Friday, December 31, 2010

Investors' wealth swells 10-fold in this decade

In an eventful decade, the wealth of investors in the Indian stock market has grown over 10-fold to nearly Rs 73 lakh crore by the end of 2010.

Besides, during the decade ended today, the total investor wealth, measured in terms of cumulative market capitalisation of all listed companies on the Bombay Stock Exchange, grew to nearly 10-fold from about Rs 7,00,000 crore at the end of the year 2000, to Rs 72,96,725.14 as on December 31, 2010.

Last 10 years have seen the stock markets bellwether Sensex travelling from 4,000 mark in 2001, to over 20,500 by the end of 2010.

"Sensex has grown over five-fold over the past decade. To put in other words, if somebody has invested Rs 1,00,000 in Sensex at the beginning of the decade, it would have, at present, become Rs 5,16,792," SMC Capitals equity head Jagannadham Thunuguntla said.

Stock markets have witnessed a smart surge over the decade on the back of robust overseas investments and strong India growth story, said an expert.

"The barometer of Indian capital markets Sensex has moved up five fold from 4,000 to 20,000 in this decade and the FII investment, which was Rs 6,200 crores in the year 2000 has surpassed Rs 1,00,000 crore in 2010," Unicon Securities Vice President Research Madhumita Ghosh said.

Going forward, experts feel that with the growing stature of India on the global front, the coming decade will also be equally fruitful for India.

Golf: Grateful moments in 2010

Golf may never quite have a year again like the highs and lows of 2010. Marcus Chhan recaps five moments on ESPNSTAR.com

The fall of Woods

It wasn't pretty to watch, although you simply couldn't take your eyes off it. Tiger Woods, arguably the greatest player to have ever played the game of golf, fell spectacularly from grace in 2010 in what was one of the biggest sporting stories of the year.

Forget about the women he slept with, and all the tabloid stories which followed, Woods not winning a single tournament in 2010, the first time this has happened to him in his professional career, is a huge story on its own.

The fact that he lost his number one ranking, something he has held for 281 weeks, as a result of this poor form potentially sets up golf fans nicely for an exciting 2011 as well.

The mark of a man can not only be measured by how hard he falls, but how he rises from a bad situation.

And it would take a brave man to bet against Woods next year, no matter how badly we've seen him play in 2010.

Mickelson proves - again - that nice guys don't always finish last

Phil Mickelson's 16 under par total was the lowest score at Augusta for nine years but seemed rather unimportant given the highly emotional setting on the 18th green.

There waiting for her husband stood Amy Mickelson, who 11 months prior had been diagnosed with breast cancer, and the pair shared a long embrace as 'Lefty' won his third green jacket in the last six years.

Major excitement

Following Phil Mickelson's win at Augusta, the rest of golf's majors went to three different players in exciting fashion.

Irishman Graeme McDowell gave us all an inkling of just how good his year would get when he ended Europe's 40 year wait at the US Open in June. McDowell came from three shots behind overnight third-round leader Dustin Johnson to win at Pebble Beach by one shot from France's Gregory Havret.

South African Louis Oosthuizen's (pictured) seven-stroke British Open triumph a month later at St. Andrews was nowhere nearly as dramatic as McDowell's US Open win, but it was remarkable given that victory came on the day Nelson Mandela celebrated his 92nd birthday.

Rounding up the majors in 2010 was Dustin Johnson's anguish at the PGA Championship. The final shootout for the title between Johnson, Martin Kaymer and Bubba Watson will be most remembered for the controversial seven he was forced to card on his final hole - instead of the five he holed.

Johnson was given a two-stroke penalty after he placed his 4-iron behind the ball, unaware that it was part of a bunker and thus eliminating hopes of him making the playoff with Kaymer and Watson.

Europe rains (reigns) at Ryder Cup

The rainy conditions in Wales forced the Ryder Cup finale to be pushed back to a Monday, but a thrilling final putt showdown between Europe's Graeme McDowell and America's Hunter Mahan to settle the destiny of the cup ensured all the right headlines were made.

Europe won by one point.

The 59 club

This year golf welcomed two new members to its exclusive 59 club in the space of just one month.

Paul Goydos shot an opening round 59 at the John Deere Classic in mid July before Stuart Appleby's final round 59 gave him a highly deserved one-stroke victory at the inaugural Greenbrier Classic in August.

Only five PGA Tour players have ever recorded that magical number of 59.

Tennis: Top Moments of 2010

From the longest tennis match ever played to Rafael Nadal's career Grand Slam, Daniel Teo recaps the best tennis moments of 2010.

The Match

An unfancied first round Wimbledon match shattered the records as the longest match in the history of tennis. For 11 hours and five minutes spread over three days, United States' John Isner and France's Nicolas Mahut slugged it out on Court 18 and how hold a record that neither men would have wanted.

The game lasted so long, it was suspended because of darkness - two nights in a row.

Play resumed Thursday at 59-all and continued for more than an hour before Isner won 6-4, 3-6, 6-7 (7), 7-6 (3), 70-68.

It was by far the longest in the sports' history in terms of games and time with the previous record standing at six hours, 33 minutes at the 2004 French Open.

Nadal completes career Grand Slam


The world number one became only the sixth man to win all four majors after claiming his first US Open crown in September, defeating Novak Djokovic Novak Djokovic 6-4, 5-7, 6-4, 6-2.

It capped a supreme season for the Spaniard, making it three Grand Slams in a row after winning Wimbledon and the French Open.

He made known his feelings post match: "For me, it's a dream to have the career grand slam,

"It is an unbelievable feeling because I worked all my life in difficult moments to be here."

Federer beats Nadal, finally


It has been a less-than-perfect season for Roger Federer but he ended it on a winning note with a victory over arch-rival Rafael Nadal 6-3, 3-6, 6-1 to clinch the 2010 Barclays ATP World Tour Finals.

And how the Swiss needed it, given his 1-6 record against the Spaniard in their last seven meetings.

Nadal, who was on the back of one of his most successful seasons, was magnanimous enough to give Federer the credit: "I tried my best but he was better than me."

The Victoria Azarenka scare


The crowd held their breath in horror when 10th seed Victoria Azarenka collapsed on Grandstand court in the first set of her second-round match at the U.S. Open against Gisela Dulko of Argentina.

The scorching New York heat was thought to be the cause of her downfall - literally, but it was revealed later that the Belarusian was diagnosed with concussion after hitting her head whilst warming up before the match during a sprint exercise

She released a statement saying: "I was warming up in the gym prior to my match against Gisela Dulko when I fell while running a sprint. I fell forward and hit my arm and head,"

The great Sampras theft


The legendary Pete Sampras, whose 14 major championships are second in tennis history only to Roger Federer's 16, was robbed of most of the trophies he won throughout his playing career.

The Los Angeles Times reported thieves had made off with nearly all the trophies from his 64 tour wins, two Davis Cup victories, an Olympic ring and six crowns for his world number one ranking from 1993 to 1998.

Only one of his 14 grand slam trophies - the first one he won at the Australian Open in 1994 - had gone, however.

A devastated Sampras said: "Losing this stuff is like having the history of my tennis life taken away."

Meanwhile, International Tennis Federation president Francesco Ricci Bitti has offered Sampras a replica trophy from his two Davis Cup wins.

TATA dreams for Car which run on water

BANGALORE: Tata Group Chairman Ratan Tata's dream is to see cars run on water and he has invested USD 15 million in a start-up firm supporting research in the field, an eminent scientist said today.

Chairman of the Scientific Advisory Council to the Prime Minister Prof C N R Rao said one of his close friends and a professor in the famed Massechusetts Institute of Technology in the US has found a way to split water directly into hydrogen and oxygen.

" Ratan Tata has given him (the Professor) 15 million (US) dollars so that he (Tata) can own that company when it comes up," Prof Rao said.

"He (Tata) wants to invest in a company which will split water directly into hydrogen and oxygen," Rao said, adding, when any kind of water -- toilet water, rain water or sea water -- can split to hydrogen and oxygen, then these components can be used for energy.

"And a dream of Ratan Tata is eventually cars will be run on water. My dream is also that," he said, referring to a recent conversation he had with the Tata Group Chairman.

Rao spoke on this initiative during a press conference convened by the Chemical Research Society of India to give details of the organisation's planned activities in 2011, an year which had been declared as the "International Year of Chemistry" by the United Nations.

BHEL approaches government for remedial action on Chinese threat

Navratna public sector unit BHEL has approached the government for remedial action to counter the threat posed by Chinese power equipment suppliers.

BHEL has urged the government to impose duties on Chinese imports, so that a level playing field is created, Executive Director of BHEL Trichy Complex A V Krishnan said, adding, "This is the real threat which BHEL is facing now."

According to him, Chinese equipment supplies are 20 per cent cheaper than domestic supplies.

"We have approached the government through the power ministry for giving us a level- -playing field. We hope that the government will do something in the coming budget," he said.

There is no duty on capital goods imports for power equipment supplies, according to BHEL.

Commenting upon Chinese supplies, Krishnan said his company had collected feedback from the market and as per the feedback, Chinese products suffer from inadequacy in boiler capacity, lack of adequate access for maintenance and difficulty in realising rated capacity.

According to Krishnan while BHEL was dominating the sub-critical boiler segment, Chinese companies were penetrating the super-critical segment.

"The future lies in super-critical boilers," he said.

The Koreas’ and America’s Unfinished or All-Out of War

"We lost thirty thousand dead in Korea to save face for the United States and the Untied Nations, not to save South Korea for the South Koreans, and it was undoubtedly worth it. Soviet expectations about the behavior of the United States are one of the most valuable assets we possess in world affairs." -Thomas Schelling (RAND) in Arms and Influence

Unlike most Western Powers, the United States is unfortunately still seduced by the idea that it can fix something after the fact. This might be a comforting and visceral concept, especially when a nation is confronted with nearly insurmountable odds, or with something that is insolvable, like an ongoing conflict. But those out-of-sight and out-of-mind problems have a way of sometimes returning in more ghastly and terrible forms.

The current shelling and threats for an all-out war between North and South Korea is applicable and relevant to the fix-it-later and out-of-sight/out-of-mind syndrome. In some ways, the Korean War merely passed the responsibilities of a major crisis and the conclusions to a perpetually horrible conflict onto future generations. At the time, and specifically for the United States, it might have seemed like an intelligent and strategic solution, but it was not. It was actually an abnegation in behaviorism.

Thomas Schelling and other elite economists, politicists, militarists and nuclear physicists, engineers, and scientists, who advised the Truman Administration and worked for the RAND Corporation, never quite understood this. Since their main task was to create new weapons systems that were faster and cheaper, and since they were only obsessed with how new methods, techniques and strategies of warfare could be used to benefit the Pentagon and American Empire, they were always mystified about human behavior.

The problem with Thomas Schelling and the RAND Corporation was that there were no moralists, philosophers, psychologists, sociologists, and definitely no theologians. They were (and still are) true believers in military strength and power. Their chief executive officer, after hearing about the questionable legitimacy of the Allied Dresden bombing, that killed over 200,000 Germans, said: "We must not get soft. War must be destructive and to a certain extent inhuman and ruthless."(1) This is way of thinking would guide the American Empire during the Cold War years (and after).

After thirty-five years of Japanese occupation and right after World War II, in 1950 Kim Il Sung, a socialist dictator, ordered North Korean troops over the 38th parallel into South Korea. South Korean forces were quickly routed and in a state of confusion. As millions of civilians and wounded soldiers flooded into Seoul, North Korean loyalists in the South quickly switched sides, as did a number of public figures who no longer believed in the South and its right-wing dictatorship.

Truman's advisors (RAND) initiated a total war. However, the American public was taught to refer to it as a war of "containment," or a "limited war." Hundreds of thousands of American and U.N. forces drove the North Koreans back to the Yalu River. Kim Il Sung was finally rescued, though, when U.S. military generals tried to usurp the authority of the presidency by threatening to attack China. The Chinese intervened on behalf of North Korea. In the midst of a stalemate and armistice that was eventually signed, a demilitarized zone was established. Tens of thousands of troops now faced each other.

Meanwhile, Korea was blanketed by U.S. strategic bombing campaigns and with napalm. Villages and cities were either turned to ash or reduced to rubble. Dams and crops were ruined, as were irrigation canals, roads, and other life-saving infrastructures. While the living starved, two million Koreans lay dead. Hundreds of thousands of women and orphans too were without food, clothing, water, and shelter.

A BBC Journalist wrote, "In front of us a curious figure was standing, a little crouched, legs straddled, arms held out from his sides. He had no eyes, and the whole of his body, nearly all of which was visible through taters of burnt rags, was covered with a hard black crust speckled with yellow pus…He had to stand because he was no longer covered with skin, but with a crust-like crackling which broke easily…I thought of the hundreds of villages reduced to ash which I personally had seen and realized the sort of casualty list mounting up along the Korean front."(1)

Schelling and the RAND Corporation never wanted to admit to these truths and realities. Neither did they want to acknowledge that Korea was still plagued by rival dictatorships and U.S. occupation forces. In the North, Sung promoted an all-pervasive cult of personality centered around his own supposedly god-like qualities. He also announced his intention of creating a dynasty of rulers, namely, his son, Kim Jong Il. Military spending, poverty, unemployment, and food shortages leading to famine have devastated North Korea. It is alone and isolated from much of the world.

The South was backed by an imperial cult bent on world domination. Some in this god-like empire, or so they thought of it as such (and still think today), believed the Soviets and China were threats to national security and self-interests, as was Vietnam. Therefore, right-wing dynastic generations continued to fund an ever bloated military empire and, of course, the RAND Corporation. In this empire, poverty and unemployment have also risen, as has political and economic isolation from other nations of the world. For both sides, the hidden costs and sacrifices of the unfinished Korean War have been exponential.

But in reality, the Soviets are no threat. Neither is China or even Vietnam. Japan too will help contain the volatility that currently exists between the Koreas. At the same time, hereditary dictators and archaic, dying empires are seldom wooed by the carrot at-the-end of-a-stick approach, especially when both are trying to hold the stick. Both these dictatorial dynasty and empire live in a different realm and a different world, one that not only disregards their own people, but in the end, brings upon themselves their own self-destruction.

Schelling and the RAND Corporation popularized the Game Theory approach to world conflict during the Cold War, applying it to Korea (and many other disastrous wars). They assumed that the one who took the biggest risk in a given situation would win. The risk, of course, always dealt with winning a conflict by having and using the most powerful weapons, even nuclear weapons. It was a policy that guided the American Empire for decades, and one that still guides many policy makers today. (This type of thinking and strategic behavior can be seen in Afghanistan and Iraq.)

But what if the greater and most productive risk, that would have brought about a more secure peace, would have dealt with peace itself, or the absence of weapons systems and military intervention and total war? This is something the Soviets displayed in 1950, when it called home its advisors and denied Pyongyang the use of its planes. In other words, what if the United States would not have strong-armed the United Nations and instead, issued an all-out of war? Would the conflict over the two Koreas and their eventual unification have been solved?

Embalmed and worshipped to this day, homicidal dictators and a right-wing militant and suicidal empire, both of which were responsible for the deaths of millions of Koreans from 1950-53, are close to an all-out war again. (A war that is not so forgotten.) In peace, nothing is lost. But in war or in an "uneasy peace," everything can be lost. Perhaps it is true that an oppressed people can only liberate themselves through a struggle, a struggle, that is, which might be much closer to their own homes than what their leaders have taught and told them to believe.

Meantime, human behavior is not a game. Neither can it be theorized. Like war, human behavior is both predictable and unpredictable. It is rational and irrational. Demilitarized zones with thousands of soldiers facing each other, expensive and massive weapons systems, ongoing military maneuvers, and nuclear weapons are merely symbols of human failure and the irrational and unpredictable. Regarding North Korea and the American Empire, unless people rise-up and declare an all-out of war, the present-day turmoil will more than likely prolong an unfinished war, a war that might not leave anyone alive to feel guilty for pulling a trigger.

World starts marking the new year

Celebrations are being held around the world to mark the new year.

Thousands of revellers have taken to the streets in New Zealand - the first major country to see in 2011.

Australians are marking the occasion in Sydney with what is billed as the largest and most advanced New Year's Eve fireworks display in the world.

Displays are also planned in Europe, while up to a million people are expected in New York to see the famous Times Square Ball drop at midnight.

The municipal authorities and warmer weather have combined to clear the streets following the snowstorm which blanketed the city this week.

This year meanwhile marks the first time Vietnam's capital, Hanoi, officially celebrates the new year. In previous years, the city authorities have focused on Tet, the holiday marking the lunar new year.

In Burma, however, the military government has banned all fireworks and said severe action would be taken against anyone using them.