Until recently, private equity seemed to have shed its bad-boy image of 20 years ago, summed up in "Barbarians at the Gate", a bestselling business book, a DVD and a film about the takeover battle by Kohlberg Kravis Roberts (KKR) to buy RJR Nabisco.
The old arguments and criticism have surfaced again. Some commentators have begun to write about the death of capitalism. Strangely, the threat has come, not from some radical far-left group, nor from a major ideological opposite such as Communism or Fascism, but from capitalism itself.
In a recently concluded meeting of the 36 countries of the European Union Trade Confederation (ETUC), European trade unionists proposed a global fightback to counter the rapidly growing role of private equity in taking over established companies.
The call came as the ETUC demanded that British ministers end the favourable tax treatment for private equity, introduce new disclosure rules and protect the conditions of workers in takeover targets.
According to the Financial Times, "With the volume of buy-out activity across the world running at $667bn (£334bn) last year, large chunks of the global corporate sector are becoming less transparent. In jurisdictions such as the US, where there is no requirement for private companies to make accounts publicly available, much information about business activity is disappearing into a black hole."
Critics of private equity takeovers argue that the new breed of very large, highly leveraged deals manipulate rules to avoid paying tax.
Equity privateers thus stand accused of wielding power without responsibility.
Private equity is facing a backlash from trade unions and politicians who have to protect workers rights and their lay-offs. Therefore, private equity firms are coming under increasing pressure to improve disclosure and come closer to listed public company reporting standards.
In today's complex financial markets, the central banks acting as watch dogs will find more difficult to determine the economic risks of the highly leveraged buy-outs.
Private equity firms buy struggling companies, fix them up, and sell them off, generating huge returns for their stakeholders. They do it away from public scrutiny.
The majority of investment into private equity funds comes from institutional investors.
The most prolific investors into private equity funds in 2006 were public pension funds and banks and financial institutions, which together provided 40% of all commitments made globally according to data from London-based Private Equity Intelligence Ltd.
Other prominent groups investing in private equity include corporate pension plans, insurance companies, endowments, family offices and foundations.
Capitalism will have turn on its head to get the private equity to become more transparent.
Wednesday, May 23, 2007
Monday, May 21, 2007
Warring Words
Former US President Jimmy Carter, a Nobel Peace Prize winner has lambasted George W. Bush's presidency as "the worst in history" in international relations, taking aim at the White House’s policy of pre-emptive war and its Middle East diplomacy.
In an interview with the BBC Radio, He also denounced British Prime Minister Tony Blair's blind loyalty to Mr Bush.
Carter's stinging rebuke to President Bush which some presidential historians have described as unprecedented, was given in an interview to the Arkansas Democrat-Gazette.
In some equally strong words and blunt language, Carter accused the outgoing prime minister of Great Britain as being subservient to the United States president.
Carter also blasted the White House's Office of Faith-Based and Community Initiatives, which helps religious charities receive billions in federal grants.
"As a traditional Baptist, I've always believed in separation of church and state and honored that premise when I was president, and so have all other presidents, I might say, except this one," he said.
In an interview with the BBC Radio, He also denounced British Prime Minister Tony Blair's blind loyalty to Mr Bush.
Carter's stinging rebuke to President Bush which some presidential historians have described as unprecedented, was given in an interview to the Arkansas Democrat-Gazette.
In some equally strong words and blunt language, Carter accused the outgoing prime minister of Great Britain as being subservient to the United States president.
Carter also blasted the White House's Office of Faith-Based and Community Initiatives, which helps religious charities receive billions in federal grants.
"As a traditional Baptist, I've always believed in separation of church and state and honored that premise when I was president, and so have all other presidents, I might say, except this one," he said.
Sunday, May 20, 2007
Dubai ventures to eradicate illiteracy
Speaking at the World Economic Forum being held in Jordon, the ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, has declared that he is giving $10bn to set up an educational foundation in the Middle East.
The money is meant to improve the standard of education and research in the region, and aims to stimulate job creation, Sheikh Mohammed said.
It is thought to be one of the largest charitable donations in history.
He said the illiteracy rate in the Middle East is 18 percent for those under the age of 15, while for women in the region it is 43 percent. He also said the Arab world lags behind developed countries on scientific research spending.
Sheikh Mohammed who is also a successful racehorse owner is aiming to create "a knowledge-based society" in the Middle East.
Dubai is seen as the booming economic capital of the Middle East. This charitable gift will go a long way towards improving education.
Sheik Mohammed who is the oil-rich United Arab Emirates’ prime minister said, "Our region needs at this moment 15 million job opportunities, and our Arab world will need in the next 20 years between 74 to 85 million job opportunities."
The Mohammed Bin Rashid Al Maktoum Foundation will be based in Emirates and plans to begin handing out scholarships to students next year.
The money is meant to improve the standard of education and research in the region, and aims to stimulate job creation, Sheikh Mohammed said.
It is thought to be one of the largest charitable donations in history.
He said the illiteracy rate in the Middle East is 18 percent for those under the age of 15, while for women in the region it is 43 percent. He also said the Arab world lags behind developed countries on scientific research spending.
Sheikh Mohammed who is also a successful racehorse owner is aiming to create "a knowledge-based society" in the Middle East.
Dubai is seen as the booming economic capital of the Middle East. This charitable gift will go a long way towards improving education.
Sheik Mohammed who is the oil-rich United Arab Emirates’ prime minister said, "Our region needs at this moment 15 million job opportunities, and our Arab world will need in the next 20 years between 74 to 85 million job opportunities."
The Mohammed Bin Rashid Al Maktoum Foundation will be based in Emirates and plans to begin handing out scholarships to students next year.
Saturday, May 19, 2007
For walking or running
New Balance 825. Photo credit: Wendy Bumgardner © 2007
Shoe manufacturers are putting the best design and technology into running shoe styles, while walking shoe styles are being designed primarily for market appeal rather than performance. More details here.
Friday, May 18, 2007
PCB plays the blame game
Pakistan Cricket Board (PCB) has recently faced a barrage of scandals involving their international cricket team, starting with the infamous row with umpire Darrell Hair at England's Oval cricket ground in August 2006.
Pakistan's shock elimination from the 2007 Cricket World Cup, the mysterious death of the Pakistan coach Bob Woolmer, and a ferocious public backlash has forced the PCB to look for answers.
A commission set up by the PCB has blamed their legendary batsman and former captain Inzamam-ul-Haq, for their first-round exit from the World Cup.
"Inzamam's attitude was haughty and that of a dictator and more than one incident proved that," Ijaz Butt, head of the committee, told AFP. "Inzamam should have been removed from the captaincy. As a player he was world-class but his attitude was haughty during and before the tournament."
PCB's commission demonstrates a defeatist attitude. PCB's woeful management is at the heart of the problems faced by their team. Pakistan cricket has reeled from one controversy to another during the last eight months. The alleged ball tampering furore at Oval resulted in the only Test match forfeiture in cricket history.
From a doping saga involving key players, to captaincy issues, an overhaul of the cricket board, player-breakdowns and, of course, the age-old spectre of infighting, everything that could go wrong has gone wrong.
Inzamam was captain of the Pakistani cricket team from 2003 and blaming only him sounds like a cheap shot. It is a farcical gesture by an inapt PCB.
Following an absurd system of "hierarchal" leadership - where the most senior man, irrespective of the leadership ability is made captain, Inzamam was made the captain.
He was never a strong leader. His careful style of captaincy, which has submerged his batting brilliance, has been catastrophic for him and the team.
To singly blame Inzamam for Pakistan's apalling world cup defeat is an unfair assault on the integrity of a person who has brought much joy to fans all around the world.
The incompetence lies with the PCB for failing to put the house into order.
Post script: Inzamam repudiates the commission report, as being biased since two of the three-panel judges that condemned him are paid members of the PCB. It appears they only managed to find a scapegoat.
Pakistan's shock elimination from the 2007 Cricket World Cup, the mysterious death of the Pakistan coach Bob Woolmer, and a ferocious public backlash has forced the PCB to look for answers.
A commission set up by the PCB has blamed their legendary batsman and former captain Inzamam-ul-Haq, for their first-round exit from the World Cup.
"Inzamam's attitude was haughty and that of a dictator and more than one incident proved that," Ijaz Butt, head of the committee, told AFP. "Inzamam should have been removed from the captaincy. As a player he was world-class but his attitude was haughty during and before the tournament."
PCB's commission demonstrates a defeatist attitude. PCB's woeful management is at the heart of the problems faced by their team. Pakistan cricket has reeled from one controversy to another during the last eight months. The alleged ball tampering furore at Oval resulted in the only Test match forfeiture in cricket history.
From a doping saga involving key players, to captaincy issues, an overhaul of the cricket board, player-breakdowns and, of course, the age-old spectre of infighting, everything that could go wrong has gone wrong.
Inzamam was captain of the Pakistani cricket team from 2003 and blaming only him sounds like a cheap shot. It is a farcical gesture by an inapt PCB.
Following an absurd system of "hierarchal" leadership - where the most senior man, irrespective of the leadership ability is made captain, Inzamam was made the captain.
He was never a strong leader. His careful style of captaincy, which has submerged his batting brilliance, has been catastrophic for him and the team.
To singly blame Inzamam for Pakistan's apalling world cup defeat is an unfair assault on the integrity of a person who has brought much joy to fans all around the world.
The incompetence lies with the PCB for failing to put the house into order.
Post script: Inzamam repudiates the commission report, as being biased since two of the three-panel judges that condemned him are paid members of the PCB. It appears they only managed to find a scapegoat.
Thursday, May 17, 2007
Sarkozy vows to reverse economic decline
Mr. Nicolas Sarkozy, a conservative and former Interior minister known for his divisive rhetoric has won the French presidency in a tight race. He has pledged to remake France by a new style of leadership.
He has promised among other things, reducing unemployment, cutting taxes, keeping trains running during strikes, and moving away from an antiquated social welfare system. He wants to shrink the government bureaucracy and create new businesses opportunities.
An article in the Guardian draws a comparison between France and Germany. Both France and Germany have suffered economic stagnation and high unemployment.
In Germany, the conservative leader Angela Merkel, who promised sweeping reforms, has managed to control wage growth. This has helped to gain international competitiveness for German exports.
France is mired in a system of labour laws that work on fixed working hours, guaranteed benefits or lifetime employment. As a result productivity is down and French exporters have lost out in some of the international markets.
The British Guardian refers to a debate between "Anglo-Saxon" versus "European social model."
Anglo-Saxon economy or Anglo-Saxon capitalism (so called because it is largely practiced in English-speaking countries such as the United Kingdom, the Republic of Ireland, the United States, Canada, New Zealand and Australia) is a capitalist macroeconomic model in which levels of regulation and taxes are low, and government provides relatively fewer services.
In addition, Anglo-Saxon economies generally are more 'liberal' and free-market oriented than other capitalist economies in the world.
Countries in mainland Europe (such as France, Italy and Germany) possess a macroeconomic model called continental capitalism (also called Rhenan capitalism).
The debate amongst economists as to which economic model is better, circles around perspectives involving poverty, job insecurity, social services, and inequality.
Generally speaking, more liberal economies produce greater overall prosperity, while the continental models have lower growth, and a lower average standard of living, but lesser poverty at the lowest margins.
France has one of the world's largest economies and is a member of G8, the world's major industrialised democracies.
Mr Sarkozy is a an efficient administrator and the French will look up to him to bring them out of the economic quagmire.
He has promised among other things, reducing unemployment, cutting taxes, keeping trains running during strikes, and moving away from an antiquated social welfare system. He wants to shrink the government bureaucracy and create new businesses opportunities.
An article in the Guardian draws a comparison between France and Germany. Both France and Germany have suffered economic stagnation and high unemployment.
In Germany, the conservative leader Angela Merkel, who promised sweeping reforms, has managed to control wage growth. This has helped to gain international competitiveness for German exports.
France is mired in a system of labour laws that work on fixed working hours, guaranteed benefits or lifetime employment. As a result productivity is down and French exporters have lost out in some of the international markets.
The British Guardian refers to a debate between "Anglo-Saxon" versus "European social model."
Anglo-Saxon economy or Anglo-Saxon capitalism (so called because it is largely practiced in English-speaking countries such as the United Kingdom, the Republic of Ireland, the United States, Canada, New Zealand and Australia) is a capitalist macroeconomic model in which levels of regulation and taxes are low, and government provides relatively fewer services.
In addition, Anglo-Saxon economies generally are more 'liberal' and free-market oriented than other capitalist economies in the world.
Countries in mainland Europe (such as France, Italy and Germany) possess a macroeconomic model called continental capitalism (also called Rhenan capitalism).
The debate amongst economists as to which economic model is better, circles around perspectives involving poverty, job insecurity, social services, and inequality.
Generally speaking, more liberal economies produce greater overall prosperity, while the continental models have lower growth, and a lower average standard of living, but lesser poverty at the lowest margins.
France has one of the world's largest economies and is a member of G8, the world's major industrialised democracies.
Mr Sarkozy is a an efficient administrator and the French will look up to him to bring them out of the economic quagmire.
Wednesday, May 16, 2007
Mining online opportunities
The Internet has changed our life in several ways. Education is now a vital part of our life and our career. Education is now a continuous process throughout our entire life.
The e-learning has emerged, making learning the lifeblood of the knowledge economy.
You can pick among many roles in the e-learning economy. You can specialize in teaching businesses large or small computer basics, management techniques, or high-end programming skills.
You might create guides that help employees in the workplace. You can create Web sites that help learning process with young people, or training that helps seniors tune their Internet skills.
You can provide content or marketing help or technical services to other online learning firms. You can resell products. You can broker classes on behalf of other businesses, recruit students, resell CD-based courses, or engage in other middleman activities in the online learning economy.
There are endless variations in audience demographics, delivery methods, content and learning styles. Online learning is new and wide open.
Your ability to seize these opportunities depends only upon how well your skill set and delivery abilities match with these opportunities. The market opportunities are really only limited by your imagination.
The e-learning has emerged, making learning the lifeblood of the knowledge economy.
You can pick among many roles in the e-learning economy. You can specialize in teaching businesses large or small computer basics, management techniques, or high-end programming skills.
You might create guides that help employees in the workplace. You can create Web sites that help learning process with young people, or training that helps seniors tune their Internet skills.
You can provide content or marketing help or technical services to other online learning firms. You can resell products. You can broker classes on behalf of other businesses, recruit students, resell CD-based courses, or engage in other middleman activities in the online learning economy.
There are endless variations in audience demographics, delivery methods, content and learning styles. Online learning is new and wide open.
Your ability to seize these opportunities depends only upon how well your skill set and delivery abilities match with these opportunities. The market opportunities are really only limited by your imagination.
Microsoft takes on free software
Microsoft, one of the world's leading technology giants is no stranger to business controversy. Microsoft claims that free software like Linux, which runs a big chunk of corporate America, violates 235 of its patents. It wants users and distributors to pay royalties.
Patent licensing is a mega business in the United States. Patent licensing could earn companies hundreds of millions of dollars a year. It seems over half a billion dollars a year is spent on patent applications, and licensing revenues are in the tens of billions of dollars.
No wonder then Microsoft must have assembled hordes of lawyers to engage in patent litigation.
Since the US software patent system is a fervently contested idea, and patents are granted questionably, these lawyers make it their business to engage in court processes that are sometimes ridiculous.
Caught in the middle of this court argument are big corporate Linux users like Wal-Mart, AIG, and Goldman Sachs. Free-worlders say that if Microsoft prevails, the whole quirky ecosystem that produced Linux and other free and open-source software (FOSS) will be undermined.
Microsoft counters that it is a matter of principle. "We live in a world where we honor, and support the honoring of, intellectual property," says Ballmer in an interview. FOSS patrons are going to have to "play by the same rules as the rest of the business," he insists. "What's fair is fair."
Patent licensing is a mega business in the United States. Patent licensing could earn companies hundreds of millions of dollars a year. It seems over half a billion dollars a year is spent on patent applications, and licensing revenues are in the tens of billions of dollars.
No wonder then Microsoft must have assembled hordes of lawyers to engage in patent litigation.
Since the US software patent system is a fervently contested idea, and patents are granted questionably, these lawyers make it their business to engage in court processes that are sometimes ridiculous.
Caught in the middle of this court argument are big corporate Linux users like Wal-Mart, AIG, and Goldman Sachs. Free-worlders say that if Microsoft prevails, the whole quirky ecosystem that produced Linux and other free and open-source software (FOSS) will be undermined.
Microsoft counters that it is a matter of principle. "We live in a world where we honor, and support the honoring of, intellectual property," says Ballmer in an interview. FOSS patrons are going to have to "play by the same rules as the rest of the business," he insists. "What's fair is fair."
Monday, May 14, 2007
Facing sharks to create winning mind-set
An aquarium in Rimini, Italy is offering business executives the chance to swim with sharks to help them combat boardroom stress.
With 11 bull sharks around, people will have to face up to their fears. They will have to be assertive and attentive at all the times.
This isn't a game for sheer thrill. It is a course in personal development, rising above personal inhibitions.
After suitable training, daring executives were lowered, one by one, into a tank filled with 11 bull sharks in order to "overcome their personal limits".
The participants were instructed to "look into the sharks' eyes" from behind the safety of their steel cage.
This is not the kind of situation where a person can allow the mind to wander into fantasy land. He has to maintain focus and the right attitude, in order to overcome innate fears.
With 11 bull sharks around, people will have to face up to their fears. They will have to be assertive and attentive at all the times.
This isn't a game for sheer thrill. It is a course in personal development, rising above personal inhibitions.
After suitable training, daring executives were lowered, one by one, into a tank filled with 11 bull sharks in order to "overcome their personal limits".
The participants were instructed to "look into the sharks' eyes" from behind the safety of their steel cage.
This is not the kind of situation where a person can allow the mind to wander into fantasy land. He has to maintain focus and the right attitude, in order to overcome innate fears.
Sunday, May 13, 2007
Howard obstructs Australian cricket tour
This is politics clashing in the businsess of international sports.
Australian Prime Minister John Howard has ordered Australia's cricket team to pull out of their proposed tour of Zimbabwe, protesting the human rights record of Robert Mugabe's dictatorship.
The Australian Prime Minister said it was not fair to leave the decision up to Cricket Australia and the Australian players.
Cricket Australia is a member of the International Cricket Council, the ICC which is the governing body for international cricket.
The primary property of the ICC and its members is international cricket. The game is played for commercial purposes and does not have any political agenda.
Sponsorship and television rights of the World Cup brought in over US$1.6 billion between 2007 and 2015, by far the ICC’s main source of income.
Whether Zimbabwe is a country suitable to play international cricket is a matter that should be decided by the ICC.
Australian Prime Minister's intervention in this matter defeats the purpose of the ICC.
Australian Prime Minister John Howard has ordered Australia's cricket team to pull out of their proposed tour of Zimbabwe, protesting the human rights record of Robert Mugabe's dictatorship.
The Australian Prime Minister said it was not fair to leave the decision up to Cricket Australia and the Australian players.
Cricket Australia is a member of the International Cricket Council, the ICC which is the governing body for international cricket.
The primary property of the ICC and its members is international cricket. The game is played for commercial purposes and does not have any political agenda.
Sponsorship and television rights of the World Cup brought in over US$1.6 billion between 2007 and 2015, by far the ICC’s main source of income.
Whether Zimbabwe is a country suitable to play international cricket is a matter that should be decided by the ICC.
Australian Prime Minister's intervention in this matter defeats the purpose of the ICC.
Cold War between Manchester United and Chelsea
An interesting article in the BBC carries the title, "The Glazer family v Roman Abramovich."
Manchester United have won over Chelsea in the English Premier League, an event being referred to as the English football's own version of the Cold War.
American-owned Manchester United has fought with Russian-backed Chelsea in a conflict full ideological differences and tension reminiscent of the superpower rivalry between the United States and Soviet Union.
The United States has the capitalist economy and a free and open society while the Soviet Union was the one-party communist state with a controlled economy.
These differences are apparent in the style of management between American Glazers who own the Manchester United and the the tighter control imposed by the Russian Roman Abramovich over Chelsea.
Both owners are out to make money using the EPL as a robust product. The American approach of supporting one of the best football manager's with the financial resources and trusting him to do the job has won the day.
Chelsea's uninspiring football played with ruthless efficiency has lost out in the battle of winning the hearts and minds of passionate supporters.
Manchester United have won over Chelsea in the English Premier League, an event being referred to as the English football's own version of the Cold War.
American-owned Manchester United has fought with Russian-backed Chelsea in a conflict full ideological differences and tension reminiscent of the superpower rivalry between the United States and Soviet Union.
The United States has the capitalist economy and a free and open society while the Soviet Union was the one-party communist state with a controlled economy.
These differences are apparent in the style of management between American Glazers who own the Manchester United and the the tighter control imposed by the Russian Roman Abramovich over Chelsea.
Both owners are out to make money using the EPL as a robust product. The American approach of supporting one of the best football manager's with the financial resources and trusting him to do the job has won the day.
Chelsea's uninspiring football played with ruthless efficiency has lost out in the battle of winning the hearts and minds of passionate supporters.
Saturday, May 12, 2007
Greenspan warns of gloom for US economy
According to the former Federal Reserve chairman Alan Greenspan, the world's largest economy, the United States could be heading for recession.
New figures released showed retail sales in the U.S. unexpectedly tumbled last month, hit by a double whammy of higher petrol prices and a slowing housing market.
American consumers spent $372bn last month, a figure that is less than had been expected, giving rise to speculation that the Fed, under new chairman Ben Bernanke, may start cutting interest rates later this year.
The higher gasoline prices, combined with a weakening housing market and a softer job market, are weighing on consumers.
New figures released showed retail sales in the U.S. unexpectedly tumbled last month, hit by a double whammy of higher petrol prices and a slowing housing market.
American consumers spent $372bn last month, a figure that is less than had been expected, giving rise to speculation that the Fed, under new chairman Ben Bernanke, may start cutting interest rates later this year.
The higher gasoline prices, combined with a weakening housing market and a softer job market, are weighing on consumers.
Friday, May 11, 2007
A Quote on Personal Development
Promise Yourself:
To be so strong that nothing can disturb your peace of mind.
To talk health, happiness, and prosperity to every person you meet.
To make all your friends feel that there is something in them
To look at the sunny side of everything and make your optimism come true.
To think only the best, to work only for the best, and to expect only the best.
To be just as enthusiastic about the success of others as you are about your own.
To forget the mistakes of the past and press on to the greater achievements of the future.
To wear a cheerful countenance at all times and give every living creature you meet a smile.
To give so much time to the improvement of yourself that you have no time to criticize others.
To be too large for worry, too noble for anger, too strong for fear, and too happy to permit the presence of trouble.
To think well of yourself and to proclaim this fact to the world, not in loud words but great deeds.
To live in faith that the whole world is on your side so long as you are true to the best that is in you.
-Christian D. Larson
To be so strong that nothing can disturb your peace of mind.
To talk health, happiness, and prosperity to every person you meet.
To make all your friends feel that there is something in them
To look at the sunny side of everything and make your optimism come true.
To think only the best, to work only for the best, and to expect only the best.
To be just as enthusiastic about the success of others as you are about your own.
To forget the mistakes of the past and press on to the greater achievements of the future.
To wear a cheerful countenance at all times and give every living creature you meet a smile.
To give so much time to the improvement of yourself that you have no time to criticize others.
To be too large for worry, too noble for anger, too strong for fear, and too happy to permit the presence of trouble.
To think well of yourself and to proclaim this fact to the world, not in loud words but great deeds.
To live in faith that the whole world is on your side so long as you are true to the best that is in you.
-Christian D. Larson
Thursday, May 10, 2007
What's going wrong with Paris Hilton?
Socialite Paris Hilton, right, arrives for her probation-violation hearing at the Metropolitan courthouse last Friday with her parents Kathy Hilton, left and Rick Hilton, right. (AP Photo/Dan Steinberg)Paris Hilton has been sentenced a 45-day jail term. Paris was given the jail sentence on Friday after being found to have violated her probation for drink-driving by twice taking to the wheel and speeding while her license was suspended.
This is an apalling situation. The 26-year-old US celebrity and party girl is seen as a role model by many younger women. She has been living a roller coaster life as an adult, at times insanely out of control.
Her mother Kathy Hilton was 19 when she gave birth to Paris in 1981, just two years after marrying Rick Hilton, a real estate developer and an heir to the Hilton Hotel fortune.
When a homemade sex tape called "One Night in Paris" surfaced on the Internet, Kathy Hilton who is active in various charities characterized her daughter as a victim.
Kathy Hilton has publicly defended Paris before, calling her "vulnerable."
"She's eccentric, she's herself and she never hurts anybody," she told the London newspaper The Guardian in December 2005. "It upsets me that she gets taken advantage of, but I think we've all learned to deal with it."
It appears that Paris Hilton does not understand the meaning of responsibility. She also has to learn to accept the consequences of her actions.
Her misbehaviour is being perpetuated by the actions of her mother whose support is sending the wrong signal.
Paris Hilton has used her MySpace site to post a blog urging visitors to sign an online petition that asks California Governor Arnold Schwarzenegger for leniency regarding her drink driving conviction. It seems the petition has received almost 12,000 signatures so far.
Wednesday, May 09, 2007
Manchester United stumble against AFC's ego
The FA of Malaysia (FAM) have caved in to pressure from the Asian Football Confederation (AFC), the governing body of football in Asia.
FAM has ruled out Manchester United who enjoy huge support in Malaysia from playing in the country in July, during which time the Asian Cup will be played.
This decision comes as FIFA president Sepp Blatter called for the newly-crowned Premier League champions show some respect for Asian soccer .
The fear is that a tour by a big club as big as United will divert attention from the Asian Cup. In other words the fans will go to watch only Man United and not the Asian Cup matches.
Manchester United plan to kick off their tour against J-League champions Urawa Red Diamonds on July 17 in Saitama in Japan before travelling to the South Korean capital for a showdown with FC Seoul on July 20.
Alex Ferguson's team are then due to head to Macau for a match against Shenzhen on July 23.
They are due to end the tour agaionst a Malaysian XI in Kuala Lumpur on July 27, few days before the Asian Cup final will take place in Indonesia.
FA Malaysia had arranged the the United game, as part of the “Visit Malaysia 2007” campaign.
The high-handed approach taken by AFC towards the visit of one of the biggest clubs and the opportunity to play with the world's top players cannot be good for the game in Asia.
According to reports, when asked what message he had for United fans disappointed by any cancellation or rescheduling, AFC president Mohamed Bin Hammam said: “I would say Asia for Asians.”
That sounds like a xenophobic statement.
FAM has ruled out Manchester United who enjoy huge support in Malaysia from playing in the country in July, during which time the Asian Cup will be played.
This decision comes as FIFA president Sepp Blatter called for the newly-crowned Premier League champions show some respect for Asian soccer .
The fear is that a tour by a big club as big as United will divert attention from the Asian Cup. In other words the fans will go to watch only Man United and not the Asian Cup matches.
Manchester United plan to kick off their tour against J-League champions Urawa Red Diamonds on July 17 in Saitama in Japan before travelling to the South Korean capital for a showdown with FC Seoul on July 20.
Alex Ferguson's team are then due to head to Macau for a match against Shenzhen on July 23.
They are due to end the tour agaionst a Malaysian XI in Kuala Lumpur on July 27, few days before the Asian Cup final will take place in Indonesia.
FA Malaysia had arranged the the United game, as part of the “Visit Malaysia 2007” campaign.
The high-handed approach taken by AFC towards the visit of one of the biggest clubs and the opportunity to play with the world's top players cannot be good for the game in Asia.
According to reports, when asked what message he had for United fans disappointed by any cancellation or rescheduling, AFC president Mohamed Bin Hammam said: “I would say Asia for Asians.”
That sounds like a xenophobic statement.
Tuesday, May 08, 2007
Kim Clijsters hangs up her racket
The former U.S. Open champion and former world no:1 player, Kim Clijsters announced her retirement from international tennis last Sunday.
At the age of 23, Clijsters is one of the youngest tennis players to retire in an era when records, money or the cult of celebrity have driven many athletes to prolong their careers.
With the daily grind of keeping her body match-fit becoming more and more unbearable, she earmarked 2007 as her final season on the tour more than 20 months ago.
Her announcement did not come as a surprise especially since she did not want another injury to ruin her wedding to American basketball player Brian Lynch in July.
Clijsters earned nearly $15 million in prize money, during a ten year career.
Explaining why she decided to quit, the popular player said, "Money is important, but not the most important thing in my life," she added. "Health and a private life are so much more important."
Her glowing smile and friendliness has always drawn her admirers, but it has also led many to say she lacked the killer instinct and the mean attitude needed to win more slams.
She goes into retirement at the top of her game as she is currently ranked fourth in the world. She also has left the 10,000,000 plus inhabitants of Belgium with a lasting legacy after helping the country to win their first Fed Cup title in 2001.
Looking back on her career, commentators say that she believed in a fair go for everybody. She fought hard in every match but would still applaud with her racquet when an opponent hit a great shot.
While she will be remembered for her tennis, it is her courtesy and dignity that place her above many athletes.
Monday, May 07, 2007
Build Sound Character
SOUND CHARACTER IS OUR GREATEST ASSET BECAUSE IT PROVIDES THE POWER WITH WHICH WE MAY RIDE THE EMERGENCIES OF LIFE INSTEAD OF GOING DOWN UNDER THEM.
Without Positive Mental Attitude or PMA, life might be described as long periods of uncertainty punctuated by occasional emergencies that shake you to the very core of your being.
The emergencies may be financial, personal, or health related, but each must be dealt with separately and swiftly.
The surest way to deal with any crisis is to focus on solutions, not on the probable cause of the problem or who should be blamed for it.
Conduct a quick damage assessment, take the time to think through the alternatives and their consequences, and then act to implement the best solution.
If you deal with life’s emergencies as they occur-on your own terms-you will be a stronger, better person for having looked them in the eye and conquered them.
This positive message is from the Napoleon Hill Foundation. http://www.naphill.org/.
Without Positive Mental Attitude or PMA, life might be described as long periods of uncertainty punctuated by occasional emergencies that shake you to the very core of your being.
The emergencies may be financial, personal, or health related, but each must be dealt with separately and swiftly.
The surest way to deal with any crisis is to focus on solutions, not on the probable cause of the problem or who should be blamed for it.
Conduct a quick damage assessment, take the time to think through the alternatives and their consequences, and then act to implement the best solution.
If you deal with life’s emergencies as they occur-on your own terms-you will be a stronger, better person for having looked them in the eye and conquered them.
This positive message is from the Napoleon Hill Foundation. http://www.naphill.org/.
Sunday, May 06, 2007
Humanizing a chimpanzee
Early this year, a group of animal rights activists in Austria took up an unusual case to the court to get a 26-year-old male chimpanzee legally declared a "person."
A chimpanzee named Hiasl was kidnapped from Sierra Leone in the jungle and illegally brought to Austria in 1982 as an infant after his mother was killed by poachers.
He was sold to a vivisection lab, forced to live alone in a cage, and experimented on for many years before finally being released to a sanctuary.
However, the sanctuary has recently declared bankruptcy and Hiasl now faces the possibility of being sold back into the vivisection industry.
Hiasl's supporters argue that he needs the status to of a legal entity who can receive donations and get a guardian to look out for his interests.
They argue that the chimpanzee has the right to life, the right to not be tortured, the right to freedom under certain conditions.
According to reports on this groundbreaking trial, the judge has handed down a verdict rejecting the chimp's right to a legal guardian and its status of person hood.
The judge stated her concern that if she was to appoint a legal guardian for Hiasl, she feared that this would set a precedent, putting humans with legal guardians on the same level as animals.
Chimps share 99.4 percent of their DNA with humans but they are not homo sapiens. That does not mean they don't have rights. They do have rights that need to be protected.
Human beings can protect the rights of other species and provide stewardship where necessary even without going through a court procedure. Man is an ingenious creature and must stand up for the rights of others.
Saturday, May 05, 2007
120 Million for losing job
Controversial American shock jock Don Imus, 66, was dismissed April 12 after describing the Rutgers women's basketball team as "nappy-headed hos" on his nationally syndicated radio program.
He was barely three months into a five-year, $40 million contract with CBS, and his attorney has said Imus would sue for the contract's unpaid portion.
Reports suggest Imus will seek $120 million in unpaid salary and damages from CBS.
This case would involve 'free speech' which is a sacred right in the United States. If Imus engaged in racial abuse or hate speech in which criminal intent is alleged, a court should decide whether action is warranted against Imus.
A source told Fortune.com that Don Imus’ lawsuit highlights language in his contract which encouraged him to be confrontational and irreverent on the air. The contract also supposedly stipulates that Imus receive a warning prior to being fired.
CBS Radio has a delay button and if the host makes a racist remark that is unacceptable, the dump-button guy has to bleep out the remark before the content hits the airwaves. Apparently CBS failed to do this with the Imus incident.
Therefore in dismissing Imus, it appears that CBS caved into the emotions of some public pressure rather than go by contractual obligations.
It will be interesting to see how this case gets played out in the court.
He was barely three months into a five-year, $40 million contract with CBS, and his attorney has said Imus would sue for the contract's unpaid portion.
Reports suggest Imus will seek $120 million in unpaid salary and damages from CBS.
This case would involve 'free speech' which is a sacred right in the United States. If Imus engaged in racial abuse or hate speech in which criminal intent is alleged, a court should decide whether action is warranted against Imus.
A source told Fortune.com that Don Imus’ lawsuit highlights language in his contract which encouraged him to be confrontational and irreverent on the air. The contract also supposedly stipulates that Imus receive a warning prior to being fired.
CBS Radio has a delay button and if the host makes a racist remark that is unacceptable, the dump-button guy has to bleep out the remark before the content hits the airwaves. Apparently CBS failed to do this with the Imus incident.
Therefore in dismissing Imus, it appears that CBS caved into the emotions of some public pressure rather than go by contractual obligations.
It will be interesting to see how this case gets played out in the court.
Friday, May 04, 2007
Mixed singles- a new brand of tennis
Claycourt king Rafael Nadal wins in the battle of the surfaces. Photos: Reuters, AP
The organisers of this novel event experienced no problems save the worms that attacked the grass side of the court.
The only other difficulty- both players were allowed extra time during change overs to change shoes to suit each surface.
This is a nice try to put some fun back into the game apart from the brutal competitive spirit to win.
Thursday, May 03, 2007
AC Milan crush some dreams
Football is a magical game. It arouses passions like no other game does.
Milan, which has never lost to Manchester United over two legs, knocked the English team out of the European Championship as it did in the semifinals in 1958 and 1969, only with a superb performance.
The result ended United's hopes of repeating its 1999 treble of the Champions League, Premier League and FA Cup titles.
With history on its side, Milan has also crushed Manchester United's hopes of creating the first ever English final, were they to advance to the final and face familiar rivals Liverpool who beat Chelsea to book their berth in the final.
Greek authorities who have allotted to deploy 20,000 police officers from Athens and other Greek cities to control any violence at the final, would have a sigh of relief now that two English sides would not face each other.
Going up to defend a 3-2 lead from the first leg, United was acutely aware that they would have to play at their best to prevail over Milan .
As United manager Alex Ferguson ruefully said, "We never came out of the blocks.''
An Italian commentator wrote that it was an evening to remember both for Milan and Italian football as a whole for Milan's exhibition was majestic. He couldn't have been more true for this performance.
So the two most famous clubs in English football will not meet on the pitch of the Olympic Stadium in Athens, and neither will their followers have a chance to add to the existing ruins in that ancient city.
To the United manager's enduring credit, he acknowledged that his side was outclassed this time. There is no finger pointing at a refereeing conspiracy or an injury crisis.
Milan, which has never lost to Manchester United over two legs, knocked the English team out of the European Championship as it did in the semifinals in 1958 and 1969, only with a superb performance.
The result ended United's hopes of repeating its 1999 treble of the Champions League, Premier League and FA Cup titles.
With history on its side, Milan has also crushed Manchester United's hopes of creating the first ever English final, were they to advance to the final and face familiar rivals Liverpool who beat Chelsea to book their berth in the final.
Greek authorities who have allotted to deploy 20,000 police officers from Athens and other Greek cities to control any violence at the final, would have a sigh of relief now that two English sides would not face each other.
Going up to defend a 3-2 lead from the first leg, United was acutely aware that they would have to play at their best to prevail over Milan .
As United manager Alex Ferguson ruefully said, "We never came out of the blocks.''
An Italian commentator wrote that it was an evening to remember both for Milan and Italian football as a whole for Milan's exhibition was majestic. He couldn't have been more true for this performance.
So the two most famous clubs in English football will not meet on the pitch of the Olympic Stadium in Athens, and neither will their followers have a chance to add to the existing ruins in that ancient city.
To the United manager's enduring credit, he acknowledged that his side was outclassed this time. There is no finger pointing at a refereeing conspiracy or an injury crisis.
Wednesday, May 02, 2007
Chelsea's stars woes
Chelsea's manager Jose Mourinho is putting up a brave face. With Chelsea's loss to Liverpool last night at Anfield, Chelsea has been eliminated from the European Championship.
Liverpool have vanquished Jose Mourinho again and have booked a place in their seventh European Cup fnal. This is a soaring triumph for Liverpool and the Anfield faithful exploded with joy.
Chelsea's grasp on the English Premier League also looks out of their reach when they were held to a draw by Bolton last Saturday, on a day when rivals Manchester United won emphatically over Everton extending their lead at the top.
There has been talk of tension between the Russian billionaire Abramovich and his Portugese manager Mourinho all season. Losing the European Championship that the Chelsea owner craves most doesn't make Mourinho's job easier who already has enough problems of player injuries .
Chelsea's high-profile players have not delivered the results yet.
There were reports that Ukraine striker Shevchenko had refused to travel to Anfield after being told by manager Jose Mourinho he would not start the game, but Chelsea insisted the player was injured and played down rumours of a rift with the manager.
Another star player midfielder Michael Ballack, has reacted furiously at suggestions that he was putting Germany's international matches in June ahead of his club's end-of-season games.
Chelsea has star power, but as a team they haven't got the best out of the rich talent available. Under pressure Chelsea has crumbled to Liverpool, dashing their hopes of glory in Europe.
Liverpool have vanquished Jose Mourinho again and have booked a place in their seventh European Cup fnal. This is a soaring triumph for Liverpool and the Anfield faithful exploded with joy.
Chelsea's grasp on the English Premier League also looks out of their reach when they were held to a draw by Bolton last Saturday, on a day when rivals Manchester United won emphatically over Everton extending their lead at the top.
There has been talk of tension between the Russian billionaire Abramovich and his Portugese manager Mourinho all season. Losing the European Championship that the Chelsea owner craves most doesn't make Mourinho's job easier who already has enough problems of player injuries .
Chelsea's high-profile players have not delivered the results yet.
There were reports that Ukraine striker Shevchenko had refused to travel to Anfield after being told by manager Jose Mourinho he would not start the game, but Chelsea insisted the player was injured and played down rumours of a rift with the manager.
Another star player midfielder Michael Ballack, has reacted furiously at suggestions that he was putting Germany's international matches in June ahead of his club's end-of-season games.
Chelsea has star power, but as a team they haven't got the best out of the rich talent available. Under pressure Chelsea has crumbled to Liverpool, dashing their hopes of glory in Europe.
Tuesday, May 01, 2007
Cleaning up dirty Rap
Every generation has had groups of people who were off beat and who set radical and exciting trends that gained momentum against the established norms.
The baby boomer generation will remember the 1960s as the decade that brought the world the famous music group 'The Beatles' from England. A hippie counter culture started as a dissenting youth movement that opposed the Vietnam War and the corrupting influence of the institutional monolithic power.
In the 1980s, to young people the world over – from kids in the American ghettoes where Hip Hop started, to the white suburban middle class – gangsta rap is a way of rejecting their parents’ values, in the age-old tradition of Rock and Roll, and Punk.
At its worst, G-rap is itself racist, sexist, and glorifies violence. To people who promote this form of music, it describes real life, real problems of the underprivileged black community. Their music bring in to focus differences between black and white, rich and poor, male and female. They say that rap brings to white audiences the uncomfortable awareness of black suffering, anger and violence.
Of all the issues around Hip Hop, gangsta rap has the most power to ignite heated debate. There is even dispute over whether, as a sub-genre of Hip Hop, gangsta rap still exists in its original form. But to many young people today, this historic debate means nothing - gangsta rap is their music of choice.
While highlighting the plight of the underprivileged black community, the gangsta rap has sunk deep into the loathsome rut of the ghetto life. Some of them rap on poetry that incite racial hatred and use expletives glorifying mistreatment of women.
The problem is compounded as big businesses have jumped on the G-rap bandwagon, taking it across the airwaves into a huge money spinner.
Recently, CBS abruptly fired the controversial shock jock Don Imus from the radio show that he has hosted for nearly 30 years. His exit came a day after MSNBC said it would no longer televise it when it became clear that major sponsors pulled out from the show. CBS did not act on any moral conviction, but it was a business decision. Thus big business influenced this dramatic result.
Imus' description of the Rutgers women's basketball team as "nappy-headed hos" set off a national debate about taste and tolerance.
Hopefully some good can come out of this incident.
The baby boomer generation will remember the 1960s as the decade that brought the world the famous music group 'The Beatles' from England. A hippie counter culture started as a dissenting youth movement that opposed the Vietnam War and the corrupting influence of the institutional monolithic power.
In the 1980s, to young people the world over – from kids in the American ghettoes where Hip Hop started, to the white suburban middle class – gangsta rap is a way of rejecting their parents’ values, in the age-old tradition of Rock and Roll, and Punk.
At its worst, G-rap is itself racist, sexist, and glorifies violence. To people who promote this form of music, it describes real life, real problems of the underprivileged black community. Their music bring in to focus differences between black and white, rich and poor, male and female. They say that rap brings to white audiences the uncomfortable awareness of black suffering, anger and violence.
Of all the issues around Hip Hop, gangsta rap has the most power to ignite heated debate. There is even dispute over whether, as a sub-genre of Hip Hop, gangsta rap still exists in its original form. But to many young people today, this historic debate means nothing - gangsta rap is their music of choice.
While highlighting the plight of the underprivileged black community, the gangsta rap has sunk deep into the loathsome rut of the ghetto life. Some of them rap on poetry that incite racial hatred and use expletives glorifying mistreatment of women.
The problem is compounded as big businesses have jumped on the G-rap bandwagon, taking it across the airwaves into a huge money spinner.
Recently, CBS abruptly fired the controversial shock jock Don Imus from the radio show that he has hosted for nearly 30 years. His exit came a day after MSNBC said it would no longer televise it when it became clear that major sponsors pulled out from the show. CBS did not act on any moral conviction, but it was a business decision. Thus big business influenced this dramatic result.
Imus' description of the Rutgers women's basketball team as "nappy-headed hos" set off a national debate about taste and tolerance.
Hopefully some good can come out of this incident.
Monday, April 30, 2007
Furore over the flag
At both ends of the Cricket World Cup played at the Caribbean, the Indian National Flag was at the centre of a controversy.
Bollywood Star and TV anchor Mahindra Bedi was just recovering from the outrage of the Sikh Community for for displaying a Sikh religious symbol 'Ek Omkar'on her semi nude back below the neck as a tattoo.
"Ek Omkar" (God is One) are the first words of the Sikh scripture, the Guru Granth Sahib.
The Sikh community was incensed that Manhindra was hurting their religious sentiments. They demanded that she apologise and she promptly gave them one which was accepted.
The dust hardly settled down before she found herself in the news again, for the wrong reason.
Now she isn't just reporting the news. She is also news.
As the TV anchor hosting the final between Sri Lanka and Australia, to the dismay of many Indians she came into the show wearing a saree - designed by Puneet Nanda of designer label Satya Paul — that had flags of all countries in the World Cup.
TV footage showed that the Indian flag appeared in the folds of her saree below her knee, near her foot. Soon she realised the storm she caused again. She changed her saree and the show continued. She and her designer offered a profound apology but the damage was already done.
A Jaipur resident, accused Mandira of disrespecting the tricolour by wearing it as a design on her sari and has lodged a police case against her.
Before the World Cup began, India's star batsman Sachin Tendulkar found himself unintentionally flouting the national flag. At a party on March 11 held by the Indian High Commissioner to Jamaica, K L Agrawal, Tendulkar was seen cutting a cake.
It would seem that there is nothing wrong here for a party that included the entire Indian team. But there was a problem. Photographs clearly showed the tricolours of the Indian flag on the cake.
As per the Prevention of Insults to National Honour Act, 1971, not only is this act unethical and insensitive, but it also amounts to an offence with a maximum of three years imprisonment or fine or both.
The Indian Cricket Board quickly reacted to calm the irritated nerves. They said the incident should not be blown out of proportion as Tendulkar was a person who would never show any disrespect to the national flag.
"Tendulkar has spoken to me. He says that the function was organised by the India High Commission and with so many people around he did not realise the colour of the cake when he was suddenly asked to cut it," BCCI Vice President Rajeev Shukla said.
Shukla said that Tendulkar could not be held responsible as it was a function organised by the Indian High Commission.
"The High Commission should have taken care of these things".
"Tendulkar will not do such a thing intentionally. He respects the national flag and had even sought permission to use the tricolour on his helmet. If an explanation is sought, it should be sought from the Indian High Commission", Shukla said.
The Union Minister of State for Home, Sriprakash Jaiswal said that in all probability it was unintentional.
"The person who made the cake should be held responsible for this," he said.
Irony over irony- imagine the fall guy who has to bear responsibility.
Sunday, April 29, 2007
Playing mind games
In soccer, the English Premier League or EPL is widely regarded as one of the best leagues in the world along with Spain's La Liga and Italy's Serie A.
As the EPL season is drawing closer to the end, tensions are rising between the title contenders; defending champion Chelsea following closely on the heels of the current leader Manchester United.
The tensions rose to fever-pitch this week when Chelsea's outspoken manager Jose Mourinho alleged that Manchester United have benefited from refereeing bias this season.
Although Manchester United's manager Alex Ferguson gave a pass to Mourinho's barbs, Man United's supremely confident Ronaldo decided to jump in against his countryman.
In a remarkable exchange of insults, Portuguese television viewers were treated to their country's most famous manager accusing their country's most famous player of "lying" and warning Ronaldo that he would never be the best player in the world.
Mourinho was responding to a slight from Ronaldo that the Chelsea manager did not "know how to deal with his failures".
With Chelsea on for an unprecedented quadruple of trophies, and United chasing the treble, feelings are understandably running high.
The latest saga began after his Chelsea's draw with Newcastle, when Mourinho announced, tongue-in-cheek, that there were "new rules" that dictated his side would not be awarded penalties and that United would not have penalties awarded against them.
When the competition is this intense, managers of the top teams routinely indulge in playing mind games before the players take to the field, in order to gain a psychological advantage over opponents.
We saw the ugly side of players behaviour in the world cup final of 2006 between France and Italy played in Germany.
Zinedine Zidane, a three-time FIFA world player of the year, who is known to have a temper, was touted throughout the match by the Italian defender Materazzi, calling names and hurling him abusive language.
In the dying minutes of the evenly balanced game , to everyone's surprise, Zidane head-butted Materazzi. Zidane was ejected from the match, unceremoniously ending a glorious career. France lost the match on penalties plunging a nation into mass mourning.
As the EPL season is drawing closer to the end, tensions are rising between the title contenders; defending champion Chelsea following closely on the heels of the current leader Manchester United.
The tensions rose to fever-pitch this week when Chelsea's outspoken manager Jose Mourinho alleged that Manchester United have benefited from refereeing bias this season.
Although Manchester United's manager Alex Ferguson gave a pass to Mourinho's barbs, Man United's supremely confident Ronaldo decided to jump in against his countryman.
In a remarkable exchange of insults, Portuguese television viewers were treated to their country's most famous manager accusing their country's most famous player of "lying" and warning Ronaldo that he would never be the best player in the world.
Mourinho was responding to a slight from Ronaldo that the Chelsea manager did not "know how to deal with his failures".
With Chelsea on for an unprecedented quadruple of trophies, and United chasing the treble, feelings are understandably running high.
The latest saga began after his Chelsea's draw with Newcastle, when Mourinho announced, tongue-in-cheek, that there were "new rules" that dictated his side would not be awarded penalties and that United would not have penalties awarded against them.
When the competition is this intense, managers of the top teams routinely indulge in playing mind games before the players take to the field, in order to gain a psychological advantage over opponents.
We saw the ugly side of players behaviour in the world cup final of 2006 between France and Italy played in Germany.
Zinedine Zidane, a three-time FIFA world player of the year, who is known to have a temper, was touted throughout the match by the Italian defender Materazzi, calling names and hurling him abusive language.
In the dying minutes of the evenly balanced game , to everyone's surprise, Zidane head-butted Materazzi. Zidane was ejected from the match, unceremoniously ending a glorious career. France lost the match on penalties plunging a nation into mass mourning.
Saturday, April 28, 2007
International cricket has lost its soul
Malcolm Speed, chief executive of the International Cricket Council(ICC) commenting on the mysterious death of Pakistan coach Bob Woolmer, said: "We must demonstrate that cricket cannot be put off by a criminal cowardly act."
Woolmer an outstanding former player and a devoted coach was found dead in his room, under suspicious circumstances the night after his team was unexpectedly knocked out in the first of the World cup at Caribbean.
This was a sordid crisis for international cricket against the background of past incidents of match-fixing which is a huge illegal industry in the sub-continent.
Speed's comment quickly was echoed by other pundits who claimed, "the games must go on." These words seem rather hollow when you consider that Woolmer was one of their own and ICC does share a collective responsibility.
Cricket used to be the gentleman's game which is reflected in the white attire that players wear for the longer version of 5-day test matches.
The game has now been corporatised to attract big money between competing nations in the limited overs series of the one-day games. For these limited-over games players don the colours of their national flags and the game is played evoking national pride.
Free market capitalism now drives a vast machinery over the simple pleasure and joy of playing the game. The genteel nature of the game's tradition has been replaced by the greed for making huge profits from sponsorship and merchandising.
The International Cricket Council (ICC), the sports governing body has announced that the sale of sponsorship rights for the eight-year period starting after the completion of the current World Cup in Caribbean is expected to bring in $500 million on top of the $1.1 billion for the sale of broadcast rights to ESPN-STAR Sports.
With more one billion fanatical cricket fans, The Board of Control for Cricket in India, or BCCI, is richest sporting body and one of the richest sports team or body in the whole world.
The over-reaction to the Indian cricket team's early elimination from the World Cup after its defeat by Sri Lanka has been so gross that one must worry about the future of that sport in India, with all its identifications with national self-esteem, honour, and its numerous connections with media exposure, advertising, corporate sponsorship, and not least, gambling.
The Indian players, once elevated to the status of demi-gods, have suddenly become demons, devils, villains, and worse, traitors.
This cricket obsession isn't natural or spontaneous. It has been systematically cultivated or manufactured through multi-billion dollar marketing, sales promotion and advertising.
In India, cricket is more than a national pastime, it is a fanatical obsession of millions, a few die-hard fans would rather die than see the humiliation of their team being knocked out .
Indian top star players make millions of Rupees a year for endorsing products ranging from shoes and cosmetics to foods and drinks.
Big Corporations invest in everything, from cricket-related ground events, trophy tours, consumer promotion and glamour shows. The all-pervasive, predatory and manipulative influence of corporations in cricket wouldn't have become possible without ICC turning this beautiful game into a profit seeking giant.
Even in the world cup at the Caribbean this time, most of the games had half filled stadiums as the price of tickets was set too high. ICC didn't quite figure out how to set ticket prices to attract more supporters in a contest that maintains a four-year cycle. For the fans this world cup is a huge disappointment, but it appears ICC is pleased that it has made money nevertheless.
Woolmer an outstanding former player and a devoted coach was found dead in his room, under suspicious circumstances the night after his team was unexpectedly knocked out in the first of the World cup at Caribbean.
This was a sordid crisis for international cricket against the background of past incidents of match-fixing which is a huge illegal industry in the sub-continent.
Speed's comment quickly was echoed by other pundits who claimed, "the games must go on." These words seem rather hollow when you consider that Woolmer was one of their own and ICC does share a collective responsibility.
Cricket used to be the gentleman's game which is reflected in the white attire that players wear for the longer version of 5-day test matches.
The game has now been corporatised to attract big money between competing nations in the limited overs series of the one-day games. For these limited-over games players don the colours of their national flags and the game is played evoking national pride.
Free market capitalism now drives a vast machinery over the simple pleasure and joy of playing the game. The genteel nature of the game's tradition has been replaced by the greed for making huge profits from sponsorship and merchandising.
The International Cricket Council (ICC), the sports governing body has announced that the sale of sponsorship rights for the eight-year period starting after the completion of the current World Cup in Caribbean is expected to bring in $500 million on top of the $1.1 billion for the sale of broadcast rights to ESPN-STAR Sports.
With more one billion fanatical cricket fans, The Board of Control for Cricket in India, or BCCI, is richest sporting body and one of the richest sports team or body in the whole world.
The over-reaction to the Indian cricket team's early elimination from the World Cup after its defeat by Sri Lanka has been so gross that one must worry about the future of that sport in India, with all its identifications with national self-esteem, honour, and its numerous connections with media exposure, advertising, corporate sponsorship, and not least, gambling.
The Indian players, once elevated to the status of demi-gods, have suddenly become demons, devils, villains, and worse, traitors.
This cricket obsession isn't natural or spontaneous. It has been systematically cultivated or manufactured through multi-billion dollar marketing, sales promotion and advertising.
In India, cricket is more than a national pastime, it is a fanatical obsession of millions, a few die-hard fans would rather die than see the humiliation of their team being knocked out .
Indian top star players make millions of Rupees a year for endorsing products ranging from shoes and cosmetics to foods and drinks.
Big Corporations invest in everything, from cricket-related ground events, trophy tours, consumer promotion and glamour shows. The all-pervasive, predatory and manipulative influence of corporations in cricket wouldn't have become possible without ICC turning this beautiful game into a profit seeking giant.
Even in the world cup at the Caribbean this time, most of the games had half filled stadiums as the price of tickets was set too high. ICC didn't quite figure out how to set ticket prices to attract more supporters in a contest that maintains a four-year cycle. For the fans this world cup is a huge disappointment, but it appears ICC is pleased that it has made money nevertheless.
Friday, April 27, 2007
Stephen Hawking flies weightless
Zero Gravity Corporation, the private company that operates the zero gravity simulating plane has offered a free ride to the famed Cambridge professor Stephen Hawking
The 65-year-old scientist, who is confined to a wheelchair due to a degenerative disease , said he wanted to make the flight to build awareness for the importance of space exploration.
"I believe that life on Earth is at an ever-increasing risk of being wiped out by a disaster such as sudden global warming, nuclear war, a genetically engineered virus or other dangers," Hawking said before his flight.
With four doctors and two nurses on hand, the astrophysicist took upto an altitude of about 24,000ft above ground. The plane, a specially modified Boeing 727 jet, hikes steeply towards the sky, then arches over to plunge downward. The descent temporarily lifts the bonds of gravity.
The professor's verdict after the flight which was evident from his broad grin before he twitched the controls of his computer, : "I could have gone on and on."
He had no problem with the experience.
Pope goes green
Finally the Vatican has sent a strong signal calling on the faithful to protect the earth. Mother earth is in pitiful state and several species may get wiped out due to the looming changes expected on the climate caused by industrial pollution and global warming.
The Vatican yesterday added its voice to the alarms from churches around the world that abuse of the environment is against God's will. The Pope has urged that the one billion-strong Catholic church must become far greener.
At the Vatican conference on climate change, Pope Benedict urged bishops, scientists and politicians - including UK environment secretary David Miliband - to "respect creation" while "focusing on the needs of sustainable development".
An interesting speculation among some evangelical leaders suggest that global warming is not human induced and they have argued that the collapse of the world is inevitable and will herald the second coming of Christ.
Their younger leaders who have broken ranks with them are working to influence politicians and financiers formulate environmentally sound polices to bring about sustainable development.
The Vatican yesterday added its voice to the alarms from churches around the world that abuse of the environment is against God's will. The Pope has urged that the one billion-strong Catholic church must become far greener.
At the Vatican conference on climate change, Pope Benedict urged bishops, scientists and politicians - including UK environment secretary David Miliband - to "respect creation" while "focusing on the needs of sustainable development".
An interesting speculation among some evangelical leaders suggest that global warming is not human induced and they have argued that the collapse of the world is inevitable and will herald the second coming of Christ.
Their younger leaders who have broken ranks with them are working to influence politicians and financiers formulate environmentally sound polices to bring about sustainable development.
Wednesday, April 25, 2007
Second Earth has thirteen days a year
This artist's rendering, released by European Southern Observatory, shows the planetary system around the red dwarf Gliese 581.
Photo: AP/ESO
More on this story here.
Tuesday, April 24, 2007
Yeltsin leaves a mixed legacy
Boris Nikolayevich Yeltsin, the man who defeated decades of communism and became first democratically elected president of Russia in the post-Soviet era, is dead at the age of 76.
Commentators in the Russian media are assessing the controversial career and political legacy of the larger-than-life Yeltsin who served as president from 1991 to 1999.
The image of Yeltsin standing on a tank outside the Russian Parliament in defiance of communist hard-core loyalists is etched in the collective conscience of the Russian people.
While world leaders are hailing Yeltsin as a courageous leader whose unwavering determination brought democracy to Russia, many Russians blame him for the hardships unleashed by free market reforms.
Yeltsin's new capitalism got rid of massive subsisidies while the free market reforms allowed unrestriced prices to be set by private parties, plunging millions into poverty overnight.
Introducing capitalistic free market into a communist culture was a daunting challenge for Yeltsin who became more unpopular in his later years.
Yeltsin's health deteriorated from the excess of heavy drinking which became the subject of many jokes, creating an unfavourable image at home and abroad.
Mikhail Gorbachev, the last Soviet president, summed up the complexity of Yeltsin's legacy in a condolence statement minutes after the death was announced. He referred to Yeltsin as one "on whose shoulders are both great deeds for the country and serious errors," according to the news agency Interfax.
To his credit, Yeltsin carried his country through a turbulent transformation with far less bloodshed than many had feared, and the new Russia is his legacy.
Commentators in the Russian media are assessing the controversial career and political legacy of the larger-than-life Yeltsin who served as president from 1991 to 1999.
The image of Yeltsin standing on a tank outside the Russian Parliament in defiance of communist hard-core loyalists is etched in the collective conscience of the Russian people.
While world leaders are hailing Yeltsin as a courageous leader whose unwavering determination brought democracy to Russia, many Russians blame him for the hardships unleashed by free market reforms.
Yeltsin's new capitalism got rid of massive subsisidies while the free market reforms allowed unrestriced prices to be set by private parties, plunging millions into poverty overnight.
Introducing capitalistic free market into a communist culture was a daunting challenge for Yeltsin who became more unpopular in his later years.
Yeltsin's health deteriorated from the excess of heavy drinking which became the subject of many jokes, creating an unfavourable image at home and abroad.
Mikhail Gorbachev, the last Soviet president, summed up the complexity of Yeltsin's legacy in a condolence statement minutes after the death was announced. He referred to Yeltsin as one "on whose shoulders are both great deeds for the country and serious errors," according to the news agency Interfax.
To his credit, Yeltsin carried his country through a turbulent transformation with far less bloodshed than many had feared, and the new Russia is his legacy.
Bad Parenting and Free Speech
Actor Alec Baldwin's verbal tirade against his 11-year-old daughter was exposed last Thursday by the celebrity Web site TMZ.com. They posted a recording of the abusive phone message Baldwin had left the child, calling her a “rude, thoughtless little pig.”
Baldwin who has apologized for his outburst has accused his ex-wife Kim Basinger, alleging that she leaked a private message to the public. The couple have fought a bitter six-year custody battle over their child.
In the United States the freedom of the press to report and inform the public is a right guaranteed by the bill of rights or the constitution. The purpose being to make it possible for the citizens to make informed choices and decisions.
Thus, information that is brought into the public domain ought to have some benefit for the public good or must contribute to the greater good of society.
What good is there in publicly exposing Baldwin's over-the-top outburst meant only for his daughter?
If Baldwin's rant and name calling rises to the level of domestic abuse, this matter ought to have referred to the court rather bring it for public consumption. Repeating his threatening remarks in the 24-hour news cycle only causes more pain and hurt to his daughter.
It is pathetic to see adults acting in this manner.
Baldwin who has apologized for his outburst has accused his ex-wife Kim Basinger, alleging that she leaked a private message to the public. The couple have fought a bitter six-year custody battle over their child.
In the United States the freedom of the press to report and inform the public is a right guaranteed by the bill of rights or the constitution. The purpose being to make it possible for the citizens to make informed choices and decisions.
Thus, information that is brought into the public domain ought to have some benefit for the public good or must contribute to the greater good of society.
What good is there in publicly exposing Baldwin's over-the-top outburst meant only for his daughter?
If Baldwin's rant and name calling rises to the level of domestic abuse, this matter ought to have referred to the court rather bring it for public consumption. Repeating his threatening remarks in the 24-hour news cycle only causes more pain and hurt to his daughter.
It is pathetic to see adults acting in this manner.
Monday, April 23, 2007
Money and Power
Money is a symbol that represents the value of goods and services. The acceptance of any object as money involves the consent of both the individual user and the community.
Thus, all money has a psychological and a social as well as an economic dimension. As human consciousness has evolved, the nature and function of money has evolved too.
Power is broadly defined as "the capacity to bring about change." It takes many forms, comes from many places, and is measured in many ways.
Here is an answer that the social thinker Professor John Kenneth Galbraith gave during a discourse about these very complex emotions.
"There are two things that people pursue in life, not wholly unrelated.
One is money and the other is power. And we see this and take it for granted. The attraction of power we take for granted in politics, in your field, where people spend tens of thousands, hundreds of thousands, and now millions of dollars in order to have positions in Washington or Sacramento or wherever, where they have power.
But in economics, classical and neoclassical economics, that has no particular role. The thrust there is for pecuniary return, for money. And I have always felt, and still feel very strongly, that that denies in the economic world a very large part of the motivation.
People want to be head of General Motors, or General Electric, or General Mills, or another of the other, shall we say, "generals" -- they want those jobs certainly for the income that is returned. But the income is itself a measure of the prestige and power, authority, that goes with achieving those positions.
And so I have tried in some of my writing, how successfully I don't know, to bring power back into a role in economic motivation. I gave an address some years ago which has been quite widely reproduced, my presidential address of the American Economics Association, I called "Power and the Useful Economist." One is not useful in economics unless one brings the thrust for power into appreciation, consideration."
Thus, all money has a psychological and a social as well as an economic dimension. As human consciousness has evolved, the nature and function of money has evolved too.
Power is broadly defined as "the capacity to bring about change." It takes many forms, comes from many places, and is measured in many ways.
Here is an answer that the social thinker Professor John Kenneth Galbraith gave during a discourse about these very complex emotions.
"There are two things that people pursue in life, not wholly unrelated.
One is money and the other is power. And we see this and take it for granted. The attraction of power we take for granted in politics, in your field, where people spend tens of thousands, hundreds of thousands, and now millions of dollars in order to have positions in Washington or Sacramento or wherever, where they have power.
But in economics, classical and neoclassical economics, that has no particular role. The thrust there is for pecuniary return, for money. And I have always felt, and still feel very strongly, that that denies in the economic world a very large part of the motivation.
People want to be head of General Motors, or General Electric, or General Mills, or another of the other, shall we say, "generals" -- they want those jobs certainly for the income that is returned. But the income is itself a measure of the prestige and power, authority, that goes with achieving those positions.
And so I have tried in some of my writing, how successfully I don't know, to bring power back into a role in economic motivation. I gave an address some years ago which has been quite widely reproduced, my presidential address of the American Economics Association, I called "Power and the Useful Economist." One is not useful in economics unless one brings the thrust for power into appreciation, consideration."
Meetings
Meetings are a great trap. Soon you find yourself trying to get agreement and then the people who disagree come to think they have a right to be persuaded. However, they are indispensable when you don't want to do anything.
Sunday, April 22, 2007
Brian Lara departs a flawed genius
Over a career that spanned 17 years, Brian Lara has been a batting supremo of mesmerising charm who has entertained crowds on the world stage of international cricket.
To many of his fans and cricket lovers, the end came too soon when a terrible mix-up with Marlon Samuels limited Brian Lara to just 18 in his final international innings yesterday.
With a Test average of 52.88 from 131 matches and an ODI average of more than 40, Lara has done enough to look back with pride on a glorious career.
Lara who came into the West Indies team in the early 1990s, when there were still great cricketers, has been criticised as setting the wrong example. The West Indians' practices, according to observers, have been the shoddy and undisciplined consequences of late-night partying.
With Lara's team already out of the world cup, Lara has been roundly criticised during this World Cup campaign, with legends of the past dismissive of both the team's performances and preparation.
Lara has captioned his team thrice and few have made the game look better than he did. For better or for worse, no one else has shown such individual brilliance in a team sport.
Cheers to Brian Lara.
To many of his fans and cricket lovers, the end came too soon when a terrible mix-up with Marlon Samuels limited Brian Lara to just 18 in his final international innings yesterday.
With a Test average of 52.88 from 131 matches and an ODI average of more than 40, Lara has done enough to look back with pride on a glorious career.
Lara who came into the West Indies team in the early 1990s, when there were still great cricketers, has been criticised as setting the wrong example. The West Indians' practices, according to observers, have been the shoddy and undisciplined consequences of late-night partying.
With Lara's team already out of the world cup, Lara has been roundly criticised during this World Cup campaign, with legends of the past dismissive of both the team's performances and preparation.
Lara has captioned his team thrice and few have made the game look better than he did. For better or for worse, no one else has shown such individual brilliance in a team sport.
Cheers to Brian Lara.
Saturday, April 21, 2007
The benefit of a positive mental attitude
YOUR MENTAL ATTITUDE IS THE MOST DEPENDABLE KEY TO YOUR PERSONALITY.
Your view of yourself will greatly influence how others perceive you. If you are a confident, cheerful, positive person, your co-workers, friends, and family will be attracted to your personality.
If you are unhappy, negative, and always complaining about your situation, others will be repelled. Even when at times you don’t feel very happy, by forcing yourself to behave in a positive fashion, you will find that you soon feel genuinely upbeat, because your subconscious mind doesn’t know the difference between an artificial emotion and the real thing. When you behave positively, you will positively influence everyone around you-including yourself.
This positive message is by the Napoleon Hill Foundation. http://www.naphill.org/.
Thursday, April 19, 2007
India is innovating...
The full title of Rediff's article reads: 'India is innovating its way out of poverty.'
A pioneering research published on April 9 in Nature Biotechnology said that India's health biotech firms are emerging as major global players, with growing means and knowhow to produce innovative as well as generic drugs and vaccines at a fraction of a cost compared to those produced by global giants.
"India is innovating its way out of poverty . . . it is poised to revolutionise biotechnology just as it did the information technology industry," says Professor Peter A Singer, principal author of the research study.
India has a number of poverty reduction programmes initiated since the 1960s.
India is a federation of states and 75% of indian population depends on agriculture whereas its contribution of agriculture to the GDP was 22%.
For most of its post-independence history, India adhered to a quasi-socialist approach, with strict government control over private sector participation, foreign trade, and foreign direct investment.
However, since 1991, India has gradually opened up its markets through economic reforms and reduced government controls on foreign trade and investment.
In the 1980s and early 1990s, Indian government programs attempted to provide basic needs at stable, low prices; to increase income through pricing and regulations, such as supplying water from irrigation works, fertilizer, and other inputs; to foster location of industry in backward areas; to increase access to basic social services, such as education, health, and potable water supply; and to help needy groups and deprived areas.
Nothwithstanding a vibrant economy and the tremendous innovation that is taking place in the service industries, India still has many challenges in the distribution of wealth and poverty reduction. India has world's largest concentration of people in poverty-more than 300 million.
A pioneering research published on April 9 in Nature Biotechnology said that India's health biotech firms are emerging as major global players, with growing means and knowhow to produce innovative as well as generic drugs and vaccines at a fraction of a cost compared to those produced by global giants.
"India is innovating its way out of poverty . . . it is poised to revolutionise biotechnology just as it did the information technology industry," says Professor Peter A Singer, principal author of the research study.
India has a number of poverty reduction programmes initiated since the 1960s.
India is a federation of states and 75% of indian population depends on agriculture whereas its contribution of agriculture to the GDP was 22%.
For most of its post-independence history, India adhered to a quasi-socialist approach, with strict government control over private sector participation, foreign trade, and foreign direct investment.
However, since 1991, India has gradually opened up its markets through economic reforms and reduced government controls on foreign trade and investment.
In the 1980s and early 1990s, Indian government programs attempted to provide basic needs at stable, low prices; to increase income through pricing and regulations, such as supplying water from irrigation works, fertilizer, and other inputs; to foster location of industry in backward areas; to increase access to basic social services, such as education, health, and potable water supply; and to help needy groups and deprived areas.
Nothwithstanding a vibrant economy and the tremendous innovation that is taking place in the service industries, India still has many challenges in the distribution of wealth and poverty reduction. India has world's largest concentration of people in poverty-more than 300 million.
Wednesday, April 18, 2007
US mourns campus mass murder
Heart-breaking stories of the all too familiar school shootings has happened yet again.
Tragically a deranged senior student brutally gunned down the lives of 32 people including students and teachers of Virginia Tech University on Monday.
Virginia Tech - a sprawling complex of over 100 buildings on 2,600 acres - has 26,000 residents.
Monday's shootings occurred in two separate locations, two hours apart.
It was the worst since Charles Whitman went to the top of a tower at the University of Texas on Aug. 1, 1966, and opened fire. He killed 15 people, including his mother and wife the night before, and wounded 31 others.
The massacre Monday took place almost eight years to the day after the Columbine High bloodbath near Littleton, Colorado. On April 20, 1999, two teenagers killed 12 fellow students and a teacher before taking their own lives.
As police begin to unravel how 32 people were killed , the authorities were facing tough questions over why they waited more than two hours to inform staff and students of the first murders.
Were there any warning signs that may have given out clues that one of their own students could embark on this ferocious killing spree?
In the wake of this tragedy many questions are being asked and will stir the US debate over gun control and what drives people to go on shooting rampages through schools and colleges.
Cho Seung-hui, the 23-year-old South Korean student who carried out America's deadliest massacre was in the final year of an English degree at the university. He was a loner. His creative writing was apparently so disturbing that his teacher referred him to the university's counselling service for help.
People who commit killings in schools and colleges are sometimes motivated by a specific grievance against that institution or people within it, said Nadine Kaslow, a professor and chief psychologist at Emory School of Medicine.
They are sometimes mentally ill and may equally be reacting to a trauma, either real or imagined, that they have suffered, and decide to take that trauma out on everyone else, Kaslow said in an interview.
The Huffington Post says the US has to be honest about what price it has to pay if gun ownership is to stay legal.
Advocates of gun freedom such as the National Rifle Association argue that the right to bear arms is enshrined in the U.S. constitution and dispute efforts to link the incidence of gun crime with access to firearms.
Many recent studies have looked at student-on-student violence and its causes and after Columbine intense scrutiny focused on the lives and backgrounds of the two gunmen, who committed suicide.
It also focused on school bullying, social cliques and the potential effects of the music they listened to and the video games they played. Experts also looked for ways to spot warning signs of violence.
Sadly, university campuses in the US seem to be wide open spaces where criminally-minded individuals are able to carry out their warped fantasies.
In the days and months ahead there will a lot of soul-searching over how this senseless shooting happened and to determine ways to provide a safe learning environment.
Tuesday, April 17, 2007
Bollywood-style kiss sparks outrage in India
Hollywood actor Richard Gere's repeated kisses on the cheeks of Bollywood actress Shilpa Shetty (as shown on the photo by Reuters) in an onstage event to promote AIDS awareness sparked protests in India with demonstrators burning effigies of the actors.
In Indian Bollywood films, romantic songs and dances are a common feature and one wonders what all the fuss is about relating to what Gere did.
Gere is a well-known Buddhist and an active supporter of the Dalai Lama. He has also been a persistent advocate for better human rights in Tibet and campaigns for AIDS awareness.
Hindu radicals have gone on a rampage in several north Indian cities Monday to protest describing the actors pose as an intolerable and obscene act. It is against the values, culture and traditions of the nation, they claimed.
A defiant Shilpa Shetty who is in the eye of the storm reacted angrily over the burning of the effigies and the protests by the Shiv Sena across the country.
"Nobody is talking about the real issue. I think the only mistake was that it went slightly overboard," Shilpa said.
Defending Gere's "impromptu act", Shilpa said instead of asking him to apologise "we should be thankful to him for doing so much for the cause".
Expressing her anguish over the media's handling of the issue, Shilpa said, "I want to know from the media and people giving reactions. What have they done for the cause?
"We took out time and put money, and people are going against us, they want us to apologise. For what should we apologise, we have talked about a pertinent issue like AIDS," Shilpa said.
Shilpa has subsequently said that Gere has spoken to her three times and repeatedly apologised if he has hurt anyone's feelings.
This whole incident smacks of racial bias and bigotry.
Monday, April 16, 2007
Does globalization level the playing field?
In the olden days, daring explorers set sail across the vast oceans of the sea in search of gold, spices or in the quest to expand their imperialistic powers.
These travellers came to the realisation that there was no edge at the world. It was false to believe that they will to fall into an abyss of darkness. Indeed they proclaimed that the world was round and you can go around it.
Centuries later, a Pulitzer Prize winning journalist who is a contributor to The New York Times has proved otherwise: the world is flat.
We are told the world has changed and with it everything else continues to change. So were the early explorers flat wrong?
In his thought-provoking book 'The World is Flat' Thomas Friedman reveals the maddening changes that the modern society is going through.
It is the globalization: the global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres.
Friedman employs the metaphor of the flat world to describe how globalization—taken up to an almost sky-scraping height and down to an even more unimaginable depth—has levelled the “playing field.”
Friedman believes the world is flat in the sense that the competitive playing fields between industrial and emerging market countries are leveling. Friedman recounts many examples in which companies in India and China are becoming part of large global complex supply chains that extend across oceans through a process called outsourcing, providing everything from service representatives and X-ray interpretation to component manufacturing.
He recalls seeing such major American companies as Dell, AOL, and Microsoft using Indian teleoperators who are paid much less than their counterparts in the West. He describes how these changes were made possible through intersecting technologies, particularly the Internet, fiber-optics, and the PC.
Some opponents of globalization see the phenomenon as the promotion of free trade and corporate interests, their primary motive being to increase profit rather than creating jobs for a self-fulfilling life style.
The eighteenth century economist Adam Smith who propagated the idea of free trade spoke of “laissez-faire” economics in his book 'The Wealth of Nations.' He taught that privatized business and trade promotes more economic activity than state controlled business and thus could provide even more money from the state through the collection of income taxes.
Smith's market economics theory does not guarantee jobs or a middle-class society. Free trade lies in the principle that if trade is free, certain goods and services can be obtained at lower cost abroad than if domestic substitutes are produced in their place.
Smith's market economics has worked for the past 200 or so years in the US and the free world. The collapse of communism has added momentum to the global trend toward free trade and free markets.
During the 1990s governments across the world embraced free-trade policies, including countries that once belonged to the communist bloc, such as Russia, Poland, and China. By the early twenty-first century free trade had emerged as a cornerstone of the new global economy.
But past performance is no guarantee of future performance. The pace of change in technology is accelerating, and the economic issues and problems that result from new and unexplored territory.
Even in a flight of imagination, would Smith have envisaged the transformation that we are going through now, from blue-collar workers to knowledge-workers?
In the 21st century a new debate is raging on the benefits and the downside of globalization even while we are still on the trail of the holy grail shown to us by Smith's division of labour that is so important for production in a free market.
As Peter Drucker describes in his ' Post-Capitalist Society,' every few hundred years a sharp transformation affects the society we live in.
According to Drucker, we are right in the middle of another time of radical change, from the Age of Capitalism and the Nation-State to a Knowledge Society and a Society of Organizations.
The primary resource in the post-capitalist society will be knowledge and the leading social groups will be "knowledge workers." This transformation profoundly affects our society - its worldview, its basic values, its business and economics, and its social and political structure.
It's time to look beyond Smith's free market to solve our current problems of wealth creation, wealth distribution and a sustainable environment.
In historical terms, globalisation does provide the best reach and the maximum opportunities to solve our social problems.
Will it emerge as a level playing field? The jury is still out on this question for we have a long way to go.
Sunday, April 15, 2007
Capitalism and Environment
While scanning through the net, here's a gripping article that I came across which is definitely worth thinking about.
Capitalism in not sustainable by its very nature. It is predicated on infinitely expanding markets, faster consumption and bigger production in a finite planet.
Business is the cornerstone of every capitalistic economy. Most of the countries in the world practise capitalism in one form or the other.
The world's scientists have warned that hundreds of millions may be at risk due to the impacts of global warming and the ensuing climate change.
The industrialised world and the developing countries that are pursuing a relentless pace of economic development need to heed the scientific findings and reduce the deadly greenhouse gases that is adversely affecting the planet that we live.
It is time for governments and business corporations to show strong leadership, not only to grow economic prosperity but to do it in an environmentally sustainable manner.
That seems to be the challenge faced by the world.
Capitalism in not sustainable by its very nature. It is predicated on infinitely expanding markets, faster consumption and bigger production in a finite planet.
Business is the cornerstone of every capitalistic economy. Most of the countries in the world practise capitalism in one form or the other.
The world's scientists have warned that hundreds of millions may be at risk due to the impacts of global warming and the ensuing climate change.
The industrialised world and the developing countries that are pursuing a relentless pace of economic development need to heed the scientific findings and reduce the deadly greenhouse gases that is adversely affecting the planet that we live.
It is time for governments and business corporations to show strong leadership, not only to grow economic prosperity but to do it in an environmentally sustainable manner.
That seems to be the challenge faced by the world.
Saturday, April 14, 2007
Wolfowitz chastised for nepotism
Mr. Paul Wolfowitz - the arch neo-con who played an important role as Deputy Secretary of Defence to Donald Rumsfeld in the run upto the Iraq war – is taking the heat for arranging a promotion and pay rises for his girlfriend and World Bank staff Shaha Riza, in possible violation of bank rules.
This is the kind of personnel nepotism and corruption that Wolfowitz has stated he is trying to wipe out at the Bank and in the client governments of the Bank.
Now his own personal behavior belies what was his self-declared moral campaign against others' corruption both inside the bank and in client country governments.
It was amazing to see Wolfowitz getting booed by his own employees in a meeting of the bank's governing board that met two days back to decide his fate.
Amid calls for his resignation, Mr Wolfowitz yesterday repeatedly apologise for his role in this controversy.
Aid agencies said the controversy was distracting the world's leading aid institution from carrying out its role as a leader in development at a vital time. "The world's poor cannot afford a lame duck president at the World Bank," said Oxfam.
In a strongly worded editorial, the Financial Times also called on Mr Wolfowitz to stand down. Calling the controversy "lethal" to the bank's credibility, the paper's leader column said: "In the interests of the bank itself, he should resign. If he does not, the board must ask him to go."
Mr Wolfowitz's fate now lies in the hands of the bank's executive board members, each representing the World Bank's major donor nations, ranked by shares reflecting the importance of their stake. The bank's regulations allow the president to be dismissed by a simple majority of votes by shareholders - the US being the largest with 16% of shares.
So far, individual countries have not voiced any public support for Mr Wolfowitz, with executive board members awaiting instructions from their country's finance ministers, who are gathering in Washington this weekend for meetings.
The whole affair is a huge embarrassment for the bank and Mr Wolfowitz, especially given his desire for a tough stance against corruption and rewards for good governance. Critics say that Mr Wolfowitz's own actions have now made a mockery of those aims.
This is the kind of personnel nepotism and corruption that Wolfowitz has stated he is trying to wipe out at the Bank and in the client governments of the Bank.
Now his own personal behavior belies what was his self-declared moral campaign against others' corruption both inside the bank and in client country governments.
It was amazing to see Wolfowitz getting booed by his own employees in a meeting of the bank's governing board that met two days back to decide his fate.
Amid calls for his resignation, Mr Wolfowitz yesterday repeatedly apologise for his role in this controversy.
Aid agencies said the controversy was distracting the world's leading aid institution from carrying out its role as a leader in development at a vital time. "The world's poor cannot afford a lame duck president at the World Bank," said Oxfam.
In a strongly worded editorial, the Financial Times also called on Mr Wolfowitz to stand down. Calling the controversy "lethal" to the bank's credibility, the paper's leader column said: "In the interests of the bank itself, he should resign. If he does not, the board must ask him to go."
Mr Wolfowitz's fate now lies in the hands of the bank's executive board members, each representing the World Bank's major donor nations, ranked by shares reflecting the importance of their stake. The bank's regulations allow the president to be dismissed by a simple majority of votes by shareholders - the US being the largest with 16% of shares.
So far, individual countries have not voiced any public support for Mr Wolfowitz, with executive board members awaiting instructions from their country's finance ministers, who are gathering in Washington this weekend for meetings.
The whole affair is a huge embarrassment for the bank and Mr Wolfowitz, especially given his desire for a tough stance against corruption and rewards for good governance. Critics say that Mr Wolfowitz's own actions have now made a mockery of those aims.
Friday, April 13, 2007
A question of death tax
"The question is not what anybody deserves. The question is who is to take on the God-like role of deciding what everybody else deserves.
You can talk about 'social justice' all you want. But what death taxes boil down to is letting politicians take money from widows and orphans to pay for goodies that they will hand out to others, in order to buy votes to get re-elected. That is not social justice or any other kind of justice."
-- Thomas Sowell(1930- ) Writer and economist
http://quotes.liberty-tree.ca/quote_blog/Thomas.Sowell.Quote.7100
Thursday, April 12, 2007
I-Man's joke testing limits of free speech
A racial slur uttered by the US well-known radio host and comedian Don Imus also known as the I-Man is causing national outrage.
The controversy began when Imus characterized the Rutgers women's basketball team, one of the two best women's basketball teams in America as "nappy-headed hos."
Imus spewed the racist remarks on his radio show. Imus' radio show originates from WFAN-AM in New York City and is syndicated nationally by Westwood One, both of which are managed by CBS Corp. (MSNBC, which simulcasts the show on cable, is a part of NBC Universal, which is owned by General Electric Co.)
Imus, 67, is a hard-core shock jock and has gone past the edges of propriety many times during his long career. He makes a living by spreading verbal insults disguised as humour, once calling Colin Powell a 'weasel' and another time referring to New Mexico Gov. Bill Richardson as a 'fat sissy.'
His comments about the Rutgers women crossed the line and several prominent advertisers announced plans to distance themselves from the talk show host.
The fallout from the comments continues to build momentum. Office supply chain Staples Inc. and Procter & Gamble Co. said they pulled advertising from Imus' show, and Bigelow Tea said the remarks have 'put our future sponsorship in jeopardy.'
Calls for the radio host's dismissal have been growing, including from groups such as the National Organization for Women and the National Association of Black Journalists.
Imus has apologized repeatedly for his comments. He said Tuesday he hadn't been thinking when making a joke that went 'way too far.' He also said that those who called for his firing without knowing him, his philanthropic work or what his show was about would be making an 'ill-informed' choice.
Amidst the chorus of voices getting louder to fire him or take action, some legal experts say that Imus engaged in parody and there was no ill-intent on his part to demean anyone.
Freedom of speech and parody are First Amendment rights and the The Federal Communications Commission (FCC), the independent United States government regulatory agency may not intervene as Imus has not demonstrated malice or broadcast obscene or indecent programming.
Imus’s friends say that he is not a racist in his heart. But what is or is not in the heart of a radio talk show host is much less important than what comes out of his mouth.
The controversy began when Imus characterized the Rutgers women's basketball team, one of the two best women's basketball teams in America as "nappy-headed hos."
Imus spewed the racist remarks on his radio show. Imus' radio show originates from WFAN-AM in New York City and is syndicated nationally by Westwood One, both of which are managed by CBS Corp. (MSNBC, which simulcasts the show on cable, is a part of NBC Universal, which is owned by General Electric Co.)
Imus, 67, is a hard-core shock jock and has gone past the edges of propriety many times during his long career. He makes a living by spreading verbal insults disguised as humour, once calling Colin Powell a 'weasel' and another time referring to New Mexico Gov. Bill Richardson as a 'fat sissy.'
His comments about the Rutgers women crossed the line and several prominent advertisers announced plans to distance themselves from the talk show host.
The fallout from the comments continues to build momentum. Office supply chain Staples Inc. and Procter & Gamble Co. said they pulled advertising from Imus' show, and Bigelow Tea said the remarks have 'put our future sponsorship in jeopardy.'
Calls for the radio host's dismissal have been growing, including from groups such as the National Organization for Women and the National Association of Black Journalists.
Imus has apologized repeatedly for his comments. He said Tuesday he hadn't been thinking when making a joke that went 'way too far.' He also said that those who called for his firing without knowing him, his philanthropic work or what his show was about would be making an 'ill-informed' choice.
Amidst the chorus of voices getting louder to fire him or take action, some legal experts say that Imus engaged in parody and there was no ill-intent on his part to demean anyone.
Freedom of speech and parody are First Amendment rights and the The Federal Communications Commission (FCC), the independent United States government regulatory agency may not intervene as Imus has not demonstrated malice or broadcast obscene or indecent programming.
Imus’s friends say that he is not a racist in his heart. But what is or is not in the heart of a radio talk show host is much less important than what comes out of his mouth.
Wednesday, April 11, 2007
Teamwork does great for Man Utd
The smiles confirm the story as Wayne Roony celebrates Michael Carrick's second goal of the night when Manchester United thrashed Roma 7-1 in front of a full house crowd at Old Trafford.
"This will go down in the history books as one of Manchester United's best European performances," said Graham Taylor the Former England manager.
Ferguson hailed the victory as their best ever - a fantastic performance by every one of their players he said.
Roma coach Luciano Spalletti was at a loss to explain what happened to his side who had a 2-1 advantage from the first leg, coming into this game.
The Red Devils were firing on all cylinders, Ferguson's line-up having paid to its maximum potential.
Portuguese international Cristiano Ronaldo proved that the great form he is showing in the English Premier League is no mere coincidence. He played an important part to set up two goals and scored two himself.
This was a demolition that Roma or anyone else never expected.
Tuesday, April 10, 2007
Efficiency is vital for success in web marketing
Internet has changed the way we do business.
Many companies are using the Internet to market their products and services. It is also making it possible to reach far greater audiences at a fraction of the cost of the traditional marketing methods.
Internet marketing is fast becoming the advertising method of choice of small businesses. They get maximum exposure and internet traffic from prospective purchasers and customers. Visibility in search engines is effectively linked to credibility and brand awareness.
In internet marketing, the world becomes your marketplace. You can reach prospects globally, 24 hours a day, every day.
Publishing electronic books or e-books has become a popular medium to generate revenue on the internet. You can write and publish e-books on any topic. You can sell these online or give them free with links to your website and earn money promoting your website.
Many companies are using the Internet to market their products and services. It is also making it possible to reach far greater audiences at a fraction of the cost of the traditional marketing methods.
Internet marketing is fast becoming the advertising method of choice of small businesses. They get maximum exposure and internet traffic from prospective purchasers and customers. Visibility in search engines is effectively linked to credibility and brand awareness.
In internet marketing, the world becomes your marketplace. You can reach prospects globally, 24 hours a day, every day.
Publishing electronic books or e-books has become a popular medium to generate revenue on the internet. You can write and publish e-books on any topic. You can sell these online or give them free with links to your website and earn money promoting your website.
Monday, April 09, 2007
"Market Socialism" is failing in Sweden
The much celebrated Swedish economic model — the Swedish economic system with high taxes and a big welfare state- is being liberalised by the present Center-right alliance led by Moderate Party leader Fredrik Reinfeldt who won power in Sweden six months back, ending 12 years of Social Democrat rule. They have decided to abolish the property tax, and very symbolically, the wealth tax.
The problem with the welfare state is that it fundamentally changes the way people live. Hospitals provide free medical care, thus depriving the incentive to live a healthy lifestyle. The moral responsibility of looking after parents shifts from family to the state.
The high rate of income taxes deters the enterprenial spirit to create and grow efficient businesses. The guaranteed welfare system only makes the society dependent on politicians and big businesses as the incentive for public saving is destroyed. The problem with welfare is that once it is given as a handout, it is very hard to pull back.
This interesting article describes the successes and the myth surrounding the Swedish economic model.
The problem with the welfare state is that it fundamentally changes the way people live. Hospitals provide free medical care, thus depriving the incentive to live a healthy lifestyle. The moral responsibility of looking after parents shifts from family to the state.
The high rate of income taxes deters the enterprenial spirit to create and grow efficient businesses. The guaranteed welfare system only makes the society dependent on politicians and big businesses as the incentive for public saving is destroyed. The problem with welfare is that once it is given as a handout, it is very hard to pull back.
This interesting article describes the successes and the myth surrounding the Swedish economic model.
The Wealth of Nations
"It is the highest impertinence and presumption, therefore,
in kings and ministers, to pretend to watch over the economy
of private people, and to restrain their expence, either by
sumptuary laws, or by prohibiting the importation of foreign
luxuries. They are themselves always, and without any exception,
the greatest spendthrifts in the society. Let them look well
after their own expence, and they may safely trust private
people with theirs. If their own extravagance does not ruin
the state, that of their subjects never will."
by:
Adam Smith(1723-1790) Scottish philosopher and economist
Source:
An Inquiry into the Nature and Causes of the Wealth of Nations par. II.3.36
in kings and ministers, to pretend to watch over the economy
of private people, and to restrain their expence, either by
sumptuary laws, or by prohibiting the importation of foreign
luxuries. They are themselves always, and without any exception,
the greatest spendthrifts in the society. Let them look well
after their own expence, and they may safely trust private
people with theirs. If their own extravagance does not ruin
the state, that of their subjects never will."
by:
Adam Smith(1723-1790) Scottish philosopher and economist
Source:
An Inquiry into the Nature and Causes of the Wealth of Nations par. II.3.36
Sunday, April 08, 2007
Doom glooms due to global warming
A new global warming report issued Friday by the United Nations paints a near-apocalyptic vision of Earth's future: hundreds of millions of people short of water from the Ganges delta in India to the deserts acrosss China, extreme food shortages in Africa, a landscape ravaged by floods and millions of species sentenced to extinction.
This is a dire prediction and the consequences are scary and atlast everyone agrees that this climate change is a reality although there are still some who quibble on the causes of it. Whether the causes are human induced or not, it is a life-threatening crisis that must be faced and action must be taken now to reduce green house gases to reverse this deadly trend.
Protecting industrial development and an unsustainable lifestyle at the cost losing lives is foolhardy.
We, the humans, the most intelligent species living on this planet have also become its biggest threat.
This is a dire prediction and the consequences are scary and atlast everyone agrees that this climate change is a reality although there are still some who quibble on the causes of it. Whether the causes are human induced or not, it is a life-threatening crisis that must be faced and action must be taken now to reduce green house gases to reverse this deadly trend.
Protecting industrial development and an unsustainable lifestyle at the cost losing lives is foolhardy.
We, the humans, the most intelligent species living on this planet have also become its biggest threat.
Saturday, April 07, 2007
Breaking the revered iron rice bowl
Rice is perhaps the world’s most important staple food. It is also an important part of culture and traditions in some countries, especially those in Asia.
Click here and read an array of meaning of rice.
Iron rice bowl is a Chinese idiom referring to the system of guaranteed lifetime employment in state enterprises, in which the tenure and level of wages are not related to job performance.
Traditionally, people considered to have iron rice bowls include military personnel, members of the civil service, as well as employees of various state run enterprises.
When Deng Xiaoping began his labor reforms in the People's Republic of China in the 1980s, the government iron rice bowl jobs were some of the first to go. Almost overnight, fully one third of China's workforce was unemployed. A large majority of these people became migratory workers, moving from job to job in great masses. Factory and construction work were, and continue to be, standard employment. The effects of this change are still felt today in modern China.
The celebrated iron rice bowl system that prevailed in countries like Taiwan and South Korea for several decades are also starting to crack. Now it is considered more important to create economic growth and efficiency of individual enterprises and cut out the inefficiency of the state enterprises.
Even socialist regimes that guarded against economic disruption and took measures to protect workers from dismissal are being pushed to adopt more liberal reforms as capitalism is the clear winner over socialism.
Karl Marx and leading protagonists of communism advocated a classless society which became the system of mind-controlling servitude that caused millions to perish and hundreds of millions more to suffer in grinding poverty as a result of a failed experiment.
Thursday, April 05, 2007
Are big egos getting in the way of winning?
I am referring to the sub-continent nations of India and Pakistan whose more than one billion people are obsessed with cricket and have elevated their top players to a god-like status.
They prayed for their success in the present Cricket World Cup at the Caribbean and when Pakistan and India lost in the first round to relatively inexperienced teams and failed to advance to the second round, their cricket-crazy fans just went mad in mass grief.
Now the exercise of reflection, post-mortem and the blame game of finger pointing has started.
It seems the star status accorded to top players and the superstar salaries paid to them have placed them in an elite league. Their fanatical fan following has made them much sought-out commercial product ambassadors.
The weight of expectations to win is exceedingly high on these superstar players. They are expected to maintain a positive workplace, where both the senior and the junior players can bond and create a spirit of camaraderie that can enable everyone to perform to their full potential.
This has clearly not happened and now it is time for questions to be asked and answers to be given.
In his first press conference after his team returned to Pakistan, captain Inzamamul ul Haq hit back at local media and rejected swirling match-fixing claims after his team’s shock World Cup exit and the subsequent murder of coach Bob Woolmer.
Inzamam felt that he was unfairly blamed for the team's poor performance. Surprisingly, Inzamam also criticised the Kingston pitch, saying that it was not suited for a one-day match.
India's batting great Sachin Tendulkar who had a poor tournament went even further to say that India's cricketers would be most disappointed with Greg Chappell, the coach, if he questioned their attitude.
Senior players of both teams of Pakistan and India have failed to do their job. They were required to prepare for the world cup physically and mentally and they did not measure upto the task. It does not help to give lame excuses.
The modern game of cricket, both in its test and one-day form has been developed as an gigantic business venture. During the playing season players and their team managers adopt a nomadic lifestyle hopping from hotel to hotel.
There is no shortage of talent in Pakistan and India. The management of the teams need to create a fun and challenging environment. The players will have to cut out the distractions and commit themselves not just in word, but more importantly in deed and show a winning record that can prove the critics wrong.
They prayed for their success in the present Cricket World Cup at the Caribbean and when Pakistan and India lost in the first round to relatively inexperienced teams and failed to advance to the second round, their cricket-crazy fans just went mad in mass grief.
Now the exercise of reflection, post-mortem and the blame game of finger pointing has started.
It seems the star status accorded to top players and the superstar salaries paid to them have placed them in an elite league. Their fanatical fan following has made them much sought-out commercial product ambassadors.
The weight of expectations to win is exceedingly high on these superstar players. They are expected to maintain a positive workplace, where both the senior and the junior players can bond and create a spirit of camaraderie that can enable everyone to perform to their full potential.
This has clearly not happened and now it is time for questions to be asked and answers to be given.
In his first press conference after his team returned to Pakistan, captain Inzamamul ul Haq hit back at local media and rejected swirling match-fixing claims after his team’s shock World Cup exit and the subsequent murder of coach Bob Woolmer.
Inzamam felt that he was unfairly blamed for the team's poor performance. Surprisingly, Inzamam also criticised the Kingston pitch, saying that it was not suited for a one-day match.
India's batting great Sachin Tendulkar who had a poor tournament went even further to say that India's cricketers would be most disappointed with Greg Chappell, the coach, if he questioned their attitude.
Senior players of both teams of Pakistan and India have failed to do their job. They were required to prepare for the world cup physically and mentally and they did not measure upto the task. It does not help to give lame excuses.
The modern game of cricket, both in its test and one-day form has been developed as an gigantic business venture. During the playing season players and their team managers adopt a nomadic lifestyle hopping from hotel to hotel.
There is no shortage of talent in Pakistan and India. The management of the teams need to create a fun and challenging environment. The players will have to cut out the distractions and commit themselves not just in word, but more importantly in deed and show a winning record that can prove the critics wrong.
Tuesday, April 03, 2007
Lloyd's has made fat profits
Lloyds of London, the venerable old-line British insurance house, has made a record profit of pound stg. 3.7 billion ($9 billion) last year but cautioned that 2007 might be less favourable and warned the market against reckless underwriting.
This is fascinating reading, considering the humble beginnings of this insurance industry and its conservative roots .
Lloyd's is not an insurance company. It is an insurance market of members. Lloyd's of London started at Edward Lloyd's coffeehouse around 1688.
It was a time when London was the busiest sea-port and the capital of the British Empire. Sea travel was dangerous and merchant ships filled with rich cargo, found themselves the victim of pirate attacks in addition to the natural perils of the sea.
All this made life very difficult for the merchants whose livelihood depended on their ships returning safely with their cargo intact.
Some businessmen including Edward Lloyd , sensing an opportunity, began to make deals whereby they promised to reimburse to the merchants the value of the cargo if it did not arrive at port in a fit state for sale.
In return for this insurance they demanded a premium. The value of the premium varied with the value of the cargo and, more importantly, with the risk being undertaken.
Each morning Lloyd used to send his waiters down to the dockside to bring news of the new ships that had arrived that night and he used to post this information on the walls of his establishment. This became known as Lloyd’s List and was soon being published as a daily newspaper of that name.
What began from a coffee house in London, gained legal footing when it became regulated by an Act of Parliament in 1871.
Since then Lloyd's has risen to become the world's most famous institution of insurance underwriting, a national symbol of prestige and a popular landmark attracting schoolchildren, tourists and architecture students.
This is fascinating reading, considering the humble beginnings of this insurance industry and its conservative roots .
Lloyd's is not an insurance company. It is an insurance market of members. Lloyd's of London started at Edward Lloyd's coffeehouse around 1688.
It was a time when London was the busiest sea-port and the capital of the British Empire. Sea travel was dangerous and merchant ships filled with rich cargo, found themselves the victim of pirate attacks in addition to the natural perils of the sea.
All this made life very difficult for the merchants whose livelihood depended on their ships returning safely with their cargo intact.
Some businessmen including Edward Lloyd , sensing an opportunity, began to make deals whereby they promised to reimburse to the merchants the value of the cargo if it did not arrive at port in a fit state for sale.
In return for this insurance they demanded a premium. The value of the premium varied with the value of the cargo and, more importantly, with the risk being undertaken.
Each morning Lloyd used to send his waiters down to the dockside to bring news of the new ships that had arrived that night and he used to post this information on the walls of his establishment. This became known as Lloyd’s List and was soon being published as a daily newspaper of that name.
What began from a coffee house in London, gained legal footing when it became regulated by an Act of Parliament in 1871.
Since then Lloyd's has risen to become the world's most famous institution of insurance underwriting, a national symbol of prestige and a popular landmark attracting schoolchildren, tourists and architecture students.
Monday, April 02, 2007
Online advertising beats print ads
Quoting the Internet Advertising Bureau an article in the Guardian reads that online spending smashed through the £2bn barrier in 2006 while television revenues fell and press barely budged.
A 41% growth put 2006 UK online spending at £2.016bn, representing 11.4% of total advertising revenues. IAB said that helped offset declines in traditional media and meant the overall advertising industry was able to clock up modest growth of 1.1% over the year.
The report suggests that online advertising growth is still fastest in the so-called search area - sponsored listings that advertisers pay for when a consumer clicks through to their site.
Spending on search advertising jumped 52% to £1.2bn, giving it a 57.8% share of the online market. Online classified advertising made up 18.8% and experienced growth of 45%, in stark contrast to traditional press where classified advertising fell 7.8%.
A 41% growth put 2006 UK online spending at £2.016bn, representing 11.4% of total advertising revenues. IAB said that helped offset declines in traditional media and meant the overall advertising industry was able to clock up modest growth of 1.1% over the year.
The report suggests that online advertising growth is still fastest in the so-called search area - sponsored listings that advertisers pay for when a consumer clicks through to their site.
Spending on search advertising jumped 52% to £1.2bn, giving it a 57.8% share of the online market. Online classified advertising made up 18.8% and experienced growth of 45%, in stark contrast to traditional press where classified advertising fell 7.8%.
US economy on collision course for recession
Some economic pundits are forecasting a recession ahead for the US economy and it seems there may be little that could be done to prevent it.
According to Forbes, the most probable starting point is the fourth quarter of this year or early 2007 .
Slowly and methodically, the forces have been moving us toward an imminent recession. These cyclical forces include commodity inflation, which on a long-term basis is at the highest level since the 1970s. But they also extend deeper-- into the monetary forces and even consumer psychology behind the economic expansion.
A recession is traditionally defined in macroeconomics as a decline in a country's real Gross Domestic Product (GDP) for two or more successive quarters of a year (equivalently, two consecutive quarters of negative real economic growth).
However this definition is not universally accepted. The US National Bureau of Economic Research defines a recession more ambiguously as "a significant decline in economic activity spread across the economy, lasting more than a few months."
According to Forbes, the most probable starting point is the fourth quarter of this year or early 2007 .
Slowly and methodically, the forces have been moving us toward an imminent recession. These cyclical forces include commodity inflation, which on a long-term basis is at the highest level since the 1970s. But they also extend deeper-- into the monetary forces and even consumer psychology behind the economic expansion.
A recession is traditionally defined in macroeconomics as a decline in a country's real Gross Domestic Product (GDP) for two or more successive quarters of a year (equivalently, two consecutive quarters of negative real economic growth).
However this definition is not universally accepted. The US National Bureau of Economic Research defines a recession more ambiguously as "a significant decline in economic activity spread across the economy, lasting more than a few months."
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