From paper to glass
CDI is introducing glass painting among Papier Machie artists. Haroon Mirani reports.
Aiming to diversify the skill of Papeir Machie artists in Kashmir. Glass painting is...
Global meltdown and Islamic financial systems
Zamir Ahmed
Now that the dust of the fallen financial empires has settled, the reasons behind this cataclysm have become common knowledge: inadequate discipline in the financial system resulting from the absence of profit and loss sharing (PLS); the mind-boggling expansion in the size of derivatives, particularly Credit Default Swaps (CDS); and the belief of the banks that central banks will come to their rescue.
Excessive and irrational usage of derivatives was the prime cause of this multi-faceted crisis. Derivatives are financial instruments that allow the transfer of risk about the value of the underlying asset from one party to another. George Soros—of the South Asian Crisis fame—calls them Hydrogen Bombs while as Warren Buffet, the famous investor and businessman, has named them financial ‘Weapons of Mass Destruction’.
Now that the dust of the fallen financial empires has settled, the reasons behind this cataclysm have become common knowledge: inadequate discipline in the financial system resulting from the absence of profit and loss sharing (PLS); the mind-boggling expansion in the size of derivatives, particularly Credit Default Swaps (CDS); and the belief of the banks that central banks will come to their rescue.
Excessive and irrational usage of derivatives was the prime cause of this multi-faceted crisis. Derivatives are financial instruments that allow the transfer of risk about the value of the underlying asset from one party to another. George Soros—of the South Asian Crisis fame—calls them Hydrogen Bombs while as Warren Buffet, the famous investor and businessman, has named them financial ‘Weapons of Mass Destruction’.
Rather Readies For Budget
With the parliamentary polls over, J&K government has started resuming normal activity. On top of the agenda is the state budget that government is planning to present formally for seven months of the fiscal 2009-10.
To begin with, sources said, finance minister Abdul Rahim Rather will have detailed interactions with trade leaders, industry chieftains and individuals with know how of the subject. “The government has some hard ideas in mind and they would be laid on the table as part of the budget,” a source informed.
To begin with, sources said, finance minister Abdul Rahim Rather will have detailed interactions with trade leaders, industry chieftains and individuals with know how of the subject. “The government has some hard ideas in mind and they would be laid on the table as part of the budget,” a source informed.
Living the IPL dream
At 19, Parvez Rasool Zargar is already aiming to play in the Indian Premier League - his failure this year seems no setback. Hamidullah...
The Passage to India
Six politicians from J&K will join the Indian parliament this week. Eighty four have been elected in the last 14 parliamentary elections. Forget about...
A bit of this and that
If knowledge is power, we are not doing too well. No one in his right mind would today oppose the need for a high degree
In the name of Manmohan Singh
Naeem Akhtar
Irrespective of the results that must be out by now, one fact came out clearly in the just concluded Lok Sabha elections. That is the complete ideological bankruptcy of National Conference and its near total dysfunction as the premier political organisation of the state.
There was not a single issue of substance the ruling party touched in its campaign. After having declared in the wake of his personal setback in January this year at the hands of his son, Farooq Abdullah was asked as to what would happen to the Autonomy proposal of his party. Farooq who can be brutally honest at times made a plain declaration. The newspapers reported him as saying “it will go with me to my grave”.
Connectivity postponed
While the Northern Railways is adding one more train on the isolated track connecting south Kashmir and north Kashmir, the larger and ambitious proposal...
Srinagar
Srinagar district, after the creation of new districts that carved district Ganderbal in its vicinity, comprises of only two tehsils – Srinagar North and Srinagar South, divided by river Jhelum. Srinagar North is the portion falling on the right side of river Jehlum while Srinagar South comprises of the area falling on the left side of the river.
It is said that emperor Ashoka laid the foundation of his capital of the region near the present Srinagar city and named it ‘Srinagari’. Various rulers from time to time changed their capitals from place to place in the neighborhood and gave their own names to the city. In 1223 A D, famous ruler Sadru-din-Rinchan Shah named the city as Rinchanpora. Ultimately, the original name Srinagar was restored and it continues to be called by that name ever since.
It is said that emperor Ashoka laid the foundation of his capital of the region near the present Srinagar city and named it ‘Srinagari’. Various rulers from time to time changed their capitals from place to place in the neighborhood and gave their own names to the city. In 1223 A D, famous ruler Sadru-din-Rinchan Shah named the city as Rinchanpora. Ultimately, the original name Srinagar was restored and it continues to be called by that name ever since.
‘Pathogen’ Solution to Garlic Scare
An otherwise antibiotic and antioxidant, Garlic coming through the trans-LoC trade has become a headache for the government of India. R S Gull reports...
A fading trot
Hamidullah Dar
Once a popular mode of transport connecting cities and towns in the valley, the Tonga or horse-cart has lost its sheen over the years – mainly due to proliferation of automobiles and in part due to apathy of authorities
While in Srinagar the Tonga has bitten the dust, in suburbs and towns, the vintage mode is still available. A horse driving a cart with the whipping driver standing in front and at least five passengers on the seats is partly visible on the streets in suburbs.
Although government tried to remove the Tongas from roads in towns owing to their obstructive speed and unusual stoppage, instead deciding to compensate the Tonga drivers by providing them vehicle permits and monetary benefits, the drivers are hardly impressed.
Once a popular mode of transport connecting cities and towns in the valley, the Tonga or horse-cart has lost its sheen over the years – mainly due to proliferation of automobiles and in part due to apathy of authorities
While in Srinagar the Tonga has bitten the dust, in suburbs and towns, the vintage mode is still available. A horse driving a cart with the whipping driver standing in front and at least five passengers on the seats is partly visible on the streets in suburbs.
Although government tried to remove the Tongas from roads in towns owing to their obstructive speed and unusual stoppage, instead deciding to compensate the Tonga drivers by providing them vehicle permits and monetary benefits, the drivers are hardly impressed.
Politics of poverty
Former deputy chief minister Muzaffar Hussain Baig struck out his name from proposed BPL list in
Engineering social help
After setting up one of the best managed orphanages in Kashmir, Dr Rouf Mohi-ud-Din Malik is now exploring alternatives to orphanages. Shazia Khan narrates...
Newsmakers
LISTED: Kashmir has been listed as the “largest militarized territorial dispute” of the planet by the Guinness world book of records. The record book...
Perseverance pays, even if at last
Zamir Ahmed
Quffal Shasi was a reputed jurist in the times of Caliph Haroon Rashid. But before that, he was a skilled locksmith who...
