Thursday, June 27, 2013

Top recruiters like Cognizant, Capgemini, Wipro and others go all out to attract talent

A few aggressive companies are going all out to attract talent even in a slowdown, as data from 21 top B-schools shows. There were quite a few surprises this year, and new entrants upstaged older players in this war.

NEW DELHI/MUMBAI: The IT services sector is perhaps the worst hit by global economic turbulence over the past few years. But when one company from this industry hires more MBAs from 21 top B-schools than any other company across all sectors, you know it is doing something right. 

Cognizant, number one in India's Top Recruiters list this year, also featured in the top ten in the previous two years.

It hires one MBA for every 20-25 tech professionals and this, the company believes, is the best way to beat the industry-wide slowdown. "Our industry-leading growth is, in part, a function of our ability to proactively provide solutions to business problems and not just technological capability . This attribute is strengthened by our MBA talent," says R Chandrasekaran, group chief executive , technology and operations.

Top recruiters like Cognizant, Capgemini, Wipro and others go all out to attract talentTop recruiters like Cognizant, Capgemini, Wipro and others go all out to attract talent
At Cognizant, MBAs undertake a varied spectrum of roles such as IT consulting, client relationship management, business development, opportunity assessment , M&A, business integration and analytics. The company hired more than 200 MBA students from the 2013 graduating batch. And it is not done hiring yet. "We now have several groups within our Emerging Business Accelerator businesses, looking for MBA talent for their ventures," says Chandrasekaran.
ET reached out to the country's top 21 B-schools and compiled hiring data from over 119 companies to put together the third edition of 'India's Top Recuiters List.' Capgemini, a new entrant in this list, made it all the way to the number two slot.

"We doubled our B-school hire intake this year," says Rajesh Padmanabhan, head, HR. "We engage with a few campuses and keep reviewing this list based on our experience of candidate performance, retention rates and their overall progress," says Padmanabhan. BCG, which hired more than rival McKinsey, made the most of the slowdown.


List Of Top 10 Recruiters At Each Of The Top 10 B Schools
Top recruiters like Cognizant, Capgemini, Wipro and others go all out to attract talentTop recruiters like Cognizant, Capgemini, Wipro and others go all out to attract talent

SOURCE AND READ MORE;http://economictimes.indiatimes.com/news/news-by-industry/jobs/top-recruiters-like-cognizant-capgemini-wipro-and-others-go-all-out-to-attract-talent/articleshow/20790134.cms?sf14384843=1

Insights on the post-recessionary global professional

Aspen Ideas Festival panel discussion based on new research explores themes that define the "new professional"
Photo: Insights on the post-recessionary global professional
Aspen Ideas Festival panel discussion based on new research explores themes that define the "new professional"
Fundamental realities rooted in the digital revolution and globalization are transforming the professional landscape, creating opportunities for both corporations and professionals to engage in new dialogues to inspire better ways to compete and innovate in this post-recessionary age.

To better understand the drivers of this workforce transformation, we conducted an intensive research study, surveying more than 1,000 professionals across the globe from Brazil, China, India, the United Kingdom and the United States earlier this year. The research identified five key areas of insight into the mindset of the global professional. These include a new vision of work, gender gap issues, professionals in emerging markets and their perceptions about work, and social media and social networks’ effect on professionals and organizations.

"As the global economy begins to slowly emerge from the Great Recession, professionals from around the world are adapting to new realities with innovative perspectives and work habits that embrace unique ways of seeing and doing," commented Eileen Lynch, global head of Brand Strategy, Advertising and Marketing for Thomson Reuters. "Our research defines a new professional work force unified by their power of curiosity and global connectivity, rather than by their class, gender or age."

We will unveil the full research findings on Friday, June 28, 2013, in a panel discussion titled "You: The Worldwide Leader in News" at the Aspen Ideas Festival. Panelists will include Reuters News president and editor-in-chief Stephen J. Adler; Ezra Klein, columnist and editor at The Washington Post; and Alexis Ohanian, co-founder and board member of Reddit. The discussion will be moderated by Steve Clemons, Washington editor-at-large at The Atlantic.

We invite you to learn more about the Professional Revolution and our presence at the Aspen Ideas Festival and to join our global conversation about the new professional via Twitter @ThomsonReuters / hashtag #aspenideas.

SOURCE OF ARTICLES:http://thomsonreuters.com/articles/2013/insights-on-the-post-recessionary-global-professional
Fundamental realities rooted in the digital revolution and globalization are transforming the professional landscape, creating opportunities for both corporations and professionals to engage in new dialogues to inspire better ways to compete and innovate in this post-recessionary age.

To better understand the drivers of this workforce transformation, we conducted an intensive research study, surveying more than 1,000 professionals across the globe from Brazil, China, India, the United Kingdom and the United States earlier this year. The research identified five key areas of insight into the mindset of the global professional. These include a new vision of work, gender gap issues, professionals in emerging markets and their perceptions about work, and social media and social networks’ effect on professionals and organizations.
"As the global economy begins to slowly emerge from the Great Recession, professionals from around the world are adapting to new realities with innovative perspectives and work habits that embrace unique ways of seeing and doing," commented Eileen Lynch, global head of Brand Strategy, Advertising and Marketing for Thomson Reuters. "Our research defines a new professional work force unified by their power of curiosity and global connectivity, rather than by their class, gender or age."

We will unveil the full research findings on Friday, June 28, 2013, in a panel discussion titled "You: The Worldwide Leader in News" at the Aspen Ideas Festival. Panelists will include Reuters News president and editor-in-chief Stephen J. Adler; Ezra Klein, columnist and editor at The Washington Post; and Alexis Ohanian, co-founder and board member of Reddit. The discussion will be moderated by Steve Clemons, Washington editor-at-large at The Atlantic.

We invite you to learn more about the Professional Revolution and our presence at the Aspen Ideas Festival and to join our global conversation about the new professional via Twitter @ThomsonReuters / hashtag #aspenideas.

SOURCE OF ARTICLES:http://thomsonreuters.com/articles/2013/insights-on-the-post-recessionary-global-professional

Trust as the currency of the new economy..

Exploring the restoration of trust in the global financial ecosystem.
Market instability, economic turmoil, inadequate risk controls, bank failures and scandals have tested public confidence in our global financial ecosystem. We will explore these issues and their impact on trust in the economy in a panel discussion at the Aspen Ideas Festival that will focus on the issues of better governance and risk management at institutions, stronger leadership and boards, intelligent regulation by government agencies, and better understanding of the complexities of interconnected economies and markets.

Photo: Trust as the currency of the new economy..
Exploring the restoration of trust in the global financial ecosystem.
Market instability, economic turmoil, inadequate risk controls, bank failures and scandals have tested public confidence in our global financial ecosystem. We will explore these issues and their impact on trust in the economy in a panel discussion at the Aspen Ideas Festival that will focus on the issues of better governance and risk management at institutions, stronger leadership and boards, intelligent regulation by government agencies, and better understanding of the complexities of interconnected economies and markets.

The discussion will be moderated by Scott McCleskey, global head of Regulatory Intelligence for our Financial & Risk business. A prestigious panel of experts with experience in finance, government, and media will discuss how trust and "reputational capital" are foundational to restoring and rebuilding the role – and regard – of the financial sector in the global new economy.

Panelists will include:

Peter Orszag, vice chairman of corporate and investment banking and chairman of the financial strategy and solutions group at Citigroup, previously President Obama's director of the Office of Management and Budget
William Mayer, founder of Park Avenue Equity Partners, former president and chief executive officer of First Boston and chairman of the Aspen Institute from 2000 to 2008, currently on its Executive Committee
James Coulter, co-founder and founding partner at TPG Capital, formerly with the Keystone Group, LP and Lehman Brothers Kuhn Leob Inc.
Gillian Tett, markets and finance commentator, assistant editor of the Financial Times, previously U.S. managing editor and overseer of global coverage of the financial markets
This panel discussion follows the recent introduction of the inaugural Thomson Reuters TRust Index, the first in a quarterly series of comprehensive fact-based and data-driven proprietary benchmarks built on our data, news and analytics capabilities to help connect and enable the global financial community. The TRust Index includes bank data, sentiment analysis of social media and news, analyst opinions and credit counterparty spreads. Using a wide array of our data, information and analytical capabilities, the Thomson Reuters TRust Index provides a comprehensive and objective view of the state of trust among these constituencies.

Interested in learning more about trust? Read about our TRust Index.

SOURCE OF ARTICLE:http://thomsonreuters.com/articles/2013/trust-as-the-currency-of-the-new-economy
The discussion will be moderated by Scott McCleskey, global head of Regulatory Intelligence for our Financial & Risk business. A prestigious panel of experts with experience in finance, government, and media will discuss how trust and "reputational capital" are foundational to restoring and rebuilding the role – and regard – of the financial sector in the global new economy.

Panelists will include:

Peter Orszag, vice chairman of corporate and investment banking and chairman of the financial strategy and solutions group at Citigroup, previously President Obama's director of the Office of Management and Budget
William Mayer, founder of Park Avenue Equity Partners, former president and chief executive officer of First Boston and chairman of the Aspen Institute from 2000 to 2008, currently on its Executive Committee
James Coulter, co-founder and founding partner at TPG Capital, formerly with the Keystone Group, LP and Lehman Brothers Kuhn Leob Inc.
Gillian Tett, markets and finance commentator, assistant editor of the Financial Times, previously U.S. managing editor and overseer of global coverage of the financial markets
This panel discussion follows the recent introduction of the inaugural Thomson Reuters TRust Index, the first in a quarterly series of comprehensive fact-based and data-driven proprietary benchmarks built on our data, news and analytics capabilities to help connect and enable the global financial community. The TRust Index includes bank data, sentiment analysis of social media and news, analyst opinions and credit counterparty spreads. Using a wide array of our data, information and analytical capabilities, the Thomson Reuters TRust Index provides a comprehensive and objective view of the state of trust among these constituencies.

Interested in learning more about trust? Read about our TRust Index.

SOURCE OF ARTICLE:http://thomsonreuters.com/articles/2013/trust-as-the-currency-of-the-new-economy

The rise of digital currency in money laundering


New technology helps law enforcement and financial institutions combat money laundering

Photo: The rise of digital currency in money laundering
New technology helps law enforcement and financial institutions combat money laundering
24 JUN 2013


The recent takedown of a $6 billion Costa Rica-based money laundering operation by the U.S. government represents a sea change in the fight against money laundering – now even more complicated by the rising use of digital currency to clean money obtained through illegal activities.

A new white paper by Thomson Reuters Fraud Prevention and Investigation unit, Technology in the Fight Against Money Laundering in the New Digital Currency Age, offers insights on how criminal and terrorist organizations have turned to digital currency to reap profits from drug trafficking, prostitution and more, as well as the challenge of detecting, investigating and apprehending these criminals.

The complimentary 30-page white paper, which includes perspectives from an executive-level compliance officer at a regional bank, an enforcement analyst from the National White Collar Crime Center and a member of our strategic analysts’ team, is available for download.

"Money laundering has been around for decades," said Andy Russel, vice president of our Fraud Prevention and Investigations. "What's new is the growing role of digital currencies that allow criminal elements to move funds through legal and underground financial institutions anonymously. This white paper highlights how digital currency is transforming the fight on money laundering and how companies and law enforcement are stepping up to meet the challenge with sophisticated technology to identify patterns of money laundering."

CLEAR® investigative suite, in combination with other sophisticated law enforcement technology, can help law enforcement, government agencies, financial institutions and corporate security organizations identify and intercept people and organizations intent on participating in criminal activity, such as money laundering; recover stolen funds, goods or identities and increase public safety.

Download the white paper.

Learn more about CLEAR®

SOURCE OF ARTICLES:http://thomsonreuters.com/articles/2013/the-rise-of-digital-currency-in-money-laundering

The recent takedown of a $6 billion Costa Rica-based money laundering operation by the U.S. government represents a sea change in the fight against money laundering – now even more complicated by the rising use of digital currency to clean money obtained through illegal activities.

A new white paper by Thomson Reuters Fraud Prevention and Investigation unit, Technology in the Fight Against Money Laundering in the New Digital Currency Age, offers insights on how criminal and terrorist organizations have turned to digital currency to reap profits from drug trafficking, prostitution and more, as well as the challenge of detecting, investigating and apprehending these criminals.

The complimentary 30-page white paper, which includes perspectives from an executive-level compliance officer at a regional bank, an enforcement analyst from the National White Collar Crime Center and a member of our strategic analysts’ team, is available for download.

"Money laundering has been around for decades," said Andy Russel, vice president of our Fraud Prevention and Investigations. "What's new is the growing role of digital currencies that allow criminal elements to move funds through legal and underground financial institutions anonymously. This white paper highlights how digital currency is transforming the fight on money laundering and how companies and law enforcement are stepping up to meet the challenge with sophisticated technology to identify patterns of money laundering."

CLEAR® investigative suite, in combination with other sophisticated law enforcement technology, can help law enforcement, government agencies, financial institutions and corporate security organizations identify and intercept people and organizations intent on participating in criminal activity, such as money laundering; recover stolen funds, goods or identities and increase public safety.

Download the white paper.

Learn more about CLEAR®

SOURCE OF ARTICLES:http://thomsonreuters.com/articles/2013/the-rise-of-digital-currency-in-money-laundering

Wednesday, June 26, 2013

Write song lyrics against corruption

Here’s a golden chance to speak against corruption and be heard! Write lyrics in Hindi for a song against corruption and have Shankar Mahadevan compose and sing it for World’s largest crowd-sourced anti-corruption platform, I Paid A Bribe (www.ipaidabribe.com). The song can outline an individual’s journey from that of a silent, compliant spectator to raising their voice against this gross injustice and working with others to driving action against corruption in society. The winner in addition to getting his song composed and sung, will get to meet Shankar Mahadevan and the IPaidABribe and Janaagraha team.


Participating in this contest is easy. Register for the contest. Upload a copy of written lyrics or scanned copy in the acceptable file formats given below and a rendition in your own voice of your lyrics. Render it as a shayari, regular poem, sufi, ghazal or a song to give us a flavour of how you think your lyrics would be the most powerful. Your song could be the anthem against this social evil.
Registration is free for all the Shankar Mahadevan Academy students
Winning Prize:
- Winner will get a chance to meet Shankar Mahadevan and the IPaidABribe & Janaagraha team
- Anthem for IPaidABribe initiative of Janaagraha will be composed and sung by Shankar Mahadevan based on the lyrics of the winner
Image
Terms & Conditions
Lyrics has to be written only in Hindi language
Acceptable file format for written lyrics or scanned copy: pdf, doc, png, jpeg
Acceptable file format for audio, .mp3
Size of each file should not exceed 10 MB
One time purchase gives you access for only one submission. Please ensure that you upload the correct files. No requests for changing the file that is submitted initially will be entertained.
The academy is not liable for refund, once payment has been made.
Any complaints related to the submission will be addressed according to the discretion of the Academy.
The Academy will not be liable for any travel, travel related issues or damages arising out of travel.
Lyrics and the audio file will become the property of academy after submission. The uploaded content will not be returned to the student and will be archived. The Academy reserves the right to use the rendition as it deems fit.

Ulysse Nardin opens first mono-brand boutique in Geneva

Swiss luxury watchmaker Ulysse Nardin has recently opened its first mono-brand boutique in Switzerland and 18th boutique worldwide. Located on the Quai des Bergues banks, in Geneva, the new Ulysse Nardin boutique reflects the brand genesis dedicated to marine chronometers, the boutique features a collection of the finest timepieces, including models from the Limited Edition Boutique Exclusive line, all presented in a sophisticated, nautical inspired setting.
The Boutique Exclusive line includes the Blue Toro, the Freak Diavolo Platinum, and the Blue Executive Dual Time watches symbolizing the pioneering and independent spirit of the brand.

CFDA partners with NYU, Columbia and Harvard business schools to launch fashion programs

NYU’s Stern School of Business MBA launches Stern Consulting Corps’ partnership with the Council of Fashion Designers of America, which pairs students with fashion designers for 10 weeks to provide advice on a variety of subjects, including business plans, e-commerce strategies, and cash flow projections.
The program, which just completed its fourth semester, matches Stern MBAs with designers—either a participant in CFDA’s Fashion Incubator or a more established CFDA member—and assigns each team an industry leader to provide guidance and feedback. This spring, the program matched 10 MBAs with New York City designers.
CFDA’s executive director, Lisa Smilor, was responsible for launching the partnership with Stern and says the program’s success has prompted the CFDA to seek partnerships with other MBA programs. “The benefit for our designers really comes from the information they are able to get from the Stern students,” Smilor says. “These students have the skills, the time, and the resources to be able to provide something tangible that the designers and entrepreneurs can act on.”
CFDA and Harvard Business School now work together to place MBA students in summer internships with such members as Kate Spade and Carolina Herrera, and the organization will partner with Columbia Business School beginning this Fall.

Gucci inaugurates first European men’s only flagship store in Milan

Gucci inaugurated this weekend its first European men’s only store in the historic Brera district of Milan, just opposite the famous Pinacoteca. Covering 500 square meters spread over three floors the new Gucci Men’s store in Milan includes a large space dedicated to Made to Measure. The Gucci men’s store features full range of menswear including apparel, shoes, bags, luggage and lifestyle accessories, small leather goods, sunglasses, watches, jewelry and fragrances.
Gucci’s Brera store also features ‘Lapo’s Wardrobe’, a capsule collection by Frida Giannini and Lapo Elkann, with 27 classic sartorial looks – 23 for men and 4 for ladies. The upper floor of the store includes an Americano Bar, where shoppers can relax over a cocktail, coffee or tea.
The innovative retail  concept of the Gucci store is developed by Creative Director Frida Giannini and is defined by an open space with luxurious, warm materials, donimanted by natural light which creates a spectacular effect – a departure from the more conventional Gucci stores, paving the way for the contemporary look of the Gucci stores for the twenty-first century.
A series of backlit panels with the iconic diamond motif lead to the inside of the store. Gucci traditional materials, such as rosewood and ebony, are enriched by new elements such as marble matte gray – used only in the Gucci boutique for men – the flute glass, and warm brushed bronze mirrors and tinted windows – which evoke an Art Deco elegance. In keeping with the brand’s commitment in the field of CSR, Gucci store in Brera is for the first time in Europe LEED certified.

Tod’s launches ‘Sartorial Touch’ ultra luxury concept at its flagship store in Milan

Tod's 'Sartorial Floor' at Milan store, 22 Via SpigaItalian luxury shoemaker Tod’s inaugurates Wednesday a new ultra-luxury space called ‘Sartorial Touch’ at its Milan flagship store – 22, Via Spiga). The ‘Sartorial Touch’ concept which covers the entire 4th floor is dedicated to men’s Made to Measure products – shoes, bags, luggage and small leather accessories. ’Sartorial Touch’ has been conceived as an exclusive English Men’s club, accessible to select consumers. There is an American Bar and lounge, as well as private tailoring desks.
J.P. Tod’s customers will be able to order bespoke type of leather (colour, finish etc) and a particular design, making it an entirely Made to Measure product which is available only by order and is delivered worldwide in 2 months from placing the order. Diego della Valle, the owner of Tod’s Group explains that his intention is to revive the old tradition of a club, where customers would interact, especially on collectible items but would also have fun, by having a drink at the bar.

Rolex becomes Formula 1’s worldwide partner and official timepiece in a $350m deal

In a move to prevent rival Omega from surpassing its leader position Rolex signs $350 million deal become Formula 1’s worldwide  partner and official timepiece for 10 years. In April, Digital Luxury Group (DLG) released a report confirming that the gap between luxury watch makers Rolex and Omega had been getting smaller every year. The difference went from 8.4 percent in 2009 to a mere 2 percent in 2012.
In Brazil, one of the world’s most important emerging economies and the biggest market for F1 fans globally, the four most-searched-for timepieces are motorsport watches, with the Rolex Daytona coming in third and Omega’s Sea Master securing the fifth position according to the World Watch Report. Brazil’s importance is magnified by the fact that it is hosting 2014 World Cup and the 2016 Olympics. Omega has been a global Olympic games partner and in 2016, it will retain that position by being the official timekeeper at the Rio games.

Tuesday, June 25, 2013

MakeMyTrip's Tryst with Turbulence and its Journey Ahead


In humongous India, where snaking lines and extended waits are emblematic, instant travel reservations herald a new mobility. Deep Kalra’s MakeMyTrip web operation pioneered the online travel field and at times has felt investor and customer delight.

But this is India, remember, and for the 43-year-old Kalra, as for many a service sector startup, the flight has been a bumpy one.

MakeMyTrip's Tryst with Turbulence and its Journey AheadToday MakeMyTrip is fighting to stay profitable in an erratic economy and nascent ecommerce ecosystem. Kalra’s paper wealth, over $50 million, has been halved in 18 months and cut by two-thirds since a post-IPO peak. In the quarter ended in December, MakeMyTrip’s net revenues declined 5.5 percent and losses mounted to $2.6 million.

Even as investors pummeled the stock back to its $14 listing price, Kalra in an interview stoically takes refuge in Bollywood-speak. “Life is QSQT … quarter se quarter tak [quarter to quarter],” he says, using the popular acronym for the iconic romance film Qayamat Se Qayamat Tak.

“We have had plenty of highs and lows,” he recounts. Certainly, the highs have been many. Today one in eight flights within India is booked on MakeMyTrip. In the last four years MakeMyTrip has quintupled revenues, reaching $66.3 million in the first three quarters of fiscal 2013. Profits hit $9 million in fiscal year 2012 before plummeting.

The dips, going back to the company’s founding in 2000, have not always been of Kalra’s doing. India’s economy has skidded badly of late, and its airline industry has gone into a tailspin. In the December quarter domestic air traffic, which accounts for the bulk of MakeMyTrip’s revenues, shrank 9 percent.

“When I look back, we survived a dotcom bust, investor pullout, industry slump, worked for zero salaries and bought out an investor,” says Kalra, a bit wistful. “It has been an incredible voyage.”

By listing on Nasdaq in 2010, MakeMyTrip set itself up to be compared with profitable online retailers in China and elsewhere. Investors have cut Kalra no slack for the singular challenges Indian online retailers face. Take Flipkart, started by former Amazon.com executive Sachin Bansal, which sells everything from books and perfumes to electronics. To overcome marketplace deficits, Bansal set up in-house warehousing and shipping. He even pioneered ‘cash on delivery’ to ease anxiety over online transactions, only to find buyers refusing deliveries at the door. “Even after battling infrastructural challenges, Indian online startups get very little time to build a brand and create customer pull before investors start getting anxious,” said GR Gopinath, who pioneered low-cost flying in India by founding Air Deccan.

MakeMyTrip itself sidestepped the tricky shipping hurdle with electronic check-ins and online hotel vouchers but not assorted other obstacles.
Kalra’s enterprise began in the dusty industrial neighbourhood of Okhla in New Delhi. He had graduated from a premier Indian management school and had short Indian stints at three multinationals but was dissatisfied with corporate life. His eyes were opened to the web’s possibilities when he sold his wife’s car online, making Rs 15,000 more by getting a better price and avoiding a brokerage fee. Then, while booking a holiday to Thailand, he found the hotel was $15 a night cheaper online than the quote by the neighbourhood travel agent. “I was overwhelmed by the feeling that the internet would change the way we lead our lives,” says Kalra. At 31 he set about cutting out the middleman.

His idea found a taker in News Corp-and-Softbank-backed eVentures. Its $2 million was an instant stamp of approval; the term sheet was scribbled on a paper napkin at the Crossroads Mall in Mumbai. The dotcom bubble burst soon after, MakeMyTrip was the last online company to get funded before the dotcom bust, and for the next five years venture capital would not touch online startups. Today MakeMyTrip is the last one left standing among the startups that eVentures pumped millions into before closing down shortly thereafter.


Read more: http://forbesindia.com/article/work-in-progress/makemytrips-tryst-with-turbulence-and-its-journey-ahead/35183/1#ixzz2XDL6l1on

Will a Law help the Gentleman's Game of Cricket?

The stakes involved in international cricket today are unimaginably high compared to when it was just gentlemen’s recreation. Modern cricket’s glamour and lucre, especially tournaments such as the IPL, have ensured that the number of stakeholders—both wanted and unwanted—has multiplied. It is time to plug the loopholes so clearly revealed by the IPL scandal for brand cricket to survive.
Will a Law help the Gentleman's Game of Cricket?

It would, however, be difficult to tackle it with legislation simply because law is intended to separate black and white. The cricket scandal has so many shades of grey that it is almost impossible to prove the intent to cheat.

The string of accused beginning with bowler S Sreesanth is likely to be charged under sections 120B, 409, and 420 of the Indian Penal Code but the case is unlikely to hold up in a court of law because spot-fixing or betting on sports events aren’t specifically covered under the Code. These sections are usually invoked for criminal activity. Unethical activity in sports matches will be too high a threshold for them. The archaic and vague Public Gambling Act, 1867’s definition of a gambling house will likely not extend to bookies operating over the internet or phone. There is also an exception in this Act for games that require skill and, therefore, are outside its ambit.

The government is planning legislation to enforce ethics. Legislation to prevent fixing and other unethical activities is tricky, and will have to be carefully drafted to be effective.

It is also important that the legislation sets parameters for potential classes of plaintiffs, and the circumstances under which they have a legitimate cause for action. There are five categories of transgressions that must be addressed:
• Players spot-fixing or fixing matches
• Umpires’ decisions for bookies
• Bookies fixing games or spots or taking bets illegally
• Team officials betting on/sharing inside information
• Anyone unethically influencing the result of a match

To ensure that games are untainted and players give their best, the law must factor in the potential for human error, or a momentary lapse of skill or judgement. How do you prove, for instance, that a ball went wide because the bowler intentionally turned his wrist a tad more than he was supposed to? Or was the wide ball a gambit to lure the batsmen into complacency? The shades are too grey for law to make a decisive separation.

Legally and strategically, it is better for the BCCI and IPL to incorporate tried and tested systems and processes to promote fair play and deter unethical activities. Otherwise, laws enacted to protect the sanctity of the game could end up killing it. After all, error and failure is integral to sport.

The author is a sports attorney at J Sagar Associates. Views are personal.


Read more: http://forbesindia.com/article/ideas-opinions/will-a-law-help-the-gentlemans-game-of-cricket/35405/1#ixzz2XDJXDiJJ

The Mango Index

LIFE/F-INDEX | May 17, 2013 | 3125 views
The Mango Index
by Dinesh Narayanan, Nilofer D'Souza, Shravan Bhat
Mango prices per Kilogram have fallen in Delhi but risen in Mumbai
mg_70103_mango_280x210.jpg

It looks like if you want to feast on a variety of mangoes this season, head north. Prices in the capital city have dropped more than they have in Mumbai, when compared to last year’s. But if you are sweet on Alphonsos, head south to Bangalore, where they seem to the cheapest, selling for Rs 96 a kg. Media reports have suggested that a good crop and a reduced demand from export markets have resulted in a surplus of the King of Mangoes in the domestic market, thus bringing down their price. We are not complaining! 


Read more: http://forbesindia.com/article/findex/the-mango-index/35243/1#ixzz2XDIPMgNL

How Meg Whitman Designed Hewlett-Packard's Revival Strategy



How Meg Whitman Designed Hewlett-Packard's Revival Strategy
To understand what Meg Whitman, the former eBay chief executive who now runs Hewlett-Packard, is up to, it’s essential to revisit something she did 26 years ago. She had just become a junior partner at Bain Consulting, working for the brilliant but domineering Tom Tierney. One morning Whitman walked into his office, impromptu. The 31-year-old asked her feared boss if he wanted staff feedback about his leadership style; he nodded. With that, Whitman grabbed a felt-tip marker and sketched a giant steamroller on a nearby whiteboard. “This is you, Tom,” she explained. “You’re too pushy—you’re not letting us build consensus leadership.”

Tierney was stunned. But he eventually absorbed the message and toned down his stridency. All of Bain benefited. “There was a real courage to her,” recalls Tierney. “What she told me was a gift. Even though her feedback was negative and unsolicited, it left me liking Meg more.”

Jump ahead to last year, soon after a boardroom uprising brought Whitman to power as HP’s chief executive. She stepped into a mess: HP’s stock had tumbled 42 percent in the year before she took office, while operating margins had sunk to just 2.5 percent. Arch rival Dell was gaining ground in the server market, and HP seemed powerless to stop it. When the two computer makers vied for a $350 million server order from Microsoft’s Bing search engine team in April 2012, Dell won the job. Familiar story: Bing’s previous four face-offs had all gone Dell’s way, too.

Whitman refused to shrug off defeat. Within minutes, she was on the phone to Microsoft CEO Steve Ballmer, demanding the same candour she once offered Tierney. “Tell me where we came up short,” Whitman asked. “Don’t sugarcoat it. I’d like to know so that we can do better the next time.” Soon afterwards, Microsoft sent a multipage memo to Whitman, listing nine ways that HP had fumbled its opportunity. “Even if your bid had been price-competitive, you wouldn’t have won,” a Microsoft lieutenant declared.

For Whitman, the memo wasn’t an insult; it was a battle plan. She convened a war team of HP’s enterprise computing chief, Dave Donatelli; the company’s operations chief, John Hinshaw; and supply chain wizard Tony Prophet. Their job: Figure out how to make HP more competitive. Match Dell’s ability to suggest cost-saving steps that hadn’t occurred to Microsoft. Done. Promise to fix software bugs in two days, not four weeks. HP was on it. By summer, HP had crafted a far more customer-friendly approach. When Bing bought a further $530 million of servers in January, vindication arrived. This time HP, not Dell, seized the order.

Blunt, folksy and persistent, Meg Whitman is the leader that Hewlett-Packard desperately needs. She’s decisive without being abrasive, persuasive without being slick. She’s a team builder who knows that turnarounds call for repairing hundreds of small failings rather than betting everything on a miracle cure that might be a mirage. In the words of HP director Marc Andreessen, one of Silicon Valley’s top venture capitalists, “She’s the best CEO the company has had since its founders.”

But fixing the world’s biggest tech company—with $120 billion in annual revenue and 330,000 employees—is a Herculean task. Bloated by more than 70 acquisitions in the past 15 years, HP isn’t just sprawling and stalled out; it may actually be running in reverse. Revenue has been shrinking for most of the past seven quarters. HP’s return on capital is a pitiful 7 percent over the past five years. (By comparison, IBM is at 29 percent, and even Dell, which has its own troubles, is at 24 percent.) HP is still profitable before its enormous asset writedowns, but with its stock trading at a feeble price/earnings multiple of six, one major investor suggests HP can’t totally shake the fear that it might go to zero.

Too gruesome for Whitman’s tastes? Guess again. “Problems are good, as long as you solve them quickly,” says Whitman over a Cobb salad lunch at HP’s facilities, now chock-a-block with posters of Whitman’s favourite sayings, including this aphorism: “Run to the fire; don’t hide from it.” “Meg thrives on these sorts of challenges,” says Howard Schultz, the Starbucks CEO and a longtime friend who has known her since their time together on the eBay board.


Read more: http://forbesindia.com/article/100-most-powerful-women/how-meg-whitman-designed-hewlettpackards-revival-strategy/35453/1#ixzz2XDHgCVIF

Wednesday, June 19, 2013

World Economic Forum to hold next India meet in Kochi


Chandy told reporters here that this is a rare honour for the state.
Thiruvananthapuram: Kerala’s business capital, Kochi will host the prestigious the World Economic Forum’s India meet on 8 and 9 November, said Chief Minister Oommen Chandy Tuesday.

Chandy told reporters here that this is a rare honour for the state.
Chandy told reporters here that this is a rare honour for the state.

“India has hosted this event 28 times in the past, of which Mumbai hosted it once, while Delhi played the host on all other occasions,” he noted.

“More than 250 top notch business honchos, leading NGOs and top political leaders from the country will be attending the event. We are delighted that our state has come into the world radar and that’s the reason why we have been given this opportunity,” added Chandy.

IANS

It’s coming: A gas price hike is around the corner

India wants to double the share of gas in its energy mix, currently 10 percent, by 2020 and squeeze out expensive diesel and fuel oil. It gets nearly 56 percent of its energy needs now from coal with oil providing 26 percent.The government could this week take the unpopular measure of raising gas prices for the first time in three years as it pushes a package of reforms aimed at giving industry a boost, reviving a spluttering economy and boosting LNG imports.

With local and national elections looming in the next 12 months, the coalition government is expected to try to minimise voter backlash by hiking gas prices sooner rather than later.
Raising prices nearer to world levels could boost investment in the sector, increasing much needed supply in the world’s fourth-largest energy user, and make liquefied natural gas (LNG) imports from major producers like Qatar more attractive.

Finance Minister P. Chidambaram has listed gas pricing as one of the issues he expects to resolve before the end of June, after ratings agency Fitch urged reforms. Oil Minister M Veerappa Moily has said the government may even act this week.

India wants to double the share of gas in its energy mix, currently 10 percent, by 2020 and squeeze out expensive diesel and fuel oil. It gets nearly 56 percent of its energy needs now from coal with oil providing 26 percent.
“This would be a good time for the government to consider raising the gas prices as investments in the country’s oil and gas sector are drying up and private sector players are cautious,” Praveen Kumar, an analyst with FACTS Global Energy, said on Tuesday.

“A price hike is never a popular move among the masses…the government has to bite the bullet and it would be in the government’s interest to act sooner than later (just before elections).”

Moving now, the government could take advantage of what is shaping up to be a bountiful monsoon that will boost farm output and rural wages to soften the blow for the powerful agricultural lobby. It could package the gas price hike with other reforms and its plans for more cheap food would sweeten the pill.

The existing contract which set $4.2 per mmBtu as a benchmark expires on April 1, 2014, with national elections due by May 2014. That formula was set for gas from Reliance Industries’ KG basin field and other contracts were raised to match it in May 2010.

The new formula, which is likely to use US export prices and Japan’s import numbers, may boost prices at least 60 percent to $6.7 per mmBtu, according to the oil ministry’s indicative calculation — still only about half LNG import costs.

PRICE HIKE TO BOOST LNG IMPORTS

Without a price increase, India’s gas demand will rise to 466 million cubic metres a day (mcmd) in 2016/17 from 286 mcmd, the government calculates, and supply will be only half that.

“In a country like India, different prices of gas and regulation at downstream level has skewed demand. Every one wants gas at $4.2 (per mmBtu),” said Prabhat Singh, marketing head at GAIL (India) Ltd, India’s biggest gas pipelines owner.

India wants to double the share of gas in its energy mix, currently 10 percent, by 2020 and squeeze out expensive diesel and fuel oil. It gets nearly 56 percent of its energy needs now from coal with oil providing 26 percent.

“Any increase will help in increasing the acceptability of imported LNG in the country,” said R. K. Garg, finance head at LNG importer Petronet LNG, 50 percent owned by state-run firms.

Petronet estimates potential demand at $11-12 per mmbtu — not just from refineries and transport firms but also kicking in from power plants and fertiliser makers — could boost LNG imports five times by 2015, from 40 mmscmd in 2012. Even at $16-17 per mmbtu imports could triple.

For suppliers of domestic gas, higher prices are key for investment in exploration and to boost existing output.

“Producers argue that unless they are assured of prices linked to world prices, no investment will take place in this sector,” said a planning commission document.

Critics say the government is raising prices to favour Reliance, but the company and its partner, energy giant BP (BP.L), say an increase is needed to support investment in turning around declining production at their KG field.

A price of $6-$9/mBtu would make it commercial to develop other discoveries nearby which could boost supplies, said a source privy to Reliance’s operations.

“It will be applicable for everyone … There will be one price in the country,” Moily said last Friday. “I am not playing for any lobby. I am playing for the national lobby.”

Kindest cut of all: Vodafone slashes 2G data rates by 80%



Vodafone India has kicked off a rate war in the 2G internet services by cutting the rates by a sharp 80 percent to 2 paise per 10 kb.

The rates as of now are applicable in Karnataka, Uttar Pradesh and Madhya Pradesh, CNBC-TV18 reported. The company plans to roll out the rates nationally in a phased manner, the report said.

Mobile telecom companies have been devising ways to increase mobile internet adoption in India.

Recently, a few companies, including Aircel, Idea Cellular and Vodafone India, had used a sachet-model to launch low-cost packs of internet services.

AFP
The schemes include Re 1 a day to Rs 25 for seven days, a report in the Hindu Business Line said.
AFP
“We are seeing adoption of mobile Internet from small towns and cities, but not from the rural areas,” Anupam Vasudev, Chief Marketing Officer, Aircel, was quoted as saying in the report.

Vodafone had only last week launched a Mobile Internet Bus Campaign, aimed at creating awareness in tier II and tier III cities.

“With this mobile internet bus campaign, we are trying to highlight how Vodafone 2G and 3G plan offerings can help make lives simpler and the fact that Vodafone offers a wide choice of customised affordable mobile internet plans at very competitive rates,” Anuradha Aggarwal, Senior Vice President, Brand Communications and Insights, Vodafone India, was quoted as saying in this report.

The bottomline is that telecom companies have realised that data is where they can earn money in India now. One will have to wait and see how many other telecom firms will be ready to pick up the gauntlet thrown by Vodafone.

From Tata to ICICI Bank: How India Inc is retaining women


Tata Global Beverages has put its women employees across departments from plantations to tea blending, marketing and manufacturing on the cover of its just-released annual report to drive home the point of gender diversity.
Celebrating women in business seems to be the theme this month.

While Tata Sons chairman Cyrus Mistry has set the ball rolling for a debate on gender diversity in the corporate world this week also saw the highest number of women enrollments in India’s leading IIMs. Yesterday the Economic Times reported about how banks in India like ICICI Bank, Citi, Standard Chartered and HSBC are laying out special maternity benefits in an attempt to retain women employees. Policies across banks range from childcare to flexi-work hours and maternity leave in tranches.

Tata Global Beverages has put its women employees across departments from plantations to tea blending, marketing and manufacturing on the cover of its just-released annual report to drive home the point of gender diversity.

Tata Global Beverages has put its women employees across departments from plantations to tea blending, marketing and manufacturing on the cover of its just-released annual report to drive home the point of gender diversity.
The focus of Tata Global Beverages annual report this year is “women in our business”.

“When women are insufficiently represented in the workplace, we lose out on 50 percent of the talent pool. In  an environment where human capital makes all the difference between success and failure, this is a massive loss which countries and corporates can ill afford,” Mistry said in the report.  The worforce at Tata Global Beverages currently includes 41 percent women and has two women on its board of directors.

Claiming that talented women drop out of the workforce “creating a porous pipeline of talent,” Mistry added that companies need to do much more to retain, develop and grow their women.

Even Diageo India is looking at expanding the scope of its global women’s networking group, the Spirited Women’s Network, this year by encouraging management styles and behaviours as well as developing and support solutions to women’s issues.

Cadbury India recently introduced the ‘My Mentor’ programme to encourage high-potential women to aspire to senior leadership roles, while others like Accenture, Boston Consulting Group and Coca-Cola are recognising formal women’s networks as a critical retention tool for women leaders, particularly at the mid-career level, according to this ET report.

While there is no dearth of instances of women heading companies globally, the percentage  of women on corporate boards and executive Committees in India stands at a mere 5 and 3 percent, respectively, against 17 and 10 percent in Europe and 15 and 14 percent, respectively in US, according to a MC Kinsey survey.

Even another survey by the GMI Ratings’ Women on Boards, which sampled 89 Indian companies with a market cap of over $1 billion, showed that corporate boards in India have less than seven percent women.

“Despite the presence of a few high-profile female entrepreneurs and CEOs, India’s percentage of female directors is only 5.2%, below the developing-world percentage of 7.2%, and it has not increased significantly since 2009. Although over 40% of companies have at least one woman on the board, a figure roughly in line with the emerging-markets percentage overall, a mere 3.2% of companies have three or more female directors. The number of women in board or committee chair roles is also very low, with one notable exception: 6.5% of remuneration committee chairs in India are women,” the survey said.

Currently, in India, of the 1,112 directorships of 100 companies listed on the Bombay Stock Exchange, only 59 are held by women. Another terrible statistics: None of the Sensex companies are headed by women.

While India Inc’s efforts to retain and encourage women talent is duly noted, they must ensure that board room cultures are inclusive and address this whopping gender imbalance.

Rama Bijapurkar, independent director on several boards and an expert on consumer behaviour, has a solution to this.

In a column in Business Today, she writes, “There are several qualified women out there, and the way to find them is for nomination committees to spend some money and advertise, or ask a headhunter to systematically create a database from which to choose. If nominations committees were to follow more formal search processes and adopt affirmative action, there will be a quantum jump in the number of women on Indian boards, without lowering entry standards in any way.”

Adidas sets new soccer sales goal in World Cup year

German sportswear maker Adidas AG forecast record sales for its soccer business in 2014, aiming to retain market leadership in the sport ahead of U.S. rival Nike Inc in a soccer World Cup year.

Adidas and Nike dominate a market for soccer kit – replica shirts, balls and boots – estimated to be worth around 5 billion euros annually.

“It is a battle between us and Nike, not only in Brazil but the whole football world,” Adidas CEO Herbert Hainer told reporters at a news conference at the company’s headquarters in southern Germany.

Setting out its targets a year before the World Cup kicks off in Brazil, Adidas said sales from its soccer division would break the 2 billion euro barrier for the first time in 2014.

Setting out its targets a year before the World Cup kicks off in Brazil, Adidas said sales from its soccer division would break the 2 billion euro barrier for the first time in 2014. Getty Images
Sales from its soccer business surpassed 1.7 billion euros in 2012 and are expected to remain around that level this year, despite no World Cup or European championships to stimulate demand.

Adidas is official sponsor of the 2014 World Cup and will supply the match balls, referees’ kit and clothing for volunteers at venues. Nike sponsors the host nation Brazil, the five-times world champions and one of the most popular national teams around the globe.
Getty Images
Nike, the world’s largest sportswear group, has recently agreed kit supply deals with France and England, two former World Cup winners. Adidas has contracts with World Cup holders Spain and former champions Germany and Argentina.


MORE PROGRESS

“Tradition is on the side of Adidas, but Nike is making more and more progress,” said Peter Rohlmann of German consultancy PR Marketing. “They are very close together in terms of market share.”

Adidas said it expected “double-digit sales growth” in Latin America in coming years, boosted by the interest generated by the World Cup.

CEO Hainer played down the impact of protests in Brazil which have swept the country as it hosts the Confederations Cup, an eight-team tournament seen as a test event for the World Cup.

Such protests tend to fade once the action begins on the field, Hainer added, citing previous competitions in Germany in 2006 and South Africa in 2010.

“As soon as the World Cup starts, people are excited about football, the demonstrations are over and I believe this will happen in Brazil as well,” he added.

Hainer said Germany had benefited from hosting the World Cup, gaining new soccer stadiums and a boost for the economy.

Argentine Lionel Messi is lined up to play a prominent role in the Adidas World Cup marketing campaign. Messi and his father have denied wrongdoing after being accused of tax fraud in Spain where he plays for Barcelona.

“We definitely will continue to work with Lionel. He’s the best football player in the world and we are happy that we have him,” Hainer said.

Tuesday, June 18, 2013

Boeing-Airbus dogfight to dominate world's top air show

PARIS: The world's biggest air show takes to the skies on Monday, with a battle between Boeing and Airbus for orders in the lucrative market for wide-body planes set to dominate the Paris event.
European manufacturer Airbus managed to steal a march on its American rival before the show -- at Le Bourget just north of Paris -- with a successful maiden flight of its new A350 long-haul plane.
Airbus is pinning its hopes on the fuel-efficient A350 to compete in the long-haul sector after gradually winning more than half of the market for medium-haul, single-aisle planes that carry an average of 150 passengers.
The A350 is expected to conduct a fly-by of the air show towards the end of the week, hoping to woo potential customers.

During the show, famous for high-profile announcements of big-money deals, Airbus hopes to add a slew of orders for the plane -- set for delivery at the end of 2014 -- to confirmed contracts with Qatar Airways, British Airways and Hong Kong's Cathay Pacific.
Nevertheless, Boeing is also entering the show in bullish mood as it seeks to move on from its difficulties with the trouble-prone 787 Dreamliner.
Technical problems with overheating batteries forced the worldwide grounding of the Dreamliner fleet in a major setback for the Seattle-based manufacturer.
Boeing will showcase the Dreamliner at the event and the firm is expected to announce the launch of its 787-10X, a longer version of the original Dreamliner, which can accommodate up to 330 passengers.
The US firm is also set to announce in the coming months an up-to-date version of its existing 777, with wings made of fuel-saving composite material like the Dreamliner.
Boeing boss Ray Conner said it was going to be a "great competition" and said that airlines would "benefit from the fact that both companies are going to have a good wide-body product line."
"I think we have the better products and at the end of the day, hopefully the better product wins," Conner told reporters on Sunday.
Airbus has positioned the A350 for the market between the popular 777 and the 787, hoping to steal share away from both planes.
The European firm argues that its craft will consume six percent less fuel than the 787 and a quarter less than the 777.
Boeing's strategy, on the other hand, is to offer its clients a wider choice of long-haul airliners but Tom Enders, boss of Airbus parent company EADS, said "the jury was still out" in terms of the firms' respective market situation.

Micromax Canvas 4 to take on Samsung Galaxy S4? Not really

Micromax the Indian mobile phone maker has released trailers of its next flagship device the Canvas 4. The company says pre-bookings for the smartphone will open on 28 June and it could be launched soon after that.

The Canvas 4 teaser video doesn’t reveal much, expect a black-colour device, which looks like it has around a 5-inch screen. The tag for the video is ‘Can Life be endless?’ which has sparked speculation that the Canvas 4 might come with better battery life.

Of course the fact that the device is named the Canvas 4 has many people wondering whether Micromax is hoping to compete with Samsung’s flagship smartphone the Galaxy S4.

In terms of specifications the Canvas 4 will come definitely come with a 13 megapixel camera since that’s what is clearly visible on the ad. Beyond that not much is known, even though there are hopes that the Canvas 4 could be the first budget based smartphone with an octa-core (eight-core) processor. The Samsung Galaxy S4 in India comes with an octa-core processor.

Canvas 4 is coming. YouTube screengrab
Canvas 4 is coming. YouTube screengrab
So will the Canvas 4 be a serious competitor to the Galaxy S4? Here are 3 reasons why we think not:

1) Price segment: Let’s not forget that Micromax launched the first quad-core smartphone, the Canvas HD A116 but within a budget and priced at only Rs 13,990 at the time of the launch (later the price was increased to Rs 14,990). In terms of price the Canvas 4 is likely to be a sub-Rs 20,000 smartphone.

The Galaxy S4 on the other hand is at Rs 39,500 and was originally launched at Rs 42,000. Clearly Samsung’s smartphone is targeting a completely different demographic from Micromax.

The Canvas 4 and the Galaxy S4 aren’t competitors when it comes to price and their target audience is completely different. Someone who’s willing to spend Rs 40k on a smartphone is unlikely to go for Rs 20k smartphone as replacement.

2) Specifications: Other than the 13-megapixel camera, nothing else is known about the Canvas 4. Even if it launches with an octa-core processor like the Galaxy S4, how the cores are utilised in the Canvas 4 will make a lot of difference to the performance of the smartphone.

Then there’s the question of memory space. The Canvas HD A116 only has 4GB memory space (remember less of this space is actually available to users as part of the memory space is taken up by the operating system). The S4 starts at 16 GB memory space but again the software takes up a lot of space.

Will Micromax finally launch a smartphone with 16GB space? If this so then the Canvas 4 would be a real steal especially if its priced under Rs 20,000. If not, then it will be another quad-core or octa-core smartphone with less actual memory space for users.

Also the display screen of the Canvas 4 is expected to have an HD resolution. Whether this will be Full HD or 720p is not yet to be known. The Samsung Galaxy S4 has a full HD screen with 1920 x 1080 pixels resolution. To compete with the S4, Canvas 4 will have to do better than the 720 pixel resolution.

3) Software features: The Galaxy S4 has a ton of software features. Now you might dismiss these as gimmicks but one has to acknowledge that they are there.

From Air Gesture for picking up calls, opening galleries to Dual Video calls and Dual Camera mode, Samsung’s device has a pretty sharp features to offer. For a full list you can click here.

Will Canvas 4 have everything that the S4 does? It seems unlikely for now because Micromax products have never really been known for their software features but more about the technical specifications.

Rupee to remain under pressure, experts say

COIMBATORE: The rupee would remain under pressure due to the strengthening of the dollar against major global currencies and the widening trade deficit, experts tracking the foreign exchange markets said.
The fall in bond yields and unchanged interest rates has also pressurised the rupee. " We expect Indian rupee to remain weaker as stronger dollar internationally over Fed meeting tomorrow can push the pair higher," analysts at Emkay Global Financial Services said. Most experts are bullish on the US dollar.
The rupee has found strong resistance at 57.90-57.95 levels to the dollar. "A break and close above 57.95 can only attract more buying interest with the price objective of 58.54 levels," analysts said.

The rupee opened at 58.25 levels today after closing at 57.86 levels on Monday. The currency weakened after the RBI kept interest rates on hold and on caution, ahead of the US Federal Reserve's (Fed) meeting expected later this week, although a lower-than-expected trade deficit helped to cap losses.
The country's trade deficit widened to a seven-month high in May as gold imports surged. A nearly 90% annual jump in gold and silver imports pushed the trade deficit higher to $20.14 billion in May from $17.8 billion in April.
India has been struggling to control its current account deficit, which has worsened the fall of the rupee against the dollar in the recent global sell-off in emerging currencies. The sharp depreciation in the rupee has also not helped Indian exports of value-added goods such as jewellery and pharmaceutical drugs, analysts said.
"The rupee has hit the technical target of 59 levels. We estimate that a short-term low is made and expect a correction below 58 levels," analysts at India Forex Advisors said. T he measures taken by the RBI and the government are likely to provide some support to the rupee, Dun & Bradstreet India, a leading provider of business information, said in its outlook.

Foreign Investment Promotion Board clears 16 FDI proposals worth Rs 1,647 crore


NEW DELHI: The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore, while deferring Punj Lloyd's proposals for lack of security clearance. "Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on May 10, 2013, government has approved 16 proposals of Foreign Direct Investment (FDI) amounting to Rs 1,646.875 crore," an official statement said.

The Board, headed by Economic Affairs secretary Arvind Mayaram, also cleared the Rs 962 crore proposal of Vijay Television for acquisition by foreign promoters. It also approved Korea Western Power Co's proposal to invest in an Indian company to the tune of Rs 270 crore. Besides the proposals of Darjeeling Organic Tea Estates' to increase foreign equity participation worth Rs 105 crore and Bangalore-based BTI Payments Pvt Ltd's to set up White Label ATM with FDI worth Rs 108.50 crore was also cleared.

The Board kept the proposal of Punj Lloyd in abeyance on the grounds of security clearance. The meeting also deferred eight proposals, while not taking a view on two proposals - US-based Jawahar Palaniappan and Kolkata-based Akzo Nobel - saying they are not within the purview of FIPB. The proposals which were deferred include those of Sterlite Networks Ltd to reduce quantum of FDI, IL&FS Securities Services for merger of an Indian company with another company. The other proposals which were cleared by the FIPB include that of ABG Container handling, Belgium-based Celio International and pharma firms Mylan Laboratories and Terumo Mauritius Holding Ltd.

Bhai's name is just being dragged, says Salman Khan's sister Arpita Read more at: http://indiatoday.intoday.in/story/bhais-name-is-just-being-dragged-says-salman-khans-sister-arpita/1/284010.html



Bollywood actor Salman Khan, who is considered as godfather for newcomers in the industry, might have maintained silence over the reports aiming at him in Jiah Khan's suicide case but his sister Arpita has stood up in support. She rubbishes rumours about her brother intervening in Jiah's relationship with aspiring actor Sooraj Pancholi.

Read Story:Did Salman Khan try to talk Sooraj out of the relationship with Jiah Khan?

Arpita tweeted, "Pple need to get their facts right first. Let the law take its course, and the truth will prevail. Bhai's name is just being dragged. Let the verdict come out, lets see what the police has to say. I am sure the truth will prevail. It's wrong of us to formulate any opinion."

See Pics: Jiah Khan's life in pics

Arpita's response comes after Jiah's mother Rabiya Amin Khan reportedly claimed that actor Aditya Pancholi, Sooraj's father, asked Salman to talk his son out of the relationship with Jiah.

Jiah, who starred in Nishabd with Amitabh Bachchan was found hanging in her Mumbai home on the night of June 3. Sooraj and Jiah reportedly dated for an year.


Read more at: http://indiatoday.intoday.in/story/bhais-name-is-just-being-dragged-says-salman-khans-sister-arpita/1/284010.html

BJP doesn't need allies which are against it, Modi tells Advani

On his first visit to Delhi after being made head of BJP's election campaign committee, Gujarat chief minister Narendra Modi on Tuesday met senior BJP leader LK Advani and is understood to have discussed the recent political developments including the split in the NDA.


Gujarat CM and senior leader of main Opposition Bharatiya Janata Party (BJP) Narendra Modi smiles as he arrives at the residence of party patriarch LK Advani in New Delhi. (AFP Photo)

Sources close to Advani, who was unhappy over Modi's anointment, later told PTI that the two leaders had a "good meeting".

According to TV reports, Modi has told Advani that BJP doesn't need allies which are against it. The reports further says that Advani told Modi he didn't resign from party posts because of Gujarat CM's elevation at Goa conclave.

related story

JD(U) parting ways from NDA is BJP's failure: Nitish
JD(U) hurdle gone, Narendra Modi has free run now
Modi, who drove down to Advani's residence at Prithviraj Road in Delhi, spent about an hour with the BJP patriarch and left without meeting the media.

The two leaders discussed a range of issues including the party's internal affairs and the split in the NDA after BJP's old-time ally JD(U) parted ways after an alliance of 17 years, the sources said.

Tuesday's meeting assumed significance as Advani had resigned from key party posts expressing displeasure at being sidelined over the Modi issue.

Advani, however, later withdrew his resignation following a telephonic talk with RSS chief Mohan Bhagwat and persuasion by BJP leaders.

The Gujarat chief minister also spent more than an hour with ailing former prime minister Atal Behari Vajpayee at his residence.

Earlier, Modi also met senior BJP leader Murli Manohar Joshi to express his gratitude on being entrusted with the task of spearheading the party's poll campaign for the 2014 Lok Sabha elections.

"Modiji has come to Delhi to express his gratitude over his recent appointment as Chairman of the BJP Campaign Committee at Goa. He has expressed his gratitude and said he is trying to fulfil the responsibility given to him," Joshi later told reporters.

He is also expected to meet Bhagwat, who is also slated to meet Advani.

Heavy rains lash north India: 73 dead and 72,000 stranded; Uttarakhand worst hit



Though rescue efforts picked up momentum in flash flood and landslide hit areas of Himachal and Uttarakhand with a let up in the rains and decrease in water level in the Ganga and its tributaries, the whole of Uttarakhand still wore a marooned and devastated look.

Flashfloods, cloudbursts and subsequent landslips have claimed 44 lives in Uttarakhand, left as many injured and fully damaged 175 houses across the state.

related story
Himachal CM evacuated from Kinnaur, 1700 still stranded
Rudraprayag was the worst hit where 20 people perished and 73 building including 40 hotels along the banks of the Alaknanda were swept away by the swirling waters of the river.

A huge number of pilgrims totalling 71,440, who were bound for the Himalayan shrines of Kedarnath, Badrinath, Gangotri and Yamunotri are stranded in Rudraprayag, Chamoli and Uttarkashi districts with the famous char dham yatra still suspended due to massive damage to the road network.

The maximum number of 27040 devotees are stranded in Chamoli, 25000 in Rudraprayag and 9,850 in Uttarkashi, Disaster Management authorities said.

Officials said water level of Bhagirathi in Uttarkashi and Ganga in Rishikesh had begun to recede.

In Himachal Pradesh, Chief Minister Virbhadra Singh, who was stranded in tribal Kinnaur district for nearly 60 hours due to landslides triggered by incessant rains, was evacuated this morning even as 1700 people remained stranded at various places.

A chopper hired by Congress party airlifted the chief minister this morning as rains abated and weather cleared this morning and about a dozen persons, including some old and ailing persons were brought to Rampur in the state helicopter, officials said.

Television footage showed bridges, houses and other buildings crashing down and being washed away by the swirling waters. A swollen river is seen engulfing a giant statue of Lord Shiva in the tourist city of Rishikesh in Uttarakhand.

Fresh rains in Uttarakhand were hampering rescue efforts, with teams from the national disaster management authority camping in the popular pilgrimage town of Haridwar awaiting air lift to the worst-affected districts, officials said.

The state government was also readying food parcels and drinking water to be dropped by helicopters to remote villages cut-off by the torrential rains.

"The situation is very grim. The meteorological office has predicted that the rain will continue for another three days at least," government official Amit Chandola was quoted by television stations as saying.
In the neighbouring state of Himachal Pradesh, at least eight people were feared dead, a local police official said by telephone.

Monday, June 17, 2013

Highlights of RBI's mid-quarter policy review


The Reserve Bank of India has kept the key short term lending rate (repo rate) unchanged at 7.25%.

Following are the highlights of the mid-quarter monetary policy review:

* Cash reserve ratio too unchanged at 4 per cent

* Rupee fall, external sector risks and elevated food inflation areas of concern

* Continuing weakness in manufacturing needs to be urgently reversed

* RBI asks govt to create conducive environment for private investment, improve project clearances to promote growth

* Durable receding of inflation will open space for monetary policy action

* Reducing CAD is a challenge; RBI pitches for stable foreign inflows to finance it

* Steps to curb gold imports, easing commodity prices to lower CAD in 2013-14

* Balance of Payments, inflation and growth rate to determine future monetary stance

* Need to be vigilant about global uncertainty and its impact on capital flows

* RBI ready to use all available instruments to deal with any adverse development in   external sector

* Positive rating action should have favourable impact on investor confidence

* First quarter review of policy on July 30. 

FIIs pull out $3-bn from Indian debt mkt in Jun

Overseas investors have pulled out over Rs 17,000 crore (nearly $ 3 billion) from the Indian debt market in just a fortnight due to weakness in the rupee.

During June 3-14, Foreign Institutional Investors (FIIs) were gross buyers of debt securities worth Rs 4,092 crore, while they sold bonds amounting to Rs 21,213 crore translating into a net outflow of Rs 17,121 crore ($2.98 billion), as per data available with market regulator Sebi.
 
A woman counts her US dollar bills at a money changer in Jakarta. Photograph: Beawiharta/ReutersMarket experts attributed the huge sell-off to weakness in Indian currency, which is instrumental in the FIIs exiting the debt markets as the cost of hedging a volatile rupee is rising and in turn hurting the yield differential the FIIs are working with.

Of late, the Indian currency has been consistently hitting record lows and it slumped to a life-time low of 58.98 in the intra-day trade against the US dollar on June 11.

The rupee, on Friday, closed at 57.51 against US dollar. Indian currency lost around two per cent so far this month.
   
FIIs have been aggressive buyers of bonds since the beginning of 2013 on account of higher yields offered by the government and corporate debt with a net investment of Rs 6,926 crore ($1.5 billion) so far this year.
   
Besides, steps taken by the government to ease FII investment rules by doing away with sub-limits and reducing the withholding tax on debt investments have also helped the segment.
   
Overseas investors net investments had reached two-year high level during 2012, attracting net inflow of around Rs 35,000 crore in the Indian debt market.
   
Moreover, FIIs have withdrawn Rs 1,458 crore ($ 244 million) from the equity market during the fortnight.
   
With this, the total foreign investment in the country's equity market has reached Rs 81,747 crore ($15.10 billion) so far this year.
   
As on June 14, the number of registered FIIs in the country stood at 1,759 and the total number of sub-accounts at 6,409 during the same period.

Kiran Rao: Aamir is a bindaas father



Sonil Dedhia in Mumbai
We've known Aamir Khan as the perfectionist actor.

He seems to be quite a great dad as well.

In a candid chat with Sonil Dedhia, Aamir's wife Kiran Rao talked about her son Azad, and the kind of father Aamir is:

Aamir is an easygoing and bindaas father. He is very loving, caring and playful and spends a lot of time with Azad.

Aamir allows him to play in the water, and jump on the sofa with dirty shoes on. At the same time, Aamir is paranoid about safety.

As a mother, I am a little restrictive with Azad. It's really quite fascinating to be a mother.


Image: Aamir Khan and Azad Rao Khan
Photographs: Pradeep Bandekar