The Global Financial Meltdown had a devastating effect on the people and the economies of many countries across the globe and the world's financial system is teetering on the "brink of systemic meltdown". As hundreds of billions in mortgage-related investments went bad, mighty investment banks that once ruled high finance have crumbled or reinvented themselves as humdrum commercial banks. The bank's resources being constrained have been cutting off crucial funds to consumers and businesses small and large. Going forward, the environment looks more difficult as the impact spirals from the financial services, IT/ITES and Export Sectors to the manufacturing and consumer goods sectors also. Mega projects and Expansion Plans are being reviewed, with the Corporate Sector now focused on managing costs and reducing borrowings. The situation pertaining to Foreign Banks is alarming and the latest humor on foreign banks is" if you buy one bank, you will get another one free".

Friends, the much awaited Companies Bill, 2008 has been introduced in the Lok Sabha recently to consolidate and amend the law relating to the companies. The Companies Bill, 2008 is intended to modernize the structure for corporate resolution in India and represents a major reform statements by the Government to promote the development of the Indian Corporate sector through enlightened resolution. At the same there is a requirement to enable corporate resolution in an effective and efficient meaning with reasonable costs of compliance, so that Indian companies are competitive in attracting investments for the growth. This bill seeks to enable the corporate sector in India to operate in a regulatory environment of best international practices that foster entrepreneurship, investment and growth.

Friends, our CPE Committee of ICAI has launched its first e-learning course and e-portal which is on Service Tax and the members can go to the link http://elearn.icai.org for registration and other details. Our Institute has announced lot of certification programmes on topics like IFRS, Treasury and Management, Derivatives, Valuation and Arbitration. Members are requested to our visit our institute website to know the details about these courses.

There has been another milestone in the history of our hyderabad branch, when the CPE Study Circle of Abids - Himayathnagar was inaugurated by our Hon'ble Minister of Finance Sri K.Rosaiah during this month. My heartiest compliments to the Chapter Office Bearers and Members who have made this a reality and I assure them all the support on behalf of the managing committee.

Friends, the International Study Tour to SINGAPORE and MALAYSIA has got good response from our members. We are planning to meet our CA Friends in these Countries to know the experiences of the members working there and also have an understanding of the Professional and Investment opportunities. Do not miss this wonderful tour.

As part of our Diamond Jubilee Year Celebrations, we will be conducting the National Level Debate Competition for students of Class XI and XII on December 4th at our branch premises to create awareness on economic and educational issues concerning our country. This would also help to develop the technical knowledge and communication skills of the students.

Friends, the Diamond Jubilee All India Conference has been planned by the Perspective Planning Committee of ICAI and this mega conference will be held at Hyderabad on December 24th and 25th and I request all of you to attend this historic conference which will enlighten you on many of the recent topics and issues. Highly eminent speakers have been invited to speak on the chosen topics which will help you immensely in discharging your professional responsibilities.

Friends, the Workshop on Charitable Trusts and Non-Profit Organisations held during November had been a wonderful one with the speakers really giving their best during the presentation. I am glad to inform you that even many non-members have participated in this workshop and learnt even the minute aspects of these topics. The Programme on Investor Awareness was attended by a large gathering and various aspects related to stock market, economy, global recession etc., were deliberated by the speakers and the programme was enjoyed by everyone.

Friends, keeping someone in our heart is very easy, but, to be in someone's heart is very difficult., so respect the heart which cares you.

Friends, learning leads to thinking, thinking leads to creativity and creativity leads to greatness, so learn and become great.