Tuesday, 25 February 2014

REAL MADRID - SOLE LEAGUE LEADER AFTER 20 MONTHS

Super Leader

Super Leader
J. I. GARCÍA-OCHOA02/24/2014
"Barça and Atlético are five points ahead of us, and are favourites to win the league, but I still have a lot of hopes for the second half of the season". The words were Carlo Ancelotti's, just before the start of the Christmas break, and he was not wrong.
In the eight rounds of league fixtures so far in 2014, Real Madrid has won seven of them and drawn one, meaning a total of 22 out of a possible total of 24 points, and with 22 goals scored and three conceded- The defensive solidness of Ancelotti's side is one of the key factors in Real Madrid's fightback, having gone six games now without conceding any goals at all.
Ancelotti's team is now sole league leader, a position not occupied for the past 20 months.
Barça and Atlético de Madrid, however, have in the last eight games only won four each, and have both dropped ten points along the way, compared with the two dropped by Real Madrid (against Athletic de Bilbao, a 1-1 draw). Barça drew 0-0 at the Calderón, 1-1 at Levante; lost at home to Valencia 2-3 at the Camp Nou, and now this weekend at Anoeta, lost 1-3 to Real Sociedad. Atlético de Madrid dropped four points at the Calderón - 0-0 against Barcelona; 1-1 against Sevilla; and then dropped six by losing 2-0 in Almería and now 3-0 at Osasuna.
Carlo Ancelotti is the spirit of success in this spectacular fight back. The Madrid manager is now the most successful debutant on the Bernabéu benches in the entire history of the club, surpassing the record of Pellegrini with 20 wins, three draws and two defeats.


IN ADDITION TO THE ALREADY-KNOWN €92.7 MILLION, THERE IS NOW €9.1 PLUS

Neymargate: €107 million and counting...

Neymargate: €107 million and counting...
02/24/2014
For every day that passes, the total cost of Operation Neymar rises a little more. At the moment, if we add in the €9.1 million the club intends to pay immediately for alleged tax fraud, it has reached €107.3 million. And then there will be the fine which will ensue, if the case is proven, which could be anything between €5.5 million and €54.6 million.
The reasoning behind this swift payment is precisely to reduce the amount of the eventual fine - a very significant sum as it might vary by as much as almost €50 million. If the minimum fine is inflicted, then it would be €5.5 million, making a total of €107.3 million. The final total would be much greater if the maximum fine of €54.6 million were inflicted, although this possibility might well be ruled out as a result of the swift action on the part of the Barcelona club.
What started as transfer valued at €57.1 million, and which is the only sum recognised by the club as an actual transfer fee, has now already doubled if we mix in all the sums paid out in the operation and which are confirmed by the club, Neymar's father and now the Tax Authority.
Details of the operation
At his first press conference as club president, Josep Maria Bartomeu explained all the figures involved in the affair. Despite seperating them from the sum considered as a transfer fee, he did admit that €7.9 million had been paid to Santos for trialling rights to three youth players; also, €2 million more might be added if Neymar is a finalist in the Ballon d'Or, plus a €4.5 million penalty clause if a friendly game is not played in Brazil.
Neymar's father's companies would receive €4 million in sponsorship, €2 million for scouting for young players, then there would be €2.5 million for the Neymar Foundation, and €2.7 million for acting as agent to his son. Furthermore, there was another €10 million signing-on fee for the player himself – a signing bonus, according to the club. Added to all this, we have whatever the Tax Authority decides to take.

Pakistan wants stable Afganistan

Pakistan wants stable Afghanistan, says Sartaj Aziz
ISLAMABAD - Special Representative of the Secretary General (SRSG) for Afghanistan, Jan Kubis, called on the Adviser to the Prime Minister on National Security and Foreign Affairs, Sartaj Aziz, on Monday.
The discussions focussed on matters related to Afghanistan and Pakistan-Afghanistan relations.
The Adviser underscored the importance Pakistan attached to a stable, peaceful and united Afghanistan and wished the Afghan people well during the security, political and economic transitions in 2014 and beyond.
The Adviser underscored Pakistan’s resolve to support the international community’s efforts for stability in Afghanistan. He reaffirmed Pakistan’s steadfast support for an inclusive Afghan-led and Afghan-owned peace and reconciliation process.
The Adviser also highlighted the positive developments in Pakistan-Afghanistan relations, marked by frequent high-level exchanges and growing emphasis on bilateral trade and economic agenda as well as regional cooperation.
Appreciating UNAMA’s efforts, the Adviser underscored the importance of deeper engagement of the United Nations and the international community in the economic development and reconstruction of Afghanistan.
He further emphasised that the international community should help create conducive conditions for the early return of Afghan refugees from Pakistan and their sustainable reintegration in Afghanistan.
Kubis recognised Pakistan’s role in peace and stability in Afghanistan and the efforts under way to build a positive relationship between Pakistan and Afghanistan. He also highlighted UN’s supportive role in diverse sectors in Afghanistan as per UNAMA’s mandate.
Kubis later called on Foreign Secretary Aizaz Ahmed Chaudhry and exchanged views on Afghanistan, growing Pakistan-Afghanistan bilateral cooperation, and regional process.
The Foreign Secretary lauded UN’s role and highlighted Pakistan’s continuing commitment to support Afghanistan through this crucial juncture and in the years to come.
Meanwhile, Sartaj Aziz on Monday said that military action in North Waziristan against Tehreek Taliban Pakistan (TTP) is being considered, which does not mean that talks with Taliban are discarded.
He informed that consultation on action in North Waziristan is underway and political leadership would be taken on board on any decision to be taken regarding military action.
He further said that Federal Cabinet would take up the issue of talks with Taliban on Tuesday (today), dialogue process is not discarded yet.
The Prime Minister would take his Cabinet member into confidence over talks and would listen to their views in this regard.
Speaking in seminar on Economic Policies for Inclusive and Sustainable Development in South Asia, he made it clear that government would not hold talks with Afghan Taliban. He further said that 23 FC soldiers were killed in Afghanistan, which were kidnapped from Pakistan few years back. The government has several time raise the issue of kidnapping of FC men with Afghan government, he added.
Earlier, addressing the seminar, Sartaj Aziz said expressed the need for fostering greater regional cooperation in South Asia. He observed that while structural reforms are needed in the domestic economy of Pakistan, there is also a need for more open and inclusive policies so as to ensure sustained growth.
Ahsan Iqbal, Federal Minister for Planning, Development and Reforms said that a holistic and integrated approach to productive economic sectors and their predicaments will be the government’s top most priority.
He further said that a stable macroeconomic environment supplemented by important structural reforms should sustain economic growth, which ultimately should be led by the private sector of Pakistan.
The reforms would focus on an integrated energy reform, modernisation of infrastructure, indigenous resource mobilisation, investments in human and social capital, and institutional reforms for governance, he said.
The Minister also expressed the govt’s willingness to expand regional cooperation with all the neighbouring economies, including China, India and Afghanistan.
Abid Suleri, Executive Director, Sustainable Development Policy Institute (SDPI) remarked that with the slowing down of economic growth in the Western world as well as in China, the most important challenge for policy makers in South Asia is to kick start a robust growth process and sustain it in a manner that does not harm natural and human resources.
In this regards it is very important that the political leadership assumes a stronger coordination role, he said.
The complex political economy requires deeper coordination between sectoral policies such as agriculture and industrial policies. These sectoral policies should then be syncronised with inclusive macroeconomic policies including fiscal and trade policies, he added.
Earlier during the day, Hafiz Pasha, Former Minister for Finance and Economic Affairs expressed that South Asian economies now face an immediate need for increase in regional trade, particularly in the context of declining export markets in the global economy.
He was speaking at a meeting of experts on Economy of Tomorrow (EoT).
He said that while the International Monetary Fund disbursed a huge amount for the rescue of Greece, the multilateral agency allowed a much lesser amount for Pakistan and that too with a number of stringent conditionalities. Briefing about the EoT project, Philipp Kauppert, Resident Director of the FES, said that the project seeks to focus on how an inclusive and sustainable model for economic growth can be adopted and implemented as global economic paradigms change.
Marc Saxer from FES Thailand observed that the ideas of modern capitalism and neo-liberal growth have now started to show signs of weakness and cannot be counted on anymore. He said that there is now need for a new growth paradigm that is environment-friendly, socially just, and ensures resilient growth.
Hansjörg Herr, Professor at the Berlin School of Economics and Law, introduced the participants to the idea of decent capitalism, which dictates that markets should be embedded within insitutions. Unregulated markets can have disastrous implications, as experienced in the case of the European Monetary Union and the Global Financial Crisis of 2008. While markets can spur economic growth, there is need for better regulation so as to ensure socially inclusive economies, he added

Ancelotti's record-breaking start to the campaign

Ancelotti's record-breaking start to the campaign
J. I. GARCÍA-OCHOA02/24/2014
Carlo Ancelotti is the face of success inReal Madrid's spectacular come-back. The Italian already has the best-ever start for a manager during his first season in the Real dugout, bettering Pellegrini's previous record with 20 wins, three draws and two defeats.
With 63 points from a possible 75, Ancelotti has led Real Madrid to its third best-ever start to a league campaign, only trailing Miguel Muñoz's 1960-61 team (which totalled 68 points) and Mourinho's 2011-12 side that notched up 67 points.
Miguel Muñoz
Only one of the legendary coach's records remains intact today. Under him, during the 1960-61 season Real Madrid had its best ever start to a campaign. At this point in the season, he had already notched up 22 wins, two draws and only one defeat.
Leo Beenhakker
Ancelotti's Real Madrid is undefeated in 26 games in all competitions. He is still chasing the 34 games that Leo Beenhakker's Real side went undefeated during the 1988-89 campaign.
Manuel Pellegrini
Until last Saturday, the Chilean had held the record for the best ever start to a campaign in a rookie season with 20 wins, two draws and three defeats.
José Mourinho
He won the title in the record-breaking 2011-12 season and led Real to its second best start with 22 wins, one draw and two defeats


Hiranandani real estate heiress fights dad, brother for share of Rs. 3,000 cr fortune

At stake is property worth at least Rs. 3,000 crore (according to some estimates, it could be as high as Rs.9000 crore). And fighting over it is Niranjan Hiranandani, the real estate tycoon who created the eponymous enclave in Mumbai’s Powai area on the one hand, and his daughter Priya Vandrevala, a self-confessed rebel.
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The latest salvo was fired by Hiranandani and his son Darshan, who, last month, moved the Bombay High Court to restrain Priya’s company, Hiranandani Living, from using the family name. They even claimed `50 crore as damages for alleged trademark infringement.
But a lawyer, who represents a third party in the dispute, said the case could be a strategy to get Priya, who had earlier filed arbitrations proceedings against her father and brother in London, to the negotiating table.
“Family disputes aren’t very easy to resolve as egos get easily bruised. This gives it new and complex layers. Then it’s no longer a matter of just sorting out a financial matter,” he said. Niranjan, Darshan and Priya did not respond to phone calls and emails from HT for comments on this report.
This case was the latest in a long list of cases that emanate from a reported family agreement (on sharing profits) drawn up in 2006, to which her father, brother and Priya were parties.  Niranjan and Darshan dispute the existence of such a pact.
That same year, the Hiranan­danis, Priya and her second husband Cyrus Vandrevala, a London-based businessman, floated Hirco Plc, which raised over £350 million (about Rs. 3,500 crore at current exchange rates) on London’s Alternative Investment Market.
http://www.hindustantimes.com/Images/popup/2014/2/25-02-14-pg17a.jpg
The plan: invest this money in various Hiranandani projects. Initially, the company, with Niranjan as non-executive chairman and Priya as chief executive, did well and earned millions of pounds in profits.
Then, two large projects — Hiranandani Palace Gardens in Chennai, and another one in Panvel, near Mumbai, said to have a combined value of more than `3,000 crore — ran into trouble and Hirco went into loss.
Priya, named one of the Young Global Leaders by World Economic Forum in 2011, responded by filing arbitration proceedings against her father and brother in London in 2010, claiming that the family agreement was not being adhered to. She alleged that she was kept in the dark about 28 real estate deals and that this caused her massive monetary losses. Soon thereafter, both father and daughter quit their positions in the company.
The dispute took a bizarre turn when last year, Hirco sued Niranjan and Priya claiming £220 million (`2,200 crore) in damages.
So, what’s the next chapter in this dispute? “Priya Hiranandani has owned the trademark since 2008 and is surprised at the suit. She is happy to defend the claim in court but saddened to see that family members would do this than phone her and discuss matters over a cup of tea,” a spokesperson for Priya’s company was quoted in a news report.
Sources who know both sides said attempts at a settlement are being complicated by the fact that in December last year, the Bombay High Court appointed a receiver to manage Hiranandani Palace Gardens, Chennai.

But they are still hopeful of some kind of a settlement. How long will that take? That’s the billion dollar question.

Monday, 24 February 2014

Rebuilding Pakistan’s economy

The writer is Federal Minister of Finance
After eight months of the present government, and at a time when the second review of the IMF is completed, it is important to look back on what have we achieved over this period and see whether the economic course charted out by the PML-N has produced results.
On June 5, 2013, when Nawaz Sharif was sworn in as prime minister, the economy of Pakistan was in tatters. Long power outages had disrupted normal life and stifled economic growth and there were reports that private businesses were moving out. With huge repayments due from a previous IMF loan, the stark reality of a default was looming large.
The PML-N’s immediate priority was to focus on electricity and economy, including stability of dwindling foreign reserves. Within a few weeks of taking charge, we set out an action plan for improving the electricity crisis and announced the Power Policy 2013. Our prompt response was clearance of liabilities in the electricity system – known as ‘circular debt’. To avert default on our loan obligations and to gain international acceptance of our economic strategy, we approached the IMF. This time, we did not need large sums of money. Pakistan has to repay more than $5 billion during the 2013 to 2015 period, including $3 billion which have become due in the current fiscal year 2013 to 2014. We, therefore, had no choice other than re-engaging ourselves with the IMF for a new loan programme.
The next step was to start the economic rebuilding plan. We presented an austerity budget by cutting wasteful expenditure, reducing a number of ministries, and abolishing discretionary grants. Secondly, our priority is to increase tax revenues. Next, we abolished the system of general subsidy so our revised subsidy policy only targets low income segments of society. To increase investments in the country, the PM announced youth loan, fee reimbursement and laptop schemes. For businesses, he announced incentives to increase the business footprint in the country as well as a deregulation plan that includes a greater role of private equity in businesses that had been mismanaged by successive governments.
Our strategy for rebuilding the economy has received recognition but also been the focus of debate on local media. A furore was raised as the dollar was traded at just under Rs111. On balance, economists voiced their concerns on the difficulties summoned by agreeing to a programme that would again seal the reputation of Pakistan as a ‘single tranche country’. It was also hammered that there were hidden provisions that would result in major devaluation of the currency, increase inflation and force wholesale auction of public sector assets at throwaway prices.
While economic strategies take time for results to emerge, one can share some early fruits of the plans.
The economy has started to grow, with the quarterly national accounts pointing to a GDP growth rate of 5% in the first quarter of 2013-2014, compared to 2.9% in the first quarter of 2012-2013.
Inflationary pressures have started to ease, and as compared to inflation in November 2013, prices in December 2013 and January 2014 have witnessed reduced momentum.
Budget borrowings have reduced drastically. As against an IMF target of 3.5% for the first six months, budget deficit has been recorded at 2.2%, even better than 2.6% actual recorded in the same period last year.
Exports are also picking up, with the exports (fob) up by 3.2% in the first six months, compared to the same period last year. The most significant increase was recorded in textiles which increased by 8%.
Home remittances in the first six months have also recorded a growth of 9.5%, indicating a healthy growth over a high base and much above the target growth of 6%.
The rupee has stabilised; measures have brought about the exchange rate stability and it is trading steadily around Rs105 a dollar to 106 a dollar range without any significant speculative activity.
Reserves have moderately stabilised and are expected to grow in coming months.
Our stock exchange is thriving, and over the past seven months, the Karachi Stock Exchange has performed better when compared with a host of other stock exchanges around the world.
While there is good news on many fronts, our challenges include increasing investments both from domestic and foreign sources so that job creation can be enhanced, building up of reserves without incurring high debts, increasing tax collections and employing better ways in using them, managing our national assets in a more productive manner, and focusing on human development.
Going forward, some important initiatives include deregulation, increased investments to enhance energy security, undertaking of structural reforms to improve management of public finances especially improvement in tax collections, making Pakistan an attractive investment destination, and a new economic growth policy.
All major indicators of the economy are pointing to the fact that the economy has begun to show signs of revival and that it is moving on the right track. Challenges remain on the horizon and much work remains to be done, but the key to continued success would be to remain on course and avoid distractions that can sway energies in undesirable directions.

3D technology can save a money..

Objects made using a 3D printer
Replica toys made using a 3D printer. Photograph: Isifa/Getty Images
Working replicas of expensive scientific equipment could be made for a fraction of conventional costs using cheap 3D printers, possibly saving developing world labs thousands of pounds each time, says a researcher whose has written a book on the subject.
This and similar advances mean the age of appropriate technology – affordable, sustainable solutions designed and built to meet local needs – may be here, argues Joshua Pearce, a materials science and engineering professor at Michigan Technological University in the US, in an article in last month's Physics World magazine.
"For example, my lab developed an open-source 3D printable colourimeter for water testing, which costs $50 (£30) instead of $2,000," says Pearce, whose book is called Open-Source Lab: How to Build Your Own Hardware and Reduce Research Costs. The cheaper version worked as well as the $2,000 one, he adds.
"Let us say it cost us $3,000 to develop [the instructions for a cheaper device] the first time, primarily for the labour costs, and Brazil does something similar for another water-testing tool that they currently buy 10,000 units a year from Germany," he says. "They pay $3,050 for the first one – that's an investment – but only $50 for each additional one, saving themselves over $19m in the first year."
Pearce says with the advent of 3D printers, companies relying on extracting monopoly prices on products for which there is already an equivalent open-source alternative must either reduce their margins or continue to innovate to remain economically viable.
"If you print out – instead of buying – a single magnetic tube rack and buy the magnets yourself, you can easily justify the cost of a RepRap [self-replicating] 3D printer to do it," says Pearce. RepRaps cost about $1,000 assembled, and can be put together from parts costing under $500.
The idea of appropriate technology to deal with poverty was used as early as the 1970s by the World Health Organisation (WHO), when villagers were encouraged to make water pumps and farming tools. But3D printing has given the concept a boost, Pearce says.
The WHO's efforts worked well, he says, but took in only one village at a time. "There was incredibly wasteful duplication of effort to solve nearly identical problems all throughout the world."
Now, with affordable 3D printers on sale, widespread internet access and the open-source movement gaining followers, more people can use, study, copy and change a design for free – and share the improvements online, Pearce says.
He cites a range of initiatives that are making appropriate technology a more-realistic prospect. The Wikipedia-like website Appropedia lets users develop collaborative solutions in sustainability and international development.
There are other initiatives that develop or make use of free online instructions to build research equipment, for example the Tekla Labs online community or an inexpensive microscope created as part of the OpenLabTools initiative. Sites such as Thingiverse host 3D printable designs for everyone to use. And open-source programmes such as OpenScad allow users to modify existing designs of 3D-printable lab equipment to meet their needs.
Talented scientists in many developing countries lack the research instruments they need, says Carlo Iorio, deputy chairman of the European Physical Society's Physics for Development group. Many poorer nations may be "full of good theoreticians, but because of the lack of instruments, applied sciences that are the core of the wealth in the [developed world] are greatly neglected there", he adds.
The Physics for Development movement is trying to change that by getting people to develop high-quality technology from local or recycled materials. Pearce says the movement may encourage developing nations to introduce policies to support the funding of open-source scientific equipment and further bring down its cost.
Practical Answers, a knowledge-sharing service run by the charity Practical Action, has a large open-source database of appropriate technologies. Rob Cartridge, who oversees the service, says the open-source concept is crucial for delivering technology justice, as it gives people a right to decide, choose and use technologies that assist them in leading the kind of life they value in a sustainable way.
"Whether you are talking about a water pump in Zimbabwe or a gyroscope designed to monitor earthquakes and landslides in Peru, it is critical that technologies are not hidden behind intellectual property rights or subscriptions that make them inaccessible to the poorest communities," he says.