Published on 10 Nov 2007 in: Most Popular
Norman Mailer, the two-time Pulitzer Prize winner who was a major presence in American literature for over seven decades, died of renal failure early Saturday, his literary executor said. He was 84. Mailer died at Mount Sinai Hospital, said J. Michael Lennon, who is also the author’s official biographer.
Mailer had undergone lung surgery in October.
Published on 07 Nov 2007 in: Economy & Policy
Dollar is on a downward spiral. Its value is dropping, and the Fed isn’t doing a whole lot to change that. As a result, a number of countries are considering a shift away from the dollar to preserve their assets. These are seven of the countries currently considering a move from the dollar, and how they’ll have an effect on its value and the US economy.
What does this all mean and WHY ? read the full story here
Published on 07 Nov 2007 in: Most Popular
Questions and answers on the Pakistan crisis. from theStar.com
Q: Why did Musharraf declare a state of emergency in Pakistan?
A: Musharraf cited a need to limit terrorist attacks from rising Islamist extremism. Pakistan has suffered 23 suicide attacks by Islamist militants in the past four months. He also blamed a meddling Supreme Court for leaving the government system “semi-paralyzed.” Critics say Musharraf’s main motivation was to tighten his personal grip on power by pre-empting a looming Supreme Court decision that could have invalidated his Oct. 6 re-election, because he contested while still army chief.
Q: So what did Musharraf do?
A: He fired independent-minded judges, put a stranglehold on the media and granted sweeping powers to the authorities to crush dissent. Thousands of people have been rounded up and thrown in jail.
Q: Why should Musharraf give up his army uniform?
Published on 07 Nov 2007 in: Company & Markets
ICICI Bank has stopped lending to small segment borrowers and tightened its filters and loan underwriting practices following the recent fine of Rs 55 lakh by the Delhi Consumer Commission for employing “goons” to recover loan from the consumers.
ICICI Bank started providing loans from Rs 10,000 to low waged consumers few years back. Now, ICICI Bank is exiting from the small personal loans business (loans up to Rs 30,000) and about to close over 100 outlets which is used to sell loans to small borrowers.
Citigroup also made more stringent processes. Rumours are that Citifinancial is shutting 150 of its samll load issuing branches.