At Google, the biggest mistake I (have) made was not anticipating the rise of the social networking phenomenon”— Eric Schmidt, executive chairman, Google“... we are getting a person imposed from above to be an MP, who has not done grassroots work, not been around, who a particular party is trying to parachute here.”— Mohandas Pai, former CFO of Infosys, on the possibility of Nandan Nilekani, former CEO of Infosys, fighting Lok Sabha elections from Bangalore on a Congress ticket“We took the resolute measure of removing the factionalists lurking in the Party”— Kim Jong Un, dictator of North Korea, on the execution of his uncle and advisor Jang Song Thaek“The richest man in the world, who is among the most powerful people in technology, has no ego”— Gurdeep Singh Pall, global head, Skype, referring to Bill Gates Jamie Dimon“We’ve been doing this (for) 200 years. We’re not going to stop and start every time the company has a problem”— Jamie Dimon, CEO, JPMorgan Chase. The bank has run into trouble with US federal regulators“We can’t afford any improvements until you learn to save money and start making money”— Lakshmi Niwas Mittal, at a meeting with the managers of ArcelorMittal Temirtau plant in Kazakhstan“If militarism is like the haunting Voldemort of Japan, the Yasukuni Shrine in Tokyo is a kind of horcrux, representing the darkest parts of that nation’s soul”— Liu Xiaoming, Chinese ambassador to the UK, in an article. The shrine is dedicated to Japanese soldiers who lost their lives in various wars(This story was published in BW | Businessworld Issue Dated 27-01-2014)
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Gold held near a 2-1/2 week high on 6 January supported by weaker equities, but a stronger dollar and bullish comments from Federal Reserve Chairman Ben Bernanke on the US economy kept gains in check.Fundamentals* Spot gold had eased 0.1 per cent to $1,234.90 an ounce by 0021 GMT, not far from a 2-1/2 week peak of $1,240. It lost nearly 30 percent of its value last year.* Bernanke, who steps down as head of the Fed at the end of the month, gave an upbeat assessment of the US economy in coming quarters, though he did temper the good news in housing, finance and fiscal policies by repeating that the overall recovery "clearly remains incomplete".* In what could possibly be his last speech as Fed chairman, Bernanke also said the US central bank is no less committed to highly accommodative policy now that it has trimmed its bond-buying stimulus.* Markets are looking towards a slew of data releases this week, including U.S. nonfarm payrolls and trade numbers, to gauge the strength of the economic recovery and how aggressive the Fed could get with its stimulus tapering.* Gold price premiums in India, one of the top buyers of the metal, fell due to lack of demand even as supplies trickled in from a few importers. Traders quoted a premium of $105 an ounce on London prices, down 12.5 percent from last week.(Reuters)
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The rupee is trading at 62.43/44 versus its close of 62.16/17 on 3 January tracking the dollar's broad gains versus major currencies and other Asian units.The index of the dollar against six major currencies trading up 0.1 per cent. Most Asian currencies also trading weaker versus the dollar.The Sensex is down 0.3 per cent in early trade. Also, aid sentiment for the greenback and will be watched for cues on direction of foreign fund flows, traders say.The dollar held steady in early Asian trading on Monday, supported by an upbeat outlook on the US economy by outgoing Federal Reserve Chairman Ben Bernanke that fanned expectations of more stimulus reduction from the US central bank.(Reuters)
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Government is mulling introducing provisions for removal of CBI Director who gets a fixed tenure of two years after a 1997 Supreme Court order in the Vineet Narain judgement.A report card released on Friday (3 January) by Prime Minister Manmohan Singh before his press conference says Government is considering several measures for greater autonomy of CBI in which one of the issues is providing provisions for removal of the Director.The agency is probing several big-ticket corruption cases including 2G, CWG and Coal allocation scams which have proved to be an embarrassment for the government over the last three years.Last year, Law Minister Ashwani Kumar had to resign after it came to light that he along with the officials of PMO were involved in changing the "heart" of agency's draft status report on coal scam.In the Vineet Narain judgement, the Supreme Court had fixed the tenure of CBI Director to be a minimum of two years so that the officer could work with independence."The Director, CBI shall have a minimum tenure of two years, regardless of the date of his superannuation. This would ensure that an officer suitable in all respects is not ignored merely because he has less than two years to superannuate from the date of his appointment," the Supreme Court had held in the order.The apex court had also said Director can be transferred only in "extraordinary" circumstances with the approval of selection committee comprising Central Vigilance Commissioner with the Home Secretary and Secretary (Personnel) as members.In the report card issued before Prime Minister's third press conference in last 10 years, it has been mentioned that Government is considering proposal for non-interference in CBI investigations."Several measures for greater functional autonomy of CBI are under the consideration of the Government viz. appointment of Director, CBI on recommendation of a committee; provisions for removal of the Director, CBI; Director, CBI to be in the selection committee for selection of officers at the level of SP and above in CBI; non interference in CBI investigations," it said.The document also said Government is considering to ensure three-month deadline for deciding on agency's request for sanction of prosecution, statutory provisions for Director (Prosecution) in CBI and establishment of an Accountability Commission."Autonomy in investigation is already guaranteed," it said.The Government has already amended CVC Act making it mandatory for CBI to present its charge sheets before the anti-corruption watchdog in the cases referred by it before filing them in the competent court, a move which is seen by CBI as dilution of the powers of investigating officers. (PTI)
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The rupee fell to a one-month low on 3 January, extending losses for a third consecutive session, as the dollar strengthened against emerging Asian currencies and as a bout of risk aversion hit local stocks.The partially convertible currency fell to as much as 62.53 to a dollar, a level last seen on 4 December, as against Thursday's close of 62.26/27. It was last trading at 62.51/52.Local shares were down 0.6 per cent, after falling the most in six weeks on 3 January.Asian currencies were largely weaker, with the Philippine peso at a four-month low.(Reuters)
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Agriculture credit jumped seven-fold to Rs 7,00,000 crore in the past ten years of UPA government, boosting foodgrains output to a record and enabling enactment of food law."To keep pace with the UPA government's resolve to provide food and nutritional security to the people, especially the poor, efforts to increase foodgrains production have yielded results," according to a UPA government report card released by Prime Minister Manmohan Singh.Efforts to strengthen the agri-sector have led to record production of foodgrains since 2004 and the UPA government has enacted the National Food Security Act.Foodgrains output has increased to over 255 million tonnes in 2012-13 crop year (July-June) from 198 million tonnes in 2004-05.The food law aims to provide a legal right to families of Antyodaya Anna Yojana (AAY) for 35 kg of foodgrains per month and other families of five kilo per person at subsidised rates under the ration shops.Listing out measures taken to boost the farm sector, the UPA government said in its tenure farm credit has been raised to Rs 7,00,000 crore in 2013-14 fiscal from Rs 1,04,500 crore in 2004-05 fiscal, while 11 crore kisan credit cards have been issued under various schemes to assist farmers.The minimum support price (MSP) of commodities has been increased steadily to ensure farmers' welfare. Wheat and paddy MSP has more than doubled in the last ten years.Wheat MSP has been hiked from Rs 640/quintal in 2004-05 to Rs 1,350/quintal in 2012-13. Whereas paddy MSP has been increased to Rs 560/quintal to Rs 1,250/quintal in 2012-13.The support price of cereals has also been increased three-fold and is now better than wheat and paddy.That apart, the share of Indian agri-exports in the global market rose to 2.6 per cent in 2012. In fact in 2013, the country exported farm items worth $41 billion against agri-import of only $20 billion, giving a net surplus of $21 billion.(PTI)
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India's average economic growth rose to 7.7 per cent in the 10-year regime of the UPA government as compared to 6.2 per cent recorded in the previous decade.A report card titled '10 Years of Progress and Growth' highlighting achievements of the government led by Prime Minister Manmohan Singh today said "average GDP growth rate during the period of UPA government (2004-05 to 2013-14) has been 7.7 per cent despite two global slowdown in this period".Agriculture growth rate, it said, has been rising consistently and the sector expanded by 2.5 per cent and 3.7 per cent during the 10th and 11th Five Year Plans, respectively, and expected to touch 4 per cent in the ongoing 12th Plan period.It further said the country's GDP at the current price has increased almost three times to Rs 100.28 lakh crore during the last nine years from Rs 32.42 lakh crore in 2004-05.Similarly, per capita income has risen almost three-fold during the period. The per capita income has gone up to Rs 68,747 in 2012 from Rs 24,143 in 2004, the report card said."Per capita income has increased at an annual average of nearly 20 per cent during the last nine years, well above the consumer price index during the same period," it said.On rural wages, the document said it has tripled in the last year and thus improving the purchasing power of majority of people in villages.Referring to large projects, it said the UPA government has expedited and cleared as many 293 projects involving investment of Rs 5.7 lakh crore in 2013.To fast track stalled projects, the government has set up Cabinet Committee on Investment (CCI) and Project Monitoring Group (PMG).The document further informed that credit flow to Micro, Small and Medium Enterprises (MSME) has grown nearly seven times in the last seven years. The outstanding loan to the MSME sector was at Rs 5.27 lakh crore in 2012 as against Rs 83,498 crore in 2005.It said that in the last two years, 80,000 micro enterprises have been supported by Prime Minister's Employment Generation Programme, creating job opportunities for 9.23 lakh people.Towards financial inclusion, the document said more people are now using bank facilities. The number of bank accounts have increased from 43.97 crore in 2004 to 77.32 crore as of last year.(PTI)
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LG is being a little modest by calling this 5.5-inch smartphone “Lite”. True, it has a Mediatek MT6577 processor, a 540 x 960 pixel display with just 200 ppi density and just 1GB of RAM, but the G Pro Lite is otherwise so packed with capabilities and features, that it’s definitely another great option for those who want a mid-level phone without being left envying the top-enders. The G Pro Lite is not in any way a new design – it has the same familiar look and feel and could be any phone at all, from the outside – but if you’ve been hunting for a budget phone, (it costs Rs 22,990 but is available for less), give this device a good look. It’s about the size of a Galaxy Note and quite comfortable to hold. Rounded edges help there. Look closer and you’ll see two things that are different on the G Pro Lite. First, there’s an extra capacitive button on the bottom row. Tap it and you can switch between two SIM cards, one of which supports 3G. While we’re on the subject of taps, you tap twice on the screen to wake the screen up and again to make it go to sleep – an incredibly useful feature. On this phone, it chooses to sometimes not work, even if you tap quite firmly, and you can bet this will happen when you’re trying to show it off. But when the knock-knock feature does work, it beats pressing a button to start up. The phone runs on Android 4.1, a few steps behind, but nevertheless works fast. It’s got all of LG’s favourite software, including the multitasking apps. The display on the G Pro Lite isn’t high on specs but is very workable with strong colours and uncompromised angles. It’s smooth and responsive, as is the rest of the phone. It’ll handle mid-range gaming, for example. And it has a hefty huge battery with a 3,142 mAh rating. There’s also expandable memory. The 8MP camera is middling and just fine for everyday casual shots. But I did mention two things that were different and visible and the second is a surprise thin stylus fitted into a slot on the top of the device. It doesn’t work in the same way as Samsung’s Note does, but it works. mala@pobox.comTwitter: @malabhargava
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The minority Aam Aadmi Party government on crossed the first hurdle in the Delhi Assembly when its confidence motion sailed through easily with the backing of the members of Congress, JD(U) and an independent.The motion moved by PWD minister Manish Sisodia was carried after a four-and-a-half-hour debate at the end of which Chief Minster Arvind Kejriwal appealed to the members to decide "on which side they are"."I want to present three issues. Delhi's aam aadmi (common man) has taken the lead in telling the country as to which direction the national politics should go."They should also decide as to which side they are in the fight between truth and honesty in politics and whether they want to participate in it," the Chief Minister said, in his 25-minute speech winding up the debate.Promising to take stringent action against anyone corrupt whether in the previous Congress government, MCDs controlled by the BJP and his government, he said he was not seeking support of the members for his party or the government but for the issues facing Delhi.At the end of the debate, pro-tem Speaker Matin Ahmad asked those in favour to stand up followed by those against.Later, he declared the motion as passed and congratulated the Chief Minister before adjourning the house.28 AAP members along with seven of Congress, a lone JD(U) member and an independent stood in support while 31 members of BJP and one member of its ally Akali Dal stood against it.The fate of the motion was a foregone conclusion after Congress leader Arvinder Lovely declared that his party's seven members would support the government and said the backing would continue as long as the regime works in the interest of the people, even for five years.However, the BJP opposed the confidence motion and accused Kejriwal of compromising with the "corrupt" Congress for power and becoming silent on the corruption of the previous Congress government. Party leader Harsh Vardhan, in his speech, launched a scathing attack on Kejriwal and his party for taking Congress support to form the government.When Kejriwal had said that he will neither give nor take support from the corrupt Congress party, everyone had respect for him. He had even made strong statements like pledging not to enter into a coalition with Congress on a TV channel.But when such a pledge take in the name of his son is broken, it raises questions, he said."A party which Kejriwal used to refer as the most corrupt party, the party against which he contested elections, the party against which he said that if elected to power he will send corrupt ministers to jail, and will unearth all unfair trades of that government, he has taken support of that party."Today the country wants to know what was his compulsion to form a coalition with the same party," said Vardhan.Attacking AAP's decisions on water and electricity soon after coming to power, Vardhan said the urgency shown by AAP in implementing populist measures is not reflected in taking on the corrupt.He also claimed that people with the cleanest image got the maximum votes."People gave maximum seats to the most honest party (BJP), which emerged as the largest party."It is an irony that the party that was ruling for 15 years lost the power, the one which won the highest number of seats is sitting in opposition and the one that stood second has formed the government," he said.(Agencies)
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The Aam Aadmi Party Government on Thursday, 2 January 2014, moved a confidence motion on the floor of the Delhi Assembly and urged members to rise above political affiliations and support alternate governance for the people of Delhi.AAP leader Manish Sisodia, while moving the vote of confidence said, "It is not the individual MLAs who are sitting here, it is the people of Delhi who are sitting here, each of the 70 MLAs sitting here represent Delhi's people.""The people of the country are watching today that what kind of decision will be taken here today," he said."We are not a party, we are representatives of people and urge the MLAs of all party's to rise above party lines and support alternate governance for the people of Delhi," he said.Sisodia, who is a minister in the Kejriwal-led AAP government, said his party didn't compromise to form the government. The people of Delhi gave AAP the "moral mandate" to form government, he said.Terming it a historic day for AAP, Sisodia, who was flanked by Chief Minster Arvind Kejriwal, said, "We are here for development. We stand here to clean the politics of the country."We want to ensure that people in Delhi get clean water to drink and cheap electricity. We are here for the traders, farmers and youth of Delhi. We will improve the facilities for the people of Delhi," he said.Kejriwal government will have to cross the halfway mark with 36 seats to win the floor test.In the 70-member Assembly, AAP has 28 MLAs, eight short of a majority. AAP has the support of 8 MLAs of Congress party. BJP has 31 MLAs while its ally Shiromani Akali Dal has one.The main opposition BJP declared that it will vote against the confidence motion.Party leader Harsh Vardhan, in his speech, launched a scathing attack on Kejriwal and his party for taking Congress support to form the government.When Kejriwal had said that he will neither give nor take support from the corrupt Congress party, everyone had respect for him. He had even made strong statements like pledging not to enter into a coalition with Congress on a TV channel.But when such a pledge take in the name of his son is broken, it raises questions, he said."A party which Kejriwal used to refer as the most corrupt party, the party against which he contested elections, the party against which he said that if elected to power he will send corrupt ministers to jail, and will unearth all unfair trades of that government, he has taken support of that party."Today the country wants to know what was his compulsion to form a coalition with the same party," said Vardhan.Attacking AAP's decisions on water and electricity soon after coming to power, Vardhan said the urgency shown by AAP in implementing populist measures is not reflected in taking on the corrupt.He also claimed that people with the cleanest image got the maximum votes."People gave maximum seats to the most honest party (BJP), which emerged as the largest party."It is an irony that the party that was ruling for 15 years lost the power, the one which won the highest number of seats is sitting in opposition and the one that stood second has formed the government," he said. (PTI)
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