Barrack Hussein Obama- b vs s

Barrack Obama was sworn in as the 44th President of the United States, heralding a new chapter in the history of the world. Obama is the first black president of US, which until 50 years ago was struggling with race issues. Obama is an example of what can be achieved if one sets ones has the aim and the grit. Funny how close are the name Obama and Osama, and yet Obama was able to win the support of that very nation, which swears to be enemy no. 1 to the latter.

Corbett National Park-30th Dec 08 to 1st Jan 09

We started around 3 from Noida to Corbett, but it was one big big wrong decision. By the time we hit garhmukteshwar, and had our evening meal at Bhajan restaurant, which is supposed to be the good one on this highway, it was already dark. However, the spirits were high, and we were looking forward for the 31st evening at Corbett. This is by far , the worst highway I have ever traveled. The only consistent thing about this highway is the complete takeover of Mayawati and how people are falling over themselves congratulating her as their leader. The high way is marked by small towns and villages very characteristic of U.P. with their muslim names, and mosques dotting the country side. By the time we reached Moradabad, it was very dark, and extreme, dense fog. The ride became very slow, almost painful, and visibility got reduced to barely 2 to 3 meters. Thank fully we started following a vehicle, which seemed to be a local and well acquainted with the highway. By the time we reached it was 11:30 PM in the night. We found our hotel , Wild Crest without much difficulty. It is about 8 kms before dikhala gate and a nice place. The room rent of 5000 was inclusive of food. But the quality of rooms were not commensurate with the price. However, we had a good night’s sleep after dinner ,as early next morning we were planned for the safari. The safari was from the Jhirna gate , and our driver took us on his gypsy early in the morning to the Corbett National park. Now the way the park is organized, there is a core area of about 400 sq km and then there is a buffer area of about 700 sq km. 30 vehicles are allowed from the jhirna gate in the morning from 6 to 10 AM, and from the incept the way it was organized with so many vehicles, the chance of seeing a tiger looked remote. All the driver did to impress us was stopped the vehicle and carefully watched the animal foot on the soil and tried to predict where the animal could be which was loads of bullsh!t So, there was no tiger to be seen and we were back in our hotel at 10. After breakfast, and an hour of rest, we decided to go to dikala gate, and saw the museum there. I think the way we Indians maintain our museum is pathetic. Not even dust was cleared from the animal exhibits. Came back, went to Ram nagar which is a small town next to Corbett. Returned to our hotel and had a good sleep before the evening party. Happy New Year 2009 !

Fashion- The show must go on...

"Fashion" is another marvel from Madhur Bhandarkar, who has made a place for himself in realistic cinema. After watching Page 3, and Traffic Signal, hopes were high from Fashion - and Madhur delivered. the movie was also important for Priyanka Chopra's career - who has performed decently. One of the few Indian movies which doesnt have a main lead as a hero - the movie revolves around Priyanka Chopra and her trip in and out and in again into the modelling world. The movie is educative about life of a model and the struggles involved, the fact that the people you meet going up in life on success ladder, are the same people you meet while coming down. And that it makes sense to be principled and success at every cost is a question one needs to ask oneself. However, the best part of the movie is the climax, when Priyanka has to walk the ramp when she is informed by the police that her friend ( Kangana Raout ) has died due to drug over dose - a very clear message that the show must go on - the show always goes on....good movie worth a watch - but only at a cinema hall

On professional education..

Parents have forever been worried about the choices kids make for their education, and I am often asked for suggestions. India is a changing economy and many professions have lost their charm ( and need) and many new have sprung up. Media , Animation, RJ, Airhostess academies have all sprung up and are doing brisk business due to inherent demand in the economy for new professions. One feels that the purpose of education, is to make better human beings out of all of us, which has always been the case - but in this accelerating economy it makes a lot of sense to acquire skills which have some ready use, and can instantly be converted to cash. The generalist world is giving way to specific jobs - and people now look for advanced skill sets - which can only be gathered if one has spent time in professional education - so the choice of courses should have this as a determining factor.

Law of Celestial Justice

In one of my visits to Ahmedabad, not long ago, when I was staying at Prof. Sunil Handa's house and engaged in a lively discussion with him, there concept of celestial justice system came. He very beautiful named the Indian way of thinking that good deeds are rewarded and bad ones are punished, and there exists a justice system that keeps a count - beyond the earthly routes to justice available. I like this idea, and can live with it, and it doesnt give me the same questions as the concept of "God" in general does. Having said that , I met one gentleman who just six months ago had a market capitalization of 10,000 crores, and could see no harm his way. He looked invincible in the face of every challenge, and couldnt expect any threat from any quarters. And today he cant expect any help from any quarters. The world has given way and he is owing the world today a lot of money...what makes such upheavels - who makes Princes out of paupers and paupers out of priinces - is there really somebody up there who is pulling our threads ?
On the financial side - the lessons are - a. may be leverage is not such a good thing b. going public or not is something that has to be thought much more seriously by the company as this market has shown. The best of companies dont control their destiny any more.

Trip to Mussoorie

Mussoorie, a beautiful hillstation located in the Shivaliks, in the Indian state of Uttrakhand -approx 30 kms from Dehradoon, capital of Uttrakhand.  A convenient way to reach Mussoorie is take a Shatabdi express from Delhi (NDLS) that goes to Dehradoon at 6:50 AM and reaches there 12:30 PM. From there, one can get taxis from the station itself. The process of getting  a taxi is pretty hastle free, unlike other places in India. The fares are regulated by the Uttrakhand government, and one can just queue up and get the taxi which costs 450/- per trip to Mussoorie. One can also share a cab and pay lesser, for there are many people going to Mussoorie from the station.  The uphill trip takes about an hour, and the change in temperature is just superb. Mussoorie, also called the queen of hills, is very pleasant during October as well, and a light breeze can make the weather very cold. The two sides to the Mall are the Picture Palace (crowded) and the Library side (less crowded). The route to Kempty falls etc is also from Library side. There are loads of hotels to choose from on the mall, and the rooms are available at almost all prices. Hotel Pallavi Mussoorie on the mall, on the library side, is a beautiful and cozy resort with beautiful views and helpful staff. There is a Barista on the Library side, and the Picture Palace side as well.  Its a small quintessential town, with a small mall that can be walked in about 45 minutes end to end. like other hillstations in north india, there are horse rides on the mall, and street vendors - and there are vendors who come out in the evening selling shawls, which are quite nice and cheap - just to take advantage of the sudden change in temperature, like true entrepreneurs. Take a  short weekend break to Mussoorie, and you wont regret it.

On starting..

I often wonder if it is better to start alone, and yet small in a business, or is it better to taking funding in the beginning and try fighting it out in a better league. I am tustling with this for a while now - sometimes i feel it is easier to take a business from 100 to 10,000 than taking it from 1 to 100. The competition at the bottom of the pyramid is far intense and ruthless...any answers dear friends ?

Changing times in India..

Yday, while walking down hounslow in west london, I was discussing with my cousin the pace to today's life. And suddenly my mind got transported to India of yesteryears, when the only thing to do for entertainment was to watch chitrahaar in the evening, and there used to be a serial of charlie chaplin and movie on sunday. Anybody who had a telephone connection was a wow in the society. ....and today, if your driver doesnt have a mobile phone, people are shocked - the normal reaction is "how do you manage yaar "

Market Commentary

With Lehman going down, and Merill bought out, and AIG in trouble, it could be pretty bad for the USD in the short run. Any further bad news could cause a lot of damage. Oil has come off almost $4 reversing most of its gains in the beginning of the year. Fed rates could be cut going forward.

Turmoil in the international markets

Lehman brothers, filed for Chapter 11 Bankruptcy today. Merill Lynch was sold off to Bank of America for $50 bn. The two towering giants of wall street that have, between the two of them, a history of 250 years on the wall street, were not present when the markets opened today morning.  Wall Street will never be the same again. AIG, the largest american insurance company is also in trouble. 

Efficiency and Effectiveness

Peter Drucker, management guru talks about efficiency and effectiveness as two important concepts of management. Efficiency is "doing things right" and Effectiveness is "doing the right thing". Efficiency is an input output concept wherein an efficient manager is one that uses minimum inputs to product maximum outputs. Effectiveness, by contrast, involves chosing the right goals. A manager, who selects the wrong goal, says producing Plasma televisions, when the demand is for LCDs, is an ineffective manager, even if the Plasmas are produced with maximum efficiency.
No amount of efficiency can make up for lack of effectiveness. According to Drucker, Effectiveness is the key to an organisation's success.

My speech on "Integrity" to IRDE, Dehradun as part of YI, CII - 13.07.07

13.07.07
Ladies and Gentlemen,
Good Afternoon!! First of all I take this opportunity to thank the scientists of this country, who make our lives peaceful and yet take little credit for it. You are the real heroes of this nation. On behalf of the CII’s Young Indians and on behalf of Milagrow Business and Knowledge Solutions, I welcome all of you to a very special event of YI, CII
What is integrity ?
Integrity is the basing of one's actions on an internally consistent framework of principles. Depth of principles and adherence of each level to the next are key determining factors. One is said to have integrity to the extent that everything he does and believes is based on the same core set of values. While those values may change, it is their consistency with each other and with the person's actions that determine his integrity.
The concept of integrity is directly linked to responsibility. Integrity in ancient India has always meant unity of thought, word and deed.
Integrity to me is the wholeness of being. To be morally sound, and stand for a set of values. It is a holistic concept, one which should cover every aspect of our lives. Integrity should signify that we say what we think, and we do what we say When I was asked to speak the key note address on Integrity India campaign in such august audience, the first question that comes to my mind is what is my moral authority to talk on Integrity. Trust me ladies and gentlemen, I thought about it a lot, and it gave me a reason to ponder and reflect upon my own life, my relationships, and my career in general. I personally believe that there is no such thing as personal set of values and public set of values for a human being. Life is funny, and yet extremely fair, and in the long run, our personal values come to reflect upon our public relationships. Having had the opportunity to be an entrepreneur at the age of 17 running an injection moulding company, I have seen India from the grassroots. At the same time having studied in one of the best colleges in India have had the opportunity to interact with the thought leaders of this country.
After graduating from Indian Institute of Management, Ahmedabad, my first job was in London as an investment banker where I worked for 5 years. Being the only coloured guy in investment banking, that is still largely a white strong hold, taught me many cross cultural lessons. Having worked and interacted with British for long hours in a day for many years, I always think what is that these guys do differently than us. If you look at an average British and compare it with an average Indian, the Indian would be smarter in everything – but the sad part is that this smartness sometimes borders to short cuts. In my life in UK, I noticed a strong sense of Integrity for the nation and to a common set of values, that all abide by. One can take things at face value. In India, in every day life, it is more a norm that everything has a hidden agenda. We find that we have a different set of values that govern our different aspects of life. We are driven not by personal guilt arising from a lowering benchmark of values. We are rather driven by public guilt. Everything is fine, as long as the world doesn’t know of it. The western philosophy calls for taking responsibility for one’s actions. However, in India, we believe that everything is predestined. There is a clear sense of evading responsibility and everything is passed on to God. We don’t take it upon ourselves to be responsible for our society, for our motherland, for our country. But the problem is not that the integrity is missing when the call is for the nation, the problem is that integrity is missing even when we are dealing our personal lives. If we don’t stand for things that benefit us directly, what will we do when the benefits are for all?

Today, those of you who are running companies, advertise for a typist, and nine out of ten who apply can neither spell nor punctuate – and do not think it necessary to do so. Can with such attitudes, such lack of integrity for our jobs, we become a great nation?

A government official accepts bribe from a party to a tender and lets him outbid the highest tender. He then justifies that he has done nothing wrong, because he has created a win win situation. He has made money for himself, and in the process his department through the tender process has got more money coming in now, than earlier? How do you justify this? Is this government official ethical to his value system and his job?
If we come on a conference and get paid for it, and don’t declare it to our company, is that acceptable?
“The Letter to Garcia” is one of the most widely circulated articles of the world. When the war broke out between Spain and the US in last decade of 19th century, it was necessary to communicate quickly with the leaders of the insurgents led by Garcia. Garcia was somewhere in the mountain fastnesses of Cuba – no one new where. No mail or telegraph message could reach him. The President must secure his cooperation and quickly. Someone said to the President, “There is a fellow by the name of Rowan who will find Garcia for you, if anybody can”. Rowan was sent for and given a letter to be delivered to Garcia. How the fellow by the name of Rowan took the letter and delivered it to Garcia – are things that we don’t have to go in detail. The point I want to make is this: The President gave Rowan a letter to be delivered to Garcia, Rowan took the letter and didn’t ask “where is Garcia” –He did it with a “consider it done” attitude with a complete integrity to his task and not searched for excuses and escaping responsibility. The point is that the country doesn’t need book learning young men, nor instructions about this or that, but a stiffening of vertebrae, which will cause them to be loyal to a trust, to act promptly, concentrate their energies and to act with completely INTEGRITY. That is when the nation would progress. We need Rowans who can carry the message to Garcia with utmost Integrity. Slipshod assistance, inattention, indifference, and half hearted work are all parts of personal non integrity and no man can succeed unless he has personal integrity, accept of course by bribes or threats, to what we Indians now rely upon.
While I am normally wary of the "Mera Bharat Mahaan" syndrome, all of us can be justifiably proud of the many successes India has notched up on the economic front:
An 8-10% economic growth on a sustained basis is a clear possibility. India has 1 trillion GDP mark ranking 7th in the world. We have earned the reputation of the world at large with our developments in a number of areas - be it Information Technology; bio-technology; Industrial Research and Development or higher education.
The "India Brand" has caught the attention of global business leaders and opinion makers based on our performance on the ground in select sectors. All this is great news.
The converse, which should concern us greatly, is how much we get carried away by our achievements - modest as they may be - and fail to recognize the barriers that come to realizing our full potential.
Various statistics point to the fact that for every Rupee spent by the government on development, less than ten paisa of the amount actually reaches the beneficiary.
This again sums up the biggest challenge that confronts us all : the need for transparency, accountability and ethical behaviour.
Studies by respected Institutions such as “Transparency International" indicate that India ranks a low 88 out of the 159 countries surveyed in regard to integrity. We are clubbed with a number of countries such as Gabon, Mali, Moldova, Tanzania and Iran.
Transparency International, the global civil society organization leading the fight against corruption, brings people together in a powerful worldwide coalition to end the devastating impact of corruption on men and women around the world.
In fact, Milagrow Business and Knowledge Solutions is going to be the first company in India to sign the Integrity Pact and an MoU with Transparency International. We are developing Integrity Pact Programmes with Transparency International. Our own transparency of business, our own standards of ethical growth has given us the moral authority today to stand in front of a larger audience and encourage them to sign the Integrity Pact. If we are able to sign 10 YIs this year on this Integrity Pact, we would consider having made some change. In the last few months since Milagrow has come into existence, we have had numerous instances when we have been offered money in cash, but we have never accepted anything but cheque.

The media and research keeps on springing humungous corruption numbers at us- 250,000 crores loss of revenue to government through tax evasion,50,000 crores additional cost to the country because of delays in project implementation due to bureaucratic red tape. 2000 crores offered as bribes by truck drivers at various check points in the country.
Each one of us has to contribute, the battle is going to be long, we need everybody to carry the Letter to Garcia with utmost Integrity.
At the institutional level, integrity needs to be promoted by rallying for institutional changes.
In recent years, the nation has witnessed the non governmental associations who have intervened, in significant ways, on behalf of common citizens to ensure the protection of their rights on the one hand and secure the accountability of those exercising power on the other. With the state and its attendant institutions being increasingly subjected to sustained pressure to act in a transparent and accountable manner, the response of the power structure is mixed. It has often attempted to resist pressure from these groups to be more accountable. RTI Act has removed a major bottleneck in the Indian democratic (and legal) framework with free flow of information to citizens on various aspects of the functioning of government. India can reasonably pride itself on the freedom of the press. They have acted as a watchdog, reporting incidents of misuse of power and corruption. Greater transparency would permit persistent social pressures on the administration to ensure probity and honesty. Under the present system, it is possible for those in power to blame lapses on “systems failure.” While the Right to Information Act has come to force, steps have yet to be taken to make it fully useful. The irony is that its successful implementation is once again monitored by the bureaucracy.

We must promote RTI Act to make the system more accountable and decrease corruption.
A serious matter of concern is the inordinate delay in the hearing of routine cases. Judicial activism seems to have drawn attention only to the high-profile cases, while the complaints of common citizens often drag on in the court for several years.
The middle class in India idolizes any public servant who decides to launch a crusade against corrupt practices. While ordinary citizens do have access to the judicial system, the inordinate delays and the complicated procedures often deter individuals from filing complaints.
The opinion of lawyers in general public is best summed up by a quote from Akbar Allahabadi who lampooned them in a memorable couplet:
Paida hua vakeel to iblees nay kahaa
Lo aaj ham bhee saheb-i-aulaad ho gaye
(The day a lawyer was born, Devil said with joy
Allah has made me today, the father of a boy.)
There are over 30 million cases pending in the various courts, a low conviction rate of 6 percent, and a case taking on an average 10 to 20 years to dispose off, it is a miracle if justice is dispensed at all. The conduct of many judges has been questionable, to say the least. But who would judge the judges themselves?
The Supreme Court, however has enjoyed far greater credibility than either of the other two pillars of government. It has often acted as a proactive bulwark of democracy, often hauling up the executive and legislative bodies for making a travesty of the Constitution. In its defense of democracy, a proactive judiciary (mainly the Supreme Court) has been ably supported by a fairly independent media. However,
There has been an animated debate in India about ministers continuing in office even after serious charges of corruption However, in a few of these cases, once the heat of the controversy simmered down, the leaders made a quiet back-door return to the government. The political class seems to have arrived at a consensus that ministers need to resign only when the charges are framed in a court against them.
One has to really strain one’s memory to remember the last time a minister was penalized, let alone imprisoned, even though so many of them are tainted. Statistics and surveys on corruption, though sketchy underscore the majority sentiment. According to the most comprehensive survey of petty corruption in India so far, India figures among the 30 most corrupt nations in the world. The survey also revealed that the greatest sufferers of this petty corruption are not the middle classes, who often have the ability to grease greedy palms (even if grudgingly), but the urban poor—hawkers, rickshaw-pullers and small tea-shop owners, small-time mechanics, poor migrant laborers, slum-dwellers: in one word, the city’s underbelly, bravely trying to eke out a living in the most heartless and trying circumstances.
We are fortunate that the platform like Integrity India Campaign is an inspiration for all of us to realize a transparent, ethical, accountable and responsive civil society in our life time.
Not all is lost, the change is happening. Everyday, we find an inspirational story of people standing up for values. Great Indians keep coming on the horizons who maintain the benchmark for us. Integrity in our personal and professional life brings us a sense of wholeness, satisfaction, and a clear conscience. You can out-distance that which is running after you, but not what is running inside you.
So today let us all pledge to live by integrity in our life. I request you to kindly sign in the statement of commitment provided to you. We will be the catalysts of change. Let us take forward YI’s slogan
“Growth with Dignity, India’s Integrity”

Thank You.

11.06.07 Commentary

The latest wave of dollar strength, which was limited to the Euro, British pound and Japanese Yen, was triggered by the intraday reversal in yields, the drop in oil prices and the stronger US trade balance. Ten year bond yields hit a high of 5.24 percent, but ended the day in negative territory. Oil prices slipped as the cyclone in the Middle East loses strength. We are also finally seeing the benefits of the weak US dollar. The trade deficit dropped significantly in the month of April as import demand subsided while export demand hit a record high. The increase in exports is the main reason why many economists including Federal Reserve Chairman Ben Bernanke are looking for stronger growth in the second half.

11.06.07

EUR 1.3344
JPY 121.66
GBP 1.9665
CHF 1.2364
AUD 0.8418
CAD 1.0616
NZD 0.7488
EUR/GBP 0.6788
EUR/JPY 162.32

EURO $ 7-Jun 94.6375 -0.25
EURO $ 7-Sep 94.655 -0.5
EURO $ 7-Dec 94.67 -1
EURO $ 8-Mar 94.72 -1.5
EURO $ 8-Jun 94.765 -1.5
EURO $ 8-Sep 94.78 -1.5

Treasury Rates

6 mo -0.02 4.94%
3 mo -0.03 4.79%
1 mo +0.02 4.78%

Dubai to offer exchange traded rupee futures

Dubai to Offer First Exchange-Traded Rupee Futures (Update1)
By Matthew Brown
June 6 (Bloomberg) -- Dubai Gold & Commodities Exchange will tomorrow begin offering the world's first exchange-traded futures contracts in Indian rupee, helping companies and investors hedge against risks.
The contracts, linked to the future value of the rupee, will be settled in euros, David Rutledge, a director at DGCX, told reporters today in Dubai, United Arab Emirates. The market is outside the jurisdiction of India's central bank, which places curbs on trading in the rupee, he said.
``There is a real commercial need for this product,'' Rutledge said. ``Anyone involved in international trade with a rupee currency risk'' might be interested, he said. A futures contract is an obligation to buy or sell a commodity at a set price for delivery by a specific date.
Trading on a futures market is a more transparent alternative to so-called non-deliverable forwards, which are derivatives contracts arranged by banks. Trading in such rupee- based contracts averaged about $500 million a day in the second quarter of 2006, according to the Bank for International Settlements in Basel, Switzerland.
India's currency climbed 8.8 percent this year on increased capital flows as Asia's fourth-biggest economy expanded at the fastest pace in almost two decades.
The exchange plans to offer the contracts to institutions and individuals, including almost four million expatriate Indian workers in the region who sent $6 billion in remittances in the year ended March 31, 2006.
``This is an opportunity for overseas banks to cater to a huge market,'' said V. Rajagopal, chief currency trader at Kotak Mahindra Bank Ltd. in Mumbai. ``Trading in the exchange will also have an impact on the spot rupee market here in India.''
Transparent Market
The implied rate for the currency in the forwards market in Mumbai suggest that the rupee will trade at 41.78 against the dollar, compared with the spot rate of 40.66, according to data compiled by Bloomberg.
Derivatives are financial instruments derived from stocks, bonds, loans, currencies and commodities, or linked to specific events like changes in the weather or interest rates. Forwards are agreements to buy assets at a later specified date. A non- deliverable forward is typically settled in dollars and involves no physical exchange of other currencies.
The DGCX contract, to be traded on Dubai's two-year-old commodities exchange, will compliment the NDF market, Rutledge said. Dubai is India's third-biggest trading partner.
``The advantage of an exchange-traded contract is that it is accessible at a low cost and is transparent,'' Rutledge said. Banks offering NDFs ``can hedge some risk'' through the DGCX contract, he said. ``It will be easier for them to offer NDFs.''
DGCX is a venture between Dubai Multi Commodities Center, Financial Technologies India Ltd. and Multi-Commodity Exchange of India Ltd., according to the DGCX Web site.
Its first product was a gold contract, which began trading in November 2005, and has since been followed by silver, currencies, including the pound, euro and yen, and fuel oil. DGCX's steel futures contract will debut June 27.

07.06.07 Update

AUD aiming at 16 year high on back of interest rate differentials. Australian economy is doing well, and the highest interest rates in the industrialized world at 6.25% offers tremendous incentives for carry traders.

07.06.07

EUR 1.3505
JPY 121.05
GBP 1.9928
CHF 1.2168
EUR/CHF 1.6438
AUD 0.8467
CAD 1.0573
NZD 0.7557
EUR/GBP 0.6776
EUR/JPY 163.63

07.06.07

EUR 1.3505
JPY 121.05
GBP 1.9928
CHF 1.2168
EUR/CHF 1.6438
AUD 0.8467
CAD 1.0573
NZD 0.7557
EUR/GBP 0.6776
EUR/JPY 163.63