MAHARASHTRA

US

VIKRAM PANDIT, 51, who was thought by some critics to be too timid for the top job at Citigroup, has proved his mettle by taking on the stricken Wachovia Corp's banking assets and sharing risk with the Federal Deposit Insurance Corporation. The deal will increase Citi's deposit base and branch network and will saddle the bank with over $100 billion in Wachovia debt.
Shareholders seemed to back Pandit as its shares though down 5.8 per cent, outperformed the sector which was down 15 per cent.
Pandit became Citi CEO in December after leaving Morgan Stanley where he was banking and trading head with no experience in leading a consumer business, that generates over half Citi's overall revenue. Neither had he ever run a company close to the size of Citigroup which had $2.1 trillion in assets at the end of the second quarter.
Some experts believe Citi still needs to cut costs and cut back on people. Pandit born in Nagpur got his bachelor's and master's degrees in electrical engineering from the Columbia University, New York City and a doctorate in finance in 1986.

MALAYALI

US

INDIA HAS expressed concerns with the state of California over the manner in which Indian fashion designer Anand Jon Alexander is being tried for a number of cases of alleged sexual abuse and alleged rape. 
"While in no way wishing to interfere with the judicial process, India is concerned at the lack of adequate information and opportunity to an Indian citizen to defend himself," the Consulate General of India in San Francisco said in a statement. 
The Government of India have noted media reports of judicial proceedings which indicate instances where exculpatory evidence was either destroyed or withheld from the defendant, it said. 
"Exculpatory evidence, which reportedly have been destroyed and withheld by the State, should be made available to him for a full and fair assessment by the Jury and also to the Defence without prejudice in the interest of the fair process of law," the statement said. 
The Counsel General also requested the Attorney General to ensure that Jon, an Indian citizen, was given every opportunity to defend himself to the fullest extent provided under the US laws.

GENERAL

US

TALKS HAVE begun between India and the US on a proposed social security agreement that will exempt Indians from contributing to social security in their host country, says minister for Overseas Indian Affairs Vayalar Ravi.
Speaking on the occasion of the ratification of a similar agreement between India and Germany that will exempt Indian workers on short-term contracts for four years, extendable to another year in Germany, from making social security contributions. Reciprocally Germans in India will receive the same benefits.
The pact was signed by the secretary, Ministry of Overseas Indian Affairs, K. Mohandas, and the German Ministry of Labour and Social Affairs secretary, Franz-Josef Lersch.

Kuwait

INDIA’S EMBASSY in Kuwait issued emergency out-passes to 3,590 Indians in the course of a 45-day amnesty scheme there for illegal foreign residents that expired on October 15. Under the scheme, immigration departments across the Gulf city-state assisted all individuals to either adjust their illegal residency status or leave the country. 
Those who had no travel documents were allowed to leave the country within the specified period mentioned in the new law. Expatriates willing to return to their respective countries after deportation were asked to follow the official channels and procedures. 
There are around 550,000 expatriate Indians in Kuwait.

India

VAYALAR RAVI, minister for Overseas Indian Affairs, who was attending a conference of NRIs in Singapore, announced that India plans to set up three new universities for NRIs and PIOs. These will be along the same lines as the one in Bangalore which is to begin functioning from the 2010 academic year. Run by Manipal University, these universities will offer courses in engineering, medicine and humanities, and half the seats will be reserved for children of NRIs and PIOs.
Ravi said the proposal is being processed and expects clearances from the ministries of human resource development and home and the Union Cabinet in a year.
Also on the cards are amendments to the Immigrants Act that will tighten regulations governing recruiting agents in India who in many instances cheat poor migrant labour workers. Ravi said jail terms of five years will be instituted for these agents and will include their suspension.
The government has also set up an India Development Foundation of Overseas Indians that will help NRIs who wish to send home funds for charitable or philanthropic developmental projects so contributors can rest assured there will be accountability and assistance in the distribution of funds.