Loan Benifits

5 Thing to remember while buying a car loan with low credit

2009-12-24T03:31:00.000-08:00

What will I need to do in order to get eligible for a loan?
All lending institutions are different however they would ask you to comprehensive an application which includes your information and personal details. The companies can also need you to offer a copy of your W-2 or present paycheck, along with information to verify your residency for instance a utility or cable bill.
Is it likely buying car no credit history?
Yes, there're many companies that work with people having all kind of credit. That includes bankruptcy as well as delinquencies. Along with you having a steady job or a stable monthly income, there would be a company that is able to offer you with the financing you need.

Indian companies advised to localise in China to improve export basket

2009-12-15T04:14:00.000-08:00

BEIJING: Indian companies must learn to localize in China and try to be a little more creative in their operations in this country if they wish to correct the flaws in India’s trade basket. The advice came on Tuesday from Indian ambassador S.Jaishankar, who pointed out that commodities and raw materials comprised three-fourth of Indian exports to China leaving little room for manufactured goods and services.

Speaking at an India-China Business Seminar in Chengdu, capital of province of Sichuan in southwestern China, Jaishankar said the bilateral trade between the two countries was set to reach $60 billion in 2010. The two countries have long surpassed the target of $40 billion.

"Indian companies must appreciate that they will also have to localize. It is only then that they can address the demand of being readily available and overcome pre-established vendor loyalties," Jaishankar said while speaking at an India-China Business Seminar in Chengdu in western province of Sichuan on Tuesday.

Business execs say state needs overhaul

2009-12-15T04:13:00.000-08:00

Three leading CEOs told the Detroit Economic Club Monday that Michigan needs a top-to-bottom overhaul if it hopes to rank as a top 10 state economically.

"To this day, the state is still not being realistic," Tony Earley Jr., chairman and CEO of DTE Energy, told the audience at Cobo Center. John Rakolta Jr., chairman and CEO of the Walbridge construction firm, agreed.

"All of the solutions are right there," Rakolta said. "We just don't have the willpower."

Earley, Rakolta and David Brandon, chairman and CEO of Domino's Pizza Inc., were speaking on behalf of the Michigan Turnaround Plan, a set of proposals drafted this year by Business Leaders for Michigan, the corporate leadership group formerly known as Detroit Renaissance.

The plan offers detailed suggestions for eliminating state budget deficits and fostering a more competitive environment for business in the state. The proposals cover a range of concerns, from lowering state business taxes to creating rapid transit in urban corridors.

Among other issues, the plan calls for greater investment in education but reining in benefits for teachers.

Noting the controversial nature of many of the changes, Brandon told the audience, "There's something in here that will make everyone mad." But he added, "You have to build a case for change."

Much of the program the CEOs promoted envisions changes in state government in Lansing, from eliminating the surcharge on the Michigan Business Tax to switching to a 2-year state budget plan instead of the current 1-year. And eliminating term limits so that legislators can gain more in-depth knowledge is high on the list of at least some reformers.

U.K. Automaker Support Program Make No Loans in First 10 Months

2009-12-15T04:12:00.000-08:00

Dec. 15 (Bloomberg) -- A 2.3 billion-pound ($3.8 billion) U.K. government program to guarantee loans to car makers and their suppliers has yet to release any money, almost a year after it began.

The Automotive Assistance Program was launched on Jan. 27 to underwrite loans of more than 5 million pounds to firms with a turnover above 25 million pounds. The government agreed to lower the threshold to 1 million pounds on the advice of Parliament’s Business Committee to encourage companies to use the facility.

In a further report published today, the committee said the program still has yet to underwrite a single loan, highlighting the difficulties faced by Prime Minister Gordon Brown’s government in trying to keep investment going through the recession.

“The scheme seems to have been a wasted opportunity to support this important manufacturing sector during the recession,” Business Committee Chairman Peter Luff said in an e-mailed statement. “It is up to the government to prove us wrong, but they must ensure that funds are released to companies very quickly.”

The Business Department said in an e-mailed statement it was negotiating with 10 companies to underwrite loans worth 2 billion pounds.

Bajaj FinServ may foray into home-loan biz

2009-12-15T04:10:00.000-08:00

“We already offer secured loans against property and we are the fourth-largest in that segment. We are now evaluating getting into the home loan business, though we have not taken a final decision yet,” Bajaj Finserv managing director Sanjiv Bajaj told ET.

Two of the planned diversification moves are slated to take off next year. “We will start offering retail loans against shares next year and we are also entering the construction equipment financing business. FinServ may even look at commercial vehicles when sister company Bajaj Auto diversifies its portfolio,” Mr Bajaj said.

Already, Bajaj FinServ has expanded into two new businesses this year. In April 2009, Bajaj FinServ signed an agreement with insurance partner Allianz for an asset management company (AMC). Bajaj Financial Solutions, a 100% financial products, services distribution and advisory offshoot, was set up later. “We want to tap into a new set of customers with these businesses,” said Mr Bajaj.

Bank of America pledges $5 billion more for small businesses

2009-12-15T04:07:00.000-08:00

NEW YORK (CNNMoney.com) -- Bank of America pledged Monday to increase its lending to small and medium sized businesses by $5 billion next year. The announcement immediately followed a White House meeting at which President Obama pressured the nation's biggest bailed-out banks to start reinvesting in the rest of the economy.

"Bank of America is determined to do our part to help the economy grow next year and reduce unemployment by making every good loan we can make," CEO Ken Lewis said in a statement.

Lewis acknowledged the key role that small businesses play in creating jobs, calling them the "lifeblood" of the U.S. economy. "Our improved financial condition and our optimism about the economy will allow us to step up lending to support these clients," he said.

Bank of America, based in Charlotte, N.C., is currently the second largest small business lender in the U.S., behind only Wells , according to reports filed to the Treasury Department. Bank of America ended September with $41.9 billion in small business loans outstanding. That tally includes credit lines, credit cards, traditional loans and other financing.

AT&T Price Moves May Backfire

2009-12-11T04:06:00.000-08:00

Efforts by the mobile-phone service provider to charge more for heavy data usage may alienate customers and stymie innovation and growth in the wireless Web

AT&T giveth and AT&T taketh away. The wireless service provider that has mastered all-you-can-eat monthly service packages for its mobile-phone customers is having second thoughts. Concerned that some customers are consuming more than their share of data over wireless networks, the company plans to offer some subscribers "incentives" to "reduce or modify their usage" of bandwidth, AT&T Mobility.
De la Vega, speaking at a conference in New York sponsored by investment bank UBSdidn't specify the company's plans, but said one step will be giving users more information on how much data they've consumed. Analysts speculate AT&T may move to a tiered pricing scheme where subscribers are charged more depending on how much bandwidth they use—say, through downloading videos or sending and receiving big documents. Some carriers in other countries, including Canada and Australia, already use tiered pricing. Yet in a market where customers have grown accustomed to paying a single fee no matter how much data they consume, a switch by AT&T, the largest U.S. mobile-phone operator, may backfire. Analysts and consumer advocates say the move may curb demand for smartphones and wireless data products, stymie development by programmers who specialize in mobile applications, and push subscribers into the arms of rivals,

Scrapping of scrappage worries VW

2009-12-11T04:03:00.000-08:00

Volkswagen says it expects to post record sales again this year, but it has forecast that 2010 will be 'extremely difficult' as scrappage schemes worldwide are wound down.

The biggest European car maker said sales of it nine brands - which include Audi, Seat and Skoda - came to 531,000 vehicles last month, an increase of 19.1% from November 2008. But deliveries were 4.7% lower than in October.

In the 11 months from January to November, sales gained 2% from the same period last year to 5.85 million vehicles, which allowed VW to say it expected a 'slight rise in full-year deliveries' from the record 6.2 million in 2008.

VW sales director Detlef Wittig was quoted as saying that 'the coming year will be extremely difficult'. VW expected sales to continue rising in its biggest market, China, but also foresees 'a marked decline on the European market in particular', as sales have been boosted this year by government premiums to drivers who scrapped old cars

Son of late Abu Dhabi ruler put on trial

2009-12-11T04:01:00.000-08:00

Abu Dhabi authorities have put on trial Sheikh Issa bin Zayed al-Nahyan, a member of the ruling family caught on tape apparently torturing an Afghan business associate, the Financial Times can reveal.

Sheikh Issa, one of 19 sons of Sheikh Zayed, the founding father of the United Arab Emirates and Abu Dhabi's late ruler, is charged with causing harm and endangering life.

This unprecedented trial, held away from the public eye, will be seen as a barometer for the rule of law in Abu Dhabi, where the lines between the government and ruling families are blurred.

A former aide, Bassam Nabulsi, leaked a video this year that appeared to show Sheikh Issa brutally torturing an Afghan commodities trader, Mohammed Shah Poor, in 2004.

Mr Nabulsi, a US citizen, is suing for damages in a separate case in Texas, claiming Sheikh Issa had him tortured and imprisoned after he threatened to reveal the tapes' existence.

The graphic scenes - censored in the UAE - appear to show Sheikh Issa beating Mr Poor with nails, suffocating him by shoving sand in his mouth and driving a 4x4 vehicle over his body, helped by security guards.

In April the video was broadcast on US television, prompting politicians to question a nuclear cooperation agreement with the UAE .

In May, Abu Dhabi authorities detained Sheikh Issa , who does not hold a government position, and began a criminal investigation, saying "all persons are equal before the law". Despite concern about airing the ruling family's dirty linen, the government has pressed on with the trial.

A spokesman said it would be inappropriate to comment while proceedings are in progress.

Chinese wind energy giant pulls off stellar IPO

2009-12-11T03:58:00.000-08:00

There were conflicting signals on the health of the clean tech IPO market this week, as one leading Chinese renewable energy firm postponed its planned floatation and another pulled off an encouraging first day of trading.

China Longyuan Power Group Corp, the largest wind farm developer in Asia, debuted on the Hong Kong Stock Exchange yesterday and saw its share price climb 9.44 per cent on its first day of trading.

The IPO was reportedly 235 times oversubscribed and the energy giant reportedly raised HK$17.14bn through the IPO, selling 2.1bn shares at the upper end of the expected price range.

The shares then started trading at HK$9.20, up 12.75 per cent on the IPO price, before climbing further to HK$8.93 at the end of the day's trading.

The company said that the cash raised through the IPO would be used to repay debt and finance new production facilities.

Cazenove Capital Acquires Thornhill

2009-12-11T03:57:00.000-08:00

To extend its foot print in Scottish fund and wealth management industry

Cazenove Capital Management, the London-based privately owned, independent asset management house with GBP13 billion assets under management, has acquired Thornhill, an independent fund management company, reported the Financial Times.

Thornhill, with GBP600m assets under management, has offices in Edinburgh and London. It had previously acquired the private client division of Martin Currie Investment Management in Edinburgh.

Reportedly, Cazenove Capital, which has demerged from the broker of the same name five years ago intends to use the acquisition to foray into the Scottish fund and wealth management industry.

Andrew Ross, CEO of Cazenove, said that Thornhill had approached Cazenove to expand its business as the two firms serve to the same class of institutional and private clients. He said that he would only look to expand the merged business if he could find managers with a similar mindset, rather than embarking on a fresh hiring programme, reported the newspaper.

UK Nov input prices jump at fastest in a year

2009-12-11T03:56:00.000-08:00

LONDON, Dec 11 (Reuters) - British manufacturers' input costs rose at their fastest annual pace in a year in November due to a rebound in crude oil prices after last year's falls, official data showed on Friday.

The Office for the National Statistics said non-seasonally adjusted input prices rose 4.0 percent on the year in November, broadly in line with expectations for a rise of 4.1 percent and up from 0.4 percent in October.

Output prices rose 2.9 percent on the year on a non-seasonally adjusted basis, the fastest pace since February and bang on expectations. Core output prices, which exclude food, drink, tobacco and petrol, were 2 percent higher on a year ago. Analysts had expected a reading of 2.1 percent.

The figures are likely to reinforce expecations that inflationary pressures will pick up over the coming months, potentially driving consumer price inflation towards 3 percent.

Policymakers have said they expect the increase but are focussing more on the medium term outlook for inflation, which looks very benign.

As such, analysts expect interest rates to remain at their record low 0.5 percent until at least well into next year.

The main upward contributor to the rise in input price inflation came from crude oil prices, which jumped 30 percent on the year -- the biggest annual increase since September 2008.

The ONS said that spike was a result of oil prices rebounding this year after a sharp fall at the end of last year.

Airbus A400M starts long-awaited maiden flight

2009-12-11T03:53:00.000-08:00

SEVILLE, Spain, Dec 11 (Reuters) - A new European military transport plane, the Airbus A400M, took to the skies on Friday in a boost to a 20 billion euro ($29.5 billion) project threatened by soaring costs after a two-year development delay.

British test pilot Ed Strongman and crew donned parachutes over red overalls to power up the propellor plane -- dubbed "grizzly" by test engineers after its burly appearance.

The A400M was commissioned by seven European NATO countries to support combat operations in rugged zones like Afghanistan or to assist in humanitarian relief operations.

The plane carries aloft its designers' hopes that the three-hour maiden flight will help to save Europe's biggest defence project from being grounded.

But an estimated 5 billion euro cost overrun has placed the plane's future in doubt, forcing Airbus to hold negotiations with buyers on the sidelines of the inaugural flight. (Reporting by Tim Hepher, Sabine Siebold; Editing by Tracy Rucinski)

Airbus A400M starts long-awaited maiden flight

2009-12-11T03:51:00.000-08:00

British test pilot Ed Strongman and crew donned parachutes over red overalls to power up the propellor plane -- dubbed "grizzly" by test engineers after its burly appearance.

The A400M was commissioned by seven European NATO countries to support combat operations in rugged zones like Afghanistan or to assist in humanitarian relief operations.

The plane carries aloft its designers' hopes that the three-hour maiden flight will help to save Europe's biggest defence project from being grounded.

New Chinese rules put AXA's Taikang sale on hold

2009-12-11T03:50:00.000-08:00

HONG KONG, Dec 11 (Reuters) - The auction for French insurer AXA's stake in China's No.4 life insurer, Taikang Life, has been put on hold amid growing concerns about new rules from China's insurance regulator, sources with direct knowledge of the matter said on Friday.

AXA's sale of its 15.6 percent stake in Taikang had received bids from Singapore's state investor Temasek, Blackstone Group, KKR and other funds, sources previously said, with the stake expected to be worth more than $1 billion.

But concerns about China's new rules on insurance company ownership have sparked worries that the firms lining up to bid for the stake fail to match regulatory standards, sources say.

Taikang declined to comment. AXA was unavailable to comment. (Reporting by George Chen and Michael Flaherty; Editing by Jacqueline Wong)

Citi Expands Branch Network In China

2009-12-11T03:49:00.002-08:00

To offer banking and wealth management services in Chonqing region

Citibank (China) has opened a branch in Chongqing, its ninth in China. The branch offers banking and wealth management services to both corporate and individual customers in and around Chongqing. The new sub-branch will also be Citibank’s second retail outlet in China to be submitted for leadership in energy and environmental design (LEED) certification.

The Chongqing branch offers a wide range of RMB and foreign currency products and services to multinational and local companies, Chinese residents and foreign nationals. Corporate banking services include cash management, trade finance and services, loans and syndication, FX transactions, project finance and structured finance and other financial products.

Other services provided include savings, deposits and investment products (including premium accounts, structured investment accounts and QDII products) and ATM/debit cards.

William Rhodes, senior vice chairman of Citigroup, said: "Citi has an unmatched international presence in financial services, and China remains one of our priority markets. We are committed to continuing to invest in China over time, and we are delighted to be opening a branch in the city of Chongqing."

Andrew Au, chairman of Citibank (China), said: "Citi is proud to be extending our network to Chongqing with a world-class branch. Looking ahead to 2010, Citi will continue to build out our business in China across a wide array of areas as we continue to play an active role in the ongoing growth and development of China’s financial services sector."

Anand Selva, EVP of Citibank (China), said: "The Chongqing outlet will house the largest retail banking team in China, and its high-technology capabilities will provide Citibank customers with a superior banking experience. Its opening reflects our intent to be the most innovative, customer-focused international bank in China."

Mao Feng, branch manager of Chongqing, said: "Our team in Chongqing is committed to delivering the very best in banking and wealth management services to local companies and retail customers as Chongqing continues to rise as a key center of commerce and industry in China."

ANALYSIS-US Govt's uranium transfers won't stop imports

2009-12-11T03:49:00.001-08:00

Release of more U.S. inventories to pressure spot price

* U.S. uranium producers fear will be hurt by transfers

* U.S., biggest uranium consumer, to still rely on imports

By Tom Doggett

WASHINGTON, Dec 11 (Reuters) - The U.S. government's plan to release some of its massive uranium holdings is due to put downward pressure on spot prices, but will do little to reduce reliance on imported supplies by the United States, the world's biggest consumer of the material that fuels its nuclear plants.

U.S. mine supply of uranium has dwindled since peak output was hit in the 1970s when over 250 mines were churning out material, and it now feeds less than 10 percent of demand from the U.S. nuclear industry.

Since the United States accounts for nearly a quarter of the world's 436 operating reactors and consumes about 50 million pounds of uranium a year -- 30 percent of global demand -- it will continue to rely on foreign imports for the bulk of supply for the foreseeable future.

"We will still be importing large quantities from other countries, primarily from Canada, Australia and Kazakhstan," said Julian Steyn, president of Energy Resources International (ERI), a Washington, D.C.-based consulting firm.

Adding to short-term supplies was a move last month by U.S. Energy Secretary Steven Chu to approve the release of additional inventories.

The Department of Energy has a total of 59,000 tonnes of inventories of natural uranium built up for military reasons during the Cold War and is releasing the stocks gradually over about 25 years.

But it agreed to transfer an additional amount, up to 300 tonnes of uranium each quarter through 2010, to help pay for the cleanup of the Portsmouth uranium enrichment plant in Ohio.

UPDATE1-EQT, Singapore fund to buy Springer Media

2009-12-11T03:48:00.001-08:00

* Deal allows exit for buyout firms Cinven, Candover

* Company's loans soar in the secondary market

* Springer enterprise value less than 2.4 bln eur -sources (Adds detail, background)

By Victoria Howley and Simon Johnson

LONDON/STOCKHOLM, Dec 11 (Reuters) - Swedish private equity firm EQT and the Singapore government are buying Springer Science and Business Media, allowing an exit for the two UK buyout firms that have owned the debt-laden business since 2003.

EQT, closely linked with Sweden's powerful Wallenberg family and its Investor group, said on Friday it would buy 82 percent of the world's second-largest scientific, technical and medical publisher.

Reuters reported on Wednesday that EQT would scoop up Springer after a long auction.

GIC Special Investments, which is the private equity arm of the Singapore government's investment management company, will buy the remaining 18 percent.

Financial terms were not announced. The deal will value Springer's equity at around 100 million to 150 million euros ($147 million-$221 million), two sources told Reuters this week, giving the business an enterprise value of less than 2.4 billion euros.

Private equity firms Candover and Cinven created Springer through the 600 million euro acquisition of Kluwer Academic Publishers from Wolters Kluwer and the 1 billion euro acquisition of BertelsmannSpringer from Bertelsmann six years ago.

The two firms took advantage of hot debt markets to refinance the business and pay themselves handsome dividends on three occasions.

EQT has lined up a 1 billion pound underwritten loan, demonstrating returning risk appetite at banks that will support the re-opening of the leveraged buyout market.

Xoom.com Launches Money Transfer Service In South Korea

2009-12-11T03:40:00.000-08:00

To provide immigrant communities with an alternative money transfer option

Xoom Corporation, an internet-based global money transfer company, has launched new service in South Korea. The launch supports Xoom.com's corporate initiative to provide immigrant communities with an alternative money transfer option.

Xoom.com's money transfer service allows customers to send money from any internet-enabled computer using a credit card or checking account to fund the transaction. The new service augments Xoom.com's existing global presence worldwide, including China, India, Philippines, UK, South Africa, Mexico, Brazil and other countries.

Iain Allison, vice president of Asian business development at Xoom.com, said: "Xoom.com offers Korean immigrants a convenient option for wiring money online. They can send money from their home computer directly to any bank account in South Korea. With Xoom.com, customers pay just $4.99 to send any amount and the funds reach the Korean bank in less than one business day."

Gruppo Bancario Credito Valtellinese Selects Thunderhead

2009-12-11T03:38:00.000-08:00

To support communication requirements of its branch network and simplify integration of new acquisitions

Thunderhead, a provider of document automation and multi-channel communications solutions, said that Italy-based bank Gruppo Bancario Credito Valtelinese has selected the Thunderhead NOW platform to support the customer communication requirements of its branch network.

Credito Valtellinese said that on a year-by-year basis it mails approximately 50m pages and 10m envelopes. In the longer term, the bank plans to use Thunderhead NOW to improve and manage the quality of its batch-produced customer communications with personalized content, better visual design and tailored marketing messages.

The solution will also play a key role in supporting the customer communication requirements of new acquisitions by the group. Thunderhead NOW will be offered as an outsourced document-generation service to partner banks that are supported by Gruppo Credito Valtellinese through Bankadati Sistemi informatici, the IT business owned by the group.

Enrico Mazzoletti, director of IT Architecture, said: "We evaluated several solutions and Thunderhead was the only one that fully met our needs, which included ease of integration with our Microsoft .NET-based applications and the ability to change and manage document content without the need for programming."

Mauro Selvetti, CIO of Bankadati, said: "In recent years, we have integrated new acquisitions as well as provided outsourced IT services to our partner banks. This trend is set to continue and Thunderhead NOW will make integration much easier by enabling us to quickly and easily produce and manage documentation, contracts and correspondence for the customers of our seven existing banks and four specialized financial businesses, as well as newly acquired banks in the future."

Glen Manchester, CEO of Thunderhead, said: "We are delighted that Thunderhead NOW will not only enable Credito Valtellinese to enhance its customer communications and marketing but will also support the banking group as it pursues its strategy of growth through acquisition."

EU Urges IMF To Levy Global Tax On Financial Institutions

2009-12-11T03:37:00.000-08:00

To prevent another global financial crisis

European Union (EU) has stepped up pressure on IMF to consider a global tax on financial transactions to avoid another economic crisis, reported Reuters citing a draft summit statement. The leaders of the bloc also emphasized the need for 'sound and effective' pay in the financial sector but did not support UK and France to tax bankers' bonuses.

The draft statement said: "Remuneration policies within the financial sector must promote sound and effective risk management and should contribute to preventing future crises in the economy."

"The European Council (of EU leaders) emphasises the importance of renewing the economic and social contract between financial institutions and the society they serve and of ensuring that the public benefits in good times and is protected from risk.

"The European Council encourages the IMF to consider the full range of options including insurance fees, resolution funds, contingent capital arrangements and a global financial transaction levy in its review."

Reportedly, Gordon Brown, prime minister of UK, called for imposing so-called 'Tobin tax' on financial transactions at G20 summit to discourage short-term speculation and channel the proceeds to fund future financial bailouts. However, the idea met with opposition from Timothy Geithner, treasury secretary of US, who said that it would dampen risky bank behaviour, reported the news agency.

YEARS OF DECEIT: US OPENLY ACCEPTS BIN LADEN LONG DEAD

2009-12-11T03:33:00.000-08:00

Conservative commentator, former Marine Colonel Bob Pappas has been saying for years that bin Laden died at Tora Bora and that Senator Kerry's claim that bin Laden escaped with Bush help was a lie. Now we know that Pappas was correct. The embarassment of having Secretary of State Clinton talk about bin Laden in Pakistan was horrific. He has been dead since December 13, 2001 and now, finally, everyone, Obama, McChrystal, Cheney, everyone who isn't nuts is finally saying what they have known for years.

However, since we lost a couple of hundred of our top special operations forces hunting for bin Laden after we knew he was dead, is someone going to answer for this with some jail time? Since we spent 200 million dollars on "special ops" looking for someone we knew was dead, who is going to jail for that? Since Bush, Rumsfeld and Cheney continually talked about a man they knew was dead, now known to be for reasons of POLITICAL nature, who is going to jail for that? Why were tapes brought out, now known to be forged, as legitimate intelligence to sway the disputed 2004 election in the US? This is a criminal act if there ever was one.

Darling making a serious mistake over tax, say business leaders

2009-12-10T04:54:00.000-08:00

BUSINESS leaders warned that the Chancellor was “making a serious mistake” over tax in his pre-Budget report yesterday.

They voiced concerns over the effect on growth of an increase in National Insurance contributions.

Under the plans in the pre- Budget report, workers will hand over an extra 1% of their pay to the Government from April 2011.

However, business groups voiced their disquiet over such a move, arguing that cuts in public spending should have taken priority over tax rises.

Alistair Darling’s final pre- Budget report before next year’s general election also included a number of measures aimed at targeting top earners.

But he was accused of making populist political decisions instead of meeting the needs of the private sector as it continued to struggle amid a biting recession.

The CBI warned that the UK faced “an exodus of talent” thanks to plans to tax bankers’ bonuses.

Richard Lambert, CBI director-general, said: “The Chancellor has made a serious mistake imposing an extra jobs tax at a time when the economic recovery will still be fragile. Increasing the National Insurance contribution will hold back job creation and growth.

“He has also missed the opportunity to increase the UK’s credibility by reducing the public deficit earlier. We are no clearer as to how the Government plans to reduce public expenditure.

“We applaud the Government’s courage in beginning to tackle the thorny issues of public sector pay and pensions. There is also an encouraging package to support companies as they seek to exploit new low-carbon opportunities.

Life insurance: What are mortality charges?

2009-12-10T04:53:00.001-08:00

Quite often you hear your insurance advisor talking about mortality charges in your life insurance. But what is the meaning of mortality charges? How are they computed and as a policy holder does it give any benefit to you? What should you know to save on mortality charges?

What are mortality charges?

Whenever you buy a life insurance policy, the company offering it will levy a charge for the insurance protection upon death and to cover certain other expenses. In a nutshell this is the actual cost of insurance. Technically called mortality charge, this is deducted usually every month from your policy's account value. While the insurance company can tweak these charges from time to time it cannot exceed the maximum limit as specified in the policy.

Health insurance for BPL families in 22 more dists

2009-12-10T04:51:00.000-08:00

PATNA: Bihar government on Tuesday signed MoUs with three insurance firms -- ICICI Lombard, Chola Mandalam M S Insurance and Royal Sundaram for giving Rashtriya Swasthya Bima Yojana (RSBY) benefits to below poverty line (BPL) families in 22 districts.With this, 30 of the state's 38 districts are now covered by RSBY. While ICICI Lombard has been given the responsibility of 11 districts, Chola Mandalam M S Insurance and Royal Sundaram have been allotted three and eight districts respectively.

Prior to the Tuesday's MoUs, BPL families of eight districts were provided health insurance cover under the RSBY by Oriental Insurance. The Yojana was launched in the state by chief minister Nitish Kumar on August 20 last year.

The RSBY provides a health insurance cover worth Rs 30,000 each to BPL families for which the premium is paid by the Centre and the state concerned on a 75:25 basis. A smart card, issued to the beneficiary, allows him/her to avail of the cashless hospitalisation facility.

Doubling of rise in National Insurance will affect 20 million people

2009-12-10T04:49:00.002-08:00

Middle and higher earners face paying hundreds of pounds more to the taxman because of a rise in national insurance and a freeze in the thresholds at which the basic and higher rates of income tax kick in.

As Labour struggles to fill a huge black hole in government finances, Alistair Darling revealed that from 2011 people would be stung by a one percentage point increase in national insurance. He had previously said that only a 0.5 percentage point rise would be necessary.

Many middle-income earners will also be dragged into the 40 per cent tax net after the Chancellor said he would freeze the higher-rate tax threshold. He also announced that there will be no increase in the personal allowance in April.

The national insurance increase will affect anyone who earns £20,000 or more — up to 20 million people, says PricewaterhouseCoopers. The damage will be offset for lower earners by an increase in the national insurance starting point.

James Dolan, of the accountant Grant Thornton, said: “These changes are set to yield the Treasury around £2.7 billion a year, equivalent to ½p on the basic rate of income tax.”

The standard rate of national insurance for employees will rise from 11 per cent to 12 per cent. Workers will be charged 2 per cent on all earnings above the upper limit.

From 2011, someone earning £30,000 will pay £87 more in national insurance. Those earning £100,000 will pay an extra £786. The rate for employers will also increase to 13.8 per cent, in a move which has been condemned as bad for business.

21% less for life insurance

2009-12-10T04:49:00.001-08:00

A little over EUR 276 million is the amount of gross written premiums on life insurance, which represents 17.6% of the insurance market. The nominal evolution in European currency was -21%, which means a reduction in life insurance business, with over EUR 74 million less than the amount recorded in late September last year.

The top 10 companies on the market have underwrote, cumulated, 95% of the volume on life insurance and, excepting the leader ING Asigurari de Viata, none of the companies in TOP 10 life insurance maintained the same position in the hierarchy.

Therefore, ING Asigurari de Viata remains the market leader and, because it has decreased less than the market average, it managed to gain almost 1 percentage point market share.
BCR Asigurari de Viata is the only company that managed to spectacularly increase, amid the negative evolution of the entire market. The company underwrote nearly EUR 40 million and grew by over 22%.

The market share gained by the company increased by 5 percentage points, up to 14.4%.
According to estimates, AIG Life has underwritten EUR 29 million and fell by over 50%, compared to the achievements of the first 9 months of last year. The company lost almost 7 percentage points of market share. It remains to be seen whether the results at the end of year will confirm or not this estimate.

The most spectacular rise, from the point of view of the positions gained in the hierarchy, was that of AVIVA, which recorded a decrease of only 5% of the underwritings, and thus climbed from the 9th place to the 4th place. ASIROM, GENERALI and EUREKO climbed, each, one position in the top. GROUPAMA fell 4 positions, while GRAWE dropped two places, down to the 9th place.

Jobless insurance tax rising

2009-12-10T04:47:00.000-08:00

Nebraska employers figured that they might pay higher unemployment insurance taxes next year, but now they're getting the specifics: Rates will more than double for most companies.

Although the increases can vary widely among employers, most rates will increase about 165 percent. The average annual payment per employee will increase to $300 from $113, beginning in April.

The State Labor Department mailed notices this week to 47,000 Nebraska employers with the specific payment rates, from zero to a maximum of $780 per employee. The previous maximum amount was $486.

Even so, said David Brown, president and chief executive of the Greater Omaha Chamber of Commerce, “The timing couldn't have been worse to have this kind of an increase. This is really a burden on all businesses and particularly small businesses. They're already trying to figure out how to maintain cash flow.”

Brown said the Legislature could change the way the tax rate is determined, so it could be adjusted to allow for unusual economic conditions. But it's too late to halt the 2010 increases.

The stiff increase revives a debate about whether the state should have gone after $43.6 million in federal stimulus funds designed to soften the recession's impact on state unemployment insurance trust funds.

This is the fifth year that Nebraska has determined the rates under a 2005 state law that sets a mathematical formula to keep the employer-funded unemployment insurance trust fund solvent.

Between Oct. 1, 2008, and Sept. 30, 2009, the trust fund paid out $189 million in unemployment benefits, more than double the $90 million paid out in the previous fiscal year. To replenish the fund, the formula raised the rates that employers will pay in 2010.

Senate Defeats Antiabortion Amendment To Health Reform Bill

2009-12-10T04:46:00.000-08:00

The Senate on Tuesday voted 54-45 to table an amendment to its health reform bill that would prohibit coverage of abortion services in any health plan insuring people who receive federal subsidies, though the action "is unlikely to be the final word on how the issue is dealt with in the health bill," the New York Times reports. The amendment, offered by Sens. Ben Nelson (D-Neb.) and Orrin Hatch (R-Utah), was virtually identical to an amendment adopted in the House health reform bill (HR 3962) that was introduced by Rep. Bart Stupak (D-Mich.). The amendment stated that no federal money could be "used to pay for any abortion or to cover any part of the costs of any health plan that includes coverage of abortion," except in cases of rape, incest or to save the life of the woman. Women could use their own money to buy "separate supplemental coverage for abortion." The current language in the Senate bill would allow federally subsidized insurance plans to cover abortion services but would require plans to segregate federal funds from private money that would pay for the services (Pear/Herszenhorn, New York Times, 12/9). During a floor speech before the vote on Nelson's amendment, Senate Majority Leader Harry Reid (D-Nev.) said the bill's current language represents "a fair middle ground" on the issue (Murray/Montgomery, Washington Post, 12/9). Reid, an abortion-rights opponent who voted against Nelson's amendment, said that the "reason I oppose abortion and the reason I support this historic bill are the same: I respect the sanctity of life" (Hook/Levey, Los Angeles Times, 12/9). He added that the health reform bill is "not an abortion bill" and that the Senate "can't afford to miss the big picture," noting that "[n]either this amendment nor any other should overshadow the entire bill or overwhelm the entire process. ... I will not support efforts to undermine this historic legislation"

Forex: USD/JPY edges up past 88.40, hits session high

2009-12-10T04:44:00.001-08:00

FXstreet.com (Barcelona) - The Dollar weakened during late Asian session to find support at 87.75 day low ahead of the European session opening, and the pair has rallied during European trade to reach levels past 88.40 to hit a fresh day high at 88.45.

On a larger perspective, the pair is shaping a triangle formation, which, according to Ian Coleman, technical analyst at Turtle Index, is likely to be broken to the upside: "The only negative view is the fact that I struggle to count the move down in three waves. We are, however, making a triangle formation and I would expect a break to the upside. 9054 would be the first target then 91.26 and 93.00."

At the moment, the Dollar is struggling at 88.40 area, and in case of further appreciation, the pair could find resistance at 88.70 (Dec 9 high) and 89.05/20. On the downside, support levels lie at 87.70 (session low) and below here 87.35 (Dec 9 low) and 87.00/20.

France In Favor Of Matching UK Bank Bonus Tax - Government Official

2009-12-10T04:43:00.001-08:00

France In Favor Of Matching UK Bank Bonus Tax - Government Official

PARIS -(Dow Jones)- France is in favor of matching a tax on bank bonuses that will be applied in the U.K and is likely to slap such a levy on bonuses to be paid out in 2010 for the past year, a senior French government official told Dow Jones Newswires Thursday.

The U.K.'s decision to tax bank bonuses could make a similar move easier in France as it removes concern about the competitiveness of Paris as a financial market place, the official added.

"We are in favor of such a tax as the French president has outlined in the Wall Street Journal. In so far as this will be applied in the U.K., this removes one of the main competition hurdles for Paris," the official said.

In a co-authored article published in Thursday's Wall Street Journal, French President Nicholas Sarkozy and Prime Minister Gordon Brown said a one-off tax on bank bonuses should be considered a priority.

The U.K's initiative was outlined Wednesday in the government's latest budget plan and will consist of a 50% tax on some bonuses to be paid by banks to employees.

-By Nathalie Boschat, Dow Jones Newswires; + 33 (0) 1 40 17 17 40; nathalie.boschat@dowjones.com

Forex: EUR/GBP reacts up after BoE holds rates unchanged

2009-12-10T04:40:00.000-08:00

FXstreet.com (Barcelona) – The Euro is rising right now against the Sterling in the minutes following the BoE decision to maintain unchanged its interest rate and its asses purchase program. The EUR/GBP has risen from intra-day low at 0.9020 to test MA55 hourly chart at 0.9050.

EUR/GBP is trading around 0.9040/50, 0.30% below opening price action at 0.9055.

The Bank of England has decided to leave its official bank rate unchanged at 0.5% as well as to maintain its bond buying program at GBP200 billion. Bank affirms in its statement: “The Committee expects the announced programme to take another two months to complete. The scale of the programme will be kept under review.”

Forex: GBP/USD holds above 1.6300 after the unchanged BoE rate policy

2009-12-10T04:32:00.000-08:00

FXstreet.com (Barcelona) – After falling from intra-day high at 1.6345 before the BoE interest rate decision, the GBP/USD is trading just above 1.6300 level after the bank voted today to maintain rates and asset purchases program unchanged. Currently the pair is trading around 1.6305/15, 0.35% above today's opening price action at 1.6260.

The Bank of England has decided to leave its official bank rate unchanged at 0.5% as well as to maintain its bond buying program at GBP200 billion. Bank affirms in its statement: “The Committee expects the announced programme to take another two months to complete. The scale of the programme will be kept under review.”

EURO BONDS-Friesland RMBS, BBVA, Aegon, Stagecoach, Intesa

2009-12-10T04:30:00.000-08:00

LONDON, Dec 10 (Reuters) - News, details on corporate bond issues in the European markets on Thursday:

FRIESLAND BANK FRIBK.UL

Issue: The Dutch bank plans an 800 million euro ($1.18 billion) bond backed by prime Dutch residential mortgages, according to Royal Bank of Scotland, which is managing the deal.

The sale of residential mortgage-backed securitisation (RMBS) will include one tranche of 560 million euros, rated triple-A. The rest will be retained.

The RMBS deal will be issued via the Eleven Cities vehicle.

BBVA SENIOR FINANCE (BBVA.)

Issue: The Spanish bank plans a senior unsecured two-year euro benchmark floating-rate note, an official at one of the banks managing the sale said. Pricing is expected later on Thursday

Markets flat on mixed global cues

2009-12-10T04:29:00.000-08:00

The key benchmark indices were flat in the early trades amid mixed trends in world markets. The Sensex was down 38 points at 17,087 levels and the Nifty shed 0.2 per cent to 5,099.

Realty, oil & gas and banking stocks were under some selling pressure.

Among the Sensex stocks, Maruti was the top gainer. The stock rose 0.7 per cent in early trades.
Hindalco, ACC and Tata Steel were the other main gainers in the group.
Grasim Ind, however, was the biggest loser in the pack. The stock shed 1 per cent.

In US markets, investors set aside some of their concerns about rising debt levels around the world and looked for bargains after a two-day slide in stocks.

Stocks turned higher after trading erratically, and the Dow Jones industrials closed up 51 points at 10,337.05.

The broader S&P 500 index rose 4.01, or 0.4 percent, to 1,095.95, its first gain of the week. The Nasdaq composite index rose 10.74, or 0.5 percent, to 2,183.73.

Asian markets, however, were trading mostly lower today. Japan’s Nikkei lost 1.4 per cent and Hong Kong’s Hang Seng slipped 0.7 per cent.

Bank leaves QE, rates unchanged

2009-12-10T04:28:00.001-08:00

LONDON (Reuters) - The Bank of England left its asset purchase programme intact at 200 billion pounds and held interest rates at 0.5 percent on Thursday, as widely expected.

Policymakers have indicated they are likely to stay on hold until at least February when they will get their new growth and inflation forecasts and the scheduled asset purchases run out.

The Bank launched its quantitative easing progressing -- mainly asset-buying of government bonds -- in March in an unprecedented attempt to boost an economy ravaged by a global credit crunch.

The economy is now showing signs of picking up again, house prices are rising and forward-looking surveys point to an ongoing recovery in activity, suggesting Britain will pull out of recession by the end of the year.

Most analysts, therefore, expect no further expansion of the QE programme -- which was expanded by 25 billion pounds last month -- and say it could be a while before policymakers feel confident enough about growth to start raising interest rates.

Red Hat Makes Virtualization Protocol Open Source

2009-12-10T04:26:00.000-08:00

Red Hat released to the open source community its SPICE protocol for virtual desktops.

SPICE, or Simple Protocol for Independent Computing Environment, is a core component in the Linux distributor's Enterprise Virtualization for Desktops product, which is currently in beta and is scheduled for general availability next year. Red Hat took possession of SPICE in the September 2008 acquisition of Qumranet.

The technology is designed for desktops that use remote servers for data processing. SPICE improves the user experience when rendering bandwidth-intensive applications, such as video or voice over IP.

"The SPICE protocol is designed to optimize performance by automatically adapting to the graphics and communications environment that it is running in, so vendors have a terrific opportunity to enhance it for their specific applications," Brian Stevens, chief technology officer at Red Hat, said released Wednesday.

As a Linux distributor, Red Hat's release of technology to the open source community is not unusual, given its close collaboration with the group on product development. In fact, the company in October with the U.S. Supreme Court, asking it to uphold a lower court's ruling that software isn't patentable.

Last month, Red Hatthe virtualization management field with the introduction of Enterprise Virtualization Manager for Servers. The centralized management system is aimed at IT shops virtualizing servers based on the KVM hypervisor built into Linux.

UK still faces rating risk - Osborne

2009-12-10T04:20:00.000-08:00

LONDON (Reuters) - Britain is still in danger of losing its triple-A credit rating and the Conservatives would make protecting it a priority if elected next year, Shadow Chancellor George Osborne said.

In an interview with Reuters on Thursday, Osborne also said most of the Conservatives' deficit reduction measures would come from spending restraint.

Chancellor Alistair Darling announced tax rises and a levy on bank bonuses to help plug the government's gaping deficit, but there was little in the way of spending cuts, raising concerns about the near-term debt outlook.

Asked if Wednesday's pre-budget report measures were enough to soothe fears that Britain might lose its triple-A credit rating, Osborne said: "No, I don't think they aI don't think it is a credible plan. Unfortunately, the measures announced yesterday don't start tackling the deficit until 2014/15 and that is far too late. "The thing I'm aiming for is making sure that Britain keeps its credit rating."

Ratings agencies said the outlook for Britain's sovereign debt had not been materially changed by the PBR and they are waiting to see what measures a future government will take after next year's election, which the Labour party is expected to lose.

The Conservatives have said they will hold an emergency budget within 50 days of an election if they win. Their focus will be on spending cuts.

re."

ICICI, Kotak Mahindra cut home loan rates

2009-12-10T04:16:00.000-08:00

The largest private sector bank has joined the interest rate war in home loans, with a product that mimics arch rival HDFC’s special offer.

On Tuesday, Kotak Mahindra Bank has also announced a special home loan product for salaried customers starting from 7.99 per cent.

ICICI Bank’s new loan comes at a fixed rate of 8.25 per cent for the first two years, after which it reverts back to a floating rate. The offer reduced interest rates by 50-100 basis points for the first two years from the present applicable rates.
A senior ICICI Bank official told Financial Chronicle the cost of funds have been coming down for the bank, and this rate reduction in home loans was warranted. “When cost of funds comes down, banks rework rates. At ICICI Bank, we are constantly reviewing our rates and passing on benefits to the customers,” said the official.

The rate war in home loans was sparked off by the State Bank of India (SBI), which offered a loan with a fixed rate of interest of 8 per cent for the first year in February.

After more than a year of curtailing growth of its balance sheet, ICICI Bank now is seeking for a phase of well–rounded growth but with a lot of caution, where retail products such as home and car loans would be important growth drivers.

New CRL Report: Credit Card Issuers Use Loopholes to Bypass New Rules Intended to Curb Abuses

2009-12-10T04:13:00.000-08:00

DURHAM, N.C., Dec. 10 /PRNewswire-USNewswire/ -- Credit card companies are busy crafting new tricks and traps to bypass both Federal Reserve Board rules and new federal law set to take full effect in late February 2010, a new research report from the Center for Responsible Lending finds. Entitled "Dodging Reform: As Some Credit Card Abuses Are Outlawed, New Ones Proliferate," the report explains why the nation's 80 million families with one or more credit cards continue to be hit with arbitrary, unfair interest rate hikes and fees.

The study examined the practices of issuers that hold over 400 million credit card accounts and found at least eight specific industry practices that flourish despite federal efforts to rein issuers in. These practices make it all but impossible for the average person to determine the real cost of credit card debt. The ability and eagerness of credit card issuers to exploit loopholes in the new federal rules underscores why lawmakers need to pass legislation to create the Consumer Financial Protection Agency, as proposed by the White House and now under consideration by Congress.

The eight practices highlighted in the report include the manipulation of interest rates, the padding of miscellaneous fees and a deceptive policy on late-payment fees. Use of these abusive tactics is widespread and growing, the report finds.

Mike Tyson Arrested After Allegedly Punching Photographer at LAX

2009-11-12T04:17:00.000-08:00

Mike Tyson and a photographer made citizen's arrests of one another after getting into a scuffle Wednesday at Los Angeles International Airport, police say.

At 4:30 p.m., the former boxing champ, 43, was passing through LAX from Europe en route to Las Vegas when a celebrity photographer began taking his picture at the United Airlines terminal, Sgt. Jim Holcomb tells PEOPLE.

"The two men got into a scuffle, and it's alleged that Tyson hit the photographer once in the face with one hand, causing him to fall to the ground," Holcomb says. "The photographer sustained a laceration to the forehead, and was taken to a local hospital."

Officers arrived on the scene and detained Tyson, who was booked at a nearby LAPD station and held on $20,000 bail, according to police records. Documents also show that Tyson was released at 8:24 p.m.

Tyson was reportedly traveling with his wife and 10-month-old baby. The incident was first reported by Radaronline.com.

"Mr. Tyson did absolutely nothing wrong, he was the victim in this case," his attorney, Richard Schonfeld tells PEOPLE. "We look forward to vindicating him and pursuing his rights."

Source-people

Carrie Prejean Larry King

2009-11-12T04:12:00.000-08:00

Carrie Prejean is so much frightened from the people that she even does not want to hear anybody’s voice on phone. Tuesday night, she was on the CNN with Larry King at his show “Larry King Live”, during interview she called Larry an inappropriate host when he took a call for her from a person wanted to ask a question from Prejean. She looked embarrassed when Larry himself asked her about the settlement with Miss California Pageant Organization. King asked Carrie to come clean why she had agreed on a deal with the pageant organizers after she had sued them for libel, slander and religious discrimination.

Source-news.puggal

Late Brittany Hollenbach Death

2009-11-12T04:09:00.000-08:00

Late Brittany Hollenbach passed away this afternoon.

Road accidents are one of the biggest causes of death in the nation. Brittany Hollenbach was just 22 and a Richland High School Graduate.She was smart,loving, talented and a bright spirited beautiful young woman and was also very active in college. She attended the University of Washington. Tri-Delta is going to hold an event in her remembrance. Her friends and colleague sorority members have also dedicated a face book page to her name.

According to the initial reports Brittany Hollenbach was hanging around with four of her friends. Obviously the friends had plans of staying out till late in the night. It was little over 12:00 p.m. as she rushed to cross a road; a car hit her with full speed. She received cranial injuries which are thought to be difficult to treat as the brain swells after the impact, making it almost impossible to stop the internal bleeding. She was immediately shifted to the nearby Harborview Medical Center by the employees of Seattle Fire Department.

The car was later identified as a Honda Civic. The driver was also apprehended but was not found to be under the influence of any intoxication or to have impaired driving abilities due to any cause.

Birittany Hollenbach passed away this afternoon. Police is still investigating the event and we would keep you posted as the updated news become available.

Lady Antebellum is on the way up

2009-11-12T04:06:00.000-08:00

Lady Antebellum says they are so busy these days they almost are oblivious to their rising popularity. In fact, they don't seem sure it's growing at all."It takes a long time for people to connect the dots," Charles Kelley said. "Sometimes something will happen and we will be able to tell a difference. People notice a little more every day. But we still have a long way to go."

He said this about two hours before Lady A won vocal group and single of the year awards at Wednesday's CMA Awards.

"Both of them took us by surprise," Hillary Scott said. "The three of us have dreamed about this our entire lives."

Each person plays an integral part of the group, they say, labeling Dave Haywood the brains, Charles Kelley the go-getter and Hillary Scott the heart.

"We would run this thing off the tracks if it wasn't for her," Kelley said.

While the band is ecstatic about the awards, it's a sure bet today that they're engrossed in finishing their new CD, which is due out in January. The debut single "Need You Now" is already top 5 on Billboard's country songs chart.

"We like to think our songwriting got better," Kelley said of the new CD. "We got to write with some of the biggest best songwriters in Nashville. We want people to go through ups and downs on our record."

— CINDY WATTS

Ingram's red-carpet run-in

Jack Ingram said his hands were still shaking after his meeting with Kris Kristofferson on the CMA red carpet.

"There's not a lot of guys that I react to like that," Ingram said. "If I really think about what Kristofferson has meant to me, I would tear up. He's why I'm in this business. That's not true. He's why I make music. I love the guy."

Tonight, however, is Ingram's big night in Nashville. He is playing the Ryman Auditorium with Gary Allan and the Eli Young Band. "It's going to be great," he said. "I've never played on that stage with my band behind me before with my fans in the audience. I'm looking forward to it."

Source-tennessean

Sunday CMA rehearsal Not-Quite-Liveblog: Brad Paisley, Carrie Underwood, and more!

2009-11-12T04:02:00.000-08:00

From deep inside the ice-cold environs of Nashville’s Sommet Center, it’s the 2009 CMA Awards… and the Music Mix has your ticket to all the hot action!!

Did you like how I did that? “Ice-cold” environs and “hot” action? Yes, that is the kind of quality writing you will come to expect from me as I sit here inside this hockey arena and pirate wi-fi while watching country music’s best and brightest prepare for Wednesday’s show. Things are rolling right along on this first day of rehearsals: When I got here this morning, the white and red boards of the hockey rink were still visible, but they’ve been masked over the course of the afternoon; now the only way you’d know this is the home of the Nashville Predators is the giant saber-toothed tiger head hanging from the ceiling. Out of which, I am told, the Predators skate at the top of every game. Stay classy, Nashvegas!

Source-music-mix.ew

Rucker Becomes First African-American New Artist of the Year at CMAAs

2009-11-12T04:00:00.000-08:00

Former lead singer for Hootie and the Blowfish and current solo artist Darius Rucker brought home the New Artist of the Year award at the 2009 CMAAs.

Heading into tonight’s 2009 Country Music Association Awards, only one African-American in the award show’s illustrious history had ever won a major individual award. However, solo artist Darius Rucker became the second African-American to win a major individual award in the history of the Country Music Association Awards and the first to ever capture the award for New Artist of the Year.

Rucker, who enjoyed plenty of notoriety within the music industry as the lead singer and rhythm guitarist of Hootie and the Blowfish in the 1990s, was the recipient of the New Artist of the Year award due to the commercial success and critical acclaim of his debut country album, “Learn to Live.” His debut solo album as a country music performer featured three tracks that went on to become number one singles on the country music charts.

MSNBC is reporting that Rucker expressed a great deal of exhilaration in response to winning the New Artist of the Year award on Wednesday night. He expressed his gratitude during his acceptance speech by saying, “What a year! First of all, to the fans, thank y’all for accepting me. And I think most importantly, to country radio, you took a chance on a pop singer from Charleston, S.C. Thank you so much for that!”

Old World VS New World Wines

2009-11-12T03:58:00.000-08:00

The Jamaica Pegasus Hotel hosted the 14th annual Wine, Spirits & Food festival which ended last Friday with a jam-packed ballroom of patrons tasting all types of goodies presented by the exhibitors.

New Wines on Display

Three varietals, Chardonnay, Cabernet Sauvignon and Malbec will be sold on the local market.

National Meats and Food Distributors have thrown their hat into the wine distribution business and their first offering to the Jamaican marketplace does not disappoint. Marraso is an Argentinean wine brand which is a project of one of the largest wine-producing companies in Spain called Groupo Codorniu. These wines are from Mendoza, the largest wine-producing region in Argentina, where the highest quality Argentinean wines are produced. Three varietals, Chardonnay, Cabernet Sauvignon and Malbec will be sold on the local market. While the Cab is great, I think my favourite is the Malbec; it is warm and elegant with sweet tannins, reminiscent of raspberry jam and hints of oak. With a fruity finish and a touch of smoky wood the Marraso Malbec is well balanced and persistent on the palate.

Wray and Nephew also had new wines from Italian producer Folonari, more on this when I conduct a formal tasting of these wines.

Source-jamaicaobserver

Cma Awards 2009 Winners Results

2009-11-12T03:57:00.000-08:00

Cma Awards 2009 Winners Results, Taylor Swift was a big winner tonight at the 2009 Country Music Awards (CMA) to take home all four statues of glass for which it was nominated – including Artist of the Year.

“I will never forget this moment because at this point, all I wanted just happened to me,” said an emotional Taylor before inviting his band members on stage to share the spotlight with her.

The 19-year-country singer-old, also won Album of the Year for the Bold, Best Female Vocalist and Video of the Year for Love Story.

Here is the complete list of winners of the 2009 CMA Awards:

Source-apakistannews

How Old Is Reba Mcentire

2009-11-12T03:53:00.000-08:00

A great American music artist named Reba Nell McEntire born in March 28,1955. She won Grammy Award for her singing.In the start of her music career she sang with her siblings in local shows on radio.She was a solo performer so once when she was performing at a rodeo in Oklahoma City, her performance caught the attention of a famous country artist Red Steagall. Red Steagall invited her to visit Nashville, Tennessee here she signed her life(s) first contract with a musical company Mercury Records in 1975.Her first solo album released in 1977 and under the same label she released five studio albums till 1983.

When she was singing with MCA Nashville her second MCA album, My Kind of Country (1984), was creatively in her control,It was a tremendous traditional sound which was producing two numbers in one “How Blue” and “Somebody Should Leave”.Its the break through of her success which brought her a series of great musical albums in 1980s and in 1990s.Since she has release 25 studio albums.The Recording Industry Association of America has been certified her 28 albums with Gold,Platinum and Multi Platinum in sales.

In the start of 1990s McEntire branched into film started with 1990s Tremors.she was nominated for the Golden Globe Award for Best Performance by an Actress in a Television Series for her television sitcom Reba (2001 - 2007).Sometimes she has been referred to as “The Queen of Country”.She is a very famous singer and a person cant judge her popularity,she is a singer whose 41-million records in the United States and 50-million worldwide have been sold.She has been ranked seventh best -selling female artist in all generations.Her story of achievements not ends here she is also the second best-selling female country artist.

Source-news.puggal

Barbara Ann Mandrell

2009-11-12T03:51:00.000-08:00

Barbara Ann Mandrell, American country singer, was born on 25th of December and belongs to a musical family in Houston, Texas. She started music at the age of five. At the age of 11, she played steel guitar in front of Chet Atkins and Joe Maphins at a music trade convention in Chicago and after that performance, Maphin invited her to perform as a regular featured performer in his Las Vegas nightclub show.
Barbara who is known as a best singer of 1970s-1980s is one of country music’s most successful female vocalist. She has honor to be the single female singer who has won the “Entertainer of the Year” award for twice.
“I Was Country When Country Wasn’t Cool” is the most famous number of her with “Till You’re Gone” and “One of a Kind Pair of Fools”. Mandrell received many industry awards and accolades during 1981 to 1983.
On September 11, 1984, she had a serious automobile accident and this was the time when she was at the peak of her popularity. On her accident, Redbook magazine responded with these words

Axis cuts first-year home loan rate to 8%

2009-11-07T01:55:00.002-08:00

MUMBAI: In a bid to grab market share, Axis Bank has dropped its home loan rates to 8% for the first year. The announcement came within days of

the central bank signalling tighter monetary conditions going ahead. The bank has also extended maturity of loans to 25 years.

In a related move, Bank of Rajasthan, a much smaller player, is offering home loans at 7.5% for the first year, 8.50% for the second and third year and 8.75% for fourth year and onwards, which is applicable for all maturity periods on the fresh loans.

“More young people want to lock into assets and they wanted an extension of the repayment schedule. This also enables us to lock into the mass affluent class of customers,” says Manju Srivatsa, president, retail banking, Axis Bank. The bank currently does Rs 600 crore of home loans monthly. This is against Rs 350-400 crore a few months before. The new 8% scheme of the bank is valid till December 2010.

From the second year, the loans will carry a floating rate of interest based on the bank’s ‘mortgage reference rate (MRR)’. The current MRR rate for loans up to Rs 30 lakh is 8.75% and 9.25% for loan amounts above Rs 30 lakh. Axis has launched a new ‘step down product’ where a higher EMI is charged in initial years on the basis of a combined family income.

These loans target families where parents support repayment of a loan taken together with their offspring. Incidentally, the customer can close the loan before its maturity with no prepayment penalty being charged by the bank.

Four Indians charged in US insider trading case

2009-11-07T01:55:00.001-08:00

Four people of Indian origin are among those charged in America's largest ever insider trading case replete with all the elements of a classic television crime drama - wiretaps, clandestine cash handoffs and people with nicknames like "the Greek" and "the Octopussy".

As outlined by federal prosecutors in New York on Thursday, a trader known as "the Octopussy" is at the centre of the ring which included two Indians, Deep Shah, a Moody's Investors Service analyst, and Gautham Shankar, a former proprietary trader at Schottenfeld Group in New York.

In all, 14 traders, lawyers and hedge fund executives were charged with conspiracy and securities fraud. Five of those defendants, including Shankar, have already pleaded guilty, while Shah is still at large.

Two other Indians, Anil Kumar and Rajiv Goel, were arrested last month along with Sri Lankan Tamil-origin billionaire Raj Rajaratnam, founder of the Galleon Group and hedge fund operator.

"When we announced our first arrests three weeks ago, I said this case should be a wake-up call for Wall Street," said US Attorney Preet Bharara Thursday. "Today the alarm bells have only grown louder."

In their investigation, authorities used sophisticated data mining and electronic surveillance tactics that are normally reserved for the pursuit of gangsters and drug traffickers.

Thursday's charges focus on a group of traders at the proprietary firm Incremental Capital. Zvi Goffer, the founder of that firm, who formerly worked at Galleon and Schottenfeld Group, allegedly organised a ring involving fellow Galleon and Schottenfeld trading colleagues and arranged to get tips on technology company deals through a lawyer from a major New York law firm.

Tips to pamper your skin this winter

2009-11-07T01:52:00.000-08:00

As winter draws nearer, it’s time for us to pay attention to our skin. Though we no longer have to fear problems such as acne, sweat rashes, prickly heat or sunburn, winter brings other problems. And since different people have different skin types, it is important to work with your specific skin type to achieve a fabulous complexion.

Kapha skin type
People who have a kapha constitution typically have soft smooth skin that is naturally blemish free. Such people only need to watch out for puffiness and water retention. For this, they can opt for sauna (with a wet towel for the head). Taking sauna opens up the sweat glands and helps to remove extra water and toxins.

Kapha people are also prone to sinusitis, so they should opt for steam inhalation, preferably with some Ayurvedic herbs to clear the nasal passages. This skin type can get body massages with powder or herbs, followed by steam and ending with a moisturiser. As their skins have adequate oils,they only need to boost their circulation through exercises like brisk walking, yoga etc.

Pitta skin type
Individuals with this skin type will find that their skin looks best in winter. To rev up their blood circulation and bring a glow to their face, people with pitta constitutions can run or jog in order to sweat, followed by a body temperature shower and then a spray of cool room temperature water.

Russian military plane crashes, 9 killed: Report

2009-11-07T01:51:00.000-08:00

A Russian military plane crashed in the country's far east, killing all nine people aboard, news agencies reported.

An emergency ministry official said the Tu-142-M3 anti-submarine turboprop crashed late yesterday in the Tatarsky Strait about 20 kilometers off the Pacific coast, ITAR Tass reported.

The plane disappeared off radar screens shortly after 1100 GMT when it was finishing a training flight, the Interfax news agency quoted a Defense Ministry official as saying.

The official said the bodies of the crew and wreckage from the plane were removed from the water by emergency boats,
the report said.

Tu-142-M3 is a maritime reconnaissance aircraft that was widely used by the Soviet navy.

FBI foils LeT plan to carry out major terror attack in India

2009-11-07T01:50:00.000-08:00

Pakistan-based terror group Lashkar-e-Taiba was planning to use an American national to carry out a major terrorist attack in India, US investigating authorities said on Tuesday.

The man, identified as David Coleman Headley, was arrested early this month by FBI's Joint Terrorism Task Force at O'Hare International Airport before boarding a flight to Philadelphia, intending to travel on to Pakistan.

49-year-old Headley, along with a Canadian citizen of Pakistani origin, have been arrested on charges of plotting a terror attack against the facilities and employees of a Danish newspaper which had published cartoons of the Prophet Mohammed in 2005, federal law enforcement officials announced today.

The Pakistani-Canadian Tahawwur Hussain Rana, 48, also known as Tahawar Rana, was also a resident of Chicago and was arrested by the FBI on October 18.

Rana is the owner of several businesses, including First World Immigration Services, which has offices on Devon Avenue in Chicago, as well as in New York and Toronto.

According to the FBI affidavit filed in a Chicago court, Headley was in close contact with Ilyas Kashmiri and
several unidentified leaders of LeT.

Kashmiri is the operational chief of Pakistan-occupied Kashmir section of Harakat-ul Jihad Islami (HUJI), a Pakistani-based terrorist organisation with links to al Qaeda.

Kashmiri, who is presently believed to be in Pakistan's restive Waziristan tribal region, issued a statement this month that he was alive and working with al-Qaeda.

The identities of other LeT leaders, who are associated with Kashmiri, have not been revealed and is mentioned as "LeT
member A" and "LeT member B" in the affidavit.

"In July and August 2009, Headley exchanged a series of e-mails with LeT Member A, including an exchange in which
Headley asked if the Denmark project was on hold, and whether a visit to India that LeT Member A had asked him to undertake was for the purpose of surveilling targets for a new terrorist attack," the FBI said in its affidavit.

"These e-mails reflect that LeT Member A was placing a higher priority on using Headley to assist in planning a new
attack in India than on completing the planned attack in Denmark," it said.

After this time, Headley and LeT Member A allegedly continued focusing on the plan with Kashmiri to attack the newspaper, rather than working with LeT, the complaint alleges.

Koda to remain in hospital

2009-11-07T01:49:00.001-08:00

Former Jharkhand Chief Minister Madhu Koda, against whom the Enforcement Directorate and the Income Tax Department are investigating money laundering charges, will not be discharged from hospital today as he had a stomach upset.

"The doctors will take a decision on Sunday or the day after about his discharge," Public Relations officer of the Abdur Razzak Weavers Memorial Hospital, Javed Akhtar said.

Koda got himself admitted to the hospital on complaints of stomach pain on November three after the launch of Income Tax raids on his residence in connection with alleged hawala transactions and illegal investments amounting to Rs 2000 crore.

The Enforcement Directorate and the Income Tax department have instructed the hospital to inform them before his discharge.

A close aide of Koda, Vikas Sinha, was arrested in connection with the case on Saturday

Obama delays Japan visit following Texas shooting

2009-11-07T01:48:00.000-08:00

US President Barack Obama has delayed his visit to Japan next week by one day, a Japanese foreign ministry official said today, following a deadly shooting at a military base in Texas.

Japanese national broadcaster NHK and Jiji Press reported that Washington had asked Tokyo to reschedule the two-day visit to allow Obama to attend a memorial service for the 13 people killed in Thursday's shooting.

Obama had been due to arrive for his first trip to Japan on Thursday for talks with Prime Minister Yukio Hatoyama and to meet Emperor Akihito.

"The (US) government has requested a delay," a foreign ministry official said, adding that the Japanese government had agreed to the request.

Obama would now be arriving on Friday and stay until today, the official said.

White House spokesman Robert Gibbs earlier told reporters in the United States that Obama would attend a memorial service for those killed when a Muslim army doctor went on the rampage at the Fort Hood base.

"When a service is scheduled the president will attend," he said, adding only that the timing

Seven of top-10 cos lost Rs 23k cr in a month

2009-11-07T01:47:00.001-08:00

Seven of the top-10 most valued companies lost a total of over Rs 23,000 crore from their market capitalisation during the result season last month, while firms including Reliance Industries and NTPC saw their valuations rise.

Mukesh Ambani-led Reliance Industries' (RIL) market valuation rose by Rs 4,839.65 crore, taking its total market cap to Rs 3,46,440.26 crore for the month ended October 31.

RIL had a market valuation of Rs 3,41,600.61 crore at the beginning of the month, on October 1, 2009.

Second comes oil firm ONGC, which witnessed a value erosion of Rs 2,277.9 crore during the month. Its market cap stood at Rs 2,50,525.84 crore.

State-run NTPC inched up to the third slot by adding Rs 2,762.23 crore pushing trading firm MMTC that lost Rs 9,636.25 crore to the fourth position.

The total market valuation of NTPC surged to Rs 1,76,205.48 crore, while MMTC's dipped to Rs 1,70,186.25 crore.

Moving further, private telecom services provider Bharti Airtel lost Rs 6,378.69 crore from its market valuation, however state-run mining giant NMDC added Rs 1,129.77 crore to its market cap.

Bharti Airtel's total market cap stood at Rs 1,58,916.74 crore, while NMDC's market valuation surged to Rs 1,42,055.2 crore.

The country's largest public sector lender, SBI's total market cap dipped by Rs 901.53 crore to Rs 1,39,400.6 crore last month.

IT bellwether Infosys Technologies saw an erosion of Rs 1,008.56 crore and software company TCS lost Rs 2,466.07 crore from its market valuation.

The total market cap of Infosys Technologies stood at Rs 1,32,331.34 crore and TCS at Rs 1,21,219.18 crore.

Economy likely to grow by 8 per cent next fiscal: Plan panel

2009-11-07T01:46:00.000-08:00

India's economic growth rate is expected to accelerate to eight per cent in the next fiscal from 6.3 per cent projected for the current financial year, the Planning Commission has said.

The Commission in its recent assessment of the economy also expects economic growth to go up to nine per cent in 2011-12, and further to 10 per cent in 2014-15.

These assumptions were made by the Planning Commission while projecting the state of government finances before the Eleventh Finance Commission recently.

The global slowdown has pulled down India's economic growth to 6.7 per cent during 2008-09 from about nine per cent a year ago. During the current fiscal, as per the Planning Commission estimates, growth rate may fall to 6.3 per cent.

In the first quarter of this fiscal, economy expanded by 6.1 per cent, and it is expected that growth rate would decelerate further in the second quarter before picking up.

In order to combat the impact of global crisis on the economy, the government and the Reserve Bank had come up with a host of stimulus measures, including tax cuts and making available liquidity to the cash-starved industries.

However, stimulus measures, comprising a cut in taxes and increase in plan expenditure, to boost up the economy widened the fiscal deficit to 6.2 per cent last year.

Guj gets highest central assistance in power sector: Solanki

2009-11-07T01:45:00.000-08:00

Centre has provided over Rs 35,000 cr to Gujarat as assistance from the Centre, so far highest to any state in power sector, said Union Minister of State for Power Bharat Solanki.

"Power Finance Corporation (PFC) has given financial assistance of Rs 17,585 crore for various power projects in the state while Rural Electricity Corporation (REC) has given Rs 13,078 crore," Solanki said.

"Besides this, national power grid is investing Rs 4000 crore in the state to develop infrastructure for transmission of power," Solanki told reporters in Ahmedabad on Saturday.

According to him, all the district of the states are now covered under Rajiv Gandhi Grameen Vidyutikaran Yojna (RGGVY) in Gujarat while the state gets 982 MW power from NTPC power plants at Rs 2 per unit.

Elaborating on the achievements of the power ministry in 2009-10, Solanki said the capacity addition target for 2009-10 is 14507 MW against which, capacity of 5517 MW has already been commissioned by October 21, 2009.

He said the central government has accorded top priority to power sector because availability of adequate power supply will lead to further industrialisation, growth in industry and farm sectors.

Hitting an air pocket

2009-11-07T01:38:00.002-08:00

The Indian Air Force must wait for about a decade before it's ready to place orders. By then, the fifth generation fighters would be entering the air forces of the world

Mohan Guruswamy Delhi

As the world commemorates the 70th anniversary of the outbreak of World War II, it's probably an apt time to ponder over the nature of future war and its impact on India.

High cost
By its very nature, modern limited war will be airpower intensive. Airpower is the most capital intensive means of war. A modern fighter jet now could cost several hundred crores of rupees and the prices seem to be rising exponentially. A budget of Rs 42,000 crore has been provisioned for 126 Multi Role Combat Aircraft (MRCA) proposed to be acquired. This suggests a price of about Rs 330 crore each. Given an operational life of about 40-50 years these would easily require at least a three-fold expenditure, for periodic maintenance and modernisation. The first lot of MIG-21s cost us less than Rs 20 lakh each. A brand new and latest MIG-21 variant will cost at least one hundred times that.

Aircraft delivered ordnance also is very expensive. A run of the mill radar-guided cum heat-seeking missile today can cost upto Rs 50 lakh each while an advanced long range air-to-air missile could cost five times that. Then we have a wide array of laser-guided, and TV-guided precision munitions that can be just as expensive. For instance, the prices of runway-busting Durandal bombs start at about Rs 15 lakh a piece. The accuracy of these weapons makes them devastating, but nevertheless airpower alone does not win wars.

If it were so, the USA would have won in Vietnam or even be winning in Afghanistan. The Israeli war in Lebanon in 2006, which mostly relied on its vastly superior airpower, did not give it the results it expected. The Hezbollah was seen a victor for showing itself willing to stand up to the Israeli onslaught, which in just a few days killed 1,200 fighters and civilians for just a handful of Israeli casualties. But even this war cost Israel $4 billion and shaved off a little over one per cent from its annual economic growth. Meanwhile, the Hezbollah and Hamas continue to flourish and are now even bigger players in the politics of the region. So who won?

Nokia signs wage pact with union

2009-11-07T01:38:00.001-08:00

CHENNAI: On a day when labour strife in Manesar, the auto hub in North India took an ugly turn with a company official getting beaten up by work

ers, here is some positive news on the labour-management relations coming in from the South.

Nokia India signed its first wage revision pact with the ruling DMK’s union in Tamil Nadu, the Labour Progressive Federation (LPF), as a result of which over 5,000 employees of the cellphone maker here will see their salaries go up by Rs 1,500 to Rs 3,300 per month.

It is crucial for Nokia to ensure that its operations run smoothly in Tamil Nadu as its plant at Sriperambadur is now the company’s largest manufacturing facility in the world.

The tripartite agreement reached last week between Nokia workers’ progressive union, affiliated to LPF, and the management before the deputy commissioner of labour, provided for increasing the monthly canteen allowance to Rs 1,000 from Rs 850 and paying a night shift allowance of Rs 20, which will fetch Rs 200 for 10 shifts in a month.

The revision has come as a boon to employees, mainly hailing from nearby rural centres as they will get arrears for the last nine months. Nokia has also agreed to pay a bonus of 8.33 % (one month wage) to employees. The company has set up its largest electronic hardware manufacturing unit on 210.87 acres allotted at Sipcot industrial park, Sriperambadur. The state government has also extended a structured package of assistance to the MNC.

3G fee to get capital assets status

2009-11-07T01:36:00.001-08:00

Sucessful bidders for 3G spectrum will be allowed to treat their bid amount as expenses over 20 years, the tenure of 3G licence. This will enabl

e telecom companies to reduce their tax outgo.

A top finance ministry official, who did not want to be named, said that his ministry had decided to clear the proposal mooted by the Department of Telecom (DoT) to ‘allow the amount paid for spectrum to be treated as capital asset, which would be amortisable for tax computation purposes’ .

This means, if a telecom company were to bag pan-India 3G spectrum by paying upwards of Rs 3,500 crore (the minimum bid amount), the operator will be allowed to set off this amount in 20 equal annual installments.

The move is expected to be an added incentive for telcos to bid aggressively for 3G spectrum during the auctions as operators can now reduce the taxes they pay annually to the government. The finance ministry official added this incentive would also be applicable to companies bidding for Broadband Wireless Access (BWA) spectrum. BWA involves technologies, such as WiMAX, that allow telcos to offer wireless internet services.

3G spectrums will enable telcos to offer high-end services on the mobile, such as ultra-fast downloads, videoconferencing and interactive gaming. BWA platforms, such as Worldwide Interoperability for Microwave Access, offer data speeds that are 10-30 times faster than 3G.

When contacted, a top DoT official said the finance ministry had indicated that it was favorable towards treating the winning bid amount as ‘capital expenditure’. “We are yet to get an official communication from the finance ministry on clearance for the proposal,” the DoT official added.

Disaster declared in flood-hit Australia

2009-11-07T01:33:00.000-08:00

SYDNEY: Australian authorities declared a natural disaster along parts of the country's east coast on Saturday as heavy floods cut the main road

linking major cities, stranding thousands people.

Torrential rain soaked the Coffs Harbour region north of Sydney overnight, swamping the arterial Pacific Highway with flash floodwaters that isolated almost 5,000 people, emergency officials said.

About 40 people had to be evacuated from the area hit by the raging floods and New South Wales emergency services minister Steve Whan declared a natural disaster, releasing state funds.

More than 500 millimetres (20 inches) of rain had fallen in the past two days, Whan said, in the fifth major flooding incident to hit the region this year.

"I guess one of the things we've seen predicted from climate change consistently is that the rain and the weather events will come in more storms and more short-term deluges," he said.

"Unfortunately that's the pattern that we seem to be seeing this year in the area."

Floodwaters were expected to peak at five metres (yards) at Coffs Harbour on Saturday afternoon before easing, the State Emergency Service said, describing as "drastic" the cumulative effect of recent downpours.

"Weather conditions have eased considerably over the last few hours. However, we still have some 4,800 people isolated by floodwaters in a number of north-coast communities," said SES spokesman Phil Campbell.

Intense storms hit the east coast late last month, generating more than 10,000 lightning strikes and disrupting train and flight services.

Tens of thousands of homes and businesses were blacked out and a man was killed when his car hit a tree in torrential rains.

Mamata sacks all railway recruitment board heads

2009-11-07T01:30:00.000-08:00

NEW DELHI: The drastic decision to revamp the recruitment process has come at a time when RRBs, located in 20 cities across the country, are mired in controversy and accusations of largescale corruption, irregularities and question paper leak. Recently incidents of paper leak were reported from RRBs in Allahabad and Ajmer.

"The minister has appointed new chairmen for all RRBs," said a senior railway official. The post of chairman is occupied by senior railway officials with tenure of three years.

Railway ministry sources said most chairmen were appointed during Lalu's tenure and a majority of them were yet to complete their terms.

The "surgical exercise" is not only aimed at streamlining the recruitment process, making it corruption free, but also to ensure that local people get representation. Generally, RRBs were assigned responsibility of carrying out recruitment of Group C and Group D staff for vacancies in divisions and zones allocated to them.

While Mamata had already announced conducting railway recruitment exams in Urdu, sources said the recruitment was likely to be held in other local languages too to help local youth gets jobs. Railway examinations till now were conducted in English and Hindi only.

"The minister wants to revamp the entire recruitment process," said a senior official in Railway Board.

Under the revamp exercise, the ministry is set to announce benefits for minority women and those belonging to economically backward classes. Railways is also working to remove the requirement to attach postal orders along with railway recruitment forms for minority community women and economically backward classes, an official said.

Also, recruitment examinations would be held on the same day throughout the country to benefit people from all states.

The review proposal came after largescale violence in Mumbai and other centres and disruptions by local politicians alleging that most of the candidates appearing for RRB exams were from outside the state.

"The motive is to ensure representation of local people and to hold corruption-free RRB exams," said an official.
In yet another blow to her predecessor Lalu Prasad's legacy, railway minister Mamata Banerjee has removed the chairmen of all railway

recruitment boards (RRBs).

Sterling plans expansion in Gujarat

2009-11-07T01:27:00.002-08:00

Sterling Hospitals, owned and managed by Sterling AddLife India, is planning to invest Rs 150 crore for its expansion in Gujarat.

The company is likely to launch its hospitals in Surat, Rajkot, Bhavnagar and Vadodara which are currently in various stages of completion. While, its Rajkot hospital is likely to be operational shortly, the Bhavnagar hospital is under construction. The new facility at Vadodara is slated to be fully operational by 2011.

The company already has two satellite centres in Kalol and Mehsana and a multi-specialty tertiary care hospitals in Ahmedabad, Vadodara and Mundra.

Meanwhile, Sterling has signed an 'owned & managed' (O&M) agreement with a city based builder to develop a 100 bed facility adjacent to its existing set up at Vadodara. On completion, this facility is likely to help Sterling Hospital, Vadodara to boost its capacity to 210 beds. It is already running a hospital at Mundra under O&M agreement and is likely to expand through this model in future.

Source: projectstoday.com

TIDCO to develop financial city in Chennai

2009-11-07T01:27:00.001-08:00

The Tamil Nadu Government's financial city is likely to come up at Sholinganallur in Chennai.

Tamil Nadu Industrial Development Corporation (TIDCO), the nodal agency for the proposed project had identified about 180 acre site in Sholinganallur-Perumbakkam village for the development of the city.

TIDCO has already prepared a concept paper on the financial city and has roped in KPMG Advisory Services to fine tune the concept in consultation with the stakeholders.

The prime focus of the project is to attract core financial activities like banking, insurance, re-insurance, risk management, actuarial services, and wealth management services. The city could also house IT product and solution vendor teams specifically catering to the needs of financial institutions and business along with training centres, staff training colleges, relevant educational institutions in world class infrastructure.

The project is likely to be implemented in phased manner based on the recommendations of the feasibility study.

Source: projectstoday.com

Hindujas to establish second hospital in Mumbai

2009-11-07T01:25:00.000-08:00

The Hinduja Group intends to set up its second hospital in Mumbai and expand the capacity of its existing Mumbai hospital as a part of its pan-India expansion plans.

Hinduja Healthcare, a wholly-owned subsidiary of the group is likely to develop the second hospital in Mumbai. The proposed 100-bed hospital is to be build with an estimated cost of Rs 100 crore at Khar in Mumbai and is expected to be ready by April 2010.

The expansion of the existing Mumbai hospital includes renovation of the building, construction of a new building and capacity expansion from 350 to 600 beds at an estimated investment of Rs 250 crore.

This apart, plans are afoot to set up 10-12 hospitals across India.

Source: projectstoday.com

India, Hong Kong sign pact to deal with criminal matters

2009-11-07T01:24:00.000-08:00

The agreement aims at improving effectiveness of law enforcement of the contracting parties in investigation and prosecution of crime and confiscation of proceeds and instruments of crime.

A Hong Kong delegation, led by secretary for security, Hong Kong Special Administrative Region in Peoples’ Republic of China, Ambrose Lee, is on a visit to New Delhi from the 13th to 15th of this month to sign the Mutual Legal Assistance Agreement in criminal matters between the two countries.

The agreement was signed on Monday by the Minister of State for Home, Mullappally Ramachandran on behalf of India and Ambrose Lee, Secretary for Security on behalf of Hong Kong Special Administrative Region in Peoples’ Republic of China.

The agreement aims at improving effectiveness of law enforcement of the contracting parties in investigation and prosecution of crime and confiscation of proceeds and instruments of crime. With the signing of the Mutual Legal Assistance Agreement in criminal matters, cooperation in judicial matters will be comprehensive.

The agreement will come into force 30 days after the date on which the parties have notified each other that their respective requirements for the entry into force of the agreement have been complied with.

Before the signing ceremony, the delegation met the Union Home Secretary, G.K.Pillai and held fruitful discussions on issues of mutual interest.

Source:I4S India

2010 Commonwealth Games completely secure, says minister

2009-11-07T01:22:00.000-08:00

The Games have been secured from ‘above the ground, below the ground and on the ground,’ stated Minister of State for Home Ajay Maken.

Minister of State for Home Ajay Maken said on Wednesday that the 2010 Commonwealth Games (CWG) in Delhi will be completely secure. He reiterated that the government would take every possible step to ensure that the prestigious event goes without any untoward incident.

Addressing the two-day Conference of Security Liason officers of Commonwealth countries and representatives of Commonwealth Games Associations (CGAs), Maken said the security for the games have been designed in such a way that no terror outfit can affect the proceedings of the game. This is the second such meeting of its kind, the first was held 3 weeks ago, at which several countries had expressed their nervousness about security.

Source:I4S India

TCS bags multi-million dollar deal

2009-09-30T04:15:00.000-07:00

MUMBAI: Indian IT major Tata Consultancy Services Ltd (TCS), today announced that it has entered into a a multi-million dollar deal with a Singa

pore's People's Association, a statutory board under Ministry of Community Development, Youth and Sports, to provide annual Application Management Services for two years.

Under the agreement, TCS would develop and maintain People's Association's business and citizen centric applications including mission critical applications. It involves consolidating its multiple vendor environment allowing for reduced maintenance costs and simplified system administration, said a press release.

This system would enable higher process efficiency and staff productivity across the organization. All these would contribute towards lower costs spent on application maintenance, while improving end user satisfaction and enhancing citizen experience with the agency.

Girija Pande, EVP and head, TCS Asia Pacific, said, "Our expertise in AMS, combined with our ability to deliver certainty of results would provide sustained value to People's Association."

He added that they installed strict quality control procedures and continued to drive more value for their Singaporean clients through increased service quality provided by their team of highly qualified people with local knowledge of culture and processes.

Bharti Airtel gains over 1 per cent in afternoon trade

2009-09-30T04:14:00.001-07:00

MUMBAI: Telecom major Bharti Airtel rose 1.22 per cent on the Bombay Stock Exchange amid looming uncertainty over its proposed deal with the

South African entity MTN, for which the exclusive discussions period is ending today.

Shares of Airtel climbed 1.22 per cent to Rs 424 on BSE and on the National Stock Exchange the scrip made a decent gain of 1.10 per cent to touch a high of Rs 423.75.

On the volume front, over 17.95 lakh shares of Airtel changed their hands on the two bourses.

Even though the exclusive talks period between the two companies ends today, a clear picture is yet to emerge on the proposed deal, which would create a combined entity having over 200 million subscribers.

Meanwhile, the government yesterday said it has a positive approach toward the proposed USD 23-billion deal between Bharti and South African MTN, even as the time for exclusive talks between the two companies ends on September 30.

Join duty now or face action: Air India tells pilots

2009-09-30T04:13:00.000-07:00

NEW DELHI: Air India on Wednesday said a section of pilots had not reported for work even after their strike was called off and threatened

"severe action" against them.

A section of the pilots continue to be rigid over pay cuts and are not willing to join duty, an airline official said.

"Severe action would be taken against the pilots who refuse to join their duty by evening. The strike has been called off," the official said.

"We would even recommend the DGCA (Directorate General of Civil Aviation) to cancel their pilot licenses or dismiss them from service."

Earlier Wednesday, the pilots ended their five-day strike following assurances from the civil aviation ministry that there would be no salary cuts.

The strike began Saturday with 180 Air India pilots going on sick leave to protest the cut in their productivity linked incentives.

Till Tuesday, day four of the strike, 100 flights had been cancelled. On Wednesday, 28 flights were chopped.

IIT students design helmet that alerts kin, hosp about mishaps

2009-09-30T04:10:00.002-07:00

CHENNAI: The Techmet, a helmet that will inform the wearer's family as well as the emergency services in case the former is involved in an

accident and also give the location of the mishap site, is one of the products made by the students of Indian Instiute of Technology-Madras to be showcased at Shaastra. The 11th edition of the institute's technical festival, to be flagged off on Wednesday, will focus on sustainable development.

Shaastra 2009 aims at showcasing the sustainability of the projects. Participants in the SOS Cycle project can use the cycle as a means of transport rather than the bus inside the institute. SOS Energy will see the various hostels vying with one another for a month to save as much energy as possible to offset the extra use of electricity during the event, while SOS Recycle will attempt to make Shaastra a zero-waste festival. There will be an energy audit done during the four-day event.

A symposium has also been planned to formulate practical and feasible solutions to tackle sustainability, energy, urbalisation and financial issues. Speakers include urban strategy magaer of World Bank Abha Joshi Ghani, chairman of the Centre for Policy Research K C Sivaramakrishnan and associate director of Teri Akansha Chaurey.

Is the Mysterious Facebook Bug a Virus?

2009-09-30T04:10:00.001-07:00

A bug that seems to change some information in your Facebook account has been making rounds since yesterday. The "Vidyartha" bug, as it is known, seems pretty harmless. But, is this bug really a virus? That's still being researched.

In the meantime, we did our own little research and found out that while the name "Vidyartha" may sound Indian, the Vidyartha College is actually an institution down south in Sri Lanka and apparently, if some reports are to be believed, some users have seen their school name being changed to that of this institution - automatically. And so far, that is precisely what this virus has been doing.

All this seems to be just sketchy information as of now. Having checked a few Facebook accounts, we did not find anything amiss. However, if you have been affected by this issue, all you can do for now is to wait and look for an official statement from Facebook regarding this. As of now, we are unsure if this is an attack or a simple bug. This "issue" as mentioned earlier was first yesterday and has since then spread its wings quite fast.

Thankfully, not all Facebook accounts have been affected and since we are unsure how widespread this issue is, all we can say to wait and watch how this one actually ends up. Watch this space for more!

IE8 is 10 times faster with Google plug-in

2009-09-30T04:06:00.000-07:00

Bangalore: Microsoft's Internet Explorer is nearly 10 times faster than usual when Google's new Chrome Frame plug-in is partnered with the browser, benchmark tests show.

Computerworld conducted the tests, which showed that Internet Explorer 8 (IE8) with the plug-in is 9.6 times faster than IE8 on its own. The SunSpider JavaScript benchmark suite was run three times each for IE8 with Chrome Frame, and IE8 without the plug-in, then averaged the scores.

Released on Tuesday, Chrome Frame lets IE utilize the Chrome browser's WebKit rendering engine, as well as its high-performance V8 JavaScript engine. Google pitched the plug-in as a way to instantly improve the performance of the notoriously slow IE, and as a way for Web developers to support standards IE can't handle, such as HTML 5.

The extra speed and HTML 5 support are necessary if IE users are to run advanced Web applications such as Google Wave, a collaboration and communications tool.

IE8's SunSpider scores with Chrome Frame running equaled Google's Chrome browser, a solid indication that the plug-in effectively turns any version of IE into the speed equivalent of Chrome itself. The Chrome Frame plug-in works with IE6, IE7 or IE8 on Windows XP or Windows Vista. It's available for download from Google's site.

Toll rises to 41 in Bihar boat tragedies

2009-09-30T04:04:00.002-07:00

PATNA: The death toll in Bihar's twin tragedies, when two boats carrying Durga Puja revellers capsized in the Kosi and Bagmati rivers, has gone

up to 41 with 11 more bodies being recovered, officials said on Wednesday.

"Eleven more bodies have been recovered," Khagaria District Superintendent of Police Indranand Mishra said. Till Tuesday evening, 21 bodies were recovered from the Bagmati river in Khagaria, about 200 km from here.

Thirty-two bodies have been recovered from the Bagmati, but over two dozen are still missing. "The search is on to recover the missing people," Mishra told IANS.

The incident had taken place on Monday evening, about the same time when another overloaded boat capsized in the Kosi river in Darbhanga district, about 150 km from here, killing nine people.

In Khagaria, over 80 villagers returning from a fair to mark the end of Durga Puja, packed into a boat that had a capacity of 30.

Chief Minister Nitish Kumar has announced a compensation of Rs.150,000 for the families of victims.

Opposition Rashtriya Janata Dal chief Lalu Prasad and Lok Janshakti Party chief Ram Vilas Paswan expressed shock over the incidents. Both Lalu Prasad and Paswan are expected to visit Khagaria on Wednesday.

'Chandrayaan Mission a Complete Success'

2009-09-30T04:04:00.001-07:00

He was addressing media persons who were quizzing him regarding the "historic" discovery of water on the moon by NASAs (National Aeronautics and Space Administration) Moon Mineralogy Mapper, a small instrument aboard the Chandrayaan. Apart from calling the discovery of water historic, he added that his earlier statement of the Chandrayaan completing 95 percent of its objectives can now be enhanced to 110 percent because the detection of water on the lunar surface was one of the primary objectives of the mission.

Madhavan said he was very proud of the fact that India was able to make such a significant contribution to science. "All over the world people are applauding the Chandrayaan's achievement. The discovery of water on the moon has been acknowledged as a significant discovery. The main aim of the Chandrayaan1 mission has been achieved," he added. During Chandrayaan's almost year-long rendezvous with the moon, it has been able to collect lots of data, which run into a few thousand Gigabytes, all of which are still in the process of being decoded. In fact, the data is so huge that scientists expect six months to three years before all of them are decoded.

To make things clearer for the layman, Madhavan said that the finding of water on the moon doesn't imply that the moon is filled with lakes and ponds or there is water in the form of a drop. The detection of water is in fact in the form of embedded molecules on the surface and in the lunar rocks. While there are positive signs about the presence of water on the moon, scientists are still perplexed as to how it got there in the first place. A plausible explanation is the effect of asteroids and meteors that might have crashed onto the moon - all of which had some water content in them

Railways steps in to help stranded air passengers

2009-09-30T04:02:00.000-07:00

NEW DELHI: The railways has stepped in to assist air travellers hit by the Air India strike by setting up reservation and help counters at

important airports across the country.

Railway minister Mamata Banerjee has instructed all zonal headquarters to inform air travellers about the availability of vacant berths and seats in important trains.

Railway zones have also been directed to coordinate with airline officials to facilitate the movement of stranded passengers by trains.

Kasab's confession: 'Voluntary, without remorse'

2009-09-30T03:59:00.000-07:00

A magistrate who recorded the confession of Ajmal Kasab, the lone terrorist captured alive during the 26/11 Mumbai terror attacks, has said the confession was voluntary, genuine and not made under duress.

The magistrate, Rama Sawant Waghule, said Kasab showed no remorse for his offence and said he wanted to confess so that others might derive inspiration from him.

Waghule said this on Wednesday while being examined by the prosecution in the 26/11 terror attack case.

The magistrate had recorded Kasab's confession on February 20 and 21, this year. Kasab later retracted this confession in the trial court saying his statement was recorded under duress and that he had not given it voluntarily.

The magistrate is being examined to prove that Kasab had given a voluntary statement.

Waghule said that she followed legal process to ensure Kasab was confessing voluntarily and that he was asked whether he was confessing under police pressure. Kasab said no, Waghule said.

The magistrate said she informed Kasab of the consequences of a confession before a magistrate and gave him 24 hours to reflect on his decision.

Gujarat govt slams fresh affidavit in Ishrat case

2009-09-30T03:57:00.002-07:00

Ahmedabad, Sep 30 (PTI) Slamming the Centre for filing an additional affidavit in the Ishrat Jahan case, the Gujarat Government called the move as double speak aimed at policy of appeasement and vote bank politics.

"On several occasions, the UPA government had said that the job of the Central intelligence was to provide inputs while providing security at the ground level was the job of the respective state governments," state government spokesperson Jaynarayan Vyas told PTI.

By filing the affidavit, the UPA government has taken an exactly opposite stand, he alleged.

Pointing out that the arrest of four would have given the state an opportunity to question them and get to the mastermind behind the conspiracy to kill Gujarat Chief Minister Narendra Modi, he said, "But unfortunately, when the police challenged them they opened fire and were killed in the encounter".

WB: East Asia-Pacific region's adaptation to climate change pricy

2009-09-30T03:57:00.001-07:00

BANGKOK, Sep. 30 (Xinhua) -- A new global study report on adaptation cost for climate change, released Wednesday by World Bank, says that East Asia and Pacific region will need more fund than any other regions in the world to adapt to climate change.

According to the finding of the study, The Economics of Adaptation to Climate Change (EACC), the adaptation cost of East Asia and Pacific region equals to 25 percent or 19.6 percent, in "Wet" or "Dry" scenarios separately, of the total amount for all the developing countries in the world.

The study sees that a total of 75 billion to 100 billion U.S. dollars will be necessary to cover the cost for developing countries to adapt to climate change per year for the period 2010 to 2050.

There are two key reasons why the adaptation cost by East Asia and Pacific region is the highest, said J. Warren Evans, Director Environment Department of the World Bangk, who host a press conference at the sidelines of the ongoing UN Climate Change Talkshere.

One reason is that the infrastructure, say drainage system, in this region need more investment to improve so as to resist the impact of climate change, said Evans, citing Manila, which has been suffering the 40-year-record flood due to the tropical storm Ketsana.

The storm dumped more than a month's worth of rain in just 12 hours in the Philipines' capital and many other provinces, and the flood took a death toll 246, leaving nearly 2 million people homeless across the country.

The other reason, he said, is this region has a large coastal zone with high population, which requires particularly more fund.

Among the cost of adaptation by sectors, costal zones consume the largest part, 29.6 percent or 30.1 percent, in "Wet" or "Dry" scenarios separately, the report estimates.

The report roused more voices that urge the earlier set-up of a sound financing mechanism to deal with climate change issue, as this year's fourth round of UN Climate Change Talks goes on here.

N-energy benefits should not remain confined: PM

2009-09-30T03:55:00.000-07:00

New Delhi, Sep 30 (PTI) Seeking international cooperation in its efforts for a major expansion in the nuclear programme, India today said benefits of atomic energy should not remain confined to a "privileged few" as it was vital to meet power requirements of developing countries.

"We need the concerted and collective efforts of the international community to promote peaceful uses of nuclear energy as widely as possible," Prime Minister Manmohan Singh said at a function where IAEA chief Mohammad ElBaradei was conferred the coveted Indira Gandhi Peace Prize.

He said India is now poised for a major expansion of its nuclear programme in which international cooperation will be an important component.

Noting that nuclear energy was vital to meeting the energy and development needs of developing countries like India, he said, "Its benefits should not remain confined to a privileged few.

Flood survivors crowd aid centres

2009-09-30T03:54:00.000-07:00

Hundreds of thousands of exhausted survivors from the deadly floods in the Philippines have continued to cram into makeshift shelters as relief workers struggle to cope with demand.

Schools, gymnasiums, churches and government buildings have all been transformed into temporary relief centres, with food, fresh water and clothing in short supply.

According to the government at least 246 people are now known to have died, with dozens of others still missing from the floods triggered by torrential rains unleashed by tropical storm Ketsana at the weekend.

On Wednesday officials said that latest figures showed some two million people had been affected by the floods, with hundreds of thousands of people crammed into temporary evacuation centres in Manila and the surrounding region.

"More people are coming in by the hour… we don't know how long we will be able to sustain this," Joe Ferrer, a local government official at one of the shelters said.

"We need clothing, food supplies, food rations and medicine."

The government has declared a "state of calamity" in Manila and 25 storm-hit provinces.

Large parts of Manila and the neighbouring areas remain submerged [Reuters]

On Tuesday, part of the Philippine president's official residence was opened as a relief centre for victims.

"We're responding to the extent we can to this once-in-a-lifetime typhoon emergency," Gloria Macapagal Arroyo, the Philippine president, said in a statement.

Ketsana dumped over a month of rain in just 12 hours on Saturday, leaving most parts of Manila and neighbouring areas submerged, in places under several metres of water.

The flooding was worst around the Pasig River that cuts through the capital, one of the world's largest cities with a population of about 12 million.

Officials estimate losses caused by the floods to total nearly $100m and economists have said the impact of the disaster will be felt for many months to come.

Foreign governments and UN agencies have already pledged some $200m in aid.

But authorities could face more trouble as another tropical storm, Parma, is expected to become a full-blown typhoon by Friday as it passes east of the Philippines bringing more heavy rains to the area.

Taliban film shows leader is dead

2009-09-30T03:53:00.000-07:00

The Taliban in Pakistan have released a video confirming that their former leader Baitullah Mehsud is dead.
A video received by the BBC shows the body of the former head of Pakistan's largest Taliban group lying in a room. It is not clear where it was taken.
Mr Mehsud was killed on 6 August in the tribal region of South Waziristan in a missile attack by a suspected US drone.
The video came as officials said at least six people had been killed in a fresh drone attack in North Waziristan.
See a map of the region
The strike was the third such attack in the past 24 hours against al-Qaida and Taliban targets near the Afghan border, intelligence officials said.
Two missile attacks on Tuesday, one in South Waziristan and one in North Waziristan, left at least nine suspected militants dead.

Israel moves closer to freeing captive soldier

2009-09-30T03:52:00.001-07:00

JERUSALEM — Israel decided Wednesday to free 20 Palestinian women from Israeli prisons in exchange for a videotape proving that a captive Israeli soldier held in the Gaza Strip is still alive.

The decision was the first tangible sign of movement in talks that have dragged on for more than three years over the release of the soldier, Sgt. Gilad Schalit.

In a statement, Prime Minister Benjamin Netanyahu's office said Wednesday that it expects Schalit's Hamas captors to release a recent videotape of the soldier. The deal is to be carried out on Friday.

The statement said Israel's Security Cabinet accepted the deal, put forward by Egyptian and German mediators, as a "confidence-building measure." It quoted a senior official in Netanyahu's office as saying the negotiations are still "expected to be long and difficult."

The deal was carried out, the statement said, "ahead of the critical stages in the negotiations for the release of Gilad Schalit and based on Israel's commitment to work with determination to bring him home quickly."

Hamas is demanding that Israel release hundreds of prisoners, many of whom are serving lengthy sentences for violent attacks on Israelis, in exchange for the soldier. Israel has balked at some of Hamas' demands.

In Gaza, Abu Obeida, spokesman for Hamas' militant wing, confirmed that 20 female prisoners were expected to be returned in the coming days. He made no mention of a videotape of Schalit, saying only that Hamas would respond by "clarifying his fate."

A senior Egyptian official involved in the mediation said the move was designed to create "an atmosphere of trust."

"There is no doubt that this step will support the efforts of all sides to solve the problem," he said, speaking on condition of anonymity under security guidelines.

Egypt has been trying to mediate a prisoner swap since Hamas-linked militants tunneled into Israel in June 2006 and attacked an Israeli tank, killing two crewmen and capturing Schalit.

The Israeli soldier has not been seen since his capture and the Red Cross has not been allowed to visit him. But several letters and an audio recording have been released by his captors.

The statement from Netanyahu's office said it was important that the world know Schalit is alive and well and that his safety is Hamas' responsibility.

Online thieves step up bank raids

2009-09-30T03:51:00.001-07:00

Cyber-criminals have developed sophisticated ways to remain undetected, a new report finds.

The report, from security firm Finjan, describes how one gang, based in the Ukraine, stole 300,000 euros (£269,000) in 22 days.

It used a sophisticated piece of malicious software which fooled banks' anti-fraud systems as well as forging bank statements to hide the thefts.

It also recruited innocent job-seekers as so-called money mules.

Such mules were needed to prevent a direct money trail being traced back to the gang.

The specific attack, monitored during the month of August, was aimed at the customers of several German online banks.

The German police have been informed.

The server used by the gang has been frozen although it is not known whether gang members have actually been caught.

Google invites users to join Wave

2009-09-30T03:49:00.002-07:00

Google Wave, which combines email, instant messaging and wiki-style editing will go on public trial today.

The search giant hopes the tool, described as "how e-mail would look if it were invented today", will transform how people communicate online.

It will be open to 100,000 invitees from 1600BST, each of whom can nominate five further people to "join the Wave".

The tool is also open source, meaning third party developers can build applications for it.

The developer behind Wave described it as "a communication and collaboration tool".

"It struck us that e-mail is still the main communication tool on the web, which seemed remarkable given that it is 20-year-old technology," said Lars Rasmussen, who, alongside his brother Jens, was the brains behind Google Maps.

In designing Wave, the brothers took as a starting point the idea of "a conversation sitting in a cloud".

"We found we could build a flexible tool with a surprising amount of functionality," Mr Rasmussen told BBC News.

Toyota issues US safety warning

2009-09-30T03:49:00.001-07:00

Carmaker Toyota has warned of safety problems with floor mats on some of its US models, which may cause the accelerator pedal to stick.

The problem affects seven models of Toyota and Lexus cars and trucks in the US, where owners have been told to remove floormats on the driver's side.

The US National Highway Traffic Safety Administration (NHTSA) said Toyota would be recalling affected vehicles.

It has had reports of 100 incidents, involving 17 crashes and five deaths.

Toyota said it would be launching a safety campaign on specific Toyota and Lexus vehicles.

Eurozone prices falling further

2009-09-30T03:48:00.000-07:00

Prices in the eurozone fell in September at a faster rate than they had in August.

The inflation rate fell to -0.3% in the year to September, from -0.2% in the year to August, according to Eurostat.

It is the fourth consecutive month that the rate of inflation has been negative in the bloc of 16 European nations that use the euro as their currency.

Oil prices have fallen over the past month as concerns have grown about the state of the US economy.

'Temporary relapse'

Deflation is considered damaging to an economy because consumers tend to delay making major purchases until prices fall further. Without consumer spending to stimulate growth, economic output falls.

The European Central Bank's target rate for inflation is just below 2%.

Prices had fallen 0.7% in July and 0.1% in June in the first spell of deflation since euro notes and coins were introduced in 2002.

"This is probably a temporary relapse, mainly related to food and energy price base effects," said Martin van Vliet, an economist at ING.

IMF cuts crisis losses prediction

2009-09-30T03:47:00.002-07:00

The International Monetary Fund (IMF) has cut its forecast for the amount likely to be written off globally in bad loans and investments by 15%.

The total it expects banks to lose between 2007 and 2010 has been cut to $3.4tn (£2.1tn) from $4tn.

The IMF said the change was made because the world economy was growing faster than had been expected.

But it has warned that the improvement should not be taken as an excuse to delay necessary financial reforms.

Its Global Financial Stability Report said that risks to the global financial system had subsided as a result of interventions by governments and central banks, as well as signs of a global recovery.

Not strong enough

"We are on the road to recovery, but this does not mean that risks have disappeared," said Jose Vinals from the IMF.

Its report also warned that banks overall had recognised slightly less than half of their losses, with US banks more advanced in the process than their counterparts in the UK and the eurozone, meaning there is still a great deal of bad news to come.

It said that bank balance sheets had been stabilising, but that banks were not yet in a strong enough position to support the economic recovery.

It based this on the prediction that even the growing earnings expected from banks in the next 18 months would not be enough to offset the amount they would have to write off because of bad loans and investments.

The report is published the day before the IMF's World Economic Outlook, which is expected to revise upwards its forecast for global economic growth in 2010 from 2.5% to 3%.

'Clown' tourist blasts into space

2009-09-30T03:47:00.001-07:00

Space tourist and circus entrepreneur Guy Laliberte has begun his journey as the first "clown" into orbit.

The Canadian billionaire was aboard the Soyuz craft which blasted off to the International Space Station (ISS).

Mr Laliberte, who founded the Cirque do Soleil theatre company in the 1980s, reportedly paid $35m for his ticket.

He says he will make the ISS astronauts laugh during his 12-day stay, and produce a web event that highlights the issue of clean water for all.

He was accompanied in the Soyuz TM-16 spacecraft by Russian cosmonaut Maksim Surayev and US astronaut Jeffrey Williams.

I'm an artistic person and a creator. I'm not a scientific. I'm not an engineer

Guy Laliberte

Cirque du Soleil show in space

The vessel lifted off from the Baikonur Cosmodrome in Kazakhstan at 0714 GMT.

The three-man crew is expected to arrive at the ISS on Friday.

The Canadian is the seventh private individual to make the trip. While previous tourists have emphasised science as a motivator, Mr Laliberte says his inspiration lies elsewhere.

"I'm an artistic person and a creator. I'm not a scientific. I'm not an engineer," he told the BBC this month.

Iran insists on 'nuclear rights'

2009-09-30T03:45:00.001-07:00

Iran has said it is not willing to discuss its "nuclear rights" during an upcoming meeting with the five permanent UN Security Council members.

The head of the country's atomic energy body also ruled out a suspension of Iran's nuclear enrichment programme.

But Ali Akbar Salehi said he would set out when and how inspectors could view Iran's second uranium enrichment plant.

The US has demanded "immediate and unfettered access" for International Atomic Energy Agency (IAEA) inspectors.

Iranian representatives will meet in Geneva on Thursday for talks with the five permanent Security Council seat holders - the UK, China, France, Russia and the US - plus Germany; the so-called P+1.

Mountain site

Mr Salehi said there would be no bargaining about Iran's rights to nuclear technology and said Tehran had no plans to abandon its nuclear activities, "even for a second".

srael to free 20 for Shalit film

2009-09-30T03:44:00.001-07:00

Israel has said it will release 20 Palestinian women from detention in return for proof that captured soldier Gilad Shalit is still alive.

A statement from Prime Minister Benjamin Netanyahu's office said it was waiting to receive video taken recently by his militant captors in Gaza.

Israel currently holds about 10,000 Palestinian prisoners.

Gilad Shalit has not been seen since his capture by Hamas militants in a raid on an Israeli border base in 2006.

The Israeli statement said the deal had been proposed by Egyptian and German mediators as a "confidence-building measure".

The Hamas group is demanding the release hundreds of prisoners, many serving lengthy sentences for carrying out militant attacks, in exchange for the soldier.

Mr Shalit's captors have released several letters and an audio message, but he has been denied access from the international humanitarian officials despite repeated requests.

Sources close to the negotiations said the exchange was scheduled to take place on Friday, after a list of the women had been circulated to allow any legal objections to be lodged.

The BBC's Katya Adler in Jerusalem says this is the latest in a series of on-again, off-again negotiations.

RAF leaflet box kills Afghan girl

2009-09-30T03:43:00.000-07:00

The Ministry of Defence is investigating the death of a young Afghan girl who died after being hit by a box of leaflets dropped by the RAF.

The information leaflets were dropped in boxes from an RAF Hercules aircraft in Helmand province on 23 June.

The box failed to break apart in mid-air and landed on top of the girl who died later in hospital.

The MoD said it deeply regretted the "tragic incident", and a full investigation was under way.

A spokesman said the public information leaflets were dropped by the C130 Hercules in a rural area. The boxes are supposed to open in mid-air, scattering the leaflets over a wide area.

The unopened box seriously injured the girl who was treated at a local hospital in Kandahar.

"Despite the best efforts of staff, she died as a result of her injuries," the spokesman said.

Leaflet drops have been used extensively in Afghanistan by US and British forces in the battle to win the "hearts and minds" of the local population.

Brown defiant after Sun rejection

2009-09-30T03:42:00.000-07:00

Gordon Brown has shrugged off the Sun's decision to back the Conservatives at the next election by insisting "it is people that decide elections".

The newspaper's front page on Wednesday is headlined "Labour's Lost it".

The tabloid backed Labour in the 1997, 2001 and 2005 elections but the prime minister said: "It's the British people's views I'm interested in."

The Sun's declaration came hours after Mr Brown's party conference speech insisted Labour was "not done yet".

The Sun's decision to desert Labour in this way and at this time will cause dismay in Labour ranks

Nick Robinson, BBC political editor

Nick Robinson's Newslog

What papers made of speech

The BBC's political editor Nick Robinson said the paper had "timed its big political switch... for maximum impact both in terms of gaining attention for the paper and taking the gloss off Mr Brown's big day".

Labour had known the move was coming, he added.

While the decision was unwelcome for Mr Brown, he did not expect the Sun to be as vocal in its criticism of the prime minister as it had been of Labour leader Neil Kinnock in 1992 when the paper claimed to have swayed the outcome of the election.

Sudanese refugees 'raped in Chad'

2009-09-30T03:41:00.002-07:00

Sudanese women who escaped the Darfur conflict to eastern Chad are facing high levels of sexual violence, an Amnesty International report says.

Despite the presence of a UN force, women and girls are being attacked when they leave 12 designated camps in search of water, the report says.

It also documents cases of refugees being attacked inside the camps by Chadian aid workers.

Chad's government has denied that any Chadian has attacked a Sudan refugee.

Since 2003 about 250,000 Darfuri refugees have fled the conflict in Sudan, where mass rape of civilians had allegedly been used as as strategy to displace entire villages.

The rights group says in many cases the women are too scared to report the abuse, or attackers escape without being brought to justice.

'Weak policing'

The BBC's Celeste Hicks in Chad says life is tough for the refugees, who scratch out a living from the bleak sands of the Sahel.

In temperatures well in excess of 40C (104F), most women are forced to leave the camps to look for extra water and wood for cooking.

Angola secures IMF loan agreement

2009-09-30T03:41:00.001-07:00

ngola has reached a preliminary deal with the International Monetary Fund (IMF) for loans of up to $890m (£558m).

IMF mission chief Lamin Leigh said the loans would help alleviate the nation's immediate cash flow pressures.

Angola, the world's 19th largest oil producer, has been hit hard by falling crude prices over the past year and the wider global economic slowdown.

Oil is currently trading at $67 a barrel, less than half its $147 all-time high of July 2008.

'Important victory'

Angola's Economy Minister Manuel Nunes Junior said the deal with the IMF would bolster the country's credibility.

Mr Leigh said the loans should be approved by the IMF board in November and that Angola was on track to pass an "appropriately tight 2010 budget, backed by firm policies on monetary management".

The preliminary deal marks a big improvement in Angola's relationship with the IMF.

Angola broke off talks with the IMF in 2007 and instead turned to China for billions of dollars in oil-backed loans.

"This is a very important moment for the government of Angola and we are on the way to securing one more important victory for the country and for the Angolan people," Mr Nunes Junior added.

Guinea bans 'subversive' meetings

2009-09-30T03:40:00.001-07:00

Guinea's military leader has banned all "subversive" gatherings days after soldiers opened fire at a mass rally, killing a large number of people.

In a televised address, Captain Moussa Dadis Camara said troublemakers would be "severely punished".

He also announced two days of national mourning and pledged to investigate the violence he blamed on "uncontrollable" elements in the military.

Rumours that Capt Camara intends to run for president sparked Monday's protest.

He took power in a bloodless coup late last year and promised to step down after overseeing a transition back to civilian rule.

Google bosses on trial in Italy

2009-09-30T03:39:00.001-07:00

The trial of four Google executives has begun in Milan with an engineer from the search giant giving evidence.

The executives are accused of breaking Italian law in allowing a video of a teenager with Down's Syndrome to be posted online.

The case, subject to lengthy delays, could have major ramifications for content providers around the globe.

Engineer Jeremy Doig's testimony sought to show that "Google had not committed any crime", said Google's lawyer.

The executives standing trial are David Carl Drummond, head of Google Italy's managing board; George De Los Reyes, a board member; Peter Fleitcher, in charge of privacy protection in Europe; and Arvind Desikan, head of videos for Europe.

Privacy law

The video, posted on Google Video in 2006 shortly before the firm acquired YouTube, showed a teenager with Down's Syndrome being bullied by four students in front of more than a dozen others.

Prosecutors argue that Google did not have adequate content filters or enough staff to monitor videos.

They also argue that Google broke Italian privacy law by uploading the content without the consent of all parties involved.