Indian Current Affairs: 28.06.2007

I have answered a query about Dutch disease and our exchange rate in today’s Discover It blog. Take a look at it here.
About blank cheque firms

These firms raise funds through public offerings with the intention of acquiring small and mid-sized companies in a particular sector or geography.
These companies’ managements get in effect a blank cheque from shareholders to invest and hence the name. These companies are also called Special Purpose Acquisition Companies.
When they zero in on a potential acquisition, they ask their shareholders for approval and go ahead with the deal. They make investments in one or multiple companies. Most such firms have been raising funds in the rage of $100 mn.

It is snatching a team of employees, as opposed to a single employee, from a company into some other company.

Tony Blair laid down the office and Gordon Brown has taken over as the country’s PM.
It is reported hat Blair will be accepting a new role as Middle East envoy. This is a responsibility that is being thought of by the four major powers – the US, EU, Russia and UN.

All of you would remember about the Ozone hole. Let’s know something about Ozone’s polluting characteristics.
Ozone is a dangerous air pollutant that can cause irritation in the respiratory system, triggering shortness of breath, chest pain when inhaling deeply and wheezing and coughing.
Ozone is formed when sunlight acts on hydrocarbon pollutants spewed out into the air by vehicles and such industrial processes as painting, oil refining and manufacture of chemicals.

While our petroleum minister is reported to have been hopeful of clinching the deal shortly, Iran is keeping on upping the ante by seeking more changes in the clauses of the agreement. It now wants the gas prices to be reviewed once in every three years.
Pakistan is seeking a transportation tariff of $.70 per mBtu while we are willing to pay about $0.55 per mBtu. Further as against Islamabad’s demand of $0.493 per mBtu towards transit fee, we are willing to pay about $0.20 per mBtu.
With all these conflicting demands, the pipeline appears to me a pipe dream.

The following excerpt from an article written today in ET centre page is worth our attention.
Assertions that growth barely trickles down to the poor are nonsense. Sustained rapid growth does not just trickle down, it forcefully ‘pulls up’ the poor into gainful employment.
Look at our experience. During 1950-1980, our per capita income grew less than 1.5% per annum with the result that we achieved no reduction in poverty. But growth began to accelerate in the 1980’s. Per capita incomes annually grew approximately 4.5% between late 1980’s and 2006-07. During the last four years, they increased almost 7% per annum. Correspondingly, the proportion of the poor in the population has been cut into half since the mid-1980’s.

These notes, which are structured as NCDs – Non-conertible debentures, have payoffs that are dependant on underlying equity index or portfolio.
For instance, the bond could be issued at Rs. 100 which pays off 100+3% at maturity and tweaked with an equity kicker or option. The option could be if the Nifty moves by more than 50% anytime between the day of allotment and the maturity of the bond. The payout would increase to Principal+20% at maturity or redemption date.

In Mizoram, bamboo seeds that appear every 50 years are considered a harbinger of famine. Because by eating these seeds, rats multiply very quickly.
Reportedly local people there seem to have discovered their aphrodisiac properties. But initial tests conducted by NIN found nothing to substantiate these beliefs.

It is a form of agriculture that avoids or largely excludes the use of synthetic fertilizer and pesticides, plant growth regulators and livestock feed additives.
Organic farmers rely on crop rotation, crop residues, animal manures and mechanical cultivation to maintain soil productivity.

Indian Current Affairs