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'Golden Buddha' from India adds sheen to China town ~ " Century Fox Post "

'Golden Buddha' from India adds sheen to China town ~ " Century Fox Post " | Bizz News | Scoop.it
NANGCHEN (CHINA): A glittering golden statue of the Buddha, 35-metres tall, bang in the middle of the hillside bordering Tibet promises to change the landscape of the region in more ways than one.
The statue is a gift from Gwalwang Drukpa - spiritual head of an 800-year-old Tibetan Buddhist called the Drukpa - to the people of Nangchen, a hilly, remote part of China with a large Buddhist following.
"The Golden Buddha gives people something solid which symbolizes their faith and makes it stronger," says Satral Rimpoche, a Buddhist monk and spiritual leader in the province. He says land prices in the area have gone up ten-fold, thanks to the golden Buddha, with much construction coming up around the area. "There was nothing here before the statue arrived. It was just barren land," he says.
Gwalwang Drukpa inaugurated the statue in July, as locals, monks and pilgrims from across the world thronged the monastery nestled below the statue. That Gwalwang Drukpa is from India, his gift lies in China and the man who sponsored the $6 million statue - Felix Lim, is a businessman from Singapore, may well be a metaphor for Buddhism's belief in a borderless world.
Lim, the son-in-law of the entrepreneur behind Tiger Balm, says it was during a chance meeting with His Holiness a decade ago that the Gwalwang Drukpa expressed his desire to create a statue of the Buddha, a wish that Lim and his wife promised to sponsor. The statue, built in China's Nanjing province in 2002, was supposed to be a gift for a monastery in Nepal.
But the statue was not given clearance from the government of Nepal, due to objections from the country's aviation authority. And so it lay in a warehouse in Nanjing for nearly a decade. "I decided to gift the statue to Nangchen because of the large Drukpa Buddhist following in the region," says Gwalwang Drukpa, a smiling monk with a twinkle in his eye.
Just beside the golden Buddha, amidst the ruins of what was once an Ashokan stupa, a brand new stupa is taking shape, thanks to funds raised by a charity begun by local monks, with support from the Drukpa.
"People here are very poor. his region is so remote that nobody knows about it. Both the Buddha statue and the Ashokan stupa are very auspicious for us and will attract tourists who will take photos of the area and share them on the internet. People will then get to know about our land," says Ang Wang Shi Rab, a schoolteacher from Nangchen. Tourism, he believes, will help the economy of the region, giving rise to restaurants, a new service sector and better transport.
"If you make a wish to the statue, all your dreams will be fulfilled. The statue will help you to be reborn in the 'Pure Land'," he adds. Gau Yuan Twe, an attractive young nurse from Nangchen, feels the Buddha will bring happiness and good-fortune to the region. The locals aren't the only ones looking to tourism. Researchers from John Hopkins University (USA) are working on a model for sustainable eco-tourism to uplift the area, for which they, too, are looking to the monasteries of Nangchen. 
While Nangchen may now be a forgotten land tucked away in the hills of China, it was once a bustling centre for trade and politics in eastern Tibet. The people of this region hope the Buddha statue will help Nangchen return to its glory days.
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Cognizant topples Infosys as No. 2 IT co ~ " Century Fox Post "

Cognizant topples Infosys as No. 2 IT co ~ " Century Fox Post " | Bizz News | Scoop.it
CHENNAI: Cognizant has again upset the tech pecking order, displacing India's trophy tech firm Infosys from the second slot, albeit as expected.

Cognizant was only a third of the size of Infosys in December 2002. TCS continues to retain the top slot. Cognizant also maintained and met its guidance of 20%, which it had set in the previous quarter. In May, the company had downgraded its guidance by 3 percentage points for the first time in four years. The stock was up nearly 12% at $64.67 a share in early trades at the Nasdaq (where it is listed).
On Monday, Cognizant posted revenues of $1.795 billion for the June quarter versus $1.752 billion by Infosys. Cognizant managed to go past Infosys by about $43 million in just one quarter. Infosys lost $19 million of its topline in the June quarter and $35 million in the March quarter. Cognizant, founded as the technology captive arm of Dun & Bradstreet Corp (D&B) in 1994 in Chennai in recent years, has displaced several rivals on its onward march. Infosys had retained the second slot for around two decades before losing it to Cognizant on Monday.
"Overtaking of Infosys was widely expected," said Ankita Somani, IT analyst at Angel Broking. "I expect TCS to also post close to 15%. In that sense, 20% growth is pretty strong." The last two quarters have been particularly weak for Infosys, while, in three of the last four quarters, Cognizant has added more incremental revenue than its peers, followed by TCS. Cognizant added $47.3 million to its March 2012 revenue and $84 million to its June revenue. The gap between Cognizant and Infosys could widen over the next few quarters going by the statements made by the respective CEOs.
"Clients continue to turn to Cognizant to help reinvent their business models in the face of secular industry changes, evolving demographics, and a new stack of social, mobile, analytics, and cloud technologies," said Francisco D'Souza, CEO of Cognizant. "We are well positioned to capitalize on these opportunities due to our unique combination of management consulting and operational capabilities in areas such as large scale program management and change management."
While declaring the results for June quarter, Infosys' Shibulal had said that the global environment had become a big challenge, consumer confidence not just in Europe but even in the US had fallen, and big deals were being cancelled. He said the environment had become so volatile that the company had decided not to issue a guidance for the second quarter.
Gordon Coburn, president of Cognizant, however, said this dim scenario was in fact responsible for clients to opt for more services. "Cognizant once again delivered industry-leading growth despite a challenging macro-economic environment," he said. "This market downturn, as with those before, is serving as a catalyst for clients to embrace a broader range of our services."
Cognizant's quarterly revenue grew by 4.95% on a quarter-on-quarter (QoQ) basis and 20.9% on a year-on-year (YoY) basis. Net profit for the company stood at $251.9 million, up 21.1% compared to $208 million in the previous quarter. "The main problem is Infosys' continued focus on margins while companies like Cognizant are aggressively trying to expand their market share," said an IT analyst with a financial advisory services firm.
"Another positive thing about Cognizant's results is that there is no decline in guidance. The company has also posted a growth of 16% QoQ in its revenues from rest of the world showing its efforts in diversifying its geographical spread of revenue." Cognizant also repurchased over $358 million of shares during the second quarter, reflecting its strong cash flow.
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"Release Your Tax Returns,Romney Unless You Are Stupid"-CNN's Erin Burnett (Video) ~ " Century Fox Post "

"Release Your Tax Returns,Romney Unless You Are Stupid"-CNN's Erin Burnett (Video) ~ " Century Fox Post " | Bizz News | Scoop.it
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Coca-Cola to relaunch RimZim of '80s ~ " Century Fox Post "

Coca-Cola to relaunch RimZim of '80s ~ " Century Fox Post " | Bizz News | Scoop.it
MUMBAI: Coca-Cola plans to relaunch RimZim, once a popular masala cola brand which it acquired from Ramesh Chauhan in the 1990s.
 Last year PepsiCo revived Duke's which was discontinued in 2004, and earlier this year Coca-Cola reintroduced Citra, a clear lime drink.
Coca-Cola plans to revive the RimZim brand in parts of north India and will give it a contemporary packaging, signalling the rising element of localization in the portfolios of the two big cola companies. The cola maker had attempted to revive the brand with a strong presence in Maharashtra a decade ago, but failed.
In 1994, Chauhan sold his popular and home grown beverage brands, including Thums Up, Gold Spot, Limca, Maaza, Citra and RimZim, to Coca-Cola, out of which Thums Up, Maaza and Limca were retained by the world's largest cola maker while the others were junked. 
RimZim's is being relaunched in keeping with a brand study conducted by Coca-Cola that indicated a strong recall of the brand among consumers, a company official said.
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Steps to Effective Investing as a Couple ~ " Century Fox Post "

Steps to Effective Investing as a Couple ~ " Century Fox Post " | Bizz News | Scoop.it
Making Investments as a Couple For couples who want to make the most of their investment dollars, investing together can be a smart strategy. But if both partners don't agree on the same goals and methods of investing, pooling your money can be a recipe for a financial -- and relationship -- disaster. "Having two chefs in the investing kitchen can be a big problem when they don't agree," says Yuval Dan Bar-Or, author of the "Play to Prosper" investment guides. "I generally recommend that people invest separately, especially if they are not married or file taxes separately. "Investing together means potentially realizing capital gains, and receiving interest and/or dividends. It may not be clear how these are to be handled when it comes to paying taxes. If you decide to invest together, you must be committed to each other because it can be a nightmare to try to unwind mutual investments, especially if the relationship turns sour," Bar-Or says. If you are committed to investing as a couple, here are five steps to make it work.
Understand Each Other's Goals and Fears Before launching into investing together, spend some time learning about your spouse's views and goals regarding finances. Erica Coogan, partner at Moss Adams Wealth Advisors in Seattle, recommends that each person separately complete a risk questionnaire profile and then compare answers. "This makes a subjective conversation a little more objective if you have a guide to reference," she says. Make sure you understand your spouse's financial history and experience before you invest together, says Richard Reyes, owner of The Financial Quarterback in Maitland, Fla. Reyes says it's very common for one spouse to invest heavily while the other spends heavily. "It's a formula that will totally destroy any plan or marriage," he says. Before designing an investment plan for couples working together, Justin Reckers, director of financial planning at San Diego-based Pacific Wealth Management, talks with both spouses about their financial histories. "They commonly have different levels of aversion to risk," he says. To find a common ground, couples need to "know as much as possible about each other's investing styles and tendencies, their successes and failures and how they dealt with them, along with the lessons they learned from parents and the sources of their wealth," Reckers says.
Commit to Working Together If one spouse takes the lead in investing matters, it may be the person who is most knowledgeable about a particular type of investment or the one who has more time to monitor the investment, says Lynn Mayabb, Kansas City, Mo.-based senior managing advisor of BKD Wealth Advisors LLC. Couples need to determine "who will be the main contact person, and who will analyze information regarding the investment opportunities," Mayabb says. But if possible, both people should be analyzing opportunities and discussing investments together, Reyes says. Reckers makes it mandatory for both members of a couple to come to financial planning meetings and reschedules if one party can't make it. "The needs of men and women are very different and I do not think one should have the ability to make decisions for the other without fully understanding the other's goals and aversion to risk," Reckers says. "It is not uncommon for one party to take control of financial decision-making in a relationship, but doing things together will always result in better outcomes. More informed couples make for better relationships. Decision-making and brainstorming together makes for better partnerships."
Develop a Strategy Together Once you understand your spouse's money views and habits, and once you're committed to investing together, develop a workable investment strategy. Start by specifying the purpose of accumulating assets, says Mary Quist-Newins, assistant professor at The American College in Bryn Mawr, Pa., a nonprofit institution for financial services professionals. The purpose may be to purchase a home or second home, fund a child's education, start a business or retire. Next, estimate the amount of money needed in today's dollars to meet the goal, and don't forget to factor in investment variables such as available capital, savings and time available, inflation, tax and return rates, Quist-Newins says. Your goals will determine how much you and your spouse will invest, says Coogan of Moss Adams. For instance, when do you want to retire? Do you plan to pay for college expenses? "Since everybody has different goals, it is important for a couple to talk through each of their personal perspectives and assumptions about their future so they are planning in the same direction," Coogan says. Consider working with a professional financial planner to develop an investment and asset allocation strategy to help you reach your goals.
Establish a System for Resolving Disputes When two people are investing together, they're bound to clash at times. Before you and your spouse come to a deadlock, devise a method for working through such potentialities. Bar-Or, "Play to Prosper" author, recommends spending half of the available cash on each person's preferred investment, when contention surrounds a decision about a new investment. Another solution is to quantify investment variables such as capital, savings and time available, inflation, tax and return rates as well as their impact on achieving your goals. If you can quantify these variables, that process "removes the emotion from an inherently emotional decision-making process," Quist-Newins says. "It can be beneficial for couples to work with a financial professional who can assist in clarifying goals and providing alternatives both can live with." Reckers of Pacific Wealth Management recommends analyzing the risks versus the rewards, and the costs versus the benefits. When outcomes seem ambiguous, it can be more difficult to agree on a course of action. On the other hand, "looking at potential ramifications of individual decisions can help remove the barrier caused by ambiguity in financial decisions," Reckers says.
Stay Focused on Goals Keep in mind that investing together is a long-term process and stay focused on your end goals rather than on individual investments, says American College's Quist-Newins. "There are tens of thousands of investment products available, but frequently just one shot to achieve a goal," she says. "Developing a well-thought-out investment plan and strategy is far more important than selecting an investment vehicle, yet most (couples) spend their time fretting over which stock, bond, mutual fund or variable annuity to purchase." In addition to focusing on your investment goals, stay focused on your commitment to invest together as a couple. Coogan advises finding time to sit down together at least a few times a year to monitor and discuss how your plan is working, and determine whether you need to make any adjustments due to changes in your lives. "Communicate often," Coogan says. "Finances are one of the leading causes of separation. The more ownership and open communication a couple has over their finances, the less they are apt to panic when something significant happens to them personally or within the markets."


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Federal Reserve Officials Warn Of Looming Economic Crisis ~ " CENTURY FOX POST "

Federal Reserve Officials Warn Of Looming Economic Crisis ~ " CENTURY FOX POST " | Bizz News | Scoop.it

WASHINGTON (AP) — The Federal Reserve is open to taking further action to support the struggling U.S. economy. But minutes of the Fed's June meeting show policymakers at odds over whether the economy needs more help now.

A few members said the economy may already require additional support. But several others noted that further action "could be warranted" if the recovery lost momentum, if risks became more pronounced or inflation seemed likely to run below the committee's target. Investors appeared disappointed by the division within the Fed. Stock prices sank after the Fed expressed concerns about the economy. The Dow Jones industrial average had been down nearly 40 points before the minutes were released at 2 p.m. Eastern time. At around 2:30 p.m., the Dow was down 112 points, on track for its fifth straight day of losses. Since the Fed met June 19-20, the job market's weakness has persisted. The government said Friday that hiring in June was weak for a third straight month. The economy added just 80,000 jobs. David Jones, chief economist at DMJ Advisors, said he didn't think Fed officials would have announced any new action at its June meeting even if they'd known how weak the June employment report would be. Jones said he thinks the Fed will launch a new bond buying program eventually. But he says the timing remains hazy. "These minutes show that there is still a very deep division within the Fed," Jones said. Many economists predict the Fed won't announce any new steps at its next meeting July 31-Aug. 1. They think officials will hold off for one more meeting and give the job market a little longer to show improvement. If the economy doesn't improve, the Fed could announce some new action at its Sept. 12-13 meeting. Since the recession, the Fed has bought more than $2 trillion in Treasury bonds and mortgage-backed securities, expanding its portfolio to more than $2.8 trillion. In the meantime, Jones said the Fed might decide at its next meeting to extend its timetable for when it plans to increase short-term interest rates. The Fed now plans to keep a key short-term rate at a record low until at least late 2014. Jones said officials might push that target into 2015 to reassure investors that borrowing costs will stay low even longer than expected. At last month's meeting, Fed officials signaled their concern that the struggling U.S. economy could worsen if Congress fails to avert tax hikes and across-the-board spending cuts that kick in at the end of the year. And they expressed worries that Europe's debt crisis will weigh on U.S. growth. More stimulus "won't become a reality unless the recovery loses even more momentum or a more severe flare up in the euro-zone crisis raises the already elevated downside risks," said Paul Ashworth, chief U.S. economist at Capital Economics. Members said the economy will likely continue to grow moderately. But the Fed lowered its growth forecast at the June meeting, noting that the U.S. job market had weakened and consumer spending slowed. It also said it didn't expect the unemployment rate to fall much further this year from its current 8.2 percent. Some members noted that defense contractors are already laying plans for layoffs if lawmakers don't address the package of tax hikes and spending cuts by the end of the year. Members warned that tighter government spending could slow the economy well into next year. At the meeting, the Fed extended a program that shifts its bond portfolio to try to lower long-term interest rates. Policymakers left open the possibility of providing further help, such as launching a new program of bond purchases. Chairman Ben Bernanke may offer further guidance on the Fed's plans next week when he delivers the central bank's updated economic assessment to Congress. After the June meeting, Bernanke told reporters he was open to another round of bond purchases if the job market didn't improve. Employers added an average of just 75,000 jobs a month in the April-June quarter — only about a third of the 225,000 jobs a month created in the first three months of the year. After its last meeting, the Fed downgraded its economic outlook. It now expects growth of just 1.9 percent to 2.4 percent in 2012, half a percentage point lower than its April forecast.
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