Coca-Cola reported higher third quarter profits with revenue up 5% and worldwide volume rising 5%. The World Bank warned of risks from rising capital flows to East Asia and said authorities need to carefully manage inflows to avoid bubbles. Apple CEO Steve Jobs declared victory over BlackBerry, citing Apple's 70% jump in quarterly profits and strong sales of iPhones and iPads.

1. WEEKLY NEWS
18th – 24th Oct. Neha Jain

2. Coca-Cola reports higher Q3 profit:
 Coca-Cola Co reported a higher quarterly profit, helped by volume
increases in its North American and international businesses.
 The world's largest soft drink maker's third-quarter net income was
$2.06 billion, or 88 cents per share, up from $1.90 billion, or 81
cents per share, a year earlier.
 Revenue rose 5 percent to $8.43 billion as worldwide volume rose 5
percent. Volume in North America rose 2 percent in the third
quarter. That follows a 2 percent increase in the second quarter,
which was its first increase in over two years.

3. World Bank sees risks in capital flows to East Asia:
 The World Bank warned that rising capital flows to East Asia are
fanning fears of asset bubbles and authorities need to be careful
not to repeat the mistakes of the Asian financial crisis more than a
decade ago.
 Group of 20 finance ministers, meeting in South Korea on Friday,
will grapple with the global currency system as developed and
emerging countries trade barbs over competitive devaluation.
 Asian countries have a mix of instruments available to deal with
rising inflows, such as adjusting monetary policy, withdrawing
stimulus and regulating the banking sector to prevent careless
borrowing and lending.

4.  Capital flows to East Asia are becoming more short-term, Nehru
said, but he was confident that Asian governments would not allow
inflows to become so short-term that they could reverse quickly, as
they did in the 1997 Asian financial crisis.
 The developing economies of East Asia will grow 8.9 percent in
2010, the World Bank said in its semi-annual East Asia and Pacific
Economic Update report. That was raised from 8.7 percent growth
projected earlier, reflecting a recovery in trade and private
consumption.

5. Apple boss Steve Jobs declares victory over
BlackBerry:
 With Apple posting record profits amid zooming sales of iPhones
and iPads, CEO Steve Jobs declared victory over main rival and
BlackBerry maker Research In Motion (RIM).
 The BlackBerry smart phone has been the leader in the North
American market for many years now. But iPhones and Google
Android devices have almost toppled the BlackBerry from the
perch.
 Apple posted a huge 70 percent jump in profits in fourth quarter
results, reporting net revenue of $4.31 billion as against $2.53
billion during the same period last year.
 Also criticized the blackberry 7 inches tablet to be launched and
google’s anaroid saying it FRAGMENTED.

6. US set to rake up Yuan at G20 meet:
 China’s exchange rate policy, which is under growing attack, could
figure high on the agenda of the upcoming G20 meeting.
 the US and many other countries want is for China to allow its
currency — the yuan — to rise, which would lead to a reduction in
the country’s exports and help rebalance the global economy.
 “The issue is not a narrow trade advantage coming from changed
relative prices associated with the exchange rate.
It is a much deeper one; of a balanced global economy and the
contribution of all nations.

7. Australia approves $30 bn coal gas projects:
 Australia approved two multi-billion dollar coal gas projects with
strict environmental conditions, clearing the way for exports of
millions of tonnes of clean-burning energy to Asian countries.
 Environment Minister Tony Burke imposed more than 300
conditions to protect ecological treasures such as the Great
Barrier Reef as he gave the go-ahead to BG Group and the
Gladstone Liquefied Natural Gas (GLNG) joint venture.
 BG is developing Curtis LNG and GLNG is a joint venture
between Australia's Santos, Malaysia's Petronas and France's
Total, in projects worth about 30 billion dollars (about 29 billion
US)
 GLNG will provide 5,000 jobs during construction and 1,000
when the plant is functional, with initial output of 7.2 million
tonnes a year.

8. More Indians entering illegally via Mexico: US
 The number of Indian nationals apprehended illegally
crossing the US south west border (with Mexico) has shot up
from 204 in 2009 to 975 in 2010 (as of September 10, 2010),
a 475% increase.
 The increase is largely a consequence of additional checks
and new processes implemented by the US government to
stop illegal and irregular immigration.
 "Besides the inhospitable and dangerous conditions faced by
illegal immigrants trying to cross the Arizona desert, Indians
are more vulnerable to criminals and also to being detected
by US border patrols because they don’t speak Spanish,“

9.  There are several deaths due to dehydration while crossing
the desert.
 The US embassy is in touch with the Indian bureau of
immigration to check this trend through a closer scrutiny of
travel documents of people travelling to certain South and
Central American destinations.