Friday, November 30, 2012

Around the world in 10 days...

Indian festivals celebrated globally may help repositioning brand ‘India’

It would be an understatement and in fact a sin of sorts to just say that Durga Puja, Dusshera, Eid and Diwali [Indian religious festivals] are festive occasions for India and the sub-continent. Clearly, though the magnificent cities of Kolkata, Delhi, Mumbai and similar others grandiosely celebrate any occasion worth its time, the bigger festivals are celebrated with just about the same pomp and grandeur by large pockets of Indians across the globe too.

Interestingly, a bunch of students in Chicago organised a notable event of Durga Puja in the downtown area. Though the even was attended by only around 300 people, the related media and publicity hype that it generated out-beat some of the strongest tourism drives of the Indian Ministry of Tourism in the Chicago state. How important can a state like Chicago be, huh? Chicago’s GDP tops $475 billion as per various estimates, almost half of India’s GDP! Similarly, the Houston Durga Bari saw around 3,000 devotees assembling for the function. At the same level, the Frankfurt Sarbojanin Adi Durgotsav has been a constant since 1981. Places like Perth and Sydney, Africa, Hong Kong, China, Dubai, Malaysia, Tokyo, Britain, Mauritius, Fiji [where Diwali is a public holiday], Singapore and Jakarta also have Indians doing their tremendous mite to not only add to the religious fervour, but also ensuring that ‘mystical India, a land of snakes and elephants’, attracts many more tourists than what the Indian government could achieve in a lifetime. There clearly is a huge amount of learning. Rather than investing millions of dollars in organising events through typical event-management firms, the Indian government should necessarily have alliances with foreign based organisations set up by NRIs and people of ‘desi’ origin to have a tremendously better impact.


Source : IIPM Editorial, 2012.

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‘Litereal’ truth

Sarah’s effect; news is followed

The focus of the entire world shifts to arguably the greatest show on earth- the US presidential election. Depressingly, while a survey conducted last December on viewership of election campaign in the US showed only 25% of respondents below the age of 30 watching political news regularly, the figure in the age group of 30 to 49 years was 39%. But now, in the US, the pleasant surprise is that there is a significant jump in news ‘followership’, where surveys have shown 43% are following the news now compared to 36% in the last presidential election. Another survey by New York Times indicates that more than two third of the population is showing ‘some interest’ for the election. The American youths are interested in politics like never before, where 65% of them are glued to their TV sets compared to 36% in the last election. The survey also signifies an interesting side of the story, where there is more viewership among Democrat supporters than Republican ones. Amusingly, though the Canadian Federal elections are also around the corner, there is more interest in Canada for US elections than for their own. It was also found that 15% of Canada’s population would want to vote in the US election than have the right to vote in their own country.


Source : IIPM Editorial, 2012.

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Wednesday, November 28, 2012

HOW ECONOMICS CAN

What’s the dirtiest secret about corruption? Just how little we know about it. Treasuries are plundered and kickbacks are paid, but the nature and scale of the world’s shady transactions largely remain a mystery to us. Luckily, a little economic detective work is all that is needed to expose the smuggling, cheating and bribing that is hiding in plain sight.

 What little systematic evidence we do have comes from surveys by groups such as the World Bank and Transparency International. But we economists are skeptical of what people say about corruption. It’s called “cheap talk” for a reason. And we’re especially suspicious of what people say when surveyed on sensitive topics such as bribery and embezzlement. It’s obvious that responses to the question, “How much did you receive or pay last year in bribes?” are of questionable accuracy. So it’s hard to know where it’s really thriving, let alone figure out what to do about it. But all is not lost. The hidden underworld of corruption often reveals itself in unexpected ways – and in situations that allow us not only to measure actual corruption but to test different methods of preventing it. All that’s required, it turns out, is a little economics and a dash of ingenuity. To truly understand corruption, we must watch what people do, rather than just listen to what they say. And as we’ll see, damning evidence, like cash-filled suitcases, often leaves footprints in the data for those who know where to look.

Economics is fundamentally about how people respond to incentives. So, if we forensic economists want to unearth corruption, we must look for situations where incentives for crooked rewards somehow translate into actions that everyone can see.

Price of political connections

Whether through hefty campaign contributions or cushy jobs for former politicians, corporations are constantly accused of trying to profit through political ties. (just think Halliburton or Russia’s Gazprom). But what’s the real value of these companies’ connections? If you ask politicians or investors, you’re likely to hear lots of denials. To get the truth, we could ask insiders to put some money where their mouths are, making them bet some of their own cash on whether particular companies are making back-alley deals with politicians to increase their profits. Raw financial self-interest would lead bettors in the know to reveal their true beliefs about corruption.

Source : IIPM Editorial, 2012.

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Acid test for Yeddyurappa

Karnataka Chief Minister needs to quell Bajrangi hate mongers and ensure safety to minorities

Since leading the BJP to power for the first time in Karnataka, B. S. Yeddyurappa has faced a volley of accusations. Attack on churches is the latest in the list. The attack coincides with BJP’s 100 days celebration of power in Karnataka. It started in a church of Dakshina Kannada district and took little time to spread to neighbouring districts of Udupi & Chickamagalur. The attacks were triggered by Orissa incidents and the allegations of conversion. The peg for the attack was the alleged distribution of ‘Satya Darshini’, a write-up in which Hindu gods were shown in disrespect. Even Bangalore was not spared; two churches were attacked in India's IT capital; this, after Chief Minister, Yeddyurappa’s assurance of taking strict action to control the situation. In a span of a week, more than 22 churches were desecrated. According to the opposition party leaders Yeddyurappa has completely failed in his duties. Minorities in Karnataka continue to reel under threat.

The CM is under attack from opposition parties. R. V. Deshapande, KPCC President & a former Minister told B&E, “It was unfortunate that the BJP government failed in handling the situation. Bajrang Dal and VHP are trying to disturb the communal harmony in the peace loving state. Continuation of such a situation was sure to discourage prospective investors in the state.” Opposition leader Mallikarjuna Kharge too seconded Deshpande's views.


Source : IIPM Editorial, 2012.

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Tuesday, November 27, 2012

Acid test for Patnaik Jr.

It’s time for Naveen Patnaik to prove his ability as a mentor

When Naveen Patnaik entered Orissa politics a decade ago, leaving a rosy career as a writer, analysts discarded him as a person without any political experience. They also predicted that he would be a lame duck controlled by others. But he proved everybody wrong and became the Orissa CM twice, and that too consecutively. He also proved his mettle by kicking out 10 of his key ministers when they were charged with corruption. However, as the state goes for another round of assembly elections next year the question that emerges is, has Naveen proved himself as a good administrator? Does he have the true characteristics to lead the state to new heights? Will he be able to give a bright future to a poor state like Orissa?

Well, going through the series of past events, the answer definitely sounds negative. Be it the case of handling the recent violence that has erupted in the state after the murder of Swami Laxmanananda Saraswati, a Vishwa Hindu Parishad leader or enabling POSCO to go ahead with its huge investment plans for the state. That’s not all. While health problems have been an area of concern for the state; it has become a huge market for counterfeit medicines.


Source : IIPM Editorial, 2012.

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Monday, November 26, 2012

Fractured infrastructure?

Only an efficient public transport system can reduce the usage of personal vehicles

Statistics have been conspicuously crowned as the king of lies. But the fact is that there is no other logical way to prove truth other than the damn statistics. Figures don’t lie and they definitely don’t when we say that lack of proper public transit systems and infrastructure leads to high usage of private cars in India.

This trend is most visible in urban areas. For instance, Delhi has a very high rate of migration. While the population continues to rise, the city has seen a marginal rise in the number of buses in the last four years. Result: the rise in personal vehicles has been 100%. China was facing the same problem till 2006. To solve this, they came up with Bus Rapid Transit (BRT) lines in 2006. The system has been a run away hit and presently 50% of the all the trips in Chinese cities are done through public transport, majority of which are through buses. On the same lines, BRT has been started in India but is still in the trial phase and its future remains uncertain. Japan is another classic case of this trend. The market for new cars in Japan has shrunk from 7.78 million in 1990 to just 4.13 million in 2007. The reason for this is lack of proper parking facilities and the efficient public transportation in Japanese cities.

Not that high number of cars is a bad thing, but too many of them create problems. Pollution, accidents, jams are just to name a few. Indian city roads on an average occupy 12-14% of total land area. It’s 10% in Mumbai and 6% in Kolkata. The same roads carry more and more vehicles which lead to jams and accidents.


Source : IIPM Editorial, 2012.

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Saturday, November 24, 2012

The Dark Knight!

Of all the July 4ths that Bennett hates, he’ll hate July 4, 2008, the most. While the nation rejoiced on this day, he had already been sentenced to 16 years in Federal prison the day before... all thanks to his Dark Knight acts at Refco

“I knew failing to disclose these filings was wrong. I know I was wrong. I deeply regret it,” is how Phillip R. Bennett pleaded guilty, with eyes full of tears, before the US District Judge Naomi Reice Buchwald, on February 15, 2008. And what was his crime? Well he literally killed a company!!! Bennett, the former CEO of Refco Inc., a New York-based leading financial services company, earned fame having made millions for thousands of his clients (even US Senator Hillary Clinton was one!). But there was the dark side to this knight... he mismanaged Refco’s clients’ equity and disguised $430 million of bad debts. During its heydays, Refco was known as the largest non-bank US futures commission merchant of commodities and futures. The company was founded in 1969 by Lt. Thomas Dittmer and his stepfather Ray Freidman (who also had a criminal record!) as ‘Ray Freidman & Co.’ in Chicago. It was eventually relocated to New York. Its base had swelled to 200,000 customers and $4 billion in assets by October 2005. Then doomsday occurred. Many experts claim that Refco’s flameout was one of the most spectacular financial failures in US history amid civil and criminal investigations. Between its IPO in August 2005 and its October 18, 2005 bankruptcy filing, more than $1 billion in investor capital evaporated from Refco’s coffers. Beat this, it took just four days for Refco to transform from being the world’s largest commodities and futures brokerage to a company worth nothing, making it the fastest crash of a publicly listed company ever!

Born in 1948 in Britain, Bennett graduated from Cambridge University and joined Refco in 1981. He became its CFO in 1983 & subsequently its CEO in 1998. Under Bennett’s guidance, Refco advanced into the fast-growing unregulated markets and drifted away from its traditional business of dealing with agricultural commodities. Under him, the company acquired 16 smaller competitors and grew its revenue base by an incredible 24% annually through 2004. What followed however proved him a ‘dark knight’ for his stakeholders.


Source : IIPM Editorial, 2012.

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Friday, November 23, 2012

Democracies are peaceful

Democracies are peaceful, representative – and terrible at boosting an economy. Or at least that’s the conventional wisdom in Asia, where for years growth in India’s sprawling democracy has been humbled by China’s efficient, state-led boom.

The idea that there is a trade-off between economics & politics is ingrained in the minds of many policy-makers and business executives in Asia, as well as the West. But that idea has never been systematically proven. If India, with its noisy, chaotic, and lumbering political arrangements, can grow, then no other poor country must face a Faustian choice between growth & democracy. A deeper look at the two countries shows that they have succeeded and failed at different times for remarkably similar reasons. Their economies performed when their politics turned liberal; their performances faltered when their politics slid backward. Now, as many poor countries grapple with similar political & economic choices, we must understand this dynamic. It is high time to get the China-India story right.

India’s untold history

That story doesn’t begin in 2008. It’s a horse race that goes back decades, and one that tells us much about the relationship between democracy & growth, governance & prosperity. From an economic perspective, it is not the static state of a political system that matters, but how it has evolved. The growth India enjoys today sped up in the 1990s as the country privatised TV stations, introduced political decentralisation, and improved governance. Contrary to conventional wisdom, India stagnated historically not because it was a democracy, but because, in the 1970s & 1980s, it was less democratic than it appeared.

Many scholars blame India’s first PM, Jawaharlal Nehru, for adopting a development strategy that caused India to stagnate from 1950 to 1990. But this view is unfair to Nehru, and it shifts the blame from the real culprit – Indira Gandhi, PM during much of the period from 1966 to 1984. Nehru’s commanding-heights approach was the reigning ideology in many developing countries, some of which, like South Korea, were quite successful. The issue is not how harmful Nehru’s economic policies were, but why India intensified and persisted in this model when it was clearly not working. To answer this question we have to understand the lasting damage that Indira Gandhi inflicted on Indian democracy.


Source : IIPM Editorial, 2012.

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Thursday, November 22, 2012

Something refreshing

Looking to bust that stress or simply want to try out something refreshing, sign up for a Pilates routine, or take refuge in a spa and rejuvenate yourself with the experience

Soul SPA

After weekend getaways, shopping sprees and a drink at their favourite lounge, the upper middle class is increasingly catching up to spas. With the increase in disposable income and exposure to the western culture, spas are not only emerging as the fastest growing interests of the neo rich, but as a major lifestyle trend too. Traditionally, a rich-man’s interest is now no longer restricted to the privileged few. Many companies, like Amatrra and VLCC are cashing in on this trend and have opened up spas at strategic locations in various cities. In fact, these companies have not only come up with a new concept of day spas, but places like A+ MediSpa (from the house of Amatrra) is where Ayurvedic massage therapy, advanced medical skin care and aesthetic surgery are blended together seamlessly. Says Anita Kalsy Bhartiya, Brand Manager, A+MediSpa, “We combine modern medicine with ancient Ayurveda to give you clinical, meaningful results in an unhurried, peaceful spa environment.” With numerous spas sprouting in the country, people have many options to choose from. While some look for a trip to their nearby spa for rejuvenation and a nice oil massage, forgetting their hectic daily schedules for a few hours, there are others who not only come for rejuvenation but also for getting a good Ayurvedic treatment. VLCC and others are offering courses in different treatments, keeping in mind the growing spa culture. There’s also no dearth of couples signing up to make the most of a spa while enjoying each other’s company, free from the monotonous daily chores of life.


Source : IIPM Editorial, 2012.

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Wednesday, November 21, 2012

BS YEDIYURAPPA: PROFILE

Battling huge odds and crass opportunism, Yediyurappa has shown time and again why he is the king

According to the agreement, power was to be shared. But JD(S) supremo H.D. Devegowda, intervened and Yediyurappa’s first stint as CM lasted for a mere seven days. But after that the rest is history.

“As an RSS member, my father came to Shikaripur (Yediyurappa’s constituency) in the mid-seventies. His day begins at 5.00 a.m. and ends well after midnight,” Vijayendra Yediyurappa, the CM’s son told B&E. He has fought for the rights of ‘bagar hukum’ (unauthorised cultivators), peasants and bonded labours and has exposed the food-for-work scam. “Without doubt, Yediyurappa is the face of BJP in South India,” concurs D.V. Sadananda Gowda, BJP state unit president.

But the road ahead is not easy. BJP’s powerful General Secretary, Ananth Kumar, has no love lost for him. Also, there are six Independents, who are currently the main pillars of the BJP Government in the state. But the unseemly squabbles over portfolio distribution could hardly be described as fortuitous.


Source : IIPM Editorial, 2012.

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Tuesday, November 20, 2012

HARKISHAN SINGH SURJEET: PROFILE

Surjeet will be remembered for countering BJP at the height of its saffron surge

Surjeet was elected to the Politbureau of the undivided CPI at the Third Party Congress in January 1954. The CPI spilt into CPI and CPI (M) in 1964 and to quote General Secretary, Prakash Karat, Surjeet was one of the ‘navratnas’ who founded the CPI (M). Among the ‘navratnas’, only Surjeet and Jyoti Basu are around.

When Surjeet became General Secretary, India had already entered the era of coalition politics. The great polarisation and emergence of regional political parties enhanced CPM’s position at an all India level. It is no surprise, as General Secretary of CPM, Surjeet became the most important architect of coalition politics at the Centre.

Stepping into the rather large shoes of CPM’s greatest ideologue, EMS Namboodiripad, Surjeet more than others in the Left, has the ability to get along well with bourgeois politicians. Little wonder, he is hailed as the most pragmatic and flexible leader in the CPM, a party marked by the presence of dour conservatives.

Surjeet, despite requests, has been denied a superannuation by the CPM. The party web-site last week noted that “owing to his political activities he was jailed several times and had to spend 10 years in prison – eight years during British regime and two under the Congress rule after country became independent.” Most importantly though, he will be remembered as someone who played a decisive role in keeping the BJP at bay.


Source : IIPM Editorial, 2012.

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Monday, November 19, 2012

Too Lee’ttle, too...

Lee’s exit looks positive, hopefully the law will take its course

‘Once bitten, twice confident’ – Though antipodal, the tad goes well with Lee Kun-hee, Chairman of the world’s largest electronic company – Samsung Electronics. Lee, son of Samsung group founder Lee Byung-chul, resigned from his post on April 21, 2008 following his alleged involvement in the slush funds scandal. And along with him resigned his son and heir to the company, Lee Jae-yong and Vice Chairman Lee Hak-soo. But before one thinks that the allegations against Chairman Lee might be a mite too heavy (as being opined by company insiders and even some analysts), one perhaps forgets that in 1996, Lee was fully convicted on the charges of bribing ex-presidents of South Korea. It was only a presidential pardon (!) that allowed him to return to the company, and that too, at the helm of affairs! But the bigger question now is, will Lee’s resignation actually work positively for the group? Or is it the clichéd tale of too Lee’ttle, too late?

An alumnus of George Washington University, Lee took over the baton in 1988. It was under his leadership that Samsung Electronics became one of world’s leading manufacturers of semiconductors. In January 2008, a special investigation was carried out, instigated by Samsung’s former Chief Lawyer Kim Yong-chul, after he issued public allegations of financial irregularities. Lee has been charged with hiding 4.5 trillion won ($4.5 billion) slush funds & clandestinely using it to bribe influential South Koreans and politicians. He has also been accused of siphoning off 112.8 billion won ($113 million) to his personal accounts.


Source : IIPM Editorial, 2012.

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Thursday, November 15, 2012

The SIMI swoop

On their hitlist were L.K. Advani and Narendra Modi

Several among the 18 activists of the banned Students' Islamic Movement of India (simi) who were held following the Intelligence-mounted swoop in Indore and other parts of MP have reportedly told police that their targets this time were BJP leaders L K Advani and Narendra Modi. Their provocation: the Babri Masjid demolition and the post-Godhra riots that, according to the fanatics, the saffron parivar “facilitated”. The prime catch is Safdar Nagori, who led SIMI’s operations in MP and whose name figures in nearly every major bomb blast to have rocked the country in recent times. Equally significant is the nabbing of the feared Shivli, the outfit’s Kerala chief, and Hafiz Hussain, who had charge of Karnataka.

All of them, say the Intelligence sleuths, had also played a key role in planning and executing the 7/11 Mumbai train blasts. Just now police teams from several states, including Kerala, Karnataka, Gujarat, Andhra Pradesh and Haryana, are probing other possible targets on the immediate SIMI to-do list.


Source : IIPM Editorial, 2012.

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Saturday, November 10, 2012

Hairytale

Finally, a fairytale ending for a timeless ‘hairytale’ ?!

This gene causes a rare form of baldness (Hypotrichosis Simplex). It was found to inhibit receptor structures on hair follicle cells from forming correctly. Previously unknown, such receptors play a specific role in hair growth.

Captain (Dr.) Dhruv Dube is a facial reconstructive surgeon with the Indian Army. He has seen and examined numerous cases of reconstruction of nose, jaw, chin and the scalp. He exclaims, rather confidently, “Discovery of this gene will prove to be the next big thing in the field of dermatology. However, Hypotrichosis Simplex is extremely uncommon and discovering its culprit gene is only half the job done. The other half will be to successfully stall this gene so it does not interfere with the regeneration of new hair.”

Captain Dube also states, “For a person to lose around 100 hair strands a day is very normal. They are replaced immediately. However, baldness arises when hair fall occurs faster than their revival.”

But then, how much hair is too little? And why is baldness and thinning hair such a taboo in our society? It’s either nature’s decision or a rebellious streak that a person is bald. With having a completely bald look, Hollywood actors (Vin Diesel, Jason Stathom) are already making a unique fashion statement. And though villains like the late Bollywood actor Amrish Puri have been going bald to look the part, it will be a long wait before the likes of Hrithik, Saif and King Khan can be seen running around trees with a bald head.


Source : IIPM Editorial, 2012.

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Friday, November 09, 2012

Microsoft should takeover Yahoo!!!

Over the past few days, the internet search turf has been heating up. And the evolving dynamics are changing at such a fast pace that it is becoming increasingly difficult for analysts to predict the final outcome. The recent bid by Microsoft on Yahoo would not have come as a surprise to anyone as for long it had been talked about. It all started on the 1st of February, when Microsoft, the software giant, made a staggering $44.6 billion offer for Yahoo (at $31 per share – a 61% premium on Yahoo’s previous week’s closing price).

For long, Microsoft, a compulsive monopolist in the software market, has been feeling very uncomfortable with Google’s growing dominance in the internet space. It is no secret that in the internet space, Google had been a clear market leader cornering almost 60% of the web searches on the internet, followed by Yahoo and Microsoft’s MSN Live at a distant 20% and 7% respectively. This enviable position that Google has been commanding has given the company an indisputable control over the advertisement market. And much to Microsoft’s displeasure, Google has been using its monopoly position in controlling the online advertisement revenues to such an extent that it alone manages to corner almost 42% of the ad dollars, which Microsoft, Yahoo and AOL put together earn. And that’s not all, Google’s online ad revenues have been growing almost at 30% annually! Such is the growing dominance of Google that Microsoft for long had become a follower in this virtual duopoly market. So much so that since 2004, for every acquisition that Google did, Microsoft did another.

So as Google bought Marratech, YouTube, Android, Orkut and the likes, Microsoft followed it up with Unified Communications, Soapbox, MessageCast Inc., Facebook respectively. But that’s not all, Google had been giving sleepless nights hitting into Microsoft’s bread and butter software business by offering free solutions. Consecutively, for long, Microsoft had been eyeing an opportunity to strengthen its own position; and what better than this opportunity to bid for Yahoo, and that too exactly when Yahoo had shown disappointing results in January when its share prices fell to a four year low, wherein the company announced its plan to retrench 7% of its workforce.


Source : IIPM Editorial, 2012.

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IIPM : The B-School with a Human Face
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Thursday, November 08, 2012

Industrial infection

MNCs are hailed as national treasures but their devil-may-care attitude results in tragedies, making them global shame

globalisation is inevitable as we reside in ‘global village’. And the entities which benefit the most, perhaps, out of this phenomenon are modern day centres of affluence & influence – MNCs. As they profit and in the process, enhance employment and production, goes unnoticed is that their drive to profit, which leaves the rest in pain, is their lack of concern and efforts towards safe working of their industrial units, across the globe. While a McKinsey report has exemplified that cumulative market value of top 10 Fortune 500 companies is equal to combined GDP of India & Brazil or total forex reserve of six leading Gulf oil exporting countries in 2006, but their irresponsible, greedy & biased business policies and activities without considering people, environment & legal aspects, have brought apocalypse in form of fatal industrial accidents, environmental hazards, affecting millions in myriad other ways.

Start with Bhopal gas tragedy in 1984; which is the most horrifying industrial catastrophe in history, claiming between 3,000 and 20,000 lives, leaving thousands with serious diseases and injuries. The reaction of Dow Chemical, the global giant providing innovative chemical, plastic and agricultural products and services and responsible for this industrial catastrophe, publicly disowns its accountability. Moreover, it tried to console affected families with mere $300-$500. And when nearly 200 women protested against Dow for its meagre liability and for not really taking any proactive mechanisms to clean up the area stacked with dangerous toxic waste which spreads many gas related diseases in the small town Bhopal, it has sued them for raising voice against the company using it’s political, monetary & muscle power.

When an explosion and fire ruined a fireworks factory belonging to Bright Sparkles Sdn. Bhd. at Sungai Buloh, Malaysia in 1991, causing 22 deaths & injuring 103, Bright Sparkles remained lukewarm in helping victims and their families and compensating the environmental damages it has caused.


Source : IIPM Editorial, 2012.

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IIPM : The B-School with a Human Face
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