core sector communique

2012-01-31T16:33:00.000+05:30

Outokumpu confirms agreement in principle with ThyssenKrupp to create a global stainless steel leader

31 January 2012 at 12.20 pm EET

Outokumpu confirms that it has reached an agreement in principle in its negotiations with ThyssenKrupp to combine Inoxum, the stainless steel unit of ThyssenKrupp, with Outokumpu under the operational leadership of Outokumpu. This is pending the approval of Outokumpu's Board of Directors later today and execution of definitive agreements.

The agreement reached with the German labor representatives overnight marks a significant milestone in the negotiations. Specifically, it covers the following areas:

- Closure of the Krefeld meltshop by end of 2013.

- The melt shop in Bochum will be preserved until the end of 2016.

- No compulsory redundancies in German production sites until end of 2015.

- Planned total reduction of 850 jobs in Germany of which ThyssenKrupp has committed to offer alternative jobs within ThyssenKrupp for up to 600 of current Inoxum employees.

According to the tentative agreement reached with ThyssenKrupp, the transaction would value Inoxum at an enterprise value of EUR 2.7 billion. The Consideration for Inoxum would comprise a cash payment of EUR 1 billion, new Outokumpu shares representing 29.9% of total share capital (post rights offering and directed share issue to ThyssenKrupp), a loan note of EUR 235 million (initial value) to be issued to ThyssenKrupp and the assumption by Outokumpu of certain liabilities of Inoxum of EUR 422 million. In connection with the transaction, Outokumpu plans to conduct a fully underwritten rights offering of EUR 1 billion, supported by certain key shareholders.

The combination would create significant cost synergies, starting in 2014 and estimated to reach a run-rate of EUR 225-250 million p.a. by 2017 at the latest. Any definitive agreement would be subject to customary closing conditions including regulatory approvals.

2012-01-31T15:29:00.001+05:30

ThyssenKrupp confirms planned combination of Inoxum with Outokumpu; Agreement reached with employee representatives

ThyssenKrupp AG confirms that an agreement in principle has been reached about the combination of Outokumpu and Inoxum, ThyssenKrupp's stainless steel business. The Management Board of ThyssenKrupp AG has already generally approved the transaction. In addition to that, an agreement was reached between the negotiating partners and the employee representatives this morning. The agreement includes rules for site and employment protection. The melt shop in Krefeld will be gradually shut down until the end of 2013. At least until this point in time the strip casting equipment will continue to operate. The melt shop in Bochum will be preserved until the end of 2016. The agreement also generally excludes compulsory redundancies until the end of 2015. All German production sites of Inoxum will be preserved without restrictions at least until 2015.

The results of the agreement with the employee representatives are subject to confirmation by the Management Board of ThyssenKrupp AG. The entire transaction requires the approval by the Supervisory Board of ThyssenKrupp AG and the Board of Directors of Outokumpu. The Supervisory Board of ThyssenKrupp AG will have an extraordinary meeting this afternoon.

The transaction agreement values Inoxum at an enterprise value of approx. EUR 2.7 bn. Under the agreement, ThyssenKrupp would obtain a minority stake of 29.9 % in the new company for its transfer of Inoxum. In addition, the consideration would include a significant cash payment from Outokumpu to repay ThyssenKrupp's financial receivables towards Inoxum as well the assumption of third-party financial liabilities and pension liabilities of Inoxum by Outokumpu.

Other than the board approval, the planned combination will be subject to a number of conditions, including regulatory approval.

ThyssenKrupp is a diversified industrial group. It has 180,000 employees in over 80 countries developing ideas and innovations into solutions for sustainable progress. In fiscal year 2010/2011 ThyssenKrupp generated sales of €49 billion.

For us innovations and technical progress are key factors in managing global growth and using finite resources in a sustainable way. With our engineering expertise in the areas of "Material", "Mechanical" and "Plant", we enable our customers to gain an edge in the global market and manufacture innovative products in a cost and resource efficient way.

2012-01-31T14:43:00.001+05:30

Production Report for the 12 months ended 31 December 2011

Highlights:

Record annual production from our Australian thermal coal operations following the successful commissioning of the greenfield Mangoola mine on budget and ahead of schedule, the expansion of Newlands Underground thermal coal operation and a strong second half performance;

Record production of mined nickel, including first ore ahead of schedule from the Kikialik expansion at Raglan mine and record nickel metal volumes from a second successive record year at Nikkelverk;

We completed an expansion to extend the life of the Kidd copper mine in Canada on time and within budget and began commissioning the expansion at the Antamina copper-zinc joint venture in Peru at the end of 2011;

During the second half, we commissioned the 120,000 tonnes per annum Black Star Deeps and 40,000 tonnes per annum Handlebar Hill zinc-lead projects on schedule and on budget;

Our Falcondo ferronickel operation in the Dominican Republic exceeded expectations to operate at an annual rate of almost 15,000 tonnes per annum, following its restart in February;

We approved seven key projects representing total capital expenditure of $2.6 billion during the year:

The 7 million tonnes per annum Ulan Open Cut thermal coal project in Australia;

The Tweefontein optimisation coal project in South Africa, which will, subject to receipt of final environmental approvals, produce 4 million tonnes per annum of thermal coal;

The 6,000 tonnes per annum Fraser Morgan nickel mine and expansion to 40,000 tonnes per annum at Raglan nickel mine, both in Canada;

Our share of capital to expand the joint venture Cerrejón thermal coal operation in Colombia to 40 million tonnes per annum;

The 126,000 tonnes per annum greenfield Lady Loretta zinc project in the Mount Isa region, Australia; and

Mount Margaret, a 30,000 tonnes per annum copper project in Australia.

During 2011, we announced significant increases in mineral resource estimates at the Antamina copper and zinc mine and Las Bambas and Coroccohuayco copper projects in Peru, the El Pachón copper project in Argentina and the Frieda River copper-gold project in Papua New Guinea.

Neither the content of the company's website nor the content of any other website accessible from hyperlinks on the company's website is incorporated into, or forms part of, this announcement

2012-01-31T13:14:00.000+05:30

DOUBLE HEART BEAT BLACK BEAUTY

Black Beauty

Launching Frederique Constant Black Beauty, an exciting addition to Frederique Constant's bestselling Double Heart Beat Collection. The deep black mother of pearl dial and many diamonds of the Black Beauty will certainly attract attention. The original and registered design of this range - with two intertwined hearts forming an aperture in the dial revealing the 'heart beat' of the movement- makes the Frederique Constant Double Heart Beat more than just a watch. These fine timepieces have been developed with passion to reflect the values and aspirations of today's woman. Frederique Constant's Double Heart Beat watches are created with precision design and assembled by hand, allowing for a high quality timepiece each and every time. Perceived value is important, so we know that quality must be consistent in our work and is vital to our success. Passion definitely shows through our craftsmanship, as well as our charitable donations. We are equally as passionate about charity, with US$50 from each watch sold in our Double Heart Beat Collection donated to various charities. These charities include those related to the heart and children. Hence the slogan for this collection "Assembled by hand to touch your heart".

Heart Beat

Frederique Constant signature is the Heart Beat. In 1994, Frederique Constant developed its first Heart Beat watch. The purpose of the Heart Beat development was to show the mechanical nature of these Frederique Constant watches. Heart Beat watches have an aperture at the position of the balance wheel to show that the movement of the watch is mechanical. Early in the 1990’s, automatic mechanical watches were slowly making their return to the market after the quartz crisis of the 1970-1980’s. Typically, the exterior of such mechanical watches looks similar to quartz watches except that the second hand moves continuously. On quartz watches, the second hand makes 60 steps per minute. At Frederique Constant, we considered it important to better show the difference between mechanical and quartz watches. In a mechanical watch, the balance wheel beats 28’800 times per hour. The balance wheel rotates clockwise and counter clockwise on its axes in a large ruby jewel. Its rotation is controlled by the hairspring, which constantly coils and uncoils, and can be seen through the open eye of the Heart Beat watches.

Heart related charities

The next time you see someone wearing one of the beautiful Double Heart Beat Collection watches, remember that part of the cost for that watch went to help a patient.

Somewhere out there is a child with a bad heart that could end a potentially eventful life and a future replete with possibilities. Frederique Constant donated two cheques in the value of US$ 50’000 (2008) and US$ 75’000 (2011) to the International Children’s Heart Foundation, a passionate organization that brings skills, technology and knowledge to diagnose and care for children with congenital heart disease to developing countries.

In 2009, we lent our support by funding Paint a Smile’s bid to decorate the Beijing Children’s Cardiology Department and put smiles on the faces of children dealing with heart-related issues.

In 2010, we awarded the American Heart Association with a US$50,000 check for their charitable efforts to prevent heart disease and stroke. We stated, “Driven by Passion since we started our company, Frederique Constant is very honoured to award the American Heart Association and their passionate projects to save lives. We wish and hope that our donation will permit them to actualise their goal.”

In 2011, we also held a benefit for the Hong Kong Children’s Heart Foundation, with Chinese actress and Frederique Constant brand ambassador ShuQi helping us drum popular support for the cause of children with congenital heart problems.

With passion, we continue to provide support to heart and child related charities. In 2012, we will again donate a major cheque to a charitable cause.

About Frederique Constant

Over the years, we have earned a reputation as a leading maker of Swiss luxury watches despite the relative youth of our brand. The quality of our watches and the detail involved in crafting each watch is only part of our success story; the rest was driven by watch aficionados and lovers of our brand who saw that we had something different and unique to offer. It is by appealing to this same group of people that we hope to make a difference in the lives of many by soliciting for their support to extend the same affection they have for the brand, towards charities and causes we are associated with.

Interview with Aletta Stas

Cofounder and COO of Frederique Constant

How did you design the DHB Collection?

About 7 years ago, while having a coffee with Peter at home, we discussed the question how to make our Ladies Heart Beat watches more feminine. At that moment, our Ladies Heart Beat watches had MOP dials with diamonds and a round opening at 12 o clock. "What about using Hearts?", I proposed. We went together behind the computer and drew the first Double Heart Beat Dial with our design program. This was the start of the Double Heart Beat Collection. The Double Heart represents for me the hearts of 2 people who love each other.

What does the Charity Campaign mean for you?

For me, the Charity Campaign is a way to give something back to the Community. We are lucky to be born in a country where there is a good health system, where there is help from the government when you are in need. Unfortunately in some other parts of the world it is not the case. By donating the cost of a lifesaving heart scan (US$ 50) for each Double Heart Beat watch sold, we and our customers help children who are in need. I am very happy to be able to help and hope to further develop our charity activities.

How many DHB watches do you own and how do you wear them?

During the past year, I have been wearing our Chocolate Double Heart Beat and I am looking forward to wearing our latest version: the Black Double Heartbeat. It is elegant, contemporary and classy at the same time.

2012-01-31T10:41:00.000+05:30

4 Ways to Turn Less into More

Money, time, connections -- you need more of everything, right? Stop whining and start using your contraints to your advantage.Sometimes less really is more, especially when you’re starting a company.

If you have plenty of resources, it’s easy to convince yourself you’re doing well. Problems get overlooked, waste goes unnoticed, and revenue shortfalls are covered by cash reserves… often until it’s too late.

More—whether more money, more time, more automation, or a bigger network—can actually make long-term success more elusive. On the other hand a constraint can be a blessing in painful disguise, forcing you to pay attention to what really matters.

Here are four ways to turn less into a lot more:

1. Money. No startup has “enough” money. Many businesses are started with no money.

If capital is tight, make that an advantage. Instead of spending time—and the little capital you do have—on things that make your business seem like a “real” business, spend all your time finding ways to generate revenue as soon as possible.

Like Jason Fried says, starting a business is not the same thing as making money. A successful entrepreneur masters one skill that is more important than all others: Making money.

When you don’t have money you’re forced to focus on finding customers and generating revenue. Learn how to do that and then worry about running a business, because without customers you don’t have a business.
2. Time. You have a great idea. You just need time to pull it off. If only you could quit your job and devote yourself full-time…

Don’t. Except in rare cases, the smart move is to keep your full-time job while you start a business on the side. Granted it's not easy: Sacrifice, discipline, and a lot of hard work are definitely required.

But that's okay—if you aren't willing to sacrifice and work hard, your start-up will fail whether you keep your full-time job or not.

If you’re truly committed to your idea, you will naturally maximize the time you are able to devote to your start-up; the three hours a day you are able to spend will be a lot more focused. And you’ll naturally strip out “nice to have” features and focus solely on what customers really need—and will pay for.

3. Automation. Most large companies improve processes and cut costs with automation. It’s tempting to copy the big boys, but in a start-up, adopting automation early on is often unnecessary and even counter-productive.

For example, I bought a product from a small company. A couple days later I received a recorded call thanking me for my purchase and encouraging me to contact them if I had questions or wanted to provide input. I’m sure it was intended to be a nice touch but it just felt tacky.

In the early stages of a business, avoid automation where it touches the customer. If you want to thank a customer for their purchase, email or call them personally. If a customer complains, respond personally. Automation can save time, but if you want to build a customer base—and get ideas for how you can improve your business from the people who matter most—communicate with customers the old fashioned way.

Less automation typically leads to more engagement. Stay personal for as long as you can.

4. Network. A huge network is a huge advantage, right? Not in a start-up. You don’t have time to nurture dozens or hundreds of connections.

Quality of connections, not quantity, is what matters most. And don't worry about the “status” of a connection; all that matters is whether you can help each other reach your goals.

Find someone you can help. Reach out. Give before you worry about receiving. That person may help you in return or may connect you with someone who can.

Spend 90 percent of your networking time building a few quality connections; devote the remainder to building a large group of social media connections. Remember, any tool that automates or makes the process of making connections easy will rarely establish the connections you really need.

Most of us aren’t visionaries. We can’t, even if given unlimited resources, sit down and map out a groundbreaking new product or service. But most of us are great at solving problems. Constraints are problems you can solve.

And every time you do, you build a better product or service—and a better business.......

- Umesh Shanmugam

2012-01-31T10:39:00.002+05:30

Handling the energy crisis

A 35-km car journey consumes as much energy as running an LED tube-light for four hours every day, for a year.

Low-cost domestic coal can be reserved for the poor and the rich made to use renewable energy.

Societies across the globe have become used to guzzling energy, a phenomenon which has come into focus especially during the last few years. Despite the current recession and the climate imperative, global energy use has increased at an unprecedented rate during the last decade. Limits to available energy resources are hurting economies and curtailing development in poorer countries. India, being more vulnerable to energy shortages than most other countries, needs to urgently implement a multi-dimensional solution to avoid a crisis.

For the last 25 years, new oil sources that have been unearthed have been of lower volumes compared to the extraction of oil. At present, they account for less than half of oil production. Despite a substantial increase in oil prices, conventional oil production hasn't increased since 2004. Unconventional (difficult to extract) gas and oil are bridging part of the gap. However, their cost and environmental impacts are high. The coal situation is better, but the veracity of claimed reserves is doubtful.

THREE-PRONGED STRATEGY

To avert economic hardship and work towards mitigating climate change, we must find answers to the energy conundrum soon. This is possible through a three-pronged strategy to ‘replace, improve, and reduce'. Among these approaches, replacing conventional energy by renewable energy like wind, solar and biomass gets the most attention. The cost of power from wind is now comparable to that of power from imported coal.

The Indian wind potential has recently been assessed at 100,000 MW, and is likely to be re-evaluated upwards. Solar energy costs have dramatically fallen and are only double that of coal-based power, and comparable to nuclear power. It is no surprise that the head of the Indian nuclear programme, Dr Kakodkar, now heads the solar mission!

Another approach should be to improve the method of using energy by extracting more work from that energy, through super-efficient appliances, vehicles and buildings. These equipments use half the energy to provide a similar level of service. Mass-scale adoption of new irrigation systems or green buildings, which use only half to a quarter of the energy, is constrained only by a limited trained workforce. Novel programmes to harness this massive potential are crucially needed as we build up our infrastructure. These two strategies, though essential, are insufficient to address the energy crisis if we don't curtail the unabated growth of energy-intensive activities. Some alternatives, like improved urban layouts that reduce commute distances, are feasible and involve little or no lifestyle changes.

However, in some other cases, moderating the extravagant lifestyles of the rich is essential, because certain activities consume much greater energy than others. A two-way flight from Delhi to Washington, once a year, consumes as much energy as 35 km of daily car driving round the year! And one 35-km journey by car consumes as much energy as running an LED tube-light for four hours every day for an entire year!

TOUGHER CHALLENGE

The Indian economy faces tougher energy challenges than some other large economies because a majority of the population has started using modern energy only recently, and their need for energy to lead a dignified life is bound to increase the demand substantially. However, our domestic energy resources are limited, and we are already importing 85 per cent of our oil and 15 per cent of our coal requirements.

These energy imports amount to 8 per cent of the national income, and are poised to claim a share beyond 10 per cent soon. This percentage is twice that of China, the US, and the EU. For every rupee of tax paid to the government, we give half a rupee to other countries which goes out of our economy — this certainly isn't a happy situation. If energy imports are reduced by half, 4 per cent of GDP would remain within our economy, increasing GDP growth by 1 per cent.

The failure to understand this phenomenon is a primary cause for concern. The sale of air-conditioners and air travel is doubling every four to five years, while the sale of cars is doubling every seven to eight years. This rapid increase in energy-guzzling activities by a small section of the elite is unsustainable and cannot be simply seen as a sign of development.

ECONOMICALLY PRUDENT

A sustainable future requires urgent action on all fronts of the ‘replace, improve, and reduce' strategy. Policy tools must integrate these strands of the solution. The central electricity regulator has suggested a green cess for commercial consumers, which can be used to promote solar energy and super-efficient appliances. Similarly, taxes on air travel or cars can be used to build public transport or efficient railways, which can help reduce air or car travel.

Electricity tariffs can also be linked to the efficiency of electricity use, by say, new commercial buildings. Based on the floor space of a building and its monthly electricity use, an energy guzzling office can be made to pay a higher tariff than a frugal office. Efficient buildings will then become a norm.

Reserving low-cost domestic coal for the basic needs of the poor, and making the rich use renewable energy if they indulge in extravagant energy consumption, is morally superior. It's also economically prudent, as it will promote energy security and stimulate the next industrial revolution of renewable energy. Such a transformation of India into an energy-efficient economy is possible, provided we change our national policies rapidly in this direction.

- Umesh Shaqnmugam

2012-01-31T10:30:00.001+05:30

Belgian bourses host buyers from across the globe

at third edition of Antwerp Diamond Trade Fair

Antwerp, Belgium, January 30, 2012 - The Antwerp Diamond Bourse and the Diamond Club of Antwerp opened their doors on Sunday as the third edition of the Antwerp Diamond Trade Fair was launched at the trading halls of the historic bourses. Diamond buyers from Europe, the Middle East and Turkey visited the booths of some 70 Antwerp diamond firms where an unprecedented collection of diamonds, gemstones and diamond jewellery were on display.

Phillipe Ringer, sales manager of the Antwerp-based DTC sight holder Trau Brothers, said the company was pleased to see a sizable delegation of Middle Eastern buyers at the fair. "Countries like Saudi Arabia and Lebanon have become increasingly important target markets for Antwerp diamond firms. These countries are showing a strong demand for high-end goods, both for large loose diamonds and for unique, high-quality diamond jewellery creations. To cater to these buyers, we are presenting both single stones as well as some extraordinary jewellery items," he said.

Khaled Yosef Al-Owaymer, a member of the National Committee for Precious Metals and Precious Stones of the Council of Saudi Chambers, confirmed Ringer's comments, saying Middle Eastern buyers were eager to gain direct access to the Antwerp diamond market. Making his first trip to Antwerp, Al-Owaymer said he was looking to buy diamonds in the range of half a carat up to five carats and larger. "The variety of goods on offer on a single location is something we have not experienced before. For a jeweller such as me, as well as for my colleagues, this is a great opportunity to create direct ties with dozens of leading diamond manufacturers and traders who are participating in this unique fair."

Suzanne Eid, general manager of Collection, a Beirut-based jewellery publication, coordinated the visit of the Saudi and Lebanese buyers' delegation. She noted that while Antwerp was already a regular destination for many of the buyers, the fair provided an excellent opportunity to increase their sourcing for goods. "Gauging the reactions of the delegation's members, I think the ADTF's format and platform is a great fit for jewellers who seek access, and often first time access, to Antwerp's diamond market. I have no doubt that many of them will be back soon," she said.

The first day of the fair concluded with a Gala Dinner, sponsored by the Antwerp World Diamond Centre (AWDC). Raphael Rubin, a member of the ADTF's Organizing Committee, welcomed the buyers who had come from India, Thailand, the Ukraine, the Middle East and Turkey. "This third edition of the fair is the proof that we are up to the challenge of organizing an international trade fair here in Antwerp," he declared. Rubin also revealed that buyers from North America, China and SouthEast Asia would be invited to take part in the 2013 fair.

The Gala Dinner's highlight was a concert by award-winning soprano Ana Camelia Stefanescu, accompanied by the Nuovi Musiche orchestra, conducted by Maestro Eric Lederhandler. Stefanescu and the orchestra performed works by Donizetti, Verdi and Leonard Bernstein.

2012-01-31T10:24:00.002+05:30

LOCKHEED MARTIN DELIVERS 2400th C-130 HERCULES

MARIETTA, Ga., Jan. 30, 2012 – Lockheed Martin’s [NYSE: LMT] C-130 Hercules program has reached yet another historic milestone with the delivery of its 2400th aircraft. The aircraft is an MC-130J Combat Shadow II assigned to U.S. Air Force Special Operations Command and will be operated by the 27th Special Operations Wing at Cannon Air Force Base, N.M.

The delivery of this aircraft follows a record year for C-130J production at the company’s facility in Marietta, Ga. In 2011, 33 C-130J Super Hercules were delivered − a new production record for the C-130J model. Aircraft were delivered in six different configurations for six operators: the U.S. Air Force Air Mobility Command, U.S. Air Force Special Operations Command, U.S. Marine Corps, Canada, India and Qatar.

The C‑130 production line in Marietta is the longest continuously operating military aircraft production line in history.

“As we start a new year it is only fitting that the C-130 breaks yet another record and sets a new milestone,” said Lorraine Martin, Lockheed Martin vice president for C-130 programs. “The C-130 is the benchmark for airlift around the world and we look forward to this year being another year of excellence for our world-wide customers.”

C-130J aircraft are currently in production for the U.S. Air Force and Marine Corps, Iraq, Israel, Republic of Korea, Kuwait, Oman and Tunisia. C-130Js are also flown by Australia, Canada, Denmark, India, Italy, Norway, Qatar, the United Kingdom and the U.S. Coast Guard.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 123,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's net sales for 2011 were $46.5 billion.

2012-01-30T20:21:00.001+05:30

Growth of Hotel Accommodation in the Country

The Government has taken various measures to augment growth of hotel accommodation in the country.

Hotel and Tourism related industry has been declared as high priority industry and Foreign Direct Investment upto 100%, under the automatic route is permitted in ‘Hotels & Tourism Sector’, subject to applicable laws/regulations, security and other conditionalties.

To encourage the growth of hotels, on the request of Ministry of Tourism, a five Year Tax Holiday was announced in the Budget of 2008-09 for two, three & four star hotels that are established in specified districts which have UNESCO declared ‘World Heritage Sites’ except the revenue districts of Mumbai and Delhi. The hotel should be constructed and start functioning during the period April 1, 2008 to March 31, 2013.

The Government has also announced the extension of Investment Linked Tax incentive under Section 35 AD of the Income Tax Act to new hotels of 2-Star Category and above anywhere in India.

The Reserve Bank of India (RBI) has also issued revised Guidelines on Classification of exposures as Commercial Real Estate (CRE) Exposures. Thus, RBI has classified exposures to hotels outside the CRE Exposure.

2012-01-30T20:20:00.002+05:30

Shri Dinsha J.Patel to Inaugurate 50th meeting of the Central Geological Programming Board (CGPB)
Shri Dinsha J. Patel, Minister of State (Independent Charge) for Mines will inaugurate the 50th Central Geological Programming Board (CGPB) meeting of the Geological Survey of India on 2nd February 2012 at ICAR, Pusa, New Delhi. The 50th Central Geological Programming Board (CGPB) meeting of the Geological Survey of India is being held on 2-3 February 2012. The Minister will also inaugurate the exhibition being organized at the venue on both these days on the theme of ‘Gems, Gemstones, Precious Metals, REE and Technology Metals/Minerals’ in which GSI and its sister organizations will showcase their activities on the theme. Shri Vishwapati Trivedi, Secretary to the Govt. of India, Ministry of Mines will chair the meeting on both the days. This is an important platform where of the progress of work carried out by GSI till date during the Field Season 2010-12 will be reviewed and the Annual Field Season Programme for 2012-13 will be finalized. The meeting will be attended by members from the Central Ministries, State Directorates of Mining and Geology, industry, related PSUs, and other stakeholders. The outcome of the 12 CGPB Committee (Group I-XII) meetings held during the period Nov 2011 - Jan 2012 will also be presented by the Conveners of these committees.

It may be mentioned that the Ministry of Mines, Government of India, vide notification dated 13th March 2009 has revamped/reconstituted the CGPB Committee into 12 theme-based groups with an objective to enable the States and other Stakeholders to accrue benefit from wider participation and interaction with GSI to further their activities and avoid duplication. It would also provide a forum for better coordination between Central and State level stakeholders by encouraging the regular functioning of State level Geological Programming Boards, set up by the State Governments. It was decided that the 12 Committees for the various sub-sectors would comprise members and invitees from the concerned States and Agencies engaged in activities in the field relevant to that particular sector.

It is a matter of pride that during the current field season, GSI which was founded way back in 1851 with the prime task of locating coal resources of the country, has made three important findings namely, discovery of copper mineralization in the Khera Block, Mundiyawas-Khera area, Alwar district, Rajasthan; gold deposits with an average grade of 3 g/t in the Ajjanahalli schist belt of Tumkur district, Karnataka; and gold mineralization, with a surface average value of 4 g/t in the Sonbhadra district of Uttar Pradesh. GSI’s endeavor in taking up hyperspectral mapping of the country besides the national geomorphological mapping programe, is a matter of pride. Further, with the operationalisation of the heliborne survey and acquisition of blue water ocean-going vessel by GSI, the search for mineral resources both on shore and offshore is all set to gain momentum. GSI is also in the process of making its Chemical Labs ISO compliant. It is important to mention that the MoM /GSI have entered into a number of MoUs with a host of other countries like Canada, Republic of Columbia and Saudi Arabia for international cooperation in the fields of mineral exploration, geosciences involving societal issues, transfer of technology and capacity building.

2012-01-30T20:19:00.001+05:30

Financing Institutions Need to Adopt a More Flexible Approach and a More
Positive Orientation in Serving the Housing Needs of Low Income Segments: Kumari Selja

The Housing & Urban Poverty Alleviation Minister Kumari Selja has said that the financing institutions will need to adopt a more flexible approach and a more positive orientation in serving the housing needs of low income segments. Speaking at the NHB-APUHF-APMCHUD International conference on Growth with Stability in Affordable Housing Markets here today she said, they should develop the requisite skills to mobilise domestic savings through innovative methods and devise schemes to lend at affordable rates.

The Minister said, in the Indian context, there has been steady growth in the Housing Finance Companies (HFCs) who are serving as dedicated outlets for the housing credit delivery. With the commitment of the Government towards the financial, social and economic upliftment and inclusion of the social and economically backward section, it is an appropriate time for the Banking sector to come forward in a big way to cater to their housing requirements by devising suitable appraisal and processing models.

She said, Government of India has extended a range of monetary and fiscal incentives to promote lending and investment in affordable housing. These include income tax benefits for the borrowers, lenders, investors, savers and construction agencies. The state governments have also come out with supportive housing policies, lower transaction cost and incentives to the developers.

Here is the text of the Minister’s speech:

“It gives me great pleasure to be present at this august gathering of experts and representatives of national and international institutions working for housing and human settlements in the Asia Pacific region. The theme of the Conference `Growth with Stability in the Affordable Housing Markets` is extremely relevant to the current context and depicts various dimensions of housing and housing finance. I am pleased to note that the National Housing Bank and the Asia-Pacific Union for Housing Finance (APUHF) and the Asia-Pacific Ministerial Conference on Housing and Urban Development (APMCHUD) are jointly organizing this conference. I am sure that these knowledge sharing platforms which are promoting coalition and coordination among the Asia-Pacific countries in the field of housing and housing finance, will consolidate and evolve rapidly in the best interest of all the countries.

The Asia Pacific region is characterized by the dynamics of growth, rapid urbanisation, and varying levels of development. Growing urbanisation in this region is coupled with proliferation of informal habitat with inadequate basic services. My Ministry worked with the UN-Habitat to establish a platform in this region for interaction at the Ministerial level and consequently Asia-Pacific Ministerial Conference on Housing and Urban Development (APMCHUD) was created in 2006. APMCHUD has been promoting close collaboration within the Asia-Pacific countries to jointly address the major challenges of Sustainable Urban Development including affordable housing for improving the quality of life of the underprivileged within the region.

With globalization and economic liberalization, being pursued by most of the countries in the Asia Pacific region, there is greater interdependence and integration among countries and economies. Opening up of the economies has resulted in flow of finances and investments across countries. In this inter-dependent world with inter-connected financial markets, it is important for each country to sustain investor confidence and also expand opportunities to attract new investments. I am happy to note that the subject matter of the deliberations is focused both on growth and stability in the Affordable Housing Markets, the two factors important for sustainability. The collateral global consequences of the sub-prime crisis need no elaboration. I am sure that the experts and professionals working in the field of financing and regulating housing development in their respective countries realise the importance of getting the policy right, particularly as most countries in this region are emerging economies.

Housing throughout the world has been recognized as one of the engines of economic growth because of its forward and backward linkage with other ancillary industries. Housing, in its most basic sense, provides social and economic security to the individual and at the macro level, adds to the economic growth. Recognizing this, the housing sector has been accorded importance by the governments across the countries. The major challenge today is to provide affordable housing to the masses. Many countries within the Asia-Pacific region face similar problems and issues with regard to the affordable housing.

The subject of affordable housing is the cornerstone of the Government of India`s National Urban Housing and Habitat Policy, 2007. Most of the emerging economies face this challenge which is critically linked to availability of financial resources, the depth and reach of the financial market and the institutional infrastructure for credit flow in the sector. India faces an estimated housing deficit of about 26 million, predominantly in the low income segments. This is an overwhelming number in itself. The proliferation of slums and informal settlements further add to the challenge. The role of the banks and the specialised mortgage lenders in various countries and their experience in addressing these problems could provide useful lessons for policy makers in both financial markets as well as the housing sector.

There has been consistent growth and expansion in the retail housing loan market in recent years. But this growth has been uneven, and large segments of the population continue to be outside the formal financial system. There is a definite need at this point in time to reorient our approach and develop programmes for reaching out to these segments. There must be a range of products to serve the needs of the different segments of the market.

The financing institutions will need to adopt a more flexible approach and a more positive orientation in serving the housing needs of low income segments. They should develop the requisite skills to mobilise domestic savings through innovative methods and devise schemes to lend at affordable rates. We should also explore solutions outside the fiscal support framework which we all collectively must strive to search and explore. I am sure that the Conference will deliberate on these issues and come out with valuable recommendations for the countries in Asia Pacific region.

In the Indian context, there has been steady growth in the Housing Finance Companies (HFCs) who are serving as dedicated outlets for the housing credit delivery. With the commitment of the Government towards the financial, social and economic upliftment and inclusion of the social and economically backward section, it is an appropriate time for the Banking sector to come forward in a big way to cater to their housing requirements by devising suitable appraisal and processing models.

Government of India has extended a range of monetary and fiscal incentives to promote lending and investment in affordable housing. These include income tax benefits for the borrowers, lenders, investors, savers and construction agencies. The state governments have also come out with supportive housing policies, lower transaction cost and incentives to the developers.

Along with incentives for encouraging the private sector in housing, Central as well as State governments also directly intervene in tackling the problems of housing of the low income groups. The most important programme initiated by the Central Government in recent years is the Jawaharlal Nehru National Urban Renewal Mission (JnNURM). It was launched in December 2005. It is a reform-driven initiative on a mission mode that provides for integrated development of urban infrastructure, housing and basic services. The Central government also launched the Interest Subsidy for Housing the Urban Poor (ISHUP) in 2009 to meet the credit requirements of the Lower Income Groups population living outside slums.

Learning from the experience of implementation of JnNURM, the Central Government has launched a new scheme Rajiv Awas Yojana or Rajiv Housing Scheme, named after our late beloved Prime Minister, in 2011. The government has unveiled a bold vision of slum free India through this scheme. The scheme is designed on the premise that providing property rights to the slum dwellers over the land under their informal settlements would unlock the trapped value of land and catalyze flow of finances to them.

The scheme also seeks to identify the failures of our systems and policies which have given rise to slums and take corrective action to redress them. In particular, the scheme mandates reforms in rent laws, land conversion, land development and land use policies, and simplification of building approval processes for housing development. The scheme also makes it compulsory for the earmarking of 20 to 25% of the developed housing land for EWS and LIG housing with appropriate incentives to the developers. Recognising the importance of a ‘push’ for credit to flow to the urban poor, the scheme proposes a Credit Risk Guarantee Fund. This fund would stand guarantee to the lending agencies for small housing loans to the EWS and LIG groups. This would enhance the credit worthiness of the lower income groups.

Various state governments have also made efforts to provide housing to the urban low income groups. Here, I would like to mention the INDIRAMMA Housing Programme of Andhra Pradesh Government. A few state governments have already created a legal framework for providing property rights to the slum dwellers on the government lands. The state of Madhya Pradesh has been a pioneer in this regard.

These initiatives have resulted in an appreciable growth in the affordable housing stock in the country as well as improving the quality of life of the slum dwellers and urban poor. There has been a net addition of about 20 million dwelling units in urban areas, rise in ownership housing from 63% to 67% and further reduction in overcrowding in the decade of 1991-2001. The impact of the initiatives for direct interventions for the poor in the last decade by central and state governments would be reflected in the latest census data which is expected to be available soon.

However, these achievements are inadequate when we look at the magnitude of the problem. Apart from direct interventions by government, we also need to pay attention to the development of the debt market for housing, encouragement of Public Private Partnerships; rental housing finance and promotion of community led housing finance and housing construction initiatives. The livelihood activities need to be strengthened in order to augment incomes and also to fulfil basic housing needs and access to the services. Micro-finance or credit to initiate such activities and strengthening institutions and regulatory framework to manage such activities are being actively pursued in our country and I know that we have a lot to learn from the other countries participating in this conference. Projects and programmes with strong partnership arrangements between communities, local agencies and private sector are of great interest to us.

There are good lessons to be exchanged among the countries in this region. Examples of successful schemes and programmes combined with the experience of sound and sustainable financing institutions have resulted in good market practices. The market oriented Government Housing Bank of Thailand, also represented in this Conference, combined with the subsidy-supported Community Organization Development Institute (CODI) has proved to be a good combination to work for the government programme in Thailand. We have examples of Urban Poor Programmes through Community Mortgage Schemes being implemented in Philippines which also represents a combination of mortgage financing and subsidy financing. The central banks in various countries including Mongolia, Brazil, Thailand, Malaysia, Bangladesh, Pakistan, and India have also played a very supportive role in developing the mortgage market, both primary and secondary mortgage.

All these country experiences show that the solution neither entirely lies with the government nor with the market, but somewhere in between the two. Therefore, there is need for partnership amongst all stakeholders-governments at the central, state and city level, private sector construction agencies, banks and financial institutions and non-governmental organisations representing the large section of the informal market. Looking at the range of the subject matter for this conference, I am sure all these issues and many others which I may not have mentioned, will be deliberated upon by the experts and eminent speakers from various countries.

I would also like to take this opportunity to highlight the importance of city planning and regulatory frameworks, which, if structured innovatively can effectively address the issue of affordable housing. We need to adopt innovative planning and management approaches proactively to address the issues of housing, civic services and urban poverty.

I wish the Conference all success in their deliberations, and I am confident that the suggestions and recommendations that emerge from the discussions will play an important role in shaping the policy and implementation strategies with regard to development of affordable housing in South Asia and Asia Pacific countries.”

2012-01-30T20:18:00.001+05:30

India, Japan Coast Guard Meeting and Combined Exercises Conclude

The visit of a high level Japanese delegation led by Admiral Hisayasu Suzuki, the Commandant, Japan Coast Guard (JCG), for the XIHigh Level Meeting and Combined Exercises with the Indian Coast Guard (ICG) concluded today. The five-day visit, was in pursuance of the Memorandum of Cooperation (MoC), signed between the two Coast Guards on 24 November 2006, which stipulates that the heads of the two organizations meet alternately in India and Japan, to discuss maritime issues of mutual concerns and formulate a cooperative approach to address these.

The Memorandum of Cooperation between the two Coast Guards encompasses issues of maritime search and rescue, combating marine pollution, technical assistance for responding to natural disasters and exchange of information regarding crimes at sea, including smuggling and illicit trafficking.

The first ICG-JCG combined exercises were carried out in November 2000 off Chennai, in which one JCG ship participated and was overseen by a high level delegation of JCG, led by the then Commandant of JCG. This also laid the foundation for development of close interaction between the two organisations that included regular visits and exercises, sharing of information and expertise and training visits.

During the 11th ICG-JCG High Level discussions, it was mutually agreed to strengthen the cooperation on evolving collaborative approach, in addressing a spectrum of maritime issues concerning safety and security. The visit was also very significant in providing renewed impetus to strong ties that exist between the two Coast Guards as the Japan Coast Guard Ship has visited India, after a gap of six years, for the combined exercises with the ICG off Chennai.

A delegation from the Information Sharing Centre, Singapore established under the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) also participated in the exercise. This was significant in furthering the interaction among the participating agencies on anti-piracy issues.

2012-01-30T20:16:00.002+05:30

Index of Eight Core Industries (Base: 2004-05=100)
December 2011

The Eight core industries have a combined weight of 37.90 per cent in the Index of Industrial Production (IIP). The combined Index was 147.30 in December 2011 with a growth rate of 3.1% compared to their 6.3% Growth in December 2010. During April-December 2011-12, the cumulative growth rate of the Core industries was 4.4% as against their growth at 5.7% during the corresponding period in 2010-11.

Coal

Coal production (weight: 4.38%) registered a growth of 5.6% in December 2011 compared to its growth at 3.8% in December 2010. However, in cumulative terms Coal production had a negative growth of (-) 2.7% during April-December 2011-12 compared to its growth at 0.8% during the same period of 2010-11.

Crude Oil

Crude Oil production (weight: 5.22%) registered a growth of (-) 5.6% in December 2011 compared to its growth at 15.8% in December 2010. Cumulatively Crude Oil production registered a growth of 1.9% during April-December 2011-12 compared to its growth at 12.0% during the same period of 2010-11.

Natural Gas

Natural Gas production (weight: 1.71%) registered a growth of (-) 10.8% in December 2011 compared to its growth at (-) 0.2% in December 2010. Natural Gas production registered a growth of (-) 8.8% during April-December 2011-12 compared to its growth at 17.3% during the same period of 2010-11.

Petroleum Refinery Products (0.93% of Crude Throughput)*

Petroleum refinery production (weight: 5.94%) had a growth of 0.8% in December 2011 compared to its growth at 8.3% in December 2010. In cumulative terms Petroleum refinery production registered a growth of 4.1% during April-December 2011-12 compared to its 1.7% growth during the same period of 2010-11.

Fertilizers

Fertilizer production (weight: 1.25%) registered a growth of 0.8% in December 2011 against its growth at 0.3% in December 2010. Cumulatively Fertilizer production had a negative growth of (-) 0.5% during April-December 2011-12 corresponding to (-) 1.5% growth during the same period of 2010-11.

Steel (Alloy + Non-Alloy)

Steel production (weight: 6.68%) had a growth rate of 2.2% in December 2011 against its 9.4% growth in December 2010. Cumulatively Steel production had a 7.5% growth during April-December 2011-12 compared to its 8.3% growth during the same period of 2010-11.

Cement

Cement production (weight: 2.41%) registered a growth of 13.3% in December 2011 against its (-) 2.2% growth in December 2010. The cumulative growth of Cement Production was 5.3% during April-December 2011-12 compared to its 4.4% growth during the same period of 2010-11.

Electricity

Electricity generation (weight: 10.32%) had a 8.0% growth in December 2011 compared to its 5.0% growth in December 2010. Electricity generation on the other hand had a cumulative growth of 9.2% during April-December 2011-12 as against its 4.7% growth during the same period of 2010-11.

2012-01-30T20:15:00.001+05:30

Rs. 332.87 Crore Released for Green Revolution in Eastern India
Rs. 332.87 crore have been released to seven States for extending green revolution to east India in the current financial year (2011-12) as on 20.1.2012.

Rs. 400 crore have been earmarked for this sub-scheme under Rashtriya Krishi Vikas Yojana (RKVY) for this year. The programme targets improvement in the rice based cropping system in the selected States.

Eastern India with 2-3 times more rainfall compared to the Northwest States, unexploited good quality ground water aquifers, and vast resources of social capital have relative advantage for sustainable production of rice, banana, sugarcane and aquaculture. The agricultural productivity in this region is comparatively low in spite of the adequate availability of natural resources required for higher production. The scheme is aimed at increasing crop productivity of the region by intensive cultivation through promotion of recommended agricultural technologies and package of practices.

Government of Odisha conducts joint review of externally aided projects in the state

2012-01-30T17:41:00.002+05:30

BHUBANESWAR, 30 January 2012: The Government of Odisha (GoO), today conducted a joint review of all externally aided projects with senior officials from the Department of Economic Affairs (DEA) in the Ministry of Finance, and representatives from the World Bank, Asian Development Bank (ADB) and the International Fund for Agricultural Development (IFAD. The International Finance Corporation (IFC) also made a presentation on how the state can improve its business environment, and leverage the investments from the private sector and the development potential of its entrepreneurs.

Three World Bank projects, totaling a commitment of $ 404.8 million, were reviewed. These included the Odisha Community Tank Management Project ($ 75.1 million), the Odisha State Roads Project ($ 250 million), and the Odisha Rural Livelihoods Project ($ 79.6 million). The ADB supported Odisha Integrated irrigated Agriculture and Water Management Improvement Program ($139 million)and the IFAD supported Odisha Tribal Empowerment and Livelihood program ($ 20 million) were also reviewed.

Chairing the meeting, B. K. Patnaik, Chief Secretary, Government of Odisha (GoO) said,” With preparation for the 12th plan underway, this review of the state’s externally funded projects is extremely timely. By implementing the current projects effectively and ensuring that people of Odisha receive the full benefits, we hope to attract more funds during the implementation of the new plan. Faster implementation and close monitoring will be key.”

“The joint review is aimed at understanding the implementation status of these projects, to share learning, and to find solutions for issues that might be impeding progress,” said Venu Rajamony, Joint Secretary, Department of Economic Affairs, Ministry of Finance. “The Ministry is committed to ensure that low income states, such as Odisha, receive full support both in terms of access to external funds, as well as the knowledge and global implementation experience that accompany such loans.”

Earlier, on Sunday, the officials from DEA and the World Bank visited two projects covering water and rural finance in Cuttack and Puri districts, to review implementation, and to interact with members of the Pani Panchayats and women self help groups.

It is encouraging to see how rural communities, once empowered through partnership and training, can effectively work towards carving out a better future for themselves,” added Rajamony. “The women self help groups are a part of a quiet revolution happening across India, and have the potential to bring about major changes at the grassroot level.”

Reviewing the implementation of the projects, Hubert Nove-Josserand, World Bank’s Operations Adviser in India, said,” We saw good progress in two projects we visited yesterday – the community tank management project and rural livelihoods project – especially in the area of community mobilizing and training. However, the utilization of funds needs to speed up across all projects. Implementation of the State Roads project needs substantial improvement. An eight point action plan has been identified and a team will be visiting in February to review progress on them.”

“The state government has assured us that these issues will receive special attention and will be addressed on an urgent basis,” he added.

In addition to the review of the existing projects, GoO also proposed three new projects for the DEA to consider and pose to the World Bank - in water management, urban and mining sectors.
Implementation update on the three World Bank-supported projects reviewed today:

The Odisha State Roads Project: The US$ 250 million Odisha State Road Project, which was approved by the Bank in September 2008, is an important initiative by Government of Odisha. The Project aims to remove bottlenecks in selected transport corridors in the state and thereby significantly reduce transport costs for businesses and households in the project areas.

The Odisha Rural Livelihoods (Tripti) Project: The US$ 79.6 million Project aims to enhance the socio-economic status of the poor, especially women, through improved livelihoods. The Project currently reaches 990 village panchayats and over 300,000 target households in 10 districts of Odisha. Around 42,000 new Self Help Groups (SHGs) have been formed by the Project with a particular focus on the poorest women and inclusion of extremely poor households.

Odisha Community Tanks Project: The US$ 75.1 million Project aims to improve agricultural productivity and the effectiveness of water user associations to manage tank systems. The investments are for rehabilitation of tanks through civil and earth work, setting up field channels for water distribution, agriculture livelihoods promotion and capacity building of water user associations (Pani Panchayat or PP). Work has been initiated in nearly 150 tanks. Of which in 40 tanks implementation is at an advance stage. Demonstration on Systematic Rice Intensification (SRI) has been taken up and women poultry vaccinators have been trained in convergence with line departments.

2012-01-30T17:40:00.000+05:30

Shri Samir Saraff, expresses his concern over the incidents of violence and indiscipline

Shri Samir Saraff, Chairman, Standing Committee on Education, MCC Chamber of Commerce and Industry expresses his concern over the incidents of violence and indiscipline across various colleges of West Bengal and views that in most cases these follow as a corollary of student politics to gain control of students’ union through elections. Students’ Unions are meant to aid in the core function of the colleges, i.e. to impart education to create men and women for tomorrow. But unfortunately, these bodies and the politics surrounding them end up hampering if not altogether negating this core activity. Shri Saraff opines that many meritorious teachers and students find it nearly impossible to survive in such an environment marred by continuous physical and verbal violence and indiscipline where peaceful classes are held as an exception rather as a rule and unless the situation is set right at the earliest, a generation of students will be lost as it had been in the past, causing irreparable damage to the individual, family, state and nation.

Shri Saraff says that we cannot do away with elected Students’ Union as it is neither desirable nor necessary because they can be an asset to the college and hone leadership qualities in students. The experience at St. Xavier’s College, IIT/IIM etc shows that if handled properly, these bodies can be free of violence and indiscipline and yet be of immense help in different activities of the college.

Elaborating on what needs to be done, he mentions that we should take the politics and the election process out of the campuses and into the cyber world such that nobody is allowed to indulge in any political activity like sloganeering, canvassing or putting up posters or graffiti in the college campus. It should all move to the internet by making use of designated websites, chat rooms and social networking sites. In this regard, Shri Saraff suggests that the Higher Education Department or the Higher Education Council can consider setting up dedicated website for this purpose with separate notice boards and chat rooms etc. for each college.

He also suggests that the nomination form should be available online. Completed forms should not be submitted and scrutinized in the college, but in separate location like the BDO’s office or the DSP’s office or maybe even the local Thana. After scrutiny, a list of eligible candidates should be put up on the website of the Education Department or the Higher Education Council. The college principal, teachers and website should be kept out of the election process as far as possible; otherwise they will be at the receiving end of the students’ ire.

Shri Saraff is of the opinion that voting should not take place in the college premises but in some other location and the class list along with the photographs shall help form the electoral roll. The students should be asked to carry the college identity card along with another photo ID card issued by the government like EPIC, driving license, etc. As far as possible the recommendations of the Lyngdoh committee should be followed and students with poor marks and attendance should be filtered out.

Along with these measures, a proper grievance redressal mechanism should be put in place to address the issues/complaints of the students in a time bound manner. It should also be accessible online and comprise of multiple layers in order to enable the student to escalate the complaint if he/she is not satisfied with the solutions provided by the concerned authority. In this context, it is to be noted that actual or perceived grievances of the students are taken up by student leaders of all hues and colours and used as a pretext to vitiate the academic environment by indulging in violence, sloganeering, gheraos and indiscipline. The government should also take immediate steps to appoint all vacant posts of teachers and principals in all colleges and a proper plan should be drawn to upgrade infrastructure in a time bound manner.

Shri Saraff views that if these steps are implemented after proper deliberations, West Bengal colleges shall become free of violence and the academic environment shall improve and we shall again become the preferred destination for students from all over India as we were 4 decades ago.

For this to be successful, all political parties should come together and form a consensus for the sake of the youth of the state of West Bengal in the centenary year of Swami Vivekananda.

2012-01-30T17:35:00.002+05:30

ANDRITZ receives major order
for a hydropower plant in Costa Rica

Graz/Vienna, 30 January 2012. ANDRITZ HYDRO was awarded a contract by the Institute of Electricity of

Costa Rica

for the supply and supervision of the installation of four Francis turbines, generators, and the electrical and mechanical equipment for the hydroelectric power project Reventazón, the biggest hydropower plant ever built in the country.

Hydropower has always been the most important source for electricity production in

Costa Rica

, which produces over 75% of its electricity from renewable hydropower. The Reventazón hydropower plant will also contribute considerably to reach the ambitious Costa Rican goal to become a carbon neutral country by the next decade. As of 2016, the four ANDRITZ HYDRO Francis units with a total output of 300 MW will provide approximately 524,000 households with environmentally-friendly electricity.

For decades, ANDRITZ HYDRO has been successfully present in Costa Rica, supplying equipment for new hydropower projects as well as working on the rehabilitation, modernization, and upgrade of the existing hydropower plants.

The ANDRITZ GROUP

The ANDRITZ GROUP is a globally leading supplier of plants and services for the hydropower, pulp and paper, metals, and other specialized industries (solid/liquid separation, feed, and biofuel). The Group is headquartered in Graz, Austria, and has a staff of approximately 16,700 employees worldwide. ANDRITZ operates over 180 production sites, service and sales companies all around the world.

ANDRITZ HYDRO

ANDRITZ HYDRO is a global supplier of electromechanical equipment and services for hydropower plants. With over 170 years of experience and more than 30,000 turbines installed totaling approximately 400,000 MW output, ANDRITZ HYDRO is a leader in the world market for hydraulic power generation, offering the complete product portfolio including turbines, generators, and additional equipment of all types and sizes: ‘water to wire’ from small hydro applications up to outputs of more than 800 MW. Additionally, ANDRITZ HYDRO holds a top position in the growing hydropower plant service, refurbishment, and upgrade market. Further fields of activity are development, design, and manufacture of pumps for selected applications (e.g. for water transport, in the energy sector, or in the pulp and paper industry) and of turbo generators for gas and steam power plants.

2012-01-30T17:32:00.000+05:30

Most ships involved in arms and drugs trafficking are based in world’s richest countries, says SIPRI

(Stockholm, 30 January 2012) More than 60% of ships involved in reported cases of sanctions-busting or illicit transfers of arms, drugs, other military equipment and sensitive dual-use goods that could be used in the development of missiles and weapons of mass destruction (WMD) are owned by companies based in the EU, NATO or other OECD states, according to the first comprehensive study on maritime trafficking released today by the Stockholm International Peace Research Institute (SIPRI).

The owners of the ships are primarily commercial shipping lines based in Germany, Greece and the USA, according to the report, which looks at all reported incidents involving larger ships during the past 20 years.

 ‘This doesn’t mean the ship owners, or even the captains, know what they are carrying. But it is relatively easy for traffickers to hide arms and drugs in among legitimate cargoes,’ says report co-author Hugh Griffiths.   

Drug traffickers lead, arms traffickers follow  
The report also shows that the methods adopted by arms trafficking networks in response to the UN arms embargoes on Iran and North Korea were pioneered by drug traffickers in the past few decades to evade detection. These methods include hiding the goods in sealed shipping containers that claim to carry legitimate items; sending the goods on foreign-owned ships engaged in legitimate trade; and using circuitous routes to make the shipments harder for surveillance operations to track.  ‘Containerization has revolutionized international trade, but it also provides ideal cover for traffickers. So many shipping containers pass through the world’s ports every day that only a fraction can be inspected. Ship owners and even customs officers often just have to take it on trust that what’s inside the container is what it says on the cargo documents,’ says Griffiths.

  Shabby boats for shady deals 

The report also shows that in the cases where the ship owners, operators and captains appear to have been directly involved in the trafficking attempt, the ships tend to be older and to be sailing under ‘flags of convenience’ whose ships regularly perform badly in safety and pollution inspections when they enter ports. A ship is considered to be under a flag of convenience when it has the nationality of a state other than that where its real owner is based.   ‘Governing maritime trade has always been challenging, but opportunities are being missed to improve surveillance and use existing mechanisms to crack down on trafficking. This is an international phenomenon that requires international cooperation involving the major players in the shipping industry. We hope this report acts as a wake-up call,’ says Griffiths.

Table: The top 12 states where owners of ships involved in reported cases of arms, dual-use goods and narcotics trafficking are based
	Owner based in	% of reported drug and arms trafficking cases	% of world merchant fleet owned in the state
1	Germany	19.5	7.1
2	Greece	10.6	8.2
3	USA	7.8	4.3
4	North Korea	4.8	0.1
5	Panama	4.3	0.1
6	Iran	3	0.5
7	Norway	2.4	4.6
8	Russia	2.4	6.0
9	Belize	1.9	0.01
10	Netherlands	1.9	2.0
11	Denmark	1.7	2.0
12	Japan	1.7	8.4

Notes: Only commercial ships over 100 gross tonnes that are identified as being involved in reported cases are included in the trafficking statistics. The world merchant fleet ownership statistics are from IHS Fairplay and only include vessels over 1000 tonnes, and are provided for indicative purposes only.

For editors

The report Maritime Transportation and Destabilizing Commodity Flows is written by Hugh Griffiths and Michael Jenks of the SIPRI Countering Illicit Trafficking—Mechanism Assessment Projects (CIT-MAP). The report is a pilot study on all commercial ships over 100 gross tonnes reportedly involved in illicit or destabilizing arms and narcotics transfers over the past 20 years using SIPRI’s newly established Vessel and Maritime Incident Database.   

Stockholm International Peace Research Institute (SIPRI)

SIPRI is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament. Established in 1966, SIPRI provides data, analysis and recommendations, based on open sources, to policymakers, researchers, media and the interested public. SIPRI is named as one of the world's leading think tanks according to the international 'Think Tank Index'.
www.sipri.org

2012-01-30T14:06:00.000+05:30

Mind power over stress

You have got to call the boss, plan the family dinner, straighten up your desk and pick up the kids. Just thinking of all the things to do can raise your blood pressure. But you will live less stressfully — and more healthily — if you learn to stay calm in such situations. Stress is mainly in the mind, so mind power can help keep it low.

Stress is part of our evolutionary heritage and has helped man survive. When in danger, the body releases the stress hormones cortisol and adrenaline, which prime it for “fight or flight.” In the modern world, though, threats from predators and other aggressors are rare.

“There's little that's life-threatening today,” remarked Lutz Hertel, a psychologist and chairman of the German Wellness Association. “Many situations are nonetheless overly or groundlessly perceived to be threatening. And these very thoughts are stressful.” Just as it was in the Stone Age, stress hormones are released, heart rate and blood pressure rise and breathing quickens.

Blood vessels also constrict abruptly, noted Heribert Brueck, spokesman for the German Association of Cardiologists in Private Practice. “When the problem has been solved, you don't immediately return to your previous state. It takes an hour or two before you're relaxed again,” he said.

Chronic stress can cause long-term narrowing of blood vessels, resulting at worst in a heart attack.

According to Joerg-Peter Schroeder, a physician and leadership coach based in the German city of Heidesheim, stress manifests itself in the following ways — difficulty concentrating and a dry tongue. Other possible symptoms are mental blocks, tense muscles, tension headaches, eyelid twitching and teeth grinding.

It is important to keep this from happening by not allowing stress to arise in the first place. This does not mean being deeply relaxed all the time, though. Everyone needs a bit of tension, said Brueck, adding, “It's not harmful so long as it doesn't exceed a certain degree.” The degree is different for every individual and strongly depends on how a person assesses situations. Schroeder, who has written a book about stress management, gave an example: “A perfectionist may be easily stressed by chaos, which doesn't affect a creative person.

The latter may be stressed by routine tasks, however.” Most people are much more sensitive to negative things than positive ones and therefore become stressed, according to Brueck. “With every negative thought, the brain calls up all of the related information and emotions that it has stored,” he said.

So Brueck recommends the following: When your boss gives you yet another assignment, you should not think, “He's out to break me,” but rather, “Apparently he's satisfied with my work and trusts that I'll manage this new assignment, too.” Hertel advises people to use the “thought-stopping technique” to suppress stressful thoughts that keep going round in circles.

Schroeder's stress-reducing strategy includes taking things as they are and asking oneself how one can influence them.

Perfectionists, for example, should recognise that they cannot always do everything themselves and cannot do everything flawlessly.

“Don't be too closely bound to the task, keep some distance between it and yourself,” he advised. In practice, this means doing one thing at a time, finishing something before starting something else, not trying to do a lot of things at once and never taking on too much.

- Umesh Shganmugam

2012-01-30T14:05:00.000+05:30

Firm Cleans Up by Transforming Waste into Energy

By Lauren Monsen

Staff Writer

Washington - In 2006, David Auerbach was teaching English in rural China when he saw a pit latrine that made him realize there was an acute need for sanitation facilities in the developing world. According to the World Health Organization, 2.6 billion people worldwide lack access to clean toilets, a huge risk factor for spreading disease.

Auerbach, a graduate of Yale University and the Massachusetts Institute of Technology (MIT), devised a plan to help. He moved to Nairobi, Kenya, in 2011 with a group of former MIT classmates and created a company called Sanergy. Operating on a franchise system, Sanergy builds a network of low-cost sanitation centers in underprivileged communities and sells prefabricated concrete toilets ($500 each) to local operators who pay cash or borrow funds from a microlender.

Operators, who profit by charging about 5 cents for a toilet's use, must keep each stall supplied with toilet paper, soap and water. Every day, Sanergy collects the waste produced and processes it into electricity and fertilizer. "At each step, this model creates jobs and opportunity while simultaneously addressing serious social needs," Sanergy's website says.

Auerbach offered the following advice to aspiring business owners: "When starting your own company, there are enormous thrills and massive disappointments. You have to be prepared for rejection, take it on the chin and move on. Entrepreneurs, by definition, are rejecting the status quo and rewriting the rules; that means you'll face lots of resistance along the way."

He also recalled his father's counsel: "My dad once told me that everyone wants to be a mentor. Don't be afraid to admit that you don't know the answer and ask for all the advice you need."

Sanergy's example suggests that pressing social problems often demand an innovative approach. Before Auerbach established his company, no one had tried to finance cost-effective waste removal by selling fertilizer to Kenya's flower growers - or by selling biogas-generated electricity to local power grids. The firm has won numerous grants and awards, including $100,000 from MIT, to support its operations.

To learn more about Auerbach's company, visit Sanergy's website ( http://saner.gy/ ).

(This is a product of the Bureau of International Information Programs, U.S. Department of State.)

2012-01-30T14:03:00.000+05:30

U.S. Economy Posts Growth for 10th Straight Quarter

By MacKenzie C. Babb

Staff Writer

Washington - The U.S. economy grew by 2.8 percent from October to December, marking the 10th straight quarter of positive growth and bringing expansion of the country's gross domestic product up to 1.7 percent for 2011, according to the Commerce Department.

The department's Bureau of Economic Analysis released its advance estimate of U.S. gross domestic product (GDP) gains January 27. The GDP, which measures a country's total output of goods and services, serves as a primary indicator of economic health.

"Today's report is another indication that our economy is moving in the right direction and we are gaining strength," Commerce Secretary John Bryson said.

White House Council of Economic Advisers Chairman Alan Krueger said that although the report showed progress, much work is still needed to get the U.S. economy back on track.

"While the continued expansion is encouraging, faster growth is needed to replace the jobs lost in the recent downturn and to reduce long-term unemployment," Krueger said in a January 27 statement.

He said the increase in GDP reflects positive contributions from private inventory investment, personal consumption expenditures, residential fixed investment and nonresidential investment.

Exports of goods and services grew by 4.7 percent during the three-month period, adding significantly to the growth.

Counting against growth in calculating the GDP was a 4.4 percent rise in goods and services imports. Overall government purchases also fell by 4.6 percent, with substantial declines in federal defense spending (12.5 percent) and state and local government spending (2.6 percent).

Bryson said the United States must "remain focused on the elements of an economy built to last," a reference to the economic blueprint announced by President Obama during his State of the Union address to Congress January 24. The new plan calls for the country to build a forward-looking economy based on manufacturing, energy, and education and training for American workers.

The GDP figures for the October to December period, as well as for the whole of 2011, will be revised based on new data and released February 29, according to the Commerce Department. A second revision will come out March 29.

The advance report came days after Federal Reserve Chairman Ben Bernanke said the U.S. economy is continuing to expand despite some slowing in global growth. He told reporters January 25 that the Federal Open Market Committee, the central bank's policymaking arm, projects U.S. gross domestic product to continue to grow moderately during coming quarters, reaching between 2.2 percent and 2.7 percent for 2012.

(This is a product of the Bureau of International Information Programs, U.S. Department of State.)

2012-01-30T13:57:00.002+05:30

BTM INSTITUTE EXPANDS THOUGHT LEADERSHIP FOCUS

Known For Popular Financial Indexes, And Maturity Models, New Research and Education Will Focus On Sustainable Growth, Innovation, And More

Revamped Online Communities To Include Private Equity, Venture Capital, Entrepreneurship, And Healthcare

STAMFORD, CT – 1/30/12 - BTM Institute, known for in-depth work such as the BTM Convergence Index, Innovation Index, and Business Agility Index, is now positioned to be the preeminent research think tank where innovation, education, collaboration, business, and technology converge. Announcing a major expansion into private equity, venture capital, entrepreneurship, and healthcare, BTM Institute has revamped its collaborative online communities to include content that encompasses the entire business ecosystem (www.btminstitute.com).

“As BTM Institute prepares to mark its 10th anniversary, there is a burgeoning need for cross-industry, cross-functional research, and pragmatic education aimed at helping all individuals and businesses that strive to thrive in a constantly evolving and volatile environment,” says Faisal Hoque, founder and CEO of BTM Corporation. “BTM Institute draws on the multi-dimensional knowledge and research of leaders in academia and business to develop the best practices necessary for creating innovative and sustainable businesses across the board.”

BTM Institute is bringing together innovators and experts including new contributors Marc Lowlicht, President, Wealth Management, A.G. Edwards & Sons, Inc.; Michael Seiman, CEO, Founder & Chairman, CPX Interactive; Chris Shipman, Partner & Co-Founder, Catalyst Investors; and Marty Zwilling, Founder & CEO, Startup Professionals and regular contributor to Forbes.com. These visionaries will enhance the established global research council which includes distinguished academics from Michigan State University, Harvard Business School, London School of Economics, University of Maryland, University of Oklahoma, University of Minnesota, and Copenhagen Business School, to name a few. To see the full list of research council members, please visitwww.btminstitute.org/index.php/research/research-council.html.

The Institute’s new cross-industry communities will foster next generation management thinking by connecting the dots between Fortune 500 best practice processes and the innovative early-stage entrepreneurial spirit.

Along with these expansions, BTM Institute has just released a new thought leadership paper Today’s Small Business, Tomorrow’s Global Giant: How Experience-Based Products And Services Will Dominate Sustainable Success. Recent works also include the thought leadership paper Thriving In Uncertain Times: Architecting Transformative Growth When Traditional Economic Models Have Become Obsolete as well as the acclaimed book The Power of Convergence: Linking Business Strategies And Technology Decisions To Create Sustainable Success (Amacom).

ABOUT BTM INSTITUTE

BTM Corporation (www.btmcorporation.com) launched BTM Institute in 2003 to offer an all-encompassing view on the sustainable financial and operational benefits made possible through convergence of multi-disciplinary management practices, new business models, and accessible technologies. Through various research initiatives, publications, books, knowledge communities, and expert insights, BTM Institute is continuously advancing the global knowledge base by bringing together prominent business school minds, executives from Fortune 500 organizations, seasoned entrepreneurs, successful investment professionals, and award-winning technologists from around the world.

2012-01-30T09:38:00.002+05:30

Silver Dips First then Explodes Upwards

Silver has been white hot in January. It needs to cool off first, but Silver is setting to explode upwards in February - be prepared for an exciting move!February is set to be another excellent month for Silver bulls. However, it has run too far, too fast, and needs to cool off before making the next run up. Watch for a pullback in Silver early next week, and get ready for fireworks on the upside after that dip. The price action has shown remarkable similarity to early 2011 in both timing and price....

-Umesh Shanmugam

2012-01-30T09:36:00.000+05:30

Govt may discuss coal taxes with Indonesia

The government may request Indonesia to reconsider a recent decision to raise taxes on coal exports that threatens the fate of many Indian power projects, according to coal secretary Alok Perti.

The aim would be to get a “more friendly price” for Indonesian coal, Perti told reporters here after inaugurating the 4th Asian Mining Congress on Saturday.

Perti pointed out that Indonesia proposes to restrict exports of certain grades of coal from January 2014.

“Once implemented, these restrictions will also be applicable for many Indian companies who have coal ventures in Indonesia,” he said. The import price of Indonesian coal has already gone up by $20 to $50 per tonne and this is creating problem for many power producers here. Perti said a number of domestic power producers have already raised the issue with the Prime Minister.

The coal secretary said the problem for India would have been much more serious had it been Australia imposing restrictions on coal exports. "Australia, Indonesia and South Africa are the three most important sources for coal imports by domestic consumers. Any export restriction measures by any of these countries will have to be dealt with bilateral negotiations at the government levels," Perti said.

From January 2014, Indonesia will not allow export of coal with low calorific value (below 5100 kcal/ kg) unless it is improved to the next grade (5700 kcal/ kg) by lowering the moisture content.

The new regulations will benchmark export prices against the Indonesian government’s own export price, which was recently raised. They also override all agreements between mining companies and buyers.

Coal with energy value of 5100 kcal/kg or less accounted for a little over 41 per cent of Indonesia’s total coal exports in 2011.

Last year, Indian power utilities imported 42 million tones of thermal coal from Indonesia, edging out China as that country’s largest coal buyer. Most of these grades are in the range of 3,500 –5,000 kcal/ per kg.

Indonesia’s decision to increase taxes and export benchmarks has raised fears about the viability of many Indian power projects, which had based their costing on long-term contracts for coal. While the Tata and Adani groups have coal ventures in Indonesia, Tatas and Anil Ambani-controlled Reliance groups had made aggressive pricing bids for ultra mega power projects (UMPPs), or projects with a capacity of 4,000mw and above, on the basis of their coal tie-ups in Indonesia.

The proposed regulation along with the increase in government export prices in Indonesia has now put them in a tight spot and they are looking for fresh power purchase agreements for the UMPPs.

According to a Standard Chartered Bank research report, "Even if we assume that domestic power producers source 60 per cent of their coal requirement from domestic production, the country it (India) would still need to produce an additional 106 million tonnes of coal capacity in the next five years. This is double of what Australia has planned for capacity expansion over the same period and 65 per cent of Indonesia’s planned growth."

"This shows why Indian consortia are spending so much money buying coal projects in Indonesia, Australia and South Africa," the report said.

Coal imports by the power sector are expected to grow to 164 million tonnes by 2015 assuming a 10 per cent annual growth in power generation capacity addition.

The coal secretary said coal India has given a conservative estimate of increasing its production by 100 million tonnes during the 12th Five Year Plan (2012-17). “… if environment and forestry clearances are done fast, production can be ramped up by 160 million tones,” Perti said.

"We are aware that the power sector is facing coal shortage. But a large part of this can be attributed to the kind of expansion has taken place in the power sector,” he said.

The last two years were bad as domestic coal production remained almost stationary. This increased the gap between demand and supply.

“But concerns about economic viability of some power projects are also growing. To ensure economic viability of power projects, we have to limit the coal linkage basis in the Twelfth Plan,” he said.

Power companies that sell 85 per cent of their generation capacity to state distribution utilities at a competitively bid price on a long-term basis would get coal linkage during 2012-17. Since January this year, state power distribution companies will have to go through the competitive bidding route for purchasing fresh power from a generation company.

_ Umesh Shanmugam

2012-01-30T09:24:00.003+05:30

Kenya Launches Scheme to Deworm 5 Million Children Annually for next Five Years

Kenya launches second phase of deworming programme, aiming to free children from harmful parasitic worm infections
Deworm the World is a Young Global Leaders initiative, which plans to bring cheap and effective deworming treatment to 25 million children worldwide
The Forum of Young Global Leaders is a World Economic Forum community of exceptional people under the age of 40 who actively work towards shaping a better future.
The theme of the 42nd World Economic Forum Annual Meeting is The Great Transformation: Shaping New Models.

Davos-Klosters, Switzerland, 28 January 2012 – Kenya launched the second phase of its national deworming programme at the World Economic Forum Annual Meeting 2012, aiming to treat 5 million children annually for the next five years.

The programme is supported by Deworm the World, a cost-effective initiative treating school children for parasitic worms, which stunt development and impair education. The programme was developed by the World Economic Forum’s community of Young Global Leaders and has treated 37 million children worldwide to date.

2012-01-30T09:22:00.002+05:30

Domestic Demand Cushions India from Crisis Despite Negative Perceptions

India’s economy grew by 8% in the last financial year
Standard & Poor’s rates India as investment grade BBB- and stable
Negative perceptions about the Indian economy could damage investment
The theme of the 42nd World Economic Forum Annual Meeting is The Great Transformation: Shaping New Models.

Davos-Klosters, Switzerland, 28 January 2012 – “The macroeconomics of India are fundamentally strong. Those who have these alarm bells ringing should look inwards,” said Anand Sharma, Minister of Commerce and Industry, Textiles of India. Speaking today at the 42nd World Economic Forum Annual Meeting, Sharma vigorously defended the reforms made by his government and the economic prospects of India. “India can take care of itself, I can assure you,” he said.

2012-01-29T20:42:00.003+05:30

Text of the Union Finance Minister Pranab Mukherjee's Address at University of Chicago on Establishment of the Swami Vivekanand Chair

I feel honoured to be present here at this world famous University of Chicago, to mark the beginning of very fruitful chapter in our cooperation. We have just witnessed the signing of a MoU for setting up of the Indian Ministry of Culture Swami Vivekananda Chair that will establish a visiting professorship in the field of Indian studies. It was the decision of our National Committee headed by the Prime Minister to commemorate the 150th Birth Anniversary of one of India’s greatest souls, Swami Vivekananda, at the city of Chicago, where he delivered his stirring address in 1893. The National Implementation Committee, that I chair, took up several options and decided unanimously that the proposal of the University of Chicago, that has the distinction of being one of the great centres of learning, would be the most befitting to enshrine the universal values that Swami Vivekananda professed.

2. Swami Vivekananda came to Chicago in 1893 to attend the World Parliament of Religions as a representative of Hinduism and India, and it is here that he quoted from the ‘Bhagvad Gita’: “Whosoever comes to Me, through whatsoever form, I reach him; all men are struggling through paths which in the end lead to Me. Sectarianism, bigotry, and it’s horrible descendant, fanaticism, have long possessed this beautiful earth. They have filled the earth with violence, drenched it often and often with human blood, destroyed civilization, and sent whole nations to despair.” This universal message is time-invariant; it is as relevant today as it was over 100 years ago.

3. The terror that was let loose on 11th September, 2001 on the soil of this nation has only served to tragically underline these words spoken by Swami Vivekananda also on 11th September in 1893, in this very city of Chicago. It is relevant to note that Vivekananda had also said, “…I fervently hope that the bell that has tolled this morning in honour of the Convention may be the death-knell of all fanaticism, of all persecutions with the sword or the pen, and of all uncharitable feeling between persons wending their way to the same goal.”

4. His goal was to help each individual to grow, to manifest her inner potential, according to her own line of development. As Swamiji put it: “All the men and women in any society are not of the same mind, capacity, or of the same power to do things; they must have different ideals, and we have no right to sneer any ideal.”

5. Swami Vivekananda came to these shores with the message of the unity of all humanity : “If you go below the surface, you find that Unity between man and man, between races and races, high and low, rich and poor, gods and men, and men and animals. If you go deep enough, all will be seen as only variations of the One; and he who has attained to this conception of Oneness has no more delusion.”

6. Swami Vivekananda made a powerful impact upon the American psyche in the last decade of the nineteenth century. He conversed with eminent philosophers, scientists, inventors, entrepreneurs, priests and thousands of ordinary people, men and women from all walks of life and all strata of society. All the time he was both teaching and learning. The great interest in the spiritual traditions of the East that we see in the West today is in substantive measures directly attributable to Swami Vivekananda. Teachers of the rich and varied spiritual schools of Hinduism and Buddhism who came and taught in America over the past hundred years have only followed in the footsteps of the pioneer, Vivekananda.

7. He was intensely pained at the caste discrimination prevalent in India and was all sympathy for the poor and suffering of all nations, castes and creeds. He held the neglect of the masses and the subjugation of women to be the two causes of India’s downfall. He said to his disciple, Sister Nivedita, “Never forget it, the word is, women and the people.”

8. Christopher Isherwood held Vivekananda to be “…one of the very greatest historical figures that India has ever produced…Vivekananda looked toward the West, not simply as a mass of tyrants exploiting various parts of Asia…but as future partners, people who had very, very much to offer.”

9. Swami Vivekananda loved America and Americans in particular. On 19th September, 1893, he concluded his paper on Hinduism with a stirring tribute to America: “Hail Columbia, motherland of liberty! It has been given to thee, who never dipped her hand in her neighbor’s blood, who never found out that the shortest way of becoming rich was by robbing one’s neighbours, it has been given to thee to march at the vanguard of civilization with the flag of harmony.”

10. Swami Vivekananda did not live to see forty. Barely ten years after he spoke in Chicago, he was gone - in 1902, on the fourth of July, the Independence Day of a nation he had come to love. He passed away in the monastery in Belur, near Kolkata, on the bank of the river Ganga. He appeared like a blazing comet across the sky of our life, full of brilliance and hope for all humanity. He promised to remain ‘a voice without a form inspiring men everywhere’ and for all times to come. Let us all listen to his voice till we too become dwellers in the realm of light that was his vision.

11. The Indian Government is extremely happy in giving an endowment of US$ 1.5 million to the University of Chicago, for establishing the Swami Vivekananda Chair. The activities that would be undertaken under this Chair would focus on Vivekananda, through lectures, seminars and suitable related academic activities on Indian Culture and Indian Studies.

12. The Swami Vivekananda Chair will be held by each scholar for a period of two years. The University of Chicago will also facilitate exchange of research scholars from and to India between both the parties i.e. the University of Chicago and the Government of India.

13. We sincerely hope that this Vivekananda Chair will promote an ongoing study of the cultures and way of life of the peoples of these two great democracies, so that our two countries understand each other better and come closer together. This permanent endowment will help spread the message of harmony of religions, understanding between nations and the spiritual oneness of humanity, which Swami Vivekananda worked for.

14. Before I conclude I would like to thank Dean Martha Roth for facilitating the setting up this Chair in the honour of a great son of India and his world vision. I would also like to thank Dr. Robert Zimmer, President of University of Chicago for his leadership and vision in taking this step to strengthen this historical relationship with India. And finally to the Indian community in Chicago who have contributed to sustain the goodwill between our two nations.

Thank you

The Chicago University’s Vivekananda Chair:

Earler, an Agreement for creation of “The Indian Ministry of Culture Vivekananda Chair” was signed betwween Ministry of Culture, Government of India and University of Chicago in the presence of the Union Finance Minister Shri Mukherjee in Chicago today during his Chicago visit. The salient features of this Agreement are:-

• In consideration of a grant of US$ 1.5 million for creation of an endowment, the University of Chicago will establish “The Indian Ministry of Culture Vivekananda Chair” to honour the life & legacy of Swami Vivekananda by promoting fields of study most relevant to his teachings.

• The University of Chicago will identify and send to Government of India dossiers of two or three candidates who possess a demonstrated record of scholarly excellence and whose work epitomizes the legacy of Swami Vivekananda.

• The University of Chicago will take into an account the feedback from the Government of India before making its final selection from the pool of selected candidates.

• The Swami Vivekananda Chair will be held by each scholar ideally for a period of 2 years.

• The Chair who will be filled a senior scholar of significant academic distinction in a field of study promoted by Swami Vivekananda. He/she will remain in residence for one or more quarters of the academic year to teach, conduct research, and engage with the intellectual community of the University.

• Each year, the holder of the Swami Vivekananda Chair will also make a public Presentation on a topic that exemplifies, honours, and promotes the legacy of Swami Vivekananda.

The said Presentation will be scheduled and organized in coordination with the office of Consul General of India at Chicago. Each such event will be a public celebration of the partnership between the University of Chicago and the Government of India and an enduring commemoration of Swami Vivekananda’s indelible mark on the City of Chicago.

• University of Chicago will give wide publicity to the establishment of the said “The Indian Ministry of Culture Vivekananda Chair” as part of commemoration of 150th birth anniversary of Swami Vivekananda and such publicity will also be displayed prominently in the University. The University will display the title of the Chair in all appropriate materials, print and electronic media wherever such Chairs are promoted and publicized.

• All the expenses connected with the creation and operation of the Chair like salary, cost of travel, accommodation, annual presentation etc. will be met from the interest income generated from the endowment grant of US$ 1.5 million. The University of Chicago will be responsible for maintaining separate accounts for the principal account, expenditure and income.

• The University of Chicago will also facilitate exchange of research scholars from/ to India between both the parties i.e. University of Chicago and Government of India.

2012-01-28T19:56:00.001+05:30

IBSA Trade Ministers meets at WEF Davos- Declaration released

Ministers Anand Sharma of India, Antonio Patriota of Brazil and Rob Davies of South Africa, had a meeting of the IBSA (India-Brazil-South Africa) Trade Ministers forum on the sidelines of the 42nd meeting of the World Economic Forum, on January 27, 2012 in Davos, to review the current global financial and economic situation. They recalled the fifth Summit of the Heads of State and Government of the IBSA Dialogue Forum that took place in Pretoria in October 2011 which underscored the importance attached by the three countries to coordination on global issues. IBSA Ministers came out with a declaration after the meeting. The declaration is depicted below:

The Ministers expressed concern at the weak and unsteady economic situation in many countries and regions, which poses a serious challenge for the economic policy and growth prospects of developing and low income countries. In this context, they emphasized that greater policy coordination is needed to ensure strong, sustainable and balanced growth of the global economy. They recognized that Brazil, India and South Africa are doing their part to promote growth while maintaining economic stability and successfully fostering social development. They reaffirmed their commitment to continue their efforts in this direction.

The Ministers underlined the importance of resisting protectionist tendencies in the current global economic scenario, including competitive devaluation and regulatory measures that conceal their real protectionist ends. They underscored the importance that developing countries use WTO consistent measures to achieve their legitimate objectives of growth, development and stability. They also noted that distortions caused by high levels of protection in the form of tariffs and subsidies in agriculture in developed countries continue to undermine the development prospects of developing countries, especially the least developed among them.

The Ministers expressed deep disappointment at the current impasse in the Doha Development Agenda (DDA) negotiations. They reiterated the need to conclude the Doha Round as soon as possible, building on the significant progress already achieved and on the careful balance of concessions negotiated since the launching of the Round in 2001. The IBSA Ministers reaffirmed their commitment to continue working on the Doha Development Agenda, especially with a view to facilitate more immediate outcomes that deliver on the development dimension of the mandate agreed upon in Doha in 2001. These early outcomes would be building blocks towards meeting the common objective of concluding the Single Undertaking. The Ministers emphasized that “plurilateral initiatives” go against the fundamental principles of transparency, inclusiveness, and multilateralism. These initiatives weaken the resolve of WTO Members to overcome the substantive gaps that exist among them and also fail to address the development deficit inherited from previous negotiating Rounds.

The Ministers also underscored their faith in South-South cooperation, which is a partnership among equals that must be guided by respect for equality, national sovereignty and ownership. Recognizing that South-South cooperation helps developing countries to confront common challenges, the Ministers stressed the importance of such initiatives being implemented through the IBSA Trust Fund.

2012-01-28T19:55:00.000+05:30

Sting Operation by “India TV”
Press Note

Commission’s attention has been drawn to a sting “Operation MLA” that was telecast in India TV on 26.01.2012 in which it was alleged that some of the candidates belonging to various political parties are procuring bribe from the corporates, allegedly for the purpose of their election expenditure in the forthcoming Uttar Pradesh Assembly elections. It was also telecast that such persons aspiring to be candidates from various political parties have admitted that their election expenditure will be between one to three crore rupees which includes expense in the name of dummy candidates, liquor for the electors and other expenses. The Commission has taken serious note of the contents of this sting operation and called for the transcript. After considering the transcript, the Commission has taken the following decisions and measures:

1. Any attempt to obtain or procure gratification for exercising any electoral right, including right to stand or not to stand at election, is offence of bribery under IPC. Therefore, the DEOs have been asked to file complaint against the persons who were seen to be involved in such acts for the offence. (If convicted by the court, it may result in imprisonment up to one year or fine, including disqualification for continuing as MLA, if elected, and also from contesting any election in future).

2. The Commission has reiterated its appeal to all the political parties, whose functionaries are named in the sting operation, to inquire into the matter and advise all their functionaries to refrain from such activities in the current elections.

3. The Commission has reiterated its stand that such bribery under the IPC should be made a cognizable offence. The Commission has once again approached the government to pass an ordinance to make suitable changes in the law, as the matter is quite serious.

4. Besides the above, the Commission has given strict instructions to all election officials in Uttar Pradesh that any such attempt to bribe any elector during election process should be dealt with firmly. The entire liquor production, sale and distribution shall be monitored everyday and any illicit liquor shall be seized. Movement of unaccounted cash in the constituency is to be monitored and seized. If any person raises funds in cash as mentioned in the sting operation, the Income Tax department has been alerted to deal with such donors firmly and investigate about the source of such bribe money.

2012-01-28T19:53:00.001+05:30

PM fast tracks move on private sector investment in Inland Waterway Transport

The Prime Minister has initiated a move to fast track the development and use of Inland Waterways Transport involving the private sector and Public Sector Undertakings. The initiative will harness huge potential of inland waterways in transporting bulk cargo like coal, food grains, fertilizers, project cargo, fly ash, Over Dimensional Cargo and containers at competitive cost for the public and private sector companies. Adequate use of waterways will also ease the burden on rail and road infrastructure.

At a meeting of the inter-ministerial coordination committee Principal Secretary to the Prime Minister informed that a tripartite agreement signed between the National Thermal Power Corporation, Inland Waterways Authority of India and a private developer has led to competitive transportation rates for the NTPC while private sector investment of about Rs 650 crore has been committed. This agreement relates to the Farakka Power Project.

The following decisions were also agreed upon in the meeting:

NTPC will provide long term cargo commitment for 3 million metric tons of coal for Barh power project once all its five units are operational by 2016-17.

The execution of Coal handling facility at Jogighopa and rail connectivity will be taken up under the Non Lapsable Central Pool of Resources (NLCPR) scheme.

Food Corporation of India will expeditiously provide long term cargo commitment for 3 years for transportation of foodgrains to Tripura and Assam from Kolkata and within Assam.

MEA will try to extend the period of Trade and Transit Protocol beyond March 2012 when it comes for renewal to provide longer certainty to vessel operators. Further, efforts shall be made for early completion of Ashuganj multi-modal port by Bangladesh and its regular use as a transit port.

Ministry of Shipping will consider providing additional money, if need be, to ensure night navigation facilities on Indo-Bangladesh Protocol route.

ONGC and Oil India will convey a firm commitment of cargo through IWT in two weeks to IWAI.

CONCOR will provide firm commitment for transportation of part of their container cargo from Pandu through IWT.

The progress on these decisions will be reviewed in two months time by the Principal Secretary to PM.

2012-01-28T15:19:00.002+05:30

Security Tracking Systems For Today That Keep Up With The World Of Tomorrow
Metuchen, NJ, January 27, 2012 – Security in this country is a huge issue; on a national level, and for corporations, prisons and individuals alike. This is where Berkeley Varitronics Systems comes in – a leading provider of advanced wireless solutions and security products to the domestic and international wireless telecommunications industry. CEO Scott Schober is a sought-after security expert who made a presentation at the inaugural Concordia Summit in New York City recently to top level political decision-makers from around the world that included Mikheil Saakashvili – President of Georgia, former Polish President Aleksander Kwasniewski, former President George W. Bush, and Thomas Kean, former Governor of New Jersey.
Schober’s security team was part of the 9/11 first-responders who attempted to locate people buried under the rubble by locating their cell phones. BVS products can be used to detect anything - from people illegally crossing our borders, bomb threats, detecting smuggled cell phones in prisons, to protecting board room secrets of corporate America.
Berkeley Varitronics Wolfhound-Pro cell phone detector has been featured on Fox News. It is a precision, handheld, wireless sniffer specifically tuned to the RF signature of common cell phones for both U.S. and European bands and its high speed scanning receiver allows security personnel to locate nearby cell phones in either standby mode or during active voice, text or data transmissions. Instead of illegal and unsafe cellular jamming signals, this detector prevents wireless usage by detecting and even locating the perpetrator.
This product is vital in prisons where keeping cell phones out is becoming a major problem across the country, but especially in California where state prisoners are being bumped into local jails. Prisoners having access to cell phones is always a serious safety concern, but more so with gang members who use them to contact outside members, intimidate witnesses, or conduct criminal activity from inside prison walls. Cell phones can also be used to relay information on transportation of inmates, by giving date, time and route.
Berkeley Varitronics Systems are featured at all major security events. They were recently a featured company at the 4G World Conference in Chicago, where attendees were offered an opportunity to meet their guest spokesperson, Los Angeles Lakers star Andrew Goudelock. They also recently made a presentation at the Chiefs of Police Conference in Kansas where they demonstrated the latest in cell phone detection devices.
Located in Metuchen, NJ, Berkeley Varitronics Systems has been providing advanced wireless solutions and products to the domestic and international wireless telecommunications industry for over 38 years.

2012-01-28T15:18:00.002+05:30

ANUPAM KHER'S BOOK CREATES A SALES RECORD IN INDIA

Mumbai: 350 copies of Anupam Kher’s ‘The Best Thing About You Is You’ were sent to Jaipur for the Lit Festival. Reports say that the bookshop at the festival grounds sold the entire lot and book orders had to be placed in large numbers. ‘The Best Thing About You Is You’, thus becomes the highest selling title at the Jaipur Literature Festival. A recently conducted AC Neilsen survey reports that the book in its first week was on number 250. In the second week it was number 34 and now in the third week, it is number 18. Success of the book has been talked about on Facebook, Twitter as well as by Penguin Publication. Next week onwards, contests and other schemes for readers and book buyers will be part of the promotion for the book.

‘The Best Thing About You Is You’ has examples from the actor’s own life and experiences. He subtly motivates and inspires you by providing a handy guide to discovering your real self and finding peace of mind and contentment in today’s chaotic times. He feels that the best way to counter the negativity that exists in the world these days, where people are gripped by fear, insecurity, stress, frustration and unhappiness is by acquiring a positive outlook. Citing his own example, he reveals how a humble background need not be an obstacle to attaining the dizzying heights of success, but simultaneously, sounds a warning about the importance of gracefully handling such success. He shares the vital ingredients in his recipe for success as well as no-nonsense methods to get the most out of your life. This volume contains the author’s views on a wide variety of topics such as the anger syndrome, the phenomenon of change, thought control, dealing with relationships, conquering stress, getting rid of fears, coming to terms with failure, realizing the power within oneself, coping with loss and death and much more. Here’s a book you will find yourself turning to for soothing, insightful guidance and practical advice no matter what situation you’re in. You’ll come to realize that the best thing about you is YOU!

2012-01-28T15:16:00.000+05:30

Use Tax Season to Organize for the Future
Financial Planner Shares Tips for a 21st-Century Filing System

Jane was not looking forward to going through her parents’ belongings to get their house ready to sell. Their health had been failing for some time and they finally agreed to move to a retirement community. Now that they were both comfortably moved into their new apartment, it was up to Jane to get rid of the things they no longer needed.
Her parents had lived in the same house for more than 50 years, so Jane expected to find things that should have been tossed out years ago. But she was amazed to discover 50 years of tax returns and bank statements carefully stored in boxes in the attic. Her parents had saved all their financial records!
Many people are confused about what records they need to keep and for how long. They hold onto tax returns, bank records, brokerage statements and other financial information simply because they don’t know if they’ll need it again. Like Jane’s parents, the documents get packed in boxes that eventually take over valuable living or storage space.
Financial planner Rick Rodgers, author of The New Three-Legged Stool: A Tax Efficient Approach To Retirement Planning (www.TheNewThreeLeggedStool.com), says tax time is a great time to get organized.
“Most people are going through their records to get ready to file their return,” he says. “This is the time to get smart about what you need to keep and then set up a system to store it efficiently going forward.”
Rodgers suggests these five steps to help you effectively organize your finances for 2012 and beyond:

1. Out with the old – Discard the records you no longer need: Tax returns older than seven years; bank records and credit card statements that are not related to the tax returns you’re keeping; brokerage statements that aren’t related to purchases of current holdings. Be sure to shred all your old documents before throwing them out.

2. Go digital – Convert the documents you plan to save into digital images that are stored on your hard drive. Invest in a good scanner and scan as you go through your paperwork, shredding and tossing the hard copies as you go. On your computer, file by tax year, so your 2011 folder will contain your tax return for 2011 and all pertinent bank records and receipts. Organize the previous six years the same way. Next year you can delete the oldest folder when you add the 2012 folder.

3. Save a forest – All of the financial institutions you deal with would prefer to send your statements electronically. Stop receiving paper statements. Instead, download your statements electronically and store them in your new filing system. Most banks and credit card companies keep at least a year’s worth of statements available. You need to download these files only once a year to complete the year’s file.

4. Save backups in case of emergency – Make backup copies of your files on a CD. Choose a CD-R (recordable) as opposed to a CD-RW (rewriteable), because CD-R cannot accidentally be overwritten. Depending on your computer operating system, you may be able to continue adding data to a CD-R each year, until the CD is full. However, some operating systems won’t allow that, so you’ll need a new CD for each year.

5. Go paperless – Your new electronic filing system can be expanded to include all your financial records, from car maintenance receipts to pay stubs. Wills and insurance policies can also be scanned and stored but, of course, keep the originals of those in a safe deposit box or fireproof safe.

Gone are the days of saving your financial documents in box and shoving it into the attic. Technology advances have made organizing your personal finances easier with minimal cost. Make 2012 the year you get organized by moving your finances into a 21st century filing system.

About Rick Rodgers

Certified Financial Planner Rick Rodgers is president of Rodgers & Associates, “The Retirement Specialists,” in Lancaster, Pa. He’s a Certified Retirement Counselor and member of the National Association of Personal Financial Advisers. Rodgers has been featured on national radio and TV shows, including “FOX Business News” and “The 700 Club,” and is available to speak at conferences and corporate events (www.rodgersspeaks.com).

2012-01-28T15:13:00.002+05:30

BEAM INCREASES DIVIDEND 8%

Company Boosts Indicated Annual Rate to $0.82 from $0.76, Declares Regular Dividend

Deerfield, Illinois, January 27, 2012 - Beam Inc. (NYSE: BEAM), a leading global premium spirits company, today announced that its board of directors approved an 8% increase in the dividend on the company's common stock. The dividend will increase 6 cents per share to an annual rate of $0.82 (payable 20.5 cents per quarter) from $0.76 per share (19 cents per quarter). The company also declared the next quarterly dividend of 20.5 cents per share, which will be payable on March 1, 2012 to shareholders of record at the close of business February 8, 2012.

"Beam retained the entire Fortune Brands dividend, and we're pleased to boost our payout and create immediate value for shareholders so soon after becoming a pure-play spirits company," said Matt Shattock, president and chief executive officer of Beam. "This dividend increase reflects several inherent strengths in Beam, including our cash flow generation and balance sheet, our excellent prospects for profitable long-term growth, and our strong stewardship of capital focused on maximizing long-term shareholder value."

The company also declared a regular dividend of 66.75 cents per share on the $2.67 Convertible Preferred Stock, payable in cash on March 10, 2012 to shareholders of record at the close of business February 8, 2012.

About Beam Inc.

As one of the world's leading premium spirits companies, Beam is Crafting the Spirits that Stir the World. Consumers from all corners of the globe call for the company's brands, including Jim Beam Bourbon, Maker's Mark Bourbon, Sauza Tequila, Canadian Club Whisky, Courvoisier Cognac, Teacher's Scotch Whisky, Kilbeggan Irish Whiskey, Laphroaig Scotch Whisky, Cruzan Rum, Hornitos Tequila, Knob Creek Bourbon, EFFEN Vodka, Pucker Flavored Vodka, Larios Gin, Whisky DYC, DeKuyper Cordials, and Skinnygirl Cocktails. The Beam portfolio includes 10 of the world's top 100 premium spirits brands and some of the industry's fastest growing innovations. Beam is focused on delivering superior performance with its unique combination of scale with agility and a strategy of Creating Famous Brands, Building Winning Markets and Fueling Our Growth. Beam and its 3,200 passionate associates worldwide generated 2010 sales of $2.7 billion on volume of 33 million 9-liter cases.

Headquartered in Deerfield, Illinois, Beam is traded on the New York Stock Exchange under the ticker symbol BEAM and is included in the S&P 500 Index and the MSCI World Index.

2012-01-28T15:09:00.002+05:30

Moody's upgrades EVRAZ to Ba3, stable outlook

EVRAZ plc (LSE: EVR) and Evraz Group S.A. (LSE: EVRZ) (together referred to as “EVRAZ”) welcome the upgrade by Moody's Investors Service of Evraz Group S.A.’s corporate family rating (CFR) to Ba3 from B1. The outlook of the rating was changed to stable from positive. Concurrently, the senior unsecured rating of Evraz Group's notes was upgraded to B1 from B2. According to Moody’s, the upgrade and the stable rating outlook reflect the improving performance and financial metrics of EVRAZ over the last two years, in particular its stable and solid free cash flow, which has enabled to steadily reduce debt. Evraz Group’s CFR Ba3 “is supported by its strong market share in long steel products, cost-efficient asset base, vertical integration into iron ore and coal, and end-market and global diversification.”

2012-01-28T15:03:00.001+05:30

Outokumpu confirms continued negotiations with ThyssenKrupp and labor representatives

27 January 2012 at 15.10 pm EET

With reference to information made public in Germany concerning discussion between ThyssenKrupp, Outokumpu and German labor representatives, Outokumpu confirms that it is in continued negotiations related to a potential business combination of Outokumpu and Inoxum.

ThyssenKrupp has today announced that the supervisory board of ThyssenKrupp AG will deal with a possible business combination between Inoxum and Outokumpu at a meeting next week.

Outokumpu does not intend to make any further announcements in this regard unless and to the extent a definitive agreement is reached or there are material developments which require publication.

2012-01-28T14:58:00.001+05:30

The dropouts also succeed!

Dropping out has always fascinated me. Dropping out of college is always something that has intrigued me a lot. The reason being that quite a few of them who actually drop out go on to become not just world beaters but path-breaking innovators who actually improve humanity as a whole. While my intention is not to encourage people to drop out, I feel that this actually works for a certain section. Here's why:

Education is defined as a process in which we gain knowledge, values and skills set that can aid our future lives. In today's educational systems, we are told that these three core competencies are imbued in us, unfortunately that is not always the case. The fact is, in quite a few cases, we are stuck in the illusion that we have obtained these under the garb of a degree certificate. A degree certificate is largely (not always, there are exceptions) a reflection of our memorising ability, our ability to study local author books to pass the exam somehow and also of knowledge which eventually gets diluted once we enter the working world.

In essence, our educational experience fits the person who is comfortable with adapting himself to a structured system. The structured system is efficient in its own ways but it suits only certain types of people. On the other hand, the person who has dropped out, ironically, attains all the three competencies with his experience with the practical world.

First, the dropout experiences downright humiliation from society. Our society would decry and despise him for his inability to cope with the Engineering/Medicine demands. He then goes through a stage where he is mentally cornered and he decides to pursue the unknown. He starts to explore himself more since he has the time to do so and doesn't have much of a choice.

Once in the exploration process, he decides to explore the unknown in his area of interest. He is not confined by the structures set by either society or the system; thus the exploration covers a much wider area of study since that individual never takes anything for granted.

For example, as an engineering student, I would forgo some chapters in my syllabus since these would not be covered for the “exam.” On the other hand, the dropout would try to explore the practical implications of this subject and explore the unknown within this subject by reading on his own. As such, this allows him to study beyond the realms of structural education which narrows down our intelligence to a streamlined path. This immense exploration enhances that individual's knowledge in a much wider perspective, a perspective that would enhance his skills set also.

Skills set is a very crucial aspect of education. In fact, the focus on education should be on the skills set more than the academic jargon. Once an individual starts to explore and settles in one specific area (owing to his own exploration and not what the system pushes him into), then that individual will look for skill sets that can help him out. Additional courses can help him gain this practical knowledge that can directly help his area of interest.

When the dropout ventures out to earn his skills set, he comes across the wrath of social prejudice at a very early age. The impact of social inequality and social prejudice sets into that person very early on. As such, the dropout understands the need for finding ways to enhance the fundamentals of long-term success. Most of the dropouts generally look for role models and they realise that the values system is the base for any success at any stage in life. The fundamental importance of values, which the educational structure often overlooks, is imbibed by the dropouts at an early stage. The practical hardships of surviving without anything also make them yearn for more sustainable success mantras. As such, life corners them to imbibe values within since their survival is at stake.

My reference here is to people who want to succeed but they are not able to do well in the structured and rigid education system we have. In no way do I encourage people dropping out, if given an option it should be avoided. However, if someone is forced to drop out (or feels that's the way out), then the world is equally at his feet. It offers him enough possibilities to gain knowledge, attain skills set and enhance their value systems.

Just because you drop out doesn't mean the world ends, it is just the beginning of a whole new exciting world!.....

-Umesh Shanmugam

2012-01-27T15:54:00.000+05:30

MCAFEE APPLICATION CONTROL provides complete endpoint security through whitelisting

Now Protects Desktops in Addition to Servers and Fixed Function Devices

India, January 27,2011 – The latest release of McAfee Application Control is integrated with McAfee Global Threat Intelligence to show the file reputation of every file in the enterprise. This feature coupled with whitelisting and memory protection makes it an ideal solution for blocking advanced persistent threats and zero-day attacks. The solution is centrally managed by McAfee ePolicy Orchestrator software and uses a dynamic trust model which reduces costs by eliminating expensive manual support requirements.

McAfee Application Control is now a powerful solution for corporate desktops with the introduction of a set of desktop-specific features including friendly end user notifications and approval requests. Protecting the desktop and the endpoint is essential as that is often a vulnerable point subject to human error. Employees and online users can unintentionally introduce software that installs malware, creates support issues, and violates software licenses — compromising systems and the overall business. McAfee Application Control allows only trusted applications to run on the company’s endpoints and servers.

McAfee Application Control Key Features:

· McAfee Global Threat Intelligence – a cloud based knowledge of reputation of files which is used by McAfee Application Control to classify applications as good or bad. This feature indicates whether any malware is being whitelisted inadvertently and also highlights files without a reputation, which need to be investigated internally.

· Dynamic Whitelisting - can configure it such that the whitelist will grow dynamically when systems are patched and updated, which alleviates the hassle of manual updates to the whitelist.

· Memory Protection - helps ensure that the whitelisted programs which might contain some inherent vulnerabilities cannot be exploited through a buffer overflow or other means. This feature helps prevent complex threats from circumventing whitelisting.

· McAfee Ecosystem - well integrated within the McAfee product ecosystem to create a multi-faceted whitelisting solution. Integration with the ePolicy Orchestrator platform gives organizations a single security console to manage all their security solutions thus improving operational efficiency. Additionally, integration with McAfee Risk Advisor helps prioritize which systems to patch first and offers visibility on whether or not McAfee Application Control gives them coverage from the most recent threats. Building upon the whitelisting capabilities, is McAfee Host Intrusion Prevention which can be used to firewall files with unknown reputations.

“As enterprises face an avalanche of unknown software from the web, McAfee Application Control provides the essential layer of defense for protecting enterprises from advanced unknown threats,” said Martin Ward, senior director of endpoint solutions at McAfee. “McAfee is now extending this protection which has been available on servers and fixed function devices to corporate desktops in a solution which is scalable to the largest enterprises.”

About McAfee

McAfee, a wholly owned subsidiary of Intel Corporation (NASDAQ:INTC), is the world's largest dedicated security technology company. McAfee delivers proactive and proven solutions and services that help secure systems, networks, and mobile devices around the world, allowing users to safely connect to the Internet, browse and shop the Web more securely. Backed by its unrivaled Global Threat Intelligence, McAfee creates innovative products that empower home users, businesses, the public sector and service providers by enabling them to prove compliance with regulations, protect data, prevent disruptions, identify vulnerabilities, and continuously monitor and improve their security. McAfee is relentlessly focused on constantly finding new ways to keep our customers safe.

Note: McAfee, McAfee Global Threat Intelligence, and ePolicy Orchestrator are registered trademarks of McAfee, Inc. in the United States and other countries. Other names and brands may be claimed as the property of others.

2012-01-27T15:16:00.000+05:30

Disruption due to Belgian port closures

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, advises that a nationwide strike in Belgium on 30 January 2012 will close all ports in the country, with knock-on effects likely during the whole week.

ISS anticipates that dockers, pilots, tugboats and locks operator will be involved, and that roadblocks with strike pickets will occupy all access roads to the ports. The company has been unofficially informed that terminals will close from 06:00hrs on 30/01/2012 to 06:00hrs on 31/01/2012.

Patrick Van Huffelen, General Manager, ISS Port Services, said: “We advise shipowners and operators not to attempt to deliver any cargoes to Belgian ports on Monday, and we are warning that further disruption to schedules may continue into the week. Our offices will be running with a skeleton staff on Monday, however we will continue to offer advice and support to our clients on port congestion, the welfare of crews should they become stranded in port, and other related issues.”

Notes to editor

Inchcape Shipping Services is the world's leading maritime services provider. With over 260 proprietary offices in 63 countries, and a workforce of over 3,500, the company’s diverse global customer base now includes owners and charterers in the oil, cruise, container and bulk commodity sectors as well as naval, government and inter-governmental organisations.

ISS provides landside commercial and humanitarian logistics, transit, offshore support, informational and other associated marine services. The company also provides a growing range of outsourcing services including global crew and marine spares logistics; port hub agency management; and sophisticated Enterprise Resource Planning solutions through its subsidiary ShipNet.

2012-01-27T08:56:00.000+05:30

U.S. Hits Key Iranian Bank with Sanctions

By Andrzej Zwaniecki

Staff Writer

Washington - The United States has imposed sanctions on a key Iranian bank for its involvement in Iran's sensitive nuclear program, the U.S. Treasury Department announced January 23.

Bank Tejarat, Iran's third-largest bank, was designated by the department for providing services to Iranian financial institutions and companies that already are subject to international sanctions related to Iran's nuclear program. Under the designation, all financial institutions must stop their financial dealings with the bank and its Belarus-based affiliate or face the loss of access to the U.S. financial system.

The United States and a growing number of its allies and partners have been tightening the sanctions on Iran to pressure it to comply with the international nonproliferation rules and abandon efforts that the international community believes are aimed at developing nuclear weapons. Iran's economy and currency have suffered as a result of the sanctions, which have significantly limited the country's access to major international financial institutions and businesses, according to U.S. and international experts and officials.

"Today's action against Bank Tejarat strikes at one of Iran's few remaining access points to the international financial system," said Treasury Under Secretary David Cohen in a January 23 statement. He said the sanctions "will deepen Iran's financial isolation, make its access to hard currency even more tenuous, and further impair Iran's ability to finance its illicit nuclear program."

The Treasury statement said Bank Tejarat has "directly facilitated Iran's illicit nuclear efforts" and repeatedly assisted U.S.-designated banks in circumventing international sanctions. So far, the United States has designated 23 Iranian or Iran-linked financial institutions.

The United States acted hours after the European Union imposed a new embargo on Iranian oil and petroleum products and adopted restrictions on Iran's central bank as well as on trade in certain materials.

President Obama applauded the EU's move in a statement and vowed to "continue to impose new sanctions to increase the pressure on Iran" until it fulfills its international obligations.

In a joint statement, U.S. Secretary of State Hillary Rodham Clinton and Treasury Secretary Timothy Geithner said the expanded international sanctions will "sharpen the choice for Iran's leaders and increase their cost of defiance of basic international obligations" regarding the country's nuclear program.

(This is a product of the Bureau of International Information Programs, U.S. Department of State.)

2012-01-27T08:55:00.000+05:30

Mars Rover Enters Ninth Year with New Discoveries

Washington - The exploration rover Opportunity entered its ninth year on Mars January 25, and a newly begun mission is already yielding new findings about the Red Planet.

In eight years, the golf-cart sized craft has traveled almost 35 kilometers across Mars, examining the landscape and taking samples of rock and surface dust. In August 2011, the craft arrived at the Endeavour Crater, so named by Opportunity's handlers back on Earth at NASA's Jet Propulsion Laboratory (JPL). This bit of real estate is different from any other the craft has surveyed so far, and is giving scientists a look at the oldest geological deposits from Martian history yet sampled.

"It's like starting a new mission," said Rover Program Manager John Callas, at JPL in California, "and we hit pay dirt right out of the gate."

The first outcrop that Opportunity examined at Endeavour revealed a high zinc content, suggesting the effects of water. Opportunity also spotted a mineral vein, and identified it as hydrated calcium sulfate, which is "the clearest evidence for liquid water on Mars that we have found in our eight years on the planet," said Steve Squyres of Cornell University in New York, the mission's principal investigator.

Opportunity is settling in a on a rock outcrop in the crater, remaining on a sun-facing slope so that its solar panels will receive enough energy to continue its work through the Martian winter. Martian years are about twice the length of Earth's year, so Opportunity will remain in this position until mid-2012. The JPL team is counting on winter winds to sweep surface dust off the solar panel, allowing a solid energy recharge. When that is achieved, the researchers plan to drive Opportunity to another site where clay minerals might be found, according to earlier observations.

The current vantage point and the stationary position will also allow the craft to observe how the wind, the most active process on the planet, changes the landscape. Opportunity will also be sending back steady radio signals, which JPL scientists will be able to use to measure the planet's rotation. Those findings, in turn, may allow some inferences about the interior of Mars.

Opportunity landed on Mars in January 2004 for what was expected to be a three-month mission. The craft identified evidence of an ancient wet environment, achieving the primary mission and its other initial goals. Since then the JPL team has guided the rover to investigate larger and deeper craters, accumulating more evidence about the wet and dry periods in Mars history.

Opportunity had a partner in 2004, a twin craft called Spirit that landed halfway around the planet. Spirit also performed longer than initially expected, but stopped communicating in March 2010.

(Distributed by the Bureau of International Information Programs, U.S. Department of State.)

2012-01-27T08:52:00.000+05:30

Lighting the Way: College Students Help Businesses Go Green

By Lauren Monsen

Staff Writer

Washington - Babson College students Dinesh Wadhwani and Enrico Palmerino saw a light-bulb ad that emphasized environmentalism and got a bright idea: Start a company that creates energy-saving lighting systems, and sell potential clients on the service by stressing bottom-line savings instead of the environmental benefits.

In 2009, Wadhwani and Palmerino founded ThinkLite, a Boston-based enterprise that indeed saves businesses money through customized lighting solutions. Clients don't put money up front; they simply sign a contract with ThinkLite and pay for new lighting systems later, with the money they eventually save after the systems are installed. ThinkLite uses retrofitted lighting systems rather than new fixtures, so customers save even more.

According to Wadhwani, ThinkLite helps clients save up to 90 percent on total lighting consumption and maintenance expenditures. ThinkLite is growing. "Last year, we started expansion in other cities in the U.S., as well as in other countries," Wadhwani said.

He credits Babson College in Wellesley, Massachusetts, for encouraging business students like him to be creative: "Babson has educated me on the two different ways one could make a living: a) conforming to a standard, or b) being a pioneer of innovation."

His advice to aspiring business owners? "Meet as many people as you can in any new environment you go to. The single largest asset of any business is the people behind it, and the people who help you expand and grow the business. Learn as much as possible from as many and as different people as possible."

He said he follows his own mentors' advice by obsessing about opportunities while not thinking too much about his personal resource restrictions. "That is the thought process for creating real value, and identifying real solutions to real problems. Everything else will follow."

For more information about ThinkLite, visit the company's website ( http://rethinkrelite.com/ ).

(This is a product of the Bureau of International Information Programs, U.S. Department of State. )

2012-01-27T08:50:00.000+05:30

Obama Announces Security Strategy for Global Supply Chains

By MacKenzie C. Babb

Staff Writer

Washington - President Obama has asked the departments of State and Homeland Security to develop a plan to safeguard the international trade and transportation systems from interruptions due to terrorism, crime and natural disasters.

"The United States and nations around the world depend upon the efficient and secure transit of goods through the global supply chain system," Obama said in his introduction to the National Strategy for Global Supply Chain Security, released January 25.

The president said that in recent years, advances in communications technology, along with reductions in trade barriers and production costs, have opened new markets and created new jobs and opportunities for workers.

"The global supply system that supports this trade is essential to the United States' economy and security and is a critical global asset," he said.

In recent years, disruptions to supply chains have been caused by natural disasters, such as earthquakes, tsunamis and volcanic eruptions, as well as by criminal and terrorist networks. Obama said these interruptions hurt global economic growth, and that the U.S. government will address the challenges by strengthening national and international policies.

The president said his administration's new strategy seeks to improve global supply chains to protect the welfare of the American people and to secure U.S. economic prosperity.

"We reject the false choice between security and efficiency and firmly believe that we can promote economic growth while protecting our core values as a nation and as a people," Obama said. He added that the strategy endorses both a national approach and active collaboration with the international community.

The new strategy considers different methods: building a layered defense, addressing threats early and fostering a resilient system to absorb and rapidly recover from unanticipated disruptions.

"By institutionalizing information-sharing arrangements, streamlining government processes and synchronizing standards and procedures, we can realize new efficiencies while strengthening global supply chains," the president said.

The departments of State and Homeland Security will lead a six-month engagement period with the international community and industry entities to solicit feedback and specific recommendations on how to implement the strategy in a cost-effective and collaborative manner, according to a January 25 White House fact sheet. Specifically, the departments will seek to refine the U.S. government's understanding of global supply chain threats and risks across air, land and sea as well as to improve threat detection, information analysis and international sharing capabilities.

Obama emphasized that the federal government cannot improve global supply-chain security alone. He called on state and local governments, the private sector and the international community to work together toward the "shared goal of building a new framework to strengthen and protect this vital system."

The strategy was announced by Homeland Security Secretary Janet Napolitano at the start of the five-day World Economic Forum in Davos-Klosters, Switzerland.

(This is a product of the Bureau of International Information Programs, U.S. Department of State.)

2012-01-27T08:47:00.002+05:30

You Do Have Enough Time And Money To Stay Healthy The Wright Way

Houston, TX, January 26, 2012 – Forty-hour work weeks, two-hour commutes, carpools, school conferences, commitments: who has time to eat healthy foods and exercise? And who can afford pricey organic, fresh foods anyway? You can, according to Randy Wright, MD and his co-author David Tabatsky. They spell it out in practical terms in The Wright Choice: Your Family’s Prescription for Healthy Eating, Modern Fitness and Saving Money (Intouch Media Health Network).

“We all know we should make healthier choices,” Dr. Wright explains. “But we don’t necessarily make it a priority. Sometimes it feels like we can't make it our first choice. Staying fit and eating well seems to fall through the cracks.” Moms and dads with hectic schedules are the norm right now; this pragmatic guide to good health is written especially for them. “We want to help them achieve their goal of staying fit without sacrificing work and personal goals.”

The secret is locked inside our brains, Dr. Wright says. “I wanted to explore the psychology of why we think about being healthier but don’t actually do it. To succeed, we have to completely change the way we think about food and the role exercise plays in our lives. Then you're open for an ‘ah-ha’ moment: just as you shouldn't start planning for retirement a mere five years before you stop working, you shouldn't start living healthy only when something goes wrong.”

Dr. Wright's long medical career is the background for the guide's comprehensive overview on healthy living. From an explanation of fats and how they affect our bodies to a fascinating account of why Americans just can't seem to put down the Twinkies, the truth about food is revealed and medical myths debunked. The financial advantages of physical fitness are outlined, and an affordable easy-to-follow fitness routine to use at home is included. “The rules we've developed work as personal mantras,” Dr. Wright continues. “Protecting your family and your own health are goals that should be taken to heart.”

Making The Wright Choice even more compelling are the testimonials included by Dr. Wright and his co-author. Ordinary people have found success in their health, diets and pocketbooks by following Dr. Wright's simple regimen, including tasty, easy recipes. The Wright Choice: Your Family’s Prescription for Healthy Eating, Modern Fitness and Saving Money is available for sale online at Amazon.com and other channels.

Dr. Randy Wright is Director of the Neurovascular Institute at Conroe Regional Medical Center as well as Medical Director for the Health South Rehabilitation Hospital’s stroke unit in the Woodlands, TX. He received his bachelor’s degree in physics from Xavier University and electrical engineering from Georgia Tech before going on to obtain his medical degree at Emory University. He completed his neurology training at Baylor College of Medicine, then went on to complete a two-year Fellowship in sleep medicine and neurophysiology at Baylor College of Medicine. Dr. Wright is a Diplomat of the American Board of Psychiatry and Neurology as well as a Diplomat of the American Board of Sleep Medicine. He currently serves as chairman of the stroke committee for the American Heart Association's SouthWest affiliate and as a liaison member to the South Central affiliate of the American Heart Association.

David Tabatsky is co-author of Chicken Noodle Soup for the Soul: The Cancer Book: 101 Stories of Courage, Support & Love.

2012-01-27T08:30:00.000+05:30

Bill & Melinda Gates Foundation Commits US$ 750 Million to Global Fund

10th anniversary of innovative aid programme celebrates millions of lives saved
Bill & Melinda Gates Foundation is giving US$ 750 million to the Global Fund to Fight AIDS, Tuberculosis and Malaria through innovative funding mechanism
The theme of the 42nd World Economic Forum Annual Meeting is The Great Transformation: Shaping New Models;

Davos-Klosters, Switzerland, 26 January 2012 – The Bill & Melinda Gates Foundation today renewed its commitment to the Global Fund to Fight AIDS, Tuberculosis and Malaria. Announced at the World Economic Forum Annual Meeting in Davos-Klosters, Switzerland, the Gates Foundation is giving US$ 750 million through a promissory note – a new and innovative funding mechanism.

2012-01-27T08:28:00.000+05:30

Romania National Integrity System – Fail in the test of resistance to corruption

Bucharest, 26 January 2012

Public administration, political parties and the business climate are the main contributors to widespread corruption in Romania, appearing as the most vulnerable pillars in the national integrity system analysis. Excessive politicization of public positions and discretionary allocation of public resources by interest groups are the main reasons that led to these conclusions. In the context of elections this year, the poor performance of these pillars threatens not only public funds and the economy, but also the quality of democracy.

This year, more than ever, Romanians have become aware of the effects of corruption on their quality of life and decided to take action. Corruption restricts freedom, impoverishes, misinforms, denies access to justice and public services, affects the health, and degrades the education and future of young people. Elimination of corruption in all sectors of society is therefore imperative and urgent.

Study on National Integrity System, third edition, released today byTransparency International Romania (TI-Ro) shows that the Romanian institutions do not have the necessary resources and are not independent enough to resist political or group interference, generating private benefits and, by default, corruption at the detriment of society. Also, selective and very limited transparency makes liability mechanisms inefficient. Whether we refer to political leaders - national or local level - or representatives of public institutions, people have lost confidence that they could be held liable, or, promoted on the basis of objective criteria, managed either by the control institutions media and civil society.

TI-Ro study shows that exposure of some cases in courts is not an appropriate treatment for corruption because it recurs, but a systematic reform that would create "antibodies" institutional corruption and not just treat symptoms, but causes is needed. This way only, will the country's government resonate with the wishes of citizens, respecting democracy and transparency, ensuring integrity and justice, ensuring responsibility and accountability, based on solidarity and courage.

For an effective approach to strengthen the National Integrity System, Transparency International Romania recommended that horizontal priorities relate to the adoption of all rules of the game in a transparent manner, respecting the normal legislative process, after debate and participatory process and only after impact analysis and necessary parliamentary review. It is also imperative to adopt and implement an integrated anti-corruption strategy that addresses the vulnerabilities of all the pillars.

2012-01-26T20:33:00.003+05:30

Gem Diamonds Q4 2011 Trading Update

Gem Diamonds Limited (the Company) (LSE: GEMD) reports a Trading Update for the fourth quarter period, 1 October 2011 to 31 December 2011 (Q4 2011) (the period).

Key Highlights:

· Record full year carat production at Letšeng, with continued recovery of high value, exceptionally large diamonds.

· Strong cash position, with approximately US$158 million cash on hand.

· Project Kholo, Letšeng’s production expansion project, received Board approval in November 2011 and it is planned that ramp up to full expanded production capacity will occur by July 2014.

During the period:

Letšeng*:

· The Letšeng mine continued to deliver a strong operational performance in 2011, ending the year having achieved the highest carat recovery in the history of the mine and with continued recovery of high value and exceptionally large diamonds.

· The 550 carat, Type IIa, D colour, Letšeng Star was sold in October 2011 into a profit sharing arrangement for a rough value of US$16.5 million and with potential for further upside.

· Letšeng continued to market its rough diamonds on tender and to extract selected rough diamonds for own manufacturing and partnering, providing access to additional margins further down the diamond value chain.

· The average value of the exports for the period was US$2 543 per carat (US$3 291 per carat in Q4 2010).

· 10 rough diamonds achieved a value in excess of US$1 million each during the period.

· A total of 46 rough diamonds, which achieved values greater than US$20 000 per carat, were recovered in the period, totaling 184 such diamonds for the full year, which have contributed circa 70% of Letšeng’s revenue for the full year.

· 168 rough diamonds greater than 10.8 carats in size were recovered in the period.

· Letšeng exported a total of 32 353 carats for sale during Q4 2011, up 32% from Q4 2010.

Ellendale:

· Production improved significantly during the period, with November’s carat recovery being the highest of 2011.

* Includes production extracted for manufacturing at rough market valuation (further details in section 1.2 Diamond Sales and Diamonds Extracted for Manufacturing below).

· Ellendale achieved an average price of US$4 269 per carat during the period for its fancy yellow diamonds supplied under the long term off-take agreement with Tiffany & Co.
(US$3 482 per carat in Q4 2010).

· For its commercial goods, Ellendale achieved an average price of US$180 per carat during the period (US$189 per carat in Q4 2010).

Ghaghoo:

· Phase 1 development of the Ghaghoo diamond mine in Botswana is progressing well and remains on budget, with the box cut and portal having been completed during the period and preparations well underway to commence the development of the decline.

· On schedule to deliver first production in mid 2013.

Cash:

· The Group has a strong cash position of approximately US$158 million cash as at 31 December 2011, of which approximately US$141 million is attributable to Gem Diamonds.

· During the 2011 year, the total dividends declared by Letšeng Diamonds were US$121.3 million, which resulted in a net cash flow of US$76.4 million to Gem Diamonds and a cash outflow from the Group of US$8.5 million as a result of withholding taxes and US$36.4 million in payments of the Government of Lesotho’s portion of the dividend.

· During the period, Letšeng Diamonds declared a dividend of Maloti 320 million (US$39.5 million) which resulted in a net cash flow of US$24.9 million to Gem Diamonds and a cash outflow from the Group of US$2.8 million as a result of withholding taxes and US$11.8 million in payments of the Government of Lesotho’s portion of the dividend.

· During November, Letšeng signed a three year revolving working capital facility of Maloti 250 million with Standard Lesotho Bank. This facility is available for draw-down from January 2012.

Health, Safety, Corporate Social Responsibility and Environment (HSSE):

· Regrettably a fatality occurred at Letšeng during November.

· Gem Diamonds works towards zero harm, however, at year end the Group-wide Lost Time Injury Frequency Rate (LTIFR) was 0.21. The Company’s target is zero.

· The All Injury Frequency Rate (AIFR) at year end was 4.50. The Company’s threshold for 2011 is 5.05.

· The Group recorded no major environmental or community related incidents during the year.

Gem Diamonds CEO, Clifford Elphick commented:

“Letšeng has continued to demonstrate its position as one of the world’s leading diamond mines. Operationally we have delivered an excellent performance and have continued to recover some of the world’s finest and largest diamonds. Through the development of our sales and marketing strategy and our cutting and polishing capabilities, we are increasingly gaining exposure to the full diamond value chain on our most valuable diamonds, working to grow and enhance our margins and increase profitability.

The strength of our asset base has supported the approval of two key growth projects and looking forward, we believe we are well placed to deliver shareholder value through the expansion of operations at Letšeng and the development of another mine at Ghaghoo.

The fourth quarter of 2011 saw rough diamond prices down from their highs in the first half of the year due, in the main, to the continuing effects of the Eurozone crisis. However, the last two Letšeng tenders of the year saw an improvement in demand, with a modest strengthening of prices in most categories.

It is with much regret that we report that Letšeng had a fatality in the past quarter. We have taken corrective actions immediately following this. We remain committed to achieving our zero fatality target and to ensuring that a safety culture is embedded across the entire group and adhered to by all our employees and contractors.”

2012-01-26T19:52:00.002+05:30

Indian Railway Finance Corporation Limited Offers Tax Free Bonds
Tranche-I to Raise upto Rs. 6,300 Crore
Public Issue to Open Tomorrow

Indian Railway Finance Corporation Limited (IRFC), the financing arm of Indian Railways, is proposing to issue Tax Free, Secured, Redeemable, Non-Convertible Bonds of face value of Rs. 1,000 each in the nature of Debentures, having benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961, as amended (‘Bonds’) aggregating to Rs.3,000 crore with an option to retain oversubscription of upto the shelf limit of` Rs. 6,300 crore (‘Issue’).

The application for subscription of Bonds should be for a minimum of 10 Bonds and in multiples of 5 Bonds thereafter. The Issue will open for subscription on January 27, 2012, and close on February 10, 2012, or earlier (subject to the Issue being open for a minimum period of 3 days), or extension by such period, upto a period of 30 days from the date of opening of the Issue, as may be decided by the Board of Directors or by a duly constituted committee of the Company. The Bonds shall carry a coupon rate of 8.00% p.a for 10 years (Series I) and 8.10% p.a for 15 years (Series II). An additional coupon rate of 0.15% p.a. and 0.20% p.a. on series 1 and series 2 respectively shall be available to Resident Indian individuals, Hindu Undivided Families through the Karta and Non Resident Indians on repatriation as well as non-repatriation basis, applying for an amount aggregating upto and including Rs.5 lakhs across all Series in the tranche (available only to the original allottees). The Bonds are proposed to be listed on NSE and BSE.

The Bonds have been rated ‘CRISIL AAA/Stable’ by CRISIL, ‘[ICRA] AAA’ by ICRA and ‘CARE AAA’by CARE, indicating highest degree of safety for timely servicing of financial obligations.

Investors will have an option to hold the bonds either in physical or in demat form. The Bonds will be secured by way of a pari passu charge on the movable assets of the Company comprising of rolling stock such as wagons, locomotives and coaches.

SBI Capital Markets Limited, A. K. Capital Services Limited and ICICI Securities Limited are the Lead Managers to the Issue. Indian Bank shall be the Trustee to the Issue.

The Company intends to utilize the Issue proceeds for financing the acquisition of rolling stock and financing the capacity enhancement works in the Indian Railways.

All investors proposing to participate in the Issue should invest only on the basis of the information contained in the Shelf Prospectus and the Prospectus Tranche-1, both dated January 19, 2012.

The Shelf Prospectus and the Prospectus Tranche 1 are available on the website of the NSE and BSE atwww.nseindia.com and www.bseindia.com , the website of SEBI at www.sebi.gov.in, the website of the Company atwww.irfc.nic.in and the respective websites of the Lead Managers at www.sbicaps.com, www.akcapindia.com andwww.icicisecurities.com.

IRFC is the financing arm of the Indian Railways. 100% shareholding in IRFC is held by the President of India acting through Ministry of Railways. The Company has been notified as a Public Financial Institution under Section 4A of the Companies Act, 1956 and registered as a Non-Banking Finance Company without accepting public deposits (Infrastructure Finance Company) with the Reserve Bank of India. The Company’s principal business is borrowing funds from the commercial markets to finance the acquisition of new rolling stock which is then leased to the Indian Railways. IRFC is a consistently profit making Public Sector Undertaking that has funded rolling stock of book value of Rs.69,843 crore (5,567 locomotives, 33,856 passenger coaches, 14,90,300 freight wagons and 85 cranes and track machines) for Indian Railways (as on 30.09.2011). Net worth of IRFC as on 30.09.2011 stood at approximately Rs.4,487.50 croreswith Nil Non-Performing Assets. The Company recorded a net profit after tax of Rs.485.20 crore for year ended 31.03.2011 compared to Rs. 442.69 crore for year ended 31.03.2010.

2012-01-26T19:51:00.002+05:30

Finance Minister to Leave for Chicago on A Two Day Official Visit on 28th January;

will hold Discussions with Business Leaders of Corporate World; to Unveil the Plaque of Swami Vivekanand and Inaugurate the Painting Exhibition of Guru Rabindernath Tagore

The Union Finance Minster Shri Pranab Mukherjee would be leaving for the two day official visit to Chicago, US on theearly morning of Saturday,28^th January, 2012. During his visit, the Finance Minister’s first engagement on arrival would be to address the Chicago Council on Global Affairs where large number of business leaders of the Corporate World arelikely to participate. These business leaders would mainly be from Fortune 500 companies as Chicago is Headquarter of 32 such companies including Boeing, Caterpillar, McDonalds, Kraft, Abbott Laboratories and Sara Lee among others. During his address, the Finance Minister Shri Mukherjee is likely to share his perception about the Indian and Global economy especially when the world economic situation is in a state of flux. On the other hand, India today occupies the leadership position in the world order across various fields and has enormous resources, technology and skills with a pre eminent position. The Finance Minister Shri Mukherjee is likely to envisage the shared goals and objectives with these business leaders and invite them to become an active partner in India growth story.

Beside above, other major engagements of the Finance Minister Shri Mukherjee include unveiling of Swami Vivekananda Memorial Plaque at the Art Institute of Chicago, inauguration of exhibitions of TagorePaintings at Art Institute of Chicago and signing of two agreements by the Ministry of Culture, Government of India with the (a)Art Institute of Chicago for the “Vivekananda Memorial Programme for Museum Excellence” and (b) with the University of Chicago for an endowment to establish “The Indian Ministry of Culture Vivekananda Chair.”

Chicago has a special place in Swami Vivekananda’s life where he had delivered his memorable address to the World Parliament of Religions in 1893.Swami Vivekananda’s famous lecture at the World Parliament of Religions in Chicago on 11^th September,1893 was a shining moment in India’s cultural history. Considering that an Agreement for creation of “The Indian Ministry of Culture Vivekananda Chair” is likely to be signed during the visit of the Union Finance Minister. In consideration of a grant of US$ 1.5 million for creation of an endowment, the University of Chicago will establish “The Indian Ministry of Culture Vivekananda Chair” to honour the life and legacy of Swami Vivekananda by promoting fields of study most relevant to his teachings. University of Chicago will give wide publicity to the establishment of the said “The Indian Ministry of Culture Vivekananda Chair” as part of commemoration of 150^th birth anniversary of Swami Vivekananda and such publicity will also be displayed prominently in the University. The University will also display the title of the Chair in all appropriate materials, print and electronic media wherever such Chairs are promoted and publicized. The University of Chicago will also facilitate exchange of research scholars from/ to India between both the parties i.e. University of Chicago and Government of India.

The Union Finance Minister would also unveil on 28^th January,2012 an enhanced (engraved bas relief) Vivekananda Memorial Plaque, with Swami Vivekananda’s embossed image on it. It will be installed in the Art Institute of Chicago’s Museum to commemorate Swamiji’s historic Chicago Address before the World Parliament of Religions on 11^th September 1893 .

An agreement will also be signed during the aforesaid visit of the Union Finance Minister ShriPranab Mukherjee for Vivekananda Memorial Programme for Museum Excellence. Under this programme, Art Institute of Chicago will work with Government of India to impart a broad range of knowledge on modern operations of Museums like conservation, planning of exhibitions etc. for a four year period. Government of India will provide an amount of US$500,000 for conduct of this programme by the Art Institute of Chicago.

Under the Commemoration of the 150^th Birth Anniversary of Guru Rabindranath Tagore, apart from several other activities, for the first time ever, several exhibitions of Tagore’s paintings are being organised in USA, France, Germany, UK, Singapore, Japan and South Korea by the National Gallery of Modern Art under Ministry of Culture in association with Visva Bharati University. The exhibition which would be inaugurated by the Finance Minister Shri Pranab Mukherjee in Chicago on 28^th January, 2012 at the Art Institute of Chicago, is part of this series of exhibitions. It will put on display 61 of Tagore’s paintings.

The Finance Minister Shri Mukherjee would return to Delhi on Monday,30^th January,2012

2012-01-26T17:46:00.002+05:30

Lakshya II Pilotless Target Aircraft Proves IT Mettle

Flying at sea skimming height of about 15 meters at DRDO’s test range near Balasore, Lakshya-II the advanced version of DRDO’s Pilotless Target Aircraft (PTA) yesterday demonstrated its full capability. In a flight lasting over 30 minutes, it was made to dive down from an altitude of around 800 meters to just 12 m and maintained required altitude for the specified time before demonstrating auto climb-out.

The entire flight was pre-programed and was totally successful. It demonstrated various technologies and sub-systems including software correction to auto rudder scheme done to prevent loss of mission, engaging and flying in way point navigation mode while carrying 2 tow targets. During the flight one of the tow targets was released and the other was deployed while way point navigation was on.

This was the 10th flight of Lakshya-II PTA and this was the first time that the ultimate capability of the Lakshya-II, was demonstrated achieving all the user’s objectives. Lakshya-II has been designed and developed by the Bangalore based Aeronautical Development Establishment, a premier DRDO lab specializing in UAVs and flight control systems

2012-01-26T12:16:00.002+05:30

Dare to Have More “Europe”, Merkel Declares in Davos Annual Meeting Opening

German Chancellor Merkel said that Europe needs structural political reforms if it is to resolve its crisis
Merkel called on the G20 to pursue the agenda for growth and employment set out by current chair, Mexico
To tap the energy and ideas of young leaders under 30, the Forum brings 70 Global Shapers to Davos
The theme of the 42nd World Economic Forum Annual Meeting is The Great Transformation: Shaping New Models.

Davos-Klosters, Switzerland, 25 January 2012 – Europe needs to move forward with structural political reforms if it is to resolve its sovereign debt crisis and put to rest doubts about its unity and viability, German Chancellor Angela Merkel said in an address to participants in the opening plenary session of the World Economic Forum’s 42nd Annual Meeting. At the core of the crisis are weaknesses in the competitiveness of many European countries, she remarked, noting that deficits have accrued over the years. “There is a clear lack of political structures and underpinnings to make this work,” Merkel acknowledged. “We are not going to become faint of heart. But we will not be able to wave a magic wand to address this. Yet at some point in time we have to do something about these weaknesses.” Concluded the German leader: “The question is: Do we dare to have more ‘Europe’? In the year 2012, yes, we do dare.”