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• FDA Rejects Regeneron Pharmaceuticals, Inc. (REGN)'s Arcalyst for Gout More...

• Arena Pharmaceuticals, Inc. (ARNA) Transfers Diet Pill Application to Eisai Company, Ltd. (ESALY.PK) More...

• FDA Accepts NuPathe Inc. (PATH)'s Migraine Patch NDA Resubmission for Filing More...

• Ariad Pharmaceuticals, Inc. (ARIA) Announces Submission of New Drug Application for Ponatinib to the FDA More...

• Vertex Pharmaceuticals Incorporated (VRTX) Lowers Incivek View; New Drug Data Lifts Shares More...

• Nymox Pharmaceutical (NYMX) Reports Positive Results From Combined Statistical Analysis of Long Term Follow-Up Studies of BPH Drug More...

• Rockwell Medical Technologies (RMTI) Completes Patient Enrollment in Phase III Clinical Trials for SFP Iron-Delivery in Hemodialysis Patients More...

• Pfizer Inc. (PFE) Announces Positive Top-Line Results From the ORAL Start Phase 3 Study of Tofacitinib in Rheumatoid Arthritis More...

• FDA Requests Teleconference to Discuss Repros Therapeutics Inc. (RPRX) Phase 2 Protocol for Proellex® in the Treatment of Endometriosis Last Week of August More...

• Mindreading Hormone? A Better Judge of Character With Nasal Spray? University of Oslo Study More...

• Rejected Alzheimer's Drug Shows New Potential, Mount Sinai School of Medicine Study More...

• Brains are Different in People With Highly Superior Autobiographical Memory,University of California, Irvine Study More...

• Computer Scientists Present Smile Database, University of Amsterdam Study More...

• Brain Development Delayed in ADHD, National Institutes of Health (NIH) Study More...

• StemCells Inc. (STEM) Broadens HuCNS-SC® Patent Portfolio With Key Patent in Japan More...

• GeNO LLC Receives Two Additional Patents For Inhaled Nitric Oxide Drug Delivery More...

• Abon Announces CLOLAR® Patent Challenge More...

• GlaxoSmithKline (GSK) Shipping U.S. Flu Vaccine With New Strain Coverage Recommended for 2012-2013 More...

• Mersana Therapeutics, Inc. Raises $27 Million to Advance Antibody-drug Conjugates More...

• Ultragenyx Raises $15 Million Toward $30 Million Goal More...

• CytomX Therapeutics, Inc. Expands Series B Financing; Canaan PartnersJoins Syndicate More...

• CMC Biologics Acquires XOMA Corporation (XOMA)'s Bay Area Manufacturing Facility More...

• CytoDyn Announces Entry into Agreement With Progenics Pharmaceuticals, Inc. (PGNX) to Acquire PRO 140 More...

• Idenix Pharmaceuticals, Inc. (IDIX) Regains Drug Rights From Partner Novartis AG (NVS) More...

• PolyMedix Inc. (PYMX.OB) and University of Pennsylvania Collaborate to Develop New Class of Defensin-Mimetic Antimicrobial Compounds to Treat Malaria More...

• Furiex Pharmaceuticals, Inc. (FURX) Announces Closing of Priligy® Asset Transfer and License Agreements More...

• Oncobiologics Inc. Announces a Collaboration Agreement with XOMA Corporation (XOMA) to Utilize XOMA's Fully Human Antibody Libraries for Their Discovery Platform More...

• Anchor Therapeutics Enters Into Collaborative Research Agreement With Kyowa Hakko Kirin for its Pepducin Technology More...

• KV Pharmaceutical CEO Gets Hefty Raise, Despite All the Problems More...

• Soren Tulstrup to Lead Shire plc (SHPG) HGT's MPS Franchise More...

• Cytovance Biologics Inc. Announces Don Wuchterl as Senior Vice President of Manufacturing Operations More...

• Quick-Med Technologies (QMDT) Appoints Bernd Liesenfeld as President More...

• A.P. Pharma, Inc. (APPA) Appoints Robert Rosen to Its Board of Directors More...

• Bayer AG (BAY.F) Lifts Guidance, Provisions Weigh on Earnings More...

• Acura Pharmaceuticals, Inc. (ACUR) Announces Second Quarter 2012 Financial Results More...

• Agennix AG Reports Financial Results for Second Quarter and First Half of 2012 More...

• Amarin Corporation PLC (AMRN) to Report Second Quarter 2012 Financial Results and Host Conference Call on August 8, 2012 More...

• Acasti Pharma First Quarter Results More...

• Teva Pharmaceutical Industries Limited (TEVA) Sues Genzyme Corporation (GENZ) for Poaching Employees More...

• EU Antitrust Charge for Servier, Teva Pharmaceutical Industries Limited (TEVA), Others Over Generics More...

• Immunovative Inc. Announces the Retention of Winston & Strawn LLP as Its Legal Counsel More...

• Vitrolife's Subsidiary in the USA has Been Sued More...

• IntelliPharmaCeutics Settles Patent Litigation With AstraZeneca PLC (AZN) Concerning Generic Seroquel XR® More...

• Theorem Clinical Research Relocates Headquarters to Accommodate Growth More...

View1 : Anna Hazare's fast entered third day with normal health. In a statement from government authority, it has been mentioned that "Government will act, if Anna Hazare's health fails" But the question is why government is waiting for Anna Hazare's health to fail. Is government playing game with Team Anna, that Anna Hazare's health deteriorate and then it might debate the strong LokPal Bill for few weeks and then everything will be in air like last time. It might be a bad politics of India that suppose Anna Hazare might get close to end of his life, then only government will start discussion about his demand and the final verdict might be something like this. You will end up loosing Anna Hazare's life and movement will be vanished in air. To show little sympathy, government and politicians might start debating Lokpal Bill and few weeks later when everyone back to their routine. We will be still waiting for another Anna Hazare to start the movement again. Isn't it true?


 Dedicated parking spaces are always useful for city dwellers with cars; there’s nothing worse than coming home after a long day at work only to find that the nearest spot is 10 blocks away. But parking spaces take up, well, space. And for much of the day, they’re left unused. There’s one startup, Parkatmyhouse, that lets people rent out their empty spots. Designer Aaron Cheng has a more creative solution: a structure that looks like a normal parking garage during the day, but turns into a living space at night.

The Parking + Housing project, submitted to this year’s James Dyson Award, asks us to imagine a place where people don’t have many possessions and don’t mind losing access to their homes during the day.

Once evening hits (and presumably all the cars have exited), the parking garage inflates into small studio living spaces that are each divided into two parts: a fixed unit with storage, a bathroom, and a kitchen, and a separate bedroom that inflates and deflates using a pneumatic system. All furniture--and other furnishings--would have to be stuffed into the fixed area during the day.


Sure, there are holes in the design: Where do people park when they get home? And what happens if someone wants to stay home from work? This would only work for someone who needs a place to rest their head at night, and nothing more.

But consider this: Cities around the world are growing rapidly, and will only continue to balloon as the population grows. Already, urban centers are considering creative space-saving ideas. In New York City, Mayor Bloomberg recently launched a contest for developers who want to build a series of 275- to 300-square-foot apartments. Developers in San Francisco are working on similar ideas.

A part-time parking lot, part-time home may not be the logical next step. But it’s something to consider.

Most of the world, including India, was pessimistic about the job market last year with 57 per cent of adults saying it was a bad time to find a job, according to a new Gallup survey.

Only one-third of the people said it was a good time, the leading US opinion poll organisation said on Monday releasing the results of Gallup surveys conducted in 146 countries in 2011.

Indians were only a little more optimistic than the average adult worldwide with 52 percent saying it was a bad time and only 36 percent saying it was a good time. Europeans were the most pessimistic, with 72 percent saying it was a bad time. Optimism was highest in the Americas, where a still dismal 38 per cent said it was a good time.

All of the top 10 countries where residents were most positive about the job market were developing countries, except Singapore.

Oil-rich Middle Eastern nations took four of the top spots; Saudi Arabia and Oman led internationally with 69 per cent of residents saying it was a good time to find a job, despite relatively high unemployment rates.

Six of the 10 countries with the most negative outlooks were EU countries, with Greeks and the Irish nearly universally saying it was a bad time to find a job.

Residents in eight of the world's 10 largest economies did not think it was a good time to find a job in 2011. Brazil and Germany were the two bright spots in an otherwise gloomy outlook on the availability of jobs; about half of residents in each country said it was a good time to find a job.

Results are based on telephone and face-to-face interviews with approximately 1,000 adults per country, aged 15 and older, conducted in 146 countries and areas in 2011, Gallup said.

( Press Trust of India )
App Developers Get Access To Data Via U.S. Census Bureau's First Public API
Via The Verge: App developers for mobile devices and the web now have the opportunity to mine a trove of data on American habits via the U.S. Census Bureau's first public API that the organization released last week. Developers can tap into statistics from the 2010 Census and the 2006-1010 American Community Survey to build mobile and web apps that sort, display or analyze the (anonymized) population patterns stored there. For example, an app could trace the commuting patterns of every city in america, or display renter and owner information for a neighborhood, the Census Bureau news office explained in a press release. Two web apps are already up: The Age Finder app, built in-house, and the Poverty Status app built by the Cornell Program on Applied demographics.

Microsoft: Surface And Windows 8 To Arrive October 26

Microsoft has confirmed the release date for its new Microsoft Surface in a recent SEC filing. The device will start shipping on October 26 alongside the Windows 8 operating system. However, Microsoft has yet to reveal a price tag for the device. Lacking an official number, rumor vendors have suggested figures like $599 for the Windows RT model and a $999 price for the Windows 8 Pro version. The fact that a date has been set is good news, but there is this fact to consider: if the Microsoft tablet won't surface until the end of October, there's a chance Apple may have a smaller, cheaper, iPad mini out by then. Apple rumorologists have persistently dropped details that hint at a smaller Apple tablet, and the latest crop of rumors even set a date for the unveiling: September 12. (Apple, of course, is mum.) If the Surface is set to tackle a mini iPad head on, price may become even more of a sticking point. 

Limited Run Alleges 80 Percent Of Its Facebook Ad Clicks Were Bots

Limited Run, a digital distribution outfit specializing in labels, musicians and artists, has decided to take down its Facebook account after discovering through its custom-built "page logger" that 80 percent of the clicks on its ads that Facebook was charging them for came from bots. The company compared the clicks its ads were getting from about 6 name-brand analytics services before building a custom tool to verify the results. "They all lined up," Tom Mango, co-founder, told Fast Company. "Once that happened, we stopped our campaign."

Limited Run (formerly known as Limited Press) posted a message describing its discoveries on its Facebook page, including the following sum-up, which is careful to avoid blame: "Bots were loading pages and driving up our advertising costs. So we tried contacting Facebook about this. Unfortunately, they wouldn't reply. Do we know who the bots belong too? No. Are we accusing Facebook of using bots to drive up advertising revenue. No. Is it strange? Yes."

Limted Run explains that its custom platform recorded the number of page viewers who didn't have JavaScript enabled. According to the company's own analytics tool 80% of the clicks Facebook was charging for came from machines without JavaScript enabled. This confounds analytic software trying to verify the click is genuine, and, more importantly in the company's experience only one to two percent of its human visitors had the feature disabled. The conclusion: Bots in action.

Mango told Fast Company that the trouble started when the company decided to change its name from "Limited Press" to "Limited Run" and started experimenting with advertising campaigns on Facebook. Facebook did not responded to the company about the issues its raised about clicks (and has not responded yet), but an advertising account manager at Facebook did finally call in about the company's requested name change. The company didn't qualify for a name change because, per Facebook policy, a name is locked in for an account with more than 200 Likes the accounts person explained, but if Limited Run spent an extra $2,000 on advertising per month, the name change would be possible. At this point Limited Run balked and decided to shut down their account entirely.

Not before it got its message out, however. "We want to make sure that the people who do follow us on Facebook can see our post and why we're leaving," Mango says. "We'll shut it down in the next couple of weeks."

Peter Jackson Uses Facebook To Reveal Third Hobbit Film

Peter Jackson has been using social media a lot during his production of The Hobbit movie, keeping audiences engaged, informed and excited long before the Winter 2012 debut of the first part of his film adaptation of the famous novel...and today he used Facebook to reveal some incredible news: The Hobbit will be a three-film release, not a twosome as had previously been decided. Quoting J.R.R. Tolkien himself, who noted the story was "a tale that grew in the telling," Jackson explained he couldn't resist taking this unique chance to tell more of the story of hobbits exploring Middle Earth. 

Olympics Attendees Asked To Cool It With The Tweets

Social media, and Twitter in particular, is playing a big role in Olympics activity and coverage this year. Twitter had its designated page set up for curated audience and network presenter tweets via a high-profile deal with NBC, and even a plan to turn the London Eye into a giant mood ring, colored by the tweets of audience members at the events in London. Enthusiastic tweeters have been asked to cool off though, since a volley of tweets and text messages sent during the men's road cycling race clogged networks and cut off television commentators from GPS communication and timing information. (This prompted television viewers to turn to Twitter to tweet their disappointment.) An International Olympic Committee spokesperson said the issue was localized to one network, and the issue was being corrected, Reuters reports. He also asked fans to "take it easy" on the tweets and messages unless it was "urgent."

After South Korea Telecom Hack, 8.7 Million Customers' Details Sold To Telemarketers

South Korea's KT Telecom has suffered a protracted months-long hack attack that has seen hackers gain access to 8.7 million of its customers--about half its entire user base. Names, ID numbers, and phone numbers were taken by the hackers and then sold to telemarketers. Two hackers made around $880,000 in profits from the hack and sale. Both of the hackers and seven individuals who'd bought the data have now been arrested, which is why the event has been revealed to the world in the form of an official apology from KT to the public, and it's not expected that the data was used for more than the telemarketing stunt. But it's significant for being one of the few hack attacks that was used for profit, and also that led to arrests. KT's stock price has fallen in the time since the news was announced.

Top Stories


India's central bank, Deloitte see lower growth, higher prices

A day before its expected decision on interest rates, the Reserve Bank of India laid out a grim scenario of lower growth and higher inflation for the nation's economy. It also urged quicker stimulus action from the government. Separately, Deloitte forecast Indian growth below 6.5% and persistent inflation worsened by food prices in a spotty monsoon season.

Eurozone sentiment declines as Morgan Stanley predicts grim future

The July economic sentiment indicator for the eurozone declined to 87.9 from 89.9 in June, and The consumer confidence index dropped to -21.5 from -19.8, according to the latest reading from the European Commission. Meanwhile, Morgan Stanley's new outlook for the eurozone is for continued austerity measures taking a harsh toll across most of Europe, with only a few bright spots to relieve the broadly grim picture. 

Spain posts third consecutive quarter of falling GDP

Spain recorded a third consecutive quarter of economic contraction, with output declining 0.4% in the latest period, principally due to lagging domestic demand. For the full year, the government now predicts a 1.5% shrinkage in gross domestic product, to be followed by a further 0.5% pullback in 2013. 

Despite gloom, U.K. central bank isn't expected to budge on rates

Despite recent indicators that the U.K. economy remains in the mire and upcoming manufacturing figures that are projected to be dismal, the Bank of England's Monetary Policy Committee is expected to leave interest rates at 0.5%. It is widely hoped that London's staging of the Olympics will provide a boost in the third quarter, but any stimulus is believed unlikely to prevent overall economic shrinkage for the year. 

Shanghai hopes to oust Hong Kong as Asia's top financial center

Shanghai has formidable obstacles to overcome before it has a chance of achieving its goal of replacing Hong Kong as Asia's most important financial center. 

Banks reportedly help in Euribor case; U.K. seeks quick action on Libor

A number of banks suspected of manipulating the euro interbank offered rate are reported to be working with EU authorities to avoid heavy penalties. Meanwhile, the U.K. government is pursuing swift Libor reform to limit damage to London's standing as a financial center.

Market Activities

INTERNATIONAL MARKETS OVERVIEW

U.S. investors largely marked time Monday awaiting word from central banks this week on what, if any, action they intend to take to stimulate the global economy. The S&P 500 ended the day nearly flat. In Europe, however, the mood was more buoyant in anticipation, with the Euro Stoxx 50 climbing 1.7%. Here is a continuously updated list of global stock indexes.

Economic Trends & Outlook


Japan's low industrial output surprises; Korean confidence ebbs

In a surprise to economists who projected a 1.5% gain for Japanese industry for June, the final reading showed a 0.1% decline, partly undermined by the strength of the yen in a struggling global economy. Meanwhile, South Korea's manufacturer confidence index looking ahead to August is pegged at 70, down from 81 for July, the country's central bank reported. 

List of S. Korea's top companies undergoes transformation over 7 years

The seven years since 2005 have seen a nearly two-thirds turnover in the list of the 20 leading large-cap companies on South Korea's Kospi. Rapidly changing economic trends and the global economic meltdown are believed to have contributed to the wide-scale change.

China offers selective aid to carefully boost real estate market

Despite wariness over the tendency of China's real estate market to overheat, the China Banking Regulatory Commission is offering credit backing for new buyers in the market looking to build modest homes. "Previously, speculators dominated the market, but the government has stepped up efforts to change that. ... Such selective easing will ensure that prices don't rise too much," said Joe Zhou, head of research for Jones Lang LaSalle in Shanghai. 

Commercial property defaults in South Korea raise concern

In a worrying sign, South Korea's default rate for loans backed by commercial property reached 1.44% at the end of May for six leading banks, topping even the 0.93% for housing-related loans. The high rate is seen as a troubling indicator for the South Korean economy as a whole, given commercial property's closer links to economic activity.

Business sentiment drops in South Korea

Europe's unresolved debt crisis has weighed on business sentiment in South Korea, with July's Business Survey Index falling to 71, down from 82 in June. It was the third consecutive of decline, with weaker domestic demand also a factor. 

Capital Markets & Financial Products


Despite gains in Asia, HSBC posts lower net income

Asia was a bright spot for London-based HSBC Holdings as it posted an overall 8.3% decline in net income for the first half. The result was weighed down by $2 billion set aside for penalties associated with allegations that the bank helped launder Mexican drug money. In Asia, however, pretax profit excluding Hong Kong climbed 17% to $4.37 billion.

Beijing clears first provincial bond issue since 1994

Beijing has approved the planned issue of 10.4 billion yuan in bonds by China's Zhejiang province, the first of an expected series of local issues. The plan is the first since 1994, when the central government barred bonds and budget deficits by local governments amid concerns over the debt they were running up. 

2012 may be record year for Chinese investment in U.S.

After reaching a record $3.6 billion in the first half of 2012, China's investments in the U.S. are expected to set a full-year record as well, according to a report by Rhodium Group. The inflow could help the U.S. economy during its current stretch of low growth. "Chinese investment in the U.S. offers great potential and will help stabilize growth in the next decade," said Ge Shunqi, deputy head of the Institute of International Economics at Nankai University in Tianjin. 

Hang Seng Bank posts strong 14% gain in profit

Hong Kong lenders may be riding out Europe's debt troubles better than expected, as suggested by a wider-than-anticipated 14% jump in Hang Seng Bank's profit for the first half. "Hang Seng's lending profitability continued to widen in the first half after improvements in the second half of last year, which is very encouraging, given the current operating environment," said Ivan Li, deputy head of research at Kim Eng Securities Hong Kong. 

U.S.-based SkyBridge plans Hong Kong office, Asia fund

SkyBridge Capital, a U.S. fund of hedge funds, has laid plans for an office in Hong Kong as it looks to a vibrant future in China's hedge fund industry. The tentative 2014 opening would follow SkyBridge's planned launch of a Singapore office early next year and the introduction of an Asia-focused fund of $250 million to $500 million by the end of 2013.

People & Personalities


Ravneet Gill to head Deutsche Bank's Indian operations

Ravneet Gill has been tapped as chief of Deutsche Bank's India operations. Gill, formerly head of capital markets and treasury solutions, succeeds Gunit Chadha, who took on a larger role at the bank last month.

• Roche (RHHBY) to Create Jobs in CN Amid U.S. Site Closures More...

• Parkinson's Specialist Spins Out From Merck Serono's Soon-to-close R&D Operations More...

• Selcia Limited Exploits in-House IP With Demerger Move More...

• Pfizer Inc. (PFE) Terminates License to 3 Products With Acura Pharmaceuticals, Inc. (ACUR)'s Technology More...

• Alnylam Pharmaceuticals (ALNY) Earns $3.2 Million Milestone Payment From GlaxoSmithKline (GSK) in VaxiRNA Collaboration on Flu Vaccine Production More...

• AspenBio Pharma, Inc. Executes Worldwide License Agreement for its Animal Health Assets More...

• Almirall and Quintiles, Inc. (QTRN) Sign Long-Term Commercial UK Partnership More...

• Transgenomic, Inc. (TBIO) and the Medical College of Wisconsin Announce Collaboration to Provide Next-Generation Sequencing Testing More...

• IGI Laboratories, Inc. Names Jason Grenfell-Gardner CEO More...

• Stephen G. Austin, CPA Joins Imprimis Pharmaceuticals (immy) Board of Directors More...

• Insmed Incorporated (INSM) Announces Planned Departure Of Chief Financial Officer More...

• Bioniche Life Sciences Inc. (BNC) Appoints an Independent Chairman of its Board of Directors More...

• Merck & Co., Inc. (MRK) Net Income Declines by 11% to $1,793 Million in Q2 More...

• Amgen (AMGN)'s Second Quarter 2012 Revenues Increased 13 Percent To $4.5 Billion And Adjusted Earnings Per Share (EPS) Increased 34 Percent To $1.83 More...

• Compugen Ltd. (CGEN) Second Quarter 2012 Conference Call Scheduled for Tuesday, August 7, 2012 at 10:00 AM EDT More...

• Horizon Pharma, Inc. (HZNP) to Host Conference Call and Webcast to Discuss Second Quarter 2012 Financial Results on August 10, 2012 More...

• NPS Pharmaceuticals, Inc. (NPSP) to Report Second Quarter 2012 Financial Results More...

• Icahn Wins Legal Fight Over Forest Laboratories, Inc. (FRX) Books More...

• Johnson & Johnson (JNJ) Wins Risperdal Suit in Pennsylvania, Again More...

• Former Purdue Pharma L.P. Execs Lose Federal Appeal More...

• Progenics Pharmaceuticals, Inc. (PGNX), Salix Pharmaceuticals, Ltd. (SLXP) Hammered on Relistor Rejection More...

• Talon Therapeutics, Inc. (TLON.OB)'s Flower-Powered Cancer Drug Driving Talks, CEO Says More...

• Eisai Inc. (ESALF.PK) and Arena Pharmaceuticals, Inc. (ARNA) Complete Transfer of BELVIQ&#0174 (lorcaserin HCl) New Drug Application More...

• Basilea Pharmaceutica (BSLN.SW) Submits European Marketing Authorization Application of Ceftobiprole for the Treatment of Pneumonia More...

• Watson Pharmaceuticals, Inc. (WPI) Confirms Epiduo&#0174 Gel Patent Challenge More...

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• Abbott Laboratories (ABT)'s HUMIRA&#0174 Approved in Europe for Treatment of Non-radiographic Axial Spondyloarthritis (nr-axSpA) More...

• FDA Grants Priority Review for Exelixis, Inc. (EXEL)'s Cabozantinib in Medullary Thyroid Cancer More...

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• Gilead Sciences, Inc. (GILD)'s Single Pill Hepatitis C Study Targets 2014 Approval More...

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• Prima Biomed (PRR.AX) to Release Interim CVac Clinical Data More...

• Scientists Discover Possible Antibiotics Alternative, Monash University Study More...

• Curry Compound May Curb Diabetes Risk, University of Nakomnayok Study More...

• Boys' Impulsiveness May Result in Better Math Ability, Say University of Missouri Researchers More...

• High-Carb Diet Tied to Breast Cancer Risk for Some, International Agency for Research on Cancer Study More...

• Cannabis Science Inc. Releases New Photos on the Continual Improvement of Patient Three Who Suffers from Squamous Cell Carcinoma More...

• Agennix AG Announces Notice of Allowance for U.S. Patent Application Covering Use of Talactoferrin Alfa to Treat Non-Small Cell Lung Cancer and Renal Cancer in Combination With Other Treatments More...

• Raptor Pharmaceutical Inc. (RPTP) Announces Issuance of Key European Patent Protecting the Cysteamine Portfolio More...

• Sunovion Pharmaceuticals Inc. Announces Nationwide Availability of ZETONNAĆ¢„¢ (ciclesonide) Nasal Aerosol for Allergic Rhinitis More...

The menu of the first dinner served to the first-class passengers of the ill-fated liner Titanic on April 10, 1912 has been sold for 46,000 pounds at an auction.

Hors d'oeuvre, roast duckling, fillet of veal and French ice cream were some of the dishes in the opulent menu of the first dinner served on Titanic at the start of the voyage.

It was among 400 items being auctioned in Wiltshire in South West England as part of the 100th anniversary of the ship's sinking in the Atlantic Ocean, the 'BBC news' reported.

The affluent menu is dated 10 April 1912, three days before the liner hit an iceberg on her maiden voyage and sank, killing 1,522 people.

"Menus from the Titanic are among the most sought after memorabilia from the doomed liner," Andrew Aldridge, of Henry Aldridge and Son Auctioneers, said.

The menu itself was the property of Charles Caswell, a first class steward, aged 34, from Southampton.

Caswell sent the menu to his wife Hilda when Titanic stopped at Queenstown, but he later died when the ship sank.

Also featured in the sale was a gold medal awarded to the rescue ship Carpathia's Second Officer James Bisset.

He later became Commodore of the Cunard line.

"After the survivors of the Titanic disaster were picked up by the Carpathia, a committee was formed by a group of surviving First class passengers to reward the crew of the Carpathia and the Captain Sir Arthur Rostron with the silver loving cup and medals for all of the crew," said Aldridge.

"This is only the second gold Carpathia medal to be offered in the last 25 years and is thought to be the most senior officer's medal to ever to go under the auctioneers hammer," Aldridge added.

The medal sold for 41,000 pounds, the report said.

( Press Trust of India )

 
1 of 1 File(s)
Print - America's economy_ Points of light _ The Economist.pdf

Personal guarantee must before loan restructuring: RBI

In cases where the restructuring package could not be implemented due to promoters' non-adherence to terms and conditions, the banks should exercise exit option at the earliest with a view to minimise the
losses

Mumbai: A Reserve Bank of India (RBI) panel has recommended banks should seek personal guarantee from promoters and adopt a "carrot-and-stick policy" while restructuring loans of corporates,
reports PTI.

"As stipulating personal guarantee will ensure promoters' skin in the game or commitment to the restructuring package, obtaining the personal guarantee of promoters be made a mandatory requirement in all cases of restructuring," the panel said in its report, on which it has invited comments of stakeholders by 21 August 2012.

The RBI had in January set up the panel to review the existing prudential guidelines on restructuring of advances by banks and financial institutions and suggest modifications taking into account the best international practices and accounting standards.

The panel, which is headed by RBI executive director B Mahapatra, said corporate guarantee should not be considered as a substitute for the promoters' personal guarantee.

In cases where the restructuring package could not be implemented due to promoters' non-adherence to terms and conditions, the banks should exercise exit option at the earliest with a view to minimise the
losses, the report said.

"The terms and conditions of restructuring should inherently contain the principle of 'carrot and stick', that is while restructuring being an incentive for viable accounts, it should also have disincentives
for non-adherence to the terms of restructuring and under-performance," it said.

The panel further said that conversion of debt into preference shares should be done only as a last resort. Also, conversion of debt into equity/preference shares should be restricted to a cap (say 10% of the restructured debt).

Conversion of debt into equity, it further said, should be done only in the case of listed companies.

The banks, according to the report, should disclose all recast loans on books, and from hereon keep a 5% provision for new standard loans recast, as against the existing norm of 2%.

These provisions, it added, could be implemented over a period of two years.

In view of the ongoing economic problems, ratings agency Crisil expects bad loans to rise to 3.2% of the total by March 2013. Banks usually refer bad loans, which are provided under a consortium arrangement, forCorporate Debt Restructuring (CDR). Crisil expects loan restructuring in India to rise to $37.5 billion, or 3.5% of total loans by March 2013.
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