Finance & Economy
  • India need not worry about capital inflows for now; says FM
    • Finance minister Pranab Mukherjee has ruled out any control on overseas fund flows for now as asset markets are not in a bubble zone yet, even as economists worry about a widening current account deficit and its effect on soaring prices.
    • India has received the highest inflow of foreign funds—nearly $19 billion—into equities this year since it opened the doors to overseas investors nearly two decades ago. Citigroup forecasts it to rise to $25 billion as yield-chasing investors are lured by the 8.5% economic growth, a far cry in developed nations. But that has forced the rupee to appreciate against the dollar, hurting exports and boosting imports, leading some to fear about a possible currency volatility.
  • Power struggle at SKS
    • This company which has been recently in the news for its strong IPO -- the first of its kind from the microfinance sector -- is now in the news for wrong reasons.  There appears to be an ongoing power struggle at the top in the company.
    • The company has suddenly dismissed its CEO and MD Mr. Suresh Gurumani yesterday.  The markets reacted nervously to the developments and beat down the stock by about 9%.
    • Read the story in full here.
  • On better ways to auction highways
    • This is a very good article by Srivatsa Krishna on an alternative method of auctioning highways.  Take a look.  Some excerpts for our keeps:
    • Private participation in highways is essential for three primary reasons.
      • First, to bring in capital, which the government is quite significantly short of.
      • Second, to bring in execution excellence by completing roads on time and within budget, which the government does not do very well.
      • Third, to bring world-class quality in highway design and construction.
    • Demsetz auction:
      • In a Demsetz auction firms compete 'for' the field rather than competing 'in' the field through a process that mimics competition. In other words, a government which wants to purchase a service or an asset such as a good quality road, they will bid and award it to the lowest bidder, which is the classic Demsetz auction or competing ‘for’ the field.
  • ‘Test tube baby’ scientist wins Nobel for Medicine
    • British physiologist and pioneer in reproductive medicine, Robert G Edwards, won the Nobel Prize in Medicine for developing in-vitro fertilisation. The former University of Cambridge professor, 85, will get the 10 million-kronor ($1.5 million) prize. His research partner, Patrick Steptoe, died in 1988.
    • Edwards and Steptoe, working in the face of opposition from church and government, created a procedure that led to the birth of the first test tube baby, Louise Brown, in 1978. Their work made it possible to treat infertility, which affects more than 10% of all couples worldwide, the Nobel Assembly said.
Language Lessons
  • diddle: Verb
    • Deprive of by deceit; Manipulate manually or in one's mind or imagination; [N. Amer, vulgar] Have sexual intercourse with; (slang) spend time ineffectually; procrastinate
    • eg: ...Arguably, that could also be used by Indian jobseekers disadvantaged by rules preferring EU nationals: they could always contend that it’s not their nationality that diddled them out of a job but prejudice against their gastronomic and sartorial preferences.
  • sartorial: Adjective
    • Of or relating to the sartorius muscle; Of or relating to a tailor or to tailoring
  • killjoy: Noun
    • Someone who spoils the pleasure of others