IAF Moving Sukhoi Base to North East to Thwart Chinese Threat - WSJ.com
India News Digest: IAF Moving Sukhoi Base to North East to Thwart Chinese Threat
Here is a roundup of news from Indian newspapers, news wires and Web sites on Tuesday, June 9, 2009. The Wall Street Journal has not verified these stories and does not vouch for their accuracy.
IAF moving Sukhoi base to North East to thwart Chinese threat
A squadron of the frontline combat aircraft Sukhoi 30- MKI would become operational in India's sensitive northeast next week, a strategic decision to move advanced assets close to the Chinese border, defence officials said Tuesday.
A defence spokesperson said four multi-role strike fighter jets would land June 15 at the Indian Air Force (IAF) base in Tezpur, about 185 km north of Assam's main city of Guwahati.
Source: Times of India
Jet reduces capacity by 20% to wade through global crisis
India's private air-carrier Jet Airways today said it has reduced its capacity by 20 per cent to survive the global economic crisis that has hit the airline industry hard.
"We have already reduced our capacity by 20 per cent and will do another 10 per cent," said Jet Airways Chairman Naresh Goyal, who was here to attend IATA's 65th AGM, which concluded today.
Source: Business Standard
World Bank launches financial scheme for slowdown hit farmers
The World Bank, armed with a $20-million grant from Bill & Milinda Gates Foundation, today announced to launch a financial scheme for helping farmers hit by the economic crisis in developing nations, including India.
In a time of tight credit, the facility will support grants to bank and non-bank institutions for activities to increase access to financial services, such as savings, credit, payments and insurance, in rural areas in developing countries as profitable business lines, the World Bank said in a statement.
Source: Business Standard
US firms against Obama's 'Bangalore Buffalo' rhetoric
A month after US President Barack Obama came out with 'Say No to Bangalore and yes to Buffalo' rhetoric, which now echoes in the corridors of Capitol Hill, American companies have launched a campaign against the new law that ends tax incentives to those firms which create jobs overseas.
The Technology CEO Council, a Washington-based advocacy group of US American tech-companies, today released a report which revealed that the policy to end "tax breaks" announced by Obama would result in a job loss of as many as 2.2 million Americans.
Source: Business Standard
Google bets on India growth; to hire for brand advertisement business
World's leading search engine Google sees India becoming one of the 10 most "impactful markets" in the next 3-5 years and is planning to hire locally to drive its brand advertising stream of business.
"Our focus in India is growth. India is going to be one of the 10 most impactful market for Google in three to five years...Minimal impact on India in terms of job cuts announced globally," Google India MD Shailesh Rao told PTI.
Source: Business Standard
It's vital to make peace with Pakistan: PM
Underlining that India has vital interest in trying to make peace with Pakistan, Prime Minister Manmohan Singh on Tuesday promised to meet its leadership "more than half-way" if it takes "strong and effective" steps to prevent terrorism directed against this country.
Replying to the debate on Motion of Thanks to the President's Address in the Lok Sabha, he hoped the Pakistani leadership will demonstrate "courage, determination and statesmanship" to act against terror and "create an atmosphere" for improvement of ties.
Source: Indian Express
Home demand inching up, but recovery not in sight
Homes sales in India are trickling back in some sections of the market, but industry watchers say a rebound is months away as buyers in the world's second-most populous country await further price corrections.
Builders have begun new projects after a year-long hiatus, and are also swapping older premium project proposals for cheaper ones to restart sales as they try to beat a severe cash crunch.