Gold, on the brink of a bear market, posted the longest slump since March 2009 as gains in the dollar reduced demand for precious metals as alternative assets.
The dollar climbed as much as 0.6 percent against the euro as an auction of Italian bonds fell short of the government’s target. Gold, down 12 percent in December, is headed for the biggest monthly drop since October 2008, compared to the greenback’s almost 3 percent gain against a six-currency basket.
“The developments in Italy have perked up the dollar, and that is pushing gold down,” Sterling Smith, an analyst at Country Hedging Inc. in St. Paul, Minnesota, said in a telephone interview. “I expect gold to remain in negative territory this week.”
Gold futures for February delivery declined 1.5 percent to close at $1,540.90 an ounce at 1:38 p.m. on the Comex in New York. The metal fell for a sixth straight session, the longest slide since March 4, 2009. Today’s settlement leaves prices down 19 percent from a record close of $1,891.90 reached on Aug. 22, about 1 percentage point shy of a bear market. Earlier, prices reached $1,523.90, the lowest since July 7.
Still, gold is up 8.4 percent this year, heading for an 11th consecutive annual advance. Futures climbed as investors and central banks bought the metal as a store of wealth.
“You have stagnating output and, on the demand side, jewelry consumption adapts to higher prices,” said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland. “The fundamental investment case for gold is still intact.”
The interest rate for lending gold in exchange for dollars jumped to 0.2085 percent, the highest since July 2010. One-month lease rates fell to the lowest on record in December as European banks sought ways to secure the U.S. currency amid the region’s debt crisis.
Silver futures for March delivery added 0.3 percent to $27.315 an ounce on the Comex. The metal has lost 12 percent this year.
Platinum futures for April delivery declined 1.8 percent to $1,366.80 an ounce on the New York Mercantile Exchange. Palladium futures for March delivery slumped 3.6 percent to $623.75 an ounce on Nymex, the biggest drop since Dec. 14.
Saturday, December 31, 2011
Salt to Software T.C.S becomes the top listed next to Reliance
On the last trading day of 2011 at Friday's close, Reliance was valued at about USD 42.7 billion, while TCS commanded a market value of USD 42.8 billion
Thursday, December 29, 2011
Japan for stronger ties with India Inc
NEW DELHI: Japanese Prime Minister Yoshihiko Noda pushed for deeper ties with India Wednesday on a lightning 36-hour trip to New Delhi, where he was poised to sign a slew of accords.
The agreements include a currency swap deal that could help bolster the flagging Indian rupee and Noda told a business audience in the capital: “I am convinced we need to strengthen the economic partnership.” “Japan has technology and capital while India has a young workforce as well as abundant demand for infrastructure,” he said, calling the “complementarity” between the second- and third-largest Asian economies “unmatched”.
Coming on the heels of a trip to China where the main emphasis was political diplomacy, especially in the aftermath of the death of North Korean leader Kim Jong-Il, Noda’s visit to fast-rising India stressed economic ties.
Noda said a landmark free-trade agreement signed in February under which the high-tech nation and the South Asian giant will scrap tariffs on 94 percent of goods within a decade would strengthen relations.
The countries’ two-way trade stands at around $14 billion and is targeted to rise to $25 billion by 2014 — but that sum is still a fraction of Japan’s $300-billion trade with China.
Among the many deals expected to be signed on Wednesday was a multi-billion-dollar swap agreement that could assist India in defending the rupee, which has slid around 15 percent this year.
The currency swap, under which Japan could lend India dollars, is an expansion of a previous $3 billion accord and would help India cope with the rapid withdrawal of funds by overseas investors amid global financial turmoil.
“It makes a lot of sense for our two countries to expand their swap agreement for the stability of global currency markets,” Japanese government spokesman Nori Shikata told reporters in New Delhi. Japanese officials in Tokyo have put the amount of the swap line at around $10 billion. Noda was also expected to announce a $4.5 billion investment in an ambitious $100-billion infrastructure project to create a manufacturing and freight corridor from New Delhi to financial hub Mumbai.
“Japan is an invaluable and strategic partner in the process of India’s development,” Commerce Minister Anand Sharma told the same business audience.
The two countries were also expected to restart nuclear negotiations that stalled after the Fukushima nuclear disaster in March 2011.
Japan and India launched talks in June 2010 on a nuclear cooperation pact that would allow Tokyo to export its cutting-edge technology to the energy-hungry South Asian nation, a hotly contested market for atomic plants.
Japan is worried that nuclear-armed India has not signed the Nuclear Non-Proliferation Treaty but Shikata said “as a matter of basic policy we’re interested in promoting use of Japanese civilian nuclear technology in India”. Nonetheless the Fukushima nuclear accident, triggered by a huge earthquake and tsunami, has also clouded the possibility of any deal.
The agreements include a currency swap deal that could help bolster the flagging Indian rupee and Noda told a business audience in the capital: “I am convinced we need to strengthen the economic partnership.” “Japan has technology and capital while India has a young workforce as well as abundant demand for infrastructure,” he said, calling the “complementarity” between the second- and third-largest Asian economies “unmatched”.
Coming on the heels of a trip to China where the main emphasis was political diplomacy, especially in the aftermath of the death of North Korean leader Kim Jong-Il, Noda’s visit to fast-rising India stressed economic ties.
Noda said a landmark free-trade agreement signed in February under which the high-tech nation and the South Asian giant will scrap tariffs on 94 percent of goods within a decade would strengthen relations.
The countries’ two-way trade stands at around $14 billion and is targeted to rise to $25 billion by 2014 — but that sum is still a fraction of Japan’s $300-billion trade with China.
Among the many deals expected to be signed on Wednesday was a multi-billion-dollar swap agreement that could assist India in defending the rupee, which has slid around 15 percent this year.
The currency swap, under which Japan could lend India dollars, is an expansion of a previous $3 billion accord and would help India cope with the rapid withdrawal of funds by overseas investors amid global financial turmoil.
“It makes a lot of sense for our two countries to expand their swap agreement for the stability of global currency markets,” Japanese government spokesman Nori Shikata told reporters in New Delhi. Japanese officials in Tokyo have put the amount of the swap line at around $10 billion. Noda was also expected to announce a $4.5 billion investment in an ambitious $100-billion infrastructure project to create a manufacturing and freight corridor from New Delhi to financial hub Mumbai.
“Japan is an invaluable and strategic partner in the process of India’s development,” Commerce Minister Anand Sharma told the same business audience.
The two countries were also expected to restart nuclear negotiations that stalled after the Fukushima nuclear disaster in March 2011.
Japan and India launched talks in June 2010 on a nuclear cooperation pact that would allow Tokyo to export its cutting-edge technology to the energy-hungry South Asian nation, a hotly contested market for atomic plants.
Japan is worried that nuclear-armed India has not signed the Nuclear Non-Proliferation Treaty but Shikata said “as a matter of basic policy we’re interested in promoting use of Japanese civilian nuclear technology in India”. Nonetheless the Fukushima nuclear accident, triggered by a huge earthquake and tsunami, has also clouded the possibility of any deal.
Support for Anna Hazare dwindles?
PATNA: After veteran social worker Anna Hazare called off his fast on Wednesday evening, his supporters here in the state capital also withdrew their agitation a day ahead of schedule. On Wednesday, support for Anna was quite low at Kargil Chowk, the stir venue. The camp of India Against Corruption (IAC) witnessed a deserted look through the day. Only five activists observed daylong hunger strike.
"We have been given instructions to withdraw all of our plans, including 'jail bharo'. Status quo will be maintained till further plans are formulated by the Anna Team," said IAC Bihar convener, Dr Ratnesh Kumar Chaudhary.
The Anna supporters were divided into two camps. At both the camps, extremely poor presence of activists was seen throughout the day. "It is all stale. People are fed up with the harangues of these activists. A good Lokpal Bill is in the process. It's time now for the harangues to go away," said Sumit Kumar, a collegian passing by the site.Over a dozen activists made speeches from both the camps, but unlike earlier, they failed to arouse interest among the passersby. "I think it is the result of Anna's failed show in Mumbai. It is difficult to run the campaign for so long," a doctor, not wanting to be named, told TOI.
Some activists, who used to be very active earlier, were conspicuous by their absence. "I really do not like the way some people are behaving to get publicity. One should not come here for publicity. Rather it is should be on the call of conscience," said a senior IAC member. Later in the morning, a group of activists organized 'havan', perhaps in a bid to attract people, and prayed for a corruption-free India.
As appeared in TOI
"We have been given instructions to withdraw all of our plans, including 'jail bharo'. Status quo will be maintained till further plans are formulated by the Anna Team," said IAC Bihar convener, Dr Ratnesh Kumar Chaudhary.
The Anna supporters were divided into two camps. At both the camps, extremely poor presence of activists was seen throughout the day. "It is all stale. People are fed up with the harangues of these activists. A good Lokpal Bill is in the process. It's time now for the harangues to go away," said Sumit Kumar, a collegian passing by the site.Over a dozen activists made speeches from both the camps, but unlike earlier, they failed to arouse interest among the passersby. "I think it is the result of Anna's failed show in Mumbai. It is difficult to run the campaign for so long," a doctor, not wanting to be named, told TOI.
Some activists, who used to be very active earlier, were conspicuous by their absence. "I really do not like the way some people are behaving to get publicity. One should not come here for publicity. Rather it is should be on the call of conscience," said a senior IAC member. Later in the morning, a group of activists organized 'havan', perhaps in a bid to attract people, and prayed for a corruption-free India.
As appeared in TOI
Monday, December 26, 2011
Al Qaeda leaders leaving Pakistan, moving to Africa
London: The Al Qaeda leadership, which has been weakened in Pakistan following the killing of many of its senior members -- including Osama bin Laden -- in drone strikes, is now suspected to be shifting to north Africa, a media report said Monday.
British officials believe that a 'last push' in 2012 may destroy Al Qaeda's remaining senior leadership in Pakistan, The Guardian reported.
Many senior Al Qaeda members have been killed in air strikes by unmanned drones and 'only a handful of the key players' remain alive, said an official.
Al Qaeda's top leader Osama bin Laden was gunned down in Pakistan's Abbottabad town May 2 by US commandos who launched a daring operation using stealth helicopters.
Sources said at least two relatively senior Al Qaeda leaders have made their way to Libya, with others intercepted en route. This has caused fears that north Africa could become a new 'theatre of jihad'.
'A group of very experienced figures from north Africa left camps in Afghanistan's (northeastern) Kunar province where they have been based for several years and travelled back across the Middle East,' a source said, adding: 'Some got stopped but a few got through.'
The media report said it was not clear whether the move from Afghanistan-Pakistan to north Africa was prompted by a desire for greater security that may be unlikely as coalition forces begin to withdraw from Afghanistan or part of a strategic attempt to exploit the aftermath of the Arab spring.
A smaller flow of volunteers reaching makeshift bases in Pakistan's tribal areas has complicated matters for Al Qaeda.
'I think they are really very much weakened,' an official was quoted as saying.
'You can't say they don't pose a threat -- they do -- but it's a much lesser one.'
Intelligence sources told The Guardian they estimate that there are less than 100 'Al Qaeda or Al Qaeda-affiliated' militants in Afghanistan.
On the Haqqani network, an official said there was evidence it had been acting as intermediaries between the Pakistani secret services and militant groups.
'To move against the Haqqanis is a no-win option for the Pakistani military. If they suffer heavy casualties and fail to eliminate the group, they lose their authority and a key interlocutor. If they succeed, they lose a key asset,' the official said
British officials believe that a 'last push' in 2012 may destroy Al Qaeda's remaining senior leadership in Pakistan, The Guardian reported.
Many senior Al Qaeda members have been killed in air strikes by unmanned drones and 'only a handful of the key players' remain alive, said an official.
Al Qaeda's top leader Osama bin Laden was gunned down in Pakistan's Abbottabad town May 2 by US commandos who launched a daring operation using stealth helicopters.
Sources said at least two relatively senior Al Qaeda leaders have made their way to Libya, with others intercepted en route. This has caused fears that north Africa could become a new 'theatre of jihad'.
'A group of very experienced figures from north Africa left camps in Afghanistan's (northeastern) Kunar province where they have been based for several years and travelled back across the Middle East,' a source said, adding: 'Some got stopped but a few got through.'
The media report said it was not clear whether the move from Afghanistan-Pakistan to north Africa was prompted by a desire for greater security that may be unlikely as coalition forces begin to withdraw from Afghanistan or part of a strategic attempt to exploit the aftermath of the Arab spring.
A smaller flow of volunteers reaching makeshift bases in Pakistan's tribal areas has complicated matters for Al Qaeda.
'I think they are really very much weakened,' an official was quoted as saying.
'You can't say they don't pose a threat -- they do -- but it's a much lesser one.'
Intelligence sources told The Guardian they estimate that there are less than 100 'Al Qaeda or Al Qaeda-affiliated' militants in Afghanistan.
On the Haqqani network, an official said there was evidence it had been acting as intermediaries between the Pakistani secret services and militant groups.
'To move against the Haqqanis is a no-win option for the Pakistani military. If they suffer heavy casualties and fail to eliminate the group, they lose their authority and a key interlocutor. If they succeed, they lose a key asset,' the official said
Lokpal Debate: BJP to move 37 amendments
New Delhi: At 11 am today, the Lok Sabha will begin debating the anti-corruption Lokpal Bill. In Mumbai, the man who has pushed that bill to the top of India's agenda will begin a three-day hunger strike to register his protest. Anna Hazare, 74, and his team of activists say the bill betrays both the people and the assurance that Parliament made to the anti-corruption crusader in August, when his 12-day hunger strike made international headlines. To end that fast, Parliament promised to consider three guiding principles listed by Anna for the new Lokpal, or national ombudsman agency. The bill that was introduced in Parliament last week, Anna says, does not reflect what he had asked for.
Politicians say it's time for Anna to step back and let Parliament do its job. "Those who use the rules of the constitution of sitting on fasts or holding candlelight protest marches, should also know that they cannot violate the law made by the Constitution, which says that all bills and laws will be passed only in the Parliament. ...they should know how to respect other rights as well," said the Left's Sitaram Yechury.
The Lok Sabha will witness a day-long combined discussion on the Lokpal and Lokayukta Bill, 2011 and the Constitution (Amendment) Bill to give the ombudsman a Constitutional status.
The Public Interest Disclosure and Protection to Persons Making the Disclosures Bill, 2010 (popularly known as Whistle-blowers' bill) will also be discussed.
The Congress has already issued a three-line whip to its members to remain present in the Lok Sabha during the debate. It has also requested its allies in the UPA to issue similar whips.
The BJP has said it opposes the bill and will push for 37 amendments. Leading its list of objections is the 50 per cent quota that the bill promises for minorities and Schedule Castes and Tribes. The BJP says this quota is unconstitutional. The party also wants the government to amend the bill to liberate the CBI - the main investigating agency - from supervision by the government. Both Team Anna and the BJP believe that as long as the government decides on the budget and postings of the CBI and its officers, the agency will be vulnerable to pressure.
Several parties have also objected to the language in the bill that provides for the creation of Lokayuktas or anti-corruption agencies in individual states. The BJP and others say that in this provision, the bill stomps all over the turf of states and violates the federal structure of the country.
Parties like Lalu Yadav's RJD have objected to the Lokpal's jurisdiction over the Prime Minister. The bill allows the ombudsman to investigate the Prime Minister on charges of corruption, though with a series of caveats.
The CPI(M), which is likely to ask for 11 amendments, wants the inclusion of corporate crime in the jurisdiction of the Lokpal, particularly those cases which cause a loss to the public exchequer and has the involvement of public servants. The Left says that the Lokpal must be given its own investigating agency to handle the complaints filed by the public with the ombudsman.
Reports NDTV
Politicians say it's time for Anna to step back and let Parliament do its job. "Those who use the rules of the constitution of sitting on fasts or holding candlelight protest marches, should also know that they cannot violate the law made by the Constitution, which says that all bills and laws will be passed only in the Parliament. ...they should know how to respect other rights as well," said the Left's Sitaram Yechury.
The Lok Sabha will witness a day-long combined discussion on the Lokpal and Lokayukta Bill, 2011 and the Constitution (Amendment) Bill to give the ombudsman a Constitutional status.
The Public Interest Disclosure and Protection to Persons Making the Disclosures Bill, 2010 (popularly known as Whistle-blowers' bill) will also be discussed.
The Congress has already issued a three-line whip to its members to remain present in the Lok Sabha during the debate. It has also requested its allies in the UPA to issue similar whips.
The BJP has said it opposes the bill and will push for 37 amendments. Leading its list of objections is the 50 per cent quota that the bill promises for minorities and Schedule Castes and Tribes. The BJP says this quota is unconstitutional. The party also wants the government to amend the bill to liberate the CBI - the main investigating agency - from supervision by the government. Both Team Anna and the BJP believe that as long as the government decides on the budget and postings of the CBI and its officers, the agency will be vulnerable to pressure.
Several parties have also objected to the language in the bill that provides for the creation of Lokayuktas or anti-corruption agencies in individual states. The BJP and others say that in this provision, the bill stomps all over the turf of states and violates the federal structure of the country.
Parties like Lalu Yadav's RJD have objected to the Lokpal's jurisdiction over the Prime Minister. The bill allows the ombudsman to investigate the Prime Minister on charges of corruption, though with a series of caveats.
The CPI(M), which is likely to ask for 11 amendments, wants the inclusion of corporate crime in the jurisdiction of the Lokpal, particularly those cases which cause a loss to the public exchequer and has the involvement of public servants. The Left says that the Lokpal must be given its own investigating agency to handle the complaints filed by the public with the ombudsman.
Reports NDTV
Sunday, December 25, 2011
Team Anna writes to PM, seeks investigating powers for Lokpal
New Delhi: Team Anna, in an open letter to Prime Minister Manmohan Singh and parliamentarians Sunday, hoped the "best possible" anti-graft law will emerge from the debate in parliament and pitched for giving the Lokpal independent investigative powers.
"While we are on record with our displeasure over the current draft of the bill, we are also keen that the best possible law should now emerge from the debate in the people's Houses," Hazare's India Against Corruption (IAC) said in the letter.
It said the Lokpal and Lokayuktas should be able to carry out investigations through the anti-corruption branch of the Central Bureau of Investigation (CBI), which should be merged into the Lokpal, and the anti-corruption bureaus and vigilance departments in states should be merged into Lokayuktas.
Their second option was that Lokpal and Lokayuktas should have their own investigative wings which should have exclusive jurisdiction over cases under the Prevention of Corruption Act.
The third option was that was to give Lokpal the administrative and financial control over CBI, the letter said.
It also demanded that the appointment of the CBI director should be independent of any political control.
"The anti-corruption bureaus and state vigilance departments in state governments should be merged into Lokayuktas," IAC added in the letter.
They also demanded that the Lokpal be picked through consensus of the selection panel and the committee should comprise the prime minister, leader of opposition in the Lok Sabha, two judges to be nominated by the collegium of Supreme Court judges, the Comptroller and Auditor General, the Central Vigilance Commissioner and the Chief Election Commissioner.
"Search committee to suggest nominees should consist of former chief justices, former CAG, former CVC and former CEC," the letter said.
Team Anna has also demanded that the lower bureaucracy should be under the ambit of the Lokpal.
The government, in its bill introduced Dec 22 in parliament, has stated that the Lokpal will direct complaints against Group C and D employees to the CVC.
"Without these provisions, the Lokpal bill will be just another law -- one among many that have proven ineffective so far," the letter said.
Team Anna also said that although its opposition to some portions of the Lokpal bill remains, it wants parliamentarians to also include some of their points.
IAC said it wants the Lokpal and Lokayuktas to suo motu initiate their investigations without a complaint or reference from anyone.
"It should also not be required to alert the accused through preliminary enquiry or hearing before filing an FIR (First Information Report)," they said, adding this was recommended by the parliamentary panel that examined the Lokpal bill.
The letter said: "The year-long people's campaign against corruption has brought us to the very edge of legislation that can tackle it powerfully."
"Sensing the national mood, parliament has also taken it upon itself to foster a significant debate on the issues within the Bill, and for this we thank our elected representatives."
"While we are on record with our displeasure over the current draft of the bill, we are also keen that the best possible law should now emerge from the debate in the people's Houses," Hazare's India Against Corruption (IAC) said in the letter.
It said the Lokpal and Lokayuktas should be able to carry out investigations through the anti-corruption branch of the Central Bureau of Investigation (CBI), which should be merged into the Lokpal, and the anti-corruption bureaus and vigilance departments in states should be merged into Lokayuktas.
Their second option was that Lokpal and Lokayuktas should have their own investigative wings which should have exclusive jurisdiction over cases under the Prevention of Corruption Act.
The third option was that was to give Lokpal the administrative and financial control over CBI, the letter said.
It also demanded that the appointment of the CBI director should be independent of any political control.
"The anti-corruption bureaus and state vigilance departments in state governments should be merged into Lokayuktas," IAC added in the letter.
They also demanded that the Lokpal be picked through consensus of the selection panel and the committee should comprise the prime minister, leader of opposition in the Lok Sabha, two judges to be nominated by the collegium of Supreme Court judges, the Comptroller and Auditor General, the Central Vigilance Commissioner and the Chief Election Commissioner.
"Search committee to suggest nominees should consist of former chief justices, former CAG, former CVC and former CEC," the letter said.
Team Anna has also demanded that the lower bureaucracy should be under the ambit of the Lokpal.
The government, in its bill introduced Dec 22 in parliament, has stated that the Lokpal will direct complaints against Group C and D employees to the CVC.
"Without these provisions, the Lokpal bill will be just another law -- one among many that have proven ineffective so far," the letter said.
Team Anna also said that although its opposition to some portions of the Lokpal bill remains, it wants parliamentarians to also include some of their points.
IAC said it wants the Lokpal and Lokayuktas to suo motu initiate their investigations without a complaint or reference from anyone.
"It should also not be required to alert the accused through preliminary enquiry or hearing before filing an FIR (First Information Report)," they said, adding this was recommended by the parliamentary panel that examined the Lokpal bill.
The letter said: "The year-long people's campaign against corruption has brought us to the very edge of legislation that can tackle it powerfully."
"Sensing the national mood, parliament has also taken it upon itself to foster a significant debate on the issues within the Bill, and for this we thank our elected representatives."
Thursday, December 22, 2011
US Call Centre bill to affect Indian BPOs
The proposed legislation, titled 'Call Centre Worker & Consumer Protection Act’ also requires the Secretary of Labour to maintain a list of employers that locate call centres overseas and provide a 120 day advance notification before moving a call centre overseas.
A bipartisan bill tabled in the US House of Representatives on Tuesday to make companies that move call centres overseas ineligible for grants or guaranteed loans from the federal government, is expected to affect call centre employees across the globe, including centres in India.
Under the protectionist legislation, customer service representatives working overseas for US corporations will also have to disclose their locations upon request and offer callers the option of being transferred to call centres back in America.
The proposed legislation, titled 'Call Centre Worker & Consumer Protection Act’ also requires the Secretary of Labour to maintain a list of employers that locate call centres overseas and provide a 120 day advance notification before moving a call centre overseas.
Reacting to the US move Nasscom Vice-President Ameet Nivsarkar said: “This Bill is basically aimed at retaining jobs and creating more employment in the US, as the call centres have been doing the same in the outsourced nation.”
In a statement, he said, “It is indeed disappointing to see US adopting ‘protectionist’ measures like these that restrict free trade and establish discriminatory trade practices.”
Mittal felt that the bill could hurt the US economy.
The provisions will clearly hurt American companies operating call centres in countries like India. While Indian companies don't foresee too much of an impact, the IT industry is concerned.
“This is definitely a concern but I think these are sort of protectionist measures that they are being built up in run up to the presidential elections next year in United States. It will not have a significant impact on Mphasis,” said Ganesh Murthy, CFO of mphasiS. He further said that this was a build up ahead of presidential elections next year.
Moreover, he feels that the move will not affect BPO companies like Mphasis, which does not have many contracts with international call centres.
Unemployment in the US has eased from above 9 per cent now. But strong backing from the Communication Workers of America – a union that represents 150,000 call centre workers in the US quashing this renewed wave of protectionism will not be easy.
In a report, issued recently by the CWA, the union alleged that outsourced call centres, including some based in India, pose a serious security threat as there are insufficient safeguards in place to deter fraud.
The report titled 'Why Shipping Call Center Jobs Overseas Hurts Us Back Home' cited several examples of security breaches involving outsourced call centres, including in India.
A bipartisan bill tabled in the US House of Representatives on Tuesday to make companies that move call centres overseas ineligible for grants or guaranteed loans from the federal government, is expected to affect call centre employees across the globe, including centres in India.
Under the protectionist legislation, customer service representatives working overseas for US corporations will also have to disclose their locations upon request and offer callers the option of being transferred to call centres back in America.
The proposed legislation, titled 'Call Centre Worker & Consumer Protection Act’ also requires the Secretary of Labour to maintain a list of employers that locate call centres overseas and provide a 120 day advance notification before moving a call centre overseas.
Reacting to the US move Nasscom Vice-President Ameet Nivsarkar said: “This Bill is basically aimed at retaining jobs and creating more employment in the US, as the call centres have been doing the same in the outsourced nation.”
In a statement, he said, “It is indeed disappointing to see US adopting ‘protectionist’ measures like these that restrict free trade and establish discriminatory trade practices.”
Mittal felt that the bill could hurt the US economy.
The provisions will clearly hurt American companies operating call centres in countries like India. While Indian companies don't foresee too much of an impact, the IT industry is concerned.
“This is definitely a concern but I think these are sort of protectionist measures that they are being built up in run up to the presidential elections next year in United States. It will not have a significant impact on Mphasis,” said Ganesh Murthy, CFO of mphasiS. He further said that this was a build up ahead of presidential elections next year.
Moreover, he feels that the move will not affect BPO companies like Mphasis, which does not have many contracts with international call centres.
Unemployment in the US has eased from above 9 per cent now. But strong backing from the Communication Workers of America – a union that represents 150,000 call centre workers in the US quashing this renewed wave of protectionism will not be easy.
In a report, issued recently by the CWA, the union alleged that outsourced call centres, including some based in India, pose a serious security threat as there are insufficient safeguards in place to deter fraud.
The report titled 'Why Shipping Call Center Jobs Overseas Hurts Us Back Home' cited several examples of security breaches involving outsourced call centres, including in India.
US Call Centre bill to affect Indian BPOs
The proposed legislation, titled 'Call Centre Worker & Consumer Protection Act’ also requires the Secretary of Labour to maintain a list of employers that locate call centres overseas and provide a 120 day advance notification before moving a call centre overseas.
A bipartisan bill tabled in the US House of Representatives on Tuesday to make companies that move call centres overseas ineligible for grants or guaranteed loans from the federal government, is expected to affect call centre employees across the globe, including centres in India.
Under the protectionist legislation, customer service representatives working overseas for US corporations will also have to disclose their locations upon request and offer callers the option of being transferred to call centres back in America.
The proposed legislation, titled 'Call Centre Worker & Consumer Protection Act’ also requires the Secretary of Labour to maintain a list of employers that locate call centres overseas and provide a 120 day advance notification before moving a call centre overseas.
Reacting to the US move Nasscom Vice-President Ameet Nivsarkar said: “This Bill is basically aimed at retaining jobs and creating more employment in the US, as the call centres have been doing the same in the outsourced nation.”
In a statement, he said, “It is indeed disappointing to see US adopting ‘protectionist’ measures like these that restrict free trade and establish discriminatory trade practices.”
Mittal felt that the bill could hurt the US economy.
The provisions will clearly hurt American companies operating call centres in countries like India. While Indian companies don't foresee too much of an impact, the IT industry is concerned.
“This is definitely a concern but I think these are sort of protectionist measures that they are being built up in run up to the presidential elections next year in United States. It will not have a significant impact on Mphasis,” said Ganesh Murthy, CFO of mphasiS. He further said that this was a build up ahead of presidential elections next year.
Moreover, he feels that the move will not affect BPO companies like Mphasis, which does not have many contracts with international call centres.
Unemployment in the US has eased from above 9 per cent now. But strong backing from the Communication Workers of America – a union that represents 150,000 call centre workers in the US quashing this renewed wave of protectionism will not be easy.
In a report, issued recently by the CWA, the union alleged that outsourced call centres, including some based in India, pose a serious security threat as there are insufficient safeguards in place to deter fraud.
The report titled 'Why Shipping Call Center Jobs Overseas Hurts Us Back Home' cited several examples of security breaches involving outsourced call centres, including in India.
A bipartisan bill tabled in the US House of Representatives on Tuesday to make companies that move call centres overseas ineligible for grants or guaranteed loans from the federal government, is expected to affect call centre employees across the globe, including centres in India.
Under the protectionist legislation, customer service representatives working overseas for US corporations will also have to disclose their locations upon request and offer callers the option of being transferred to call centres back in America.
The proposed legislation, titled 'Call Centre Worker & Consumer Protection Act’ also requires the Secretary of Labour to maintain a list of employers that locate call centres overseas and provide a 120 day advance notification before moving a call centre overseas.
Reacting to the US move Nasscom Vice-President Ameet Nivsarkar said: “This Bill is basically aimed at retaining jobs and creating more employment in the US, as the call centres have been doing the same in the outsourced nation.”
In a statement, he said, “It is indeed disappointing to see US adopting ‘protectionist’ measures like these that restrict free trade and establish discriminatory trade practices.”
Mittal felt that the bill could hurt the US economy.
The provisions will clearly hurt American companies operating call centres in countries like India. While Indian companies don't foresee too much of an impact, the IT industry is concerned.
“This is definitely a concern but I think these are sort of protectionist measures that they are being built up in run up to the presidential elections next year in United States. It will not have a significant impact on Mphasis,” said Ganesh Murthy, CFO of mphasiS. He further said that this was a build up ahead of presidential elections next year.
Moreover, he feels that the move will not affect BPO companies like Mphasis, which does not have many contracts with international call centres.
Unemployment in the US has eased from above 9 per cent now. But strong backing from the Communication Workers of America – a union that represents 150,000 call centre workers in the US quashing this renewed wave of protectionism will not be easy.
In a report, issued recently by the CWA, the union alleged that outsourced call centres, including some based in India, pose a serious security threat as there are insufficient safeguards in place to deter fraud.
The report titled 'Why Shipping Call Center Jobs Overseas Hurts Us Back Home' cited several examples of security breaches involving outsourced call centres, including in India.
Saturday, December 17, 2011
Singapore SMRT breakdowns douse Christmas cheer
SINGAPORE | Sat Dec 17, 2011
SINGAPORE - Singapore, which prides itself on efficiency, was hit by its third train breakdown in a week on Saturday, frustrating the public on one of the biggest shopping days of the year and adding to calls for a review of its public transport system.
The city state's transport minister Lui Tuck Yew said there was some instability in the train network and has called for public transport provider SMRT Corp Ltd (SMRT.SI) to do "complete health checks", Channel News Asia reported.
Train services on Singapore's north-south line, which connects the north of the island to the city centre and is operated by SMRT, were disrupted early on Saturday morning.
The breakdown affected Singapore's main Orchard Road shopping belt at a time when many people were expected to be hitting the stores just a week before Christmas.
Saturday's disruption came after a five-hour breakdown on the same line on Thursday left 127,000 commuters stranded.
"For a world-class transport system, three disruptions in a week is not acceptable," said 27-year-old finance industry worker Chew Kuan Yee.
"This is three times too many to be a coincidence and points to an insufficiency of maintenance and possibly shortage of investment," Chew said.
Train services on another central line also broke down on Wednesday, with services restored after a five-hour delay.
The breakdowns on SMRT train services have added to discontent over the rising costs of public transport. A protest was planned for later on Saturday in a central Singapore park.
SMRT recently said it planned to raise taxi fares from December 20 because of rising costs. Rival cab operator ComfortDelGro (CMDG.SI) has also moved to hike charges.
During Singapore's last general elections in May, the opposition Workers' Party called for the public transport system to be nationalised.
Opposition MP Lina Chiam demanded a comprehensive review.
"Public transport can paralyze the entire nation from what we have seen a few days ago," Chiam said.
SMRT came under heavy criticism when it sent a message to its taxis during Thursday's train disruptions, telling drivers the breakdown was an "income opportunity".
"I think that as a public good, the company should activate their fleet to help those in need rather than to try and profit from it," said 27-year-old Maximilian Chng.
Transport Minister disappointed with SMRT
Transport Minister Lui Tuck Yew expressed his disappointment on Friday with how SMRT handled Thursday's massive breakdown of the North-South line, saying that it is an 'extremely serious disruption that comprised commuters' safety.'
Speaking to reporters at Changi Airport after cutting short a work trip to Cambodia, he made clear that he wanted no effort spared in getting to the bottom of what has been called the worst MRT shutdown in 24 years.
"I don't see this as a typical service lapse. This is a very, very serious disruption and better take heed, learn the lessons improve on the systems.
"Therefore, I've told SMRT chairman Koh Yong Guan when I spoke to him that I hold the board and the management team responsible for making it right," said Mr Lui.
He acknowledged that commuters are angry and concerned, and justifably so, because their well-being was at risk.
Train services were disrupted for five hours on Thursday night, affecting services at 11 stations and stranding thousands of peak hour commuters.
This comes after the recent fare hikes in public transport and two taxi operators.
"We need to go down and determine the root cause of this. What is it in the maintenance regime that can be improved, that can be made more robust and comprehensive, so that if this is indeed a preventable incident, how could we do so," said Mr Lui.
He said he had spoken to SMRT board chairman Mr Koh about the government's concern over the handling of the incident. Mr Lui also said he is convening a panel of relevant experts to do a thorough review of the MRT system, especially the lines run by SMRT.
At a press conference held on Friday afternoon, SMRT said that the disruption was caused by a misalignment of electrical connections between four trains and a 40m section of the tracks between Dhoby Ghaut and City Hall stations.
However, transport analysts are questioning if the higher frequency in breakdowns lately are due to population growth adding to wear and tear.
Mr Lui expressed his concern over commuters who were stranded in the four affected trains and who were kept uninformed about the situation.
Hardly any updates were given until after 30 minutes from the shutdown. Some commuters fainted, lights were intermittent, and one man even used a fire extinguisher to smash a train window for ventilation.
SINGAPORE - Singapore, which prides itself on efficiency, was hit by its third train breakdown in a week on Saturday, frustrating the public on one of the biggest shopping days of the year and adding to calls for a review of its public transport system.
The city state's transport minister Lui Tuck Yew said there was some instability in the train network and has called for public transport provider SMRT Corp Ltd (SMRT.SI) to do "complete health checks", Channel News Asia reported.
Train services on Singapore's north-south line, which connects the north of the island to the city centre and is operated by SMRT, were disrupted early on Saturday morning.
The breakdown affected Singapore's main Orchard Road shopping belt at a time when many people were expected to be hitting the stores just a week before Christmas.
Saturday's disruption came after a five-hour breakdown on the same line on Thursday left 127,000 commuters stranded.
"For a world-class transport system, three disruptions in a week is not acceptable," said 27-year-old finance industry worker Chew Kuan Yee.
"This is three times too many to be a coincidence and points to an insufficiency of maintenance and possibly shortage of investment," Chew said.
Train services on another central line also broke down on Wednesday, with services restored after a five-hour delay.
The breakdowns on SMRT train services have added to discontent over the rising costs of public transport. A protest was planned for later on Saturday in a central Singapore park.
SMRT recently said it planned to raise taxi fares from December 20 because of rising costs. Rival cab operator ComfortDelGro (CMDG.SI) has also moved to hike charges.
During Singapore's last general elections in May, the opposition Workers' Party called for the public transport system to be nationalised.
Opposition MP Lina Chiam demanded a comprehensive review.
"Public transport can paralyze the entire nation from what we have seen a few days ago," Chiam said.
SMRT came under heavy criticism when it sent a message to its taxis during Thursday's train disruptions, telling drivers the breakdown was an "income opportunity".
"I think that as a public good, the company should activate their fleet to help those in need rather than to try and profit from it," said 27-year-old Maximilian Chng.
Transport Minister disappointed with SMRT
Transport Minister Lui Tuck Yew expressed his disappointment on Friday with how SMRT handled Thursday's massive breakdown of the North-South line, saying that it is an 'extremely serious disruption that comprised commuters' safety.'
Speaking to reporters at Changi Airport after cutting short a work trip to Cambodia, he made clear that he wanted no effort spared in getting to the bottom of what has been called the worst MRT shutdown in 24 years.
"I don't see this as a typical service lapse. This is a very, very serious disruption and better take heed, learn the lessons improve on the systems.
"Therefore, I've told SMRT chairman Koh Yong Guan when I spoke to him that I hold the board and the management team responsible for making it right," said Mr Lui.
He acknowledged that commuters are angry and concerned, and justifably so, because their well-being was at risk.
Train services were disrupted for five hours on Thursday night, affecting services at 11 stations and stranding thousands of peak hour commuters.
This comes after the recent fare hikes in public transport and two taxi operators.
"We need to go down and determine the root cause of this. What is it in the maintenance regime that can be improved, that can be made more robust and comprehensive, so that if this is indeed a preventable incident, how could we do so," said Mr Lui.
He said he had spoken to SMRT board chairman Mr Koh about the government's concern over the handling of the incident. Mr Lui also said he is convening a panel of relevant experts to do a thorough review of the MRT system, especially the lines run by SMRT.
At a press conference held on Friday afternoon, SMRT said that the disruption was caused by a misalignment of electrical connections between four trains and a 40m section of the tracks between Dhoby Ghaut and City Hall stations.
However, transport analysts are questioning if the higher frequency in breakdowns lately are due to population growth adding to wear and tear.
Mr Lui expressed his concern over commuters who were stranded in the four affected trains and who were kept uninformed about the situation.
Hardly any updates were given until after 30 minutes from the shutdown. Some commuters fainted, lights were intermittent, and one man even used a fire extinguisher to smash a train window for ventilation.
Thursday, December 8, 2011
Congratulation Virender Sehwag Breaks record 219 in ODI
Virender Sehwag smashed a world record 219 to become only the second batsman after Sachin Tendulkar to reach the 200-run landmark in ODIs as India posted their highest One-day total of 418 for five in the fourth match against the West Indies , in Indore, on Thursday.
Sehwag surpassed Tendulkar's 200 not out made from 147 balls against South Africa in Gwalior on February 24 last year when he square-cut Andre Russell for a boundary in the 44th over of the Indian innings to go past the 200 mark at the Holkar Stadium.
Sehwag joined his idol Tendulkar in the record books as the only other cricketer to score double hundred in the limited overs game.
The 33-year-old Delhi marauder, who is leading the team in the absence of regular skipper Mahendra Singh Dhoni, also became the highest individual scorer in the 40-year-old history of One-day International.
Sehwag, who cracked his second three-figure knock against the Caribbean islanders and 15th overall in 240th matches, slammed 25 fours and seven sixes during his 147-ball blitz.
He also reached his double hundred in fewer balls (in 140 balls with the help of 23 fours and six sixes) than Tendulkar, who took 147 for his 200 not out.
Sehwag continued to plunder runs against a hapless Windies attack on a perfect batting strip, having opted to bat, as India raised their highest-ever total against the West Indies in ODIs, overtaking their previous best of 341 for three in Vadodara in January 2007.
Sehwag, who was caught in the deep straight field in the 47th over while attempting another huge heave off Kieron Pollard, also added century stands with fellow-opener Gautam Gambhir and Suresh Raina , who both got individual half-centuries and were both run out.
Sehwag got life twice during his masterly knock -- once on 20 when he escaped a run out chance after being stranded mid-pitch and then on 170 when rival captain Darren Sammy dropped an easy catch at extra cover.
When India commenced their innings, the decision of the Indian team management to tweak the top order paid rich dividends as Sehwag and Gambhir, who replaced Parthiv Patel after the latter had opened in the first three games, ripped apart the Windies bowling attack.
Sehwag, who said after the Ahmedabad tie that the top order needs to fire, led from the front by greeting the first ball he received from Sunil Narine and Darren Sammy for big sixes.
Sehwag surpassed Tendulkar's 200 not out made from 147 balls against South Africa in Gwalior on February 24 last year when he square-cut Andre Russell for a boundary in the 44th over of the Indian innings to go past the 200 mark at the Holkar Stadium.
Sehwag joined his idol Tendulkar in the record books as the only other cricketer to score double hundred in the limited overs game.
The 33-year-old Delhi marauder, who is leading the team in the absence of regular skipper Mahendra Singh Dhoni, also became the highest individual scorer in the 40-year-old history of One-day International.
Sehwag, who cracked his second three-figure knock against the Caribbean islanders and 15th overall in 240th matches, slammed 25 fours and seven sixes during his 147-ball blitz.
He also reached his double hundred in fewer balls (in 140 balls with the help of 23 fours and six sixes) than Tendulkar, who took 147 for his 200 not out.
Sehwag continued to plunder runs against a hapless Windies attack on a perfect batting strip, having opted to bat, as India raised their highest-ever total against the West Indies in ODIs, overtaking their previous best of 341 for three in Vadodara in January 2007.
Sehwag, who was caught in the deep straight field in the 47th over while attempting another huge heave off Kieron Pollard, also added century stands with fellow-opener Gautam Gambhir and Suresh Raina , who both got individual half-centuries and were both run out.
Sehwag got life twice during his masterly knock -- once on 20 when he escaped a run out chance after being stranded mid-pitch and then on 170 when rival captain Darren Sammy dropped an easy catch at extra cover.
When India commenced their innings, the decision of the Indian team management to tweak the top order paid rich dividends as Sehwag and Gambhir, who replaced Parthiv Patel after the latter had opened in the first three games, ripped apart the Windies bowling attack.
Sehwag, who said after the Ahmedabad tie that the top order needs to fire, led from the front by greeting the first ball he received from Sunil Narine and Darren Sammy for big sixes.
Tuesday, December 6, 2011
Kabil Sibal ignites Sensor war
Censor war: Online India vs 'Big Brother' Kapil Sibal
New Delhi: If past incidents and people's reactions are an indicator, then those who frame India's Internet strategies seem to be flummoxed by the Web and don't really understand how the online world behaves.
Telecom Minister Kapil Sibal's suggestion that social networking websites screen content before publishing has triggered widespread anger amongst Indian Internet users. In fact, the hashtag #IdiotKapilSibal is one of the top Twitter trends in India on Tuesday.
The government is asking leading Internet companies such as Google, Microsoft, Yahoo and Facebook to screen alleged derogatory, defamatory and inflammatory content about religious figures and Indian leaders.
Telecom Minister Kapil Sibal's idea of screening content on websites has triggered widespread anger in the online world.
Reuters
Popular technology blogger Amit Agarwal terms the government's idea as "unbelievable" and ponders over Kapil Sibal's awareness of the humongous amount of content generated every day on social networking websites and blogs.
Blogger and journalist Shivam Vij on Kafila confronts Sibal in a post titled 'Kapil Sibal is an Idiot' in which he urges Internet users to "write KAPIL SIBAL IS AN IDIOT as your Facebook status message, use the hashtag #IdiotKapilSibal on Twitter, and write a blog post with the above title, because there may soon be a day when he may prevent you from doing so."
Sibal attempted to clarify his stance in a press conference on Tuesday stating that the government is advocating supervision and not censorship, but that doesn't seem to pacify the Internet anger against him on the issue. He also refuted that the government is trying to enforce censorship because of Team Anna's popular Internet campaign.
Much of what Sibal is suggesting is not exactly new and is covered under the Information Technology Rules 2011 released earlier in the year. The new set of rules gives the government the authority to prohibit content of specific nature on the Internet. PRS Legislative Research's analysis of the rules highlight that "the Intermediary Guidelines Rules that allow blocking of content on the internet may violate the right to free speech. These Rules differ from the requirements governing content of other media like newspapers and television."
Most of the popular Internet services such as Facebook and YouTube have built in mechanisms to flag and filter objectionable content, but the government seems to want to take it a step further.
Facebook, in statement in response to the developments, said, "We want Facebook to be a place where people can discuss things freely, while respecting the rights and feelings of others, which is why we have already have policies and on-site features in place that enable people to report abusive content. We will remove any content that violates our terms, which are designed to keep material that is hateful, threatening, incites violence or contains nudity off the service. We recognise the government's interest in minimising the amount of abusive content that is available online and will continue to engage with the Indian authorities as they debate this important issue".
While Kapil Sibal may continue to stress that the Indian government doesn't believe in censorship, the government's efforts at controlling content on the Internet has been drawing China comparisons and India also has a long and not-so-illustrious history of Internet censorship. The Information Technology Rules 2011 gives the government more power to have its way.
India's robust Internet community is always on its toes to catch and publicise incidents of government censorship of the Internet.
By trying to enforce self-censorship by websites the government also opens the definition of what is objectionable to a variety of individual interpretations and will definitely stifle the rights of users of expressing themselves.
India is among the top countries in the number of requests received by Google for removal of content and access to users' private data. Google does not comply with all government requests, but the government is trying to change that.
A PC World article on the top 10 Internet scandals of all time seems to point to the fears underlying the Indian government's latest Internet censorship efforts, "the Internet isn't a dump truck, it's a series of tubes. And many a reputation has gone swirling down those tubes, thanks to the Net's ability to expose scoundrels, scalawags, liars, cheats, and fools - and then broadcast the scandal to a billion glowing screens."
New Delhi: If past incidents and people's reactions are an indicator, then those who frame India's Internet strategies seem to be flummoxed by the Web and don't really understand how the online world behaves.
Telecom Minister Kapil Sibal's suggestion that social networking websites screen content before publishing has triggered widespread anger amongst Indian Internet users. In fact, the hashtag #IdiotKapilSibal is one of the top Twitter trends in India on Tuesday.
The government is asking leading Internet companies such as Google, Microsoft, Yahoo and Facebook to screen alleged derogatory, defamatory and inflammatory content about religious figures and Indian leaders.
Telecom Minister Kapil Sibal's idea of screening content on websites has triggered widespread anger in the online world.
Reuters
Popular technology blogger Amit Agarwal terms the government's idea as "unbelievable" and ponders over Kapil Sibal's awareness of the humongous amount of content generated every day on social networking websites and blogs.
Blogger and journalist Shivam Vij on Kafila confronts Sibal in a post titled 'Kapil Sibal is an Idiot' in which he urges Internet users to "write KAPIL SIBAL IS AN IDIOT as your Facebook status message, use the hashtag #IdiotKapilSibal on Twitter, and write a blog post with the above title, because there may soon be a day when he may prevent you from doing so."
Sibal attempted to clarify his stance in a press conference on Tuesday stating that the government is advocating supervision and not censorship, but that doesn't seem to pacify the Internet anger against him on the issue. He also refuted that the government is trying to enforce censorship because of Team Anna's popular Internet campaign.
Much of what Sibal is suggesting is not exactly new and is covered under the Information Technology Rules 2011 released earlier in the year. The new set of rules gives the government the authority to prohibit content of specific nature on the Internet. PRS Legislative Research's analysis of the rules highlight that "the Intermediary Guidelines Rules that allow blocking of content on the internet may violate the right to free speech. These Rules differ from the requirements governing content of other media like newspapers and television."
Most of the popular Internet services such as Facebook and YouTube have built in mechanisms to flag and filter objectionable content, but the government seems to want to take it a step further.
Facebook, in statement in response to the developments, said, "We want Facebook to be a place where people can discuss things freely, while respecting the rights and feelings of others, which is why we have already have policies and on-site features in place that enable people to report abusive content. We will remove any content that violates our terms, which are designed to keep material that is hateful, threatening, incites violence or contains nudity off the service. We recognise the government's interest in minimising the amount of abusive content that is available online and will continue to engage with the Indian authorities as they debate this important issue".
While Kapil Sibal may continue to stress that the Indian government doesn't believe in censorship, the government's efforts at controlling content on the Internet has been drawing China comparisons and India also has a long and not-so-illustrious history of Internet censorship. The Information Technology Rules 2011 gives the government more power to have its way.
India's robust Internet community is always on its toes to catch and publicise incidents of government censorship of the Internet.
By trying to enforce self-censorship by websites the government also opens the definition of what is objectionable to a variety of individual interpretations and will definitely stifle the rights of users of expressing themselves.
India is among the top countries in the number of requests received by Google for removal of content and access to users' private data. Google does not comply with all government requests, but the government is trying to change that.
A PC World article on the top 10 Internet scandals of all time seems to point to the fears underlying the Indian government's latest Internet censorship efforts, "the Internet isn't a dump truck, it's a series of tubes. And many a reputation has gone swirling down those tubes, thanks to the Net's ability to expose scoundrels, scalawags, liars, cheats, and fools - and then broadcast the scandal to a billion glowing screens."
Monday, December 5, 2011
Flash Mob Hits Mumbai
Two hundred dancers took commuters at Mumbai’s hectic Chhatrapati Shivaji Terminus railway station by surprise on Sunday, when they broke into dance accompanied by the title track from Bollywood hit Rang de Basanti.
The Mumbai Flash Mob, as it was dubbed, threatened to become a viral phenomenon in India by Tuesday evening, as videos of the performance rocketed through the Twitter universe, were posted on Facebook and liked on YouTube.
While the video looks spontaneous, the act was carefully planned.
“One of the top items on my travel to-do list, which I never got around to in Europe, was to be a part of a flash mob,” one of the organizers of the mob, Shonan Kothari, formerly a researcher for Harvard Business School, said in a telephone interview. “Since India didn’t have anything of the sort, I figured I’d do it myself,” she said.
Getting over 200 people to participate in a choreographed dance in the middle of Mumbai’s bustling central railway station required a month of planning, including visits to three different departments at the station for security clearance. Atul Rane, senior divisional operations manager at Indian Railways, helped coordinate with other departments to organize the lighting, ladders and camera placements, Ms. Kothari said.
Then Ms. Kothari had to coordinate the dancers. “I had 325 people sign up within two days of sending out the e-mail,” she said. She didn’t spread the word on any social networking Web site, fearing too many people would show up. The dancers were taught the choreography in small batches over the course of two weeks in a Malabar Hill park.
While so-called flash mobs have been popular in the United States and Europe for years, the phenomenon has not really caught on in India. That may be about to change, judging by the amount of attention the video has garnered. A video of the dancing, put up on YouTube early Tuesday morning, had already been “liked” by 1,435 people by 6:30 in the evening.
The Mumbai Flash Mob, as it was dubbed, threatened to become a viral phenomenon in India by Tuesday evening, as videos of the performance rocketed through the Twitter universe, were posted on Facebook and liked on YouTube.
While the video looks spontaneous, the act was carefully planned.
“One of the top items on my travel to-do list, which I never got around to in Europe, was to be a part of a flash mob,” one of the organizers of the mob, Shonan Kothari, formerly a researcher for Harvard Business School, said in a telephone interview. “Since India didn’t have anything of the sort, I figured I’d do it myself,” she said.
Getting over 200 people to participate in a choreographed dance in the middle of Mumbai’s bustling central railway station required a month of planning, including visits to three different departments at the station for security clearance. Atul Rane, senior divisional operations manager at Indian Railways, helped coordinate with other departments to organize the lighting, ladders and camera placements, Ms. Kothari said.
Then Ms. Kothari had to coordinate the dancers. “I had 325 people sign up within two days of sending out the e-mail,” she said. She didn’t spread the word on any social networking Web site, fearing too many people would show up. The dancers were taught the choreography in small batches over the course of two weeks in a Malabar Hill park.
While so-called flash mobs have been popular in the United States and Europe for years, the phenomenon has not really caught on in India. That may be about to change, judging by the amount of attention the video has garnered. A video of the dancing, put up on YouTube early Tuesday morning, had already been “liked” by 1,435 people by 6:30 in the evening.
Two weeks later Govt Freezes the FDI retail proposal
NEW DELHI: A day after the Cabinet cleared a proposal allowing foreign retailers to own multi-brand stores, a contingent of Indian industrialists met industry and commerce minister Anand Sharma and thanked him for pushing through the much awaited proposal.
Two weeks later, the same bunch of industrialists are a nervous lot, after an UPA ally indicated on Saturday that the government would defer its ambitious retail liberalisation plans until a political consensus emerged. This sudden shift in government stance could wreck the plans of India's top retailers like Future Group, Bharti Retail, Spencer's Retail and Next, all of which were banking on foreign capital for their expansion and expertise to run a complex business like retail.
Senior executives of these four retailers said ever since the FDI announcement, they had stepped up their liaison and discussion with foreign retailers, with the hope that they would soon be able to bring the much required funds. Says Kishore Biyani, the chief executive of India's largest retailer, Future Group: "FDI would have provided a fresh lease of life." But now growth will slow down as funds are freezing up.
"We were growing at 25%-30% and foreign investment would have increased the growth rate to 40-50%. Currently, we are working hard on cash flows for generating investment." The group has been reportedly negotiating with multiple partners, including Carrefour.
Sumantra Banerjee, president (retail) at RP-Sanjiv Goenka Group, which runs the 230-plus Spencer's stores across India, says FDI in retail is a must as the sector needed fresh funds. "Foreign investment in the business would have accelerated Spencer's expansion plans." Spencer's is banking on retail FDI to attract funds to grow and break even by attracting investment in the back-end operations.
"We are in talks with multiple partners and expect to retain majority holding in the retail business. Investment from the foreign partner will help us to break even faster," chairman Sanjiv Goenka had said at a press conference the morning after the FDI announcement.
The group's retailing business logged revenues of Rs 1,056 crore and a loss of Rs 286 crore in 2010-11. Even Bharti Retail had announced its intention to partner with Walmart to set up multi-brand stores. "It is a bold move. We will start negotiations with Walmart soon," Bharti Group's vice-chairman and managing director Rajan Mittal had told ET.
Mittal was among the industrialists who met Sharma after the Cabinet approval. On November 24, the UPA cabinet had allowed foreign entities to own up to 51% stake in multi-brand retail and raised FDI in single-brand to 100% to boost foreign inflows into the sector and improve its infrastructure.
The government had argued that move will create lakhs of jobs, boost the agri sector and reduce wastage besides providing a better deal to the consumer. However, UPA allies Trinamool Congress and DMK vehemently opposed the move. TMC chief and West Bengal chief minister Mamata Banerjee on Saturday said Union finance minister Pranab Mukherjee had given her a commitment that the government would not to go ahead with the FDI decision until a consensus emerged on the issue.
Foreign retailers, who have been equally keen to get a slice of India's Rs 20 lakh crore retail market, have also begun to make enquiries about the latest development.
Reports
Two weeks later, the same bunch of industrialists are a nervous lot, after an UPA ally indicated on Saturday that the government would defer its ambitious retail liberalisation plans until a political consensus emerged. This sudden shift in government stance could wreck the plans of India's top retailers like Future Group, Bharti Retail, Spencer's Retail and Next, all of which were banking on foreign capital for their expansion and expertise to run a complex business like retail.
Senior executives of these four retailers said ever since the FDI announcement, they had stepped up their liaison and discussion with foreign retailers, with the hope that they would soon be able to bring the much required funds. Says Kishore Biyani, the chief executive of India's largest retailer, Future Group: "FDI would have provided a fresh lease of life." But now growth will slow down as funds are freezing up.
"We were growing at 25%-30% and foreign investment would have increased the growth rate to 40-50%. Currently, we are working hard on cash flows for generating investment." The group has been reportedly negotiating with multiple partners, including Carrefour.
Sumantra Banerjee, president (retail) at RP-Sanjiv Goenka Group, which runs the 230-plus Spencer's stores across India, says FDI in retail is a must as the sector needed fresh funds. "Foreign investment in the business would have accelerated Spencer's expansion plans." Spencer's is banking on retail FDI to attract funds to grow and break even by attracting investment in the back-end operations.
"We are in talks with multiple partners and expect to retain majority holding in the retail business. Investment from the foreign partner will help us to break even faster," chairman Sanjiv Goenka had said at a press conference the morning after the FDI announcement.
The group's retailing business logged revenues of Rs 1,056 crore and a loss of Rs 286 crore in 2010-11. Even Bharti Retail had announced its intention to partner with Walmart to set up multi-brand stores. "It is a bold move. We will start negotiations with Walmart soon," Bharti Group's vice-chairman and managing director Rajan Mittal had told ET.
Mittal was among the industrialists who met Sharma after the Cabinet approval. On November 24, the UPA cabinet had allowed foreign entities to own up to 51% stake in multi-brand retail and raised FDI in single-brand to 100% to boost foreign inflows into the sector and improve its infrastructure.
The government had argued that move will create lakhs of jobs, boost the agri sector and reduce wastage besides providing a better deal to the consumer. However, UPA allies Trinamool Congress and DMK vehemently opposed the move. TMC chief and West Bengal chief minister Mamata Banerjee on Saturday said Union finance minister Pranab Mukherjee had given her a commitment that the government would not to go ahead with the FDI decision until a consensus emerged on the issue.
Foreign retailers, who have been equally keen to get a slice of India's Rs 20 lakh crore retail market, have also begun to make enquiries about the latest development.
Reports
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