Obama to unveil plans for financial sector overhaul

President Barack Obama will unveil on Wednesday his plans for reshaping US financial regulation, with proposals to close one bank regulator and create new overseers for big-picture economic risk and consumer financial product safety.

In a package of reforms that takes on many tough jobs while avoiding at least one, the administration will call for tighter oversight aimed at preventing a repeat of the severe banking and capital markets crisis that has shaken economies around the world.

Months of debate in the US Congress lie ahead. Committees of both the Senate and the House of Representatives have scheduled more than a dozen hearings on regulatory reform between now and mid-July. Conservative House Republicans have already offered their own rival plan.

Obama will present his proposals at 12:50 pm EDT on Wednesday, the White House said. Treasury secretary Timothy Geithner, members of Congress, regulators and representatives from the financial industry

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Global meltdown affects banks in Bric nations

Banks globally have found their bottoms ripped off by the global meltdown Bank in emerging economies have have also suffered. It has, in fact, been an eye-opener for these countries’ banking fraternity.

ICICI whose market capitalisation fell by8.6% and HDFC Bank,which fell by 6%, were among those Indian firms listed on American bourses that incurred loss to the tune of $10 billion during the past one week alone. Now the most important lesson to be learnt for the Bric countries’ banking community is be conservative in that follow strict rules while disbursing sub-prime loans and have thorough due diligence before finalising the loans. Another message for these countries from the US credit crunch may be to go aggressively for mutual cooperation.

Yet another major positive development for highly populous countries like India and China can be focus more attention to the domestic consumerism and generate more employment to their skilled youth which is coming up in the form of demographic dividend.

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African economies open up to India

Purred by the indomitable spirit of South-South cooperation, and the accompanying changes in the world economic architecture, traditional partners India and Africa have crossed the rubicon to forge a mutually-beneficial economic partnership guided by long-term goals. Africa today views the Indian economy as a successful model to be emulated. Governments and companies in the region see Indian technologies as most appropriate, adaptable and affordable, even as Indian companies are being welcomed into the African countries with greater enthusiasm than ever seen.

The recently concluded fourth CII-Exim Bank India Africa Conclave on Project Partnership 2008, precursor to the landmark India-Africa Forum Summit to be held in New Delhi on April 8, demonstrated the depth and range the partnership has acquired in recent years. Attended by a record 1,000 plus delegates including 606 ministerial and business delegates from 30 African countries, businesses worth nearly $11 billion were discussed between the participating entities in diverse areas such as financial services, education, health care, mines and minerals and agriculture.

The African leaders at the conclave said in no uncertain terms that they look towards India for value addition in the conversion of their natural re sources to productive assets meaning,

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