Ramachandra Guha
In the course of a sceptical account of the recent assembly elections in Jammu and Kashmir, Economist remarked: “Many Kashmiris… are deeply unhappy to be in India. Given an opportunity to determine their future — as India’s first Prime Minister, Jawaharlal Nehru, falsely promised they would — they would probably vote to secede.” The Economist’s man on the spot then spoke of how, as an Indian military convoy drove by, young men pelted mud at the passing vehicles, while “daring jeers turned into an angry chant of ‘Azadi!’.”
This ostensibly ‘objective’ report is based on some misleading, and even false, assumptions. It is necessary to deconstruct them, not least because these assumptions are very widely shared by the Western press and Western politicians, by quite a few Indians, and by the majority of the residents of the Kashmir Valley.
The principal reason that, some 60 years ago, India offered to hold a plebiscite in Jammu and Kashmir was that it had promoted a similar exercise in the princely state of Junagadh. Here, the ruler of the state was a Muslim; but the majority of his subjects were Hindus. On August 14, 1947, the Nawab of Junagadh, without consulting his subjects, chose to join Pakistan. Indian forces moved into the state. Then, to confirm the legitimacy of their action, they held a plebiscite in which an overwhelming majority expressed their wish to be part of India.
Junagadh was, as it were, a Kashmir in reverse. In the last week of October 1947, the Maharaja of Kashmir (a Hindu) acceded to India; this when the majority of his subjects were Muslims. The action was vigorously contested by Pakistan. The contestation was not merely verbal; for the massed armies of the two new nations were fighting each other on the high mountains. In the beginning of 1948 the dispute was referred to the United Nations, where India, under the leadership of Jawaharlal Nehru, agreed to hold a plebiscite to discover the wishes of the Kashmiri people.
Hindutva ideologues continue to criticise Nehru for making the offer. They should be reminded that after Vallabhbhai Patel had overseen a similar exercise in Junagadh, there was really no other option before India. In any case, as a new nation, and an aspiring democracy, India had to abide by the rule of law and the wishes of the international community.
Among the preconditions of the plebiscite were the demilitarisation of the part of Kashmir then controlled by Pakistan. In turn, Pakistan insisted that so long as the National Conference was running the administration in the Indian part of Kashmir, no vote would be free or fair. Neither side would yield, leading to a stalemate. Various UN missions came and went, but the deadlock remained. By the early 1950s, Nehru himself had resiled from his earlier commitment to a plebiscite.
The historical background thus sketched in, let me come now to the often forgotten terms of the plebiscite. Had it been held, the residents of the former state of Jammu and Kashmir would have had to choose between joining India or joining Pakistan. There was no third option. This was in keeping with the Indian Independence Act, under which each princely state had the choice of joining either India or Pakistan.
The Economist, along with other Western and Indian papers, writes of Kashmir as if the third option exists or existed.
However, secession or azadi for Kashmir is emphatically not a legal option. Can it still be achieved through military means? The prospects are bleak. In the past half a century, only one new nation has come into existence as the result of an armed struggle. This is Eritrea, which successfully broke away from Ethiopia. Some Kashmiris (and more Pakistanis) take heart from the example of Bangladesh, which achieved its independence through third-party intervention. But the hope is illusory, for the Indian Army is far stronger in 2009 than the Pakistan Army was in 1971.
Azadi for the Kashmiris is not permissible under the law, and cannot be achieved through armed struggle, either. There is a third alternative, provided by the example of Eastern Europe, where some new countries were created in the 1990s after the larger nations, of which they were previously part, voluntarily ceded their sovereignty. A fourth possible path is that of East Timor, where the United Nations and powerful Western powers supervised a separation from Indonesia. However, neither alternative is open to the people of the Kashmir Valley. It is impossible to conceive of India giving up the territory voluntarily, or under pressure from the UN or the United States.
The one thing the Economist is right about is that many Kashmiris are unhappy in India. This is a consequence of the callous and corrupt attitude of successive Indian governments. How this unhappiness might be remedied is the subject of another column (not necessarily to be written by this columnist). My object here has been merely to demonstrate that legally, militarily, and diplomatically, azadi is not an option for the Kashmir Valley. Those writers, Western or Indian, who persist in claiming that it is are being economical with the truth. Whether out of ignorance or malevolence, they are providing encouragement and endorsement to a form of politics that has no legal basis, and that can only lead to more violence and suffering in Kashmir.
(Ramachandra Guha is a historian andthe author of India After Gandhi)
Jan 16, 2009
Lifestyle - Talks that may trigger 'sex'
Monika Rawal
A prolonged foreplay, a sexy bedroom surprise, a scintillating candle lit dinner and out-of-the-box seduction techniques – couples use all the All it takes is a subtle conversation to trigger off a steamy sex session. (Getty Images)
above methods to woo their partner in bed.
But very few couples know that sometimes all it takes is a subtle conversation to trigger off a steamy sex session. Conversations that lead to sex act are like potent launching platforms that work towards altering your partner's mindset to match yours. If executed correctly, your partner will want to finish the discussion soon and move on towards getting more physically intimate.
You may wonder how simple conversational topics with your partner can stimulate your senses for an intimate session, but one must remember that a wholesome sexual experience is about a physiological trigger, rather than a physical trigger.
Conversing about subjects like pornography, virginity, sexual preferences, sexual fantasies, sex positions and aphrodisiacs help build the pleasure mood.
Dr. Avdesh Sharma, a clinical psychiatrist explains, "Most human beings react emotionally while talking to others. Only a few behave logically. Since most sexual conversation topics bear hidden double meanings, they evoke our sexual senses and leave us feeling gently aroused. Moreover, it's not only the subject of conversation, but also the tone, voice and body language of the person that gives subconscious signals that aid in creating a sexual mood."
Dr. Aruna Bruta, a psychologist adds, "While having a normal conversation, there is a tendency that you make a caring statement and that certainly triggers a feeling of affiliation, which in turn makes a slow yet sure way towards a fulfilling sexual experience. Surprisingly even the most serious topics related to sexual preferences like virginity and pornography can create an atmosphere congenial for being intimate."
Here are a few conversations that may push your libido and get you going for action in bed.
Fantasy forum : Everyone nurses unique fantasies, tastes and preferences when it comes to sex. From playing with your partner's earlobes to caressing their ankles, hairline and hips to indulging in your fetishes and wild sexual kinks, let these topics become interesting topics to share with your beau sans any inhibitions.
Dr. Amita Mishra, a sex and relationship expert feels, "Once a couple starts sharing their sexual fantasies candidly with each other, it is likely to generate a significant amount of curiosity in both of them and they will naturally wish to try the things which they've just spoke about. Also, once you know about your partner's special turn-ons, you can make the most of them in bed."
Poke at porn : Though watching porn is a sure shot and a commonly known foreplay technique, discussing intimate details of a popular porn flick or talking about the latest cover of a porn magazine may also act as a turn-on.
"It completely depends on how you talk about 'porn' as a subject. The essence is candidness and forth-rightedness and not vulgarity. Also, if couples discuss a porn film and later compare their sexual act and partner's performance with what was shown in the movie, it will generate a lot of intimacy and naughtiness that is much needed in a sexual relationship," asserts Dr. Aruna.
Virginity vows : Moral talks are not enticing enough for couples, but they have a propensity to build the heat. Whether virginity is a virtue or a curse remains a debatable subject and if you get lucky enough to talk the issue out with your beau, you may just become willing to put your vows on the test by getting involved in a passion play.
Dr. Avdesh says, "Talking of virginity can lead to both emotional and physical intimacy and once the conversation is kicked off, it totally depends on the ambiance which will then make the mood conducive for sex. You may not feel aroused when you watch such a debate on television, but when you discuss it with your partner, there are chances that an aura gets created for you to get blissfully passionate."
Subtle seduction : Couples spend endless hours trying their luck to seduce their partners, but often they fail to strike the right moan zones. In such cases, it's important to realise that before implementing your seduction techniques, discuss them as verbal foreplay often gives you the much needed push towards the bedroom.
"It's good to let your partner know about the ways in which you like to get seduced. You may start off telling them which wooing techniques turn you on. As the conversation progresses, the couple will be charged up to slip between the sheets," adds Dr. Amita.
Aphrodisiac action : It may sound like a boring topic to discuss with your partner, but it's talking about favourite foods including aphrodisiacs like chocolates, strawberries and caviar may tempt your partner. Dr. Aruna, elucidates, "Talking about passion foods can heighten the feeling of sexiness. In the process of showing concern towards your partner's favourite foods, you make them feel nice, reassured and being taken care of and this comfort zone surely calls for some more intimacy."
Wicked and wild : It may not be on purpose, but the moment you get dirty in your talks and gestures, chances are that you will get carried away and end up making love.
Dr. Avdesh, states, "Though couples hesitate in talking dirty, such lewd talks act as prelude to an intimacy as they evoke sexuality in your partner. Initiating a conversation on these lines is like a beginning to get the other person interested and if he/she responds well, it can lead to greater sexual intimacy. So, it's similar to playing a game of words that automatically leads to sizzling between the sheets action."
A prolonged foreplay, a sexy bedroom surprise, a scintillating candle lit dinner and out-of-the-box seduction techniques – couples use all the All it takes is a subtle conversation to trigger off a steamy sex session. (Getty Images)
above methods to woo their partner in bed.
But very few couples know that sometimes all it takes is a subtle conversation to trigger off a steamy sex session. Conversations that lead to sex act are like potent launching platforms that work towards altering your partner's mindset to match yours. If executed correctly, your partner will want to finish the discussion soon and move on towards getting more physically intimate.
You may wonder how simple conversational topics with your partner can stimulate your senses for an intimate session, but one must remember that a wholesome sexual experience is about a physiological trigger, rather than a physical trigger.
Conversing about subjects like pornography, virginity, sexual preferences, sexual fantasies, sex positions and aphrodisiacs help build the pleasure mood.
Dr. Avdesh Sharma, a clinical psychiatrist explains, "Most human beings react emotionally while talking to others. Only a few behave logically. Since most sexual conversation topics bear hidden double meanings, they evoke our sexual senses and leave us feeling gently aroused. Moreover, it's not only the subject of conversation, but also the tone, voice and body language of the person that gives subconscious signals that aid in creating a sexual mood."
Dr. Aruna Bruta, a psychologist adds, "While having a normal conversation, there is a tendency that you make a caring statement and that certainly triggers a feeling of affiliation, which in turn makes a slow yet sure way towards a fulfilling sexual experience. Surprisingly even the most serious topics related to sexual preferences like virginity and pornography can create an atmosphere congenial for being intimate."
Here are a few conversations that may push your libido and get you going for action in bed.
Fantasy forum : Everyone nurses unique fantasies, tastes and preferences when it comes to sex. From playing with your partner's earlobes to caressing their ankles, hairline and hips to indulging in your fetishes and wild sexual kinks, let these topics become interesting topics to share with your beau sans any inhibitions.
Dr. Amita Mishra, a sex and relationship expert feels, "Once a couple starts sharing their sexual fantasies candidly with each other, it is likely to generate a significant amount of curiosity in both of them and they will naturally wish to try the things which they've just spoke about. Also, once you know about your partner's special turn-ons, you can make the most of them in bed."
Poke at porn : Though watching porn is a sure shot and a commonly known foreplay technique, discussing intimate details of a popular porn flick or talking about the latest cover of a porn magazine may also act as a turn-on.
"It completely depends on how you talk about 'porn' as a subject. The essence is candidness and forth-rightedness and not vulgarity. Also, if couples discuss a porn film and later compare their sexual act and partner's performance with what was shown in the movie, it will generate a lot of intimacy and naughtiness that is much needed in a sexual relationship," asserts Dr. Aruna.
Virginity vows : Moral talks are not enticing enough for couples, but they have a propensity to build the heat. Whether virginity is a virtue or a curse remains a debatable subject and if you get lucky enough to talk the issue out with your beau, you may just become willing to put your vows on the test by getting involved in a passion play.
Dr. Avdesh says, "Talking of virginity can lead to both emotional and physical intimacy and once the conversation is kicked off, it totally depends on the ambiance which will then make the mood conducive for sex. You may not feel aroused when you watch such a debate on television, but when you discuss it with your partner, there are chances that an aura gets created for you to get blissfully passionate."
Subtle seduction : Couples spend endless hours trying their luck to seduce their partners, but often they fail to strike the right moan zones. In such cases, it's important to realise that before implementing your seduction techniques, discuss them as verbal foreplay often gives you the much needed push towards the bedroom.
"It's good to let your partner know about the ways in which you like to get seduced. You may start off telling them which wooing techniques turn you on. As the conversation progresses, the couple will be charged up to slip between the sheets," adds Dr. Amita.
Aphrodisiac action : It may sound like a boring topic to discuss with your partner, but it's talking about favourite foods including aphrodisiacs like chocolates, strawberries and caviar may tempt your partner. Dr. Aruna, elucidates, "Talking about passion foods can heighten the feeling of sexiness. In the process of showing concern towards your partner's favourite foods, you make them feel nice, reassured and being taken care of and this comfort zone surely calls for some more intimacy."
Wicked and wild : It may not be on purpose, but the moment you get dirty in your talks and gestures, chances are that you will get carried away and end up making love.
Dr. Avdesh, states, "Though couples hesitate in talking dirty, such lewd talks act as prelude to an intimacy as they evoke sexuality in your partner. Initiating a conversation on these lines is like a beginning to get the other person interested and if he/she responds well, it can lead to greater sexual intimacy. So, it's similar to playing a game of words that automatically leads to sizzling between the sheets action."
Mktg - Akki's unique promotion strategy
Amid loud Punjabi drum beats, firecrackers going off and squeals of joy from the eager audience, Bollywood actors Akshay Kumar and Deepika Padukone descended at a shopping mall here from a huge hot air balloon to promote their action-adventure film Chandni Chowk To China, releasing Friday.
Thousands of fans who had been waiting for hours to catch a glimpse of the two stars went ballistic when they arrived Thursday evening. Kids, teenagers, men and women ran forward to wave out to Deepika and Akshay, who reciprocated with equal enthusiasm.
"I came here sometime back too. At that time about 100-200 people came to see me. And today, I see almost 5,000 people here. I am so overwhelmed. I have no words to say or describe how good I feel," Akshay said at the event held at the Ambience Mall here.
On her experience of travelling in a hot air balloon, Deepika said: "Though it was nothing compared to the stunts we have done in the film, it was quite a distinct way of arriving for the film's promotion and it was fun."
Co-produced by Ramesh Sippy Entertainment, People Tree Films and Hollwyood-based studio Warner Bros, Chandni Chowk... is about an Indian cook, Sidhu, played by Akshay, who goes to China and is mistaken for a martial arts expert. Deepika plays Akshay's love interest.
The film has attracted attention for its daredevil action sequences that have been choreographed by international action director Dee Dee Ku.
It is being aggressively promoted across the world and after grand international premieres in Los Angeles, New York, Toronto, London, Bangkok, Dubai, the lead actors and director Nikhil Advani came here with this unique promotional gimmick of flying in a hot air balloon.
"The crowd here is phenomenal. It makes my heart beat faster and makes me realise that we have to live up to the expectations of these thousands of people who came here and lots of others too. We have a huge responsibility on our shoulders," Advani told reporters.
Thousands of fans who had been waiting for hours to catch a glimpse of the two stars went ballistic when they arrived Thursday evening. Kids, teenagers, men and women ran forward to wave out to Deepika and Akshay, who reciprocated with equal enthusiasm.
"I came here sometime back too. At that time about 100-200 people came to see me. And today, I see almost 5,000 people here. I am so overwhelmed. I have no words to say or describe how good I feel," Akshay said at the event held at the Ambience Mall here.
On her experience of travelling in a hot air balloon, Deepika said: "Though it was nothing compared to the stunts we have done in the film, it was quite a distinct way of arriving for the film's promotion and it was fun."
Co-produced by Ramesh Sippy Entertainment, People Tree Films and Hollwyood-based studio Warner Bros, Chandni Chowk... is about an Indian cook, Sidhu, played by Akshay, who goes to China and is mistaken for a martial arts expert. Deepika plays Akshay's love interest.
The film has attracted attention for its daredevil action sequences that have been choreographed by international action director Dee Dee Ku.
It is being aggressively promoted across the world and after grand international premieres in Los Angeles, New York, Toronto, London, Bangkok, Dubai, the lead actors and director Nikhil Advani came here with this unique promotional gimmick of flying in a hot air balloon.
"The crowd here is phenomenal. It makes my heart beat faster and makes me realise that we have to live up to the expectations of these thousands of people who came here and lots of others too. We have a huge responsibility on our shoulders," Advani told reporters.
Entertainment - Sex and sensuality hit Bollywood!
Deepa Gahlot
Kangana Ranaut’s bath-tub scene is made into a controversy of sorts. Censors should pass it with an ‘A’ certificate. Heroines in bikinis make news, Emraan Hashmi’s lips are always twitching for a kiss.
Magazine cover shoots get bolder. Calendars get lustier. But which of our movies have really treated sex and sensuality with some sense and sensibility? Most of them are golden oldies which must be seen on the big screen, DVD, VCD, whatever..but a must they are:
If sex is on the mind, then the best films would be:
Guide (Vijay Anand): It dealt with a relationship between a man and a woman — not married to each other— with adult sensuality. Raju Guide and Rosie live together and their love is certainly not platonic. A man wouldn’t sing Din dhal jaaye with such pain and a woman wouldn’t sing Saiyan beimaan with such grief, if all they were sharing was a bank account.
Amar Prem (Shakti Samanta): Sharmila Tagore played an abandoned woman sold to a kotha; Rajesh Khanna played a rich and deeply lonely man, who finds solace with the reluctant whore. Did they actually go to bed? Hardly matters! The two didn’t even have to touch each other. The erotic charge was there to see.
Phool aur Patthar (O P Ralhan): Dharmendra took his shirt off and the screen practically crackled with his raw sex appeal. The rumour that he and Meena Kumari were having a real-life affair added fuel to the fire.
There was erotica in Madhubala’s eyes in Accha ji main haari (Kaala Pani), in Waheeda Rehman’s gait in Jaane kye tune kahi (Pyaasa), in Vyjayanthimala’s face in Amrapali, Mumtaz’s upturned nose in Apna Desh, and Meena Kumari’s feet in Pakeezah; in Shammi Kapoor’s swaying neck, Dev Anand’s ‘puffed’ hairstyle, Shashi Kapoor’s crooked smile. Mallika Sherawat and Salman Khan have a lot to learn!
Maithili Rao
Utsav: Girish Karnad’s free adaptation of the Sanskrit classic Mrichchakatika sets it safely centuries away in the comfort zone of Indians who are apparently wary of contemporary eroticism.
Vatsayana, researching material for his Kama Sutra, adds a satiric zest to the ornate recreation of an age where Rekha breathes the mood of erotic sculpture.
Asoka: The once upon a time theme works again. Santosh Sivan’s stunning cinematography makes the warrior prince Asoka a seeker of beauty and Kaurawaki’s wood nymph is passion incarnate – be it as a fiery fighter or possessed lover.
Daaera: Amol Palekar’s film made it to the 10 best list of Time magazine for its complex narrative. A performing artiste, playing women’s roles, teaches a girl the meaning of love and passion. The subtext of gender politics did not detract from the eroticism.
Hindi films in general shy away from full-blown eroticism, content with a few sensuous passages at best — the celebrated scene with the feather in Mughal-e- Azam; the first view of Chhoti Bahu in Sahib Bibi aur Ghulam followed by the Piya aiso jiya mein samaye gayo re song in which Meena Kumari adorns herself for her husband; sublimated passion of Pyasa’s Aaj sajan mohe ang lagale; a couple of songs in Sagar.
Kangana Ranaut’s bath-tub scene is made into a controversy of sorts. Censors should pass it with an ‘A’ certificate. Heroines in bikinis make news, Emraan Hashmi’s lips are always twitching for a kiss.
Magazine cover shoots get bolder. Calendars get lustier. But which of our movies have really treated sex and sensuality with some sense and sensibility? Most of them are golden oldies which must be seen on the big screen, DVD, VCD, whatever..but a must they are:
If sex is on the mind, then the best films would be:
Guide (Vijay Anand): It dealt with a relationship between a man and a woman — not married to each other— with adult sensuality. Raju Guide and Rosie live together and their love is certainly not platonic. A man wouldn’t sing Din dhal jaaye with such pain and a woman wouldn’t sing Saiyan beimaan with such grief, if all they were sharing was a bank account.
Amar Prem (Shakti Samanta): Sharmila Tagore played an abandoned woman sold to a kotha; Rajesh Khanna played a rich and deeply lonely man, who finds solace with the reluctant whore. Did they actually go to bed? Hardly matters! The two didn’t even have to touch each other. The erotic charge was there to see.
Phool aur Patthar (O P Ralhan): Dharmendra took his shirt off and the screen practically crackled with his raw sex appeal. The rumour that he and Meena Kumari were having a real-life affair added fuel to the fire.
There was erotica in Madhubala’s eyes in Accha ji main haari (Kaala Pani), in Waheeda Rehman’s gait in Jaane kye tune kahi (Pyaasa), in Vyjayanthimala’s face in Amrapali, Mumtaz’s upturned nose in Apna Desh, and Meena Kumari’s feet in Pakeezah; in Shammi Kapoor’s swaying neck, Dev Anand’s ‘puffed’ hairstyle, Shashi Kapoor’s crooked smile. Mallika Sherawat and Salman Khan have a lot to learn!
Maithili Rao
Utsav: Girish Karnad’s free adaptation of the Sanskrit classic Mrichchakatika sets it safely centuries away in the comfort zone of Indians who are apparently wary of contemporary eroticism.
Vatsayana, researching material for his Kama Sutra, adds a satiric zest to the ornate recreation of an age where Rekha breathes the mood of erotic sculpture.
Asoka: The once upon a time theme works again. Santosh Sivan’s stunning cinematography makes the warrior prince Asoka a seeker of beauty and Kaurawaki’s wood nymph is passion incarnate – be it as a fiery fighter or possessed lover.
Daaera: Amol Palekar’s film made it to the 10 best list of Time magazine for its complex narrative. A performing artiste, playing women’s roles, teaches a girl the meaning of love and passion. The subtext of gender politics did not detract from the eroticism.
Hindi films in general shy away from full-blown eroticism, content with a few sensuous passages at best — the celebrated scene with the feather in Mughal-e- Azam; the first view of Chhoti Bahu in Sahib Bibi aur Ghulam followed by the Piya aiso jiya mein samaye gayo re song in which Meena Kumari adorns herself for her husband; sublimated passion of Pyasa’s Aaj sajan mohe ang lagale; a couple of songs in Sagar.
Business - UB Group gets nod to amalgamate Shaw Wallace
MUMBAI: Vijay Mallya-promoted United Spirits has said that it has received approval from the High Court at Calcutta for merger of Shaw Wallace &
Company with itself.
In a filing to the Bombay Stock Exchange, UB Group flagship company United Spirits said that the High Court at Calcutta on January 16, 2009 has sanctioned the scheme of merging both the companies.
Earlier, the company had received approval from the Karnataka and Bombay High Courts for the scheme of amalgamation of Shaw Wallace & Company and Primo distributors with the company vide their orders dated May 29, 2008 and July 18, 2008, respectively.
"With this, the company have received all the necessary court approvals", the filing added.
Shaw Wallace, after its acquisition by the UB Group, would now come under a common entity known as United Spirits Ltd, which has 140 brands under its wings out of which, there are 15 millionaire brands growing at a rapid pace.
Company with itself.
In a filing to the Bombay Stock Exchange, UB Group flagship company United Spirits said that the High Court at Calcutta on January 16, 2009 has sanctioned the scheme of merging both the companies.
Earlier, the company had received approval from the Karnataka and Bombay High Courts for the scheme of amalgamation of Shaw Wallace & Company and Primo distributors with the company vide their orders dated May 29, 2008 and July 18, 2008, respectively.
"With this, the company have received all the necessary court approvals", the filing added.
Shaw Wallace, after its acquisition by the UB Group, would now come under a common entity known as United Spirits Ltd, which has 140 brands under its wings out of which, there are 15 millionaire brands growing at a rapid pace.
World - Thailand plans to waive visa fees for tourists
BANGKOK: Thailand is considering waiving visa fees for three months in a bid to revive its key tourism industry, which has been battered by
political turmoil that culminated in the occupation of Bangkok's two airports late last year.
The measure, already approved by the government's economic ministers, will be proposed to the full Cabinet next week, Juthaporn Rerngronasa, deputy governor of the Tourism Authority of Thailand said Friday.
``We hope this will be one of many measures that will boost the tourism industry in Thailand amid the global slowdown and following the political crisis,'' Juthaporn said.
Residents of many neighboring and Western countries already enjoy visa-free entry privileges for short visits, but those planning longer stays must obtain visas in advance for a fee of at least $30 per entry.
Earlier this week, Thailand's new government allocated 1 billion baht ($28.6 million) of its 115-billion-baht ($3.3 billion) fiscal stimulus package to rejuvenate the tourism industry, which accounts for about 5 percent of the country's economy.
Prime Minister Abhisit Vejjajiva, who took office last month, earlier said the government will also consider discounts on aircraft landing fees.
Anti-government protests last year included the weeklong seizure of Bangkok's airports at the end of November, stranding more than 300,000 travelers.
The Bank of Thailand has estimated the country would lose 290 billion baht ($8.3 billion) as a result of the protests, which called for the ouster of the previous government led by allies of former Prime Minister Thaksin Shinawatra. They accused Thaksin of corruption and abuse of power.
The central bank forecast that tourist arrivals this year would drop by 8.8 percent from 12.8 million in 2008.
Deputy government spokesman Puttipong Punnakan said the Cabinet plans to discuss other measures as well, including a short-term reduction in interest rates and property tax for hotel operators, and a reduction of airport surcharges, as well as discounts on air tickets.
political turmoil that culminated in the occupation of Bangkok's two airports late last year.
The measure, already approved by the government's economic ministers, will be proposed to the full Cabinet next week, Juthaporn Rerngronasa, deputy governor of the Tourism Authority of Thailand said Friday.
``We hope this will be one of many measures that will boost the tourism industry in Thailand amid the global slowdown and following the political crisis,'' Juthaporn said.
Residents of many neighboring and Western countries already enjoy visa-free entry privileges for short visits, but those planning longer stays must obtain visas in advance for a fee of at least $30 per entry.
Earlier this week, Thailand's new government allocated 1 billion baht ($28.6 million) of its 115-billion-baht ($3.3 billion) fiscal stimulus package to rejuvenate the tourism industry, which accounts for about 5 percent of the country's economy.
Prime Minister Abhisit Vejjajiva, who took office last month, earlier said the government will also consider discounts on aircraft landing fees.
Anti-government protests last year included the weeklong seizure of Bangkok's airports at the end of November, stranding more than 300,000 travelers.
The Bank of Thailand has estimated the country would lose 290 billion baht ($8.3 billion) as a result of the protests, which called for the ouster of the previous government led by allies of former Prime Minister Thaksin Shinawatra. They accused Thaksin of corruption and abuse of power.
The central bank forecast that tourist arrivals this year would drop by 8.8 percent from 12.8 million in 2008.
Deputy government spokesman Puttipong Punnakan said the Cabinet plans to discuss other measures as well, including a short-term reduction in interest rates and property tax for hotel operators, and a reduction of airport surcharges, as well as discounts on air tickets.
Sport - Cricket;South Africa beat Australia by 3 wickets
MELBOURNE: South Africa rode on twin half centuries by Neil McKenzie and JP Duminy and some late fireworks by Albie Morkel to edge past Australia by
three wickets in the opening One-dayer of the five-match series on Friday.
Scorecard
Chasing 272 for a win, the Proteas survived a middle-order collapse to romp home with three deliveries to spare in a thrilling floodlit contest.
JP Duminy (71) and Neil McKenzie set the foundation for the visiting side before Morkel played a brilliant 40-run cameo, also sharing a 50-run eighth-wicket stand with Johan Botha (11) to seal the win for the South Africans.
Opting to bat first after winning the toss, the Australians were left to rue a slow batting start and shoddy bowling at the death in the see-saw contest.
Shaun Marsh top-scored for the hosts with a 97-ball 79. David Hussey's 50-ball 52 and under-fire skipper Ricky Ponting's 46 were the only other notable contributions in the Aussie total after a slow start left them 146 for three in 31 overs.
He didn't take any wicket but Jacques Kallis' stifling 10-over spell conceding just 35 runs coupled with an equally economical 1/49 by Dale Steyn never allowed the Aussie batsmen to flourish.
Among the wicket-takers, Botha and Morne and Albie Morkel shared two scalps apiece to restrict Australia to 271 for eight in their 50 overs.
The Australians clearly missed the kind of flying start they were used to during the heydays of Matthew Hayden and Adam Gilchrist -- both retired now.
If the Aussie innings lacked spark all through, the South African chase was no less subdued to start with and they lost their first wicket with just four runs on board when Hashim Amla departed for just one run after Shaun Tait crashed through his defences.
With Herschelle Gibbs (22) also gone with the team score at 36, the visitors looked in real trouble but Kallis steered them out of the crisis with a 49-ball 41.
After the all-rounder's dismissal in the 19th over, Duminy and Mckenzie laboured on, sharing a 123-run partnership to take South Africa past 200 in the 40th over.
Then came a mini-collapse that sent their chase haywire and it started with Duminy's fall at the hands of Nathan Bracken. Duminy flicked a Bracken off-cutter to the mid-wicket where Cameron White took an easy catch.
Mark Boucher (0), Vaughan van Jaarsveld (4) and McKenzie departed in the space of just four overs to leave the Proteas reeling at 221 for seven in the 45th over before Morkel's late heroics saved the day for them.
With the South Africans needing 38 runs off the last four overs, Morkel clobbered Bracken for a massive six to reduce the gap between the run and ball remaining.
He continued the assault in the next over and this time it was Ben Hilfenhaus at the receiving end as he hammered him for three fours. The Proteas needed seven runs off the last two overs and Morkel guided them home easily despite Bracken reducing the gap to five off seven deliveries.
three wickets in the opening One-dayer of the five-match series on Friday.
Scorecard
Chasing 272 for a win, the Proteas survived a middle-order collapse to romp home with three deliveries to spare in a thrilling floodlit contest.
JP Duminy (71) and Neil McKenzie set the foundation for the visiting side before Morkel played a brilliant 40-run cameo, also sharing a 50-run eighth-wicket stand with Johan Botha (11) to seal the win for the South Africans.
Opting to bat first after winning the toss, the Australians were left to rue a slow batting start and shoddy bowling at the death in the see-saw contest.
Shaun Marsh top-scored for the hosts with a 97-ball 79. David Hussey's 50-ball 52 and under-fire skipper Ricky Ponting's 46 were the only other notable contributions in the Aussie total after a slow start left them 146 for three in 31 overs.
He didn't take any wicket but Jacques Kallis' stifling 10-over spell conceding just 35 runs coupled with an equally economical 1/49 by Dale Steyn never allowed the Aussie batsmen to flourish.
Among the wicket-takers, Botha and Morne and Albie Morkel shared two scalps apiece to restrict Australia to 271 for eight in their 50 overs.
The Australians clearly missed the kind of flying start they were used to during the heydays of Matthew Hayden and Adam Gilchrist -- both retired now.
If the Aussie innings lacked spark all through, the South African chase was no less subdued to start with and they lost their first wicket with just four runs on board when Hashim Amla departed for just one run after Shaun Tait crashed through his defences.
With Herschelle Gibbs (22) also gone with the team score at 36, the visitors looked in real trouble but Kallis steered them out of the crisis with a 49-ball 41.
After the all-rounder's dismissal in the 19th over, Duminy and Mckenzie laboured on, sharing a 123-run partnership to take South Africa past 200 in the 40th over.
Then came a mini-collapse that sent their chase haywire and it started with Duminy's fall at the hands of Nathan Bracken. Duminy flicked a Bracken off-cutter to the mid-wicket where Cameron White took an easy catch.
Mark Boucher (0), Vaughan van Jaarsveld (4) and McKenzie departed in the space of just four overs to leave the Proteas reeling at 221 for seven in the 45th over before Morkel's late heroics saved the day for them.
With the South Africans needing 38 runs off the last four overs, Morkel clobbered Bracken for a massive six to reduce the gap between the run and ball remaining.
He continued the assault in the next over and this time it was Ben Hilfenhaus at the receiving end as he hammered him for three fours. The Proteas needed seven runs off the last two overs and Morkel guided them home easily despite Bracken reducing the gap to five off seven deliveries.
World - UN to partner Kerala festival
THIRUVANANTHAPURAM: The United Nations will partner Kerala at a week-long Nishagandi Festival beginning here January 20.
"This is the first time that the UN is partnering an event in South India," State Tourism Minister Kodiyeri Balakrishnan told reporters.
The UN Cultural Dialogue on the promotion of Indian culture is partnering Kerala's festival, which is also called "heart beats".
"They have a project wherein they promote classical musicians who have spent long years in this profession. This time here, they will be sponsoring the famed vocalist Pandit Keshav Raghunath Talegaonker from Agra and his family who are all into music," Balakrishnan said.
The festival would be a cultural extravaganza featuring various dance forms of the state and artistic wealth of India.
"This is the first time that the UN is partnering an event in South India," State Tourism Minister Kodiyeri Balakrishnan told reporters.
The UN Cultural Dialogue on the promotion of Indian culture is partnering Kerala's festival, which is also called "heart beats".
"They have a project wherein they promote classical musicians who have spent long years in this profession. This time here, they will be sponsoring the famed vocalist Pandit Keshav Raghunath Talegaonker from Agra and his family who are all into music," Balakrishnan said.
The festival would be a cultural extravaganza featuring various dance forms of the state and artistic wealth of India.
Lifestyle - Oral contraceptives carry risks
WASHINGTON: Although 80 percent women in the US have used oral contraceptives at one time or another since the sixties, these could carry unknown
long-term risks.More so when women's lifestyles change and new forms of contraceptives become available, according to specialists in women's heart disease at Cedars-Sinai Medical Centre(C-SMC).
"As women use these therapies more frequently and for longer periods of time, there is an urgent need to better understand and minimise associated cardiovascular risks," said C. Noel Bairey Merz, director of the Women's Heart Center(WHC)at the C-SMC.
Women at high risk for cardiovascular problems, especially those who smoke, should consider alternative forms of contraception.Those with other cardiac risk factors, such as hypertension or elevated cholesterol, can consider using hormonal contraceptives if they are carefully monitored by their health care provider, said Bairey Merz, who is also professor of medicine at Cedars-Sinai.
Any woman considering the use of contraceptives should be evaluated for cholesterol levels, blood pressure, smoking, diabetes, kidney problems, obesity and other vascular diseases, including migraines.
Healthy, non-smoking women who are 35 or older can continue taking a low dose oral contraceptive until 50 to 55 years after reviewing the risks and benefits.
Bairey Merz co-authored the study that provides an overview of the known cardiovascular risks and benefits of hormonal contraceptives while pointing out areas that require further research.
Reproductive hormones affect the tone and function of blood vessels as well as lipid (fat) levels in the blood. Low oestrogen levels have been found to increase risk of coronary atherosclerosis (thickening and hardening of artery walls) and "adverse cardiac events", such as heart attacks and strokes.
But the use of supplemental oestrogen in hormone replacement therapy has been linked to an elevated risk of blood clots that can lead to heart attacks and strokes.
"Health care providers must evaluate each woman's risk factors, especially those related to cardiovascular health, prior to starting any contraceptive therapy," she said.
"Although pre-menopausal women have a much lower risk of cardiovascular disease, routine screening for potential problems and follow-up is important," said Chrisandra L. Shufelt, assistant director of the WHC and co-author of the study.
The earlier contraceptives used higher levels of oestrogen than the newer formulations, which are now available not only in pill form but in patches and vaginal rings.
Newer formulations use lower doses of oestrogen, safer in terms of lowering the risk of blood clots, and they tend to use a progestin, a synthetic version of progesterone that may slightly reduce blood pressure, said Bairey Merz, according to a Cedars-Sinai release.
Since 2000, death rates have increased in women between the ages of 35 and 44, while all other age groups have seen a decline. These findings are slated for publication in the Jan 20 issue of the Journal of the American College of Cardiology.
long-term risks.More so when women's lifestyles change and new forms of contraceptives become available, according to specialists in women's heart disease at Cedars-Sinai Medical Centre(C-SMC).
"As women use these therapies more frequently and for longer periods of time, there is an urgent need to better understand and minimise associated cardiovascular risks," said C. Noel Bairey Merz, director of the Women's Heart Center(WHC)at the C-SMC.
Women at high risk for cardiovascular problems, especially those who smoke, should consider alternative forms of contraception.Those with other cardiac risk factors, such as hypertension or elevated cholesterol, can consider using hormonal contraceptives if they are carefully monitored by their health care provider, said Bairey Merz, who is also professor of medicine at Cedars-Sinai.
Any woman considering the use of contraceptives should be evaluated for cholesterol levels, blood pressure, smoking, diabetes, kidney problems, obesity and other vascular diseases, including migraines.
Healthy, non-smoking women who are 35 or older can continue taking a low dose oral contraceptive until 50 to 55 years after reviewing the risks and benefits.
Bairey Merz co-authored the study that provides an overview of the known cardiovascular risks and benefits of hormonal contraceptives while pointing out areas that require further research.
Reproductive hormones affect the tone and function of blood vessels as well as lipid (fat) levels in the blood. Low oestrogen levels have been found to increase risk of coronary atherosclerosis (thickening and hardening of artery walls) and "adverse cardiac events", such as heart attacks and strokes.
But the use of supplemental oestrogen in hormone replacement therapy has been linked to an elevated risk of blood clots that can lead to heart attacks and strokes.
"Health care providers must evaluate each woman's risk factors, especially those related to cardiovascular health, prior to starting any contraceptive therapy," she said.
"Although pre-menopausal women have a much lower risk of cardiovascular disease, routine screening for potential problems and follow-up is important," said Chrisandra L. Shufelt, assistant director of the WHC and co-author of the study.
The earlier contraceptives used higher levels of oestrogen than the newer formulations, which are now available not only in pill form but in patches and vaginal rings.
Newer formulations use lower doses of oestrogen, safer in terms of lowering the risk of blood clots, and they tend to use a progestin, a synthetic version of progesterone that may slightly reduce blood pressure, said Bairey Merz, according to a Cedars-Sinai release.
Since 2000, death rates have increased in women between the ages of 35 and 44, while all other age groups have seen a decline. These findings are slated for publication in the Jan 20 issue of the Journal of the American College of Cardiology.
Business - Citigroup to split into two units after huge losses
Citigroup, the embattled US banking giant, said on Friday it would split the company into two separate businesses in a bid to restore profitability after posting a larger than expected fourth-quarter loss.
"Today, we announced that we would separate the company, for management purposes, into two separate businesses -- Citicorp and Citi Holdings," said Vikram Pandit, Citi chief executive.
"We are setting out a clear roadmap to restore profitability," he said.
"Today, we announced that we would separate the company, for management purposes, into two separate businesses -- Citicorp and Citi Holdings," said Vikram Pandit, Citi chief executive.
"We are setting out a clear roadmap to restore profitability," he said.
Entertainment - Pamela Anderson steps in to save Mumbai dogs
US actress Pamela Anderson has appealed to the authorities in Mumbai not to put down nuisance stray dogs, instead calling for them to be sterilised.
"It is well established that killing stray dogs is not a permanent solution to controlling their populations," the former "Baywatch" star said in a letter to the municipal commission of Greater Mumbai.
"Dogs cannot use condoms, but with the municipality's help, they can be 'fixed' -- painlessly, quickly and permanently," she added in the letter, made public by activist group the People for the Ethical Treatment of Animals (PETA).
There are thought to be some 70,000 stray dogs in India's financial and entertainment capital, and there are widespread concerns about their role in spreading disease, including deadly rabies.
Anderson's letter, which cited World Health Organisation and Animal Health Board of India support for mass sterilisation, comes after a legal ruling here to destroy nuisance dogs.
Expressing her concern at the court decision, the 41-year-old called instead for civic authorities to promote a sterilisation programme for stray dogs and those adopted and bought from animal shelters and pet shops.
"It is well established that killing stray dogs is not a permanent solution to controlling their populations," the former "Baywatch" star said in a letter to the municipal commission of Greater Mumbai.
"Dogs cannot use condoms, but with the municipality's help, they can be 'fixed' -- painlessly, quickly and permanently," she added in the letter, made public by activist group the People for the Ethical Treatment of Animals (PETA).
There are thought to be some 70,000 stray dogs in India's financial and entertainment capital, and there are widespread concerns about their role in spreading disease, including deadly rabies.
Anderson's letter, which cited World Health Organisation and Animal Health Board of India support for mass sterilisation, comes after a legal ruling here to destroy nuisance dogs.
Expressing her concern at the court decision, the 41-year-old called instead for civic authorities to promote a sterilisation programme for stray dogs and those adopted and bought from animal shelters and pet shops.
India - MTNL 3G in 10 Days
NEW DELHI: Ending the long wait over next generation telecom services, MTNL on Friday said it will commercially launch its 3G services in the nati
onal capital within 10 days.
"We will launch 3G operations in Delhi in next 10 days," MTNL CMD R S P Sinha said.
In Mumbai the 3G services would be launched in the first week of February, he added.
However, as of now the company has not entered into any tie-up with content providers.
Currently, our IPTV providers would give us content, going forward we may tie up with other firms. At present, it has 15,000 IPTV subscribers in Delhi
onal capital within 10 days.
"We will launch 3G operations in Delhi in next 10 days," MTNL CMD R S P Sinha said.
In Mumbai the 3G services would be launched in the first week of February, he added.
However, as of now the company has not entered into any tie-up with content providers.
Currently, our IPTV providers would give us content, going forward we may tie up with other firms. At present, it has 15,000 IPTV subscribers in Delhi
World - Best Job in World crashes online
SYDNEY: The chance to be the caretaker of a tiny tropical island in Australia has sparked so much interest around the world that a rush of applica
tions crashed the website advertising the post.
The job, which offers a salary of $105,000 to spend six months on the Great Barrier Reef island of Hamilton, has been inundated with hundreds of thousands of prospective candidates.
An official from the state of Queensland, which is offering the position, said the job was created as an antidote to the global economic slump and was being advertised in 18 countries including the United States and China.
Local media said technicians had to restore the website (www.islandreefjob.com) after it could not cope with the volume of interest and crashed for several hours. Some sections are still not up and running.
Duties for the so-called "best job in the world" include feeding ocean fish, cleaning a pool and collecting deliveries of mail that arrive by plane.
The successful candidate will have to go scuba diving, snorkeling and hiking and enjoy at least 25 nearby island resorts. Thrown in is a luxury three-bedroom home and transportation to and from the island.
No skills, nor experience is needed, and there is no age requirement. The job starts in July.
tions crashed the website advertising the post.
The job, which offers a salary of $105,000 to spend six months on the Great Barrier Reef island of Hamilton, has been inundated with hundreds of thousands of prospective candidates.
An official from the state of Queensland, which is offering the position, said the job was created as an antidote to the global economic slump and was being advertised in 18 countries including the United States and China.
Local media said technicians had to restore the website (www.islandreefjob.com) after it could not cope with the volume of interest and crashed for several hours. Some sections are still not up and running.
Duties for the so-called "best job in the world" include feeding ocean fish, cleaning a pool and collecting deliveries of mail that arrive by plane.
The successful candidate will have to go scuba diving, snorkeling and hiking and enjoy at least 25 nearby island resorts. Thrown in is a luxury three-bedroom home and transportation to and from the island.
No skills, nor experience is needed, and there is no age requirement. The job starts in July.
Business - India;Telecom services must focus on value addition
The Strategy Analytics Emerging Markets Communications Strategies (EMCS) service report, “Mobile Value Added Services (MVAS) in India,” suggests that established Indian mobile operators risk losing some of the $1.2 billion in MVAS revenue predicted for 2012 if they continue to focus their efforts on gaining new subscribers, and fail to respond to the requirements of the MVAS market.
At present ringtones and caller ringback tones account for two thirds of the MVAS mix, but their growth is slowing. Building a healthy market for newer offerings like mobile TV, video on demand, music and games will require a thriving content development community, lower data tariffs, and extensive service marketing and user education.
“So far,” says Rahul Gupta, manager, for EMCS and principal author of the report, “mobile operators seem more focused on the race to gain new voice subscribers than they are on building a solid MVAS ecosystem. This may prove short-sighted.”
With operators retaining 60-80 per cent of end user MVAS spending, many content providers express reluctance to invest in new product development, and some are starting to investigate off-deck delivery. The pace of 3G deployment is expected to accelerate in 2009, and along with it the ability to deliver advanced services.
According to the report, MVAS in India are growing at a fast pace, with 20 per cent CAGR projected for consumer spending between 2007 and 2012. MVAS companies came into existence approximately seven years back and have gained significant importance in the telecom space.
Due to their differentiated service offerings MVAS companies have helped the mobile operators in attracting new subscribers. Currently, MVAS contribute about 10 per cent of the total revenues of India’s mobile telecom service providers.
The report notes that the growth in MVAS is primarily driven by declining data service tariff rates, availability of cheap handsets with innovative features and declining prices of VAS services. Service pricing will continue to be under downward pressure as new subscriber growth will increasingly have to come from lower-tier users in rural areas and secondary cities.
P2P SMS and ringtones are revenue generators for MVAS companies but in future, entertainment services such as mobile gaming, mobile radio, mobile Video and utility based services such as information on location, e-learning and mCommerce are likely to impact MVAS revenues.
“Mobile operators are depending on VAS to improve the state of ARPU (average revenue per user) in India which is declining due to the rise of low end subscribers. However, owing to high revenue share of operators, VAS companies intend to offer their services off deck,” the report noted.
The MVAS market has been highly fragmented, with limited restriction on entry of new players, but the market has started the first phase of consolidation, most recently with Bharti Telesoft’s acquisition of Jataayu Software.
Historically, MVAS has been a largely unregulated market. However, the Telecom Regulatory Authority of India (TRAI) has called for comment on the issue of bringing VAS companies under a licensing regime.
“Although MVAS usage continues to rise, there are certain barriers such as revenue split, limited awareness of VAS services, complex VAS applications, high content prices and localisation of content in all rural languages which are restricting the growth of MVAS in India,” the report highlighted.
At present ringtones and caller ringback tones account for two thirds of the MVAS mix, but their growth is slowing. Building a healthy market for newer offerings like mobile TV, video on demand, music and games will require a thriving content development community, lower data tariffs, and extensive service marketing and user education.
“So far,” says Rahul Gupta, manager, for EMCS and principal author of the report, “mobile operators seem more focused on the race to gain new voice subscribers than they are on building a solid MVAS ecosystem. This may prove short-sighted.”
With operators retaining 60-80 per cent of end user MVAS spending, many content providers express reluctance to invest in new product development, and some are starting to investigate off-deck delivery. The pace of 3G deployment is expected to accelerate in 2009, and along with it the ability to deliver advanced services.
According to the report, MVAS in India are growing at a fast pace, with 20 per cent CAGR projected for consumer spending between 2007 and 2012. MVAS companies came into existence approximately seven years back and have gained significant importance in the telecom space.
Due to their differentiated service offerings MVAS companies have helped the mobile operators in attracting new subscribers. Currently, MVAS contribute about 10 per cent of the total revenues of India’s mobile telecom service providers.
The report notes that the growth in MVAS is primarily driven by declining data service tariff rates, availability of cheap handsets with innovative features and declining prices of VAS services. Service pricing will continue to be under downward pressure as new subscriber growth will increasingly have to come from lower-tier users in rural areas and secondary cities.
P2P SMS and ringtones are revenue generators for MVAS companies but in future, entertainment services such as mobile gaming, mobile radio, mobile Video and utility based services such as information on location, e-learning and mCommerce are likely to impact MVAS revenues.
“Mobile operators are depending on VAS to improve the state of ARPU (average revenue per user) in India which is declining due to the rise of low end subscribers. However, owing to high revenue share of operators, VAS companies intend to offer their services off deck,” the report noted.
The MVAS market has been highly fragmented, with limited restriction on entry of new players, but the market has started the first phase of consolidation, most recently with Bharti Telesoft’s acquisition of Jataayu Software.
Historically, MVAS has been a largely unregulated market. However, the Telecom Regulatory Authority of India (TRAI) has called for comment on the issue of bringing VAS companies under a licensing regime.
“Although MVAS usage continues to rise, there are certain barriers such as revenue split, limited awareness of VAS services, complex VAS applications, high content prices and localisation of content in all rural languages which are restricting the growth of MVAS in India,” the report highlighted.
Entertainment - India;Kids’ genre has a new player – Spacetoon TV
Kids Media India, a subsidiary of Dubai-based Spacetoon Media Group, launched its first free-to-air kids edutainment Hindi channel, Spacetoon Kids TV, in India on January 14. The channel will be marketed through numerous on-ground activities. The channel would be available in other languages later on.
Spacetoon TV is based on a ten-planet programming concept, creating a perfect blend of education plus entertainment that covers a spectrum of children’s interests, ranging from pre-school to teens. Every hour of the day is dedicated to a planet according to viewing patterns of the age group and the kids can have ‘Appointment Viewing’ with their favourite content in the respective planet. These ten-planet programming line-up include Action Planet, Zomorroda Planet (Girls’ planet), Comedy Planet, Bon Bon Planet (Baby planet), Adventures Planet, Alphabet Planet, History Planet, Science Planet, Movies Planet and Sports Planet.
Spacetoon TV claims to own one of the world’s largest animated content libraries with a mix of historical and contemporary animation figures.
Spacetoon Media Group has already acquired a library of 4,200 episodes from various producers and studios throughout Europe, Asia and North America, and will also be looking at creating an hour of localised content produced in India.
Speaking on the launch, Rajiv Sangari, MD and CEO, Kids Media India, said, “With the launch of Spacetoon Kids TV in India, we aim to bring a distinctiveness with our unique proposition of providing edutainment for our Indian viewers. Though we are the 9th entrant in the market, we are confident that it will be well accepted by the audience and will create a niche in the world of kids’ entertainment. India is one of the largest children markets, which has a huge growth potential for Spacetoon products and services. We look forward to some exciting times ahead.”
Elaborating on the marketing initiative, Sangari said, “The channel would be supported by a lot of on-ground activities. This is an absolute effective way to reach out to kids. The process of reaching kids has been already commenced. We are targeting 3,000 schools where we will go and educate kids about the channel.”
He further said, “The channel is now available in Hindi, but over the period of time it would be available in other languages as well. The channel will be free-to-air for nearly three years. The target is to create demand and not push by purchase, to reach about 15 million homes by mid-2009 and to acquire 10 per cent share in the viewership by the end of 2010.”
On the content strategy, Sangari said, “90 per cent of the content would be sourced internationally, while 10 per cent would comprise local content of animated and live action. Local animation content will essentially be on the folk tales of India and the SAARC region. Live action will have exciting formats like involving kids from all schools for sports and cultural competitions and sponsoring all India drawing competitions, among other things.”
Spacetoon TV is based on a ten-planet programming concept, creating a perfect blend of education plus entertainment that covers a spectrum of children’s interests, ranging from pre-school to teens. Every hour of the day is dedicated to a planet according to viewing patterns of the age group and the kids can have ‘Appointment Viewing’ with their favourite content in the respective planet. These ten-planet programming line-up include Action Planet, Zomorroda Planet (Girls’ planet), Comedy Planet, Bon Bon Planet (Baby planet), Adventures Planet, Alphabet Planet, History Planet, Science Planet, Movies Planet and Sports Planet.
Spacetoon TV claims to own one of the world’s largest animated content libraries with a mix of historical and contemporary animation figures.
Spacetoon Media Group has already acquired a library of 4,200 episodes from various producers and studios throughout Europe, Asia and North America, and will also be looking at creating an hour of localised content produced in India.
Speaking on the launch, Rajiv Sangari, MD and CEO, Kids Media India, said, “With the launch of Spacetoon Kids TV in India, we aim to bring a distinctiveness with our unique proposition of providing edutainment for our Indian viewers. Though we are the 9th entrant in the market, we are confident that it will be well accepted by the audience and will create a niche in the world of kids’ entertainment. India is one of the largest children markets, which has a huge growth potential for Spacetoon products and services. We look forward to some exciting times ahead.”
Elaborating on the marketing initiative, Sangari said, “The channel would be supported by a lot of on-ground activities. This is an absolute effective way to reach out to kids. The process of reaching kids has been already commenced. We are targeting 3,000 schools where we will go and educate kids about the channel.”
He further said, “The channel is now available in Hindi, but over the period of time it would be available in other languages as well. The channel will be free-to-air for nearly three years. The target is to create demand and not push by purchase, to reach about 15 million homes by mid-2009 and to acquire 10 per cent share in the viewership by the end of 2010.”
On the content strategy, Sangari said, “90 per cent of the content would be sourced internationally, while 10 per cent would comprise local content of animated and live action. Local animation content will essentially be on the folk tales of India and the SAARC region. Live action will have exciting formats like involving kids from all schools for sports and cultural competitions and sponsoring all India drawing competitions, among other things.”
Mktg - Beware!Virgin is keeping a watch on you
Rohit Nautiyal
Outdoor has been an integral part of Virgin Mobile's campaign since its launch in March 2008. Two months ago, it relaunched its mobile handset, vKewl, with a new pricing. The message was to be conveyed to its target group (TG) – youngsters in the age group of 18-25 years. To accomplish this, the company has launched a novel outdoor campaign in Delhi.
The vKewl mobile comes with features such as video recording, a 1.3 mega pixel camera, FM radio, colour screen, MP3 player, speaker phone and headset – all for Rs 3,499. The outdoor innovation aims to grab the attention of its TG, convey the multiple features of the mobile and continue the brand's philosophy of 'Think Hatke'.
At a bus shelter close to Dayal Singh College in New Delhi, a CCTV camera has been fitted strategically to capture the expressions and actions of passers by.
Close to the shelter, an MUPI (multi photon ionisation) unit has been placed, which resembles the handset. Instead of the handset's static screen, the MUPI display has a 32 inch plasma screen. The footage captured by the CCTV is played simultaneously on the plasma screen, leaving the audience pleasantly surprised and sometimes embarrassed. The front panel of the shelter has the proposition from Virgin Mobile: 'Now make your own moves'.
Another innovation has a large 3D replica of the vKewl mobile mounted on a billboard at the Ashram flyover in New Delhi, with an LED screen fitted at the back. The screen runs candid viral videos for some quick and light-hearted entertainment.
The outdoor campaign has been ideated and executed by Bates 141.
Prasad Narasimhan, chief marketing officer, Virgin Mobiles, says, “For us, Delhi is a growing priority market and was thus ideal for unique, innovative communication. Also, thanks to its high student population, which is our core TG, it was a preferred place for this campaign.”
He adds, “We also saw a need for feature-rich handsets amongst the youth, especially camera and video recording. Our new handset comes equipped with the video recording feature and is positioned on this plank.”
The CCTV innovation was supposed to be executed in Mumbai as well, but could not be because of some regulatory issues.
The outdoor campaign is supported by television. Both 25 and 35 second ad spots have been aired across youth oriented channels such as MTV, Zoom, HBO and STAR Movies, along with a mix of general entertainment channels and news channels, including Colors, Sony, IBN7 and SET Max.
An innovative online campaign has been initiated to highlight the video recording feature. The shoot at sight microsite engages users by prompting them to shoot their own viral content, upload it and share it with friends. The campaign will be supported by a special application for the social networking site, Facebook, and an innovative banner ad campaign aimed at driving and generating traffic to the microsite.
Entertainment - Colors to share Jai Shri Krishna with Nick
Sumantha Rathore
Viacom's channels, Colors and Nick, have decided to share content, but with a different touch. Nick will telecast a modified version of Colors' popular soap, Jai Shri Krishna, starting next Sunday. Colors is a general entertainment channel and Nick is a children’s channel, so the content has been customised to suit Nick's target group.
Jai Shri Krishna is a mythological soap aired on Colors at 8.30 pm from Monday to Friday. The show is based on the life of Krishna, a Hindu god and a character in the mythological epic, Mahabharata. Along with commanding a family audience, it also has a substantial following amongst children. Airing it on Nick was thus a strategic decision.
Starting January 18, Jai Shri Krishna will be aired on Nick at 9 am every Sunday. A repeat telecast will be aired on the following Saturday.
The differentiator is that Nick will showcase a faster-paced, crisper and simpler version of the original show. It will be free of violence, with new packaging to which kids can relate easily.
Each episode of the hour-long show will be narrated by a grandmother, who will introduce the characters and demystify the mythology for the viewers.
Talking to afaqs! about the redesigned epic show, Nina Elavia Jaipuria, senior vice-president and general manager, Nick India, says, “We wanted to include a mythology show to the channel's programming mix. That’s how we came up with the idea of airing Jai Shri Krishna minus the violence.”
“The show will narrate an uncomplicated story – from a kid's point of view,” she adds.
Nick has re-edited and customised the show to make it more engaging for children. “True to the standards of Nick, we have deleted all the bloodshed and violence from the show. With this show, kids will be able to relate to a real-life kid rather than a cartoon character,” says Jaipuria.
Nick has also come up with a catchy music video and a contemporary title song created exclusively for the show and sung by a young boy. The background score of the song has also been altered to suit kids’ tastes. The show has a new montage as well.
Facing a global meltdown, Nick is adopting a strategy to leverage the resources of its network. Jaipuria says that in order to provide good content, the channel plans to optimise resources and leverage the strength of its network.
Viacom's channels, Colors and Nick, have decided to share content, but with a different touch. Nick will telecast a modified version of Colors' popular soap, Jai Shri Krishna, starting next Sunday. Colors is a general entertainment channel and Nick is a children’s channel, so the content has been customised to suit Nick's target group.
Jai Shri Krishna is a mythological soap aired on Colors at 8.30 pm from Monday to Friday. The show is based on the life of Krishna, a Hindu god and a character in the mythological epic, Mahabharata. Along with commanding a family audience, it also has a substantial following amongst children. Airing it on Nick was thus a strategic decision.
Starting January 18, Jai Shri Krishna will be aired on Nick at 9 am every Sunday. A repeat telecast will be aired on the following Saturday.
The differentiator is that Nick will showcase a faster-paced, crisper and simpler version of the original show. It will be free of violence, with new packaging to which kids can relate easily.
Each episode of the hour-long show will be narrated by a grandmother, who will introduce the characters and demystify the mythology for the viewers.
Talking to afaqs! about the redesigned epic show, Nina Elavia Jaipuria, senior vice-president and general manager, Nick India, says, “We wanted to include a mythology show to the channel's programming mix. That’s how we came up with the idea of airing Jai Shri Krishna minus the violence.”
“The show will narrate an uncomplicated story – from a kid's point of view,” she adds.
Nick has re-edited and customised the show to make it more engaging for children. “True to the standards of Nick, we have deleted all the bloodshed and violence from the show. With this show, kids will be able to relate to a real-life kid rather than a cartoon character,” says Jaipuria.
Nick has also come up with a catchy music video and a contemporary title song created exclusively for the show and sung by a young boy. The background score of the song has also been altered to suit kids’ tastes. The show has a new montage as well.
Facing a global meltdown, Nick is adopting a strategy to leverage the resources of its network. Jaipuria says that in order to provide good content, the channel plans to optimise resources and leverage the strength of its network.
Business - Madoff's fund may not have made a single trade
Jason Szep
BOSTON (Reuters) – Bernie Madoff's investment fund may never have executed a single trade, industry officials say, suggesting detailed statements mailed to investors each month may have been an elaborate mirage in a $50 billion fraud.
An industry-run regulator for brokerage firms said on Thursday there was no record of Madoff's investment fund placing trades through his brokerage operation.
That means Madoff either placed trades through other brokerage firms, a move industry officials consider unlikely, or he was not executing trades at all.
"Our exams showed no evidence of trading on behalf of the investment advisor, no evidence of any customer statements being generated by the broker-dealer," said Herb Perone, spokesman for the Financial Industry Regulatory Authority.
Madoff's broker-dealer operation, Bernard L. Madoff Investment Securities, underwent routine examinations by FINRA and its predecessor, the National Association of Securities Dealers, every two years since it opened in 1960, Perone said.
Madoff, a former chairman of the Nasdaq Stock Market who was a force on Wall Street for nearly 50 years, allegedly confessed to his sons the firm's investment-advisory business was "basically a giant Ponzi scheme" and "one big lie," according to court documents.
He estimated losses of at least $50 billion from the Ponzi scheme, which uses money from new investors to pay distributions and redemptions to existing investors. Such schemes typically collapse when new funds dry up.
Each month, Madoff sent out elaborate statements of trades conducted by his broker-dealer. Last November, for example, he issued a statement to one investor showing he bought shares of Merck & Co Inc, Microsoft Corp, Exxon Mobil Corp and Amgen Inc among others.
It also showed transactions in Fidelity Investments' Spartan Fund. But Fidelity, the world's biggest mutual fund company, has no record of Madoff or his company making any investments in its funds.
DISCREPANCIES
"We are not aware of any investments by Madoff in our funds on behalf of his clients," Fidelity spokeswoman Anne Crowley said in an e-mail to Reuters.
Neither Madoff nor his firm was a client of Fidelity's Institutional Wealth Services business, their clearing firm National Financial or a financial intermediary client of its institutional services arm, she said.
"Consequently, his firm did not work with our intermediary businesses through which firms invest their clients' money in Fidelity funds," she added.
There also appear to be discrepancies between monthly statements sent to investors and the actual prices at which the stocks traded on Wall Street.
For example, his November statement showed he bought software maker Apple Inc's securities at $100.78 each on November 12, about a month before his arrest.
But Apple's stock on that day never traded above $93.24. The statement also showed he bought chip maker Intel Corp at $14.51 on November 12, but Intel's highest price on that day was $13.97.
"You could print up any statements you want on the computer and send it out to a client and the chances are the client wouldn't know, because they are getting a statement," said Neil Hackman, president and chief executive of Oak Financial Group, a Stamford, Connecticut-based investment advisory firm.
To some, the numbers did not add up.
About 10 years ago, Harry Markopolos, then chief investment officer at Rampart Investment Management Co in Boston, asked risk management consultant Daniel diBartolomeo to run Madoff's numbers after Markopolos tried to emulate Madoff's strategy.
DiBartolomeo ran regression analyses and various calculations, but failed to reconcile them. For a decade, Markopolos raised the issue with the U.S. Securities and Exchange Commission, which has come under fire in Congress in recent weeks for failing to act on Markopolos's warnings.
(Additional reporting by Muralikumar Anantharaman; Editing by Andre Grenon)
BOSTON (Reuters) – Bernie Madoff's investment fund may never have executed a single trade, industry officials say, suggesting detailed statements mailed to investors each month may have been an elaborate mirage in a $50 billion fraud.
An industry-run regulator for brokerage firms said on Thursday there was no record of Madoff's investment fund placing trades through his brokerage operation.
That means Madoff either placed trades through other brokerage firms, a move industry officials consider unlikely, or he was not executing trades at all.
"Our exams showed no evidence of trading on behalf of the investment advisor, no evidence of any customer statements being generated by the broker-dealer," said Herb Perone, spokesman for the Financial Industry Regulatory Authority.
Madoff's broker-dealer operation, Bernard L. Madoff Investment Securities, underwent routine examinations by FINRA and its predecessor, the National Association of Securities Dealers, every two years since it opened in 1960, Perone said.
Madoff, a former chairman of the Nasdaq Stock Market who was a force on Wall Street for nearly 50 years, allegedly confessed to his sons the firm's investment-advisory business was "basically a giant Ponzi scheme" and "one big lie," according to court documents.
He estimated losses of at least $50 billion from the Ponzi scheme, which uses money from new investors to pay distributions and redemptions to existing investors. Such schemes typically collapse when new funds dry up.
Each month, Madoff sent out elaborate statements of trades conducted by his broker-dealer. Last November, for example, he issued a statement to one investor showing he bought shares of Merck & Co Inc, Microsoft Corp, Exxon Mobil Corp and Amgen Inc among others.
It also showed transactions in Fidelity Investments' Spartan Fund. But Fidelity, the world's biggest mutual fund company, has no record of Madoff or his company making any investments in its funds.
DISCREPANCIES
"We are not aware of any investments by Madoff in our funds on behalf of his clients," Fidelity spokeswoman Anne Crowley said in an e-mail to Reuters.
Neither Madoff nor his firm was a client of Fidelity's Institutional Wealth Services business, their clearing firm National Financial or a financial intermediary client of its institutional services arm, she said.
"Consequently, his firm did not work with our intermediary businesses through which firms invest their clients' money in Fidelity funds," she added.
There also appear to be discrepancies between monthly statements sent to investors and the actual prices at which the stocks traded on Wall Street.
For example, his November statement showed he bought software maker Apple Inc's securities at $100.78 each on November 12, about a month before his arrest.
But Apple's stock on that day never traded above $93.24. The statement also showed he bought chip maker Intel Corp at $14.51 on November 12, but Intel's highest price on that day was $13.97.
"You could print up any statements you want on the computer and send it out to a client and the chances are the client wouldn't know, because they are getting a statement," said Neil Hackman, president and chief executive of Oak Financial Group, a Stamford, Connecticut-based investment advisory firm.
To some, the numbers did not add up.
About 10 years ago, Harry Markopolos, then chief investment officer at Rampart Investment Management Co in Boston, asked risk management consultant Daniel diBartolomeo to run Madoff's numbers after Markopolos tried to emulate Madoff's strategy.
DiBartolomeo ran regression analyses and various calculations, but failed to reconcile them. For a decade, Markopolos raised the issue with the U.S. Securities and Exchange Commission, which has come under fire in Congress in recent weeks for failing to act on Markopolos's warnings.
(Additional reporting by Muralikumar Anantharaman; Editing by Andre Grenon)
World - US;Obama tells daughters he ran for president for them, all children
Slideshow: President-elect Barack Obama Play Video Video: Michelle Obama under the spotlight AP Play Video Video: Obama in wax Reuters WASHINGTON (AFP) – In an open letter to his young daughters, US president-elect Barack Obama said Thursday that he entered the race for the White House "because of what I want for you and for every child in this nation."
"When I was a young man, I thought life was all about me -- about how I'd make my way in the world, become successful, and get the things I want. But then the two of you came into my world," Obama said in the letter published in Parade magazine, a weekend newspaper color supplement.
"I realized that my own life wouldn't count for much unless I was able to ensure that you had every opportunity for happiness and fulfilment in yours. In the end, girls, that's why I ran for President: because of what I want for you and for every child in this nation," wrote the soon-to-be Dad-in-chief.
Obama's wish-list for children includes challenging and inspirational schools; equal opportunity to go to university, regardless of their family's financial standing; and well-paid jobs with benefits such as health care and a pension plan that will allow them to "retire with dignity."
The 47-year-old father of Malia, 10, and Sasha, 7, said he wants to "push the boundaries" of discovery to encourage the development of new technology and inventions that improve lives and protect the environment.
And he spoke of his vision of a United States that has reached "beyond the divides of race and region, gender and religion that keep us from seeing the best in each other."
He would strive to send young Americans to war "only for a very good reason", trying first to settle differences with other nations peacefully.
"These are the things I want for you -- to grow up in a world with no limits on your dreams and no achievements beyond your reach, and to grow into compassionate, committed women who will help build that world," wrote Obama.
"And I want every child to have the same chances to learn and dream and grow and thrive that you girls have. That's why I've taken our family on this great adventure," wrote Obama, who on Tuesday will move into the White House with his two daughters and wife, Michelle.
"When I was a young man, I thought life was all about me -- about how I'd make my way in the world, become successful, and get the things I want. But then the two of you came into my world," Obama said in the letter published in Parade magazine, a weekend newspaper color supplement.
"I realized that my own life wouldn't count for much unless I was able to ensure that you had every opportunity for happiness and fulfilment in yours. In the end, girls, that's why I ran for President: because of what I want for you and for every child in this nation," wrote the soon-to-be Dad-in-chief.
Obama's wish-list for children includes challenging and inspirational schools; equal opportunity to go to university, regardless of their family's financial standing; and well-paid jobs with benefits such as health care and a pension plan that will allow them to "retire with dignity."
The 47-year-old father of Malia, 10, and Sasha, 7, said he wants to "push the boundaries" of discovery to encourage the development of new technology and inventions that improve lives and protect the environment.
And he spoke of his vision of a United States that has reached "beyond the divides of race and region, gender and religion that keep us from seeing the best in each other."
He would strive to send young Americans to war "only for a very good reason", trying first to settle differences with other nations peacefully.
"These are the things I want for you -- to grow up in a world with no limits on your dreams and no achievements beyond your reach, and to grow into compassionate, committed women who will help build that world," wrote Obama.
"And I want every child to have the same chances to learn and dream and grow and thrive that you girls have. That's why I've taken our family on this great adventure," wrote Obama, who on Tuesday will move into the White House with his two daughters and wife, Michelle.
Lifestyle - Mind your workplace manners -- it pays
SYDNEY (Reuters) – Manners maketh the businessman, with a global survey finding Americans and Britons to be the most easily insulted by lack of workplace etiquette, while Australians are among the most offensive.
The survey, by Australian-based international office space provider Servcorp, listed the top five most offensive workplace behaviors as not saying hello or good morning, not offering office guests a beverage, speaking loudly across the room, using swear words and taking calls on mobile phones.
The use of stationery without permission and asking colleagues about their personal lives were also deemed insulting.
The poll then revealed the United States and Britain to be the most sensitive nations in the world, despite 60 percent of respondents believing Japan has the strictest work etiquette.
English and American businessmen were also more easily offended than their colleagues in the Middle East, Japan and China, nations with cultural traditions spanning centuries.
Almost 25 percent of Australians, however, thought it was perfectly acceptable to swear -- something the majority of Japanese and Middle Easterners found deeply offensive.
Nearly all Australians polled also said they would not think twice about addressing their boss by their first name, something Chinese business people found very rude.
Australians also regularly talk loudly at work, take personal calls and ask too many personal questions, the survey showed.
"Being aware of potentially offensive behavior is a key factor to Australian business success abroad," Taine Moufarrige, Servcorp's executive director, said in a statement.
"Australians are very natural in their business style, perhaps more so than any other country in the world," she said, adding that the survey, which was sent to some 700 businesspeople in 13 countries, was commissioned to help Australians.
The survey found that although they are not easily offended, Australians were more ticked off than their international colleagues by business people who don't buy drinks and who don't offer guests beverages.
(Writing by Miral Fahmy; Editing by David Fox)
The survey, by Australian-based international office space provider Servcorp, listed the top five most offensive workplace behaviors as not saying hello or good morning, not offering office guests a beverage, speaking loudly across the room, using swear words and taking calls on mobile phones.
The use of stationery without permission and asking colleagues about their personal lives were also deemed insulting.
The poll then revealed the United States and Britain to be the most sensitive nations in the world, despite 60 percent of respondents believing Japan has the strictest work etiquette.
English and American businessmen were also more easily offended than their colleagues in the Middle East, Japan and China, nations with cultural traditions spanning centuries.
Almost 25 percent of Australians, however, thought it was perfectly acceptable to swear -- something the majority of Japanese and Middle Easterners found deeply offensive.
Nearly all Australians polled also said they would not think twice about addressing their boss by their first name, something Chinese business people found very rude.
Australians also regularly talk loudly at work, take personal calls and ask too many personal questions, the survey showed.
"Being aware of potentially offensive behavior is a key factor to Australian business success abroad," Taine Moufarrige, Servcorp's executive director, said in a statement.
"Australians are very natural in their business style, perhaps more so than any other country in the world," she said, adding that the survey, which was sent to some 700 businesspeople in 13 countries, was commissioned to help Australians.
The survey found that although they are not easily offended, Australians were more ticked off than their international colleagues by business people who don't buy drinks and who don't offer guests beverages.
(Writing by Miral Fahmy; Editing by David Fox)
Tech - US, Chinese researchers engineer invisible cloak: study
WASHINGTON (AFP) – In a breakthrough that could signal a new era for human technology, US and Chinese researchers announced they are a step closer to creating an invisibility shield.
In a development made possible by advances in designing complex mathematical commands known as algorithms, engineers at Duke University, North Carolina were able to create what they call "metamaterials."
These materials can "guide electromagnetic waves around an object, only to have them emerge on the other side as if they had passed through an empty volume of space," according to the team, whose work was published in the January 16 edition of the journal Science.
The cloaking phenomenon is similar to mirages seen at a distance on a hot day, according to senior researcher David R. Smith.
"You see what looks like water hovering over the road, but it is in reality a reflection from the sky," Smith said.
"In that example, the mirage you see is cloaking the road below. In effect, we are creating an engineered mirage with this latest cloak design."
The team, who were backed by the US Air Force Office of Scientific Research and the National Science Foundation of China among others, worked off their 2006 prototype that proved the project's feasibility.
But Smith said their latest cloak is far superior to the original design, Smith said.
"The new device can cloak a much wider spectrum of waves -- nearly limitless -- and will scale far more easily to infrared and visible light," he said.
"The approach we used should help us expand and improve our abilities to cloak different types of waves."
The breakthrough has the potential of advancing numerous technologies that already exist, and ideas that have yet to be devised.
"By eliminating the effects of obstructions, cloaking devices could improve wireless communications, or acoustic cloaks could serve as protective shields, preventing the penetration of vibrations, sound or seismic waves," said the team.
The cloak, measuring 20 inches (50.8 centimeters) by four inches (10 centimeters) and less than an inch (2.5 centimeter) high, is constructed with 10,000 fiberglass pieces arranged in parallel rows, 6,000 of which are unique.
The unique algorithms that can affect electromagnetic waves determined the shape and placement of each piece, the team indicated.
In a development made possible by advances in designing complex mathematical commands known as algorithms, engineers at Duke University, North Carolina were able to create what they call "metamaterials."
These materials can "guide electromagnetic waves around an object, only to have them emerge on the other side as if they had passed through an empty volume of space," according to the team, whose work was published in the January 16 edition of the journal Science.
The cloaking phenomenon is similar to mirages seen at a distance on a hot day, according to senior researcher David R. Smith.
"You see what looks like water hovering over the road, but it is in reality a reflection from the sky," Smith said.
"In that example, the mirage you see is cloaking the road below. In effect, we are creating an engineered mirage with this latest cloak design."
The team, who were backed by the US Air Force Office of Scientific Research and the National Science Foundation of China among others, worked off their 2006 prototype that proved the project's feasibility.
But Smith said their latest cloak is far superior to the original design, Smith said.
"The new device can cloak a much wider spectrum of waves -- nearly limitless -- and will scale far more easily to infrared and visible light," he said.
"The approach we used should help us expand and improve our abilities to cloak different types of waves."
The breakthrough has the potential of advancing numerous technologies that already exist, and ideas that have yet to be devised.
"By eliminating the effects of obstructions, cloaking devices could improve wireless communications, or acoustic cloaks could serve as protective shields, preventing the penetration of vibrations, sound or seismic waves," said the team.
The cloak, measuring 20 inches (50.8 centimeters) by four inches (10 centimeters) and less than an inch (2.5 centimeter) high, is constructed with 10,000 fiberglass pieces arranged in parallel rows, 6,000 of which are unique.
The unique algorithms that can affect electromagnetic waves determined the shape and placement of each piece, the team indicated.
World - Zimbabwe unveils 100 trillion dollar note
HARARE (AFP) – Zimbabwe will introduce a 100 trillion dollar note, in its latest attempt to keep pace with hyperinflation that has left its once-vibrant economy in tatters, state media said Friday.
The new 100,000,000,000,000 Zim-dollar bill would have been worth about 300 US dollars (225 euros) at Thursday's exchange rate on the informal market, where most currency trading now takes place, but the value of the local currency erodes dramatically every day.
The Reserve Bank of Zimbabwe is introducing three other notes in trillion-dollar denominations of 10, 20 and 50, the government mouthpiece Herald newspaper said.
"In a move meant to ensure that the public has access to their money from banks, the Reserve Bank of Zimbabwe has introduced a new family of banknotes which will gradually come into circulation, starting with the 10 trillion Zimbabwe-dollar," the bank said in a statement quoted by the Herald.
Just last week, the bank had introduced billion-dollar bills in denominations of 10, 20 and 50 with the same goal, but those notes are no longer large enough to keep up with hyperinflation.
The last official estimate put inflation at 231 million percent in July, but outside experts now believe it is many times higher.
When Zimbabwe's leader Robert Mugabe first took power in 1980, following independence from Britain, the local unit was worth about the same as the British pound.
With the local currency in freefall, everyone from streetside vegetable vendors to mobile phone service providers are pegging their prices in foreign currency to hedge against losses.
Zimbabwe's central bank has licensed at least 1,000 shops to sell goods in foreign currency in a move aimed at helping businesses suffering from a chronic shortage of foreign currency to import spare parts and foreign goods.
Other shops and service providers have followed suit although they have not been authorised by the government and have done so despite warnings that those arrested for flouting foreign exchange regulations would be prosecuted.
Even basic commodities are scarce in Zimbabwe, driving up their prices in US dollar terms and making life here more expensive than in neighbouring countries, while an estimated 80 percent of the population has been driven into poverty.
The crisis has left Zimbabwe's health services in tatters, with government doctors and nurses on an indefinite strike to demand higher wages after hyperinflation turned their salaries into pittances.
Even if the doctors were on the job, public hospitals and clinics have no money to buy medicine or equipment, no clean water, and often scant supplies of electricity.
Most teachers have left the classroom to eek out a living elsewhere, and end-of-year examinations taken in November have yet to be graded after the markers demanded their wages in foreign currency, the Herald said Friday.
Schools were supposed to re-open this week for the new academic year, but government has already pushed back the start of classes by two weeks since students don't yet know if they passed.
The breakdown in the national infrastructure has allowed a cholera epidemic to spread across Zimbabwe, claiming more than 2,100 lives, according to UN estimates.
Meanwhile chronic shortages of food are starting to bite again this year, as rural households' supplies from last year's harvest are running out months before the new crops will be ready.
The World Food Programme says five million people -- nearly half the population -- are dependent on food aid.
The crisis shows little sign of abating with government deadlocked after disputed elections last year. Mugabe and opposition leader Morgan Tsvangirai signed a power-sharing deal four months, which has yet to be implemented.
The new 100,000,000,000,000 Zim-dollar bill would have been worth about 300 US dollars (225 euros) at Thursday's exchange rate on the informal market, where most currency trading now takes place, but the value of the local currency erodes dramatically every day.
The Reserve Bank of Zimbabwe is introducing three other notes in trillion-dollar denominations of 10, 20 and 50, the government mouthpiece Herald newspaper said.
"In a move meant to ensure that the public has access to their money from banks, the Reserve Bank of Zimbabwe has introduced a new family of banknotes which will gradually come into circulation, starting with the 10 trillion Zimbabwe-dollar," the bank said in a statement quoted by the Herald.
Just last week, the bank had introduced billion-dollar bills in denominations of 10, 20 and 50 with the same goal, but those notes are no longer large enough to keep up with hyperinflation.
The last official estimate put inflation at 231 million percent in July, but outside experts now believe it is many times higher.
When Zimbabwe's leader Robert Mugabe first took power in 1980, following independence from Britain, the local unit was worth about the same as the British pound.
With the local currency in freefall, everyone from streetside vegetable vendors to mobile phone service providers are pegging their prices in foreign currency to hedge against losses.
Zimbabwe's central bank has licensed at least 1,000 shops to sell goods in foreign currency in a move aimed at helping businesses suffering from a chronic shortage of foreign currency to import spare parts and foreign goods.
Other shops and service providers have followed suit although they have not been authorised by the government and have done so despite warnings that those arrested for flouting foreign exchange regulations would be prosecuted.
Even basic commodities are scarce in Zimbabwe, driving up their prices in US dollar terms and making life here more expensive than in neighbouring countries, while an estimated 80 percent of the population has been driven into poverty.
The crisis has left Zimbabwe's health services in tatters, with government doctors and nurses on an indefinite strike to demand higher wages after hyperinflation turned their salaries into pittances.
Even if the doctors were on the job, public hospitals and clinics have no money to buy medicine or equipment, no clean water, and often scant supplies of electricity.
Most teachers have left the classroom to eek out a living elsewhere, and end-of-year examinations taken in November have yet to be graded after the markers demanded their wages in foreign currency, the Herald said Friday.
Schools were supposed to re-open this week for the new academic year, but government has already pushed back the start of classes by two weeks since students don't yet know if they passed.
The breakdown in the national infrastructure has allowed a cholera epidemic to spread across Zimbabwe, claiming more than 2,100 lives, according to UN estimates.
Meanwhile chronic shortages of food are starting to bite again this year, as rural households' supplies from last year's harvest are running out months before the new crops will be ready.
The World Food Programme says five million people -- nearly half the population -- are dependent on food aid.
The crisis shows little sign of abating with government deadlocked after disputed elections last year. Mugabe and opposition leader Morgan Tsvangirai signed a power-sharing deal four months, which has yet to be implemented.
Lifestyle - Obama returns night-owl presidency
Carrie Budoff Brown
Barack Obama is bringing back the night-owl presidency.
With the metabolism of a White House set by its occupant, Obama's team is preparing for a return to long nights, heavy weekend shifts – and a boss who will venture into Washington far more than the place's current resident.
It’s a throwback to Bill Clinton’s cramming-for-an-exam style, a shift from George W. Bush’s early-bird routine. Aides expect the workload to be so intense, at least for the early months, that they’re trying to formalize ways to help staffers stay in touch with spouses and kids – with ideas under consideration that include inviting family members into the White House for casual after-hours meals.
Another possibility: urging aides to go home for dinner, as long as they come back to finish the night.
Obama aides say there are no specifics so far, but hinted that staffers' children may be seeing the inside of the White House like never before – as way to stay in touch with Mom or Dad.
“Family is very important to the Obamas and while the challenges ahead will require long hours, hard work and sacrifice for everyone in the incoming administration they hope to make the White House a place that is open and welcoming to the families of White House employees,” said Jen Psaki, an Obama spokeswoman.
Bush famously arrives at the Oval Office by dawn, leaves by 6 p.m. and goes to bed by 10 p.m. Dinners out are as rare as a lunar eclipse.
Obama, by contrast, stays up late. He holds conference calls with senior staff as late as 11 p.m., and often reads and writes past midnight. Ahead of the Democratic National Convention, he spent consecutive nights holed up in a Chicago hotel room, working on his speech until 2 a.m.
And in the 10 days alone, Obama stopped by a Senate cocktail party, dined out with foreign policy types, and made a visit Saturday to Ben’s Chili Bowl, a Washington institution and pillar in the African-American community. He stayed out until 9:30 p.m. Tuesday at a dinner with conservative columnists.
“The expectation is that it will be a lot of hours, and hours we were used to working before the transition,” one Obama aide said. “Everybody is comfortable with that. There is an expectation that the first few months will set the tone.”
Michelle Obama often speaks of using her new role as First Lady to highlight the struggles of balancing work and family. But she need look no further than her husband’s White House, where not just the incoming president – a father of two daughters – will feel torn.
The senior ranks include several parents of young children, including incoming chief of staff Rahm Emanuel, press secretary Robert Gibbs, and Jackie Norris, chief of staff to the First Lady.
In his attempt to maintain balance, Obama would routinely divert his lumbering campaign apparatus back to Chicago simply to be present for important events: picking out a Christmas tree, taking the girls to go trick-or-treating on Halloween, attending a dance recital. His staff would take their own timeouts, too. Gibbs flew home less than five days before the election so he could spend Halloween with his son.
“There is a great deal of respect and importance for being there for your children,” the aide said.
Still, the White House will no doubt foster an unforgiving pace, particularly now that late nights may be more normal than they were under Bush. Emanuel, for example, doesn’t think twice about dialing up his staff as early as 6 a.m. He schmoozes after work at Washington hot spots, and emails late into the night.
Bush and his top aides prided themselves on promoting a family-friendly White House, as much as 12-hour days and a Blackberry-wired existence can count as healthy. The first White House chief of staff, Andy Card, initially started the senior staff meetings at 6:30 a.m. But when several of the working moms told Bush the time was too early, Card moved it to 7 a.m.
Parents could cut out for family events. The work day ends between 7 p.m. and 8 p.m., although they were expected to be available by Blackberry. And staff even made time for afternoon workouts at the Eisenhower Executive Office Building three days a week, a break in the work day that Bush “highly endorsed,” said Mary Matalin, a former counselor to Vice President Dick Cheney.
“The working culture was mature,” Matalin, a mother of two daughters, said in an email. “The culture of staying late just to stay late was discouraged, even frowned upon. The operating principle was to pace yourself to be able to provide peak performance.”
"Both the president and vice president insisted we try to have integrated family lives," Matalin said.
"Balance is not possible in a White House job, but if you had a family deal, you went and were never remotely made to feel awkward about it."
Karen Hughes, a longtime adviser and close confidant to Bush, established what she called a “Midweek Moment.” She would try to leave the office early – at 5:30 p.m. – once a week so she could spend time with her teenage son, who was usually sleeping when she left in the morning and in bed when she got home.
“I made it half the time,” Hughes said of her “Midweek Moment.”
Even with the family-friendly mantra, both Matalin and Hughes stayed in the White House for less than two years. Like the Obama team, they arrived in Washington after an extended and grueling presidential campaign that makes burnout all the more likely.
“It is very difficult to meet your responsibilities to both your family and job,” Hughes said.
The Clinton White House, on the other hand, offered no pretense of normalcy.
“I fully admit that we may have overdone it,” said Michael Feldman, a partner at The Glover Park Group who served in the White House for eight years as an adviser to Vice President Al Gore. “We took the campaign mentality directly into the White House. … It was a direct extension of the campaign. People worked literally around the clock and slept in their offices. There never seemed to be enough hours.”
Clinton set the tone, staying in the Oval Office until 10 p.m. That meant others felt like they couldn’t leave until he did.
Hughes said the Obama White House might want to consider shift work – a day shift and a night shift – to lighten the load.
“You don’t want to burn people out,” Hughes said. “You don’t want them to become so busy that they can’t function to their maximum potential. After 12- or 14-hour days, I was mentally shot. It was hard to do anything effectively.”
Barack Obama is bringing back the night-owl presidency.
With the metabolism of a White House set by its occupant, Obama's team is preparing for a return to long nights, heavy weekend shifts – and a boss who will venture into Washington far more than the place's current resident.
It’s a throwback to Bill Clinton’s cramming-for-an-exam style, a shift from George W. Bush’s early-bird routine. Aides expect the workload to be so intense, at least for the early months, that they’re trying to formalize ways to help staffers stay in touch with spouses and kids – with ideas under consideration that include inviting family members into the White House for casual after-hours meals.
Another possibility: urging aides to go home for dinner, as long as they come back to finish the night.
Obama aides say there are no specifics so far, but hinted that staffers' children may be seeing the inside of the White House like never before – as way to stay in touch with Mom or Dad.
“Family is very important to the Obamas and while the challenges ahead will require long hours, hard work and sacrifice for everyone in the incoming administration they hope to make the White House a place that is open and welcoming to the families of White House employees,” said Jen Psaki, an Obama spokeswoman.
Bush famously arrives at the Oval Office by dawn, leaves by 6 p.m. and goes to bed by 10 p.m. Dinners out are as rare as a lunar eclipse.
Obama, by contrast, stays up late. He holds conference calls with senior staff as late as 11 p.m., and often reads and writes past midnight. Ahead of the Democratic National Convention, he spent consecutive nights holed up in a Chicago hotel room, working on his speech until 2 a.m.
And in the 10 days alone, Obama stopped by a Senate cocktail party, dined out with foreign policy types, and made a visit Saturday to Ben’s Chili Bowl, a Washington institution and pillar in the African-American community. He stayed out until 9:30 p.m. Tuesday at a dinner with conservative columnists.
“The expectation is that it will be a lot of hours, and hours we were used to working before the transition,” one Obama aide said. “Everybody is comfortable with that. There is an expectation that the first few months will set the tone.”
Michelle Obama often speaks of using her new role as First Lady to highlight the struggles of balancing work and family. But she need look no further than her husband’s White House, where not just the incoming president – a father of two daughters – will feel torn.
The senior ranks include several parents of young children, including incoming chief of staff Rahm Emanuel, press secretary Robert Gibbs, and Jackie Norris, chief of staff to the First Lady.
In his attempt to maintain balance, Obama would routinely divert his lumbering campaign apparatus back to Chicago simply to be present for important events: picking out a Christmas tree, taking the girls to go trick-or-treating on Halloween, attending a dance recital. His staff would take their own timeouts, too. Gibbs flew home less than five days before the election so he could spend Halloween with his son.
“There is a great deal of respect and importance for being there for your children,” the aide said.
Still, the White House will no doubt foster an unforgiving pace, particularly now that late nights may be more normal than they were under Bush. Emanuel, for example, doesn’t think twice about dialing up his staff as early as 6 a.m. He schmoozes after work at Washington hot spots, and emails late into the night.
Bush and his top aides prided themselves on promoting a family-friendly White House, as much as 12-hour days and a Blackberry-wired existence can count as healthy. The first White House chief of staff, Andy Card, initially started the senior staff meetings at 6:30 a.m. But when several of the working moms told Bush the time was too early, Card moved it to 7 a.m.
Parents could cut out for family events. The work day ends between 7 p.m. and 8 p.m., although they were expected to be available by Blackberry. And staff even made time for afternoon workouts at the Eisenhower Executive Office Building three days a week, a break in the work day that Bush “highly endorsed,” said Mary Matalin, a former counselor to Vice President Dick Cheney.
“The working culture was mature,” Matalin, a mother of two daughters, said in an email. “The culture of staying late just to stay late was discouraged, even frowned upon. The operating principle was to pace yourself to be able to provide peak performance.”
"Both the president and vice president insisted we try to have integrated family lives," Matalin said.
"Balance is not possible in a White House job, but if you had a family deal, you went and were never remotely made to feel awkward about it."
Karen Hughes, a longtime adviser and close confidant to Bush, established what she called a “Midweek Moment.” She would try to leave the office early – at 5:30 p.m. – once a week so she could spend time with her teenage son, who was usually sleeping when she left in the morning and in bed when she got home.
“I made it half the time,” Hughes said of her “Midweek Moment.”
Even with the family-friendly mantra, both Matalin and Hughes stayed in the White House for less than two years. Like the Obama team, they arrived in Washington after an extended and grueling presidential campaign that makes burnout all the more likely.
“It is very difficult to meet your responsibilities to both your family and job,” Hughes said.
The Clinton White House, on the other hand, offered no pretense of normalcy.
“I fully admit that we may have overdone it,” said Michael Feldman, a partner at The Glover Park Group who served in the White House for eight years as an adviser to Vice President Al Gore. “We took the campaign mentality directly into the White House. … It was a direct extension of the campaign. People worked literally around the clock and slept in their offices. There never seemed to be enough hours.”
Clinton set the tone, staying in the Oval Office until 10 p.m. That meant others felt like they couldn’t leave until he did.
Hughes said the Obama White House might want to consider shift work – a day shift and a night shift – to lighten the load.
“You don’t want to burn people out,” Hughes said. “You don’t want them to become so busy that they can’t function to their maximum potential. After 12- or 14-hour days, I was mentally shot. It was hard to do anything effectively.”
Business - Bank of America gets 20 billion to help absorb Merrill Lynch
WASHINGTON (AFP) – Bank of America will receive 20 billion dollars in fresh capital and a 118-billion-dollar asset guarantee program to help shore it up after acquiring Merrill Lynch, the US Treasury Department announced early Friday.
The Treasury said in a joint statement with the Federal Deposit Insurance Corporation that it "will invest 20 billion dollars" in BofA from the Troubled Assets Relief Program (TARP) "in exchange for preferred stock with an 8 percent dividend to the Treasury."
The Treasury and the FDIC will also "provide protection against the possibility of unusually large losses on an asset pool of approximately 118 billion dollars of loans, securities backed by residential and commercial real estate loans, and other such assets, all of which have been marked to current market value," the statement read.
Bank of America has already received 25 billion dollars (19 billion euros) in capital injections from the TARP, a US financial bailout fund that helped rescue mostly banks reeling from financial turmoil triggered by a home mortgage meltdown.
That included 10 billion dollars for the brokerage firm Merrill Lynch, which Bank of America bought in a deal that closed January 1.
In return for the aid, Bank of America must meet strict restrictions on executive pay and compensations, and implement a mortgage loan modification program.
"The objective of this program is to foster financial market stability and thereby to strengthen the economy and protect American jobs, savings, and retirement security," Treasury said.
The announcement came just hours ahead of the bank's release Friday of its fourth-quarter earnings
The Treasury said in a joint statement with the Federal Deposit Insurance Corporation that it "will invest 20 billion dollars" in BofA from the Troubled Assets Relief Program (TARP) "in exchange for preferred stock with an 8 percent dividend to the Treasury."
The Treasury and the FDIC will also "provide protection against the possibility of unusually large losses on an asset pool of approximately 118 billion dollars of loans, securities backed by residential and commercial real estate loans, and other such assets, all of which have been marked to current market value," the statement read.
Bank of America has already received 25 billion dollars (19 billion euros) in capital injections from the TARP, a US financial bailout fund that helped rescue mostly banks reeling from financial turmoil triggered by a home mortgage meltdown.
That included 10 billion dollars for the brokerage firm Merrill Lynch, which Bank of America bought in a deal that closed January 1.
In return for the aid, Bank of America must meet strict restrictions on executive pay and compensations, and implement a mortgage loan modification program.
"The objective of this program is to foster financial market stability and thereby to strengthen the economy and protect American jobs, savings, and retirement security," Treasury said.
The announcement came just hours ahead of the bank's release Friday of its fourth-quarter earnings
Tech - YouTube Mutes Copyrighted Music, Angers Users
Jennifer LeClaire
In a move to balance the needs of music copyright holders and its content-generating users, YouTube on Wednesday said it's offering more options to users who violate copyrights. The result is hundreds of videos without sound.
The move seems to be in response to a Warner Music Group demand in December that YouTube cut off access to videos that contain Warner music. The demand came after negotiations on licensing agreements stalled.
At that time, YouTube warned users that they "may notice videos that contain music owned by Warner Music Group being blocked from the site." YouTube is no longer threatening. It has moved to block the music content while trying to appease users. Many users, however, are up in arms about the change.
YouTube's Compromise
Previously, when a music label or other rights owner issued a copyright claim to block audio, YouTube automatically took the video down. Uploaders had two choices: dispute the claim -- in the case of fair use, for example -- or use YouTube's AudioSwap tool to replace the track with one from a library of approved music.
"Music licensing can get very complicated, but we try to make your experience as simple as possible," YouTube's blog said. "We want you to have options when uploading videos with music in them. And if your video is subject to a copyright claim, you should have some choices, too."
YouTube has been fingerprinting audio tracks and informing users when they infringe on copyrights. The copyright owner got the option of having the video removed or letting it stay up along with revenue-generating ads.
Now instead of a video being removed, users have an option to modify the video by removing the disputed music and posting a new version. YouTube reports that many of its users are taking that option.
"Our content-management tools have revolutionized the ways in which users and content owners are distributing, marketing and making money from video online," YouTube said. "As we continue to build out this system, we are working to find the right balance between encouraging creativity and free expression and respecting the rights of copyright holders and the law."
YouTube Users Angry
But some YouTube members aren't thrilled with the option. A user named KariWolf wrote on YouTube's blog, "Okay, so YouTube is going to suck more now. First they put ads on a bunch of good music videos ... They already were horrible at deleting the right videos, deleting videos that did nothing wrong. And while all that goes on, they leave videos that should be deleted, alive. Now this ..."
Other YouTube members are calling for a boycott of the music industry. "We can't stand by silently while the music industry continues its decades-long effort to lock up our culture!" a user named HispanicImpression wrote on the blog. "Only buy audio CDs secondhand from now on ... Don't download from online music stores anymore. Support self-marketing bands. Spread this message here on every muted video you encounter."
But according to Phil Leigh, a senior analyst at Inside Digital Media, YouTube's move was inevitable. "The copyright has to be respected. The people that have been putting stuff up on YouTube and not respecting copyrights don't have much of a basis for complaints. Sites like YouTube will continue to take steps to honor copyrights in every way they can."
In a move to balance the needs of music copyright holders and its content-generating users, YouTube on Wednesday said it's offering more options to users who violate copyrights. The result is hundreds of videos without sound.
The move seems to be in response to a Warner Music Group demand in December that YouTube cut off access to videos that contain Warner music. The demand came after negotiations on licensing agreements stalled.
At that time, YouTube warned users that they "may notice videos that contain music owned by Warner Music Group being blocked from the site." YouTube is no longer threatening. It has moved to block the music content while trying to appease users. Many users, however, are up in arms about the change.
YouTube's Compromise
Previously, when a music label or other rights owner issued a copyright claim to block audio, YouTube automatically took the video down. Uploaders had two choices: dispute the claim -- in the case of fair use, for example -- or use YouTube's AudioSwap tool to replace the track with one from a library of approved music.
"Music licensing can get very complicated, but we try to make your experience as simple as possible," YouTube's blog said. "We want you to have options when uploading videos with music in them. And if your video is subject to a copyright claim, you should have some choices, too."
YouTube has been fingerprinting audio tracks and informing users when they infringe on copyrights. The copyright owner got the option of having the video removed or letting it stay up along with revenue-generating ads.
Now instead of a video being removed, users have an option to modify the video by removing the disputed music and posting a new version. YouTube reports that many of its users are taking that option.
"Our content-management tools have revolutionized the ways in which users and content owners are distributing, marketing and making money from video online," YouTube said. "As we continue to build out this system, we are working to find the right balance between encouraging creativity and free expression and respecting the rights of copyright holders and the law."
YouTube Users Angry
But some YouTube members aren't thrilled with the option. A user named KariWolf wrote on YouTube's blog, "Okay, so YouTube is going to suck more now. First they put ads on a bunch of good music videos ... They already were horrible at deleting the right videos, deleting videos that did nothing wrong. And while all that goes on, they leave videos that should be deleted, alive. Now this ..."
Other YouTube members are calling for a boycott of the music industry. "We can't stand by silently while the music industry continues its decades-long effort to lock up our culture!" a user named HispanicImpression wrote on the blog. "Only buy audio CDs secondhand from now on ... Don't download from online music stores anymore. Support self-marketing bands. Spread this message here on every muted video you encounter."
But according to Phil Leigh, a senior analyst at Inside Digital Media, YouTube's move was inevitable. "The copyright has to be respected. The people that have been putting stuff up on YouTube and not respecting copyrights don't have much of a basis for complaints. Sites like YouTube will continue to take steps to honor copyrights in every way they can."
Science - Fish digestions help keep the oceans healthy
LONDON (Reuters) – The digestive systems of fish play a vital role in maintaining the health of the oceans and moderating climate change, researchers said on Thursday.
Computer models showed how bony fish produced a large portion of the inorganic carbon that helps maintain the oceans' acidity balance and was vital for marine life, they said.
The world's bony fish population, estimated at between 812 million and 2 billion tons, helped to limit the consequences of climate change through its effect on the carbon cycle, University of British Columbia researchers reported in the journal Science.
"This study is really the first glimpse of the huge impact fish have on our carbon cycle -- and why we need them in the ocean," researcher Villy Christensen and colleagues wrote.
Calcium carbonate is a white, chalky material that helps control the acidity balance of sea water and is essential to the health of marine ecosystems and coral reefs.
It helps regulate how much carbon dioxide oceans would be able to absorb from the atmosphere in the future, the researchers said.
Until now, scientists believed calcium carbonate came from microscopic marine plankton. The new findings suggested between 3 percent and 15 percent of the material comes from bony fish, said Rod Wilson of the University of Exeter in Britain, who worked on the study.
Bony fish, which include about 90 percent of marine species but not sharks or rays, produce calcium carbonate that forms crystals in the gut and is then excreted in chalky solids.
"Because of the impact of global climate change, fish are likely to have an even bigger influence on the chemistry of our oceans in the future," Wilson said in a statement.
(Reporting by Michael Kahn; Editing by Nick Vinocur)
Computer models showed how bony fish produced a large portion of the inorganic carbon that helps maintain the oceans' acidity balance and was vital for marine life, they said.
The world's bony fish population, estimated at between 812 million and 2 billion tons, helped to limit the consequences of climate change through its effect on the carbon cycle, University of British Columbia researchers reported in the journal Science.
"This study is really the first glimpse of the huge impact fish have on our carbon cycle -- and why we need them in the ocean," researcher Villy Christensen and colleagues wrote.
Calcium carbonate is a white, chalky material that helps control the acidity balance of sea water and is essential to the health of marine ecosystems and coral reefs.
It helps regulate how much carbon dioxide oceans would be able to absorb from the atmosphere in the future, the researchers said.
Until now, scientists believed calcium carbonate came from microscopic marine plankton. The new findings suggested between 3 percent and 15 percent of the material comes from bony fish, said Rod Wilson of the University of Exeter in Britain, who worked on the study.
Bony fish, which include about 90 percent of marine species but not sharks or rays, produce calcium carbonate that forms crystals in the gut and is then excreted in chalky solids.
"Because of the impact of global climate change, fish are likely to have an even bigger influence on the chemistry of our oceans in the future," Wilson said in a statement.
(Reporting by Michael Kahn; Editing by Nick Vinocur)
Business - Intel sees more hard times in 2009
SAN JOSE, Calif. - Intel Corp. appears to be playing it safe with an ugly first-quarter forecast.
The chip maker reported Thursday that profit plunged 90 percent and sales slipped 23 percent during the last three months of the year, matching analysts' subdued estimates.
Wall Street was braced for the bad news: Intel had lowered its fourth-quarter guidance twice, including once just last week, warning that weaker-than-expected PC demand was hammering down demand for its microprocessors.
So what about 2009? Intel said it doesn't know when demand will pick back up, so the Santa Clara-based company set the bar low and offered first-quarter guidance at the low end of what analysts were expecting.
Intel said it 2009 sales will likely be around $7 billion, which translates to a decline of more than 25 percent from the first quarter of 2008. Gross profit margin should also sink sharply, falling from more than 50 percent of sales to the low-40 percent range, it said.
Gross profit is a key measure of how well a company is controlling its costs, but falling demand, heavy investment in factory upgrades and big costs for running factories at less than full throttle will all take their toll on Intel's bottom line.
Intel said the financial crisis has made it so difficult to predict revenue that the company wouldn't offer a precise estimate. Analysts surveyed by Thomson Reuters were expecting $7.3 billion in sales, on average, but estimates ranged from $6.6 billion to as high as $9.3 billion.
The profit forecast was below many estimates, but was good enough to send Intel's shares up 3.8 percent in after-hours trading.
"I don't think they're good numbers, but they're good numbers to start from," said Cody Acree, senior semiconductor analyst with Stifel, Nicolaus & Co. "We all knew they would be bad, and that they'd come down, but they've set a base to work from."
Intel's Chief Financial Officer Stacy Smith said in an interview that computer-makers' inventory levels fell in the fourth quarter and continued falling into the first quarter, which means they're not buying as many new chips. He said Intel's product lineup positions the company well to take advantage when demand starts rising again, but Smith cautioned that no one knows yet when that might be.
"It's very difficult to precisely call when we'll hit the bottom," he said.
In the fourth quarter, Intel's net income was $234 million, or 4 cents per share, compared with $2.3 billion, or 38 cents per share, in the year-ago period.
Profits were squeezed by a freeze in information-technology spending and a shift toward low-margin processors for a class of little laptops known as "netbooks." A big reason for the severity of the fourth-quarter drop, though, was a $1 billion writedown of the value of Intel's investment in Internet provider Clearwire Corp.
Clearwire specializes in a new type of wireless broadband technology called WiMax that Intel is building into its chips, and has stumbled on fears the credit crunch will derail its ambitious network buildout plans.
Intel's sales were $8.2 billion, a 23 percent shortfall from last year.
For all of 2008, Intel earned $5.3 billion, 24 percent lower than a year ago, on sales of $37.6 billion, a 2 percent decline.
PC demand is sinking fast, which takes its toll on Intel because Intel owns 80 percent of the market for microprocessors, the brains of personal computers. Market research firms IDC and Gartner Inc. reported this week that PC sales growth in the fourth quarter was the worst it's been in six years, with the slump expected to drag out until possibly 2010.
Bobby Burleson, managing director of equity research for Canaccord Adams, called Intel's profit forecast disappointing, but said it likely indicates that Intel has "come clean with what sounds like a worst-case scenario for this year."
One area where Intel shines is controlling its manufacturing costs, where it enjoys a big advantage over smaller rival Advanced Micro Devices Inc. Intel's quicker transition than AMD to 45-nanometer manufacturing technology, which shrinks the size of the chips' circuitry, has made each chip cheaper to produce. That has helped cushion the blow of falling sales.
AMD — which has lost billions of dollars over the past two years, recently changed CEOs, and is spinning off its factories to save money — warned that its fourth-quarter sales will likely come in 33 percent lower than last year. AMD reports quarterly results Jan. 22.
During the regular trading session before the earnings report, Intel stock rose 21 cents, 1.6 percent, to close at $13.29. The shares hit $13.85 in after-hours trading.
The chip maker reported Thursday that profit plunged 90 percent and sales slipped 23 percent during the last three months of the year, matching analysts' subdued estimates.
Wall Street was braced for the bad news: Intel had lowered its fourth-quarter guidance twice, including once just last week, warning that weaker-than-expected PC demand was hammering down demand for its microprocessors.
So what about 2009? Intel said it doesn't know when demand will pick back up, so the Santa Clara-based company set the bar low and offered first-quarter guidance at the low end of what analysts were expecting.
Intel said it 2009 sales will likely be around $7 billion, which translates to a decline of more than 25 percent from the first quarter of 2008. Gross profit margin should also sink sharply, falling from more than 50 percent of sales to the low-40 percent range, it said.
Gross profit is a key measure of how well a company is controlling its costs, but falling demand, heavy investment in factory upgrades and big costs for running factories at less than full throttle will all take their toll on Intel's bottom line.
Intel said the financial crisis has made it so difficult to predict revenue that the company wouldn't offer a precise estimate. Analysts surveyed by Thomson Reuters were expecting $7.3 billion in sales, on average, but estimates ranged from $6.6 billion to as high as $9.3 billion.
The profit forecast was below many estimates, but was good enough to send Intel's shares up 3.8 percent in after-hours trading.
"I don't think they're good numbers, but they're good numbers to start from," said Cody Acree, senior semiconductor analyst with Stifel, Nicolaus & Co. "We all knew they would be bad, and that they'd come down, but they've set a base to work from."
Intel's Chief Financial Officer Stacy Smith said in an interview that computer-makers' inventory levels fell in the fourth quarter and continued falling into the first quarter, which means they're not buying as many new chips. He said Intel's product lineup positions the company well to take advantage when demand starts rising again, but Smith cautioned that no one knows yet when that might be.
"It's very difficult to precisely call when we'll hit the bottom," he said.
In the fourth quarter, Intel's net income was $234 million, or 4 cents per share, compared with $2.3 billion, or 38 cents per share, in the year-ago period.
Profits were squeezed by a freeze in information-technology spending and a shift toward low-margin processors for a class of little laptops known as "netbooks." A big reason for the severity of the fourth-quarter drop, though, was a $1 billion writedown of the value of Intel's investment in Internet provider Clearwire Corp.
Clearwire specializes in a new type of wireless broadband technology called WiMax that Intel is building into its chips, and has stumbled on fears the credit crunch will derail its ambitious network buildout plans.
Intel's sales were $8.2 billion, a 23 percent shortfall from last year.
For all of 2008, Intel earned $5.3 billion, 24 percent lower than a year ago, on sales of $37.6 billion, a 2 percent decline.
PC demand is sinking fast, which takes its toll on Intel because Intel owns 80 percent of the market for microprocessors, the brains of personal computers. Market research firms IDC and Gartner Inc. reported this week that PC sales growth in the fourth quarter was the worst it's been in six years, with the slump expected to drag out until possibly 2010.
Bobby Burleson, managing director of equity research for Canaccord Adams, called Intel's profit forecast disappointing, but said it likely indicates that Intel has "come clean with what sounds like a worst-case scenario for this year."
One area where Intel shines is controlling its manufacturing costs, where it enjoys a big advantage over smaller rival Advanced Micro Devices Inc. Intel's quicker transition than AMD to 45-nanometer manufacturing technology, which shrinks the size of the chips' circuitry, has made each chip cheaper to produce. That has helped cushion the blow of falling sales.
AMD — which has lost billions of dollars over the past two years, recently changed CEOs, and is spinning off its factories to save money — warned that its fourth-quarter sales will likely come in 33 percent lower than last year. AMD reports quarterly results Jan. 22.
During the regular trading session before the earnings report, Intel stock rose 21 cents, 1.6 percent, to close at $13.29. The shares hit $13.85 in after-hours trading.
Tech - An Internet era ends as technology icons exit
Glenn Chapman
SAN FRANCISCO (AFP) – Steve Jobs exiting the Apple stage, perhaps not to return, signals a close to an Internet Age era with roots stretching back to the radical hippie movement of the 1960s.
His departure for health reasons comes some seven months after his renowned rival Bill Gates retired from Microsoft to devote himself to philanthropic work.
The two culture-changing men were seen as leaders of rival camps: personal computer lovers versus the cult of Macintosh computers.
Technology allegiances were the stuff of fierce debates in coffee houses and other Silicon Valley social settings, with vitriol spewed by all sides.
Macintosh devotees were passionate underdogs standing up to PC faithful whose confidence was cemented by the fact more than 90 percent of the computers in the world are PCs running on Microsoft operating systems.
The dueling technologies had faces at which people aimed praise of scorn. Gates was the PC. Jobs is the Macintosh.
Jerry Yang, the very public face of Internet pioneer Yahoo!, was replaced as chief executive this week by Carol Bartz and it seems he has already faded into the purple and gold woodwork at the firm's California headquarters.
"In many ways we are stepping out of the age where the people are defining the company," said analyst Rob Enderle of Enderle Group in Silicon Valley.
"We talk about the Google kids, but are the founders truly icons. I argue not. We seem to be moving away from the age where there is a face behind the company; a larger than life human component."
Ironically, while Google and other modern Internet superstars use private data about their millions of users to target ads, their founders tend to vigilantly protect their privacy.
"In many ways, Internet companies are losing their personalities," Enderle said. "Ever changing brands in a constant sea of surging names."
Jobs and Gates, both born in 1955, grew up during the socially rebellious 1960s and bear its mark, according to Peter Friess, a historian who is president of The Tech Museum of Innovation in the heart of Silicon Valley.
Gates and Jobs both dropped out of college to pursue dreams of building computers for people.
Before Jobs and his friend Steve Wozniak made the first Apple computer, they crafted a "blue box" to get around paying for long distance telephone calls.
"They came out of a time when culture meant a lot to all of us," Friess said.
"It was a revolutionary time. It is always a time that creates people. Now, Google, Facebook and others align much more with the system. Social networks don't change the world like Jobs and Gates did."
Bringing personal computers to the masses fulfilled a hippie mantra of "Power to the people," according to Friess.
While the first PCs and "Macs" were sold by Gates and Jobs before there was a Web to surf, the men led their respective companies to glory in the Internet Age.
"In time, I suppose we might look back at the leaders of big search companies in a similar way, but it really feels like a thin comparison," said University of California, Berkeley, information school assistant professor Coye Cheshire.
"If only because all these fantastic information services only became practical and truly useful once we had the PCs, Macs, iPods, Xboxes, Zunes, iPhones, etc in our lives."
Crises with climate change and wars fought for control of oil have set the stage for new iconic visionaries in the molds of Gates or Jobs to rise in the area of renewable energy, says Friess.
"Putting personal computers in the hands was really giving power to the people," Friess said.
"I'm waiting for someone in the renewable energy world with the same vision Jobs had in the computer world."
In a rare joint appearance, Jobs and Gates reminisced on stage at an All Things Digital conference in California two years ago. The men joked that their rivalry was misunderstood.
"We've kept our marriage secret for over a decade now," Jobs quipped, eliciting raucous laughter from the audience.
While Jobs and Gates "personified the dispute" between Apple and Microsoft, the two companies are unlikely to change their ways without their iconic founders, according to analyst Michael Cherry of Directions On Microsoft.
"No one wants to die ... and yet death is the destination we all share," Jobs told a stadium packed with students during a 2005 commencement speech at Stanford University in Palo Alto, California.
"Death is possibly the single best invention in life. It clears out the old to make way for the new."
SAN FRANCISCO (AFP) – Steve Jobs exiting the Apple stage, perhaps not to return, signals a close to an Internet Age era with roots stretching back to the radical hippie movement of the 1960s.
His departure for health reasons comes some seven months after his renowned rival Bill Gates retired from Microsoft to devote himself to philanthropic work.
The two culture-changing men were seen as leaders of rival camps: personal computer lovers versus the cult of Macintosh computers.
Technology allegiances were the stuff of fierce debates in coffee houses and other Silicon Valley social settings, with vitriol spewed by all sides.
Macintosh devotees were passionate underdogs standing up to PC faithful whose confidence was cemented by the fact more than 90 percent of the computers in the world are PCs running on Microsoft operating systems.
The dueling technologies had faces at which people aimed praise of scorn. Gates was the PC. Jobs is the Macintosh.
Jerry Yang, the very public face of Internet pioneer Yahoo!, was replaced as chief executive this week by Carol Bartz and it seems he has already faded into the purple and gold woodwork at the firm's California headquarters.
"In many ways we are stepping out of the age where the people are defining the company," said analyst Rob Enderle of Enderle Group in Silicon Valley.
"We talk about the Google kids, but are the founders truly icons. I argue not. We seem to be moving away from the age where there is a face behind the company; a larger than life human component."
Ironically, while Google and other modern Internet superstars use private data about their millions of users to target ads, their founders tend to vigilantly protect their privacy.
"In many ways, Internet companies are losing their personalities," Enderle said. "Ever changing brands in a constant sea of surging names."
Jobs and Gates, both born in 1955, grew up during the socially rebellious 1960s and bear its mark, according to Peter Friess, a historian who is president of The Tech Museum of Innovation in the heart of Silicon Valley.
Gates and Jobs both dropped out of college to pursue dreams of building computers for people.
Before Jobs and his friend Steve Wozniak made the first Apple computer, they crafted a "blue box" to get around paying for long distance telephone calls.
"They came out of a time when culture meant a lot to all of us," Friess said.
"It was a revolutionary time. It is always a time that creates people. Now, Google, Facebook and others align much more with the system. Social networks don't change the world like Jobs and Gates did."
Bringing personal computers to the masses fulfilled a hippie mantra of "Power to the people," according to Friess.
While the first PCs and "Macs" were sold by Gates and Jobs before there was a Web to surf, the men led their respective companies to glory in the Internet Age.
"In time, I suppose we might look back at the leaders of big search companies in a similar way, but it really feels like a thin comparison," said University of California, Berkeley, information school assistant professor Coye Cheshire.
"If only because all these fantastic information services only became practical and truly useful once we had the PCs, Macs, iPods, Xboxes, Zunes, iPhones, etc in our lives."
Crises with climate change and wars fought for control of oil have set the stage for new iconic visionaries in the molds of Gates or Jobs to rise in the area of renewable energy, says Friess.
"Putting personal computers in the hands was really giving power to the people," Friess said.
"I'm waiting for someone in the renewable energy world with the same vision Jobs had in the computer world."
In a rare joint appearance, Jobs and Gates reminisced on stage at an All Things Digital conference in California two years ago. The men joked that their rivalry was misunderstood.
"We've kept our marriage secret for over a decade now," Jobs quipped, eliciting raucous laughter from the audience.
While Jobs and Gates "personified the dispute" between Apple and Microsoft, the two companies are unlikely to change their ways without their iconic founders, according to analyst Michael Cherry of Directions On Microsoft.
"No one wants to die ... and yet death is the destination we all share," Jobs told a stadium packed with students during a 2005 commencement speech at Stanford University in Palo Alto, California.
"Death is possibly the single best invention in life. It clears out the old to make way for the new."
World - US;All 155 survive as pilot ditches plane in Hudson
DAVID B. CARUSO and MARCUS FRANKLIN
NEW YORK – A cool-headed pilot maneuvered his crippled jetliner over New York City and ditched it in the frigid Hudson River on Thursday, and all 155 on board were pulled to safety as the plane slowly sank. It was, the governor said, "a miracle on the Hudson."
One victim suffered two broken legs, a paramedic said, but there were no other reports of serious injuries.
US Airways Flight 1549, an Airbus A320 bound for Charlotte, N.C., struck a flock of birds just after takeoff minutes earlier at LaGuardia Airport, apparently disabling the engines.
The pilot, identified as Chesley B. "Sully" Sullenberger III of Danville, Calif., "was phenomenal," passenger Joe Hart said. "He landed it — I tell you what, the impact wasn't a whole lot more than a rear-end (collision). It threw you into the seat ahead of you.
"Both engines cut out and he actually floated it into the river," he said.
In a city still wounded from the aerial attack on the World Trade Center, authorities were quick to assure the public that terrorism wasn't involved.
The plane was submerged up to its windows in the river by the time rescuers arrived, including Coast Guard vessels and commuter ferries that happened to be nearby. Some passengers waded in water up to their knees, standing on the wing of the plane and waiting for help.
Helen Rodriguez, a paramedic who was among the first to arrive at the scene, said she saw one woman with two broken legs. Fire officials said others were evaluated for hypothermia, bruises and other minor injuries. An infant was on board and appeared to be fine, Mayor Michael Bloomberg said.
"We had a miracle on 34th Street. I believe now we have had a miracle on the Hudson," Gov. David Paterson said.
The crash took place on a 20-degree day, one of the coldest of the season in New York. The Coast Guard said the water temperature was 36 degrees.
Dave Sanderson, who was flying home to Charlotte after a business trip, said the sound of an explosion was followed by passengers running up the aisle and people being shoved out of the way.
As the plane descended, passenger Vallie Collins tapped out a text message to her husband, Steve: "My plane is crashing." He was desperately trying to figure out whether she had been on the downed plane when the message arrived.
Another passenger, Jeff Kolodjay, said people put their heads in their laps and prayed. He said the captain instructed them to "brace for impact because we're going down."
"It was intense. It was intense. You've got to give it to the pilot. He made a hell of a landing," Kolodjay said.
Witnesses said the pilot appeared to guide the plane down. Barbara Sambriski, a researcher at The Associated Press, watched the water landing from the news organization's high-rise office. "I just thought, 'Why is it so low?' And, splash, it hit the water," she said.
As water slowly filled the cabin, Sanderson said he and another passenger helped people out onto the wing. One woman had a 3-year-old child, he said, and safely tossed the toddler onto a raft before climbing on herself.
One commuter ferry, the Thomas Jefferson of the company NY Waterway, arrived within minutes of the crash, and some of its own riders grabbed life vests and lines of rope and tossed them to plane passengers in the water.
"They were cheering when we pulled up," ferry captain Vincent Lombardi. "We had to pull an elderly woman out of a raft in a sling. She was crying. ... People were panicking. They said, 'Hurry up, hurry up.'"
Paramedics treated at least 78 patients, fire officials said. Coast Guard boats rescued 35 people who were immersed in the frigid water and ferried them to shore. Some of the rescued were shivering and wrapped in white blankets, their feet and legs soaked.
Two police scuba divers said they pulled another woman from a lifeboat "frightened out of her mind" and lethargic from hypothermia. Another woman fell off a rescue raft, and the divers said they swam over and put her on a Coast Guard boat.
The plane took off at 3:26 p.m. for a flight that would last only five minutes. It was less than a minute after takeoff when the pilot reported a "double bird strike" and said he needed to return to LaGuardia, said Doug Church, a spokesman for the National Air Traffic Controllers Association. He said the pilot apparently meant that birds had hit both of the plane's jet engines.
The controller told the pilot to divert to an airport in nearby Teterboro, N.J., but it was not clear why the pilot did not land there.
Church said there was no mayday call from the plane's transponder. The plane splashed into the water off roughly 48th Street in midtown Manhattan — one of the busiest and most closely watched stretches of the river.
US Airways CEO Doug Parker said 150 passengers, three flight attendants and two pilots were on board the jetliner.
An official speaking on condition of anonymity because the investigation was still ongoing identified the pilot as Sullenberger. A woman answered and hung up when the AP asked to speak with Sullenberger's family in Danville.
Sullenberger, 57, described himself in an online professional profile as a 29-year employee of US Airways. He started his own consulting business, Safety Reliability Methods Inc., two years ago.
Bank of America and Wells Fargo said they had employees on the plane. Charlotte is a major banking center.
Eric Doten, a Florida aviation safety consultant, said he could not recall another example of a modern jetliner water crash in which everyone survived. He said many things had to go right to avert catastrophe: The plane didn't cartwheel when it hit, the fuselage remained intact, and the fuel did not ignite — in fact its buoyancy probably helped the plane stay afloat.
The plane sank slowly as it drifted downriver. Gradually, the fuselage went under until about half of the tail fin and rudder was above water. A Fire Department boat tugged the plane to the southern tip of Manhattan and docked it there.
The Federal Aviation Administration says there were about 65,000 bird strikes to civil aircraft in the United States from 1990 to 2005, or about one for every 10,000 flights.
"They literally just choke out the engine and it quits," said Joe Mazzone, a retired Delta Air Lines pilot. He said air traffic control towers routinely alert pilots if there are birds in the area.
The Hudson crash took place almost exactly 27 years after an Air Florida plane bound for Tampa crashed into the Potomac River just after takeoff from Washington National Airport, killing 78 people. Five people on that flight survived.
On Dec. 20, a Continental Airlines plane veered off a runway and slid into a snowy field at the Denver airport, injuring 38 people. That was the first major crash of a commercial airliner in the United States since Aug. 27, 2006, when 49 people were killed after a Comair jetliner took off from a Lexington, Ky., runway that was too short.
___
Associated Press writers Eileen Sullivan, Joan Lowy and Michael J. Sniffen in Washington; Richard Pyle, Adam Goldman, Colleen Long and Deborah Hastings in New York; and Harry R. Weber in Atlanta contributed to this report.
NEW YORK – A cool-headed pilot maneuvered his crippled jetliner over New York City and ditched it in the frigid Hudson River on Thursday, and all 155 on board were pulled to safety as the plane slowly sank. It was, the governor said, "a miracle on the Hudson."
One victim suffered two broken legs, a paramedic said, but there were no other reports of serious injuries.
US Airways Flight 1549, an Airbus A320 bound for Charlotte, N.C., struck a flock of birds just after takeoff minutes earlier at LaGuardia Airport, apparently disabling the engines.
The pilot, identified as Chesley B. "Sully" Sullenberger III of Danville, Calif., "was phenomenal," passenger Joe Hart said. "He landed it — I tell you what, the impact wasn't a whole lot more than a rear-end (collision). It threw you into the seat ahead of you.
"Both engines cut out and he actually floated it into the river," he said.
In a city still wounded from the aerial attack on the World Trade Center, authorities were quick to assure the public that terrorism wasn't involved.
The plane was submerged up to its windows in the river by the time rescuers arrived, including Coast Guard vessels and commuter ferries that happened to be nearby. Some passengers waded in water up to their knees, standing on the wing of the plane and waiting for help.
Helen Rodriguez, a paramedic who was among the first to arrive at the scene, said she saw one woman with two broken legs. Fire officials said others were evaluated for hypothermia, bruises and other minor injuries. An infant was on board and appeared to be fine, Mayor Michael Bloomberg said.
"We had a miracle on 34th Street. I believe now we have had a miracle on the Hudson," Gov. David Paterson said.
The crash took place on a 20-degree day, one of the coldest of the season in New York. The Coast Guard said the water temperature was 36 degrees.
Dave Sanderson, who was flying home to Charlotte after a business trip, said the sound of an explosion was followed by passengers running up the aisle and people being shoved out of the way.
As the plane descended, passenger Vallie Collins tapped out a text message to her husband, Steve: "My plane is crashing." He was desperately trying to figure out whether she had been on the downed plane when the message arrived.
Another passenger, Jeff Kolodjay, said people put their heads in their laps and prayed. He said the captain instructed them to "brace for impact because we're going down."
"It was intense. It was intense. You've got to give it to the pilot. He made a hell of a landing," Kolodjay said.
Witnesses said the pilot appeared to guide the plane down. Barbara Sambriski, a researcher at The Associated Press, watched the water landing from the news organization's high-rise office. "I just thought, 'Why is it so low?' And, splash, it hit the water," she said.
As water slowly filled the cabin, Sanderson said he and another passenger helped people out onto the wing. One woman had a 3-year-old child, he said, and safely tossed the toddler onto a raft before climbing on herself.
One commuter ferry, the Thomas Jefferson of the company NY Waterway, arrived within minutes of the crash, and some of its own riders grabbed life vests and lines of rope and tossed them to plane passengers in the water.
"They were cheering when we pulled up," ferry captain Vincent Lombardi. "We had to pull an elderly woman out of a raft in a sling. She was crying. ... People were panicking. They said, 'Hurry up, hurry up.'"
Paramedics treated at least 78 patients, fire officials said. Coast Guard boats rescued 35 people who were immersed in the frigid water and ferried them to shore. Some of the rescued were shivering and wrapped in white blankets, their feet and legs soaked.
Two police scuba divers said they pulled another woman from a lifeboat "frightened out of her mind" and lethargic from hypothermia. Another woman fell off a rescue raft, and the divers said they swam over and put her on a Coast Guard boat.
The plane took off at 3:26 p.m. for a flight that would last only five minutes. It was less than a minute after takeoff when the pilot reported a "double bird strike" and said he needed to return to LaGuardia, said Doug Church, a spokesman for the National Air Traffic Controllers Association. He said the pilot apparently meant that birds had hit both of the plane's jet engines.
The controller told the pilot to divert to an airport in nearby Teterboro, N.J., but it was not clear why the pilot did not land there.
Church said there was no mayday call from the plane's transponder. The plane splashed into the water off roughly 48th Street in midtown Manhattan — one of the busiest and most closely watched stretches of the river.
US Airways CEO Doug Parker said 150 passengers, three flight attendants and two pilots were on board the jetliner.
An official speaking on condition of anonymity because the investigation was still ongoing identified the pilot as Sullenberger. A woman answered and hung up when the AP asked to speak with Sullenberger's family in Danville.
Sullenberger, 57, described himself in an online professional profile as a 29-year employee of US Airways. He started his own consulting business, Safety Reliability Methods Inc., two years ago.
Bank of America and Wells Fargo said they had employees on the plane. Charlotte is a major banking center.
Eric Doten, a Florida aviation safety consultant, said he could not recall another example of a modern jetliner water crash in which everyone survived. He said many things had to go right to avert catastrophe: The plane didn't cartwheel when it hit, the fuselage remained intact, and the fuel did not ignite — in fact its buoyancy probably helped the plane stay afloat.
The plane sank slowly as it drifted downriver. Gradually, the fuselage went under until about half of the tail fin and rudder was above water. A Fire Department boat tugged the plane to the southern tip of Manhattan and docked it there.
The Federal Aviation Administration says there were about 65,000 bird strikes to civil aircraft in the United States from 1990 to 2005, or about one for every 10,000 flights.
"They literally just choke out the engine and it quits," said Joe Mazzone, a retired Delta Air Lines pilot. He said air traffic control towers routinely alert pilots if there are birds in the area.
The Hudson crash took place almost exactly 27 years after an Air Florida plane bound for Tampa crashed into the Potomac River just after takeoff from Washington National Airport, killing 78 people. Five people on that flight survived.
On Dec. 20, a Continental Airlines plane veered off a runway and slid into a snowy field at the Denver airport, injuring 38 people. That was the first major crash of a commercial airliner in the United States since Aug. 27, 2006, when 49 people were killed after a Comair jetliner took off from a Lexington, Ky., runway that was too short.
___
Associated Press writers Eileen Sullivan, Joan Lowy and Michael J. Sniffen in Washington; Richard Pyle, Adam Goldman, Colleen Long and Deborah Hastings in New York; and Harry R. Weber in Atlanta contributed to this report.
Business - Music industry still faces huge online piracy: report
LONDON (AFP) - The global music industry is making progress in clamping down on online piracy by evolving radical new ways of selling tunes, but 95 percent of downloads remain illegal, a report said Friday.
New business models helped the legal online music sector balloon for a sixth straight year in 2008, growing by 25 percent to 3.7 billion dollars (2.8 billion euros) in trade value, it said.
But some 40 billion music files were still illicitly shared last year, according to the International Federation of the Phonographic Industry (IFPI) in its annual report on the state of digital music.
"The music sector is still overshadowed by the huge amount of unlicensed music distributed online," it said, citing studies in 16 countries showing that only one in 20 downloads are via legal channels.
Cutting pirates' Internet connections is an increasingly-used option for dealing with persistent offenders, rather than threatening people with fines or other criminal sanctions.
But overall, things are looking up online: digital outlets -- as opposed to CDs and other traditional forms of music -- now account for some 20 percent of recorded music sales, up from 15 per cent in 2007, said the 30-page report.
Sales of single tracks continues to drive the digital music expansion, and were up 24 percent in 2008 to 1.4 billion sales, while online album sales also grew by 36 percent, according to the IFPI's Digital Music Report 2009.
New Orleans rapper Lil Wayne's "Lollipop" was the biggest-selling digital single worldwide last year, with 9.1 million copies sold -- a figure 1.8 million bigger than the best-selling single in 2007.
But new methods of selling are exploding, including a a new generation of music subscription services, social networking sites and new licensing channels, led by services like Nokia Comes With Music and MySpace Music.
Partnerships with Internet Service Providers (ISPs) are also opening up as a new sales route, including TDC in Denmark, Neuf Cegetel in France, Sweden's TeliaSonera and BSkyB in Britain.
"The recorded music industry is reinventing itself and its business models," said IFPI chairman John Kennedy.
"There is a momentous debate going on about the environment on which our business... depends. Governments are beginning to accept that... doing nothing is not an option if there is to be a future for commercial digital content."
The music industry body welcomed the way governments were collaborating with Internet providers to curb piracy.
"In 2008 a tipping point was reached, with governments in France and the UK leading the way in looking to ISPs to help bring piracy on their networks under control," it said.
In particular ISPs are cooperating in cutting Internet access for offenders.
"The momentum for ISP cooperation extends beyond France and the UK. New Zealand will start requiring ISPs to implement a policy of terminating the accounts of repeat infringers in February," it said.
Authorities in the United States, Italy, Australia, Japan, Hong Kong and South Korea are also thinking of such a move, according to IFPI.
There is also evidence that the digital expansion is having a negative effect on locally-produced music, reducing the number of home-grown artists, who struggle due to easy availability of music from around the world.
In France, album releases by new artists fell by 16 per cent in the first half of 2008, and home-grown music accounted for 10 per cent of albums, compared to 15 per cent in the first half of 2005.
In Spain, just one new local artist featured in the Top 50 albums from January to November 2008, compared to 10 in 2003.
Overall, though, the IFPI report was positive, saying it "shows an industry that has shifted its approach from one based only on unit sales of music to 'monetising' access to music across a multitude of channels and platforms
New business models helped the legal online music sector balloon for a sixth straight year in 2008, growing by 25 percent to 3.7 billion dollars (2.8 billion euros) in trade value, it said.
But some 40 billion music files were still illicitly shared last year, according to the International Federation of the Phonographic Industry (IFPI) in its annual report on the state of digital music.
"The music sector is still overshadowed by the huge amount of unlicensed music distributed online," it said, citing studies in 16 countries showing that only one in 20 downloads are via legal channels.
Cutting pirates' Internet connections is an increasingly-used option for dealing with persistent offenders, rather than threatening people with fines or other criminal sanctions.
But overall, things are looking up online: digital outlets -- as opposed to CDs and other traditional forms of music -- now account for some 20 percent of recorded music sales, up from 15 per cent in 2007, said the 30-page report.
Sales of single tracks continues to drive the digital music expansion, and were up 24 percent in 2008 to 1.4 billion sales, while online album sales also grew by 36 percent, according to the IFPI's Digital Music Report 2009.
New Orleans rapper Lil Wayne's "Lollipop" was the biggest-selling digital single worldwide last year, with 9.1 million copies sold -- a figure 1.8 million bigger than the best-selling single in 2007.
But new methods of selling are exploding, including a a new generation of music subscription services, social networking sites and new licensing channels, led by services like Nokia Comes With Music and MySpace Music.
Partnerships with Internet Service Providers (ISPs) are also opening up as a new sales route, including TDC in Denmark, Neuf Cegetel in France, Sweden's TeliaSonera and BSkyB in Britain.
"The recorded music industry is reinventing itself and its business models," said IFPI chairman John Kennedy.
"There is a momentous debate going on about the environment on which our business... depends. Governments are beginning to accept that... doing nothing is not an option if there is to be a future for commercial digital content."
The music industry body welcomed the way governments were collaborating with Internet providers to curb piracy.
"In 2008 a tipping point was reached, with governments in France and the UK leading the way in looking to ISPs to help bring piracy on their networks under control," it said.
In particular ISPs are cooperating in cutting Internet access for offenders.
"The momentum for ISP cooperation extends beyond France and the UK. New Zealand will start requiring ISPs to implement a policy of terminating the accounts of repeat infringers in February," it said.
Authorities in the United States, Italy, Australia, Japan, Hong Kong and South Korea are also thinking of such a move, according to IFPI.
There is also evidence that the digital expansion is having a negative effect on locally-produced music, reducing the number of home-grown artists, who struggle due to easy availability of music from around the world.
In France, album releases by new artists fell by 16 per cent in the first half of 2008, and home-grown music accounted for 10 per cent of albums, compared to 15 per cent in the first half of 2005.
In Spain, just one new local artist featured in the Top 50 albums from January to November 2008, compared to 10 in 2003.
Overall, though, the IFPI report was positive, saying it "shows an industry that has shifted its approach from one based only on unit sales of music to 'monetising' access to music across a multitude of channels and platforms
Sport - Lakers star Bryant to write blog for Chinese web site
Greg Heakes
LOS ANGELES (AFP) – Los Angeles Lakers superstar Kobe Bryant has signed a lucrative marketing agreement with Internet giant SINA.com to write a blog for their Chinese website.
The 30-year-old Bryant enjoys a huge following among the 1.3 billion people in China where his popularity rivals that of Houston Rockets star Yao Ming.
"As a kid growing up I never in my wildest dreams thought I would have this big fan base half way around the world in Beijing and Shanghai," said Bryant during a red-carpet reception Thursday at the Club Nokia bar to announce the launch of his new Chinese-language web site.
"They know everything about me and my family. We had such a great time at the Beijing Olympics. They treated us very well."
The blog will be featured on a website dedicated to Bryant and the Lakers. Under the terms of the agreement, the blog would be translated into Chinese and exclusive to SINA's readers.
"The only English version will be the one I type into my BlackBerry," said Bryant.
Upon his introduction Bryant appeared wearing a traditional Chinese-style jacket. He then stood in front of red-doored Oriental facade framed by hanging imitation firecrackers that lit up and crackled amid a swirl of confetti.
The only aesthetic glitch was the bandage over Bryant's right eye which covered a cut he sustained in a recent game against the Miami Heat that took four stitches to close.
The site will include interviews, pictures and video of Bryant. SINA and Bryant declined to reveal financial details of the agreement.
Bryant is the second National Basketball Association star to launch a website on SINA, following Chinese player Yi Jianlian. Bryant already has his own website in English, called kb24.com. SINA says 40 percent of the readers who go to its sports section are NBA fans.
SINA chief executive Charles Chao estimates there are 300 million NBA fans in China almost the entire population of the United States.
"It is hard to compare the two. But if you set aside Yao, then Kobe is the most important basketball player in China," Chao said. "He will have to come to China more often."
Bryant said he would like expand his online home and do something similar websites in other languages. A third-culture kid, Bryant was born in Philadelphia but moved to Italy at a young age where his father played professional basketball.
"We have been thinking about it," Bryant said. "I would like to do one in Italian. Italy is my home away from home. I have a great time going there to do basketball camps and I get to spend time catching up with my friends."
Bryant said growing up overseas has taught him to appreciate learning about other cultures and speaking different languages.
"I love it," he told AFP. "It is part of me. That's how I grew up. I take underprivileged kids on all-expense paid trips to Italy.
"Kids in Europe speak two languages. They get to see other cultures but our kids here in the United States don't get that.
"When I was growing up in Italy it opened up a whole new world to me and I thought anything was possible."
Except maybe learning Chinese. While Bryant is fluent in Italian, his Chinese is a work in progress.
"I am trying to learn to speak some Chinese," Bryant said. "I have a teacher who is teaching me one new word a day. But, now that I think about it, it seems like it is the same word each day."
Bryant said he's not worried about Chinese censors changing the meaning of his blog reports. Even though he won't be able to read the finished product he trusts that the translation will be accurate.
"You need to have respect for their culture and history and what their guidelines are," Bryant said.
SINA.com is the largest Chinese language information web portal with an estimated 94 million registered users.
LOS ANGELES (AFP) – Los Angeles Lakers superstar Kobe Bryant has signed a lucrative marketing agreement with Internet giant SINA.com to write a blog for their Chinese website.
The 30-year-old Bryant enjoys a huge following among the 1.3 billion people in China where his popularity rivals that of Houston Rockets star Yao Ming.
"As a kid growing up I never in my wildest dreams thought I would have this big fan base half way around the world in Beijing and Shanghai," said Bryant during a red-carpet reception Thursday at the Club Nokia bar to announce the launch of his new Chinese-language web site.
"They know everything about me and my family. We had such a great time at the Beijing Olympics. They treated us very well."
The blog will be featured on a website dedicated to Bryant and the Lakers. Under the terms of the agreement, the blog would be translated into Chinese and exclusive to SINA's readers.
"The only English version will be the one I type into my BlackBerry," said Bryant.
Upon his introduction Bryant appeared wearing a traditional Chinese-style jacket. He then stood in front of red-doored Oriental facade framed by hanging imitation firecrackers that lit up and crackled amid a swirl of confetti.
The only aesthetic glitch was the bandage over Bryant's right eye which covered a cut he sustained in a recent game against the Miami Heat that took four stitches to close.
The site will include interviews, pictures and video of Bryant. SINA and Bryant declined to reveal financial details of the agreement.
Bryant is the second National Basketball Association star to launch a website on SINA, following Chinese player Yi Jianlian. Bryant already has his own website in English, called kb24.com. SINA says 40 percent of the readers who go to its sports section are NBA fans.
SINA chief executive Charles Chao estimates there are 300 million NBA fans in China almost the entire population of the United States.
"It is hard to compare the two. But if you set aside Yao, then Kobe is the most important basketball player in China," Chao said. "He will have to come to China more often."
Bryant said he would like expand his online home and do something similar websites in other languages. A third-culture kid, Bryant was born in Philadelphia but moved to Italy at a young age where his father played professional basketball.
"We have been thinking about it," Bryant said. "I would like to do one in Italian. Italy is my home away from home. I have a great time going there to do basketball camps and I get to spend time catching up with my friends."
Bryant said growing up overseas has taught him to appreciate learning about other cultures and speaking different languages.
"I love it," he told AFP. "It is part of me. That's how I grew up. I take underprivileged kids on all-expense paid trips to Italy.
"Kids in Europe speak two languages. They get to see other cultures but our kids here in the United States don't get that.
"When I was growing up in Italy it opened up a whole new world to me and I thought anything was possible."
Except maybe learning Chinese. While Bryant is fluent in Italian, his Chinese is a work in progress.
"I am trying to learn to speak some Chinese," Bryant said. "I have a teacher who is teaching me one new word a day. But, now that I think about it, it seems like it is the same word each day."
Bryant said he's not worried about Chinese censors changing the meaning of his blog reports. Even though he won't be able to read the finished product he trusts that the translation will be accurate.
"You need to have respect for their culture and history and what their guidelines are," Bryant said.
SINA.com is the largest Chinese language information web portal with an estimated 94 million registered users.
Health - Postnatal depression can be treated, prevented: studies
PARIS (AFP) – Many women struggling with the post-baby blues may expect only a hug or a couple of pills, but in new studies published on Friday, doctors say counselling can not only treat this risky condition but prevent it, too.
Professional counsellors can reduce rates of postnatal depression by 40 percent, while support from fellow mothers can reduce the risk of developing this dangerous disorder by half, they say.
In one paper, a team led by Jane Morrell of the University of Sheffield, northern England, divided more than 4,000 new mothers into three groups.
In the first two groups, the volunteers each received a weekly session of psychological counselling over eight weeks, using either of two techniques.
The so-called "cognitive behaviour approach" focuses on unhelpful behaviour patterns and thoughts in the mother, and helps overcome them by pointing out that these reflexes are a common part of the post-natal experience.
The "person-centered approach" emphasizes empathy and unconditional support for the mother's feelings.
The third group was a "control" group of women who received standard health care treatment.
Women who were diagnosed with depression six weeks after giving birth were 40 percent less likely to have the same symptoms six months later if they had either form of counselling, the investigators found.
The second trial, likewise published in the British Medical Journal (BMJ), identified 701 pregnant women in Ontario, Canada, who were estimated to be at risk of developing postnatal depression.
Half of the group were given standard post-natal care while the other half were given telephone support by a peer volunteer -- a woman with first-hand knowledge of post-baby blues.
Getting this peer support halved the risk of depression at 12 weeks after birth, the report said.
"These trials add to the growing evidence that postnatal depression can be effectively treated and possibly prevented," said lead researcher Cindy-Lee Dennis of the University of Toronto.
The barriers to treatment, however, remain high, she said.
Women are often unaware of the syndrome and are apt to deny or minimise its symptoms. And even when they do feel they need help, they may be unaware of treatment options or unwilling to reveal emotional distress.
"They fear being labelled mentally ill, having their children taken away, or being perceived as not fulfilling their maternal role," she said.
Postnatal depression affects one in eight women in diverse cultures around the world, and is one of the leading causes of maternal mortality, usually through suicide.
The generally short-term but devastating mental disorder can also have a serious impact on infants and children, affecting cognitive, emotional and social development.
Professional counsellors can reduce rates of postnatal depression by 40 percent, while support from fellow mothers can reduce the risk of developing this dangerous disorder by half, they say.
In one paper, a team led by Jane Morrell of the University of Sheffield, northern England, divided more than 4,000 new mothers into three groups.
In the first two groups, the volunteers each received a weekly session of psychological counselling over eight weeks, using either of two techniques.
The so-called "cognitive behaviour approach" focuses on unhelpful behaviour patterns and thoughts in the mother, and helps overcome them by pointing out that these reflexes are a common part of the post-natal experience.
The "person-centered approach" emphasizes empathy and unconditional support for the mother's feelings.
The third group was a "control" group of women who received standard health care treatment.
Women who were diagnosed with depression six weeks after giving birth were 40 percent less likely to have the same symptoms six months later if they had either form of counselling, the investigators found.
The second trial, likewise published in the British Medical Journal (BMJ), identified 701 pregnant women in Ontario, Canada, who were estimated to be at risk of developing postnatal depression.
Half of the group were given standard post-natal care while the other half were given telephone support by a peer volunteer -- a woman with first-hand knowledge of post-baby blues.
Getting this peer support halved the risk of depression at 12 weeks after birth, the report said.
"These trials add to the growing evidence that postnatal depression can be effectively treated and possibly prevented," said lead researcher Cindy-Lee Dennis of the University of Toronto.
The barriers to treatment, however, remain high, she said.
Women are often unaware of the syndrome and are apt to deny or minimise its symptoms. And even when they do feel they need help, they may be unaware of treatment options or unwilling to reveal emotional distress.
"They fear being labelled mentally ill, having their children taken away, or being perceived as not fulfilling their maternal role," she said.
Postnatal depression affects one in eight women in diverse cultures around the world, and is one of the leading causes of maternal mortality, usually through suicide.
The generally short-term but devastating mental disorder can also have a serious impact on infants and children, affecting cognitive, emotional and social development.
World - Childbirth 300 times riskier in poor countries than in rich: UNICEF
JOHANNESBURG (AFP) – Women living in poor countries are 300 times more likely to die during pregnancy or childbirth than if they lived in rich countries, UNICEF said in a report released Thursday in Johannesburg.
"The divide between industrialised countries and developing regions -- particularly the least developed countries -- is perhaps greater on maternal mortality than on almost any other issue," the UN Children's Fund said.
"No other mortality rate is so unequal," it added.
The lifetime risk of a maternal death for a woman is one in seven in Niger, compared to one in 47,600 in Iceland, the agency said in its annual report on the world's children, this year focusing on health for mothers and newborns.
On average, 1,500 women die every day during pregnancy or childbirth, or about half a million per year, with 95 percent of them in Africa or Asia. India alone accounts for 22 percent of the global total.
One quarter of these women die from post-partum haemorrhage, 15 percent from infections, 13 percent from complication in an abortion, 12 percent from eclampsia (a metabolism problem that causes hypertension and convulsions) and eight percent from obstructed labour.
The maternal deaths also affect the mortality rate among newborns, especially when infants are at greatest risk in the first 28 days of life.
Babies whose mother died during the first six weeks of their life are much more likely to die before their second birthday than infants whose mother survives, the report said.
In an extreme case, 75 percent of babies in Afghanistan whose mother dies in childbirth do not live more than one month, it added.
UNICEF said that about 80 percent of maternal deaths could be prevented if women had access to primary health care or basic obstetrics.
"The divide between industrialised countries and developing regions -- particularly the least developed countries -- is perhaps greater on maternal mortality than on almost any other issue," the UN Children's Fund said.
"No other mortality rate is so unequal," it added.
The lifetime risk of a maternal death for a woman is one in seven in Niger, compared to one in 47,600 in Iceland, the agency said in its annual report on the world's children, this year focusing on health for mothers and newborns.
On average, 1,500 women die every day during pregnancy or childbirth, or about half a million per year, with 95 percent of them in Africa or Asia. India alone accounts for 22 percent of the global total.
One quarter of these women die from post-partum haemorrhage, 15 percent from infections, 13 percent from complication in an abortion, 12 percent from eclampsia (a metabolism problem that causes hypertension and convulsions) and eight percent from obstructed labour.
The maternal deaths also affect the mortality rate among newborns, especially when infants are at greatest risk in the first 28 days of life.
Babies whose mother died during the first six weeks of their life are much more likely to die before their second birthday than infants whose mother survives, the report said.
In an extreme case, 75 percent of babies in Afghanistan whose mother dies in childbirth do not live more than one month, it added.
UNICEF said that about 80 percent of maternal deaths could be prevented if women had access to primary health care or basic obstetrics.
World - SKorea opens clinic to chemically castrate sex offenders
SEOUL (AFP) – South Korea on Thursday opened the country's first state-run clinic to chemically castrate sex offenders, officials said.
A therapy using drugs, hormones and other ingredients to lower an offender's sex drive will be offered to rapists or paedophiles who opt for the treatment, the Justice Ministry said in a statement.
Ministry officials said the treatment aimed to prevent recidivism.
"It is the country's first such clinic," Heo Sang-Gu, director at the ministry's anti-crime planning bureau, told AFP as the clinic opened at the National Institute of Forensic Psychiatry in Gongju city 160 kilometres (100 miles) south of Seoul.
"They can refuse to take the prescribed treatment, which will however prolong their custody longer than necessary."
Under South Korean law sex offenders can be detained for treatment for as long as 15 years, he added.
The ministry said the clinic, now capable of treating 100 patients, would be expanded to accept some 300 by next year.
A therapy using drugs, hormones and other ingredients to lower an offender's sex drive will be offered to rapists or paedophiles who opt for the treatment, the Justice Ministry said in a statement.
Ministry officials said the treatment aimed to prevent recidivism.
"It is the country's first such clinic," Heo Sang-Gu, director at the ministry's anti-crime planning bureau, told AFP as the clinic opened at the National Institute of Forensic Psychiatry in Gongju city 160 kilometres (100 miles) south of Seoul.
"They can refuse to take the prescribed treatment, which will however prolong their custody longer than necessary."
Under South Korean law sex offenders can be detained for treatment for as long as 15 years, he added.
The ministry said the clinic, now capable of treating 100 patients, would be expanded to accept some 300 by next year.
Entertainment - Winslet's double Globes win raises questions
Robert Osborne
NEW YORK (Hollywood Reporter) – I would never want to rain on Kate Winslet's parade, especially when she has given two such impressive performances as she did in "Revolutionary Road" and "The Reader."
But a best supporting actress Golden Globe victory for "Reader?" If one goes along with that theory, why not Sean Penn in the supporting actor division for "Milk?"
The Hollywood Foreign Press Association, a group famous for making strange award choices in its umpteen-year history, obviously bought in to the campaign being waged to win recognition for each of Winslet's two strong 2008 performances, a plan that requires us to believe that this fine actress plays a leading role in "Revolutionary" but a supporting one in "Reader."
One wonders whether those Oscar-campaign planners actually have seen the latter movie.
I'm in favor of actors getting all the awards and rewards they can comfortably haul away in a stretch limo, but it seems time for a reality check here. Who in "Reader" does the noble Kate support? She is the hub and thrust of the story. She's the one with top billing. Further, she plays her character throughout the entire movie, unlike teammates David Kross and Ralph Fiennes, who take turns playing younger-older versions of one person.
Pretending that Winslet's "Reader" role is a supporting one negates why the Academy of Motion Picture Arts and Sciences inaugurated a supporting category in the first place, which was to honor work by actors with only limited screen time.
During the first eight years of the Academy, performances that lasted 10 minutes or two hours were lumped together in the same category. For instance, in 1935, when there was no special recognition for supporting actors, Franchot Tone's performance in a secondary role in "Mutiny on the Bounty" competed in the same best actor category as "Mutiny" leads Clark Gable and Charles Laughton.
It's one reason, perhaps, that just before the 1936 awards, the Academy Board of Governors decided to make a distinction: In the future, there would be four categories for performers instead of two, with recognition at last given to those who added much to films with their shorter, if no less potent, support.
In the early years, it was the studio that made the decision as to which category, lead or support, a performance would be eligible for. (An asterisk next to the performer's name on the Academy's Reminder List meant that person could be nominated only in the lead division.) The Academy eventually decided to let voters make the upstairs or downstairs decision, and it's remained that way ever since; studios might suggest "for your consideration" in a specific category, but it's the voters who make the decision.
There's been many a year when a performer has had two or more strong performances, like Winslet. During the landmark movie year of 1939, Bette Davis gave tour de force performances in four flashy films. But all were leads, and because Academy rules allow only one nomination per category, her sole nomination was for "Dark Victory."
It also is worth noting that there have been several years in which an actor or actress has received two nominations in the same year -- one in the lead category, the other in the support division, as the Winslet camp is trying to accomplish.
Fay Bainter was the first double-header, in 1938; more recently, there's Jamie Foxx (2004: "Ray" and "Collateral") and Cate Blanchett (2007: "Elizabeth: The Golden Age" and "I'm Not There"). But those have been cases in which the actors in question played a clearly defined lead role in one and an unmistakable supporting role in the other.
Bottom line: Does it really matter who gets nominated where? Yes, I think it does, particularly if it means the inclusion of someone in a slot where they don't belong shuts the door on someone who genuinely deserves to be there.
(Hollywood Reporter columnist Robert Osborne is the primetime host and anchor of Turner Classic Movies.)
Reuters/Hollywood Reporter
NEW YORK (Hollywood Reporter) – I would never want to rain on Kate Winslet's parade, especially when she has given two such impressive performances as she did in "Revolutionary Road" and "The Reader."
But a best supporting actress Golden Globe victory for "Reader?" If one goes along with that theory, why not Sean Penn in the supporting actor division for "Milk?"
The Hollywood Foreign Press Association, a group famous for making strange award choices in its umpteen-year history, obviously bought in to the campaign being waged to win recognition for each of Winslet's two strong 2008 performances, a plan that requires us to believe that this fine actress plays a leading role in "Revolutionary" but a supporting one in "Reader."
One wonders whether those Oscar-campaign planners actually have seen the latter movie.
I'm in favor of actors getting all the awards and rewards they can comfortably haul away in a stretch limo, but it seems time for a reality check here. Who in "Reader" does the noble Kate support? She is the hub and thrust of the story. She's the one with top billing. Further, she plays her character throughout the entire movie, unlike teammates David Kross and Ralph Fiennes, who take turns playing younger-older versions of one person.
Pretending that Winslet's "Reader" role is a supporting one negates why the Academy of Motion Picture Arts and Sciences inaugurated a supporting category in the first place, which was to honor work by actors with only limited screen time.
During the first eight years of the Academy, performances that lasted 10 minutes or two hours were lumped together in the same category. For instance, in 1935, when there was no special recognition for supporting actors, Franchot Tone's performance in a secondary role in "Mutiny on the Bounty" competed in the same best actor category as "Mutiny" leads Clark Gable and Charles Laughton.
It's one reason, perhaps, that just before the 1936 awards, the Academy Board of Governors decided to make a distinction: In the future, there would be four categories for performers instead of two, with recognition at last given to those who added much to films with their shorter, if no less potent, support.
In the early years, it was the studio that made the decision as to which category, lead or support, a performance would be eligible for. (An asterisk next to the performer's name on the Academy's Reminder List meant that person could be nominated only in the lead division.) The Academy eventually decided to let voters make the upstairs or downstairs decision, and it's remained that way ever since; studios might suggest "for your consideration" in a specific category, but it's the voters who make the decision.
There's been many a year when a performer has had two or more strong performances, like Winslet. During the landmark movie year of 1939, Bette Davis gave tour de force performances in four flashy films. But all were leads, and because Academy rules allow only one nomination per category, her sole nomination was for "Dark Victory."
It also is worth noting that there have been several years in which an actor or actress has received two nominations in the same year -- one in the lead category, the other in the support division, as the Winslet camp is trying to accomplish.
Fay Bainter was the first double-header, in 1938; more recently, there's Jamie Foxx (2004: "Ray" and "Collateral") and Cate Blanchett (2007: "Elizabeth: The Golden Age" and "I'm Not There"). But those have been cases in which the actors in question played a clearly defined lead role in one and an unmistakable supporting role in the other.
Bottom line: Does it really matter who gets nominated where? Yes, I think it does, particularly if it means the inclusion of someone in a slot where they don't belong shuts the door on someone who genuinely deserves to be there.
(Hollywood Reporter columnist Robert Osborne is the primetime host and anchor of Turner Classic Movies.)
Reuters/Hollywood Reporter
Entertainment - Kutcher and Digg plan Sundance Internet reality show
Glenn Chapman
SAN FRANCISCO (AFP) – Actor Ashton Kutcher and Digg website founder Kevin Rose plan to use the prestigious Sundance Film festival as a stage for an online game show pitting "social media mavens" against each other in zany challenges.
"24 Hours @ Sundance" will stream live online, with four popular bloggers vying in feats such as making the longest call to Austria using a mobile phone borrowed from an unsuspecting stranger.
A tougher task will be for each blogger to get a Sundance attendee to say that Kutcher should have received an Oscar for his film "Dude, Where's My Car?" and mean it.
David Mackenzie's new film "Spread" starring Kutcher also premieres at Sundance.
"It really is the birth of a new kind of reality television," Kutcher said Wednesday.
"A game-reality-news show. The contestants will have to engage their online communities to help them navigate the roads of Kevin's and Ashton's crazy challenges."
The contest starts January 17 in Park City, Utah, two days into the prestigious Sundance Film Festival taking place there.
Every three hours until the next morning, bloggers Meghan Asha, Matt Marshall, C.J. Peters and Irina Slutsky will be given five new tasks to complete as quickly as possible.
The contestants will chronicle their adventures with video cameras in Nokia mobile telephones and the action will be streamed live to 24hoursatsundance.com on the Internet using Qik software platform.
"If we screw up and it goes on live, there is no taking it back," Rose said.
"All their audiences will be following along on the Web and have a forum to give instant feedback. If the mavens don't have an answer they can ask their audience, have them do the research and get back pretty much in real time."
Qik lets people with mobile telephone video cameras share what they see and hear with folks elsewhere and swap instant messages simultaneously using the Internet.
Kutcher and his Katalyst Media partner Jason Goldberg became Qik fans after seeing the technology demonstrated by the startup at a TechCrunch 50 gathering in San Francisco last year.
Kutcher and Rose will co-host the game show and decide the winner. Qik and Katalyst have arranged with YouTube to archive show video for viewing on demand online at www.youtube.com/24hoursatsundance.
Kutcher expects Sundance to be a launch pad for an Internet Age iteration of reality television and envisions "24hours @" shows from other big events such as Grand Prix auto racing and the Super Bowl US football championship.
"The trend in TV in general is everything moving closer to live," Kutcher said. "As we move programming to the Web we have the ability to be live in real time with our audience involved. I think that is what people want."
The blogger that is supreme at Sundance wins "bragging rights" and each contender gets to take part in "the birth of a new form of entertainment" as well as attract new readers to their websites, Kutcher said.
Kutcher promised he would not be playing tricks on celebrities, a role he made famous in his television show "Punk'd."
"But, there may be a little manipulation," Kutcher said slyly.
SAN FRANCISCO (AFP) – Actor Ashton Kutcher and Digg website founder Kevin Rose plan to use the prestigious Sundance Film festival as a stage for an online game show pitting "social media mavens" against each other in zany challenges.
"24 Hours @ Sundance" will stream live online, with four popular bloggers vying in feats such as making the longest call to Austria using a mobile phone borrowed from an unsuspecting stranger.
A tougher task will be for each blogger to get a Sundance attendee to say that Kutcher should have received an Oscar for his film "Dude, Where's My Car?" and mean it.
David Mackenzie's new film "Spread" starring Kutcher also premieres at Sundance.
"It really is the birth of a new kind of reality television," Kutcher said Wednesday.
"A game-reality-news show. The contestants will have to engage their online communities to help them navigate the roads of Kevin's and Ashton's crazy challenges."
The contest starts January 17 in Park City, Utah, two days into the prestigious Sundance Film Festival taking place there.
Every three hours until the next morning, bloggers Meghan Asha, Matt Marshall, C.J. Peters and Irina Slutsky will be given five new tasks to complete as quickly as possible.
The contestants will chronicle their adventures with video cameras in Nokia mobile telephones and the action will be streamed live to 24hoursatsundance.com on the Internet using Qik software platform.
"If we screw up and it goes on live, there is no taking it back," Rose said.
"All their audiences will be following along on the Web and have a forum to give instant feedback. If the mavens don't have an answer they can ask their audience, have them do the research and get back pretty much in real time."
Qik lets people with mobile telephone video cameras share what they see and hear with folks elsewhere and swap instant messages simultaneously using the Internet.
Kutcher and his Katalyst Media partner Jason Goldberg became Qik fans after seeing the technology demonstrated by the startup at a TechCrunch 50 gathering in San Francisco last year.
Kutcher and Rose will co-host the game show and decide the winner. Qik and Katalyst have arranged with YouTube to archive show video for viewing on demand online at www.youtube.com/24hoursatsundance.
Kutcher expects Sundance to be a launch pad for an Internet Age iteration of reality television and envisions "24hours @" shows from other big events such as Grand Prix auto racing and the Super Bowl US football championship.
"The trend in TV in general is everything moving closer to live," Kutcher said. "As we move programming to the Web we have the ability to be live in real time with our audience involved. I think that is what people want."
The blogger that is supreme at Sundance wins "bragging rights" and each contender gets to take part in "the birth of a new form of entertainment" as well as attract new readers to their websites, Kutcher said.
Kutcher promised he would not be playing tricks on celebrities, a role he made famous in his television show "Punk'd."
"But, there may be a little manipulation," Kutcher said slyly.
Fashion - Nothing Beats Those Brazilian Fabrics
Godfrey Deeny
Rio de Janeiro – In many ways, the single greatest contribution Brazil has made to international fashion is the exceptional quality of its fabrics, an attribute brilliantly displayed in two snappy and clever collections staged Wednesday in Rio de Janeiro.
The sheer effort local creatives put into developing rich new materials was never more evident than in the morning show of Printing, a 15-year-old label from the northern state of Minas Gerais that was making its runway debut.
Staged in a fantastic, old redbrick downtown factory, the show featured fabulous, fresh fabrics - combinations of exotic plant and fauna melded into in marbleized and volcanic patterns.
"We’re after strong sensations," said Printing's designer Marcia Queiroz, who explained to FWD that many of the luscious silks required seven printings in order to get the depth of color she demanded.
Never have we seen such rich fabrics on a Rio catwalk, in a show which was easily the best styled in Fashion Rio, the twice-a-year season whose main sponsor is ABIT, the national textile and garment federation with 1.65 million workers.
Queiroz and her team can cut with confidence and her deliciously cool cocktails and opulently beaded swing coats were all great modern looks. No wonder Printing has already won orders from Saks in New York and Dubai, Neiman Marcus, Barneys and Bergdorf Goodman.
The show included a head turning bamboo print suit with an Obi belt worn by the beautifully poised model Gracie Carvalho.
Later in the day in the Marina da Gloria, the tent city where 90 percent of the shows are staged, we got the more mass market brand of Cantao, which impressed with its posh Ipanema hippie chic, a cool take that would work anywhere from Mykonos to Ibiza, Bali to Miami.
And again, one could only applaud the great native India graphic prints on raw fiery floral hues and used in flounce dresses, lumberjack shirts and a series of craftily cut open ponchos for a great statement of Flower Power fashion.
The brainchild of Leila Barreto and Peter Simon, this 40-year-old label sells 650 sales points internationally. And one could see why from this show, which presented a highly assured collection that any teenager or hipster twenty-something would love to wear. Even when using basic fabrics like denim, Cantao did it all exactly right with great faded burgundy hued ranch hand pants, forgivingly cut and once again right on the money commercially.
Rio de Janeiro – In many ways, the single greatest contribution Brazil has made to international fashion is the exceptional quality of its fabrics, an attribute brilliantly displayed in two snappy and clever collections staged Wednesday in Rio de Janeiro.
The sheer effort local creatives put into developing rich new materials was never more evident than in the morning show of Printing, a 15-year-old label from the northern state of Minas Gerais that was making its runway debut.
Staged in a fantastic, old redbrick downtown factory, the show featured fabulous, fresh fabrics - combinations of exotic plant and fauna melded into in marbleized and volcanic patterns.
"We’re after strong sensations," said Printing's designer Marcia Queiroz, who explained to FWD that many of the luscious silks required seven printings in order to get the depth of color she demanded.
Never have we seen such rich fabrics on a Rio catwalk, in a show which was easily the best styled in Fashion Rio, the twice-a-year season whose main sponsor is ABIT, the national textile and garment federation with 1.65 million workers.
Queiroz and her team can cut with confidence and her deliciously cool cocktails and opulently beaded swing coats were all great modern looks. No wonder Printing has already won orders from Saks in New York and Dubai, Neiman Marcus, Barneys and Bergdorf Goodman.
The show included a head turning bamboo print suit with an Obi belt worn by the beautifully poised model Gracie Carvalho.
Later in the day in the Marina da Gloria, the tent city where 90 percent of the shows are staged, we got the more mass market brand of Cantao, which impressed with its posh Ipanema hippie chic, a cool take that would work anywhere from Mykonos to Ibiza, Bali to Miami.
And again, one could only applaud the great native India graphic prints on raw fiery floral hues and used in flounce dresses, lumberjack shirts and a series of craftily cut open ponchos for a great statement of Flower Power fashion.
The brainchild of Leila Barreto and Peter Simon, this 40-year-old label sells 650 sales points internationally. And one could see why from this show, which presented a highly assured collection that any teenager or hipster twenty-something would love to wear. Even when using basic fabrics like denim, Cantao did it all exactly right with great faded burgundy hued ranch hand pants, forgivingly cut and once again right on the money commercially.
World - US;Congress OKs release of final $350B of bailout
David Espo
WASHINGTON – Congress laid the foundation for President-elect Barack Obama's economic recovery plan on Thursday with remarkable speed, clearing the way for a new infusion of bailout cash for the financial industry while majority Democrats proposed spending increases and tax cuts totaling a whopping $825 billion.
Two days after Obama personally lobbied for release of $350 billion in bailout funds, the Senate narrowly turned aside a bid to block the money.
Across the Capitol, Speaker Nancy Pelosi, D-Calif. said, "Immediate job creation and then continuing job creation" were the twin goals of the separate stimulus legislation. It recommends tax cuts for businesses and individuals while pouring billions into areas such as health care, education, energy and highway construction.
She and Senate Majority Leader Harry Reid, D-Nev., have pledged to have the economic stimulus bill ready for Obama's signature by mid-February.
Both houses debated Obama's call to release another $350 billion from the financial bailout package, but the Senate vote was the triumph he had sought. Despite bipartisan anger over the Bush administration's handling of the program to date, Democratic allies of the incoming president prevailed on a 52-42 roll call.
The vote followed a commitment by Obama to use as much as $100 billion of the funds to help homeowners facing foreclosure proceedings.
The money will be available in less than two weeks, at a time when there is fresh evidence of shakiness among banks.
The 44th president-to-be was at his transition office across town from the Capitol — and President Bush relegated to the role of virtual onlooker — as events played out at the dawn of a new Democratic era in government.
Obama has called for swift and bold action to confront an economic debacle unrivaled since the Great Depression.
The president-elect, who travels to hardhit Ohio on Friday to promote his economic program, also announced he would convene a "fiscal responsibility summit" in February to focus on long-term problems with the economy and the skyrocketing costs of benefit programs such as Social Security and Medicare. "We've kicked this can down the road and now we are at the end of the road," he said in a Washington Post interview posted on the newspaper's Web site.
In remarks on the Senate floor, Reid called the vote a victory for Obama, whom he said exhibited courage by seeking release of the money. "This was a test of leadership at a time when leadership is desperately needed," he said.
Obama said in a statement he was gratified with the result, adding, "I know this wasn't an easy vote because of the frustration so many of us share about how the first half of this plan was implemented."
Earlier, he hailed the stimulus blueprint as "a significant downpayment on our most urgent challenges."
The outlines of the economic stimulus measure reflected a change in political priorities, with an emphasis on spending and tax breaks designed to encourage production of alternative energy sources, make federal buildings more energy- efficient and weatherize homes.
At the same time, more traditional anti-recession spending was built in. There was more than $130 billion for health care, much of it to help states cope with the rising demand for Medicaid, the health care program for the low-income and a recession-era refuge for the newly laid-off.
More than $100 billion was ticketed for education, in part to help local school districts avoid the impact of state budget cuts. Billions more would increase spending for food stamps and unemployment benefits and finance expanded worker retraining programs.
A written summary showed $30 billion for highway construction, $10 billion for mass transit and rail, and $3 billion for airport improvements.
In all, the outline called for $550 billion in new spending and $275 billion in tax cuts. And the $825 billion total is virtually certain to grow as the legislation advances through Congress.
Initial Republican reaction was negative — and played on Obama's popularity to make a point.
"At first glance, it appears that my Democratic colleagues think they can borrow and spend their way back to prosperity with a half-trillion dollars of new spending and less tax relief than President-elect Obama has been talking about," said Republican Rep. John Boehner of Ohio, the party's leader in the House.
Democrats hold expanded majorities in both houses as the result of last fall's elections, and enactment of the stimulus measure is scarcely in doubt.
At the same time, lawmakers made clear they will not hesitate to substitute their own priorities for Obama's.
The president-elect's call for a business tax credit for each new job created was jettisoned by Democrats who questioned its value and preferred to use the money elsewhere. They agreed to Obama's separate proposal for a tax cut of $500 per worker and $1,000 per working couple. The documents made public did not say whether the money would come in the form of a one-time check or an adjustment in paycheck withholding.
The measure does not include money to help middle- to upper-income taxpayers ensnared in the alternative minimum tax, which was originally designed to prevent the extremely wealthy from avoiding payment of taxes but now threatens more than 20 million tax filers.
Several officials said the Senate was likely to include that provision in its version of the bill, a step that could push the overall total close to $900 billion.
Money for the financial bailout was a tougher sell by far.
Several newly elected Democrats campaigned as opponents of the program, which was launched last fall with an initial $350 billion, and lawmakers in both parties have expressed unhappiness with the Bush administration's management of the effort.
On the vote, 45 Democrats, six Republicans and one independent lined up behind Obama, while 33 Republicans, eight Democrats and one independent sought to block use of the funds. Among them was Sen. John McCain, who campaigned vigorously for creation of the original bailout program as Republican presidential candidate last fall.
Obama lobbied Democrats in private earlier in the week not to stand in the way of release of the remaining $350 billion, and a top aide followed up with a written commitment to Reid.
In it, Lawrence H. Summers, pledged that $50 billion to $100 billion would be dedicated to a "sweeping foreclosure mitigation plan for responsible homeowners."
In search of Republican support, Summers also said that apart from a commitment to help the Big 3 automakers survive, the new administration did not intend to intervene financially in individual industries outside the financial sector.
While the Senate vote assured the money would be available, the House debated a measure to attach conditions on its use. A vote was delayed.
___
EDITORS NOTE — Associated Press reporters Jim Kuhnhenn and Andrew Taylor contributed to this story.
WASHINGTON – Congress laid the foundation for President-elect Barack Obama's economic recovery plan on Thursday with remarkable speed, clearing the way for a new infusion of bailout cash for the financial industry while majority Democrats proposed spending increases and tax cuts totaling a whopping $825 billion.
Two days after Obama personally lobbied for release of $350 billion in bailout funds, the Senate narrowly turned aside a bid to block the money.
Across the Capitol, Speaker Nancy Pelosi, D-Calif. said, "Immediate job creation and then continuing job creation" were the twin goals of the separate stimulus legislation. It recommends tax cuts for businesses and individuals while pouring billions into areas such as health care, education, energy and highway construction.
She and Senate Majority Leader Harry Reid, D-Nev., have pledged to have the economic stimulus bill ready for Obama's signature by mid-February.
Both houses debated Obama's call to release another $350 billion from the financial bailout package, but the Senate vote was the triumph he had sought. Despite bipartisan anger over the Bush administration's handling of the program to date, Democratic allies of the incoming president prevailed on a 52-42 roll call.
The vote followed a commitment by Obama to use as much as $100 billion of the funds to help homeowners facing foreclosure proceedings.
The money will be available in less than two weeks, at a time when there is fresh evidence of shakiness among banks.
The 44th president-to-be was at his transition office across town from the Capitol — and President Bush relegated to the role of virtual onlooker — as events played out at the dawn of a new Democratic era in government.
Obama has called for swift and bold action to confront an economic debacle unrivaled since the Great Depression.
The president-elect, who travels to hardhit Ohio on Friday to promote his economic program, also announced he would convene a "fiscal responsibility summit" in February to focus on long-term problems with the economy and the skyrocketing costs of benefit programs such as Social Security and Medicare. "We've kicked this can down the road and now we are at the end of the road," he said in a Washington Post interview posted on the newspaper's Web site.
In remarks on the Senate floor, Reid called the vote a victory for Obama, whom he said exhibited courage by seeking release of the money. "This was a test of leadership at a time when leadership is desperately needed," he said.
Obama said in a statement he was gratified with the result, adding, "I know this wasn't an easy vote because of the frustration so many of us share about how the first half of this plan was implemented."
Earlier, he hailed the stimulus blueprint as "a significant downpayment on our most urgent challenges."
The outlines of the economic stimulus measure reflected a change in political priorities, with an emphasis on spending and tax breaks designed to encourage production of alternative energy sources, make federal buildings more energy- efficient and weatherize homes.
At the same time, more traditional anti-recession spending was built in. There was more than $130 billion for health care, much of it to help states cope with the rising demand for Medicaid, the health care program for the low-income and a recession-era refuge for the newly laid-off.
More than $100 billion was ticketed for education, in part to help local school districts avoid the impact of state budget cuts. Billions more would increase spending for food stamps and unemployment benefits and finance expanded worker retraining programs.
A written summary showed $30 billion for highway construction, $10 billion for mass transit and rail, and $3 billion for airport improvements.
In all, the outline called for $550 billion in new spending and $275 billion in tax cuts. And the $825 billion total is virtually certain to grow as the legislation advances through Congress.
Initial Republican reaction was negative — and played on Obama's popularity to make a point.
"At first glance, it appears that my Democratic colleagues think they can borrow and spend their way back to prosperity with a half-trillion dollars of new spending and less tax relief than President-elect Obama has been talking about," said Republican Rep. John Boehner of Ohio, the party's leader in the House.
Democrats hold expanded majorities in both houses as the result of last fall's elections, and enactment of the stimulus measure is scarcely in doubt.
At the same time, lawmakers made clear they will not hesitate to substitute their own priorities for Obama's.
The president-elect's call for a business tax credit for each new job created was jettisoned by Democrats who questioned its value and preferred to use the money elsewhere. They agreed to Obama's separate proposal for a tax cut of $500 per worker and $1,000 per working couple. The documents made public did not say whether the money would come in the form of a one-time check or an adjustment in paycheck withholding.
The measure does not include money to help middle- to upper-income taxpayers ensnared in the alternative minimum tax, which was originally designed to prevent the extremely wealthy from avoiding payment of taxes but now threatens more than 20 million tax filers.
Several officials said the Senate was likely to include that provision in its version of the bill, a step that could push the overall total close to $900 billion.
Money for the financial bailout was a tougher sell by far.
Several newly elected Democrats campaigned as opponents of the program, which was launched last fall with an initial $350 billion, and lawmakers in both parties have expressed unhappiness with the Bush administration's management of the effort.
On the vote, 45 Democrats, six Republicans and one independent lined up behind Obama, while 33 Republicans, eight Democrats and one independent sought to block use of the funds. Among them was Sen. John McCain, who campaigned vigorously for creation of the original bailout program as Republican presidential candidate last fall.
Obama lobbied Democrats in private earlier in the week not to stand in the way of release of the remaining $350 billion, and a top aide followed up with a written commitment to Reid.
In it, Lawrence H. Summers, pledged that $50 billion to $100 billion would be dedicated to a "sweeping foreclosure mitigation plan for responsible homeowners."
In search of Republican support, Summers also said that apart from a commitment to help the Big 3 automakers survive, the new administration did not intend to intervene financially in individual industries outside the financial sector.
While the Senate vote assured the money would be available, the House debated a measure to attach conditions on its use. A vote was delayed.
___
EDITORS NOTE — Associated Press reporters Jim Kuhnhenn and Andrew Taylor contributed to this story.
Business - New Yahoo CEO gets $19 million in '09 plus stock, bonus
NEW YORK (Reuters) - Yahoo Inc's new Chief Executive Carol Bartz will receive a compensation package of about $19 million in 2009, in addition to a bonus and stock options, according to a regulatory filing on Thursday.
Bartz's appointment, confirmed earlier this week, is seen paving the way for the Internet company to make decisions on major issues including a sale or search deal with Microsoft Corp.
Yahoo will pay Bartz an annual base salary of $1 million, as well as a $10 million equity-and-cash payment to make up for benefits that she will forfeit from her previous employer Autodesk Inc, according to its filing with the U.S. Securities and Exchange Commission.
She will also receive an annual equity grant, which in 2009 will be around $8 million to be granted in February, it said.
Bartz will also receive stock options for 5 million Yahoo shares, with a strike price to be determined on January 30. She is not allowed to exercise the options until the end of a four-year agreement, and they will only begin to vest when the share price is increased by 50 percent for a minimum of 20 consecutive trading days, the company said.
The new CEO also is eligible for a yearly bonus of around $2 million to as much as $4 million. The annual bonus will be determined by the board's compensation committee based on the company and Bartz's performance.
Under previous CEO and co-founder Jerry Yang, Yahoo rejected a $47.5 billion buyout offer from Microsoft nearly a year ago.
Yahoo's shares fell 80 cents, or 6.45 percent, to close at $11.61 on Thursday.
(Reporting by Ritsuko Ando and Yinka Adegoke; Editing by Andre Grenon)
Bartz's appointment, confirmed earlier this week, is seen paving the way for the Internet company to make decisions on major issues including a sale or search deal with Microsoft Corp.
Yahoo will pay Bartz an annual base salary of $1 million, as well as a $10 million equity-and-cash payment to make up for benefits that she will forfeit from her previous employer Autodesk Inc, according to its filing with the U.S. Securities and Exchange Commission.
She will also receive an annual equity grant, which in 2009 will be around $8 million to be granted in February, it said.
Bartz will also receive stock options for 5 million Yahoo shares, with a strike price to be determined on January 30. She is not allowed to exercise the options until the end of a four-year agreement, and they will only begin to vest when the share price is increased by 50 percent for a minimum of 20 consecutive trading days, the company said.
The new CEO also is eligible for a yearly bonus of around $2 million to as much as $4 million. The annual bonus will be determined by the board's compensation committee based on the company and Bartz's performance.
Under previous CEO and co-founder Jerry Yang, Yahoo rejected a $47.5 billion buyout offer from Microsoft nearly a year ago.
Yahoo's shares fell 80 cents, or 6.45 percent, to close at $11.61 on Thursday.
(Reporting by Ritsuko Ando and Yinka Adegoke; Editing by Andre Grenon)
Entertainment - Norway's mountains alive with the sound of ice music
Pierre Henry Deshayes
GEILO, Norway (AFP) – Never has the phrase "sends shivers down your spine" more aptly described a musical concert. Inside a large snow arena tucked away in Norway's mountains, spectators marvelled as musicians performed for two days using instruments made almost entirely of ice.
Organised to coincide with the first full moon of the year, Geilo ski resort in the central mountain region separating Oslo from Norway's second largest city, Bergen, is home to the world's only ice music festival.
As short-lived as sandcastles, the ice-sculpted wind, string and percussion instruments give off surprising new sounds that vary according to the quality of the ice and the surrounding temperatures.
"Ice is extremely beautiful on a visual and musical level. It has additional qualities to other materials. It is abstract. Although it is cold it gives out a warm sound," said Terje Isungset, the festival organiser and a pioneer in ice music.
"It's nature which controls everything. The quality of the ice and the ambient temperature determine the tonality of the music."
The ice-made harp and fiddle, aided by speakers to boost their pitch, played centre stage at Norway's fourth IceMusic Festival that ended on January 11.
For the professional musicians, some of whom wore gloves during their performances, it was a unique opportunity.
"It is fantastic to play music that we know will never be recreated," said harpist Sidsel Walstad, who was restricted to playing just 18 chords against the normal 47.
Musician Nils Oekland said his ice fiddle sounded more oriental than a normal fiddle.
"In classical music we try to play something that rises out of the ordinary melody using our traditional instruments. Here, it's the instruments that are extraordinary," he added.
The spectacle owed a lot to American ice sculpter Bill Cowitz who made the festival's instruments in just two days from ice made of mineral water which experts say is superior to tap water.
His small compromise, however, was to insert small chunks of wood to support the strings that were made of nylon or sheeps' gut because metal ones "heat up when they move and would melt the ice," he said.
"This is the first time I've made a functional ice harp and fiddle. The challenge is to make them as light as possible to optimise the resonance but also strong enough," he added.
"My main concern is to make sure that they don't break. If they sound awful, we can always blame it on the musicians," he joked.
Despite their surprising resilience, the musicians had to content with the odd instrument malfunction as temperatures fluctuated, forcing them to improvise during the performances.
But this did not dampen the dozens of spectators' enthusiasm for the puzzling mixture of hollow noises and delicate chimes.
Their applause may have been defeaned by their mittens but one local resident called the concert "magical" and another couple from Oslo admitted they had "never seen or heard anything like it."
Meanwhile, festival organiser Isungset was only too happy to see the instruments melt back into the environment.
"They belong to nature ... I only borrowed them," he said.
GEILO, Norway (AFP) – Never has the phrase "sends shivers down your spine" more aptly described a musical concert. Inside a large snow arena tucked away in Norway's mountains, spectators marvelled as musicians performed for two days using instruments made almost entirely of ice.
Organised to coincide with the first full moon of the year, Geilo ski resort in the central mountain region separating Oslo from Norway's second largest city, Bergen, is home to the world's only ice music festival.
As short-lived as sandcastles, the ice-sculpted wind, string and percussion instruments give off surprising new sounds that vary according to the quality of the ice and the surrounding temperatures.
"Ice is extremely beautiful on a visual and musical level. It has additional qualities to other materials. It is abstract. Although it is cold it gives out a warm sound," said Terje Isungset, the festival organiser and a pioneer in ice music.
"It's nature which controls everything. The quality of the ice and the ambient temperature determine the tonality of the music."
The ice-made harp and fiddle, aided by speakers to boost their pitch, played centre stage at Norway's fourth IceMusic Festival that ended on January 11.
For the professional musicians, some of whom wore gloves during their performances, it was a unique opportunity.
"It is fantastic to play music that we know will never be recreated," said harpist Sidsel Walstad, who was restricted to playing just 18 chords against the normal 47.
Musician Nils Oekland said his ice fiddle sounded more oriental than a normal fiddle.
"In classical music we try to play something that rises out of the ordinary melody using our traditional instruments. Here, it's the instruments that are extraordinary," he added.
The spectacle owed a lot to American ice sculpter Bill Cowitz who made the festival's instruments in just two days from ice made of mineral water which experts say is superior to tap water.
His small compromise, however, was to insert small chunks of wood to support the strings that were made of nylon or sheeps' gut because metal ones "heat up when they move and would melt the ice," he said.
"This is the first time I've made a functional ice harp and fiddle. The challenge is to make them as light as possible to optimise the resonance but also strong enough," he added.
"My main concern is to make sure that they don't break. If they sound awful, we can always blame it on the musicians," he joked.
Despite their surprising resilience, the musicians had to content with the odd instrument malfunction as temperatures fluctuated, forcing them to improvise during the performances.
But this did not dampen the dozens of spectators' enthusiasm for the puzzling mixture of hollow noises and delicate chimes.
Their applause may have been defeaned by their mittens but one local resident called the concert "magical" and another couple from Oslo admitted they had "never seen or heard anything like it."
Meanwhile, festival organiser Isungset was only too happy to see the instruments melt back into the environment.
"They belong to nature ... I only borrowed them," he said.
Business - Three more on Satyam board
NEW DELHI: The Union government on Thursday increased the strength of the three-member board of crisis-ridden Satyam Computer Services Limited to six by nominating CII Chief Mentor Tarun Das, chartered accountant T.N. Manoharan and Suryakant Balkrishna Mainak of the Life Insurance Corporation as the new directors. The expanded board is to meet on Saturday to take stock of the developments.
Announcing the appointment at a press conference here, Corporate Affairs Minister Prem Chand Gupta said the new directors would join Deepak Parekh, Kiran Karnik and C. Achutan to chart out the future course of action to salvage the Hyderabad-based IT major.
Mr. Gupta said that while the Board had engaged the services of two audit firms – Deloitte and KPMG – to look into the company’s accounts, the first impression of the three-member Board, after its maiden meeting, was that Satyam’s operations were sound and its major customers, by and large, were willing to remain with the company.
On a bail-out package for Satyam to meet its staff-related expenses, Mr. Gupta said: “The company has not asked for any package, they may not need that. They have not sent [request] for a package. If they require, they will raise it from banks.”
The Minister’s statement came even as Satyam’s former senior executive Ram Mynampati is understood to have sent an SoS to Economic Affairs Secretary Ashok Chawla, noting that Rs.150 crore was required to meet the health insurance liabilities of the company’s employees in the United States.
The controversy on whether the government is likely to bail out the company emanated from Commerce and Industry Minister Kamal Nath’s statement a few days ago that the company was likely to be provided the required funds for the sake of the employees and other stakeholders.
“It is a private sector company. There is a Board in place which consists of eminent people. They know how to run a company... They have to work out how to finance the company’s operations,” Mr. Gupta said.
Earlier during the day also, Mr. Chawla pointed out that there were no immediate plans for a government bailout for Satyam. “Not at this stage,” he said.
Considering unnecessary speculation over the issue, Prime Minister Manmohan Singh, according to PMO sources, has directed all his Cabinet colleagues not to discuss the matter as the spokesperson for Satyam affairs was solely the Corporate Affairs Minister.
The ICAI has objected to the KPMG handling the audit of Satyam as the firm was not registered with the chartered accountants’ organisation.
Announcing the appointment at a press conference here, Corporate Affairs Minister Prem Chand Gupta said the new directors would join Deepak Parekh, Kiran Karnik and C. Achutan to chart out the future course of action to salvage the Hyderabad-based IT major.
Mr. Gupta said that while the Board had engaged the services of two audit firms – Deloitte and KPMG – to look into the company’s accounts, the first impression of the three-member Board, after its maiden meeting, was that Satyam’s operations were sound and its major customers, by and large, were willing to remain with the company.
On a bail-out package for Satyam to meet its staff-related expenses, Mr. Gupta said: “The company has not asked for any package, they may not need that. They have not sent [request] for a package. If they require, they will raise it from banks.”
The Minister’s statement came even as Satyam’s former senior executive Ram Mynampati is understood to have sent an SoS to Economic Affairs Secretary Ashok Chawla, noting that Rs.150 crore was required to meet the health insurance liabilities of the company’s employees in the United States.
The controversy on whether the government is likely to bail out the company emanated from Commerce and Industry Minister Kamal Nath’s statement a few days ago that the company was likely to be provided the required funds for the sake of the employees and other stakeholders.
“It is a private sector company. There is a Board in place which consists of eminent people. They know how to run a company... They have to work out how to finance the company’s operations,” Mr. Gupta said.
Earlier during the day also, Mr. Chawla pointed out that there were no immediate plans for a government bailout for Satyam. “Not at this stage,” he said.
Considering unnecessary speculation over the issue, Prime Minister Manmohan Singh, according to PMO sources, has directed all his Cabinet colleagues not to discuss the matter as the spokesperson for Satyam affairs was solely the Corporate Affairs Minister.
The ICAI has objected to the KPMG handling the audit of Satyam as the firm was not registered with the chartered accountants’ organisation.
World - Food, medicine destroyed as Israeli forces attack Gaza UN compound
Atul Aneja
DUBAI: Israeli forces attacked a United Nations compound in Gaza with phosphorus explosives despite the presence of UN Secretary-General Ban Ki-moon in the neighbourhood.
A hospital was also hit in a locality on the outskirts of Gaza City. “They are phosphorus fires so they are extremely difficult to put out because if you put water on it, it will just generate toxic fumes and do nothing to stop the burning,” observed John Ging, head of UN relief operations in Gaza.
“This is going to burn down the entire warehouse ... thousands and thousands of tonnes of food, medical supplies and other emergency assistance are there.” At least three phosphorus bombs struck the UN compound.
Mr. Ban told reporters in Tel Aviv that he was outraged by the strike, which appeared to signal Israel’s complete disregard for the world body. “I have conveyed my strong protest and outrage and demanded a full explanation from the Defence Minister and Foreign Minister [of Israel],” he said.
Despite intensifying the bombardment, Israeli troops have not moved into the heart of Gaza City so far. Analysts say in case the Israeli infantry advances inside the city, it is likely to result in high-casualty urban warfare with the Palestinian Hamas fighters.
Israeli forces are reported to be pounding Gaza’s Rafah border with Egypt with new high-penetration bombs that have been specially developed to destroy tunnels and underground complexes. In a recent interview with Al Arabiya satellite channel, Musa Abu Marzuq, a top leader of Hamas, said Gaza was battleground for new type of weapons. “White phosphorus [and] vacuum...bombs have been dropped. For the first time, a various range of tanks, artillery, and aircraft are being tested. I believe that these experiments are being carried out on the population of the Gaza Strip at the moment.”
Amid the military pressure, negotiations for a ceasefire e gathered some momentum in Egypt. Israeli negotiator Amos Gilad held talks with Egyptian intelligence chief Omar Suleiman after Hamas representatives had briefed the Egyptians of their stand. Hamas negotiators in Egypt also reiterated at a press conference their willingness to enter into a ceasefire. However, Salah el-Bardaweel said on Wednesday that Hamas had demanded the lifting of the siege, opening of border crossing points and compensation for the Palestinian people. Diplomatic sources told The Hindu that the Jawaharlal Nehru Library donated by the Government of India, during a visit to Gaza by the former External Affairs Minister, Jaswant Singh, was also destroyed when the Azhar University, where it was located, came under attack recently. At least 1,066 Palestinians, including 311 children and 97 women have been killed as guns continued to boom on the twentieth day of the Israeli offensive.
DUBAI: Israeli forces attacked a United Nations compound in Gaza with phosphorus explosives despite the presence of UN Secretary-General Ban Ki-moon in the neighbourhood.
A hospital was also hit in a locality on the outskirts of Gaza City. “They are phosphorus fires so they are extremely difficult to put out because if you put water on it, it will just generate toxic fumes and do nothing to stop the burning,” observed John Ging, head of UN relief operations in Gaza.
“This is going to burn down the entire warehouse ... thousands and thousands of tonnes of food, medical supplies and other emergency assistance are there.” At least three phosphorus bombs struck the UN compound.
Mr. Ban told reporters in Tel Aviv that he was outraged by the strike, which appeared to signal Israel’s complete disregard for the world body. “I have conveyed my strong protest and outrage and demanded a full explanation from the Defence Minister and Foreign Minister [of Israel],” he said.
Despite intensifying the bombardment, Israeli troops have not moved into the heart of Gaza City so far. Analysts say in case the Israeli infantry advances inside the city, it is likely to result in high-casualty urban warfare with the Palestinian Hamas fighters.
Israeli forces are reported to be pounding Gaza’s Rafah border with Egypt with new high-penetration bombs that have been specially developed to destroy tunnels and underground complexes. In a recent interview with Al Arabiya satellite channel, Musa Abu Marzuq, a top leader of Hamas, said Gaza was battleground for new type of weapons. “White phosphorus [and] vacuum...bombs have been dropped. For the first time, a various range of tanks, artillery, and aircraft are being tested. I believe that these experiments are being carried out on the population of the Gaza Strip at the moment.”
Amid the military pressure, negotiations for a ceasefire e gathered some momentum in Egypt. Israeli negotiator Amos Gilad held talks with Egyptian intelligence chief Omar Suleiman after Hamas representatives had briefed the Egyptians of their stand. Hamas negotiators in Egypt also reiterated at a press conference their willingness to enter into a ceasefire. However, Salah el-Bardaweel said on Wednesday that Hamas had demanded the lifting of the siege, opening of border crossing points and compensation for the Palestinian people. Diplomatic sources told The Hindu that the Jawaharlal Nehru Library donated by the Government of India, during a visit to Gaza by the former External Affairs Minister, Jaswant Singh, was also destroyed when the Azhar University, where it was located, came under attack recently. At least 1,066 Palestinians, including 311 children and 97 women have been killed as guns continued to boom on the twentieth day of the Israeli offensive.
World - China, world’s 3rd largest economy
Graeme Wearden
Overtakes Germany; change occurs a year before expected
China has overtaken Germany to become the world’s third-largest economy earlier than expected, after estimates for the country’s gross domestic product were revised higher.
The National Bureau of Statistics of China reported this on Thursday. It now believes the Chinese economy grew by 13 per cent in 2007, up from an earlier estimate of 11.9 per cent and China’s highest annual growth rate since 1993.
Applying the revision to previous calculations carried out by the World Bank shows that China’s gross national income reached $3.218 trillion in 2007, compared with $3.197 trillion for Germany.
Economists were already confident that China overtook Germany during 2008, but it now seems that the change occurred a year earlier. China took fourth place from Britain in 2005, and now has Japan and the U.S. in its sights.
China’s rapid economic growth began to tail off last year, as the manufacturing powerhouse felt the impact of the woes sweeping the global economy. The GDP growth fell to 9 per cent in the third quarter of 2008, down from 10.1 per cent in the second quarter and the fifth straight quarter of slowing growth.
Before this latest revision, analysts had predicted that the Chinese economy would grow by around 7.9 per cent in 2009 — this compares to the U.K. where the recession could slice 2 per cent off GDP. — © Guardian Newspapers Limited, 2009
Reform
Xinhua reports:
China will resolutely advance its reform and opening-up despite the global financial crisis, said Jia Qinglin, chairman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) on Wednesday. “We will make full use of the favourable international and domestic conditions to ensure stable and rapid economic growth and social harmony,” Mr. Jia told visiting Ukrainian Defence Minister Yuriy Yekhanurov.
He said the financial crisis had affected the world economy, affecting energy resources and grain security. Meanwhile, Iran and China signed a $1.76-billion deal for the development of Iran’s North Azadegan oilfield. The field, located in Iran’s western province of Khuzestan, had an estimated reserve of six billion barrels of oil and could produce 75,000 barrels per day for 25 years.
Overtakes Germany; change occurs a year before expected
China has overtaken Germany to become the world’s third-largest economy earlier than expected, after estimates for the country’s gross domestic product were revised higher.
The National Bureau of Statistics of China reported this on Thursday. It now believes the Chinese economy grew by 13 per cent in 2007, up from an earlier estimate of 11.9 per cent and China’s highest annual growth rate since 1993.
Applying the revision to previous calculations carried out by the World Bank shows that China’s gross national income reached $3.218 trillion in 2007, compared with $3.197 trillion for Germany.
Economists were already confident that China overtook Germany during 2008, but it now seems that the change occurred a year earlier. China took fourth place from Britain in 2005, and now has Japan and the U.S. in its sights.
China’s rapid economic growth began to tail off last year, as the manufacturing powerhouse felt the impact of the woes sweeping the global economy. The GDP growth fell to 9 per cent in the third quarter of 2008, down from 10.1 per cent in the second quarter and the fifth straight quarter of slowing growth.
Before this latest revision, analysts had predicted that the Chinese economy would grow by around 7.9 per cent in 2009 — this compares to the U.K. where the recession could slice 2 per cent off GDP. — © Guardian Newspapers Limited, 2009
Reform
Xinhua reports:
China will resolutely advance its reform and opening-up despite the global financial crisis, said Jia Qinglin, chairman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) on Wednesday. “We will make full use of the favourable international and domestic conditions to ensure stable and rapid economic growth and social harmony,” Mr. Jia told visiting Ukrainian Defence Minister Yuriy Yekhanurov.
He said the financial crisis had affected the world economy, affecting energy resources and grain security. Meanwhile, Iran and China signed a $1.76-billion deal for the development of Iran’s North Azadegan oilfield. The field, located in Iran’s western province of Khuzestan, had an estimated reserve of six billion barrels of oil and could produce 75,000 barrels per day for 25 years.
Business - TCS makes marginal net profit in challenging market
Ramnath Subbu
MUMBAI: In a difficult market with increasing cost pressures, Tata Consultancy Services (TCS) on Thursday reported a 2.67 per cent growth in its net profit at Rs. 1,362 crore for the third quarter ended December 31, 2008, as compared to the same quarter in the previous year. The company’s revenues were at Rs. 7,277 crore, a year-on-year growth of 24.1 per cent.
TCS declared a quarterly dividend of Rs. 3 per share — its 18th consecutive quarterly dividend.
Operating margins were up 53 basis points at 24.76 per cent mainly due to increased off-shoring and productivity.
“In tough market conditions, TCS continues to perform in a stellar fashion, driving revenue growth through our diversified market presence and boosting our operational profitability by conserving costs and creating efficiencies,” TCS CEO and Managing Director S. Ramadorai said adding that, “in its 40-year history, TCS has focussed on institution building and value creation for all stakeholders. We have paid dividends for 18 consecutive quarters.”
“In a challenging market, TCS remained focussed on execution discipline and kept pricing stable and therefore managed to growth profitably,” Chief Operating Officer N. Chandrasekaran said. “We have closed some key deals across markets and sectors, acquired 41 new customers and have a healthy pipeline of deals across our diversified customer going forward. There are new opportunities emerging due to increase in integration activity as customers look to reduce costs and increase productivity. Although there was a ten-basis point drop in pricing quarter on quarter, going forward, we are going to see increasing pricing pressures but we are not going to drop prices just to bag orders.”
The company is following a comprehensive hedging policy on rupee-dollar and cross currency movements. It had a hedging loss of Rs. 250 crore during the quarter.
Nortel, which has filed for bankruptcy, is also a client of TCS but Mr. Chandrasekaran said it was not among the top 15 clients and accounted for less than 0.5 per cent of TCS’ revenues.
He added that there were sectors where there was increasing impact of slowdown like banking, financial services and insurance (BFSI), manufacturing and high-tech industries “but there is better growth in retail, pharmaceuticals and utilities.”
New clients
In terms of markets, TCS added six large clients including two new marquee customers during the quarter from North America — one above $100 million and the other above $250 million.
The company added over 30,400 people in the first nine months which is in line with its hiring plans for the year. “Our retention rates for both IT services and BPO have shown significant improvement in the current quarter. We continue to focus on improving utilization rates and employee productivity,” said Ajoy Mukherjee, Vice president and Head, Global Human Resources, TCS. The company is planning to make 24,800 campus offers in 2009-10.
During the quarter, there was a gross addition of 11,773 employees (net 8,692 employees) of which 8,704 were trainees and 1,696 were lateral recruits in India and 1,373 employees were added in overseas subsidiaries and branches.
The total employee base stands at 130,343 professionals and 52 per cent of the workforce had more than three years experience. The utilisation rate (excluding trainees) was 79.9 per cent and the attrition rate dropped to 11.9 per cent overall with 11.2 per cent attrition rate in the IT services business and 20.5 per cent attrition rate in BPO.
MUMBAI: In a difficult market with increasing cost pressures, Tata Consultancy Services (TCS) on Thursday reported a 2.67 per cent growth in its net profit at Rs. 1,362 crore for the third quarter ended December 31, 2008, as compared to the same quarter in the previous year. The company’s revenues were at Rs. 7,277 crore, a year-on-year growth of 24.1 per cent.
TCS declared a quarterly dividend of Rs. 3 per share — its 18th consecutive quarterly dividend.
Operating margins were up 53 basis points at 24.76 per cent mainly due to increased off-shoring and productivity.
“In tough market conditions, TCS continues to perform in a stellar fashion, driving revenue growth through our diversified market presence and boosting our operational profitability by conserving costs and creating efficiencies,” TCS CEO and Managing Director S. Ramadorai said adding that, “in its 40-year history, TCS has focussed on institution building and value creation for all stakeholders. We have paid dividends for 18 consecutive quarters.”
“In a challenging market, TCS remained focussed on execution discipline and kept pricing stable and therefore managed to growth profitably,” Chief Operating Officer N. Chandrasekaran said. “We have closed some key deals across markets and sectors, acquired 41 new customers and have a healthy pipeline of deals across our diversified customer going forward. There are new opportunities emerging due to increase in integration activity as customers look to reduce costs and increase productivity. Although there was a ten-basis point drop in pricing quarter on quarter, going forward, we are going to see increasing pricing pressures but we are not going to drop prices just to bag orders.”
The company is following a comprehensive hedging policy on rupee-dollar and cross currency movements. It had a hedging loss of Rs. 250 crore during the quarter.
Nortel, which has filed for bankruptcy, is also a client of TCS but Mr. Chandrasekaran said it was not among the top 15 clients and accounted for less than 0.5 per cent of TCS’ revenues.
He added that there were sectors where there was increasing impact of slowdown like banking, financial services and insurance (BFSI), manufacturing and high-tech industries “but there is better growth in retail, pharmaceuticals and utilities.”
New clients
In terms of markets, TCS added six large clients including two new marquee customers during the quarter from North America — one above $100 million and the other above $250 million.
The company added over 30,400 people in the first nine months which is in line with its hiring plans for the year. “Our retention rates for both IT services and BPO have shown significant improvement in the current quarter. We continue to focus on improving utilization rates and employee productivity,” said Ajoy Mukherjee, Vice president and Head, Global Human Resources, TCS. The company is planning to make 24,800 campus offers in 2009-10.
During the quarter, there was a gross addition of 11,773 employees (net 8,692 employees) of which 8,704 were trainees and 1,696 were lateral recruits in India and 1,373 employees were added in overseas subsidiaries and branches.
The total employee base stands at 130,343 professionals and 52 per cent of the workforce had more than three years experience. The utilisation rate (excluding trainees) was 79.9 per cent and the attrition rate dropped to 11.9 per cent overall with 11.2 per cent attrition rate in the IT services business and 20.5 per cent attrition rate in BPO.
India - Hizb co-founder’s arrest could set stage for dialogue
Praveen Swami
Mohammad Ahsan Dar laid foundations for jihad in Jammu and Kashmir
NEW DELHI: For students of theatre, Mohammad Ahsan Dar’s story couldn’t have had a less fitting end.
On Wednesday, the man who co-founded the Hizb-ul-Mujahideen — and thus laid the foundations for a still-unfolding war that has claimed over 42,000 lives — emerged unarmed from a safe house in the town of Sumbal, having made no effort to resist arrest.
But many believe Dar’s arrest marks the beginning of another —and just as potentially fateful — story. Inside both the Hizb-ul-Mujahideen and the State’s major political parties, Dar’s arrest is being characterised as a disguised surrender — a gambit designed to open the way for a dialogue between elements of the jihadist leadership in Pakistan, and the new government in Srinagar.
Ever since he was spotted by Indian intelligence assets in December, 2003, Dar is known to have made visits to India almost each year, travelling from Lahore to Kathmandu or Dhaka, and onwards by road.
Dar claimed his secret visits were part of an effort to revive the ethnic-Kashmiri character of the jihad in Jammu and Kashmir. For the most part, though, the trips — which appear to have had the quiet assent of Indian authorities — were used to sound out State politicians on the prospect of securing political space for the Muzaffarabad-based leadership of Jammu and Kashmir’s major jihadist groups — generals who had seen their armies disintegrate in the face of India’s increasingly-effective counter-terrorism operations.
Many within India’s intelligence community believe Dar allowed himself to be arrested, hoping that the new National Conference-led alliance government in Jammu and Kashmir will help realise this project.
Dar had been controversially released from jail in early 2000 on the orders of the then Minister of State for Home Mushtaq Ahmad Lone. Critics had charged at the time that Lone engineered the release to win support for the ruling National Conference among Islamists, in an effort to undermine the secessionist All Parties Hurriyat Conference. Interestingly, Dar had been arrested from the home of Mr. Lone’s brother in 1993.
But soon after his release, Dar escaped to Pakistan. On June 30, 2000, journalists received a telephone call from the former jihad commander, who said he intended to revive the Ansar-ul-Islam —one of the jihadist groups which had eventually coalesced into the Hizb-ul-Mujahideen. But if Dar’s intention was, as many suspected, to set up a pro-National Conference jihadist group, it came to nothing. Mr. Lone, for his part, was assassinated by the Lashkar-e-Taiba during the 2002 Assembly election campaign.
A jihadist’s journey
Even if Dar’s arrest has no impact on the contours of the jihad in Jammu and Kashmir, his story is significant in itself.
Back in 1986, a group of Islamists linked to the Jamaat-e-Islami — which had been robbed through electoral rigging of the opportunity to establish a significant presence in the J&K Assembly — set up a jihadist group called the Ansar-ul-Islam.
Dar, who had earlier worked as a schoolteacher in Pattan — thus acquiring the nickname ‘Master’— was appointed its chief. Unlike most other members of the group, Dar had acquired rudimentary military training during a clandestine 1984 visit to Pakistan.
In 1988, when the jihadist in Jammu and Kashmir began to gather momentum, the Ansar-ul-Islam was renamed the Hizb-ul-Mujahideen. Pakistan’s Inter-Services Intelligence Directorate and the Jamaat-e-Islami threw their weight behind the group. By 1991, the Hizb succeeded in absorbing several smaller jihadist organisations, like the Tehreek-e-Jihad Islami, the Hizb-ul-Mujahideen-al-Jihad Commandos, and the Allah Tigers.
Dar presided over this process of expansion — an expansion which saw the Hizb-ul-Mujahideen increase its recruitment operations from amongst small peasants and the rural poor, who had traditionally been hostile to the Jamaat.
By 1991, Dar’s success had begun to alarm the ISI, which feared he would seek an independent political deal with India. That year, the senior-most Pakistan-based Hizb-ul-Mujahideen leader, Mohammad Yusuf Shah, alleged that Dar had embezzled Rs. 2 crore from the organisation.
Even as Dar sought to fight off the allegations, he found that the ISI had begun to choke funds and weapons flows to Hizb-ul-Mujahideen units who still acknowledged his authority.
The power-struggle dragged on until May 1992, when Dar was kidnapped near the south Kashmir town of Kokernag and forced to resign his charge.
Later, Dar crossed the Line of Control to seek support for a new organisation he set up, called the Muslim Mujahideen. He received little assistance.
In 1993, Dar was arrested. Most of the Muslim Mujahideen’s cadre now joined the pro-India militia of south Kashmir-based jihadist Ghulam Nabi Azad, and initiated the counter-terrorism campaign which eventually led to the near-annihilation of the Hizb-ul-Mujahideen
Mohammad Ahsan Dar laid foundations for jihad in Jammu and Kashmir
NEW DELHI: For students of theatre, Mohammad Ahsan Dar’s story couldn’t have had a less fitting end.
On Wednesday, the man who co-founded the Hizb-ul-Mujahideen — and thus laid the foundations for a still-unfolding war that has claimed over 42,000 lives — emerged unarmed from a safe house in the town of Sumbal, having made no effort to resist arrest.
But many believe Dar’s arrest marks the beginning of another —and just as potentially fateful — story. Inside both the Hizb-ul-Mujahideen and the State’s major political parties, Dar’s arrest is being characterised as a disguised surrender — a gambit designed to open the way for a dialogue between elements of the jihadist leadership in Pakistan, and the new government in Srinagar.
Ever since he was spotted by Indian intelligence assets in December, 2003, Dar is known to have made visits to India almost each year, travelling from Lahore to Kathmandu or Dhaka, and onwards by road.
Dar claimed his secret visits were part of an effort to revive the ethnic-Kashmiri character of the jihad in Jammu and Kashmir. For the most part, though, the trips — which appear to have had the quiet assent of Indian authorities — were used to sound out State politicians on the prospect of securing political space for the Muzaffarabad-based leadership of Jammu and Kashmir’s major jihadist groups — generals who had seen their armies disintegrate in the face of India’s increasingly-effective counter-terrorism operations.
Many within India’s intelligence community believe Dar allowed himself to be arrested, hoping that the new National Conference-led alliance government in Jammu and Kashmir will help realise this project.
Dar had been controversially released from jail in early 2000 on the orders of the then Minister of State for Home Mushtaq Ahmad Lone. Critics had charged at the time that Lone engineered the release to win support for the ruling National Conference among Islamists, in an effort to undermine the secessionist All Parties Hurriyat Conference. Interestingly, Dar had been arrested from the home of Mr. Lone’s brother in 1993.
But soon after his release, Dar escaped to Pakistan. On June 30, 2000, journalists received a telephone call from the former jihad commander, who said he intended to revive the Ansar-ul-Islam —one of the jihadist groups which had eventually coalesced into the Hizb-ul-Mujahideen. But if Dar’s intention was, as many suspected, to set up a pro-National Conference jihadist group, it came to nothing. Mr. Lone, for his part, was assassinated by the Lashkar-e-Taiba during the 2002 Assembly election campaign.
A jihadist’s journey
Even if Dar’s arrest has no impact on the contours of the jihad in Jammu and Kashmir, his story is significant in itself.
Back in 1986, a group of Islamists linked to the Jamaat-e-Islami — which had been robbed through electoral rigging of the opportunity to establish a significant presence in the J&K Assembly — set up a jihadist group called the Ansar-ul-Islam.
Dar, who had earlier worked as a schoolteacher in Pattan — thus acquiring the nickname ‘Master’— was appointed its chief. Unlike most other members of the group, Dar had acquired rudimentary military training during a clandestine 1984 visit to Pakistan.
In 1988, when the jihadist in Jammu and Kashmir began to gather momentum, the Ansar-ul-Islam was renamed the Hizb-ul-Mujahideen. Pakistan’s Inter-Services Intelligence Directorate and the Jamaat-e-Islami threw their weight behind the group. By 1991, the Hizb succeeded in absorbing several smaller jihadist organisations, like the Tehreek-e-Jihad Islami, the Hizb-ul-Mujahideen-al-Jihad Commandos, and the Allah Tigers.
Dar presided over this process of expansion — an expansion which saw the Hizb-ul-Mujahideen increase its recruitment operations from amongst small peasants and the rural poor, who had traditionally been hostile to the Jamaat.
By 1991, Dar’s success had begun to alarm the ISI, which feared he would seek an independent political deal with India. That year, the senior-most Pakistan-based Hizb-ul-Mujahideen leader, Mohammad Yusuf Shah, alleged that Dar had embezzled Rs. 2 crore from the organisation.
Even as Dar sought to fight off the allegations, he found that the ISI had begun to choke funds and weapons flows to Hizb-ul-Mujahideen units who still acknowledged his authority.
The power-struggle dragged on until May 1992, when Dar was kidnapped near the south Kashmir town of Kokernag and forced to resign his charge.
Later, Dar crossed the Line of Control to seek support for a new organisation he set up, called the Muslim Mujahideen. He received little assistance.
In 1993, Dar was arrested. Most of the Muslim Mujahideen’s cadre now joined the pro-India militia of south Kashmir-based jihadist Ghulam Nabi Azad, and initiated the counter-terrorism campaign which eventually led to the near-annihilation of the Hizb-ul-Mujahideen
India - Chennai may get 3G telephony first
M. Dinesh Varma
CHENNAI: CellOne subscribers in Chennai could be the first in south India to have a taste of 3G mobile telephony with BSNL Chennai Telephones preparing to roll out next generation communications in February.
A technical team of Chinese 3 G terminal vendor Huawei Technologies is currently engaged in installing the infrastructure to support the first tranche of 1.5 lakh 3G lines that would transform the way mobile users access the web.
The projected speeds on the 3G platform are said to be at least 30 times faster than 2G technology.
Chief Minister M. Karunanidhi is slated to soft launch 3G services possibly in February first week and the likely dates are being worked out.
According to plan, 3G services would initially be available to CellOne subscribers in Chennai before the rollout is extended to other major cities and towns in the State.
Meanwhile, reports from Delhi indicate that the auctioning of spectrum has been deferred a few weeks beyond the already revised date of January 30 to enable the Centre to fix a higher reserve price for spectrum bands.
Private mobile operators have been demanding a level playing field for launching 3G to negate any early mover advantage that BSNL and MTNL might get.
It is unclear as of now as to how long the telecom department proposes to put the technology on trial before going commercial.
The logistics for ringing in 3 G services featuring high-speed data, video and voice transmission involves setting up an additional 1,000 base transceiver station towers. This would go hand-in-hand with the ongoing drive to augment the 2G network through the commissioning of another 2 lakh lines.
CHENNAI: CellOne subscribers in Chennai could be the first in south India to have a taste of 3G mobile telephony with BSNL Chennai Telephones preparing to roll out next generation communications in February.
A technical team of Chinese 3 G terminal vendor Huawei Technologies is currently engaged in installing the infrastructure to support the first tranche of 1.5 lakh 3G lines that would transform the way mobile users access the web.
The projected speeds on the 3G platform are said to be at least 30 times faster than 2G technology.
Chief Minister M. Karunanidhi is slated to soft launch 3G services possibly in February first week and the likely dates are being worked out.
According to plan, 3G services would initially be available to CellOne subscribers in Chennai before the rollout is extended to other major cities and towns in the State.
Meanwhile, reports from Delhi indicate that the auctioning of spectrum has been deferred a few weeks beyond the already revised date of January 30 to enable the Centre to fix a higher reserve price for spectrum bands.
Private mobile operators have been demanding a level playing field for launching 3G to negate any early mover advantage that BSNL and MTNL might get.
It is unclear as of now as to how long the telecom department proposes to put the technology on trial before going commercial.
The logistics for ringing in 3 G services featuring high-speed data, video and voice transmission involves setting up an additional 1,000 base transceiver station towers. This would go hand-in-hand with the ongoing drive to augment the 2G network through the commissioning of another 2 lakh lines.
India - Miliband has a rural stint
Atiq Khan
LUCKNOW: British Foreign Secretary David Miliband has lauded the progress of development works in the Amethi parliamentary constituency in Uttar Pradesh.
Mr. Miliband, who was on a visit there at the invitation of Member of Parliament and Congress general secretary Rahul Gandhi, returned to New Delhi on Thursday.
Accompanied by Mr. Gandhi, Mr. Miliband visited various places in the constituency. At Narainpur village in Deeh block, he saw the literacy programme initiated by the Rajiv Gandhi Foundation and interacted with the children of English Relay Programme School. Mr. Miliband was pleasantly surprised when the children welcomed him in English.
Mr. Miliband reportedly asked Mr. Gandhi about telephone connectivity in the rural areas and the number of PCOs in the constituency. He later visited a school run by the Rajiv Gandhi Literacy Mission at Pandey ka Purwa village. Here, Mr. Gandhi acted as the interpreter.
In a brief interaction with journalists at the Sanjay Gandhi Hospital, Mr. Miliband said Pakistan should take action against terror groups responsible for the Mumbai terror attacks. Pakistan should do so to redeem its image in the international community.
He lauded the efforts of Mr. Gandhi towards education, health and poverty alleviation, especially the literacy programme in villages.
To a query on Mr. Gandhi as prime minister, he reportedly said he should concentrate on his present job.
Sleeps on charpoy
Mr. Miliband savoured Dalit hospitality on Thursday, when he stayed at the house of Ms. Karma in Semra village in Amethi. For a change, Mr. Miliband slept on a charpoy.
Uttar Pradesh Congress Committee spokesman Akhilesh Pratap Singh said Mr. Miliband and Mr. Gandhi’s entourage reached Semra in Bhetua block at around 11 p.m. on Wednesday, where they were accorded a traditional welcome by women self-help groups.
The interaction with the village people and women self-help groups continued till about 1.30 a.m. Their entourage left Semra at around 5.30 a.m.
LUCKNOW: British Foreign Secretary David Miliband has lauded the progress of development works in the Amethi parliamentary constituency in Uttar Pradesh.
Mr. Miliband, who was on a visit there at the invitation of Member of Parliament and Congress general secretary Rahul Gandhi, returned to New Delhi on Thursday.
Accompanied by Mr. Gandhi, Mr. Miliband visited various places in the constituency. At Narainpur village in Deeh block, he saw the literacy programme initiated by the Rajiv Gandhi Foundation and interacted with the children of English Relay Programme School. Mr. Miliband was pleasantly surprised when the children welcomed him in English.
Mr. Miliband reportedly asked Mr. Gandhi about telephone connectivity in the rural areas and the number of PCOs in the constituency. He later visited a school run by the Rajiv Gandhi Literacy Mission at Pandey ka Purwa village. Here, Mr. Gandhi acted as the interpreter.
In a brief interaction with journalists at the Sanjay Gandhi Hospital, Mr. Miliband said Pakistan should take action against terror groups responsible for the Mumbai terror attacks. Pakistan should do so to redeem its image in the international community.
He lauded the efforts of Mr. Gandhi towards education, health and poverty alleviation, especially the literacy programme in villages.
To a query on Mr. Gandhi as prime minister, he reportedly said he should concentrate on his present job.
Sleeps on charpoy
Mr. Miliband savoured Dalit hospitality on Thursday, when he stayed at the house of Ms. Karma in Semra village in Amethi. For a change, Mr. Miliband slept on a charpoy.
Uttar Pradesh Congress Committee spokesman Akhilesh Pratap Singh said Mr. Miliband and Mr. Gandhi’s entourage reached Semra in Bhetua block at around 11 p.m. on Wednesday, where they were accorded a traditional welcome by women self-help groups.
The interaction with the village people and women self-help groups continued till about 1.30 a.m. Their entourage left Semra at around 5.30 a.m.
Entertainment - In Conversation with A.R.Rehman
Meera Srinivasan & K. Manikandan
CHENNAI: Music director A.R. Rahman, the first Indian to win the prestigious Golden Globe award for original music score for “Slumdog Millionaire,” returned to a hero’s welcome at Chennai airport early Thursday.
As news reached that Mr. Rahman would be reaching the airport from Frankfurt by a Lufthansa aircraft at 11.50 p.m. on Wednesday, the crew of almost every news organisation in the city assembled at the arrival hall of the international terminal, only to learn that the flight was delayed.
About 100 artistes performing in the ongoing Chennai Sangamam fest reached the airport in chartered Metropolitan Transport Corporation buses.
The artistes performed ‘Thappaattam’ and other forms of folk art and the rhythmic beats on the traditional drums drew staff and waiting passengers to the arrival hall. As news about the arrival of Mr. Rahman spread, airport staff and people who had come to welcome and send off their relatives also gathered at the arrival hall. The performers started about midnight and continued non-stop till Mr. Rahman stepped out of the arrival gate, got into his car and zoomed away to his house.
He reached his residence in Samiar Madam, Kodambakkam, around 2 a.m. Here, once again, the media had gathered in large numbers. Even as he walked in, he was talking to reporters: “I am very happy about the honour.” He also dedicated it to the country that nourished him. To those who kept hinting at the Oscars as the next stop for Rahman, he indicated that he was not aiming at anything. “Everyday is a new day and brings challenges,” he said in his usual self-deprecating mode.
In an interview to The Hindu on Thursday evening at his residence, Mr. Rahman said: “I thought that I should get it for India! It was worrying me that if I don’t get it, I will be letting down millions of people. So when I got it, I was very happy.”
He recalled those moments in Los Angeles before his name was announced for the award. “Of course, this is a kind of recognition, but there are larger issues in life. But the foundation to all this or my vision is to eradicate poverty. This is a helping point for that.”
Asked if he had any specific projects in mind, Mr. Rahman said, “I am teaming up with some international people to do songs for my Foundation. It will happen very soon.”
On whether he thought his work would win global acclaim, he said, “No, not really. I wanted to finish it in time and I knew that it would be liked by the western audience, but not this much.”
He said the whole screenplay and the story demanded a different kind of music. “It is all very likeable music, still complementing the film,” he said.
So did the victory signify the coming of age of Indian audio technology?
Mr. Rahman said: “All of us have to do so much more for art. We were so rich in the arts at a particular point of time. Now it has declined and everything is toward cinema, cinema, cinema. We need to showcase our rich arts keeping in mind their universal appeal. Our own art is not represented in the right way. Even a small place like Hong Kong or Singapore has a performance space for multiple arts. I have been pushing for this with some of the politicians, too. We need a space like a symphony hall which is world class. I hope that this [the award] gives a clue. It’s not about me, I am a very small element in the city. There are so many things here that will come out beautifully given the right forum and encouragement. It’s about nurturing creativity in a big way, and presenting it to the world.
“In audio technology itself, we arrived three, fours years back. Every little kid is doing extraordinary work. It’s a democracy now. It is creativity and originality that will count hence.”
Apart from being a composer and the principal of an institution —KM Music Conservatory — Mr. Rahman plans to take up massive social projects. However, he remains unaffected by success. “When you look at what has to be done and what can be done, and then what you do, it looks so small. That keeps me going like an engine,” said the musical genius.
CHENNAI: Music director A.R. Rahman, the first Indian to win the prestigious Golden Globe award for original music score for “Slumdog Millionaire,” returned to a hero’s welcome at Chennai airport early Thursday.
As news reached that Mr. Rahman would be reaching the airport from Frankfurt by a Lufthansa aircraft at 11.50 p.m. on Wednesday, the crew of almost every news organisation in the city assembled at the arrival hall of the international terminal, only to learn that the flight was delayed.
About 100 artistes performing in the ongoing Chennai Sangamam fest reached the airport in chartered Metropolitan Transport Corporation buses.
The artistes performed ‘Thappaattam’ and other forms of folk art and the rhythmic beats on the traditional drums drew staff and waiting passengers to the arrival hall. As news about the arrival of Mr. Rahman spread, airport staff and people who had come to welcome and send off their relatives also gathered at the arrival hall. The performers started about midnight and continued non-stop till Mr. Rahman stepped out of the arrival gate, got into his car and zoomed away to his house.
He reached his residence in Samiar Madam, Kodambakkam, around 2 a.m. Here, once again, the media had gathered in large numbers. Even as he walked in, he was talking to reporters: “I am very happy about the honour.” He also dedicated it to the country that nourished him. To those who kept hinting at the Oscars as the next stop for Rahman, he indicated that he was not aiming at anything. “Everyday is a new day and brings challenges,” he said in his usual self-deprecating mode.
In an interview to The Hindu on Thursday evening at his residence, Mr. Rahman said: “I thought that I should get it for India! It was worrying me that if I don’t get it, I will be letting down millions of people. So when I got it, I was very happy.”
He recalled those moments in Los Angeles before his name was announced for the award. “Of course, this is a kind of recognition, but there are larger issues in life. But the foundation to all this or my vision is to eradicate poverty. This is a helping point for that.”
Asked if he had any specific projects in mind, Mr. Rahman said, “I am teaming up with some international people to do songs for my Foundation. It will happen very soon.”
On whether he thought his work would win global acclaim, he said, “No, not really. I wanted to finish it in time and I knew that it would be liked by the western audience, but not this much.”
He said the whole screenplay and the story demanded a different kind of music. “It is all very likeable music, still complementing the film,” he said.
So did the victory signify the coming of age of Indian audio technology?
Mr. Rahman said: “All of us have to do so much more for art. We were so rich in the arts at a particular point of time. Now it has declined and everything is toward cinema, cinema, cinema. We need to showcase our rich arts keeping in mind their universal appeal. Our own art is not represented in the right way. Even a small place like Hong Kong or Singapore has a performance space for multiple arts. I have been pushing for this with some of the politicians, too. We need a space like a symphony hall which is world class. I hope that this [the award] gives a clue. It’s not about me, I am a very small element in the city. There are so many things here that will come out beautifully given the right forum and encouragement. It’s about nurturing creativity in a big way, and presenting it to the world.
“In audio technology itself, we arrived three, fours years back. Every little kid is doing extraordinary work. It’s a democracy now. It is creativity and originality that will count hence.”
Apart from being a composer and the principal of an institution —KM Music Conservatory — Mr. Rahman plans to take up massive social projects. However, he remains unaffected by success. “When you look at what has to be done and what can be done, and then what you do, it looks so small. That keeps me going like an engine,” said the musical genius.
World - Confession tribunal opens up after 830 years
ROME: One of the Vatican’s most secrecy-shrouded tribunals, which handles confessions of sins so grave only the Pope can grant absolution, is giving the faithful a peek into its workings — for the first time in its 830-year history.
The so-called “tribunal of conscience” invited the public into the frescoed halls of its imposing 16th-century palazzo for a two-day conference that ended on Wednesday. The aim was to explain what the Apostolic Penitentiary actually does, and thereby encourage more of the faithful to go to confession, said Monsignor Gianfranco Girotti, the tribunal’s No. 2 official.
Confessions of even the most heinous of crimes and sins — such as genocide or mass murder — are handled at the local level by priests and their bishops and are not heard by the tribunal. Its work involves those sins that are reserved for the Pope — considered so serious that a local priest or bishop is not qualified to grant absolution, said Cardinal James Francis Stafford, an American who heads the Apostolic Penitentiary.
These include defiling the Eucharist, which Catholics believe is the body and blood of Christ. Cardinal Stafford said this offence is occurring with more and more frequency, not just in satanic rites but by ordinary faithful who receive Communion and then remove the host from their mouths and spit it out or otherwise desecrate it.
Others include a priest breaking the seal of the confessional by revealing the nature of the sin and the person who sought penance, or a priest who has sexual relations with someone and then offered forgiveness for the act. A fourth type of case that comes to the tribunal involves a man who directly caused an abortion — such as by paying for it — who then seeks to become a priest or deacon, Cardinal Stafford said. — AP
The so-called “tribunal of conscience” invited the public into the frescoed halls of its imposing 16th-century palazzo for a two-day conference that ended on Wednesday. The aim was to explain what the Apostolic Penitentiary actually does, and thereby encourage more of the faithful to go to confession, said Monsignor Gianfranco Girotti, the tribunal’s No. 2 official.
Confessions of even the most heinous of crimes and sins — such as genocide or mass murder — are handled at the local level by priests and their bishops and are not heard by the tribunal. Its work involves those sins that are reserved for the Pope — considered so serious that a local priest or bishop is not qualified to grant absolution, said Cardinal James Francis Stafford, an American who heads the Apostolic Penitentiary.
These include defiling the Eucharist, which Catholics believe is the body and blood of Christ. Cardinal Stafford said this offence is occurring with more and more frequency, not just in satanic rites but by ordinary faithful who receive Communion and then remove the host from their mouths and spit it out or otherwise desecrate it.
Others include a priest breaking the seal of the confessional by revealing the nature of the sin and the person who sought penance, or a priest who has sexual relations with someone and then offered forgiveness for the act. A fourth type of case that comes to the tribunal involves a man who directly caused an abortion — such as by paying for it — who then seeks to become a priest or deacon, Cardinal Stafford said. — AP
Entertainment - Lamha in trouble again
Shujaat Bukhari
SRINAGAR: Rahul Dolakia’s movie Lamha is again facing rough weather with Asiya Andrabi, head of Dukhtaran-e-Millat, serving a legal notice to the makers. She has demanded that she should first see the script.
After objections from some people during its shoot last year, the producers put off the plans and returned to Mumbai. Sanjay Dutt and Bipasha Basu play the lead role in the film. The fruit growers of the Valley had objected to reported scenes of “guns being carried in fruit-laden trucks,” on which the shooting was cancelled. Bipasha had her own reasons to leave in a huff as she complained of lack of proper security.
Now that the crew has returned and resumed shooting, the Dukhtaran chief, whose role is purportedly being played by Bipasha, has served a legal notice on G.S. Entertainment. Served through her counsel G.N. Shaheen, she has demanded that the script be produced before her within three days.
“As Asiya is a political personality and follower of Islam, she doesn’t want to be portrayed by any actress in the movie who is incompatible with her virtues,” reads the notice.
“Earlier, a meeting was arranged between Dholakia and Asiya and it was agreed by the director that before shooting the film, the script will be shown to her. However, unfortunately the script was not made available to her and as such my client was forced to serve a legal notice.”
“The reputation, honour and dignity of Asiya have been put on stake,” Mr. Shaheen told The Hindu.
Mr. Dolakia denied reports that Bipasha was playing Asiya in the film.
“Bipasha’s role in my film is not even remotely connected with the life of Asiya Andrabi. My film is absolutely a positive film about Kashmir and its people.”
SRINAGAR: Rahul Dolakia’s movie Lamha is again facing rough weather with Asiya Andrabi, head of Dukhtaran-e-Millat, serving a legal notice to the makers. She has demanded that she should first see the script.
After objections from some people during its shoot last year, the producers put off the plans and returned to Mumbai. Sanjay Dutt and Bipasha Basu play the lead role in the film. The fruit growers of the Valley had objected to reported scenes of “guns being carried in fruit-laden trucks,” on which the shooting was cancelled. Bipasha had her own reasons to leave in a huff as she complained of lack of proper security.
Now that the crew has returned and resumed shooting, the Dukhtaran chief, whose role is purportedly being played by Bipasha, has served a legal notice on G.S. Entertainment. Served through her counsel G.N. Shaheen, she has demanded that the script be produced before her within three days.
“As Asiya is a political personality and follower of Islam, she doesn’t want to be portrayed by any actress in the movie who is incompatible with her virtues,” reads the notice.
“Earlier, a meeting was arranged between Dholakia and Asiya and it was agreed by the director that before shooting the film, the script will be shown to her. However, unfortunately the script was not made available to her and as such my client was forced to serve a legal notice.”
“The reputation, honour and dignity of Asiya have been put on stake,” Mr. Shaheen told The Hindu.
Mr. Dolakia denied reports that Bipasha was playing Asiya in the film.
“Bipasha’s role in my film is not even remotely connected with the life of Asiya Andrabi. My film is absolutely a positive film about Kashmir and its people.”
Health - India;Cord blood bank facility in Kolkata
KOLKATA: Singapore-based CordLife has entered India with a facility here. This is the fifth such unit of the cord blood bank company in the world. It plans to fan out across the country with Kolkata as headquarters.
Managing director of CordLife India Meghnath Roy Chowdhury told The Hindu that cord blood and stem cells banked after a child’s birth could be used to treat 80 diseases that include blood disorders such as thalassemia Major, quite a few types of cancer, including luekaemia, inherited diseases and immunological disorders.
Mr. Chowdhury said an agreement had to be signed between the company and consenting parents whereby a new-born’s cord blood was banked and stored cryogenically (instead of being thrown away) against a certain one-time fee and an annual charge.
While theoretically, cord blood could be saved and used for an infinite period, the longest-serving one was now used after 24 years (given that the technique was commercialised only in the late 80s). Cord blood could be used for treating a sibling too.
Steven Fang, Group CEO, CordLife Ltd., said the facility in India was by far the most advanced within the company’s network. The company, which is listed on the Australian Stock Exchange, had invested around Rs.10 crore in the facility. It would open marketing branches in all the major metros in India within the next two years involving an investment of Rs.30 crore. The first one would be in New Delhi within three months. The company had similar units in Australia, Hongkong, Indonesia and Singapore.
The storage capacity of the unit here would be 1,50,000 cord blood units.
“Cord blood has become a very common source of stem cells for transplantations today and thousands of patients around the world received a new lease of life because of it. We are pleased to offer this miracle of life to the Indian community,” Mark Kirkland, associate professor and medical director of BioCell, a subsidiary of CordLife, said.
The firm said a Singapore boy with leukemia was saved after receiving his sibling’s cord blood stem cells, which were collected and processed by CordLife Singapore.
Managing director of CordLife India Meghnath Roy Chowdhury told The Hindu that cord blood and stem cells banked after a child’s birth could be used to treat 80 diseases that include blood disorders such as thalassemia Major, quite a few types of cancer, including luekaemia, inherited diseases and immunological disorders.
Mr. Chowdhury said an agreement had to be signed between the company and consenting parents whereby a new-born’s cord blood was banked and stored cryogenically (instead of being thrown away) against a certain one-time fee and an annual charge.
While theoretically, cord blood could be saved and used for an infinite period, the longest-serving one was now used after 24 years (given that the technique was commercialised only in the late 80s). Cord blood could be used for treating a sibling too.
Steven Fang, Group CEO, CordLife Ltd., said the facility in India was by far the most advanced within the company’s network. The company, which is listed on the Australian Stock Exchange, had invested around Rs.10 crore in the facility. It would open marketing branches in all the major metros in India within the next two years involving an investment of Rs.30 crore. The first one would be in New Delhi within three months. The company had similar units in Australia, Hongkong, Indonesia and Singapore.
The storage capacity of the unit here would be 1,50,000 cord blood units.
“Cord blood has become a very common source of stem cells for transplantations today and thousands of patients around the world received a new lease of life because of it. We are pleased to offer this miracle of life to the Indian community,” Mark Kirkland, associate professor and medical director of BioCell, a subsidiary of CordLife, said.
The firm said a Singapore boy with leukemia was saved after receiving his sibling’s cord blood stem cells, which were collected and processed by CordLife Singapore.
World - Jaffna peninsula liberated: Army
B. Muralidhar Reddy
COLOMBO: With the capture of Chindikulam, the last land base of the LTTE linking to the Jaffna peninsula, the military on Thursday claimed it had total control of the peninsula.
The Defence Ministry claimed that troops gained total control over Dharmapuram in Kilinochchi district, a “key LTTE stronghold.”
Separately, the Air Force claimed it had launched precision strikes at multiple LTTE targets located south of Mullathivu and Chindikulam.
According to Air Force spokesperson Janaka Nanayakkara, four air strikes were made to support the security forces which were surrounding the LTTE’s remaining bastion at Mullathivu.
The Air Force also claimed it had inflicted heavy damage to an LTTE barge, south of Chindikulam. The Army said troops had found the fifth LTTE runway, about 50 metres wide and over a km long, east of Iranamadu.
In a report posted on its website, the LTTE charged that 13 civilians were injured in Army shelling in the Kaively settlement in Mullathivu.
COLOMBO: With the capture of Chindikulam, the last land base of the LTTE linking to the Jaffna peninsula, the military on Thursday claimed it had total control of the peninsula.
The Defence Ministry claimed that troops gained total control over Dharmapuram in Kilinochchi district, a “key LTTE stronghold.”
Separately, the Air Force claimed it had launched precision strikes at multiple LTTE targets located south of Mullathivu and Chindikulam.
According to Air Force spokesperson Janaka Nanayakkara, four air strikes were made to support the security forces which were surrounding the LTTE’s remaining bastion at Mullathivu.
The Air Force also claimed it had inflicted heavy damage to an LTTE barge, south of Chindikulam. The Army said troops had found the fifth LTTE runway, about 50 metres wide and over a km long, east of Iranamadu.
In a report posted on its website, the LTTE charged that 13 civilians were injured in Army shelling in the Kaively settlement in Mullathivu.
World - Sri Lankan Editor’s murder puts government in the dock
B. Muralidhar Reddy
COLOMBO: Pressure continues to mount on the Mahinda Rajapaksa government to bring to book those behind the assassination of Lasantha Wickramatunga, Editor of Sunday Leader and a fierce critic of the government, on January 8.
Failure of the authorities to make any headway into the investigation a week after the murder has not only strengthened suspicions of possible involvement of elements within the establishment in the crime but also overshadowed the impressive gains made by the military against the LTTE, including the capture of Kilinochchi on January 2 and the Elephant Pass on January 9.
The killing of Wickramatunga came two days after an attack on the studios of Maharaja Television, one of the largest television networks in the country, on January 6 by unidentified persons.
Wickramatunga’s in-depth investigations into corruption and nepotism in the government frequently made him the target of intimidation and lawsuits. Maharaja Television was labelled by pro-government elements as “unpatriotic” for its coverage of the government’s recent military campaigns.
On Thursday, representatives of civil society held a silent vigil here in protest against the assassination and other targeted attacks on the media.
What has particularly embarrassed the government is a note purportedly written by Wickramatunga prior to his assassination in which he implicated elements in the establishment for threats to his life.
The note surfaced in the form of an editorial in Sunday Times on January 11. It is not immediately clear when he wrote it and who possessed it.
The operative portions read: “It is well known that I was on two occasions brutally assaulted, while on another my house was sprayed with machine-gun fire. Despite the government’s sanctimonious assurances, there was never a serious police inquiry into the perpetrators of these attacks, and the attackers were never apprehended. In all these cases, I have reason to believe the attacks were inspired by the government. When finally I am killed, it will be the government that kills me”.
“In the wake of my death I know you will make all the usual sanctimonious noises and call upon the police to hold a swift and thorough inquiry. But like all the inquiries you have ordered in the past, nothing will come of this one too. For truth be told, we both know who will be behind my death, but dare not call his name. Not just my life, but yours too, depends on it.”
While charges and counter charges of killings, abductions and attacks on media have become a common feature in Sri Lanka since the current phase of hostilities between the military and the LTTE began in July 2006, there is little doubt that no single incident has stirred so many sections of the people as the killing of Wickramatunga.
President Mahinda Rajapaksa was quick to condemn the murder as a heinous crime by elements out to diminish the significance of the military victories against the LTTE and discredit the government.
He had separate interactive sessions with Colombo-based foreign correspondents and the local media heads to emphasise that the government had everything to lose by targeting the media at a juncture when it was making spectacular progress in the war against terror.
COLOMBO: Pressure continues to mount on the Mahinda Rajapaksa government to bring to book those behind the assassination of Lasantha Wickramatunga, Editor of Sunday Leader and a fierce critic of the government, on January 8.
Failure of the authorities to make any headway into the investigation a week after the murder has not only strengthened suspicions of possible involvement of elements within the establishment in the crime but also overshadowed the impressive gains made by the military against the LTTE, including the capture of Kilinochchi on January 2 and the Elephant Pass on January 9.
The killing of Wickramatunga came two days after an attack on the studios of Maharaja Television, one of the largest television networks in the country, on January 6 by unidentified persons.
Wickramatunga’s in-depth investigations into corruption and nepotism in the government frequently made him the target of intimidation and lawsuits. Maharaja Television was labelled by pro-government elements as “unpatriotic” for its coverage of the government’s recent military campaigns.
On Thursday, representatives of civil society held a silent vigil here in protest against the assassination and other targeted attacks on the media.
What has particularly embarrassed the government is a note purportedly written by Wickramatunga prior to his assassination in which he implicated elements in the establishment for threats to his life.
The note surfaced in the form of an editorial in Sunday Times on January 11. It is not immediately clear when he wrote it and who possessed it.
The operative portions read: “It is well known that I was on two occasions brutally assaulted, while on another my house was sprayed with machine-gun fire. Despite the government’s sanctimonious assurances, there was never a serious police inquiry into the perpetrators of these attacks, and the attackers were never apprehended. In all these cases, I have reason to believe the attacks were inspired by the government. When finally I am killed, it will be the government that kills me”.
“In the wake of my death I know you will make all the usual sanctimonious noises and call upon the police to hold a swift and thorough inquiry. But like all the inquiries you have ordered in the past, nothing will come of this one too. For truth be told, we both know who will be behind my death, but dare not call his name. Not just my life, but yours too, depends on it.”
While charges and counter charges of killings, abductions and attacks on media have become a common feature in Sri Lanka since the current phase of hostilities between the military and the LTTE began in July 2006, there is little doubt that no single incident has stirred so many sections of the people as the killing of Wickramatunga.
President Mahinda Rajapaksa was quick to condemn the murder as a heinous crime by elements out to diminish the significance of the military victories against the LTTE and discredit the government.
He had separate interactive sessions with Colombo-based foreign correspondents and the local media heads to emphasise that the government had everything to lose by targeting the media at a juncture when it was making spectacular progress in the war against terror.
Business - RIL to start exporting fuel this month
NEW DELHI: After commissioning its new refinery worth $6 billion at its special economic zone (SEZ) at Jamnagar in Gujarat last month, Reliance Industries Ltd. (RIL) is all set to begin fuel exports from this month.
“All our processing units at the new refinery will be ready in the next few days; we will then start exporting fuel,” Reliance Industries President (Refinery Business) P. Raghavendran said.
Secondary units
Speaking to journalists at the international conference on oil and gas ‘Petrotech 2009’ here, Mr. Raghavendran said the secondary units would be commissioned in the next few days and during the course of this month products would be exported. He, however, refused to elaborate on the countries and markets the company was targeting.
In December, Reliance had started the export-only refinery with refining capacity of 5.8 lakh barrels a day. The company plans to sell gasoline, gas oil and jet fuel in the U.S., European and African markets.
With its parent refinery’s capacity of 6.6 lakh barrels a day, Reliance’s Jamnagar facility has become the world’s largest refining hub.
Reliance Petroleum refinery has been completed in 36 months from concept to commissioning, which is a new benchmark for building a grassroots refinery of this scale and complexity.
Greenfield projects
According to Mr. Raghavendran, Reliance Industries is also looking at opportunities to set up refineries worldwide. “We want to set up greenfield refinery projects and also take up expansion of existing refineries globally,” he said, without disclosing any country or region.
Stating that Reliance’s endeavour was to be highly competitive in the refining business, he said there were 19 refineries in the country, with an aggregate capacity of 160 million tonnes annually, and all of them have to sell products all over the globe and there was no escaping from being competitive. “We should be able to convert least expensive crude oil into high-value products at lowest possible cost to survive the competition,” he said.
“All our processing units at the new refinery will be ready in the next few days; we will then start exporting fuel,” Reliance Industries President (Refinery Business) P. Raghavendran said.
Secondary units
Speaking to journalists at the international conference on oil and gas ‘Petrotech 2009’ here, Mr. Raghavendran said the secondary units would be commissioned in the next few days and during the course of this month products would be exported. He, however, refused to elaborate on the countries and markets the company was targeting.
In December, Reliance had started the export-only refinery with refining capacity of 5.8 lakh barrels a day. The company plans to sell gasoline, gas oil and jet fuel in the U.S., European and African markets.
With its parent refinery’s capacity of 6.6 lakh barrels a day, Reliance’s Jamnagar facility has become the world’s largest refining hub.
Reliance Petroleum refinery has been completed in 36 months from concept to commissioning, which is a new benchmark for building a grassroots refinery of this scale and complexity.
Greenfield projects
According to Mr. Raghavendran, Reliance Industries is also looking at opportunities to set up refineries worldwide. “We want to set up greenfield refinery projects and also take up expansion of existing refineries globally,” he said, without disclosing any country or region.
Stating that Reliance’s endeavour was to be highly competitive in the refining business, he said there were 19 refineries in the country, with an aggregate capacity of 160 million tonnes annually, and all of them have to sell products all over the globe and there was no escaping from being competitive. “We should be able to convert least expensive crude oil into high-value products at lowest possible cost to survive the competition,” he said.
Business - Plan to deregulate retail fuel prices
Sandeep Joshi
NEW DELHI: With international crude prices remaining low, the government might consider deregulating the retail fuel prices to boost competition between the public and private sector oil companies.
“There is also a proposal to free the retail fuel prices from administrative control after a mechanism to compensate for the losses on LPG and kerosene is devised,” a senior Petroleum Ministry official said at Petrotech 2009.
The private sector oil companies, which closed down a majority of their retail stations last year due to skyrocketing crude prices, had been asking the government to free the retail fuel prices to provide a level-playing field vis-À-vis its public sector competitors.
Additional Secretary in the Ministry of Petroleum and Natural Gas S. Sundareshan said capping of the retail prices could be avoided, and the private sector would be encouraged to enter the retail sector and compete with the public sector companies.
“We have to encourage this as oil consumption in India is growing .”
NEW DELHI: With international crude prices remaining low, the government might consider deregulating the retail fuel prices to boost competition between the public and private sector oil companies.
“There is also a proposal to free the retail fuel prices from administrative control after a mechanism to compensate for the losses on LPG and kerosene is devised,” a senior Petroleum Ministry official said at Petrotech 2009.
The private sector oil companies, which closed down a majority of their retail stations last year due to skyrocketing crude prices, had been asking the government to free the retail fuel prices to provide a level-playing field vis-À-vis its public sector competitors.
Additional Secretary in the Ministry of Petroleum and Natural Gas S. Sundareshan said capping of the retail prices could be avoided, and the private sector would be encouraged to enter the retail sector and compete with the public sector companies.
“We have to encourage this as oil consumption in India is growing .”
World - Pogrom in Gaza
To describe Israel’s aggression on the Gaza Strip as a war or military operation would be inaccurate. It is a pogrom being conducted with a high degree of efficiency. More than 1,000 Palestinians, many of them unarmed civilians, including over 300 children, have been killed and thousands injured in the 19 days after the military assaults began. Israel’s ground forces have cast an iron ring around the people of Gaza and its planes have pounded most public buildi ngs, including mosques and government offices, to rubble. Food, fuel, water, and medical supplies are running low. The injured face harrowing ordeals as they try to reach hospitals. Even the Red Cross, which normally stays clear of political controversy, was recently provoked into issuing a communiqué complaining that its workers were prevented from reaching the wounded. Israel is indisputably engaged in crimes against humanity. It seeks to justify them by pointing out that Hamas continues to fire rockets at its towns and cities, glossing over the gross disproportionality in death toll. As an Israeli journalist recently observed in an article in Frontline, for these rockets to cause serious injury they have to literally fall on a person. The massacre of innocents can be for no purpose other than creating terror as an end in itself. Israel’s aggression is not likely to uproot Hamas. Politically, the extremist organisation looks set to gain from the tragedy.
Israel is now apparently willing to acquiesce in an Egyptian-sponsored truce provided it puts in place a mechanism that prevents Hamas from bringing rockets into the Gaza Strip and firing them. The same outcome could have been achieved had Tel Aviv kept its part of the bargain by easing the economic blockade during the six-month ceasefire that ended in December. Hamas will almost certainly not accept a fresh truce agreement unless it contains provisions for the lifting of the quarantine. If Israel’s objective was to force the people of Gaza to turn against Hamas by first applying economic pressure and then by launching the aggression, it has failed on both counts. The real political loser is the Fatah-controlled Palestinian Authority, which has lost ground even in the West Bank over the past two weeks. Instead of doing what it could to mitigate the aggression, the Authority has been busy suppressing anti-Israel protests. Arab governments that have failed to take a strong stand against Israel have also suffered political damage. Both authoritarian Egypt, which has ensured that not many protests broke out in the streets, and the regime in Jordan find themselves on the wrong side of domestic public opinion, which demands greater firmness against Israel’s brutal ways.
Israel is now apparently willing to acquiesce in an Egyptian-sponsored truce provided it puts in place a mechanism that prevents Hamas from bringing rockets into the Gaza Strip and firing them. The same outcome could have been achieved had Tel Aviv kept its part of the bargain by easing the economic blockade during the six-month ceasefire that ended in December. Hamas will almost certainly not accept a fresh truce agreement unless it contains provisions for the lifting of the quarantine. If Israel’s objective was to force the people of Gaza to turn against Hamas by first applying economic pressure and then by launching the aggression, it has failed on both counts. The real political loser is the Fatah-controlled Palestinian Authority, which has lost ground even in the West Bank over the past two weeks. Instead of doing what it could to mitigate the aggression, the Authority has been busy suppressing anti-Israel protests. Arab governments that have failed to take a strong stand against Israel have also suffered political damage. Both authoritarian Egypt, which has ensured that not many protests broke out in the streets, and the regime in Jordan find themselves on the wrong side of domestic public opinion, which demands greater firmness against Israel’s brutal ways.
Health - HIV;Encouraging voluntary testing
The recent announcement by the Chief Minister of Himachal Pradesh that the State government was considering making pre-marital HIV/AIDS testing mandatory has brought to the fore the complex issue of devising an effective strategy to reduce HIV incidence while being sensitive to an individual’s rights. Other States such as Goa, Andhra Pradesh, and Karnataka that had once contemplated such a law have dropped the idea. It is scientifically proven that women are biologic ally vulnerable to heterosexual HIV transmission about four times more than men. This fact highlights the need for effective measures to protect the health of women. A Supreme Court judgment of 1998, while upholding the action of a hospital in revealing to his fiancé the HIV status of an individual about to be married, noted that “the proposed marriage carried with it the health risk to an identifiable person who had to be protected from being infected.” In effect, the judgment laid down that the right to medical confidentiality was not absolute and exceptions needed to be made in such cases.
While pre-marital testing is undoubtedly one of the ways of protecting women, making it mandatory by law on pain of penalties would be a gross violation of an individual’s rights, including the right to privacy, besides being impracticable. Facilities for large scale testing of people outside the high-risk categories are inadequate in most of the States. Even in Tamil Nadu, where the number of voluntary testing centres is one of the largest in the country, every centre caters to a vast segment of adult population. Were testing to be made mandatory, there is also a greater possibility of people faking results, defeating the public policy goal of prevention. India, which according to the National AIDS Control Organisation’s (NACO) 2007 sentinel surveillance survey data, has an overall prevalence of 0.34 per cent comes under the low HIV prevalence category. In Tamil Nadu, a higher prevalence of eight per cent is seen in those with sexually transmitted diseases and more than five per cent in the high-risk group. Yet, rather than take on the burden of universal testing, the State has opted for the targeted-testing of people in the high-risk category as an effective means of preventing the spread of HIV. As for protecting persons, particularly women, entering into a marriage, pre-marital testing is a good practice that should be encouraged on a voluntary basis by mutual agreement between the parties. Governments will do well to increase the awareness so that voluntary pre-marital testing becomes widespread.
While pre-marital testing is undoubtedly one of the ways of protecting women, making it mandatory by law on pain of penalties would be a gross violation of an individual’s rights, including the right to privacy, besides being impracticable. Facilities for large scale testing of people outside the high-risk categories are inadequate in most of the States. Even in Tamil Nadu, where the number of voluntary testing centres is one of the largest in the country, every centre caters to a vast segment of adult population. Were testing to be made mandatory, there is also a greater possibility of people faking results, defeating the public policy goal of prevention. India, which according to the National AIDS Control Organisation’s (NACO) 2007 sentinel surveillance survey data, has an overall prevalence of 0.34 per cent comes under the low HIV prevalence category. In Tamil Nadu, a higher prevalence of eight per cent is seen in those with sexually transmitted diseases and more than five per cent in the high-risk group. Yet, rather than take on the burden of universal testing, the State has opted for the targeted-testing of people in the high-risk category as an effective means of preventing the spread of HIV. As for protecting persons, particularly women, entering into a marriage, pre-marital testing is a good practice that should be encouraged on a voluntary basis by mutual agreement between the parties. Governments will do well to increase the awareness so that voluntary pre-marital testing becomes widespread.
Business - When the dog did not bark
N. Ravi
One lesson from the failure of the watchdogs at Satyam is that continuing with procedures that depend heavily on trust and good faith rather than putting matters beyond any doubt by verification will leave the door open to frauds.
[Detective] Gregory: Is there any other point to which you would wish to draw
my attention?
[Sherlock] Holmes: To the curious
incident of the dog in the night-time.
Gregory: The dog did nothing in the
night-time.
Holmes: That was the curious incident.
[He goes on to explain later:] Obviously
the midnight visitor was someone whom
the dog knew well.
— from ‘Silver Blaze,’ Arthur Conan
Doyle’s short story on the disappearance of a racehorse and the death of the trainer.
Did the watchdogs at Satyam fail to alert the outside world because the perpetrator of the dark deed was a familiar figure they trusted?
As corporate frauds go, Satyam has taken on the characteristics of both Enron and Madoff. In terms of the size and spread of its operations with thousands of employees, its status as a publicly listed and traded entity, the motivation to boost share v alues by cooking the books and the total failure of internal controls and external checks it would seem to resemble Enron closely. On the other hand, it seems more like the recent Madoff Ponzi scheme in its false and misleading appearance as a highly successful company with a respectable promoter and in the sheer audacity of fraud at the very top that covered up non-existent cash and bank balances for so long till it was revealed by the confession of the chief perpetrator himself.
Accounting scams are of course always the doing of insiders. And when the fraud is at the very top, internal controls are easily overridden. Only the external checks in the form of independent directors and external auditors can provide real assurance to shareholders and investors if they work as envisaged. The scam is still unravelling and there are several hard questions that do not admit of definite answers at this stage. What is clear, however, is that the external checks failed to work as they should have to prevent a fraud of such major proportions that continued for at least seven years in a seemingly well run and well regulated company meeting the standards of both the Securities and Exchange Board of India (SEBI) and the U.S. Securities and Exchange Commission. Often good returns and the appearance of success can serve to mask underlying problems that surface only when conditions turn difficult.
The directors, especially the independent directors, are no doubt brought in by the management and some may not ask hard questions. However, several including some on the Satyam board are respected academics or professionals of standing who do not hanker after board positions but are in fact sought after by companies. They will have no hesitation in asking tough questions and will not be satisfied with evasive or vague replies. Independent directors are supposed to keep a watch on the management and safeguard the interests of the shareholders. Yet, as a class they have no direct knowledge of the operations and depend wholly on the information provided by the management and by the outside auditors. They can at best look for inconsistencies in the information and for trends and operations that do not make business sense and raise the red flag. Yet, when the information provided by the management is blatantly false but has the assurance of accuracy from the external auditors, the books are ostensibly in order and there are no inconsistencies or unexplained deviations from sound business practices, there is little that they can do. Whether or not this was the case in Satyam and whether in fact the directors were as vigilant as they are expected to be or chose to remain ignorant of things they ought to have found out, remain to be seen.
The critical role is that of the external auditors, in this case Price Waterhouse, Bangalore. In the Enron scandal, the accounting firm Arthur Andersen was accused of going along with accounting fraud (as also of obstruction of justice) perpetrated by the company’s top executives who sought to hide debt and expenses in highly complicated off balance sheet partnerships to present a rosy picture of the finances and boost share values. Arthur Andersen went out of existence though it was finally acquitted of criminal wrongdoing. What exactly went wrong in the auditing of the accounts of Satyam and whether the auditors were deceived or were negligent or were party to the wrongdoing are issues that remain unclear at this moment.
Yet, showing fake bank balances and cash — of Rs. 5,040 crore in this case — is perhaps the most brazen of frauds to perpetrate and the easiest to detect as well. The auditors are required to verify the company’s bank balances but Indian practice — unlike the practice followed in the United States and the United Kingdom — allows them to accept certificates from the bank handed to them by the company. It is questionable if an auditor should place such trust in the management when he is supposed to watch over its handling of finances on behalf of the shareholders, the regulator and the general public. As would appear from the Satyam case, this giant loophole allows a dishonest management to forge bank certificates and hand them to the auditor. Good auditing practice requires the auditor to confirm the balances directly with the bank either by asking the board of directors to get the banks to send the statements directly to them or by confirming with the banks the statements provided by the management. If Satyam’s bank balances had been confirmed directly with the banks, the auditors would not have missed the non-existent funds unless the fraud extended to one more level and the banks themselves had been made complicit.
Auditors in practice are brought in by the top management and so have an incentive to cooperate with those running the company. Such a cosy relationship has in the past led auditors to get comfortable with even fraudulent accounting practices found time and again in a company with the result, “The watchdog behaved more like a lapdog,” as American Judge William C. Conner put it memorably of another top accounting firm. Whether in this case Price Waterhouse auditors failed in their primary duty to be vigilant remains to be seen. At a broader level, continuing with procedures that depend heavily on trust and good faith rather than putting matters beyond any doubt by verification will leave the door open to frauds. How fast the Institute of Chartered Accountants of India (ICAI) moves to address the issues raised by the Satyam fraud — for instance, by requiring confirmation of bank balances and the rotation of auditors for listed companies — would be critical if the auditing profession is to remain credible in the eyes of investors and the public. For very large companies with a substantial number of investors, the auditors could even be appointed by SEBI.
Compared with the traditional watchdogs, the markets and the analysts seem to have been somewhat more suspicious of B. Ramalinga Raju’s business practices and questionable governance though even they had no inkling that a fraud of such magnitude was waiting to unravel. It is this scepticism that had long kept Satyam shares trading below the premium that the three bigger IT companies commanded. In 1999, Satyam Infoway, one of Satyam Computer Services’ units, was seen as having grossly overpaid for an internet company, IndiaWorld. The year 2000 saw a questionable related party transaction — the merger of Satyam Computer Services with Satyam Enterprises on terms that were seen as indefensible on business grounds, and Satyam shares took a beating. Then came the now aborted Maytas deals that were widely seen by investors, particularly in the United States, as a way of transferring the cash that was shown to be in Satyam to Mr. Raju’s family companies and taking Satyam itself into the problematical real estate area. While the board including the independent directors approved the deal as making sound business sense, investors revolted, sending share prices plunging. That also sealed the final escape route and ultimately proved to be Mr. Raju’s undoing.
For corporate surveillance to be effective, it is vital that all the offences in Satyam be prosecuted seriously without any hint of softness by the multiple agencies involved. Some of the offences under the securities laws such as insider trading (that could cover even the sale of pledged shares triggered by margin requirements) and use of manipulative and deceptive devices may sound relatively technical. In comparison, offences under the Indian Penal Code such as cheating and forgery are more stark in their description of criminality. Yet, in this case prosecution under ordinary criminal law would probably be the weakest link both because the State police lack the capability to investigate offences of this nature and also because of a lack of commitment and seriousness brought to the investigation.
The tragedy of it all is that the true Satyam without the fairy tales would still have been a great company with substantial capabilities and excellent people. It is a pity that one man’s quest for grandeur and lack of ethical restraints should have brought it to this pass. There is also the worrying but real possibility that the receding stock markets may uncover a few more Satyams, given the feudal business culture in which questioning the top management is considered disrespectful and promoters run companies with large public shareholdings as personal fiefdoms unrestrained by corporate governance and regulatory requirements.
One lesson from the failure of the watchdogs at Satyam is that continuing with procedures that depend heavily on trust and good faith rather than putting matters beyond any doubt by verification will leave the door open to frauds.
[Detective] Gregory: Is there any other point to which you would wish to draw
my attention?
[Sherlock] Holmes: To the curious
incident of the dog in the night-time.
Gregory: The dog did nothing in the
night-time.
Holmes: That was the curious incident.
[He goes on to explain later:] Obviously
the midnight visitor was someone whom
the dog knew well.
— from ‘Silver Blaze,’ Arthur Conan
Doyle’s short story on the disappearance of a racehorse and the death of the trainer.
Did the watchdogs at Satyam fail to alert the outside world because the perpetrator of the dark deed was a familiar figure they trusted?
As corporate frauds go, Satyam has taken on the characteristics of both Enron and Madoff. In terms of the size and spread of its operations with thousands of employees, its status as a publicly listed and traded entity, the motivation to boost share v alues by cooking the books and the total failure of internal controls and external checks it would seem to resemble Enron closely. On the other hand, it seems more like the recent Madoff Ponzi scheme in its false and misleading appearance as a highly successful company with a respectable promoter and in the sheer audacity of fraud at the very top that covered up non-existent cash and bank balances for so long till it was revealed by the confession of the chief perpetrator himself.
Accounting scams are of course always the doing of insiders. And when the fraud is at the very top, internal controls are easily overridden. Only the external checks in the form of independent directors and external auditors can provide real assurance to shareholders and investors if they work as envisaged. The scam is still unravelling and there are several hard questions that do not admit of definite answers at this stage. What is clear, however, is that the external checks failed to work as they should have to prevent a fraud of such major proportions that continued for at least seven years in a seemingly well run and well regulated company meeting the standards of both the Securities and Exchange Board of India (SEBI) and the U.S. Securities and Exchange Commission. Often good returns and the appearance of success can serve to mask underlying problems that surface only when conditions turn difficult.
The directors, especially the independent directors, are no doubt brought in by the management and some may not ask hard questions. However, several including some on the Satyam board are respected academics or professionals of standing who do not hanker after board positions but are in fact sought after by companies. They will have no hesitation in asking tough questions and will not be satisfied with evasive or vague replies. Independent directors are supposed to keep a watch on the management and safeguard the interests of the shareholders. Yet, as a class they have no direct knowledge of the operations and depend wholly on the information provided by the management and by the outside auditors. They can at best look for inconsistencies in the information and for trends and operations that do not make business sense and raise the red flag. Yet, when the information provided by the management is blatantly false but has the assurance of accuracy from the external auditors, the books are ostensibly in order and there are no inconsistencies or unexplained deviations from sound business practices, there is little that they can do. Whether or not this was the case in Satyam and whether in fact the directors were as vigilant as they are expected to be or chose to remain ignorant of things they ought to have found out, remain to be seen.
The critical role is that of the external auditors, in this case Price Waterhouse, Bangalore. In the Enron scandal, the accounting firm Arthur Andersen was accused of going along with accounting fraud (as also of obstruction of justice) perpetrated by the company’s top executives who sought to hide debt and expenses in highly complicated off balance sheet partnerships to present a rosy picture of the finances and boost share values. Arthur Andersen went out of existence though it was finally acquitted of criminal wrongdoing. What exactly went wrong in the auditing of the accounts of Satyam and whether the auditors were deceived or were negligent or were party to the wrongdoing are issues that remain unclear at this moment.
Yet, showing fake bank balances and cash — of Rs. 5,040 crore in this case — is perhaps the most brazen of frauds to perpetrate and the easiest to detect as well. The auditors are required to verify the company’s bank balances but Indian practice — unlike the practice followed in the United States and the United Kingdom — allows them to accept certificates from the bank handed to them by the company. It is questionable if an auditor should place such trust in the management when he is supposed to watch over its handling of finances on behalf of the shareholders, the regulator and the general public. As would appear from the Satyam case, this giant loophole allows a dishonest management to forge bank certificates and hand them to the auditor. Good auditing practice requires the auditor to confirm the balances directly with the bank either by asking the board of directors to get the banks to send the statements directly to them or by confirming with the banks the statements provided by the management. If Satyam’s bank balances had been confirmed directly with the banks, the auditors would not have missed the non-existent funds unless the fraud extended to one more level and the banks themselves had been made complicit.
Auditors in practice are brought in by the top management and so have an incentive to cooperate with those running the company. Such a cosy relationship has in the past led auditors to get comfortable with even fraudulent accounting practices found time and again in a company with the result, “The watchdog behaved more like a lapdog,” as American Judge William C. Conner put it memorably of another top accounting firm. Whether in this case Price Waterhouse auditors failed in their primary duty to be vigilant remains to be seen. At a broader level, continuing with procedures that depend heavily on trust and good faith rather than putting matters beyond any doubt by verification will leave the door open to frauds. How fast the Institute of Chartered Accountants of India (ICAI) moves to address the issues raised by the Satyam fraud — for instance, by requiring confirmation of bank balances and the rotation of auditors for listed companies — would be critical if the auditing profession is to remain credible in the eyes of investors and the public. For very large companies with a substantial number of investors, the auditors could even be appointed by SEBI.
Compared with the traditional watchdogs, the markets and the analysts seem to have been somewhat more suspicious of B. Ramalinga Raju’s business practices and questionable governance though even they had no inkling that a fraud of such magnitude was waiting to unravel. It is this scepticism that had long kept Satyam shares trading below the premium that the three bigger IT companies commanded. In 1999, Satyam Infoway, one of Satyam Computer Services’ units, was seen as having grossly overpaid for an internet company, IndiaWorld. The year 2000 saw a questionable related party transaction — the merger of Satyam Computer Services with Satyam Enterprises on terms that were seen as indefensible on business grounds, and Satyam shares took a beating. Then came the now aborted Maytas deals that were widely seen by investors, particularly in the United States, as a way of transferring the cash that was shown to be in Satyam to Mr. Raju’s family companies and taking Satyam itself into the problematical real estate area. While the board including the independent directors approved the deal as making sound business sense, investors revolted, sending share prices plunging. That also sealed the final escape route and ultimately proved to be Mr. Raju’s undoing.
For corporate surveillance to be effective, it is vital that all the offences in Satyam be prosecuted seriously without any hint of softness by the multiple agencies involved. Some of the offences under the securities laws such as insider trading (that could cover even the sale of pledged shares triggered by margin requirements) and use of manipulative and deceptive devices may sound relatively technical. In comparison, offences under the Indian Penal Code such as cheating and forgery are more stark in their description of criminality. Yet, in this case prosecution under ordinary criminal law would probably be the weakest link both because the State police lack the capability to investigate offences of this nature and also because of a lack of commitment and seriousness brought to the investigation.
The tragedy of it all is that the true Satyam without the fairy tales would still have been a great company with substantial capabilities and excellent people. It is a pity that one man’s quest for grandeur and lack of ethical restraints should have brought it to this pass. There is also the worrying but real possibility that the receding stock markets may uncover a few more Satyams, given the feudal business culture in which questioning the top management is considered disrespectful and promoters run companies with large public shareholdings as personal fiefdoms unrestrained by corporate governance and regulatory requirements.
India - Democracy and violence
Ramachandra Guha
Vigilantism of Salwa Judum has divided and very nearly destroyed tribal society.
All sensible humans—not just Indians—agree that there is no place for violence in the settlement of political disputes. If a particular group feels victimised or discriminated against, it has all kinds of democratic means of redress open to it—the circulation of its grievances by the means of speech or print; the canvassing of politicians, political parties, and public officials; and petitions in court. If (and only if) all these means fail, the group may yet take recourse to non-violent protest or satyagraha. But they have no business to use weapons, whether they are AK-47s or trishuls.
Like Mr. Ravi Shankar Prasad (‘Where Democracy Shines Through,’ The Hindu, 14th January 2009), I salute the high voter turnout in the recent state elections across the country. Like him, I do not think the Kashmiri separatists or the naxalites have any legitimacy to make out their case through violence. Where I depart is in my assessment of the methods used by the state to contain or tame this violence. For Mr. Prasad, while the rebels must be bound by the norms of democracy and non-violence, in the case of the state the end, of restoring law and order, can apparently justify the most egregious and violent means. Hence his defence of the support given by the Government of Chhattisgarh to the vigilante group that goes by the name of Salwa Judum.
Like Mr. Prasad, I have travelled through the naxalite-affected areas of Chhattisgarh; unlike him, I went not as a prominent politician but as an ordinary citizen. I was thus able to see things that very clearly escaped his attention. He is right to speak of “the overpowering and looming fear” felt by a section of the tribals with regard to the naxalites; but wrong to overlook the overpowering fear felt by another section of the tribals with regard to Salwa Judum. I myself saw homes and villages burnt and destroyed by Salwa Judum; met men beaten by Salwa Judum activists; spoke to women who had been humiliated by them. My findings have been corroborated by dozens of other independent writers and scholars who have studied, at first hand, the depredations of Salwa Judum.
Like Mr. Prasad, I regard naxalites as a menace. Unlike him, I believe that they can be tackled only through effective police action and by ending the social and economic marginalisation of the tribals. However, by promoting Salwa Judum, the State government has outsourced law and order, escalated violence, and divided and very nearly destroyed tribal society. Family has been set against family; village against village; clan against clan.
The vigilantism of the Salwa Judum kind has been criticised by no less a person than the Chief Justice of India. As he remarked last April, by distributing “arms to some people,” the state could be “abetting in a crime if these private persons kill others.” (As indeed, they have.) Even the founder of Salwa Judum, the Congress leader Mahendra Karma, has had second thoughts about his creation. Interviewed by a television channel, Mr Karma admitted that the movement had “spiralled out of control.” He went on to observe: “In a revolution, the mass is difficult to control. They will even turn against me. A violent mob does not have direction or conscience.”
On the other hand, Mr. Prasad suggests that the victory of the ruling party in Chhattisgarh provides retrospective justification of this kind of vigilantism. “The pent-up anger” against naxalism, he writes, found “a powerful voice” in Salwa Judum—which, according to him, “explains the election results.” By the same token, would he accept that the massive victory of the Congress in the 1984 general elections, as a manifestation of the “pent-up anger” at the death of their leader Indira Gandhi, justified the killing of so many innocent Sikhs that preceded those elections? In arguing as he does, Mr. Prasad is appearing to endorse, albeit from the other side, the naxalite belief that the end always justifies the means.
Mr. Prasad’s arguments are illogical. They are also ill-timed. To make out their case for Kashmir, the Pakistani state eschewed diplomatic and legal methods, instead promoting non-state actors such as the Lashkar-e-Toiba. The consequences of these actions are manifest for all to see. In the aftermath of the Mumbai attacks, we in India should be especially careful to observe, in all respects, the forms of constitutional authority and governance bequeathed to us by our founders. The non-state actors promoted by Pakistan have wrought havoc on thousands of innocent Indians; but they have not spared Pakistan or Pakistanis either. In the same way, the non-state actors promoted by the Chhattisgarh government may, here and there, have killed a few naxalites; but they have also killed very many innocent villagers while damaging, perhaps irretrievably, the social fabric of adivasi society.
Vigilantism of Salwa Judum has divided and very nearly destroyed tribal society.
All sensible humans—not just Indians—agree that there is no place for violence in the settlement of political disputes. If a particular group feels victimised or discriminated against, it has all kinds of democratic means of redress open to it—the circulation of its grievances by the means of speech or print; the canvassing of politicians, political parties, and public officials; and petitions in court. If (and only if) all these means fail, the group may yet take recourse to non-violent protest or satyagraha. But they have no business to use weapons, whether they are AK-47s or trishuls.
Like Mr. Ravi Shankar Prasad (‘Where Democracy Shines Through,’ The Hindu, 14th January 2009), I salute the high voter turnout in the recent state elections across the country. Like him, I do not think the Kashmiri separatists or the naxalites have any legitimacy to make out their case through violence. Where I depart is in my assessment of the methods used by the state to contain or tame this violence. For Mr. Prasad, while the rebels must be bound by the norms of democracy and non-violence, in the case of the state the end, of restoring law and order, can apparently justify the most egregious and violent means. Hence his defence of the support given by the Government of Chhattisgarh to the vigilante group that goes by the name of Salwa Judum.
Like Mr. Prasad, I have travelled through the naxalite-affected areas of Chhattisgarh; unlike him, I went not as a prominent politician but as an ordinary citizen. I was thus able to see things that very clearly escaped his attention. He is right to speak of “the overpowering and looming fear” felt by a section of the tribals with regard to the naxalites; but wrong to overlook the overpowering fear felt by another section of the tribals with regard to Salwa Judum. I myself saw homes and villages burnt and destroyed by Salwa Judum; met men beaten by Salwa Judum activists; spoke to women who had been humiliated by them. My findings have been corroborated by dozens of other independent writers and scholars who have studied, at first hand, the depredations of Salwa Judum.
Like Mr. Prasad, I regard naxalites as a menace. Unlike him, I believe that they can be tackled only through effective police action and by ending the social and economic marginalisation of the tribals. However, by promoting Salwa Judum, the State government has outsourced law and order, escalated violence, and divided and very nearly destroyed tribal society. Family has been set against family; village against village; clan against clan.
The vigilantism of the Salwa Judum kind has been criticised by no less a person than the Chief Justice of India. As he remarked last April, by distributing “arms to some people,” the state could be “abetting in a crime if these private persons kill others.” (As indeed, they have.) Even the founder of Salwa Judum, the Congress leader Mahendra Karma, has had second thoughts about his creation. Interviewed by a television channel, Mr Karma admitted that the movement had “spiralled out of control.” He went on to observe: “In a revolution, the mass is difficult to control. They will even turn against me. A violent mob does not have direction or conscience.”
On the other hand, Mr. Prasad suggests that the victory of the ruling party in Chhattisgarh provides retrospective justification of this kind of vigilantism. “The pent-up anger” against naxalism, he writes, found “a powerful voice” in Salwa Judum—which, according to him, “explains the election results.” By the same token, would he accept that the massive victory of the Congress in the 1984 general elections, as a manifestation of the “pent-up anger” at the death of their leader Indira Gandhi, justified the killing of so many innocent Sikhs that preceded those elections? In arguing as he does, Mr. Prasad is appearing to endorse, albeit from the other side, the naxalite belief that the end always justifies the means.
Mr. Prasad’s arguments are illogical. They are also ill-timed. To make out their case for Kashmir, the Pakistani state eschewed diplomatic and legal methods, instead promoting non-state actors such as the Lashkar-e-Toiba. The consequences of these actions are manifest for all to see. In the aftermath of the Mumbai attacks, we in India should be especially careful to observe, in all respects, the forms of constitutional authority and governance bequeathed to us by our founders. The non-state actors promoted by Pakistan have wrought havoc on thousands of innocent Indians; but they have not spared Pakistan or Pakistanis either. In the same way, the non-state actors promoted by the Chhattisgarh government may, here and there, have killed a few naxalites; but they have also killed very many innocent villagers while damaging, perhaps irretrievably, the social fabric of adivasi society.
World - Rights watchdog points finger at U.S.
Richard Norton-Taylor
Governments indulging in abuse and repression, including the U.S., are avoiding human rights legislation and international justice by hiding behind the principle of national sovereignty, Human Rights Watch (HRW) said in a report published on Wednesday. Abusive practices throughout the world, including in Afghanistan, Israel and the occupied Palestinian territories, have got worse as governments cling to the concept of non-interference. The U.S., specifically by secretly re ndering prisoners to Guantanamo Bay, has abdicated its traditional role as defender of human rights, it adds.
The 546-page annual survey says Barack Obama’s administration will have to put human rights at the heart of foreign, domestic and security policy if it is to undo what it calls “the enormous damage” of the George Bush years.
“For the first time in nearly a decade, the U.S. has a chance to regain its global credibility by turning the page on the abusive policies of the Bush administration,” said Kenneth Roth, the HRW executive director. “The new Obama administration must abandon the Bush administration’s policy of hyper-sovereignty. As a vital first step, Mr. Obama and his team should radically rethink how they fight terrorism. It’s not only wrong but ineffectual to commit abuses in the name of fighting terrorism.”
Mr. Obama should also commit the U.S. to the international criminal court, he said. — © Guardian Newspapers Limited, 2009
Governments indulging in abuse and repression, including the U.S., are avoiding human rights legislation and international justice by hiding behind the principle of national sovereignty, Human Rights Watch (HRW) said in a report published on Wednesday. Abusive practices throughout the world, including in Afghanistan, Israel and the occupied Palestinian territories, have got worse as governments cling to the concept of non-interference. The U.S., specifically by secretly re ndering prisoners to Guantanamo Bay, has abdicated its traditional role as defender of human rights, it adds.
The 546-page annual survey says Barack Obama’s administration will have to put human rights at the heart of foreign, domestic and security policy if it is to undo what it calls “the enormous damage” of the George Bush years.
“For the first time in nearly a decade, the U.S. has a chance to regain its global credibility by turning the page on the abusive policies of the Bush administration,” said Kenneth Roth, the HRW executive director. “The new Obama administration must abandon the Bush administration’s policy of hyper-sovereignty. As a vital first step, Mr. Obama and his team should radically rethink how they fight terrorism. It’s not only wrong but ineffectual to commit abuses in the name of fighting terrorism.”
Mr. Obama should also commit the U.S. to the international criminal court, he said. — © Guardian Newspapers Limited, 2009
World - Q&A British Foreign Secretary David Miliband
How does Britain view the standoff between India and Pakistan, and beyond that, how does it view the challenge of terrorism? Karan Thapar explores these two key issues in an in-depth interview in New Delhi with British Foreign Secretary David Miliband, who visited India ahead of a visit to Pakistan. The interview was done for the programme titled ‘Devil’s Advocate,’ to be broadcast by CNN-IBN on January 18. Excerpts:
Karan Thapar: Let’s start with the India-Pakistan standoff in the wake of the Mumbai terror strike. The Indian government has given a dossier to your government containing the information or the evidence it has collected. What is your assessment of the contents of that dossier?
David Miliband: We are in absolutely no doubt about the origins of the attack, in Mumbai in November. Those origins are in Pakistan and there have been some detentions in Pakistan, and they now need to lead to successful prosecution. We believe the evidence is there for that.
And I think it’s important that I say one of the reasons for being in India this week is to show the solidarity and not just the sympathy of the British people with all of India who stood up against this terrorist scourge and who suffered such anguish.
You said “we believe the evidence is there.” So do you see the dossier as containing evidence?
We have our own evidence, which we have shown to the Pakistani authorities and we believe that that’s the right evidence on which to proceed – the Indian dossier that has been handed over is something that obviously we’re looking at. But what is critical is that the words of the Pakistani government, which are commitments to follow through on the perpetrators of these terrible crimes, should be followed through into action.
You say you have your own evidence which you have handed over to the Pakistan government. What sort of evidence is this?
Obviously, we don’t go into that for a very simple reason: a court case is pending, it needs to take place…
I was in Pakistan on the day of the Mumbai atrocities and then subsequently followed up in phone calls. We have had some good words from the Pakistani authorities. We have also had the detentions. But that needs to be translated into action because I know that Indians are sick of words. They don’t want words about following up to tackle people who have committed terrorist outrages. They want action and that’s what I support as well.
What sort of actions are you specifically looking for?
The action, I think, falls into two categories.
The short-term [requirement] is to take action against those against whom there is evidence, through the courts to justice, and if they are found guilty to make sure they are appropriately punished.
Secondly, there’s a medium-term job. That’s to root out the terrorist networks that pose such a threat not just to India but to the fundamentals of the Pakistani state as well. And my message in Pakistan will be: Don’t just do a favour to Britain, which is threatened by terrorism that starts in Pakistan. Don’t just do a favour to India, which is threatened by terrorism which starts in Pakistan. Do a favour to yourselves, because terrorism has already claimed the lives of Benazir Bhutto and many other Pakistanis. They need to tackle it for their own good as well as ours…
The Indian Prime Minister has gone on record to say that there’s enough evidence to show that the attack must have had the support of some official agencies in Pakistan. Does Britain agree with that?
We don’t have evidence to show that the attacks were directed by the Pakistani government. What we do know, and this is public knowledge, is that the Pakistani government has had a policy towards Lashkar-e-Taiba (LeT), under the previous regime of President Musharraf.
I think that it’s very important that the so-called corral-and-engage approach is one that is changed, because it obviously doesn’t work.
The Indian Prime Minister also has said that Pakistan has utilised terrorism as an instrument to state policy. Would you accept that?
I have no evidence of the Pakistani state directing terrorist activities. And I would never make that claim without that evidence. What I know is that Pakistan has a very serious terrorist problem.
When you spoke about the policy of corral-and-engage, the relationship with the LeT that existed during General Musharraf’s time, what exactly was that relationship?
It was an approach which recognised that the LeT did pose a threat but also recognised that they had to engage with the LeT. I think the important message that comes out, especially since the Mumbai bombings, is that you have to tackle the roots of these terrorist organisations. If they want to play in politics, that’s one thing. But if they’re going to use terrorist tactics, that’s beyond the pale and they need to be rooted out.
When you say ‘approach,’ is that a euphemism for saying that there were links between the government of Pakistan in General Musharraf’s time and the LeT?
No, an approach is a policy. It’s a very clear way of describing it.
A policy whereby the LeT was utilised by the state for the purposes of the state?
I have been very, very clear in every answer I have given you. We don’t have evidence that the Pakistani state directs operations or directed operations by the LeT. What’s important is that we recognise that terrorism is a threat to Pakistan as well as to its neighbours and to countries like Britain. Secondly, that terrorism needs to be addressed at the roots, which are economic, social, and political as well as security. Thirdly and importantly, Pakistan needs to address the fundamental and political questions if it is to turn itself around.
It’s worth saying it needs the support not just of its neighbours but it needs the support of its international community. I’m proud to be in India as a friend of Pakistan as well as a friend of India. We’ve got to support Pakistan and those who want to see change in that country…
We’re clear about the origins. We’re clear that there is an immediate issue for the Pakistani authorities in terms of the prosecution and that needs to go ahead. But there’s also the medium-term goal.
In the end, India cannot afford a cold war or a hot war with Pakistan and Pakistan cannot afford a cold war or a hot war with India.
How does the British government view the steps that Pakistan has so far taken?
A start, a start — that’s all they are. There’s a very clear onus on the Pakistani authorities to take the people who have been detained, to assemble the evidence, to use it for prosecution, and if the people are found guilty, to make sure they are properly punished…
I think it’s very important that we engages with Pakistan on that. I also think it’s important that India engage on that as well.
India says it’s difficult to engage with Pakistan because of the contradictory signals we get.
I think it’s a good point the Indian government or Indian commentators cite. India must feel huge anguish, does feel a huge anguish. I know that from the meetings with the Prime Minister and his Ministers today – huge anguish about the Mumbai attacks, and also huge frustration about the turn of events in Pakistan over a long period of time.
Let’s be honest about that. From a British point of view, we have a massive national interest in seeing Pakistan become a country where one can talk about prosperity, about security, about peace, without people rolling their eyes. That’s very important.
India feels more than anguished. India feels what it’s seeing is the state of denial. Can you understand that to India this looks as if Pakistan, far from cooperating, is actually trying very hard not to cooperate?
Oh yes! I can understand that. And I think it’s therefore important that people like me from Britain, which itself suffers from attacks that originated in Pakistan, are absolutely clear about the responsibilities of the Pakistani authorities, all of them — in the government, the civilian government, but also in the armed forces. We’re clear about that…
The question is: do they follow through and how do they follow through? It’s very, very important that we keep emphasising they need to do this for us, for you, but also for themselves. Because in the end, the threat to Pakistan comes from within – not from India.
There are two issues that Pakistan has repeatedly raised. The first is a joint investigative mechanism. Does Britain believe a joint investigative mechanism makes sense or would it be impractical?
I think the two countries should cooperate, but I don’t specify the particular way in which they should cooperate. Ministers or officials staying in contact, intensifying contact, that would be a good thing but I’m not going to sign on to one particular version of the sort of relationships between two independent [players].
The second thing repeatedly said by the Pakistan Prime Minister is that he will not extradite any of the accused. Given that we are talking about people accused of the heinous crime of terrorism, will Britain support India’s request or demand for extradition?
We will support their prosecution under Pakistani law.
But not extradition?
Well, no, because they have broken the law in Pakistan. It is Pakistani law that they’ve broken as well as international decency and common sense.
But if people like Khalid Sheikh Mohammed can be extradited to America – and he’s only one of many such extradited without even due process of law – why can’t those who have actually killed in Mumbai be extradited to India?
I’m not going to go into the ins and outs of the Pakistani government’s constitutional position. What’s important is that those accused of heinous crimes feel the full force of the law, whether in India or in Pakistan. Now the Pakistani authorities have detained these people. They have said that if there is evidence, they should be prosecuted. I say there is evidence. Let them be prosecuted and if they’re found guilty, let them be punished.
If these people are not effectively prosecuted, or if there’s such a delay that people begin to feel Pakistan is simply dragging its feet, at that point of time will Britain be prepared to support either economic or military sanctions against Islamabad to force the issue?
I don’t think punishing the Pakistani people with economic sanctions is going to induce the change that is necessary. In fact, it undermines precisely the kind of support that is necessary.
I think one of the things that needs to happen in Pakistan is its own people [being] engaged in a far deeper conversation about the nature of the threat that is posed to Pakistanis. The international community should make this absolutely clear to Pakistan. It should continue to do that without fear or favour. And that’s what we’re going to do.
But what happens if Pakistan ignores the international community? Beyond trying to make it clear verbally, is there any sanction to force Pakistan to act?
We will continue to use all the appropriate mechanisms, the appropriate ways of making a difference...There’s a whole range of British engagement with Pakistan that I think can help demonstrate to the Pakistani government that there is not just pressure, there is support for change in the way Pakistan operates.
But at the end of the day, there is no stick you can use?
If you’re saying is there a ‘military stick’that I’m going to use, then there is no ‘military stick’ that I’m going to wield.
I think that there is a fundamental debate to be had in Pakistan — and you can see it because you are right. There are different statements that come out. What does that reveal? It reveals actually that there is a debate going on. And there’s a debate between those who recognise that there is a serious need for reform in Pakistan and those who are, to use your words, ‘in denial.’ It’s very important that the reformers win.
And if they’re not winning, then what?
We carry on exercising the pressure, providing the incentives in engaging…
You are asking India to be patient?
No, I’m asking Indians to do the right thing for themselves and for Pakistan. Because a cold war or a hot war is not in Pakistan’s interest and is not in India’s interest.
And what happens if there’s another strike attributable to actors in Pakistan?
That’s a very serious issue we should pre-empt. First of all by the sort of changes being made to India’s defences and put through in legislation by the government, which I believe has taken strong and decisive action since the Mumbai event. And it’s also by pressure within Pakistan. We don’t need to wait for a further incident to know the severity of the threat that it has faced.
Another issue on the horizon: comments made by President-elect Barack Obama. He has gone on record to say that he believes the solution to the problem in Afghanistan lies at least partly in sorting out the Kashmir problem. Would Britain accept that, a linkage between Afghanistan and Kashmir?
In Britain, we talk about Afghanistan and Pakistan as a single theatre, as a shared geographical area.
He’s talking about Afghanistan and Kashmir.
I’m deliberately talking about Afghanistan and Pakistan. I think what is important is that President Obama and his new administration will be a new force on the global stage. They’re going to see Pakistan as absolutely central to their investment in a decent government in Afghanistan, which is profoundly important not just for America but [also] for the rest of the western world. They’re going to see Pakistan as a country that critically needs support.
They also know that the Kashmir conflict has been a source of flare-up for many years, and I think you have just held very successful elections in Jammu and Kashmir. I think the turnout of 61-62 per cent was a very significant development. I think many of us outside the region have felt that the composite dialogue and deliberations that have taken place over Kashmir are welcome. But that’s not to say that they’re part of the Afghan-Pakistan theatre.
So you don’t accept the linkage between Afghanistan and Pakistan?
It depends on what you mean by linkage. It is a fact that Pakistan has a contested border with Afghanistan and contested issues in respect to Kashmir. What I’m trying to say to you is that the Obama administration’s breadth of vision about the problems of the region are not a threat to India. They’re not putting India in the same box, because I know from very serious contacts that the Obama administration would be talking about Afghanistan and Pakistan together – and that’s important.
Mr. Obama has said repeatedly that it is his desire to try and resolve the Kashmir issue and “to devote serious diplomatic resources to get a special envoy in there.” Does Britain believe the time has come for either an American or an international initiative to sort out Kashmir?
That has not been our policy, no, actually. We have felt that the composite dialogue between India and Pakistan is the right way forward – it’s a bilateral issue. Let us listen to President Obama, which will be in a week’s time. Let us give him the space to explain what he means. I have not had the chance yet to discuss in detail what that idea might be. But our position has been that the bilateral track has been a good track and it should be used.
Karan Thapar: Let’s start with the India-Pakistan standoff in the wake of the Mumbai terror strike. The Indian government has given a dossier to your government containing the information or the evidence it has collected. What is your assessment of the contents of that dossier?
David Miliband: We are in absolutely no doubt about the origins of the attack, in Mumbai in November. Those origins are in Pakistan and there have been some detentions in Pakistan, and they now need to lead to successful prosecution. We believe the evidence is there for that.
And I think it’s important that I say one of the reasons for being in India this week is to show the solidarity and not just the sympathy of the British people with all of India who stood up against this terrorist scourge and who suffered such anguish.
You said “we believe the evidence is there.” So do you see the dossier as containing evidence?
We have our own evidence, which we have shown to the Pakistani authorities and we believe that that’s the right evidence on which to proceed – the Indian dossier that has been handed over is something that obviously we’re looking at. But what is critical is that the words of the Pakistani government, which are commitments to follow through on the perpetrators of these terrible crimes, should be followed through into action.
You say you have your own evidence which you have handed over to the Pakistan government. What sort of evidence is this?
Obviously, we don’t go into that for a very simple reason: a court case is pending, it needs to take place…
I was in Pakistan on the day of the Mumbai atrocities and then subsequently followed up in phone calls. We have had some good words from the Pakistani authorities. We have also had the detentions. But that needs to be translated into action because I know that Indians are sick of words. They don’t want words about following up to tackle people who have committed terrorist outrages. They want action and that’s what I support as well.
What sort of actions are you specifically looking for?
The action, I think, falls into two categories.
The short-term [requirement] is to take action against those against whom there is evidence, through the courts to justice, and if they are found guilty to make sure they are appropriately punished.
Secondly, there’s a medium-term job. That’s to root out the terrorist networks that pose such a threat not just to India but to the fundamentals of the Pakistani state as well. And my message in Pakistan will be: Don’t just do a favour to Britain, which is threatened by terrorism that starts in Pakistan. Don’t just do a favour to India, which is threatened by terrorism which starts in Pakistan. Do a favour to yourselves, because terrorism has already claimed the lives of Benazir Bhutto and many other Pakistanis. They need to tackle it for their own good as well as ours…
The Indian Prime Minister has gone on record to say that there’s enough evidence to show that the attack must have had the support of some official agencies in Pakistan. Does Britain agree with that?
We don’t have evidence to show that the attacks were directed by the Pakistani government. What we do know, and this is public knowledge, is that the Pakistani government has had a policy towards Lashkar-e-Taiba (LeT), under the previous regime of President Musharraf.
I think that it’s very important that the so-called corral-and-engage approach is one that is changed, because it obviously doesn’t work.
The Indian Prime Minister also has said that Pakistan has utilised terrorism as an instrument to state policy. Would you accept that?
I have no evidence of the Pakistani state directing terrorist activities. And I would never make that claim without that evidence. What I know is that Pakistan has a very serious terrorist problem.
When you spoke about the policy of corral-and-engage, the relationship with the LeT that existed during General Musharraf’s time, what exactly was that relationship?
It was an approach which recognised that the LeT did pose a threat but also recognised that they had to engage with the LeT. I think the important message that comes out, especially since the Mumbai bombings, is that you have to tackle the roots of these terrorist organisations. If they want to play in politics, that’s one thing. But if they’re going to use terrorist tactics, that’s beyond the pale and they need to be rooted out.
When you say ‘approach,’ is that a euphemism for saying that there were links between the government of Pakistan in General Musharraf’s time and the LeT?
No, an approach is a policy. It’s a very clear way of describing it.
A policy whereby the LeT was utilised by the state for the purposes of the state?
I have been very, very clear in every answer I have given you. We don’t have evidence that the Pakistani state directs operations or directed operations by the LeT. What’s important is that we recognise that terrorism is a threat to Pakistan as well as to its neighbours and to countries like Britain. Secondly, that terrorism needs to be addressed at the roots, which are economic, social, and political as well as security. Thirdly and importantly, Pakistan needs to address the fundamental and political questions if it is to turn itself around.
It’s worth saying it needs the support not just of its neighbours but it needs the support of its international community. I’m proud to be in India as a friend of Pakistan as well as a friend of India. We’ve got to support Pakistan and those who want to see change in that country…
We’re clear about the origins. We’re clear that there is an immediate issue for the Pakistani authorities in terms of the prosecution and that needs to go ahead. But there’s also the medium-term goal.
In the end, India cannot afford a cold war or a hot war with Pakistan and Pakistan cannot afford a cold war or a hot war with India.
How does the British government view the steps that Pakistan has so far taken?
A start, a start — that’s all they are. There’s a very clear onus on the Pakistani authorities to take the people who have been detained, to assemble the evidence, to use it for prosecution, and if the people are found guilty, to make sure they are properly punished…
I think it’s very important that we engages with Pakistan on that. I also think it’s important that India engage on that as well.
India says it’s difficult to engage with Pakistan because of the contradictory signals we get.
I think it’s a good point the Indian government or Indian commentators cite. India must feel huge anguish, does feel a huge anguish. I know that from the meetings with the Prime Minister and his Ministers today – huge anguish about the Mumbai attacks, and also huge frustration about the turn of events in Pakistan over a long period of time.
Let’s be honest about that. From a British point of view, we have a massive national interest in seeing Pakistan become a country where one can talk about prosperity, about security, about peace, without people rolling their eyes. That’s very important.
India feels more than anguished. India feels what it’s seeing is the state of denial. Can you understand that to India this looks as if Pakistan, far from cooperating, is actually trying very hard not to cooperate?
Oh yes! I can understand that. And I think it’s therefore important that people like me from Britain, which itself suffers from attacks that originated in Pakistan, are absolutely clear about the responsibilities of the Pakistani authorities, all of them — in the government, the civilian government, but also in the armed forces. We’re clear about that…
The question is: do they follow through and how do they follow through? It’s very, very important that we keep emphasising they need to do this for us, for you, but also for themselves. Because in the end, the threat to Pakistan comes from within – not from India.
There are two issues that Pakistan has repeatedly raised. The first is a joint investigative mechanism. Does Britain believe a joint investigative mechanism makes sense or would it be impractical?
I think the two countries should cooperate, but I don’t specify the particular way in which they should cooperate. Ministers or officials staying in contact, intensifying contact, that would be a good thing but I’m not going to sign on to one particular version of the sort of relationships between two independent [players].
The second thing repeatedly said by the Pakistan Prime Minister is that he will not extradite any of the accused. Given that we are talking about people accused of the heinous crime of terrorism, will Britain support India’s request or demand for extradition?
We will support their prosecution under Pakistani law.
But not extradition?
Well, no, because they have broken the law in Pakistan. It is Pakistani law that they’ve broken as well as international decency and common sense.
But if people like Khalid Sheikh Mohammed can be extradited to America – and he’s only one of many such extradited without even due process of law – why can’t those who have actually killed in Mumbai be extradited to India?
I’m not going to go into the ins and outs of the Pakistani government’s constitutional position. What’s important is that those accused of heinous crimes feel the full force of the law, whether in India or in Pakistan. Now the Pakistani authorities have detained these people. They have said that if there is evidence, they should be prosecuted. I say there is evidence. Let them be prosecuted and if they’re found guilty, let them be punished.
If these people are not effectively prosecuted, or if there’s such a delay that people begin to feel Pakistan is simply dragging its feet, at that point of time will Britain be prepared to support either economic or military sanctions against Islamabad to force the issue?
I don’t think punishing the Pakistani people with economic sanctions is going to induce the change that is necessary. In fact, it undermines precisely the kind of support that is necessary.
I think one of the things that needs to happen in Pakistan is its own people [being] engaged in a far deeper conversation about the nature of the threat that is posed to Pakistanis. The international community should make this absolutely clear to Pakistan. It should continue to do that without fear or favour. And that’s what we’re going to do.
But what happens if Pakistan ignores the international community? Beyond trying to make it clear verbally, is there any sanction to force Pakistan to act?
We will continue to use all the appropriate mechanisms, the appropriate ways of making a difference...There’s a whole range of British engagement with Pakistan that I think can help demonstrate to the Pakistani government that there is not just pressure, there is support for change in the way Pakistan operates.
But at the end of the day, there is no stick you can use?
If you’re saying is there a ‘military stick’that I’m going to use, then there is no ‘military stick’ that I’m going to wield.
I think that there is a fundamental debate to be had in Pakistan — and you can see it because you are right. There are different statements that come out. What does that reveal? It reveals actually that there is a debate going on. And there’s a debate between those who recognise that there is a serious need for reform in Pakistan and those who are, to use your words, ‘in denial.’ It’s very important that the reformers win.
And if they’re not winning, then what?
We carry on exercising the pressure, providing the incentives in engaging…
You are asking India to be patient?
No, I’m asking Indians to do the right thing for themselves and for Pakistan. Because a cold war or a hot war is not in Pakistan’s interest and is not in India’s interest.
And what happens if there’s another strike attributable to actors in Pakistan?
That’s a very serious issue we should pre-empt. First of all by the sort of changes being made to India’s defences and put through in legislation by the government, which I believe has taken strong and decisive action since the Mumbai event. And it’s also by pressure within Pakistan. We don’t need to wait for a further incident to know the severity of the threat that it has faced.
Another issue on the horizon: comments made by President-elect Barack Obama. He has gone on record to say that he believes the solution to the problem in Afghanistan lies at least partly in sorting out the Kashmir problem. Would Britain accept that, a linkage between Afghanistan and Kashmir?
In Britain, we talk about Afghanistan and Pakistan as a single theatre, as a shared geographical area.
He’s talking about Afghanistan and Kashmir.
I’m deliberately talking about Afghanistan and Pakistan. I think what is important is that President Obama and his new administration will be a new force on the global stage. They’re going to see Pakistan as absolutely central to their investment in a decent government in Afghanistan, which is profoundly important not just for America but [also] for the rest of the western world. They’re going to see Pakistan as a country that critically needs support.
They also know that the Kashmir conflict has been a source of flare-up for many years, and I think you have just held very successful elections in Jammu and Kashmir. I think the turnout of 61-62 per cent was a very significant development. I think many of us outside the region have felt that the composite dialogue and deliberations that have taken place over Kashmir are welcome. But that’s not to say that they’re part of the Afghan-Pakistan theatre.
So you don’t accept the linkage between Afghanistan and Pakistan?
It depends on what you mean by linkage. It is a fact that Pakistan has a contested border with Afghanistan and contested issues in respect to Kashmir. What I’m trying to say to you is that the Obama administration’s breadth of vision about the problems of the region are not a threat to India. They’re not putting India in the same box, because I know from very serious contacts that the Obama administration would be talking about Afghanistan and Pakistan together – and that’s important.
Mr. Obama has said repeatedly that it is his desire to try and resolve the Kashmir issue and “to devote serious diplomatic resources to get a special envoy in there.” Does Britain believe the time has come for either an American or an international initiative to sort out Kashmir?
That has not been our policy, no, actually. We have felt that the composite dialogue between India and Pakistan is the right way forward – it’s a bilateral issue. Let us listen to President Obama, which will be in a week’s time. Let us give him the space to explain what he means. I have not had the chance yet to discuss in detail what that idea might be. But our position has been that the bilateral track has been a good track and it should be used.
Business - Ramalinga Raju's bail petition to be heard today
Hyderabad (PTI): The bail petition of Satyam Computer's former Chairman B Ramalinga Raju will come up for discussion before the Sixth Metropolitan Magistrate court here today.
The petition will be argued by four senior lawyers on behalf of Ramalinga Raju and two others, Ramalinga Raju's advocate Bharat Kumar said.
However, Kumar refused to divulge on which grounds the bail petition was filed, but said there is a strong basis to the petition.
Ramalinga Raju and his brother Rama Raju were arrested by the Andhra police on January 9 and were sent to judicial custody till January 23 on charges of financial fraud to the tune of Rs 7,800 crore.
They were booked under IPC sections 120 B (criminal conspiracy), 420 (cheating), 409 (criminal breach of trust), 468 (forgery) and 471 (falsification of records). All these charges are non-bailable offences.
The local court will also take up the petition filed by Sebi seeking permission to interrogate Ramalinga Raju in the same case.
Sebi had summoned Ramalinga Raju to appear before its officials with records and documents on January 9, but Bharat Kumar had represented the former Satyam Computer Chairman.
Sources say that Sebi's probe is focusing more on insider trading, and fraudulent and unfair trade practices, besides non-disclosures under various regulations in the Sebi Act.
The petition will be argued by four senior lawyers on behalf of Ramalinga Raju and two others, Ramalinga Raju's advocate Bharat Kumar said.
However, Kumar refused to divulge on which grounds the bail petition was filed, but said there is a strong basis to the petition.
Ramalinga Raju and his brother Rama Raju were arrested by the Andhra police on January 9 and were sent to judicial custody till January 23 on charges of financial fraud to the tune of Rs 7,800 crore.
They were booked under IPC sections 120 B (criminal conspiracy), 420 (cheating), 409 (criminal breach of trust), 468 (forgery) and 471 (falsification of records). All these charges are non-bailable offences.
The local court will also take up the petition filed by Sebi seeking permission to interrogate Ramalinga Raju in the same case.
Sebi had summoned Ramalinga Raju to appear before its officials with records and documents on January 9, but Bharat Kumar had represented the former Satyam Computer Chairman.
Sources say that Sebi's probe is focusing more on insider trading, and fraudulent and unfair trade practices, besides non-disclosures under various regulations in the Sebi Act.
Entertainment - Metallica wants to tour with Guns n' Roses
London (PTI): Rock group Metallica has expressed their desire to go on a tour with Guns n' Roses.
Metallica drummer Lars Ulrich said he would jump at the chance to tour alongside Axl Rose's legendary group, Contactmusic reported.
"We're road dogs. We love to tour. So we'd never say no. We've learned never to say no to anything, and all four of us love 'Chinese Democracy'."
But group's guitarist Kirk Hammett admits that he has not received any offer from the legendary group. "The real question is whether they would tour with us," he said
Metallica drummer Lars Ulrich said he would jump at the chance to tour alongside Axl Rose's legendary group, Contactmusic reported.
"We're road dogs. We love to tour. So we'd never say no. We've learned never to say no to anything, and all four of us love 'Chinese Democracy'."
But group's guitarist Kirk Hammett admits that he has not received any offer from the legendary group. "The real question is whether they would tour with us," he said
Health - 78,000 Indian women die in pregnancy, childbirth annually
New Delhi (IANS); As many as 78,000 women die each year in India from causes related to pregnancy and childbirth, according to a UNICEF report released here on Thursday.
This implies that on an average every seven minutes, one woman dies from complications related to pregnancy and childbirth, reports the Unicef State of the World's Children 2009.
The report also highlights that in India, more than two-thirds of all maternal deaths occur in a few states - Uttar Pradesh, Uttarakhand, Bihar, Jharkand, Orissa, Madhya Pradesh, Chhattisgarh, Rajasthan and Assam.
"We know what needs to be done to save the lives of the 78,000 women who die in India each year. In addition, about one million neonatal deaths occur here annually," Unicef India representative Karin Hulshof said while releasing the report at the India Habitat Centre.
According to the report, India has managed to cut under-five mortality rate from 117 per 1,000 live births in 1990 to 72 in 2007. But there has been little change in the 2001-03 maternal mortality rate of 301 for every 100,000 live births, and the Unicef says there is little chance of reaching the goal of cutting this ratio to 109 by 2015.
There is regional disparity here as well. In Uttar Pradesh, a woman has a one in 42 lifetime risk of maternal death compared with a probability of one in 500 for women in Kerala.
"The health and survival of mothers and their newborns is intrinsically linked. Many of the same interventions that save maternal lives also benefit their infants. Primary healthcare must be made available to all of India's vulnerable women and children so that they can survive and thrive," Hulshof averred.
The report finds that health services are most effective in an environment supportive of women's empowerment, protection and education.
Both mothers and infants are vulnerable in the days and weeks after birth - this is a critical time for life-saving interventions like post-natal visits, proper hygiene and counselling about danger signs of maternal and newborn health, the report points out.
The report raps the state of healthcare services in developing countries saying that 99 percent of global deaths arising from pregnancy and complications occur in the developing world.
"It is a well-known fact that Indian women work endlessly but end up going to sleep on an empty stomach, that is their condition," said Syeda Hameed, a member of the Indian government's Planning Commission, who was also present on the occasion.
"Economic gains cannot be sustained if the well being of women and children, that is two-thirds our population, is not secured," Hameed added.
Also present at the launch was Bollywood actress Raveena Tandon, who has widely endorsed the cause of maternal care in the country.
This implies that on an average every seven minutes, one woman dies from complications related to pregnancy and childbirth, reports the Unicef State of the World's Children 2009.
The report also highlights that in India, more than two-thirds of all maternal deaths occur in a few states - Uttar Pradesh, Uttarakhand, Bihar, Jharkand, Orissa, Madhya Pradesh, Chhattisgarh, Rajasthan and Assam.
"We know what needs to be done to save the lives of the 78,000 women who die in India each year. In addition, about one million neonatal deaths occur here annually," Unicef India representative Karin Hulshof said while releasing the report at the India Habitat Centre.
According to the report, India has managed to cut under-five mortality rate from 117 per 1,000 live births in 1990 to 72 in 2007. But there has been little change in the 2001-03 maternal mortality rate of 301 for every 100,000 live births, and the Unicef says there is little chance of reaching the goal of cutting this ratio to 109 by 2015.
There is regional disparity here as well. In Uttar Pradesh, a woman has a one in 42 lifetime risk of maternal death compared with a probability of one in 500 for women in Kerala.
"The health and survival of mothers and their newborns is intrinsically linked. Many of the same interventions that save maternal lives also benefit their infants. Primary healthcare must be made available to all of India's vulnerable women and children so that they can survive and thrive," Hulshof averred.
The report finds that health services are most effective in an environment supportive of women's empowerment, protection and education.
Both mothers and infants are vulnerable in the days and weeks after birth - this is a critical time for life-saving interventions like post-natal visits, proper hygiene and counselling about danger signs of maternal and newborn health, the report points out.
The report raps the state of healthcare services in developing countries saying that 99 percent of global deaths arising from pregnancy and complications occur in the developing world.
"It is a well-known fact that Indian women work endlessly but end up going to sleep on an empty stomach, that is their condition," said Syeda Hameed, a member of the Indian government's Planning Commission, who was also present on the occasion.
"Economic gains cannot be sustained if the well being of women and children, that is two-thirds our population, is not secured," Hameed added.
Also present at the launch was Bollywood actress Raveena Tandon, who has widely endorsed the cause of maternal care in the country.
Lifestyle - Midlife coffee, tea drinking lessens risk of dementia
London (IANS): Midlife coffee drinking can cut down the risk of dementia later in life, according to the latest findings.
A study was conducted by University of Kuopio, Finland, along with Karolinska Institutet, Sweden and the National Public Health Institute, Finland.
It included participants from the survivors of population-based cohorts previously surveyed within the North Karelia Project and the Finmonica study in 1972, 1977, 1982 or 1987 (midlife visit).
After an average follow-up of 21 years, 1,409 individuals (71 percent) aged between 65 and 79 completed the re-examination in 1998. A total of 61 cases were identified as demented (48 with Alzhimer's disease or AD).
"We aimed to study the association between coffee and tea consumption at midlife and dementia/AD risk in late-life, because the long-term impact of caffeine on the central nervous system was still unknown," said lead researcher, associate professor Miia Kivipelto, from Karolinska Institutet.
The study found that coffee drinkers at midlife had lower risk for dementia and AD later in life compared to those drinking no or only little coffee. The lowest risk (65 percent decreased) was found among moderate coffee drinkers (drinking 3-5 cups of coffee daily).
Kivipelto also noted that "given the large amount of coffee consumption globally, the results might have important implications for the prevention of or delaying the onset of dementia / AD", said a Karolinska release.
The study was published in the January 2009 issue of the Journal of Alzheimer's Disease.
A study was conducted by University of Kuopio, Finland, along with Karolinska Institutet, Sweden and the National Public Health Institute, Finland.
It included participants from the survivors of population-based cohorts previously surveyed within the North Karelia Project and the Finmonica study in 1972, 1977, 1982 or 1987 (midlife visit).
After an average follow-up of 21 years, 1,409 individuals (71 percent) aged between 65 and 79 completed the re-examination in 1998. A total of 61 cases were identified as demented (48 with Alzhimer's disease or AD).
"We aimed to study the association between coffee and tea consumption at midlife and dementia/AD risk in late-life, because the long-term impact of caffeine on the central nervous system was still unknown," said lead researcher, associate professor Miia Kivipelto, from Karolinska Institutet.
The study found that coffee drinkers at midlife had lower risk for dementia and AD later in life compared to those drinking no or only little coffee. The lowest risk (65 percent decreased) was found among moderate coffee drinkers (drinking 3-5 cups of coffee daily).
Kivipelto also noted that "given the large amount of coffee consumption globally, the results might have important implications for the prevention of or delaying the onset of dementia / AD", said a Karolinska release.
The study was published in the January 2009 issue of the Journal of Alzheimer's Disease.
Sport - Tennis;Federer to Murray: You want it, you earn it
MELBOURNE, Australia (AP): Roger Federer isn't going to give Andy Murray too much street cred until the young Scot has earned it.
Federer had trouble containing an incredulous laugh this week when he heard that British bookmakers had made 21-year-old Murray the favorite, or at least equal favorite, to win the Australian Open.
As if it wasn't bad enough that Rafael Nadal had ended the Swiss star's five-year Wimbledon reign last season and his record 237-week reign at No. 1. Or that Novak Djokovic had beaten him in the last Australian Open _ the only one of the last 15 Grand Slam tournaments not won by either Federer or Nadal.
Murray ``has never won a Slam. Novak is the defending champion here. Rafa had an incredible season last year,'' said Federer, who is bidding to equal Pete Sampras' record of 14 Grand Slam singles titles. ``I won the last Slam of last season. It's surprising to hear.''
Murray has only twice been beyond the fourth round at a major, his best run being a runner-up finish to Federer at the last U.S. Open.
But British hopes of a first men's Grand Slam title since 1936 rose sharply when Murray beat Federer in an exhibition match at Abu Dhabi and at the Qatar Open at Doha.
For Federer, the losses to Murray were a whole lot easier to take than his confidence-denting preparation for the last Australian Open.
``I didn't quite know where my game was,'' Federer said during the Kooyong exhibition tournament this week, thinking back 12 months to when he was struggling with mononucleosis. `` ... that is kind of what shook me up a bit.''
Federer entered 2008 as a strong contender to win all four majors and ended with just one, increasing his career haul to 13.
The mononucleosis kept him out of tournaments before the last Australian Open, where he was defending champion, and he went in cold. He said he genuinely feared a first-round exit.
He lost to Djokovic in the semifinals and his aura of invincibility seemed to be gone. Suddenly the sublime backhand winners weren't routinely kissing the lines. The almost ethereal court movement started to seem, ever-so-slightly, labored.
Federer and Djokovic are again on course for a semifinal meeting at Melbourne Park after the draw on Friday. It was a tough road for Federer, who could face former No. 1 Carlos Moya in the second round, 2005 Australian Open champion Marat Safin in the third and Swiss Davis Cup teammate Stanislas Wawrinka in the fourth.
Federer lost the French Open and Wimbledon finals and No. 1 ranking last year to Nadal, who also won the gold medal at the Beijing Olympics.
But he thinks he regained momentum at the U.S. Open.
``It is a good feeling to enter a Grand Slam if you have won the last one.''
Serena Williams can identify with that feeling.
She enters the Australian Open as the women's No. 2 seed and as the reigning U.S. Open champion.
Defending Australian champion Maria Sharapova is sidelined with an injured right shoulder and fifth-seeded Ana Ivanovic, runner-up here last year before she won the French Open, is seemingly out of form and without a coach.
While Jelena Jankovic of Serbia and Russians Dinara Safina and Elena Dementieva are ranked Nos. 1, 3 and 4, none has won a major.
Williams' elder sister, Venus, looms as the other leading contender and a semifinal rival.
Venus won the Williams derby in last year's Wimbledon final and rounded off the year by winning the WTA Championship.
Serena's win at the U.S. Open made her only the sixth woman to win nine or more Grand Slam singles titles.
She also returned to the No. 1 ranking for four weeks, five years and a month after previously holding it. And a recent trend points to another title _ she has won the Australian title every alternate year since 2003, when she beat Venus in the final.
In 2005, she saved three match points in a semifinal win over Sharapova and then beat Lindsay Davenport for the title.
In 2007, she was unseeded and ranked No. 81 when she beat five seeds before a 6-2, 6-1 rout of Sharapova in the final. But she's not relying on it just being a matter of sequence.
``It'd be great to win it again. I'm not really superstitious,'' she said. ``Obviously I would like to win in 2009. To be honest I really wanted to win in 2008 but it didn't quite work out.''
She got in some good practice in Sydney this week, fending off three match points in a quarterfinal win over Caroline Wozniacki of Denmark before losing to Olympic champion Dementieva in the semis.
``I made a lot of errors and made her look like a champ. I pretty much gave her the match,'' Williams said. But, ``it was good to have a few matches under my belt getting ready for Melbourne.''
While Federer and Williams know what it's like to enter a tournament underprepared, Nadal is going to have to learn.
Tendinitis in his right knee forced him out of the Paris Masters, the Masters Cup and Spain's win in the Davis Cup final. The 22-year-old lefty has played three official matches this year, and also lost to Murray in the Abu Dhabi exhibition tournament.
Nadal and Murray are on the same side of the draw.
Federer doesn't think Murray will benefit from the bookmakers' prognostications, thinking expectations could weigh him down.
He thought pressure might also tell on Djokovic, the 21-year-old Serbian defending a Grand Slam title for the first time.
Taking himself out of the equation, he picked Nadal to have the best chance of the others. Nadal lost to Frenchman Jo-Wilfried Tsonga, the Muhammad Ali lookalike, in the semifinals here last season.
Murray ``put himself in a position, but winning a Grand Slam is a different animal,'' Federer said. ``Not many guys have been able to win a Grand Slam in the last few years. Rafa and me took a lot of them. ... They don't come easily.''
Djokovic lost his opening match at the Brisbane International last week, his first tournament with a new racket sponsor. He accepted a wild-card entry for Sydney, where he reached the semifinals late Thursday.
``I'm aware of the pressure and expectations that are behind me as the defending champion,'' Djokovic said. ``On the brighter side, I will have a big challenge in front of me.
``I have to get used to that if I want to stay in the top of men's tennis. Hopefully I'm going to be a couple of times in this situation as a defending champion.''
Murray thinks he'll get that experience, too, now that he's overcome the nerves and is 5-2 against Federer.
``It doesn't make any difference whether people expect you to win or not. It doesn't change my mentality,'' he said. ``The more matches you play, you realize what the bookies are saying doesn't make any difference, whether they are saying good things or bad things.''
Murray said he had no fear of Federer.
``The more you play against him the less fearful you are, you're not scared to win the match,'' he said. ``I'm going to enjoy being one of the favorites and give it my best. I've got a lot more Grand Slams to play. I'm really chilled out.''
Federer is thinking along similar lines, and isn't ruling out becoming the first man since Rod Laver in 1969 to win all four majors in a calendar year.
Asked this week how many more Grand Slam events he was capable of winning, he replied in his matter-of-fact manner: ``Plenty.''
Federer had trouble containing an incredulous laugh this week when he heard that British bookmakers had made 21-year-old Murray the favorite, or at least equal favorite, to win the Australian Open.
As if it wasn't bad enough that Rafael Nadal had ended the Swiss star's five-year Wimbledon reign last season and his record 237-week reign at No. 1. Or that Novak Djokovic had beaten him in the last Australian Open _ the only one of the last 15 Grand Slam tournaments not won by either Federer or Nadal.
Murray ``has never won a Slam. Novak is the defending champion here. Rafa had an incredible season last year,'' said Federer, who is bidding to equal Pete Sampras' record of 14 Grand Slam singles titles. ``I won the last Slam of last season. It's surprising to hear.''
Murray has only twice been beyond the fourth round at a major, his best run being a runner-up finish to Federer at the last U.S. Open.
But British hopes of a first men's Grand Slam title since 1936 rose sharply when Murray beat Federer in an exhibition match at Abu Dhabi and at the Qatar Open at Doha.
For Federer, the losses to Murray were a whole lot easier to take than his confidence-denting preparation for the last Australian Open.
``I didn't quite know where my game was,'' Federer said during the Kooyong exhibition tournament this week, thinking back 12 months to when he was struggling with mononucleosis. `` ... that is kind of what shook me up a bit.''
Federer entered 2008 as a strong contender to win all four majors and ended with just one, increasing his career haul to 13.
The mononucleosis kept him out of tournaments before the last Australian Open, where he was defending champion, and he went in cold. He said he genuinely feared a first-round exit.
He lost to Djokovic in the semifinals and his aura of invincibility seemed to be gone. Suddenly the sublime backhand winners weren't routinely kissing the lines. The almost ethereal court movement started to seem, ever-so-slightly, labored.
Federer and Djokovic are again on course for a semifinal meeting at Melbourne Park after the draw on Friday. It was a tough road for Federer, who could face former No. 1 Carlos Moya in the second round, 2005 Australian Open champion Marat Safin in the third and Swiss Davis Cup teammate Stanislas Wawrinka in the fourth.
Federer lost the French Open and Wimbledon finals and No. 1 ranking last year to Nadal, who also won the gold medal at the Beijing Olympics.
But he thinks he regained momentum at the U.S. Open.
``It is a good feeling to enter a Grand Slam if you have won the last one.''
Serena Williams can identify with that feeling.
She enters the Australian Open as the women's No. 2 seed and as the reigning U.S. Open champion.
Defending Australian champion Maria Sharapova is sidelined with an injured right shoulder and fifth-seeded Ana Ivanovic, runner-up here last year before she won the French Open, is seemingly out of form and without a coach.
While Jelena Jankovic of Serbia and Russians Dinara Safina and Elena Dementieva are ranked Nos. 1, 3 and 4, none has won a major.
Williams' elder sister, Venus, looms as the other leading contender and a semifinal rival.
Venus won the Williams derby in last year's Wimbledon final and rounded off the year by winning the WTA Championship.
Serena's win at the U.S. Open made her only the sixth woman to win nine or more Grand Slam singles titles.
She also returned to the No. 1 ranking for four weeks, five years and a month after previously holding it. And a recent trend points to another title _ she has won the Australian title every alternate year since 2003, when she beat Venus in the final.
In 2005, she saved three match points in a semifinal win over Sharapova and then beat Lindsay Davenport for the title.
In 2007, she was unseeded and ranked No. 81 when she beat five seeds before a 6-2, 6-1 rout of Sharapova in the final. But she's not relying on it just being a matter of sequence.
``It'd be great to win it again. I'm not really superstitious,'' she said. ``Obviously I would like to win in 2009. To be honest I really wanted to win in 2008 but it didn't quite work out.''
She got in some good practice in Sydney this week, fending off three match points in a quarterfinal win over Caroline Wozniacki of Denmark before losing to Olympic champion Dementieva in the semis.
``I made a lot of errors and made her look like a champ. I pretty much gave her the match,'' Williams said. But, ``it was good to have a few matches under my belt getting ready for Melbourne.''
While Federer and Williams know what it's like to enter a tournament underprepared, Nadal is going to have to learn.
Tendinitis in his right knee forced him out of the Paris Masters, the Masters Cup and Spain's win in the Davis Cup final. The 22-year-old lefty has played three official matches this year, and also lost to Murray in the Abu Dhabi exhibition tournament.
Nadal and Murray are on the same side of the draw.
Federer doesn't think Murray will benefit from the bookmakers' prognostications, thinking expectations could weigh him down.
He thought pressure might also tell on Djokovic, the 21-year-old Serbian defending a Grand Slam title for the first time.
Taking himself out of the equation, he picked Nadal to have the best chance of the others. Nadal lost to Frenchman Jo-Wilfried Tsonga, the Muhammad Ali lookalike, in the semifinals here last season.
Murray ``put himself in a position, but winning a Grand Slam is a different animal,'' Federer said. ``Not many guys have been able to win a Grand Slam in the last few years. Rafa and me took a lot of them. ... They don't come easily.''
Djokovic lost his opening match at the Brisbane International last week, his first tournament with a new racket sponsor. He accepted a wild-card entry for Sydney, where he reached the semifinals late Thursday.
``I'm aware of the pressure and expectations that are behind me as the defending champion,'' Djokovic said. ``On the brighter side, I will have a big challenge in front of me.
``I have to get used to that if I want to stay in the top of men's tennis. Hopefully I'm going to be a couple of times in this situation as a defending champion.''
Murray thinks he'll get that experience, too, now that he's overcome the nerves and is 5-2 against Federer.
``It doesn't make any difference whether people expect you to win or not. It doesn't change my mentality,'' he said. ``The more matches you play, you realize what the bookies are saying doesn't make any difference, whether they are saying good things or bad things.''
Murray said he had no fear of Federer.
``The more you play against him the less fearful you are, you're not scared to win the match,'' he said. ``I'm going to enjoy being one of the favorites and give it my best. I've got a lot more Grand Slams to play. I'm really chilled out.''
Federer is thinking along similar lines, and isn't ruling out becoming the first man since Rod Laver in 1969 to win all four majors in a calendar year.
Asked this week how many more Grand Slam events he was capable of winning, he replied in his matter-of-fact manner: ``Plenty.''
Fun - Understanding the New Economy
1. The US has made a new weapon that destroys people but keeps the building standing,. Its called the stock market - Jay Leno
2. Do you have any idea how cheap stocks are ?? Wall Street is now being called Wal Mart Street Jay Leno
3. The difference between a pigeon and a London investment banker . The pigeon can still make a deposit on a BMW
4. What's the difference between a guy who lost everything in Las Vegas and an investment banker ? A tie
5. The problem with investment bank balance sheet is that on the left side nothing's right and on the right side nothing's left.
6. I want to warn people from Nigeria who might be watching our show, if you get any e mails from Washington asking for money, it's a scam. Don't fall for it - Jay Leno
7. Bush was asked about the credit crunch. He said it was his favourite candy bar - Jay Leno
8. The rescue bill was about 450 pages. President Bush's copy is even thicker. They had to include pictures Jay Leno
9. President Bush's response was to meet some small business owners in San Antonio last week. The small business owners are General Motors, General Electric and Century 21. - Jay Leno
10. What worries me most about the credit crunch, is that if one of my cheques is returned stamped 'insufficient funds'. I won't know whether that refers to mine or the bank's.
NEW STOCK MARKET TERMS
CEO --Chief Embezzlement Officer.
CFO -- Corporate Fraud Officer.
BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.
BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry.
VALUE INVESTING -- The art of buying low and selling lower.
BROKER -- What my broker has made me.
STANDARD & POOR -- Your life in a nutshell.
STOCK ANALYST -- Idiot who just downgraded your stock.
STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves.
FINANCIAL PLANNER -- A guy whose phone has been disconnected.
MARKET CORRECTION -- The day after you buy stocks.
CASH FLOW-- The movement your money makes as it disappears down the toilet.
YAHOO -- What you yell after selling it to some poor sucker for $240 per share.
WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240 per share.
INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.
PROFIT -- An archaic word no longer in use.
2. Do you have any idea how cheap stocks are ?? Wall Street is now being called Wal Mart Street Jay Leno
3. The difference between a pigeon and a London investment banker . The pigeon can still make a deposit on a BMW
4. What's the difference between a guy who lost everything in Las Vegas and an investment banker ? A tie
5. The problem with investment bank balance sheet is that on the left side nothing's right and on the right side nothing's left.
6. I want to warn people from Nigeria who might be watching our show, if you get any e mails from Washington asking for money, it's a scam. Don't fall for it - Jay Leno
7. Bush was asked about the credit crunch. He said it was his favourite candy bar - Jay Leno
8. The rescue bill was about 450 pages. President Bush's copy is even thicker. They had to include pictures Jay Leno
9. President Bush's response was to meet some small business owners in San Antonio last week. The small business owners are General Motors, General Electric and Century 21. - Jay Leno
10. What worries me most about the credit crunch, is that if one of my cheques is returned stamped 'insufficient funds'. I won't know whether that refers to mine or the bank's.
NEW STOCK MARKET TERMS
CEO --Chief Embezzlement Officer.
CFO -- Corporate Fraud Officer.
BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.
BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry.
VALUE INVESTING -- The art of buying low and selling lower.
BROKER -- What my broker has made me.
STANDARD & POOR -- Your life in a nutshell.
STOCK ANALYST -- Idiot who just downgraded your stock.
STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves.
FINANCIAL PLANNER -- A guy whose phone has been disconnected.
MARKET CORRECTION -- The day after you buy stocks.
CASH FLOW-- The movement your money makes as it disappears down the toilet.
YAHOO -- What you yell after selling it to some poor sucker for $240 per share.
WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240 per share.
INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.
PROFIT -- An archaic word no longer in use.
Jan 15, 2009
India - Importing Vulnerability
Over the past two years, the Indian financial sector, especially the banking system, has successfully withstood the stresses and strains emanating from abroad. The financial architecture is much more robust today than what it was two years ago, which should augur well for financial stability. However, the Reserve Bank of India in its recent report on the trend and progress of banking points out that that there could be some downside risks in certain areas that might imping e on stability in the near future. Of immediate concern is the turmoil in the developed financial markets where, since August-September 2008, there has been a breakdown of trust even in inter-bank lending. Such extreme risk-aversion can be reversed only slowly. After remaining resilient for a long time, India and other emerging markets have come under increasing stress recently. Since the beginning of 2008, equity markets have declined sharply, and capital outflows have intensified leading to tighter international and domestic liquidity. Financial institutions and borrowers are likely to be confronted with a more difficult macroeconomic environment. Only through appropriate macroeconomic policy responses can financial stability be maintained. Already, the U.S. slowdown, which has spread across markets and nations via trade and financial channels, has caused a significant dip in the global economic growth rate. Despite being driven largely by domestic demand, Indian economy too is adversely affected. The expectation that emerging markets would remain unaffected because of the “decoupling” from mature ones has been belied.
Specifically, the current crisis has pushed up funding costs and severely constrained access to external finance for most Indian companies. The main impact of the global financial crisis has been on the capital account. Capital inflows are expected to be lower in 2008-09 than in the previous year. Equity markets have declined sharply, making the task of raising capital extremely difficult. Tighter liquidity has caused interest rates to go up significantly. Most important of all, the reversal in capital flows has serious consequences for the balance of payments, especially when the current account deficit is widening on the back of mounting trade deficits. Ominously, the global financial situation continues to be uncertain and unsettled. It is still not possible to estimate the fallout for the Indian economy from the global downturn. In the evolving circumstances, the RBI has to remain proactive and look beyond conventional solutions.
Specifically, the current crisis has pushed up funding costs and severely constrained access to external finance for most Indian companies. The main impact of the global financial crisis has been on the capital account. Capital inflows are expected to be lower in 2008-09 than in the previous year. Equity markets have declined sharply, making the task of raising capital extremely difficult. Tighter liquidity has caused interest rates to go up significantly. Most important of all, the reversal in capital flows has serious consequences for the balance of payments, especially when the current account deficit is widening on the back of mounting trade deficits. Ominously, the global financial situation continues to be uncertain and unsettled. It is still not possible to estimate the fallout for the Indian economy from the global downturn. In the evolving circumstances, the RBI has to remain proactive and look beyond conventional solutions.
World - Obama & Kashmir
The man who will be inaugurated 44th President of the United States on January 20 has certain ideas on Kashmir that have raised concerns in India’s official and political establishment — and enthused separatist elements in Jammu & Kashmir. These ideas, which go back some way, were detailed in an October 2008 interview to Time magazine and touched upon during a December 5 interview to the same publication. Winning the war in Afghanistan, w hich increasingly looks like a pipe dream, is one of Barack Obama’s top priorities. Somewhat naively, he approaches Pakistan-India relations and the Kashmir dispute through the prism of “managing a more effective strategy in Afghanistan.” That, in his view, calls for a viable strategy with Pakistan’s civilian government, its military, and the Inter-Services Intelligence (ISI) to “root out militant terrorists.” And this brings Mr. Obama to the idea of “working with Pakistan and India to try to resolve the Kashmir crisis in a serious way.” Despite recognising Kashmir as “a potential tar pit diplomatically,” Mr. Obama has gone on record favouring mediatory intervention between India and Pakistan through a high-powered special envoy.
These ideas may be unwelcome in New Delhi but there is no cause for alarm, assuming of course that official India can work out a clear and resolute strategy of dealing with the Kashmir issue in its external and internal dimensions. In particular, there is no need to get hot under the collar over the prospect of any return to hyphenation. India must be clear and resolute that the only way to resolve the Kashmir issue in its external dimension along with other key issues is through comprehensive bilateral talks with Pakistan. It must act on the realisation that Mr. Obama’s principal focus for quite a while will be on the economy. But as soon as the opportunity arises, New Delhi must disabuse the new administration of any notion that the Kashmir issue can be approached in the way Mr. Obama has proposed. The U.S. cannot possibly mediate between Pakistan and India on Kashmir or other critical issues unless New Delhi allows it to do so. India-Pakistan relations are in crisis. But it must be hoped that sooner than later, a sustainable solution will be found through political and diplomatic means to the issue of cross-border terrorism so that the two countries can resume their composite dialogue and get back on the cooperative track. Mr. Obama is welcome to take on the political challenge of pressuring and encouraging Islamabad to deliver on its anti-terrorism commitments on the Afghan as well as Indian fronts. But internationalisation of the Kashmir issue through Washington’s intervention must be ruled out of court.
These ideas may be unwelcome in New Delhi but there is no cause for alarm, assuming of course that official India can work out a clear and resolute strategy of dealing with the Kashmir issue in its external and internal dimensions. In particular, there is no need to get hot under the collar over the prospect of any return to hyphenation. India must be clear and resolute that the only way to resolve the Kashmir issue in its external dimension along with other key issues is through comprehensive bilateral talks with Pakistan. It must act on the realisation that Mr. Obama’s principal focus for quite a while will be on the economy. But as soon as the opportunity arises, New Delhi must disabuse the new administration of any notion that the Kashmir issue can be approached in the way Mr. Obama has proposed. The U.S. cannot possibly mediate between Pakistan and India on Kashmir or other critical issues unless New Delhi allows it to do so. India-Pakistan relations are in crisis. But it must be hoped that sooner than later, a sustainable solution will be found through political and diplomatic means to the issue of cross-border terrorism so that the two countries can resume their composite dialogue and get back on the cooperative track. Mr. Obama is welcome to take on the political challenge of pressuring and encouraging Islamabad to deliver on its anti-terrorism commitments on the Afghan as well as Indian fronts. But internationalisation of the Kashmir issue through Washington’s intervention must be ruled out of court.
World - Ocean fertilization opposed
Roy Mathew
Ecologists: expedition to fertilize sea near Antarctica violates CBD
NIO is collaborating with German institute in the expedition in which iron is dumped in the ocean
There is a moratorium on ocean fertilization until there is an adequate scientific basis
THIRUVANTHAPURAM: The Indian Biodiversity Forum has protested against the involvement of the National Institute of Oceanography (NIO) in the expedition to fertilise sea near Antarctica with iron sulphate.
The NIO is conducting the operation in collaboration with the Alfred Wegener Institute of Germany as part of a project called LOHAFEX (Indo-German Iron Fertilisation Experiment). The expedition, which has set sail from Cape Town last week, plans to ‘fertilise’ 300 sq. km. of the Scotia Sea, close to Antarctica, with 20 tonnes of iron sulphate. (The dumping of iron in the ocean in order to generate an algal bloom is often called ocean fertilization).
In a letter to Prime Minister on behalf of the forum, ecologist S. Faizi, Vice-Chairman of IUCN Commission on Ecosystem Management Dhrubajyothi Ghosh, and the former Principal Chief Conservator of Forests D.P.S. Verma, said the expedition constituted a breach of the Convention on Biological Diversity (CBD). The conference of parties of the convention in May last year had, by consensus, put a moratorium on ocean fertilization until ‘there is an adequate scientific basis on which to justify such activities, including assessing associated risks, and a global, transparent and effective control and regulatory mechanism is in place for these activities.’
Exception
The only exception granted was for small scale scientific studies within the coastal waters subject to prior and thorough assessment of the potential impacts of the research studies on the marine environment. The LOHAFEX project was a glaring violation of the consensus decision. It further violated the CBD articles on the precautionary principle and the requirement of prior environmental impact assessment.
They urged the Prime Minister to prevent breach of international laws by the NIO. “India is a key player in CBD negotiations and it is in our self-interest that the authority of this international law is respected. For, as a victim of recurring bio-piracy, we need to invoke this convention more often than many others.”
Resenting voices
They said the project had already caused severe resentment among the global environmental community. A large number of civil society groups around the world are protesting against the project.
Ecologists: expedition to fertilize sea near Antarctica violates CBD
NIO is collaborating with German institute in the expedition in which iron is dumped in the ocean
There is a moratorium on ocean fertilization until there is an adequate scientific basis
THIRUVANTHAPURAM: The Indian Biodiversity Forum has protested against the involvement of the National Institute of Oceanography (NIO) in the expedition to fertilise sea near Antarctica with iron sulphate.
The NIO is conducting the operation in collaboration with the Alfred Wegener Institute of Germany as part of a project called LOHAFEX (Indo-German Iron Fertilisation Experiment). The expedition, which has set sail from Cape Town last week, plans to ‘fertilise’ 300 sq. km. of the Scotia Sea, close to Antarctica, with 20 tonnes of iron sulphate. (The dumping of iron in the ocean in order to generate an algal bloom is often called ocean fertilization).
In a letter to Prime Minister on behalf of the forum, ecologist S. Faizi, Vice-Chairman of IUCN Commission on Ecosystem Management Dhrubajyothi Ghosh, and the former Principal Chief Conservator of Forests D.P.S. Verma, said the expedition constituted a breach of the Convention on Biological Diversity (CBD). The conference of parties of the convention in May last year had, by consensus, put a moratorium on ocean fertilization until ‘there is an adequate scientific basis on which to justify such activities, including assessing associated risks, and a global, transparent and effective control and regulatory mechanism is in place for these activities.’
Exception
The only exception granted was for small scale scientific studies within the coastal waters subject to prior and thorough assessment of the potential impacts of the research studies on the marine environment. The LOHAFEX project was a glaring violation of the consensus decision. It further violated the CBD articles on the precautionary principle and the requirement of prior environmental impact assessment.
They urged the Prime Minister to prevent breach of international laws by the NIO. “India is a key player in CBD negotiations and it is in our self-interest that the authority of this international law is respected. For, as a victim of recurring bio-piracy, we need to invoke this convention more often than many others.”
Resenting voices
They said the project had already caused severe resentment among the global environmental community. A large number of civil society groups around the world are protesting against the project.
World - Growing concern over civilians’ fate in Sri Lanka
B. Muralidhar Reddy
COLOMBO: The Sri Lankan Air Force on Tuesday claimed it had carried out 10 raids targeting “observed LTTE gathering places and defence line” in Mullathivu district.
The Air Force stepped up its offensive in Mullathivu, the last remaining stronghold of the Tigers in the Wanni region, to flush out LTTE leaders and cadre from their hideouts in the thick jungles.
However, civil society within and outside the nation is concerned about the fate of civilians stranded in areas that continue to be under the control of the LTTE as the exodus has not been on expected lines.
Air Force spokesperson Janaka Nanayakkara said the LTTE defence line south of Mullathivu were targeted on four separate occasions to assist the ground troops advancing towards Mullathivu. He said jets raided LTTE gathering places in Mullathivu on five occasions.
Separately, the government said it was fully prepared to handle the mass exodus of civilians from Wanni and Vavuniya was being readied as a humanitarian assistance hub to cater to their needs. “Arrangements are under way to provide relief for those coming from un-cleared areas seeking shelter and safety,” said Resettlement and Disaster Relief Services Minister Rishard Bathuideeen.
According to the Ministry, 1,168 people have sought refuge with authorities and they have been housed at the Menik farm and the Nelumkulama welfare centre in Vavuniya. Steps have been taken to clear 80 acres in Vavuniya to construct temporary shelters.
Over 200 displaced people have sought refuge with the military at various destinations on the northern front in the last two days and many others are on their way despite an LTTE threat to their safe passage, the Ministry claimed. In a report posted on its website, the LTTE alleged that four civilians were killed in shelling by the Army on Thoddiyadi in Visuvamadu in the Mullathivu district on Tuesday.
“Frequent shelling attacks around the small area in which the IDPs of Wanni are crowded is resulting in heavy casualties on a daily basis. The displaced hospitals in this area are also coming under frequent attacks,” the Tigers claimed.
The LTTE further charged that Army artillery firing hit one of the Puthukkudiyiruppu hospital wards. “There were about 200 inpatients and 700 outpatients at the hospital at that time. Two of the patients at the hospital sustained minor injuries. Following the shell attack the hospital ward hit by the shelling was immediately evacuated,” it said.
COLOMBO: The Sri Lankan Air Force on Tuesday claimed it had carried out 10 raids targeting “observed LTTE gathering places and defence line” in Mullathivu district.
The Air Force stepped up its offensive in Mullathivu, the last remaining stronghold of the Tigers in the Wanni region, to flush out LTTE leaders and cadre from their hideouts in the thick jungles.
However, civil society within and outside the nation is concerned about the fate of civilians stranded in areas that continue to be under the control of the LTTE as the exodus has not been on expected lines.
Air Force spokesperson Janaka Nanayakkara said the LTTE defence line south of Mullathivu were targeted on four separate occasions to assist the ground troops advancing towards Mullathivu. He said jets raided LTTE gathering places in Mullathivu on five occasions.
Separately, the government said it was fully prepared to handle the mass exodus of civilians from Wanni and Vavuniya was being readied as a humanitarian assistance hub to cater to their needs. “Arrangements are under way to provide relief for those coming from un-cleared areas seeking shelter and safety,” said Resettlement and Disaster Relief Services Minister Rishard Bathuideeen.
According to the Ministry, 1,168 people have sought refuge with authorities and they have been housed at the Menik farm and the Nelumkulama welfare centre in Vavuniya. Steps have been taken to clear 80 acres in Vavuniya to construct temporary shelters.
Over 200 displaced people have sought refuge with the military at various destinations on the northern front in the last two days and many others are on their way despite an LTTE threat to their safe passage, the Ministry claimed. In a report posted on its website, the LTTE alleged that four civilians were killed in shelling by the Army on Thoddiyadi in Visuvamadu in the Mullathivu district on Tuesday.
“Frequent shelling attacks around the small area in which the IDPs of Wanni are crowded is resulting in heavy casualties on a daily basis. The displaced hospitals in this area are also coming under frequent attacks,” the Tigers claimed.
The LTTE further charged that Army artillery firing hit one of the Puthukkudiyiruppu hospital wards. “There were about 200 inpatients and 700 outpatients at the hospital at that time. Two of the patients at the hospital sustained minor injuries. Following the shell attack the hospital ward hit by the shelling was immediately evacuated,” it said.
India - Hyderabad Metro Rail project is doomed
Maytas could find it extremely difficult to raise the debt and equity component
HYDERABAD: The elevated metro rail project for the twin cities is doomed. With the Maytas-led consortium, the selected developer, facing an uncertain future following the Satyam Computers scandal, there is little chance of the project taking off.
While the government claims to be reviewing the consortium’s capability to take up the project under the public, private partnership (PPP) mode, it is now clearly waiting for Maytas to blink first.
The other option is to wait till the financial closure on March 18 when Maytas not only has to pay a performance guarantee of Rs. 180 crore, but also show its funds inflow and outflow to build the metro rail. Financial closure would mean that the consortium has to show its equity around Rs. 4,000 crore and a debt component of Rs. 8,000 crore (1:2 ratio) to be raised from financial institutions. Considering the unfolding financial fraud involving Satyam, Maytas could find it extremely difficult to raise the debt and equity component as it is headed by Teja Raju, son of B. Ramalinga Raju, former chairman of scam-hit Satyam.
“It will be very difficult to raise even Rs. 100 crore for the consortium after the Satyam imbroglio,” affirm official sources. The government seems disinclined to cancel the deal unilaterally considering penal clauses in the Concessionaire Agreement (CA) signed with the consortium of Maytas, Navabharat Ventures, Ital Thai and IL&FS.
Maytas Metro Limited (MML), the special purpose vehicle formed by the consortium, had signed the CA with the government in September last and had paid Rs. 11 crore as the initial amount, besides pitching in with Rs. 60 crore in bank guarantee.
It was in July last year that the consortium had successfully bid for the 71.16 km, Rs. 12,132 crore project by making an astonishing offer of royalty of Rs. 30,311 crore spread across the contract period of 35 years. It had also refused a Viability Gap Funding (VGF) of Rs. 4,800 crore (40 per cent project cost) offered by the government.
If the deal falls through, the possibility of handing it over to the next best bidder is being ruled out due to prospective legal tangles. But if fresh bids are to be called, the PPP mode might not be a viable option as infrastructure firms might think twice before investing in such projects and also because of the global recession.
“The project has to be re-worked afresh as the conditions and guarantees inscribed in the pre-bid and bid documents as well as the CA were based on private sector participation on the design, build, finance, operate and transfer (DBFOT) model. If PPP is opted again, more concessions would be sought leading to more controversies,” sources point out.
Conjecture
Otherwise, the government has to build the project itself a la Delhi Metro. But will the Centre fund such a massive project for Hyderabad is a matter of conjecture. And if at all the Centre offers funds or a sovereign guarantee, it could take a year or more to call for fresh bids and choose a developer, aver official sources.
With general elections notification expected soon, nothing is likely to happen on this front till the middle of next year.
HYDERABAD: The elevated metro rail project for the twin cities is doomed. With the Maytas-led consortium, the selected developer, facing an uncertain future following the Satyam Computers scandal, there is little chance of the project taking off.
While the government claims to be reviewing the consortium’s capability to take up the project under the public, private partnership (PPP) mode, it is now clearly waiting for Maytas to blink first.
The other option is to wait till the financial closure on March 18 when Maytas not only has to pay a performance guarantee of Rs. 180 crore, but also show its funds inflow and outflow to build the metro rail. Financial closure would mean that the consortium has to show its equity around Rs. 4,000 crore and a debt component of Rs. 8,000 crore (1:2 ratio) to be raised from financial institutions. Considering the unfolding financial fraud involving Satyam, Maytas could find it extremely difficult to raise the debt and equity component as it is headed by Teja Raju, son of B. Ramalinga Raju, former chairman of scam-hit Satyam.
“It will be very difficult to raise even Rs. 100 crore for the consortium after the Satyam imbroglio,” affirm official sources. The government seems disinclined to cancel the deal unilaterally considering penal clauses in the Concessionaire Agreement (CA) signed with the consortium of Maytas, Navabharat Ventures, Ital Thai and IL&FS.
Maytas Metro Limited (MML), the special purpose vehicle formed by the consortium, had signed the CA with the government in September last and had paid Rs. 11 crore as the initial amount, besides pitching in with Rs. 60 crore in bank guarantee.
It was in July last year that the consortium had successfully bid for the 71.16 km, Rs. 12,132 crore project by making an astonishing offer of royalty of Rs. 30,311 crore spread across the contract period of 35 years. It had also refused a Viability Gap Funding (VGF) of Rs. 4,800 crore (40 per cent project cost) offered by the government.
If the deal falls through, the possibility of handing it over to the next best bidder is being ruled out due to prospective legal tangles. But if fresh bids are to be called, the PPP mode might not be a viable option as infrastructure firms might think twice before investing in such projects and also because of the global recession.
“The project has to be re-worked afresh as the conditions and guarantees inscribed in the pre-bid and bid documents as well as the CA were based on private sector participation on the design, build, finance, operate and transfer (DBFOT) model. If PPP is opted again, more concessions would be sought leading to more controversies,” sources point out.
Conjecture
Otherwise, the government has to build the project itself a la Delhi Metro. But will the Centre fund such a massive project for Hyderabad is a matter of conjecture. And if at all the Centre offers funds or a sovereign guarantee, it could take a year or more to call for fresh bids and choose a developer, aver official sources.
With general elections notification expected soon, nothing is likely to happen on this front till the middle of next year.
India - Chiranjeevi;“Not populist, just Sankranti gift”
HYDERABAD: Terming it a Sankranti gift to the people, Praja Rajyam president K. Chiranjeevi said on Tuesday that if elected to power, he would offer power to about a crore of rural households upto the mandal-level at a 50 per cent concession on their billing.
At a press conference here, primarily to convey festival greetings to the people, he also announced free power to artisans.
These two schemes were part of a programme chalked out by the party’s Manifesto Committee, which would in the near future come out with the detailed manifesto, he said.
Mr. Chiranjeevi said the 50 per cent concession in billing for rural households would help about six crore people comprising 70 per cent of the population.
As for the second scheme, he said the details of how many people would benefit and the like were being worked out.
They would all be clearly spelt out in the party’s manifesto, he said, not elaborating further.
In response to a question, he said existing subsidy schemes would be continued.
When reminded that initially he had said he was opposed to populist schemes and asked if this meant a ‘U’ turn on that policy, he quipped that it could not be termed populist, declining to explain.
He blamed successive governments for their inability to control inflation.
He regretted that in these days of inflationary trends, with skyrocketing prices of essential commodities and services, people were unable to even visit their native places by train or bus to celebrate Sankranti and other festivals with their near and dear ones.
At a press conference here, primarily to convey festival greetings to the people, he also announced free power to artisans.
These two schemes were part of a programme chalked out by the party’s Manifesto Committee, which would in the near future come out with the detailed manifesto, he said.
Mr. Chiranjeevi said the 50 per cent concession in billing for rural households would help about six crore people comprising 70 per cent of the population.
As for the second scheme, he said the details of how many people would benefit and the like were being worked out.
They would all be clearly spelt out in the party’s manifesto, he said, not elaborating further.
In response to a question, he said existing subsidy schemes would be continued.
When reminded that initially he had said he was opposed to populist schemes and asked if this meant a ‘U’ turn on that policy, he quipped that it could not be termed populist, declining to explain.
He blamed successive governments for their inability to control inflation.
He regretted that in these days of inflationary trends, with skyrocketing prices of essential commodities and services, people were unable to even visit their native places by train or bus to celebrate Sankranti and other festivals with their near and dear ones.
India - Satyam Chief;Nostalgia in the thick of confession
A. Saye Sekhar
HYDERABAD: The former chairman of Satyam Computers, B. Ramalinga Raju, had an opportunity, in the thick of the controversy he courted, to recall his humble past.
He was not writing an autobiography but making a confessional statement before the CID of the Andhra Pradesh police after his arrest on January 9. Mr. Raju recollected his childhood, adolescence, adulthood, avatar as industrialist and his metamorphosis as the head honcho of an IT behemoth.
Born on September 16, 1955 at Garagaparru village in Bhimavaram mandal in West Godavari district to the Byrraju Satyanarayana Raju couple, he studied up to Standard III at Bhimavaram.
He then went to school in Machilipatnam in Krishna district where he studied up to Standard VI. He moved over to Hyderabad to study up to Standard IX and returned to his native district to pursue Standard X at Yendakandiga.
College education
Mr. Raju joined the prestigious Andhra Loyola College in Vijayawada for Intermediate and continued there until he completed his B.Com degree. He was, in fact, one of the few celebrities felicitated by the Loyola institutions along with their proud alumni, including Chief Minister Y.S. Rajasekhara Reddy and cardiologist B. Somaraju, a few years ago.
Crossing the shores, Mr. Raju did MBA at Ohio University and completed executive programmes in business administration at Harvard, U.S.
While Mr. Raju is the eldest of four siblings, the third is B. Rama Raju, co-accused in the Satyam case. B. Suryanarayana Raju is the second and the youngest is a sister, A. Rajeswari.
Married to Nandini in 1977, Mr. Raju has two sons — B. Teja Raju (vice-chairman of Maytas Infra) and B. Rama Raju (vice-chairman of Maytas Properties).
Meteoric rise
Real estate and construction have been his first love, as he himself admitted in one of his recent statements.
Complementing these were the initial ventures of Dhanunjaya Hotels and Satyam Spinning Mills, which are no longer part of his businesses. Establishing Satyam Computers in a house in P&T Colony in Secunderabad in 1987, he saw its meteoric rise through.
HYDERABAD: The former chairman of Satyam Computers, B. Ramalinga Raju, had an opportunity, in the thick of the controversy he courted, to recall his humble past.
He was not writing an autobiography but making a confessional statement before the CID of the Andhra Pradesh police after his arrest on January 9. Mr. Raju recollected his childhood, adolescence, adulthood, avatar as industrialist and his metamorphosis as the head honcho of an IT behemoth.
Born on September 16, 1955 at Garagaparru village in Bhimavaram mandal in West Godavari district to the Byrraju Satyanarayana Raju couple, he studied up to Standard III at Bhimavaram.
He then went to school in Machilipatnam in Krishna district where he studied up to Standard VI. He moved over to Hyderabad to study up to Standard IX and returned to his native district to pursue Standard X at Yendakandiga.
College education
Mr. Raju joined the prestigious Andhra Loyola College in Vijayawada for Intermediate and continued there until he completed his B.Com degree. He was, in fact, one of the few celebrities felicitated by the Loyola institutions along with their proud alumni, including Chief Minister Y.S. Rajasekhara Reddy and cardiologist B. Somaraju, a few years ago.
Crossing the shores, Mr. Raju did MBA at Ohio University and completed executive programmes in business administration at Harvard, U.S.
While Mr. Raju is the eldest of four siblings, the third is B. Rama Raju, co-accused in the Satyam case. B. Suryanarayana Raju is the second and the youngest is a sister, A. Rajeswari.
Married to Nandini in 1977, Mr. Raju has two sons — B. Teja Raju (vice-chairman of Maytas Infra) and B. Rama Raju (vice-chairman of Maytas Properties).
Meteoric rise
Real estate and construction have been his first love, as he himself admitted in one of his recent statements.
Complementing these were the initial ventures of Dhanunjaya Hotels and Satyam Spinning Mills, which are no longer part of his businesses. Establishing Satyam Computers in a house in P&T Colony in Secunderabad in 1987, he saw its meteoric rise through.
Entertainment - `Idol' draws 30.1 million viewers for season debut
David Bauder
NEW YORK – An estimated 30.1 million people watched the season debut of "American Idol," which left Fox's entertainment chief "relieved but not satisfied."
Wednesday night's two-hour show, which introduced new judge Kara DioGuardi and was noticeably less intent on humiliating the talent-deficient, was the most-watched prime-time program of the TV season so far, according to Nielsen Media Research.
Yet it was down 10 percent from the 33.4 million who watched the 2008 debut. The 37.4 million who watched the 2007 debut represents the series' high point for opening nights.
The decline is consistent with what is happening on broadcast TV this season, said Peter Liguori, Fox entertainment chairman. A hangover from last year's writers' strike and the increased use of digital video recorders means that year-to-year growth in live viewing is the exception rather than the rule.
"We're unsatisfied because within the `Idol' universe, you never want to see year-to-year erosion, ever," Liguori said. "With all that being said, I think we're optimistic about the show's performance from this point forward."
Of the 20 most popular prime-time programs at this time last year that returned for another season, 14 have lost viewership. The six shows that have increased their audience this year, such as "NCIS" and "Two and a Half Men," are all on CBS.
Before "Idol," the most-watched prime-time entertainment show of the season had been the season debut of CBS' "CSI: Crime Scene Investigation," seen by 23.5 million viewers on Oct. 9. Until Tuesday night, the most people gathered around the TV for a single show was the 27.8 million who watched the Indianapolis-San Diego NFL playoff on Jan. 3.
"American Idol" was praised by one of Fox's rivals, CBS Entertainment President Nina Tassler, on Wednesday when she cited it as a reason advertisers stick with broadcast networks.
"You don't find these kinds of numbers on cable or any other medium," Tassler told a meeting of the Television Critics Association. "Network television still works when advertisers and audiences respond to creative, high-quality content."
Liguori said the effort to be more "aspirational," or focus on the personal stories and dreams of would-be idols, should help the show appeal to more female viewers in its eighth season.
Fox is also cutting its run of tryout sessions from four weeks to three to spend more time in Hollywood, he said.
"Our anticipation is there should be greater strength from this point forward," he said.
___
Associated Press Television Writer Lynn Elber contributed to this report.
NEW YORK – An estimated 30.1 million people watched the season debut of "American Idol," which left Fox's entertainment chief "relieved but not satisfied."
Wednesday night's two-hour show, which introduced new judge Kara DioGuardi and was noticeably less intent on humiliating the talent-deficient, was the most-watched prime-time program of the TV season so far, according to Nielsen Media Research.
Yet it was down 10 percent from the 33.4 million who watched the 2008 debut. The 37.4 million who watched the 2007 debut represents the series' high point for opening nights.
The decline is consistent with what is happening on broadcast TV this season, said Peter Liguori, Fox entertainment chairman. A hangover from last year's writers' strike and the increased use of digital video recorders means that year-to-year growth in live viewing is the exception rather than the rule.
"We're unsatisfied because within the `Idol' universe, you never want to see year-to-year erosion, ever," Liguori said. "With all that being said, I think we're optimistic about the show's performance from this point forward."
Of the 20 most popular prime-time programs at this time last year that returned for another season, 14 have lost viewership. The six shows that have increased their audience this year, such as "NCIS" and "Two and a Half Men," are all on CBS.
Before "Idol," the most-watched prime-time entertainment show of the season had been the season debut of CBS' "CSI: Crime Scene Investigation," seen by 23.5 million viewers on Oct. 9. Until Tuesday night, the most people gathered around the TV for a single show was the 27.8 million who watched the Indianapolis-San Diego NFL playoff on Jan. 3.
"American Idol" was praised by one of Fox's rivals, CBS Entertainment President Nina Tassler, on Wednesday when she cited it as a reason advertisers stick with broadcast networks.
"You don't find these kinds of numbers on cable or any other medium," Tassler told a meeting of the Television Critics Association. "Network television still works when advertisers and audiences respond to creative, high-quality content."
Liguori said the effort to be more "aspirational," or focus on the personal stories and dreams of would-be idols, should help the show appeal to more female viewers in its eighth season.
Fox is also cutting its run of tryout sessions from four weeks to three to spend more time in Hollywood, he said.
"Our anticipation is there should be greater strength from this point forward," he said.
___
Associated Press Television Writer Lynn Elber contributed to this report.
Entertainment - Disney giant makes a play for Premier League television rights
Owen Gibson
Speculation about the possibility of the Disney-owned sports giant ESPN entering the race for live Premier League television rights increased today following reports in the US that it had decided to bid for at least one of the packages on offer.
Broadcasters are currently poring over tender documents for the next Premier League TV contract, which runs from 2010 to 2013.
BSkyB and Setanta, who between them paid £1.7bn for live rights under the current deal, are both expected to bid again for the same packages.
Under the current deal, Sky paid £1.31bn for 92 live games per year, including first choice of the best games. Setanta, the ambitious Irish pay-TV broadcaster, paid £392m for 46 matches. In all, domestic deals raised £1.7bn, including deals with the BBC for highlights and Virgin Media for online highlights.
The Premier League is hoping that ESPN, which is believed to have bid last time around but lost out to Setanta, will enter the race as it attempts to match the record-breaking sums achieved under the current agreement. Including overseas media rights, it brought in a total of £2.7bn over three years.
The broadcaster has steadily increased its presence in the UK in recent years and currently broadcasts two channels – archive service ESPN Classic and recently acquired US sports channel NASN, which will be rebranded ESPN America at the beginning of next month.
But if it was to launch a bid for live Premier League rights, it would have to launch a new UK channel to broadcast them.
A report by Bloomberg in the US said that ESPN was considering bidding for "one or two" of the six live packages on offer, citing a source familiar with its plans. But it is understood that ESPN executives are unlikely to have yet come to a definitive decision about which packages to bid for, or whether to bid for live rights at all.
The closing date for the first round of bids is believed to be in the first week of February. ESPN recently seriously considered a bid for live Bundesliga rights before pulling out at the last minute.
"We are interested in all rights, including the Premier League, as long as they fit our business," said an ESPN spokesman said. "But we don't have any comment on the Premier League despite press speculation about it."
Another oft-mooted option for ESPN would be to launch a takeover bid for Setanta once the rights have been settled.
The Premier League chief executive, Richard Scudamore, has been bullish about the possibility of maintaining the value of its broadcasting income despite the global economic slump.
"Clearly, economically, times are interesting but we still think we have a premium product, a product broadcasters want and a product broadcasters will fight over," Scudamore said recently. "There will always be competition, there will always be somebody to sell the packages to."
Speculation about the possibility of the Disney-owned sports giant ESPN entering the race for live Premier League television rights increased today following reports in the US that it had decided to bid for at least one of the packages on offer.
Broadcasters are currently poring over tender documents for the next Premier League TV contract, which runs from 2010 to 2013.
BSkyB and Setanta, who between them paid £1.7bn for live rights under the current deal, are both expected to bid again for the same packages.
Under the current deal, Sky paid £1.31bn for 92 live games per year, including first choice of the best games. Setanta, the ambitious Irish pay-TV broadcaster, paid £392m for 46 matches. In all, domestic deals raised £1.7bn, including deals with the BBC for highlights and Virgin Media for online highlights.
The Premier League is hoping that ESPN, which is believed to have bid last time around but lost out to Setanta, will enter the race as it attempts to match the record-breaking sums achieved under the current agreement. Including overseas media rights, it brought in a total of £2.7bn over three years.
The broadcaster has steadily increased its presence in the UK in recent years and currently broadcasts two channels – archive service ESPN Classic and recently acquired US sports channel NASN, which will be rebranded ESPN America at the beginning of next month.
But if it was to launch a bid for live Premier League rights, it would have to launch a new UK channel to broadcast them.
A report by Bloomberg in the US said that ESPN was considering bidding for "one or two" of the six live packages on offer, citing a source familiar with its plans. But it is understood that ESPN executives are unlikely to have yet come to a definitive decision about which packages to bid for, or whether to bid for live rights at all.
The closing date for the first round of bids is believed to be in the first week of February. ESPN recently seriously considered a bid for live Bundesliga rights before pulling out at the last minute.
"We are interested in all rights, including the Premier League, as long as they fit our business," said an ESPN spokesman said. "But we don't have any comment on the Premier League despite press speculation about it."
Another oft-mooted option for ESPN would be to launch a takeover bid for Setanta once the rights have been settled.
The Premier League chief executive, Richard Scudamore, has been bullish about the possibility of maintaining the value of its broadcasting income despite the global economic slump.
"Clearly, economically, times are interesting but we still think we have a premium product, a product broadcasters want and a product broadcasters will fight over," Scudamore said recently. "There will always be competition, there will always be somebody to sell the packages to."
Entertainment - Rajnikanth romances Ash in a glass chamber
Prithwish Ganguly
Mumbai: Film-maker S Shankar, who is currently directing South Indian superstar Rajnikanth and the Bachchan bahu Aishwarya Rai Bachchan in his sci-fi big budget film Endhiran, has created a huge glass chamber-like structure to shoot a romantic song sequence.
Reliable industry sources say the structure which took almost over two weeks to construct will only be used to film some shots that will be a part of a particular romantic duet.
Our source says, "Aishwarya and Rajnikanth will be filmed romancing each other inside this glass chamber for a romantic duet. It is a completely closed structure and so shooting cannot take place continuously. They will do few shots inside this with Rajni and Ash. The entire song is not being filmed inside this structure. It is most probably being used to enhance the visual appeal of the song sequence."
The film has a mammoth budget of Rs140 crore, perhaps making it the most expensive film
Mumbai: Film-maker S Shankar, who is currently directing South Indian superstar Rajnikanth and the Bachchan bahu Aishwarya Rai Bachchan in his sci-fi big budget film Endhiran, has created a huge glass chamber-like structure to shoot a romantic song sequence.
Reliable industry sources say the structure which took almost over two weeks to construct will only be used to film some shots that will be a part of a particular romantic duet.
Our source says, "Aishwarya and Rajnikanth will be filmed romancing each other inside this glass chamber for a romantic duet. It is a completely closed structure and so shooting cannot take place continuously. They will do few shots inside this with Rajni and Ash. The entire song is not being filmed inside this structure. It is most probably being used to enhance the visual appeal of the song sequence."
The film has a mammoth budget of Rs140 crore, perhaps making it the most expensive film
Business - Sify Tech to launch cheap BlackBerry services
Rajesh S Kurup
Nasdaq-listed Sify Technologies is close to launching cheap BlackBerry services in the country that can be accessed even by entry-level handsets. The company has licensed London-listed mobile e-mail and synchronisation solutions provider Synchronica’s mobile gateway solutions for providing the services in the country.
Even though, Sify is not the first company to launch cheap BlackBerry-like services (Rajesh Jain-promoted Netcore Solutions had launched the services in June last year), the move is important as existing services are highly priced. Most importantly, the services (also known as push mail or e-mail on mobile services) can only be accessed only on high-end handsets. Moreover, the launch also comes at a time when the Indian government is seeking legal intrusion (monitoring of data) of BlackBerry services and demanding that Research In Motion, Canadian owners of the service, moves its servers to the country.
“Basically, the idea is to offer BlackBerry-like services on mass market products. At present, the biggest problem is the high cost of both the services and handsets, which is preventing a mass adoption of push mail services,” Synchronica CEO Carsten Brinkschulte told Business Standard over phone from London.
Nasdaq-listed Sify Technologies is close to launching cheap BlackBerry services in the country that can be accessed even by entry-level handsets. The company has licensed London-listed mobile e-mail and synchronisation solutions provider Synchronica’s mobile gateway solutions for providing the services in the country.
Even though, Sify is not the first company to launch cheap BlackBerry-like services (Rajesh Jain-promoted Netcore Solutions had launched the services in June last year), the move is important as existing services are highly priced. Most importantly, the services (also known as push mail or e-mail on mobile services) can only be accessed only on high-end handsets. Moreover, the launch also comes at a time when the Indian government is seeking legal intrusion (monitoring of data) of BlackBerry services and demanding that Research In Motion, Canadian owners of the service, moves its servers to the country.
“Basically, the idea is to offer BlackBerry-like services on mass market products. At present, the biggest problem is the high cost of both the services and handsets, which is preventing a mass adoption of push mail services,” Synchronica CEO Carsten Brinkschulte told Business Standard over phone from London.
Entertainment - Miley Cyrus to debut new music video
January 14, 2009, (Sawf News) - Miley Cyrus will debut the first music video from her upcoming big-screen debut, Hannah Montana - The Movie on the Disney Channel next week.
The video for the song, Let's Get Crazy, will debut along with the official trailer of Hannah Montana - The Movie.
Miley herself will introduce the video before the telecast of 'Kids' Inaugural: We Are The Future' concert to celebrate the inauguration of the Obama administration at the Verizon Center on Monday, January 19. The Disney Channel will broadcast from the event, starting at 8 p.m. ET.
Miley Cyrus, The Jonas Brothers and Demi Lovato are among the entertainers at that show.
A sneak peak video of Hannah Montana - The Movie was released earlier this month.
Hannah Montana - The Movie is an adaptation of the popular Disney Channel's TV series in which Miley's character leads a dual life; as an ordinary teenager by the day and a successful pop singer, Hannah Montana, by night. Miley is brunette while Hannah Montanna is blonde.
In the film, Miley's father, concerned by her success as Hannah Montana, persuades the teenager to return to her roots in her hometown Crowley Corners, to reflect about the things that really matter in her life.
After having had the best of both the worlds, Miley's character is forced to choose one.
The Peter Chelsom helmed film was shot on location in Miley's home state of Tennessee (Columbia, Nashville, Franklin High School) and California. It is due to be released on April 10.
The video for the song, Let's Get Crazy, will debut along with the official trailer of Hannah Montana - The Movie.
Miley herself will introduce the video before the telecast of 'Kids' Inaugural: We Are The Future' concert to celebrate the inauguration of the Obama administration at the Verizon Center on Monday, January 19. The Disney Channel will broadcast from the event, starting at 8 p.m. ET.
Miley Cyrus, The Jonas Brothers and Demi Lovato are among the entertainers at that show.
A sneak peak video of Hannah Montana - The Movie was released earlier this month.
Hannah Montana - The Movie is an adaptation of the popular Disney Channel's TV series in which Miley's character leads a dual life; as an ordinary teenager by the day and a successful pop singer, Hannah Montana, by night. Miley is brunette while Hannah Montanna is blonde.
In the film, Miley's father, concerned by her success as Hannah Montana, persuades the teenager to return to her roots in her hometown Crowley Corners, to reflect about the things that really matter in her life.
After having had the best of both the worlds, Miley's character is forced to choose one.
The Peter Chelsom helmed film was shot on location in Miley's home state of Tennessee (Columbia, Nashville, Franklin High School) and California. It is due to be released on April 10.
Entertainment - Miley Cyrus to debut new music video
January 14, 2009, (Sawf News) - Miley Cyrus will debut the first music video from her upcoming big-screen debut, Hannah Montana - The Movie on the Disney Channel next week.
The video for the song, Let's Get Crazy, will debut along with the official trailer of Hannah Montana - The Movie.
Miley herself will introduce the video before the telecast of 'Kids' Inaugural: We Are The Future' concert to celebrate the inauguration of the Obama administration at the Verizon Center on Monday, January 19. The Disney Channel will broadcast from the event, starting at 8 p.m. ET.
Miley Cyrus, The Jonas Brothers and Demi Lovato are among the entertainers at that show.
A sneak peak video of Hannah Montana - The Movie was released earlier this month.
Hannah Montana - The Movie is an adaptation of the popular Disney Channel's TV series in which Miley's character leads a dual life; as an ordinary teenager by the day and a successful pop singer, Hannah Montana, by night. Miley is brunette while Hannah Montanna is blonde.
In the film, Miley's father, concerned by her success as Hannah Montana, persuades the teenager to return to her roots in her hometown Crowley Corners, to reflect about the things that really matter in her life.
After having had the best of both the worlds, Miley's character is forced to choose one.
The Peter Chelsom helmed film was shot on location in Miley's home state of Tennessee (Columbia, Nashville, Franklin High School) and California. It is due to be released on April 10.
The video for the song, Let's Get Crazy, will debut along with the official trailer of Hannah Montana - The Movie.
Miley herself will introduce the video before the telecast of 'Kids' Inaugural: We Are The Future' concert to celebrate the inauguration of the Obama administration at the Verizon Center on Monday, January 19. The Disney Channel will broadcast from the event, starting at 8 p.m. ET.
Miley Cyrus, The Jonas Brothers and Demi Lovato are among the entertainers at that show.
A sneak peak video of Hannah Montana - The Movie was released earlier this month.
Hannah Montana - The Movie is an adaptation of the popular Disney Channel's TV series in which Miley's character leads a dual life; as an ordinary teenager by the day and a successful pop singer, Hannah Montana, by night. Miley is brunette while Hannah Montanna is blonde.
In the film, Miley's father, concerned by her success as Hannah Montana, persuades the teenager to return to her roots in her hometown Crowley Corners, to reflect about the things that really matter in her life.
After having had the best of both the worlds, Miley's character is forced to choose one.
The Peter Chelsom helmed film was shot on location in Miley's home state of Tennessee (Columbia, Nashville, Franklin High School) and California. It is due to be released on April 10.
World - Dubai to introduce rental price index
DUBAI: In its bid to control soaring rents, the real estate regulatory authority here has announced a residential and commercial price index,
designed to fix average rental rates across different zones in the emirate.
The index announced on Thursday by Dubai's Real Estate Regularity Authority (RERA), will fix average rental rates for properties on the basis of road conditions, public parking, location, air conditioning, view and age of the building.
"The government has already interfered three times to impose rental caps and now there is hope that the rental index will remove this need," RERA said in a statement.
Rents of properties like apartments and villas will depend on the size of the building but prices for other residential properties, however, are not clear.
Rates of commercial properties will be fixed on whether the building is on a main road, sub-street or an inside building.
The authority will constantly update the index to match market factors and changes. This will stop property owners from raising the rents too high in the market.
This step is being viewed here as a major relief to tenants who have been struggling to survive amidst spiraling rents.
DUBAI: In its bid to control soaring rents, the real estate regulatory authority here has announced a residential and commercial price index, designed to fix average rental rates across different zones in the emirate.
The index announced on Thursday by Dubai's Real Estate Regularity Authority (RERA), will fix average rental rates for properties on the basis of road conditions, public parking, location, air conditioning, view and age of the building.
"The government has already interfered three times to impose rental caps and now there is hope that the rental index will remove this need," RERA said in a statement.
Rents of properties like apartments and villas will depend on the size of the building but prices for other residential properties, however, are not clear.
Rates of commercial properties will be fixed on whether the building is on a main road, sub-street or an inside building.
The authority will constantly update the index to match market factors and changes. This will stop property owners from raising the rents too high in the market.
This step is being viewed here as a major relief to tenants who have been struggling to survive amidst spiraling rents.
designed to fix average rental rates across different zones in the emirate.
The index announced on Thursday by Dubai's Real Estate Regularity Authority (RERA), will fix average rental rates for properties on the basis of road conditions, public parking, location, air conditioning, view and age of the building.
"The government has already interfered three times to impose rental caps and now there is hope that the rental index will remove this need," RERA said in a statement.
Rents of properties like apartments and villas will depend on the size of the building but prices for other residential properties, however, are not clear.
Rates of commercial properties will be fixed on whether the building is on a main road, sub-street or an inside building.
The authority will constantly update the index to match market factors and changes. This will stop property owners from raising the rents too high in the market.
This step is being viewed here as a major relief to tenants who have been struggling to survive amidst spiraling rents.
DUBAI: In its bid to control soaring rents, the real estate regulatory authority here has announced a residential and commercial price index, designed to fix average rental rates across different zones in the emirate.
The index announced on Thursday by Dubai's Real Estate Regularity Authority (RERA), will fix average rental rates for properties on the basis of road conditions, public parking, location, air conditioning, view and age of the building.
"The government has already interfered three times to impose rental caps and now there is hope that the rental index will remove this need," RERA said in a statement.
Rents of properties like apartments and villas will depend on the size of the building but prices for other residential properties, however, are not clear.
Rates of commercial properties will be fixed on whether the building is on a main road, sub-street or an inside building.
The authority will constantly update the index to match market factors and changes. This will stop property owners from raising the rents too high in the market.
This step is being viewed here as a major relief to tenants who have been struggling to survive amidst spiraling rents.
Business - Google hawking "cloud" software to businesses
SAN FRANCISCO: Google on Wednesday began recruiting a sales force to offer the Internet firm's software to business customers worldwide who
traditionally use Microsoft programs.
Google will train people to pitch its Google Apps Premier Edition, an array of business software hosted online in what is referred to as "cloud services."
Cloud services such as spread sheets, word processing
, and calendars are maintained and supported on Google computers and users access them when they wish by using the Internet.
Cloud services eliminate the need for packaged software to be installed and maintained on computers in homes or offices.
Google has been steadily increasing its host of cloud services, with a basic array offered for free and a Premier Edition available at a cost of 50 dollars annually.
"Google Apps has reached a level of maturity where it is useful and valuable for almost any business" said Google president of enterprise Dave Girouard.
"This program gives IT solution providers an easy way to introduce cloud computing to their service offerings, while helping more businesses make the transition to this new era of technology."
Google said it will teach "resellers" how to integrate Apps into customers' business operations and give them a 20 percent break on the price that they can pass on to customers if they chose to do so.
The program has been tested with more than 50 pilot partners.
"We believe strongly that all companies will adopt SaaS (Software as a Service) to one degree or another, and Google's reseller program empowers us to be experts in the cloud," said Tony Safoian, president of SADA Systems, an IT consulting firm.
"Reselling Google Apps opens up new opportunities via new conversations we could not have had with prospective clients as little as two years ago."
Safoian said Google Apps can be an easy sell, given that letting the California technology firm handle software updates, maintenance and disaster recovery can cost businesses 75 per cent less than doing it themselves.
Google Apps is seen as a direct challenge to a Microsoft empire founded on selling packaged software for installation on people's machines.
Until now, Google had relied on its own team to sell businesses subscriptions to its cloud services. Schools and charity groups are able to use the software services free.
Microsoft has responded with its own move "into the cloud" and says that the Windows 7 operating system it is preparing for release has been crafted with that in mind
traditionally use Microsoft programs.
Google will train people to pitch its Google Apps Premier Edition, an array of business software hosted online in what is referred to as "cloud services."
Cloud services such as spread sheets, word processing
, and calendars are maintained and supported on Google computers and users access them when they wish by using the Internet.
Cloud services eliminate the need for packaged software to be installed and maintained on computers in homes or offices.
Google has been steadily increasing its host of cloud services, with a basic array offered for free and a Premier Edition available at a cost of 50 dollars annually.
"Google Apps has reached a level of maturity where it is useful and valuable for almost any business" said Google president of enterprise Dave Girouard.
"This program gives IT solution providers an easy way to introduce cloud computing to their service offerings, while helping more businesses make the transition to this new era of technology."
Google said it will teach "resellers" how to integrate Apps into customers' business operations and give them a 20 percent break on the price that they can pass on to customers if they chose to do so.
The program has been tested with more than 50 pilot partners.
"We believe strongly that all companies will adopt SaaS (Software as a Service) to one degree or another, and Google's reseller program empowers us to be experts in the cloud," said Tony Safoian, president of SADA Systems, an IT consulting firm.
"Reselling Google Apps opens up new opportunities via new conversations we could not have had with prospective clients as little as two years ago."
Safoian said Google Apps can be an easy sell, given that letting the California technology firm handle software updates, maintenance and disaster recovery can cost businesses 75 per cent less than doing it themselves.
Google Apps is seen as a direct challenge to a Microsoft empire founded on selling packaged software for installation on people's machines.
Until now, Google had relied on its own team to sell businesses subscriptions to its cloud services. Schools and charity groups are able to use the software services free.
Microsoft has responded with its own move "into the cloud" and says that the Windows 7 operating system it is preparing for release has been crafted with that in mind
Business - Q&A C.K.Prahalad
Chanakya’ of modern times, CK Prahalad, avowedly says “I want India to lead...” Even while advocating moral leadership, collective will and commitment to change to deal with deep-rooted corruption and divisive politics, he proclaims India to be the safest country to invest. ET caught up with the management guru in Chennai, where he was one among the 13 global Indians to be honoured at the Pravasi Bharatiya Divas, January 7-10, 2009.
Your perspective on global financial crisis
I see it in three parts: What should India’s response be to this crisis? How does it change the economic landscape? How can India leverage this inflection point to its advantage?
The crisis has demonstrated the interconnectedness of nations. The US may have had a big hand in precipitating the crisis, but it cannot solve it in isolation. India must recognise that it is an integral part of the emerging global system.
However, its position is unique, considering it is not plagued with subprime loans, toxic paper or off-balance sheet transactions. India is not as exposed to export-led growth. Neither does it suffer from zero growth as in most of Europe and Japan. Global perspective and local solutions is the way to go.
Flow of risk capital is also impacted. FIIs pulled back $18 billion from India in the last few months to shore up their positions. The Diaspora must perceive this as a good time to invest in India, one of the world’s safest markets.
The slowdown in the US and Europe impacts global supply chains and patterns of employment and labour mobility. Some sectors such as auto component exports or textiles will be adversely affected in India. But no sector so affected can critically derail India’s economic system.
How exactly will the crisis impact on India?
India cannot politically afford a slowdown in domestic growth. Instead of policies oriented towards managing inflation, they must be tweaked to fuel domestic growth. Sales of two-wheelers, cars, trucks and other durable products have been hit.
So, growth strategies must make products available at affordable prices and affordable credit (low interest). But, how do we convert available liquidity into affordable credit as a way of fuelling growth?
Non-banking financial institutions make access to affordable credit easy. This year, with agriculture growth set to be positive,our overall growth can be pegged at 7.5%-8%. Growth-oriented investments and infrastructure investments can change the figure substantially.
Infrastructure projects would trigger all-round employment and so would the demand for cement and steel. Governmental actions must repose public trust in the system and restore market stability. Banks must start to lend. People must start to shop. Public confidence that creates demand is critical to a speedy recovery.
What can India learn from the crisis?
Though India is in a unique position, it can learn a lot now as the world needs a regulatory system that allows innovation but not permissiveness. A locally customised global governance model is imperative. India can play a critical role in influencing the development of the new governance structure.
Secondly, separate globalisation, the role of markets, regulatory framework, enforcement of regulations, managerial incentives such as compensation, and the moral fibre of managers.
Finally, all support structures such as rating agencies, SEC rules, external auditors and boards must function transparently to restore trust. As the financial system has become extremely global, complex, volatile and interdependent, we must go beyond mathematical models such as value at risk (VaR) to a deeper understanding of their underlying assumptions. We have to move from understanding trends to understanding discontinuities.
You have written reams on discontinuities even before they manifested in what we see today. How to deal with discontinuities in the current context?
Discontinuities demand a different approach to managing. If poorly understood, they can lead to extreme volatility. We see this in the market today. Volatility of markets is seen by the wide fluctuations in the Dow, Nasdaq and in all the principal markets globally. Significant areas where volatility comes to the fore include financial services, commodity prices, consumer confidence, public policy, leadership and institutional roles.
Major institutions are defaulting, looking for bailouts or partners to merge with and venerable institutions are surprised by the underlying risks in their portfolios. While the mortgage crisis is obvious, an impending credit card crisis is not so.
If oil went from $ 65 to $145 and back to $45 in one year, similar changes happened in the prices of palm oil, iron ore, steel etc. These dramatically alter the underlying economics of various industries. The current price of crude is very advantageous to India as it reduces import bill. A million-plus jobs have been lost just in the US in the last six months, triggering job anxiety and India’s textile story is not too different either.
The US, Europe, Russia, Japan, China and other major global players have seen waffling public policy. The cost of the bail-out and the philosophy behind it is changing constantly— a case of “profits are private; problems are public”.
Relative roles of institutions seem to change and shift continuously. Administrative changes in the US, India going to polls in May 2009, weak government in Japan, autocratic and unpredictable rule in Russia and European leadership shifting between UK, France and Germany are pointers to volatility. Other indicators are emerging demands for clean energy, inclusive growth, terrorism, global health crisis, immigration, genocide...
How to manage volatility of this magnitude?
Volatility can be managed only with agility—the ability to quickly respond. Traditional approach to planning is less likely to succeed. A clear strategic vision backed by proper allocation of priorities and resources and a tactical facility.
Call it clarity and consensus around long-term goals married with a capacity to execute. India must seize this moment and use this inflection point to move forward rapidly. This crisis is too precious to waste.
Your perspective on global financial crisis
I see it in three parts: What should India’s response be to this crisis? How does it change the economic landscape? How can India leverage this inflection point to its advantage?
The crisis has demonstrated the interconnectedness of nations. The US may have had a big hand in precipitating the crisis, but it cannot solve it in isolation. India must recognise that it is an integral part of the emerging global system.
However, its position is unique, considering it is not plagued with subprime loans, toxic paper or off-balance sheet transactions. India is not as exposed to export-led growth. Neither does it suffer from zero growth as in most of Europe and Japan. Global perspective and local solutions is the way to go.
Flow of risk capital is also impacted. FIIs pulled back $18 billion from India in the last few months to shore up their positions. The Diaspora must perceive this as a good time to invest in India, one of the world’s safest markets.
The slowdown in the US and Europe impacts global supply chains and patterns of employment and labour mobility. Some sectors such as auto component exports or textiles will be adversely affected in India. But no sector so affected can critically derail India’s economic system.
How exactly will the crisis impact on India?
India cannot politically afford a slowdown in domestic growth. Instead of policies oriented towards managing inflation, they must be tweaked to fuel domestic growth. Sales of two-wheelers, cars, trucks and other durable products have been hit.
So, growth strategies must make products available at affordable prices and affordable credit (low interest). But, how do we convert available liquidity into affordable credit as a way of fuelling growth?
Non-banking financial institutions make access to affordable credit easy. This year, with agriculture growth set to be positive,our overall growth can be pegged at 7.5%-8%. Growth-oriented investments and infrastructure investments can change the figure substantially.
Infrastructure projects would trigger all-round employment and so would the demand for cement and steel. Governmental actions must repose public trust in the system and restore market stability. Banks must start to lend. People must start to shop. Public confidence that creates demand is critical to a speedy recovery.
What can India learn from the crisis?
Though India is in a unique position, it can learn a lot now as the world needs a regulatory system that allows innovation but not permissiveness. A locally customised global governance model is imperative. India can play a critical role in influencing the development of the new governance structure.
Secondly, separate globalisation, the role of markets, regulatory framework, enforcement of regulations, managerial incentives such as compensation, and the moral fibre of managers.
Finally, all support structures such as rating agencies, SEC rules, external auditors and boards must function transparently to restore trust. As the financial system has become extremely global, complex, volatile and interdependent, we must go beyond mathematical models such as value at risk (VaR) to a deeper understanding of their underlying assumptions. We have to move from understanding trends to understanding discontinuities.
You have written reams on discontinuities even before they manifested in what we see today. How to deal with discontinuities in the current context?
Discontinuities demand a different approach to managing. If poorly understood, they can lead to extreme volatility. We see this in the market today. Volatility of markets is seen by the wide fluctuations in the Dow, Nasdaq and in all the principal markets globally. Significant areas where volatility comes to the fore include financial services, commodity prices, consumer confidence, public policy, leadership and institutional roles.
Major institutions are defaulting, looking for bailouts or partners to merge with and venerable institutions are surprised by the underlying risks in their portfolios. While the mortgage crisis is obvious, an impending credit card crisis is not so.
If oil went from $ 65 to $145 and back to $45 in one year, similar changes happened in the prices of palm oil, iron ore, steel etc. These dramatically alter the underlying economics of various industries. The current price of crude is very advantageous to India as it reduces import bill. A million-plus jobs have been lost just in the US in the last six months, triggering job anxiety and India’s textile story is not too different either.
The US, Europe, Russia, Japan, China and other major global players have seen waffling public policy. The cost of the bail-out and the philosophy behind it is changing constantly— a case of “profits are private; problems are public”.
Relative roles of institutions seem to change and shift continuously. Administrative changes in the US, India going to polls in May 2009, weak government in Japan, autocratic and unpredictable rule in Russia and European leadership shifting between UK, France and Germany are pointers to volatility. Other indicators are emerging demands for clean energy, inclusive growth, terrorism, global health crisis, immigration, genocide...
How to manage volatility of this magnitude?
Volatility can be managed only with agility—the ability to quickly respond. Traditional approach to planning is less likely to succeed. A clear strategic vision backed by proper allocation of priorities and resources and a tactical facility.
Call it clarity and consensus around long-term goals married with a capacity to execute. India must seize this moment and use this inflection point to move forward rapidly. This crisis is too precious to waste.
Business - Q&A CFO Infosys
P.P.Thimmaya
BANGALORE: Infosys Technologies is seeing some rivals undercutting prices in an intensely competitive market for outsourcing deals but it expects to maintain operating margins because of its ability to control costs, CFO V Balakrishnan said in an interview.
V Balakrishnan
V Balakrishnan
India's second largest software exporter after TCS beat market expectations with its results for the October-December third quarter, growing revenue by 6.8% over the previous three-month period. Excerpts from the interview.
How is the pricing environment?
We are comfortable with the current position. We are seeing some irrational behaviour of competitors with some of them cutting prices. The environment is still challenging and pricing could get impacted, may not be materially, but we are comfortable. Today we need to identify the pain points of our customers and see how we can help them.
Will Infosys always focus on higher margins?
We will always focus on higher margins. We want to have superior margins with high growth... quality growth. We have enough levers on the cost side to maintain these margins and we have been constantly saying that the model is built for times like this, it has been tested.
What about the cash and cash equivalents of Rs 9,686 crore?
We want to be highly liquid for the short-term. We put our money either in fixed deposits (FDs) or liquid mutual funds. Right now the returns on FDs are higher, so all our investments are in these.
Today, 67% of our cash is present as bank balances are in nationalised banks. We have a process where auditors independently verify the bank balance and there are enough checks and balances. From now on, we are disclosing the full details of the cash and cash balances about where we have deposited the money and how much. It is a very important disclosure in the current environment, where there is total lack of trust and crisis of confidence, such a measure will improve the investor confidence.
Why is this additional information of constant currency being given?
We have seen very high volatility of currency in the last two quarters. In the last quarter (December end), the UK pound depreciated by 18% against the dollar, the Australian dollar by 23% and the euro by 11%. In a volatile environment like this, it affects one's reported dollar numbers and we give this additional information like constant currency, so that the investors get a clear idea about the business.
BANGALORE: Infosys Technologies is seeing some rivals undercutting prices in an intensely competitive market for outsourcing deals but it expects to maintain operating margins because of its ability to control costs, CFO V Balakrishnan said in an interview.
V Balakrishnan
V Balakrishnan
India's second largest software exporter after TCS beat market expectations with its results for the October-December third quarter, growing revenue by 6.8% over the previous three-month period. Excerpts from the interview.
How is the pricing environment?
We are comfortable with the current position. We are seeing some irrational behaviour of competitors with some of them cutting prices. The environment is still challenging and pricing could get impacted, may not be materially, but we are comfortable. Today we need to identify the pain points of our customers and see how we can help them.
Will Infosys always focus on higher margins?
We will always focus on higher margins. We want to have superior margins with high growth... quality growth. We have enough levers on the cost side to maintain these margins and we have been constantly saying that the model is built for times like this, it has been tested.
What about the cash and cash equivalents of Rs 9,686 crore?
We want to be highly liquid for the short-term. We put our money either in fixed deposits (FDs) or liquid mutual funds. Right now the returns on FDs are higher, so all our investments are in these.
Today, 67% of our cash is present as bank balances are in nationalised banks. We have a process where auditors independently verify the bank balance and there are enough checks and balances. From now on, we are disclosing the full details of the cash and cash balances about where we have deposited the money and how much. It is a very important disclosure in the current environment, where there is total lack of trust and crisis of confidence, such a measure will improve the investor confidence.
Why is this additional information of constant currency being given?
We have seen very high volatility of currency in the last two quarters. In the last quarter (December end), the UK pound depreciated by 18% against the dollar, the Australian dollar by 23% and the euro by 11%. In a volatile environment like this, it affects one's reported dollar numbers and we give this additional information like constant currency, so that the investors get a clear idea about the business.
Business - India;RCOM's GSM foray triggers price war in pre-paid segment
Durba Ghosh
NEW DELHI: Reliance Communications’ (RCOM) entry into the GSM space has triggered a price war in pre-paid segment as Airtel, Vodafone and Idea
have slashed tariffs on several entry-level schemes.
RCOM launched its GSM services across the country in December 2008 and is now present in eight telecom circles. The CDMA operator has entered the GSM space with aggressive pricing by offering a lifetime pre-paid for only Rs 25. In some circles, the operator has offered free talk-time worth Rs 900 spread over three months. RCOM used the low price-point strategy during its CDMA foray too, offering handsets bundled with its cellular services at Rs 501.
"In the coming weeks, we will launch more pre-paid and post-paid plans offering maximum value suited for various other customer segments of the GSM market," RCOM president (wireless) SP Shukla said.
Taking note, GSM operators have also sprung into action on the pricing front. For instance, Bharti Airtel has reduced prices of a new lifetime connection to Rs 99 with a minimum recharge option of Rs 200 in 6 months. Vodafone and Idea, too, reduced the entry price for new connections. Vodafone has slashed the costs for lifetime-prepaid schemes to Rs 199 compared to Rs 270 earlier. The telco has, however, done away with lower tariff charges offered earlier on such connections. Similarly, an Idea Cellular user can now buy a lifetime prepaid connection for Rs 199. The two telcos are also learnt to have increased the payouts to retailers on selling new connections.
“RCOM has created a low-price environment and all operators including Idea have responded optimally to it. We will make sure that we remain competitive even with entry of new players,” Idea Cellular chief marketing officer Pradeep Srivastava said. However, the company is unlikely to cut tariffs on existing schemes, he added.
Some GSM operators, however, say the tariff cut has nothing to do with the launch of GSM services by RCOM. “We have slashed prices on the lifetime–prepaid cards for the benefit of start-up users in rural and semi-urban areas, not because we want to counter RCOM’s strategy. We will continue to transfer value to our consumers as long as it makes business sense,” said Bharti Airtel chief marketing officer (mobile services) Sanjay Gupta.
As per industry analysts, RCOM’s offer is essentially a launch strategy aimed at enticing prospective customers to sample its services. "RCOM’s launch will trigger a tariff war to keep off churn but it will not have any significant impact on the existing players as users are reluctant to shift. This may be a quicker route for RCOM to make itself eligible for additional spectrum," said consultancy firm Comfirst director and telecom analyst Mahesh Uppal. As per DoT guidelines, new GSM operators reaching a subscriber base of 0.5 million are entitled to receive additional spectrum of 1.8 MHz
NEW DELHI: Reliance Communications’ (RCOM) entry into the GSM space has triggered a price war in pre-paid segment as Airtel, Vodafone and Idea
have slashed tariffs on several entry-level schemes.
RCOM launched its GSM services across the country in December 2008 and is now present in eight telecom circles. The CDMA operator has entered the GSM space with aggressive pricing by offering a lifetime pre-paid for only Rs 25. In some circles, the operator has offered free talk-time worth Rs 900 spread over three months. RCOM used the low price-point strategy during its CDMA foray too, offering handsets bundled with its cellular services at Rs 501.
"In the coming weeks, we will launch more pre-paid and post-paid plans offering maximum value suited for various other customer segments of the GSM market," RCOM president (wireless) SP Shukla said.
Taking note, GSM operators have also sprung into action on the pricing front. For instance, Bharti Airtel has reduced prices of a new lifetime connection to Rs 99 with a minimum recharge option of Rs 200 in 6 months. Vodafone and Idea, too, reduced the entry price for new connections. Vodafone has slashed the costs for lifetime-prepaid schemes to Rs 199 compared to Rs 270 earlier. The telco has, however, done away with lower tariff charges offered earlier on such connections. Similarly, an Idea Cellular user can now buy a lifetime prepaid connection for Rs 199. The two telcos are also learnt to have increased the payouts to retailers on selling new connections.
“RCOM has created a low-price environment and all operators including Idea have responded optimally to it. We will make sure that we remain competitive even with entry of new players,” Idea Cellular chief marketing officer Pradeep Srivastava said. However, the company is unlikely to cut tariffs on existing schemes, he added.
Some GSM operators, however, say the tariff cut has nothing to do with the launch of GSM services by RCOM. “We have slashed prices on the lifetime–prepaid cards for the benefit of start-up users in rural and semi-urban areas, not because we want to counter RCOM’s strategy. We will continue to transfer value to our consumers as long as it makes business sense,” said Bharti Airtel chief marketing officer (mobile services) Sanjay Gupta.
As per industry analysts, RCOM’s offer is essentially a launch strategy aimed at enticing prospective customers to sample its services. "RCOM’s launch will trigger a tariff war to keep off churn but it will not have any significant impact on the existing players as users are reluctant to shift. This may be a quicker route for RCOM to make itself eligible for additional spectrum," said consultancy firm Comfirst director and telecom analyst Mahesh Uppal. As per DoT guidelines, new GSM operators reaching a subscriber base of 0.5 million are entitled to receive additional spectrum of 1.8 MHz
Business - RIM, Redington India tie up for BlackBerry sales
KOLKATA: Smartphone maker Research in Motion (RIM) on Thursday announced a collaboration with Redington India to establish a national retail
distribution channels for their BlackBerry handsets. RIM expects this strategic business initiative will help it more effectively to tap the fast growing mobile communications market in India.
As part of the retail distribution agreement with Redington India, BlackBerry smartphones and service plans from supported carriers will initially be available in retail and modern trade outlets across nine cities. This includes Mumbai, Delhi, NCR, Hyderabad, Chennai, Bangalore, Kolkata, Pune and Ahmedabad. Redington intends to expand the retail footprint in a phased manner and will offer a wide range of BlackBerry smartphones beginning with the BlackBerry Pearl series, the BlackBerry Curve series and the BlackBerry Bold smartphone.
"This is an exciting phase of growth for RIM and its partners in India and we are delighted to be working with Redington. This collaboration with Redington, together with our strong carrier partnerships and industry leading products and services, will further strengthen our market position and presence in India," RIM vice president (India) Frenny Bawa said in a release issued on Thursday.
distribution channels for their BlackBerry handsets. RIM expects this strategic business initiative will help it more effectively to tap the fast growing mobile communications market in India.
As part of the retail distribution agreement with Redington India, BlackBerry smartphones and service plans from supported carriers will initially be available in retail and modern trade outlets across nine cities. This includes Mumbai, Delhi, NCR, Hyderabad, Chennai, Bangalore, Kolkata, Pune and Ahmedabad. Redington intends to expand the retail footprint in a phased manner and will offer a wide range of BlackBerry smartphones beginning with the BlackBerry Pearl series, the BlackBerry Curve series and the BlackBerry Bold smartphone.
"This is an exciting phase of growth for RIM and its partners in India and we are delighted to be working with Redington. This collaboration with Redington, together with our strong carrier partnerships and industry leading products and services, will further strengthen our market position and presence in India," RIM vice president (India) Frenny Bawa said in a release issued on Thursday.
Business - All eyes on Vivek Paul after exit from TPG
Deepshikha Monga & Pankaj Mishra
NEW DELHI/BANGALORE: Vivek Paul, former vice chairman of Wipro, quit private equity firm TPG in the last week of December 2008, said an industry
Vivek Paul
player who asked not to be named.
The news comes amid speculation that Paul may be roped in as the new CEO of Satyam Computer Services. The newly-constituted Satyam board had said on Monday that its immediate priority was to appoint an experienced hand as the company CEO.
In fact, Paul’s name was doing the rounds as a possible buyer for Satyam after the botched attempt on December 16 by its now-disgraced promoter to acquire two firms run by his own family.
There were rumours then that Paul would either lead a management buyout of the company or mount a take-over bid through Computer Sciences Corp (CSC) where he is an advisor.
Two persons in the private equity industry confirmed to ET that Mr Paul had indeed quit TPG but one of them was skeptical about Satyam being his next destination.
“Vivek Paul has quit. However, I don’t think his exit from TPG is linked to Satyam,” a person close to Paul, who asked not to be named, said.
ET could not independently verify the reasons for his departure or whether they were in any way linked to Satyam’s search for a new head.
A questionnaire sent to TPG about his exit remained unanswered. An e-mail sent to his official id bounced back, saying the e-mail ID was “no longer operative.”
Paul joined TPG — then called the Texas Pacific Group — in 2005 after he quit Wipro following differences of opinion with promoter chairman Azim Premji.
As president and CEO of Wipro Technologies and vice-chairman of Wipro, Paul is credited with growing Wipro into a billion-dollar firm from a $150-million company that he joined in 1999. He has been named among the most respected CEOs and global business influentials by global publications.
During the time of his exit from Wipro, Paul was tipped to be among the highest-paid executives in India.
Before joining Wipro, Paul worked at consulting firm
Bain & Co and at Pepsico in their M&A area. He worked with General Electric for 10 years, running its Global Computerised Tomography Scanner business. He was also the president and CEO of the joint venture between Wipro and GE.
NEW DELHI/BANGALORE: Vivek Paul, former vice chairman of Wipro, quit private equity firm TPG in the last week of December 2008, said an industry
Vivek Paul
player who asked not to be named.
The news comes amid speculation that Paul may be roped in as the new CEO of Satyam Computer Services. The newly-constituted Satyam board had said on Monday that its immediate priority was to appoint an experienced hand as the company CEO.
In fact, Paul’s name was doing the rounds as a possible buyer for Satyam after the botched attempt on December 16 by its now-disgraced promoter to acquire two firms run by his own family.
There were rumours then that Paul would either lead a management buyout of the company or mount a take-over bid through Computer Sciences Corp (CSC) where he is an advisor.
Two persons in the private equity industry confirmed to ET that Mr Paul had indeed quit TPG but one of them was skeptical about Satyam being his next destination.
“Vivek Paul has quit. However, I don’t think his exit from TPG is linked to Satyam,” a person close to Paul, who asked not to be named, said.
ET could not independently verify the reasons for his departure or whether they were in any way linked to Satyam’s search for a new head.
A questionnaire sent to TPG about his exit remained unanswered. An e-mail sent to his official id bounced back, saying the e-mail ID was “no longer operative.”
Paul joined TPG — then called the Texas Pacific Group — in 2005 after he quit Wipro following differences of opinion with promoter chairman Azim Premji.
As president and CEO of Wipro Technologies and vice-chairman of Wipro, Paul is credited with growing Wipro into a billion-dollar firm from a $150-million company that he joined in 1999. He has been named among the most respected CEOs and global business influentials by global publications.
During the time of his exit from Wipro, Paul was tipped to be among the highest-paid executives in India.
Before joining Wipro, Paul worked at consulting firm
Bain & Co and at Pepsico in their M&A area. He worked with General Electric for 10 years, running its Global Computerised Tomography Scanner business. He was also the president and CEO of the joint venture between Wipro and GE.
Business - Modi PM material for Anil Ambani, Sunil Mitta
AHMEDABAD/NEW DELHI: From being vilified as the most-hated politician in the country post-Godhra, to being eulogised as a prime
minister-in-the-making, Gujarat chief minister Narendra Modi has indeed come a long way. As the fourth edition of the Vibrant Gujarat Global Investors Summit drew to a close at Ahmedabad on Tuesday, corporate India, shedding its usual reticence, hailed the BJP leader’s stewardship and went to the extent of putting the “prime ministerial class” stamp on him.
ADAG chairman Anil Ambani, while addressing the valedictory session of the meet, was effusive in his praise of Mr Modi’s leadership. “Narendrabhai has done good for Gujarat and what will happen if he leads the nation,” he said. “Gujarat has seen progress in all the fields under his leadership. Now, imagine what will happen to the country if he gets the opportunity to lead it,’’ he said and added, “Person like him should be the next leader of the country.’’ Recalling his father, the late Dhirubhai’s assessment of the Gujarat chief minister, Mr Anil Ambani said: Modi lambi race ka ghoda hai (Modi is a long-term player).
Bharti Group CMD Sunil Mittal also showered encomiums. ``Chief minister Modi is known as a CEO, but he is actually not a CEO, because he is not running a company or a sector. He is running a state and can also run the nation,’’ he said.
The branding of Mr Modi as a prime minister material is a far cry from the post-Godhra days when corporates poured their anguish over the state government’s failure to control the riots. HDFC Group chairman Deepak Parekh had then given vent to his anger, asserting that Mr Modi should have put in his papers since his government failed to protect innocent lives. “Which kind of government allows the killing of women and children?’’ he had asked angrily. And the then Thermax Ltd. chairperson Anu Aga, participating in a CII summit here in April, 2002, had confronted Mr Modi with the situation prevailing in the relief camps set up in the state for the riot victims.
By managing to win the hearts of the corporate sector, Mr Modi may have put the ghosts of the riots behind him. If events at Fourth VGGIS show was any indication, the Gujarat chief minister may have emerged as the toast of corporate India.
Both Mr Mittal and Mr Anil Ambani described Mr Modi as the ``future leader of the country,’’ given his “capacity to dream with open eyes’’ and “drive to achieve the results.’’ The younger Ambani asserted that Mr Modi’s achievements in leading Gujarat to an industrialised state had made him ``a proud Indian and a proud Gujarati.’’ He said the way he had transformed Gujarat, he could change the complexion of the country as and when he takes over its reins.
Tata Group boss Ratan Tata led the corporates in lauding Mr Modi’s track record. ``I have to say that today there is no state like Gujarat. Under Mr Modi’s leadership, Gujarat is head and shoulders above any state,’’ Mr Tata, who stunned the country last year by shifting the base of his small-car project from a badly-bruised West Bengal to Gujarat, told the Summit on the inaugural day.
A state, Mr Tata gushed, would normally take 90 to 180 days to clear a new plant but, ``in the Nano case, we had our land and approval in just two days.’’ In his ``humble experience, it had never happened before”, he added, seizing another opportunity to extol ``the speed and transparency’’ with which Mr Modi worked. And it were not just the desi corporates who were falling over each other in lavishing praise on the Gujarat chief minister.
Mr Modi got the thumbs-up from the international community too. Sri Lankan tourism minister M Moragoda, who said his country had also signed an MoU with the state government for development of mutual tourism, went to the extent of saying that he highly appreciated Mr Modi’s ``vision and foresight.’’ The developmental methods of Mr Modi, ignoring his personal image, should be “the recipe for all politicians.”
He also pointed out that it was the first time that his country had signed an MoU with a state instead of a country. The west, which had till now been circumspect about the Gujarat chief minister, too appeared to be jettisoning its reservations. British MP Barry Gardiner, going a step ahead of Mr Tata, said: "Gujarat can lead the world."
minister-in-the-making, Gujarat chief minister Narendra Modi has indeed come a long way. As the fourth edition of the Vibrant Gujarat Global Investors Summit drew to a close at Ahmedabad on Tuesday, corporate India, shedding its usual reticence, hailed the BJP leader’s stewardship and went to the extent of putting the “prime ministerial class” stamp on him.
ADAG chairman Anil Ambani, while addressing the valedictory session of the meet, was effusive in his praise of Mr Modi’s leadership. “Narendrabhai has done good for Gujarat and what will happen if he leads the nation,” he said. “Gujarat has seen progress in all the fields under his leadership. Now, imagine what will happen to the country if he gets the opportunity to lead it,’’ he said and added, “Person like him should be the next leader of the country.’’ Recalling his father, the late Dhirubhai’s assessment of the Gujarat chief minister, Mr Anil Ambani said: Modi lambi race ka ghoda hai (Modi is a long-term player).
Bharti Group CMD Sunil Mittal also showered encomiums. ``Chief minister Modi is known as a CEO, but he is actually not a CEO, because he is not running a company or a sector. He is running a state and can also run the nation,’’ he said.
The branding of Mr Modi as a prime minister material is a far cry from the post-Godhra days when corporates poured their anguish over the state government’s failure to control the riots. HDFC Group chairman Deepak Parekh had then given vent to his anger, asserting that Mr Modi should have put in his papers since his government failed to protect innocent lives. “Which kind of government allows the killing of women and children?’’ he had asked angrily. And the then Thermax Ltd. chairperson Anu Aga, participating in a CII summit here in April, 2002, had confronted Mr Modi with the situation prevailing in the relief camps set up in the state for the riot victims.
By managing to win the hearts of the corporate sector, Mr Modi may have put the ghosts of the riots behind him. If events at Fourth VGGIS show was any indication, the Gujarat chief minister may have emerged as the toast of corporate India.
Both Mr Mittal and Mr Anil Ambani described Mr Modi as the ``future leader of the country,’’ given his “capacity to dream with open eyes’’ and “drive to achieve the results.’’ The younger Ambani asserted that Mr Modi’s achievements in leading Gujarat to an industrialised state had made him ``a proud Indian and a proud Gujarati.’’ He said the way he had transformed Gujarat, he could change the complexion of the country as and when he takes over its reins.
Tata Group boss Ratan Tata led the corporates in lauding Mr Modi’s track record. ``I have to say that today there is no state like Gujarat. Under Mr Modi’s leadership, Gujarat is head and shoulders above any state,’’ Mr Tata, who stunned the country last year by shifting the base of his small-car project from a badly-bruised West Bengal to Gujarat, told the Summit on the inaugural day.
A state, Mr Tata gushed, would normally take 90 to 180 days to clear a new plant but, ``in the Nano case, we had our land and approval in just two days.’’ In his ``humble experience, it had never happened before”, he added, seizing another opportunity to extol ``the speed and transparency’’ with which Mr Modi worked. And it were not just the desi corporates who were falling over each other in lavishing praise on the Gujarat chief minister.
Mr Modi got the thumbs-up from the international community too. Sri Lankan tourism minister M Moragoda, who said his country had also signed an MoU with the state government for development of mutual tourism, went to the extent of saying that he highly appreciated Mr Modi’s ``vision and foresight.’’ The developmental methods of Mr Modi, ignoring his personal image, should be “the recipe for all politicians.”
He also pointed out that it was the first time that his country had signed an MoU with a state instead of a country. The west, which had till now been circumspect about the Gujarat chief minister, too appeared to be jettisoning its reservations. British MP Barry Gardiner, going a step ahead of Mr Tata, said: "Gujarat can lead the world."
Business - Stop meddling, second guessing about Satyam: Narayana Murthy
BANGALORE: Infosys mentor N R Narayana Murthy on Thursday called for a halt to "comments" and "second guessing" on Satyam and leave it to its new
Satyam
board and employees to revive the company.
Murthy told reporters on the sidelines of India's technology leaders conference here that he had stopped commenting after the new set of directors took over Satyam to revive it. "There is no need to discuss on issues concerning the impact Satyam will have on the IT industry," he said.
"Satyam Computer has a new board of Directors in Kiran Karnik, Deepak Parekh and C Achuthan and it is best to communicate with them," he said.
Now that the board has been appointed, "rest of us should stop second guessing. The trio has a lot of experience. They have handled major crisis. I would rather leave it at that," Murthy said.
"We should give confidence to Satyam, its employees and leaders by distancing ourselves from making comments," the Executive Chairman of one of the largest software exporters and the NASDAQ-listed company said.
Asked what lessons the IT industry could learn from the Satyam crisis, he said the new Board of Directors need a couple of days to assess the situation and take decisions. "The rest of us should stop meddling and giving opinions".
On the future of Satyam, he said it was for the Board members to discuss it as they have "good ideas".
He ducked a query on whether Infosys would show interest if Satyam was up for sale. "They have a board of directors. They are eminent," he said.
Satyam
board and employees to revive the company.
Murthy told reporters on the sidelines of India's technology leaders conference here that he had stopped commenting after the new set of directors took over Satyam to revive it. "There is no need to discuss on issues concerning the impact Satyam will have on the IT industry," he said.
"Satyam Computer has a new board of Directors in Kiran Karnik, Deepak Parekh and C Achuthan and it is best to communicate with them," he said.
Now that the board has been appointed, "rest of us should stop second guessing. The trio has a lot of experience. They have handled major crisis. I would rather leave it at that," Murthy said.
"We should give confidence to Satyam, its employees and leaders by distancing ourselves from making comments," the Executive Chairman of one of the largest software exporters and the NASDAQ-listed company said.
Asked what lessons the IT industry could learn from the Satyam crisis, he said the new Board of Directors need a couple of days to assess the situation and take decisions. "The rest of us should stop meddling and giving opinions".
On the future of Satyam, he said it was for the Board members to discuss it as they have "good ideas".
He ducked a query on whether Infosys would show interest if Satyam was up for sale. "They have a board of directors. They are eminent," he said.
Business - Apple CEO Steve Jobs' email to all employees
Team,
I am sure all of you saw my letter last week sharing something very personal with the Apple community. Unfortunately, the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well. In addition, during the past week I have learned that my health-related issues are more complex than I originally thought.
In order to take myself out of the limelight and focus on my health, and to allow everyone at Apple to focus on delivering extraordinary products, I have decided to take a medical leave of absence until the end of June.
I have asked Tim Cook to be responsible for Apple’s day to day operations, and I know he and the rest of the executive management team will do a great job. As CEO, I plan to remain involved in major strategic decisions while I am out. Our board of directors fully supports this plan.
I look forward to seeing all of you this summer.
Steve
I am sure all of you saw my letter last week sharing something very personal with the Apple community. Unfortunately, the curiosity over my personal health continues to be a distraction not only for me and my family, but everyone else at Apple as well. In addition, during the past week I have learned that my health-related issues are more complex than I originally thought.
In order to take myself out of the limelight and focus on my health, and to allow everyone at Apple to focus on delivering extraordinary products, I have decided to take a medical leave of absence until the end of June.
I have asked Tim Cook to be responsible for Apple’s day to day operations, and I know he and the rest of the executive management team will do a great job. As CEO, I plan to remain involved in major strategic decisions while I am out. Our board of directors fully supports this plan.
I look forward to seeing all of you this summer.
Steve
Business - India;Bollywood marketing budgets ignore recession
Seema Sindhu
Will Bollywood movie marketing budgets take a hit on the back of a recessionary environment?
Consider these facts. Generally, the industry spends anywhere between 25 (low budget) and 100 per cent (high budget) of the total cost of a movie on marketing. However, in the last quarter, Bollywood was seen underperforming. While some believe that it was due to lack of good releases (barring a few), others believe it was the recession which hit the entertainment industry. There’s also buzz that actors have taken a voluntary cut in fees and producers are correcting budgets.
The film industry thinks otherwise. UTV Motion Pictures CEO Siddharth Roy Kapur says: “We have a very optimised marketing budget. We spend 40 per cent of the total production cost of a movie on marketing. So, we haven’t felt any need for a cut on the budget. But in future, there can be a cut on marketing budgets among those who have fat marketing budgets.”
Navin Shah, CEO, Percept Picture Company, concurs: “Producers can’t compromise on marketing budgets. In fact, ‘saturation release’ is the trend. Everybody is doing as much promotion as one can in the first week of the release itself. If it doesn’t deliver in the first weekend, it has serious implication on the overall success of the movie.”
Kapur further explains that reduction in advertising rates has cushioned marketing spends to some extent. “Advertising rates have been cut by 25-50 per cent across the mediums. As many advertisers have cut their advertising spends, the media is obliged to reduce advertising rates. We are further negotiating with the media to reduce their rate card,” adds Kapur.
Shah has a slightly different take. He says that while advertising rates have not been cut, value deliverance has increased. Since many advertisers have cut on their budgets, there are more prime time and better spots available, he explains.
Producers, meanwhile, are also exploring the new media which can give more bang for the buck. For instance, Ghajini had a tie-up with Indiagames (a part of the UTV Group) which developed 4 games for the movie and also developed a unique customised ‘body building’ application which is a virtual mobile trainer of more than 120 exercise routines that promise to deliver users a sculpted Aamir look.
In the application, Ultimate Workout, Aamir Khan’s trainer Satyajit outlines a training schedule for all types of users, ranging from a beginner to an advanced user. An animated Aamir Khan trains the user and gives tips on how to perform some of the most complex exercise routines. Kapur testifies: “Online medium has become very integral today. We spend 10 per cent of total marketing budget on online medium.”
Besides, to overcome lesser footfall in multiplexes, producers are also looking at new mediums to add to revenue, like in case of Oye Lucky, Lucky Oye, where the film was released on direct-to-home (DTH) in a paid preview barely two weeks after it hit theatres. Usually, movies are released on DTH platforms when they start losing steam on theatre.
The experiment was so successful that Kapur says: “We will replicate the experiment in our future projects too.” Others in the industry also plan to go for a near-simultaneous release of movies on DTH and internet. Shah says: “Online and DTH reach is negligible at present. But as the reach increases, these will be intergral distribution mediums to grab more revenue. DTH will be a very important distribution channel. We do plan to experiment with this model for our forthcoming projects.”
Will Bollywood movie marketing budgets take a hit on the back of a recessionary environment?
Consider these facts. Generally, the industry spends anywhere between 25 (low budget) and 100 per cent (high budget) of the total cost of a movie on marketing. However, in the last quarter, Bollywood was seen underperforming. While some believe that it was due to lack of good releases (barring a few), others believe it was the recession which hit the entertainment industry. There’s also buzz that actors have taken a voluntary cut in fees and producers are correcting budgets.
The film industry thinks otherwise. UTV Motion Pictures CEO Siddharth Roy Kapur says: “We have a very optimised marketing budget. We spend 40 per cent of the total production cost of a movie on marketing. So, we haven’t felt any need for a cut on the budget. But in future, there can be a cut on marketing budgets among those who have fat marketing budgets.”
Navin Shah, CEO, Percept Picture Company, concurs: “Producers can’t compromise on marketing budgets. In fact, ‘saturation release’ is the trend. Everybody is doing as much promotion as one can in the first week of the release itself. If it doesn’t deliver in the first weekend, it has serious implication on the overall success of the movie.”
Kapur further explains that reduction in advertising rates has cushioned marketing spends to some extent. “Advertising rates have been cut by 25-50 per cent across the mediums. As many advertisers have cut their advertising spends, the media is obliged to reduce advertising rates. We are further negotiating with the media to reduce their rate card,” adds Kapur.
Shah has a slightly different take. He says that while advertising rates have not been cut, value deliverance has increased. Since many advertisers have cut on their budgets, there are more prime time and better spots available, he explains.
Producers, meanwhile, are also exploring the new media which can give more bang for the buck. For instance, Ghajini had a tie-up with Indiagames (a part of the UTV Group) which developed 4 games for the movie and also developed a unique customised ‘body building’ application which is a virtual mobile trainer of more than 120 exercise routines that promise to deliver users a sculpted Aamir look.
In the application, Ultimate Workout, Aamir Khan’s trainer Satyajit outlines a training schedule for all types of users, ranging from a beginner to an advanced user. An animated Aamir Khan trains the user and gives tips on how to perform some of the most complex exercise routines. Kapur testifies: “Online medium has become very integral today. We spend 10 per cent of total marketing budget on online medium.”
Besides, to overcome lesser footfall in multiplexes, producers are also looking at new mediums to add to revenue, like in case of Oye Lucky, Lucky Oye, where the film was released on direct-to-home (DTH) in a paid preview barely two weeks after it hit theatres. Usually, movies are released on DTH platforms when they start losing steam on theatre.
The experiment was so successful that Kapur says: “We will replicate the experiment in our future projects too.” Others in the industry also plan to go for a near-simultaneous release of movies on DTH and internet. Shah says: “Online and DTH reach is negligible at present. But as the reach increases, these will be intergral distribution mediums to grab more revenue. DTH will be a very important distribution channel. We do plan to experiment with this model for our forthcoming projects.”
India - 100% FDI allowed in facsimile editions of foreign newspapers
In
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order to encourage publishers of foreign newspapers like the Wall Street Journal, The Independent and several others to start the facsimile editions of their international editions in India, the government has allowed up to 100 per cent foreign direct investment (FDI) in the segment, but with certain riders.
According to the new FDI norms for facsimile editions issued by the commerce ministry today, up to 100 per cent FDI is allowed in facsimile editions of international newspapers provided the foreign investment in the Indian subsidiary is by the owner of the original foreign newspaper.
Also, the policy specifies that such a publication can be undertaken only by an entity incorporated or registered in India under the provisions of the Companies Act, 1956.
Earlier, the print media policy allowed only up to 26 per cent foreign investment, including the FDI cap.
It should be noted that not a single such edition could start operations during the past two years since a policy of facsimile edition of international newspapers was brought out by the Ministry of Information and Broadcasting. Last week, the Foreign Investment Promotion Board (FIPB) cleared the proposal of US-based Dow Jones to start the facsimile edition of its newspaper, The Wall Street Journal, in India.
Before the norms on facsimile editions were announced in June, 2005, only International Herald Tribune (IHT) was available in the country as a facsimile edition through its tie-up with the Deccan Chronicle group. However, IHT’s publishers did not pursue its publications once the new norms came into effect.
Advertisement
order to encourage publishers of foreign newspapers like the Wall Street Journal, The Independent and several others to start the facsimile editions of their international editions in India, the government has allowed up to 100 per cent foreign direct investment (FDI) in the segment, but with certain riders.
According to the new FDI norms for facsimile editions issued by the commerce ministry today, up to 100 per cent FDI is allowed in facsimile editions of international newspapers provided the foreign investment in the Indian subsidiary is by the owner of the original foreign newspaper.
Also, the policy specifies that such a publication can be undertaken only by an entity incorporated or registered in India under the provisions of the Companies Act, 1956.
Earlier, the print media policy allowed only up to 26 per cent foreign investment, including the FDI cap.
It should be noted that not a single such edition could start operations during the past two years since a policy of facsimile edition of international newspapers was brought out by the Ministry of Information and Broadcasting. Last week, the Foreign Investment Promotion Board (FIPB) cleared the proposal of US-based Dow Jones to start the facsimile edition of its newspaper, The Wall Street Journal, in India.
Before the norms on facsimile editions were announced in June, 2005, only International Herald Tribune (IHT) was available in the country as a facsimile edition through its tie-up with the Deccan Chronicle group. However, IHT’s publishers did not pursue its publications once the new norms came into effect.
Business - Channels turn to cellphones, net
Pradipta Mukherjee
Mobile phones and the internet are the new thrust areas for entertainment companies like Sony Entertainment Television (SET) India, Nick India and Sony Pix. These firms are concentrating on creating “other revenue generating streams” using these media, over and above the traditional merchandise sales.
Currently, SET India derives 5 per cent of its revenues from “other revenue generating streams”. The firm plans to double it to 10 per cent in two years.
Danish Khan, marketing head, SET India, said: “Currently, 60 per cent of our revenues come from advertisements, 25 per cent from subscription revenues from cable operators and around 5 per cent from other revenue generating streams like ringtones, and music and video downloads.”
For shows like Indian Idol, the website witnesses close to 500,000 page views per week and around 100,000 video downloads per week. “Website downloads are free for consumers. Consumers pay when downloading from mobiles. For instance, ringtone and music downloads would cost between Rs 2 and Rs 20 per download,” Khan added.
Nick India, the MTV Networks channel for children between 4 years and 9 years, is depending on consumer products, online and mobile platforms, to create a ‘tangible’ revenue stream. The channel is reworking its website in order to add its original content and online shows and build a community of online users, in order to attract online advertisements.
Merchandise, too, will be available for online purchase. Currently, around 50 per cent of the channel’s revenues come from advertising and the remaining come from cable subscriptions. However, the company is targeting emerging media like the internet and mobile to ensure that other revenue streams contribute at least 10 per cent to the revenue after four years.
Kashmira Gandhi, associate director, marketing, Nick India, said: “We are completely redoing our website to add games, music downloads, as well as a section for parents. We will also have blogs and friends column for children. We are looking at the mobile platform for ringtone, wallpaper and games downloads.”
“We will introduce three new live-action and animation shows by March 2009. New downloads will be available on internet and mobile. The range of current offers will be expanded,” Gandhi added. The company is also expanding its consumer products range and retail presence. It currently has merchandise priced between Rs 50 and Rs 4,000 in around eight categories like back-to-school like tiffin boxes, school bags, etc.
Sony Pix will soon introduce merchandise for its original programming content. The channel is also reworking its website to build a community of online users to attract online advertisements.
Sunder Aaron, business head of Sony Pix, said: “We are looking at newer revenue earning options. Our focus will be merchandising of our original programming content, which will also be made available online. We also plan to build an online community of Sony Pix loyalists. They can chat, blog, as well as leave programme reviews on our websites.” Currently around 50 per cent of the channel’s revenues are from advertisements and the remaining from cable subscriptions.
Mobile phones and the internet are the new thrust areas for entertainment companies like Sony Entertainment Television (SET) India, Nick India and Sony Pix. These firms are concentrating on creating “other revenue generating streams” using these media, over and above the traditional merchandise sales.
Currently, SET India derives 5 per cent of its revenues from “other revenue generating streams”. The firm plans to double it to 10 per cent in two years.
Danish Khan, marketing head, SET India, said: “Currently, 60 per cent of our revenues come from advertisements, 25 per cent from subscription revenues from cable operators and around 5 per cent from other revenue generating streams like ringtones, and music and video downloads.”
For shows like Indian Idol, the website witnesses close to 500,000 page views per week and around 100,000 video downloads per week. “Website downloads are free for consumers. Consumers pay when downloading from mobiles. For instance, ringtone and music downloads would cost between Rs 2 and Rs 20 per download,” Khan added.
Nick India, the MTV Networks channel for children between 4 years and 9 years, is depending on consumer products, online and mobile platforms, to create a ‘tangible’ revenue stream. The channel is reworking its website in order to add its original content and online shows and build a community of online users, in order to attract online advertisements.
Merchandise, too, will be available for online purchase. Currently, around 50 per cent of the channel’s revenues come from advertising and the remaining come from cable subscriptions. However, the company is targeting emerging media like the internet and mobile to ensure that other revenue streams contribute at least 10 per cent to the revenue after four years.
Kashmira Gandhi, associate director, marketing, Nick India, said: “We are completely redoing our website to add games, music downloads, as well as a section for parents. We will also have blogs and friends column for children. We are looking at the mobile platform for ringtone, wallpaper and games downloads.”
“We will introduce three new live-action and animation shows by March 2009. New downloads will be available on internet and mobile. The range of current offers will be expanded,” Gandhi added. The company is also expanding its consumer products range and retail presence. It currently has merchandise priced between Rs 50 and Rs 4,000 in around eight categories like back-to-school like tiffin boxes, school bags, etc.
Sony Pix will soon introduce merchandise for its original programming content. The channel is also reworking its website to build a community of online users to attract online advertisements.
Sunder Aaron, business head of Sony Pix, said: “We are looking at newer revenue earning options. Our focus will be merchandising of our original programming content, which will also be made available online. We also plan to build an online community of Sony Pix loyalists. They can chat, blog, as well as leave programme reviews on our websites.” Currently around 50 per cent of the channel’s revenues are from advertisements and the remaining from cable subscriptions.
Sport - Cricket;ICC snubs Sachin, includes Hayden in top 20 Test batsmen ever
Sachin Tendulkar, the little master who has been hailed by many as one the best, has failed to find a mention in the recently released ICC's list of top-10 Test batsmen ever.
Not only that, Sachin does not even figure in the top-20 of list of the new "ICC Best Ever Ratings".
Tendulkar has been ranked at No 26 whereas Matthew Hayden, who recently retired, has been placed at 10th position.
The only Indian in the top 20 is Sunil Gavaskar, who is just ahead of West Indies' George Headley.
Sachin Tendulkar's omission from the top twenty list best Test batsmen ever is not just the only shocker.
Players like Brian Lara, Alan Border and Steve Waugh too are not among the ICC's top 20 Test batsmen.
Following are the players who have made it do the list:
1 Don Bradman (AUS) 961 v India
2 Len Hutton (ENG) 945 v West Indies
3 Jack Hobbs (ENG) 942 v Australia
3 Ricky Ponting (AUS) 942 v England
5 Peter May (ENG) 941 v Australia
6 Clyde Walcott (WI) 938 v Australia
6 Viv Richards (WI) 938 v England
6 Garry Sobers (WI) 938 v India
6 Kumar Sangakkara (SL) 938 v England
10 Matthew Hayden (AUS) 935 v England
10 Jacques Kallis (SA) 935 v New Zealand
12 Mohammad Yousuf (PAK)933 v West Indies
13 Graeme Pollock (SA) 927 v Australia
13 Everton Weekes (WI) 927 v New Zealand
15 Dudley Nourse (SA) 922 v England
15 Doug Walters (AUS) 922 v South Africa
17 Neil Harvey (AUS) 921 v South Africa
17 Michael Hussey (AUS) 921 v West Indies
19 Denis Compton (ENG) 917 v Australia
20 Sunil Gavaskar (IND) 916 v England
Not only that, Sachin does not even figure in the top-20 of list of the new "ICC Best Ever Ratings".
Tendulkar has been ranked at No 26 whereas Matthew Hayden, who recently retired, has been placed at 10th position.
The only Indian in the top 20 is Sunil Gavaskar, who is just ahead of West Indies' George Headley.
Sachin Tendulkar's omission from the top twenty list best Test batsmen ever is not just the only shocker.
Players like Brian Lara, Alan Border and Steve Waugh too are not among the ICC's top 20 Test batsmen.
Following are the players who have made it do the list:
1 Don Bradman (AUS) 961 v India
2 Len Hutton (ENG) 945 v West Indies
3 Jack Hobbs (ENG) 942 v Australia
3 Ricky Ponting (AUS) 942 v England
5 Peter May (ENG) 941 v Australia
6 Clyde Walcott (WI) 938 v Australia
6 Viv Richards (WI) 938 v England
6 Garry Sobers (WI) 938 v India
6 Kumar Sangakkara (SL) 938 v England
10 Matthew Hayden (AUS) 935 v England
10 Jacques Kallis (SA) 935 v New Zealand
12 Mohammad Yousuf (PAK)933 v West Indies
13 Graeme Pollock (SA) 927 v Australia
13 Everton Weekes (WI) 927 v New Zealand
15 Dudley Nourse (SA) 922 v England
15 Doug Walters (AUS) 922 v South Africa
17 Neil Harvey (AUS) 921 v South Africa
17 Michael Hussey (AUS) 921 v West Indies
19 Denis Compton (ENG) 917 v Australia
20 Sunil Gavaskar (IND) 916 v England
Business - AB Corp calls off Rs15 billion deal with Reliance
Reliance BIG Entertainment's mega deal of Rs 15 billion with Amitabh Bachchan's AB Corp has fizzled out. The two companies had entered into a contract in June 2008 to make feature films and TV serials. The first couple of films that the companies had finalised were ‘Pa’, directed by Balki and Dr. Chandraprakash Dwivedi's ‘Kunal Avadana’.
Our source from the industry reveals, “Reliance has been going through a major up and down for some time now. Most of the filmmakers making films with Reliance have been asked to cut costs. Some of the films that Reliance is producing have been asked to rework on their budget, while price of some of the films they are distributing have also been reduced. Most of the films like Vashu Bhagnani's ‘Do Knot Disturb’ and ‘Kal Kissne Dekha’, Ravi Chopra's ‘Banda Yeh Bindaas Hai’ and many others have to be reconsidered by Reliance.
“After the deal with Reliance fizzled out, AB Corp is all set to join hands with Studio 18 to make Balki’s ‘Pa’ with them. The deal with ‘Pa’ is almost done while talks are also on for ‘Kunal Avadana’.”
Another source elaborates, “The deal between AB Corp and Reliance has fallen through as Reliance was taking its own time and there was no clarity from their side as to when they wanted to start the film.”
When contacted, the official spokesperson of Reliance said they did not wish to comment. However, Sandeep Bhargav of Indian Films (TV 18) says, “It is too premature to discuss anything.”
Amitabh Bachchan remained unavailable for comment.
Our source from the industry reveals, “Reliance has been going through a major up and down for some time now. Most of the filmmakers making films with Reliance have been asked to cut costs. Some of the films that Reliance is producing have been asked to rework on their budget, while price of some of the films they are distributing have also been reduced. Most of the films like Vashu Bhagnani's ‘Do Knot Disturb’ and ‘Kal Kissne Dekha’, Ravi Chopra's ‘Banda Yeh Bindaas Hai’ and many others have to be reconsidered by Reliance.
“After the deal with Reliance fizzled out, AB Corp is all set to join hands with Studio 18 to make Balki’s ‘Pa’ with them. The deal with ‘Pa’ is almost done while talks are also on for ‘Kunal Avadana’.”
Another source elaborates, “The deal between AB Corp and Reliance has fallen through as Reliance was taking its own time and there was no clarity from their side as to when they wanted to start the film.”
When contacted, the official spokesperson of Reliance said they did not wish to comment. However, Sandeep Bhargav of Indian Films (TV 18) says, “It is too premature to discuss anything.”
Amitabh Bachchan remained unavailable for comment.
Lifestyle - High Sex hormone makes women unfaithful
Ladies who have extra-marital affairs can blame it on their hormones, claims a new study, which found that women with high levels of estrogen not High sex hormone 'make women unfaithful' (Getty Images)
only look and feel pretty – but are also more prone to hop from man to man.
Estrogen, the so-called female hormone, affects fertility and makes women dress more provocatively.
Dr. Kristina Durante of The University of Texas at Austin and colleagues found that young women felt more attractive when they had high levels of an estrogen known as estradiol, and they acted on those feelings, reports New Scientist.
"These women are willing to trade up when the opportunity arises and continue to extract these lucrative resources from men when they can," says Kristina Durante, an evolutionary psychologist at the University of Texas in Austin, who led the study.
She thinks the behaviour could be an adaptation to the high costs of giving birth. "For women it’s all about the resources that we need. If you’re going to be getting knocked up there’s a significant cost," she says.
To reach the conclusion, Durante’s team tested 52 female undergraduates aged 17 to 30 who were not taking hormone contraceptives. They took two estradiol samples from each, as hormone levels fluctuate from week to week.
They had the women rate their own attractiveness and showed their photographs to others to rate, as well. As independent confirmation, a panel of two men and seven women also judged them the prettiest.
High oestradiol women reported that they had dated more men and were more willing to cheat, from innocent flirts to serious affairs. These women, however, proved no more interested in one-night stands than women with lower levels of oestradiol.
only look and feel pretty – but are also more prone to hop from man to man.
Estrogen, the so-called female hormone, affects fertility and makes women dress more provocatively.
Dr. Kristina Durante of The University of Texas at Austin and colleagues found that young women felt more attractive when they had high levels of an estrogen known as estradiol, and they acted on those feelings, reports New Scientist.
"These women are willing to trade up when the opportunity arises and continue to extract these lucrative resources from men when they can," says Kristina Durante, an evolutionary psychologist at the University of Texas in Austin, who led the study.
She thinks the behaviour could be an adaptation to the high costs of giving birth. "For women it’s all about the resources that we need. If you’re going to be getting knocked up there’s a significant cost," she says.
To reach the conclusion, Durante’s team tested 52 female undergraduates aged 17 to 30 who were not taking hormone contraceptives. They took two estradiol samples from each, as hormone levels fluctuate from week to week.
They had the women rate their own attractiveness and showed their photographs to others to rate, as well. As independent confirmation, a panel of two men and seven women also judged them the prettiest.
High oestradiol women reported that they had dated more men and were more willing to cheat, from innocent flirts to serious affairs. These women, however, proved no more interested in one-night stands than women with lower levels of oestradiol.
Business -Satyam will make profits, but needs working capital: Karnik
NEW DELHI: The government-constituted Satyam board on Wednesday appointed KPMG and Deloitte to recast the accounts of the beleaguered information
technology (IT) firm even as efforts are being made to make the company financially viable before any merger or sale options are considered.
Raising funds from equity partners and banks top the existing board's priorities to meet the needs of working capital and to be able to pay salaries to staff on the first of next month. The immediate reconstruction of the accounts, which were fudged for seven years by the promoters, would help the administrators to infuse fresh capital into the company. However, it is not known how soon the fudged balancesheets could be recast.
One of the three directors on the reconstituted Satyam board and former NASSCOM chief Kiran Karnik on Wednesday told TOI that the IT company is still a "very viable organisation" and would make profits in a few months.
He, however, ruled out any bail-out package being considered by the government. "Taking money for the government will send a wrong signal," Karnik said and reiterated that the possibility of the revival of the company was very strong and it could re-emerge stronger on its own with its existing clients backed by a skilled workforce.
"Our only concern is to keep the show going and hold on to the clients and the workers," Karnik said expressing the need of funding as there was not enough money left in the banks before the promoter B Ramalinga Raju confessed to having forged balancesheets to show inflated bank deposits and profits.
The three-member Satyam board, consisting of Karnik, HDFC chairman Deepak Parekh and former SEBI member C Achutan, is likely to be expanded very soon with more directors being appointed by the government in a day or two. According to a Company Law Board decision, the government can appoint up to 10 directors on the Satyam board.
"Definitely, we need more board members and we have conveyed this to the government. It will divide our work and also give us some relief as all of us have our own commitments too," Karnik said while hinting at the possibility of an announcement by the corporate affairs ministry which is supervising the case.
* No immediate splitting of Satyam into two entities like it was done with UTI where liabilities remained with one and assets and cash generated went to a new company
* New Satyam board seeks more directors as pressure mounts on existing three
* Govt nominee says IT company is a very viable organisation that would make profit soon and regain its lost stature
* Raising funds from equity partners and banks among short-term options to pay salaries and for other working capital
* No bail-out package from govt as it may tarnish the company image, feels Karnik
technology (IT) firm even as efforts are being made to make the company financially viable before any merger or sale options are considered.
Raising funds from equity partners and banks top the existing board's priorities to meet the needs of working capital and to be able to pay salaries to staff on the first of next month. The immediate reconstruction of the accounts, which were fudged for seven years by the promoters, would help the administrators to infuse fresh capital into the company. However, it is not known how soon the fudged balancesheets could be recast.
One of the three directors on the reconstituted Satyam board and former NASSCOM chief Kiran Karnik on Wednesday told TOI that the IT company is still a "very viable organisation" and would make profits in a few months.
He, however, ruled out any bail-out package being considered by the government. "Taking money for the government will send a wrong signal," Karnik said and reiterated that the possibility of the revival of the company was very strong and it could re-emerge stronger on its own with its existing clients backed by a skilled workforce.
"Our only concern is to keep the show going and hold on to the clients and the workers," Karnik said expressing the need of funding as there was not enough money left in the banks before the promoter B Ramalinga Raju confessed to having forged balancesheets to show inflated bank deposits and profits.
The three-member Satyam board, consisting of Karnik, HDFC chairman Deepak Parekh and former SEBI member C Achutan, is likely to be expanded very soon with more directors being appointed by the government in a day or two. According to a Company Law Board decision, the government can appoint up to 10 directors on the Satyam board.
"Definitely, we need more board members and we have conveyed this to the government. It will divide our work and also give us some relief as all of us have our own commitments too," Karnik said while hinting at the possibility of an announcement by the corporate affairs ministry which is supervising the case.
* No immediate splitting of Satyam into two entities like it was done with UTI where liabilities remained with one and assets and cash generated went to a new company
* New Satyam board seeks more directors as pressure mounts on existing three
* Govt nominee says IT company is a very viable organisation that would make profit soon and regain its lost stature
* Raising funds from equity partners and banks among short-term options to pay salaries and for other working capital
* No bail-out package from govt as it may tarnish the company image, feels Karnik
Business -Satyam will make profits, but needs working capital: Karnik
NEW DELHI: The government-constituted Satyam board on Wednesday appointed KPMG and Deloitte to recast the accounts of the beleaguered information
technology (IT) firm even as efforts are being made to make the company financially viable before any merger or sale options are considered.
Raising funds from equity partners and banks top the existing board's priorities to meet the needs of working capital and to be able to pay salaries to staff on the first of next month. The immediate reconstruction of the accounts, which were fudged for seven years by the promoters, would help the administrators to infuse fresh capital into the company. However, it is not known how soon the fudged balancesheets could be recast.
One of the three directors on the reconstituted Satyam board and former NASSCOM chief Kiran Karnik on Wednesday told TOI that the IT company is still a "very viable organisation" and would make profits in a few months.
He, however, ruled out any bail-out package being considered by the government. "Taking money for the government will send a wrong signal," Karnik said and reiterated that the possibility o
technology (IT) firm even as efforts are being made to make the company financially viable before any merger or sale options are considered.
Raising funds from equity partners and banks top the existing board's priorities to meet the needs of working capital and to be able to pay salaries to staff on the first of next month. The immediate reconstruction of the accounts, which were fudged for seven years by the promoters, would help the administrators to infuse fresh capital into the company. However, it is not known how soon the fudged balancesheets could be recast.
One of the three directors on the reconstituted Satyam board and former NASSCOM chief Kiran Karnik on Wednesday told TOI that the IT company is still a "very viable organisation" and would make profits in a few months.
He, however, ruled out any bail-out package being considered by the government. "Taking money for the government will send a wrong signal," Karnik said and reiterated that the possibility o