, But Truth is Otherwise on Technorati.

Pakistan opening batsman Yasir Hameed

As if to make another twist to the saga of spot-fixing and match-fixing allegations directed at Pakistan cricket players Yasir Hameed, the opening test batsman for Pakistan test team, denied of talking to the British tabloid “News of The World (NOTW).” Yesterday the tabloid reported that it was going to make sensational revelations and claimed it had talked to a Pakistan batsman and quoted him as saying "They were doing it (fixing) in almost every match. God knows what they were up to. It makes me angry because I'm playing my best and they are trying to lose." Now the player, Yasir Hameed, is denying the story. He claimed he was innocent and didn’t speak to any newspaper. He was quoted by Reuters as saying he was going to tell the team manager that the story was wrong.

Facts are Different

But the facts are telling a different story. The tabloid revealed on Sunday on its website it was Hameed who blown the lid out. NOTW quoted Yasir Hameed as refusing bribes of up to £150,000 from a corrupt bookmaker to throw matches and lost his own place in the team because of his refusal. Yasir’s colleagues earned expensive sport cars and other properties by illegal sporting and Yasir learned that the shameless players pocketed an astonishing £1.8 million for rigging a test match against Australia earlier this year, Yasir was quoted as saying by the tabloid.

Fourth Pakistan player being investigated - newspaper

Lords test between Pak and England

The British tabloid, in a series of revelations on various fixing episodes on Pakistan Cricket players, made a fresh claim on Saturday that a fourth Pakistan player was under investigation by the International Cricket Council (ICC) over match-fixing allegations. The News of the World newspaper said in a statement that is also available on its website it was not naming the player for legal reasons. It also said it would make sensational revelations on Sunday including the name of the fourth player under investigation. It is known that the ICC suspended the Pakistan test captain Salman Butt and opening bowlers Asif and Amir under its anti-corruption code, for committing spot-fixing by throwing deliberate noballs in a test match against England.

British metropolitan police have questioned the trio after The News of the World reported last Sunday that they had fixed incidents in the fourth test against England at Lord's. Pakistan’s opening batsman Yasir Hameed claimed in another development that some of its team mates were fixing almost every match. He said he was saved by god pointing out that he refused for wrongdoing even though he was offered huge amounts. "Scotland Yard was after them for ages," Hameed told the tabloid as per the tabloid report.

Israeli Bombing raids kill one Palestinian and injure another

Israel has carried out at least three bombing raids on Gaza Strip killing one Palestinian and injuring another. Palestinian officials said at least one more Palestinian was missing after the bombings. Israeli army said the raids were in retaliation to attacks carried out by Hamas for the past one week. Four Israeli settlers in West Bank were killed on last Tuesday in an attack said to be carried out by Hamas Islamist militants. Two were reported injured in another attack on Wednesday also attributed to Hamas.

The Bombing raids were mainly targeted at underground tunnels between Gaza Strip and Egypt. The raids were carried out even as direct talks were going on between Abbas and Netanyahu that were stalled after the deadly attack by Israel on Gaza in December 2007. More than 1200 Gaza civilians were killed in that attack.

Officials from the Islamist movement Hamas, which controls the Gaza Strip were quoted as saying to the Associated Press agency that the men were smugglers working in tunnels under the Gaza-Egypt border.

This is my new blog

I have already a blog on wordpress namely http://nvs-stream.com/. This blog is intended to post my favrourite article written by me on Technorati. I would also post other articles by me. The content is not limited to any particular topic. Posts may contain anything but mainly would be of politics, economics, socialogy, and entertainment.