The bugle’s been blown

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Music can save the world...
Where the morning news on 07/07/07 talked of how incredibly lucky the day was for marriages, by noon Live Earth conquered the air-waves across the world. “We’re making sure Live Earth is broadcasted in India, for it is the fastest growing economy and this could very well be an opportunity for the nation to lead the world,” said Yusef K. Robb, the representative from Live Earth. Apart from radio, even VH1 captured the event and spread the message about how climate change should be people’s foremost concern.

Scientists are warning us about how we’re losing plant and animal species, as the temperatures across the globe steadily rise. About how on just another hot day like today, we might witness sprawling urban areas get engulfed by the rising waves.

Al Gore, Kevin Wall and Cameron Diaz have been at the forefront of Live Earth, with 150 artists performing at the series of concerts that began in Australia and ended at the Copacabana beach in Rio de Janeiro. Elucidating ways of saving energy, the concerts witnessed dismal viewership on the telly, but interestingly, broke the previous record in streaming media on the net, with MSN delivering 30 million live and on-demand streams till two days after the shows. While Live Earth is now over, Al Gore’s three-year campaign on educating people about combatting climate change has only begun.

Edit Bureau: Anu Gulmohar

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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It’s sant’rocking!!!

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Zipping in the traffic is no more an issue!

Hyundai Santro as is thought is one among the small cars being driven around, and there’s no denying that. But get into it and you’d understand why it’s so much bigger and comfortable than it actually appears to be.

It’s very easy to drive and parking is not a problem at all, which is indeed very important when you talk of the crowded car parking lanes which is such a common sight in Indian cities. The maintenance of the car is also very inexpensive and simple, as Hyundai service stations are easy to find, and well spread across the country. Its features like child-lock enables the drive with children tension-free and safe and the power steering and automatic windows add luxury to the car. I bought the Xing XO model just a year back and have not faced any problems as yet, except the few scratches on the body paints which are unavoidable issues when you own a car in a city.

Along with all the other cars at home, a small car is a necessity especially in a city where the traffic and road conditions are not the best. It’s truly a complete family car – and it is a little surprise that the Hyundai Santro is seen in almost every household!

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Poaching in AD-LAND

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Acceptable business practice or unethical, unscruplous trespass?

Monojit Lahiri invites perspectives from the adfrat
“Encroaching, infringing, intruding (sometimes cutely referred to as seducing, wooing, and attracting) even plain stealing, seems to be the flavour of the day,” says a new, shaken-up, entrant to Adville. He is obviously referring to DAVID’S National Creative Director Josey Paul moseying over to JWT with half a dozen Creative Directors following him. The other JWT creative superstar NCD Agnello Dias appears to be keeping pace too. His red-hot reputation is allegedly attracting hordes of creative talent from Leo Burnett, who however are playing super cool. Why? Because (insist insiders), they are busy “jhadoing” truckloads of talent from Lowe! In Delhi, Rediff are all set to re-vamp, expand and add muscle to their creative department. No prizes for guessing how they are going about it… You guessed it right guys, poach at O&M! “Is this moral, right, fair?” questions the shocked kid. Hey cool it, we said, before he went into comatose, and set out to find answers… and this is what we got.

We got Josey Paul (yup-the same pied-piper sweets!) to open the batting and boy did he go wham-bang from ball one! “If everything was ethical, then business would never move, okay? Besides where the hell would you attract new talent into your business from?” Rohit Ohri, JWT’s senior VP and Branch Head (north) appears more circumspect. “Let’s face it, poaching today is acceptable business practice. “ Having said that, he quickly adds that there are certain parameters within which agencies operate. “The WPP Group, for example, has a very clear guideline on poaching from group companies.” From personal viewpoint, Ohri believes that companies should be guided “by engagement of employees rather than poaching.” If this is done in a meaningful manner, he reckons, the employees will enjoy a sense of well-being, feel secure and wanted, decreasing the reasons to quit. Widening the debate to touch the larger issue (Is poaching the best business practice)? Ohri feels it’s a question the agencies seriously need to grapple with. “We are facing real tough times. Good talent exiting, mediocre talent raking in the moolah by moving from one agency to another, cashing in on the situation… To survive, grow and fly - fresh talent, ideas and blood is essential. How long can one recycle burnt-out engine oil? What is the option, but poach?”

The burly, bearded chairman of TBWA Anthem, George John offers a wide-angled perspective. “In this business, we are constantly on the lookout for talent but unfortunately with the exclusion of MICA, there are no specialized institutions which can provide them. Start-up salaries and booming opportunities in entertainment, media, marketing, pharma, real estate, retail, finance, investment banking have rung the death knell for good talent entering adbiz. To further worsen matters, a middle management executive in an ad agency today has no problem picking up a job in another industry at double the salary. “People who remain in advertising choose to consciously do so because they love it, are committed to the profession and genuinely believe that the line excitingly fuses fun and creativity with social purpose. However when key people quit, they need to be quickly replaced so as to not impact business… where do you go? What do you do?” John believes that the “P” word is unfair. It’s a professional compulsion based on the supply- demand equation existing on the Adland! “When NCDs or CEOs quit or are poached, the business media goes to the town! Frequently agencies themselves create a big buzz when inducting stars by announcing in grandiose fashion that they are re-structuring to build a dream-team!” John believes it has to do with projecting the “feel good” factor about the agency, adding a provocative truth, “How come they never let fly a choo about people leaving?!”

Newfield Advertising CEO Esha Guha believes that poaching, in some fashion, has always existed. It’s just that with the image of the industry getting sexy, glamorous and newsworthy, this area is gaining prominence. “Regarding the ethics aspect, I categorically believe it is wrong, underhand and slimy! To entice talent – individual or a team – for vested interest after an agency has invested precious time and money to groom him, is criminal!” Guha said. She, however concedes that it’s probably a sign of the times. “In an environment where I-me-myself is the most popular anthem and everything else is slung to the backburner, the temptation to yield to the highest bidder seems to be where it’s at. It’s sad but true…”

Dentsu’s Gulu Sen, however, can’t figure out what the fuss is all about. “You mentioned about the raid in Lowes Bank but did the agency’s reputation, credibility, creativity or bottomlines suffer in anyway? Unlikely, so what’s the big deal? Besides, if you think that hot-shot stars, by switching for big bucks, guarantee value-addition, you’re sadly mistaken. Most of thetimes, it’s about sending out signals to demanding clients from insecure/incompetent agencies unable to deliver. They think stars will work miracles… poor sods!” Gulu puts it.

For Complete IIPM Article, Click on IIPM Article

Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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IIPM, ADMISSIONS FOR NEW DELHI & GURGAON BRANCHES
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Chucking chholes!

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Sheila Dikshit on a slippery ground

If onions had made the BJP cry in 1998 & lose the reins of power in Delhi, then Sheila Dikshit’s chief ministership is appearing to slip over the chholes, spilling out of Ashok Malhotra’s ( the main accused in multi-crore land scam) closet. Ironically, it is the home-grown rebels within the Delhi Pradesh Congress, who are throwing the muck on Dikshit and urging her to resign in the best interest of the party.

The rebel trio, A.K. Walia, Arvinder Singh Lovely & Haroon Yusuf have met the Congress President Sonia Gandhi and apprised her of the impact the Chholegate scandal is having on party’s image in public. Those opposed to the Dikshit camp also include Minister of State for Urban Development Ajay Maken, DPCC President Ram Babu Sharma and former Union Minister Jagdish Tytler. “This time it is a do or die battle between the Dikshit camp and the rebels, something concrete will come out, we will either see the rebels being taught a lesson or Dikshit will be shown the exit gate,” said a senior Congress leader, speaking on condition of anonymity to B&E. That they have been told by Sonia Gandhi to hold their horses and concentrate on attacking the BJP under whose rule the Jhuggi scam had begun in 2002.

With Delhi Assembly elections just a few months away and the BJP on the upswing after winning the recently held civic polls in Delhi, the power brokers within the Delhi Congress are worried about the prospect of losing power. Probably, they are justifi ed too. Shilea Dikshit has enjoyed power for almost 10 years now. She is also aware that her dwindling chances of returning to power. This is the reason why she is little less concerned about political impact of her actions than she would have been five back. It is high time that the Congress took some concrete steps to avoid facing an inevitable defeat in Delhi assembly elections and embarrassing Sonia in the process.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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When you grow by credit you die by credit...

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A slowdowm in credit has wrecked havoc and the contagion seems to be widespread

I have focused in this report more on the technical than the fundamental side of analysis. But, I explained the problems in the CDO market in depth in the July report. Also, in the past I have emphasized that in a credit driven economy a slowdown in credit growth wrecks havoc in asset markets and the economy. In the US, growth in credit began to slow down for the household sector in 2006 and has now spread – to the total surprise of the goldilocks crowd – to the financial sector. It is not the Fed that has tightened monetary conditions but the market as a result of losses in the credit market. Suddenly the availability of credit has diminished, which under normal conditions should stabilize and even strengthen the US dollar, and as explained in last month’s report, the Japanese Yen. As of mid-July sentiment for the US dollar was extremely negative and, therefore, a more meaningful US dollar low is possible.

Still, to go long the US dollar is a relatively low confidence bet, as we should expect on further stock market weakness the Fed to cut interest rates. Also, it would be wrong to think that the problems in the US credit market will be isolated and not impact asset markets outside the US. Tighter lending standards and higher borrowing costs in the US (as a result of spreads widening) will spread to other markets around the world. And since foreign markets outperformed the US since 2003 by such a wide margin some hefty corrections/crashes should be expected there as well. On a recent trip to the US it came to my attention that a very large number of family offices and pension funds, which before hardly ever owned emerging and other foreign market equities, suddenly had up to 50% of their money overseas. Assets in emerging market funds have more than trebled since 2003. The enthusiasm for foreign markets is certainly reason for some concern!

There is no doubt that from time to time stock markets will rebound sharply. However, given the high probability of the US economy moving shortly into recession (if inflation was properly measured the economy would already be in stagflation) and with an increasing number of companies reporting disappointing earnings (cost pressure leading to a margin squeeze) I would be inclined to reduce positions on rebounds. This time the decline could be far more severe than what we saw in the second half of 2005, in May/June 2006, and in February/March of this year. Moreover, as explained above, new stock market highs are unlikely for the rest of the year. I am however, doubtful that the “Supercycle” will turn down to where Robert Prechter thinks it will decline to. On any further market weakness the Fed and the Treasury will come up with some hyper-inflating tricks.

In June, we recommended the purchase of Two Year treasury notes. The yields having declined from over 5% to around 4.5% makes these notes less interesting.

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An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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About to rise like Phoenix again?

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The oldest political warlord of Sangh Parivar has been giving sleepless nights to Narendra Modi
Way back in 1955, a goon named ‘Lalia’ had literally created havoc in Rajkot area of Gujarat. One day, while extorting money from local traders as ‘haft a’ (goon tax), one well-built young man came out of the blue. He lift ed Lalia and gave him a tight slap. That incident gave birth to one of the strongest political leaders of post-independence Gujarat. The leader, Keshubhai Patel, rose to become Chief Minister (CM) of the state. At 78, Patel now in virtual political exile, has given an unprecedented jolt to Chief Minister Narendra Modi, by supporting the rebel MLAs and openly stating against Modi that “A handful of people are running the show as dictators.”

Born to a poor farmer in Visavadar village (Saurashtra) in 1929, Keshubhai joined Rashtriya Swayamsevak Sangh (RSS) at the age of 17. But after the untimely death of his father, he had to shoulder the responsibility of looking after his family. He started a small fl our mill near Machchhu Dam construction site to earn daily bread for his family.

Keshubhai’s political rise came in 1965, when he became the President of Gujarat Pradesh Jan Sangh. He went to remote corners of Gujarat to spread the RSS ideology. He also took part in Navnirman Aandolan, Goan Aandolan and was incarcerated during the Emergency in 1975. He became Agriculture Minister when the first ever non-Congress government was formed by Janata Morcha leader Babubhai Jasbhai Patel. Though the government lasted just nine months, Keshubhai left an indelible impression on the masses. As Jan Sangh became Bhartiya Janata Party (BJP), Keshubhai worked hard to build strong organizational structure for the party.

He was also elected Deputy Chief Minister in the coalition government formed on March 4, 1990 with Janata Dal, led by Chimanbhai Patel. However, BJP withdrew from the government in the wake of Ram Janmabhoomi movement, providing Keshubhai with an opportunity to form the first BJP government in the state in 1995. But just six months as CM, Keshubhai had to face a rebellion launched by Shankar Singh Vaghela.

Keshubhai came back with a vengeance in 1998 forming another government in the state. He led party to achieve unprecedented 112 seats out of a total of 182. Never destined to complete a full term, Narendra Modi replaced him as Chief Minister in October 2001. He became Rajya Sabha MP in 2004 and spent most of his time either at Delhi or in Rajkot. He lost his wife Lilabhen on September 21, 2006. This shock shook the spirit out of the oldest political warlord of the BJP. Though Keshubhai expresses his anguish on Modi`s style of functioning, he refrains himself from actively jumping into the political landscape. But those who think that he is a spent force now and is indifferent to state politics, may be in for a big shock, because this person can rise like Phoenix any moment.

B&E edit bureau: Mayank Vyas


FOOT STEPS

• 1929: Birth at Visavadar (Saurashtra)
• 1946: Joined RSS as a worker
• 1965: President of Gujarat Pradesh Jan Sangh
• 1973: Jailed for taking part in Navnirman Aandolan
• 1975: Agriculture Minister in Janata Morcha Government
• 1990: Deputy CM in Janata Dal-BJP coalition government
• 1995: Chief Minister of Gujarat for the first time
• Oct 1995: Resigned as Chief Minister
• 1998-2001: CM of Gujarat
  

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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