1. Mukherjee warns Pak, tells it to 'act'
2. Pakistan to ban Jamaat-ud-Dawa: Gilani
3. Magic of 3G services in India, PM launches 'Jaadu'

CRUNCHES IN EMPLOYMENT.WHERE TO GO?

The unemployment rate for Americans ages 25 to 29 years-old jumped to 7.3 percent in November from 5 percent a year earlier, while for Americans 20 to 24 it rose to 10.4 percent from 7.7 percent. The national unemployment rate is 6.7 percent
It's also common for young Americans to head to graduate school or extend their undergraduate education rather than enter the workforce during tough economic times. Mann observed slight increases in graduate school enrollment during 1990 and 1991.
"Getting a master's or a PhD eventually does equate to a higher salary," Mann said. "Especially when your job prospects aren't that bright, you might be more willing to forgo two years in the workforce to get more education to increase your marketability."
Many college graduates in the Valley are grappling with the decision to take a service job or continue to hold out for a position that utilizes the skills they gained in college.

INDIA + RUSSIA

Russia has offered a sweetener in the form of a 30 per cent discount on the $2-billion price tag for each of its new nuclear reactors under discussions for sale to India. Besides, the Russians are open to deputing its nuclear fuel firm, TVEL Corporation, to deliver uranium not just to the Russian-built stations, but for existing heavy-water units in the country as well, including the Tarapur station, according to Government sources.
India, on the other hand, has promised the Russians an increased role in the sector. Over and above the agreement signed for four additional reactors at Koodankulam, where two reactors are already under construction, talks have been initiated for building a seventh and eighth reactor units through Russian assistance at the same site. The Russians are also lobbying hard for earmarking at least one more new site, other than Koodankulam, for setting up Russian design reactors.
Even as the price of each reactor is $2 billion, the Russians have offered the discount based on plans to start serial production of reactors for the Indian nuclear industry. Much of the equipment and components are proposed to be manufactured in India, thereby bringing down costs. After factoring in the discount, the cost of construction for a mega watt (MW) for each new reactor comes to roughly Rs 7 crore (at current exchange rates).
In the case of first two ‘VVER-1000’ units that are currently under construction at Koodankulam, the total construction cost was estimated at $2.6 billion. At current exchange rates, it translates to around Rs 6.5 crore/ MW. The Russian Government had provided India with a long-term credit, which covers almost half of the cost of the first two units. NPCIL expects the first Koodankulam unit, when operational, to be able to sell power at less than Rs 2.50 a unit (kilowatt hour). Pacts signed
Russia and India had, last Friday, signed an inter-governmental agreement for cooperation on the construction of four additional reactors at Koodankulam.
They also signed a protocol on fuel supplies, with TVEL agreeing to deliver fuel worth $700 million to India.
These deals include an assurance of uranium supplies for a number of existing Pressurised Heavy Water Reactors, including uranium dioxide pellets for the Tarapur station

INDIA FORECAST

Morgan Stanley on Wednesday cut its forecast for India's economic growth in the fiscal year beginning April 2009 to 5.3 percent from 5.7 percent, citing a higher cost of capital which could crimp domestic demand.
It expects the economy to grow 7 percent in this fiscal year, compared with 9.0 percent last year.
"Dislocation in global capital markets has resulted in a sharp reversal in capital inflows, pushing up cost of capital," Morgan Stanley said in a note.
With the domestic banking system already witnessing tight liquidity conditions, foreign exchange outflows at the same time have resulted in a disruptive spike in the cost of capital, it explained.
Over the last few years, India's gross domestic product accelerated higher than its potential growth, helped by large capital inflows, the note said.
Morgan Stanley said recent central bank measures are unlikely to reduce the cost of capital in a meaningful manner before domestic demand and underlying credit demand decelerate sharply.
Morgan Stanley expects the central bank to cut its key lending rate by 125 basis points to 5.25 percent by the end of 2009, along with additional measures to support liquidity.
It expects much of the cut by March 2009, by which time it expects the repo rate at 5.5 percent.
But it does not see any scope for an aggressive fiscal policy response from the government given its large fiscal deficit and high public debt.
The central bank on Saturday slashed its key interest rates by 1 percentage point in order to boost growth and shore up investor confidence amid signs of an economic slowdown.

WHAT WE SHOULD DO?

In 2003, the United Nations General Assembly designated 9 December as the International Anti-Corruption Day. In a year where one of the defining images was of our parliamentarians waving wads of cash during the trust vote and India actually slipped from 72nd position to 85th position in Transparency International's corruption index, this is a good opportunity to reflect on our failure to tackle corruption.