Category: dqlrtoss

Category: dqlrtoss

first_imgSearch on for 5 Indonesians snatched anew in Lahad Datu Police seize P68-M worth of ‘shabu’ in Pasay Against Globalport, though, Santos was again playing at his natural position while import Wendell McKines played at the five spot.This allowed San Miguel’s offense to spread out with Santos lurking in the perimeter and that allowed him to knock down a career-high seven three-pointers.“It’s just great that you can contribute in so many ways,” said Santos in Filipino. “Who wouldn’t be happy if they know they can help their team win in whatever way they can?”ADVERTISEMENT LATEST STORIES Britain’s Prince Harry and Meghan Markle to give up royal titles Marcosian mode: Duterte threatens to arrest water execs ‘one night’ MOST READ PBA IMAGESSan Miguel on Friday knew the reality that prized three-time MVP June Mar Fajardo wouldn’t be able to log in heavy minutes against Globalport. And even though Fajardo played just seven minutes and 30 seconds, all in the first half, one-time MVP Arwind Santos was there to will the Beermen to a 115-112 win over the Batang Pier for their third win in the 2017 PBA Governors’ Cup.ADVERTISEMENT Caluag fails to defend BMX title, settles for bronze Bishop Baylon encourages faithful in Albay to help Taal evacuees Trending Articles PLAY LIST 00:50Trending Articles01:02Fajardo predicts there will be no sweep in PBA Finals01:30’Excited’ Terrence Romeo out to cherish first PBA finals appearance01:40Filipinos turn Taal Volcano ash, plastic trash into bricks01:32Taal Volcano watch: Island fissures steaming, lake water receding02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite Hotdog’s Dennis Garcia dies View comments Don’t miss out on the latest news and information. Jake says relationship with Shaina ‘goes beyond physical attraction’ National Historical team rescues Amorsolos, artifacts from Taal Britain’s Prince Harry and Meghan Markle to give up royal titles “Our performance out there, even though we didn’t have June Mar, just shows that this San Miguel team is a complete team,” said Santos in Filipino at Smart Araneta Coliseum.Santos finished with 30 points, eight rebounds, and five blocks in the victory as he reverted back to his natural power forward spot.FEATURED STORIESSPORTSEnd of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legendSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’READ: San Miguel overcomes GlobalPort behind Santos’ heroicsThe 2013 MVP usually gets moved to the three spot during import conferences to accommodate the  reinforcements that play power forward while Fajardo remains at center. Sports Related Videospowered by AdSparcRead Nextlast_img read more


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first_imgDear Editor,A lot has been said about corruption, especially during the last general election on May 11, 2015, yet nothing seems to have been done about it. It was claimed that hundreds of billions of Guyana dollars was “misappropriated”. Forensic audits were undertaken yet nothing seems to have happened in that there have not been large-scale successful prosecutions.Could it be that the APNU/AFC got it terribly wrong in claiming “corruption, corruption” during their election campaigns and started to believe their own propaganda? Could it be that the APNU/AFC then lied to their supporters and lied to the Guyanese nation to get elected? The evidence (or lack of evidence), so far, suggests this is the case.Clearly, nothing has been done about corruption other than those who once believed that corruption was taking place under the PPP/C Government are surprisingly silent now that they got a Government to their own liking in power.Even before coming to power the APNU/AFC had to have some evidence before screeching “corruption, corruption”.Where is the evidence?Yours faithfully,Sean Orilast_img read more


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first_imgMade of all but little bones for a frameall soft like a roll of neat white tissueTucked and packed like a postcardMailed to a distant land for a dear oneBeneath all of this is the cracked shellAll broken and covered in flow of tearsTender SoulNear to my inner core the tear felt mostIt is natural to be feeble when it all rocksBreathe out the rivers of sac emotionsMake room to dry patch for new growthForget the pretense that clouds the skiesLook forward through changed seasonsTender SoulEntreat the shames to valleys but rise upBang the shots of naked hatred about youCover the menacing tug of riots with wordsPlacid as streams in nature attract grandeurHumbly the persistence for better enlargesPulse at every leaf sway enjoy the intricacyTender SoulShare this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more


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first_img The Sheriff’s Department is investigating, officials said. For more on this story, pick up tomorrow’s Whittier Daily News. PICO RIVERA – A first-grade teacher at Meller Elementary School in Pico Rivera was suspended Thursday after she reportedly struck several students who were allegedly interferring with her class activity, officials said. The incident began at about 7:30 a.m., when a group of fifth-grade students running laps on the campus ran through the teacher’s first-grade class’ playground activity. The teacher became upset and began hitting the fifith-graders, deputies and school officials said. Some of the teacher’s students joined in the fight, school officials said. Several students, mostly fifth-graders, were hurt but none seriously. Most suffered cuts and bruises, officials said. Deputies were called to the school in the aftermath of the fight. El Rancho Unified School District officials said the teacher was immediately suspended, pending the outcome of an investigation. 165Let’s talk business.Catch up on the business news closest to you with our daily newsletter. Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more


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first_img“I am happy to get this award on the first month with the club, but I am disappointed that we have not been able to get good results. Hope we can start the month of May well and get back to winning ways beginning with the game on Sunday,” Johana said after earning the award.The midfielder formerly with Mathare United received 33 percent of the online votes ahead of Tim Söderström who polled 28 percent, Nikola Petric with 24 percent and Fritiof Björkén with 15 percent.Harambee Stars midfielder Eric Johana has been voted as the player of the month at his Swedish top flight club IF Brommapojkarna after impressing in the first six games of the season. Photo/COURTESYBromma have not had a good start to the season and have lost all four of their last five matches. They started the season with a 2-1 loss at the hands of Norrköping before bouncing back in the second match with a 2-0 win over Hacken, Johana providing the assist for the opener.However, they have lost the tempo with consecutive losses against Hammarby, Elfsborg as well as giants Malmo and Ostersunds. Their next fixture will be on Sunday against Michael Olunga’s former side Djugardens at their Grimsta IP home ground in Stockholm.Bromma is also home to another Kenyan international David Ochieng who has played all the last three fixtures after a slow introduction having missed a huge part of the pre-season.“It has been a tough start but I know everything will turn out okay. I am glad that I am getting playing time and getting accustomed to the new league. I know with time we will start getting results because we have a good team of very talented young players,” Ochieng noted.Bromma earned promotion to the Swedish top flight at the end of last season. Both Ochieng and Johana are confident that despite a tough start to life at the top, they will not be relegated at the end of it all.0Shares0000(Visited 3 times, 1 visits today) 0Shares0000Harambee Stars midfielder Eric Johana was named the best player of the month for his IF Brommapojkarna club. Photo/COURTESYNAIROBI, Kenya, May 2- Harambee Stars midfielder Eric Johana has been voted as the player of the month at his Swedish top flight club IF Brommapojkarna after impressing in the first six games of the season.Johana joined the club in December from fourth tier side Vassalund and has played part in all the six games, though the club has been on a run of four winless matches.last_img read more


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first_img1 Championship round-up: Hull return to top, Brighton win fourth consecutive match, Lee Johnson’s Bristol City beat Ipswich Two goals in ten second-half minutes sent Hull back to the top of the league with a 2-0 win at Blackburn.Abel Hernandez scored his 16th goal of the campaign after 53 minutes, before Momo Diame doubled their lead with a tap in from close range.In-form Sheffield Wednesday bolstered their play-off hopes with a 4-0 victory over ten-man Brentford at Hillsborough.The Bees’ Yoann Barbet was dismissed after just five minutes for a challenge on Gary Hooper and then the Owls capitalised on the man advantage.They took in a three-goal lead at the break, thanks to goals from Fernando Forestieri, Hooper and Kieran Lee. Lucas Joao then netted in the final minute to seal a comfortable victory.Brighton held off a Bolton comeback to stay fourth after a 3-2 win.The Seagulls led 2-0 through Jamie Murphy and Tomer Hemed before the Wanderers scored twice to draw level, Emile Heskey and Jay Spearing scoring for the financially-stricken visitors.Beram Kayal put the hosts back in front shortly before the hour mark as Chris Hughton’s men won their fourth consecutive match.Lee Johnson won his first match in charge of Bristol City – a 2-1 scoreline at home to Ipswich.Aden Flint netted a quick first-half double before former Robins forward Brett Pittman pulled one back for the Tractor Boys, but the home side held on at Ashton Gate.There were valuable away wins for Preston and MK Dons at Wolves and Derby respectively.Paul Gallagher and Adam Reach gave Preston a 2-0 lead and January signing Joe Mason pulled one back for Wolves but Simon Grayson’s men saw out the win.Derby, meanwhile, started life after Paul Clement with a home defeat to Karl Robinson’s Dons, Jake Forster-Caskey grabbing the late winner.Nottingham Forest are normally strong at home but David Wagner’s Huddersfield left the City Ground 2-0 winners, thanks to a Matt Mills own goal and Philip Billing late on.Promotion-chasers Burnley were held to a goalless draw at Reading, with Birmingham drawing with the same scoreline at ten-man Rotherham – who had Neil Warnock in charge.And finally, Sammy Ameobi was shown his second yellow card in added time as Cardiff drew at Charlton.Earlier today, Fulham were 3-1 winners at QPR, as Slavisa Jokanovic claimed his first three points as Cottagers bossResults in full:Blackburn 0 – 2 HullSheff Wed 4 – 0 BrentfordBrighton 3 – 2 BoltonBristol City 2 – 1 IpswichDerby 0-1 MK DonsWolves 1-2 PrestonNottm Forest 0 – 2 HuddersfieldCharlton 0 – 0 CardiffReading 0 – 0 BurnleyRotherham 0 – 0 BirminghamWolves 0 – 2 Prestonlast_img read more


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first_img “He brings a different perspective to the campus right now,” said Tom Oliver, who served as interim president after Young was promoted and now is vice president for college development. When Young became president in 1999, the campus was operating millions of dollars in the red and struggling with an enrollment of 12,000 – a far cry from the 23,000 it had in the late 1970s and early ’80s. “We were always worried about money, worried about enrollment and our focus was on that, and we lost the focus on the students,” Oliver said. “Now we have $5 million in the bank … (Garber) can focus on student success, student retention. “I think we worked really hard to get to this point, and he’s going to help us get to the next level.” Other than complaints about high tuition and textbook prices – which administrators don’t control – most Pierce students said they’re pleased with progress at the Woodland Hills campus. “The class schedule is pretty good, compared to Valley College,” said Joey Soler, 20, of Van Nuys, who is working toward an associate’s degree in business. But Mayra Plascencia, 24, of San Gabriel said she would like to see a wider selection of courses and more counselors. Garber, who earns $154,000 a year, said he plans to focus on completing the campus building program and increasing enrollment. Pierce has positioned itself as a college of choice for high school graduates and boasts a solid transfer rate, but he wants to reach less-motivated candidates, as well. Garber sees students falling into three categories: those who want and value an education, those who know the importance of an education but aren’t motivated, and those who don’t value any post-secondary education and aren’t interested. The second group enrolls “with good intentions, but just flounders,” Garber said, adding that the college must make sure it’s offering those students the proper kind of support and guidance that will help them reach their goals. Harder to reach will be the third group. “Education to them has not been a source of personal reward and satisfaction, it has been a source of pain and frustration,” Garber said. “These individuals melt into society, and aren’t really looking for us and we don’t know how to find them. How do you educate them? It’s vital for their future and for the future of society.” Garber also wants to see more online courses in order to attract more working adult students and expand opportunities for students to add one more class. He also thinks the college needs to examine its scheduling to make it more convenient for students, including figuring out how many degree programs can be completed entirely in the evenings. A possible collaboration with the Orange Line, which has a stop just south of campus, also intrigues him as a way of retaining students. One option may be to make it possible for students to buy bus tickets in lieu of on-campus parking passes. Garber also pledged to continue to support Pierce’s agricultural program and the farm, but like his predecessors noted that the program will change to train students for the agriculture careers of the future. “The farm is a part of us and a part of our community, and we want to maintain that and keep it as the valuable resource that it is,” Garber said. Lisa M. Sodders, (818) 713-3663 lisa.sodders@dailynews.com 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREOregon Ducks football players get stuck on Disney ride during Rose Bowl event “My whole life is education,” Garber said. “Everything I have, everything I believe in, the great life I have is the direct result of my taking advantage of getting an education. “Education made me, and made my life.” Garber, whose 30-year community college career includes nearly two decades at Pierce, returned as president to the 17,850-student campus in February, joining in the renaissance begun by former President Darroch “Rocky” Young, now the chancellor of the Los Angeles Community College District. Several major construction projects funded by $272.5 million that Pierce received under the $2.2 billion Proposition A/AA construction bond have been completed and more are under way, including the $51.9 million Center for the Sciences. And while enrollment hasn’t returned to the 19,800 students the campus had in 2002, before the state budget crisis forced all nine LACCD campuses to cut classes, Pierce has enjoyed slow but steady gains. WOODLAND HILLS – Pierce College President Robert M. Garber understands the kinds of roadblocks his students can encounter on their path to a college diploma – even the ones they erect themselves. Forty years ago, fresh out of high school, Garber enrolled at Santa Monica College. “I showed up, and I couldn’t find a place to park,” recalled Garber, now 58. “I left and I never went back.” But serving four years in the Air Force during the Vietnam War left him with a “voracious” hunger for education. He enrolled at West Los Angeles College and transferred to the University of California at Berkeley, where he went on to earn bachelor’s and master’s degrees. last_img read more


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first_imgSo who do you think you are?Donegal families are to be given the chance to research their family history with the help of some experts.As part of the Gathering 2013, services from the Cultural Services Division of Donegal County Council including the Library Service, County Museum and County Archives have been running a series of family history roadshows, on the theme of ‘How To Research Your Family History’. These roadshows will take place throughout the year, in venues around the County.The second roadshow will take place in Central Library, Letterkenny on Wednesday the 21st of August from 11.30am to 3pm. Admission is free. All welcome and refreshments will be served.Cultural Services staff will be on hand to provide guidance to the public on the wide variety of sources available to those interested in researching their own family history.The Archives Service will bring along a sample of archives which relate to family history including electoral registers and valuation books for the area. Library resources will also be available to view. To coincide with the roadshow series a new booklet entitled ‘Who do you think you are? A guide to genealogy resources in Donegal County Council Cultural Services’ will be launched.This booklet provides a brief introduction to records available within the three services. The guide is part of the Hands of History project supported by the European Union’s European Regional Development Fund, through the EU Programme for Peace and Reconciliation managed for the Special EU Programmes Body by Donegal County Council.For information contact Una Mathewson, Central Library Letterkenny, Co Donegal T 074 9124950 EXPERTS TO HELP DONEGAL PEOPLE RESEARCH THEIR FAMILY TREES was last modified: August 13th, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Donegal County Councilfamily treesThe Gatheringlast_img read more


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first_imgThe family of a Donegal teenager murdered by loyalists 45 years ago have withdrawn an application for a fresh inquest into his death.Henry Cunningham, 16, from Carndonagh, was killed on 9 August 1973 when UVF gunmen ambushed the van he was in.Henry’s brother Robert said that the family’s attempts to secure a new inquest are “futile”. In 2008, an Historical Enquiries Team (HET) report said that one of the guns used was stolen from a UDR base.Henry had been travelling home from work in Belfast when UVF gunmen opened fire on the van from a motorway bridge.His older brother Herbert, who was driving, was injured, while brother Robert, was unhurt.The late Henry Cunningham.Speaking to BBC Radio Foyle, Robert Cunningham said after many years of lobbying the Northern Ireland Assembly and the Irish government, the family have come to realise they “aren’t getting anywhere”. He said the Cunningham family “feel very, very let down” by the governments on both sides of the Irish border.“We feel we have reached the end of the road,” he said.“We have been around everyone and everywhere and we are not the only family. There should have been a proper inquest into Henry’s death but we realise now that is never going to happen,” he said.An inquest into Henry’s death was held three weeks after he was killed. It returned an open verdict.No one has ever been prosecuted for his murder. Mr Cunningham said the initial inquest should never have happened because a proper investigation into his brother’s killing was not carried out.The effort to secure a fresh inquest had taken its toll on the family, he added.“The way the authorities looked at it at the time was probably that we were from Donegal and we didn’t know any better at the time,” he said.Paul O’Connor, from the Pat Finucane Centre, said as funding for fresh legacy inquests was not being made available, he could understand the Cunningham family’s decision. “The family do not want to wait anymore for something that is not going to happen,” he said.“If we are to be honest, there is a legal duty on the British government to ensure that inquests are properly funded as the Lord Chief Justice has demanded.“Today represents a shameful day for the justice system,” he added.Family withdraw inquest request over murder of teenager was last modified: August 8th, 2018 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more


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first_imgIt took Mumbai-born, London-based entrepreneur Sanjiv Mehta five years to buy the East India Company (EIC), a 400-year old brand and possibly the world’s first multinational trading giant. The United Kingdom-based EIC, which was founded around the year 1600, is believed to have laid the foundation of British rule in the Indian subcontinent. In 2003, when the management of the EIC first approached Mehta, a 49-year old diamond dealer-turned beverage distributor and manufacturer of oral care products, it was to ask him to supply pre-packaged tea under the EIC brand. Two years later, Mehta bought EIC’s branded tea business. He went on to purchase all of EIC’s intellectual property rights (which had been dormant for over a century) from private investors for an undisclosed sum. He then invested around $33 million to turn EIC into a luxury brand and in August 2010, launched its flagship luxury food shop in the Mayfair district of London.According to Mehta, EIC’s storied lineage creates a significant connection between the brand and consumers. Mehta is hoping EIC, which has a range of products including tea, coffee, spices, chocolates, furniture, leather goods, fabrics and housewares, can compete against global luxury establishments like Louis Vuitton, Pinault-Printemps-Redoute and Richemont. “We could be the fourth luxury group and the first from the East to be truly global,” he says. Mehta’s next move is to launch a line of gold biscuits and coins in partnership with the Royal Mint of England.Meanwhile, in January, Anand Mahindra, vice-chairman and managing director of Mumbai-based auto to IT conglomerate the Mahindra Group, acquired a minority stake in EIC. Mahindra is believed to have invested more than £20 million (approximately $30 million) for his stake in the company. According to Mehta, the Mahindra Group, which entered the retail sector in 2009 with Mom&Me, an infant and mother-care line, will help roll out the EIC brand in furniture, real estate, health and hospitality, and other businesses in India and globally.The moves by Mehta and Mahindra reflect a growing trend among Indian companies for making major acquisitions that in many cases have little connection with their existing operations. The purchases are often a way for the buyer to gain a presence in the global arena. And in that sense, Indian companies are only playing catch-up with counterparts in countries including China and Japan, who have been making such acquisitions for years. But experts warn that, when considering such purchases, firms must be careful to choose “trophy” buys that will enhance shareholder value.Another prominent recent acquisition was when Pune-based poultry company Venkateshwara Hatcheries (better known as Venky’s) about a year ago acquired the Blackburn Rovers, an English Premier League (EPL) soccer club for £43 million pounds (around $69 million). Venky’s became the first Indian company to own an EPL team. Following the announcement of the purchase, Venky’s chairperson Anuradha Desai said her firm planned to “focus on leveraging the global influence in establishing Blackburn Rovers as a truly global brand.” Since then, Venky’s (which has also made forays into filmmaking) has been trying to get Rovers to play in India. It is also on a search to discover the league’s first Indian player.Other companies, too, have considered investments in soccer. Two years ago, EPL team Manchester United approached the Sahara India group, which has business interests in diverse areas including real estate, finance, media and retail, for a sponsorship. The deal did not materialize, but it whetted the appetite of Subrato Roy, managing worker and chairman of the group. When the Liverpool team was looking for new investors last year, Sahara India was one of the initial contenders (the firm later pulled out.) Also rumored to have been in the race, though he denied it, was Reliance Industries’ Mukesh Ambani. Earlier, Mukesh’s younger brother, Anil Ambani, who heads the Reliance ADA group that operates in sectors ranging from power and entertainment to telecom and finance, was also rumored to have eyed a possible £260 million takeover of the Newcastle United soccer club.Hotels are another favorite with Indian companies. Earlier this year, the Sahara India group made its first foreign hospitality acquisition with Grosvenor House in London’s Mayfair district. “London will be the gateway for Sahara to introduce some of its new business ventures internationally,” Roy said in a statement soon afterward. Smaller firms are making similar moves. The hospitality arm of New Delhi-based aviation company the Bird Group, for example, has snapped up the 48-room Royal Park luxury hotel in London.A Buyer’s MarketUnlike in earlier times, when M&A activities were fueled by a booming stock market and readily available financing, the current round of acquisitions are a byproduct of business affordability, a natural fallout of the global economic downturn. For instance, three years ago, Grosvenor House, then owned by the Royal Bank of Scotland, was valued at more than $1.5 billion. Sahara bought the property at half that price — $726 million.“Bottom fishing is where the value is, and a turnaround is possible,” says Krishnamurthy Subramanian, a professor of finance at the Indian School of Business in Hyderabad. Sanjeev Krishnan, executive director heading the M&A practice at PricewaterhouseCoopers in India adds that rather than going in for top-dollar deals, many companies are making purchases that “create significant impact and bring quick rewards.”The wealth of opportunities for Indian companies in the overall M&A market is reflected in the numbers. According to consulting firm Ernst & Young, in the past year, 263 outbound deals with an aggregate value of $32.4 billion catapulted the outbound share in the total India M&A pie to 47%, a 9% increase over the previous year. There was a sprinkling of vanity deals, too. But Ashok Wadhwa, CEO of Ambit Holdings, a Mumbai-based investment banking and portfolio management company, says, “There are no trophy deals, only game changers.” Wadhwa refers to the Venky’s soccer deal as “following their passion.”Passion, symbolism or otherwise, there are a host of reasons why companies covet particular assets. Most often, the deals are strategic and in sync with the firms’ core businesses. Even so, the market reaction can still be adverse. Take the case of Tata Motors acquiring iconic brands Jaguar and Land Rover (JLR) for $2.3 billion in 2008; Tata Steel’s buy-out of Anglo-Dutch steelmaker Corus for $12 billion or Mumbai-based aluminum and copper company Hindalco Industries’ acquisition of Atlanta-based aluminum sheet-maker Novelis for $6 billion. All of those deals were considered “trophy” buys initially, but concerns about the high acquisition price and profitability adversely affected the share prices of the Indian companies.It’s a different story today. Riding on improved performance and a good product mix, JLR helped Tata Motors’ consolidated profits increase four-fold to $2 billion in the fiscal year that ended in March. The robust performance of Corus’s European operations saw a turnaround in Tata Steel’s bottom line, with a $2 billion profit after tax in the same period. The Novelis turnaround in fourth quarter earnings in May lifted Hindalco shares. Even so, Ambit’s Wadhwa says that Tata’s and Hindalco’s initial struggles have made other Indian companies cautious about similar buys.The ‘Olympic Syndrome’With abundant cash on hand, companies are faced with two options: Reward the shareholders, or look for opportunities to invest. “Many managers believe that they are better off investing the extra cash instead of giving it back to the shareholders, as managers never, ever want to shrink companies,” notes ISB’s Subramanian. According to S. Rajeev, a professor of corporate strategy and policy at the Indian Institute of Management in Bangalore, investing in vanity buys is one way companies hedge their bets. “In an environment where currencies are plunging and the rupee is strong, companies tend to … buy overseas assets instead of [holding onto their] cash and getting hit by inflation,” he says. “It’s … an Olympic syndrome where companies acquire to announce that they’ve arrived, or a late entrant into a category may want to make a splash.”Anil Ambani’s Reliance Big Entertainment is a prime example. A late entrant into the entertainment industry, Reliance Big Entertainment made global headlines in 2008 when it entered into a joint venture with Hollywood director Steven Spielberg’s DreamWorks Studios. Ambani paid $325 million for a 50% stake in DreamWorks and the exclusive distribution rights for India. Since then, the studio has had four international releases and three more are in queue. At the Cannes Film Festival in 2008, Reliance announced deals with the production companies of eight Hollywood actors, including George Clooney, Brad Pitt, Tom Hanks and Julia Roberts.Vijay Mallya, whose businesses range from liquor to airlines, has also made such purchases. In addition to strategic acquisitions in his core businesses, Mallya has invested in fancy boats, thoroughbred horses, a game lodge in South Africa, and small newspapers in the San Francisco Bay area.Not all acquisitions have to be strategic, notes Sanjay Bhandarkar, managing director of investment bank Rothschild. “Indian promoters are classic entrepreneurs, more like private equity players. They may like a particular idea or a business, which has its own glamour and benefits,” he says. Adman Prahlad Kakkar agrees that acquisitions are not always purely about business. Talking to a news channel about Mukesh Ambani’s reported interest in Liverpool, Kakkar said: “It is not just a business deal. It is also a branding exercise. Mr. Ambani is very well known in the [Indian] subcontinent. Some people know him internationally. But everyone from Russia to Timbuktu knows Liverpool. Suddenly, if the ownership of the club changes hands to an Indian, then the Indian becomes center stage. He becomes a world personality.”Global ambitions are clearly key drivers in these trophy acquisitions. When Anand Mahindra bought a stake in EIC, he noted on his group’s website that EIC’s stature reflected his organization’s goals. Mahindra wrote, “EIC had a profound impact on the development of international trade. This immense vision and scope finds a parallel with our own global aspirations to think beyond its size.” Venky’s Desai had a similar logic for the Blackburn Rovers buy: “As the VH Group globalizes, sets up feed plants and hatcheries around the world, the Venky’s brand will get an immediate recognition.”Creating Shareholder ValueWhen it comes to scale and intent in global acquisitions, Indian businessmen are way behind their Japanese and Chinese counterparts. In the 1980s — well before India even started on its liberalization journey — affluent Japanese individuals rushed to buy key pieces of the American landscape like New York’s Rockefeller Center and Pebble Beach Golf Links in California. China’s hunger for global resources has resulted in Beijing — both government and private firms — investing across continents, with technology and consumer markets as focus areas. According to Hong Kong-based deal tracker Dealogic, China has spent $122 billion for outbound M&A deals since 2009 and Japan spent $118 billion. India, on the other hand spent just $38 billion. “In comparison to others, Indian companies have been more restrained,” notes H.V. Harish, a partner at global accounting and consulting firm Grant Thornton.One big challenge is funding. “If a [business owner] is funding a deal with his own personal wealth, then it is nobody’s business,” PwC’s Krishnan points out. “If not, the shareholders will hound him.” Koushik Chatterjee, group chief financial officer of Tata Steel adds, “Nobody can do trophy deals, because at the end of the day you have to create shareholder value.”That can be a challenge because, in many cases, companies don’t have much experience in the industry where they made the acquisition. “Sports is a good business to be in, but the question is do these companies have the capabilities to pull it off?” ISB’s Subramanian asks.IIMB’s Rajeev offers different perspective: “People experiment. If it’s rational, it’s a bet worth taking.” Related Itemslast_img read more