Ernst Stuhlinger wrote this letter on May 6, 1970, to Sister Mary Jucunda, a nun who worked among the starving children of Kabwe, Zambia, in Africa, who questioned the value of space exploration. At the time Dr. Stuhlinger was Associate Director for Science at the Marshall Space Flight Center, in Huntsville, Alabama. Touched by Sister Mary's concern and sincerity, his beliefs about the value of space exploration were expressed in his reply to Sister Mary.
In this post I am covering International Finance for MBA students.
This presentation deals with general introductory topics such as globalization and its impact, WTO and its impact, Role of World Bank, IMF, Special Drawing Rights, Nature, scope and significance of international finance and Use of IT in international finance.
In this presentation we discuss definition of foreign currency and foreign transactions- trade and non trade, and Role of participants in Forex markets.
This presentation deals with exchange rate quotations, common currency symbols, direct and indirect quotes, American terms, European terms, cross rates, Bid and Ask rates, Mid rate, Spread and its determinants, Spot markets, Forward Markets, Premium and Discounts, various practices of writing quotations, calculating broken period forward rates, Speculation and arbitrage, Forex futures and Currency Options.
This document has various practice numericals on forex markets.
This presentation begins with reference to various exchange rate determination theories and explains purchasing power parity theory in detail.
This presentation discusses the impact of Euro currency, Chinese Yuan, Japanese Yen, US Dollar and emerging importance of Indian rupee
This presentation discusses regulatory framework of international finance from the Indian perspective-FEMA and FERA, foreign trade policy, role of RBI, rupee convertibility, EOU/STPI, SEZ, EPZ.
This presentation covers regulatory framework of international finance from an International Perspective – Federal Bank, European Central Bank and guidelines for international investments given by International Chambers of Commerce (ICC).
This presentation covers Trade Settlement Methods, Export Finance, Buyers credit and supplier’s credit, International receivables and cash management, and International Sources of Finance such as ECB, FCCB, ADR, GDR, FDI, Loan Syndication.
This presentation covers foreign exchange risk definition, types, management and measurement. Hedging tools and techniques; both internal and external are also discussed.
This presentations discusses International Accounting Standard on Foreign Transactions (IAS 21). Important definitions, functional currency, initial recognition, subsequent measurement & recognition of exchange difference at initial stage and use of temporal and net investment method at the time of consolidation of financial statements are covered.
On Saturday; 8th December 2012, I got an opportunity to hear Prakash Jha, renowned film producer, director and screen-writer. He has made acclaimed political and socio-political films such as Damul (1984), Mrityudand (1997), Gangaajal (2003), Apaharan (2005), Raajneeti (2010), Aarakshan (2011) and Chakravyuh (2012).
As expected, Jha delivered a riveting speech. It made me think about social issues from a different perspective and I have reproduced parts of it in this post.
Hurdles in Life
Jha was asked that being a self made man, he must have faced many hurdles in life, so what advice would he give to the young generation for facing obstacles. He responded that he never faced any hurdles in life. He accepted whatever he got in life, learned from different situations and made the best of whatever resources he had.
Jha was born and raised at his family’s farm in Baraharwa, West Champaran, Bihar. He did his schooling from Sainik School and Kendriya Vidyalaya. Later, he joined Ramjas College, Delhi University to do B.Sc (Hons) in Physics. He said that in Bihar if you are a good student and go to a university, you face immense family and societal pressure to crack the IAS/IPS and settle down in a comfortable government job. However, Jha was not the guy to settle for the expected. His heart lay in painting and he he left studies after one year and decided to go to Bombay and become a painter, though while he was preparing for J.J. School of Arts, he happened to witness the shooting of the film ‘Dharma’ and got hooked on to filmmaking. He did odd jobs to survive from day to day, slept in beaches, pavements and worked in a restaurant kitchen for 9 months. By his own admission, he can cook professionally, thanks to his restaurant stint. He collected enough money to attend Film and Television Institute of India (Pune) in 1973 and has never looked back.
So in traditional terms, Jha faced several hurdles but the difference lay in his attitude.
Jha was asked that his movie ‘Aarakshan’ ended rather abruptly, focusing on coaching centers, and if the audience could expect a sequel to the movie that would address the ‘burning issue’ of caste-based reservations in greater detail. Jha responded that while some had identified the second part of the movie to be focused on coaching centers, the director’s motive had been to draw the attention of the audience towards the rise of a new class; the moneyed class. This class refers to people who have enough money to send their wards to coaching centers in Kota or to buy seats in medical colleges in Karnataka. In his opinion, this moneyed class is the issue that is to be addressed now.
Regarding caste based reservations, Jha said that the day the Supreme Court passed the ruling calling for 47% reservation in government jobs, colleges, etc., reservations ceased being an issue at all. They have become a reality, a truth, a fact of life that we have to live with. This was a front where some affirmative action was needed and whatever the basis (caste rather than finances), we have a law now and there is nothing that can be done against it. Therefore, it is best that we learn to accept it and fight against the reservation of the ‘moneyed class.’
Jha said that just as a singer expresses himself through his songs, an artist through his art and a dancer through his dance, he expressed himself through movies. Jha was asked if he would continue making movies that can lead to betterment of the society. He responded in his characteristic maverick manner saying,”Bhaisaab, movies paisa banane ke liye banati hai, samaj ki bhalai karne ke liye nahi.” He said that even he who made so many issue based movies, had to think about how he would keep the audience engaged for 2.5 hrs.
Jha said that we live in a country where 25 % of the wealth lies in the hands of the top 100 families, while 75% of the country lives in Rs. 30-35 per day. This difference is the root of all the problems that are plaguing this country. Remove this difference and corruption, naxalism, poverty and all other social vices would disappear. He elaborated further on naxalism saying that contrary to popular perception that all naxalites are anti-national illiterate tribals from the forests, some of the naxalites are recruited from among the educated crowd from universities as far as Nagpur.
As per Jha, corruption is something that is ingrained in our blood, as a society and as a polity. His solution to corruption is to legalize it. He says that corruption raises its ugly head only when there are rules against it. He compared it with the censor board. If all restrictions are removed and people decide what to watch, the market would automatically fall in line.
In his native state of Bihar and in much of India, he says that corruption has become an accepted way of life. They don’t view it as something detrimental to the common interest because they are more focused on day to day survival rather than lofty ideals. He cited the example of a certain ‘Dagru’ a labourer in his native village of Champaran, Bihar. One time when Mr. Jha was visiting Patna, the Dagru, Mukhiya and Sarpanch of his village came to visit him. He asked about the well being of Dagru and was told that Dagru recently married off his daughter with the help of the sarpanch and mukhiya, who had helped him get money from the government under KCC scheme and crop insurance. KCC means Kisan Credit Card scheme under which a farmer can get small loan from the government for farming and crop insurance claim is paid when the crop fails. Dagru is a landless labourer. The money that he got from the government treasury against false papers and with help from corrupt babus and chairholders of the village was distributed between all involved parties. All of this was done at the expense of the government and the tax payers. Do they feel even a little guilty for duping the government? No, because it is the norm for them.
He also cited the example of National Rural employment guarantee act (NREGA) which promises hundred days of wage-employment in a financial year to a rural household whose adult members volunteer to do unskilled manual work. Jha’s research around the country indicated that corruption has permeated the Nregs system as well. Money is paid to nonexistent persons for nonexistent work. In some places the same roads, ponds and wells are built again and again. Only a fraction of the money reaches the deserving and there is a shortfall of agricultural labor in villages because of this act.
He says that the market or ‘bazarwaad’ is the single most influencing factor of our times. It is due to the demand of the market and the flow of bribes from the market to the decision-makers that FDI bill got passed in the legislative houses. The politicians don’t care about the poor farmer or the shopkeeper, they do what the market wants them to do. Jha said that the scenario in our society is such that if a learned person like Swami Vivekanand would stand in a square with all his knowledge, philosophy and gyan there would be no takers because no corporater would back him.
Jha said that twenty-thirty years ago who would have thought that industrial houses would buy Rajya Sabha seats at Rs. 50 crore each, to establish their presence at the center and lobby for bills that promote their interests. However, that is a reality now.
Market has its influence on the education system as well. In Jha’s opinion, engineers and managers are the only professionals that our educational system is churning out. There is no scope and no interest in humanities, core science programs or social sciences in the youth. Except for Jawaharlal Nehru University, Delhi, which still has respect as a center of studies in subjects other than management and engineering, he reckons rest of the country has become stricken by a network of competitive exam coachings, engineering and business management schools. There isn’t a single university that has a reputation comparable to foreign universities for research in subjects like literature, history, etc.
Jha opined that nothing is more indicative of the rotten state of our education system than the respect accorded to the teaching profession. Nowadays the relationship between a teacher and student has become similar to the relationship between a service provider and a client. As a result only people who can’t make it in other professions come into this field. With the rise of private institutions the formerly noble profession of teaching has fallen into a state where teachers are torn between serving two masters; the institution and the students. Such is the state of affairs that we celebrate the money (annual package) that we get from our degree rather than knowledge itself.
He closed off his speech by saying, “Jis desh mein 75% log Rs. 30-35 daily par rehte hai, Mukesh Ambani Altamount road par Rs. 5000 crore ka ghar bana kar kya dikhana chahte hai?”
Upon reading a reference to Falguni Pathak on my facebook feed, I immediately recalled some of her popular songs and videos. I also got curious about her current whereabouts.
A quick google search revealed that she was born in March 1964 and that she started her career as a Dandiya singer. She debuted as a professional singer in 1998. She must have been 34 then. What a surprise!! She looked younger in the videos.
Falguni Pathak debuted at a time that was the golden age of Hindi pop music (non-filmy music), when singers like Shaan, Sonu Nigam, Alisha Chenoy, Asha Bhosale, Baba Sehgal, Adnan Sami Lucky Ali, Suchitra, Daler Mehndi and bands like the band of boys, viva, etc. defined the hindi pop music industry. However with time music companies that promoted such solo albums went bankrupt (Indians prefer to download music for free; music piracy and changing delivery channels; from cassettes and CD’s to digital music), and the remaining music companies adopted a safer strategy of promoting film music only.
However, the good news is that pop music does not need the support of the record/music companies anymore, because the channels of delivery of the music have undergone a significant change. Once the artist invests in a video of the song, the same can be aired on music channels and radio shows and the song can be made available for download from the artist’s web page itself. Furthermore, social media can be used to make promotions easier and cost effective.
Coming back to Falguni Pathak, currently she is based in Mumbai. She has been performing as at Dandiya venues across Mumbai and Gujarat for the past 2 decades. Given the present scenario of hindi pop music/music albums in India, the singer has been performing in stage shows, dandiya nights and tours both in India and abroad. Her music albums had made huge waves in the world of hindi pop music. She has also sung songs for bollywood movies. Even today her songs bring a smile to the lips and a feeling of nostalgia for the old days of Indie pop. Some of her songs:
This one is with Aisha Takiya.. looking so fresh and oh so pretty!!
There are more here.
If you have picked up this book in the hopes of reading something similar to the Harry Potter series, or thinking that you would like this book because you absolutely adore the Potter series, then you are in for a surprise.
The Casual Vacancy is nothing like the Potter series. Lovable characters, gripping storyline, fast moving plot are somethings that are conspicuous by their absence in this particular literary effort by Ms. Rowling.
It is only a co-incidence that the posthumous central character of the book is named ‘Barry Fairbrother’. No relation to Harry (wink wink) In the initial three-fifth part of the story the author has painstakingly developed several characters as in great detail. Such is the level of detail that skipping a few pages in the initial part of the book would have no effect on one’s understanding of the plot.
However, you feel like you really know the characters if you can withstand this initial part. Towards the end though, the author seems to be running for closure. Poetic justice is meted out to the bad guys, a tragic heroine emerges and an underdog saves the day. Read it if you have a lot of time and patience on your hands.
The Plot: When Barry Fairbrother dies in his early forties, the town of Pagford is left in shock. Pagford is, seemingly, an English idyll, with a cobbled market square and an ancient abbey, but what lies behind the pretty façade is a town at war. Rich at war with poor, teenagers at war with their parents, wives at war with their husbands, teachers at war with their pupils…Pagford is not what it first seems. And the empty seat left by Barry on the parish council soon becomes the catalyst for the biggest war the town has yet seen. Who will triumph in an election fraught with passion, duplicity and unexpected revelations?
Rowling’s first book for adults!! more like first book for seniors…
This presentation defines international marketing, international marketing decisions, challenges of international marketing, and driving and restraining forces of international marketing. It goes on to discuss the process of market selection, firm related, market related and other factors effecting market selection. It also reflects on various modes of entry into foreign markets such as exporting (commercial strategy, commercial mode), foreign direct investment (industrial strategy, integrated modes) andassociated or contractual modes (contractual strategy, competitive alliances). The presentation closes with a case study on the experience of Proctor and Gamble (P&G) in various international markets like Japan, China and India.
This presentation discusses methods of obtaining export and import finance such as Accounts Receivable Financing, Factoring (Cross-Border Factoring), Letters of Credit (L/C) Banker’s Acceptance (BA), Working Capital Financing, Medium-Term Capital Goods, Financing (Forfaiting) and Countertrade. It also discusses methods of payment of international trade; Cash in Advance, Letters of Credit, Documentary Collections and Open Account followed by a comparative study of different methods. Furthermore, types of letter of credit and procedure of working of a letter of credit are also discussed.