Other News Headlines – 28 October, 2011

1. The Karnataka Cabinet has accepted the recommendations of the committee set up by the State Government to study the Lokayukta report on illegal mining especially the role of the Government officials. The Government can now act based on the Lokayukta report to take steps against the alleged government officials.

2. The Government has decided to recapitalize all the government banks amid higher liquidity problems and lower capital adequacy ratio. The State Bank of India is expected to receive Rs 8,000 -8,500 crore for the same.

3. Moody’s has downgraded Egypt’s credit rating by one notch from earlier “Ba3” to “B1”  with negative outlook because of deteriorating financial condition due to uncertain transition to a civilian government after the fall of Hosni Mubarak.

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