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BoB cuts term deposit rates by up to 75 bps
State-run Bank of Baroda (BoB) today reduced interest rates on its various maturity deposits by 25-75 basis points.

NMDC may get issue advisors, investment bankers soon
The government is likely to appoint investment bankers and advisors soon for the disinvestment of additional 8.38 per cent stake in iron ore producer NMDC, official sources said today.

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V V: How the other half lives and dies
The poor, as the Bible has it, will always be with us and, therefore, accepted as part of the human condition. But it isn’t the poverty that is unacceptable; it is destitution, the hopelessness of life at the end of its tether that raises the question, What’s to be Done? And to paraphrase Marx, it isn’t enough to understand why India remains an overwhelmingly poor country after more than 60 years of Independence; the task is to change it. Professor Amit Bhaduri’s The Face You Were Afraid to See: Essays on the Indian Economy (Penguin, Rs 250), which is a sequel to his 1996 book, (along with Deepak Nayyar) The Intelligent Person’s Guide to Liberalization, tells us why and what could be done to get out of the hole we have dug ourselves in.
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UN climate panel to review claim on natural disasters: report

Controversy-ridden UN climate panel has said it is reassessing another of its claim for linking global warming to an increase in the number and severity of natural disasters, bringing fresh embarrassment to it. The latest criticism of the Intergovernmental Panel for Climate Change (IPCC) comes after the panel admitted its mistake in asserting that Himalayan glaciers could disappear by 2035. Two scientific who checked drafts of the report had urged greater caution in proposing a link between climate change and Disaster impacts, but were ignored. - "It"s a mistake, but glacier melting is real" - Pachauri admits mistake in IPCC report; Rules out resignation - Funds for climate change missions in Union Budget: Saran - Upsurge in action needed for environment: Pachauri - IPCC admits "Himalayan" blunder - Shipping ministry to double cost estimates of Sethusamudram project Sensex ends up 35pts Cox & Kings Q3 net jumps 88% to Rs 19 cr UCO Bank seeks shareholders" nod for fund raising Negative view on state-run oil cos: Fitch Jan cement sales in high double-digit The new controversy also goes back to the IPCC"s 2007 report in which a separate section warned that the world had "suffered rapidly rising costs due to extreme weather-related events since the 1970s". It said a part of this increase was due to global warming. The academic paper at the centre of the latest questions was written in 2006 by Robert Muir-Wood, head of research at Risk Management Solutions, a London consultancy, who later became a contributing author to the section of the IPCC"s 2007 report dealing with climate change impacts. Muir-Wood wanted to find out if the 8 per cent year-on-year increase in global losses caused by weather-related disasters. He found from 1950 to 2005 there was no increase in the impact of disasters once growth was accounted for. For 1970-2005, however, he found a 2 per cent annual increase which "corresponded with a period of rising global temperatures." Muir-Wood was careful to point out that almost all this increase could be accounted for by the exceptionally strong hurricane seasons in 2004 and 2005. Despite such caveats, the IPCC report used the study in its section on disasters and hazards, but cited only the 1970-2005 results. Meanwhile, IPCC Chairman Rajendra Pachauri yesterday said the UN body will use more rigorous research systems in the future.


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