An estimated 214 million people -- about 3% of the world's population -- have migrated across international borders as of 2010. While the percentage may seem small, if the migrants were counted as one nation, they would constitute the fifth most populous country in the world, just behind Indonesia and ahead of Brazil.
Nearly half of these migrants (49%) are Christians, and the top country of origin has been Mexico, followed by Russia and the Ukraine where borders changed after the collapse of the Soviet Union. The second-largest group of migrants are Muslims (27%), among whom the largest share has come from the Palestinian territories, followed by Pakistan, Bangladesh and India.
Jewish migrants represent a smaller share of the total number of those who have crossed international borders to a new destination country. But relative to their numbers, they have by far the highest level of migration compared with other religious groups. About one-quarter of Jews alive today have left their birth country and now live somewhere else.
While migrants come from a very diverse and widespread array of countries, the vast majority end up immigrating to a relatively few areas -- North America, Europe, Australia and the Arab states of the Persian Gulf.
Read the full report for detailed findings on migration patterns among religious groups.
Source: http://pewresearch.org/pubs/2214/religion-religious-migrants-christians-muslims-jews
Friday, March 9, 2012
Sunday, January 1, 2012
2011, a disastrous year for the rupee
In a roller-coaster ride, the rupee plummeted to life-time low levels in 2011 due to a slew of factors such as unrelenting demand for the dollar, the worsening domestic economic scenario and sustained capital outflows.
The domestic currency started the year on a strong wicket and was trading at 44.76 to the dollar in January. In the second part of the year, there was panic reaction in the inter-bank foreign exchange market after cracks started appearing in the Eurozone.
Towards the end of the year, the rupee fell to its all-time low of to 54.30 on December 15, much to the worries of policy makers. On the last day of the year (December 30) the rupee closed 53.10 to the greenback, down over 18 percent from the first day of the year.
Traders attributed the sharp fall to investors rushing to buy dollars as there were no sign of easing in eurozone crisis. They said dollar's increased appeal as a safe haven, especially in times of crisis, generated much demand.
The trouble for the local currency became intense when on worries of economic growth came to the fore along with fears of a higher government borrowings which is budgeted at Rs 4.17 trillion.
Broadly, the rupee fall could be seen in two time periods. First, it fell from 43-44 to 47-48 a dollar in the January-July period and then plunged to 48-54.30 in the August-December period, triggered by the US downgrade by S&P on August 5, which led to scramble for the dollar.
The fall was also precipitated by the poor foreign portfolio inflows during the year. The April-October period saw only USD922 million inflows compared to USD27 billion in the year-ago period.
"While the fall from 43-44 to 48 was due to external factors, especially sovereign debt crisis in the Eurozone, the steeper slide was due to local factors like the structural issues (higher fiscal and current account deficits) faced by the domestic economy," Alpari Financial Services chief executive Pramit Brahmbhatt said.
However, the rupee slide is not a lone phenomenon. Rather, it has happened across all emerging markets as investors globally seek safe haven options in dollar.
"Dollar scarcity was visible throughout the year. Due to Eurozone uncertainty, US banks cut their exposure to European banks. Even inter-bank lending by US banks was restricted, which squeezed dollar availability.
"In turn, the dollar rose against all major currencies, especially the euro," IDBI Bank treasury head NS Ventkatesh said, adding that the depreciation was the natural fall out.
The rupee is one of the worst performers among the emerging currencies, and the worst hit in Asia, losing over 18 percent during the year.
"The domestic economy was visibly slowing down due to higher interest rate regime and policy inaction. Inflation was not showing any sign of cooling down throughout the year, which had impacted the sentiments of foreign investors," Brahmbhatt of Alpari said.
Some experts are of the opinion that given the country's poor share in global trade, coupled with the near-double digit inflation, the present depreciation is in sync with the real effective exchange rate (REER) of the currency.
"If you see trade weight and inflation numbers, the rupee had been overvalued for a long time. So, this depreciation is in sync with the REER," a bank official said.
The REER is the weighted average of a currency relative to an index or basket of other major currencies adjusted for inflation.
In the meanwhile, there was a raging debate with respect to extent of the Reserve Bank's intervention to check the rupee fall.
Interestingly, while there was no formal word from the central bank, in more one than occasion, market players have suspected intervention of the central bank indirectly to check volatility.
The central bank has reportedly sold USD 1.8 billion in September-October and a higher USD 6 billion in November to stem the slide in the local currency.
"Given the resource availability with RBI, the steps taken are in the right direction. Allowing the rupee to move as per market dynamics is a better approach as our currency is partially convertible and forex reserves are not that big," Brahmbhatt said.
Even some of the steps taken up by the central bank to curb speculation and increase dollar flow are lauded by market players.
"The central bank has recently come up with norms like reduction of limit, banning rebooking of cancelled forward contracts, deregulation of NRE deposits, higher ECB limits, doubling of FII holding in infra debts will help in rising dollar flow into the country and check further depreciation," IDBI's Venkatesh said.
What's is in store for rupee is the million dollar question right now and no wonder, nobody is out there to guess the possible movement.
Still, experts believe the rupee will move up to 46-48 range in the second half of the new year as some of the major concerns of global economy and India's see reasonable solutions.
"The rupee should be around 51 to a dollar by March. Beyond that, global trade should revive and the pace of growth of the domestic economy should improve," Venkatesh said.
Brahmbhatt also sees better time for the rupee from the second half of 2012.
"In the second half, the rupee should be in the range of 46- 48 to the dollar," he said adding a lot will depend on fixing the European problem and the direction of domestic economy.
The domestic currency started the year on a strong wicket and was trading at 44.76 to the dollar in January. In the second part of the year, there was panic reaction in the inter-bank foreign exchange market after cracks started appearing in the Eurozone.
Towards the end of the year, the rupee fell to its all-time low of to 54.30 on December 15, much to the worries of policy makers. On the last day of the year (December 30) the rupee closed 53.10 to the greenback, down over 18 percent from the first day of the year.
Traders attributed the sharp fall to investors rushing to buy dollars as there were no sign of easing in eurozone crisis. They said dollar's increased appeal as a safe haven, especially in times of crisis, generated much demand.
The trouble for the local currency became intense when on worries of economic growth came to the fore along with fears of a higher government borrowings which is budgeted at Rs 4.17 trillion.
Broadly, the rupee fall could be seen in two time periods. First, it fell from 43-44 to 47-48 a dollar in the January-July period and then plunged to 48-54.30 in the August-December period, triggered by the US downgrade by S&P on August 5, which led to scramble for the dollar.
The fall was also precipitated by the poor foreign portfolio inflows during the year. The April-October period saw only USD922 million inflows compared to USD27 billion in the year-ago period.
"While the fall from 43-44 to 48 was due to external factors, especially sovereign debt crisis in the Eurozone, the steeper slide was due to local factors like the structural issues (higher fiscal and current account deficits) faced by the domestic economy," Alpari Financial Services chief executive Pramit Brahmbhatt said.
However, the rupee slide is not a lone phenomenon. Rather, it has happened across all emerging markets as investors globally seek safe haven options in dollar.
"Dollar scarcity was visible throughout the year. Due to Eurozone uncertainty, US banks cut their exposure to European banks. Even inter-bank lending by US banks was restricted, which squeezed dollar availability.
"In turn, the dollar rose against all major currencies, especially the euro," IDBI Bank treasury head NS Ventkatesh said, adding that the depreciation was the natural fall out.
The rupee is one of the worst performers among the emerging currencies, and the worst hit in Asia, losing over 18 percent during the year.
"The domestic economy was visibly slowing down due to higher interest rate regime and policy inaction. Inflation was not showing any sign of cooling down throughout the year, which had impacted the sentiments of foreign investors," Brahmbhatt of Alpari said.
Some experts are of the opinion that given the country's poor share in global trade, coupled with the near-double digit inflation, the present depreciation is in sync with the real effective exchange rate (REER) of the currency.
"If you see trade weight and inflation numbers, the rupee had been overvalued for a long time. So, this depreciation is in sync with the REER," a bank official said.
The REER is the weighted average of a currency relative to an index or basket of other major currencies adjusted for inflation.
In the meanwhile, there was a raging debate with respect to extent of the Reserve Bank's intervention to check the rupee fall.
Interestingly, while there was no formal word from the central bank, in more one than occasion, market players have suspected intervention of the central bank indirectly to check volatility.
The central bank has reportedly sold USD 1.8 billion in September-October and a higher USD 6 billion in November to stem the slide in the local currency.
"Given the resource availability with RBI, the steps taken are in the right direction. Allowing the rupee to move as per market dynamics is a better approach as our currency is partially convertible and forex reserves are not that big," Brahmbhatt said.
Even some of the steps taken up by the central bank to curb speculation and increase dollar flow are lauded by market players.
"The central bank has recently come up with norms like reduction of limit, banning rebooking of cancelled forward contracts, deregulation of NRE deposits, higher ECB limits, doubling of FII holding in infra debts will help in rising dollar flow into the country and check further depreciation," IDBI's Venkatesh said.
What's is in store for rupee is the million dollar question right now and no wonder, nobody is out there to guess the possible movement.
Still, experts believe the rupee will move up to 46-48 range in the second half of the new year as some of the major concerns of global economy and India's see reasonable solutions.
"The rupee should be around 51 to a dollar by March. Beyond that, global trade should revive and the pace of growth of the domestic economy should improve," Venkatesh said.
Brahmbhatt also sees better time for the rupee from the second half of 2012.
"In the second half, the rupee should be in the range of 46- 48 to the dollar," he said adding a lot will depend on fixing the European problem and the direction of domestic economy.
Foreigners can now invest directly in Indian stocks
NEW DELHI: The government on Sunday gave a New Year gift to the stock markets by allowing qualified foreign investors (QFIs), including overseas individuals, to invest directly in Indian stock markets. So far, QFIs were permitted to invest only in mutual fund schemes.
"As a next logical step, it has now been decided to allow QFIs to directly invest in the Indian equity market in order to widen the class of investors, attract more foreign funds and reduce market volatility and to deepen the Indian capital market," the finance ministry said in a statement. Detailed norms are expected to be issued by the Securities and Exchange Board of India (Sebi) over the next two weeks.
By allowing QFIs, the government is opening a new avenue for investment, earlier controlled by foreign institutional investors. Foreign nationals, who wanted to invest in Indian stock markets, came through the sub-account route. Non-resident Indians were, however, permitted to invest directly.
"In this arrangement, a large number of Qualified Foreign Investors, in particular, a large set of diversified individual foreign nationals who are desirous of investing in Indian equity market do not have direct access to Indian equity market. In the absence of availability of direct route, many QFIs find difficulties in investing in the Indian equity market," the finance ministry said.
The move comes at a time when FIIs are withdrawing from Indian equity markets due to problems in their domestic markets.
"As a next logical step, it has now been decided to allow QFIs to directly invest in the Indian equity market in order to widen the class of investors, attract more foreign funds and reduce market volatility and to deepen the Indian capital market," the finance ministry said in a statement. Detailed norms are expected to be issued by the Securities and Exchange Board of India (Sebi) over the next two weeks.
By allowing QFIs, the government is opening a new avenue for investment, earlier controlled by foreign institutional investors. Foreign nationals, who wanted to invest in Indian stock markets, came through the sub-account route. Non-resident Indians were, however, permitted to invest directly.
"In this arrangement, a large number of Qualified Foreign Investors, in particular, a large set of diversified individual foreign nationals who are desirous of investing in Indian equity market do not have direct access to Indian equity market. In the absence of availability of direct route, many QFIs find difficulties in investing in the Indian equity market," the finance ministry said.
The move comes at a time when FIIs are withdrawing from Indian equity markets due to problems in their domestic markets.
Wednesday, March 17, 2010
Lashkar’s Headley will plead guilty in US today
Pakistani-American David Headley, a terror suspect in the Mumbai attacks, will plead guilty before a US court tomorrow, a move that may get him a lighter sentence than the maximum death penalty. Headley, who was arrested by the FBI in October last year, will move a plea bargain which will be heard by US District Judge Harry Leinenweber tomorrow. "Yes, he will plead guilty," John Theis, Headley's lawyer, told PTI. He declined to comment on whether Headley would be pleading guilty to all or some of the charges against him.
The 49-year-old Lashkar-e-Toiba operative had pleaded not guilty to the 12-count superseding indictment filed against him on January 14. He had got away with a lesser sentence after he was arrested in 1998 for smuggling heroin into the US from Pakistan as he cooperated with the investigation in the case. He was sentenced to less than two years in prison and thereafter went to Pakistan to conduct undercover surveillance operations for the Drug Enforcement Administration. Son of a Pakistani diplomat and a Philadelphia socialite, Headley, a Chicago resident, faces six counts of conspiracy involving bombing public places in India, murdering and maiming persons in India and providing material support to foreign terrorist plots and LeT; and six counts of aiding and abetting the murder of US citizens in India.
The 49-year-old Lashkar-e-Toiba operative had pleaded not guilty to the 12-count superseding indictment filed against him on January 14. He had got away with a lesser sentence after he was arrested in 1998 for smuggling heroin into the US from Pakistan as he cooperated with the investigation in the case. He was sentenced to less than two years in prison and thereafter went to Pakistan to conduct undercover surveillance operations for the Drug Enforcement Administration. Son of a Pakistani diplomat and a Philadelphia socialite, Headley, a Chicago resident, faces six counts of conspiracy involving bombing public places in India, murdering and maiming persons in India and providing material support to foreign terrorist plots and LeT; and six counts of aiding and abetting the murder of US citizens in India.
Wednesday, March 10, 2010
Indian-American professor wins $500,000 US science award
Indian-American computer scientist Subhash Khot, most well known for his "Unique Games Conjecture", has received the prestigious National Science Foundation's (NSF) $500,000 Alan T. Waterman Award. The award is given annually to an outstanding young researcher in any field of science and engineering supported by the NSF. The honour includes a grant of $500,000 over three years for scientific research or advanced study in any field of science.
An Indian Institute of Technology, Bombay graduate, Khot is associate professor at the New York University's Courant Institute of Mathematical Sciences. A theoretical computer scientist, he works in an area called "Computational Complexity" which seeks to understand the power and limits of efficient computation.
"Subhash Khot is a gifted and ambitious young scientist," said NSF Director Arden L. Bement, Jr. "He courageously tackles some of the most challenging computational problems, all the while advancing computer security, with vast consequences for the broader security of our personal identities, commercial interests, societal institutions...even for national security as a whole. "Subhash is a brilliant theoretical computer scientist and is most well known for his Unique Games Conjecture," added Jeannette Wing, assistant director for NSF's Computer Information Science and Engineering (CISE) directorate. "He has made many unexpected and original contributions to computational complexity and his work draws connections among optimisation, computer science, and mathematics."
Khot has made significant inroads to identifying "computational intractability" or problems that cannot be solved fast. He has uncovered a problem about probabilistic games called "the Unique Games Problem". His work shows that it lies at the core of a variety of intractable computational problems, NSF said. Khot has received an NSF Career Award, a Sloan Foundation Fellowship, and a Microsoft New Faculty Fellowship. With his colleagues at NYU, Princeton, Rutgers University, and the Institute for Advanced Study, he is part of a $10-million NSF "Expeditions in Computing" grant under which the researchers are seeking to bridge fundamental gaps in our understanding of computational intractability. Khot did his doctorate in computer science from Princeton University in 2003. Currently, an associate professor in the Department of Computer Science at the Courant Institute, Khot was previously an assistant professor at the Georgia Institute of Technology (2004-07).
An Indian Institute of Technology, Bombay graduate, Khot is associate professor at the New York University's Courant Institute of Mathematical Sciences. A theoretical computer scientist, he works in an area called "Computational Complexity" which seeks to understand the power and limits of efficient computation.
"Subhash Khot is a gifted and ambitious young scientist," said NSF Director Arden L. Bement, Jr. "He courageously tackles some of the most challenging computational problems, all the while advancing computer security, with vast consequences for the broader security of our personal identities, commercial interests, societal institutions...even for national security as a whole. "Subhash is a brilliant theoretical computer scientist and is most well known for his Unique Games Conjecture," added Jeannette Wing, assistant director for NSF's Computer Information Science and Engineering (CISE) directorate. "He has made many unexpected and original contributions to computational complexity and his work draws connections among optimisation, computer science, and mathematics."
Khot has made significant inroads to identifying "computational intractability" or problems that cannot be solved fast. He has uncovered a problem about probabilistic games called "the Unique Games Problem". His work shows that it lies at the core of a variety of intractable computational problems, NSF said. Khot has received an NSF Career Award, a Sloan Foundation Fellowship, and a Microsoft New Faculty Fellowship. With his colleagues at NYU, Princeton, Rutgers University, and the Institute for Advanced Study, he is part of a $10-million NSF "Expeditions in Computing" grant under which the researchers are seeking to bridge fundamental gaps in our understanding of computational intractability. Khot did his doctorate in computer science from Princeton University in 2003. Currently, an associate professor in the Department of Computer Science at the Courant Institute, Khot was previously an assistant professor at the Georgia Institute of Technology (2004-07).
Tuesday, March 9, 2010
IIM Calcutta graduate to get high salaries
KOLKATA: Indian Institute of Management-Calcutta (IIM-C) has turned out to be the first choice of recruiters with the best pay packets in this year's campus placements. One of its students has bagged a record $350,000 (Rs 1.6 crore) offer from a global investment bank based in South East Asia and two more have been offered packages of over Rs 1 crore.
What's more, IIM-C got 91 slot-zero offers (when the largest firms give out the best salaries). That's the highest among all IIMs on Day 1 and 2, say sources. IIM-Bangalore, the second best, is way behind with 64 offers, and IIM-Ahmedabad students got 50 offers during the first two days of placements based on the newly introduced 'cohort system'. These figures exclude pre-placement offers. The three in the crore-plus bracket will join as associates of investment banks in London and Singapore.
There were initial hints that IIM-Ahmedabad had bagged the highest offer of Rs 1.44 crore while IIM-Bangalore's best pay packet was Rs 1.14 crore this year. Later, sources in IIM-C confirmed that one of its students has bagged the highest offer — a staggering Rs 1.6 crore a year. The highest domestic package bagged by an IIM-C student is more than Rs 60 lakh annually for an I-bank's Mumbai office.
Officials, however, refused to confirm the figures or reveal the names of the students. The IIM-C placement process kicked off on Saturday, with financial bigwigs and global consulting firms opening the account. UBS, the Swiss investment bank, hired exclusively from IIM-C. Temasek Holdings, the investment arm of the Singapore government, drew the largest number of its recruits from IIM-C compared to other B-schools in the country. So did Oliver Wyman, a US-based consulting firm, which hired IIM-C students for its offices in New York, London, Singapore and Dubai.
What's more, IIM-C got 91 slot-zero offers (when the largest firms give out the best salaries). That's the highest among all IIMs on Day 1 and 2, say sources. IIM-Bangalore, the second best, is way behind with 64 offers, and IIM-Ahmedabad students got 50 offers during the first two days of placements based on the newly introduced 'cohort system'. These figures exclude pre-placement offers. The three in the crore-plus bracket will join as associates of investment banks in London and Singapore.
There were initial hints that IIM-Ahmedabad had bagged the highest offer of Rs 1.44 crore while IIM-Bangalore's best pay packet was Rs 1.14 crore this year. Later, sources in IIM-C confirmed that one of its students has bagged the highest offer — a staggering Rs 1.6 crore a year. The highest domestic package bagged by an IIM-C student is more than Rs 60 lakh annually for an I-bank's Mumbai office.
Officials, however, refused to confirm the figures or reveal the names of the students. The IIM-C placement process kicked off on Saturday, with financial bigwigs and global consulting firms opening the account. UBS, the Swiss investment bank, hired exclusively from IIM-C. Temasek Holdings, the investment arm of the Singapore government, drew the largest number of its recruits from IIM-C compared to other B-schools in the country. So did Oliver Wyman, a US-based consulting firm, which hired IIM-C students for its offices in New York, London, Singapore and Dubai.
Monday, March 8, 2010
Sonia Gandhi, Nooyi in Asia's 8 top power women
WASHINGTON: Congress president Sonia Gandhi, Pepsico's India-born CEO Indra Nooyi and ICICI Bank chief Chanda Kochhar figure in CNN's list of eight of Asia's top power women.
Taking a "look at the key women who are shaping Asia's political and economic landscape" on the occasion of 100th International Women's Day, the CNN's list is headed by China's "Paper Queen" Zhang Yin.
Indra Nooyi, in the second place, "lords over some 185,000 corporate minions in close to 200 countries", notes CNN. "Nooyi's hard-as-nails leadership and her sense of fun (one-time lead guitarist in an all-girls rock band still performs regularly at corporate functions) has earned her spots on many 'best leader' lists in the US," it adds.
"Converted Indian Sonia Gandhi's story reads like a soap opera," says CNN of the third-placed Italy born president of the Indian National Congress and chairperson of ruling United Progressive Alliance.
"Born Edvige Antonia Albina Maino in Italy, she met future husband and Indian political aristocrat Rajiv Gandhi at Cambridge and tied the knot four years later. Rajiv became India's prime minister but was assassinated in 1991.
"Years later (Sonia) Gandhi entered politics as a primary member of the Congress before rising through the ranks to become party leader in 1998.
"Under her leadership, the Congress become the Lok Sabha's single largest political party."
Fifth placed "Chandra Kochhar is no stranger to 'key women' lists," notes CNN. The head of ICICI Bank -- India's second largest bank -- has frequently been named in Fortune's "Most Powerful Women in Business" list. Last year she figured among Forbes' "World's 100 Most Powerful Women".
"Little wonder, considering how the mother of two is responsible for some 15 million customers in India, which makes up a third of India's retail lending," it says.
Others on the list are Ho Ching (4), wife of Singapore Prime Minister Lee Hsien Loong and CEO of Singapore's government-owned investment company Temasek, Bangladesh Prime Minister Sheikh Hasina (6), Hyun Jeong-eun (7), chairwoman of massive South Korean conglomerate Hyundai, and Indonesia's Finance Minister Sri Indrawati (8).
Taking a "look at the key women who are shaping Asia's political and economic landscape" on the occasion of 100th International Women's Day, the CNN's list is headed by China's "Paper Queen" Zhang Yin.
Indra Nooyi, in the second place, "lords over some 185,000 corporate minions in close to 200 countries", notes CNN. "Nooyi's hard-as-nails leadership and her sense of fun (one-time lead guitarist in an all-girls rock band still performs regularly at corporate functions) has earned her spots on many 'best leader' lists in the US," it adds.
"Converted Indian Sonia Gandhi's story reads like a soap opera," says CNN of the third-placed Italy born president of the Indian National Congress and chairperson of ruling United Progressive Alliance.
"Born Edvige Antonia Albina Maino in Italy, she met future husband and Indian political aristocrat Rajiv Gandhi at Cambridge and tied the knot four years later. Rajiv became India's prime minister but was assassinated in 1991.
"Years later (Sonia) Gandhi entered politics as a primary member of the Congress before rising through the ranks to become party leader in 1998.
"Under her leadership, the Congress become the Lok Sabha's single largest political party."
Fifth placed "Chandra Kochhar is no stranger to 'key women' lists," notes CNN. The head of ICICI Bank -- India's second largest bank -- has frequently been named in Fortune's "Most Powerful Women in Business" list. Last year she figured among Forbes' "World's 100 Most Powerful Women".
"Little wonder, considering how the mother of two is responsible for some 15 million customers in India, which makes up a third of India's retail lending," it says.
Others on the list are Ho Ching (4), wife of Singapore Prime Minister Lee Hsien Loong and CEO of Singapore's government-owned investment company Temasek, Bangladesh Prime Minister Sheikh Hasina (6), Hyun Jeong-eun (7), chairwoman of massive South Korean conglomerate Hyundai, and Indonesia's Finance Minister Sri Indrawati (8).
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