BRIC nations - Brazil, Russia, India and China - are likely to contribute 40 per cent of global economic growth in the next 10 years due to a "tectonic shift" in the distribution of global capital over the next decade, global consultancy firm Ernst & Young said.
"Companies and governments in the developed world have to face up to the reality that there will be a further shift in the economic balance of power in the years ahead," Mark Otty, Area Managing Partner (Europe, the Middle East, India and Africa) at Ernst & Young said.
In the latest research note titled 'For Richer, For Poorer Global Patterns of Wealth', Ernst & Young said emerging economies have seen their share of global output and wealth rise significantly over the last few years, driven by faster growth, rising income, high savings ratios, strong investment and export.
In the next decade, the BRIC countries are likely to contribute 40 per cent of global growth, while the US would account for around 14 per cent.
China is set to become the biggest economy in the world in public-private partnership terms by 2019 and by 2020 the BRIC countries would account for almost a third of global GDP - of which China will contribute 18 per cent.
E&Y projects that the BRICs would account for 65 per cent of global basic metals output by 2020 and here also China would account for the lion's share of growth.
According to the report, around 77 per cent of world reserves, totalling almost $ trillion, are held by emerging markets. Besides, cross-border private investment by emerging economies has been increasing as well.
Sources: Agencies
Tuesday, December 23, 2008
Monday, December 22, 2008
Will the Internet economy shrink in 2009?
The Internet economy could shrink in 2009 because of the worldwide downturn, the OECD warned on Monday in a report that forecast contraction of the semiconductor industry and cutbacks by corporate customers.
The Paris-based Organisation for Economic Co-operation and Development said that "with the outlook for the global economy worsening and business and consumer confidence plummeting, growth will remain flat or decline in 2009."
The report also forecast growth of four per cent in the IT industry this year and said some sectors such as software, outsourcing, Internet sales and infrastructure investments would "weather the storm better than others."
The report said the semiconductor industry - seen as a leading indicator for the information technology sector - would fall nearly six per cent in 2009 after weak growth of 2.2 per cent in 2008.
Source: Agencies
The Paris-based Organisation for Economic Co-operation and Development said that "with the outlook for the global economy worsening and business and consumer confidence plummeting, growth will remain flat or decline in 2009."
The report also forecast growth of four per cent in the IT industry this year and said some sectors such as software, outsourcing, Internet sales and infrastructure investments would "weather the storm better than others."
The report said the semiconductor industry - seen as a leading indicator for the information technology sector - would fall nearly six per cent in 2009 after weak growth of 2.2 per cent in 2008.
Source: Agencies
World jobless total could rise by 25 million?
The global economic crisis will push up unemployment by up to 25 million by 2010, the OECD head forecast on a 'truly scandalous failure' of regulatory supervision.
"We're heading for a loss of between eight and 10 million jobs in the OECD area... and 20 to 25 million in the world as a whole between now and 2010," Angel Gurria said on France's BFM radio.
The International Labour Organisation earlier forecast that the number of global unemployed could go up by 20 million to reach a record high point of 210 million people by the end of 2009.
The Organisation for Economic Co-operation and Development in Paris brings together 30 countries, including all the world's industrialised economies. The group conducts research and publishes economic forecasts.
Gurria also said that European countries should spend more in stimulus plans to kickstart their economies and suggested that the European Central Bank should lower interest rates because of falling inflation.
The European Union should "go beyond" the fiscal stimulus plans already announced, equivalent to around 1.4 percent of GDP, since "all the other major countries are going beyond that," Gurria said.
He also said that the OECD economies were in recession in the current quarter and would remain so for at least the first two quarters of 2009, with many countries being in recession for most of 2009.
"We predict a recovery at the end of 2009 and weak growth in 2010" he said.
Commenting on the build-up to the crisis, Gurria said there had been "a truly scandalous failure of regulation... and supervision", and poor risk management and corporate governance by companies.
Meanwhile there was fresh movement to stop the meltdown, with a decision by US president-elect Barack Obama to add 500,000 jobs to a 2.5-million-job creation goal to kickstart the world's biggest and ailing economy.
Vice president-elect Joseph Biden also confirmed the Obama team was working on a second economic stimulus package. According to US media, they want to craft a package worth between 675 and 775 billion dollars over two years.
In Europe, the Irish government said it was injecting 5.5 billion euros (7.6 billion dollars) to recapitalise three major banks: Anglo Irish Bank, Bank of Ireland and Allied Irish Banks.
British Prime Minister Gordon Brown promised to create at least 100,000 new jobs through a 10-billion-pound investment in infrastructure, in a newspaper interview.
The Bank of England's deputy governor John Gieve said in an interview with BBC television that the bank under-estimated how serious the credit crunch would be even though it knew that "crazy borrowing" was taking place.
Gieve said the Bank of England had predicted a correction as far back as two years ago but he added: "We didn't think it was going to be anything like as severe as it turned out to be."
Source: Economic Times
"We're heading for a loss of between eight and 10 million jobs in the OECD area... and 20 to 25 million in the world as a whole between now and 2010," Angel Gurria said on France's BFM radio.
The International Labour Organisation earlier forecast that the number of global unemployed could go up by 20 million to reach a record high point of 210 million people by the end of 2009.
The Organisation for Economic Co-operation and Development in Paris brings together 30 countries, including all the world's industrialised economies. The group conducts research and publishes economic forecasts.
Gurria also said that European countries should spend more in stimulus plans to kickstart their economies and suggested that the European Central Bank should lower interest rates because of falling inflation.
The European Union should "go beyond" the fiscal stimulus plans already announced, equivalent to around 1.4 percent of GDP, since "all the other major countries are going beyond that," Gurria said.
He also said that the OECD economies were in recession in the current quarter and would remain so for at least the first two quarters of 2009, with many countries being in recession for most of 2009.
"We predict a recovery at the end of 2009 and weak growth in 2010" he said.
Commenting on the build-up to the crisis, Gurria said there had been "a truly scandalous failure of regulation... and supervision", and poor risk management and corporate governance by companies.
Meanwhile there was fresh movement to stop the meltdown, with a decision by US president-elect Barack Obama to add 500,000 jobs to a 2.5-million-job creation goal to kickstart the world's biggest and ailing economy.
Vice president-elect Joseph Biden also confirmed the Obama team was working on a second economic stimulus package. According to US media, they want to craft a package worth between 675 and 775 billion dollars over two years.
In Europe, the Irish government said it was injecting 5.5 billion euros (7.6 billion dollars) to recapitalise three major banks: Anglo Irish Bank, Bank of Ireland and Allied Irish Banks.
British Prime Minister Gordon Brown promised to create at least 100,000 new jobs through a 10-billion-pound investment in infrastructure, in a newspaper interview.
The Bank of England's deputy governor John Gieve said in an interview with BBC television that the bank under-estimated how serious the credit crunch would be even though it knew that "crazy borrowing" was taking place.
Gieve said the Bank of England had predicted a correction as far back as two years ago but he added: "We didn't think it was going to be anything like as severe as it turned out to be."
Source: Economic Times
Sunday, December 21, 2008
Taj, Trident reopen after restored to old glory
The Taj Hotel and the Trident hotel, the targets of November 26 terror attacks, reopened on Sunday after three weeks of refurbishment.
First guests checked in at around 7 pm at the Taj Mahal hotel and its celebrated restaurants and diners thronging the five joints which have been restored to their old glory.
Each of the restaurants received full bookings for the evening, hotel officials said.
The hotel's tower wing reopened 24 days after the terrorists attack on Mumbai and the Taj being the last to be rescued from the three terrorists holed up inside for over two-and-a-half-days.
Making a brief statement to reporters outside the hotel before the reopening, Ratan Tata, chairman of the Indian Hotel Company which owns the Taj hotel chain said, "To us it was a challenge to have the hotel reopened in some form within one month from the attack. We dedicate the restored hotel to those who lost their lives in the event that took place."
When asked about the enhanced security measures taken to ensure such events do not recur, he said, "We have our plans for security. But we cannot share it."
He said, "I hate to look back. All of us have learnt lessons."
A press statement issued by the company said it has unveiled a memorial in salutation to all of those who lost their lives in the hotel during the terrorist attacks.
The names of the 31 people who died in the attack will be inscribed at its base, the note said.
Raymond Bickson, Managing Director and CEO, Taj Hotels, Resort and Palaces said among those who died were the hotel's guests, staff members and police and security forces.
"We felt that it was fitting and proper for there to be a symbol of permanent remembrance for all of those who fell within the building," he said.
The press note quoting Ratan Tata said, "There is still much work to do, but we are all determined to rebuild the Taj brick by brick until it outshines even its former glories."
"The artwork would now be placed at the lobby of the hotel as a memorial and the names of the 31 persons who lost their lives in the hotel would be engraved on it," a senior official of the hotel said.
The Trident, which started its operations in morning after a multi-religion prayer meeting in the reception area, which was also attended by the Chief Minister Ashok Chavan, started seeing guests some of whom came to show that they would not be cowed down with such acts.
"We should be bold enough to deter and stop them (terrorists). Instead of getting scared, we should scare them with our resolve to fight back," Devendra Ksheer Sagar, one of the first customers, who visited the Trident said.
As the guests started trickling into the glistening lobby of the hotel, dolled up with flowers, they were greeted by the staff with traditional folded hands and a yellow flower. It seemed like a usual day but the staff took care that guests should be given much needed pampering to put the memories under the carpet.
"Some guests did ask questions about where was I when it (siege) started? Some were emotional while some were happy that we are back. In some cases we answered but in most we politely changed the discussion," one Trident staff preferring anonymity said.
The enhanced security apparatus put in place by the Trident was evident as bunkers were erected outside the main entrance of the hotel. In addition to this baggage scanners were also a new sight at the entrance. The security guards, with polite smile, thoroughly checked the guests and ascertained the identity before allowing them inside the hotel.
Source: Times of India
First guests checked in at around 7 pm at the Taj Mahal hotel and its celebrated restaurants and diners thronging the five joints which have been restored to their old glory.
Each of the restaurants received full bookings for the evening, hotel officials said.
The hotel's tower wing reopened 24 days after the terrorists attack on Mumbai and the Taj being the last to be rescued from the three terrorists holed up inside for over two-and-a-half-days.
Making a brief statement to reporters outside the hotel before the reopening, Ratan Tata, chairman of the Indian Hotel Company which owns the Taj hotel chain said, "To us it was a challenge to have the hotel reopened in some form within one month from the attack. We dedicate the restored hotel to those who lost their lives in the event that took place."
When asked about the enhanced security measures taken to ensure such events do not recur, he said, "We have our plans for security. But we cannot share it."
He said, "I hate to look back. All of us have learnt lessons."
A press statement issued by the company said it has unveiled a memorial in salutation to all of those who lost their lives in the hotel during the terrorist attacks.
The names of the 31 people who died in the attack will be inscribed at its base, the note said.
Raymond Bickson, Managing Director and CEO, Taj Hotels, Resort and Palaces said among those who died were the hotel's guests, staff members and police and security forces.
"We felt that it was fitting and proper for there to be a symbol of permanent remembrance for all of those who fell within the building," he said.
The press note quoting Ratan Tata said, "There is still much work to do, but we are all determined to rebuild the Taj brick by brick until it outshines even its former glories."
"The artwork would now be placed at the lobby of the hotel as a memorial and the names of the 31 persons who lost their lives in the hotel would be engraved on it," a senior official of the hotel said.
The Trident, which started its operations in morning after a multi-religion prayer meeting in the reception area, which was also attended by the Chief Minister Ashok Chavan, started seeing guests some of whom came to show that they would not be cowed down with such acts.
"We should be bold enough to deter and stop them (terrorists). Instead of getting scared, we should scare them with our resolve to fight back," Devendra Ksheer Sagar, one of the first customers, who visited the Trident said.
As the guests started trickling into the glistening lobby of the hotel, dolled up with flowers, they were greeted by the staff with traditional folded hands and a yellow flower. It seemed like a usual day but the staff took care that guests should be given much needed pampering to put the memories under the carpet.
"Some guests did ask questions about where was I when it (siege) started? Some were emotional while some were happy that we are back. In some cases we answered but in most we politely changed the discussion," one Trident staff preferring anonymity said.
The enhanced security apparatus put in place by the Trident was evident as bunkers were erected outside the main entrance of the hotel. In addition to this baggage scanners were also a new sight at the entrance. The security guards, with polite smile, thoroughly checked the guests and ascertained the identity before allowing them inside the hotel.
Source: Times of India
Texas Instruments to layoff 400 employees in Philippines
Texas Instruments, one of the world's biggest semiconductor manufacturers, is laying off 400 workers from its factory in the northern Philippines due to the global financial crisis, officials said.
The Labour Department's assistant regional director Sixto Rodriguez said the US-based company had notified the government of the cuts that will take effect on January 15, 2009.
He said the company has assured the government that it will give the laid-off employees all the necessary benefits and is offering them early retirement.
Company spokesmen would not comment however.
Texas Instruments employs about 2,300 people in its plant in the northern resort city of Baguio where it makes semiconductors -- conductive elements used in electronic circuits -- mostly for phone maker Nokia. It is the biggest taxpayer in the region.
The company has been operating in the Philippines for 28 years and was one of the pioneers of the electronics industry which has become the biggest export sector in the country.
Texas Instruments announced in May 2007 that it would invest around one billion dollars in a new test and assembly facility at the former US Airforce base at Clark, north of Manila.
The company would not comment on the fate of that plant in the face of the economic contraction that is hitting many countries.
The Baguio facility conducts final assembly and testing of semiconductors for customers in computer, aerospace, telecommunications and automotive industries in the US, Asia and Europe.
Press reports earlier said that Lear Automotive Services, a maker of automotive wire harnesses for export, was laying off 80 workers from its plant in the central Philippines.
Source: Agencies
The Labour Department's assistant regional director Sixto Rodriguez said the US-based company had notified the government of the cuts that will take effect on January 15, 2009.
He said the company has assured the government that it will give the laid-off employees all the necessary benefits and is offering them early retirement.
Company spokesmen would not comment however.
Texas Instruments employs about 2,300 people in its plant in the northern resort city of Baguio where it makes semiconductors -- conductive elements used in electronic circuits -- mostly for phone maker Nokia. It is the biggest taxpayer in the region.
The company has been operating in the Philippines for 28 years and was one of the pioneers of the electronics industry which has become the biggest export sector in the country.
Texas Instruments announced in May 2007 that it would invest around one billion dollars in a new test and assembly facility at the former US Airforce base at Clark, north of Manila.
The company would not comment on the fate of that plant in the face of the economic contraction that is hitting many countries.
The Baguio facility conducts final assembly and testing of semiconductors for customers in computer, aerospace, telecommunications and automotive industries in the US, Asia and Europe.
Press reports earlier said that Lear Automotive Services, a maker of automotive wire harnesses for export, was laying off 80 workers from its plant in the central Philippines.
Source: Agencies
Terrorists attacked Taj Mahal likely to be fully functional by end 2009
Indian Hotels on Sunday said it expects to partially open Taj Mahal Palace in February and the entire hotel by end of 2009.
"The north block of the Heritage wing of the hotel is expected to be ready by February 2009 while the south block will be ready by end of next year," Indian Hotels Vice Chairman R K Krishna Kumar said.
On November 26, terrorists attacked Taj hotel and occupied the fifth and sixth floor of the Heritage wing.
The south side of the hotel came under heavy fire. "The fifth and sixth floor have been damaged by the attack. The Wasabi and Harbour Bar have been completely gutted," he said.
The company is in talks with four interior decorators out of which one would be selected for renovation of the hotel.
"This gives us an opportunity to work on it and redefine the Presidential suite. There would be new facilities and new designs and would bring something new to the world," Kumar said.
"The tower wing which opened for guests today has been cleansed of evil among other things. All the rooms and the kitchen have been fully cleaned and sanitised by an international agency," he said.
Religious rites of various faiths have been performed inside the hotel, he said.
The Taj hotel has an insurance cover of Rs 1,000 crore and the first instalment has been received without the company claiming for it.
"Our hotel is widely covered. The renovation would be below the limit of the insurance cover. Even before a formal claim was made, we received the first instalment cheque," Kumar said.
All Taj employees have undergone counselling sessions post the attack. In addition to this, the employees have also been trained to be on alert, he said.
The artwork in the hotel would be restored. "Curators have looked at the artworks. About 90 per cent of the artwork is untouched and the remaining have been damaged due to bullet marks but are not beyond redemption," Kumar said.
One piece of art with a bronze framework, 'Tree of Life' which is about seven feet high and had been placed on the sixth floor has not suffered any damage.
"The artwork would now be placed at the lobby of the hotel as a memorial and the names of the 31 persons who lost their lives in the hotel would be engraved on it," Kumar said.
With regard to security in the hotel, Kumar said the company would ensure that it has better security measures than airports in the country which had turned into fortresses.
"We would not be 100 per cent secure but we would be technologically smarter and better trained," he said.
Metal detectors have been installed and baggages will be thoroughly checked. "At the instance of (Tata Sons Chairman) Ratan Tata, we had approached the most premium agency in combating terrorism for advice regarding security measures," Kumar said, refusing to divulge the name of the agency.
"Taj has been legendary for its rooms and restaurants since 105 years now there will be a third dimension to it- security," he said.
Kumar further said that in September a general alert had been issued to all hotels in the city following which certain security measures had been taken, but there was no specific time period given about the attack.
Metal detectors were installed following the alert with baggage checks and frisking of guests at the entrance of the hotel.
"After two months, we reduced the security due to complaints of inconvenience from the guests," Kumar said.
When asked if the hotel would prohibit entry of guests from any other country, Kumar said, it cannot operate in isolation but in compliance with what the government decides.
Source: Agencies
"The north block of the Heritage wing of the hotel is expected to be ready by February 2009 while the south block will be ready by end of next year," Indian Hotels Vice Chairman R K Krishna Kumar said.
On November 26, terrorists attacked Taj hotel and occupied the fifth and sixth floor of the Heritage wing.
The south side of the hotel came under heavy fire. "The fifth and sixth floor have been damaged by the attack. The Wasabi and Harbour Bar have been completely gutted," he said.
The company is in talks with four interior decorators out of which one would be selected for renovation of the hotel.
"This gives us an opportunity to work on it and redefine the Presidential suite. There would be new facilities and new designs and would bring something new to the world," Kumar said.
"The tower wing which opened for guests today has been cleansed of evil among other things. All the rooms and the kitchen have been fully cleaned and sanitised by an international agency," he said.
Religious rites of various faiths have been performed inside the hotel, he said.
The Taj hotel has an insurance cover of Rs 1,000 crore and the first instalment has been received without the company claiming for it.
"Our hotel is widely covered. The renovation would be below the limit of the insurance cover. Even before a formal claim was made, we received the first instalment cheque," Kumar said.
All Taj employees have undergone counselling sessions post the attack. In addition to this, the employees have also been trained to be on alert, he said.
The artwork in the hotel would be restored. "Curators have looked at the artworks. About 90 per cent of the artwork is untouched and the remaining have been damaged due to bullet marks but are not beyond redemption," Kumar said.
One piece of art with a bronze framework, 'Tree of Life' which is about seven feet high and had been placed on the sixth floor has not suffered any damage.
"The artwork would now be placed at the lobby of the hotel as a memorial and the names of the 31 persons who lost their lives in the hotel would be engraved on it," Kumar said.
With regard to security in the hotel, Kumar said the company would ensure that it has better security measures than airports in the country which had turned into fortresses.
"We would not be 100 per cent secure but we would be technologically smarter and better trained," he said.
Metal detectors have been installed and baggages will be thoroughly checked. "At the instance of (Tata Sons Chairman) Ratan Tata, we had approached the most premium agency in combating terrorism for advice regarding security measures," Kumar said, refusing to divulge the name of the agency.
"Taj has been legendary for its rooms and restaurants since 105 years now there will be a third dimension to it- security," he said.
Kumar further said that in September a general alert had been issued to all hotels in the city following which certain security measures had been taken, but there was no specific time period given about the attack.
Metal detectors were installed following the alert with baggage checks and frisking of guests at the entrance of the hotel.
"After two months, we reduced the security due to complaints of inconvenience from the guests," Kumar said.
When asked if the hotel would prohibit entry of guests from any other country, Kumar said, it cannot operate in isolation but in compliance with what the government decides.
Source: Agencies
Sonia, Shahrukh in Newsweek list of 50 most powerful people
Congress President Sonia Gandhi and Bollywood superstar Shahrukh Khan have been ranked among the 50 most powerful people in the world by the prestigious US-based magazine 'Newsweek' magazine in a list topped by President- elect Barack Obama.
Pakistan army chief Ashfaq Parvez Kayani, who controls the the country's nuclear weapons, is placed 20th on the list of the global "power elite" at the beginning of 2009 in the magazine's January issue.
Obama, who scripted history by becoming the first black-American to be voted to the White House, is followed by Chinese President Hu Jintao, French President Nicolas Sarkozy, British Prime Minister Gordon Brown, German Chancellor Angela Markel and powerful Russian Prime Minister Vladimir Putin.
A surprise inclusion in the list, which the magazine admits is subjective, is Osama bin Laden, whom the Newsweek describes as "global terrorist." North Korean dictator Jim Jong II also finds a place in the list.
Placing Sonia Gandhi at 17th spot, the magazine says though Indian political scene is riven by factions, Congress remains the strongest national force and rules unchallenged. "In the world's largest democracy, she is the queen."
The magazine describes Shahrukh Khan, who occupies 41st spot, as the 'King of Bollywood'.
"It's not just that his (Shahrukh Khan's) romantic flicks make gazillions it's where those gazillions come from. Khan is huge in the Muslim world, even in Pakistan and Afghanistan, where the mullahs ban his films. (The movies thrive on the black market.)
"Their main appeal is certainly the song-and-dance numbers, but Khan (a Muslim married to a Hindu) makes devoutly secular films where love trounces bigotry," the magazine says, adding that Sonia Gandhi gives Khan's DVDs to visitors, especially Muslim ones. "Here's hoping tolerance will leap from reel life to real life."
On Kayani, it says, that in theory this mumbling chain-smoking Pakistan army chief answers to President Asif Ali Zardari. But Kayani and his troops remain the dominant power in what could be the most dangerous country in the world, it adds.
"He's responsible for Pakistan's nukes; for the battle against al-Qaeda and its tribal allies along the Afghan border; and for managing tensions with neighbour India," the magazine stresses, noting that so far, his army has kept itself out of politics and seems focused on the battle against 'jihadists'.
"In the wake of the November terrorist attacks in Mumbai, Kayani stood firm on Pakistan's sovereignty while also taking measures against the alleged sponsors of the outrage," it says.
About 47-year-old Obama, it says the presidency of the "intensely charismatic" Democrat, who will be inaugurated on January 20, will be judged on how he handles the economic crisis that now envelops the US and the world. "For Obama to be remembered as a great President, he has to do nothing less than rescue capitalism."
For bin Laden, who finds 42nd spot, the magazine says the manhunt may not have been successful, but it has driven him far underground. Once a glutton for publicity, he has not shot a new video since September 2007, and no audio message from him has been heard since May 2008, it says.
Source: Agencies
Pakistan army chief Ashfaq Parvez Kayani, who controls the the country's nuclear weapons, is placed 20th on the list of the global "power elite" at the beginning of 2009 in the magazine's January issue.
Obama, who scripted history by becoming the first black-American to be voted to the White House, is followed by Chinese President Hu Jintao, French President Nicolas Sarkozy, British Prime Minister Gordon Brown, German Chancellor Angela Markel and powerful Russian Prime Minister Vladimir Putin.
A surprise inclusion in the list, which the magazine admits is subjective, is Osama bin Laden, whom the Newsweek describes as "global terrorist." North Korean dictator Jim Jong II also finds a place in the list.
Placing Sonia Gandhi at 17th spot, the magazine says though Indian political scene is riven by factions, Congress remains the strongest national force and rules unchallenged. "In the world's largest democracy, she is the queen."
The magazine describes Shahrukh Khan, who occupies 41st spot, as the 'King of Bollywood'.
"It's not just that his (Shahrukh Khan's) romantic flicks make gazillions it's where those gazillions come from. Khan is huge in the Muslim world, even in Pakistan and Afghanistan, where the mullahs ban his films. (The movies thrive on the black market.)
"Their main appeal is certainly the song-and-dance numbers, but Khan (a Muslim married to a Hindu) makes devoutly secular films where love trounces bigotry," the magazine says, adding that Sonia Gandhi gives Khan's DVDs to visitors, especially Muslim ones. "Here's hoping tolerance will leap from reel life to real life."
On Kayani, it says, that in theory this mumbling chain-smoking Pakistan army chief answers to President Asif Ali Zardari. But Kayani and his troops remain the dominant power in what could be the most dangerous country in the world, it adds.
"He's responsible for Pakistan's nukes; for the battle against al-Qaeda and its tribal allies along the Afghan border; and for managing tensions with neighbour India," the magazine stresses, noting that so far, his army has kept itself out of politics and seems focused on the battle against 'jihadists'.
"In the wake of the November terrorist attacks in Mumbai, Kayani stood firm on Pakistan's sovereignty while also taking measures against the alleged sponsors of the outrage," it says.
About 47-year-old Obama, it says the presidency of the "intensely charismatic" Democrat, who will be inaugurated on January 20, will be judged on how he handles the economic crisis that now envelops the US and the world. "For Obama to be remembered as a great President, he has to do nothing less than rescue capitalism."
For bin Laden, who finds 42nd spot, the magazine says the manhunt may not have been successful, but it has driven him far underground. Once a glutton for publicity, he has not shot a new video since September 2007, and no audio message from him has been heard since May 2008, it says.
Source: Agencies
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