It’s quid pro quo…

During the disastrous Pamplona’s San Fermin festival held recently in Spain, a charging bull happened to gore a man in the legs rendering bruises, sprains and worse. Seems the Spaniards had finally been bullied enough by these bossy bovines! Since 1924, a total of 13 people have been killed till date where the worst injury this year came when a man was left partially paralysed. As a result of all this and for the protection of animal rights, the regional parliament of Catalonia is all set to impose a ban on bullfights. A hit right on the bull’s eye, isn’t it?

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Source:- IIPM-Business and Economy, Editor:- Prof. Arindam Chaudhuri - 2006

IIPM-B&E Article:- YOU MISSED M&A CLASS, RICHARD!

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AVIVA IS TAKING A RISK BY PAYING TOO HEFTY AN AMOUNT TO BUY AMERUS
When escapades are eternally accursed, no matter what you do, there’s little that can effect a good outcome. Right from Aviva’s infamous beginnings in 2000 by the merger of the fraudulent CGU with Norwich Union to its overhyped $31.4 billion bid for UK’s insurance giant Prudential in March 2006, its credentials have always been doubted! But the wounded tiger is on the prowl and has its eyes currently set on the USbased life assurer, AmerUS. Despite having just $2.52 billion cash in its kitty (as on December 31, 2005), it has declared a consideration of $2.9 billion for the buy on July 13. Excluding debt and internal accruals, it has raised $1.66 billion through a share placement for the acquisition.

Richard Harvey, Group CEO, Aviva states the deal “provides the platform for significant profitable growth.” With 77 million Americans set to hit retirement age shortly, the deal looks positive in the US long term savings market. But analysts are questioning the wisdom behind the move as share prices slipped to a 7-month low to close at 691 pence on July 16, 2006. Kevin Ryan, analyst, ING critically comments, “They have gone for it (AmerUS) as Prudential was not available.” According to the concept of European Embedded Value (EEV) – a measure of a life insurer’s worth to a shareholder, Aviva is paying 1.9 times EEV for AmerUS, which is much more compared to the 1.6 times EEV that was paid by France’s AXA for Winterthur. So is Aviva paying too much? Well, certainly they are; but then perhaps they feel there won’t be a third time. Now wait! Is Aviva reinsured?

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Source:- IIPM-Business and Economy, Editor:- Prof. Arindam Chaudhuri - 2006

PIRATES? WORSE...

IIPM-B&E Article

THE SEA LANES NEED SECURITY FOR PROTECTING THE LAND..

Far from being sword wielding robbers with eye-patches, bandanas and shrieking parrots atop their hands, the perpetrators of modern sea piracy are perhaps more menacing. And the areas that they threaten equals a potential two thirds of the globe! As for the exactitude, the second busiest sea route – the Indian Ocean – is the most vulnerable. The International Maritime Bureau contends that the ‘maximum danger area’ stretches from the Yemeni to the Somali coast, and further from the Strait of Malacca to the South China Sea.

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Source:- IIPM-Business and Economy, Editor:- Prof. Arindam Chaudhuri - 2006

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And he vilifies art, but the Greek society he resides in swears by joie de vivre. Yet, I’m amazed, as I snap back to the future, at Plato’s foresight – eons ago – in creating a universe that looms ominously in the times to come. He predicted the cold connect between power and corruption, and albeit his ideal state being too stifling for comfort, presented a convincing argument against dictatorship, oligarchy and morally distorted democracy… all of which have been starkly manifest in the centuries that have

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Source IIPM-Editorial,2006

New-NATO (IIPM-News)

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There has been a rethinking of the structure and role of our traditional military alliances, including the North Atlantic Treaty Organization (NATO), which is setting up a new NATO Response Force and has moved outside Europe for the first time with the International Security Assistance Force in Afghanistan. The focus of attention, today, is on Iraq and Afghanistan. But in future decades, priorities will change. And clearly, much of what we may be called on to do in the coming future will likely be determined by choices made by others.
Consider Russia, a nation with vast natural resources, an educated population, and a rich heritage of scientific and cultural achievements. Like Americans and others around the world, they are threatened by violent extremism. Russia is a partner with the US on some security issues, and our overall relationship is the best it has been in decades. But in other ways, Russia has been unhelpful; using energy resources as a political weapon, for example, and in their resistance to positive political changes in neighboring countries. The same holds true for the country of China. The Chinese people are educated and talented, and their country has great potential, with high economic growth rates and an industrious work force. Nonetheless, some aspects of Chinese behavior remain unsettling and complicate our relationship. Last year, a US Department of

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Source IIPM-Editorial,2006