I have been reading and thinking about some recent BIG headlines and here they are –
There was a list published few weeks back about most corrupted nations and India was somewhere around 50th position and I was a bit surprized but it was listed after PAK and China, so that looked a bit justified at that point :D.
I wonder, how come, still the financial giants of world trust India for outsourcing services, specially for BPO services!
India doesn’t just have loads of corruption at home, it is also the world leader in exporting graft.
Months after Transparency International ranked India as among the more corrupt societies in the world, the NGO’s Bribe Payer’s Index 2006 shows that Indian exporters are more willing than their counterparts from other countries to pay overseas bribes to secure business, clinch contracts, do deals and generally get on in the world.
Of the 30 countries surveyed by the index, India was the worst — or most willing to give — followed by China and Russia.
With Brazil also ranking pretty low as the eighth biggest bribe giver, the BRIC nations — the foursome of Brazil, Russia, India and China — predicted to become among the biggest economies in the world by 2050 — emerge as being prepared to do whatever it takes to enhance their share of the global trade pie.
While this is the third BPI released by Transparency, after the ones in 1999 and 2002, it is the first time India has featured in the index.
It was considered too economically insignificant and lacking global spread and reach in the earlier rounds. Liaoran Liao, Transparency International programme coordinator for South Asia, told TOI on Wednesday that it was definitely bad news for India to make its first outing on the BPI with a most-corrupt ranking for its newly jet-setting companies.
“In 1999 and 2002, India was not listed on the BPI,” said Liaoran, “but now India is considered an emerging economy and an emerging export power, so the CEOs and MDs ranked its companies.”
The newest league table was compiled after asking 11,000 top business executives in 125 countries to rank foreign companies in order of their propensity to bribe in the World Economic Forum’s Executive Opinion Survey.
Transparency said the executives ranked India bottom of the list of 30 countries. The executives suggested Indians seemed ready to do business by paying bribes or making extra payments.
The BPI ranked Swiss companies as least likely to use brown envelopes and backhanders to get the job done. No Asian country figures in the list of the ten cleanest countries. Japan figures eleventh followed by Singapore.
Give And Take
7. South Africa
9. Saudi Arabia
10. South Korea
Here I read some thoughtful comments on an NDTV’s blog post –
I feel that the existing social structure and economic disparity is to blame for corruption. I do not see anything wrong with common people being indulging in corrupt practices when people in topmost positions be it politicians or business houses indulging in most corrupt practices.
The root of corruption lies in the fact that those in control of power and money always reward their sub-ordinates inadequately. Why we give less – because we have less. Why we have less – because we have large number of people to feed with limited resources. So going to the root of the problem – we must control population if we wish to control corruption. On a lighter note for example Lalu Yadav having 9 children to feed indulged in large scale corruption and consumed the CHARA meant for cows.
There are more than 50% people who don’t want to take birth again in China but there are more than 80% Indians who want to take birth back in India (100% hyderabadis and 85%+ Delhites)
3 cheers to India :M)
Google bought YouTube
It was buzzing blogosphere for last 2 days very badly. Almost every blog was writing about this news 😛
The founders of YouTube built this year’s standout Web phenomenon by figuring out how to make online video sharing easier.
What they hadn’t yet figured out was making money from their site. Google took that problem off their hands on Monday, by agreeing to buy the site for $1.65 billion.
The all-stock deal makes YouTube by far the most expensive purchase made by Google during its eight-year history. Last year, Google spent $130.5 million buying a total of 15 small companies.
“This is the next step in the evolution of the Internet,” Google CEO Eric Schmidt said during a conference on Monday.
YouTube will continue to retain its brand, its new headquarters in San Bruno and all 67 employees, including co-founders Chad Hurley and Steve Chen. Meanwhile, Google will continue to run a less popular video service on its own site. The deal is expected to close before the end of the year.
Investors applauded the prospect of an acquisition as Google shares climbed $8.50 to close at $429 on the Nasdaq Stock Market, then added another $2 in extended trading.
Plus YouTube founder was quoted saying that it is ideal platform for Google to place its advertisements!
North Korea conducts first nuclear test
Finally they did it without any fear and despite so many warnings from US. After all, there are communist in power 🙂
Indian rupee went down but the stock market rose without any effect of nuclear test.
North Korea’s underground nuclear test had a magnitude of 3.58 and there was no initial sign of nuclear leakage. The test could mark a significant escalation in Pyongyang’s nuclear advance and presents US President George W. Bush with a major foreign policy challenge less than one month before mid-term elections.
North Korea on Monday conducted its first ever nuclear test, calling it a “historic event”, official media said.
According to North Korea’s official news agency, the Korean Central News Agency (KCNA), the test was carried out safely and successfully and there was no radiation leak.
South Korea’s defence ministry said the test was carried out at Hwadaeri near Kilju at 10:36 am (0136 GMT).
The presidential office said the state intelligence agency detected a 3.58 magnitude seismic tremor in North Hamgyong Province in the northeast of the communist state.
The test took place around the time Japanese Prime Minister Shinzo Abe arrived in Seoul for talks on handling the nuclear crisis.
“We detected the explosive sound from Hwadaeri near Kilju in North Hamgyong Province at 10:36 am,” a senior defence ministry official was quoted by Yonhap news agency as saying.
He said South Korea’s military has yet to raise its alert level beyond usual defense situations.
So ladies and gentlemen, here comes the latest nuke power.
Infosys Q2 profit beats estimates, ups forecast
Raji says, its all conspiracy and I am also smelling a bit of it when it is shaking Sensex but then, it is Infosys – Great Indian Tech firm 🙂
At the same time, one of my friends resigned today from Infy :M(. Why so? You discover it only when you are into the system otherwise every things looks Great and Green from outside ;M)
Infosys Technologies Ltd., India’s second-largest software exporter, beat market estimates with a sharp rise in quarterly profit on Wednesday and raised revenue and earnings forecasts, sending its shares as much 6.2 percent higher.
The company said it planned to sell up to 30 million shares in its latest offering of sponsored American Depositary Receipts (ADRs), which could be valued at nearly $1.5 billion at its closing price on the Nasdaq on Tuesday.
Infosys first sold ADRs and listed on Nasdaq in 1999. It subsequently made two sponsored ADR offerings, one in 2003 and in 2005.
At 0500 GMT shares of Infosys were up 4.1 percent at 1,984.20 rupees after touching a record 2,024 rupees earlier.
The company reported a 53.5 percent rise in quarterly profit, as outsourcing demand outstripped rising salary costs.
Nasdaq-listed Infosys said it had added 45 new clients and the pricing environment continued to be stable.
Infosys, which the market values at $22.8 billion, raised its 2006/07 revenue forecast to 138.53-138.99 billion rupees, up 45.5-46 percent from a year ago, and forecast full-year earnings per share of 66 rupees, up 46.6 percent from a year ago.
More than 50% of profit!!! And then shares rising up to 6.2% higher…:roll: Sensex is booming – after all, it is IT driven sensex.