India's foreign exchange reserves rose to $294.16 billion. India won several medals at the Commonwealth Games, including gold in shooting and women's archery. Porsche banned employees from using social media at work due to concerns about industrial espionage. The Chief Minister of Tamil Nadu requested India's UPA chairperson to help rehabilitate displaced Sri Lankan Tamils living in camps. The Sensex dipped after a five-week rally as domestic investors booked profits.

1. Presented By:
Ishudeep Kaur
MBA-2 (Finance)
PUNJAB COLLEGE OF TECHNICAL EDUCATION
1
Weekly NEWS
( 18Oct-24 Oct2010)

2. India's Forex reserves rise to $294.16bn
India’s Foreign Exchange Reserve increased by $2.563 for the
week ended Oct 1.
Foreign currency reserve rose $1.978 billion to $266.507
billion during the week
The value of gold reserves increased $508 million to
$20.516 billion, Special Drawing Rights (SDRs) rose $56
million to $5.139 billion and reserve with International
Monetary Fund increased $21 million to $1.996 billion.

3. Medals for India at CWG 2010
India won its 26th
gold at the
Commonwealth
Games when Harpre
et Singh won the
individual 25 m
centre fire pistol
shooting event on
Sunday.
Deepika made
history by winning
the gold medal
against former
Olympic medallist
Williamson Alison
Jane of England 6-0
(Women's Recurve
Individual event).
Veteran Dola
Banerjee won the
bronze after beating
Malaysian Anbarasi
Subramaniam 6-2 in
the third place play-
off (Women's
Recurve Individual
event).

4. Porsche employees banned
from social networking
Luxury car manufacturer Porsche has banned employees
from using internet sites such as Facebook, Google Mail or
Ebay during office hours, for fear of industrial spying,
German media reported on Saturday.
Corporate security chief Rainer Benne told business weekly
Wirtschaftswoche that the company feared information could
be leaked via social networking site Facebook in particular.
The magazine reported that foreign intelligence agencies
systematically used Facebook to contact company insiders
and win their trust in order to obtain information.
Roughly a quarter of Porsche's 13,000 global employees use
Facebook and other social networking sites,
Wirtschaftswoche reported.

5. Sonia Gandhi's help sought to
rehabilitate Sri Lankan Tamils
Chief Minister M.
Karunanidhi on Saturday
met United Progressive
Alliance chairperson
Sonia Gandhi and
sought her help in
ensuring the
rehabilitation of
internally-displaced
Tamils lodged in camps
in Sri Lanka.
If the Tamils in the camps
were rehabilitated and allowed
to return to their own places,
they would be able to lead a
normal life. “The Government
of Sri Lanka has to be urged
effectively to rehabilitate the
Sri Lankan Tamils in the
camps early.”

6. New SKS chief barred from taking
major decisionsThe Andhra Pradesh
High Court has barred
the new chief
executive of SKS
Microfinance from
taking any major
decisions before the
conclusion of a case
related to the
controversial sacking
of his predecessor
Suresh Gurumani.
M&M to sign final
agreement with
Ssang Yong by Dec-
Jan
Auto major Mahindra
&
Mahindra (M&M) said
due diligence on
South Korean sports
utility vehicle-maker
Ssang Yong Motor
Company is almost
over and work on a
draft agreement will
begin by the month-
end.
M&M is interacting
with Ssang Yong's
management on the
kind of products to
introduce in India

7. Sensex dips after five-week rally
Mumbai, Oct
9 (IANS) The
benchmark
index for
Indian stock
markets fell
for the first
time in five
weeks with
domestic
investors
booking
profit.
The Bombay
Stock
Exchange's
30-share
sensitive
index
(Sensex)
dipped 0.95
percent or
194.78 points
to end the
week at
20,250.26
points.
At the
National
Stock
Exchange
(NSE), the 50-
share S&P
CNX Nifty
slipped 0.65
percent
during the
week to close
Friday at
6,103.45
points.
Overseas
funds
invested
$1.98 billion
during the
week ending
Friday,
according to
data available
with the
Securities
and
Exchange
Board of
India (SEBI).
For the
month, funds
from foreign
institutional
investors
have already
crossed the
$3 billion-
mark.

8. IMF reform package near
completion: Strauss-Kahn
The International Monetary Fund is closer to wrapping up a
package of reforms, including shifting quota share by at least
five percent from over-represented to under-represented
countries by January 2011.
IMF Managing Director Dominique Strauss-Kahn aim’s for a
shift in quota share to dynamic emerging market and
developing countries of by least five per cent from over-
represented to under-represented countries by January 2011.
India has demanded a revision in quota formula in the IMF
based on purchasing power parity. It has also demanded 5-6
per cent increase in voting power for emerging economies in
the 186-nation multilateral agency.

9. AI to ask for another Rs.2000cr to
repay debts
As the process to infuse Rs 1,200 crore as additional
equity in Air India takes shape, the national carrier might
ask for another Rs 2,000 crore from the government in
the next financial year to repay its massive debt.
Rajasthan Royals, Kings XI out of IPL4; Kochi spared
for now
In a major shake-up within IPL, the BCCI unanimously
decided to 'terminate' the franchise agreements of
Rajasthan Royals and Kings XI Punjab today, while
issuing a notice to the newly-inducted Kochi team.