Sunday, November 7, 2010

The Indian stock market ended at an all time high on the Diwali 60-minute Special trading session on Friday. Diwali trading is arranged every year on the festival of Diwali to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity; it is also seen as welcoming the New Year of the Samvat calendar. The Samvat calendar is 56.7 years ahead (in count) of the solar Gregorian calendar.

The benchmark 30-share Bombay Stock Exchange Sensitivity Index, Sensex, rose 0.53% or 111.39 points to a record close of 21,004.96. Sensex closes above 21k pts for the first-time in its 135 years history.

Indian markets have attracted about USD 26.74 billion this year of investment from foreign institutional investors. The sale of a 10% stake in Kolkata-based Coal India last month was the biggest share sale in Indian history and banked the government 3.4 billion dollars. Coal India has risen 43 percent since listing at the stock exchanges this week.

According to Mr. Rakesh Jhunjhunwala “This will continue for long periods of time. If you look at India we are 3% to 4% of world GDP, we are not even 0.5% of USD 30 to USD 35 trillion in the investment of institutions worldwide in equities. Our share is USD 250 billion, USD 200 billion may be and it could go up to USD 1 trillion. So I see no reason why money will not come. Don’t forget one thing that India is an open country. Indian companies have return on equity. Among the emerging markets we have the best corporate governance. We are well regulated; we have got good trading systems. Why will the money not come you tell me?” Mr.Rakesh Jhunjhunwala is tagged by the media as “India’s Warren Buffett”.

Wednesday, August 6, 2008

American celebutante and businesswoman Paris Hilton has bashed a recent presidential campaign ad by 2008 U.S. presidential hopeful John McCain in which he compared his rival Barack Obama to celebrities such as Hilton and Britney Spears. In McCain’s TV ad, it was stated that Obama was “the biggest celebrity in the world.”

Hilton recorded and uploaded a video to comedy website Funny or Die, in which she mocked McCain by calling him a “wrinkly white-haired guy.”

“Hey America. I am Paris Hilton, and I am a celebrity too,” she states at the beginning of the video, but not before images of the Star Wars character Yoda and the cast of The Golden Girls are paraded across the screen apparently comparing the characters to McCain.

“Only I am not from the olden days, and I am not promising change like ‘that other guy’. I’m just hot,” remarked Hilton, adding, “I guess I am running for president,” since McCain’s TV ad showed her.

McCain’s advertisement, released early this week, states, “Is the biggest celebrity in the world ready to help your family?” According to the Boston Globe and video displayed on its website, the narrator then points out that “the real Obama promises higher taxes, more government spending. So, fewer jobs.”

Bill Burton, a spokesman for Obama, responded to the ad: “Is the biggest proponent of George Bush’s tired, failed policies ready to bring about change? Another day brings another dishonest attack from John McCain. While Senator McCain knows that Senator Obama has proposed cutting taxes for 95% of American families, what he’s not telling us is that he wants to give $4 billion in tax breaks to the oil companies, continue giving tax breaks to corporations that ship our job overseas, and provide no direct tax relief for more than 100 million middle-class families.”

Hilton appears in good spirits in her video and even thanks McCain for endorsing her. “So thanks for the endorsement white-haired dude. And I want America to know, that I am like totally ready to lead.”

Saturday, June 30, 2007

The United Kingdom’s Joint Terrorism Analysis Centre (JTAC), a division of the security agency MI5, has raised its threat level to critical. Critical denotes that a terrorist attack is expected imminently. The threat is noted as being from al-Qaida, groups associated with al-Qaida, and other Islamic extremists. The change was made as a result of an earlier incident where a burning jeep drove into Glasgow Airport, which has been linked to the attempted London car bombings of the previous day.

MI5 also indicated that, although the threat comes principally from al-Qaida and related networks, Northern Ireland-related terrorism remains a threat.

In a press release Saturday, Home Secretary Jacqui Smith said, “I can confirm that JTAC has raised the national threat level to critical. This is in response to the events of the last 48 hours. Critical is the highest level of threat, and the threat level will be closely reviewed on a regular basis. Appropriate security measures have been put in place.”

A terror alert system was set up by the UK government to keep the public informed about the level of threat to the UK from terrorism. According to the Home Office, the likelihood of a terrorist attack taking place in the UK is identified in following threat levels:

• critical – an attack is expected imminently
• severe – an attack is highly likely
• substantial – an attack is a strong possibility
• moderate – an attack is possible but not likely
• low – an attack is unlikely

Sunday, August 8, 2010

Five hundred people are missing and as many as 150 are reported to have been killed by flash floods in India, caused by a sudden cloudburst that hit Indian-controlled Kashmir on Friday. The downpour struck the town of Leh and several surrounding villages, and reportedly caused a mud slide that hit the refugee-populated village of Choglamsar.

Associated Press reported that at least five foreign tourists were among those killed. Their nationalities are not known but New Delhi Television (NDTV) reported that 110 tourists, half of them foreigners, were being looked after at an Army transit camp on the Leh-Manali road. NDTV also said that the tourists had been given food, medicine and phone connections to their embassies. Flights have been arranged by the Indian government to bring affected foreign tourists back home.

Massive relief efforts are continuing; Farooq Ahmad, who is Inspector General of Police in Kashmir reported on Sunday today that “63 bodies had been identified so far and that rescue teams were fanning out to six villages near Leh that had not yet been reached during relief operations.” Believed to contain 5000 people, Choglamsar, on Leh’s outskirts, is one of the villages that rescuers have been clearing roads to reach.

The army has been called in to assist in rescue work. Thousands of troops, police and paramilitary soldiers were clearing roads in order to reach isolated villages. Those living in the upper reaches, whose housing was not adequate to provide protection, will have borne the full impact of the mud slides caused by the 12 mm of rain that fell on Friday in just a few minutes.

Officials said that rescuers were digging through crushed homes and piles of mud to search for survivors. The hundreds of reported injured are being treated at an army hospital and several makeshift clinics. Mohammed Deen Khan, a social activist who has been assisting in rescue work, said the mud was 15 feet high in some places. Heavy earth-moving equipment has been brought in to move the tonnes of mud and boulders blocking roads.

The rescue officials have faced a serious problem due to the severe damage of the Bharat Sanchar Nigam Limited (BSNL) office, a telecommunication enterprise, leading to the complete disruption of communication in the Leh region. The general manager of BSNL reports that the damage has caused a loss of 120 million INR. Another telecommunication enterprise, Airtel, has provided SIM cards to local administration for setting up hotlines that people can call for assistance.

Pashi Tsetan, a local administration development wing (deputy director) said, “The major problem is due to the communication breakdown. If communication is restored it will help in co-ordination of rescue operations in a better way.” Other institutions like Defence Institute of High Altitude Research (DIHAR), the ITBP camp, the Central Reserve Police Force (CRPF) and others have also been affected.

1,314 people, mostly tourists, have been airlifted from Leh to Delhi. Three additional Indian Airlines flights from Jammu and Delhi have been planned. Three IL-76 and four AN-32 aircraft carried relief material to Leh this morning, and four more by Jet Airways and Air India and three by Kingfisher Airlines will carry relief material and doctors to Leh.

The ITBP has sent water tankers containing drinking water to affected areas. Medical camps have been set up in villages like Saboo. The bodies of eleven persons were transported to Jammu and Kashmir, Punjab, and Rajasthan this morning.

India’s crisis comes as Pakistan is experiencing the worst floods in the country’s history.

Thursday, October 1, 2009

A crime scene police detective and a forensic biologist testified on Tuesday about bloody evidence entered into the court record, in the ongoing criminal trial against New York State Senator Hiram Monserrate. Monserrate faces charges of felony assault in an alleged attack on his girlfriend Karla Giraldo.

The prosecution has asserted that when Monserrate discovered that his girlfriend had the business card of another man, he chose to strike out at her. Monserrate has entered a plea of not guilty to charges he sliced his girlfriend’s face with broken glass during a conflict at their apartment on December 19, 2008. The defense team denied that the injury to the woman by Monserrate was intentional, instead claiming that the incident was “an accident” and the result of Monserrate tripping while bringing Giraldo a glass of water.

An emergency physician that had treated Giraldo stated in court last Thursday that Monserrate’s girlfriend asserted to her that her injuries were not the result of an accident. Though the defense has argued that Giraldo, who is from Ecuador, may have been difficult to understand – the physician stated she conversed with Monserrate’s girlfriend in both Spanish and in English.

The police detective that first inspected the crime scene testified Tuesday to the court about his recollection of discovering broken glass at the apartment, along with blood, towels covered in blood, and a ripped women’s t-shirt. Prosecutors entered into evidence a ripped sleeveless undershirt that police had found in the garbage outside Monserrate’s apartment on the night of the alleged attack. Bloody towels were was also found at the crime scene in the bathroom, and bloody smudges were discovered on a light switch in the bedroom.

According to forensic biologist Ewilina Badja, the majority of the blood found at the scene originated from one woman. Prosecutors assert that this woman is Giraldo, who was treated for injuries surrounding her left eye that took approximately 40 stitches to remedy. Badja identified blood on a male green shirt found in the bathroom sink as that of Monserrate.

Joseph Tacopina, defense counsel for Monserrate, argued that the police detective’s testimony does not prove his client attacked Giraldo. NY1 reported that Tacopina stated: “There’s not a piece of evidence that supports there was a scuffle where someone tore someone’s clothing, so it is nothing more than rank speculation. It was not a blood drenched t-shirt. When it was torn who knows? I have in my closet right now torn T-shirts that I wear to bed every night.”

On cross-examination, Tacopina queried New York City Police Department crime scene analyst Detective David Hernandez regarding the blood discovered on the bedroom light switch. According to Hernandez, police did not evaluate the blood on the light switch; Hernandez also stated that the lights in the apartment were found turned on. Tacopina argued that this bolsters the story provided by defense – that his client stumbled in a dark room while attempted to bring water to his girlfriend, and placed his bloody hand on the light switch after accidentally breaking the drinking glass on Giraldo’s face.

Queens Supreme Court Justice William Erlbaum will judge the case without a jury, as Monserrate waived his right for a trial before his peers. The group National Organization for Women has requested that the judge rule Monserrate should be given “the maximum sentence allowable by law”. If convicted, Democrat Sen. Monserrate could serve seven years in prison and lose his New York State Senate seat.

Monserrate is a former city councilman. He became a member of the New York State Senate weeks after the alleged conflict with Giraldo, and was made chair of the committee overseeing consumer affairs. Along with Democrat Pedro Espada Jr., Monserrate started a shift in control of the Senate by aligning with the Republican Party.

Wednesday, March 25, 2009

Tensions are running high at the U.S. Postal Service as it faces an enormous budget shortfall. Even after announcing it was cutting 3,000 jobs, the beleaguered government agency is still quickly running out of money.

Postmaster General John Potter asked the United States Congress for help on Wednesday, once again bringing up the possibility of reducing mail delivery from six to five days a week. The service reduction would save approximately $3.5 billion this year.

Another way to cut costs could include changes to how it pays for its employee retirement plan, which would save a further $2 billion. Closing small and rural post offices is another possibility that has been discussed.

Many measures have already been taken to stem the agency’s losses. Construction of new facilities has been put on hold and existing ones put up for sale, millions of man-hours have been cut, and executive salaries have been frozen.

House Oversight Post Office Subcommmittee chairman Stephen F. Lynch (D-Mass.) has expressed reluctance with the plan to reduce service, saying “With the Postal Service facing budget shortfalls the subcommittee will consider a number of options to restore financial stability and examine ways for the Postal Service to continue to operate without cutting services.”

Other than cost cutting, Congress could also appropriate taxpayer dollars to fund the struggling Postal Service, which currently does not rely on public funding outside of a subsidy for international voting mail and services for the blind.

If nothing is done, the USPS will soon run completely out of money, and may be unable to pay many of its bills. Salaries are the agency’s highest priority to continue paying, though other debts may have to wait to be paid, said Potter. Last year the Postal Service lost $2.8 billion.

Thursday, December 20, 2007

Wikinews reporter David Shankbone is currently, courtesy of the Israeli government and friends, visiting Israel. This is a first-hand account of his experiences and may — as a result — not fully comply with Wikinews’ neutrality policy. Please note this is a journalism experiment for Wikinews and put constructive criticism on the collaboration page.

Dr. Yossi Vardi is known as Israel’s ‘Father of the Entrepreneur’, and he has many children in the form of technology companies he has helped to incubate in Tel Aviv‘s booming Internet sector. At the offices of Superna, one such company, he introduced a whirlwind of presentations from his baby incubators to a group of journalists. What stuck most in my head was when Vardi said, “What is important is not the technology, but the talent.” Perhaps because he repeated this after each young Internet entrepreneur showed us his or her latest creation under Vardi’s tutelage. I had a sense of déjà vu from this mantra. A casual reader of the newspapers during the Dot.com boom will remember a glut of stories that could be called “The Rise of the Failure”; people whose technology companies had collapsed were suddenly hot commodities to start up new companies. This seemingly paradoxical thinking was talked about as new back then; but even Thomas Edison—the Father of Invention—is oft-quoted for saying, “I have not failed. I have just found ten thousand ways that won’t work.”

Vardi’s focus on encouraging his brood of talent regardless of the practicalities stuck out to me because of a recent pair of “dueling studies” The New York Times has printed. These are the sort of studies that confuse parents on how to raise their kids. The first, by Carol Dweck at Stanford University, came to the conclusion that children who are not praised for their efforts, regardless of the outcome’s success, rarely attempt more challenging and complex pursuits. According to Dweck’s study, when a child knows that they will receive praise for being right instead of for tackling difficult problems, even if they fail, they will simply elect to take on easy tasks in which they are assured of finding the solution.

Only one month earlier the Times produced another story for parents to agonize over, this time based on a study from the Brookings Institution, entitled “Are Kids Getting Too Much Praise?” Unlike Dweck’s clinical study, Brookings drew conclusions from statistical data that could be influenced by a variety of factors (since there was no clinical control). The study found American kids are far more confident that they have done well than their Korean counterparts, even when the inverse is true. The Times adds in the words of a Harvard faculty psychologist who intoned, “Self-esteem is based on real accomplishments. It’s all about letting kids shine in a realistic way.” But this is not the first time the self-esteem generation’s proponents have been criticized.

Vardi clearly would find himself encouraged by Dweck’s study, though, based upon how often he seemed to ask us to keep our eyes on the people more than the products. That’s not to say he has not found his latest ICQ, though only time—and consumers—will tell.

For a Web 2.User like myself, I was most fascinated by Fixya, a site that, like Wikipedia, exists on the free work of people with knowledge. Fixya is a tech support site where people who are having problems with equipment ask a question and it is answered by registered “experts.” These experts are the equivalent of Wikipedia’s editors: they are self-ordained purveyors of solutions. But instead of solving a mystery of knowledge a reader has in their head, these experts solve a problem related to something you have bought and do not understand. From baby cribs to cellular phones, over 500,000 products are “supported” on Fixya’s website. The Fixya business model relies upon the good will of its experts to want to help other people through the ever-expanding world of consumer appliances. But it is different from Wikipedia in two important ways. First, Fixya is for-profit. The altruistic exchange of information is somewhat dampened by the knowledge that somebody, somewhere, is profiting from whatever you give. Second, with Wikipedia it is very easy for a person to type in a few sentences about a subject on an article about the Toshiba Satellite laptop, but to answer technical problems a person is experiencing seems like a different realm. But is it? “It’s a beautiful thing. People really want to help other people,” said the presenter, who marveled at the community that has already developed on Fixya. “Another difference from Wikipedia is that we have a premium content version of the site.” Their premium site is where they envision making their money. Customers with a problem will assign a dollar amount based upon how badly they need an answer to a question, and the expert-editors of Fixya will share in the payment for the resolved issue. Like Wikipedia, reputation is paramount to Fixya’s experts. Whereas Wikipedia editors are judged by how they are perceived in the Wiki community, the amount of barnstars they receive and by the value of their contributions, Fixya’s customers rate its experts based upon the usefulness of their advice. The site is currently working on offering extended warranties with some manufacturers, although it was not clear how that would work on a site that functioned on the work of any expert.

Another collaborative effort product presented to us was YouFig, which is software designed to allow a group of people to collaborate on work product. This is not a new idea, although may web-based products have generally fallen flat. The idea is that people who are working on a multi-media project can combine efforts to create a final product. They envision their initial market to be academia, but one could see the product stretching to fields such as law, where large litigation projects with high-level of collaboration on both document creation and media presentation; in business, where software aimed at product development has generally not lived up to its promises; and in the science and engineering fields, where multi-media collaboration is quickly becoming not only the norm, but a necessity.

For the popular consumer market, Superna, whose offices hosted our meeting, demonstrated their cost-saving vision for the Smart Home (SH). Current SH systems require a large, expensive server in order to coordinate all the electronic appliances in today’s air-conditioned, lit and entertainment-saturated house. Such coordinating servers can cost upwards of US$5,000, whereas Superna’s software can turn a US$1,000 hand-held tablet PC into household remote control.

There were a few start-ups where Vardi’s fatherly mentoring seemed more at play than long-term practical business modeling. In the hot market of WiFi products, WeFi is software that will allow groups of users, such as friends, share knowledge about the location of free Internet WiFi access, and also provide codes and keys for certain hot spots, with access provided only to the trusted users within a group. The mock-up that was shown to us had a Google Maps-esque city block that had green points to the known hot spots that are available either for free (such as those owned by good Samaritans who do not secure their WiFi access) or for pay, with access information provided for that location. I saw two long-term problems: first, WiMAX, which is able to provide Internet access to people for miles within its range. There is already discussion all over the Internet as to whether this technology will eventually make WiFi obsolete, negating the need to find “hot spots” for a group of friends. Taiwan is already testing an island-wide WiMAX project. The second problem is if good Samaritans are more easily located, instead of just happened-upon, how many will keep their WiFi access free? It has already become more difficult to find people willing to contribute to free Internet. Even in Tel Aviv, and elsewhere, I have come across several secure wireless users who named their network “Fuck Off” in an in-your-face message to freeloaders.

Another child of Vardi’s that the Brookings Institution might say was over-praised for self-esteem but lacking real accomplishment is AtlasCT, although reportedly Nokia offered to pay US$8.1 million for the software, which they turned down. It is again a map-based software that allows user-generated photographs to be uploaded to personalized street maps that they can share with friends, students, colleagues or whomever else wants to view a person’s slideshow from their vacation to Paris (“Dude, go to the icon over Boulevard Montmartre and you’ll see this girl I thought was hot outside the Hard Rock Cafe!”) Aside from the idea that many people probably have little interest in looking at the photo journey of someone they know (“You can see how I traced the steps of Jesus in the Galilee“), it is also easy to imagine Google coming out with its own freeware that would instantly trump this program. Although one can see an e-classroom in architecture employing such software to allow students to take a walking tour through Rome, its desirability may be limited.

Whether Vardi is a smart parent for his encouragement, or in fact propping up laggards, is something only time will tell him as he attempts to bring these products of his children to market. The look of awe that came across each company’s representative whenever he entered the room provided the answer to the question of Who’s your daddy?