- Japanese government refuses to apologize for use of sex slaves
- During World War II, hundreds of thousands of mostly Asian women were recruited into serving the Japanese army as prostitutes, euphemistically named "comfort women," in the wartime brothels of Asia during the Japanese occupation of
- The women working in the licensed pleasure quarter were 40% Japanese, 20% Koreans, 10% Chinese, with others making up the remaining 30% (including white female). Many of these women say they were forced into sexual slavery by
- In 1993, in what came to be known as the “Kono Statement”, (so named after the cabinet secretary Yohei Kono)
- US Congressman Michael Honda had introduced a resolution calling on
- World’s largest thin film solar fab
- Is going to be established by Moser Baer at Greater Noida. It entails an investment of about $25 crores over three years.
- Cognizant Technology Solutions is the 2nd Indian company to open remotely from Chennai on NASDAQ
- Infosys was the first.
- It is a practice called ‘ringing the bell’ to mark trading of its shares in the
- Ms. Charlotte Crosswell is the President of NASDAQ
- All ye IAS aspirants and other aspirants of competitive exams will be surprised to know that you are feeding an industry which is estimated to be about Rs. 5,000 crores in size.
- Of this, IIT coaching accounts for Rs. 500 crores, MBA Rs. 300 crores, Medical entrance Rs. 250 crores and Civil Services Rs. 200 crores.
- Civil services aspirant market comprises about 10% of the total market.
- Offshore SPVs for infrastructure development
- The budget proposed setting up of two offshore SPVs (Special Purpose Vehicles). One is dedicated for funding transnational projects and the second is dedicated for financing capital imports that infrastructure companies may be required to make through the issue of ECBs (External Commercial Borrowings).
- ECBs have a inflationary impact on the country, since the foreign borrowings are converted into Indian rupees before being utilized within the country, thereby increasing money supply in the economy.
- But the supply of forex directly to the SPV to fund import of capital equipment will be inflation neutral for the country.
- New variety of financial instruments in the offing
- Exchangeable bonds (EBs) is a new instrument that will allow corporates to raise capital by unlocking value in their strategic holding in group companies.
- This is an instrument that is likely to have a maturity cap of 4 to 5 years.
- A company can issue EBs to raise resources by offering the investor the option of converting the bonds into shares of a holding company of the issuer at the time of maturity. The bonds will be tradeable and will carry a competitive coupon rate.
- Almost all developed economies allow corporates to issue EBs.
- EBs will be different from FCCBs (Foreign Currency Convertible Bonds) since FCCBs can be redeemed only for shares of the issuing company and not for shares of a group company in which the issuing company has a stake.
- Independent debt management office
- One of the systemic measures announced by the recent budget was the establishment of this office.
- Globally this is a normal practice.
- Not separating the management of public debt function from the RBI which also manages the monetary policy, has an inherent conflict of interest. As the merchant banker to the government, its job is to raise money at competitive terms (low interest rates), while as monetary authority its job is more often to call for an increase in the rate of interest.
- Why is the UPA losing its sheen?
- Remember the NDA’s India Shining campaign? In spite of the economy performing very well, the UPA government also is finding itself in an inexplicable situation. But for the recent spurt in inflation, there is nothing that seems to be wrong with the dispensation. Yet it is losing elections. Normal expectation is that when the economy is performing well, people will be happy and they will vote the government back to power. But why is that this appears to be not the case?
- In a well written piece, MK Venu gives some sound logic. Read the full article here.
- It is presumed that a whopping 25 crore (250 mn) population is aspiring to join the ranks of the already 5 crore strong middle class that is more integrated with the global economy. It is this new aspiring class that may be politically asserting itself, and articulating opinion on behalf of the relatively poor.
- Recent NSS surveys have shown that about 50 to 60% of the rural and urban employed are today self-employed. These are more exposed to the risks of the market system. The turbulence that is experienced by this section could be making them vote against the establishment, in spite of the excellent performance of the economy.
- Data also shows that there is a fall in real wages for this section. So, the impact of inflation will be more telling on them. This could also be one reason for their disenchantment with the government.
- If this were really so, we could expect NDA back in saddle in routine fashion. Because whatever is the NDA finding itself now as, the Congress found itself so when the NDA was in power, and yet it gained power in the ensuing elections.
- Judicial commission into Godhra incident and subsequent communal riots
- The two member commission is headed by G.T. Nanavati and K.G. Shah.
- Jansangharsha Manch is a voluntary organization representing the riot victims.
- Sport
- They beat NewZeland at the MA Chidambaram stadium in Chennai.
- Australian Lleyton Hewitt beat Austrian Juergen Melzer to win the title for a third time.
- Squash
- Saurav Goshal entered the PSA world men’s ranking at 45th position. With this he became the 2nd Indian after Ritwik Bhattacharya to enter the top 50 world rankings.
- Cricket
- Sachin Tendulkar is the highest run maker in the history of one-dayers with 14,783 runs from 381 matches.
06.03.2007
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