Bilateral swap agreement signed between Japan and India

Reserve Bank of India (RBI) and Bank of Japan (BOJ) has signed a bilateral swap arrangement (BSA) on Monday. The BSA was signed by BOJ governor Masaaki Shirakawa and RBI governor Yaga Venugopal Reddy in Basel, Switzerland. It will pave a way for swapping local currencies against the US dollar for up to $3 billion. The agreement will also sort out problem of short-term liquidity and strengthen existing international financial arrangements

The agreement was come into effect on Sunday (June 29). Both Japan and India can now swap Yen and rupee against the US dollar up to $3 billion. They will hold biannual consultations on economic and financial conditions of each country with the BSA in effect.

Current account deficit surges 77% to $17 billion

India recorded a deficit of Rs 104 core in its current (January-March) account in the country’s balance of payments during the fourth quarter of a fiscal due to the rise in oil prices. India's current account deficit in 2007-08 rose by 77% to touch $17.4 billion, accounting for 1.5% of GDP in 2007-08. The oil import bill increased by 34.6% to $76.9 billion in 2007-08 due to surge in crude price. However, non-oil imports recorded a growth of 30.6% only.

Pratibha Industries picks order worth Rs 180 crore

Mumbai-headquartered Pratibha Industries, a leading construction and infrastructure development company has secured an order worth Rs 179.72 crore for construction of mall podium from Lanco Hills T

Finance Ministry expresses hope in RBI’s steps to rein in inflation

New Delhi, Reserve Bank of IndiaJune 25: The Finance Ministry today expressed hope that the Reserve Bank of India’s decision of increasing the repo rate by 50 basis points and the CRR by 50 basis points in two stages without compromising economic growth, would help to rein in the surging inflation.

It said in a statement that the steps are expected to regulate demands and are necessary in the face of rising inflation due to relentless increase in crude oil prices.

Seventeen top police officers fired in deadly disco stampede

Seventeen top police officers fired in deadly disco stampedeMexico City - Seventeen high-ranking police officers have been fired for their role in a police raid on a disco last week that left nine teenagers and three police officers dead in a stampede, Mexico City authorities said Tuesday.

The city's Public Safety Minister Joel Ortega and police Internal Affairs boss Alberto Peralta said the officers held responsible include directors and deputy directors in several areas of the police department, including Alejandro Garmino Tejeda, who was named "police officer of the year" in 2005, 2006 and 2007.

Turmeric Prevents Type-2 Diabetes In Mice Experiment

A recent study by the researchers at Columbia University revealed that Turmeric Prevents Diabetes In Mice Experimentturmeric plays a major role in the prevention of Type-2 diabetes.

The endocrinologists discovered that turmeric-treated mice were less susceptible to develop Type 2 diabetes.

Moreover, the researchers also found that obese mice that were given turmeric showed considerably reduced inflammation in fat tissue and liver as compared to controls.