Pakistani President says Militants in Kashmir are terrorists

• In a statement, Pakistan President Asif Ali Zardari has described militants operating in J&K as “terrorists’’. This is significant since for the first time a top Pakistani leader has dared to state this in public and vindicate the stand of the Indian establishment
• Zardari also said that Pakistan did not look upon India as a threat. He had no objection to the India-US nuclear cooperation pact as long as Pakistan is treated “at par’’
• India raised these issues in the UNGA meet with Pakistan—Pakistan’s failure to curb terror groups in their anti-India activities, the increasing frequency of ceasefire violations and the ISI-engineered attack on the Kabul mission. Senior government officials nonetheless seemed delighted with Zardari’s interview
• Does this signal Shifting of stance or just political rhetoric?

Tata’s Nano is in trouble in Hyderabad

• The search for a land for Tata Motors’ Nano car factory in Andhra Pradesh ran into trouble on Sunday
• About 100 farmers of Sitarampur village, close to the Hyderabad international airport where the ruling Congress government in the state is offering land, staging protests and blocking roads. The farmers tried to stop Tata officials from visiting the area for a land survey.
• State government officials, however, said the 1,148-acre land—25 km from Hyderabad and 3 km from the Rajiv Gandhi International Airport—belonged to the endowments department and that a textile park had been planned there earlier
• Anxious to ensure that their efforts to woo Tatas don’t go waste, revenue authorities have also identified another 1,200 acres in Alur village about 40km from Hyderabad.

Sebi may ease PN curbs to increase capital inflows

• SEBI is set to ease some of the restrictions imposed on foreign portfolio investors last year. The move is part of an effort to bolster capital inflows which have been slowing down lately
• Foreign institutional investors (FII), who were barred from holding more than 40% of their assets in participatory notes (PNs), could be given some flexibility on this count in the backdrop of the changed scenario in the domestic financial market.
• The 18-month deadline — ending in March 2009 — to unwind certain PN positions is also likely to figure at the meeting
• Foreign institutional investors (FIIs) have so far taken out close to $10 billion, while foreign borrowings have aggregated close to $10 billion so far compared to net borrowings of $22 billion during the last fiscal
• Policymakers are of the view that capital flows should be eased to take some pressure off the rupee which has been slipping against the dollar

Creditors accuse JPMorgan of ‘bringing down’ Lehman Brothers

• JPMORGAN has been accused by its Wall Street rivals of dealing the final hammer blow that forced Lehman Brothers into collapse in a sensational claim that threatens to spark a colossal legal battle
• The giant American bank is alleged to have frozen $17 billion of cash and securities belonging to Lehman on the Friday night before its failure. This was what precipitated the liquidity crisis that embroiled the firm, forcing it into Chapter 11 bankruptcy protection on the morning of Monday
• The funding lines provided to Lehman to finance its everyday operations amount to $188 billion, according to court filings. The creditors are now demanding that JPMorgan open up its books to the bankruptcy court to allow the transactions to be assessed

New York State Supreme Court stops Wachovia sale

• Citigroup said it won a court order late on Saturday blocking Wells Fargo from buying hobbled US bank Wachovia Corp until the court rules otherwise
• Citigroup and Wells Fargo are battling for control of sixth largest US bank Wachovia, which has been hit hard by bad mortgages amid turmoil in global credit markets, but has a large network of branches
• Citigroup, which planned to buy Wachovia’s banking assets for $2.2 billion, said court has granted an injunction extending Wachovia’s agreement to negotiate exclusively with Citigroup

US President George W Bush to sign N-deal on Oct 8

• US India nuclear dealmakers will troop into the White House East Room on Wednesday for the formal signing into law of the legislation by President Bush
• State Department officials said that after it becomes law, the President will make two certifications required under the law: (1) that conclusion and implementation of the agreement by its terms is consistent with US obligations under the Nuclear Non-Proliferation Treaty; and (2) that it is the policy of the US to work with NSG members to further restrict transfers of equipment and technology related to uranium enrichment and reprocessing of spent nuclear fuel.
• Following the certifications, India and the US will exchange diplomatic notes pursuant to Article 16(1) of the 123 pact, thereby bringing it into force.

Excellent graphic in ET

• Rarely do we come across a graphic that explains a complex issue in succinct manner
Look at this graphic. It explains background and stances of John McCain and Barak Obama on various issues. As you know, these two senators are locked in a hot contested race for the post of the US President

Baba Ramdev’s Ad

• Have you ever wondered why Google Chrome is so popular in India? See this hoarding
• Excellent way to connect with the tech savvy youngsters and professionals
• Image courtesy of deadpresident.blogspot.com