islamic financeOn 17 May 2011, the National Diet of Japan passed a bill to facilitate Sukuk issuances in Japan.  The bill is intended to implement a solid legal framework to issue Sukuk out of Japan.  Relevant tax legislation is also amended so as to create a level tax playing field for Sukuk compared to conventional bonds. This new legal framework will help provide new opportunities for both Islamic investors across the globe and Japanese institutions seeking to diversify their funding sources.  The framework is built on existing legislation that is originally tailored for asset backed securitisation.  The legal structure, therefore, bears different features from the structures established under English trust law which is often used in the cross-border Sukuk issuance practice.  This distinctive nature of the legal framework may pose challenges to its application.  Nevertheless, this framework will be a driving force to enhance accessibility to the Islamic finance market from a country where Islamic institutional investors are effectively non-existent.

New CBM on Kashmir – Report

globalAccording to the media reports India and Pakistan are likely to announce confidence- building measures. It will also include the increase in the number of trading points along the LoC. This announcement is expected when the foreign ministers of both the countries meet this week in New Delhi.
The agreement on the new CBMs was finalized in a recent meeting of senior officials of India and Pakistan. The CBMs include increase in trade hours and days from two to four hours, launch of new bus service between Kargil and Skardu.
The officials said the further discussion will take place on 26th July when both country foreign officials meet in New Delhi.
Currently, cross-LoC trade is conducted along the Muzaffarabad-Uri and Poonch-Rawalakot. India has proposed three additional trading routes – Nauseri-Tithwal, Hajipur-Uri and Tattapani-Mendhar.
Traders from both sides are demanding an increase in trading.

Grand Jury Prosecuted Members of Hackers Group in San Jose

In San Jose, California, A federal grand jury on Thursday indicted an alleged computer hacker who is so called of trying to extort $1 million from a Redwood City-based online company by stealing its private data and threatening to release it publicly. Federal Agents on Tuesday confined about 25 people around the nation tied to hacker group Anonymous which has the charges of initiating a cyber attack on PayPal late last year.
In San Jose, US District Court’s indictment, 14 defendants including two bay area residents were charged in indulgence with the hacking operation 2010 i.e. Operation Avenge Assange and arrested by the Federal Bureau of Investigation in nine states including Columbia. FBI declared publicly that there will be continuous search and investigation going on for cyber attacks. From New Jersey and Florida two more citizens were charged.
Familiar names like Anthrophobic, Toxic and Reaper the defendants are accused in the indictment of break off PayPal’s computer servers through denial of service attacks, restricting people from being able to use their valid and authorized PayPal accounts. The 14 defendants, mostly in their 20s, were charged with conspiracy and intentional damage to a protected computer.

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United States Legislators Wields Budget ax over China Space Ties

United States try to get an approach to slash budget of White House Science office for coordinating with China. A Republican lawmaker is hunting to make the Obama Administration pay a price for what he sees as its confrontation of Congress in following coordination with China in the field of science and technology. According to the offer of Rep. Frank Wolf, a cut throat critic of Beijing, would slash by 55% the $6.6 million budget of the white house’s science policy office and the dimensions was endorsed by a congressional committee this week, but faces more legislative objections, and its possibility are doubtful.

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cyber-cirmes increasedThe information technology era has increased the development in India   at a rapid pace. At the same time, the cyber-attacks are on the rise competing with the technological progress.  The cities like Bangalore, Pune, Delhi, Ludhiana and other metropolitan cities are generally victims of cyber-attacks.  According to a recent survey, the State of Karnataka has witnessed manycyber-attacks under the Information Technology Act (IT ACT) (nearly 47%)

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