1
Blood
and fire in Cairo (Khaleej Times) The climax scene on the Tahrir Square was
appalling. As the security forces moved in to clear the camps set up by the
Muslim Brotherhood since July 3, it was blood and fire everywhere. A large number of charred bodies were also
recovered from the square, which hinted that activists might have been burnt to
death, as they slept in their tents when the action begun. Though there are
conflicting reports, it is believed that more than 125 people lost their lives
as army tanks and police vehicles made their way across the landmark site that
has seen excessive sit-ins for the last one year.
The
Brotherhood had put the casualties at around 250, but there is no confirmation
on that count. The crackdown was imminent, as the authorities had time and
again warned that these protest campaigns had brought national life to a
standstill. The country is deep in the midst of parochial sentiments. The
situation as of now is that while a large number of people have been dispersed
from the square, the agitation campaign still hasn’t come to an end. Supporters
of ousted president Mohammed Mursi are defiant and, if reports are to be
believed, they plan to return to the landmark site once again.
The
bottom line is that Egypt has become accustomed to unrest and instability since
the Arab Spring blew across it, and the fundamental objectives of the uprising
seem to have been lost. The point is this is not the time to score points
either from the government or the opposition. What needs to be done is to pull
the country out from the quagmire of dissent. A national approach to address
political differences cannot be delayed any further. The Brotherhood will do
well by opting for talks rather than sitting idle at the Tahrir.
2 Cisco profit
up, lays off 4,000 (Barbara Ortutay in San Francisco Chronicle) Cisco's earnings and revenue grew in the latest quarter as
demand for its computer networking equipment increased. But CEO John Chambers called the global economy
"challenging and inconsistent" and the company said it is cutting
about 4,000 jobs, or about 5 percent of its work force.
Cisco's revenue guidance for the current
quarter was weaker than Wall Street expected, and shares fell sharply in
extended trading. Revenue rose 6 percent to $12.42 billion from
$11.69 billion. Cisco's performance is widely regarded as a bellwether for
the technology industry. That's because the San Jose, California, company cuts
a broad swath, selling routers, switches, software and services to corporate
customers and government agencies. Cisco's fiscal quarters end a month later
than most other major technology companies, giving it additional time to assess
economic conditions.
Chambers said that economic conditions
in Europe still "vary significantly" by region, with the north and
the UK showing "very positive progress." "We remain
cautious, however, given the instability of the southern region,"
he added. Over the long term, Chambers said that the company still expects
revenue to grow 5 percent to 7 percent, and added that Cisco is in a
"better position in the market today than ever before."
3 Quick fixes aren’t helping India rupee
(Sudeep Jain & Shefali Anand in The Wall Street Journal) India this week
announced several steps aimed at shrinking its large current-account gap and
stabilizing the rupee, but economists and markets have reacted with a shrug.
The rupee has continued to slide. On Wednesday, it was trading at 61.57 rupees
for one US dollar, versus 60.80 for a dollar, before India outlined its plans
late Monday.
The measures, outlined by Finance
Minister Palaniappan Chidambaram, are meant to reduce India’s import bill by
buying more oil from Iran in rupees rather than from the international market
in dollars. On Tuesday, India raised taxes on gold and silver to make
these more expensive in the domestic market, in an attempt to reduce imports. Mr.
Chidambaram expects these steps to help cut
the country’s current-account gap from a record $87.8 billion or 4.8% of gross
domestic product, for the year that ended March 31 to $70 billion, or 3.7% of
GDP, for the current fiscal year.
Many are worried India’s slowing economy
means regular inflows into Indian stock and bond markets and foreign
direct investments will be slower than in past years. The economy is set to
grow at 5% in 2013, much lower than rates of around 9% a few years ago. Foreign
institutional investors, for instance, have pulled out more than $10 billion
from Indian stocks and bonds since June.
Observers say India needs to attract
long-term capital by economic overhauls that would open up more domestic
sectors to foreign investors and making it easier to conduct business. Other
moves to boost investor confidence have stalled, hurting sentiment. India, for
instance, has cleared several infrastructure projects in the last two months,
but these projects haven’t yet begun.
4 Sixty six years of India, Pak freedom (Rahul Singh in
Khaleej Times) Independent
India will be 66 years old today, as will Pakistan. Both countries got their
Independence from British rule on August 15, 1947. Mohammed Ali Jinnah was
Pakistan’s first Governor-General and the main driving force for the formation
of that country. Jawaharlal Nehru was India’s first Prime Minister but Mahatma
Gandhi is considered the father of the nation. Both Jinnah and Gandhi died soon
after their countries’ independence, but Nehru remained to guide India.
In
Pakistan, an elected government has recently given way to another
democratically-elected, an unprecedented devolution for Pakistan, bedeviled as
it has been with coups and long bouts of military rule. Indeed, a disastrous
army dictatorship, that of the bumbling General Yahya Khan, led to a
humiliating defeat at the hands of India, the break-up of Pakistan and the
creation of Bangladesh. Fortunately, India has not broken up. Pakistan imagined
that religion was the glue that would bind it together. It was wrong. India’s
democracy proved to be a much stronger binding force than religion.
Is
India’s glass half full, or half empty? The empty part relates to insufficient
progress in two main areas: Education and health. India’s literacy rate is
still only a little over 70 per cent, which means that over 300 million
Indians, mostly girls, cannot read or write. And the expectancy of life – the
surest indicator of health – is still less than 70 years. Countries like China,
Indonesia and even Sri Lanka, which were behind India in these social
parameters six decades ago, have done better than India.
Where
the glass is half full is in the rapid economic growth India has made in the
past two decades, next only to China’s, creating a middle class of around 300
million Indians. India has become a giant in the information and technology
(IT) areas and a major base for outsourcing jobs and skills for major western
multinational companies. Indian companies like the Tatas and Birlas have also
successfully ventured abroad.
A
quarter century ago, India did not figure among the nations that mattered in
the world. It now matters and Indians can justifiably be proud of that. The
same, sadly, cannot be said for Pakistan. On August 15, 1947, Jawaharlal Nehru
made perhaps his most eloquent speech. He spoke about his nation stepping out
“from the old to the new” and of India’s “tryst with destiny”. That tryst still
needs to be fulfilled.
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