Monday, November 9, 2009

Apple's first French store at Louvre

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Tourists walk in front of the new Apple Store on the eve of its opening in the Louvre museum shopping center, in Paris on November 6, 2009. (AP)

 Apple's first French store at Louvre002

People line up inside the Louvre museum for the opening of France's first Apple store, in Paris November 7, 2009. Computer giant Apple Inc opened its first French store beneath the Louvre museum on Saturday just two weeks after Microsoft opened a theme cafe to promote its Windows 7 software. (REUTERS)

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General view of the Louvre Museum with its glass Pyramid entrance designed by Chinese-born US Architect IM Pei, in Paris. (REUTERS)

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Costumers queue on November 7, 2009 on the opening day of France's first US technology Apple Store inside the legendary Louvre museum shopping centre in the Carrousel du Louvre in Paris. (AFP)

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People walk outside France's first Apple store inside the legendary Louvre museum shopping centre in Paris. US technology giant Apple will open its store in the Carrousel du Louvre centre on November 7, 2009. (AFP)

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People walk past an advertising (displayed near the entrance) announcing the opening of the first store in France of US technology giant Apple next to the legendary Louvre museum in a shopping centre in Paris on November 4, 2009. The shop, which covers an area of 700 square metres (7.335 square feet), will open on November 7, 2009. (AFP)

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Costumers queue outside the shopping centre on November 7, 2009 on the opening day of France's first US technology Apple Store inside the legendary Louvre museum shopping centre in the Carrousel du Louvre in Paris. The shop covers an area of 700 square metres (7,535 square feet). (AFP)

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A reflection of the Apple logo is seen in the new Apple Store on the eve of its opening in the Louvre museum shopping center, in Paris. (AP)

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France's first Apple store inside the legendary Louvre museum shopping centre in Paris on November 5, 2009. US technology giant Apple will open its store in the Carrousel du Louvre centre on November 7, 2009. (AFP)

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Computers in France's first Apple store inside the legendary Louvre museum shopping centre in Paris on November 5, 2009. (AFP)

Sunday, November 8, 2009

Indian Coastguard conduct mock security drill

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Indian Coastguard conduct mock security drill

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Indian Coastguard demonstrated a Pollution Response Exercise and conducted a mock security drill of searching suspected vessels in Arabian sea, almost a year after 26/11 attack in Mumbai. MUMBAI MIRROR

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Indian Coastguard demonstrated a Pollution Response Exercise and conducted a mock security drill of searching suspected vessels in Arabian sea, almost a year after 26/11 attack in Mumbai. MUMBAI MIRROR

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Indian Coastguard demonstrated a Pollution Response Exercise and conducted a mock security drill of searching suspected vessels in Arabian sea, almost a year after 26/11 attack in Mumbai. MUMBAI MIRROR

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Indian Coastguard conduct mock security drill010

Saturday, November 7, 2009

Lakshmi Mittal's daughter-in-law buys Germany's Escada

Lakshmi Mittal's daughter-in-law buys Germany's Escada001

The distressed German clothing group Escada has been sold to Megha Mittal, daughter-in-law of Indian steel magnate Lakshmi Mittal, Escada said without providing financial details.
An insolvency administrator signed late on Thursday a contract with Mittal Family Trusts, which represents Megha Mittal interests, a statement said.

Lakshmi Mittal's daughter-in-law buys Germany's Escada002

"All key assets of Escada AG's operative business as well as shares in Escada AG's subsidiaries will be transferred to the Trust," it added.
The deal, which includes global brand rights, production facilities and sales outlets, must still be approved by competition authorities, but the German company's main creditors have given it a green light.

Lakshmi Mittal's daughter-in-law buys Germany's Escada003

"I am relieved. Uncertainty for our staff, clients and suppliers is ended," board president Bruno Saelzer said.
"With the Mittal family we have found an excellent partner. Now we can focus on the future," he added.

Lakshmi Mittal's daughter-in-law buys Germany's Escada004

Escada, which employs around 2,300 people worldwide, was forced to file for insolvency in mid August.
German press reports have estimated the sale price at around 30 million euros, to which might be added another 100 million in necessary investments over the next two years.

Monday, November 2, 2009

Top 10 US bankruptcies

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CIT Group's filing for bankruptcy protection is the fifth-largest in US history.
Here are the top 10 US bankruptcy filings, based on the companies' most recent annual report before filing for bankruptcy protection, according to BankruptcyData.com.

Lehman Brothers Holdings Inc

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Company: Lehman Brothers Holdings Inc
Bankruptcy Date: September 15, 2008
Assets: $691.06 billion

Washington Mutual Inc

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Company: Washington Mutual Inc
Bankruptcy Date: September 26, 2008
Assets: $327.91 billion

WorldCom Inc

WorldCom Inc

Company: WorldCom Inc
Bankruptcy Date: July 21, 2002
Assets: $103.91 billion

General Motors Corporation

General Motors Corporation001

Company: General Motors Corporation
Bankruptcy Date: June 1, 2009
Assets: $91.05 billion-x
x denotes, GM listed $91.05 billion in assets in its annual report as of Dec. 31, 2008, but listed $82.29 billion in assets as of March 31, 2009, in its bankruptcy petition.

CIT

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Company: CIT Group Inc
Bankruptcy Date: November 1, 2009
Assets: $71 billion

Enron Corporation

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Company: Enron Corporation
Bankruptcy Date: December 2, 2001
Assets: $65.50 billion

Conseco Inc

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Company: Conseco Inc
Bankruptcy Date: December 17, 2002
Assets: $61.39 billion

Chrysler LLC

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Company: Chrysler LLC
Bankruptcy Date: April 30, 2009
Assets: $39.30 billion

Thornburg Mortgage Inc

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Company: Thornburg Mortgage Inc
Bankruptcy Date: May 1, 2009
Assets: $36.52 billion

Pacific Gas and Electric Co

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Company: Pacific Gas and Electric Co
Bankruptcy Date: April 6, 2001
Assets: $36.15 billion

Saturday, October 31, 2009

The coveted list of top taxpayers

 

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The coveted list of top taxpayers compiled on the basis of advance tax receipts has thrown many surprises this time. While cricketers may be topping popularity charts, the champion cricket league promoter Lalit Modi has topped the tax charts.
Uttar Pradesh chief minister Mayawati is out and former Andhra Pradesh CM YSR Reddy’s son Jagan Mohan Reddy is in.
Here are the coveted list of top taxpayers compiled on the basis of advance tax receipts:

Content source: TNN

Lalit Modi

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One surprise name among the list of top taxpayers is cricket administrator Lalit Modi who has left behind many flamboyant cricketers, having already paid Rs 8 crore in the first half of this fiscal, four times that of Dhoni and more than five times that of Tendulkar. Surprisingly, Modi had paid only Rs 32 lakh tax in all of 2008-09.

J M Reddy

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Jagan, who had paid a paltry Rs 2.92 lakh income tax for the entire financial year 2008-09, has already paid Rs 6.6 crore advance tax in the first six months of this year, projecting a tax outgo of at least Rs 22 crore with his personal income expected to be more than Rs 70 crore in 2009-10.

Akshay Kumar

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Akshay Kumar is a close second with Rs 33 crore last year but may beat SRK this year, having paid Rs 4.5 crore in the first six months.

Shah Rukh Khan

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Bollywood stars lead the pack among celebrities with Shah Rukh Khan reigning at the top, having paid Rs 34.45 crore last year, and 3.5 crore this year as an advance tax.

Aamir Khan

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Aamir Khan, who paid 11.3 crore last year, has paid 3.5 crore this year as advance tax.

Hrithik Roshan

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Hrithik Roshan, having paid Rs 14 crore last year, has paid 3 crore this year as an advance tax.

Salman Khan

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Salman Khan, who paid a little over Rs 14 crore last year, has paid 2.5 crore as advance tax this year.

Mahendra Singh Dhoni

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Captain Mahendra Singh Dhoni is second, having paid Rs 4.6 crore last year and Rs 2 crore till September this year and is likely to be the top taxpayer among the cricketers.

Sachin Tendulkar

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Among cricketers, Sachin Tendulkar still remains at the top, having paid Rs 8 crore last year and Rs 1.5 crore in the first six months of this financial year.

25th year since the assassination of Indira Gandhi

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Today, it is exactly 25 years since the assassination of Indira Gandhi. Its memory is still fresh in the minds of Delhi-ites. There is so much to recall and to sort out that it is hard to make sense of what she was all about.

In the end, though, after another 25 years have gone by, the usual question that history asks will remain: was she a good ruler or bad? And, as Sir Jadunath Sarkar has demonstrated in the case of Aurangzeb, the answer will depend on which period one is looking at. Aurangzeb was fine, said Dr Sarkar, from 1669 to 1682; it was only after that he slowly became what his eventual reputation would be based on.

In a similar way, Indira Gandhi was pretty much all right until mid-1973, that is, the first seven years. This was the phase when she turned the Congress into a radical force by splitting it (1969), nationalised the banks because politics demanded it (1969), entered into the treaty with the USSR because the international situation required it (1971), split Pakistan because it had to be split (1971) and restored the fortunes of the Congress in the States (1972) after the electoral debacle of 1967.

But major triumphs are always short-lived. The period between 1973 and 1975 was a terrible one for rulers the world over. There was the first oil price shock and the drought/inflation (1973). The political agitation against high prices turned into one against her. However, one can quite plausibly argue that these are normal in politics and that too much should not be made of such things.

But what made these years different for Indira Gandhi was Sanjay Gandhi. During these two years he emerged as the boy to whom mummy could not and would not say no. So for the next six or seven years, until his death in the plane crash of 1980, Indira Gandhi ceased to be the person the country had known between 1966-73.

In an imperceptible and insidious way, the centre of power shifted from her to Sanjay. There is enough documentation of this in the memoirs of civil servants of the period, as also in the files.

What everyone informally knew in Delhi was formalised on June 26, 1975 when Indira Gandhi ended democracy in India by declaring a state of internal Emergency because a High Court had held her guilty of electoral malpractice. It was Sanjay who instigated her, aided and abetted by a few others in the party. During the next two years, she began an attack on democratic institutions whose effects are still being felt.

She was defeated in the general election of 1977 but thanks to the internal divisions in the Janata Party which had replaced the Congress, she managed to persuade enough voters to vote her back into power in 1980.

Thus began the third and last phase of rule, from 1980 to 1984. The twin shocks of the defeat in 1977 and the death of Sanjay brought forth a third version of Indira Gandhi. She became indecisive, distracted and opposed to change. She stopped even the minor economic and social reforms that had begun in 1977 under the Janata Party.

Three personas

In my view, this last manifestation of her is a major cause for the confusion about her contributions to India. Her post-1980 persona simply doesn’t jell with the pre-1977 one. People tend to mix up the phases and take one view or the other about her. Ideally, however, she should be judged as three very different people.

The fulcrums around which Indian politics revolves have varied more-or-less with each decade. Indira Gandhi was involved in it for 27 years — from 1957 when she had the elected Communist government of Kerala dismissed until her death in 1984.

By the end of the 1950s, nationalism had worn thin. By the end of the 1960s, economic growth was passé and attention had shifted to equity and distribution. By the end of the 1970s, after nearly 15 years of growing unemployment, attention began to shift back to growth. This was perhaps best captured by the late L. K. Jha in his 1981 book An Economic Strategy for the 1980s. Indira Gandhi rejected its basic premise that the time had come for the state to withdraw from the economic stage. Nor, as it happens, did she expand the state’s role very much. She simply persisted with the status quo, which she seemed to find very comforting, but which froze India in time.

Autocratic

However, even if the country did not change, its main agent of change, the Congress Party, changed — for the worse. It has always been an undemocratic outfit, with Gandhiji always insisting on imposing his will on it. But in the 1980s, in a continuation of the process that began in June 1975, the Congress went from being merely undemocratic to becoming completely autocratic. That was the only change that Indira Gandhi wrought in her third persona. That legacy still lives on.

So how do we judge her? When asked this question, most people say “by the damage she inflicted on our democratic institutions.” But as we have seen, all of them have gradually repaired themselves, The only institution that has not been able to do so, in spite of brief attempt in the 1990s, is the Congress Party. Her legacy of the Congress as a private limited company has proved very enduring. This, perhaps, is her real legacy, the one that Sonia Gandhi is at pains to preserve.

Nevertheless, election results notwithstanding, the moral is clear: the damage you do to other things will eventually be repaired by others. But to repair the damage you do to your own, there is no one.

Sunday, October 25, 2009

Shilpa Shetty gets engaged to Raj Kundra

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Bollywood actress Shilpa Shetty greets the crowd before her engagement ceremony to London-based millionaire Raj Kundra, in Mumbai on October 24, 2009. (AP)

Shilpa and Raj Kundra after their engagement

Shilpa and Raj Kundra after their engagement

Shilpa Shetty and Raj Kundra after their engagement in their new house, in Mumbai on Saturday night. PTI

Actress Shilpa Shetty with Raj

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Bollywood actress Shilpa Shetty, second right, waves to the crowd gathered below her apartment after her engagement ceremony with her fiance London-based millionaire Raj Kundra, second left, in Mumbai, Saturday. PTI

Shilpa, Raj Kundra announce their engagement

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Indian Bollywood actress Shilpa Shetty and Raj Kundra announce their engagement at Kundra’s residence in Mumbai on October 24, 2009. AFP

Shilpa Shetty at her engagement

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Bollywood actress Shilpa Shetty at her engagement function, in Mumbai on Saturday evening. The actress was engaged to London based businessman Raj Kundra. PTI

Shilpa Shetty, Raj Kundra announce engagement

Shilpa Shetty, Raj Kundra announce engagement

Indian Bollywood actress Shilpa Shetty and Raj Kundra announce their engagement at Kundra’s residence in Mumbai on October 24, 2009. AFP

 
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