Reflecting the growing global economic clout of the Asian region, three Indian cities - Mumbai, New Delhi and Bangalore - have been ranked among the 75 top centres of commerce in the world. According to a study titled 'Mastercard worldwide centres of commerce index', London has been ranked as the most influential city in the world in the 75 cities index. However, it stated that future appears to belong to Asia and eastern Europe, whose cities represent the fastest rising regions within the index. The index is an annual research initiative designed to evaluate and rank how major cities compare in performing critical functions that connect markets and commerce around the world.

"The booming Chinese and Indian economies have clearly continued the shift of economic power to Asia. The strong presence of Asia/Pacific, Middle East and African cities is further evidence of the growing influence of the region not just in manufacturing and services, but also in broadly based commercial strength," the report stated.

This year, three Indian cities have been ranked in the index of 75 cities with Mumbai at the 48th position, New Delhi at 61 and Bangalore at 66th place, the report revealed. New Delhi and Bangalore are new additions to the index this year which was extended from 50 last year to 75 cities in 2008, while Mumbai, which had been ranked at the 45th place in 2007, has fallen three positions this year.

Gearing up to train railway managers for future challenges, Indian Railways will set up an international management institute here. The institute would provide a kind of rail sector MBA in the country. The International Railway Strategic Management Institute (IRSMI) will come up in collaboration with the International Union of Railways (UIC) on 30,000 sq metre land in Chanakyapuri here."We have sanctioned Rs 22 crore for the construction of the state-of-the-art building and an architect would be selected soon to design it," said a senior Railways Ministry official. The training modules would be prepared in consultation with the leading global business schools including HEC Paris and also with the UIC."The training facility would be extended to all UIC member countries. The fee structure for different training modules, workshops and seminar on specific areas would be finalised after the completion of the building," said the official.

Source: The Pioneer

A work of art by Indian artist Francis Newton Souza has fetched a world auction record price of 1,273,250 pounds at the Christie's in London. "Amongst the masterpieces offered, Francis Newton Souza's 'Birth' (1955) realised 1,273,250 pounds, setting a new world auction record for the artist and for any Indian Modern and Contemporary work of art," Hugo Weihe, Christie's International Director of Asian Art and Yamini Mehta, head of Sale said.

"Today's exceptional sale which realised 5,432,050 pounds, presented Christie's global clients with an inspiring array of works by over 50 of South Asia's leading modern and contemporary artists," they said in a joint statement. Twelve artists' records were set in total, reflecting the continuing strength and depth of demand for this important and vibrant category. "We are pleased that the works from the Harmony Art Foundation in association with Barclays Wealth were well received, setting 3 world auction records, led by Navjot Altaf's December 15th, which realised 22,500 pounds."

This sale draws Christie's Asian art sales for the first half of 2008 to an exhilarating conclusion, realising an overall total for New York, Hong Kong and London of 13,198,396 pounds - the highest ever total achieved for one season in South Asian Modern plus Contemporary Art."We now look forward to offering Syed Haider Raza's key work 'La Terre' at Christie's London Post War and Contemporary Art Evening sale on June 30. This will be followed by a highly anticipated set of Autumn auctions, led by Christie's New York on September 16," they said.