29.06.2008

• Finally the government seems to have firmed up its stand on the nuclear deal
• The Government on Saturday made up its mind to go to the International Atomic Energy Agency (IAEA) for finalising the India-specific safeguards agreement provided the Samajwadi Party comes on board. The government is keen to notify the safeguards agreement with the IAEA secretariat by July 15. This sets the stage for the formal withdrawal of support by the Left parties.
• Looks interesting. Let’s wait and see whether the proviso becomes a reality.
• Field Marshal Manekshaw, as we noted, is no more.
• But can financial journalists be good obituary writers? My impression that they are too engrossed in reading some tables with data, graphs etc., got shattered when I read this story from – who else? – Mythili Bhusnurmath. I have become a great fan of her for the last couple of years; having been reading every one of her articles in ET. Look at the personal touch! A great tribute for a really great man. Long live Sam Manekshaw.
• Such obituary pieces do help you; at a later stage in your lives. As civil servants and humans, you will have to one day, say a few things about departed souls; both as part of your official duties and also as part of duties in your personal life. We have something to learn even from them. So, don’t think that it is an unnecessary diversion for us.
• In fact if you are into reading some personality development stuff like Robin Sharma, Norman Vincent Peale or a Stephen Covey, all of them tell you that at one point of time or the other that you should imagine how others would be writing or saying about you on the day you departed. This is what makes obituaries interesting.
• PDP withdraws from J&K government
• In the 87-member house, NC has 24, Congress 22, PDP 18, Panthers Party four and CPI (M) two seats as BJP and its allies have two seats besides one each to Awami League, and Democratic Movement. Rest 14 are with independents.
• What triggered the withdrawal? There is an ongoing agitation against the land transfer to SASB. The mass unrest revolves round nearly 100-acres land which the government transferred to the Shri Amarnathji Shrine Board (SASB). Suspecting it would be used to effect demographic changes in Kashmir, agitators want the order be cancelled. Though National Conference (that made the law in 2000 and set up SASB) and PDP (that processed the land diversion file) insist the mass apprehensions are unfounded but want the order be withdrawn to prevent the peace process from getting derailed.
• The housing bubble in the US is yet to play in full, say experts. See an excerpt from an article that appeared today:
• The housing crisis is entering a new and frightening stage. On June 24, Standard & Poor’s announced that the S&P/Case-Shiller 20-City Home Price Index had fallen more than 15% in April from a year earlier. Adjusted for inflation, the decline is the biggest since 1940-42, according to data collected by Yale University economist Robert Shiller. The risk for the financial system and the economy is that the price drop, already horrifying, will start feeding on itself. When home values fall low enough, hard-pressed homeowners become less able or less willing to keep paying their mortgages. That forces lenders to repossess homes and then dump them back on the market at fire-sale prices, which depresses prices further and leads to even more foreclosures.
• One more cause for the rise in foreclosures is due to ‘the ticked-off factor.’ Even homeowners with high credit scores feel cheated that they’re paying more than they can afford for a house that is worth far less than the debt on it. This is perhaps leading to what is being referred to as ‘buying and bailing’ -- that is, buying an additional house while their credit is still good, then walking away from the old one unless they can cut a favourable deal with the lender. But banks are receptive to lending for such purchases because they figure the buyer will be able to afford the new, cheaper place.
• India Japan to sign currency swap deal
• Remember what we noted on 17^th June, 2007 about this?
• The deal is about to be signed today in Basel, Switzerland by the governors of the respective central banks. It will be effective immediately.
• The swap arrangement will enable both the countries to swap yen and rupees against US dollar up to $3 billion. That means, Japan will accept rupees and give US dollars to India if the need arises and India too will accept yen against dollars. However, drawing beyond 20% of the stipulated amount ($3 billion) would require India to have an IMF (International Monetary Fund)- support programme.
• A picture is worth a thousand words. You will find the saying really meaningful once you look at this graphic about Canadian oil reserves.
• The current high prices of crude have made extraction of oil from the Canadian tar sands economically viable.
• World Stroke Day
• June 24. On this day, the World Health Organisation (WHO) observes ‘World Stroke Day’ to draw attention to the fact that stroke is becoming a global problem and expected to assume epidemic proportions in the developing world.
• BTW what is stroke? These symptoms signify stroke.
• Sudden numbness or weakness of the face, arms, or legs
• Sudden confusion or trouble speaking or understanding others
• Sudden trouble seeing in one or both eyes
• Sudden trouble walking, dizziness, or loss of balance
• Sudden severe headache with no known cause
• All of the symptoms of stroke appear suddenly, and often there is more than one symptom at the same time
• Wanna have lunch with Warren Buffet?
• Be prepared to shell out $2.1 mn for the honour.
• Read this story, which says that a certain Chinese guy had bid $2.1 mn to have lunch with the investment guru – Warren Buffet, as part of the latter’s yearly fund raising efforts for charity.