Morgan Stanley, Goldman delay decision on bonus

LONDON, Sept 28: With the financial turmoil raging on in the Wall Street, investment banking majors -- Morgan Stanley and Goldman Sachs are delaying their decisions on year-end bonus for their employees.

"The US investment banks have traditionally set the bar for European and American competitors because their fiscal years end earlier.

"But the two, which have been forced to seek regulated retail bank status, are putting off their October meetings on bonus until they have greater clarity about the fourth quarter," the Financial Times reported recently.

As the ongoing crisis saw the collapse of Lehman Brothers and the 50 billion dollar distressed sale of Merrill Lynch, among others, both Morgan Stanley and Goldman Sachs have got approval to transform into retail banks, the move would bring them under the direct purview of the American regulators.

According to the report, bulge bracket banks have warned that bonus pools will be cut sharply and that top performers will get the bulk of the money.

"A falling tide lowers all boats but some people will end up above the river on stilts," the newspaper said quoting a bank executive.

Further, the report quoting Goldman said that its compensation expenses were down 32 per cent for the first nine months, mainly due to smaller accruals for bonus pools.

Attributing to Morgan Stanley, the newspaper said, the firm's compensation expenses were down 20 per cent. (PTI)

Tina Fey reprises role as Sarah Palin on 'SNL'

NEW YORK, Sept 28: Actress Tina Fey reprised her role as Sarah Palin on the television comedy show "Saturday Night Live," again appearing as the Republican vice presidential candidate in an opening sketch.

Last night's show the third of the season for the NBC comedy programme brought back the season premiere tandem of Fey and Amy Poehler, who opened the season with a memorable sketch featuring Fey as Palin and Poehler as Hillary Clinton.

This time around, Poehler played CBS's Katie Couric, parodying the interview with Palin earlier this week. Poehler, though, mostly played straight man to Fey, who ratcheted up her performance of Sen. John McCain's running mate by satirizing her foreign affairs experience.

When Poehler's Couric pushed Fey's Palin to specifically discuss how she would help facilitate democracy abroad, Fey gave in: "Katie, I'd like to use one of my lifelines. ... I want to phone a friend."

When a confused Poehler informed her that that wasn't how the interview worked, Fey's Palin responded alluding to one of the governor's most quoted lines from the interview. "Well, in that case, I'm just gonna have to get back to ya."

Fey, a former cast member and head writer of "SNL," has seemingly been thrust back into regular appearances on the programme despite her full-time gig with NBC's "30 Rock."

She is widely considered to look like Palin, and "SNL" executive producer Lorne Michaels persuaded her to come back. Her first appearance as the Alaskan governor two weeks ago was a huge hit, helping boost the premiere's ratings and garnering attention online. (AGENCIES)

Hong Kong investors in Lehman protest again

HONG KONG, Sept 28: Investors in Lehman Brothers in Hong Kong held their second protest in a week today, accusing local banks of misleading them about investment products backed by the failed US investment bank.

Holding signs that said "Return my blood money" and "Crafty salesmanship, sugarcoated poison," about 400 people marched through Hong Kong’s Central financial district to nearby government headquarters.

The protesters complained that banks that sold them Lehman-backed bonds didn’t properly explain the products to them and urged the Hong Kong government to better regulate methods of selling investment products.

Retiree Cheung Chuk-yu said he bought USD 26,000 worth of the Lehman-backed bonds from Wing Hung Bank, whose salespeople called him repeatedly to promote the bonds.

"How would I know to buy these things," said Cheung, aged 73. "This is money for my coffin." Another retiree, 53-year-old Kenneth Tsui, said he bought USD 52,000 worth of bonds from CITIC Ka Wah bank.

"I’m still not sure exactly what I bought," Tsui said. "The banks have no conscience." CITIC Ka Wah Bank Ltd. Didn’t immediately respond to an e-mail seeking comment.

Calls to Wing Hung Bank Ltd. Were not answered.

The Hong Kong Monetary Authority said Friday it had received numerous complaints relating to Lehman-backed bond sales and had assigned regulators to investigate allegations of misleading salesmanship.

Hong Kongers who bought Lehman-backed bonds also protested last Sunday, demanding the Government help secure their money. (AGENCIES)

Myanmar's junta asked to expedite political dialogue

UNITED NATIONS, Sept 28: Members of a group of nations, including India who are aiding efforts of the UN in expediting political dialogue in Myanmar have asked the military junta to address the concerns of international community and have sought release of pro-democracy leader Aung San Suu Kyi.

The Group of Friends on Myanmar, which comprises 14 countries and one regional bloc, also unanimously backed the Secretary-General Ban-Ki-Moon's good offices on this issue and its implementation through his Special Adviser, Ibrahim Gambari, at a meeting yesterday.

The Group's comments were made in a statement issued by the spokesperson of Secretary-General Ban Ki-moon, who convened and chaired a high-level meeting.

"While noting the actions taken by the Government of Myanmar, members of the Group also encouraged it to work more closely with and respond more positively with the UNs good offices to address key issues of concern to the international community, especially the release of prisoners, including pro democracy leader Suu Kyi" the statement said.

They further called for "the initiation of an all-inclusive dialogue between the Government and the opposition."

The statement described the meeting as "a useful and constructive discussion," and noted that the involvement of so many high-level officials indicated "the importance that the international community attaches to the situation in Myanmar."

The Group also "encouraged all parties in Myanmar to seize the opportunity of the UN good offices, while stressing the responsibility of the Myanmar Government to demonstrate its stated commitment to cooperation with the good offices through further tangible results." (PTI)

Men find women’s bodies ‘more attractive in winter’

LONDON, Sept 28: The fair sex might find it hard to believe but a new study has claimed that women’s bare flesh in winter is a bigger turn-on for men.

A team at Wroclaw University in Poland has carried out the study and found that men actually find women’s bodies more attractive in the winter-a revelation they claim might have an impact on mate choice and on levels of adultery.

According to researchers, though there is no clear explanation for the seasonal variation, one theory can be that fewer female bodies are on display in winter and so the rarity makes them more attractive, ‘The Sunday Telegraph’ reported.

In fact, they came to the conclusion after carrying out an experiment on 114 men who were asked to rate photos of women at different times of the year. The participants were shown snaps every three months over a period of five seasons.

Three kinds of photographs were shown to the subjects-full body portraits of women in black swimsuits, exposed breasts of different sizes, and faces of young women.

Results revealed that bodies and breasts were rated most attractive in autumn and winter, and least attractive in summer. But there’s no seasonal variation in ratings for faces-which the team members believe may be because women’s faces are on view all year round.

Subsequently, the researchers tested how attractive the subjects found their own partner-the results showed the same seasonal pattern, with a peak in autumn and winter.

"Since in summer men are much more often exposed to more uncovered women’s bodies than in winter, our prediction was that stimuli presented to men in summer will be assessed as less attractive than the same stimuli presented to the same men in winter.

"As predicted, ratings of body and breast attractive- ness were lower in summer than winter. This effect might also contribute to observed behavioural fluctuations related to human male-female interactions.

"The effect we found might cause seasonally different levels of male assessment of female attractiveness or affect males’ mate choice decisions.

"It is also possible that such seasonality might be related to some fluctuations in sexual activity and therefore might be related, for example, to some yearly fluctuations of adulterous behaviour," the researchers said.

The findings have been published in the latest edition of the ‘Perception’ journal. (PTI)

Profits from Indian operations to fall in 2008: Bosch

FRANKFURT, Sept 28: German auto component major Bosch has said it expects profit from the firm's Indian operations to drop in the current year on account of high interest rates, increased commodity prices and overall inflation.

"... Overall in the first six months of 2008, we were making reasonably good margins, reasonably good profits, but they are nowhere near what we used to make in the past," Bosch Managing Director V K Viswanathan said here.

The company, however, would make profits on margins this year too, he added.

"In the last six months, our profits managed to keep in line with that of the first half of the previous year, primarily because we have had some other income. Our turnover so far has grown by about 13-14 per cent in terms of sales growth but our profit growth has not been very well," Viswanathan said.

Bosch had posted a total income of Rs 4,576.54 crore during 2007 with a net profit of Rs 609.21 crore.

He blamed high interest rates, rising commodity prices and overall inflation as causes for the current slowdown in the auto industry.

"Interest rates caused by a high inflation have led to a credit squeeze and also cost of borrowing going up significantly. More than 70 per cent of the vehicles (in India) are sold through finance," Viswanathan said.

Overall inflation has affected the consumer's ability to spend, resulting in a fall in demand, he added.

"Commodity prices have also shot up very strongly, like steel, aluminium, copper and crude prices. These have led to increase in vehicle prices. On the other hand, even running costs are going up," he said, adding, overall there has been a significant slowdown in the automotive industry. (PTI)

Under Mao and Deng, milk was unknown in China

BEIJING, Sept 28: The toxic milk scandal in China could never have happened under Mao Zedong or Deng Xiaoping, as dairy products only landed on Chinese dinner tables when the nation began opening up to the outside world.

Westerners visiting China 20 or 30 years ago were hard pressed to find dairy products, and were only able to drink yoghurt out of a straw from a stone pot carved with Chinese characters, still available in the country.

But in the past few years, supermarket shelves have filled up with powdered or traditional milk, yoghurts and milk drinks, in countless cartons and cans, along with all sorts of flavours.

The average Chinese person, who drank 1.2 kilogrammes of milk a year in 1980 when Deng -- the architect of China's reforms -- was in power, guzzled 26.7 kilos last year, according to the national bureau of statistics.

This, however, is still 10 times less than what people in developed countries consume. "Milk has certainly substituted some of the traditional drinks, such as porridge, soybean milk and noodle soup," said You Xiuzhen, a retired woman shopping at the Wonderful Supermarket in Beijing.

In the early 1980s, Chinese people in big cities were the first to begin buying dairy products, and purchasing a litre of milk was almost a sign of wealth or extravagance.

Then followed an aggressive marketing drive from big milk brands, including the three market leaders involved in the contamination scandal, featuring young sports or film stars looking radiantly healthy from drinking milk.

"Thirty years ago, adults would not drink milk because we did not have the extra money for something that was not deemed necessary," said Li Jinxia, another retired woman in Beijing. (AGENCIES)

Thai lightning strike kills Australian teacher, three students...

BANGKOK, Sept 28: An Australian teacher and three of his Thai students were killed by lightning during a school trip to a waterfall in northeastern Thailand, police said today.

Greg Crombie, a 40-year-old from Perth, had taken his class of 16 Thai and Australian students to see the picturesque waterfall in Mukdahan province, 640 kilometers north-east of Bangkok, when the storm hit.

The group, which included two other teachers, sought shelter under a tree when a first bolt of lightning struck, local police lieutenant Boonsri Detchai told AFP.

But a second strike hit the tree, instantly killing Crombie and two Thai female teens, aged 14 and 17, he said. A 16-year-old Thai female student died later in hospital.

An Australian teen was in hospital in critical condition, he said. (AGENCIES)

UN’s Ban condemns blasts in India.........

UNITED NATIONS, Sept 28: Asserting that no cause or grievances can justify terrorism, UN Secretary-General Ban Ki-moon has voiced "deep" concern over recent string of bombings in several Indian cities and targeting of places of high civilian population.

Ban’s statement condemning terror attacks in India came after yesterday’s blast in a market in Delhi’s Mehrauli area which killed at least three people and injured several others.

"The Secretary-General strongly condemns these reprehensible acts that have caused the death and injury of many civilians and calls for the perpetrators to be brought to justice," his spokesperson said.

The Secretary-General, she said, conveys his sympathies to the families of those killed and injured as well as to the Government and people of India. (PTI)

NRI lawyers demand removal of restrictions on working in UK

LONDON, Sept 28: UK-based NRI lawyers have stiffly opposed the opening up of the India’s legal service market unless UK allowed Indian lawyers to come and practice as in the case of European Union (EU) lawyers.

In a letter addressed to Ms Bridget Prentice, MP, Parliamentary Under Secretary of State, the British Indian Lawyers Association said "We are inviting the UK Government to take steps towards opening its market to Indian Lawyers, if UK Government wishes India to allow UK Law Firms to work in India.

"We hope that UK Government would soon take positive steps to ensure ‘reciprocity’ in its true sense by removing present restrictions upon Indian Lawyers," the Association said.

"We expect you to propose a mutual agreement between the two governments on reciprocal basis," it added.

It claimed that UK Government currently imposed restrictions (immigration and re-qualification) on Indian Lawyers who wish to live and work in the UK and which are in the way of reciprocal arrangement.

"Unless the restrictions on foreign lawyers, immigration and re-qualification regimes are taken up together and dealt with at the same time, there can be no reciprocity in true sense," the Association said.

UK Government should ensure that if they are truly committed to reciprocity, then Indian Lawyers should be granted unhindered access to the UK and allowed to live and work without any restriction," the Association added.

According to the Association, present immigration policy of the UK made it impossible for Indian Lawyers to come, work and live in the UK. "Indian lawyers are broadly practicing as sole individual practitioners. The immigration laws do not allow Indian lawyers/Individual Indian Lawyers to come and practice in the UK."

The Association also cited two recent entry clearance refusals for highly experienced Indian Lawyers who wished to come, live and practice law in the UK.

"With regard to revenue from taxes, UK Government would benefit immensely if it reciprocates and adopts a policy of opening doors to Indian lawyers to live and work in the UK," the Association said.

"If genuine reciprocal arrangements are made, it would definitely benefit both economies."

Ashok Sancheti, Managing Partner of Morgan Walker, solicitors firm, said "Solicitors of many English law firms have already started regular monthly visits to India and doing work sitting in hotels, making presentation and holding discussions with clients."

Practice of law is limited to Indian citizens under 1961 Advocates Act, he pointed out. (PTI)

Bangladesh offers port facility to landlocked Nepal .....

DHAKA, Sept 28: Bangladesh has offered land locked Nepal use of its territory and ports to enhance bilateral relations and trade ties, a report said today.

Meeting on the sidelines of the UN General Assembly meeting in New York yesterday with Nepal’s Prime Minister Pushpa Kamal Dahal ‘Prachanda’, Bangladesh Chief Advisor Fakhruddin Ahmed asked Nepal to take infrastructure advantage of Bangladesh’s Mongla and Banglabandh land ports.

He also suggested direct bus links between the two countries for increased people-to-people contact.

Prachanda said that both the nations share good bilateral relationship. "Nepal has no problem with Bangladesh, the (two) countries have friendship for a long time," the private UNB news agency quoted the Nepalese premier as telling Bangladesh’s interim Government chief.

According to the report Prachanda told Ahmed that his new Government would carry out fresh talks with India on economic, transit and other various issues. (PTI)

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China's Sinosteel in talks with Australian miners..........

TIANJIN, CHINA Sept 28: State-owned Sinosteel, China's largest ferrous metals trader, said on Sunday it was in talks to invest in Australian firms, including miners of manganese and nickel, but did not provide any details.

The comments come just a week after Australia gave approval to Sinosteel to buy up to a 49.9 percent stake in iron ore prospector Murchison Metals Ltd.

''We are talking about many projects in Australia, mostly with our partners, to invest in mines including manganese and nickel,'' President Huang Tianwen told reporters on the sidelines of the World Economic Forum.

As part of Chinese efforts to secure raw materials supplies to feed a booming economy, Sinosteel had previously sought permission to buy up to 100 percent of Murchison, but had withdrawn the application.

Earlier this month, Sinosteel completed a $1.3 billion takeover of Midwest Ltd, which is looking for iron ore in an area adjacent to Murchison.

Huang said that while the Australian government had approved its purchase of a stake in Murchison, it was not a guarantee that a deal would be completed.

''If the details of the deal are not right, we won't necessarily buy Murchison,'' said Huang.

The executive also said China's imported price of iron ore should remain stable as global supply and demand were now in general balance.

(AGENCIES)