Neel Kashkari-an Indian American to look over the financial crises of Wall Street. (7th October 2008)

The finanacial catastrophe in the Wall street leading to global turmoil will be looked upon.Sure will it be, but that by an Indian American.Neel Kashkari the guy is set to prove his mettle and expert tackling.Just 35,he is the Assistant Secretary for International Affairs in the Department of Treasury,as the interim head for its new office of financial stability,which includes the troubled Asset Relief Program.It is seeing over this $700 billion problematic situation, threatening the US economy.
He has served in the Bush administration at Tier Two cabinet levels.If his appointment is confirmed he would be looking over the Treasurury's effort to buy sick areas and deal with them amicably,buying bad loans, and other upset securities.

Kashkari has bachelor's degree in engineering from University of Illinios at Urbana-Champaign.He has masters in aeorospace engineering .Having worked in R&D Principal investor at the company TRW in Redondo Beach,California,he has worked upon a technology for NASA on James Webb Space Telescope,to be replaced for Hubble.It is scheduled to be launched in 2013.

Global market heads towards recovery (19th September 2008)

Global markets are recovering now.European stocks opened with considerable margin following a day profiatable trading on Wall Street.The stock market in asia showed considerable recovery.
All this happened after the news spread of the package of up to $247 billion to be invested at money markets from the U.S federal reserve,European Central Bank,the Swiss National Bank,the Bank of England,the Bank of Canada and the Bank of Japan.The swelling upto $180 billion in fund availability is for getting away with the financial crises and ensure profitable business.

The bankruptcy of prominent U.S brokerage Lehman Brothers,a Bank of America, Merrill Lynch,AIG has dampened of their confidence by the investors.

Serious financial crises and the world economy (18th September 2008)

The most reputed and stable financial institutions of America have collapsed.Because of this, it has effected economy globally.Merrill Lynch,Lehman Brothers,American International Group AIG have gone in financial crises.This happened because of bad mortgage finance and real estate investments.Both Lehman and Merrill Lynch ventured into real estate with great risk and got caught up in financial problem.

With Lehman's stock tumbling sharply,other firms backed off from doing business with it.This is a serious financial crises and desperate measures are being taken to get out of it.Lehman has decided to curb its trading and filed for bankruptcy. Merrill Lynch has agreed to sell itself on Sunday to Bank of America for roughly $50 Billion.Lehman Brothers a securities firm, filed for bankruptcy and tried to liquify its assets, because of no buyer.It has decided to curb its trading operations and so on. As concerned to AIG (American International Group), its problem arose with its one unit dealing in complex debt securities and derivatives.That unit is a cause of loss which is more, than the profit margin from its other units functioning profitably.It's credit scores were lowered by credit rating agencies, making it to seek multibillion dollar investment in order to survive.American International Group AIG had to take help from federal Reserve.

According to the associated Press,this is reported to be the biggest collapse of an investment bank after Drexel Burnham Lambert 18 years ago. The whole question is of its after effects on the American economy and global economy like in Asian market and elsewhere.

The desperate need of these tumbling financial giants for buyers,series of deals and grouping and regrouping of other companies to counter financial worsening still does not give much respite from the situation. In India,people rushed to pull their shares of favourable price fearing they may lose more in collapsing sectors.This affected in loss in already wobbly situation.Realty and metal stocks have suffered big loss.Below 3761 is a danger sign.The major losers were Ranbaxy Laboratories (-5.44%), Satyam Computer (-4.52%), DLF (-4.21%), Jaiprakash Associates (-4.11%), Bharti Airtel (-3.82%) and ICICI Bank (-3.59%).Only Tata motors (1.24%) and State Bank of India (0.19%) made profit.

In other asian countires like Japan,Hong Kong, and South Korea stock market dipped more than 5 percent in morning trade.

As for now, the financial situation is very grave and has deteriorated because bulk of the investors have pulled their money all of a sudden and have invested in other places like treasury bills.Cost of borrowing has increased and federal bank is trying to relax its rules to avert the situation to the possible extend. The effect of all this would be more unemployment due to job cuts,less salary,high lending rates affecting the already weak housing market and so on.

Zardari becomes President of Pakistan (9th September 2008)

Asif Ali Zardari is the new Pakistani president after Pervez Musharraf.The widower of Benazir Bhutto and son in law of Late Zulfiqar Ali Bhutto is the co-chairman of Pakistan's People Party (PPP).He was elected with big majority. The leader of the House in the Senate Mian Raza Rabbani hailed his election and talked about the balance of president's power and the Judiciary.The leader also mentioned of the government's agenda in strengthening of law and order and restoration of Judges.

Georgia snaps diplomatic ties with Russia (30th August 2008)

Georgia has snapped its diplomatic ties with Russia. It moved for new propagation for EU and support from United States to pressurize Moscow to withdraw its troops. With the shutting off the diplomatic ties with the Russian federation, the Russian diplomats would have to leave Georgia. This was said by Deputy Foreign Minister Grigol Vashadze.
For the hundreds of thousands of Georgians living in Russia, consular relations nevertheless would be maintained as decided. The Human Rights Commissioner, Thomas Hammarberg mentioned of emptiness and large scale damaging situation of the ethnic Georgian villages in the region. The new satellite images give a different picture of havoc and ethnic cleansing against the Georgian population of South Ossetia which are denied by Russia.

Barack Obama, McCain and the American elections. (30th August 2008)

Barack Obama has been nominated for the American President post against McCain.McCain is the nominee from the Republican side.The vice presidential candidate of Obama is Joe Biden who is a senior senator from Delware.
The vice presidential candidate of McCain is Sarah Palin who is the governer of Alaska.Her sudden emergence into the limelight for vice presidential nomination has surprised many. Both sides claim of having the best mind on their side and best strategist for steering America into new course for a better future.

Beijing Olympics close with a dazzling show (25 August 2008)

With new records and new histories, the Beijing Olympics ended with a grand spectacle. Magnificent fireworks were displayed with nearly 90,000 people in the stadium in the form of Bird’s nest.

A delegation from London including the flamboyant soccer star David Beckham, was present. Gordon Brown the Prime Minister of Britain and London' mayor too were present. The Olympic flag was handed over to the London mayor by Beijing Mayor Go Jinlong.

The economic power of China was displayed as it had invested more than $40 billion in hosting Olympics. China got most of the gold medals and United States lead overall tally of medals.

There were some serious untoward incidents as the attack on Beijing tourist site when U.S volleyball coach Hugh McCutcheon’s father-in-law was fatally stabbed by a Chinese man who committed suicide after. China had taken measures to bring air pollution under control and media too did not display vivid widespread health concerns as foreigners had been attending the games. The menus of the restaurants had been modified keeping in view of tourists and as a whole the communist nation had shown smooth handling of logistics throughout the Olympics.

What is Russian Georgian Conflict basically? (23 August 2008)

Russia claims to have complied by ceasefire agreements but they are accused of still being present at some checkpoints.

The conflict of Georgia Russia is an anecdote of ethnics, regionalism and economic dominance. The issue has come under global limelight again due to the war but the hostilities are since long back. The issue has been cooking up since much before.

But in short, before the fall of the former USSR, South Ossetia was actually a part of Georgia which came under USSR.After the collapse of communism and Russia broke, these became independent countries.

The tension is due to the exertion of political dominance by Georgia over South Ossetia which South Ossetia does not like.Another region Abkhazia which too has the same tension with Georgia too is the cause of this Russia Georgia war.

On Nov 10 1989, the South Ossetia applied for autonomy to the Georgian Supreme Soviet.It had also been granted, but later what irked Ossetia was that the Georgian Supreme Soviet adopted a law barring regional parties in summer 1990.Ossetia took it as move against its concerns and repudiated Georgia’s official status over it by proclaiming South Ossetia a Soviet Democratic Republic. Ossetians also boycotted subsequent Georgian parliamentary elections and held their own contest in December. In turn, Georgia declared this election illegitimate and abolished South Ossetia’s autonomous completely in 11th December 1990. The fresh waves of hostility swept due to this between South Ossetia and Georgia.

Territorial tensions upon migration by natives. One event in turn lead to another, heightening hostility and bloodshed and large scale violence.Due to this violence, Georgians and Ossetians began migrating to other places for safety.This further created tension over territorial areas when Ossetians moved to settle in North Ossetia.This was objected by Ingush as the place had been their former territory before being expelled from there by Stalin. So the arrival of Ossetians at their former place infuriated the Ingush.

In the midst of all this hullabaloo, Georgia signed cease fire with Russia to avoid further escalation of situation.It also confirmed of not imposing of any sanctions against South Ossetia. Howerer the spark remained as Georgia still has control over much regions of South Ossetia including important town of Akhalgori.

To keep the matter from getting uneven, a peacekeeping force of Russians, Ossetians and Georgians was established.

The Incidents leading to attack by Georgia on Ossetia and Russia’s backlash.
In spite of ceasefire deal on August 13 2008, incidents like smuggling hostage takings,shootouts and bombing occassionally deteriorated the stability as claimed by Georgia and this one of the basic reason of its immediate attack on South Ossetia on 7th of August 2008 which has made headlines worldwide. Incidents such as passing resolution in support of South Ossetian secessionists by Russia, closure of important market hampering Russia’s trade by Georgia’s side, closure of highway in retaliation between Russia and Georgia by South Ossetians to hamper Georgia, all this made more reason for Russia to take a plunge into the war against Georgia.

Russia’s and Georgia’s Blame on each other.
Also Russia blamed Georgia of killing Russian peacekeepers and doing “ethnic cleansing” of natives in South Ossetia.Since many of the 70,000 people in South Ossetia speak Russian and have Russian passports.Russia thinks it needs to reassert its influence over its immediate borders here that is Georgia and South Ossetia and set things right. Georgia accuses Russia in toppling the government and causing to get regime change.

As of now the cease fire has taken place and Russian troops have withdrawn after the intervention of France in particular to negotiate. Russian military action was also condemned by the United States and other NATO countries to which Georgia has affinity inspite of not being NATO member.

Though all these are apparent reasons for war but the actual and internal motives still linger around economic superiority, proposed long term economic and business plans which either country would like to take advantage of.

Safeguards pact endorsed by IAEA chief (1 August 2008)

The primary inspection plan for India met safeguards standards.Talks have begun on a mode of extended checks,prospects for enhancing Indo-US nuclear deal.
A condition set for the Indo-Us nuclear deal to be carried forward was the approval of the inspection plans based on his recommendations. When the International Atomic Energy Agency governers gave a consent on this,India would now seek a waiver from 45 nuclear supplier nations to allow trading with a non NPt countries.After this US Congress would consent to finalise the final deal. Futher pros and cons are underway for full fledged implementations.

Pakistan demands nuclear status (31 July 2008)

After the Indo-US nuclear deal in formation, Pakistan also exerted its right to be granted nuclear status. Mohammed Sadiq,spokesperson for Pakistan Foreign Office showed concern for the national security and expressed that the government of Pakistan would do all within its ability to secure it.
In the context, the Central Intelligence Agency (CIA) has shown Pakistan new proofs of the links between country's spy service and some militant groups.The violence in Afganistan is linked to this factor.

Iraq Ban lifted by IOC (30 July 2008)

International Olympic Committee has relented and permitted Iraq to take part in the Olympics. IOC has lifted the ban on Iraqi atheletes for the beijing olympics. After the IOC had meeting with the Iraqi officials in Switzerland,the IOC revised their decision and now the athletes will be able to take part in the Olympics in Beijing next month.

“Bush a total failure” says Pelosi (18 July 2008)
The first woman speaker of the United States Nancy Pelosi has been a sharp critic of the American President. With her timely outpour of complete dissatisfaction over his policies in various interviews, she, yet again, came out with a highly frustrated tone. It was a backlash after two days to the President’s criticism in which he talked having just 26 legislative days in hand in the fiscal year. Bush said that Congress would require every other day to get its work done in this span of time. It wasn’t a matter of pride Bush commented.

In the interview, the Nancy Pelosi ruled out the President’s validity on such comments citing reason of him that of having no ideas. She also remarked that he was in no position to criticize the Congress.
Meanwhile Pelosi’s comments came when Congress approval was all time low in 30 years. Pelosi linked the cause of this to Congress’ failure in ending the Iraq war. She highly disapproved of congress’ working in ceasing the war.

Again opposed to the President’s favoring for offshore drilling for oil and opening up areas like Artic National Wildlife Refuge in Alaska for oil exploration, Pelosi has strongly taken a stand against it. In retrospect to this, 73 percent of poll has shown favor in this regard. The bottom line of her disapproval is due to the apparent non exhaustion of federal areas leased beforehand for approval in drilling. That should be in focus rather than venturing for new avenues for oil exploration, she meant.

Iran test fires more missiles (10th July 2008)
In continuation of the previous exercises,Iran test fired further missiles on Thursday,prompting United States to take steps to build anti missile defence setup.

G-8 leaders mention of countering global warming (9rd July 2008)
G-8 leaders of the world’s major economies pledged to combat climate change without highlighting specific steps in that regard. The leaders unanimously agreed to cut the greenhouse gas emissions by half by 2050.
The G-8 countries which make up Canada, France, Germany, Great Britain, Italy, Japan, Russia and the United States and the other countries that are South Korea, Mexico European Union, India, South Africa Australia, Brazil, China, and Indonesia.

Betancourt and 14 others get freedom (3rd July 2008)

After being in captivity for more than 6 years, the former Columbian presidential candidate Ingrid Betancourt along with three US contractors and 11 others got freedom.The rescue operation took on Wednesday by Colombian military force. This was reported by Juan Manuel Santos the defence minister.

The revolutionary Armed Forces of Columbia (FARC) kidnapped Ingrid Betancourt on February 23rd 2002. She is reported to be in fine health. Also when the plane carrying the three contractors Thomas Howes,Keith Stansell and Marc Gonsalves crashed in southern Columbia, the Revolutionary Armed Forces of Columbia kidnapped them and were held hostage .The three hostages were under the contract with the US Department of Defence and were working against anti-drug tasks in Columbia. FARC had plans to exchange Betancourt ,the three US citizens as scores of military and police personnel for FARC rebels in prison. The FARC have been outwitted and have lost three of their members including their Boss in recent time.

UN Condemns Zimbabwean government. (24, June 2008)

United Nations has condemned the Zimbabwean government because of its inefficiency in controlling the violence in the election campaign. The UN raised its doubts on smooth facilitation of such elections in such circumstances. But inspite of that Mugabe’s governenment which is incumbent, is confident of holding elections on 27th.

No immediate solution of high oil prices. (24, June 2008)

The United States has expressed hopelessness in lessening of the oil prices in short time. In the white house release statement, the government has expressed possibility in the increase of the oil production within that country. Though the statement also mentioned of the efforts in bringing down the fuel demand in taking control of other measures, still, there is a lookout for ways to increase domestic production in United States. in the same time Saudi Government has plans to increase its oil output.

Saudi Arabia will increase its oil production.(16th June 2008)

Saudi Arabia has decided to increase its oil production by 200,000 barrels per day from next month.This was told by Kingdom's oil minister to U.N. Chief Ban Ki-moon according to Ban's spokesman. On meeting with Oil Minister Ali al-Naimi U.N. chief was disclosed of this decision.

Rise in Oil Prices (6, June 2008)

Oil price have caught the headlines recently due their increased prices. Analysts reason out the increase in prices due to various factors. Some reasons are due to political tensions circulation around middle east countries. The deteriorating condition of Iraq, terror attack in Saudi Arabia, all make impact. The change in supply limit due to speculations on the demand for oil too pave way for a price change. OPEC decided to reduce its production limit, though not causing scarcity, but nevertheless it did cause tension in developed countries and effected price. As the price of Oil is above $120 a barrel, the price of gas, kerosene, petrol and other petroleum products too has been effected. Due to unavoidable circumstances Oil companies were forced to sell at a loss of millions of pounds a day. Countries too have responded with respect to the global scenario like Malaysia which is a net exporter of Oil has raised fuel prices by 41 percent .It has also dropped subsidies.
The price rise of petrol diesel kerosene all has effected a common man in India and there is a heavy pressure on the democracy to come up with a respite in some way or the other.

2008- International Year of Sanitation (4, Jan 2008)

Recognizing the impact of Sanitation on Public Health, poverty reduction, economic and social development and the environment United Nations launched 2008 as the International Year of Sanitation to accelerate progress for 2.6 billion people worldwide who are without proper sanitation facililites. India is a signatory to this resolution. The central objective of the International Year of Sanitation is to put the global community on track to achieve the sanitation MDG.India is committed to achieve this objective on a time bound manner and has set out its own goals. As against the UN target to halve the proportion of people without success to basic sanitation by 2015 as defined in the Johannesburg Plan of Action India is committed to increase the sanitation cover from present 50% to cent percent by 2012 AD.

Current Affairs 2007.
December2006: Current Affairs.
November2006: Current Affairs.