02.10.2007

  • Let us remember and be proud of the Father of our Nation: Mahatma Gandhi. It is his birth anniversary today. I hope all my readers will dedicate themselves to the ideals that the Father of our Nation has stood for.
  • Country’s first FoF from ICICI Bank
    • FoF = Fund of Funds. An FoF is an investor group that invests in private equity funds in order to provide investors a lower risk product through exposure to a large number of investment vehicles across sectors and even geographies. It would also help investors to route investments in some funds, which could be closed to them.
  • Google Mail vulnerability CSRF
    • CSRF stands for Cross Site Request Forgery. It is also called The Sleeping Giant.
    • It basically allows an intruder to trick Gmail into sending a copy of mails coming to the user’s inbox to him.
    • It is a three-step process:
      • In a mail received by the user, a link is embedded that promises more information. This embedded link will have a forged POST request.
      • This creates a filter that forwards a copy of all emails coming into the user’s inbox to the attacker’s email.
      • Gmail allows the creation of the filter, because the user is logged in at the time it is being created.
    • But Google seems to have noticed the glitch and corrected it. No one seems to have misused the vulnerability so far.
  • Defence policy offsets hold promise for Indian companies
    • We have noted about defence offsets earlier. Remember? Look here.
    • With the country scheduled to spend around $6000 mn in the defence sector during 2007-12, it is expected to bring in lot of benefits for the indigenous industries. It is also expected to give a good foothold for the MNCs to make a beginning in India.
  • New global pact on coffee ready
    • The new coffee agreement envisages a greater focus on promotion as cultivation can be sustained only if global consumption levels reach a stage where production stays viable.
    • International Coffee Organization – ICO has elected India’s GV Krishna Rau (he is the Coffee Board Chairman) as the head of the ICC – International Coffee Council, the general body of the ICO.
  • Bonus ceiling hiked for workers
    • We noted earlier that the ministry of labour has to take a call on this issue. Remember of 29th April noting about this?
    • Now the decision is taken and it is raised to Rs. 10,000/-. This decision is expected to benefit about 7% of the total workforce in the country working in the organized sector.
    • As this calls for an amendment to the Bonus Act, the government is likely to bring out an ordinance, as the Parliament is not in session.
  • UASL costs
    • We have noted a couple of days ago that hundreds of applications are pouring in for the telecom licences. But do you know how much does it cost to possess a licence? A cool Rs. 1500 crores, under the current 2G policy.
  • Economy’s fundamentals
    • Some of you have been asking me about what is meant by Indian economy’s fundamentals. I have answered it once. But today, let’s take a look at what a seasoned financial honcho describes it as:
      • Interest rates: To be reasonable. Neither too low (as in Japan) nor too high.
      • Inflation: To be low. As it currently is at less than 5%.
      • Monsoon: India specific factor. Should be good.
      • Oil Price affordability: Though international prices of crude are hovering above the $80 per barrel mark, the strengthening rupee has softened the effect to some extent. But crude prices should be affordable. I wouldn’t consider $80 per barrel to be a comfortable price. It should be about half of that, to really keep our economy humming along.
      • GDP growth: Should be growing well. It currently is doing very fine at about 9.3% in Q1, 2007-08.
      • Earnings growth: of top companies (like top 100, top 200 etc.) in the country should be showing an upswing.
      • IIP: should be showing an upswing. Though it is a cause for concern now; it is attributed to seasonal factors for the present. Not to structural weaknesses. Hence comfortable.
    • Should give you a better understanding of the concept.
  • Russian Academy of Sciences honours Indian scientist
    • Prof. Goverdhan Mehta of the Indian Institute of Science has been conferred the title of an honorary academician by the Russian Academy for his outstanding achievements in applied chemistry.
  • Chemical Weapons Convention
    • Unlike nuclear weapons, chemical weapons and biological weapons have been outlawed by the comity of nations.
    • The CWC was singed in 1993 and is in force since 1997. It is universal and does not create a chemical apartheid in which a small group of countries holds legitimate possession of weapons that are banned for everyone else.
  • Biological Weapons Convention
    • It was signed in 1972.
    • But its verification systems are not that strong as of the CWC’s. Hence it is seen as a failure rather than a success.
  • Gorkha Hill Council formed
    • The Union Cabinet cleared the formation of this Council; a long standing demand of the Darjeeling people.
    • It is an autonomous self-governing council under the VI Schedule of the Constitution. Bills for establishing the Council will be introduced in the Parliament in the coming winter session.
  • A funny quote to wind up the day.
    • “Ethics are so annoying. I avoid them on principle.” Darby Conley

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