ISSUE - 112
25th MARCH [FRIDAY]
EDITOR’S DESK
- TANIYA BANERJEE
One of the biggest natural calamities ever to have hit humankind has struck Japan! An earthquake scaling 8.9 on Richter scale shook the country and left it devastated beyond imagine. Not only has it killed thousands it threatens to continue the nightmare with several nuclear plants damaged beyond control or repair. Will this calamity lead to permanently destabilization of Japan or will the land of the rising sun see a new dawn again? Our cover story covers the entire issue and I hope all these questions will be answered there itself. Euthanasia, has been a long debated and talked about subject matter! The more one thinks about it the more does the person gets intrigued! Is it right or wrong is the greatest debacle with the issue. The recent verdict given by the SC on the Aruna Shanbaug‘s case stirred up the issue once again and has left every Indian wondering if it should be legalized or not. Therefore get our writer‘s opinion on our Opinion Column this week. Depleting sources of energy and rising levels of air pollution has given rise to concerns throughout the world and therefore the concept of Hybrid cars has become all the more interesting now. Therefore this week we are tracking this concept as the next upcoming brand in our Brand Track section. For Focus of the Week we are tracking PETA along with its main motto veganism this week. Catch its complete journey along with the life story of its creator Ingrid Newkirk. I hope all of you have much fun reading this issue as well! Cheers, Taniya Banerjee Editor.
EDITOR COVER
1 OPINION 2 BRAND
5 FOCUS 6 MARKET
FAST-TRACK
3 QUICK BITES
7
8 9
THE IBS TIMES
COVER STORY– JAPAN: SHAKEN BUT NOT STIRRED!
The total number of confirmed dead in Japan's earthquake and tsunami disasters stood at over 18,000 say the latest media reports. A total of 11,746 people were still unaccounted for, the police said.
The stock market has been terribly hit. The Nikkei index slumped 16% in two days after the March 11 disaster, making it the worst performer among major global indices.
- SANYA DHAWAN Mizue Yamamura, 76, and her husband were watching television at their apartment in the port town of Onagawa, northeastern Japan. They suddenly saw a huge Tsunami raring towards their apartment. Panic stricken, they thought of fleeing to the hill behind their home. Mizue started running outside. Her husband, stopped for a minute to wear his shoes. When she looked back, on leaving the building, the entire building was washed down and her husband was nowhere in sight. He was left behind in the now-washed-off building. She says he is lost, but we know better. The total number of confirmed dead in Japan's earthquake and tsunami disasters stood at over 18,000 say the latest media reports. A total of 11,746 people were still unaccounted for, the police said. Japan saw one of the strongest earthquakes last week, triggering a devastating 10-metre-high tsunami along parts of the country's northeastern coastline. The massive 8.9-magnitude earthquake struck creating gigantic waves which swept away cars, boats, homes and people as the surging water overwhelmed coastal barriers. Widespread fires burned out of control and Japan's nuclear industry was on alert as reactors shut down automatically as a safety precaution. Millions of people were reported to be without electricity, airports were closed and public transport in Tokyo and other cities have come to a halt as Japan reels amid the twin devastations. But, overseas aid has been arriving from most countries including 230,000 water bottles from South Korea, 500 generators from Taiwan and 25,000 blankets from Canada. There have been some direct losses. For instance, a number of companies including auto major Toyota and consumer electronics giant Sony had to halt production either due to shortage of power or because its suppliers, partners and dealers were directly hit by the earthquake. The indirect loss is the breakdown in key infrastructure – power, port, airports and water – which would have ripple effect across other industries too. So, even though the affected region accounts for just 6.2% of Japan's GDP (according to Barclays Capital's report on earthquake implications), the overall economic loss would be much higher! Nuclear energy makes up for as much as 30% of Japan's total power. The current shut down of its nuclear plants is another indirect loss. But then there is a flip side to every coin. Economists argue that it may also help Japan rebuild itself through huge stimulus plans, thus boosting GDP growth. But that is the long run view. In the short run, the sensex, exports, FDI and global implications are adverse. The stock market has been terribly hit. The Nikkei index slumped 16% in two days after the March 11 disaster, making it the worst performer among major global indices. The two main reasons being- low investor confidence and low earning potential in the medium term. Japan is the third biggest economy in the world with a majority of the income depending upon exports. Automaker companies such as Toyota, Nissan or Sony export a majority of their manufactured products. They are expected to see a fall in exports because of the calamity. Besides, spare parts and component supply too might get hit. And since Japan is a significant consumer of thermal and coking coal and metals, export by other countries to Japan may be hampered/shipments cancelled in the short-term. This of course has a huge global impact. And talking about India in particular, withdrawal of the Japanese money- to fulfill the financial need of the calamity stricken region- will seriously affect both the economies and the investor sentiments. While the FII inflows into India from Japanese funds have already been dwindling over the years and therefore may not have a significant impact, what may hurt India is the foreign direct investment. Japanese FDI into India (investment made in a country on productive assets such as factories, land and natural resources such as minerals) has grown ten-fold in the last three years. This essentially means that further investments (FDI) in a Nissan unit in India or fresh investments from Toshiba for power equipment joint venture in India may seem uncertain or incur delays. However, given the resilience that Japan has demonstrated in the past, its patience may yet help it overcome and we are confident that the stimulus plan will show Japan greater heights than before.
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FAST-TRACK NEWS
THE IBS TIMES - TANIYA BANERJEE
Japanese ordered indoors in radiation leak crisis In a nationally televised statement, Prime Minister Naoto Kan said radiation has spread from four reactors of the Fukushima Dai-ichi nuclear plant in Fukushima province. Kan warned there are dangers of more leaks and told people living within 19 miles (30 kilometers) of the Fukushima Dai-ichi complex to stay indoors to avoid radiation sickness. Some 70,000 people had already been evacuated from a 12-mile (20-kilometre) radius and 140,000 remain in the zone for which the new warning was issued.
Touts plague process to get licenses The Directorate General of Civil Aviation (DGCA) warns its pilots about touts. The Indian aviation regulator is perhaps the only one in the world to publicly acknowledge that unscrupulous elements operate around its premises. ―DGCA does not entertain intermediaries and would have only direct contact with concerned applications/stakeholders," the notice says. But every pilot, be they a Commercial pilot license (CPL) holder or an Airline Pilot Licence (ATPL) holder will tell that there are touts galore in Delhi who operate as go-betweens.
CBI arrests four in Netai firing case The Central Bureau of Investigation arrested four persons from the Goaltore area of West Bengal's Paschim Medinipur district for their alleged involvement in the killing of nine residents of Netai village in a firing incident on January 7.These are the first arrests made by the CBI after it took over the case from the State's Criminal Investigation Department on February 22 acting on a Calcutta High Court directive. The total number of arrests in the case now stands at eight.
U.S. urges restraint by Gulf nations in Bahrain The United States on Monday urged Saudi Arabia to show restraint after it sent troops to neighboring Bahrain in a move some analysts said showed the limits of Washington's influence in the region. The deployment of 1,000 Saudi troops, at the request of Bahrain's Sunni royal family, came two days after U.S. Defense Secretary Robert Gates visited the island kingdom and pressed its rulers to implement political reforms to defuse tensions with the Shi'ite Muslim majority.
France pushing for swift G8 agreement on Libya France pressured G8 foreign ministers to agree action on Libya and back its efforts to speed up a U.N. Security Council decision on imposing a no-fly zone, but hit pushback from partners like Germany. Libya dominated talks between President Nicolas Sarkozy and group of 8 foreign ministers including U.S. Secretary of State Hillary Clinton ahead of a formal dinner to kick off the first gathering of France's G8 presidency. France and Britain have led calls to impose a no-fly zone on Libya.
India's forex reserves at $ 302.59 bn, up by $ 1.8 bn The country's foreign exchange reserves surged by $1.8-billion to $302.59 billion driven by a healthy increase in foreign currency assets. The reserves had stood at $300.78 billion the week before, moving up by $158-million. Foreign currency assets, the biggest component of the foreign reserves went up by $ 1.548-billion for the week ended March 4. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.
PM's core group for cash transfer of food subsidy Prime Minister Manmohan Singh's core group on food and public distribution system (PDS) is looking at the option of providing food grain subsidies through cash transfers using Aadhar Unique Identification cards to eliminate leakages. "There is a massive leakage in PDS. We are considering the proposition to move towards smart card using Aadhar number, which Nandan Nilekani is working on," said Planning Commission Deputy Chairman Montek Singh Ahluwalia, who heads the PDS core group. He said computerization of PDS alone cannot eliminate leakage of food grains.
MNT (Mongolian Tugrug) – The currency abbreviation for the Mongolian tugrug (or tögrög) (MNT), the currency for Mongolia. The Mongolian tugrug is made up of 100 möngö and is often presented with a symbol that looks like the letter "T" with two horizontal slashes through the stem, or Tg preceding the number (i.e. Tg100). Möngö are not used anymore because inflation has rendered them worthless.
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THE IBS TIMES Davis freed after ‘blood money’ deal American CIA contractor Raymond Davis, arrested after he shot and killed two Pakistanis in January, was on Wednesday acquitted by a court after the families of the dead men agreed to a ―blood money‖ deal and pardoned him. Shortly after Additional District and Sessions Judge Yousuf Aujla indicted Davis on murder charges during in -camera proceedings at the Kot Lakhpat Jail, 18 relatives of the dead men appeared in the makeshift court and said they were willing to forgive the American if compensation was paid under the Qisas and Diyat Law.
25 paise coins to become history from June 30 The Reserve Bank of India will withdraw 25 paise coins and those of lower denomination from the market starting June 30. These coins will not be in circulation and cannot be used as legal tender for payment. RBI in a press statement said that those who have these coins can exchange them for their worth at 41 banks across the country.
Inflation rises marginally to 8.31 pc in Feb Inflation rose marginally to 8.31% for the month ended February from 8.23% in the previous month, putting pressure on the Reserve Bank to raise interest rates when it reviews the monetary policy later this week. The rise in inflation was mainly on account of higher milk, edible oil, vegetable and fruit prices. In addition, high fuel prices on account of soaring international crude oil rates also contributed to inflation. It may be recalled that food inflation, which accounts for over 14% of overall wholesale price index (WPI) inflation, stood at 10.65% in February.
Deeply grateful for Supreme Court order: Talwars' lawyer Rajesh and Nupur Talwar's lawyer expressed gratitude to the Supreme Court for halting the criminal proceedings in a trial court against the dentist couple for the murder of their daughter Aarushi and domestic help Hemraj. The Talwars had moved the Supreme Court seeking stay of the special Central Bureau of Investigation (CBI) court order summoning them to face trial in the double-murder case. Rajesh Talwar and Nupur Talwar were summoned to appear before the court by bailable warrants March 22, Talwar's lawyer Pinaki Mishra said.
Vodafone top gainer in number portability race Vodafone's India unit has so far gained the most following India's move allowing mobile users to retain their numbers even when they switch carriers, data from an industry body showed on Friday. Cellular Operators Association of India (COAI) said less than 5 million subscribers, or less than 1% of the country's total customers, had opted to switch carriers. Of these, a net 192,761 customers switched to India's third-largest mobile carrier Vodafone Essar, while sixth-ranked Idea Cellular was next, with net gains of 150,789 customers.
India, England qualify for World Cup quarter-finals after Bangladesh rout by Proteas India and England have automatically qualified for the quarter-finals of the World Cup after South Africa thrashed Bangladesh by 206 runs in their Group B clash in Dhaka today. India is currently in the second place in Group B with seven points from five games, while England is third with seven points from six games. South Africa takes the top place with 10 points, while Bangladesh ended their campaign with six points. Defending champions Australia are facing Pakistan in Colombo, where the winner will be assured top spot in Group A.
Dream semis set as Federer, Nadal win at Indian Wells Roger Federer and Novak Djokovic set up a third meeting in as many months this season as both ploughed into the semi-finals of the Indian Wells Masters with runaway wins. Second-seed Federer, the 2004-06 champion, won his eighth match out of nine against Swiss compatriot Stanislas Wawrinka, 6-3, 6-4, taking just over an hour against his Indian Wells doubles partner with whom he later made the final with a 7-5, 6-3 win over doubles holders Rafael Nadal and Marc Lopz.
OMR (Oman Rial) - The currency abbreviation or currency symbol for the Oman rial (OMR), the currency of Oman. The Oman rial is made up of 1000 baiza. As of January 2005 it was the fourth highest-valued currency in the world when compared with the United States Dollar (USD) with an exchange rate of US$2.59 to 1 Oman rial.
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THE IBS TIMES
OPINION FORUM–THE TRUIMPH OF MERCY OVER MERCY KILLING
The word "euthanasia" comes from the Greek words Eu and Thanatos meaning “happy death".
Yes the law is blind but sometimes it does see the agony and pain of people for whom it is made to protect.
- SHILPA MALHOTRA
Each one of us owes his/hers existence to the almighty and the ultimate end too but is it really so? Do we have a choice to die or is it what fate will decide? Well the landmark judgment given by the Supreme Court on the fate of Aruna, the nurse who was on a complete vegetative state from the past 37 years after being brutally raped by the hospital sweeper clearly corroborates the faith in judiciary. The court turned down the plea of Pinky Virani who was fighting for allowing Aruna Shanbaug to die rather than keeping her alive when she could not lead a life of dignity. Yes the law is blind but sometimes it does see the agony and pain of people for whom it is made to protect. I feel passive euthanasia in Aruna‘s case is completely justified who now as per the verdict will be allowed to live with no recourse to any external injection of lethal substances to kill her. While passive euthanasia will only be allowed in exceptional cases, active euthanasia is illegal in India. The verdict truly upholds the spirit of life in human beings. The word ‗euthanasia‘ comes from the Greek words Eu and Thanatos meaning ‗happy death‘. Roughly speaking, there are two major views about euthanasia. One view holds that it is always wrong to intentionally kill an innocent human being, but that given certain circumstances it is permissible to withhold or withdraw treatment and allow a patient to die, while the other states that everyone has a right to die and mercy killing or assisted suicides are permissible. In countries like US, Netherlands, Luxembourg, Belgium and Switzerland where active euthanasia is legal, the facts show that half the killings in these countries are now non-voluntary (without the consent of the patient) .The problems for which death in now the ―legal solution‖ include such things as mental illness, permanent disability, and even simple old age. Yes I do feel euthanasia in Aruna Shanbagh‘s case would have been justified and at the same time respect the feelings of the KEM hospital staff who took care of her for 37 years as their little child but legalizing active euthanasia would not lead our nation anywhere. In a country like ours where medical facility is not standardized across the cities, this would lead to innumerable cases claiming innocent lives for several unfair reasons. A person who seeks to kill himself to avoid pain does not need legalized assisted suicide but a doctor well trained to decline the pain, as I firmly believe that modern medicines do have the ability to control pain. Every human being has a right to live with dignity and right to dignified death too. Undergoing agony and pain is bad, but the worst part is not even realizing the pain. So, when there is no means to determine that a person wants to die, there is no option but to assume that he or she wants to live, in whatever form. The dedication with which the KEM hospital staff took care of Aruna considering it as their sole duty clearly reflects that humanity is still alive in our country. Nobody can ever solve problems by getting rid of the people to whom the problems happen. The more difficult but humane solution to human suffering is to address those problems.
Diamond Top Formation – A technical analysis reversal pattern that is used to signal the end of an uptrend. This relatively uncommon pattern is found by identifying a period in which the price trend of an asset starts to widen and then starts to narrow. This pattern is called a diamond because of the shape it creates on a chart.
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THE IBS TIMES
BRAND TRACK– THE GO GREEN BRAND!
-NITIN ARORA
Have you pulled your car up to the gas pump lately and been shocked by the high price of gasoline? As the pump clicked high, maybe you thought about trading your car for something that gets better mileage. Or maybe you are worried that your car is contributing to the greenhouse effect. The auto industry has the technology to address these concerns. It is the hybrid car. Any vehicle that combines two or more sources of power that can directly or indirectly provide propulsion power is a hybrid. There are a lot of hybrid model in the market these days, and most automobile manufacturers have announced about their plans to manufacture their own versions. A moped (a motorized pedal bike) is a type of hybrid vehicle, because it combines the power of a gasoline engine with the pedal power of its rider. In fact, hybrid vehicles are all around us. The aftermath of sky rocket high gasoline prices and global warming concern has caused automobile industry to invest in this particular sector. When the term hybrid vehicle is used, it is most often referred to a Hybrid electric vehicle. These encompass such vehicles as the AHS2,Toyota Prius, Toyota Camry hybrid, Ford Escape hybrid Toyota Highlander Hybrid, Honda Insight, Honda Civic Hybrid, Lexus RX 400h and 450h and others. A petroleum-electric hybrid most commonly uses internal combustion engines and electric batteries to power the vehicle. There are many types of petrol-electric hybrid driven trains, from Full hybrid to Mild Hybrid, which offer varying advantages and disadvantages.
However, all this new technology comes at a price: a hybrid car is complex and expensive.
Specifically, electric motors use no energy during idle - they turn off and use less than gas motors at low speeds. Gas motors do better at high speeds and can deliver more power for a given motor weight. That means during rush hour stop and go driving, the electric motor works great and, as an added benefit, does not produce any exhaust thus reducing smog levels. At higher speeds - above 40 mph - the gas motor kicks in and gives that peppy feel which many car owners look for when driving on the highway. Another benefit of having the gas motor is it charges the batteries while it is running. The quietness of the hybrid cars may be a strong selling point for the car manufacturer.
They worry that a hybrid utopia might turn into a toxic nightmare when the nickel metal hydride batteries in today's hybrids end up in landfills.
However, all this new technology comes at a price: a hybrid car is complex and expensive. It has two motors and all the ancillary systems to manage them plus a heavy battery and a regeneration system used to produce electricity during breaking. All of these systems must work together, adding complexity. While cars and the computers that control them, have become more reliable, they still suffer from failures. So owners of hybrids can expect more time in the shop and larger repair bills. The government is working on a new policy to encourage production of hybrid cars in the country. The government plans to encourage car buyers to purchase hybrid cars through excise duty concessions. The move has been taken in a bid to reduce the country's dependence on fossil fuel and protect the environment. Moreover, the government is likely to incentivize research and development (R&D) in the field of Hybrid Cars so that highly efficient hybrid vehicles can be developed. However, some environmentally motivated car buyers are concerned about trading one problem for another. They worry that a hybrid utopia might turn into a toxic nightmare when the nickel metal hydride batteries in today's hybrids end up in landfills. After all, aren't all car batteries —conventional lead acid and hybrid batteries alike—filled with the same nasty corrosive carcinogenic ooze and availability of special raw materials (e.g. lithium, platinum, etc.) need to be included in the analysis. The SWOT analysis shows that with higher fuel efficiency standards starting in 2012—it is the good conventional gas-electric hybrid that will move into the mainstream, beginning with a solid expansion of models and sales in 2011. And a massive proliferation of hybrids, we expect many more green-oriented customers to enter the market with their first hybrids.
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THE IBS TIMES
QUICK BITES- NEWS THAT CAN’T BE MISSED !
- VASUNDHARA ARORA
Big Shots… Marks & Spencer Reliance India Pvt Ltd. (Marks & Spencer India) has James Munson joining in as the new head of retail and marketing. Mukesh Ambani appointed on the board of Bank of America. Ford Motors India appoint N. Raja as the new Head-Sales.
Company Talks… GE planning to invest $200 million through its Indian subsidiary over the next five years. TPG Wholesale Pvt. Ltd. completes the acquisition of the debt-ridden Vishal Retail Ltd. for Rs. 70 crores. OVL (ONGC Videsh Ltd.; the overseas arm of ONGC) lost its bid to buy US energy major Exxon Mobil‘s 25% stake in deep sea oil block in Angola; Block 31. HP announces a 50% increase in dividends alongside its foray into cloud computing. Suzlon‘s founders sell 2.25% of their stake to extend financial support to the corporate for strategic initiatives. Nippon Life Insurance Company deliberates upon a buy of 26% stake in Reliance Life for about $724 million, but analysts opine it is not a good premium. Sify ties up with Saudi Telecom to ensure availability of most robust network through Middle East, African and Indian region. Mahindra Satyam won a million-dollar multi-year contract from one of the leading sports institutes of the world; Aspire Zone, Qatar.
Economy Speaks… On track advance tax figures (up by 25%) assure sound health of Indian corporates. ICE and NASDAQ might go together on a counter bid on NYSE Euronext taking their experiences from the CBOT deal. Indian Banks could see squeezed returns in the first half of FY12 due to rising interest rates, but the second half can see better returns due to falling credit costs. So as to tame inflation which has been a worrisome thing for China since long, it resorted to tighter monetary policy resulting in below expectations increase in M2 which was 15.7% y-o-y as compared to an expected 17% increase. FM adds more expenditure through various programmes and incentives for women and fishermen; despite all criticism for underestimating government expenditure. Fed prefers taking no action against lofting oil prices and the Japan mishap until the airs of uncertainty fade away. India faced higher price pressures than anticipated as per policy review. CPI stands at 8.31% for February as compared to an expected figure of less than 8%. The Captains of the Ships… CEO of Wipro- T K Kurien CEO of Bharti Airtel- Sanjay Kapoor CEO of Morgan Stanley – John J. Mack CEO of Just Dial- Mr. VSS Mani
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THE IBS TIMES
FOCUS OF THE WEEK– PETA AND VEGANISM
Mr. Donald Watson used the word vegan for the first time somewhere in early 1940s and by 1944 with some of his friends he had even formed a Vegan Society.
Basically vegans are those, who do not eat meat and do not even intake animal products like milk, butter etc; they don’t even use animal products like wool and leather.
- ADHIRAJ SOOD
Before I tell you whom I am focusing on this time, I want to narrate a short story to you on why I am focusing on her. Well, last month I was driving down to Jaipur with my colleagues for an old colleague‘s marriage. On our way, three of us were talking generally and out of the blue one of my friends said, ―You know what! I have turned into a vegan!!‖ And we were like, ―what‘s a vegan?‖ From there started the whole discussion about vegans and their lifestyles and their reasons to turn into vegans. Since, me and my friend did not know what veganism is, so I thought why not bring it in front of your eyes! Mr. Donald Watson used the word vegan for the first time somewhere in early 1940s and by 1944 with some of his friends he had even formed a Vegan Society. He suggested ―vegan‖, using the first three and last two letters of ―vegetarian‖ because veganism starts with vegetarianism and carries it through to its logical conclusion. Delving more into the essence of the topic, I would like to talk about what veganism is? Veganism is the practice of eliminating the use by human beings of non-human animal products. Ethical vegans reject the commodity status of animals and the use of animal products for any purpose, while dietary vegans or strict vegetarians eliminate them from the diet only (this is the Wikipedia definition). Basically vegans are those, who do not eat meat and do not even intake animal products like milk, butter etc; they do not even use animal products like wool and leather. Second Phase: In the second phase I am going to speak about a woman who has brought veganism to new heights. Born on 11 June 1949 in Britain, Ingrid Newkirk is presently the President as well as the co-founder of People for the Ethical Treatment of Animals (PETA). Before founding PETA, Ingrid Newkirk was District of Columbia‘s first female pound master and it was during this phase that the legislation was passed to create the first spay/neuter clinic in Washington, D.C., as well as an adoption program and the public funding of veterinary services, leading her to be among those chosen in 1980 as Washingtonians of the Year. In the same year, her and her at that time boyfriend, Alex Pacheco formed PETA. By next year, they were known faces across America because of their lead in the Silver Springs monkeys‘ case which led to the first police raid in U.S. on an animal research laboratory and an amendment was made to the Animal Welfare Act. Very few people know that she has done her schooling from India and was a non-vegetarian till the age of 22 and had no thought of becoming a vegetarian also. Though in an interview she said that the incident that changed her was when a neighbor abandoned some kittens, and Newkirk decided to take them to an animal shelter where they died. So she decided to join the shelter to see the mistreatment and physical abuse towards animals. She said that, ―I myself would have killed thousands of them, sometimes dozens in a day. Some of those people would take pleasure in making them suffer. Driving home every night, I would cry just thinking about it. And I just felt, to my bones, this cannot be right‖. And thus, she went on to become the first animal-protection officer for Montgomery County, Maryland, then for the District of Columbia. From there in 1976, she became the head of the animal-disease-control division of the District of Columbia Commission on Public Health. PETA as an organization from there has grown a lot; she has made sure that the awareness about cruelty towards animals reaches the masses. She has even setup its offices across the globe. There is a huge debate that is being carried out about the integrity of the organization, whether this is a public gimmick to make everyone vegan and to earn money. Or as PETA‘s supporters put it that they really do love animals. Everything said and done we know that she would be known in particular for the media stunts she organizes, deliberately outrageous to draw attention to animal protection issues. In her will, for example, she has asked that her skin be turned into wallets, her feet into umbrella stands, and her flesh into ‗Newkirk Nuggets‘ then grilled on a barbecue.
ECN Broker -A forex financial expert who uses electronic communications networks (ECNs) to provide its clients direct access to other participants in the currency markets. Because an ECN broker consolidates price quotations from several market participants, it can generally offer its clients tighter bid/ask spreads than would be otherwise available to them.
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THE IBS TIMES MARKET WATCH
- SAINYAM KUMAR
Reserve Bank of India made it clear that the priority for the country at the moment is to control inflation otherwise the impressive growth might get derailed. To make the same happen, the bank raised its short term borrowing and lending rates by 25 basis points. This is the eighth such move by the central bank of the country since March 2010. Since 100 basis points = 1%, the move will increase the repo to 6.75% and reverse repo to 5.75%. The Indian markets ended the week in red due to a tsunami/earthquake in Japan coupled with the continuing crisis in the Middle East. Talking about the indices, Auto shed the most due to the sector heavyweight, Maruti Suzuki loosing on the back of the fact that the company will have to pay more while importing parts from Japan as Yen appreciated against Indian Rupee. Among the corporate movements, GAIL (Gas Authority of India Ltd.) entered into a contract with RIL (Reliance Industries Ltd.) to swap natural gas with imported LPG. This step is said to end the power woes in the state of Andhra Pradesh. 2.594 million cubic meters a day, which is supplied by RIL from its KG-D6 basin to its northern and western customers, will be diverted to GAIL after the agreement. The Movers & Shakers of the Week
SURGES
%Change
DOWNFALLS
%Change
RELIANCE CAPITAL
9.8
MPHASIS LTD
-16.3
WELSPUN CORP
8.3
NESTLE
-9.9
RELIANCE COMM.
7.0
PANTALOON
-9.9
Global Cues: Apart from Brazil (0.3% up), all the markets ended the week in red with Japan loosing the maximum (10.2%). The fear about the nuclear disaster spread throughout the world and led to a number of questions in the mind of the people about the future of the power sector of the world. The tsunami/earthquake is said to have created a ripple effect because the radiation released in the environment has made the Governments throughout the world more proactive about the downside of the nuclear reactors. S&P has predicted the growth of China for the next fiscal to be 9.1-9.6% and that of India to be 8-8.5%.
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THE IBS TIMES MARKET WATCH Sensex
14 March 2011 18,439.48
15 March 2011 18,167.64
16 March 2011 18,358.69
17 March 2011 18,149.87
18 March 2011 17,878.81
Nifty
5,531.50
5,449.65
5,511.15
5,446.65
5,373.70
DJIA
11,993.16
11,855.42
11,613.30
11,774.59
11,858.52
HangSeng
23,345.88
22,678.25
22,700.88
22,284.43
22,300.23
FTSE100
5,775.24
5,695.28
5,598.23
5,696.11
5,718.13
Gold ($/oz.)
1428.80
1395.70
1401.50
1404.00
1419.70
Crude($/bl)
107.87
106.56
105.80
108.08
-
INR v/s USD
46.3850
46.0216
46.0439
46.0297
46.0338
INR v/s EURO
64.5503
64.2208
64.2243
64.2220
64.3073
- figures not available Jackson Hole Economic Symposium- A visual An annual symposium sponsored by the Federal Reserve Bank of Kansas City since 1978, and held in Jackson Hole, Wyoming, since 1981. The symposium focuses on an important economic issue that faces U.S. and world economies. Participants include prominent central bankers and finance ministers, as well as academic luminaries and leading financial market players from around the world. BUSINESS JARGONS BY– TANIYA BANERJEE
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SourcesThe Economics Times, The Hindu Business Line, Times of India, Business Standard, Financial Ex-press, Financial Times, Business Week, Business World, The Economist, Wall Street Journal, Bloomberg, Reuters, Moneycontrol.com, Vccircle.com, yahoofinance.com, Business Today, India Today, Investopedia.com, Wikipedia.com, DNA, The Deccan Chronicle, The Hindu, The Tele-graph.
EDITORIAL TEAMADHIRAJ SOOD, NITIN ARORA,RAJAT MONGA, SAINYAM KUMAR, SANDEEP ASRANI, SANYA DHAWAN, SHILPA MALHOTRA, TANIYA BANERJEE, VASUNDHARA ARORA
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