WEF summit kicks off as uncertainties stare at world economy

<div dir="ltr" style="text-align: left;" trbidi="on"><div id="5780" style="display: block; text-align: justify;"> <ul style="text-align: justify;"><li><strong>The World Economic Forum`s five-day annual meeting began in Davos</strong> this morning with top business and political leaders from across the world in attendance in this snow-laden skiing resort town, away from the gloomy economic scenario prevailing in most parts of the globe. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>Ahead of the summit, a worldwide CEO survey last evening showed that the confidence has plummeted sharply about the global economic growth, even as the companies are relatively more optimistic about their own revenue growth. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>In its first session, the WEF Annual Meeting 2012 is hosting a debate on the future of capitalism and its relevance in the 21st century, even as the event is often known as an annual congregation of the rich and powerful of the world. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li><strong>The theme of this year`s meeting is `The Great Transformation: Shaping New Models`.</strong> </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>The meeting, among other issues, would discuss `India`s Tall Ambitions`, its preparedness to deliver inclusive growth for a huge population, while achieving effective governance at central and state levels and promoting its model of democratic capitalism. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>There would also be a discussion on `How Immune Is India`, in the backdrop of the Europe, Japan and the US facing serious structural and societal challenges.</li> </ul><div style="text-align: justify;"></div><ul style="text-align: justify;"><li>WEF, a Geneva-based non-profit organisation, has been holding this Annual Meeting here for over four decades now. Close to 40 heads of state or government from across the world are attending the meeting this year, while WEF is anticipating a record of over 2,600 participants this year, including more than 1,600 business leaders from across the world.</li> </ul></div></div>

WEF summit kicks off as uncertainties stare at world economy

The World Economic Forum`s five-day annual meeting began in Davos this morning with top business...

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KMF launches Rs 4 milk in Tetra Pak package

<div dir="ltr" style="text-align: left;" trbidi="on"><div id="5781" style="display: block;"> <ul><li>Karnataka Cooperative Milk Producers Federation Limited (KMF), the second largest cooperative dairy in the country, launched Nandini GoodLife toned milk in 100 ml Tetra Pak packages at a price point of Rs four.  </li> </ul><ul><li>The new product would be made available to consumers in Karnataka, Tamil Nadu, Andhra Pradesh and Kerala, KMF said in a statement.  </li> </ul><ul><li>The new format will help us reach even the most remote areas of the southern states, said KMF Chairman G Somasekhara Reddy.  </li> </ul><ul><li>Packaging their toned milk in TFA packages allows KMF to increase the reach of the product with its lower pricing, said Tetra Pak South Asia Markets Managing Director Kandarp Singh. </li> </ul></div></div>

KMF launches Rs 4 milk in Tetra Pak package

Karnataka Cooperative Milk Producers Federation Limited (KMF), the second largest cooperative dai...

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Govt scraps weekly release of WPI and opts for monthly release

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;">The government will discontinue weekly release of food and fuel inflation data based on wholesale price index (WPI) and instead shift to monthly reporting, a government official said, without citing a reason. </li> </ul><ul style="text-align: justify;"><li>"The data will now come on a monthly basis," Neelam Kapur, the government's spokeswoman told Reuters. </li> </ul><ul style="text-align: justify;"><li>The timeframe for the shift to monthly reporting is not known as yet. </li> </ul><ul style="text-align: justify;"><li>Earlier, the Business Standard newspaper reported that a group of ministers in charge of economic affairs has approved in principle to release inflation figures only on a monthly basis to "curb speculative movement in prices and give a holistic inflation picture". </li> </ul><ul style="text-align: justify;"><li>The WPI-based data tracks the rate of price rise for food articles, primary articles, fuel and power. </li> </ul><ul style="text-align: justify;"><li>India used to release the WPI inflation data only on a weekly basis until October 2010, when it began reporting inflation data on both weekly and monthly basis, the paper said. </li> </ul><ul style="text-align: justify;"><li>The report said the food and fuel inflation numbers for the week ending January 14, however, will be released on Friday, a day later than its usual release day as January 26 is a public holiday. </li> </ul><ul style="text-align: justify;"><li>The monthly inflation data is released on the 14th of every month.</li> </ul></div>

Govt scraps weekly release of WPI and opts for monthly release

The government will discontinue weekly release of food and fuel inflation data based on wholesale price index (WPI) and instead shift to m...

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IMF lowers India's growth forecast to 7%

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;">The International Monetary Fund (IMF) has lowered India's economic growth rate forecast to 7 percent for the year 2012, which is 0.5 percentage point lower than its projection made last September for the same period.<span>     </span></li> </ul><ul style="text-align: justify;"><li>For 2013, the IMF has revised the growth forecast to 7.3 percent, which is again 0.8 percentage point lower than it  earlier forecast.<span>     </span></li> </ul><ul style="text-align: justify;"><li>The IMF, in its revised estimates, has also brought down the economic growth forecast for most of the major economies, including China.<span>     </span></li> </ul><ul style="text-align: justify;"><li>"The global recovery is threatened by intensifying strains in the euro area and fragilities elsewhere. Financial conditions have deteriorated, growth prospects have dimmed, and downside risks have escalated," said the latest World Economic Outlook report released by the IMF.<span>     </span></li> </ul><ul style="text-align: justify;"><li>Global output is projected to expand by 3.25 percent in 2012 a downward revision of about 0.75 percentage point relative to the September 2011 World Economic Outlook.<span>     </span></li> </ul><ul style="text-align: justify;"><li>This is largely because the euro area economy is expected to go into a mild recession in 2012 as a result of the rise in sovereign yields, the effects of bank deleveraging on the real economy, and the impact of additional fiscal consolidation, the report said.<span>     </span></li> </ul><ul style="text-align: justify;"><li>"Growth in emerging and developing economies is also expected to slow because of the worsening external environment and a weakening of internal demand," the World Economic Outlook report said.<span>     </span></li> </ul><ul style="text-align: justify;"><li>The most immediate policy challenge is to restore confidence and put an end to the crisis in the euro area by supporting growth. </li> </ul></div>

IMF lowers India's growth forecast to 7%

The International Monetary Fund (IMF) has lowered India's economic growth rate forecast to 7 percent for the year 2012, which is 0.5 p...

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EU blacklists Iran’s Bank Tejarat

<div dir="ltr" style="text-align: left;" trbidi="on"><div id="5784" style="display: block;"> <ul><li style="text-align: justify;">The European Union has blacklisted Iran’s state-owned Bank Tejarat and imposed trade sanctions on it. </li> </ul><ul style="text-align: justify;"><li><strong>The EU said that Bank Tejarat had directly facilitated Iran’s nuclear efforts in various ways to Iran’s Atomic Energy Organization to acquire yellowcake uranium.</strong> </li> </ul><ul style="text-align: justify;"><li>It said that Bank Tejarat has a history of helping designated Iranian banks circumvent international sanctions. It stated that by providing financial services to other banks, Bank Tejarat has also tacitly supported the Revolutionary Guards and other Iranian military organizations. </li> </ul><ul style="text-align: justify;"><li>The move is aimed at further isolating Iran and exerting pressure on it to begin talks on its disputed nuclear program. EU governments agreed on Monday to an immediate ban on all new contracts to import, buy or transport Iranian crude oil, and to freeze the assets of Iran’s central bank. </li> </ul><ul style="text-align: justify;"><li>They also agreed to ban all trade in diamonds, gold and other precious metals with the central bank and other public bodies. Western powers allege Iran’s program is aimed at developing nuclear weapons capability. </li> </ul><ul><li style="text-align: justify;">Iran says it is enriching uranium solely for peaceful purposes.</li> </ul></div></div>

EU blacklists Iran’s Bank Tejarat

The European Union has blacklisted Iran’s state-owned Bank Tejarat and imposed trade sanctions on ...

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Ex-IAEA chief El Baradei to lead mediation mission to Syria

<div dir="ltr" style="text-align: left;" trbidi="on"><div id="5785" style="display: block; text-align: justify;"> <ul style="text-align: justify;"><li>The former chief of the UN nuclear watchdog, IAEA and the Egyptian Nobel laureate, Mohammed ElBaradei will head an Arab League mediation mission in Syria. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>Arab League Secretary General Nabil al-Arabi asked El Baradei to play the role of a mediator to resolve the ongoing crisis in Syria, which he has accepted. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>ElBardei was awarded the Nobel Peace Prize in 2005.</li> </ul></div></div>

Ex-IAEA chief El Baradei to lead mediation mission to Syria

The former chief of the UN nuclear watchdog, IAEA and the Egyptian Nobel laureate, Mohammed ElBar...

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Obama to put more trade pressure on China

<div dir="ltr" style="text-align: left;" trbidi="on"><div id="5786" style="display: block; text-align: justify;"> <ul style="text-align: justify;"><li>US President Barack Obama said he would step up pressure on China and other countries that unfairly subsidize exports to the United States. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>Announcing a push to shore up American manufacturing and create jobs, he said he would establish a  new government body dedicated to fighting countries which subsidize exports to the United States. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>He also pledged more vigilance against imports of counterfeit and unsafe products from abroad. "Tonight, I'm announcing the creation of a Trade Enforcement Unit that will be charged with investigating unfair trade practices in countries like China," he told Congress in his annual State of the Union address. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>"I will go anywhere in the world to open new markets for American products," he said. "And I will not stand by when our competitors don't play by the rules.  We've brought trade cases against China at nearly twice the rate as the last administration -- and it's made a difference." </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>"It's not right when another country lets our movies, music, and software be pirated. It's not fair when foreign manufacturers have a leg up on ours only because they're heavily subsidized."</li> </ul></div></div>

Obama to put more trade pressure on China

US President Barack Obama said he would step up pressure on China and other countries that unfair...

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SC pulls up Centre for prolonged detention of Pak prisoners

<div dir="ltr" style="text-align: left;" trbidi="on"><div id="5787" style="display: block; text-align: justify;"> <ul style="text-align: justify;"><li>The Supreme Court pulled up the Union government for prolonged incarceration of several Pakistani prisoners in Indian jails despite their having completed their sentences. "There is total inaction and laxity on the part of the government. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>The bench said it was more concerned about the liberty of the persons who continue to be in jails despite serving their sentences. The bench comprises of justices RM Lodha and HL Gokhale while ruing that some prisoners had been kept in detention even without having any case registered against them </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>The bench pointed out that the prolonged detention of foreign nationals was violative of the constitutional right of the life and liberty granted under Article 21 to every person in the country, including the foreign nationals, infraction of which cannot be condoned by the courts. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>The apex court directed Additional Solicitor General Vivek Tankha to furnish to the court the government's policy, if any, for dealing with such foreign nationals. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>The apex court pointed out that the case relating to the alleged illegal detention of foreign nationals was pending with the courts since 2005 but the government was not taking any steps to deport them, even after they having completed their respective prison terms. </li> </ul><div style="text-align: justify;"> </div><ul style="text-align: justify;"><li>The apex court made the observation while dealing with two separate public interest litigations (PILs) relating to alleged prolonged incarceration of Pakistani and Bangladeshi nationals in Indian jails.</li> </ul></div></div>

SC pulls up Centre for prolonged detention of Pak prisoners

The Supreme Court pulled up the Union government for prolonged incarceration of several Pakistani...

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UN Conference on Disarmament could fail: Ban Ki-moon

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;">UN Secretary General Ban Ki-moon has warned that the UN Conference on Disarmament could fail because of a three-year stalemate over Pakistan's reluctance to discuss nuclear power. </li> </ul><ul style="text-align: justify;"><li>In a statement in Geneva, Ban said this distinguished body is no longer living up to expectations. </li> </ul><ul style="text-align: justify;"><li>Warning the delegates from 65 countries, Ban said that the tide of disarmament is rising, yet the Conference on Disarmament is in danger of sinking. The UN chief lamented that the practice of deciding by consensus is currently used as a de facto veto power to stall every attempt to break the impasse. </li> </ul><ul style="text-align: justify;"><li>Urging the immediate start of nuclear negotiations, Ban said the future of the conference is in the hands of member states. </li> </ul><ul style="text-align: justify;"><li>Citing national security, Pakistan has since May 2009 balked at implementing a work programme established by the UN conference, blocking the resumption of nuclear talks.</li> </ul></div>

UN Conference on Disarmament could fail: Ban Ki-moon

UN Secretary General Ban Ki-moon has warned that the UN Conference on Disarmament could fail because of a three-year stalemate over Pakist...

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Sachin not recommended for Bharat Ratna

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;">Master Blaster Sachin Tendulkar's name has not been recommended for the highest civilian award Bharat Ratna by the sports ministry, according to media reports.  </li> </ul><ul style="text-align: justify;"><li><strong>The sports ministry has sent the names of hockey legend Major Dhyan Chand and mountaineer Tenzing Norgay for the award this year</strong>. </li> </ul><ul style="text-align: justify;"><li>Recently the scope of the Bharat Ratan had been expanded to include exceptional services or performance of the highest order "in any field of human endeavour", thus sportspersons could also be chosen now for the award. Earlier the award could be given only in fields like arts, literature, science and public service. </li> </ul><ul style="text-align: justify;"><li>Talking to reporters, Sports Minister Ajay Maken said that the sports ministry has forwarded all the names recommended by the sports federations for the award and BCCI did not send any name for consideration</li> </ul></div>

Sachin not recommended for Bharat Ratna

Master Blaster Sachin Tendulkar's name has not been recommended for the highest civilian award Bharat Ratna by the sports ministry, ac...

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