Chennai discussions II

[wlbkng]

Originally Posted by vinodgopal

but he has made me think outside the 64 squares of the chessboard.

Isn't it 204 squares?

[karkal]

Scarlett Johansson to visit Chennai?

Hollywood hottie Scarlett Johansson, who is on a promotional tour for her upcoming superhero flick The Avengers, is planning to wear saris for a few of the premieres of the film scheduled in the Asian countries! And, what better place than namma Chennai to shop for a sari? So, the actress, who is often featured in the lists of the sexiest women in the world, will be making a top secret trip to the city later this month or in the first week of May, reveal sources.

[kongutamizhan]

An article on Bharat engineering college. Old news but I am hearing it for first time. Is it true?

http://rsyf.wordpress.com/2011/09/28...h-eng-college/

[bonoslack7]

http://www.bernama.com/bernama/v6/ne....php?id=660533

Korean Bank "Woori" has opened its maiden branch in south Indian city Chennai as part of its plans to tap the growing domestic market, according to Press Trust of India (PTI).

"Woori Bank's Chennai branch would be the maiden branch in India and would be the head office for our banking in the country," Soon Woo Lee, President and CEO of Woori Bank said here.

The bank would focus on assistance in corporate banking sector in India, especially the Korean companies which have entered the market ahead of it, Lee said.

There are over 170 Korean business companies based in and around Chennai, the state capital of Tamil Nadu, and the arrival of new bank would make their financial transactions easier, he said.

"Later, we will focus on localisation accommodating to the needs of the locals - Indian companies and customers," he said.

Woori Bank has initially infused a capital of US$35 million into India, he said.

While, RBI regional director N S Vishwanathan said, "Woori Bank will be the second foreign bank after the Bank of Ceylon that the RBI Chennai will be directly regulating and monitoring."

[TShyam]

A BRICS development bank would save member governments a great deal of money

The fourth Brazil-Russia-India-China-South Africa (BRICS) summit took place in Delhi on March 29. Among the decisions announced, the following were aimed at enhancing trade and foreign investment:

an agreement to promote the use of national currencies in inter-member trade;
finance ministers of member nations to examine the feasibility of setting up a BRICS development bank (BDB).

It is crucial to promote intra-BRICS trade, including in national currencies, since consumption in G7 countries – the foremost driver of international trade – has lost steam. However, this article is about the proposal to set up a BDB to fund infrastructure and development projects in BRICS and other developing countries. The coverage of the Delhi summit in the international media was limited; it was mainly about differences across BRICS countries and why it would be difficult for them to work together. An effective riposte would be to set up an efficient BDB promptly.

The BRICS countries are members of the World Bank and also of regional banks such as the Inter-American Development Bank, African Development Bank, Asian Development Bank and the European Bank for Reconstruction and Development. According to some, the effort should be to improve existing multilateral banks rather than set up additional institutions. The principal flaw with this line of reasoning is that the World Bank and regional development banks were set up by G7 countries. And, as majority shareholders, they decide who heads these institutions. Also, their priorities determine lending to emerging economies, as well as the thrust of development studies.

The president of the World Bank was in New Delhi on April 2, 2012. While endorsing the BDB proposal, he implicitly said, “I am enough of an economist that I am not a monopolist.” Separately, in a letter to the Financial Times dated April 5, 2012, Mattia Romani, Nicholas Stern and Joseph Stiglitz expressed explicit support saying such a bank “could play a strong role in rebalancing the world economy by channelling hard-earned savings in emerging markets and developing countries to more productive uses than funding housing bubbles in rich countries”.

Compared with the G7, BRICS countries have relatively low per capita income, although the dispersion within the group is considerable. Therefore, initially the BDB could confine its lending to the five BRICS governments and their public sector firms backed by sovereign guarantees. This would be similar to lending by the International Bank for Reconstruction and Development (IBRD), the dominant group within the World Bank, which only lends against central government guarantees. It could be argued that the BDB should lend less to BRICS and more to the least developed countries (LDCs). However, loans to LDCs would be much riskier.

The BDB would need paid-in capital and callable capital on the lines of the IBRD. Such paid-in capital could be contributed equally, at say $5 billion each. BRICS countries warehouse their foreign exchange reserves principally in G7 government debt securities over a range of maturities. A sizeable proportion of foreign exchange reserves is invested in three-month US Treasury bills, which are currently carrying an interest rate of 0.07 per cent. This interest rate is equivalent to London interbank offered rate (Libor) minus 0.40 per cent since the three-month dollar Libor interest rate was 0.47 per cent on April 9 (Libor is a market-based floating interest-rate index for double-A credits). Hence 0.07 per cent would be the opportunity cost of capital for the BDB, if BRICS were to disinvest from three-month US Treasury bills to provide capital to the BDB.

Currently, the IBRD’s average cost of borrowing over the long term is close to Libor and the lending rate on 15-year or longer maturity loans is Libor plus one per cent. As the BDB would have a lower cost of funding, at Libor less 0.40 per cent, it could lend at Libor plus 0.65 per cent (i.e. 0.35 per cent cheaper than the IBRD). And, after letting the BDB keep 0.25 per cent for its running expenses, BRICS countries would earn one per cent more than on their current investments in US Treasury bills.

The BDB would be better off lending on floating rate terms because member governments would retain the possibility of earning a higher rate of return as interest rates rise over the next five to 10 years. By contrast, borrowers in BRICS countries should fix their borrowing rates at the prevailing low interest rates. This can be done by the BDB offering overlay interest rate swaps on its floating rate loans. The BDB should receive at least a double-A rating and hence have ready access to long maturity interest rate swaps.

India’s outstanding stock of IBRD loans is about $15 billion with an average maturity of eight years and the equivalent “duration” is approximately five years (duration represents the price sensitivity of cash flows to interest rate changes, and can be used to calculate the present value of future cash flows). If these loans were from the BDB, the present value of savings would be $248 million (lower borrowing cost of 0.35 per cent x 5 = 1.65 per cent; 1.65 per cent of $15 billion = $248 million). Additionally, the BDB owners, the BRICS governments, would over the life of the same volume of loans lock in five per cent (one per cent multiplied by five-year duration) of $15 billion — which is $750 million more in interest income, in present value terms, than if this $15 billion had remained invested in three-month US Treasury bills. The BDB’s target loan portfolio over the next five to 10 years could be $200 billion. For purposes of comparison, the IBRD’s current stock of loans stands at about $135 billion.

Another argument in favour of setting up a BRICS development bank is that it would provide funding more readily for infrastructure projects particularly in the irrigation, hydroelectric and nuclear power sectors. As we well remember, the Narmada dam project in India was strongly opposed by well-meaning domestic and international environmental and other civil society groups. Consequently, the World Bank took fright and abandoned the project. Now that the project has been substantially completed, observers would probably agree that the positives of enhanced power generation and irrigation in Gujarat, Maharashtra and Madhya Pradesh have outweighed the considerable negatives. To sum up, the opportunity cost of not having a BRICS development bank up and running within the next few years would be substantial.

The author is India’s High Commissioner to the UK.
These views are personal.
j.bhagwati@gmail.com
http://www.business-standard.com/ind...s-bank/471965/

[TShyam]

Aiming to expand their product offerings beyond home markets, five of the world's leading emerging market indices, have started to cross-list derivative indices from today.

Accordingly, Brazil's IBOVESPA futures; Russia's MICEX Index futures; Hong Kong's Hang Seng Index futures; and South Africa's FTSE/JSE Top 40 futures got listed on the BSE.

Price bands for the benchmark equity index derivatives will be same as that applicable for the existing stock index futures contracts, BSE said.

It added that the derivatives contracts on these foreign stock indices shall also be denominated, traded and settled in Indian Rupees.

BSE further noted that exchange transaction charges for trades done by trading members on these futures contracts shall be waived off for a period of 6 months from commencement (till September 30, 2012).

The cross-listing of benchmark equity index derivatives is likely to facilitate liquidity growth in the Brics markets and will considerably strengthen their international position.

The founding members of the BRICS Exchanges Alliance include BM&FBOVESPA from Brazil, Open Joint Stock Company MICEX-RTS from Russia, BSE Ltd from India, Hong Kong Exchanges and Clearing Ltd (HKEx) as the initial China representative, and JSE Ltd from South Africa.

The alliance was formed on October 12, 2011, at a World Federation of Exchanges' conference in Johannesburg, South Africa.

The listing of benchmark equity index derivatives marks the implementation of the first phase of the alliance.

Under the second phase, the member exchanges plan to work together to develop new equity index related products representing the Brics economies and cash market product offerings. The third phase may include product development and cooperation in additional asset classes and services.

Interest in the Brics economies is prompted by above- average growth predicted for these regions as well as the rising consumer power generated by growing middle class in each nation.

http://www.business-standard.com/ind...ices/161895/on

[karkal]

India proposes working group for BRICS development bank

WASHINGTON: India has suggested setting up a working group comprising officials from finance ministries and central banks of the five BRICS countries for the formation of a development bank to increase trade within the grouping.

"I propose that a working group be set up comprising representatives from our finance ministries, central banks and other experts co-chaired by India, as the current BRICS chair, and South Africa, as the next BRICS chair," said Finance Minister Pranab Mukherjee.

He was addressing a meeting of the BRICS (Brazil, Russia, India, China and South Africa) finance minister here Thursday.

Mukherjee said the working group should be asked to submit its report by November this year and that would form the basis for formation of the proposed development bank.

"The working group may decide on its own composition, work plan and processes and report back to us by our next meeting in November 2012, so that we are in a position to report back to the leaders by the next BRICS Summit," he said.

Leaders of the five emerging economies that together make up 43 percent of the world's population and one-fourth of the global economy last month at a Summit in New Delhi had agreed to set up a development bank to boost intra-group trade.

"We now need to carry this process forward expeditiously as the leaders expect a report from us at the next summit in South Africa," Mukherjee said.

[karkal]

Chennai: Student kills self over cheating claim

Too many student deaths in the past month. Very hard to digest.

[murlee]

Logged into SSC after a few days! Great to see the success of Cosmicbliss!!

Congrats CB!!

[karkal]

Tea to be declared national drink in India: Montek

SRC : http://news.oneindia.in/2012/04/21/t...ia-montek.html

[murlee]

Who clipped my wings?
Chennai Claims To Be A Metro, But Its Planners Are Yet To Warm Up To The Idea Of Helicopters

An S 92 helicopter sat at the edge of a taxiway at Chennai airport, ready for take-off. The sunny afternoon was not one of the busiest, still, the chopper had to wait with the rotors wop-woping for 20 minutes before the air traffic control gave the go-ahead. “This is the longest we had to wait for a take-off at any airport,” said a crew member of the helicopter that came to Chennai as part of its world tour.

Helicopters have always been second-class citizens at Chennai airport. And for the city planners, the choppers are a nuisance. While the airport authorities here do not want the slow- and low-flying machines to come in the way of airlines, planners fear the high-rises are not safe enough to be crowned with helipads.

Though corporate honchos often land helicopters in open space in their suburban factories, the city is yet to have helipads atop multi-storeyed buildings. The Chennai Metropolitan Development Authority, the nodal planning agency, recently rejected two applications for helipads atop Apollo Hospitals and ITC Grand Chola in Guindy.

Airports Authority of India (AAI) is playing safe. “The hotel is located in the approach path of flights. Helipads atop buildings on Anna Salai are also ruled out because airlines fly low over prime areas in the city. We have no objection if helicopters fly to Kancheepuram, Chengalpet or Avadi,” said a senior AAI official. AAI has not marked out special flight path or zones for choppers.

“Chennai’s civil air space has many restrictions because it is sandwiched between Air Force air fields. Slow-moving copters are a safety risk for bigger planes. We can’t hold up a passenger aircraft carrying more than 150 passengers for a helicopter ferrying a few,” said an air traffic controller.

But pilots feel these are faint-hearted explanations. “Helicopters can fly at 500 feet or less, which is way below the altitude at which huge airlines manoeuver. So, it will not be a hassle for Boeing and Airbus planes that fly into the airport. Several helicopters fly over Dubai at low altitude when the airport is busy,” said a pilot.

Chennai is yet to see an individual who can brag about his private copter. Cumbersome paperwork scares people away from owning one. “A few businessmen and jewellery chain owners had plans to buy copters. But shunned the plan when they found out that they had to get permission from multiple ministries, furnish income tax details for several years and other formalities,” he said.

But there are a few companies that fly staff and bigwigs around in a copter. ONGC, Krishnapattinam port and Indra Air operates helicopters from Chennai. Indra Air operates charter services, ONGC ferries its staff to offshore oil rig and Krishnapattinam port flies officials from airport to an Andhra Pradesh port.

Indra Air, which started operations in 2009, feels the city isn’t copter-friendly yet. “The city is quite conservative when it comes to using helicopters. There aren’t many takers here. We are planning to tap markets in Mumbai and Delhi where there are a lot of approved helipads,” said S J Padmini of Indra Air.

But some feel helicopter services can take different avatars in Chennai. “It can be customized to put into a variety of uses like air ambulance, search-and-rescue aircraft, to transport crew to offshore oil rigs and also as executive aircraft for VIPs,” said Air Vice-Marshal Arvind Walia, executive vice-president of Sikorsky helicopters.

Helicopters are widely used abroad. “It’s a norm in US cities to have helipads atop high-rises. In case of emergencies like fire, people are asked to move to the terrace for evacuation by air, said Stacy Sheard Captain of Sikorsky S 92 helicopter. And New York even has a mayor, Michael Bloomberg, who loves to be in control — even in copter cockpits.

http://epaper.timesofindia.com/Defau...&ViewMode=HTML

[TShyam]

The corporate pressure groups bring in things like air ambulance to give an air of legitimacy to their demands. Mambalam to corporate hospital? Seriously?

[bonoslack7]

http://economictimes.indiatimes.com/...w/12820731.cms

Hyderabad has emerged as the world's third most affordable office location in 2011 in a list prepared by global realty consultant DTZ, which has also named Chennai and Pune among the top five such positions.

According to DTZ's latest study 'Global Occupancy Costs - Offices', Surabaya in Indonesia and Qingdao in China were placed in the top two positions of the chart as the most affordable office locations in the world last year.

"While Tier II cities in India and China dominate the list of top 10 most affordable markets globally, Surabaya in Indonesia remains number one," DTZ said in the report.

The consultant said Hong Kong, London, Geneva, Tokyo and Zurich were the five most expensive office markets in 2011.

DTZ said Surabaya and Qingdao saw average rentals of $ 1,680 and $ 2,380 per workstation a year, respectively in 2011.

Hyderabad, Chennai and Pune followed the top two places with rentals of $ 2,430, $ 2,570 and $ 2,590 a year per workstation respectively, it added.

The study showed that Hong Kong was costliest office place with an annual rental of $ 25,160 per workstation in 2011, followed by London and Geneva at $ 22,590 and $ 18,740, respectively.

DTZ, however, said many cities across the world are likely to witness decline in their rentals during this year.

"Under the downside scenario, 2012 offers occupiers a window of opportunity in which to realise cost savings as rents decline... In the top five least affordable cities of Paris, Tokyo, Geneva, London and Hong Kong, office rents fall in 2012 under the euro break-up scenario," it added.

Occupiers in Rome and Milan are likely to benefit from falling occupancy costs over the next five years as sharp decreases in rents are expected in 2012 and 2013, DTZ said.

It further said office rentals in low-cost Indian cities may see double-digit falls in this year.

DTZ said despite lease prices falling in some cities and occupiers still enjoying relatively low costs in Tier II locations, the booming economy in China and India will lead to continued rental increases in big cities.

"There were significant increases in outgoings other than rents across many markets, driven by high inflation (India and China) and rising energy prices," the study pointed out.

DTZ said there will be minimal change in ranking of the cities by 2016. "We forecast little change to our top 10 and bottom 10 markets by 2016, although there will be a slight shift in ranking. At the lower cost end, the secondary Indian cities will shift slightly on the back of strong growth in costs," the report said.

At the most expensive category, Tokyo will regain its position in the top three, it added.

"Looking forward, our base case forecasts show yearly increases in occupancy costs across all regions over the five year period. Asia Pacific is projected to have the highest levels of increase (3 per cent), particularly in China (3 per cent) and India (5 per cent)," DTZ said.

[bonoslack7]

http://blog.britishcouncil.org.in/20...nnah-hayworth/

[madrasi7777]

Read the article and I must say that it is well written. Way to go and wish you good luck.

Originally Posted by Cosmicbliss

I agree its not a big deal. By the way, there is another writing (also global-level) which was organised. Those results will come out next month and if I get through, then for the first time, something I have written will be published within the covers of a book. However, the contest has recieved some 1,500 entries from literally all corners of the world and therefore competition is damn fierce. It was organised as part of the 150th birth anniversary of Tagore. They are going to select a certain number-I think 200 entries, and compile them into a book. That book is going to be released in India in 3 cities (not sure if Bangalore is one of them). Each winner will get a copy of that book so wish me luck guys!

[Cosmicbliss]

Where did you read the essay? Have they uploaded it yet?

Guys, some good news could be coming your way soon regarding the other contest! Its also an international-level, icing on the cake is it could be the first time one of my writings gets published in a book. However, this time don't know whether The Hindu will carry a story about it (if I get through-getting some good news on that front) but the book could be reviewed!

[krishnaswamy]

http://www.dinamalar.com/splpart_detail.asp?Id=91

""ஐ.ஏ.எஸ்., அதிகாரி மாற்றத்துக்கு யார் காரணம்னு இப்போ தான் தெரியவந்திருக்காம் ஓய்...'' என கடைசி மேட்டருக்கு வந்தார் குப்பண்ணா.

""எந்த அதிகாரி, யார் மாத்தினது வே...'' என விளக்கம் கேட்டார் அண்ணாச்சி.

""சென்னை மாநகராட்சியின் முக்கியமான அதிகாரியை மாத்தினால்லியோ... அதுக்கு யார் காரணம்னு, எல்லாரும் மண்டையைக் குடைஞ்சுண்டு இருக்கா...

""அதிகாரியை மாத்தினது, மேயருக்கே தெரியாதாம்... அப்புறம் யார் செஞ்சிருப்பான்னு பார்க்கறச்சே தான், மற்ற அதிகாரிகளோட விஷமம் தெரிய வந்ததாம்...

""மாற்றப்பட்ட அதிகாரி, கை சுத்தமானவர்... அப்படி இருந்தா, ஒழுங்கா, "ஒதுக்கீடு' பண்ண முடியலைன்னு, செயலர்கள், உதவியாளர்கள்னு மத்தவால்லாம், "பீல்' பண்ணாளாம்...
""அடி மேல அடி வைச்சா அம்மியும் நகரும்கிற மாதிரி, "ஒண்ணும் வேலையே நடக்கலை; எல்லாத்துக்கும், "ரூல்ஸ்' பார்க்கிறார்... அது இது'ன்னு, கொஞ்சம் கொஞ்சமா, முதல்வர்கிட்ட போட்டுக்கொடுத்து, காலி பண்ணிட்டாளாம் ஓய்...'' என அந்த விஷயத்தை, ஒரே மூச்சில் முடிவுக்கு கொண்டு வந்தார் குப்பண்ணா. பெஞ்சு பேச்சு, சத்தீஸ்கரில் கடத்தப்பட்ட கலெக்டர் பக்கம் திரும்பியது.

As per this political gossip section in TN daily, Chennai CMDA top officer was replaced because he is clean and his sub-ordinates did all the dirty works behind the screen to replace him.

[karkal]

Breakout Nations - Will India make it ?

http://www.ndtv.com/video/player/ndt...ome-topstories

[greatshankar]

Originally Posted by krishnaswamy

http://www.dinamalar.com/splpart_detail.asp?Id=91


As per this political gossip section in TN daily, Chennai CMDA top officer was replaced because he is clean and his sub-ordinates did all the dirty works behind the screen to replace him.

Correction: Not CMDA top officer, It's Chennai Corporation top officer.

[tn2usa]

Originally Posted by karkal

Breakout Nations - Will India make it ?

http://www.ndtv.com/video/player/ndt...ome-topstories

2 minutes back i was seeing that and was about to post it . It is impressive to have 5 % growth for 3 decades with our democracy. It also breaks the popular jinx that only authoritarian government can deliver.