Asian tigers to slow down

India and China are likely to see economic slowdown in the coming months and similar trends are expected for developed nations, including Germany and Italy, according to Paris-based think tank OECD.The grim reading for two of the world’s fastest growing economies — India and China — comes at a time when the global financial system is battling the fallout of the US credit rating downgrade as well as European debt crisis. Organisation for Economic Cooperation and Development (OECD) is a grouping of mostly developed countries and the member nations account for over 60 per cent of global output.”The Composite Lead Indicators (CLIs) for Canada, France, Germany, Italy, the United Kingdom, Brazil, China and India continue pointing to slowdowns in economic activity,” OECD said on August 9. The grouping’s latest assessment are based on CLIs for the month of June. CLIs provide early signals of turning points with regard to economic expansion and slowdown.India’s CLI declined to 96.1 in June from 97 in the previous month. The indicator for India has been marginally falling since November 2010. Indian economy is expected to clock a growth of 8 per cent in 2011-12, much lower than the budgetary estimate of 9 per cent expansion.The country is also battling with high inflation, which has forced the Reserve Bank of India to hike key rates 11 times since March 2010. Headline inflation stood at 9.44 per cent in June. According to global investment banking major Goldman Sachs, Indian economy is projected to expand 7.3 per cent in the current fiscal, slightly lower than the earlier estimate of 7.5 per cent growth. &nbsp

Perumbavoor glass factory on fire

Kochi: Eranakulam Perambavoor Kaitharan glass factory go-down went up in flames today at 5 in the morning .  The primary inference  shows, short circuit to be the cause of the fire  at  the go-down on the Aluva – Munar route. 15 fire house units were involved in the rescue operations. The company has incurred a loss of crore’s of rupees. The police has commenced the investigation process into the matter

Oommen Chandy abdicates vigilance portfolio

Thiruvananthapuram: Chief Minister Oommen Chandy abdicated the vigilance portfolio in the wake of the vigilance court order, demanding a probe into his role in the palmolein case of 1992. Revenue Minister Thiruvanchoor Radhakrishnan is to replace him. Mr Ommen Chandy, in a meeting held with senior party colleagues and senior ministers in the cabinet, offered to relinquish the post on moral grounds as it would be unethical to continue in the post while the investigation is underway. The decision to quit the post was made public by the Chief Minister himself  in an official declaration to press personnel’s. Chief Minister remained silent when the press questioned him as to whether he would relinquish the post of Public Administration and Home Affairs. Though the decision to quit was made during the party meeting, the decision to hand over the vigilance portfolio to Thiruvanchoor Radhakrishnan was made only later at night.     &nbsp

Leap in mobile users

New Delhi: India’s rural mobile phone subscribers registering a marginal increase from 33.98 percent to 34 percent is fueling the growth in mobile phone users as per the recent Telecom Regulatory Authority of India (TRAI) official report released here  on Monday. India, a country of 1.2 billion people, now has 851.7 million mobile phone subscribers, with around 11.41 million connections added in June itself. Though rural India has seen a marked increase in number of users the share of urban subscribers declined from 66.02 percent to 66 percent. The total number of telephone subscriber base touched 885.99 million, registering a growth of 1.29 percent and an overall teledensity of 73.97. However, of the total 851.70 million wireless subscribers in March, only 594.77 million were active subscribers on the date of peak visitor location register (VLR). Telecom giant Bharti Airtel, which added 2.12 million users to take its subscriber base to 169.19 million users leading the growth in this category which was followed by Reliance Communications, Vodafone and Idea Celluar. According to the TRAI official data, the broadband subscriber base grew 1.64 percent from 12.12 million in May to 12.32 million in June 2011. with low level of mobile phone penetration in rural India the next wave of growth in subscription is expected to come from semi urban and rural areas which would have significant impact on the implementation of government schemes and also aid in its financial inclusion programme.     &nbsp

Pamolien case: set back for Oomen chandy

Thiruvananthapurum – Vigilance court here on Monday ordered an in depth probe to ascertain the role played by Kerala Chief Minister Oommen Chandy in the 1992 Palmolein oil import deal. Special Vigilance Judge P K Haneefa, rejected S P V N Sheedharan’s report which was submitted on March 31, 2010 that stated that there was no need for further probe into the role played by the then Finance Minister Oomman Chandy or to add any more to the list of the accused due to lack of evidence. The prosecution requested an inquiry into the role of Oommen Chandy at the fag end of the previous LDF ministry. Prosecution has stated that then Finance Minister in the K Karunakaran government, signed the pamolein releasing order confirming the role played by him which must be inquired. The former civil supplies minister T H Mushaffa a pamolien case convict  had mentioned Chandy’s name in his discharge plea. The prosecution pointed out that T H Mustafa had confirmed before oath that Oommen Chandy was aware of all the pamolin interations. &nbsp