Selling of dollars by the Reserve Bank of India (RBI) has contributed to decline the Forex reserve of country. Forex reserve is continuously under pressure after the bankruptcy of the US investment bank Lehman Brothers and other major financial institutions of world. It is declined by $5 billion in the week ended November 14 to $246.35 billion.

It is also declined following revaluation of non-dollar assets, sellout by foreign investors and strong demand by importers following failure of leading foreign financial institutions.

Top reality developers may cut property rates about 15 percent to boost demand in the market. National Real Estate Development Council (NAREDCO) has asked all developers including DLF and Unitech to revise housing project rates to deal with fall in the market following global slowdown.

Last week, Union Finance Minister, P Chidambaram had asked reality majors to cut property rates to increase sale of property.

Leading electronic equipment manufacturer, Royal Philips Electronics has acquired Meditronics for an undisclosed amount. Meditronics is a Mumbai based company, known for its expertise in manufacturing general X-ray systems.

Philips is also thinking to relocate its research and development operations in emerging markets of developing countries. It may announce more acquisitions in coming days, as per confidential sources. It had already acquired health firm, Alpha two months earlier to expand its base in healthcare business in India.

The Union Government may announce financial package for the textile exporters of the country. Textile sector is facing low demand due to global slow down and have suffered huge losses. Export declined by 12.32 per cent in October this year and stood at $12.8 billion as compared to $14.6 billion in the corresponding period last year.

Union Commerce Secretary, G. K. Pillai said that textile sector suffered from low demand in international market and the industry is likely to cut five-lakh jobs in the next five months leading to large scale unemployment.

Congress president and UPA chairperson, Sonia Gandhi extended her support to calibrated liberalization of economy and said that government is committed to galvanize country from the impact of global slowdown. She called for such economic policies which don't affect the vulnerable sections of society and do not compromise with social justice.

Top Ranked chess players and even former World champions are taking up the role of seconds. But surprisingly, Viswanathan Anand has said that he may not turn into a second at any time in his career, since they indulge in quite strenuous work. 

A day after his after his arrival on Friday, while sitting relaxed on a sofa at his apartment in RA Puram, Anand said, “I have excellent understanding with his team of seconds and it went like a dream.”