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Money
Sensex closes 178 points in red
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Agencies
Posted: May 06, 2009 at 1639 hrs IST
Mumbai Heavy selling, mainly in realty, banking and metal counters after midsession gains, weighed on the local bourses as the benchmark BSE Sensex dropped by 178 points.
Initially, the Sensex was weak because of mixed Asian cues and due to concerns over capital-short US banks.
But it recovered later to a high of 12,272.10 from its previous close 12,131.08 in mid-afternoon on sustained buying by foreign funds.
However, heavy selling in the concluding part of the day pulled it down to 11,952.75, a fall of 178.33 points or 1.47 per cent from its last close.
The 50-issue Nifty of the National Stock Exchange also declined by 36.85 points or 1.01 per cent to 3,625.05 from previous close.
Brokerage firm Unicon Financial CEO G Nagpal said: "Global markets have gone into a consolidation mode, and our market also saw some correction. Today's fall is not very significant considering the rally we witnessed in the past few sessions.
"From now on the FIIs would adopt a wait and watch policy before investing in Indian markets as the election results are expected shortly.
Mutual funds back in action as stocks surge
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Reuters
Posted: May 06, 2009 at 1556 hrs IST
Mumbai India's fund industry, forced to hibernate for a better part of the past year, is now back in action as a sharp surge in domestic shares revives hopes for a pick-up in flows into profitable equity assets.
Money managers are enthused by an improving investment climate globally that has helped Indian shares rise nearly 50 per cent from their 2009 lows and hope moderating gains from debt and guaranteed returns products will lure investors to equities.
"There is a general belief that maybe the worst is over and sentiments are improving," Sandeep Dasgupta, chief executive of Bharti AXA Investment Managers, said.
MS-13 Gang Initiation Warning-Fiction!
www.truthorfiction.com/rumors/m/ms-13-initiation.htm - 21k - Cached - Similar pages -
MS-13 Leader Sentenced to 60 Years in Federal Prison for ...
American´s most dangerous gangs working for Mexican Drug Cartels
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 | GANG WARFARE - MS-13 suspects threatens to kiil city police officer - 1 hour ago By Stephen Janis Baltimore homicide detectives are investigating threats by two suspected members of the MS-13 gang to kill a Baltimore police officer, ... Investigative Voice |
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Morristown Mayor Cresitello warns of infamous MS-13 gangThe Star-Ledger - NJ.com - Apr 15, 2009 Defending his fiscal policies today at a 'Tea Party' rally on the Morristown Green, Mayor Donald Cresitello cited the notorious MS-13 street gang as a ... When The Mexican Drug Trade Hits The BorderILW.com - 21 hours ago Some of the tactics involved in moving shipments across the border require skilled workers, such as pilots, while US gang members along the border serve as ... Threat of gangs addressed at crime seminarExplore Baltimore County: Catonsville Times - 4 minutes ago The Bloods are the fastest growing gang on the East Coast, Darcey said. Other gangs active in the county include the Crips, MS-13 and the Latin Kings, ... Suspect accused of shooting CenterPoint employee may be MS-13 memberKHOU - 5 hours ago ... he was able to give them a description of the shooter, which led police to believe that their suspect may be a member of the notorious MS-13 gang. ... Despite Snags, Khmer Rouge Trial Offers RevelationsWorld Politics Review - 1 hour ago Duch said that Pol Pot's crimes were far greater than those of the Gang of Four who controlled China in the latter stages of the Cultural Revolution. ... A Courageous Victim Taking a Stand Against MS-13Right Side News - May 3, 2009 After MS-13 gang members robbed a Houston beauty salon at gunpoint last January and sexually assaulted a salon employee, one of the gang members went a step ... |
America's Most Dangerous Gang - MS13 - Violent, Vicious, and Spreading Fast!
Spreading from El Salvador to L.A. and across the United States, Mara Salvatrucha 13 is increasingly well organized and deadly!
Unregulated Indian Open Market is MORE VIOLENT!
More VICIOUS!
And spreading Faster with the GROWTH of DESI Illuminati Shaping in.
Recent Pre poll EXERCISE heralds the New OREDER of Manusmriti Apartheid ILLUMINATI Rule in India with the DEFEAT of Centralised Two Party political system and RESURGENCE of casteology, Nationalities and Identies in the First ever Caste War.
The RULING Hegemony has lost the VARNA YUDDHA and the DESI ILLUMINATI Manipulates FREELY to Sustain and MODIFY the Manusmriti ZIONIST FASCIST IMPERILIST Oredr of APARTHEID!
Indian MS 13 CONSISTS of Political Parties, NGOs, Economists, Bureaocrats, CREAMY Layer elected and adjusted with Political reservation and Quota thanks to POONA PACT, Media and Intelligentsia and led by India Incs, the DESI ILLUMINATI shaping in!
Mara Savatrucha, or MS-13, is one the most notorious gangs in the world. Yet MS-13 and other gangs such as Calle 18 originated just decades ago among the Salvadorian immigrant community of Los Angeles.
Soon the US authorities began deporting gang members back to El Salvador, exporting LA gang culture to a country rife with weapons from civil war and sparking an explosion in vicious gang-related crime. MS-13 currently has over 50,000 members in the US, El Salvador, Guatemala and Honduras. Cities like San Salvador, El Salvador's capital, experience some of the highest murder rates in the world.
In El Salvador's penitentiaries, rival gangs are kept segregated to avoid riots, but the prisons remain hotbeds of violence as well as recruiting grounds for the deadly gangs. Taken in 2007 by award-winning photojournalist Moises Saman, these photographs go inside the facilities to give a sense of what life is like within their walls. The series also goes onto the streets to document the anti-gang activities of Salvadorian Special Police, with powerful and poignant results.
An MS-13 gang member bares his tattoos inside the Chelatenango prison. Many members cover themselves in tattoos. Common markings include "MS"!
You won`t find such TATTOOS exposed anywhere in SOUTH ASIA as the MS13 gang Members RULE the GEOPOLITICS divide in nation and represent POLITICAL and ECONOMIC Ideologies and they happen to be our ICONS!
They create the HYPE of false recession and kill the Constitution, parliament and democracy to bail out the INFLATED SATYAM ASTAYAM India Incs granting FDI free, FII Funds Free, DEPOSITS Free, Resources and revenue FREE transforming the nation into an INFINITE GAS CHAMBER! An Infinite DEATH CHAMBER !
They wear Masks and Pose as Mascots!
They are the BRANDS and the Icons!
They turn Indian Ocean Peace zone into a WAR ZONE Bloody!
they DEMOLISHED BABRI MOSQUE and ENACTED GUJARAT ETHNIC Cleansing! They CREATED Nandigram, Singur, kaling Nagar, Navi Mumbai and so on!
They sign NUCLEAR DEAL and clear DECKS for Mass Destruction!
They realligned STRATEGICALLY in US and Israel lead!
They not only ENSLAVE the Indigenous, Aboriginal,minority Communities but DEHUMANISE them uprooting them from their HOMELANDS and Creating EXODUS!
They deprive us of EVERYTHING! Freedom, Sovereignity, production system, Mother language, Folk and folk Lore, Culture, places of worship and places of JOB and Livelihood!
They acquire our Land and destry our Home and harvest!
They RAPE our WOMEN and make us BONDED labour to live on their MERCY!
They FIELD CIA and MOSSAD to Destroy us!
They destroy our BRAIN and control our Mind with DECULTURISATION and Information explosion and TECHNOLOGY!
They REPLACE us with Computers and HUMANOIDS!
They deliver HATE SPEECHES and DIVERT the real Issues!
They RAPE the Earth and the Nature! Sacrifices us in Chemical and Nuclear WAR FARE!
They POLLUTE the Environment and Kills the BIO CYCLE!
They create Tsunami, Drought and FAMINE and calamities and Pandemics!
They speak Blind Nationlaism in Full SPRIRT and create WAR Hype for the best Interest of the Gloabl Zionist Weapon Industries!
They possess Swiss bank Accounts and EAT Kick backs in defence deals with DEFENCE BUDET Hike!
They DRINK OIL and leads AUTO DRIVE as well as DEPORTATION drive!
They consist the great indian LPG mafia and DISINVEST everything!
They CREATE TERROR and Hate to divide us in RELIGION, castes and clans and languages!
We DIE for them and SUBORDINATE to them!
Just see how they work and how the washington dictations work in south Asia!
India Inc not worried by Obama's anti-outsourcing tirade
New Delhi: US President Barack Obama is turning the heat on India with his anti-outsourcing tirade.
He has promised to clamp down on American companies exploiting tax havens abroad, which means a further hit to the already stretched Indian IT industry.
During his election campaign Barack Obama on November 11, 2008, had said, "Unlike John McCain I will stop giving tax breaks to companies who shift jobs overseas and will start giving it to companies who create good jobs in America.''
Even after assuming the presidency of the US, Obama on February 25, 2009, said, "We will restore a sense of fairness and balance... to our tax codes by finally ending the tax rates for corporation that ships our jobs overseas."
But on May 5, 2009, Obama said that job should not be outsourced to Bangalore in India.
"It's the tax code that says if you pay lower taxes if you create a job in Bangalore, India... than if you create one in Buffalo, New York," he said.
With his words Obama has hit bang on the heart India's IT industry, Bangalore.
He means business and wants to completely stop tax sops to US companies that outsourced jobs to India.
India Inc, however, is putting up a brave front.
IT major Infosys says, "The current proposal is to close corporate tax loopholes. We do not believe that it has anything to do with IT outsourcing done by US corporations."
Some even say Obama's banging the door on Bangalore indicates the city's IT power.
"I can't really blame Obama for saying Bangalore vs Buffalo. It is a great sound byte. Bangalore has gone way beyond city to a verb," said Priya Chetty Rajagopal of the Indo American Chamber of Commerce.
Yet, Obama's constant anti-outsourcing tirade is worrisome. The industry's worries are understandable especially since India gets more than 60 per cent, or $70 billion, outsourcing work from the US.
But Partner in XSearch, Suhas S Nerurkar says there would be little impact of such a move.
It is not the first protectionist move the US has made since Obama took charge.
The US also plans to ban H1B visa hiring for companies receiving bailout money. The ban is likely to hit 21,667 Indian techies hard.
For the Indian IT Industry, already hit by the global recession, President Obama's stand on outsourcing could not have come at a worse time.
(With inputs from Deepa Balakrishnan)
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US 'wants' India to sign NPT, hyphenates it with Pak
Washington US wants India along with Pakistan, Israel and North Korea to join the Nuclear Non-Nonproliferation Treaty (NPT), a top Obama administration official has said.
"Universal adherence to the NPT itself - including by India, Israel, Pakistan and North Korea - remains a fundamental objective of the US," Rose Gottemoeller, Assistant Secretary of State said in her opening remarks at the Third Session of the Preparatory Committee for the 2010 NPT Review Conference being held at the UN headquarters in New York.
India, Pakistan, Israel and North Korea are not signatories to the NPT, which so far has been signed by as many as 189 countries. However, later she praised India's willingness to proceed with a fissile material cut-off treaty in cooperation with the United States and its willingness to pursue the Comprehensive Test Ban Treaty (CTBT) as well as other lesser, but important measures such as improving its export control.
Talking to reporters after her participation in the meeting, Gottemoeller said the Indo-US civilian nuclear deal, along with several other steps taken by New Delhi in the recent past, has brought India closer to the NPT. "So I would say that India is coming closer to the non-proliferation regime, and that too is an important goal of the US foreign policy," she said.
"I would say that with regard to India's agreement with the US on peaceful nuclear uses that the US has been able to agree with India to undertake a number of activities that would bring it in closure cooperation with other countries in the general non-proliferation regime," Gottemoeller said.
She was responding to a question on statements made by certain countries at the meeting, which without mentioning India were critical of the Indo-US civilian nuclear deal.
"The US consistent policy has been to support the universality of the non proliferation treaty and that includes India, Pakistan, Israel and North Korea," she said. However, the US official did not respond to a question on what policies the Obama Administration wants to follow to ensure that these countries sign the NPT.
Earlier, in her speech at the Preparatory Committee meeting she said: "We must redouble our efforts to update IAEA safeguards technologies and convince those NPT parties that have not yet done so to bring into force the comprehensive IAEA safeguards agreements".
US President Barack Obama in a message to the PrepCom meeting recalled his speech against nuclear proliferation at Prague on April 5 and asked governments to pursue common ground, rather than focusing on differences. Obama had said in Prague: "Rules must be binding. Violations must be punished... The world must stand together to prevent the spread of these weapons".
Until recently, MS-13 wasn't that big a player in East Coast gang culture. The reason for its weak position in the East Coast crime world was obvious: It wasn't very well organized. MS-13 was comprised of a group of cliques that operated independently of each other.
It's estimated that there are 36,000 MS-13 members in Honduras alone. In Honduras, according to a March 2004 report prepared by the Washington, D.C.-based, right-wing think tank the Maldon Institute, MS-13 has, with increasing frequency, resorted to leaving a dismembered corpse, complete with a decapitated head, as a calling card. Recently, according to the report, such a grisly message was left with a note for the Honduran president.
With the number of MS-13 members growing nationwide (some cliques now even accept non-Hispanic members), and the violence escalating, the future for law enforcement appears grim.
"They adapt to what the police do," says Prince George's County's Norris. "They will change the way they operate, depending on the way things are enforced by the police. If there is no enforcement, they will wear their colors and bandanas because in the communities they are in it is common knowledge and the people fear them, so it is a form of intimidation.
"Once the police recognize and confront them, they will change and wear different colors from the blue and white, no bandana on their head, maybe now in their pocket, and instead of the number 13 they will wear 67 or 76 because it equals 13. They adapt so it is a continually evolving thing."
While the nation focuses on terrorism, the issue of gang violence has taken a lower priority. But to many, the violent acts of MS-13 members are more of an everyday threat that is being overlooked.
The note is supposed to have stated the gang's displeasure with an August 2003 law that made it illegal to be a part of a gang. Under Honduran law gang leaders can be sentenced to prison for up to 12 years and rank-and-file members from six to nine years, just for being in the gang. A gang member can be arrested for simply having a tattoo.
El Salvador has also launched a crackdown on MS-13. A police offensive called "Operation Strong-arm" has resulted in the arrest of more than 4,000 gang members.
For MS-13, these are small losses. The gang is nothing if not mobile. When it feels heat in the U.S., it moves to another state. When it feels heat in El Salvador and Honduras, it sets up operations in Mexico.
The Maldon Institute report indicates that MS-13 "appears to be in control of much of the Mexican border and, in addition to its smuggling and contraband rackets, the gang collects money from illegal immigrants that it helps [move] across the border into the United States."
The ultra-conservative Maldon Institute is known for doomsday predictions when it comes to the U.S.-Mexico border. But there can be no denial that MS-13 is very active in smuggling people, drugs, and guns across the border. And independent reports indicate that many illegal immigrants have been assaulted, robbed, and even raped by MS-13 members.
Mexico is now taking steps to fight back against MS-13. In December, Mexican authorities arrested 224 gang members in response to what they called a threat to national security. Among the arrests were members of MS-13 who were charged with trafficking in drugs and firearms across Mexico and Central America.
While some of the Central American countries appear to be cracking down on MS-13, serious problems still exist. And they are being missed by politically correct reporters who want to tout U.S.-Latin American cooperation.
For example, on Long Island, the media was quick to cover an agreement between El Salvador and Suffolk County to share information on MS-13. What the local reporters didn't cover was a much more serious issue. If these gang members commit serious offenses, they can return home, and there is no extradition agreement. And, of course, they are doing so in increasing numbers.
"I would say that between Honduras and El Salvador, there are seven or eight people we are seeking to take into custody," says Lt. Dennis Farrell, head homicide investigator for the Nassau County Police Department. "Proportionally, if you take that across the country, the numbers are astronomical, the number of people who have probably fled to these two countries."
Farrell says that two gang members who his detectives are looking to arrest for two separate murders are now living in the same town in El Salvador. He calls the situation extremely frustrating. "You undertake a very in-depth and comprehensive investigation, pursue all possible leads, build a case, essentially conduct a successful investigation, only to have it thwarted by the fact that after having identified the killer or killers, you are unable, under the present international agreements, to return them to Nassau County to face murder charges.
"Even more than that frustration, how about the injustice and sense of desperation on the part of families who have lost loved ones? Where is the measure of justice? There is really no justice for those families, and absent some reworked or new initiative between our state department and those sovereign states, I don't see any change in this condition in the foreseeable future," Farrell adds.
In addition to extradition treaties, many gang investigators believe stricter and more uniform laws are needed here in this country. According to Charlotte-Mecklenburg's Jolly, one of the reasons MS-13 has migrated to the East Coast is the strict anti-gang laws on the West Coast. He also believes that, with the stricter gang laws in Central America, many MS-13 members may be coming back to the United States illegally.
No more. Law enforcement officials now report that gang members from across the country have come together to unite affiliated groups up and down the East Coast. The leadership for these cliques is now coming from as far away as California and even from El Salvador.
One of the more unusual aspects of MS-13 when compared to other street gangs is that it is extremely flexible in its activity. While some gangs are only into drugs, MS-13 will do any crime at any time.
Sgt. George Norris, supervisor of the gang unit in the Prince George's County (Md.) Police Department, says MS-13 doesn't sling drugs in his jurisdiction. "We see mostly citizen robberies, auto theft, shootings and cuttings, and homicides," he says, adding that drug sales by MS-13 may be just a matter of time.
When MS-13 moves into a new community it tends to announce its presence with violence. The same can be true when a new leader takes over the local cliques.
Norris says gang members from other areas had once been able to join the new gang by simply being "jumped in." But now that new leaders have moved into Prince George's County and consolidated the cliques, the gang's local culture has become more violent and vicious.
"According to one of our informers, things have changed," says Norris. "Now in order to get your letters or clique [symbols] tattooed on you, you have to also put in some violent act to show your commitment."
And MS-13 violence is not restricted to civilians, rival gang members, and clique traitors; the gang will go after cops. Threats against police officers, known to gang members as "green light" notices, have increased so much in the past few years that the Virginia Gang Association has warned officers in Virginia and states to the north and south to be wary of MS-13 members.
Charlotte-Mecklenburg's Jolly says he is aware of the threats against police officers in his community and in Virginia. Prince George's County's Norris says he's heard them, too. "If you do something to them, their natural response is, 'OK, I'm going to kill you,'" he says. "Or at least they talk like they will."
Norris dismisses some of MS-13's threats, but that doesn't mean that officers should take all MS-13 threats lightly. The gang is extremely violent and it has attacked and will continue to attack anyone who gets in its way. That includes law enforcement officers.
Robert Hart, senior agent in charge with the FBI, says that when individual groups of MS-13 unite, the results can be devastating. "The cliques, instead of operating independently of each other, are beginning to come together," Hart explains. "The difference is by doing that, obviously you have a much tighter organization, much stronger structures and, instead of having various cliques doing whatever they want, wherever they want, there is one individual who is the leader and is able to control the payment of dues and the criminal acts they engage in. The result is very, very similar to what you would see in what we refer to as traditional organized criminal families."
Los Angeles and New York law enforcement and even politicians are aware of the impact of MS-13 on their streets and on their crime statistics. So they've taken action. The results are usually not stellar, but at least these cities have recognized that MS-13 is a problem. Unfortunately, the leadership of MS-13 is not stupid. Once the heat comes down hard in L.A. and New York, they head for new turf, choosing Midwestern and Southern and suburban cities where gangs "are not an issue" and local officials and authorities are in denial.
And once MS-13 takes hold in a community, it grows fast. The gang reportedly has some 300 members in suburban Long Island. A few years back it didn't have any.
Once MS-13 shows up on the radar, some local officials and authorities will take action. In Nassau County, for example, a joint gang task force headed by the FBI and comprised of local police departments, has arrested 16 leaders of MS-13. They were charged with two murders, assault, conspiracy, and firearms violations.
Such investigations aren't easy because MS-13 has a pretty strident zero-tolerance policy toward anyone who informs the cops of their activities.
Court papers reveal that one of the Nassau County defendants was captured in a secretly recorded telephone conversation detailing how he killed a male victim because he had provided law enforcement officials with information and that he had "put one in his chest and three in the head." In another recorded conversation, a second defendant said he killed a young female because, in part, she had also provided information to law enforcement.
The senseless violence of MS-13 has shocked the local citizens of Nassau County, so the Nassau County Executive appointed a "gang czar" to deal with the increasing gang problem.
A seasoned, dedicated officer, the new "czar," in reality, will find it difficult to accomplish what he has been mandated to do. His department, like many across the nation, is at its lowest staffing levels in recent history, and he has been given no additional personnel or resources to combat the problem. The public was placated by the appointment, but while politicians put Band-Aids on deep cuts, the problem continues to escalate on Long Island.
And Long Island is not alone. Nationally, police departments are dealing with the surge in violence emanating from MS-13 members.
In Charlotte, N.C., 53 gang members were arrested as part of Operation Fed Up, which targeted MS-13 members. Officials in the medium-sized Southern city say MS-13 has been involved in at least 11 murders in the Charlotte area since 2000. And with a membership estimated at 200, MS-13 is by far Charlotte's largest gang.
Some 400 miles north of Charlotte, the northern Virginia and southern Maryland communities around Washington, D.C., have become MS-13 turf. Local authorities estimate that there are between 5,000 and 6,000 MS-13 members in the metropolitan area.
And where MS-13 goes, violence follows. In July 2003, an 18-year-old federal witness was stabbed to death; last May, a 16-year-old boy had his hands almost completely chopped off with a machete; and a week later a 17-year-old was shot and murdered. All three crimes were tied to MS-13 members.
The rapid increase in MS-13 activity along the corridor between Charlotte and D.C. is simply explained by Det. Tim Jolly, a gang specialist with the Charlotte-Mecklenburg Police Department. The area has the nation's second highest population of Salvadoran immigrants
Named for La Mara, a street in San Salvador, and the Salvatrucha guerillas who fought in El Salvador's bloody civil war, Mara Salvatrucha 13 was organized in Los Angeles in the late '80s. At first, the gang's primary purpose was to defend Salvadoran immigrants from being preyed upon by other L.A. street gangs.
But like any other street gang that was created to defend a particular ethnic group, MS-13 was quickly perverted until its primary purpose was preying upon the Salvadoran community. It also violently defends its turf against any other gang that might seek to slice away a piece of its action.
Gang members sometimes wear blue and white, colors taken from the national flag of El Salvador. They can also sport numerous body and even face tattoos. However, some members are much less visible and therefore much more dangerous.
Recent reports indicate that MS-13 has expanded from California to Alaska, Oregon, Utah, Texas, Nevada, Oklahoma, Illinois, Michigan, New York, Maryland, Virginia, Georgia, Washington, D.C., and Florida. The gang has also been exported back to Central America.
After Nano, Tatas offer flats for Rs 3.91 lakh
Mumbai After Rs 1-lakh people's car Nano, the Tatas unveiled a low-cost realty project which offers a house for less than Rs 4 lakh.
Tata Housing, the real estate development arm of the Tatas, will build one-room-kitchen flats for just Rs 3.91 lakh in a township being developed at Boisar, 100 km from Mumbai.
The salt-to-software Tata conglomerate plans to develop the township within 24 months and allotment of flats would made through lottery, Tata Housing's Managing Director Brotin Banerjee said.
The company has plans to replicate the project, Subha Griha, in the National Capital Region (Delhi) and Bangalore in the current fiscal itself, he said.
Q+A-India's economy -- on the road to recovery?
NEW DELHI, May 6 (Reuters) - India's economy, which has been hit harder than expected by the global recession, may be on the path to recovery, some recent data suggests.
Asia's third-largest economy is expected to have grown less than 7 percent in 2008/09, sharply lower than the expansion of 9 percent or in each of the previous three fiscal years, and is poised to expand at the same pace in the fiscal year ending March 2010.
Some analysts say the robust growth in steel and cement sales as well as in manufacturing in recent months showed the worst maybe over for the economy.
The following looks at the growth outlook for the South Asian economy and the pace of its economic recovery.
WHAT EVIDENCE IS THERE THAT WORST MAY BE OVER FOR THE INDIAN ECONOMY?
A slew of data in recent weeks has shown that a tentative recovery is taking shape. The ABN AMRO Bank purchasing managers' index (PMI) <INPMI=ECI> based on a survey of 500 companies, rose to 53.3 in April from March's 49.5, climbing above the threshold of 50 that separates expansion from contraction.
This was the first expansion in factory output in five months and showed demand in the economy is returning.
Data also signalled that demand in India's hinterland is firm and is supporting a vast expanse of the economy. Cement sales have grown at near double-digit rates since November, consumer goods sales have seen strong support from rural markets, while auto demand has firmed after a disastrous December quarter.
Wholesale price inflation shows demand has not fallen as anticipated and prices were holding firm. Continued...
| India Inc's confident of meeting targets for 2010 6 May 2009, 0017 hrs IST, ET Bureau
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| MUMBAI: Engineering major Larsen & Toubro chairman AM Naik, at a conference on Tuesday, said his company, despite the slowdown, could be on The country's largest engineering company, however, isn't the sole example of India Inc managing the slowdown and meeting its targets in a challenging business environment, said an Ernst & Young survey. Aimed at understanding the measures taken to face the slowdown, the survey said 42% of respondents said they would achieve 90% of their targets this year, while 43% said they are looking to meet 70-90% of their targets. Only 15% would not attain more than 70% of their target, according to the survey, which spoke to 121 senior professionals from all industries. "If you take out sectors such as real estate, mining, automotive, which have been affected by the slowdown, the rest of the industry has been on track and is doing well," said Ernst & Young partner Sunil Chandiramani. Industries such as IT, ITeS (IT enabled services), BFSI (banking financial services and insurance) and telecom, have been doing very well, he added. Most of the companies that were contacted said increased focus on cost reduction and cash generation as the main reason for being on track. About 85% of respondents gave the highest priority to cost reduction, while 71% re-evaluated business plans to preserve cash. Also, since Indian companies have been traditionally conservative while giving a business outlook, they have also been able to reasonably meet their objectives, said Mr Chandiramani. More than three-fourths, or 76%, of the companies surveyed said it was their supply chains, which were the most likely to be scrutinised from a cost reduction perspective, while 57% voted for infrastructure support services, such as real estate, general administration. On managing people costs, 69% of the respondents laid emphasis on rightsizing measures, such as redeployment and workforce sharing, while 61% indicated a hiring freeze. Underscoring the vital role played by the treasury and financial risk management, 85% of the companies surveyed said that enhancing cash and liquidity management helped deal with the downturn more effectively. "Companies have increasingly looked into alternative sources of liquidity, inventorying of all debt covenants, monitoring compliance and considering options to renegotiate covenants," Ernst & Young said. In financing options, companies opted for traditional sources, such as bank lending, in comparison to capital market and private equity as valuations across all industries have fallen sharply. Only about 20% of the respondents chose capital market and private equity as options, compared to 69% for term loans, 61% for group entities.
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Is company cost-cutting company throat-slitting?
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Reuters
Posted: May 06, 2009 at 1147 hrs ISTChicago In recent weeks, a number of investors and economists have declared the recession all but over based on a handful of seemingly positive signs, including a flurry of better-than-expected earnings from US companies.
They may be getting ahead of themselves.
Aggressive cost-cutting through layoffs and capital expenditure reductions has, it's true, helped many companies report profits that surpassed analysts' estimates.
But beneath what can be perceived as "green shoots" of recovery, experts say, lie the germinating seeds of what could be a much deeper, more prolonged recession.
"I think the clear and present danger is the negative feedback loop for the economy," said Greg Peters, head of global-fixed income and economic research at Morgan Stanley in New York.
"If people are getting laid off and if capital expenditures are being pulled back, then that has a cascading effect that is much more long-lasting on the economy."
Analysts and investors argue that while job, capex and R&D cuts may shore up individual profits temporarily, they are bad news in the aggregate. They swell the ranks of the unemployed, reduce the wages of those who keep their jobs, and hurt an already struggling economy by further crimping consumer and corporate spending.
And that will only ricochet back on the companies themselves, reducing demand for their products and services and putting additional pressure on their sales and margins.
"As corporations cut payrolls and deleverage they are acting perfectly rationally," said Robert Reich, the former US Labor Secretary under President Bill Clinton who now teaches at the University of California, Berkeley.
"But if that's what every corporation does, we're going to end up with far more job losses and in a deeper economic hole. Who's going to be left to buy all the goods and services these companies produce?"
THE BEAT GOES ON ... JOB LOSSES TOO
The list of US companies able to report better-than-expected results for the most recent quarter because aggressive cost cuts offset falling sales is a long one.
It includes appliance maker Whirlpool Corp, advertising powerhouse Omnicom Group Inc, specialty glass maker Corning Inc, wireless telephone service provider Sprint Nextel Corp, drug maker Pfizer Inc tool maker Black & Decker Corp, and Kraft Foods Inc.
Based on the number of earnings that beat forecasts, one would never guess the United States is in the midst of the worst economic downturn since the Great Depression. According to Thomson Reuters Director's Report of the 365 S&P 500 companies that have reported earnings so far this quarter, 65 per cent delivered better-than-expected results.
"In the aggregate, companies are reporting earnings that are 10.4 per cent above the estimates, which is above the 1.6 per cent long-term average" based on figures since 1994, John Butters, director of US earnings at Thomson Reuters, wrote in his "This Week in Earnings" report last Friday.
But the cuts behind those beats add up, too. US data due out this week is expected to show that employers cut another 620,000 jobs in April, according to a Reuters poll of economists, lifting the unemployment rate to 8.9 per cent. That is up from 8.5 per cent in March -- double what it was just two years ago and the highest level since 1983.
Over time, those cuts -- and the distress they cause -- become part of a self-reinforcing cycle, hurting consumer spending, which is responsible for the lion's share of US economic activity -- and further pinching corporate results, experts said.
WHO WILL BUY WHEN NO ONE'S BUYING?
In fact, it is already happening. Although this past quarter was marked by a number of earnings surprises, it was also noteworthy for the number of companies that cut their forecasts, citing a deteriorating sales environment.
"We are still seeing forward earnings estimates being adjusted down," said Keith Wirtz, president and chief investment officer of Fifth Third Asset Management, which manages $22 billion.
To be sure, some pretty powerful voices are sounding a more upbeat note about the economy.
US Federal Reserve Chairman Ben Bernanke said on Tuesday that the recession should end this year, as long as there is no relapse of the credit squeeze that has strangled the economy. And the Business Council, a private group of top US CEOs, said its members see light at the end of the tunnel and are expecting a rebound, at least in the United States and China, next year.
Still, perhaps too many executives are talking like Harold "Terry" McGraw, the CEO of publisher McGraw-Hill Cos Inc, who stressed last week that "cost containment will be a priority for us all year."
As a result, Wirtz said he expects companies to remain "lean and mean ... slow to add expense early into the recovery phase."
And in a system where one man's expense is another man's paycheck, that kind of discipline is bad for the economy.
This conundrum, identified early in the 20th century by economist John Maynard Keynes as "the paradox of thrift" or the "paradox of savings" is, of course, one of the major headwinds facing the economy as it struggles to pull out of the downturn.
Simply put, consumers are now saving when the economy really needs them to spend and businesses are now relentlessly firing and cutting costs when the economy really needs them to be hiring.
The result, according to Keynes: declining incomes across the board.
Which is why Reich believes President Barack Obama's stimulus plan, which injects $787 billion into the economy over two years through tax cuts and spending, does not go far enough and may need to be expanded.
"In this environment, the government has to step in as the spender of last resort," he said.
US tax plan seen not hurting India
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Reuters
Posted: May 06, 2009 at 0921 hrs IST
Bangalore US plans to scrap tax incentives that encourage American firms to ship jobs overseas are unlikely to dent business for Indian outsourcers, but the move is protectionist, company officials and lobby groups said.
The proposal, if implemented, will hurt more US-based companies that have significant operations overseas, including in India, they said on Tuesday.
US President Barack Obama plans to tighten rules allowing companies to defer paying taxes on profits made overseas as long as those earnings are ploughed back into the foreign subsidiaries, he said on Monday.
Supporters of the tax reform plan say the existing provision allows US companies to avoid taxation indefinitely and gives them incentives to create jobs overseas instead of at home.
"This may actually end up reducing competitiveness of US companies with global operations when compared to their European and Japanese counterparts," National Association of Software and Service Companies (Nasscom), an Indian lobby group, said.
"It is important to note that most large American companies have more than 50 per cent of their revenues coming from markets outside the US and (they) would be affected by the proposed tax reforms, if implemented," it said in a statement.
Indian outsourcers such as Tata Consultancy Services and Infosys Technologies get half their revenue from the United States by providing a range of IT services to firms such as Citibank and General Electric.
Business groups in the United States have criticized Obama's plans saying it would make companies less competitive, but officials called the changes long-overdue fixes to curb abuses.
Bangalore-based Infosys, India's No. 2 software services exporter, said the proposal, if implemented, was unlikely to reverse the outsourcing of a gamut of services by US firms to Indian companies.
"The current proposal, as we understand, is to close corporate tax loopholes on US multinational corporations and crack down on their overseas tax havens," the company said in a statement.
"We do not believe that it has anything to do with IT outsourcing done by US corporations."
Outsourcing is big business in India, where English-speaking and skilled workers cost about a fifth of their US counterparts. The $60-billion export-driven industry employs about 2 million people.
Lured by the vast pool of cheaper and qualified workforce, global technology giants like IBM, Accenture and Microsoft have expanded their operations in India at a scorching pace in the last few years.
IBM employs more than 70,000 people in India, which is also a growing market for its services.
RETROGRADE STEP
The steady flow of jobs and services to low-cost centres such as India has been a hot-button issue in the United States, and analysts said it was likely to remain under the spotlight as the country struggles to revive its economy and stem job losses.
The Federation of Indian Chambers of Commerce and Industry termed the tax reform plan as a "retrograde" step, and said the move would have some impact on US investments abroad including in India.
Sajjan Jindal, president of the Associated Chambers of Commerce and Industry of India, said the United States should not deny tax incentives to the American firms that create jobs overseas as that would send a wrong signal to the world.
"Not only America but the entire world has become the victim of current meltdown and at this crucial juncture taking resort to protectionism tendencies will kill the spirit of competition and dilute spirits of World Trade Organisation," he said. Shares in Infosys ended down 2.8 per cent at 1,582.95 rupees and top exporter Tata Consultancy fell 2.5 per cent to 650.45 rupees in the main Mumbai market that ended little changed.
IPL launches new mobile lottery; it's not betting: Modi
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G.S. Vivek
Posted: May 06, 2009 at 0149 hrs IST
Durban The Indian Premier League (IPL) on Tuesday launched a controversial SMS game asking fans to predict the scores of a live match. The winners will get cash awards.
According to the rules of the game, the entrant will have to send the runs that will be scored off every ball of the next over (for example 3 2 4 2 6 6, like in a lottery ticket) and the people guessing six, five or four numbers in the sequence correctly will get a percentage of the kitty generated by the total number of people playing at that time. The minimum prize money for every over is Rs 10,000 and will increase after that, depending on the entries received, at Rs 5 per SMS.
While the early reaction from experts is that this is a form of online cricket betting, which is illegal in India, IPL commissioner Lalit Modi denied it. "It's only about texting. Anyway, there is a lot of texting going back and forth, discussing the game. This is very similar to that, discussing the game amongst friends," he said.
"The person in the stadium has no idea what the people are predicting. It's very difficult to fix the outcome of an over. I think, maybe one in a million. We have checked it out and looked at it very carefully. If that was to happen, we would shut it out absolutely, without doubt."
When contacted on Tuesday evening, an International Cricket Council (ICC) media officer said that the governing body had not heard about the game, but would anyway have no say in the matter because the ICC "has no direct involvement in the IPL". The BCCI had, prior to the start of the tournament, refused to pay the $1.2m fees asked by the anti-corruption unit of the ICC, and the second edition of the IPL is not under the surveillance of the game's governing body.
The game, 6UP, will be available only to Indian mobile subscribers starting from Wednesday's matches.
http://www.expressindia.com/latest-news/IPL-launches-new-mobile-lottery-its-not-betting-Modi/455083/
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Mara Salvatrucha
From Wikipedia, the free encyclopedia
| Mara Salvatrucha | |
 Mara gang member with gang's name tattooed on his back | |
| Years active | 1980 - present |
|---|---|
| Territory | North America, Central America |
| Ethnicity | Latino |
| Membership | 100,000[1] (estimated) |
| Criminal activities | Drug trafficking, robbery, extortion, arms trafficking, murder, contract killing, etc. |
Mara Salvatrucha is a criminal gang that originated in Los Angeles and spread to Central America and parts of the United States and Canada[2]. The gangs' names are commonly abbreviated as MS,[3] Mara, and MS-13 they are composed mostly of Salvadorans, Hondurans, Guatemalans, and Nicaraguans.
Their activities have caught the eye of the FBI, who in September 2005 initiated wide-scale raids against suspected gang members, netting 660 arrests across the country.[3] In the United States, the gang's strongholds have historically been in the American Southwest and West Coast states. Membership in the U.S was believed to be as many as about 50,000 as of 2005.[1] MS-13 criminal activities include drug smuggling and sales, black market gun sales, human trafficking, auto thefts, home invasions, assaults on law enforcement officials, and contract killing.[4]
Contents[hide] |
History
The Mara Salvatrucha gang originated in Los Angeles, set up in the 1980s by Salvadoran immigrants in the city's Pico-Union neighborhood.[5] There is some dispute about the etymology of the name (see below: Etymology). The most common belief is that Mara refers to the word for gang in Salvadoran slang; it is suggested that Salvatrucha refers to the Salvadoran guerrillas, the source of much of the gang's early manpower.
Originally, the gang's main purpose was to protect Salvadoran immigrants from other, more established gangs of Los Angeles, who were predominately comprised of Mexicans and African-Americans.[6] For this reason, the gang initially allowed only Salvadorans to join, but later allowed other Central Americans to join as well.
Many Mara Salvatrucha gang members from the Los Angeles area have been deported either because of their illegal status in the United States, or for committing crimes as non-citizens, or both.[7] As a result of these deportations, members of MS-13 have recruited more members in their home countries. The Los Angeles Times contends that deportation policies have contributed to the size and influence of the gang both in the United States and in Central America.[7] Salvadoran authorities report that approximately 60% of prison inmates serving prison terms for gang-related crimes there have either fled prosecution or have been deported from the United States.[7]
In recent years the gang has expanded into the Washington, DC area, in particular the areas of Langley Park and Takoma Park near the Washington border have become centers of MS-13 gang activity.[8]
Publicized crimes
On July 13, 2003, Brenda Paz, a 17-year-old female, was found stabbed on the banks of the Shenandoah River in Virginia. Paz was killed for informing the police about Mara Salvatrucha activities. Four of her friends were later convicted of the murder.[9]
On December 23, 2004, one of the most widely publicized MS-13 crimes in Central America occurred in Chamelecón, Honduras when an intercity bus was intercepted and sprayed with automatic gunfire, killing 28 passengers, most of whom were women and children.[10] In February 2007, the courts found Juan Carlos Miranda Bueso and Darwin Alexis Ramírez guilty of several crimes including murder and attempted murder. Ebert Anibal Rivera was held over the attack and was arrested in Texas after having fled.[11] Juan Bautista Jimenez, accused of masterminding the attack, was killed in prison. According to the authorities, fellow MS-13 inmates hanged him.[12] There was insufficient evidence to convict Óscar Fernando Mendoza and Wilson Geovany Gómez.[11]
On May 13, 2006, Ernesto "Smokey" Miranda, an ex-high ranking soldier and one of the founders of the Mara Salvatrucha, was murdered at his home in El Salvador a few hours after declining to attend a party for a gang member who had just been released from prison. He had begun studying law and working to keep children out of gangs.[13]
On June 4, 2008, in Toronto, Ontario, police executed 22 search warrants, made 17 arrests and laid 63 charges following a five-month investigation.[14]
On June 22, 2008, in San Francisco, California, a 21-year old MS-13 gang member, Edwin Ramos, shot and killed a father, Anthony Bologna, 48, and his two sons Michael, 20, and Matthew, 16, after their car briefly blocked Ramos from completing a left turn down a narrow street. [15]
On November 26, 2008, Jonathan Retana was convicted of the murder of Miguel Angel Deras, which the authorities linked to an MS-13 initiation. [16]
In February 2009, authorities in Colorado and California arrested 20 members of MS-13 and seized 10 pounds of methamphetamine, 2.3 kilograms (5 pounds) of cocaine, a small amount of heroin, 12 firearms and $3,300 in cash, making it the largest bust on the gang to this date.[17]
Illegal immigration and human smuggling
According to The Washington Times, MS-13 "is thought to have established a major smuggling center" in Mexico.[18] There were reports that MS-13 members were ordered to Arizona to target border guards and Minuteman Project volunteers.[19][20]
In 2005, Honduran Security Minister Oscar Alvarez and the President of El Salvador raised alarm by claiming that Al-Qaeda was meeting with MS-13 and other Central American gangs to help them infiltrate the United States. FBI agents said that the U.S. intelligence community and governments of several Central American countries found there is no basis to believe that MS-13 is connected to Al-Qaeda or other Islamic radicals, although Oscar did visit Central America to discuss the issue.[21]
Robert Morales, a prosecutor for Guatemala, indicated to The Globe and Mail that some Central American gang members seek refugee status in Canada. Superintendent of the Royal Canadian Mounted Police integrated gang task force, John Robin, said in an interview that "I think [gang members] have a feeling that police here won't treat them in the harsh manner they get down there."[22] Robin noted that Canadian authorities "want to avoid ending up like the U.S., which is dealing with the problem of Central American gangsters on a much bigger scale".[22]
On the southern border of Mexico, the gang has unleashed violence against migrants.[23]
Etymology
There are various possible explanations for the name Mara Salvatrucha. Some sources state the gang is named for La Mara, a street in San Salvador, and the Salvatrucha guerrillas who fought in El Salvador's bloody civil war.[24] Additionally, the word mara means gang in Caliche and is taken from marabunta, the name of a fierce type of ant. "Salvatrucha" is a portmanteau of Salvadoran and trucha, a Caliche word for being alert, usually entailing preparedness for crime or abuse from police.
Gang markings and hand signs
Many Mara Salvatrucha members cover themselves in tattoos. Common markings include "MS", "Salvatrucha", the "Devil Horns", the name of their clique, and other symbols.[25] A December 2007 CNN internet news article stated that the gang was moving away from the tattoos in an attempt to commit crimes without being noticed.[26]
Members of Mara Salvatrucha, like members of most modern American gangs, utilize a system of hand signs for purposes of identification and communication. One of the most commonly displayed is the "devil's head" (formed by extending the index and little fingers of the hand while tucking in the middle and ring fingers with the thumb), which forms an M when displayed upside down. This hand sign is similar to the same symbol commonly seen displayed by heavy metal musicians and their fans. Founders of Mara Salvatrucha borrowed the hand sign after attending concerts of heavy metal bands.[27]
See also
References
- ^ a b del Barco, Mandalit. "The International Reach of the Mara Salvatrucha." NPR News. Retrieved 2006-11-15.
- ^ http://www.citynews.ca/news/news_23489.aspx
- ^ a b "The Fight Against MS-13." 60 Minutes: CBS News. 04-12-2005. Accessed 14-11-2007.
- ^ "Marijuana - Virginia Drug Threat Assessment." Drug Intelligence Center (March 2002).
- ^ "The International Reach of the Mara Salvatrucha." NPR.org.
- ^ Sheridan, Mary Beth. "In N.Va. Gang, A Brutal Sense Of Belonging." The Washington Post. June 27, 2004.
- ^ a b c Lopez, Robert J.; Rich Connell and Chris Kraul (October 30, 2004). "Gang Uses Deportation to its Advantage to Flourish in the U.S.". Los Angeles Times. http://www.latimes.com/news/local/la-me-gang30oct30,0,6717943.story?coll=la-home-headlines. Retrieved on 2007-12-05.
- ^ Gangs in Maryland
- ^ Frieden, Terry. "Two convicted, two acquitted in suburban Virginia street gang trial". CNN'. March 17, 2005.
- ^ "Gang linked to Honduras massacre." BBC. December 24, 2004.
- ^ a b "Honduras massacre 'leader' held." BBC. February 24, 2005.
- ^ "Countries at the Crossroads 2007." freedomhouse.org.
- ^ del Barco, Mandalit. "Gang Leader Shot to Death on Road to Reform." NPR News. May 16, 2006. Retrieved 2006-11-15.
- ^ "Central American gang was plotting murder in Toronto, police say." CBC. June 5, 2008.
- ^ Derbeken, Jaxon Van."Widow pleads for death penalty." San Francisco Chronicle. June 27, 2008.
- ^ Sharon Coolidge. "Man, 18, gets life in prison for murder". Columbus Dispatch. http://www.dispatch.com/live/content/local_news/stories/2008/11/26/ce_bar_killing_1126.ART_ART_11-26-08_B5_DLC0U89.html. Retrieved on 2008-11-26.
- ^ http://www.cnn.com/2009/CRIME/02/24/colorado.gang.indictments/index.html
- ^ "Al Qaeda seeks tie to local gangs." Washington Times. September 28, 2004.
- ^ "Gang will target Minuteman vigil on Mexico border." Washington Times. March 28, 2005.
- ^ Carter, Sara A. and Mason Stockstill. "Report: MS-13 gang hired to murder Border Patrol." DailyBulletin.com. January 9, 2006.
- ^ Harman, Danna. "U.S. steps up battle against Salvadoran gang MS-13." USA Today. February 23, 2005.
- ^ a b Mason, Gary (2008-01-07). "Canada is a haven to gangsters on the run". The Globe and Mail. http://www.theglobeandmail.com/servlet/story/LAC.20080107.MASONSIDE07/TPStory/TPInternational/America/. Retrieved on 2008-01-07.
- ^ "El Tren de la Muerte". Dallas Observer. July 26, 2007. http://www.dallasobserver.com/2007-07-26/news/el-tren-de-la-muerte/2.
- ^ Domash, Shelly Feuer. "America's Most Dangerous Gang." apfn.org.
- ^ Werner, Zach. "FBI Targets MS-13 Street Gang." NewsHour Extra. October 5, 2005. Retrieved 2006-12-11.
- ^ ""Tattooed faces a dead giveaway: Gangs go for new look." CNN. December 16, 2007.
- ^ National Geographic. "Gang Uses Deportation to its Advantage to Flourish in the U.S.". National Geographic. http://video.google.com/videoplay?docid=-8050801435890714263&q=world%27s+most+dangerous+gang&total=20&start=0&num=10&so=0&type=search&plindex=0. Retrieved on 2008-09-10.
External links
- MS-13 Current News and Analysis
- "18 with a Bullet" Wide Angle PBS
- "How the Street Gangs Took Central America" May/June 2005 Foreign Affairs
- "Gangs, Terrorists, and Trade" April 12, 2007 in Foreign Policy In Focus
- [1] National Geographic post-investigation essay.
- [2] FBI Press release, 24 June 2008
The Deadly Gangs Of El Salvador
Tue, May 5, 2009
Environmental Graffiti Will be Changing Dramatically Soon. Get a Sneak Preview By Signing Up Here.
All images: © Moises Saman, courtesy of Sony World Photography Awards 2009
Mara Savatrucha, or MS-13, is one the most notorious gangs in the world. Yet MS-13 and other gangs such as Calle 18 originated just decades ago among the Salvadorian immigrant community of Los Angeles. Soon the US authorities began deporting gang members back to El Salvador, exporting LA gang culture to a country rife with weapons from civil war and sparking an explosion in vicious gang-related crime. MS-13 currently has over 50,000 members in the US, El Salvador, Guatemala and Honduras. Cities like San Salvador, El Salvador's capital, experience some of the highest murder rates in the world.
In El Salvador's penitentiaries, rival gangs are kept segregated to avoid riots, but the prisons remain hotbeds of violence as well as recruiting grounds for the deadly gangs. Taken in 2007 by award-winning photojournalist Moises Saman, these photographs go inside the facilities to give a sense of what life is like within their walls. The series also goes onto the streets to document the anti-gang activities of Salvadorian Special Police, with powerful and poignant results.
© Moises Saman, courtesy of Sony World Photography Awards 2009
Snoopy, a senior member of Mara Salvatrucha (MS-13) and one of the gang leaders inside the Ciudad Barrios prison, a notorious maximum security facility for incarcerated MS-13 members.
© Moises Saman, courtesy of Sony World Photography Awards 2009
An MS-13 gang member bares his tattoos inside the Chelatenango prison. Many members cover themselves in tattoos. Common markings include "MS" and other symbols to identify individual factions or "cliques".
© Moises Saman, courtesy of Sony World Photography Awards 2009
Salvadorian Special Police during a night raid to capture gang members operating in the Panchimalco district of San Salvador.
© Moises Saman, courtesy of Sony World Photography Awards 2009
A suspected gang member is arrested in his home by Salvadorian Special Police during a night raid in San Salvador's Panchimalco district.
© Moises Saman, courtesy of Sony World Photography Awards 2009
Salvadorian Special Police during an anti-gang operation to capture a Calle 18 gang member in the Las Palmas section of San Salvador.
© Moises Saman, courtesy of Sony World Photography Awards 2009
A member of the Calle 18 gang wanted for murder sits handcuffed in the backyard of his girlfriend's home after being arrested by Salvadorian Special Police during a night raid in San Salvador's Las Palmas section.
© Moises Saman, courtesy of Sony World Photography Awards 2009
A female member of the Calle 18 gang found raped and murdered – purportedly by rival gangs – by the side of the road on the outskirts of San Salvador.
© Moises Saman, courtesy of Sony World Photography Awards 2009
Members of Mara Salvatrucha (MS13) serving time inside the Chelatenango prison in El Salvador. The Mara controls whole sections of this prison.
© Moises Saman, courtesy of Sony World Photography Awards 2009
Incarcerated members of the MS13 gang in the infamous Chelatenango penitentiary.
© Moises Saman, courtesy of Sony World Photography Awards 2009
An MS13 gang member throws gang signs – used for indentification and communication – inside the Chelatenango prison.
Since 2001, photographer Moises Saman has concentrated on covering the Israeli-Palestinian conflict and wars in Afghanistan and Iraq as well as projects in other political hotspots around the globe.
In addition to being shortlisted for the Sony World Photography Awards, in 2008 Moises' work from El Salvador received special mention at the Overseas Press Club Awards and was part of a portfolio placed 3rd in the POYi Magazine Photographer of the Year Award. He has won several other major awards, notably for his work from Afghanistan and Haiti.
Moises was born in Peru in 1974 and grew up in Barcelona, before moving to the US to study at California State University. After graduating with a degree in Communications, Moises moved to became a Staff Photographer at New York Newsday, where he worked from 2000-07.
Chief statistician counts on 8% growth patchEconomic Times - 18 hours ago After growing at an average 8.5% plus for five consecutive years, the Indian economy is estimated to have grown at close to 6.7% in the fiscal ended last ... Mr. Vineet Kanaujia, General Manager – Marketing, Safexpress Pvt LtdIndia Infoline.com - 4 hours ago This industry forms the backbone of Indian economy, and contributes immensely in the growth and development of our economy. Today, when our economy is ... Is the stock market out of the woods?Economic Times - 7 hours ago Is the Indian economy on a turnaround path? Opinions differ. SG Pvt Banking India's Nipun Mehta and Max New York Life's Prashant Sharma debate it out. ... 'India's global standing will diminish if Modi becomes PM'Hindustan Times - 17 hours ago Singh said he had succeeded in preventing the full impact of the crisis haunting the global economy from being felt in India. But what about job losses, ... Indian economy likely to grow higher with right policy: industry ...Xinhua - May 3, 2009 NEW DELHI, May 3 (Xinhua) -- Higher growth of the Indian economy is likely in the 2009-2010 fiscal year if the government maintains counter-cyclical fiscal ... CII projects more than 6% growth The Statesman State of Indian economyHindu - May 4, 2009 The introductory chapter on the theoretical frame could be more relevant to interpret the Indian economy in the global setting if situated in the context of ... CII moots further easing of indirect taxes to revive economySteelGuru - 12 hours ago ... lowering of personal income tax and additional investment in infrastructure to revive the Indian economy in the wake of the economic downturn. ... GDP to recover faster under Congress: Manmohan SinghIndia Infoline.com - 8 hours ago The Congress needs to be voted back because the country needs a government that understands how the Indian economy functions and how the global economy ... Indian economy to recover from mid-2009: MacquarieEconomic Times - Apr 29, 2009 29 Apr 2009, 1742 hrs IST, PTI NEW DELHI: Indian economy will begin to recover from the middle of this year, thanks to the fiscal and monetary measures ... |
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| Obama to press Pakistan on fight against Taliban | ||||||||||||||||||||||||||||||||||
WASHINGTON (AP) -- President Barack Obama wants Pakistan to step up its commitment to fighting Taliban militants who are growing in strength and compromising vital U.S. interests. In meetings at the White House on Wednesday, Obama will press Pakistani President Asif Ali Zardari to do more against the Taliban, which recently has alarmed the U.S. and its allies by striking out from strongholds on the Pakistani-Afghan border to areas closer to the capital of Islamabad. Obama also will seek renewed commitment from Afghan President Hamid Karzai to better coordinate operations with Pakistan and the U.S., which will expand its military presence in Afghanistan under the president's revised war strategy against the Taliban. The Pakistan army, meanwhile, attacked Taliban militants in a northwestern region Wednesday ahead of an expected offensive in the extremist stronghold. It was unclear whether the stretched military planned the kind of sustained operation the Obama administration is seeking. Obama and his foreign policy and national security team were to meet separately and then together with Zardari and Karzai. The U.S. team also will seek assurances from Zardari that his country's atomic weapons are secure. "The president is deeply concerned about the security situation," White House press secretary Robert Gibbs said Tuesday. "That's why we're sending additional troops to Afghanistan and that's why we'll talk with both the Afghans and the Pakistanis about our renewed commitment in helping them seek the aid that they need to address those extremists." Another issue arose early Wednesday, when Karzai ordered a probe into allegations by local officials that more than 30 civilians were killed in a bombing late Monday by U.S.-led troops battling militants in western Afghanistan. The International Committee of the Red Cross said a team it had sent to the area saw "dozens of bodies in each of the two locations," including women and children. Karzai's office said he will raise the issue of civilian deaths with Obama. The U.S. has sent a brigadier general to investigate. Senior administration officials say the goal of Obama's meetings with Karzai and Zardari is to get Afghanistan and Pakistan to work together against a shared extremist threat to their nations. They hope the message has huge weight coming straight from Obama. The results, they acknowledged, will be measured by whether the outreach leads to concrete actions. That includes, for example, the degree to which the Pakistani army shows a sustained commitment to fighting extremists within its borders. The officials spoke on condition of anonymity to discuss what will be private diplomatic exchanges. Officials say there is no movement by the Obama administration to send U.S. military forces into Pakistan, a point on which Pakistani officials have been emphatic. "That's the end of that subject as far as we're concerned," one official said. On Tuesday, the administration's point man for the region told lawmakers, who are considering a major boost in U.S. assistance to Pakistan - $1.5 billion a year over five years - that "our most vital national security interests are at stake" in Pakistan. Special envoy Richard Holbrooke insisted that Pakistan is not a "failed state," but is facing tremendous challenges that it acknowledges could affect the safety of the country's nuclear arsenal. Holbrooke said the U.S. needs "to put the most heavy possible pressure on our friends in Pakistan to join us in the fight against the Taliban and its allies. We cannot succeed in Afghanistan without Pakistan's support and involvement." The new fighting in Pakistan follows the collapse of a three-month truce with the Taliban in the valley that Secretary of State Hillary Rodham Clinton had likened to an abdication of government control to extremists. It will test the ability of Pakistan's military and the resolve of civilian leaders who had hoped the insurgents could be partners in peace. --- Associated Press writer Ben Feller contributed to this report. © 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
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The junior Gandhi, who devoted most of his time denying the chances of being catapulted into the post of Prime Minister, kicked up a row within the UPA itself when he praised Bihar Chief Minister
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Soap opera of Indian politics is gearing up for semi finals on May 7. In the ongoing elections, shutterbugs caught personal and private moments of some; absolutely embarrassing public moments of others; and hilarious 'jhappi' (hug) exchanges of netas in the churning.
| Working capital diversion 31 Mar 2009, 0110 hrs IST, ET Bureau
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| Reports suggest public sector banks are planning to report diversion of loans taken by companies for working capital to the Central Bureau of Investigation (CBI) and the Central Vigilance Commission (CVC). They are also said to have started blacklisting companies, whose promoters are found to be diverting these loans for investment in assets for personal use. Apparently the move has been prompted by the need for the banks to comply with provisioning requirements under the Basel-II norms. While diversion of funds by unscrupulous promoters and managements is admittedly a genuine concern, involving agencies such as the CBI and CVC is not the solution to curb such malfeasance. The CBI should be involved in investigations of economic offences only where money involved is significantly large or in cases where there is indeed criminal intent to defraud. In the past, the CBI is known to have pursued genuine cases of bank lending to companies which seemed to have gone bad. This resulted in bank officers in general becoming wary of lending to somewhat risky customers. The CBI is, therefore, best used in exceptional cases. The Satyam scandal is one example where investigation by the CBI was necessary. Further, reporting diversions of working capital by companies to the CVC can only be seen as banks playing overly cautious to prevent a possible probe at a later date — transactions made by the officers in the rank of assistant general manager and above can be investigated if the CVC suspects an officer has acted in an improper manner. Having said that, money is fungible and it is not always possible to identify how money lent by a bank has been finally used by the borrower. While it is possible to have end-use restrictions for certain borrowings made by companies, such as external commercial borrowings, strict conditions cannot be imposed for all bank lending, particularly working capital. The banks should, instead, focus on ensuring that it gets back the principal and interest by due date and actively monitor creditworthiness of companies that default. Oversight on use of funds so raised by companies and their managements should be exercised by the regulators — the RBI, Sebi and ministry of corporate affairs | |||||||
Reason? The close nexus between unaccounted money and politics in our electoral system. Unfortunately, the issue has got needlessly politicised, with L K Advani raising it as an election issue. Never mind that tax evasion and black money are not recent problems; they predate the UPA regime and indeed even the NDA regime. Yet, as the Global Financial Integrity Report released in December 2008 shows, the numbers at stake are now too huge to be brushed under the carpet.
The Report estimates that anywhere between $22-27 billion left the country every year illegally during the period 2002-06, giving us the dubious distinction of being the fifth largest source for illegal flows in the developing world.
In a country where close to a quarter of the population live below the poverty line this is simply unacceptable. But no government has shown the determination needed to address the problem. No wonder the Centre sees no contradiction in telling the Supreme Court it is pursuing the trail of black money even as it argues before the same court that P-Notes (Participatory Notes where beneficial interest is not known) are in the country's economic interest!
Contrast this with the stern action taken by some OECD countries: Germany, for instance, paid $6.3 million to purchase bank data from a former employee of LGT Group in Liechtenstein, to track down tax evasion. On Monday, Obama proposed sweeping changes to crack down on tax evasion. They are not alone.
The G20 has demanded greater co-operation to tackle the shadow financial system. The problem is, the onus is on requesting nations to prove the information sought is 'foreseeably relevant' to suspected crime or tax evasion. So tax authorities need hard evidence. In the Indian context this is just not forthcoming, partly because it has got politicised. This issue must be depoliticised and political parties must come together in a bipartisan manner to bring back Indian wealth kept abroad.
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