Friday, October 14, 2011

LIC’s tobacco stain shows


The Life Insurance Corporation (LIC) invested more than Rs 3,600 crore last year in the tobacco industry, anti-tobacco activists and cancer specialists said today, describing the investments as ironical and unethical.

Figures obtained through the right to information route by a consortium of activists and doctors show that in 2010-11, LIC had invested in shares of ITC and VST Industries and in debentures of Dharampal Satyapal Ltd, which makes chewable tobacco products.

The LIC investment in ITC had a book value of more than Rs 3,561 crore, while its investment in VST Industries was about Rs 15 lakh, according to information released by the company. It also invested Rs 50 crore in Dharampal Satyapal.

“It’s ironic that LIC is investing in an industry that contributes to ill-health and death, and an industry that some arms of the government are trying to discourage,” said Pankaj Chaturvedi, associate professor at the Tata Memorial Hospital, Mumbai.

“The public should know where LIC is investing its funds,” Chaturvedi told The Telegraph. “The government has enforced the ban on public smoking and it has also outlined steps to phase out tobacco cultivation in the coming years.”

The RTI application had been filed by a consortium called Voice of Tobacco Victims, mainly representing patients with cancer. LIC officials were not immediately available to explain its policy of investing in the tobacco industry.

The number of shares held by LIC in ITC jumped from about 522,089,903 on March 31, 2010, to 995,891,658 on March 31, 2011, according to the company’s response to the RTI query.

Tata Memorial doctors said the RTI response from LIC suggested it was not charging extra premium on all tobacco users. “It is ridiculous.… LIC invests in tobacco, it doesn’t charge higher premium from addicts, but they may reject the claims of addicts,” Surendra Shastri, head of preventive oncology at Tata Memorial, said in a statement.

In response to the RTI query on LIC’s policy on insurance for tobacco users, the company said the risk assessment for consumption of tobacco would take into consideration multiple health factors ranging from quantity and type of tobacco to health conditions of the applicant.

“The adverse health effects of tobacco consumption is dependent on (the) quantity of consumption, type of tobacco consumed, duration of consumption and any other associated health condition of the insurance applicant,” LIC said. “Depending on these factors, while large numbers of customers are accepted without any extra premium, some of the applicants may be charged higher premium.”

Public health specialists campaigning against tobacco said the investment was unethical because it was against the principle that governments should not invest in tobacco, enshrined in an international convention to which India is a signatory.

“On the one hand, India incurs a cost of nearly Rs 10,000 crore each year from tobacco-related health expenses, on the other, LIC invests Rs 3,600 crore in tobacco,” Prakash Gupta, director of the Sekhsaria Institute of Public Health, Mumbai, said in a statement.





Saturday, October 8, 2011

Steve Jobs at Stanford University Commencement on June 12, 2005


I am honored to be with you today at your commencement from one of the finest universities in the world. Truth be told, I never graduated from college.
This is the closest I have ever gotten to a college graduation. Today I want to tell you three stories from my life.
That's it. No big deal. Just three stories.
The first story is about connecting the dots.
I dropped out of Reed College after the first 6 months, but then stayed around as a drop-in for another 18 months or so before I really quit. So why did I drop out?
It started before I was born. My biological mother was a young, unwed college graduate student, and she decided to put me up for adoption.
She felt very strongly that I should be adopted by college graduates, so everything was all set for me to be adopted at birth by a lawyer and his wife. Except that when I popped out they decided at the last minute that they really wanted a girl.
So my parents, who were on a waiting list, got a call in the middle of the night asking: "We have an unexpected baby boy; do you want him?"
They said: "Of course." My biological mother later found out that my mother had never graduated from college and that my father had never graduated from high school. She refused to sign the final adoption papers.
She only relented a few months later when my parents promised that I would someday go to college.
And 17 years later, I did go to college. But I naively chose a college that was almost as expensive as Stanford, and all of my working-class parents' savings were being spent on my college tuition. After six months, I couldn't see the value in it.
I had no idea what I wanted to do with my life and no idea how college was going to help me figure it out. And here I was spending all of the money my parents had saved their entire life.
So I decided to drop out and trust that it would all work out OK. It was pretty scary at the time, but looking back it was one of the best decisions I ever made.
The minute I dropped out I could stop taking the required classes that didn't interest me, and begin dropping in on the ones that looked interesting.
It wasn't all romantic. I didn't have a dorm room, so I slept on the floor in friends' rooms, I returned coke bottles for the 5¢ deposits to buy food with, and I would walk the 7 miles across town every Sunday night to get one good meal a week at the Hare Krishna temple. I loved it. And much of what I stumbled into by following my curiosity and intuition turned out to be priceless later on. Let me give you one example:
Reed College at that time offered perhaps the best calligraphy instruction in the country. Throughout the campus every poster, every label on every drawer, was beautifully hand calligraphed.
Because I had dropped out and didn't have to take the normal classes, I decided to take a calligraphy class to learn how to do this. I learned about serif and san serif typefaces, about varying the amount of space between different letter combinations, about what makes great typography great.
It was beautiful, historical, artistically subtle in a way that science can't capture, and I found it fascinating.
None of this had even a hope of any practical application in my life. But ten years later, when we were designing the first Macintosh computer, it all came back to me. And we designed it all into the Mac. It was the first computer with beautiful typography.
If I had never dropped in on that single course in college, the Mac would have never had multiple typefaces or proportionally spaced fonts. And since Windows just copied the Mac, it's likely that no personal computer would have them.
If I had never dropped out, I would have never dropped in on this calligraphy class, and personal computers might not have the wonderful typography that they do. Of course, it was impossible to connect the dots looking forward when I was in college. But it was very, very clear looking backwards ten years later.
Again, you can't connect the dots looking forward; you can only connect them looking backwards.
So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever.
This approach has never let me down, and it has made all the difference in my life.
My second story is about love and loss.
I was lucky — I found what I loved to do early in life. Woz and I started Apple in my parents garage when I was 20. We worked hard, and in 10 years Apple had grown from just the two of us in a garage into a $2 billion company with over 4000 employees. We had just released our finest creation — the Macintosh — a year earlier, and I had just turned 30. And then I got fired.
How can you get fired from a company you started? Well, as Apple grew we hired someone who I thought was very talented to run the company with me, and for the first year or so things went well.
But then our visions of the future began to diverge and eventually we had a falling out. When we did, our Board of Directors sided with him.
So at 30 I was out. And very publicly out. What had been the focus of my entire adult life was gone, and it was devastating.
I really didn't know what to do for a few months. I felt that I had let the previous generation of entrepreneurs down - that I had dropped the baton as it was being passed to me. I met with David Packard and Bob Noyce and tried to apologize for screwing up so badly.
I was a very public failure, and I even thought about running away from the valley. But something slowly began to dawn on me — I still loved what I did. The turn of events at Apple had not changed that one bit.
I had been rejected, but I was still in love. And so I decided to start over.
I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me.
The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.
During the next five years, I started a company named NeXT, another company named Pixar, and fell in love with an amazing woman who would become my wife. Pixar went on to create the world’s first computer animated feature film, Toy Story, and is now the most successful animation studio in the world.

In a remarkable turn of events, Apple bought NeXT, I returned to Apple, and the technology we developed at NeXT is at the heart of Apple's current renaissance. And Laurene and I have a wonderful family together.

I'm pretty sure none of this would have happened if I hadn't been fired from Apple. It was awful tasting medicine, but I guess the patient needed it. Sometimes life hits you in the head with a brick. Don't lose faith.
I'm convinced that the only thing that kept me going was that I loved what I did. You've got to find what you love. And that is as true for your work as it is for your lovers.
Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.
If you haven't found it yet, keep looking. Don't settle. As with all matters of the heart, you'll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don't settle.
My third story is about death.
When I was 17, I read a quote that went something like: "If you live each day as if it was your last, someday you'll most certainly be right." It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: "If today were the last day of my life, would I want to do what I am about to do today?" And whenever the answer has been "No" for too many days in a row, I know I need to change something.
Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure - these things just fall away in the face of death, leaving only what is truly important.
Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.
About a year ago I was diagnosed with cancer. I had a scan at 7:30 in the morning, and it clearly showed a tumor on my pancreas. I didn't even know what a pancreas was.
The doctors told me this was almost certainly a type of cancer that is incurable, and that I should expect to live no longer than three to six months. My doctor advised me to go home and get my affairs in order, which is doctor's code for prepare to die.
It means to try to tell your kids everything you thought you'd have the next 10 years to tell them in just a few months. It means to make sure everything is buttoned up so that it will be as easy as possible for your family. It means to say your goodbyes.
I lived with that diagnosis all day. Later that evening I had a biopsy, where they stuck an endoscope down my throat, through my stomach and into my intestines, put a needle into my pancreas and got a few cells from the tumor.
I was sedated, but my wife, who was there, told me that when they viewed the cells under a microscope the doctors started crying because it turned out to be a very rare form of pancreatic cancer that is curable with surgery. I had the surgery and I'm fine now.
This was the closest I've been to facing death, and I hope it's the closest I get for a few more decades. Having lived through it, I can now say this to you with a bit more certainty than when death was a useful but purely intellectual concept:
No one wants to die. Even people who want to go to heaven don't want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because Death is very likely the single best invention of Life. It is Life's change agent. It clears out the old to make way for the new.
Right now the new is you, but someday not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it is quite true.
Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma — which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice.
 And most important, have the courage to follow your heart and intuition.They somehow already know what you truly want to become. Everything else is secondary.
When I was young, there was an amazing publication called The Whole Earth Catalog, which was one of the bibles of my generation.

 It was created by a fellow named Stewart Brand not far from here in Menlo Park, and he brought it to life with his poetic touch. This was in the late 1960's, before personal computers and desktop publishing, so it was all made with typewriters, scissors, and polaroid cameras.

It was sort of like Google in paperback form, 35 years before Google came along: it was idealistic, and overflowing with neat tools and great notions.

Stewart and his team put out several issues of The Whole Earth Catalog, and then when it had run its course, they put out a final issue. It was the mid-1970s, and I was your age.

On the back cover of their final issue was a photograph of an early morning country road, the kind you might find yourself hitchhiking on if you were so adventurous. Beneath it were the words: "Stay Hungry. Stay Foolish." It was their farewell message as they signed off. Stay Hungry. Stay Foolish. And I have always wished that for myself. And now, as you graduate to begin anew, I wish that for you.

Stay Hungry. Stay Foolish.
Thank you all very much.

Friday, October 7, 2011

Steve Jobs


Steve Jobs, the visionary who transformed the worlds of personal computing, finally lost his years-long battle with pancreatic cancer.

Six years ago, Jobs had talked about how a sense of his mortality was a major driver behind that vision.

It truly takes real courage to swim against the current and smile even when you are writhing in pain.


"Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life," Jobs said during a Stanford commencement ceremony in 2005.

"Because almost everything -- all external expectations, all pride, all fear of embarrassment or failure -- these things just fall away in the face of death, leaving only what is truly important.”

"Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.”

Wednesday, October 5, 2011

Cash remittance from Gulf


Indians working abroad, particularly in the Gulf countries, are rushing to send money home to take.

advantage of a depreciating rupee. In the last couple of months, inward remittances from Gulf countries have increased more than 30 per cent over the same period last year.

At present, remittances from Gulf countries account for more than 30 per cent of the total money transfers to India.

There were significant increases in NRI remittances from the Gulf region, Europe and Africa whereas those from North America and East Asia declined.

For example, one could hardly get more than Rs 120 in exchange of one Oman rial. With the Indian rupee now trading at Rs 128 a rial, it means my family will get nearly 7 per cent more in rupee terms on the same amount of rial transfer.

Remittances from the Gulf region have been steadily increasing since 2008-09. The trend has spiked since August after the rupee started weakening against the greenback.

Remittances to India from Gulf countries have grown more than 30 per cent in the July-September quarter compared with the previous quarter.

 Large-ticket money transfers have increased, particularly in the last couple of weeks. These people send money for investments rather than domestic commitments.

According to money exchangers, the increase in the volume of money remitted has been more than the number of transactions, suggesting that high-income expatriates are taking advantage of the depreciating rupee.

The UAE’s dirham and Kuwait’s dinar have all gained against the rupee. Banks in India such as the SBI, Bank of Baroda (BoB) and HSBC, which have money transfer network in these Gulf countries, are witnessing a heavy inflow of remittance.

Monday, October 3, 2011

Happy Durgapuja

                     Wish all the readers a Happy Durga Puja'2012. May the Holy mother bless all of us.

Saturday, October 1, 2011

2G scare for Anil Ambani


Stock prices of the Anil Dhirubhai Ambani Group (ADAG) companies plumbed new depths on Friday after the Central Bureau of Investigation (CBI) said it was investigating the role of the group chairman in the 2G telecom scam.

The federal investigators spooked the markets even more after raising the prospect that three ADAG executives currently being held in Tihar jail could turn approvers in the case.

The Reliance Communications and Reliance Power (RPower) scrips hit new lows, falling 8 per cent to Rs 71.75 and 4 per cent to Rs 76.80, respectively, at Friday’s close on the Bombay Stock Exchange.

Reliance Capital, the group’s financial arm, dropped as much as 12 per cent to Rs 315.20, while Reliance Infrastructure fell 7 per cent to Rs 373.55 and Reliance Mediaworks by 6 per cent to Rs 90.95.

The 30-share Bombay Stock Exchange (BSE) Sensex fell 244 points to 16453 points on Friday.

ADAG stocks have been battered in the stock markets this year and have lost nearly half of their market capitalisation.

The Anil Ambani group scrambled to limit the damage. In a statement, the ADAG group denied its involvement in the 2G telecom scam but that did not stop investors from selling the stocks.

The statement said none of the ADAG companies, including Reliance Telecom, had illegally benefited from the sale of the 2G licences in 2008.

ADAG also denied that the three arrested executives — group managing director Gautam Doshi and senior vice-presidents Surendra Pipara and Hari Nair — had expressed any intention to turn app rovers.

“The CBI is now raising (these) new issues to oppose bail to the three Reliance executives,’ the statement said.

The three Reliance executives have been accused of breaking rules by using Swan Telecom as a front company to bag additional licences and spectrum from Reliance Telecom.

However, it was not all bad news for the Anil Ambani group on Friday.

The RBI gave its approval for RPower to raise $2.2 billion, or Rs 11,000 crore, from the US Exim Bank and Chinese banks that will go towards funding the company’s 3,960MW Sasan power project in Madhya Pradesh.