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NEW DELHI: India on Monday cut its growth forecast for the current fiscal year to just below six percent, putting Asia's third-largest economy on track for its worst annual performance in a decade.
The finance ministry said "supportive" moves from the central bank would be needed even for the economy to expand at the revised level of 5.7-to-5.9 percent, down from 7.85 percent estimated at the start of the year.
The forecast came a day before the bank was expected to keep the benchmark interest rate on hold as it waits for stubborn inflation to ease, despite mounting pressure for a cut to boost the sluggish economy.
"It should be possible for the economy to improve the overall growth rate of GDP (for the year) to around 5.7 percent to 5.9 percent" from 5.4 percent in the first half, said the Mid-Year Economic Analysis tabled in parliament.
The full-year rate would be far below the near double-digit pace India set before the onset of the global financial crisis.
Finance Minister P. Chidambaram has been urging the central bank to reduce high interest rates to bolster the economy.
But the bank has kept rates steady since April -- when it cut them for the first time in three years -- unlike other developing countries which have lowered borrowing costs to shield their economies from the eurozone crisis.
India's bank has insisted inflation must recede and the government needs to curb its ballooning fiscal deficit -- the widest of all emerging market economies -- before more rate cuts.
Growth in 2011-12 fell to a nine-year low of 6.5 percent hit by high interest rates, struggling overseas economies and sluggish investment caused by concerns about policymaking and corruption.
India's economy has not expanded by less than 6.5 percent since the 2002-2003 financial year.
Economists had already cut their year growth forecasts to mid-five percent or lower.
- AFP/ir
Nov. 13, 2012 photo provided by the family via The Washington Post shows Noah Pozner, 6 / AP/Family Photo
NEWTOWN, Conn. The Connecticut Funeral Directors Association has announced that funerals have been scheduled for seven of the Connecticut school shooting victims.
Services for 6-year-olds Noah Pozner and Jack Pinto are being planned for Monday.
The funeral for 6-year-old Jessica Rekos is Tuesday.
On Wednesday, there will be funerals for 7-year-old Daniel Barden and 27-year-old teacher Victoria Soto.
19 Photos
Services will be held on Thursday for 6-year-old Catherine Hubbard.
A private service has been planned for 6-year-old Dylan Hockley. No date was announced.
A spokesman for the local diocese, Brian Wallace, said it had not been asked yet to provide funerals for gunman Adam Lanza or his mother. Police say he shot her to death before heading to the Sandy Hook Elementary School and going on his rampage.
President Barack Obama said at an interfaith prayer service in this mourning community this evening that the country is "left with some hard questions" if it is to curb a rising trend in gun violence, such as the shooting spree Friday at Newtown's Sandy Hook Elementary School.
After consoling victims' families in classrooms at Newtown High School, the president said he would do everything in his power to "engage" a dialogue with Americans, including law enforcement and mental health professionals, because "we can't tolerate this anymore. These tragedies must end. And to end them we must change."
Mandel Ngan/AFP/Getty Images
The president was not specific about what he thought would be necessary and did not even use the word "gun" in his remarks, but his speech was widely perceived as prelude to a call for more regulations and restrictions on the availability of firearms.
The grieving small town hosted the memorial service this evening as the the nation pieces together the circumstances that led to a gunman taking 26 lives Friday at the community's Sandy Hook Elementary School, most first graders.
"Someone once described the joy and anxiety of parenthood as the equivalent of having your heart outside your body all of the time, walking around," he said, speaking of the joys and fears of raising children.
"So it comes as a shock at a certain point when you realize no matter how much you love these kids you can't do it by yourself," he continued. "That this job of protecting kids and teaching them well is something we can only do together, with the help of friends and neighbors, with the help of a community, and the help of a nation."
CLICK HERE for Full Coverage of the Tragedy at Sandy Hook
PERHAPS the little fish embryo shown here is dancing a jig because it has just discovered that it has legs instead of fins. Fossils show that limbs evolved from fins, but a new study shows how it may have happened, live in the lab.
Fernando Casares of the Spanish National Research Council and his colleagues injected zebrafish with the hoxd13 gene from a mouse. The protein that the gene codes for controls the development of autopods, a precursor to hands, feet and paws.
Zebrafish naturally carry hoxd13 but produce less of the protein than tetrapods - all four-limbed vertebrates and birds - do. Casares and his colleagues hoped that by injecting extra copies of the gene into the zebrafish embryos, some of their cells would make more of the protein.
One full day later, all of those fish whose cells had taken up the gene began to develop autopods instead of fins. They carried on growing for four days but then died (Cell, DOI: 10.1016/j.devcel.2012.10.015).
"Of course, we haven't been able to grow hands," says Casares. He speculates that hundreds of millions of years ago, the ancestors of tetrapods began expressing more hoxd13 for some reason and that this could have allowed them to evolve autopods.
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SINGAPORE: Housing experts say the supply rate of executive condominiums (EC) into the housing market can afford to slow down, as some 20 per cent of units launched as part of seven EC projects this year remain unsold.
"I think EC units would have probably hit the ceiling in terms of amount, so I probably think this year we will hit close to about 4,000 being supplied to the market," said Donald Han, special advisor at HSR Property Group.
"We think we can go steady, to a little bit slower in terms of the EC component."
There have been about 10 EC projects this year, with three more to be launched by the end of December.
As of October this year, with the launch of the seven projects, almost 3,000 EC units have been sold. About 800 units are still unsold.
By year's end, with the launch of three more EC projects, more than 2,400 units will be available.
The government also launched six EC land sites in the second half of this year, which would see over 3,000 units being built.
In addition, five land sites slated for launch in the first half of 2013 will bring another 3,100 units on stream.
Experts add with land costs increasing, the prices of EC units have also gone up.
However, they are still cheaper than private condominiums, by about 20 to 30 per cent.
- CNA/xq
STORY HIGHLIGHTS
Editor's note: Jeff Pearlman is the author of 'Sweetness: The Enigmatic Life of Walter Payton.' He blogs at jeffpearlman.com. Follow him on Twitter.
(CNN) -- I have a dog named Norma.
She is a small beige cockapoo who barks at the mailman.
I would not trust Bobby Petrino to watch her.
Jeff Pearlman
I also would not trust Bobby Petrino to take my car in for a tire change. I would not trust Bobby Petrino to deposit my Aunt Ruth's Social Security check. I wouldn't trust him to clean my bowling ball, shop for a Christmas ham, change a twenty for two tens, tell me the time or recite the proper lyrics to Blind Melon's "No Rain."
This is not because I am a particularly untrusting person.
No, it's because I think Bobby Petrino is slime.
In case you missed the news, two days ago Western Kentucky University held a press conference to announce that Petrino, undeniably one of the nation's elite football minds, had agreed to a four-year, $850,000 per year deal to take over the Hilltoppers.
With nearly 400 giddy sports fanatics in attendance, Petrino, standing alongside Todd Stewart, the school's athletic director, spoke of honor and loyalty and love and redemption. The ensuing press release, issued by Western Kentucky's sports information department, was straight out of Disney: 101. It made Petrino sound like a cross between Vince Lombardi, Martin Luther King and Gandhi; God's gift to young men seeking to better themselves.
Petrino fired as Arkansas head football coach
What it failed to mention—and what the school desperately wants everyone to fail to mention—is that Petrino may well be the least ethically whole man in the, ahem, ethically whole-deprived world of Division I collegiate sports.
Why, it was only seven months ago that Petrino, at the time the University of Arkansas' head coach, was riding his motorcycle when he crashed along Highway 16 near Crosses, Arkansas.
When asked by school officials to explain what had happened, he failed to mention that, eh, also on the bike was Jessica Dorrell, a 26-year-old former Razorbacks volleyball player who worked as the student-athlete development coordinator for the football program. It turned out that Petrino, a married father of four, was not only having an affair with Dorrell (who was engaged at the time), but was a key voice on the board that hired her for the position when she wasn't even remotely qualified.
During an ensuing university investigation, it was determined that Petrino made a previously undisclosed $20,000 cash gift to Dorrell as a Christmas present.
Ho, ho, ho.
To his credit, Jeff Long, the school's athletic director, defied the wishes of every pigskin-blinded Razorback fan and fired Petrino. In a statement, he rightly wrote that, "all of these facts, individually and collectively, are clearly contrary to character and responsibilities of the person occupying the position of the Head Football Coach—an individual who should serve as a role model and a leader for our student-athlete."
Now, ethics and morals and character be damned, Bobby Petrino has returned, spewing off nonsense about second chances (Ever notice how garbage men and bus drivers rarely get the second chances we are all—according to fallen athletic figures—rightly afforded as Americans?) and learning from mistakes and making things right.
Western Kentucky, a school with mediocre athletics and apparently, sub-mediocre standards, has turned to a person who lied to his last employer about the nature of an accident involving the mistress he allegedly hired to a university position she was unqualified to hold. Please, if you must, take a second to read that again. And again. And again.
Bobby Petrino, holder of a Ph.D. in the Deceptive Arts (he also ditched the University of Louisville shortly after signing a long-term extension in 2007, and quit as coach of the Atlanta Falcons 13 game into his first season later that year. He informed his players via a note atop their lockers), will be the one charged with teaching the 17- and 18-year-old boys who decide to come to Bowling Green about not merely football, but life. He will be their guide. Their compass. Their role model.
Bobby Petrino and social media prove a bad mix
Sadly, in the world of Division I sports, such is far from surprising. This has been a year unlike any other; one where the virtues of greed and the color of green don't merely cloak big-time college athletics, but control them. In case you haven't noticed, we are in the midst of a dizzying, nauseating game of Conference Jump, where colleges and universities—once determined to maintain geographic rivals in order to limit student travel—have lost their collective minds.
The University of Maryland, a charter member of the ACC, is headed for the Big Ten. The Big East—formerly a power conference featuring the likes of Syracuse, Georgetown, St. John's and Connecticut—has added Boise State, San Diego State, Memphis, Houston, Southern Methodist and Navy. Idaho moved from the WAC to the Big Sky, Middle Tennessee State and Florida Atlantic went to Conference USA, the University of Denver—a member of the WAC for approximately 27 minutes—joined the Summit League. Which, to be honest, I didn't even know existed.
Rest assured, none of these moves (literally, nary a one) were conducted with the best interests of so-called student-athletes in mind. New conferences tend to offer increased payouts, increased merchandising opportunities, increased exposure and increased opportunities to build a new stadium—one with 80,000 seats, 100 luxury boxes, $20 million naming rights, $9 hot dogs and the perfect spot for ESPN to broadcast its Home Depot pregame show.
Why, within 24 hours of quarterback Johnny Manziel winning the Heisman Trophy, Texas A&M was hawking Heisman T-shirts for $24 on its website (Or, for a mere $54.98, one can purchase his No. 2 jersey).
Percentage of the dough that winds up in Manziel's pocket? Zero.
After another spectacular exit, Petrino eyes football return
That, really, is the rub of it all; of Petrino's crabgrass-like revival; of coaches bounding from one job for another (even as players can only do so after sitting out a year); of Rutgers moving west and San Diego State moving east and athletic department officials moving on up (to a penthouse apartment in the sky); of $54.98 jerseys.
It's the athletes ultimately getting screwed.
Sure, for the 0.5% of Division I football players who wind up in the NFL, the deal is a sweet one. The other 99.5%, however, are mere pawns, sold a dizzying narrative of glory and fame and lifelong achievement, but, more often than not, left uneducated, unfulfilled and physically battered.
They are told a coach will be with them for four years—then watch as said figure takes a $2 million gig elsewhere but, hey, only because it was right for him and his family.
They are told they will receive a great education, then find themselves stuck on a six-hour flight from California to Newark, New Jersey. They are told that these will be the greatest years of their life, that the college experience is a special one, that only the highest of standards exist.
Then they meet their new coach: Bobby Petrino.
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The opinions expressed in this commentary are solely those of Jeff Pearlman.
NEWTOWN, Conn. Fighting back tears and struggling to catch his breath, the father of a 6-year-old gunned down in Friday's school shooting in Connecticut told the world about a little girl who loved to draw and was always smiling, and he also reserved surprising words of sympathy for the gunman.
Robbie Parker's daughter Emilie was among the 20 children who died in the one of the worst attacks on schoolchildren in U.S. history. He was one of the first parents to speak publicly about their loss.
"She was beautiful. She was blond. She was always smiling," he said.
Parker spoke to reporters not long after police released the names and ages of the victims, a simple document that told a horrifying story of loss.
He expressed no animosity, said he was not mad and offered sympathy for family of the man who killed 26 people and himself.
To the man's family, he said, "I can't imagine how hard this experience must be for you."
He said he struggled to explain the death to Emilie's two siblings, 3 and 4.
"They seem to get the fact that they have somebody they're going to miss very much," he said.
Parker said his daughter loved to try new things except for new food. And she was quick to cheer up those in need.
36 Photos
"She never missed an opportunity to draw a picture or make a card for those she around her," he said.
The world is a better place because Emilie was in it, he said.
"I'm so blessed to be her dad," he said.
Emilie Parker, the little girl with the blond hair and bright blue eyes, would have been one of the first to comfort her classmates at Sandy Hook Elementary School, had a gunman’s bullets not claimed her life, her father said.
“My daughter Emilie would be one of the first ones to be standing and giving support to all the victims because that’s the kind of kid she is,” her father, Robbie Parker said as he fought back tears, telling the world about his “bright, creative and loving” daughter who was one of the 20 young victims in the Newtown, Conn., shooting.
“She always had something kind to say about anybody,” her father said. ”We find comfort reflecting on the incredible person Emilie was and how many lives she was able to touch.”
Emilie, 6, was helping teach her younger sisters to read and make things, and she was the little girls would go to for comfort, he said.
“They looked up to her,” Parker said.
READ: Complete List of Sandy Hook Victims
Parker moved his wife and three daughters to Newtown eight months ago after accepting a job as a physician’s assistant at Danbury Hospital. He said Emilie, his oldest daughter, seemed to have adjusted well to her new school, and he was very happy with the school, too.
“I love the people at the school. I love Emilie’s teacher and the classmates we were able to get to know,” he said.
The family dealt with another tragic loss in October when Emilie lost her grandfather in an accident.
“[This] has been a topic that has been discussed in our family in the past couple of months,” Parker said. “[My daughters ages 3 and 4] seem to get the idea that there’s somebody who they will miss very much.”
Emilie, a budding artist who carried her markers and pencils everywhere, paid tribute to her grandfather by slipping a special card she had drawn into his casket, Parker said. It was something she frequently did to lift the spirits of others.
“I can’t count the number of times Emilie would find someone feeling sad or frustrated and would make people a card,” Parker said. “She was an exceptional artist.”
The girl who was remembered as “always willing to try new things, other than food” was learning Portuguese from her father, who speaks the language.
On Friday morning, Emilie woke up before her father left for his job and exchanged a few sentences with him in the language.
“She told me good morning and asked how I was doing,” Parker said. “She said she loved me, I gave her a kiss and I was out the door.”
Parker found out about the shooting while on lockdown in Danbury Hospital and found a television for the latest news.
“I didn’t think it was that big of deal at first,” he said. “With the first reports coming in, it didn’t sound like it was going to be as tragic as it was. That’s kind of what it was like for us.”
CLICK HERE for full coverage of the Sandy Hook shooting.
Parker said he knows that God can’t take away free will and would have been unable to stop the Sandy Hook shooting. While gunman Adam Lanza used his free agency to take innocent lives, Parker said he plans to use his in a positive way.
“I’m not mad because I have my [free] agency to use this event to do whatever I can to make sure my family and my wife and my daughters are taken care [of],” he said. “And if there’s anything I can do to help to anyone at any time at anywhere, I’m free to do that.”
Friday night, hours after he learned of his daughter’s death, Parker said he spoke at his church.
“I don’t know how to get through something like this. My wife and I don’t understand how to process all of this,” he said today. “We find strength in our religion and in our faith and in our family. ”
“It’s a horrific tragedy and I want everyone to know our hearts and prayers go out to them. This includes the family of the shooter. I can’t imagine how hard this experience must be for you and I want you to know our family … love and support goes out to you as well.”
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