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Sunday, March 24, 2024
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Business

This section contains the most exhaustive reportage on the state, status of business in Jammu and Kashmir.

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’.

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.

‘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 growing car avan

Car manufacturers are competing for market share in Kashmir as bank finances ensure that more and more households can own one. R S Gull ...

Countering Recession

J&K Bank has came out with four products including the revised DastKaar Finance, a product launched a few years back. Avowed objective for the...

A CBM Hijacked

Lured by waived custom duties, Delhi based traders are trying to infiltrate Cross LoC trade meant only for the two sides of Kashmir.  Hamidullah Dar reports.
 
The cross LoC trade in Jammu & Kashmir is experiencing a ‘hijack’ by traders from Delhi. That is at least what traders from Kashmir were contesting, forcing the custodian officer of Trade Facilitation Centre at Salamabad in Uri to send back 33 vehicles to Chakoti TFC on May 6.
The barter trade initiated between the two parts of Kashmir last year exempts traded goods from customs duty. Experts say that these tax concessions are luring the Delhi based traders to exploit the opportunity while keeping the locals at bay. 

Interlacing mulberry silk

A breakthrough in carpet weaving technology in Kashmir is set to revive the ailing silk industry besides enabling Kashmir to trade in high end...

Recession blues: unrest ahead

Global Recession has not spared Kashmir in spite of its isolation, but experts say the real impact is still in offing. Some two to...

Floating in turbulence

Mushtaq A Punjabi The world is under heat of recession that has affected almost all the big economies; slightly or considerably. Our valley is...

A Sweeping initiative

His initiative is not just an employment opportunity, it is social cause. Owais Shafi Bhat is responsible for the maintenance of hygiene at 10...

Warming Up Kashmir Homes

An engineer is working hard to warm up Kashmir homes by incorporating a customised central heating system. Rise in living standards is helping make...

I Can Walk English…Talk English…

English mania is a global phenomenon, though English is no mania; It is a necessity. So how can Kashmir lag behind. SHAZIA YOUSUF reports. Some...