Occupy Wall Street and Occupy Resistance

Occupy Wall Street and Occupy Resistance
The 'Occupy' protests around the world raise serious questions about the viability of free market doctrine and globalisation of the economy. Occupy Wall Street is a "leaderless resistance movement" with people of many colors, genders and political persuasions. The official website says - "The one thing we all have in common is that We Are The 99% that will no longer tolerate the greed and corruption of the 1%. We are using the revolutionary Arab Spring tactic to achieve our ends and encourage the use of nonviolence to maximize the safety of all participants. Occupy Resistance is a nationwide network supporting the Occupy Wall Street revolution against financial greed and corruption. We want to see a general assembly in every backyard, on every street corner because we don't need Wall Street and we don't need politicians to build a better society."

Italy PM Berlusconi resigned
The Prime Minister, Mr Silvio Berlusconi, resigned after 17 years at the top of Italian political life, as lawmakers prepare to give final approval to a package of key economic reforms. His most likely replacement is former EU commissioner Mr Mario Monti, a 68-year-old economist who built a formidable reputation as a trust-busting bureaucrat in Brussels, but has no experience in political office.

Papademos is new Greek Prime Minister
Senior banker Lucas Papademos was named as the prime minister of the new Greek interim government, charged with keeping the debt-strapped country out of bankruptcy and firmly in the 17 nation eurozone. He replaces outgoing Socialist Prime Minister George Papandreou midway through his four-year term. A statement from the President’s office said Mr. Papademos would form an interim government that will secure and implement the decisions of USD 177 billion European debt deal agreed upon during a summit in Brussels on Oct. 27. That deal is the country’s second massive bailout, after a first — USD 150 billion — rescue package was deemed not enough to keep Greece from bankruptcy.

No country is immune to eurozone crisis: IMF chief
The chief of the International Monetary Fund, Christine Lagarde said that Italy’s financial reform is key to reducing the impact of the eurozone crisis, and that no country is immune to the consequences if the efforts fall short. he eurozone financial crisis, set off two years ago by Greece’s overwhelming debt, has now engulfed Italy, which has the third-largest economy among the 17 nations that share the euro currency. The crisis has toppled Prime Minister Silvio Berlusconi, who says he will step down once reforms are passed to help Italy control its own staggering debt. Ms. Lagarde expressed concerns about the possible consequences outside the eurozone, particularly in Asia. She urged Japan to use caution against the impact of the eurozone crisis. Europe has bailed out Greece, Portugal and Ireland.

Industrial output hits 24-month low at 1.8%
In a clear sign of deceleration, the industrial growth has slumped to a 24-month low of 1.8 per cent in September. The 1.8 per cent year-on-year increase in the official index of industrial production (IIP) — compared with 6.1 per cent for September 2010.

India-Russia forum on trade and investment 
The Nuclear Power Corporation of India, which partners Atomstroiexport, a Russian company, in the Kudankulam project, said on its website the new deadline for operationalising unit one is March 2012 and unit II is December 2012. Mr. Russia regretted the fact that India had not yet joined it as a full-fledged partner in the GLONASS space navigation system. GLONASS (Global Navigation Satellite System) is a radio-based satellite navigation system operated for the Russian government by the Russian Space Forces. It both complements and provides an alternative to the United States' Global Positioning System (GPS), the Chinese Compass navigation system and the planned Galileo positioning system of the European Union.