Asian feel pinch of economic crisis

Asian markets tumbled down on fear of recession has put the asian stocks
dipping and fear of recession reached from US has taken the cpatains of the industry to tighten their belts.
2008-11-12 05:51:55 - Prime Minister Dr Manmohan Singh has ruled out
immediate reduction of petroleum products. He said that high prices of
aviation fuel were reduced so that the employment potential in
aviation sector is not affected. High aviation fuel prices resulted in
financial losses to oil companies.

Speaking to reporters on board in his royal aircraft way back from
Doha, Dr. Singh said that the government is committed to provide all
possible help to trade and industry to check the adverse impact of
global economic melt down.

But refused reduction in oil price,thus paving way for spiralling
inflation to continue an adverse chain reaction in further vigrous and
deepening of Indian recession to follow soon with fear of negativity
in economic cycle.

Steel Secretary P K Rastogi has said that the SAIL's Rourkela plant
has lowered its normal production. Though the plant posted a net
profit of 800 crore rupees till September 2008,it could manage to sell
only about 90,000 tonnes of saleable steel during October 2008 owing
to declining demand for steel in the global market .This refelects
tide of recession has flown in India.

Other leading steel producers like JSW, Essar and Ispat have already
announced cutting their productions by over 20 per cent.

The Chairman of Prime Minister's Economic Advisory Council, Dr. Suresh
Tendulkar said that softening of global commodity prices coupled with
a good monsoon in the country could bring down inflation to single
digit early next year. He said that the Reserve Bank of India has
reduced several bench mark rates including cash reserve ratio(CRR) and
short term lending rates to make available to banks more funds for
lending.

On Tuesday to strike a 21-month low as fresh recession worries sparked
fears about slowing global energy demand,Crude Oil prices fell below
55 dollars a barrel in international market.

On London's Intercontinental Exchange, Brent North Sea crude for
delivery in December plunged to 54.92 per barrel a level last seen on
Janury 30, 2007.

Meanwhile, the Organization of Petroleum Exporting Countries (OPEC)
has decided to meet on 17th of December in Oman to assess the
international oil market situation. Algerian Energy and Mining
Minister Chakib Khalil who is also the current OPEC President, said in
Algiers that the Oman meeting would study the market's prospects for
the first half of 2009 in view of the measures taken by the United
States to arrest the economic crisis which has spread from the US to
the rest of the world.

Organization of Petroleum Exporting Countries (OPEC) will meet on 17th
of December in Oran to assess the international oil market situation.

Algerian Energy and Mining Minister Chakib Khalil who is also the
current OPEC President, said in Algiers that the Oran meeting would
study the market's prospects for the first half of 2009 in view of the
measures taken by the United States to arrest the economic crisis
which has spread from the US to the rest of the world.

He said it was useless for OPEC to decide on further output cuts if
the Oct 24 decision to reduce its production by 1.5 million barrels
per day was not implemented by all the members.He also said that the
creation of an OPEC-like cartel for gas exporting countries would
depend on certain factors,mainly the setting up of an international
gas market which would be governed by the same rules as those
prevailing in the oil market.

The Gas Exporting Countries Forum's ministerial meeting scheduled for
18th of November in Moscow, has been postponed, he said.
Russian Arms manufacturers are experiencing cash flow problems because
of the financial crisis and need help from state-controlled banks,
Deputy Prime Minister Sergei Ivanov said Tuesday.

Weapons are one of Russia's most lucrative exports, worth $7 billion
in 2007 according to officials, and arms makers are benefiting from a
sharp rise in defense spending as the Kremlin seeks to restore its
military might.

But Ivanov, who oversees the defense sector, said the liquidity crunch
had left some manufacturers unable to complete contracts or pay their
employees.

"The world financial crisis is hitting certain defense-sector
producers quite hard," Ivanov said at a meeting with defense
officials, Interfax reported. "A whole series of defense producers are
experiencing a pressing shortage of cash flow to ensure their finished
products are released and handed over to their customers."

He said the government had proposed that banks controlled by the state
-- Sberbank, VTB and Vneshekonombank -- should consider offering
credit to defense producers on favorable terms.

"We are talking, in particular, about ... providing loans to companies
under contract to the Defense Ministry to ensure cash flow, including
for paying wages to staff, extending previously agreed credit lines
and subsidizing interest rates," Ivanov said.

Obama creates history

2008-11-05 06:06:22 - Democrats back to power especially from those states of 2004,with ease pass magic number of 270 electoral vote threshhold to give Democrat Barack Obama,Illinois Senator,the ultimate choice of more than hundred million voters in process.

Obama, 47, defeated Republican Senator Arizona John McCain Tuesday by a convincing margin to be crowned for the top Job of most powerful country of the world.Obama rise from Obscurity to glory,the most powerful person in world.From a small-time community worker to the most powerful man in the world, Barack Obama's victory in the US Presidential polls marks a huge
political transformation in a country with a racist past that will have a Black occupy the top post for the first time.The mission victory, extends the expansion of Democratic majorities in the House and Senate, thus gives democrat control of both the executive and legislative after gap of fifteen years. Democrat nominee Barack Obama becomes the first black President of the US after winning more then half of the votes claiming 333 electoral college votes against 145 of Republican rival John McCain.The biggest state of California with 55 electoral college votes in Obama's kitty: CNN.

Republican Presidential candidate John McCain calls Barack Obama to concede defeat, Republican campaign official McCain publicly conceded at 11:15 p.m. eastern time, making a conciliatory statement and congratulating Obama for winning "an historic election." "My friends, we have come to an end of a long journey," he said, adding that "The American people have spoken and they have spoken clearly."

It is estimated that over 80 % of Indian Americans have voted for Mr. Obama. Barak Obama is now all set to occupy the highest seat at the White House. Barack Hussein Obama, his father a Kenyan and mother a White American.He faced the Herculean task on way to victory overcoming his race and name. This was reflected by his recent comment that getting elected to the White House would be a "leap".Undertaking his campaign with a catchy slogan 'The Change We Need' -- Obama presented himself to America as a fresh face with the knowledge and mettle needed for the White House.He emerged victorious after a grueling and bitter 21-month-long campaign in which he overcame the challenge from high-profile fellow Democrat Hillary Clinton and Vietnam War veteran Republican nominee John McCain. During the campaign, the advocate of strong partnership with India has made a number of comments and gestures, including lending support to the civil nuclear deal though he initially had reservations on it. He has also made it clear that India posed no threat to Pakistan and that the latter rather faced the danger from militants within.

Born on August 4, 1961, in Hawaii, Obama will be the first Black President, a development that demonstrates a major change in America, which has witnessed bitter racism for centuries before the social evil was abolished about 200 years ago.