ET Awards 2013: Azim Premji's Three Important Lessons in Philanthropy

NEW DELHI: Wipro's Founder Chairman Azim Premji on Saturday said that it is much more difficult to give money than make it. Addressing top leaders of the corporate world at the Economic Times Awards the IT tycoon said, "The responsibility of philanthropy rests with us.
                           

                                                                   
He shared three very important lessons in philanthropy, "There are three lessons in philanthropy - one, involve the family, especially the spouse. She can be a remarkable driver of your initiative. Two, you need to build an institution and you need to scale it up. Choose a leader for philanthropy whom you trust. Three, philanthropy needs patience, tenacity and time."

"There are millions of homeless people. There are three million children who will sleep on the streets today, without adequate food. We need to ask a very basic question - can we go to sleep knowing this scenario exists? You cannot mandate philanthropy. It has to come from within, and when it does, it is deeply satisfying."

Premji said philanthropy is the means to make a difference and wealthier one is, the more he is in a position to make a change. He said that his biggest regret was to have waited so long to be deeply involved.

Praising people who have taken part in his philanthropy he said, "We run courses for government school teachers on Sundays. These teachers pay for their own food and stay, the kind of commitment you find in these people is remarkable."

Sudan's VP Ali Osman Taha Resigns: Bashir

Khartoum: Sudan's Vice-President Ali Osman Taha, a key figure behind the Islamist-backed coup 24 years ago, has resigned to pave the way for a new government, President Omar al-Bashir said.

"Ali Osman will voluntarily step down", as he did in 2005 following the signing of a peace agreement that ended 22 years of civil war, Bashir was quoted by the official SUNA news agency as saying yesterday.
                                                     

Sudan's state media has reported the resignation of the country's First Vice President, Ali Osman Taha. The announcement comes amid reports that President Omar Hassan Al Bashir is now preparing to form a new government.

Sudan presidency spokesperson Imad Seed Ahmed dismissed reports indicating that Taha has been ousted.
Mr Ahmed further confirmed in a press release on Friday that there are no disputes over the stepping down of Mr Taha and all the other official figures.

“Taha has stepped down voluntarily because he supported the change and to open more opportunities to the new generations,” he explained.

Media reports revealed that there are disputes among the government after President Bashir ousted his first vice president Ali Osman Taha, vice president Alhaj Adam and the senior assistant of the president Nafia Ali Nafia.

The reports have also confirmed the resignation of all the 18 governors of the states. President Bashir dissolved the cabinet earlier this week.

'Eastern Partnership' Vilnius Summit 2013

The 3rd biennial 'Eastern Partnership' Summit in Vilnius -capital and the largest city of Lithuania- concluded with little success to show for.

What its all about:                      

     

The Eastern Partnership (EaP) offers an institutionalised forum for discussing visa agreements, free trade deals, and strategic partnership agreements between the EU and strategically vital six post-soviets states namely Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine. The region is considered to be of great "strategic importance" due to its natural resources and geopolitics. 'EaP' does not have its own secretariat and is controlled directly by the European Commission.

Core Values:

• Promotion of democratic values, human rights and rule of law.
• principles of market economy, sustainable development and good governance.

History:

• The Eastern Partnership (EaP) was launched in 2009 in the wake of the 2008 Georgian-Russian War to accelerate political association and to deepen economic integration between the EU and these six countries.  

• The EU, in exchange for compliance of member countries to its stated principals, offers them a "Deep and Comprehensive Free Trade Area" that involves the gradual elimination of tariffs and trade quotas, visa liberalization, and support in various policy fields such as improving energy efficiency. 

Achievements of 2013 summit:

• Georgia and Moldova agreed to sign the association agreements with the EU sometime in 2014 . 

• Ukraine and Armenia rejected an Association Agreement.

• The agreements will include Deep and Comprehensive Free Trade Areas (a free trade area covering both goods and services (comprehensive FTA), and involving a high degree of regulatory approximation (deep FTA).

• A Visa Facilitation Agreement between Azerbaijan and the European Union was signed.

• The Re-admission Agreement and the Mobility Partnership will be signed at a later time. 

• The agreement makes it easier and cheaper for citizens of Azerbaijan to acquire short-stay visas allowing them to travel to and freely throughout the EU.

• A framework agreement on Georgia's participation in EU crisis management missions was signed.

• An aviation agreement with Ukraine has been initialled.

• Belarus declares its willingness to start negotiations on a Visa Facilitation Agreement.

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Brazuca Unveiled Ahead of FIFA World Cup 2014

The official match ball for the FIFA 2014 World Cup -- the brazuca -- was unveiled in the iconic Parque Lage in Rio de Janeiro on Tuesday.

Adidas created the brazuca -- which means 'Brazilian' and refers to the Brazilian way of life. Adidas says the ball is the most tested in history, enduring a two-and-a-half-year period where it was tested by the likes of Iker Casillas, Dani Alves and Lionel Messi, and was used in in a selection of international matches, albeit with a different design.
                                                         

                                                 
The brazuca has a new structural innovation, with a unique symmetry of six identical panels alongside a different surface structure that will provide improved grip, touch, stability and aerodynamics.

And the new colour scheme -- a distinct and vibrant ribbon design -- symbolises the traditional multi-coloured wish bracelets worn in Brazil.

"The brazuca unveiled ahead has a stunning design that feels inspired by Brazil,” Casillas told FIFA.com. “Now the ball has been launched, the tournament feels a lot closer. I'm looking forward to playing in Brazil with a great ball.”

Meanwhile, Messi told The Guardian: "I’ve had the opportunity to test brazuca and it’s great."

Football fans can even follow the brazuca on social media with a Twitter page dedicated to the new ball already attracting over 8,000 fans.

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Mahendra Singh Dhoni Won ICC People’s Choice Award 2013

India Cricket team captain Mahendra Singh Dhoni on 3 December 2013 won the LG International Cricket Council (ICC) People’s Choice Award for the year 2013.

Dhoni also became the second Indian cricketer after SachinTendulkar to get this award.

Srilanka cricketer Kumar Sangarkara won this award for two times in 2011 and 2012.
                                                       

                                                                                                       
Other nominees for this year’s LG People’s Choice Award were Michael Clarke, Alastair Cook, Virat Kohli, and AB de Villiers

The International Cricket Council (ICC) People’s Choice award introduced in the year 2010 and Sachin Tendulkar won Inaugural Award.

About LG People’s choice award selection

The LG People's Choice Award allows cricket fans the unique chance to vote for international stars who have produced outstanding performances in the past year.

Fans vote on a short list nominated by a panel of cricket experts using criteria set out by LG and the ICC.

The nominees will have displayed some of the attributes regarded by LG that reflect their brand and their qualities. Such as innovation, dynamism, strength in decision-making, performing well under pressure and executing a plan to distinction.

Current Account Deficit Falls to $5.2 Billion in Jul-Sep quarter

India's current account gap narrowed sharply to $5.2 billion, or 1.2 per cent of GDP, in the July-September quarter of 2013-14 on the back of turnaround in exports and decline in gold imports.

The current account deficit, the difference between outflow and inflow of foreign exchange, was $21 billion, or 5 per cent of the GDP, in the second quarter of last fiscal.
                                           

                                       
"Contraction in the trade deficit coupled with a rise in net invisibles receipts resulted in a reduction of the current account deficit CAD to $26.9 billion (3.1 per cent of GDP) in H1 of 2013-14 from $37.9 billion (4.5 per cent of GDP) in H1 of 2012-13," Reserve Bank of India said in a statement.
               
Notwithstanding a lower CAD during April-September of 2013-14, there was a drawdown of foreign exchange reserve to the tune of $10.7 billion as against an accretion of $400 million in same period last fiscal mainly due to a decline in net capital inflows under the financial account, it added.

Both the government and RBI are expecting the CAD to be below $56 billion in the current fiscal compared to the record high of $88.2 billion, or 4.8 per cent of the GDP last fiscal.

Besides, pick up in exports, the steps taken by the Reserve Bank and the government have resulted in a sharp decline in gold imports, which was one of the main contributors to high CAD last year.

The government has taken several steps, including hike in gold import duty to 10 per cent and restrictions on import of gold bars and medallions, to restrict CAD.

It has also taken measures to boost exports, taking advantage of depreciating rupee.

India Rejects 'WTO Peace Clause' Proposal

TERMS USED IN THE ARTICLE

G-33 (Industrialized Country):

The Group of 33 was an international grouping that existed briefly in 1999, comprising the thirty-three leading national economies of the world. It superseded the Group of 22 in early 1999, and was itself superseded by the present Group of 20 later that year. A number of G33 meetings on the international financial system were held at the initiative of the finance ministers and central bank governors of the G7. The first meeting was held in Bonn, Germany in 1999.
                                                     

                           
G-33 (Developing Country):

The G33 is a group of developing countries that coordinate on trade and economic issues. It was created in order to help a group of countries that were all facing similar problems. The G33 has proposed special rules for developing countries at WTO Peace Clause negotiations, like allowing them to continue to restrict access to their agricultural markets.

WHAT EXACTLY IS THE PEACE CLAUSE ?

WTO in its Uruguay round (from 1986 to 1994) had agreed that any WTO member country can provide subsidies in agriculture to the maximum of 10% of the total production. If any member country exceeds that 10% limit then it will be penalized.

The original Peace clause (old one) was added as a part of Article 13 of the WTO agreement. According to this Peace clause, to the time this clause is in effect till that time, no WTO member country can seek penalties on the other WTO member country who has exceeded the 10% limit given for subsidies. In short during this peace clause period any country could provide subsidy for more than 10% of the total production. And no other country could go to WTO & complaint for this breach.

OLD PEACE CLAUSE IN THE EXACT WORDS OF WTO

Peace Clause:-

Provision in Article 13 of the Agriculture Agreement saying agricultural subsidies committed under the agreement cannot be challenged under other WTO agreements, in particular the Subsidies Agreement and GATT. Expired at the end of 2003.