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RIL finds oil (in deepwater drilling) in Krishna basin In yet another significant discovery, RIL (Reliance Industries Limited

) has found oil at 565 meters depth. Oil is flowing at 596 barrels per day. It has christened this well as Dhirubhai-36. It has targeted to drill upto 3595 meters. By the way just take a look the different types of deepwater drilling that can be taken up:

DMIC goes private The biggest ever infrastructure initiative taken up by India will be managed by a private company. The Cabinet has said that DMIC Development Corporation will be a private company, where the government will hold only 49% equity, allowing private infrastructure companies to participate in 51% equity of the company. But there will be a DMIC steering authority chaired by the Finance Minister to oversee all policy matters regarding the corridor. Some very good commentary on the fed rate cut by Mythili Bhusnurmath in today’s ET: The only justification for the rate cut is that, in its view, the real economy is sufficiently endangered as to warrant action that might have adverse consequences, in the long term. Though the stock markets all over the world have reacted jubilantly, to this, the reality is that stock market reactions are not the best judge. Long term problems of the US economy – huge current account imbalance and negative household savings – do need to be addressed and there is little likelihood the Fed’s actions will do that. The fall in the US dollar and long-dated Treasury bills is a warning signal. A policy approach that views recession as a bigger danger than inflation may soon seem hopelessly myopic. By the time we realize it, it might be too late.

Corporate Affairs Institute to be set up The union ministry of corporate affairs is planning to set up an Indian Institute of Corporate Affairs for capacity-building and service delivery for the corporate sector. Some political development worth noting In Karnataka, the JD-S and BJP combine had come to power in February 2006 agreeing to hold the chief minister’s post for 20 months each. HD Kumaraswamy of the JD-S completes his 20 month term on October 2, 2007. Deputy Chief Minister BS Yediyurappa of the BJP is anxiously waiting for his turn to become the CM. But the big question that hangs on everybody’s mind is -- will Kumaraswamy relinquish the post on the appointed date? Duty-free shops and India With the aviation sector booming, India is set to emerge as a transit hub for passengers from South Asia. Global duty-free and travel retail industry is forecast to reach $45 bn by 2012. Indians spend $1185 on shopping whilst traveling overseas, and $440 at duty free shops. A major chunk of this spend can be retained in India if more duty-free shops are allowed and encouraged to be set up. Some extreme sports Remember the extreme sport that we learnt sometime ago about? Yeah, I am referring to Parkour. Today let’s know a bit about a couple of other such extreme sports. Buzkashi, the Afghani national sport. It is about carrying a dead calf. A pit is dug and the dead calf is placed in it. A circle called, the ‘circle of justice’ is drawn. The horsemen have to grab it and gallop away to the goal post before throwing it back in the pit. Extreme ironing. This is about ironing your laundry everywhere and anywhere – at mountain tops, in-between ridges, even while canoeing, snowboarding or skydiving. It started in the city of Leicester in UK. A guy named Phil Shaw is credited with inventing the sport. Urban exploration. Commonly referred to as infiltration, it is about venturing into abandoned structures, active buildings, catacombs, sewers, storm drains, and transit and utility tunnels. Explorers in this game are called cataphiles. Cricket Finally the Indian team has done something which made a skeptic and bored watcher of the game of cricket like me also to sit up and take notice. It was a brilliant display of batting in the semi-finals with Australia yesterday night. I am glad that they won. I will be equally excited to watch the finals with Pakistan on Monday. Let’s cheer them up!!! I think this 20-20 version of the game is more interesting. World Athletics at Stuttgart

Men’s 100 meters dash: Asafa Powell won it clocking 9.83 seconds. Tatyana Lebedeva claimed the long jump title with a leap of 6.78 meters. Difference between a lawyer and a barrister? A lawyer conducts law suits for clients and advises them of their legal rights and obligations. A barrister practices advocacy in the court. They have less interaction with the clients. I think we can equate the barrister with the Senior Advocates of the Supreme Court. Can anybody from legal background clarify?