Young, rich and powerful

Today’s young are earning well. Is money power giving them a freedom to go wrong ?

MONEYWISE The youth of today are focussed and responsible

They breeze out of swanky suites and opulent cabins. With fat pay packets tucked in they have the world in their pockets. Life for them is flushed with comforts and privileges. Yet they are not experienced CEOs or corporate veterans. They are all but in their mid-twenties. These young Turks are an emerging new brand on the horizon today.

Exuding confidence and loaded with fresh ideas, facts and a never-say-die attitude they have added a new dimension to our perception of youth.

Certain sections of the older generation are apprehensive that the youth being vulnerable may be corrupted with too much power and money in hand. Won’t it spoil them? Miriam Alexander a mother of two youths says, “youth today are sensible but their minds are easily influenced and too much of money at a young age can make them spendthrifts and reckless if they are not careful.”

Lifestyle

However, a chat with today’s young go-getters reassures and restores our confidence. They assure that money may have changed their lifestyles but not them.

Mithun Vazhiyil, 25, Financial Co-ordinator of Ernst & Young GSS feels upbringing and family values does play a role. He says, “the money I earn is through my hard effort. Besides I have been brought up to realise the value of everything. So I can never be a spendthrift. I spend money only on things worthwhile. I do investments . I also plan to do a course for which I am saving. Besides, I also buy gifts for my parents and loved one and that’s when I feel most happy and blessed.”

Youth thus cannot be generalised as irresponsible. They are in control as long as they are equipped with family values. Fat pay packets are not always splurged. They are invested wisely and spent on things meaningful.

Vrindha Surendran, 23, Software Engineer of Sathaym Computers projects a more realistic picture. She feels that though upbringing may play a major role, character, attitude and sense of discrimination are essential. She says, “initially there may be a tendency to overspend especially from those of the lower strata when they see too much money at their disposal. But it’s often only a temporary phase among those with discriminating power. One very soon learns from experience and start to invest money wisely.”

Money thus need not be a fear factor for parents with intelligent children who can discriminate the superfluous from the real. Yet, today when the world is increasingly caught up by consumerism -where cell phones are purchased and exchanged every month as newer models are pumped in, it is hard to determine or draw a line.

Consumerism

Twenty-five year old Alok Pandey, Social Anthropologist with the Ministry of Social Justice says, “the 21st century is living in another economic environment. So it is difficult to generalise the behavioural traits of youth. There has always been a conflict of ideas, values and interests between the generations. And huge pay packets and consumerism may have brought more strains in relationships. However, the younger generation too has commitments. So the accusation that youth cannot be trusted with too much money may not go down well with the present generation.”

The younger and the older generation shall thus never see eye-to-eye. So what the youth calls for today is a broader outlook and faith. “Why should money be always viewed as something evil,” retorts Varsha Arun, 26, Software Engineer with Tata Consultancy Services, “money can also bring about many positive changes in one’s life. It can add

quality to our lives. It enables us to save, pursue hobbies and passions like travelling; joining new courses etc that make us grow as a person.

And this is how we utilise our salary. Today’s youth being level headed and aware know where to draw the line. Anybody can fall a victim of consumerism. So the fears of the older generation that youngsters can go astray with too much money are certainly exaggerated.”

The youth thus today are focussed .They know what they want, they work hard at it and they get it. Theirs is a relentless drive to show the world who they are and what they are capable of. And one cannot overlook them. For youth power is here to stay.

Past has a present

Designer Rina Dhaka’s forte lies in blending the old and the new

No doubt fashion has to move forward. But in its onward journey, it cannot afford to forget the richness of our past,” says New Delhi-based designer Rina Dhaka.

Unveiling her new line “Unleashed” at Collage on Greams Road, the designer says, “Today, the Indian woman has become a global woman. Travel and media have exposed her to Western sensibilities like never before. Things are fast-changing in the fashion world. Sensibility has evolved. Mindset has changed. People who refused to show their elbows are now keen on wearing dresses. Only hope the sari, a symbol of our tradition, does not become an archival piece like the kimono. Indian clothes have now become festival clothes or occasion wear! It’s the responsibility of designers to keep our tradition alive — by tweaking it to suit modern tastes. Remember the lycra churi I designed some seasons ago?”

A look at her new line explains Rina’s efforts to blend the old and the new. And she does this seamlessly. A pretty scarlet dress with an intricately crafted neckline doubles as an ethnic ensemble when worn with a churi and crushed stole. Tunics with ethnic motifs, trademark lace embroidery and tribal workmanship display her way of combining urban chic with the Indian idiom. “I’m a complicated person when it comes to design. I source the fabric from one place and send it to various other places for the craft embellishment. In fact, I work extensively with tribal people too. The funny thing is that they are capable of suddenly disappearing on their bullock carts!”

Talking about her 20-year journey in stylebiz, Rina says, “I’m actually beginning to look into the finer aspects of design now. When I started out, I was more focussed on the creative side of the business. Somewhere in between, I was caught up with establishing my label and honing my entrepreneurial skills. Now, the wheel has turned to where I began — and fortunately to the time I set foot in fashiondom. Yes, the late 1980s are back in vogue. And I’m loving it.”

About the mix-and-match trend, the designer, who was one of the pioneers to introduce separates explains, “Now, people have an individualistic style sense. It works better to give them versatile, practical clothing that can be worn whichever way they want. The best thing about this trend is that fashionistas now prefer to shop in India than abroad. We have an edge when it comes to pricing — besides, the styles are not over the top. At the same time, we like to welcome foreign brands on Indian shores. Only after their entry does the customer understand the value of branding. Besides, no one makes accessories like they do. So bags, shoes, sunglasses and watches… foreign brands complete the work of Indian designers! They add those fashion extras that count.”

The designer, who has an A-list clientele from Hollywood and Bollywood, is currently working on Lara Dutta’s clothes for the film “Blue.” “Lara is a designer’s delight. She has a fabulous body and avant-garde sensibility. But films are a different ball game. It’s time consuming and demands coordination at many levels.”

Talking about the burgeoning band of young designers, the seasoned stylist says, “Some of them are incredibly brilliant. But they need to polish their technical and trade knowledge, improve their communication skills and learn to handle labour.”

With many fashion weeks happening (she’s participating in the London Fashion Week too) and a flourishing retail business at home and abroad, Rina’s date’s diary is jam-packed. But she isn’t complaining. “I seek peace within myself. The key to success is to identify one’s drawbacks and try to overcome them without much ado.”

US hails scientist Jagadish Bose in Pioneers museum

With India and the United States recognising a strategic partnership as "indispensable and inevitable", Indian Ambassador to the US Ronen foresees the two nations working more closely in harnessing space and nuclear energy.

"India and the United States recognise that a strategic partnership between the two countries is both indispensable and inevitable in 21st century," he said in an address to the Historical Electronics Museum in Baltimore.

The museum celebrated the life and work of India's pioneering scientist, Sir Jagadish Chandra Bose, on the 150th year of his birth November 15 by inducting him into Pioneers Hall of the Museum with a permanent exhibit.

Sen's speech was read out by Dr. Rolan Anders, Museum Board Chairman.

The event was not only an occasion to remember the great contribution of Sir Jagadish, but to also reflect on the enormous potential that India and the US have for working together to bring the benefits of modern science and technology to their people, Sen said.

"As we look to the future, we find ourselves increasingly engaged in critical issues such as renewable and alternative energy, clean energy technology, energy efficiency, increasing food productivity and fighting diseases," he said.

"Our two nations will be working more closely in harnessing space and nuclear energy for the benefit of our people."

Their capacity to translate these into stronger partnership is derived from a shared commitment for democracy, pluralism and individual liberty, Sen said."But, it also derives its momentum from a rich history and a promising future of collaboration in harnessing science and technology for our common good."

Through all the turns in the relations between India and the United States, science stood as an enduring symbol of their relationship, Sen said noting the Green Revolution in the 1960s made India self-reliant in food production.

"The S & T Forum set up in 2000; the India-US S&T Umbrella Agreement of 2005; the establishment of the India-US Bi-National S&T Commission in 2006; and the E-learning initiative of 2006 that has brought 20 leading US universities into collaboration with 42 technical institutions in India are important initiatives," he said.

Congratulating the museum for celebrating Bose's 150th birth anniversary, Sen hoped "that his remarkable life would inspire young scientists and that, in honouring him today, we will also seek a future of deeper India-US engagement in science."

The event was attended by about 100 scientists and technologists from across the US.

Dr Tapan Sarkar, Professor at Syracuse University, Dr Raj Mittra, Professor at Penn State University, and Dr Peter Siegel from Jet Propulsion Laboratories and Caltech made presentations on different aspects of Bose's contribution.

The evening also included a Musuem tour on Bose's work and a musical performance by Indian artists.

Armageddon for real? Asteroid may hit earth

A football field sized asteroid hitting say New York will obliterate the city in a matter of seconds and all that moves within it.

The tidal waves of energy unleashed by the collision would be equivalent to several Hydrogen bombs going off at once, a scenario brought to life by 1998 hit movie Armageddon, starring Bruce Willis.

The chances of an asteroid hitting the Earth one day are very real and blowing up an asteroid in real life, says a Tel Aviv University (TAU) researcher, will be more complicated than in the movies.

Astrophysicists agree that the best method for avoiding a catastrophic collision would be to change the path of the asteroid heading toward our planet.

"For that to work, we need to be able to predict what would happen if we attempt an explosion," says TAU doctoral student David Polishook, who is studying asteroids with his supervisor Noah Brosch at the department of geophysics and planetary sciences.

Polishook and Brosch are among the few scientists in the world researching the structure and composition of asteroids a critical first step in learning how to destroy them before they reach the Earth's atmosphere, according to a TAU release.

Their research could prevent catastrophe: blowing up an asteroid may create many equally dangerous smaller asteroids of about 100 metres each in diameter twice the size of the asteroid that created the famous Arizona crater.

"The information we are investigating can have a tremendous impact on future plans to alter the course of asteroids on a collision course with Earth," says Polishook.

"Science needs to know whether asteroids are solid pieces of rock or piles of gravel, what forces are holding them together, and how they will break apart if bombed."

The latest results of their research were presented at the 2008 meeting of Asteroids, Comets and Meteors, sponsored by the Johns Hopkins University Applied Physics Laboratory in Baltimore.

Investor who lost $1.4bn to Madoff kills himself

A French investment manager and the co-founder of a firm that raised money in Europe to be put into Bernard Madoff's fraud-hit scheme has committed suicide in his office in New York, media reports said.

Rene-Thierry Magon de la Villehuchet, 65, a founder of the hedge fund Access International Advisors, was found dead on Tuesday in his office in Manhattan, the New York Times reported Tuesday, quoting police officials.

The French manager's fund reportedly lost as much as $1.4 bn that had been invested with Bernard L. Madoff, the money manager accused of running a $50 bn Ponzi scheme.

According to New York City Police Commissioner Raymond Kelly, Villehuchet was at the office at 7 p.m. Monday, working late. Later in the evening, one of the firm’s partners asked security to check on the office and see if Villehuchet was still there.

"The door was locked," Kelly said, adding that when security opened the door Tuesday morning, they found Villehuchet, "with cuts to his arm, wrist and his bicep apparently made with a box cutter".

"No suicide note was found, and while pills were present, it is unknown if Villehuchet had ingested them," he said.

According to French newspaper La Tribune, Villehuchet had been trying to recover the money that Access International raised in Europe and invested through Madoff's business.

Madoff, whose fraud has ensnared Wall Street investors and charities around the world, is currently under house arrest while an investigation is underway. His assets have been frozen.

How ICICI Bank discovered its new leader

Finally, the deed is signed. In May 2009, Chanda Kochhar will step into the corner office on the 10th floor of ICICI Towers in Bandra-Kurla Complex, a Mumbai suburb, to take over what is inarguably one of the biggest banking and finance jobs in the country. K V Kamath, its current occupant, will move across the hall to the office now used by his boss and mentor, N Vaghul.

When the decision was made public last Thursday, it almost seemed anti-climactic. The matter-of-fact tone which Kamath and Kochhar deployed to address the media belied the drama and suspense that marked one of the most closely watched CEO succession stories in recent history. For almost two years, Indian media has given it a billing of the kind usually reserved for similar events at marquee global firms like GE—or closer home, Hindustan Unilever (HUL).

The six heavyweights on the ICICI board—Chairman Vaghul, CEO & MD Kamath and independent directors Tinoo Puri (also a McKinsey director), M.K. Sharma (HUL legal eagle and former vice-chairman), Prof Marti Subrahmanyam (Charles E Merrill Professor of Finance and Economics at Stern School of Business, New York University) and P M Sinha (former Pepsico India chairman)- can now sigh with relief. Over the last two years, they had discussed, debated and pored over an impressive list of internal candidates, and a few from the outside. And yet, until the very end, a series of extraordinary events tested the board.

As the succession drama moved into its last lap, the global financial meltdown triggered stories of how susceptible ICICI Bank really is to the crisis. That, in turn, stoked a brief run on deposits at the bank. Worried investors wanted to know why Kamath had to exit at this hour. This was the biggest crisis the bank had seen since 2006 when it had a run-in with banking regulators in Hong Kong over permissions to sell securities.

The concern was understandable. “In a period of uncertainty and change, the impact that an individual leader has on a company can be very significant. So if the board of directors picks a wrong CEO, it could be very bad for the company,” says Professor Michael Useem, director of Center for Leadership and Change Management at the Wharton University of Pennsylvania. “The right successor can make a big difference in giving the company the vision, verve and energy for taking on for the next 5-10 years. So as the board, the person you pick as the incumbent CEO is going to affect the company for the next decade or so,” he adds.

What most investors did not know then was that almost a year earlier, Kamath had made it clear he wasn’t interested in staying on. At 61, he wanted to spend more time with his family and there was no way that he would accept another term. The board had to find a replacement - even if that evoked adverse reactions from investors.

On November 24, when the entire board assembled to arrive at a final decision, the crisis at Citibank was raging. The possibility of the world’s biggest commercial bank going under had spooked the global investor community. It wasn’t the opportune moment to make their decision public. So the board decided to buy some more time, a few weeks at least.

Meanwhile, there was intense speculation in media and banking circles about who would eventually be crowned Kamath’s successor. Sources in the board confirm that there was some talk of external candidates, but they declined to name who the contenders were. Forbes-Network18 learns that the name of Aditya Puri, managing director of arch-rival HDFC Bank, did come up. But whether or not Puri stood a chance could not be independently confirmed. Perhaps, the fact that ICICI has a strong leadership bench from within may have dissuaded the board.

“In large, complex organisations, knowledge of the ethos, internal processes and the people is very important," says Marti Subrahmanyam. "Often, it takes a newcomer a long time to understand them. Hence, in cases where there is large pool of talent available internally, my own bias is towards using internal people. Besides, there is another danger in going outside: no matter how hard you try, you always have less information on external candidates. So there is always an element of risk in a lateral movement, especially at the top.”

But for those in the know, there never was much doubt on who would get the nod, despite the impressive array of candidates. There weren’t too many candidates who could match up to Kochhar. Nachiket Mor, known to be Vaghul’s blue-eyed boy, unexpectedly dropped out of the race in October 2007 and chose to move to ICICI Foundation.

Shikha Sharma, the other formidable contender, had built an awesome reputation as CEO & MD of the life insurance business. But when she was asked to come back to ICICI Bank two years ago, she seemed reluctant. That, sources say, may have been a tactical mistake that cost her the top job. By the time the board drafted her into the shortlist of the final two, Kochhar was firmly in the saddle at the bank and cantered home in the last lap of the race.

Accept me, Kasab's letter to Pakistani authorities

Even as Pakistan refuses to acknowledge that the Mumbai attackers were from Pakistan, Kasab - the lone gunman caught alive is now appealing to his government- to extend legal aid.

Captured terrorist Ajmal Kasab has written to the Pakistan High Commission for access to legal aid. Amongst his pleas is also a direction to claim the body of his fellow terrorist- Ismail Khan and give him a decent burial.

It's now becoming more and more difficult for Islamabad to hide under the cloud of uncertainty of the identities of the men who attacked Mumbai.

The dust has begun to settle and investigations by the world media too point to how Pakistani organisations are in complete denial of evidence that all the terrorists belonged to Pakistan.

There is a new addition to the pile of proof. This time it is a letter that the surviving terrorist Ajmal Kasab has written to the Pakistan High Commission in India.

Top sources in the Mumbai police have revealed that Kasab, in a three-page letter to the high commission.

Ajmal has confessed to carrying out the terror attack in Mumbai. He has said that he is indeed a Pakistani national and was part of the LeT's operations.

He has asked for legal help from Pakistani officials.

The letter asks the officials to claim the body of his fellow terrorist Ismail Khan's body and give it an Islamic burial.

He has also named Zaki-ur-rehman Lakhvi, believed to be the man who lured him into terrorism, the LeT chief Hafiz Sayeed and Mohammad Kahafa as his trainers.

The said letter has been handed over by the Mumbai police to the union home ministry, which will first examine it and then pass it on to the Pakistan High Commission.

So far, the high commission has denied recieving any such letter and Islamabad continues to demand what it calls 'solid proof of its involvement in the Mumbai attacks'.

India, on its part has maintained that evidence will be shared at the appropriate time.

India should not underestimate our might: Pakistan

Amid a war of words with India over the Mumbai terror attacks, Pakistan has said its armed forces were fully capable of 'thwarting any aggression from the east' and New Delhi should not underestimate its military might.

India should not underestimate Pakistan's military power because it is 'capable of thwarting any aggression from the east', President Asif Ali Zardari said at a meeting with Gen Tariq Majid, chairman of the Joint Chiefs of Staff Committee, in Islamabad on Tuesday night.

Majid told the President that the armed forces were fully capable of meeting any eventuality on the eastern front, Dawn News channel said.

Separately, Prime Minister Yousuf Raza Gilani said while the operational preparedness of the armed forces was at an 'optimal level', both Pakistan and India cannot afford tension along their border.

'Nobody wants tensions on the borders and we are moving responsibly and with caution,' Gilani told media persons on the sidelines of an official ceremony in Islamabad.

The nation and the army are united to defend the country and its territorial integrity, he added.

'The government is aware of the situation in the region and will act as things move,' Gilani said.

During a meeting with Shahid Malik, Pakistan's High Commissioner to India, Zardari said Islamabad wants good relations with New Delhi but 'on the basis of sovereign equality'.

Awaiting the avian guests

Pigeon nests outside the Taj still unoccupied

Mumbai: Terror-hit Taj has bounced back to life with visitors and tourists thronging the heritage wing, but the pigeon nests resting outside the iconic hotel are still awaiting their avian guests. Pigeon nests dotting the landmark area were shattered by gunshots and grenade blasts during the terror siege on November 26.

The pigeons, which attract tourists at the Gateway of India and Taj, have gone missing following heightened security around the buildings. Avid bird lovers who spend their time feeding and watching them at the ground between Taj and Gateway are evidently missing this theatre of nature.

No feathered friends

“My wife and I come here every morning to spend sometime with the pigeons. It has been our routine for the last 10 years, but I feel dejected now when I do not find my feathered friends here,” says Birendra Choudhary, a resident of South Mumbai’s Colaba area and a regular jogger. “My morning stroll is synonymous with pigeons, as I believe association with them would bring wealth and peace of mind to me,” he said.

Prasad Abhyankar, who regularly visits the site, says “I cannot imagine this place without pigeons. It is always at the back of your mind that you will see those messengers of peace if you are going to take a stroll near Taj.” “The absence of these special guests is disappointing. I think even pigeons detest such terror attacks and they are not willing to come back,” he said.

Losing its charm

The absence of the birds also disturbs Kishore Tiwari, who used to spend his evenings in the area with his girlfriend. “It is a favourite spot among youngsters to take snaps and play with pigeons, but the place is losing its charm since the pigeons are missing,” he said. Spending time with pigeons and feeding them generates a sense of peace among the visitors.

Piece of peace

Hence, many domestic and foreign tourists gather here in large numbers to take their ‘piece of peace’ and “shoot” these winged companions, which adds beauty to the souvenir photographs, captured with the Arabian sea in the backdrop.

Ajmal not on Pakistan databas

** NADRA covers only one-third of Pakistan’s population

ISLAMABAD: Pakistan on Tuesday deflected the issue of the alleged Pakistani nationality of Ajmal Amir ‘Kasab’, the lone gunman from the Mumbai attacks who is in police custody in India by declaring that he is not on the country’s computerised data base.

“As far as Ajmal Kasab is concerned, NADRA (National Database and Registration Authority) do not have any records of his,” Interior Ministry chief Rehman Malik told journalists after a meeting with visiting Interpol chief Ronald Noble here.

But Ajmal’s Pakistani origins cannot be ruled out on the basis of his absence in the NADRA database, which covers only one-third of Pakistan’s population.

In September 2007, NADRA announced it had issued computerised National Identity Cards to 60 million of Pakistan’s approximately 180 million population.

Mr. Malik said the government would respond soon to Ajmal’s letter to the Pakistan High Commission in New Delhi asking for consular and legal assistance. His letter also reportedly says that the nine other gunmen who were killed in the Mumbai stand-off were also Pakistani.

“Pakistan’s High Commission has received a letter said to be written by Kasab and we will get it examined by our experts. We will give a detailed response,” Mr. Malik, who has seen a copy of the letter, said.

The Interior Ministry chief, who told Pakistan’s parliament on Monday that the banned Laskhar-e-Jhangvi had carried out the September attack on the Marriott hotel, told reporters the Lashkar-e-Taiba (LeT) “does not exist” as it had been banned in 2002.

He said Jamat-ud-dawah, which was recently designated by the UN as a terrorist organisation and a front of the LeT, but has yet to be banned by Pakistan, would be proscribed if proven to be involved in terrorist activities.

Mr. Noble, who arrived in Pakistan from New Delhi for talks with Mr. Malik, told reporters that India had not yet shared any evidence of the Mumbai attacks with Interpol, and what it knew was from the media.

“To date, India’s government has not authorised India’s police agencies to enter any data relating to the recent terrorist attacks in Mumbai into Interpol’s databases,” the Interpol chief said.

“The information Interpol has about what happened in Mumbai is the same information that you have — it’s information that was read in journals, that was read on the Internet or that was seen on TV.”

Mr. Noble said he was optimistic that New Delhi would soon share the evidence with Interpol. He said the organisation had a team in India, and could pass on shared forensic details such as DNA profilesof the suspects to the rest of the world.

Sri Lanka Cricket chairman Ranatunga sacked

In a surprising development, Sri Lanka Cricket chairman Arjuna Ranatunga was on Tuesday sacked for not "cooperating with the company or the players", and the interim committee headed by him stands dissolved with immediate effect.

Minister of Sports and Public Recreation Gamini Lokuge dissolved the SLC interim committee and appointed the secretary to the Ministry of Sports and Public Recreation, S Liyanagama, as the "competent authority" until further notice, a statement from Sri Lanka Cricket said.

"Arjuna Ranatunga has not been cooperating with the company or the players. We tried to sort it out but could not and he has been removed," Lokuge said.

"My permanent secretary in the ministry Liyanagama will be the competent authority till further notice," he said.

Lokuge said the present arrangement was likely to continue for one or two weeks after which a new committee will be appointed either through elections or otherwise.

According to informed sources, Sri Lanka President Mahinda Rajapaksa has invited Arjuna Ranatunga for a meeting.

SLC sources said Ranatunga and Lokuge have been having differences for some time. The nine-member interim committee, including SLC secretary K Mathivanan and former batting ace Arvinda D'Silva, was also dissolved.

Anil Kapoor scores over Aishwarya Rai

With his film Slumdog Millionaire shining among the top 10 films of the weekend on three continents, Anil Kapoor, who plays a complicated quiz show host in it, has set a record for an Indian actor. Not even Aishwarya Rai, who got miles of free publicity in the West thanks to her appearance on David Letterman show four years ago, can come anywhere near the success Kapoor has achieved. Her biggest success in North America, the 2004 romantic comedy Bride & Prejudice grossed $6.6 million in North America about half of what Slumdog has nabbed in its early run.

True, Sabu (The Thief of Bagdad, 1940) and Persis Khambatta (Star Trek, 1979) were featured in bigger movies than Slumdog but by the time these films were made they had settled down in the West.

"True, Slumdog Millionaire is a British film and it is in English but I am very much part of the movie industry in India," Kapoor said. "I was not actively looking to act in a foreign film at all." The film has high Oscars hopes riding on it.

In Italy, where it is number nine on the box office chart, the film has grossed nearly $1. 2 million in 10 days. In Australia, where it is in its first week, it grossed nearly $300,000 in its first five days. It was at number seven on the charts.

In the United States, it jumped from the 11th to the eighth position, grossing $3.1 million over the weekend and taking its cume to $12. 1 million. The film was showing in 589 theatres. Trade analysts believe that the film could have neared $4 million but for a major winter storm paralyzing many large cities in the Midwest and Northeast for hours on Friday.

"Anil Kapoor gave all of himself to the movie," said director Danny Boyle. "He has been around for more than three decades but his enthusiasm for this project was unbelievable."

Meanwhile, though Rab Ne Bana Di Jodi is a hit abroad, its second week showed that the film is not going to be a smash hit like Om Shanti Om.

It plummeted by 64 percent in North America in its second weekend, grossing about $325,000. For the record, its first weekend gross in North America was $950,000, about 20 percent less than the estimated gross. It grossed about $1.4 million in its first 10 days

The film held better In the United Kingdom.

Outside of India, where it reportedly grossed a strong $12 million in its first week, the Shah Rukh Khan starrer grabbed about $3.6 million in its first 10 days, including its North American and British grosses.

British auto biz to see 40,000 job losses

The British auto industry is expected to witness 40,000 job losses over the next three years, mainly due to falling demand for cars, says a media report.

About 800 job losses seemed at risk in the near future in the country's car industry following Japanese major Toyota Motor's warning that it would post losses, The Times reported on Tuesday.

"A further 800 jobs in Britain's car industry were put at risk yesterday after Toyota Motor, the greatest example of Japans post-war economic miracle, warned that it will go into the red for the first time since 1941," the daily said.

Moreover, The Times noted that the possible job losses -- about 15 per cent of Toyota's workforce in the United Kingdom -- "would add to the 40,000 positions expected to be eliminated from the 200,000-strong British car industry over the next three years, as sharply declining demand for its cars is likely to trigger redundancies across Toyota's businesses."

Globally, auto industry is facing a tough time with declining sales in the wake of worsening economic turmoil.

Toyota makes Auris, Avensis and Corolla models at its plant in Burnaston and Derbyshire, and manufactures engines at its Deeside factory in North Wales, which employs5,250 people, the report said.

The Times pointed out that the Japanese car maker recently decided to halve the number of shifts on its Auris production line and would also close its Burnaston plant for four weeks over the next four months.

According to the report, Vauxhalls owners are in talks with trade unions over pay cuts and a four-day week and has offered nine-month sabbaticals to thousands of workers at its Ellesmere Port factory in the North West of England.

Citigroup sells CTS to Wipro for $127 mn

Global financial services giant Citigroup Inc on Tuesday sold its 100 per cent subsidiary Citi Technology Services Ltd to Wipro for $127 million. CTS is an India-based captive provider of information technology services and solutions to Citi entities worldwide.

As part of the transaction, an all-cash deal, Bangalore-headquartered Wipro and Citi will sign a master services agreement for the delivery of technology infrastructure services and application development and maintenance services for six years.

Under the agreement, Wipro will get at least $500 million as services revenue from Citi.

Citigroup Global Technology Head Jagdish Rao, based in New York, said at a press conference that this $500 million is a 'minimum commitment' and it could grow to 'twice as much' in six or seven years.

With two centres each in Mumbai and Chennai, CTS provides IT services to Citi and its affiliates around the world.

CTS's 1,650 employees, trained in Citi processes and technologies and servicing Citi businesses in more than 32 countries, will now come under the Wipro Technologies fold, the global IT services business arm of New York Stock Exchange-listed Wipro Ltd.

CTS clocked revenue of $53 million in the calendar year 2007 and the earning is expected to go up to $80 million in 2008.

Apart from competencies in TIS, CTS has expertise in ADM for cards, capital markets and corporate banking.

Wipro officials said the transaction strengthens the Bangalore-based company's relationship with Citi.

Rao denied that the sale was triggered by turmoil in financial services, saying Citigroup would have gone ahead with the deal irrespective of the situation.

Wipro Joint CEO (IT business and member of the board) Girish S Paranjpe said Citi has played a pioneering role in leveraging technology for banking, adding Wipro is pleased that its domain expertise and infrastructure management capabilities positioned it as Citigroup's partner of choice.

"This position has further strengthened with this strategic transaction," Paranjpe said.

The transaction is expected to close by March next year.

Wipro senior vice president (finance solutions) Soumitro Ghosh said: "Citi Technology Services team's expertise in addressing the risk and compliance issues for banking industry positions us well to offer similar scale and complexity of services to other leading banks in the United States and Europe."

World Bank bars Satyam

Satyam Computer Services has been barred from business with the World Bank, a spokesman for the World Bank said on Tuesday, confirming a report by Fox News.

Fox News said in a report on its website the World Bank had banned Satyam from all World Bank-related business for a period of eight years from September. It said the ban was due to "improper benefits to bank staff" and "lack of documentation on invoices" and cited Robert Van Pulley, a top World Bank information technology official.

"The information is true," Sudip Mozumder, a spokesman for the World Bank in New Delhi, said by telephone.

A spokeswoman for Satyam said the company did not comment on individual clients. Shares in the Hyderabad-based software firm, which is also listed in New York, closed down 13.55 percent at 140.40 rupees on Tuesday in a Mumbai market that ended down 2.4 percent.

Satyam, India's fourth-biggest software services exporter, shocked the market last week with a proposed deal to buy two firms which management had a stake in.

Although it bowed to investor outrage and cancelled the plans to buy two builders just 12 hours after the deals were announced, a slew of brokerages have downgraded the stock saying it would be difficult for the firm to restore investor and client confidence.

India has given Pak time till Dec 26: Stratfor report

India has given Pakistan time till December 26 for a crackdown on terror infrastructure, said a report of a leading publisher of geopolitical intelligence on Tuesday.

The report from Stratfor says that after the November 26 Mumbai attacks, India relayed a message to Pakistan via the US that they would be given “30 days to carry out significant actions in cracking down on Islamist militant proxies operating on Pakistani soil that continue to threaten India”.

Islamabad has been denying that the terrorists who attacked Mumbai killing at least 170 people were from Pakistan.

“Pakistan's deadline, as far as we know, is December 26, making Indian military action against Pakistan a very real and near possibility. The Indians have had a month to prepare their military operations against Pakistan, and Indian defence sources have revealed that these plans are ready to go into effect,” the report said.

“While India used the time to prepare its military forces, the US came down hard on Pakistan behind the scenes, making clear that Islamabad will have to deliver on India's demands or else Washington will not be able to stand in New Delhi's way if and when the time comes for India to act,” the report, based on intelligence reports, reads.

The intelligence analysts observed that Pakistan has made a few arrests and raids targeting militant leaders and Pakistani intelligence operatives, but has done nothing that substantially reduced the militant threat to India from New Delhi's point of view.

“And even if Pakistan was prepared to swallow the bitter pill of conceding to its main rival by cutting its militant ties, it can only go so far to placate India before it creates a domestic crisis in trying to avoid an international one,” Stratfor said.

However, the report said, that it is still unclear how far India will take this military campaign and to what extent the US operations in Afghanistan will be affected.

Discussions are taking place inside Indian defence circles over an escalatory military campaign, beginning with largely symbolic strikes in Pakistan-administered Kashmir against militant training camps and offices.

Depending on Pakistan's ability to respond, pressure could then be ratcheted up with precision air strikes in Pakistan's urban areas - to include the capital - against intelligence facilities and militant leadership hideouts.

The option of a naval blockade, which would cut off the US' main supply line into Afghanistan, has also been tossed around. While a blockade would put the already cash-strapped Pakistan in an economic choke, doing so would inevitably cause friction in India's relationship with Washington.

The intelligence publisher reported that the US, knowing its “limitations” of the relationship with New Delhi, is already preparing for “a worst-case scenario”.

“For the past month, the US military has been feverishly stockpiling supplies for its forces in Afghanistan in anticipation of a major interruption,” said the report.