Monthly Archives: February 2015

India cruise to easy win over UAE in Perth

PERTH Sat Feb 28, 2015 11:44pm IST

Ravichandran Ashwin (R) celebrates with team mate Ajinkya Rahane after bowling out United Arab Emirates' Mohammed Naveed during their Cricket World Cup match in Perth, February 28, 2015. REUTERS/David Gray

1 of 3. Ravichandran Ashwin (R) celebrates with team mate Ajinkya Rahane after bowling out United Arab Emirates’ Mohammed Naveed during their Cricket World Cup match in Perth, February 28, 2015.

Credit: Reuters/David Gray

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India this week

Pictures that caught our eyes or made news during the past week in India.  Slideshow 

PERTH (Reuters) – Off-spinner Ravichandran Ashwin claimed four wickets to lead a strong Indian bowling performance as the defending champions eased to a nine-wicket victory over the United Arab Emirates in a World Cup Pool B encounter in Perth on Saturday.

Left-arm spinner Ravindra Jadeja and fast bowler Umesh Yadav chipped in with two wickets apiece as the Emiratis were bundled out for just 102 in 31.3 overs at the WACA to post the lowest score of this year’s tournament.

Opener Rohit Sharma had missed out in India’s wins against Pakistan and South Africa but used the opportunity to get some runs under his belt as his team chased down the target with 31.1 overs to spare for a third triumph in as many matches.

Rohit (57) and Virat Kohli (33) added 75 in an unbroken second wicket stand to carry India home after in-form opening batsman Shikhar Dhawan (14) fell to a sharp one-handed catch by Rohan Mustafa at point off Mohammad Naveed.

Rohit, the owner of the highest ODI score of 264, brought up his 24th fifty with a square-cut boundary off UAE captain Mohammad Tauqir. He hit 10 fours and a six during his 55-ball knock.

Tauqir would never have envisioned such a shambolic batting display from his team mates when he won the toss and opted to bat first.

However, the extra bounce on a pitch widely considered as the fastest in the world put them on the back foot from the onset of their innings.

Yadav bowled short and fast and struck in his first over, the second of the innings, to remove opener Andri Berenger (four) with a bouncer.

Fellow opener Amjad Ali (four) did not last much longer, edging a bouncer from Bhuvneshwar Kumar, a replacement for the injured Mohammed Shami, to wicketkeeper Mahendra Singh Dhoni behind the stumps.

Skipper Dhoni brought Ashwin (4-25) on as his first change immediately after the mandatory 10-over powerplay to start the innings and the tall spinner picked up a wicket with his second ball and then ran through the UAE middle order to bag his best figures in ODIs.

Shaiman Anwar, who scored an aggressive century during their two-wicket loss to Ireland, was the only batsman to provide some resistance and finished with 35 from 49 balls, his innings including six boundaries.

Anwar and number 11 batsman Manjula Guruge (10 not out) added 31 for the final wicket, the highest of the innings, to get UAE past the 100-run mark.

The 35-year-old Anwar was the last man to fall, bowled by a late-swinging full delivery from Yadav.

(Reporting by Sudipto Ganguly in Mumbai; Editing by John O’Brien)

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UPDATE 1-Buffett says 'sprawl' is good, but may not be good enough

(Adds quote on investment bankers)

By Jonathan Stempel

Feb 28 (Reuters) – Warren Buffett wants to buy
more businesses to add to Berkshire Hathaway Inc’s
“sprawl,” but cautioned it may not keep the company he has run
for 50 years from evolving into something rarely used to
describe it up until now: average.

In his annual letter to shareholders, Buffett on Saturday
said Berkshire’s huge balance sheet gives him the power to
funnel capital to some of the more than 80 operating units that
deserve it, while its decentralized structure makes it the “home
of choice” for many businesses looking to sell.

“Berkshire is now a sprawling conglomerate, constantly
trying to sprawl further,” Buffett wrote. “In an operating
sense, Berkshire is not a giant company, but rather a collection
of large companies.”

That sprawl, including 9-1/2 businesses that would on their
own make the Fortune 500 – Berkshire owns half of ketchup maker
H.J. Heinz Co for instance – may limit its power to outperform.

Indeed, that power has been waning.

Berkshire’s book value per share, Buffett’s favored growth
measure, has after taxes risen less than the Standard & Poor’s
500 index including dividends, pre-tax, in five of the
last six calendar years, after dwarfing the index in the prior
44 years.

Its stock price has also slightly lagged the index since the
end of 2008, the company said.

“The bad news is that Berkshire’s long-term gains – measured
by percentages, not by dollars – cannot be dramatic and will not
come close to those achieved in the past 50 years,” Buffett
wrote. “The numbers have become too big. I think Berkshire will
outperform the average American company, but our advantage, if
any, won’t be great.”

MORE ACQUISITIONS

Buffett still wants Berkshire to make acquisitions in the $5
billion to $20 billion range. And purchases could be even bigger
if he teams with partners, such as Brazil’s 3G Capital.

That firm bought the rest of Heinz and got $3 billion from
Berkshire to help its Burger King unit buy Canadian donut chain
Tim Hortons, creating Restaurant Brands International Inc
.

Buffett said he expects to work with 3G on more activities.

He also questioned the wisdom of deferring too readily to
investment bankers who advise what to buy and sell.

“Investment bankers, being paid as they are for action,
constantly urge acquirers to pay 20 percent to 50 percent
premiums over market price for publicly-held businesses,” he
wrote.

“A few years later, bankers – bearing straight faces – again
appear and just as earnestly urge spinning off the earlier
acquisition in order to ‘unlock shareholder value,'” he added.

Still, Berkshire is sitting on $63.27 billion of cash and
its most recent purchases have been comparatively small.

They have included the AltaLink electric transmission unit
in Canada, and Van Tuyl Automotive, the fifth-largest U.S. auto
retailer. Berkshire also plans to acquire Procter & Gamble Co’s
Duracell battery unit later this year.

Once in Berkshire’s stable, those companies will likely
stay.

Though Buffett does shed or give up some businesses – the
textile company that gave Berkshire its name was closed in 1985
– Buffett said spinoffs “make no sense,” citing tax reasons and
a belief that businesses are worth more within Omaha,
Nebraska-based Berkshire than on their own.

Buffett said his eventual successor at Berkshire, whenever
he or she takes the job – “gender should never decide” – will
need to monitor those businesses closely, and as Berkshire grows
larger fend off the “arrogance, bureaucracy and complacency”
that can destroy seemingly indestructible companies.

“For very good reasons, business owners and operating
managers with values similar to ours will continue to be
attracted to Berkshire as a one-of-a-kind and permanent home,”
Buffett wrote, italicizing “permanent” for emphasis.

(Additional reporting by Luciana Lopez; Editing by Jennifer
Ablan and Raissa Kasolowsky)


Source: Newsjyoti Company News

Celebrated Turkish novelist Yasar Kemal dead at 91

Turkish writer Yasar Kemal (R) gives autographs after a press conference at the 49th  Germany bookfair in Frankfurt October 18, 1997.  REUTERS/Files

Turkish writer Yasar Kemal (R) gives autographs after a press conference at the 49th Germany bookfair in Frankfurt October 18, 1997.

Credit: Reuters/Files


(Reuters) – Yasar Kemal, one of Turkey’s greatest writers who celebrated the lives of the downtrodden and whose works were translated into 40 languages, died on Saturday. He was 91 years old.

An ethnic Kurd, he was born Kemal Sadik Gokceli in a village in southeastern Turkey, only weeks before the Turkish Republic was founded upon the ashes of the Ottoman Empire.

Kemal’s birthplace, the fertile Cukurova plain, was the setting for most of his stories, including his best-known work, “Memed, My Hawk” from 1955, about a bandit hero who exacts revenge on a cruel overlord. The novel eventually earned him a nomination for a Nobel Prize in 1973.

“No writer can be a great novelist without their own Cukurova,” Kemal once said.

Tragedy touched his life at an early age. When he was five, he witnessed his father’s death at the hands of an orphan the family had adopted. This served as the basis of his 1980 novel “Salman the Solitary”.

A middle-school dropout, Kemal was a farm laborer and factory worker before he acquired a typewriter and eventually became a journalist. His literary influences included Tolstoy, Chekhov and Stendhal.

The late filmmaker Elia Kazan, who was also born in Turkey, said of his friend: “Kemal is a storyteller in the oldest tradition, that of Homer, spokesman for a people who had no other voice.”

Once a leading member of the Marxist Workers’ Party, Kemal, who bore a squint after losing his right eye as a small child in a knife accident, was repeatedly arrested for his political activities.

In 1995, he was prosecuted on charges of separatist propaganda for his support of Kurdish dissidents and received a suspended sentence.

Kemal had been in hospital in Istanbul since mid-January with respiratory and cardiac issues, Turkish media reported. His death was caused by organ failure.

Known for his lyrical approach, Kemal, who helped develop the “village novel”, championed peasants and wrote stirringly of the natural and manmade disasters they faced.

“All my life, my only dream was to write a little bit more, a little bit better,” Kemal said in 2012 after the completion of his final novel.

(Editing by Stephen Powell)


Source: Newsjyoti Entertainment

UPDATE 2-UK blocks Russian oligarchs' deal to buy North Sea fields

(Adds RWE comment)

Feb 28 (Reuters) – Britain has blocked a deal by
Russian billionaires, Mikhail Fridman and German Khan, to buy 12
oil and gas fields in the North Sea as part of their acquisition
of Germany’s oil firm DEA from RWE, citing possible
sanctions against Russia.

“If the proposed acquisition were to proceed in its current
form, he (Energy Secretary Ed Davey) would be minded to require
the companies to arrange for a further sale to a suitable third
party,” the Department of Energy said in a statement on
Saturday.

The decision is a blow to the oligarchs, who have sold a
large chunk of their oil assets in Russia and want to turn their
LetterOne fund into a top global energy player.

Fridman and Khan, who were not viewed as being close to the
Kremlin, have hired John Browne, a former CEO of British oil
major BP, to help them expand abroad and soothe any
concerns that the British government may have had over their
political links.

U.S. and European diplomats have said that by imposing
sanctions on Russian state controlled companies and the inner
circle of President Vladimir Putin they hope to persuade Russia
to change its course in Ukraine.

But sanctions have so far failed to persuade Putin to help
stop the violence in Ukraine. Russian businesses, even those
unconnected to the Kremlin, have struggled to raise debt and
operate abroad.

The decision by Britain to block the deal is the first of
its kind as it not based on current sanctions, but on concerns
any future sanctions may impact Fridman and Khan, among others.

Fridman and Khan’s LetterOne fund is buying Dea
from RWE for 5 billion euros ($5.60 billion) in a deal expected
to close next week. Dea operates in several countries including
Britain, where it has stakes in 12 producing oil and gas fields.

An RWE spokeswoman on Saturday said the company was sticking
to a statement it had made on Jan. 16 that the sale should be
completed in early March. The statement also said that if
sanctions were imposed, RWE would have to re-purchase the UK
business and sell it on to another buyer.

LetterOne was seeking a letter of comfort from the British
government that it would not seize the fields if sanctions were
imposed on Russian businessmen.

Davey said in a statement he was concerned about the effect
“that possible future sanctions imposed on LetterOne may have on
the continued operation of the fields and the serious health and
safety and environmental risks that may result”.

The companies had proposed to operate the British fields
through a separate unit if sanctions were imposed.

“After careful consideration the Secretary of State has
decided that the proposal does not adequately and surely
alleviate those concerns,” the statement said.
($1 = 0.8933 euros)

(Reporting by Dmitry Zhdannikov, additional reporting by
Jonathan Gould and Matthias Inverardi, editing by Louise
Heavens)


Source: Newsjyoti Company News

U.S.-led coalition launches air strikes on Islamic State targets in Iraq, Syria

(Reuters) – A U.S.-led coalition launched 11 air strikes in Iraq and nine in Syria since early Friday against Islamic State militants, the Combined Joint Task Force said.

Four of the strikes in Syria hit Islamic State positions near the border town of Kobani, the task force said in a statement on Saturday. In Iraq, the coalition launched four strikes near the town of al Asad and three near Mosul.

(Reporting by Eric Beech; Editing By Frances Kerry)


Source: Newsjyoti Top Trending

Buffett says 'sprawl' is good, but may not be good enough

Feb 28 (Reuters) – Warren Buffett wants to buy
more businesses to add to Berkshire Hathaway Inc’s
“sprawl,” but cautioned it may not keep the company he has run
for 50 years from evolving into something rarely used to
describe it up until now: average.

In his annual letter to shareholders, Buffett on Saturday
said Berkshire’s huge balance sheet gives him the power to
funnel capital to some of the more than 80 operating units that
deserve it, while its decentralized structure makes it the “home
of choice” for many businesses looking to sell.

“Berkshire is now a sprawling conglomerate, constantly
trying to sprawl further,” Buffett wrote. “In an operating
sense, Berkshire is not a giant company, but rather a collection
of large companies.”

That sprawl, including 9-1/2 businesses that would on their
own make the Fortune 500 – Berkshire owns half of ketchup maker
H.J. Heinz Co for instance – may limit its power to outperform.

Indeed, that power has been waning.

Berkshire’s book value per share, Buffett’s favored growth
measure, has after taxes risen less than the Standard & Poor’s
500 index including dividends, pre-tax, in five of the
last six calendar years, after dwarfing the index in the prior
44 years.

Its stock price has also slightly lagged the index since the
end of 2008, the company said.

“The bad news is that Berkshire’s long-term gains – measured
by percentages, not by dollars – cannot be dramatic and will not
come close to those achieved in the past 50 years,” Buffett
wrote. “The numbers have become too big. I think Berkshire will
outperform the average American company, but our advantage, if
any, won’t be great.”

MORE ACQUISITIONS

Buffett still wants Berkshire to make acquisitions in the $5
billion to $20 billion range. And purchases could be even bigger
if he teams with partners, such as Brazil’s 3G Capital.

That firm bought the rest of Heinz and got $3 billion from
Berkshire to help its Burger King unit buy Canadian donut chain
Tim Hortons, creating Restaurant Brands International Inc
.

Buffett said he expects to work with 3G on more activities.

Still, Berkshire is sitting on $63.27 billion of cash and
its most recent purchases have been comparatively small.

They have included the AltaLink electric transmission unit
in Canada, and Van Tuyl Automotive, the fifth-largest U.S. auto
retailer. Berkshire also plans to acquire Procter & Gamble Co’s
Duracell battery unit later this year.

Once in Berkshire’s stable, those companies will likely
stay.

Though Buffett does shed or give up some businesses – the
textile company that gave Berkshire its name was closed in 1985
– Buffett said spinoffs “make no sense,” citing tax reasons and
a belief that businesses are worth more within Omaha,
Nebraska-based Berkshire than on their own.

Buffett said his eventual successor at Berkshire, whenever
he or she takes the job – “gender should never decide” – will
need to monitor those businesses closely, and as Berkshire grows
larger fend off the “arrogance, bureaucracy and complacency”
that can destroy seemingly indestructible companies.

“For very good reasons, business owners and operating
managers with values similar to ours will continue to be
attracted to Berkshire as a one-of-a-kind and permanent home,”
Buffett wrote, italicizing “permanent” for emphasis.

(Editing by Jennifer Ablan and David Holmes)


Source: Newsjyoti Company News

UK blocks Russian oligarchs' deal to buy North Sea fields

Feb 28 (Reuters) – The British government blocked on
Saturday a deal by Russian billionaires, Mikhail Fridman and
German Khan, to buy 12 oil and gas fields in the North Sea as
part of their acquisition of Germany’s oil firm DEA from RWE
, citing possible sanctions against Russia.

“If the proposed acquisition were to proceed in its current
form, he (Energy Secretary Ed Davey) would be minded to require
the companies to arrange for a further sale to a suitable third
party,” the Department of Energy said in a statement.

(Reporting by Dmitry Zhdannikov, editing by Louise Heavnes)


Source: Newsjyoti Company News

Pope Francis attacks 'throw-away' economic globalization

Pope Francis delivers his speech during a special audience with members of the confederation of Italian cooperatives in Paul VI hall at the Vatican February 28, 2015. REUTERS/Tony Gentile


(Reuters) – Pope Francis launched a fresh attack on economic injustice on Saturday, condemning the “throw-away culture” of globalization and calling for new ways of thinking about poverty, welfare, employment and society.

In a speech to the association of Italian cooperative movements, he pointed to the “dizzying rise in unemployment” and the problems that existing welfare systems had in meeting healthcare needs.

For those living “at the existential margins” the current social and political system “seems fatally destined to suffocate hope and increase risks and threats,” he said.

The Argentinian-born pope, who has often criticized orthodox market economics for fostering unfairness and inequality, said people were forced to work long hours, sometimes in the black economy, for a few hundred euros a month because they were seen as easily replaceable.

“‘You don’t like it? Go home then’. What can you do in a world that works like this? Because there’s a queue of people looking for work. If you don’t like it, someone else will,” he said in an unscripted change from the text of his speech.

“It’s hunger, hunger that makes us accept what they give us,” he said.

His remarks have a special resonance in Italy, where unemployment, particularly among young people, is running at record levels after years of economic recession.

The cooperative movement in Italy, whose roots go back to 19th century workers’ associations, have long had close ties to the Catholic Church, with credit services, agricultural and building co-ops forming an important part of the overall economy.

Pope Francis said they could help find new models and methods that could be an alternative model to the “throw-away culture created by the powers that control the economic and financial policies of the globalized world.”

Perhaps mindful of a wide-ranging corruption scandal linked to some cooperatives in Rome last year, he attacked those who “prostitute the cooperative name”.

But his overall message was that economic rationale had to be secondary to the wider needs of human society.

“When money becomes an idol, it commands the choices of man. And thus it ruins man and condemns him. It makes him a slave,” he said.

“Money at the service of life can be managed in the right way by cooperatives, on condition that it is a real cooperative where capital does not have command over men but men over capital,” he said.

(Editing by Hugh Lawson)


Source: Newsjyoti Lifestyle

China says to implement drug distribution reforms

(Reuters) – China said on Saturday it would implement drug distribution reforms including centralization measures designed to cut prices and reduce corruption.

The State Council, China’s cabinet, said it urged drug manufacturers to negotiate directly with hospitals on payment for pharmaceuticals instead of going through middle men.

Authorities should also work to ensure the distribution of drugs to remote rural areas with underdeveloped modes of transportation in a timely fashion, the State Council said on its website.

Authorities should push forward centralization and standardization measures in an effort to weed out corruption and lower prices, it added.

Fragmentation in China’s drug distribution has caused market inefficiencies. High drug prices have fueled a gray market for pharmaceuticals and caused tension with patients.

Beijing has said it plans to invest in rural healthcare to improve access to care for those in remote areas.

Critics say bribery and other forms of corruption are rife in the healthcare sector, fueled by low pay for doctors and nurses. China has cracked down on high prices and corruption in the sector over the past year and in September fined GlaxoSmithKline Plc a record 3 billion yuan ($489 million) for paying bribes to doctors to use its drugs.

(Reporting by Adam Jourdan and Megha Rajagopalan; Editing by David Holmes)


Source: Newsjyoti Health

Nepal police fire teargas as thousands protest over constitution

People gather to hear their leaders give a speech during the mass demonstration organized by the opposition alliance led by Unified Communist Party of Nepal (Maoist) demanding to draft the new constitution through consensus of all the political parties, in Kathmandu February 28, 2015.

Credit: Reuters/Navesh Chitrakar

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