India is the biggest buyer of arms among developing nations in 2005

 A study conducted by US Congress reveals the facts of arms buying of developing nations in the years 2005. India ranked at the top in the study.

Washington, Nov 5: A US Congressional study reveals India as the biggest arms buyer among developing nations in 2005, finalising arms transfer agreements worth USD 5.4 billion.Saudi Arabia ranked second at USD 3.4 billion, followed by China with USD 2.8 billion in such agreements, the Congressional Research Service says.According to the study on transfer of conventional arms to developing countries between 1998-2005, India signed USD 12.9 billion in arms transfer agreements between 2002-2005, up from USD 7.8 billion in the earlier 1998-2001 period (in current dollars)."This increase reflects the continuation of a military modernisation effort by India, underway since the 1990s, and based primarily on major arms agreements with Russia," the CRS report says.The report also pointed out that India has expanded its weapons supplier base, purchasing the Phalcon early warning defense system aircraft in 2004 from Israel for USD 1.1 billion, and a myriad of items from France in 2005, in particular six Scorpene diesel attack submarines for USD 3.5 billion.In 2005, Russia ranked first among suppliers in arms transfer agreements to developing nations with USD 7 billion or 23.2 per cent of all such agreements, followed by France with USD 6.3 billion. The US came in at third with USD 6.2 billion in such agreements.However, the US topped the list in actual delivery or arms during the period, valued at USD 8.1 billion, followed by Russia (USD 2.7 billion) and the United Kingdom (USD 2.4 billion).

Misuse makes credit card dangerous

New Delhi: Indians are increasingly using credit cards, but many people do not fully understand the usability of the product. Roopam Asthana of SBI Card Services and Bijon Mishra of Consumer Voice talk about what are the technical aspects of usage and also consumer experiences about credit cards.
Fatima Karan: Hello and welcome to the Swipe Smart, a IBN Money special on credit card. With Indians on a mission to spend, the overall use of plastic money has increased. But do we fully understand the product?
Today, we will be talking about, what are the technical aspects of usage and also consumer experiences. Joining me on the show are Mr Roopam Asthana of SBI Card Services and Mr Bijon Mishra, CEO, Consumer Voice.

The first question is, why use credit cards at all?

Roopam Asthana: Credit card in reality is a payment mechanism. It is meant for the safety, convenience and ease of transacting for a consumer. There is another aspect of credit card, which is really the credit piece on the credit card. And that is supposed to be used to match the short-term cash flow mismatches, which a customer might actually have.
Fatima Karan: Mr Mishra why do you use credit cards?
Bijon Mishra: Credit card is a tool to enhance the purchasing power of the consumer and it facilitates in terms of able to get the additional value of money.
Fatima Karan: How many credit cards should a person ideally have?
Roopam Asthana: Ideally, a person should have only one credit card. Because, the way the system operates, there is very little chance of failure in terms of as far as the transaction is concerned. So, in my opinion, a person should have only one credit card.
Fatima Karan: Buying on credits lead to interest-free purchase. What is this interest-free purchase?
Roopam Asthana: This is a very important question you have asked Fatima. This aspect of credit card is very very unique aspect, which is not available on most of the other products which are available from banks. On a credit card, when you make a purchase and you actually pay a bill in full, at the end of the month when you get the bill, for the entire period for which you borrowed the money from the credit card issuer, you actually do not pay any interest on that borrowing. What happens is that, if you do not pay your bill in full and you pay only in part, then from there on the balance that you carry forward, as well as all future transactions will actually accrue interest.

SADDAM SENTENCED TO DEATH BY HANGING

Baghdad: Saddam Hussein was sentenced on Sunday to death by hanging for his role in a brutal crackdown nearly 25 years ago in Dujail – the once obscure Iraqi town that is now a symbol of his regime's cruelty.
The court said Saddam should be hanged within 30 days. Appeals, if any, must be filed with in 10 days, the court ruled, before it was adjourned for the day.Saddam shouted at the judges, saying "Down with the court and you people. You are the enemies of humanity." He also abused US and "other Western forces". Also sentenced to death were Barzan Hassan, Saddam Hussein's half-brother and former head of the intelligence agency, and Awad Bandar, the former chief judge of the Revolutionary Court.