18Oct-24Oct

IMF chief warns

global recovery 'in peril' if cooperation

fails

International Monetary Fund chief Dominique Strauss-Kahn warned that the global recovery

would be "in peril" if the world's major economies did not continue to work together.

The spirit of cooperation must be maintained. Without that, the recovery is in peril," Strauss-

Kahn said in closing remarks to a meeting of IMF and central bank officials from around the

world, according to a copy of his speech.

Today, there is a risk that the single chorus that tamed the financial crisis will dissolve into a

cacophony of discordant voices as countries increasingly go it alone. This will surely make

everybody worse off.

Porsche SE merger with VW may be

delayed Legal disputes and tax issues could delay the absorption of troubled auto holding Porsche SE

by Volkswagen beyond the end of next year, the chief executive of both companies said.

Investigations by the public prosecutor are ongoing, there are several claims filed by hedge

funds in the United States , and conciliatory proceedings have been applied for in Germany.

Shares of Porsche fell 2.8 percent to 41.565 euros by 0833 GMT, while Volkswagen's

preference shares were up 0.2 percent at 91.72 euros, in line with Germany's blue-chip index.

Porsche unveiled preliminary results that showed its majority-owned sports car business drove

in a near-unheard of 23 percent operating margin during the fiscal fourth quarter.

World stocks, commodities slip on China

rate-hike move World stocks and commodity prices fell after China, the engine of growth in an anemic global

recovery, raised interest rates for the first time since 2007 to rein in its booming economy.

The dollar gained and Wall Street slumped on China's unexpected 25-basis-point rate increase

a day after U.S decided not to devalue the currency for its own advantage.

Oil prices fell, copper slid and gold was poised for its largest one-day drop since early July,

while the dollar rose against the euro, the Japanese yen and a basket of major currencies

following the rate hike by the People's Bank of China.

The central bank of China said it would raise its benchmark one-year lending and deposit rate.

China "is trying to clamp down on growth and that's going to reflect badly on Australia, on

Germany, on much of the world economy as it readjusts to the idea that Chinese growth may

not be as torrid as expected,

China to make rates more market-

determined: Regulator China will gradually move toward a market-determined interest rate, which will squeeze

profitability in the banking sector.

China raised interest rates this week for the first time in nearly three years and at some

maturities it narrowed the gap between deposit rates and lending rates that is a guaranteed

source of revenues for banks.

Officials have long talked about giving market forces greater play in determining interest rates.

Seafood exports up on US demand The loss of marine life in the Gulf of Mexico after the disastrous BP oil spill has become a

business bonanza for India . prawn and shrimp farms. Seafood exports to the US have seen an

unexpected growth in the first five months of the current fiscal.

Due to the low fishing activity in the Gulf of Mexico, there is a shortage of seafood products in

US.So almost all major exporters to the US have shipped larger volumes this year.

Seafood exports from the country to the US were on the decline following the anti-dumping

duty imposed by US Department of Commerce on shrimp exporters from six countries

including India.

E-mage: a new tool to secure personal

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and social networking groups that defame their entities, posing problems for them in seeking

jobs.

After having fetched such profiles E-image sort out ways and means to get them deleted

permanently.

These fake profiles not only affect an individual on the personal level by creating difficulties in

employment, ruining his or her social and professional connections, damaging reputation, but

it also has an effect on their finances, in case of customers' or corporate data being stolen.