State Bank of India (SBI) (LSE: SBID) is a Public Sector Banking Organisation (PSB), in which the Government of India is the biggest shareholder. It is the largest bank in India and is ranked at 380 in 2008 Fortune Global 500 list, and ranked 219 in 2008 Forbes Global 2000. Measured by the number of branch offices, SBI is the second largest bank in the world. SBI traces its ancestry back to the Bank of Calcutta, which was established in 1806; this makes SBI the oldest commercial bank in the Indian subcontinent. SBI provides various domestic, international and NRI products and services, through its vast network in India and overseas. With an asset base of $126 billion and its reach, it is a regional banking behemoth.
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SBI Results 2008
We don't need a partner to survive, say Goldman Sachs, Morgan Stanley
LONDON: Global financial service majors Goldman Sachs and Morgan Stanley believe they have financial strength to survive as the last two remaining large stand-alone investment banks and are not interested in pairing with a commercial bank, a media report said. "In the wake of the collapse of Lehman Brothers and the sale of Merrill Lynch to Bank of America at the weekend, the two Wall Street firms maintained that they could survive as independents without linking up with a commercial bank to gain access to broader sources of funding," according to UK daily Financial Times . Goldman Sachs maintained that it was not interested in pairing with a commercial bank, even as it has reported a 70 per cent fall in third-quarter profits, its highest decline in quarterly earnings since it went public in 1999. Besides, Morgan Stanley beat expectations to show a seven per cent year-on-year fall in its net income to 1.4 billion dollars. Further, the report quoted Goldman Sachs Chief Financial Officer David Viniar as saying that, "We have a lot of compassion" for the people at Lehman and Merrill, but the bank stands to benefit from the demise of formidable competitors. "When there's less competition, that's better for us. We have pricing power, and it gives us an even better competitive advantage," Viniar added. Besides, the media report quoted Morgan Stanley Chief Financial Officer Colm Kelleher as saying that "These markets are all about confidence and we are proudly confident in the robustness of our franchise, business model and balance sheet."
source : times of india
Wary of terror links, US wants Pak to reform ISI
WASHINGTON: The Pakistani military's powerful and controversial spy agency needs reform but there is no indication this is happening yet, the top US diplomat for South Asia said. "It has to be done," Assistant Secretary of State for South and Central Asian Affairs Richard Boucher said of revamping the Inter-Services Intelligence agency, widely known as the ISI. Asked if he had seen signs of reform, he said: "No, I don't have anything in particular I would point to right now." Despite its help in fighting al-Qaida, the ISI is viewed with deep suspicion by US officials who believe it retains links to the Taliban and other militants blamed for supporting attacks on US forces across the border in Afghanistan. In July, Afghan president Hamid Karzai said Pakistani agents were behind some of the violence in his country, including a suicide attack on the Indian embassy in Kabul. India also has blamed Pakistani intelligence agents, a charge Pakistan denied. The spy agency is also suspected of having a hand in helping destabilize past civilian governments in Pakistan. Pakistan's new government led by PM Yousaf Raza Gilani tried to rein in the ISI in July by placing it under interior ministry control, only to reverse course within days in an embarrassing flip-flop. Asked why the new Pakistani government was more likely to act than under its predecessor, President Pervez Musharraf, Boucher replied: "It's sad to say, but the problem has become more and more acute." Pointing to growing militant violence inside Pakistan, Boucher said "increasingly, the problem is not seen as doing what the United States wants but doing what is necessary for the future of Pakistan". "I think they have really shown a lot of determination, particularly in the last month or two," he said of troops combating militants in the tribal areas.
source : times of india
US asks Congress $250 mn for Pak F-16s
WASHINGTON: The Bush Administration on Tuesday urged a skeptical US Congress to release more than $ 250 million to arm Pakistan with upgraded F-16s fighter jets even as US and Pakistani forces stood eyeball-to-eyeball on the Afghan border in a confrontational posture. The incongruous spectacle of senior state department officials pleading for arming Pakistan amid fears of a shooting match between the two militaries came amid deep cynicism among lawmakers about the administration’s Pakistan policy and a mission to Islamabad by the top US military officer, Admiral Mike Mullen, to defuse the situation. Admiral Mullen rushed to Islamabad on Tuesday on an unscheduled visit (his fifth this year) after tensions ratcheted up last week following a US airborne assault inside Pakistan and stepped up bombing by US drone on targets inside Pakistan. The hurried visit followed an announcement by Islamabad it would meet any US incursions into its territory by force and a growing clamour in the country to cut off US military supplies to its forces in Afghanistan, most of which go through Pakistan. “Mullen was scheduled to meet Pakistan’s prime minister Yousuf Gilani and army chief Pervez Kiyani to continue the dialogue that they have been maintaining and to look for ways to work better and more closely together to eliminate the safe havens for extremists in the border region,'' a US military spokesman said. On the Hill, doubts ran deep at a Congressional hearing called to question the Bush administration policy of arming what most American analysts and commentators have begun to refer to as a dubious ally and terrorist haven that constitutes a threat to the United States. ''Let's be grown-up about this. Do you think the average Pakistani thinks the symbolism has something to do with fighting terrorism or confronting India?" New York Congressman Gary Ackerman, who called the hearing to specifically question funding for Pakistan’s F-16, asked. ''I think we are trying to build the confidence of an ally that is not so allied with us sometimes.'' Lawmakers also expressed concern about the comments of Pakistan army spokesman who said the military has ordered its forces to open fire if US troops launch another air or ground raid across the Afghan border. Doubts were also expressed about the efficacy of F-16 fighter jets against terrorist elements that have frequently been described as scattered and living in caves. But a senior state department official maintained that the F-16s ''provide a critical counterterrorism capability to Pakistan'' and the Pakistan Air Force (PAF) has recently made extensive use of its ''aging'' F-16 fleet to support Pakistan Army operations in the Swat Valley and in the Bajaur Agency of the Federally Administered Tribal Areas (FATA). The official, Principal Deputy Assistant Secretary for South and Central Asia Donald Camp, told cited information furnished by the Pakistan Embassy in Washington, to inform the skeptical committee that the PAF flew 93 sorties in August 2008 in operations against the Taliban. However, their current model F-16 can be used for close air support missions only in daylight and good visibility. They cannot be employed at night, a fact not lost on the Taliban and other extremist groups being targeted, Camp said, presenting the Pakistani position.
source : times of india
French commandos free hostages from Somali pirates
PARIS: French commandos freed a couple seized by pirates off Somalia in the second such mission this year, leading President Nicolas Sarkozy to call on Tuesday for an international crackdown on sea raiders. The special forces operation, ordered by Sarkozy late Monday, came as officials said heavily-armed pirates had attacked a Hong Kong-registered chemical tanker in the Gulf of Aden, taking its crew of 22 hostage. Thirty commandos killed one pirate and detained six others in an operation lasting less than 10 minutes to free Jean-Yves Delanne and his wife Bernadette, both 60, Sarkozy told a press conference. A French warship backed the commandos for the operation carried out at sea outside Somali waters. The six captured men were to be transferred to France, which is already holding six Somalis seized in a commando operation in April. The French leader said the assault was a "warning" to pirates plaguing the Somali coastline, the world's most dangerous waters for merchant ships, fishing fleets and pleasure yachts alike. The hijackers captured the Delanne couple in their yacht the Carre d'As on September 2, and were reportedly demanding a ransom of more than one million dollars, as well as the release of their six compatriots. Sailing enthusiasts based in Tahiti, the couple were on their way from Australia to France when they were attacked. Sarkozy said both were safe on the French warship, the Courbet, and were being taken to Djibouti. "This is a huge relief. All we can say is thank you, thank you so much," their daughter Alizee told French radio. French commandos staged a raid on April 11 to release a French luxury yacht, Le Ponant, and its 30 crew. The French president said he ordered the new operation after it became clear the pirates were heading for their coastal base in the town of Eyl, in Somalia's northeastern semi-autonomous Puntland region. "France will not allow crime to pay," Sarkozy said. "This operation is a warning to all those who indulge in this criminal activity. This is a call for the mobilisation of the international community." Sarkozy said he backed the creation of a "marine police" to secure the region, and "punitive action" against pirates, saying the issue would be raised at next week's United Nations general assembly in New York. He also thanked Germany and Malaysia for their help with the operation. In Berlin, the German defence ministry said two army reconnaissance planes supported the French operation, without giving further details. The authorities in Puntland welcomed the French move. "The state of Puntland encourages such steps and calls on other governments whose nationals are being held to do the same thing," Puntland presidential adviser Bille Mohamoud Qabowsade said. Since July, 12 ships have been hijacked in the narrow waterway separating Yemen and Somalia by pirates operating high-powered speedboats, according to the International Maritime Bureau. Eleven are still being held for ransom. Two rockets were fired at a French tuna fishing boat some 700 kilometres off Somalia on Saturday, in a sign the pirates are moving further out to sea to evade military patrols in coastal shipping areas. In recent months, a multinational task force based in Djibouti has been patrolling parts of the Gulf of Aden and the Red Sea, where a pirate mothership is believed to be operating. France and Spain called in July for the creation of an international force to tackle piracy in the region, which is hampering the delivery of vital food aid to the lawless Horn of Africa nation. The UN Security Council in June adopted a resolution authorising foreign warships to enter Somalia's territorial waters with the government's consent to combat pirates, though it has yet to be implemented. European foreign ministers agreed Monday to set up a special unit to coordinate the fight against piracy off Somalia, raising the possibility of an EU naval mission to the region.
source : times of india
SRK - Salman war: Was this the issue?
Did Salman Khan suspect Shah Rukh Khan for trying to deport his girlfriend Katrina Kaif to London? At least that is the reason given by sources close to one of the Khans. Apparently one of Salman Khan close friend heard Shah Rukh Khan allegedly stating that a lot of actors and other filmwalas from outside India were working without the right papers and nobody was deporting them. The issue arose ever since SRK's employee Vishal Punjabi was being sent back to Ghana.. Vishal worked with Red Chillies and is the creative head of the advertisement department. A source close to Shah Rukh said, `` Shah Rukh Khan was sitting with his close friend Congress MP Rajiv Shukla and discussing Vishal Punjabi's issue. Shah Rukh had been trying to take the help of all his friends to stop the deportation of Vishal. He was only telling Shukla that there are a lot of people working in the film industry without proper papers and he did not really mean only Katrina. Kamal Khan, a close friend of Salman Khan was sitting with cricketer Azharuddin, who overheard the conversation and probably reported it to Salman Khan.'' After Salman was told about it, he started confronting both Shah Rukh and Shukla about it. A source says, `` Salman Khan told Shukla Sir aap Jhoot mat bolo, even after Shukla repeatedly told him that Shah Rukh Khan has not said anything about Katrina's deportation and that he was only discussing Vishal's case.'' However, when we contacted Rajiv Shukla, he diplomatically said "no comments''.
source : times of india
'100 women raped daily in Karachi'
KARACHI: If a Karachi police surgeon is to be believed, on an average 100 rapes take place in the port city of Karachi alone, and mostly working women are the victims. He said because of the "lengthy medical process and delayed justice system in Pakistan", only 0.5% of rape cases are reported to the police. "On average, 100 women are raped every 24 hours in Karachi city alone, and a majority of them are working women. I am saying with full authority that such a large number of rape cases happen in the city. But very few rape survivors have the courage to come forward in search of justice," Additional Police Surgeon Zulfiqar Siyal said on Monday. He added that a majority of the victims working as domestic help.
source : times of india
Google phone to debut next week
SAN FRANCISCO: T-Mobile plans to show off the first wireless phone powered by Google Inc's much-anticipated Android software system at a September 23 news conference. Although T-Mobile intends to demonstrate the phone for reporters and analysts invited to next week's event in New York, the handset isn't expected to be available in stores until next month. More specifics about the phone's shipping date and pricing are still to come. T-Mobile is expected to subsidise part of the phone's cost for buyers who agree to subscribe to the carrier's mobile service. The phone, made by HTC, has generated a big buzz because it will be the first to use Google's Android software, which is supposed to make it easier and more enticing to surf the Internet on a handset. Google is counting on the software, announced last November, to help sell more advertising by encouraging more people to use its Internet search engine and other services while they are away from the office or home. T-Mobile's phone will face stiff competition from Apple Inc's iPhone, which is Google's largest source of mobile traffic so far, and Research In Motion Ltd's BlackBerry. If Google realises its ambitions, hundreds of different mobile devices will run on the Android system.
source : times of india
