Manufacturing investment? India set to be No. 1

India is likely to see the largest growth in its share of foreign investment overall, and should become the world leader for investment in manufacturing, says a recent KPMG survey.

The results showed a move away from investments in the United States, Japan, Singapore and the United Arab Emirates, and a big increase in flows to Brazil, Russia, China and India (BRIC).

A global survey of corporate investment plans was carried out by KPMG International. Corporate investment strategists from over 300 of the largest multinational companies in 15 major economies were asked where they plan to invest in the next 12 months and in five years' time.

This trend-setting survey suggests a major shift of capital flows from the USA, Japan and other European countries to the BRIC (Brazil, Russia, India and China) countries, in the next five years.

Significantly, while 10 per cent of the companies surveyed expect to invest in India currently, that number will go up to 18 per cent in five years -- the biggest gain amongst all other BRIC countries.

Further an increasing proportion of investments will flow into industrial products and manufacturing in India. Interestingly, 64 per cent of the investment into India is expected to come from new entrants to the country.

India, according to the survey, has the potential to play an even more influential role in flow of capital and it's a great opportunity for India to further improve the economic and fiscal climate and attract and retain investments in its growing economy.

Citi set to sack 6,500

Financial giant Citigroup, led by India-born Vikram Pandit, is in for an aggressive round of layoffs, where it will start firing about 6,500 employees from its investment banking business from Monday, media reports said.

After posting a loss to the tune of $15 billion in the past two quarters and expected to see further billions of dollars of subprime crisis-related write-downs, Citigroup would dismiss this week 10 per cent of its 65,000-strong investment banking workforce across the world, the Wall Street Journal reported.

Quoting unnamed people familiar with the matter, the report said that the "pink slips are likely to be handed out on Monday."

The latest round of layoffs come top off close to 10,000 employees having shown the door earlier this year, as part of Pandit's aim to cut the company's annual expenses by $15 billion. The company has more than 350,000 employees on its payrolls across the world.

In another report, British daily The Times quoted unnamed sources as saying that even senior managing directors would not be immune from the layoffs.

"Citigroup's mergers and acquisitions bankers may bear the brunt of the cost-cutting because their ranks were not sharply reduced earlier this year. No major department of the investment bank is likely to be spared, apart from certain businesses in emerging markets and its lucrative transactions services division," The Times report said.

In April, Citigroup said that 9,000 jobs would go on top of the 21,000 eliminated in the past year.

The Wall Street Journal report said that "no major department is likely to be spared, aside from some businesses in emerging markets and Citigroup's lucrative transactions-services arm."

"Entire trading desks in New York and other cities are expected to be eliminated. And unlike Citigroup's other recent reductions, this round will feature layoffs of dozens of senior managing directors," it quoted the people close to the matter as saying.

The latest round of job cuts is the first major "move by John Havens, who took the helm of Citigroup's institutional-clients group, which includes the investment bank, in late March."

The report said that, Havens, a longtime lieutenant of Pandit, has concluded that some of the investment bank's businesses have been rendered obsolete by the credit crunch, while he sees others as operating inefficiently and generating inadequate returns.

The report in the United Kingdom daily, The Times, further said that investment banking giant Goldman Sachs is also understood to have made more jobs cuts at its investment banking division last week.

"It has been eliminating 10 per cent of the roles in the M&A and corporate fund raising divisions this year, and the latest round of redundancies began last week," the report noted.

Recently, Swiss investment banking major Credit Suisse announced 75 job cuts in its investment bank and support services division in the UK. So far in 2008, Credit Suisse has cut 1,000 investment banking jobs worldwide.

Courtesy http://www.rediff.com/money/2008/jun/23citi.htm

Spain vs Italy

Casillas' saves put Spain in semis

Spain 4:2 Italy
Spain (4-2) win on penalties

Iker Casillas was the penalty shoot-out hero as Spain held their collective nerve to throw out the record book and claim a UEFA EURO 2008™ semi-final against Russia.

Record
Before tonight Spain had lost three quarter-final penalty shoot-outs on 22 June but they stopped the rot at the Ernst-Happel-Stadion, prevailing 4-2 on spot-kicks after 120 minutes had failed to produce a goal. Although Gianluigi Buffon saved from Daniel Güiza, Casillas denied Daniele De Rossi and Antonio Di Natale, allowing Cesc Fàbregas to step up and send his side through. In truth, Luis Aragonés's team had enjoyed the better of the play on a humid night in Vienna, Marcos Senna coming closest when he was denied by the post in the closing stages of normal time. They continued to press in the additional half-hour, David Silva and Santi Cazorla both firing narrowly wide before Casillas's heroics saw them through to a rematch with a Russia side they defeated 4-1 in the group stage.

Omens
The Italy squad had arrived at the Ernst-Happel-Stadion some time after their Spanish counterparts, and for much of the first half Aragonés's men were similarly first to everything. With Xavi Hernández providing the pivot in midfield, Spain bossed the play, caressing the ball one way and then the other – all one-touch passing and quick bursts of activity as they picked at Italy's high defensive line, looking for a chink in the armour. The ploy of Andrés Iniesta switching flanks to create the overlap on the left was too obvious for the wizened Azzurri rearguard, although David Villa's cute back-heel almost forced an opening soon after and it took a timely block to deny Silva.

Duo missed
Italy were struggling to gain a foothold, unable to fill the sizeable void left by suspensions to their usual suppliers of industry and finesse, Gennaro Gattuso and Andrea Pirlo. It was a hole that Fernando Torres, in particular, was keen to exploit as he popped up all over the pitch, drawing Aragonés from his bench to tell him to calm down. Perhaps Aragonés was aware the omens were hardly stacked in his team's favour as they sought their first win against the Azzurri in a competitive fixture, Olympic Games excluded. Midway through the half Massimo Ambrosini gave Spain more to think about but Simone Perrotta was unable to make the most of his arcing cross before another centre just evaded Luca Toni.

Silva threat
With King Juan Carlos in the crowd, it was largely Spain who were rising to the occasion. Villa tested Buffon with a free-kick but it was the waspish Silva who was displaying the most menace. Seven minutes before half-time he fired a low effort past the post after a blocked Torres shot fell his way. He then profited from another fortuitous opening soon after the restart, when the ball cannoned into his path eight metres out. After a clever turn it took a timely intervention from the excellent Giorgio Chiellini to deny Silva. The Azzurri centre-back was immense, and slowly his team-mates began to respond. Just past the hour a long ball caused mayhem in the Spain defence, dropping favourably for substitute Mauro Camoranesi who forced a smothering save from Casillas.

Buffon escape
At the other end, with time ebbing away, Senna worked Buffon with a free-kick and then a low shot that bounced awkwardly in front of the goalkeeper, the ball evading his grasp and spinning on to the post before he fell on to it at the second attempt. It was a propitious bounce but there was no luck involved when the Italy No1 dived to keep out Güiza's effort with three minutes remaining, even if play was subsequently called back for handball. Such reactions would prove invaluable in the concluding penalty shoot-out, but, unfortunately for Roberto Donadoni's world champions, they came predominantly from Casillas.

Netherlands vs Russia

Classy Russia leave Oranje crushed

Netherlands 1:3 Russia

Dmitri Torbinski and Andrei Arshavin struck in the last eight minutes of extra time to take Russia into the UEFA EURO 2008™ semi-finals at the expense of the Netherlands as Guus Hiddink eliminated the nation of his birth.

Russia dominance
From the off, Russia never allowed Marco van Basten's previously imperious side space and they attacked with vigour. Roman Pavlyuchenko's 56th-minute volley seemed to have won the game but with four minutes remaining Ruud van Nistelrooy headed an equaliser. However, Russia dominated the additional half-hour and the tireless Arshavin set up substitute Torbinski to restore the advantage from close range in the 112th minute. The No10 added another himself to book a semi-final against Spain or Italy in Vienna on Thursday, although Torbinski and Denis Kolodin will miss that match through suspension.

Robben ruled out
Having rested most of his first-choice lineup in Tuesday's win against Romania, Van Basten returned to the selection that started the impressive defeats of Italy and France, Arjen Robben's hopes scuppered by continuing groin problems. It was Russia, beginning as positively as Hiddink had promised, who had the first chance when Yuri Zhirkov's free-kick forced Edwin van der Sar into a diving save and Igor Semshov then crossed from the right for Pavlyuchenko to head over. Russia's outnumbered fans made most of the early noise as the Netherlands took time to get to grips with their opponents' pressing game, although Van Nistelrooy did nearly get a decisive touch on Rafael van der Vaart's free-kick.

Kolodin denied
Suddenly the Netherlands started to produce the flowing football that lit up their group games in Berne, and their supporters responded accordingly. But if many Dutch players were fresh after sitting out the Romania match, Arshavin was also relatively rested having been suspended for the first two games and from a solo run he forced Van der Sar to save. The goalkeeper then tipped over Kolodin's ferocious shot before the Netherlands attacked again at the other end as Khalid Boulahrouz, whose late baby daughter was remembered by his team-mates' black armbands, sent Van Nistelrooy through for an effort that Igor Akinfeev blocked.

Pavlyuchenko finish
Russia looked sharper as the second half got under way, Arshavin nearly scoring with a swerving free-kick, and a minute later Sergei Semak sent in a cross from the left that Pavlyuchenko gleefully turned in. Russia were allowing the Netherlands little of the ball and attacking at pace, Van der Sar using instinct and one hand to keep out an Aleksandr Anyukov strike. The goalkeeper also saved when Pavlyuchenko was put through while Torbinski was unfortunate not to turn the ball in soon after. It seemed the Oranje's campaign was over but with four minutes left Wesley Sneijder curled in a free-kick for Van Nistelrooy to head in and force an extra half-hour.

Extra-time decisive
However Russia were unbowed, Semshov forcing a diving stop from Van der Sar while Arshavin blazed over and Pavlyuchenko's dipping shot was only kept out by the crossbar. Arshavin then burst through and crossed for Torbinski, only for Van der Sar to block again. The second extra period continued in the same vein, Pavlyuchenko just failing to turn in Arshavin's cross but finally the breakthrough came when the FC Zenit St. Petersburg playmaker delivered another looping centre for Torbinski to volley in. Four minutes later Arshavin sealed a semi-final place with the goal his play deserved as his shot deflected in off John Heitinga, confirming that the Netherlands would follow fellow group winners Portugal and Croatia home.

Lords of '83: Men who won India the Cup of Joy

Twenty-five years ago, Indian cricket was redefined forever. No Indian cricket fan can forget June 25, 1983 - the day India won the World Cup at Lord's.

The show conducted by CNN-IBN editor-in-chief Rajdeep Sardesai saw the legends candidly recall the big moment - both on the field and off it. From the team's strategy to who got to drink the most champagne to who got the maximum adulation from female fans, the show revisited some of the unseen, unheard of times.

The panel comprised Kapil Dev, the captain of that World Cup winning team; Sunil Gavaskar, an incomparable batsman; Balwinder Singh Sandhu, the man who started it all by bowling out Gordon Grenidge; Syed Kirmani, the finest wicketkeeper India has ever seen; Yashpal Sharma, one of the most astounding heroes of the '83 triumph and the charismatic Sandeep Patil.

Below are the excerpts from the show and thanks to CNN IBN.

Rajdeep Sardesai: Will the team be comfortable with the fast-paced Twenty20 cricket played in this day and age?

Kapil Dev:: No, I would rather play golf. It is too difficult and I won't like to do all the running around. Your appearance may suggest so but your legs don't move the same way.

Rajdeep Sardesai: Do you all still remember that day; is it fresh in your mind?

Sunil Gavaskar: Absolutely, because it was an unbelievable moment, an unforgettable moment for all of us. And it was not just for the team but also for all the Indians. It was a moment that got us together. As a team we shared that moment and so it's going to stay with us throughout.

Syed Kirmani: Yes, I will definitely tell my grandson that.

Rajdeep Sardesai: Did your believe that you could beat the two-time world champions?

Balvinder Singh Sandhu: Before going to the World Cup I gave an interview to Pratap Sahi from Ananada Bazaar Patrika and I said if our batsmen can get us 230 runs, we have a good chance.

Yashpal Sharma: Well, I was part of the 1979 World Cup and there we lost all three games and we decided that we will never win the World Cup but at least we will perform better than what we did in '79. We never thought that we will win the very first game against the West Indies.

Sandeep Patil: Crossing my heart, I never thought we will win, not to insult Indian cricket or the record of the Indian cricket but I thought that this was an opportunity for me to play the World Cup.

Krish Srikkanth also joined the discussion and greeted Kapil in Hindi: “Kapil paaji ab mera Hindi achcha ho gaya. 25 saal pehle mera Hindi kharaab tha lekin dekho ab mera Hindi kaisa ho gaya" (Now my Hindi has improved. 25 years ago it was bad but now it has become good)

Kapil Dev:: Ek hi baat hai, iska Hindi achcha ho gaya aur mera English achcha ho gaya. (It's the same thing. His Hindi was got better and my English has improved)

Rajdeep Sardesai: One of the great things about the team was that all of them came from different parts of the country and different communities and played together as a team?

Sunil Gavaskar: What makes India special is that we all come from different parts of a very big country with different cultures, also different kinds of diets and different attitudes apart from the language. We come together as a team on the field and even in the dressing room, you never think of which part of the country he is from..

Rajdeep Sardesai: Kapil's English and Srikkanth's Hindi were not a problem?

Sunil Gavaskar: Not at all. On the field there is very little talk. You know what your job is and you go about it to the best of your ability. You let your job do the talking and not your language.

Rajdeep Sardesai: There were some very special moments of that World Cup win. One was, Balwinder Singh Sandhu's in-swinger that bowled Gordon Grenidge. So, does Sandhu still remember that ball?

Balwinder Singh Sandhu: I think fans will never let me forget that ball. Every year I keep talking about the ball. I bowled Grenidge in the first game and also in Trinidad, he got bowled to an in-swinger. So at the back of my mind I knew he is not picking my in-swinger when I'm bowling close to the stumps.

Kirmani, however, had an interesting take on the Grenidge dismissal.

Syed Kirmani: When I congratulated him after he bowled that in-swinger, Sandhu told me - 'I bowled an out-swinger but it came in’.

Rajdeep Sardesai: Kirmani was also on the other end when Sandhu was hit on the head my Malcolm Marshall.

Syed Kirmani: After he was hit on the head, I didn't tell him anything. Marshall was fired by Dickie Bird, using all the four-letter words for using the bouncer on a tail-ender. He didn't realise that he had a turban under his helmet. So instead of rubbing his head, he was rubbing his helmet.

Balwinder Singh Sandhu:: I just told Kirti that don't worry, my head is well padded up.

Rajdeep Sardesai: Playing the West Indians during that time and taking them on, what was it?

Sandeep Patil: When we started the tour and room partners were assigned, I was lucky but my room partner was so unlucky to have me as a room partner. Fortunately or unfortunately it was Sunil Gavaskar, who shared the room with me. That was the reason why Gavaskar did not score runs. I kept him awake, I kept him out and I don't know how and where he used to spend time. I clearly remember me bombarding him with questions. In fact, I asked him if would be able to even see the balls of West Indians. He asked me what do you mean by 'the balls of the West Indians?' I told him the cricket balls that will be bowled by Marshall. I had not faced West Indians then and Sunil told me that you have faced Dennis Lillee and Jeff Thompson; you will be able to see the balls. I saw the ball and I hit a six.

Rajdeep Sardesai: Another batsman who hit a six was Krish Srikkanth, who hooked Andy Roberts for a six.

Kris Srikkanth:: Unfortunately, Sunny got out early in the match. The wicket was a bit damp and Joel Garner was making the ball move like anything and I didn't know what was happening, I was beaten often. Jimmy (Mohinder Amarnath) was on the other end and I told him - 'I don't know what to do, why don't you play him for a while.' Jimmy told me just play your natural game, do whatever you want. That gave me the license and I knew that if I hang around I will get out anytime, so let m get after the bowling.

Rajdeep Sardesai: But Sunil Gavaskar was the oldest member of the team, so did he have problems handling the younger men?

Sunil Gavaskar: No, we had been together for quite a long time and there was nobody new. And we knew each other for a few years. You never try to control a man like Srikkanth. What he used to do was make the man on the other end feel comfortable," said Gavaskar.

Rajdeep Sardesai: So did the team expect to win after they scored 183? And what did Kapil Dev: tell his men during the innings break?

Kapil Dev:: Getting to the final itself was a victory to us, that's how we were looking at it. If I remember correctly we had got extra time because we got out early. I just said c'mon Jawaano, let's fight it out. We have already made 183, now they have to make the runs. And Sunny said 'stop calling them jawaans, they are officers now.

Rajdeep Sardesai: Does anybody have the stumps from the match at your home?

Yashpal Sharma: I have a stump. If you see the footage, Jimmy tried to grab a stump but couldn't, so he got a bail. I got a stump and Roger Binny got another one. I don't know who got them from the other end. My second daughter when she was in the fifth standard only then did she realise that her father played the World Cup. Her colleugues used to tell her your father has played the World Cup.

Mohinder Amarnath, Man-Of-the-Match of that famous final, had a special message.

Mohinder Amarnath: That day seems like yesterday when Kapil Dev: lifted the cup, that was a very special moment because I felt I was part of the team which had created history. It was probably the beginning Indian cricket and whatever we see now I think started from there.

Rajdeep Sardesai: What did the team do after they won the World Cup?

Sandeep Patil: I was sharing a room with Sunil Gavaskar and during the later half of the tournament, Ravi Shastri joined me. I remember getting back to the hotel, we left lord's and it took us nearly one hour to get to our hotel, which was just around the corner. We had a quick shower and when we came down, there was not even room for a man to stand on one leg. It was so packed.


Yashpal Sharma: We are thankful to the Indian people in England especially in South hall because wherever we played there were 400-500 people who used to travel with us. That was a big support to us throughout the tournament.