25.07.2008

• Oil down by over $23 to $124 since record
• What a relief! Look at what news can do to us? Till last week, the economy – whether of the world or of our country – seemed headed for slower growths and higher inflation, on the back of high crude prices. Now, inflation is reported to have cooled slightly: 11.89% over last week’s 13 year high of 11.91%.
• New record oil discoveries north of Arctic pole are reported. Some 90 billion barrels of oil and nearly a third of the world’s undiscovered natural gas remain untapped under an area north of the Arctic Circle, US government scientists estimate, in the largest-ever survey of the area’s energy potential. All told, the area accounts for about a fifth of the world’s undiscovered, technically recoverable oil and natural gas reserves.
• All of a sudden I see so many bits and pieces that can fall together into place making the ride a non-turbulent one, if not a smoother one.
• Philosophically speaking, I think it is the herd mentality that grips us, that is the root cause of our despair or hope.
• Language lessons: carpe diem
• Used as an admonition to seize the pleasures of the moment without concern for the future. This is used both an interjection and a noun.
• Seize the day, seize the moment, enjoy the present.
• The four phases of globalization
• If you are looking for a good essay on globalization, this is one piece that you can’t afford to miss. Written by Alok Sheel, a civil servant whose writings we usually follow keenly, this piece is useful both for those pursuing economics and international relations as subjects of study. Recommend it.
• The debate on Press Note 1
• We have noted about this recently in Discover It blog. With the government’s intent having been aired, it is but natural that a huge debate follows. Look at this debate that followed. Very interesting.
• SBI - State Bank of Saurashtra merger
• The government on Thursday approved the merger of State Bank of Saurashtra (SBS) with its parent State Bank of India (SBI). The move would make way for the merger of other six associate banks of State Bank of India (SBI) with itself. The amalgamation would help SBI take on competition in a better way.
• The Centre would have to repeal the State Bank of Saurashtra Act 1950, and amend the SBI Subsidiary Act 1959, to effect the SBI-SBS merger. The government would delete references to the SBS Act from the SBI Subsidiary Act, 1959, wherever it occurs.

• Gates and Bloomberg to help fight smoking in India and China
• Bill Gates, one of the world’s richest men, and Michael Bloomberg, New York mayor, have jointly committed to invest $500 million towards anti-smoking efforts in developing countries like India and China. The investment, spread over 4-5 years, is aimed at helping developing countries implement policies and increase funding for tobacco control.
• International students in US and UK
• Last year the US had seen an enrolment of 83,000 international students. Many of them from India.
• Similarly the UK has seen enrolments of 26,000 from India alone.