Central Banks Slash Rates, Market Still Unhappy
A joint effort by the world's central banks to slash interest rates has been hailed as a new level of international cooperation, but failed to quell market jitters over the ongoing financial crisis. Wednesday's move came as the IMF warned that the world was on the brink of a recession, as the financial turmoil would extend well into 2009. Read On
► World is Close to Recession: IMF 

• Gulf Markets Rebound after Four Days of Mayhem
• Bank of Japan Pumps Record $40 bn into Market
• Chinese Shares Fall Despite Damage-control Efforts
• G20 Nations Meet Saturday
  to Discuss Market Crunch 

$25 bn Afghan War Cost to Hit Canada's Economy
A Canadian think-tank has warned that the extension of the country's Afghan mission till 2011 will cost another 28 billion Canadian dollars (US$25 billion), squeezing the economy as it faces recession... raising questions about its ability to afford. Read On

Pakistan Spy Chief Briefs Lawmakers
on Horrors of Taliban Threat
Taliban militants are using children as fighters and suicide bombers, Pakistan's new spy chief told lawmakers in a rare briefing on threats posed by Islamic militants in the country's North West Frontier Province (NWFP), officials said Thursday. Read On

Guru Nair Connects Austrians to Phone Company
By Mehru Jaffer
When 33-year-old Ramesh Nair talks, Austrians listen, because the choreographer and actor and new mascot of Telering has the answer to all their problems. Whether on the golf course or supermarket, when in doubt Austrians are told to ask the Indian for a solution in all Telering advertisements playing on the radio and television round the clock these days. Read On

US Stocks Tumble as Investors Wary
about Economic Outlook
US stocks fell for a sixth day Wednesday despite the Federal Reserve's emergency interest cut rate and after the International Monetary Fund warned of a recession until early 2009. Read On

World is Close to Recession: IMF 
The world stands on the brink of a recession, led by a devastating financial crisis that is sending rich nations on a downward spiral unlikely to end before 2010, the International Monetary Fund warned Wednesday. In a semi-annual report on the global economy, the IMF slashed its 2008 global growth forecast to 3.9% and its 2009 prediction to 3%. Growth of under three percent is considered a global recession. Read On

World Markets on Roller-Coaster Ride
Amid Concerted Rate Cuts
A concerted rate-cutting move by the central banks of the world's economic heavyweights appeared to meet with a positive, if tentative, response on European exchanges and early gains on Wall Street. But markets and investors were still obviously on a roller coaster ride much of the time. Read On

Shot LA Family Apart, Indians in US Hit Hard Financially by Parveen Chopra
While describing as horrible and heinous the killing of his entire family near Los Angeles by an Indian American because he became a pauper, Indians in the US believe the ongoing financial turmoil in the country has hit the community hard, and narrate endless stories of sudden change of fortunes. Read On
► LA Community Traumatized by Indian
    American's Killing Spree, Offered Counseling

Britain Launches 500-bn Pound Bailout Package 
by Dipankar De Sarkar
British Prime Minister Gordon Brown Wednesday announced an unprecedented 500-billion pound bailout package as central banks around the developed world cut interest rates in a coordinated move aimed at rescuing the global economy from a crippling credit crunch. Read On

• US Federal Reserve Cuts Interest Rates
  by Half Percent 
• Major Central Banks Cut Interest Rates
• Paris Bourse Suspends Trading as Shares Plunge

• Cross-border Commerce Brings Cheer
  to Kashmir Traders 
• Uddhav Thackeray asserts his Leadership of Shiv Sena
• Rioters Set Fire to Houses in Orissa
• Two Jaish Commanders Killed in Kashmir Shootout  

India Inc Appeals for Rs.1,000 bn Liquidity
A day after the Indian government admitted that the global financial meltdown had caused liquidity problems in India, leading industry lobbies appealed to policymakers to inject Rs.1,000 billion ($22 billion) into the system to help tide over the cash crunch. Read On

IMF Predicts Seven Percent Growth for India
in 2009 by Arun Kumar
The global slowdown will affect India too, but with a projected growth rate coming down to a "still strong" seven percent in 2009, the International Monetary Fund (IMF) sees the Indian economy continuing to perform well. "There is some impact from tighter global liquidity conditions, but again we don't see major drag from this impact on India," a senior IMF official said Wednesday. "So overall, we see the Indian economy continuing to perform well." Read On

• Navratri Ends with Durga Idol Immersions,
  Ravan Burning 
• Ponting Hits a Hundred in India At Last  
• Bajrang Dal Dares Government to Ban it 
• Maharashtra Move to Legalize 'Live-in'
  Prone to Misuse, say Experts 
• Madhya Pradesh Minister Seeks Probe
  Against Himself  

We Haven't Given Clean Chit to Salwa Judum: NHRC Chief by Azera Rahman
Contrary to reports that the National Human Rights Commission (NHRC) had approved the Chhattisgarh government's rationale of arming activists of Salwa Judum to tackle Maoists, NHRC chief S. Rajendra Babu says the rights body has not given the civilian militia movement a clean chit. Read On

Bush Signs Historic N-deal Law,
Assures Fuel Supply by Arun Kumar 
US President George W. Bush has signed the enabling law on the India-US civil N-deal with an assurance that the US would honor its commitment on nuclear fuel supply assurances and processing of spent fuel. "India can count on reliable fuel supplies (from US) for its reactors," said Bush as he signed the historic law, assuring the legislation makes no changes in the implementing 123 Agreement and it does not affect fuel exchange and reprocessing. Read On
► N-deal: Bush Allays Indian Concerns
     over Fuel Supply, Reprocessing 
► Bush Wishes India 'Happy Diwali' with N-deal Bill

Indian Economy Capable to Weather Storm: Chidambaram
The Indian government Wednesday night reviewed the situation arising out of the global financial crisis even as Finance Minister P. Chidambaram sought to allay investors' fears and said the Indian economy has the capacity to weather the storm. Read On

• Advani, Christian Leaders for Stopping
  Forcible Conversions, Re-conversions 
• Government Moves to Ban Exit Polls

After Mayhem, Indian Equities Recover
on Global Interventions
A key Indian stock market index crashed by over 950 points Wednesday, but staged an impressive recovery following regulatory interventions across the globe to cushion the financial crisis that has gripped international financial markets. A meeting of Union cabinet, presided over by PM Manmohan Singh, also discussed the turmoil in the Indian capital markets and the impact of the global financial crisis on the Indian economy, following which it was decided to set up an expert committee to suggest possible action. Read On
► Rupee Falls, Markets Crash
    but Policymakers Talk Brave
► Markets Close in Red

• Kerala Terrorists in Kashmir Shootout? 
• IAF Integrates Military, Civilian Radars in south India
• ITC to Turn Waste into Wealth Across the Country
• Drinking Water for Capital:
  Dam Project Suffers from Funds Crunch 
• Two Lashkar Terrorists from Kerala Killed in Kashmir

Key Accused in Orissa Nun's Rape Case Arrested
The key accused in the gang-rape of a nun has been arrested in Orissa's volatile Kandhamal district, where communal clashes since Aug 23 have left at least 35 dead and thousands homeless, police said. Read On

In 19 Months, Only 8,000 Child Labor Violations Detected in India by Azera Rahman
Nearly two years after employment of children as domestic help and in restaurants was banned, only 8,105 violations have been detected across the country. This, child rights activists say, is a reflection of the state's inability to battle child slavery. Read On