Obama condemns Mumbai attack, promises support

WASHINGTON: US President Barack Obama led a strong American condemnation of yet another terrorist attack on India's financial capital Mumbai, saying “India is a close friend and partner of the United States” and “we will offer support to India's efforts to bring the perpetrators of these terrible crimes to justice.”

In a White House statement hours after the triple blasts that killed more than 20 people, Obama recalled his trip to Mumbai last November when, he said, “I saw firsthand the strength and resilience of the Indian people, and I have no doubt that the India will overcome these deplorable terrorist attacks.”

“I strongly condemn the outrageous attacks in Mumbai, and my thoughts and prayers are with the wounded and those who have lost loved ones. The US government continues to monitor the situation, including the safety and security of our citizens,” Obama said.

The Obama statement comes even as the Ahmed Shuja Pasha, chief of Pakistan's spy agency ISI, alleged to have masterminded the last major terrorist attack on Mumbai on 26/11 and informally regarded by the US government as a terrorism sponsor, arrived in Washington DC for talks. The Pakistani military and intelligence establishment is now accused of murdering its own citizens in addition to backing terrorist groups and their attacks on India

and Afghanistan, depredations which US administrations are only now starting to recognize.

At a State Department briefing, the finger of suspicion – from the US media – went straightaway went towards Pakistan with one journalist asking “given the allegations of Pakistani involvement in the Mumbai attacks of 2008, do you have any reason to suspect that there may be Pakistani official or unofficial involvement in these bombings?”

“It's far too early to speculate. The Indian government will no doubt begin an investigation of the incident, and we'll wait for their results,” spokesman Mark Toner responded cautiously, adding, “we stand ready to cooperate with them.”

Toner said he was not aware of any connection or warning in the attack linking it to secretary of state Hillary Clinton's scheduled visit to India next week and saw no change in her schedule. Clinton is slated to visit New Delhi and Chennai; Mumbai is not on her schedule.

There was outrage also on the Hill, where there is growing disquiet about Pakistan's reluctance to act against terrorist networks it has fostered for long. Some lawmakers are implying that as long as Pakistan refuses to crack down on and prosecute terrorist outfits it is supporting, it will always come under suspicion for terror attacks regardless of direct involvement.

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UPDATE 1-Informa beats H1 forecasts, hikes dividend 25 pct

LONDON, July 27 (Reuters) – British business media group Informa (INF.L) said delegates and sponsors returned to its core events and training courses in the first half, helping it beat sales and earnings forecasts and hike its dividend 25 percent.

Informa said on Tuesday publishing revenues remained resilient, with three-quarters now delivered electronically, and said it continued to benefit from cost-cutting programmes initiated in 2008 and 2009.

The company, whose exhibition portfolio includes Arab Health and Palm China, said it was confident about its balance of stable publishing revenues and cyclical event revenues, despite a fragile and uneven global economic recovery.

“While we remain cautious about the economic recovery, we are confident in the resilience, diversity and flexibility of our model,” it said in a statement. “We remain in line with our expectations for the full year.”

Revenues for the first half to end-June were down 0.5 percent organically to 624 million pounds ($964 million), beating the weighted average of 615 million pounds given by Thomson Reuters StarMine SmartEstimates.

Adjusted operating profit was up 5.6 percent to 153 million pounds, also beating the SmartEstimate of 146 million, while adjusted diluted earnings per share were 16.7 pence, compared with the SmartEstimate of 15.4 pence.

Informa raised its dividend to 4.5 pence. (Reporting by Georgina Prodhan; Editing by Mike Nesbit) ($1=.6473 Pounds)

Remarks as Prepared for Delivery by Attorney General Holder at the African Union Summit

KAMPALA, Uganda, July 25 /PRNewswire-USNewswire/ — Excellencies, Distinguished Heads of State and Government, Honorable Ministers, Leaders of the African Union, Leaders of the African Commission, Ladies and Gentlemen. I am honored to be with you all. I am grateful for this opportunity to salute, and to help strengthen, the critical work of the African Union. And I am proud to bring greetings from President Barack Obama and the American people.

President Obama recognizes the growing importance of the African Union; he understands that a stronger Africa means a stronger America; and he appreciates the work that you are leading to strengthen political and economic cooperation across this continent.

Today, I want to extend my personal thanks to Chairperson Jean Ping and the AU leadership for helping to facilitate my visit and welcoming my participation. I was pleased to receive Chairperson Ping and his delegation in Washington a few months ago, during the first high-level U.S.-AU bilateral meetings, and I look forward to continuing our discussions.

I also want to thank President Museveni and the citizens of Kampala for welcoming me to this beautiful city and for hosting this important summit.

It is fitting that we’ve gathered here in Uganda – the nation that has been called “the pearl of Africa” – to determine how the potential of Africa and her people might be unlocked.

In the last 30 years, the people of Uganda have made progress that, once, had seemed impossible – the restoration of law and order; the reopening of schools and colleges; and the reconstruction of government, health care, and financial systems. The fact that we are here today – and that Kampala is now a center of international politics, learning, culture, and commerce – is a testament to the strength and resilience of the Ugandan people.

This strength has never been more obvious. This resilience has never been more inspiring.

I am proud to stand with the people of Uganda – and with her partners across this continent and around the world. But I am deeply sorry that we are now bound, not only by friendship and partnership, but also by a shared loss, a shared threat, and a shared grief.

Two weeks ago today, Uganda awakened to a new danger and began a new chapter in a history that, too often, has been scarred by violence. As the World Cup’s final match was being played, men, women, and children across Kampala were enjoying life’s greatest blessings – the joys of friendship and fellowship. That evening, the eyes of the world were fixed upon this continent – bearing witness to historic progress, to hard-won unity and, then suddenly, to heartbreaking tragedy.

Fourteen days after bombs ripped through the Kyandondo Rugby Club and the Ethiopian Village restaurant, we now know the statistics that have been assigned to this tragedy – 74 killed, 85 wounded. But we will never be able to measure the grief, the anger, and – above all – the compassion that followed these attacks. Al-Shabaab – a terrorist group operating in Somalia with ties to al-Qaeda – has claimed responsibility for murdering and injuring these innocent victims. And its leaders have infamously described these bombings as warranted acts of vengeance. But make no mistake: these attacks were nothing more than reprehensible acts of cowardice, inspired by a radical and corrupt ideology that systematically denies human rights, devalues women and girls, and perverts the peaceful traditions and teachings of a great religion.

America is among many nations now in mourning – grieving the loss of all of those defenseless victims, including one of our own citizens, and praying for the others who were injured. My nation is also among many working to bring the perpetrators of these vicious acts to justice. To assist Uganda in its investigation, we’ve provided a team of FBI forensic experts and offered both technical assistance and intelligence resources.

The United States also recognizes that ending the threat of al-Shabaab to the world will take more than just law enforcement. That is why we are working closely with the AU to support the African Union’s Mission in Somalia. The United States applauds the heroic contributions that are being made on a daily basis by Ugandan and Burundian troops, and we pledge to maintain our support for the AU and the AU Mission in Somalia.

As our countries work together, with the support of the international community, my hope is that we will also always remember what was irreplaceably lost here in Kampala. Individuals with families. Individuals with futures. And individuals afflicted with the most tragic of fates – dying while doing good.

To his students, Nate Henn was known as “Oteka” – The Strong One. He had traveled from the United States to help Uganda’s most vulnerable children, to provide them with an education, and to reveal to them a simple truth: that great futures await them. Tragically, Nate’s own future has been lost to the ages.

Stephen Tinka, a Ugandan journalist and radio presenter, and one of the many Ugandans who were killed, was known for his infectious personality and his distinctive voice – a voice now silenced.

Ramaraja Krishna, a Sri Lankan father of two daughters, came to Uganda two years ago to help advance this nation’s economy. Today, his body rests, once again, at home.

Marie Smith of Ireland was a missionary who spent 30 years helping Africans less fortunate than herself. But her work came to an abrupt end – not because of who she was or what she believed, but because of the seat she’d chosen on that catastrophic Sunday evening.

That is profoundly wrong. And any attempt to justify these murders of innocents is unimaginably shameful. As we struggle to make sense from the unfathomable, and as we seek justice from the ashes, we can take comfort – and find faith – in the Ugandan proverb that reminds us, “When the moon is not full, the stars shine more brightly.” Yes, it is darker out today than it was just weeks ago. But we must believe – and we must make certain – that the stars of goodwill and grace and, above all, of justice will shine brighter now than before.

In this time of new threats and unprecedented challenges, the importance of the African Union’s mission and work is brought into stark focus. Over the last eight years, you have united a diversity of nations around common goals. You’ve paved new paths for communication and cooperation, and for prosperity, peace, and healing. Together, you’ve established agreements to strengthen democratic institutions, to prevent and combat corruption, and to ensure the integrity of your elections and the strength of your justice systems. And you’ve pooled your resources and knowledge to increase Africa’s participation in the global marketplace and to provide Africa’s people with goods, services, and opportunities, as well as with leadership that honors their will and their best interests.

At the beginning of this year – your membership declared 2010 to be the “Year of Peace and Security.” Together, you ignited a “flame of peace” that was placed in the care of President Mutharika. From Malawi, this flame began a year-long journey to all 53 AU member nations.

This journey continues. This flame still burns. And this Year of Peace and Security must live on. For too much is at stake. Too much has been sacrificed. And too much is yet to be realized.

Like President Obama, I believe that the 21st century will be shaped by what happens here in Africa. Your security and prosperity, the health of your people and the strength of your civil society, will have a direct and profound impact on the world’s communities and on the advancement of human rights and human progress everywhere.

During his early days in office, President Obama traveled to Africa. In Cairo and in Accra, he described what he saw as “an extraordinary moment of promise” for this continent – a new era for international cooperation; a new beginning.

President Obama also made clear that “Africa’s future is up to Africans.” And, today, I want to reaffirm America’s commitment to ensuring that this future is not hijacked or compromised; and that the progress you’re working to achieve is not derailed or delayed.

I am proud to be counted among the African Diaspora – this continent is my ancestral home, I am of this place. Your work is of special and emotional importance to me – and not only because I am proud to serve alongside my nation’s first African-American President or proud to be its first African-American Attorney General. I also join with you, and with my fellow citizens, in celebrating Africa’s success because I recognize that the fate of my own country is intertwined with each of yours.

The future we will share depends on what we do today – on the goals we set, the relationships we forge, the commitments we make and the actions we take. And despite today’s many challenges and uncertainties, one thing is clear: As your historic efforts to promote peace, development, justice, and opportunity continue, the United States will act in partnership and in common cause to help the African Union achieve its goals and fulfill its mission.

There are four specific areas where, I believe, America’s support must continue and where I hope our partnership can be strengthened: in combating global terrorism and international crime; in promoting good governance and the rule of law; in creating the conditions and capacity for economic development; and, finally, in ensuring that Africa’s women and girls are no longer disproportionately affected by violence or denied basic rights and equal opportunities to learn, to dream, and to thrive.

In each of these areas, the United States intends to serve, not as a patron but as a partner – as a collaborator, not a monitor.

First of all, because opportunity and prosperity cannot be realized without security, the United States will continue to direct every resource and tool at our command – from diplomacy and military tactics to our courts and intelligence capabilities – to defeat the global terror network. In protecting our people and defending our allies, we will respect the sovereignty of nations, as well as the rule of law. And we will look to engage more AU member nations in this work.

Second, we will strengthen current efforts to promote good governance and to combat and prevent the costs and consequences of public corruption. Today, when the World Bank estimates that more than one trillion dollars in bribes are paid each year out of a world economy of 30 trillion dollars, this problem cannot be ignored. And this practice must never be condoned. As many here have learned – often in painful and devastating ways – corruption imperils development, stability, competition, and economic investment. It also undermines the promise of democracy.

As my nation’s Attorney General, I have made combating corruption, generally and in the United States, a top priority. And, today, I’m pleased to announce that the U.S. Department of Justice is launching a new Kleptocracy Asset Recovery Initiative aimed at combating large-scale foreign official corruption and recovering public funds for their intended – and proper – use: for the people of our nations. We’re assembling a team of prosecutors who will focus exclusively on this work and build upon efforts already underway to deter corruption, hold offenders accountable, and protect public resources.

And although I look forward to everything this new initiative will accomplish, I also know that prosecution is not the only effective way to curb global corruption. We will continue to work with your governments to strengthen the entire judicial sector, a powerful institution in our democracy which depends on the integrity of our laws, our courts, and our judges. We must also work with business leaders to encourage, ensure, and enforce sound corporate governance. We should not, and must not settle for anything less.

Third, the United States – guided by President Obama’s international economic development plan – will work to expand current economic development efforts. Here in Africa, President Obama has signaled his commitment to foreign assistance, with the goal that such support will, over time, no longer be necessary. This goal is driving our work to help Africa develop new sources of energy, to create green jobs, to grow new crops, and to develop new education and training programs.

Finally, because we’ve seen that the global struggle for women’s equality continues – in many aspects of American life, as well as in countries across this continent and around the world – we know that our work to promote security, opportunity, and justice must include a special focus on women and girls. The unique challenges and urgent threats facing women and girls across Africa have inspired unprecedented action, collaboration, and investments by the U.S. government. In particular, I am proud of the contributions that U.S. Department of Justice prosecutors and law enforcement agents have made here in Africa, through the Women’s Justice Empowerment Initiative – a three-year, $55-million-dollar program that was developed by the U.S. Departments of Justice and State, and the U.S. Agency for International Development. In Kenya, South Africa, Zambia, and Benin, this initiative has helped to train attorneys, investigators, law enforcements officials, and medical professionals in an effort to improve prosecutions and to raise awareness about the special needs of victims.

Through this initiative, we are joining with partners across this continent to educate Africans about violence against women and girls, to build the capacity of local governments to serve and assist victims, and to strengthen the ability of Africa’s legal systems and law enforcement communities to protect women and girls. This work is making a difference. It must be a priority for all on this continent. This work is changing lives, families, and communities. And while I believe it has the power, the possibility, to transform entire cultures and countries, I am certain that its ongoing success and impact is directly linked to the engagement and commitment of you: Africa’s leaders.

I have great hope for what can be achieved through ongoing international initiatives and strong AU partnerships. But I do not pretend that the progress we all seek – and the conditions and opportunities that all African citizens deserve – will come easily or quickly.

And yet, we all can be – and should be – encouraged that the state of the African Union is strong. And we have good reason to feel hopeful that this extraordinary moment of progress is, indeed, a new beginning – the start of a journey toward greater peace and unity, toward freedom and prosperity, toward opportunity and justice for all.

And although we may take our first steps beneath dark skies, our path forward will be guided by the flame of peace – and by the bright flicker of stars. In this Year of Peace and Security, America is proud to walk at your side, privileged to count you as partners, and grateful to call you friends.

During the first quarter 2010/11, Alstom`s Sales Showed Resilience, Whilst Orders Were Impacted by a Lack of Large Projects

During the first quarter of 2010/11 (from 1 April to 30 June 2010), orders
booked by Alstom (Paris:ALO) amounted to €3.1 billion. Sales, at €4.7 billion,
were slightly down as compared to the same period of last year1.

Power received orders of €2.0 billion during the first quarter. The lack of
large projects was partly offset by the resilience of small and medium-sized
contracts, particularly in service and retrofit. Transport registered €1.1
billion of new orders, including a major commercial success in Russia.

During the first quarter 2010/11, sales grew by 9% in Transport, whilst they
started to decline in Power, down 6% versus the first quarter 2009/10, as a
consequence of the order evolution over the last fiscal year in this Sector.

The total backlog remained stable at €42 billion on 30 June 2010, benefiting
from a €1.3 billion currency effect. It represented 27 months of sales.

Key figures

Actual figures 2009/10 2010/11 Variation Q1/Q1
(in € million) Q1 Q2 Q3 Q4 Q1 Act. Org.
Orders received 4,768 2,366 4,223 3,562 3,069 -36% -38%
Sales 4,806 4,877 4,691 5,276 4,743 -1% -5%

“This first quarter confirms the resilience of small and medium-sized contracts
in Power but, despite the busy tendering activity, the Group still faces
challenges to register large orders as customers continue to delay their
investments in new power plants. In Transport, the market remains sound,
offering a number of opportunities. Sales have grown in Transport, whilst, as
expected, they have started declining in Power, after the strong decrease in the
order intake of the last fiscal year “, said Patrick Kron, Chairman & Chief
Executive Officer of Alstom.

Sector Review2

Power

Order intake at €2.0 billion for the first quarter of the fiscal year 2010/11
showed a decrease of 35% versus the first quarter of last year. This evolution
reflects the challenging commercial environment for new equipment.

Thermal Systems & Products received small and medium-sized orders only in the
first quarter of the fiscal year 2010/11. The Thermal Services Business
registered a large number of projects for both retrofit and service, as well as
operation and maintenance contracts in Spain. In Renewables, the main orders
booked in the first quarter were for hydro contracts in the Americas, as well as
for wind turbines in Brazil.

Sales in Power, at €3.2 billion, decreased by 6% (-10% on an organic basis3) in
comparison with the same period of last year, due to the expected slowdown of
the turnover in Thermal Systems & Products.

Transport

Orders, at €1.1 billion in the first quarter of the fiscal year 2010/11,
remained sustained despite being down 37% as compared with the first quarter
2009/10, which included several large contracts in Europe and South America.

The main orders booked in the first quarter 2010/11 included locomotives in
Russia, as well as contracts in Sweden for suburban trains and maintenance.

In the first quarter of the fiscal year 2010/11, sales, at €1.6 billion, were up
by 9% (+7% on an organic basis3) compared to the same period of the last fiscal
year.

Key events of the first quarter 2010/11

On 20 May 2010, Alstom entered the solar market by investing $55 million in
BrightSource Energy Inc. This US privately-owned company specialises in
designing, building and operating tower-based solar thermal power plants.

On 2 June 2010, Alstom acquired Amstar, a coating services company in the United
States, which had sales of approximately $11 million in 2009 and employed 50
people. This acquisition strengthened Alstom`s service offerings with advanced
technologies that improve power plant component life.

On 7 June 2010, Alstom and Schneider Electric completed the transaction with
Areva for the acquisition of Areva T&D, its transmission and distribution
businesses, after obtaining the approvals of the relevant competition
authorities and the French Commission des Participations et des Transferts
(CPT). With this acquisition, Alstom created a third Sector, named Alstom Grid,
constituting the high voltage energy transmission business of the Group.
Alstom`s expertise in power generation combined with the capabilities acquired
in grid management positions the Group in the key market of Smart Grid.

On 19 June 2010, Alstom, Transmashholding and Kazakh Railways (KTZ) signed an
agreement for the creation of a joint company to manufacture electric
locomotives in Kazakhstan.

On 24 June 2010, Alstom inaugurated a new production facility in Chattanooga,
Tennessee, (USA) for steam and gas turbines, large turbo-generators and related
equipment for the North American fossil fuel and nuclear power generation
market. It will also retrofit existing steam turbines with leading edge
technology.

Financial situation

During the first quarter 2010/11, Alstom turned into a net debt position, due to
the financing of Areva Transmission for €2.3 billion, the payment of the
dividend for €364 million as well as the impact on the free cash flow of the low
book-to-bill ratio.

Outlook

The Group confirms that the operating margin for the two fiscal years 2010/11
and 2011/12 should be between 7% and 8%, based upon proper contract execution
and gradual recovery of demand.

***

Note 1: Orders and sales for Alstom Grid were not yet available on 30 June 2010
for release. The new Sector will be fully consolidated on 30 September 2010 in
the half year results and will account for four months.

Note 2: The reported figures by Sector are presented in appendix 1. A geographic
breakdown of reported orders and sales is provided in appendix 2. As for all
figures mentioned in this release, these are unaudited.

Note 3: i.e. excluding any currency & scope impacts. For this quarter, these are
mostly positive currency effects.

This press release contains forward-looking statements which are based on
current plans and forecasts of Alstom`s management. Such forward-looking
statements are relevant to the current scope of activity and are by their nature
subject to a number of important risk and uncertainty factors (such as those
described in the documents filed by Alstom with the French AMF) that could cause
actual results to differ from the plans, objectives and expectations expressed
in such forward-looking statements. These such forward-looking statements speak
only as of the date on which they are made, and Alstom undertakes no obligation
to update or revise any of them, whether as a result of new information, future
events or otherwise.

APPENDIX 1 – SECTOR BREAKDOWN BY QUARTER

2009/10 2010/11
Orders received Var. Actual Var. Organic
(in € million) Q1 Q2 Q3 Q4 FY Q1 Q1/Q1 Q1/Q1
Power 3,000 1,731 2,652 2,052 9,435 1,950 -35% -38%
Thermal Systems & Products* 1,414 435 1,837 604 4,290 405 -71% -72%
Thermal Services* 1,203 970 573 1,272 4,018 1,203 0% -5%
Renewables* 383 326 242 176 1,127 342 -11% -15%
Transport 1,768 635 1,571 1,510 5,484 1,119 -37% -39%
Alstom 4,768 2,366 4,223 3,562 14,919 3,069 -36% -38%

2009/10 2010/11
Sales Var. Actual Var. Organic
(in € million) Q1 Q2 Q3 Q4 FY Q1 Q1/Q1 Q1/Q1
Power 3,368 3,527 3,217 3,789 13,901 3,170 -6% -10%
Thermal Systems & Products* 1,766 2,010 1,803 2,167 7,746 1,574 -11% -14%
Thermal Services* 1,184 1,039 973 1,157 4,353 1,187 0% -5%
Renewables* 418 478 441 465 1,802 409 -2% -8%
Transport 1,438 1,350 1,474 1,487 5,749 1,573 +9% +7%
Alstom 4,806 4,877 4,691 5,276 19,650 4,743 -1% -5%

(*) Figures given for comparison and analysis purposes only

APPENDIX 2 – GEOGRAPHIC BREAKDOWN

Orders received by destination 2009/10 % 2010/11 %
(in € million) Q1 Contrib. Q1 Contrib.
Europe 3,232 68% 1,688 55%
North America 579 12% 485 16%
South & Central America 308 6% 308 10%
Africa / Middle East 83 2% 191 6%
Asia / Pacific 566 12% 397 13%
TOTAL 4,768 100% 3,069 100%

Sales by destination 2009/10 % 2010/11 %
(in € million) Q1 Contrib. Q1 Contrib.
Europe 2,457 51% 2,328 49%
North America 775 16% 645 14%
South & Central America 229 5% 308 6%
Africa / Middle East 824 17% 809 17%
Asia / Pacific 521 11% 653 14%
TOTAL 4,806 100% 4,743 100%

Press Contact
Philippe Kasse, Stéphane Farhi (Corporate)
Tel: +33 1 41 49 29 82 / 33 08
philippe.kasse@chq.alstom.com
stephane.farhi@chq.alstom.com
or
Investor Relations
Emmanuelle Châtelain
Tel: + 33 1 41 49 37 38
emmanuelle.chatelain@chq.alstom.com
Website
www.alstom.com

Copyright Business Wire 2010

Fitch sees ‘upward trend’ in Turkey’s ratings – TV

June 16 (Reuters) – Ayse Botan Berker, Fitch Ratings’ general manager in Turkey, said on Wednesday an “upward trend” in the country’s ratings may continue if the government maintains its current fiscal policies.

Berker was speaking in an interview with Bloomberg television’s local affiliate in comments that were broadcast live.

In December, Fitch was the first of the three main ratings agencies to raise Turkey’s sovereign ratings, to BB+ from BB- on what it said was the country’s fiscal resilience.

(editing by John Stonestreet)

Research and Markets: Analyzing the Indian Financial Services Industry

DUBLIN–(Business Wire)–
Research and Markets
(http://www.researchandmarkets.com/research/f06d3a/analyzing_the_indi) has
announced the addition of the “Analyzing the Indian Financial Services Industry”
report to their offering.

The Indian financial services industry is in a process of rapid transformation.
Reforms are continuing as part of the overall structural reforms aimed at
improving the productivity and efficiency of the economy. The role of an
integrated financial infrastructure is to stimulate and sustain economic growth.

Overall, the US$28 billion Indian financial sector has grown at around 15
percent and has displayed stability for the last several years, even when other
markets in the Asian region were facing a crisis, according to Ministry of
External Affairs, Government of India. This stability was ensured through the
resilience that has been built into the system over time. The financial sector
has kept pace with the growing needs of corporate and other borrowers. Banks,
capital market participants and insurers have developed a wide range of products
and services to suit varied customer requirements. The Reserve Bank of India
(RBI) has successfully introduced a regime where interest rates are more in line
with market forces.

Financial institutions have combated the reduction in interest rates and
pressure on their margins by constantly innovating and targeting attractive
consumer segments. Banks and trade financiers have also played an important role
in promoting foreign trade of the country.

Aruvian’s Research report Analyzing the Indian Financial Services Industry is a
complete insight into this complex, competitive and fast paced industry which
holds the potential and promise of one of the highest growing sectors in the
Asian Sub Continent. The report explores the profile of the financial services
industry in the world economy and builds the same basis the trade and investment
flow patterns which give birth to the driving trends of the industry thereby
governing increasing manpower and capital allocation to this sector.

The report analyzes the Indian Financial Sector in detail by breaking the
industry into segments which are active in this realm and the competitive
factors which are boosting the industry growth. This report also draws up a
scenario of studying the conditions prevalent in the pre-reform era and compares
it with the post reforms which have been undertaken in this sector which have
galvanized growth in this important and ethically driven industry.

The report further details India’s trade in financial services industry and
explores the export potential of these services in sectors as banking and
insurance which are the global powerhouses and movers of investment to key
areas. Some of the barriers to India achieving its full potential in these
services are also explained in this report.

The impact of international treaties as the GATS and critical development areas
such as outsourcing and offshoring with reference to India’s position in the
global map is also explained in depth sections in this report.

Further, the report presents a unique analytical section on the Indian Financial
Services Industry by applying the SWOT, PEST & Porters Five Forces Strategy
Analysis to the industry in order to better explain its inner mechanisms at work
which are the basis of this industry and lend a distinct character to it.

The report examines the core thrust of India’s negotiating tactics in the
financial services industry. This research elaborates on certain approaches to
making the Indian Financial Services Industry more competitive through the
required regulatory reforms or looking at possible reduction of governmental
interest in this sector.

The report also profiles the major contributors to the industry and their
relative performances which lead up to the reports section on the future outlook
of the Indian Financial Services Industry.

Key Topics Covered:

A. Executive Summary

B. Profile of Financial Services in the World Economy

C. Introduction to the Indian Financial Services Sector

D. Reforms in the Indian Financial Services Sector

E. India’s Trade in Financial Services

F. GATS & The Indian Financial Services Industry

G. Outsourcing & Offshoring in Financial Services – Where Does India Stand?

H. SWOT Framework Analysis of the Indian Financial Services Industry

I. PEST Framework Analysis

J. Porters Five Forces Strategy Analysis

K. Thrust of India’s Approach to Negotiating Strategy in Financial Services

L. How to Make the Indian Financial Services Sector More Competitive

M. Major Contributors to the Industry

N. Indian Financial Services Industry: Future Perspective

O. Appendix

P. Glossary of Terms

Companies Mentioned:

* HDFC Bank Limited
* ICICI Bank
* Life Insurance Corporation of India
* State Bank of India

For more information visit

http://www.researchandmarkets.com/research/f06d3a/analyzing_the_indi

Research and Markets
Laura Wood, Senior Manager,
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Copyright Business Wire 2010

Roemer pays tribute to German Bakery blast victims

Pune, May 13 (ANI): US Ambassador to India Timothy J Roemer visited Pune”s German Bakery on Wednesday to pay tribute to victims of the blast.

Talking to reporters here, Roemer said: “I am humbled to be standing in front of the German Bakery, the site of the terrible terrorist attack.

He laid a wreath at the blast site, and said, that he was proud to see the resilience, faith and hope shown by the people of Pune.

“Hope and faith and resilience and opportunity is the message coming from Pune and it doesn”t just light India, it surrounds and communicates this whole message to the world about this bravery and this resilience and this message of hope,” he added.

He also said that as Pakistan was the epicentre of terrorism, Washington is encouraging Islamabad to address this threat internally on a pro-active note.

“I served on the 9/11 commission and for those of you who have read the report back five years ago, we said in that 9/11 report that Pakistan was the epicentre of terrorism and that they needed to address this threat internally and more actively. We are encouraging them, we are pushing them, we are cajoling them to do more,” he added.

He also met the German Bakery owners in the Koregaon Park area and hailed their efforts to rebuild the landmark eatery.

“It is a testament to the courage and resilience of the people of Pune and the city”s openness and tolerance,” he added.

The Pune blast, which killed seventeen people and wounded at least 57, was seen as the first major attack on India since the 2008 Mumbai terror attack. (ANI)

Lady Gaga helps increase download sales in UK

London, April 27 (ANI): American singer Lady Gaga has helped increase download sales in the UK by more than 50 percent, according to new figures.

According to the music industry body the BPI, songs and albums bought from online retailers like iTunes yielded 154 million pounds in 2009, reports The Telegraph.

The music industry generated 928.8 million pounds in 2009, the figures say.

Digital services make up for one-fifth of the music revenue that comes to U.K.

””It”s encouraging to see industry revenues stabilise and even show modest growth in 2009,” BPI chief executive, Geoff Taylor, said.

“The CD continues to show greater resilience than many predicted – it is an excellent digital product. The pace of growth of new digital services is encouraging, but the size of the market continues to be constrained by competition from illegal downloads,”” he added. (ANI)

Lady Gaga helps increase download sales in UK by more than half

London, April 27 (ANI): American singer Lady Gaga has helped download sales in the UK shoot up by more than 50 percent, according to new figures.

According to the music industry body of the BPI, songs and albums bought from online retailers like iTunes yielded 154 million pounds in 2009, reports The Telegraph. The music industry generated 928.8million pounds in 2009, the figures say.

Digital services make up for one-fifth of the music revenue that comes to U.K.

””It”s encouraging to see industry revenues stabilise and even show modest growth in 2009,” BPI chief executive, Geoff Taylor said.

“The CD continues to show greater resilience than many predicted – it is an excellent digital product. The pace of growth of new digital services is encouraging, but the size of the market continues to be constrained by competition from illegal downloads,”” he added. (ANI)

Thai police pull back after confronting protesters

Hundreds of Thai riot police confronted anti-government protesters at a barricade in Bangkok’s business district on Friday, a day after grenade attacks in the area killed three people, but later pulled back without violence.

In tense scenes, Thai television said police went right up to the barrier and demanded the “red shirts” dismantled it. They made no move to do so, and a Reuters photographer said protesters poured fuel on to the barricade, made up largely of tyres.

But the police later pulled back, and the protesters also retreated to the camp they have set up behind the barrier in the capital’s Silom district, he said.

The government said the grenades late on Thursday, which also wounded 75 people, were fired from the red shirt protest area. Leaders of the red shirts, who have been demonstrating in Bangkok for six weeks seeking new elections, denied they were to blame.

The grenade blasts came 12 days after clashes between troops and protesters killed 25 people and wounded more than 800 in the country’s worst street violence in 18 years.

The central bank said on Wednesday that the political crisis was affecting confidence, tourism, private consumption and investment, although exports, which are crucial to economic growth, have been little affected by the unrest.

Thailand’s currency, the baht , fell about 0.5 percent in early trade to 32.31 per dollar at 0159 GMT against 32.20 late on Thursday.

“It is clearly a reaction to the blasts last night. The baht is hit by this abnormal situation despite its earlier resilience. If the violence drags on and subject to the degree of chaos, it could slide further to 32.40-50,” a Bangkok-based dealer said.

The stock market, which has swung widely in recent sessions in reaction to protest developments, opens at 0300 GMT.

CASUALTY RISK

The protesters, supporters of ousted former Prime Minister Thaksin Shinawatra, have also been occupying an upmarket shopping area for three weeks.

Any attempt to disperse them risks heavy casualties and the prospect of clashes spilling into high-end residential areas.

Deputy Prime Minister Suthep Thaugsuban said on Thursday night there would be no crackdown because women and children were in the area.

Adding to the volatile mix, a new “multi-coloured” group is planning a demonstration of 50,000 people in Bangkok’s old quarter on Friday to demand the “red shirts” end their rally.

Demonstrations by this group have increased the tension in the Silom business district this week.

“There are now two conflicting groups and this kind of confrontation could create havoc and turmoil,” said Somjai Phagaphasvivat, politics and economics professor at Thammasat University.

Under growing pressure to restore order, the army warned the red shirts on Thursday their “days are numbered”.

Leaders of the red-shirted supporters of twice-elected and now fugitive Thaksin say they will only leave when the military-backed government announces an early election.

They say the British-born, Oxford-educated Prime Minister Abhisit Vejjajiva came to power illegitimately in late 2008, heading a coalition the military cobbled together after courts dissolved a pro-Thaksin party that led the previous government.

(Additional reporting by Apornrath Phoonphongphiphat and Vithoon Amorn; Writing by Alan Raybould; Editing by Alex Richardson)

Minister says Icelandic volcanic ash cloud will not affect Scot human health

Edinburgh (Scotland), Apr.19 (ANI): Scotland’s First Minister Alex Salmond has said that dust from the volcanic ash cloud coming from Iceland presents no risk to health, agriculture or the environment of his country.

He said ongoing analysis of dust samples by the Scottish Environment Protection Agency (SEPA) had identified no current danger to human health.

But, according to The Scotsman, health experts have advised those with respiratory conditions, such as asthma, to keep medication to hand when they are outdoors.

Environmental monitoring, using information from the network of 75 air and 25 radioactivity-monitoring sites across Scotland, is set to continue.

Yesterday, Salmond said: “SEPA”s ongoing analysis of volcanic dust has shown that it contains no harmful material and presents no risk at present to public health, agriculture or the wider environment.”

The First Minister”s comments came after a meeting of the Scottish Government Resilience Cabinet sub-committee (SGoRR). (ANI)

Let the lobbying begin

Handing down a $4 billion budget will be one of the first and most difficult tasks for the Bartlett minority government.

With the state’s economy in deficit, it’ll no doubt be looking at ways to save money.

Tasmania’s Chamber of Commerce and Industry’s CEO Robert Wallace says minority government is bad news for big business.

“At the moment we’re in a budget deficit and the last thing we need is for that to continue. That would undermine all the resilience the state’s built up over the last 10 or 15 years,” he said.

“With this government, what we’d be hoping to do is to act as an advocate and to work with the new government to assist them in identifying areas there may be savings that will allow us to return to a sustainable budget over the next three to five years.”

The chamber once again has the public sector in its sights.

Robert Wallace says new technology should be used to reduce the need to employ more public servants.

“It could be in communication efficiencies, through telecomuting (sic) for meetings and those sorts of things.”

“It would mean the number of people employed in the public sector could plateau off.”

The TCCI’s position has riled the Public Sector Union’s Mat Johnston who says a strong public sector is crucial to buffering the instability a minority government can create.

“They’re going to rely heavily on the public service to provide them with advice,” he said.

“The Tasmanian Chamber of Commerce seems to be going back to their common reprise of cutting jobs in the public sector to fund their pet projects,” he said.

The union is about to launch an advertising campaign reminding all three political parties of their promise of job security.

Political analyst Dr Richard Eccelston says both groups will need to tone down their budget wish-lists under a minority government.

“What it requires is a degree of compromise, not only from political parties but from all stakeholders, from business, from unions and everyone that’s got an interest in a sound economic strategy,” he said.

Dr Eccelston is suggesting the government expand the current system of Lower House committees to include non-MP members from interest groups.

“It would help in working out where the Tasmanian community stands on these issues such as the economy before they go to parliament,” he said.

Cyclone knocks tourism confidence

Tourism operators will gather in Mackay in north Queensland today to discuss some of the biggest issues facing the industry.

The annual tourism conference will be held at the convention centre as part of Tourism Week activities, with speakers addressing issues including marketing and quality.

The general manager of Mackay Tourism, David Phillips, says the confidence of the local industry has been affected by Cyclone Ului.

“The wet season’s always the wet season and we prepare for a downturn and expect it some degree of course, but this has knocked a few people around very seriously,” Mr Phillips said.

“But tourism particularly has a history of resilience and being able to bounce back pretty fast.

“You know once it’s off the front pages and people realise that most of the industry is functioning quite normally, I think the confidence is restored fairly fast.”

Mr Phillips says local operators are reporting widespread cancellations and are very keen to move on.

“People down south, particularly, are a little nervous about what’s going on north of Rockhampton, they get an impression that a lot more is out of action or damaged than really is the case,” he said.

“Our estimate is about between five and 10 per cent of our industry has been materially affected … we need to get out there now and convince everybody down south that our region and the Whitsundays are up and open for business.”

Rangers win Scottish League Cup

A late Kenny Miller goal seven minutes from time sealed a remarkable Scottish League Cup final win for nine-man Rangers over St Mirren overnight and wrapped up the first part of a possible domestic treble.

The Ibrox side showed dogged resilience to keep the Buddies at bay after Kevin Thomson and Danny Wilson were shown straight reds before Miller rose unmarked to head in substitute Steven Naismith’s cross at Hampden.

St Mirren had dominated the game with chances from Billy Mehmet and Steven Thomson cleared off the line before a David Barron shot grazed the bar.

Kevin Thomson saw red in the 53rd minute for a late challenge on namesake Steven Thomson and Wilson joined him for an early bath when he tugged Craig Dargo’s shirt on the edge of the box as he raced in on goal.

But the Buddies could not make their numerical advantage count and it was Rangers who collected the trophy for the 26th time.

“When we went down to nine men I felt it was just a matter of trying to hold on but we managed to break away and it was a terrific goal,” said Rangers manager Walter Smith.

“I’m really pleased for all the boys who had to put in a lot of work there.”

-AFP

Positive emotions build resilience, boost life satisfaction

Washington, July 11 (ANI): People who make sure that their lives are filled with frequent moments of positive emotions, tend to have increased resilience against challenges, according to a new study by researchers at University of North Carolina at Chapel Hill.

Dr. Barbara Fredrickson and her colleagues have suggested that people should build on a daily diet of positive emotions to ensure increased levels of life satisfaction.

“This study shows that if happiness is something you want out of life, then focusing daily on the small moments and cultivating positive emotions is the way to go,” she said.

She added: “Those small moments let positive emotions blossom, and that helps us become more open. That openness then helps us build resources that can help us rebound better from adversity and stress, ward off depression and continue to grow.”

The month long study involved 86 participants, who were asked to submit daily “emotion reports”, rather than answering general questions like, “Over the last few months, how much joy did you feel?”

“Getting those daily reports helped us gather more accurate recollections of feelings and allowed us to capture emotional ups and downs,” said Fredrickson.

She said that building up a daily diet of positive emotions does not require banishing negative emotions, and the study helps to show that to be happy, people do not need to adopt a “Pollyanna-ish” approach and deny the upsetting aspects of life.

“The levels of positive emotions that produced good benefits weren’t extreme. Participants with average and stable levels of positive emotions still showed growth in resilience even when their days included negative emotions,” said Fredrickson.

She suggested that one should focus on the “micro-moments” that can help unlock one positive emotion here or there.

“A lot of times we get so wrapped up in thinking about the future and the past that we are blind to the goodness we are steeped in already, whether it’s the beauty outside the window or the kind things that people are doing for you,” she said.

She added: “The better approach is to be open and flexible, to be appreciative of whatever good you do find in your daily circumstances, rather than focusing on bigger questions, such as ‘Will I be happy if I move to California?’ or ‘Will I be happy if I get married?’”

The study, titled ‘Happiness Unpacked: Positive Emotions Increase Life Satisfaction by Building Resilience’, has been published in the journal Emotion. (ANI)

John Travolta’s wife Kelly Preston to speak about their son’s death

New York, July 10 (ANI): John Travolta’s wife Kelly Preston is to speak publicly about the death of their son Jett for the first time.

Jett died suddenly after a seizure at the age of 16 in January while he was on holiday with his family in the Bahamas, and Kelly, 46, is to speak about their loss at the California Governor’s Conference for Women in October, People reports.

“If she can empower one other woman who feels like they can’t get out of bed, or get through the day, whatever the loss, it’ll be worthwhile sharing her story,” the New York Daily News quoted Maria Shriver, the conference host, as saying.

It has taken Kelly some time to decide whether she is ready to take part in the conference.

“She has been thinking about this for a couple of months. I asked her to speak and she knew about the conference and decided if she was only going to speak once, it would be here. She wants the conversation to be about more than just her,” Shriver said.

Preston is one of three women on the “Grief and Resilience” panel, which also includes Elizabeth Edwards, wife of former Vice President candidate John Edwards, and actress Susan St. James. All three have experienced the loss of a son.

Shriver believes the panel will help a broad range of women, whether they’re coping with the loss of a child, the loss of a job or the loss of a marriage. Kate Gosselin, another guest on the list, is, of course, familiar with the latter. (ANI)

Positive emotions increase resilience against challenges

Washington, July 9 (ANI): A new study by researchers from a University of North Carolina at Chapel Hill has revealed that people who seed their life with frequent moments of positive emotions increase their resilience against challenges.

“This study shows that if happiness is something you want out of life, then focusing daily on the small moments and cultivating positive emotions is the way to go,” said Barbara Fredrickson, Ph.D., Kenan Distinguished Professor of Psychology in UNC’s College of Arts and Sciences and the principal investigator of the Positive Emotions and Psychophysiology Laboratory.

“Those small moments let positive emotions blossom, and that helps us become more open. That openness then helps us build resources that can help us rebound better from adversity and stress, ward off depression and continue to grow,” Fredrickson added.

In the month long study, 86 participants were asked to submit daily “emotion reports,” rather than answering general questions like, “Over the last few months, how much joy did you feel?”

“Getting those daily reports helped us gather more accurate recollections of feelings and allowed us to capture emotional ups and downs,” said Fredrickson.

She said that building up a daily diet of positive emotions does not require banishing negative emotions.

The study helps show that to be happy, people do not need to adopt a “Pollyanna-ish” approach and deny the upsetting aspects of life.

“The levels of positive emotions that produced good benefits weren’t extreme. Participants with average and stable levels of positive emotions still showed growth in resilience even when their days included negative emotions,” she said.

Fredrickson suggested focusing on the “micro-moments” that can help unlock one positive emotion here or there.

“A lot of times we get so wrapped up in thinking about the future and the past that we are blind to the goodness we are steeped in already, whether it’s the beauty outside the window or the kind things that people are doing for you,” she said.

“The better approach is to be open and flexible, to be appreciative of whatever good you do find in your daily circumstances, rather than focusing on bigger questions, such as ‘Will I be happy if I move to California?’ or ‘Will I be happy if I get married?,” she said

The study appears in the June issue of the bimonthly journal Emotion. (ANI)

Sultan of Perak applauds Malay-Sikh community’s spirit

Kuala Lumpur, June 29 (ANI): The Sultan of the Malaysian state of Perak, Azlan Shah, has saluted the Malay-Sikh community for its contributions to the country’s economic, cultural and political fields.

“They form an invaluable and integral part of our colourful social fabric and deserve due recognition for their contribution, as much as any other citizen, to Malaysia’s economic, cultural and political life,” The Star quoted Sultan Azlan Shah, as saying.

Speaking at the launch of a book titled ‘Sikh Community in Malaysia’, Sultan Azlan Shah applauded the way the Sikhs have managed to retain their distinct cultural identity, despite being a minority.

He said their strong religious beliefs, cultural practices and strong sense of community had undeniably afforded them resilience and distinction.

Sikhs made their entry into Malaysia in the 19th century and quickly became known for their gallantry in the security forces, he noted.

“Today, the community’s role and influence extends to other fields, with prominence in professions such as medicine and law,” Sultan Azlan said.

Later, Information, Communications and Culture Minister Dr Rais Yatim told reporters that the ministry would work to highlight the cultural heritage of other minority communities.

“We may start a series of shows on RTM highlighting the cultural and musical background of the Sikh community next week,” he added. (ANI)

Election defeat does not deter Fernandes, ready for many more battles

New Delhi, June 28 (ANI): Former Defence Minister and Janata Dal (United) party founder George Fernandes, who has been known for his resilience throughout his political journey, says that in battles, a loss does not matter and it was the fight itself that has always been more important for him.

Fernandes, who contested in the recent parliamentary elections as an independent from Muzaffarpur, says his defeat does not deter him for from continuing to fight against, corruption, poverty and all forms of injustice to build a more transparent, compassionate and equal society, where the self if forgotten and the country comes first.

Writing in the latest issue of the ‘Other Side”, he says, “There are many battles that still remain to be fought.”

Janata Dal (U) party did not give him a ticket and says many of his old colleagues, whom he had nurtured, did not support him. George Fernandes says he received ‘tremendous love and support’ from the people of Muzaffarpur during the campaign. There were large crowds who attended the meetings.

But, as he did not have a strong party machinery “the overwhelming affection of people in village after village did not translate into votes.”

While complimenting Chief Minister Nitish Kumar for the creditable performance of the JD (U) in the elections, he forewarned him against ‘continuing arrogance’ towards stalwart socialist colleagues in Bihar.

“Bihar’s JD (U) gave a creditable election result. However, Nitish Kumar should be forewarned that his continuing arrogance towards stalwart socialist colleagues in Bihar and his recent back-door machinations with the Congress will result in a Congress revival in Bihar sooner rather than later. His victory was more due to the people’s desire to keep Lalu Prasad Yadav away than any great lead in development as is made out,” Fernandes stated.

Fernandes writes that his long-standing relationship with the people of Bihar, particularly with the people of Muzaffarpur and Nalanda nurtured over the past many years, would continue.

“My doors will always be open for them and for all those who are needy and seeking justice, from all over the country. I would like to believe that those currently in power in Bihar and at the centre will deal fairly and expeditiously with any problems of the people that I may raise with them as I have done for the past 50 years”, Fernandes wrote in his column in “The Other side.”

Fernandes accepts the election result with no regrets because his fights have always been for democratic values and for the causes of the poor and underprivileged.

“I don’t see it as my loss. This time it was also a fight for the right values, which should be practised by those whom I helped to attain power in Bihar. I do not believe they are wiling to improve yet. It may take some more time for them to learn that real power remains only when politics is backed with moral character, courage, and democratic functioning,” he states.

George Fernandes promises to remain active to fight corruption, poverty and all forms of injustice. “There are many battles that still remain to be fought,” he concludes. (ANI)