Iraqi reporter throws shoes at Pres.Bush

Is Parvathy Omanakuttan our next Miss World?

The last time India won the Miss World pageant was in 2000. But experts busy grooming Parvathy Omanakuttan say she has the vivacity, warmth and beauty to bag the crown again for the country.

Standing tall at 5 feet 9 inches, 21-year-old Parvathy will compete with 109 contestants at the Sandton Convention Center in Johannesburg, South Africa, Saturday. Zee Café will telecast the Miss World 2008 contest live at 8.30 p.m.

'She has the 'X' factor that sets apart a supermodel from the models. It's her vivacity and warmth that make her instantly likeable. She is a perfect mix of beauty with brains,' diction expert Sabira Merchant said in a statement.

Ace photographer Subi Samuel admires Parvathy a lot and believes she exudes class and confidence and this could do the trick for her.

Talking on the same lines, fitness expert Deanne Pandey said: 'She is an ideal blend of panache and poise. Her face just lights up each time she smiles.'

Ace choreographer Sandeep Soparrkar said: 'You cannot take your eyes off her even in a room full of gorgeous women and that is the hallmark of a beauty queen.'

Expectations from millions of Indians are acting as an inspiration for Parvathy as she feels 'this is a big responsibility' and is trying her best to live up to the hopes of everyone.

'This contest is not only about winning but with it comes the responsibility of upholding the name of the country. I am trying to be a stronger person to face the contest and I will try my level best to make every Indian all over the world proud,' she explained.

Like many beauty queens, Parvathy too is smitten by the big screen and says she would love to act if the 'right' kind of roles fall into her kitty.

'I would love to do a movie opposite Salman Khan and Hrithik Roshan, as I have a big time crush on these guys,' she said.

Parvathy indeed has big shoes to fill as India boasts of Miss Worlds like Reita Faria (1966), Aishwarya Rai Bachchan (1994), Diana Hayden (1997), Yukta Mookhey (1999) and Priyanka Chopra (2000).

Courtesy - Yahoo! News

Bangalore Walks...Rally against Terrorism

Citizens,

November 26 marks a new low in our country's sinking security situation. We are now at a state where every major sphere of our life has been attacked - trains, temples, mosques, cars, markets, parliament, parks, offices - and now hotels. When does this stop? We pay crores and crores of taxes and levies, without even 1 paise bearing a semblance of accountability. We have blamed everybody from God to our politicians for the condition we are in; but the fact remains that we have failed because of our own unwillingness to act and to demand accountability.
We must take action atleast now - an action that is drastic, cumulative of years of not doing anything. Let us demand for accountability! Let us make our so called elected representatives account for every paisa of the money that we have paid up to ensure our safekeeping, good roads, continuous electricity, clean water, to mention the basics. Let us have them justify their Z-class and Y-class security, while we burn. Where is the accountability? Let us bring it back.

Here are a few numbers to quantify things:
Number of terrorist attacks in India since 1993: 33
Number of terrorist attacks in India since 2001: 30
Number of terrorist attacks in India in 2008: 10
Number of people killed since 1993: 1300+
Income Taxes collected from individuals for the Financial year ending 31st March, 2008: Rs. 10,37,40,00,00,000 (103740 crores)
Sales, property, petroleum and service taxes collected for the Financial year ending 31st March, 2008: Rs. 6,73,83,00,00,000 (67383 crores)
Income from Police, fines etc.: Rs. 14,67,00,00,000 (1467 crores)
Expenditure on Anti-terror squads, Police upkeep, Police development/improvement, equipment upgradation for past 5 years: 3700 crores

Here is a list of attacks in 2008:
May 13, 2008 - at least 63 were killed in 9 bomb blasts along 6 areas in Jaipur - 63 deaths

July 25, 2008 - at least 2 were killed and 20 injured in 8 low intensity bomb blasts in Bangalore -2 deaths
July 26, 2008 - 56 were killed and over 110 injured in 17 serial bomb blasts in Ahmedabad - 29 deaths
September 13, 2008 - at least 15 were killed and over 110 injured in 5 bomb blasts in Delhi Markets - 21 deaths.
September 27, 2008 - 1 killed and at least 17 injured in bombings at Mehrauli area 2 bomb blasts in Delhi flower market - 1 death.
September 29, 2008 - 10 killed and 80 in bombings in Maharashtra and Gujarat bomb blasts - 10 deaths.
October 1, 2008 - 0-4 killed and up to 100 injured in Agartala bombing - 4 deaths.
October 21, 2008 - 17 killed and at least 40 injured in Imphal bomb blast - 17 deaths.
October 30, 2008 - 45+ killed and at least 300 injured in Assam bomb blast - 77 deaths.
November 26, 2008 - At least 101 killed and 287 injured in a coordinated attack in Mumbai -185 deaths and increasing

The disparity between the requirements for our country's security and the actual disbursement has reared its ugly head in 2008. We are now faced with the reality that terrorism is deep rooted in India and we must act! Our Prime Minister, for his illustrious career and stellar academics, is as effective as we have been in handling terrorism; his address to the nation being ineffective, lacklustre, passive and non-commital, to say the least. Our Home Minister, Shivraj Patil, is known more for his propensity to dress up and for chronic foot-in-mouth comments and actions. It is with good reason that I do not attach the standard "Honourable" to these ministers. So when do we take action? The time has come.

The frequency of attacks is increasing exponentially, there have been 10 this year! And we have not seen even one step in terms of affirmative response, let alone affirmative-preemptive action and safeguards. Let us not wait for these attacks to get any worse. Let us demand answers. But first let us ensure that we do our part in turning things around. Let us first prevent ourselves from succumbing to cowardice. When times have taken a turn for the worst, we must step up with courage. Let us step out of our homes to demand our rights. When our parents, spouses, siblings and other loved ones fear for our safety and try to deter us from taking that step, we must assure them that we are doing so for our own continued safety, for if we do not take action now we have failed yet again due to our own weakness, for we are now only a step short of civil unrest and war. Let us head out and demand action!

We must not remain calm as is being called for by our politicians. We must show our anger, grief and resentment, and press for action.

People of Bangalore, on December 8th, 2008, let us peacefully set out from our homes, offices, schools, colleges, malls and shops and converge at Vidhana Soudha by 12noon, and demand the presence of Chief Minister Yeddyurappa and Home Minister V S Acharya, to put forth the following demands, threats and assertions:

1. If there is 1 more attack we boycott our schools, colleges, offices and professions till our safety is ensured.
2. If there is 1 more attack we do not pay any taxes and fines (income taxes, service taxes, even sales taxes on petroleum and groceries).
3. For every year that has a terror attack, we do not pay taxes and fines.
4. Every minister's security detail is removed until all the terror attacks of 2008 have been investigated and verdicts handed out.
5. Our security forces are trained to world standards in 3 years, by pioneers in the field, from Israel, France and the United States.
6. NSG Commandos to be decentralised from Manesar, and 1 unit each to be present at 5 locations across India - North, South, East, West, Central.
7. Every Minister with even a single charge of crime against his/her name to vacate office immediately and disbarment due to this condition be made binding for any candidate.
8. Every single entry point in to and exit point out of India (flights, road, trains, water vessels) to have severe and restrictive identity and security screening. Any discrepancy with any person to warrant immediate deportation to last port of exit.

On December 8th, let us begin the movement to make sure that we leave no stone unturned to bring back peace and security to our country. Let us set out to Vidhana Soudha and call other citizens to join the movement. Let us draw people from their homes and residences to join the movement. Let us have students and teachers walk together from the classrooms. Let us have employees and bosses walk together from the offices. Let us have citizens from every walk of life join the movement. If we have people who are not computer-enabled, let us read to them this message and spread the call. For unless it is a mass movement, it has no effect. If all people from the big bosses of IT and Financial majors to the daily-wage labourer, are not present we are under-represented and ineffective. When unions can take out strikes for reasons unknown or unclear, we can form together atleast to demand our safety. If the 10 attacks and 350+ deaths of 2008 are not enough to evince your action, whose death will it take?

Please spread the call, forward this message without fear of censure from superiors and peers, for this is the time to act.

Let our voices be heard on December 8th!

With all sincerity,

On behalf of Fellow citizen

AIDS Awareness Day. December 1

Today is AIDS Awareness Day

which means YOU & I need to spread the Awareness.

Please do it for this little child!

Barack Singh Dhoni - MS Dhoni India's Obama?

When George W. Bush barely scraped through in Florida in 2000, many Indian observers rightly pointed in glee to the successes of our own Election Commission and the inherent checks and balances in Indian democracy. At a time when America was turning red-necked, the seeming superiority of Indian democracy was underlined in 2004 with the emergence of a sikh prime minister, a roman catholic as head of the ruling coalition and a muslim as president (at the time). It now seems like a tired clich©, but the symbolism of 2004 lulled many into believing that the Indian system was inherently better.

Barack Obama has forced a rethink. It took Obama only five years to transform himself from an unknown Chicago lawyer to the next occupant of the White House. In contrast, Indian political parties, at the highest level, are essentially closed houses. A quick glance at the Indian political firmament confirms that the longevity of strongmen/ women and their cliques is a feature shared by virtually every political party in every state of the union. The Nehru-Gandhis have controlled the Congress party since independence, the firm of Advani and Vajpayee has held sway over the BJP since the mid-1970s, Farooq Abdullah's family has controlled the National Conference since its inception, the Chautalas' sway over Haryana's INLD remains unchallenged, Mayawati's iron-clad grip over the BSP is as solid as her mentor Kanshi Ram's was, Chandrababu Naidu continues to define the TDP like his father-in-law N.T. Rama Rao did, Mamata Bannerjee's Trinamool Congress is inseparable from her persona, the Left in West Bengal and Kerala has been defined as much by personality politics as other parties, Karunanidhi has controlled the DMK since at least the 1960s, and Jayalalitha has successfully controlled the legacy of MGR in the AIADMK. Politics in any society, after all, is about the nature of power and the patterns of social control, and our political culture mixes democratic processes with older forms of feudalism and organisation. At a deeper level, while India has undoubtedly grown more democratic with the empowerment of hitherto marginalized groups - OBCs, Dalits etc. -, the structures of political power even within these new groupings remain bound in immutable hierarchies.

So, can an Indian Obama emerge? The greatest symbolism of the Obama moment lies in the politics of his colour. While he achieved near universal support from the minority vote - Blacks and also from the Hispanics -, his political appeal transcended the minority. In contrast, our politics remains a prisoner of our caste and social divides. Mayawati, for instance, is a real agent of change but despite her recent alliance with the upper castes in Uttar Pradesh remains too divisive a figure, hostage to the Dalit discourse. Narendra Modi is trying to build himself up as the candidate of a new Singapore-like developmental India, but his past can never be wished away. Historically, Nehru remains the only Indian political leader who successfully managed to delink his politics from his social origins to emerge as the harbinger of an overarching idea of India. Rajiv Gandhi did promise to be the great white hope but fell prey to the system within two years of attaining power. On a somewhat diminished scale, Rahul Gandhi now promises to introduce a new politics of merit, but remains unproven.

Sure, we have had the politics of symbols. Fakhruddin Ali Ahmad became the first muslim president as early as 1974 and K.R. Narayanan the first dalit president in 1997. But the head of state is not quite the same thing as the head of government. Moreover, the symbolism of the figureheads never quite translated into real political ascendance for disadvantaged social groups within mainstream national parties. This is why the Dalits turned to Kanshi Ram and Mayawati, and the Muslims of North India are still looking for a new direction after initial dalliances with the two Yadavs. One of the smartest things about the Obama campaign was that it changed the political geography of the US by tapping into the new demography of the young, and the minority groups migrating into the American heartland. In the youngest country in the world, can the BJP or the Congress take a cue?

On a recent television discussion, Ajay Jadeja pointed to Mahendra Singh Dhoni as the Indian Obama. This after all, is a cricketer from a non-traditional centre, who has arisen out of obscurity by sheer dint of his own effort and mirrors the hopes of an increasingly young and meritocratic India. Cricket, in that sense is a social mirror, but the hard fact is that the political equivalent of a Dhoni or an Obama remains a distant dream.

The author is a Visiting Fellow at Australian National University, Canberra

Courtesy : Yahoo! News

Bangalore Traffic - Who is to blame!

On seeing the pitiable state of traffic conditions in Bangalore, I am one of the many Bangaloreans waiting for a revival! During my trips to the most developed countries of the world I always used to think how I could contribute to make my country like those. Below is a list of ideas which I believe could bring a change for our city.

Attitude of Driving – Indians have a tendency to complain about the country that nothing seems to change in India. Little do they understand that only if the people change (we ourselves) India could ever change. It is very evident in the way we drive. We do not care to obey traffic lights and force ourselves to obey only if a cop is found on sight. We never follow lane discipline; We flock together on the road like cattle out of the cattle shed. We honk too much and yell at each other often. We use mobile phones while driving. We never wait for another vehicle to pass at intersections. We stop right in the middle of the road to alight. We park at no parking zones and sometimes park the wrong way.

Well, the list goes on and on. Now if you review the last paragraph it’s not the vehicles that are causing the issue, it’s the drivers! The so called “Responsible citizens of India”. I call it the WSI (Why Should I) phenomenon where people are concerned about themselves and when it comes to the well being of others or the country they simply think “Why Should I”. I strongly feel that the attitude of people should change. We need to inculcate the sense of order and discipline. If they object it needs to be forced or else we would end up in a pile of rugs worse than how we are now.

The solution would be to create awareness through television ads like the ones for AIDS & condoms and also hoarding, flyers etc. People should know what they do is wrong at least after seeing these. I always think about how an Indian father cannot stand to see his daughter talking to a boy on the road alone, thinking it’s a shame to the family heritage. The same father wouldn’t mind jumping traffic lights not knowing it’s a shame to his mother-land. The concepts of the awareness ads should be designed in such a way that people get the point straight on their head!

Responsibilities of the Traffic Police – I always feel pity on the police officers standing in the sun and struggling to control the traffic. But I generally find lethargy in almost all the police officers. They don’t seem to go that extra-mile! The best example is at the KR Puram bridge adjoining the Royal Heritage apartments. There is a pretty large bus stop bay with bus shelters. None of the buses enter into the bay instead stop at the middle of the road causing havoc. The bus stop bay is currently being used as a taxi stand. Isn’t pathetic? I know that there are many traffic cops around that area who don’t mind this and sit and watch the traffic getting strangled. It’s high time for the police department to conduct awareness classes to the traffic cops stressing their responsibilities as a responsible citizen of India.

Innovations from Governing bodies – Innovation is doing things in a unique and faster way! I always used to think if only we could find a better solution to parking, half of our traffic problems could be solved. I remember reading a forward email about a parking innovation where there is a huge steel tower erected which could house around 10-15 vehicles in each row. The circumference of these parking slots is incredibly small and can be stalled at a very small area. Imagine we having something like these on every road and there are no vehicles parked on the road! I don’t know the logistics of making this possible but innovations like these would certainly help us in many ways. The government could setup a panel to research on innovations and in turn the panel could come up with attractive prizes for citizens coming up with ideas to traffic clogs. In this way everyone can contribute to solve the issues as a whole.

Citizen’s Responsibilities – Every time I spot a person spitting on the road, I feel pity for our motherland to have children who spit on her. It’s very typical in our country where people can do just anything on the road. They walk on the road, a few who live, some who sleep and many who do business! Commercial street, infantry road are the best examples where people don’t care walking on the road obstructing the traffic. Another example is Residency road near Bishop Cotton boys school where there is a skyway built for pedestrians to cross the road. None of them use it instead walk across the road. Traffic rules should be made compulsory even for pedestrians and again it is the duty of the governing bodies to enforce it. I believe awareness programs, tv ads, hoardings etc could take the message to the people. It should be added to the curriculum so that children adhere to it when they grow up.

To summarize, we need to change for the country to change. Take my word, even if our roads get 5 times wider and our attitude doesn’t change we still would be running into the same issues we are facing now. I am worried about the many learned westernized software professionals who do not care to obey traffic rules. If literacy couldn’t mould us any better I can’t think of anything else that can change us. It’s high time we understand our responsibilities and act fast. Instead of trying hard for a visa to live a cozy life abroad why can’t we transform our motherland and stay here proudly!

Infosys encourages employees to go on a sabbatical and work for NGO’s

In the first time ever kind of move, Infosys has provided an option to employees to go on a sabbatical and work for NGO’s for a year. For an employee to qualify, he or she should be with Infosys for at least 2 years. Employees will be paid 50% salary during this time and the rest can be recovered from the NGO’s they are working with.

This news caught my attention for two reasons. One is the salary cut element. The other is the non-governmental organization (NGO) and Corporate Social Responsibility element. When I go through my feeds or the newspapers, what I see is either the job cuts or salary cuts or both. This is in addition to the bankruptcy and the recession talk. The job cuts are mostly coming from global companies but, Indian companies are not far behind.

Labor laws are a little strict in India and protect the employees in the private sector to some extent. This restriction has forced companies to look at alternative ways for reducing cost and work force. For this they are employing innovative ways. Weeding out non performers, firing over fudged bills and threatening to terminate are the things we have seen so far. But, 50% salary cut and going on a sabbatical is very new, innovative and takes the cake.

Coming to the second element which is working for a NGO element, drives the discussion to Corporate Social Responsibility (CSR). The BS report states that, it is Narayana Murthy’s dream and has been on the cards for a while. It is the way one can give back to society. The details of this are still being worked out. It is purely voluntary and left to the employee to opt for it. I only hope more companies would follow Infy. I wish my company was offering this.

I would like to believe the reason is more to do with the CSR element rather than the cost cutting element. But, the timing of the move has coincided with turbulent times. Only time will tell if this was a strange coincidence.

More here...

Jerry Yang of Yahoo! to step down as Chief

Yahoo Inc said Jerry Yang will step down as chief executive as soon as the board finds a replacement, sending shares up 4 percent on hopes the departure would clear the way for a deal with Microsoft.

Yang -- who will return to his former role as Chief Yahoo, focusing on strategy and technology -- tried to carve an independent strategy for Yahoo and was blamed when Microsoft Corp walked away from an offer to buy Yahoo earlier this year.

Rival Google Inc abandoned a search advertising partnership amid regulatory concerns, and Yang faced a growing chorus of criticism from investors and analysts as Yahoo's shares nosedived.

Yahoo's months-long discussions with Time Warner Inc about combining with its AOL unit -- as yet another way to boost Yahoo's earnings -- have also failed to produce a deal.

"The company is in desperate need of change and this is clearly one way to do it," said Ross Sandler, an analyst at RBC Capital Markets, adding that Microsoft could enter the picture again. "Jerry was the roadblock for the last deal getting done," he said.

Yang has consistently said that he would sell the company for the right price.
Microsoft declined to comment.

Yahoo shares rose to $11.10 in after-hours trading from their Nasdaq close of $10.63.
The shares are down nearly 65 percent from their 52-week high of $30.25, reached in February, two weeks after Microsoft made its $31-a-share offer public.

Microsoft withdrew its $47.5 billion buyout offer in May after Yahoo rejected the sweetened bid.
Yang, a co-founder of Yahoo, took on the CEO role in June 2007, hoping to strengthen its position as an online consumer brand.

"From founding this company to guiding its growth into a trusted global brand that is indispensable to millions of people, I have always sought to do what is best for our franchise," Yang said in a statement.

In an e-mail sent to employees, a copy of which was obtained by Reuters, Yang said his decision to step down was taken jointly with Yahoo's board.

Yang has been talking with the board, which includes activist investor Carl Icahn, about stepping down since before Google pulled out of the search deal in early November, said a person familiar with the talks.

CHIEF YAHOO AGAIN
Yahoo Chairman Roy Bostock is leading the effort to find a replacement, said Yang, who will continue to serve as a director.

"Jerry was miscast in this CEO role as far as running Yahoo at this point," said Martin Pyykkonen, an analyst at Wunderlich Securities. "He's much better off running strategy or technology behind the scenes."

Pyykkonen said it was a step in the right direction for Yahoo, but warned that a lot depends on the board's choice to replace Yang.

"Because he's stepping down doesn't mean the company is going to magically be wonderful again," he said.

Yahoo has hired the executive search firm of Heidrick & Struggles to look for both internal and external candidates.

The process could take anywhere between four weeks and 12 weeks, the source said.
Analysts listed several executives as potential candidates for the job, including former AOL chief Jon Miller, News Corp President and Chief Operating Officer Peter Chernin, former eBay Inc Chief Executive Meg Whitman, former Yahoo COO Dan Rosensweig and Yahoo President Sue Decker.

The source familiar with Yang's talks with the board said Decker, No. 2 at Yahoo, was among the candidates being considered

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SAP and Microsoft, Watch Your Back

Google Apps, Linux, and other free or inexpensive systems are winning more fans in the corporate world

The outlook for retailing may be dicey, but Gothic Cabinet Craft, a furniture chain with 40 stores in New York and New Jersey, has one variable under tight control: tech spending. It just installed a new computer system equipped with Google (GOOG) Apps, a collection of software, including e-mail and word processing, that runs on a Google data center rather than on Gothic's gear. The cost: just $32,000 for the new PCs and zero for Google Apps. The alternative was shelling out more than $100,000 for computers and Microsoft (MSFT) software. "We wouldn't have been able to do anything if the Google service wasn't available," says Aristidis Zaharopoulos, the company's vice-president.

The chain is among the more than 1 million companies using Google Apps. Large companies are on board, too, including Genentech (DNA), with 17,000 employees. Many customers pay nothing, while others spend $50 a year per user for advanced features.

As the U.S. enters what appears likely to be a painful recession, a major shift is taking place in how businesses assess technology products. They're under terrific pressure to cut costs. According to a newly revised forecast from market researcher IDC, growth in U.S. tech spending will decline to 0.9% in 2009, down from a previous forecast of 4.9% growth. But rather than just slice budgets across the board, many companies are switching to a handful of new technologies that save them money.

These technologies existed during the last recession, but they were immature. Now they're established, and the downturn seems likely to hasten their adoption. Chief among them are software delivered over the Internet, known as cloud computing, such as Google Apps; so-called virtualization software, which allows companies to run multiple applications on a single server computer; and open-source software, which is created collaboratively by multiple companies and is typically less expensive than the traditional kind. "These are tools that management can use to get through a crisis," says Michael Hickey, president of the Business Insight Div. of Pitney Bowes in Stamford, Conn., who just bought software from on-demand supplier Salesforce.com.

More here...

The Ugly face of Mortgage Broker Business

It may seem like ancient history now, but not long ago the mortgage industry was turning ordinary people into millionaires. One of them was Sharmen Lane, a high school dropout who, like many other young women during the boom, found her way into an obscure banking job with the clunky title "mortgage wholesaler." Her experience—and the experiences of other wholesalers like her—offers a glimpse into the recklessness and indulgence that drove the industry to ruin.

The rise of mortgage wholesalers from grunts to rainmakers is one of the more curious developments of the housing bubble. Wholesalers work for banks and other lenders. The wholesaler's job is to buy loan applications from independent mortgage brokers so that lenders can turn them into loans. Wholesalers are paid on commission: the more loans they generate, the more money they make. During the housing boom, lenders typically approved the loans and then packaged them into securities. That path—from mortgage brokers to wholesalers to lenders to securities—turned out to be a road to disaster.

But as the housing bubble inflated, wholesalers—though hidden from public view—became high-earning superstars. Lane, a manicurist before joining now-defunct subprime lender New Century Mortgage in 1997, says she brought home $1 million in 2002 and $1.2 million in 2003.
Eventually the deal-making turned frenetic. Multiple wholesalers began inundating mortgage brokers with offers for the same applications. Some brokers chose to exercise their power by asking for something extra in exchange for their business: sex.

Dozens of former brokers and wholesalers say the trading of sexual favors was so common that it came to be expected. Lane recalls one visit to a mortgage brokerage near San Jose (Calif.) in which the manager lewdly propositioned her in his office. She says she declined the advance, and he didn't sell her any applications. But other female wholesalers didn't have the same qualms about crossing the line. "Women who had sex for loans were known very quickly," says Lane, who left New Century before it failed in 2007 and now works as a $200-an-hour life coach and motivational speaker in New York. "I didn't want to be a mortgage slut."

More here ...

Indian IT firms pose threat to hospitality industry

IT and ITeS companies in India are also the biggest hospitality players in the country. The need of accommodating their clients and visitors luxuriously and decently is prompting several IT majors to maintain their own accommodation facilities, reported The Times of India.

While Infosys Technologies has a country wide room inventory of 13000, Wipro has 500 rooms across three of its facilities in Bangalore. A little part of these rooms are meant for trainees - Infosys allots less than 40 percent of its r ooms to its trainees- a lion's share of those facilities are meant for visitors and are of a quality that compete with luxury hotels.

TCS, Satyam, HCL, IBM, Accenture, and HP too have their own or outsourced accommodation arrangements for their clients and and employees traveling for site visits.

These options save a huge amount of money for these companies as arranging accommodations for their clients in big hotels is highly expensive. For instance, Wipro gets about 500 visitors a day. And also 6000 employees of the company travel every day between various facilities of the company. It would have incurred a big amount if the company did not have their own accommodation.

According to TV Mohandas Pai, HR head Infosys, "A hotel room night costs $150, and it will cost us $25000 to put up 175 foreign visitors. That is around $10 million for a year. And to put up 6000 employees, it will cost Rs 1.5 crore a day. So even a 50 percent saving in this is big for us."
While Infosys charges Rs 1250 per night for their rooms while Wipro takes Rs 1000. However this is adversely affecting the hospitality sector as Bangalore alone has 1200 to 1300 rooms of IT and ITeS companies that directly compete with higher-end hotels. And this company facilities, that have 100 percent occupancy, has grown by 20 percent over last year. This happens at a time when hotel occupancies are down by 55 to 60 percent.

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US-India strategic relationship 'very important', Obama tells PM

New Delhi, Nov 12 (IANS) The new US administration would like to work with India on all global issues, US president-elect Barack Obama said in an early morning phone call to Prime Minister Manmohan Singh Wednesday.

While Manmohan Singh said Obama's victory was a source of inspiration for oppressed people, the US president-to-be praised his contribution to India's progress, first as a finance minister and now as prime minister, said an official in the Prime Minister's Office (PMO).
'The US-India strategic relationship is a very important partnership,' an official quoted Obama as saying.

'The new administration wants to work with India on all global issues,' Obama added in his phone call.

Manmohan Singh, according to the PMO official, said India-US relations were very good but 'we couldn't be satisfied with the status quo'.

He also wished Obama success in dealing with the new challenges that he faces and invited him and his wife Michelle to visit India.

Just a day earlier, while returning from a two nation visit to the Gulf, Manmohan Singh had said that Obama had wanted to talk to him a couple of days earlier but could not establish contact since he was travelling.

Soon after his victory, Obama had called 15 world leaders, including Pakistani President Asif Ali Zardari.

Courtesy - Yahoo! News

Auto Sales Worst Since 1983

A combination of plunging consumer confidence and shortage of credit is pushing auto sales to their lowest monthly levels since the early 1980s—and the automakers themselves to the financial breaking point.

The U.S. Big Three automakers—General Motors (GM), Ford (F), and Chrysler—reported big double-digit declines in October sales: Ford was down 30%, GM off 45%, and Chrysler down 36%. Overall, auto sales were down 32%, according to Autodata. The research firm also said the annual monthly selling rate for October was 10.5 million units, down 32% from a year ago. That's the number of auto sales there would be for an entire year if every month was as bad as October. In October 2007, the annualized selling rate was 16.4 million.

"It was like somebody turned the lights off in October," said GM sales and marketing chief Mark LaNeve. According to GM, October, after adjusting according to sales per capita, was the worst month for sales in the post-World War II era. It was worse even than sales in September and October after the Sept. 11 terrorist attacks against New York and Washington in 2001. "In my 27 years in the business, I've never seen a month like this," said an exasperated LaNeve.
The declines aren't limited to U.S. brands. "The carnage was completely widespread," said GM's LaNeve. Toyota (TM), despite huge ad spending and zero-percent financing, reported a sales drop of 23%. Nissan (NSANY) was off 33%. Hyundai was down 31%. Suzuki was down 44%. Luxury makes weren't spared. Mercedes-Benz (DAI) was down 26% and BMW was off 10%.
Lobbying WashingtonIt's the worst month for auto sales since February 1983, according to Autodata. It is also lower than the worst Wall Street forecast for October.

GM and Ford are both expected to release third-quarter earnings this week. The losses are expected to expose GM and Ford's burning of limited cash reserves to make up for falling revenue and profit. GM was burning about $1 billion per month at the end of the second quarter. But as sales have worsened since the summer, along with the broader meltdown of the equity and credit markets, the burn is expected to be worse for both companies.

Chrysler, which is privately held, does not report its financial results.
The Big Three automakers are aggressively lobbying Congress and the White House for loans to help them get through 2009 and the current downturn. Without help, many analysts believe the automakers will run out of money by midyear. Few, however, believe the government won't act to help GM and Ford. GM is trying to acquire Chrysler (BusinessWeek.com, 10/31/08) in the hopes of cutting enough costs to save the combined automaker.

Ford chief of sales analysis George Pipas says the biggest headwind for Ford is consumer confidence. "There is so much going on, it's just easier for the consumer to stay on the sideline for a while," says Pipas.

Both Cars and Trucks HitSome months, and even some quarters, sales favor either cars or trucks depending on gas prices and economic indicators like housing starts. But the pain is being felt throughout automakers' lineups. At Ford, sales of its fuel-efficient Focus were down 18%, and its trucks and SUVs were down 30%. Volvo sales at Ford were down 51%. At GM, trucks and SUVs were down 52% and passenger cars were down 34%.

The absence of credit, U.S. households' historically high credit-card balances, fears of rising unemployment, and depressed housing values, which have helped home-equity credit lines evaporate, are all keeping consumers on the sidelines. "One thing about a new car or truck is that very few people absolutely have to have a new one.…Most people can keep driving the one they have, indefinitely," says marketing consultant Dennis Keene.

U.S. consumer confidence fell to the lowest level on record in October as stocks plunged and banks shut off credit. The Conference Board's confidence index tumbled to 38, less than forecast and the lowest reading since monthly records began in 1967, the New York-based research group said on Oct. 28.

Auto executives say yearend sales will begin this week, with more advertising hawking incentives on the airwaves after the Presidential election is over tomorrow. But what sales the automakers book will set them up for a big hangover in 2009. The first quarter of any year is traditionally the weakest. Industry sales in 2009's first half will be "sobering," says Jim Farley, Ford's worldwide marketing chief.

Kiley is a senior correspondent in BusinessWeek's Detroit bureau. Welch is BusinessWeek's Detroit bureau chief.

Courtesy - Business Week

One of Obama's best decisions: US Senator Joseph Biden

With his gregarious, warm personality, Biden is suited to offer direct, smart counsel to the 44th president, as he has done for many other U.S. presidents.As added bonus, the working chemistry and mutual respect between Obama and Biden is excellent. For Americans concerned about Barack Obama's level of experience, Joe Biden's presence on the ticket added a large dose of gravitas.

Six-term Sen. Joseph Biden, Jr. of Delaware was first elected to the U.S. Senate in 1972 when 29 years old, the youngest U.S. senator in modern history.
In January 2007, Biden declared his candidacy for the presidency, but dropped out of the race on January 3, 2008. On August 23, 2008, Barack Obama named Biden to be his vice presidential running mate.

Biden, Chairman of the Senate Foreign Relations Committee in the 110th Congress (2007-08), is a gifted negotiator who has helped shape U.S. security and foreign relations policies for decades. He's a moderate Democrat who often bridges the bipartisan gap.

Recently Notable:
On January 7, 2007, Sen. Biden declared his candidacy for the presidential race. However, after garnering little support, Biden dropped out on January 3, 2008. On August 23, 2008, Barack Obama named Joe Biden as his vice presidential running mate.
Other notability came during Senate hearings when he vehemently objected to the nomination of neocon John Bolton to be U.S. Ambassador to the U.N. As Chair of the Senate Judiciary Committee, Biden led confirmation fights against Supreme Court nominees Robert Bork (not confirmed) and Clarence Thomas (confirmed).

Major Areas of Interest:
Senator Biden is one of the most respected Senate voices on foreign policy, civil liberties, crime and college aid/loan programs, and an avid supporter of AMTRAK.
Biden is a leader in fighting drug use and deterring drugs from entering the U.S. Biden has crafted many landmark federal crime laws, including the Violent Crime Control Act of 1994 and the Violence Against Women Act of 2000.

Senate Committees in the 110th Congress:
Committee on Foreign Relations, Chair
Committee on the Judiciary, Chair from 1987 to 1995
Judiciary Subcommittee on Crime and Victims' rights, ranking Democratic member
Senate Caucus on International Narcotics Control, co-chair
Senate NATO Observer group, co-chair
Senate National Security working group, co-chair
Congressional Firemens Caucus, co-chair
Congressional International Anti-Piracy caucus, co-chair
Congressional Air Force and National Guard caucuses

Prior Experience:
After earning a law degree in 1968, Biden worked as a fledgling attorney in Wilmington, Delaware for 4 years until his 1972 election to the Senate. From 1970-72, Biden was a member of the New Castle County, Delaware council. Senator Biden has been an adjunct professor of Constitutional law at Widener University School of Law since 1991.

Personal Data:
Birth - November 20, 1942 in Scranton, PA into a working-class, Irish-Catholic family
Education - BA in history, political science, University of Delaware; JD, Syracuse University Law School
Family - Married Jill Jacobs, a teacher, in 1977; 3 children: Joseph Jr. (b.1969), Robert (b.1970), Ashley (b. 1981); 5 grandchildren (See Joe Biden Marriage Profile)
Faith - Roman Catholic

He lives in his home state, and commutes daily to D.C. by AMTRAK. Young Joe Biden was a stutterer and was terrified to read aloud in class. He would memorize pages of books before class, to minimize stuttering in front of his peers.

First Marriage to Neilia Hunter:
Biden married college girlfriend Neilia Hunter in 1966. They had 3 children: Joseph "Beau" Jr., 1969, Robert Hunter, 1970 and Naomi, 1971. Biden was first elected on November 7, 1972.
On December 18, 1972 while shopping for a Christmas tree with the children, Neilia's car was hit by a truck. Neilia and Naomi died instantly. The boys were seriously injured. Devastated, Biden was persuaded to be sworn into the Senate, which he did at the bedsides of his two young sons.

A single parent until he remarried 5 years later, Biden commuted each day between Delaware and D.C., a practice he's continued for 36 years.

The Biden Persona:
Joe Biden is one of the most charismatic members of the Senate. He's described as gregarious, outspoken, colorful, informal and yet, distinguished. Reality is that he's a loyal Democrat with moderate ideological views who seeks bipartisan solutions.

The 1988 Presidential Race:
Senator Biden ran for the presidency in 1988, but aborted his effort when the rival Dukakis campaign found that Biden had delivered an Iowa speech in which part was taken from a British politician. Biden defended the speech, arguing that he had credited the Brit on an earlier occasion.

A New Fuel of the Future - Microbes

A reddish microbe found on the inside of a tree at a secret location in the rain forests of northern Patagonia could unlock the biofuel of the future, say scientists.

Its potential is so startling that the discoverers have coined the term "myco-diesel" -- a derivation of the word for fungus -- to describe the bouquet of hydrocarbons that it breathes.

"This is the only organism that has ever been shown to produce such an important combination of fuel substances," said Gary Strobel, a professor of biology at Montana State University.

"The fungus can even make these diesel compounds from cellulose, which would make it a better source of biofuel that anything we use at the moment."

The study appears on Tuesday in a peer-reviewed British journal Microbiology.

Strobel, a 70-year-old veteran of the world's rain forests, said that he came across Gliocladium roseum thanks to "two cases of serendipity."

The first was in the late 1990s, when his team, working in Honduras, came across a previously unidentified fungus called Muscodor albus.

By sheer accident, they found that M. albus releases a powerful volatile -- meaning gassy -- antibiotic.

Intrigued by this, the team tested M. Albus on the ulmo tree, whose fibres are a known habitat for fungi, in the hope that this would show up a new fungus.

"Quite unexpectedly, G. roseum grew in the presence of these gases when almost all other fungi were killed. It was also making volatile antibiotics," said Strobel.

"Then, when we examined the gas composition of G. roseum, we were totally surprised to learn that it was making a plethora of hydrocarbons and hydrocarbon derivatives. The results were totally unexpected and very exciting, and almost every hair on my arms stood on end."


Strobel's team put the G. roseum through its paces in the lab, growing it on an oatmeal-based jelly and on cellulose.

Extractor fans drew off the gases exuded by the fungus, and analysis showed that many of them were hydrocarbons, including at least eight compounds that are the most abundant ingredients in diesel.

Biofuels have been promoted as good alternatives to oil, which is sourced from politically volatile regions and is a major contributor to the greenhouse effect.

Plants store carbon from the atmosphere as a result of photosynthesis when they grow, and they release the carbon, as carbon dioxide (CO2), when they are burned.

Oil, though, comprises carbon that is stored underground. When it is burned the CO2 adds to the atmosphere.

One of the downsides of biofuels has been their impact on the world food market, because the present generation of fuels is derived from food crops that are grown on farmland.

Another avenue of exploration is in cheap, plentiful non-food fibrous plants and cellulose materials, such as switchgrass, wood chips and straw.

But these novel sources, hampered by costs and technical complications, are struggling to reach commercial scale.

"G. roseum can make myco-diesel directly from cellulose, the main compound found in plants and paper," said Strobel. "This means that if the fungus was used to make fuel a step in the production process could be skipped."

Instead of using farmland to grow biofuels, G. roseum could be grown in factories, like baker's yeast, and its gases siphoned off to be liquefied into fuel, he suggested.

Another alternative, he said, would be to strip out the enzyme-making genes from the fungus and use this to break down the cellulose to make the biodiesel.

Strobel said Montana State University had filed patents for the fungus, proceeds of which would be shared with local people.

G. roseum is a variant of a known fungus species called Gliocladium. "It might be" common in some forests, said Strobel.

Asked where the fungus had been found, he pointed to the experiences of the 1848 gold rush and said the location had to be protected: "The answer to that is, what if we pushed ourselves back about a hundred and fifty years and you heard a story about a guy finding gold out in California?"

Process of US Elections & Counting - Video

President elect Barack Obama’s speech at Grant Park, Chicago

http://www.msnbc.msn.com/id/21134540/vp/27546437#27546437

TEXT AS PREPARED

If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer.

It’s the answer told by lines that stretched around schools and churches in numbers this nation has never seen; by people who waited three hours and four hours, many for the very first time in their lives, because they believed that this time must be different; that their voice could be that difference.

It’s the answer spoken by young and old, rich and poor, Democrat and Republican, black, white, Latino, Asian, Native American, ***, straight, disabled and not disabled - Americans who sent a message to the world that we have never been a collection of Red States and Blue States: we are, and always will be, the United States of America.

It’s the answer that led those who have been told for so long by so many to be cynical, and fearful, and doubtful of what we can achieve to put their hands on the arc of history and bend it once more toward the hope of a better day.

It’s been a long time coming, but tonight, because of what we did on this day, in this election, at this defining moment, change has come to America.

I just received a very gracious call from Senator McCain. He fought long and hard in this campaign, and he’s fought even longer and harder for the country he loves. He has endured sacrifices for America that most of us cannot begin to imagine, and we are better off for the service rendered by this brave and selfless leader. I congratulate him and Governor Palin for all they have achieved, and I look forward to working with them to renew this nation’s promise in the months ahead.

I want to thank my partner in this journey, a man who campaigned from his heart and spoke for the men and women he grew up with on the streets of Scranton and rode with on that train home to Delaware, the Vice President-elect of the United States, Joe Biden.

I would not be standing here tonight without the unyielding support of my best friend for the last sixteen years, the rock of our family and the love of my life, our nation’s next First Lady, Michelle Obama. Sasha and Malia, I love you both so much, and you have earned the new puppy that’s coming with us to the White House. And while she’s no longer with us, I know my grandmother is watching, along with the family that made me who I am. I miss them tonight, and know that my debt to them is beyond measure.

To my campaign manager David Plouffe, my chief strategist David Axelrod, and the best campaign team ever assembled in the history of politics - you made this happen, and I am forever grateful for what you’ve sacrificed to get it done.

But above all, I will never forget who this victory truly belongs to - it belongs to you.
I was never the likeliest candidate for this office. We didn’t start with much money or many endorsements. Our campaign was not hatched in the halls of Washington - it began in the backyards of Des Moines and the living rooms of Concord and the front porches of Charleston.
It was built by working men and women who dug into what little savings they had to give five dollars and ten dollars and twenty dollars to this cause. It grew strength from the young people who rejected the myth of their generation’s apathy; who left their homes and their families for jobs that offered little pay and less sleep; from the not-so-young people who braved the bitter cold and scorching heat to knock on the doors of perfect strangers; from the millions of Americans who volunteered, and organized, and proved that more than two centuries later, a government of the people, by the people and for the people has not perished from this Earth. This is your victory.

I know you didn’t do this just to win an election and I know you didn’t do it for me. You did it because you understand the enormity of the task that lies ahead. For even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime - two wars, a planet in peril, the worst financial crisis in a century. Even as we stand here tonight, we know there are brave Americans waking up in the deserts of Iraq and the mountains of Afghanistan to risk their lives for us. There are mothers and fathers who will lie awake after their children fall asleep and wonder how they’ll make the mortgage, or pay their doctor’s bills, or save enough for college. There is new energy to harness and new jobs to be created; new schools to build and threats to meet and alliances to repair.

The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America - I have never been more hopeful than I am tonight that we will get there. I promise you - we as a people will get there.

There will be setbacks and false starts. There are many who won’t agree with every decision or policy I make as President, and we know that government can’t solve every problem. But I will always be honest with you about the challenges we face. I will listen to you, especially when we disagree. And above all, I will ask you join in the work of remaking this nation the only way it’s been done in America for two-hundred and twenty-one years - block by block, brick by brick, calloused hand by calloused hand.

What began twenty-one months ago in the depths of winter must not end on this autumn night. This victory alone is not the change we seek - it is only the chance for us to make that change. And that cannot happen if we go back to the way things were. It cannot happen without you.
So let us summon a new spirit of patriotism; of service and responsibility where each of us resolves to pitch in and work harder and look after not only ourselves, but each other. Let us remember that if this financial crisis taught us anything, it’s that we cannot have a thriving Wall Street while Main Street suffers - in this country, we rise or fall as one nation; as one people.
Let us resist the temptation to fall back on the same partisanship and pettiness and immaturity that has poisoned our politics for so long. Let us remember that it was a man from this state who first carried the banner of the Republican Party to the White House - a party founded on the values of self-reliance, individual liberty, and national unity. Those are values we all share, and while the Democratic Party has won a great victory tonight, we do so with a measure of humility and determination to heal the divides that have held back our progress. As Lincoln said to a nation far more divided than ours, “We are not enemies, but friends…though passion may have strained it must not break our bonds of affection.” And to those Americans whose support I have yet to earn - I may not have won your vote, but I hear your voices, I need your help, and I will be your President too.

And to all those watching tonight from beyond our shores, from parliaments and palaces to those who are huddled around radios in the forgotten corners of our world - our stories are singular, but our destiny is shared, and a new dawn of American leadership is at hand. To those who would tear this world down - we will defeat you. To those who seek peace and security - we support you. And to all those who have wondered if America’s beacon still burns as bright - tonight we proved once more that the true strength of our nation comes not from our the might of our arms or the scale of our wealth, but from the enduring power of our ideals: democracy, liberty, opportunity, and unyielding hope.

For that is the true genius of America - that America can change. Our union can be perfected. And what we have already achieved gives us hope for what we can and must achieve tomorrow.
This election had many firsts and many stories that will be told for generations. But one that’s on my mind tonight is about a woman who cast her ballot in Atlanta. She’s a lot like the millions of others who stood in line to make their voice heard in this election except for one thing - Ann Nixon Cooper is 106 years old.

She was born just a generation past slavery; a time when there were no cars on the road or planes in the sky; when someone like her couldn’t vote for two reasons - because she was a woman and because of the color of her skin.

And tonight, I think about all that she’s seen throughout her century in America - the heartache and the hope; the struggle and the progress; the times we were told that we can’t, and the people who pressed on with that American creed: Yes we can.

At a time when women’s voices were silenced and their hopes dismissed, she lived to see them stand up and speak out and reach for the ballot. Yes we can.

When there was despair in the dust bowl and depression across the land, she saw a nation conquer fear itself with a New Deal, new jobs and a new sense of common purpose. Yes we can.
When the bombs fell on our harbor and tyranny threatened the world, she was there to witness a generation rise to greatness and a democracy was saved. Yes we can.

She was there for the buses in Montgomery, the hoses in Birmingham, a bridge in Selma, and a preacher from Atlanta who told a people that “We Shall Overcome.” Yes we can.
A man touched down on the moon, a wall came down in Berlin, a world was connected by our own science and imagination. And this year, in this election, she touched her finger to a screen, and cast her vote, because after 106 years in America, through the best of times and the darkest of hours, she knows how America can change. Yes we can.

America, we have come so far. We have seen so much. But there is so much more to do. So tonight, let us ask ourselves - if our children should live to see the next century; if my daughters should be so lucky to live as long as Ann Nixon Cooper, what change will they see? What progress will we have made?

This is our chance to answer that call. This is our moment. This is our time - to put our people back to work and open doors of opportunity for our kids; to restore prosperity and promote the cause of peace; to reclaim the American Dream and reaffirm that fundamental truth - that out of many, we are one; that while we breathe, we hope, and where we are met with cynicism, and doubt, and those who tell us that we can’t, we will respond with that timeless creed that sums up the spirit of a people:

Yes We Can. Thank you, God bless you, and may God Bless the United States of America.

Courtesy - http://blogs.suntimes.com/sweet/2008/11/obamas_grant_park_speech.html

The Coming Pink Slip Epidemic

Economic woe usually leads to layoffs in certain industries, but this time the pink slips will be widespread - Moira Herbst

Courtesy - Business Week

When the dot-com and housing bubbles burst, it was easy to see what types of jobs would disappear. But these days as nervous lenders cower and credit contracts, virtually every industry is likely to be scathed in the widely predicted downturn starting this autumn. Nearly every business relies on credit to operate—just as they need customers to have spending power.
With lending trimmed, and companies and consumers tightening their belts (BusinessWeek, 10/9/08), jobs will be cut across broad swaths of the economy, from the tech sector to investment banking, and from manufacturing to soft drinks.

The four-week moving average of U.S. jobless claims hit its highest point in seven years, the Labor Dept. reported on Oct. 20. The average number of new jobless claims rose to 483,250 for the week ended Oct. 11, the highest since 2001. September's unemployment rate was unchanged at 6.1%, but economists generally predict the labor picture will deteriorate in coming months.

"Bottom Performers" Are Vulnerable

"This is an equal-opportunity recession," says Cathy Paige, a vice-president of Manpower (MAN), a temporary staffing firm that is experiencing softening demand from clients. "Everyone is feeling it."

In any industry, the workers most vulnerable to layoffs are "bottom performers," says Nancy Albertini, chairman of Albertini Group, an executive search firm based in Dallas. "Companies will say, 'We've been meaning to eliminate these,'" she says. After trimming poor performers, companies will cut in areas not considered essential to operations, such as marketing, communications, and human resources. After these categories, any position is fair game, Albertini says, depending on the industry. What started in the financial sector with the failures of Bear Stearnsand then Lehman Brothers, is spreading to other industries. Housing, sure, but technology is no longer immune, and consumer brands have begun culling employee ranks.
Silicon Valley has already made a wave of announcements. Yahoo (YHOO) is expected to announce job cuts this week, possibly on Oct. 21 when the company releases its quarterly earnings report. Yahoo eliminated 1,000 positions in January. Earlier this month, eBay (EBAY) announced it was laying off 10% of its 16,000 workers. Last month, Hewlett-Packard (HPQ) announced it would lay off 24,600 workers over the next three years, though it plans to hire another 12,300 as part of its restructuring since purchasing Electronic Data Systems (EDS) in August. Meanwhile, Google (GOOG) has been trimming its contractor workforce but expanding in other areas.

Online Real Estate Takes a Hit

Online real estate companies, which have been experiencing growth as home prices decline, say they're forced to cut staff as well. The real estate valuation Web site Zillow announced on Oct. 17 it would cut 25% of its workforce, or 40 positions, citing the recession's impact. "One of the reasons this is so difficult is simply because the business continues to grow," said Rich Barton, Zillow's CEO, in a note posted on the company's Web site.

On Oct. 13, Redfin, an online real estate brokerage, announced a 20% staff reduction as business turned south this month. "October will still be pretty good, then we're headed for a big dip," Redfin President and CEO Glenn Kelman wrote on the Seattle company's blog.
While discount retailers like Wal-Mart Stores (WMT) may ride out the holiday season, specialty stores may not fare as well as consumers facing job losses and lower home equity cut back. Long-ailing Circuit City (CC) is weighing job cuts and the closing of 150 stores to conserve cash, The Wall Street Journal (NWS) reported on Oct. 20.

Consumer Cutbacks on Food

A Circuit City spokesman declined to comment on what he called "rumors." Rival consumer-electronics retailer Best Buy (BBY), which normally adds staff during holiday season, plans to cut seasonal hiring by as many as 10,000 workers this year. Entertainment is also trimming its workforce; Playboy Enterprises (PLA) announced Oct. 15 it would close its DVD division, resulting in the loss of 80 jobs.

Consumers are also cutting back on essentials like food products. On Oct. 14, PepsiCo (PEP), the world's largest snack maker, said it will cut 3,300 jobs after third-quarter profit declines; the company also lowered its forecast for the rest of the year. It's closing as many as six plants and cutting back "overlapping" marketing and sales jobs, Chief Financial Officer Richard Goodman said on a call with analysts. PepsiCo shares are off 25% so far this year.

Industrial and manufacturing firms are also cutting back. Smurfit-Stone Container (SSCC), which makes container board and corrugated packaging, announced on Oct. 20 that it will shut down a pulp mill in Quebec by the end of the month, resulting in the loss of 218 jobs. Danaher (DHR), the maker of Craftsman tools, is closing a dozen plants and laying off 1,000 workers. General Motors (GM) has said it will close plants in Michigan, Wisconsin, and Delaware and cut more than 4,000 jobs. More could be on the way if the company completes a deal to acquire Chrysler.

Health Care Is a Bright Spot

Are there any bright spots on the jobs horizon? "If there are any bulwarks, we can look to health care and energy," says John Challenger, CEO of Chicago outplacement firm Challenger, Gray & Christmas. "Demand won't dissipate." But he says even the outlook for those industries will depend on the effectiveness of various governments' efforts to bolster the economy. In any case, says Challenger, "it's going to get worse before it gets better."

Herbst is a reporter for BusinessWeek.com in New York.

Courtesy - Business Week

Tendulkar in Gilchrist's bio

In his autobiography, an extract of which appears in tomorrow's Good Weekend, he describes as a "joke" Tendulkar's evidence at an appeal over the episode, in which Indian spinner Harbhajan Singh was accused of calling Andrew Symonds a monkey. He said that when Tendulkar told the initial hearing that he could not hear what was said, he was "certain he was telling the truth" because he was "a fair way away".

The surprising fact is that Gilchrist is considered one of the fairer players to represent Australia during its dominance, makes it clear he believes Harbhajan was guilty and says India's threat to abandon the tour was "a disgraceful act, holding the game to ransom unless they got their way".

Another controvery from the cricket world!

More...

Stock Markets Renamed

Seeing the present Global financial crisis and its downturn I thought it would be appropriate to rename many terms used in the finance sector. Here are a few

Wall Street – Wail Street
Nikkie – “Sick”ie
Dow Jones – Low Jones
NASDAQ – HEART ATTACK
Sensex – “Nonsense”x
Shares – Snares
Mutual Bonds – Mortal Bombs
Equity – Iniquity
NYSE– New York “Shock” Exchange
Dalal Street – “Damal” street
Liquidity - Ambiguity

More suggestions from Friends:
BSE - Bombed Stock Exchange, Bumpy Stock Exchange
Dalal Street - "Halal" street, "Diwal"a Street
NSE - No Stock Exchange
NYSE - Not Your Stock Exchange