India among top three countries where trust in government remains high

first_imgIndia continues to be among the top three nations where trust in government remains high despite a small slip since last year, according to the Global Trust Index released annually in Davos. The ranking will reassure the Modi government in the wake of tough reforms like demonetisation and goods and services tax.India is also in the trust zone as far as how the public sees business, media and NGOs. Though its position slipped to number three this year from first last year, its rating remains at ‘trust level’ with Indonesia and China ahead of it.   Read it at Economic Times Related Itemslast_img read more

Read More »

Foreign investors fret over India’s surprise capital gains tax

first_imgMinutes after India’s surprise announcement of a 10 percent long-term capital gains tax on equities, Rakshit Sethi’s inbox began filling with emails from worried foreign investors. Sethi, managing director at investment firm Fair Value Capital, could offer few words of comfort.“There is no way to sugar coat it,” he said. “This will have a direct impact.”Even before a sharp sell-off in global markets at the start of this week, foreign investors had responded with dismay after Finance Minister Arun Jaitley said on Thursday that India would tax capital gains for equity investments held more than a year starting on April 1, re-imposing a tax scrapped in 2004.Read it at Reuters Related Itemslast_img read more

Read More »

Yours Conveniently

first_imgAmerica is a nation of unending highways, millions of automobiles and people on the move. An intrinsic part of this ballad of the road is the ubiquitous convenience store, that small patch of light in a sea of darkness, a moment of respite for the weary traveler. That foam cup of black coffee, that donut is never more welcome or rejuvenating.  Dilip Patel owns 20 Pantry One stores in New JerseyOver the years the arteries of these stores have spread from the wilderness and small towns to suburbia, to the urban jungle of big cities, to the streets and the lobbies of skyscrapers. Since they are open 24 hours 7 days a week, they are a small oasis for the road weary and also for the 8 hour shift work warriors who have simply forgotten to buy bread or need their quick fix of a lottery ticket.Increasingly, you can safely bet that the person who hands you your change or your cup of coffee is South Asian. The National Association of Convenience Stores (NACS) estimates there are over 140,655 convenience stores in the United States with annual sales of $495 billion. This half-trillion-dollar retail channel comprises of many small entrepreneurs, besides the well-known multi-state and nationwide chains, such as 7-Eleven.While there are no tabulated figures for South Asians, industry watchers estimate the number of South Asian owned stores nationwide between 50,000 to 70,000, almost a third to half of the total. Satya Shaw, president of Asian American Convenience Store Association, (AACSA) which was formed in 2005, estimates there are about 70,000 South Asian owned stores, raking in over $100 billion in revenues.According to Tariq Khan, chairman of the National Coalition of Associations of 7-Eleven Franchisees, the largest convenience store chain in the country, more than 50 percent of the chain’s franchised stores are owned by South Asians. Of the 1,200 7-Eleven stores in California alone, at least 600-700 are owned by South Asians. Speedy Mart’s Bipin Patel: I didn’t have any godfather to guide me. I had to get used to this whole business and I didn’t have any experience. “We are definitely even a larger number than the Asian American motel ownership,” says Khan about the convenience store industry. In his 25 years of traveling across the continent for 7-Eleven related business, he has met thousands of C-store owners, both in various franchises as well as independent stores. He says, “Today, if you travel across the country, you will not go 30 miles without seeing owners who look like us.”The convenience store industry continues to be dominated by small, independent operators, who typically own and operate a single store. According to NACS, nearly 60 percent of all stores in the United States are independently owned. At the other end of the scale, stores owned and operated by chains owning 500 or more stores account for some 13 percent of all convenience stores.The majority of South Asian owners seem to lease or own independent stores. Says Shaw of AACSA, “Just as initially the motel owners went for independent properties rather than franchises, 60 percent of the Indian owned stores are independent, non-franchise stores.”Why are South Asians in the C-store business in such massive numbers?“Retail is an occupation held in highest esteem in many other countries, so naturally retail is a preferred channel for many new Americans,” says Michael Davis vice president for Retailer Services, NACS. “Retail also is an occupation that can easily transfer among borders, cultures and languages. The convenience store industry also offers affordable entry points.”South Asian immigrants have long played a role from working in C-stores, to managing them, leasing them and increasingly owning them. These stores have become the building blocks of a comfortable livelihood in America, and the road to success is often paved with Slurpees.“I really think we are the backbone of the industry. With all the bankruptcies in the 90’s of convenience stores, I think Indians and Pakistanis are the reason the companies survived, because we came in and bought those stores,” says Khan, who migrated to the United States from Pakistan in the 1970s. “All those stores went belly up in the Midwest and when they were gobbled up, they were gobbled up by people like myself.” Harry Singh: Punjabis, as you know, especially have the desire to be on their own, starting from back home. That’s what I wanted to do from the beginning, not necessarily be reporting to someone everyday. The classic example of the business savvy and chutzpah in the C-store business is H.R. Shah, who came to the United States in the 1970s from a poor rural family in the village of Bahadarpur, where even with a college degree, he could not find a job. Life was hard, or as he colorfully puts it, “It was kabhi khushi kabhi gaam.”After arriving in the United States, he worked at a friend’s grocery store where he learnt the business. Later he became a commercial real estate broker, helping immigrant clients find retail stores. Over a decade, he learnt the ropes of the business and built up profiles of thousands of Indian buyers in the tri-state area.One day the Krauszer’s chain, one of the oldest in the country, came up for sale. Started in 1910, it had fallen on hard times and its 300 stores were facing bankruptcy. Shah, who by now knew the convenience store business well, bid on the stores and acquired them for 30 cents on the dollar. He says with satisfaction, “I was the first Indian to own a convenience store chain and I managed to save the jobs of 1,300 employees.”Since he had a ready list of Indian and Pakistani potential buyers, he sold most of the stores, keeping just a few in his company, National Food Stores. Many stores were sold to existing managers, turning them into owners while he kept the rights to the Krauszer’s name. He added additional stores in Connecticut, Maryland and Pennsylvania to expand the chain to 400 stores. Ismail Ali: The convenience store business is recession proof, because everyone needs bread and beer and lottery tickets. I always felt safe in the convenience store industry. Shah credits his good fortune to the day he bought the Krauszer’s chain, “That was the turning point in my career.” He recalls that many of the South Asian store owners he sold to now have five, even ten stores today.So why do desis tend to gravitate to the C-store business? “In this business you don’t need experience – the prices are on the merchandise. You don’t even have to know much English. You can get by with ‘Good morning’ and ‘Thank You’ and ‘Have a nice day,’” he says. “This business is also recession proof, because every morning people need the newspaper, bread, milk, coffee and cigarettes. If they don’t have a job, they’re likely to be still drinking coffee, perhaps having more cigarettes and certainly reading the newspaper.”He jokes that while the hours are long, C-store owners save even more by not having the time to party: “So it’s saving, saving and more saving. Seven days a week, you work 12 hours a day and with those savings you can buy another store.”Another major player is Raj Vakharia, who is partner in the 280-store Uni-Mart, a leading convenience store and gasoline station chain in Pennsylvania, New York, Delaware and Maryland. The Company also operates discount tobacco stores under the name “Choice,” and two-thirds of its locations also sell gasoline. Recently the company was in the news after several store owners sued for fraud and breach of contract, claiming they were misled about operating costs and profitability.For long, the only South Asian on TV was Apu Nahasapeemapetilon, the owner of the Quik-E-Mart in the TV show The Simpsons. He is known for having worked for 96 hours straight, taken so many bullets that bullets ricochet off the bullets already lodged in his body! He is savvy, brainy and a one-man dynamo of energy. And a Ph.D to boot.The stereotype has a sliver of truth, as hard work, family solidarity and resourcefulness are at the root of South Asian success in the C-store business. Many owners have professional degrees and include some physicians. Dinesh Gandhi, of Tampa, Fl., owns two C-stores and two hotel properties, besides six other stores where he is partner. All his stores are non-franchise with names like Kamala Food Stores, named after his mother, and A and Z Discount Beverages. All have Citco Gas stations attached to them.Like many successful entrepreneurs, his initial days were rough.Gandhi, who came as a student from Navsari in Gujarat, worked part-time in the motel industry and then in a convenience store before finally buying it. Was it difficult? “Yes and no. Rome wasn’t built in a day,” he says. “It’s always tough to start. Being a newcomer, it’s hard getting financing and also help in the store.” South East Petro Distributor’s Mike Shah: “Truly speaking, there’s a lot of pride in what I do. I love what I do – and that’s the important thing. So it’s something quite wonderful, considering you can start from nothing and get to where you have? “Absolutely,” says Gandhi. “That’s the beauty of this country. We worked so hard – 16 hours a day, seven days a week. Also we get help from the friends and family. The loan process in this country is not as hard as in India. Once you work hard, you can grow faster.”Gandhi, president of the Gujarati Samaj and founder member of AACSA, ruminates about the ups and downs of the C-store business. “Right now you can call it as the fun part, but it was really tough in the beginning. You came with empty hands. You had no contacts and very little money. But you triumph over the obstacles, such as collecting the money, manpower, running the store with little money – so you go day by day. It’s a big opportunity and you don’t want to lose that opportunity, but you have so little money.“My wife and my brother were helping me and we were working round the clock. Americans work 40 hours; we hardly slept 40 hours a week! There were so many different jobs to do. As one man running the store you are working as a cashier, as janitorial guy, you are also doing the ordering and the banking. 7 Eleven’s Tariq Khan: Today, if you travel across the country, you will not go 30 miles without seeing owners who look like us.“In the evening you fill up the cooler, mop and clean the restroom. We would hardly sleep till midnight and we would have to get up at 5 am. So it’s not a fun job. As they say in Hindi, ‘dukh ke din nahin par bahut sankat ke din the. (They were not days of sorrow, but days of great difficulties.) Your goal is to grow fast and have your own store. You borrow the money and you want to return it fast.”His story is repeated by almost every South Asian entrepreneur on both coasts. Bipin Patel, president of Speedy Mart Development Inc., in Springfield, N.J., has a tough-time story he can relate. When he came from Nadiad, a small city in Gujarat in 1984, the future looked bleak. He had married a green card holder and for the first few years he worked in small stores. Since his wife’s family worked in manufacturing, they had no contacts in the C-store business. He recalls, “I didn’t have any godfather to guide me. I had to get used to this whole business and I didn’t have any experience. It was difficult to even run the cash register because I had no experience in a working store.”He was a fast learner, because not only did he create his own store – Speedy Mart – but turned it into a franchise. Today there are 45 Speedy Marts and he owns 25 of them. He says, “We have grown because of the employees. Most of those who worked for me for a year or two and have some money, we take them as partners when we find a new store. So we believe in teamwork very much and growing together, because without your people, you cannot grow.”Patel is president of the Asian American Retailers Association (AARA), which is planning to go national. Started last year, AARA has 500 members, who own 1,000 stores, including Krauszer’s, 7-Eleven, Quick Marts, and Pantry One. Dinesh Gandhi: The only goal is you want to grow fast and have your own store. You borrow the money and you want to return it fast.“We are fighting for the rights of store owners, because there are so many different taxes and tough laws about selling tobacco,” says Patel. The price of cigarettes in New Jersey is much higher than neighboring states, which makes it difficult for C-store owners to profit on them. He says that the largest profit is in prepared foods, deli and sodas. While the share in lottery sales is just five percent, it is big volume and C-store owners can make almost $1,000 every week in commissions.C-stores are increasingly organizing around tobacco and oil taxes and lottery ticket sales, which are often governed by local and state laws, resulting in a proliferation of organizations. Twelve of these associations have bandied together into the National Alliance of Trade Associations (NATA).“There’s a common thread which combines all of the owners and members of these associations. The fact that all of us belong to the same community – that is the Ismaili Muslim Community,” says Ebrahim Jaffer, chairman of NATA, and president of the Atlanta Retailers Association (ARA).“We are the followers of Aga Khan. The Aga Khan Development Network is the world’s largest human development organization with approximately $300 million and over 60,000 employees across the world.” The organization includes Ismailis from India and Pakistan as well as other parts of the world.NATA represents both major players and small independent store owners. Most of the convenience stores are combined with gasoline sales, which includes brands like Shell, Chevron, Exxon, Diamond Shamrock and Valero.Jaffer, who is from Pakistan, came to the United States in 1973 and after studying in Utah, he moved to California and then to Atlanta to operate convenience stores. He owns several C-stores and gas stations in the metro Atlanta area. “The Ismaili community realized that the convenience store-gas station industry was one that we could get involved with and given our entrepreneurial background, it would be a great entry point in the economic development of the community,” he says. AASCA’s Satya Shaw: Just as initially the motel owners went for independent properties rather than franchises, 60 percent of the Indian owned stores are independent, non-franchise stores.The Ismailis, who are known to be astute traders, started buying stores, improving them and cutting expenses and increasing sales. Jaffer credits the economic environment of America for this success as it encourages small business ownership, but he also emphasizes the South Asian work ethic: “The fact that you can get in, you can learn the business, you can become the manager, you can lease a store and then go on to own the property and then go on to multiple locations – that is possible because it requires business acumen and hard work and dedication. Given the nature of our historical entrepreneurial background, this was a natural progression and the opportunity was there.”The C-store owners are increasingly developing clout: ARA has established a credit union in Atlanta and the Greater Austin Merchants Association has set up a warehouse in Austin, Texas. NATA is also courted by the big brands: officials held a meeting with Indra Nooyi, CEO of PepsiCo in Houston, while in Atlanta they were invited to the Coca-Cola Company’s headquarters where the NATA flag was flown. Recalls Jaffar Peermohammad, president of GAMA, “My heart was pounding with honor and pride to see the NATA flag being hoisted along with United States, Georgia and Coca-Cola company’s flags.”Ismail Ali is another Ismaili from Hyderabad, India, who owns 10 Shell, Texaco and Citco stores in Austin, Texas, and is vice president of GAMA. He says the strength of the industry is in its ability to withstand economic downturns. He recalls, “When my son graduated from the University of Texas in 2000 the computer industry was booming. The first job was very good, but then in 2003 he was laid off. So he joined me in the business. The convenience store business is recession proof, because everyone needs bread and beer and lottery tickets. I always felt safe in the convenience store industry.”For all the success stories, the convenience stores are also a place of nightmares, of armed robberies and shootings, where sometimes you pay with your life. Just last month 55-year-old Rahul Patel of P.K. Food Store in Tampa, Fl., was fatally shot in his store. He leaves behind a wife and children.Besides armed robberies, there is also vandalism, shoplifting and incidents of people driving off without paying for gas. All the owners said they instruct their workers not to play hero and confront robbers. The trade organizations have been active in conducting seminars with experts and police departments to instruct workers on dealing with safety and security issues, and how to keep the stores well-lit and clutter free, so the interiors are visible from the street. Krauszer’s H. R. Shah: This business is also recession proof, because every morning people need the newspaper, bread, milk, coffee and cigarettes. If they don’t have a job, they’re likely to be still drinking coffee, perhaps having more cigarettes and certainly reading the newspaper.” Often workers have to be taught about the communication gap with the outside world, as became apparent in the recent Operation Meth Merchant, in which several South Asian convenience store owners in Georgia were rounded up for allegedly supplying methamphetamine precursor chemicals to buyers. Human rights groups have charged that racism was behind the targeting of these stores, since 23 of the 24 stores targeted in the undercover operation were Indian-owned. Satya Shaw of AACSA says at the recent convention seminars were conducted to educate owners on avoiding such problems in the future.The other problem for convenience store owners is the labor crunch. As Bipin Patel says: “This being an 18 hour a day cash business, it’s important to have good workers. If a couple of workers don’t turn up then it’s very difficult. That’s why we have stopped buying businesses. The employee crunch is big time, because everyone wants to work for bigger companies where they will get medical benefits. Small businesses just can’t give those benefits.”Nevertheless, many South Asians thrive in the business. Florida is the scene for flourishing South Asian convenience stores with many Circle K, 7-Elevens and independent stores. According to Dinesh Gandhi, after Walmart entered the Florida market aggressively, several convenience store chains were driven out of business and were picked up by Indians, who converted them into independent stores.Michael Shah of Southeast Petro Distributors and All American Oil owns 100 convenience stores cum gas stations in Florida and is also a gas broker. Gasoline is important as it draws people to the convenience store where they end up buying many more products.Shah is an architect who left Gujarat in the 1970s to work in South Africa. He practiced architecture for many years in Connecticut until the family decided to move south to warmer climates and hit upon the gas and convenience store business. Shah has helped many newcomers acquire stores and gas stations. When his son Summit graduated from college he joined his father in the business, and his daughter, who graduated from Georgia Tech, has just started her own gas station-convenience store in Atlanta. Shah says he is planning to get into Atlanta on a big scale.Done right, there is good money in the business, and Shah knows of people who earn $200,000 selling gas and candy in Cocoa Beach in Broward County. They share a community with physicians and professionals and bandied together to buy 36 acres of land to build a Hindu temple and community center. Recalls Shah, “In one meeting with 40 people, which included three doctors and about 35 C-store owners, we raised $5 million in two hours.”Any regrets about leaving architecture? “Not at all, not at all,” says Shah. “Truly speaking, there’s a lot of pride in what I do. I love what I do – and that’s the important thing. When you love what you do and when you do what you love, success is going to be there. That’s the key and that’s what I try and explain when people call me from Detroit or Texas, wanting to start a convenience store-gas business. I tell them come and see it and try it for 3 to 4 weeks before you get into it. It’s very important that you must like it otherwise don’t get into it.” GOT SOME GUM? The top 10 in-store product categories (in terms of consumer sales, not including gasoline):1. Cigarettes 2. Packaged Beverages (non-alcoholic) 3. Foodservice 4. Beer 5. Other Tobacco 6. Candy 7. Salty Snacks 8. General Merchandise 9. Fluid Milk Products 10. Packaged Sweet Snacks PUNJABI PASSION THE MOBIL OIL KING  Harry Singh, who heads Bolla Management Corp. in New York, has 16 plus years of experience in gasoline, C-store, auto repairs and car wash business with Mobil. He is a president of 19 ExxonMobil and 11 Sunoco businesses in New York. He is also a gas dealer in Suffolk County, Long Island. He’s been awarded the International Franchisee Award by the International Franchise Association, a global association on behalf of ExxonMobil.All in all, it’s a multimillion dollar business encompassing convenience stores, gas stations and real estate.It all started in his village of Surapur in Punjab, for as he says, “Don’t forget back home the Punjabis are very seriously in the transport business. A lot of Punjabis here started by driving taxis and being in the automotive business was a way for them to remain close to the work they did back home. On the west coast not only are there Punjabis involved in driving trucks, they also own transport businesses.”Today he has 35 gas stations and 17 of them have repair shops attached, but the others have changed with the times. He says, “Convenience-stores came from the west coast and did not originate in NYC. Now 70 to 80 percent of the gas pumps here have C-stores attached. Many are Exxon and Mobil franchises, and they have very well structured stores like A-Plus and On the Run.”Singh says the business is so lucrative that his son who’s just finishing college is also joining him. He says: “It’s not just a convenience store, it’s much more. Now we are talking about commercial real estate and managing development business. It’s starting at one point and then you keep moving on.”What he likes about the gas and convenience store business is that you can be your own boss: “Punjabis, as you know, especially have the desire to be on their own, starting from back home. That’s what I wanted to do from the beginning, not necessarily be reporting to someone everyday. I wanted something of my own which I could be proud of.”There’s no doubt he has a passion for the business: his email address – Mobil Oil King – says it all! TEXAS IS NUMBER ONE Texas alone is home to one-tenth of all U.S. convenience stores, with 13,884 convenience stores in the Lone Star State. The rest of the top 10 states in terms of total stores are: StateStoresTexas1,3884California9,597Florida9,090New York7,376Georgia6,121North Carolina6,098Ohio4,968Michigan4,642Virginia4,398Illinois4,378  Motels v C-Stores  South Asians have long dominated the motel business. But in some ways their concentration in the convenience store sector is growing even more rapidly. There are an estimated 50,000 to 70,000 South Asian owned convenience stores run in the United States; by contrast the number of South Asian motels are estimated at around 25,000.“In the gasoline-convenience store business you can see the cash flow right away whereas in the motel business the only time you see the cash is if you can sell it for a better price, otherwise you end up spending money on improvements all the time. In the motel business you have to pay the franchise fee whereas in the gasoline business the oil companies give you an incentive for 3 to 4 years, depending on the location and volume, to carry their brand. If you were to go to Best Western or Comfort Inn and say you want their brand, the requirements would be very strict. You’d have to put in half a million to a million to get that franchise whereas in the convenience stores, the oil company gives you the incentive to use the brand.There are several companies, including BP, Shell, Sunoco, Texaco, Amoco, Texaco, Chevron – you fly their flag, but the convenience store can be your own name and design.” Mike Shah, Southeast Petro Distributors. Related Itemslast_img read more

Read More »

Immigrant Entrepreneurs Overdrive

first_imgEmma Lazarus’s words at the base of the Statue of Liberty – “Give me your tired, your poor, your huddled masses” – are well known. According to a new study “highly educated” and “entrepreneurial” should be added to the list. Based on a survey of 28,000 companies, the study led by Vivek Wadhwa, an executive-in-residence at Duke University’s Pratt School of Engineering, found that immigrants in the U.S. who are creators of companies combine entrepreneurial drive with strong educational backgrounds, especially in the so-called “STEM” areas (science, technology, engineering and mathematics).The new research is a follow-up of a study published earlier this year by Wadhwa and his team, which had found that immigrants were one of the key founders in more than a quarter of all the engineering and technology companies set up in the U.S. between 1995 and 2005. Further, it counted $52 billion in annual sales by these immigrant-founded companies, which employed 450,000 workers in 2005.The researchers say the “startling statistics” they have put together show that the U.S. economy depends upon the high rates of entrepreneurship and education among immigrants to “maintain its global edge.” Wadhwa, in particular, says the findings call for substantial relaxations in U.S. immigration policy. Other experts who have weighed in on the project, however, don’t see that as the logical next step.Educated and DrivenAccording to the study, 96% of the immigrant founders held graduate or postgraduate degrees, with 47% holding master’s degrees and 27% having PhDs. About three-quarters had their highest degrees in the STEM fields. The largest concentrations outside of that were in business, accounting and finance.Wadhwa says the Duke project underscores the point that a significant portion of immigrants in the U.S. are highly educated, fueling a tech boom, leading innovation and creating jobs. The report cites U.S. Census data to say that immigrants from India, the U.K., China, Taiwan, Japan and Germany are better educated than native U.S. citizens.The results of the study are especially significant for Indian immigrants, according to Wadhwa. “Indians are among the best educated of all immigrant groups,” he says, adding that Indians founded more engineering and technology companies in the U.S. in the decade up to 2005 than the next four groups combined — those from the U.K., China, Taiwan and Japan. They accounted for 26% of all startups, about 117,000 jobs and $14 billion in revenue in 2005.But that trend could be arrested or reversed by a growing phenomenon: Large numbers of skilled Indian immigrants are returning home. Many of them are heading back, Wadhwa says, because of the six-to-ten years it takes for their green cards – or permanent immigrant status – to arrive.“This is a double loss for the U.S. One is that we lose good people. The second loss is that they will become our competitors,” he notes, adding that this is true for many Chinese, Russian and European immigrants too. As a way to curb the outflow of immigrant talent, he suggests that the H1-B (temporary, nonimmigrant) visa be abolished altogether. “Instead, [we should] expand the number of green cards we issue to skilled immigrants” and allow these skilled immigrants to come in on permanent visas.H1-B visas are problematic because they distort salaries, “and they do reduce American salaries; the critics are right about that,” says Wadhwa. “If you come on an H1-B visa, your wife cannot work and she cannot get a driver’s license. For six or 10 years, you cannot buy a house, because you don’t know if you are going to be here or not.”David Hart, professor at George Mason University’s School of Public Policy in Fairfax, Va., who has seen Wadhwa’s findings, agrees that “there are a lot of things that need to be fixed in the present immigration system.” But he doesn’t see a strong case for scrapping H1-B visas, because “you may need temporary people in particular occupations.” Also, he feels temporary H1-B visa holders shouldn’t see their prevailing status as “a holding pattern for a green card.”But Wadhwa argues that H1-B visas enable employers to exploit the vulnerability of skilled temporary workers. “No matter what we say, if you have an employee who can’t leave you, you are not going to pay him more money than you have to,” he says. “You are not going to treat him as nicely as someone who can leave.”A Cautious Assessment“The study raises important questions,” says Hart, whose research focuses on how public policy influences scientific knowledge and technological innovation. Yet, he says he wouldn’t want to take “one study of an important subject like immigration as gospel truth,” and urges follow-up studies. “It’s great that they opened up the subject. I would like to see a vigorous debate on this.”Wadhwa is leading another research project that looks specifically at the share of immigrant patents, and a study that looks at the contributions of Indians and Chinese to that total. Both studies will conclude by August.Hart, however, says he has “concerns about how strong the evidence is on what are the causes of this phenomenon.” He feels the Duke University team should have engaged a research firm with a specialty in the subject to do the surveys. “[It] can be sensitive … to ask about someone’s immigration status, so it is possible that the response isn’t totally accurate,” he says. “We don’t know which way the bias could have been. There are survey techniques that can minimize those biases.”According to Wadhwa, there are many who don’t like the study’s findings and try to “explain them away. Our students simply called up companies and asked if their CEO or CTO was an immigrant and what country they were from. How could the question be simpler, and how could there be bias in this? It doesn’t make any difference who asks this question – in fact, I would argue that students have less bias than others.”Wadhwa notes that his team also conducted two separate surveys – one with 2,000 companies and another with 1,500 companies – and that the results were consistent. “The fact is that legal, skilled immigrants are contributing significantly to the U.S. economy, have created more jobs than all the numbers of such skilled immigrants we have admitted over the last decades, and are helping the U.S. keep its global lead,” he says.In anticipation of skeptical reactions, Wadhwa has increased his sample size to “two or three times what we would have needed.” In fact, he feels he could have gotten away with a fifth of the sample he had. “I wanted to have too much, rather than too little, because I knew there would be a lot of criticism.”Robert Litan, vice president for research and policy at the Ewing Marion Kauffman Foundation in Kansas City, Mo., which funded part of the project, says the study highlights “the importance not only of immigrants in forming these high-growth companies, but also of the role of our educational institutions in attracting immigrants.” His takeaway from the Duke project: “We as a nation would be foolish to cut back on accepting immigrants who want degrees in science, technology, engineering and mathematics.”But Hart says that’s not so clear, noting that oftentimes when people write about such issues, they end up saying that the U.S. needs more highly skilled immigrants. “It is not obvious that it is the right conclusion to draw, because it could be that native born people are being deterred from entering some of the fields by the number of immigrants,” he says.Evidence exists to show that for native-born citizens, the payoff for going into science and engineering occupations is not that high compared to, say, law or medicine, Hart adds. “You could go to law school or do a PhD in molecular biology, but the lifetime difference in earnings is about a million dollars. The payoffs of going into science are pretty uncertain. But if you were to come to the U.S. and the average salary in your country is a fifth of what it is here, it’s a much different set of options.”Education Comes First Did these immigrants enter the U.S. with the intent to be entrepreneurs? The answer is no, according to the study’s findings. In their interviews with the immigrant founders of companies, the researchers learned that more than half of them came to the U.S. to pursue higher education; another 40% came for employment; 5.5% came because of family reasons, and only 1.6% came expressly with the intention of starting a business. More than three-quarters of the immigrant founders surveyed came to the U.S. after 1980, but took an average of 13 years after arrival to set up their firms.In what may run counter to conventional wisdom, the researchers found that more than half (53%) of the immigrant founders of technology and engineering companies secured their basic undergraduate degrees in their home countries. They went on to acquire their highest degrees from U.S. universities.About 91% of Indian immigrant founders completed their undergraduate degrees in India, while that number was 35% for Chinese immigrants and 97% for the Taiwanese. “This shows that undergraduate education in India is pretty good,” says Wadhwa, adding that the data doesn’t show that to be the case with China. In addition, most of these immigrants did not come from the elite schools in their countries. Instead, they graduated from a diverse set of schools “many of which are considered second- or third-tier universities.” Companies founded by immigrants tended to cluster in the country’s major technology centers, which also predictably overlapped with concentrations of immigrant population, the study found. In the 11 tech centers covered by the study, 31% of the startups had an immigrant key founder, compared with the national average of 25%.Immigrant-founded companies accounted for a large portion of the total in the key technology centers, including Silicon Valley (52%), New York City (44%) and Chicago (36%), according to the research. Immigrant founders scored the lowest in other technology clusters like Portland, Ore., (18%), Research Triangle Park (19%) and Denver (19%).While the Duke project appears to have generated renewed interest in understanding the contributions of immigrants in the U.S., Wadhwa doesn’t see it getting much traction in policy circles, where “the focus right now is on illegal immigrants. It’s very difficult to get them to focus on legal immigrants.”Unlike in earlier years, Wadhwa doesn’t expect the Indian government, for one, to lobby for easier green cards for its people in the U.S. “Right now, India wants its people to come back home,” he says. “India has gone from a country which was dependent on revenues from foreign workers to one that is booming on its own. It needs all the skilled people it can get.” knowledge.wharton.upenn.edu Related Itemslast_img read more

Read More »

Steel Businessman Accused of Rs 2,112 Crore Fraud Traced in London

first_imgThe Enforcement Directorate (ED) will attach more properties of Pramod Kumar Mittal, the former chairman of Global Steel Holdings Ltd, for allegedly swindling Rs 2,112 crore of government-owned State Trading Corporation (STC), IANS reported.The ED attached Mittal’s properties that were valued at Rs 245 crore in May 2017. “The ED will attach more properties of Mittal in the coming days,” the report said, citing a source. It added that the agency officials stumbled upon his whereabouts when they were looking for absconding jeweler Nirav Modi and his uncle Mehul Choksi in the nearly $2 billion fraud case involving the Punjab National Bank. The source said, IANS reported, that Mittal is now in the United Kingdom and the agency has got hold of his address in London.Mittal, who is the younger brother of steel mogul and ArcelorMittal chairman-CEO Lakshmi Mittal, has not appeared before the agency since 2017 despite being summoned thrice. Mittal was booked in March 2017 by the Central Bureau of Investigation (CBI) for alleged default on credit repayments to the State Trading Corporation, which caused a loss of Rs 2,112 crore to it, PTI reported last year.The CBI claimed that Mittal’s company sought the assistance of STC in getting financing facility through Letters of Credit for purchase of raw materials for their plants in Philippines and Bosnia, Firstpost reported. Global Steel Holdings Ltd is registered in Isle of Man.In its FIR, the CBI had also named Lalit Sehgal, the former chief executive officer of Global Steel Philippines Inc., former STC chairman and managing director Arvind Padalai and 18 former executives of the public sector undertaking.The Firstpost report quoted CBI as satating: “As a result of revised system of payment, the associate (GSPI and GSHL) got easy money for longer period to fund their operations with no pressure to repay STC dues. Since April 2005 a total 80 Letter of Credits (LC) were opened by STC in favour of suppliers. The first LC number 5174 valued at US $7383872 was opened on 09.06.2005 and the last LC was opened on May 2010. The STC officials in conspiracy with GSPI and GSHL representatives opened fresh LCs despite the fact that outstanding amount was increasing every year due to default in payment. Due to changes in market conditions/global meltdown the plant operations of GSPI were shutdown in 2008. There was an outstanding of Rs 729 Crores as on 31st March 2009. However, ignoring the fact that outstanding amount was not being paid by the GSPI and market was very volatile, STC officials in conspiracy with GSPI representatives proceeded to make further funding in May 2009 and continued till May 2010, thus exposing STC to further financial risk.”It added: “At the time of conciliation agreement on 15th November 2011, Pramod Mittal Chairman of GSPI and GSHL gave personal guarantee and also gave an undertaking that he would not transfer, sell and mortgage his investment in JSW Ispat Steel Limited as security totaling $38,96,27,333. However, BD Majumdar, then CGM STC in conspiracy with GSPI, GSHL did not take action to securitize the securities in favour of STC. Subsequently, Pramod Mittal cheated STC as he diluted the securities by transferring/selling them without STC knowledge for which the matter is pending before the court.”Mittal failed to make payment to STC as per terms of agreement signed by them, the agency alleged. “The cheques given by GSHL and GSPI against the outstanding dues were dishonored for which the matter is pending before the court,” it added, according to the report.The ED and the CBI will coordinate to get a red corner notice issued against Mittal, the report added. A lookout circular was issued against Mittal last year, according to an ED official, reported IANS. “After the prosecution case is filed, the ED will initiate the process of issuing the red corner notice against Mittal through the Interpol,” it added, quoting a source. Related ItemsEnforcement DirectorateNirav ModiPradeep Kumar Mittallast_img read more

Read More »

4 BJP MLAs ready to join Congress in MP: Namdeo Das Tyagi

first_imgA day after two BJP MLAs voted in favour of a Bill in the Madhya Pradesh Vidhan Sabha leaving the party in shock, Namdeo Das Tyagi, popularly known as ‘Computer Baba’, on Thursday claimed he had names of another four BJP MLAs who were ready to back the Congress.“Four BJP MLAs are in touch with me and they want to support the Congress,” said Mr. Tyagi, Chairman of the State government’s Ma Narmada Ma Kshipra and Ma Mandakini River Trust. “All of them are politicians with heft. Whenever Chief Minister Kamal Nath gives me the go-ahead, I will present their names before you,” he told The Hindu.Before being appointed on March 10 as the Chairman of the body tasked with conserving the three rivers and checking illegal sand mining on their beds, Mr. Tyagi was given Minister of State status under the Shivraj Singh Chouhan government as a member of a panel to conserve Narmada river.However, six months later, terming its government “irreligious”, he accused Mr. Chouhan of not keeping his promise to conserve the river.The MLAs didn’t specify their demands to him. “They’ll tell it themselves when the time comes,” Mr. Tyagi said.Accusing the BJP of playing politics of intimidation, he said he wouldn’t reveal the names now as the party would begin to intimidate him if he does so. “Mai bataa dunga toh yeh toh barah bajaa denge mere [If I reveal their names now, they’ll trouble me a lot]. When I quit the BJP, its leaders gave me a tough time. Everyone is scared of them. You know what Shivraj Singh Chouhan is capable of,” he said.A day after the Congress government lost the floor test in the Karnataka Assembly on Tuesday, the Madhya Pradesh government heaved a sigh of relief when BJP’s dissident MLAs Narayan Tripathi and Sharad Kol voted in their favour on the Criminal Law (Madhya Pradesh Amendment) Bill, 2019.“They were shouting in the morning that the Congress government stood on a weak footing, but they got a fitting reply in the evening. After these four MLAs come out in the open, I am not sure how many from the other side will cross over to the Congress,” said Mr. Tyagi.last_img read more

Read More »

Navy, Army step up rescue in flood-hit areas of Maharashtra

first_imgIntensifying relief operations in the flood-hit parts of Maharashtra, the Navy on Saturday airlifted 15 teams from Visakhapatnam deploying them in the severely-affected areas of Shirol in Kolhapur and Sangli, while the Army is operating nine relief and 12 engineer teams.Chief Minister Devendra Fadnavis said a team of 100 doctors had been despatched to the region even as thousands of stranded people were rescued from the submerged areas, including 1,016 persons from the Maharashtra-Karnataka border. Rescue work by the Goa Naval Area is under way in Kolhapur and Uttar Kannada (Karnataka) district and so far 602 women and 193 children had been rescued. In another operation by the special teams of the Bombay Sappers of the Army, 4,800 persons were evacuated from Kolhapur and Sangli. “We have asked for more rescue teams from Punjab, Odisha, Gujarat and Goa. Another 15 teams of the Navy are reaching today. As many as 95 boats have been deployed for rescue operations,” Mr. Fadnavis said after a tour of the regions. The toll from across the State this week stood at 30, officials said.Several National Disaster Response Force (NDRF) teams carried out a rescue mission in Hasur and Nrusinhwadi, in Kolhapur district to evacuate four pregnant women, who were later sent to the hospital.Mr. Fadnavis said the rainfall this season had been unprecedented resulting in the breaching of several dams and reservoirs. In 2005, Sangli received 217% rainfall in 31 days but this year it had already crossed 758% in just nine days. Similarly, Kolhapur received 159% rainfall in 31 days in 2005, but this year it was 480% in nine days. The Koyna dam has capacity of 100 TMC but 50 TMC got filled in just nine days, Mr. Fadnavis said. “My appeal to all political parties is to not politicise the situation. We are ready to hear and act on your suggestions. It is time to stand united to provide help and support to flood affected people,” he said at Sangli.The government said the toll since July 1 stood at 144. In all, 3,78,000 people had been rescued so far from Kolhapur and Sangli and were in 306 relief camps. In Sangli. 28,537 families had been affected from 101 villages and 35,000 livestock shifted in various shelters. “Earlier the next of kin of the deceased received ₹1.5 lakh which has been increased to ₹5 lakh. Our government has also increased compensation for divyang to ₹2 lakh instead of ₹43,000, and for house damage assistance from ₹60,000 to ₹1 lakh,” said Mr. Fadnavis.last_img read more

Read More »

Three-month relief from hefty traffic fines in Jharkhand

first_imgThe Jharkhand government has given a three-month breather to its people from the steep fines imposed under the amended Motor Vehicles Act, and said old penalties would be applicable for traffic rule violations till December. The government has asked officials of the Transport and Traffic departments to raise awareness on the amended rules during this period, an official statement said here on Saturday.Chief Minister Raghubar Das, during a review meeting on Friday, directed the Transport department to open facilitation centres across the State to enable people get their documents in order in the next three months, it said. Mr. Das also urged people to abide by the traffic rules and refrain from rash driving, the statement added.last_img read more

Read More »

Khandu and the art of bike tourism

first_imgAfter months of promoting adventure tourism in his State, Arunachal Pradesh Chief Minister Pema Khandu has “walked the talk”.The Chief Minister had taken a helicopter from State capital Itanagar to Upper Siang district headquarters Yingkiong for an official programme on October 12. But he decided to ride a motorcycle on his way back — at least as far as the nearest town — on Sunday.“The CM chose a 650cc Enfield belonging to an acquaintance and rode 122 km from Yingkiong (East Siang district headquarters) to Pasighat,” a spokesperson at the Chief Minister’s office said. He added that Mr. Khandu took two-and-a-half hours to cover the distance.Yingkiong is at 700 ft above sea level and Pasighat at 499 ft.The objective of the bike ride was to showcase Arunachal Pradesh as the perfect destination for a long-distance motorcycle ride and also to promote tourism in the State, the spokesperson said.last_img read more

Read More »

Ceres rips Davao; Global triumphs

first_imgTyphoon Kammuri accelerates, gains strength en route to PH John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Read Next At Rizal Memorial Stadium, Global Cebu scored two late goals to subdue Stallion Laguna, 4-3, and complete the cast in the Finals Series.The result allowed Global to seal at least a fourth place finish at the end of the regular season after increasing their tally to 43 points.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutout Kammuri turning to super typhoon less likely but possible — Pagasa Ceres Negros leaned on a first half hattrick from Spanish striker Fernando Rodriguez to whip Davao Aguilas, 5-1, and climb to second spot in the Philippines Football League at Panaad Stadium in Bacolod City.Captain Patrick Reichelt and Bienve Maranon were also on target for the Busmen who moved within six points off leader Meralco Manila ahead of their 7 p.m. duel on Sunday.ADVERTISEMENT Trillanes accused of harassment, hiring social media trolls PLAY LIST 01:38Trillanes accused of harassment, hiring social media trolls01:45Big firm products top worst plastic litter list — report03:28Hurricane Dorian lashes South Carolina, Great Abaco Island01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games View comments CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA QC cops nab robbery gang leader, cohort MOST READ Japan ex-PM Nakasone who boosted ties with US dies at 101 Don’t miss out on the latest news and information. Stronger peso trims PH debt value to P7.9 trillion With sweep beckoning, Baldwin refuses to look past Tigers LATEST STORIES Brace for potentially devastating typhoon approaching PH – NDRRMClast_img read more

Read More »

Tickets for PH-Japan Fiba World qualifying game in Tokyo sold out

first_imgCPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA QC cops nab robbery gang leader, cohort View comments Japan ex-PM Nakasone who boosted ties with US dies at 101 Trending Articles PLAY LIST 00:50Trending Articles00:45Onyok Velasco see bright future for PH boxing in Olympics00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding LATEST STORIES “I am so pleased to know fans in Japan pay a great deal of attention to the game against Philippines,” said Michihiro Tanaka, secretary-general of Japan Basketball Association.“I truly hope our team will show their best and start the road to the FIBA Basketball World Cup 2019 with a victory in front of our home fans.”FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutThe historical venue, which staged the 1964 Tokyo Olympics, only has a seating capacity of a little under 4,000.After Japan, Gilas Pilipinas, which will be bannered by the returning Andray Blatche, four-time PBA MVP June Mar Fajardo and Jayson Castro, faces rival Chinese Taipei at home at Smart Araneta Coliseum on Nov. 27. Kammuri turning to super typhoon less likely but possible — Pagasa Read Nextcenter_img Porzingis hits tiebreaking 3, Knicks beat Hornets The Philippines aims to make a good account of itself after a disappointing seventh-place finish in the 2017 Fiba Asia Cup three months ago. Typhoon Kammuri accelerates, gains strength en route to PH Stronger peso trims PH debt value to P7.9 trillion MOST READ Brace for potentially devastating typhoon approaching PH – NDRRMC Don’t miss out on the latest news and information. The Filipino crowd has always been Gilas Pilipinas’ sixth man. INQUIRER FILE PHOTOFor those who are still thinking about watching the Philippines-Japan game in the 2019 Fiba World Cup qualifiers live, don’t bother.As per Fiba.com, the duel set on Nov. 24 at Komazawa Gymnasium in Tokyo has already sold out as early as Monday.ADVERTISEMENTlast_img read more

Read More »

LeBron’s numbers sliding while Cavaliers slip in standings

first_imgDon’t miss out on the latest news and information. MOST READ View comments James and his teammates practiced the past two days while searching for answers following a horrific performance on Saturday against Oklahoma City. With Paul George, Russell Westbrook and Carmelo Anthony combining for 88 points, the Thunder put up 148 against the Cavaliers, whose defensive ineptitude has raised questions about their title legitimacy.Coach Tyronn Lue didn’t show his team film from the game, but James watched it to try to decipher what went wrong.“A lot of bad things,” he said. “We had some good things offensively. We almost scored 130 ourselves. But defensively we had a lot of breakdowns and a lot of things we gotta clean up.”There’s a pile of alarming issues right now, but James isn’t overreacting.“I’m not a red-flag guy. I’m not a concerned guy,” he said. “I’m a guy that thinks it’s going to get better. That’s just who I am.” Globe Business launches leading cloud-enabled and hardware-agnostic conferencing platform in PH As Cleveland has staggered to a 3-9 record since it lost at Golden State on Christmas and fallen behind Boston and Toronto in the Eastern Conference standings, its decline has run parallel to a statistical drop-off by James, who was considered the front-runner in the MVP race before the calendar changed to 2018.“My numbers are down, the team’s numbers are down and we’re not playing well, so obviously it’s a direct correlation of all of those things,” James said Monday before the team traveled to San Antonio. “I could care less about me individually, but when I’m not playing to my standard and we’re losing, then I have to do a better job as well, so I gotta figure that out, too.”FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutoutOver his last 12 games, James is averaging 22.5 points, 6.8 rebounds, 7.1 assists and 4.4 turnovers. He is making 21 percent of his 3-pointers this month after knocking down 35 percent of his shots behind the arc in December. The 14-time All-Star, four-time MVP and three-time champion has failed to reach 20 points in four of Cleveland’s past nine games after scoring fewer than 20 in five of the club’s first 36 games.Everything with the Cavaliers starts and ends with the 33-year-old James. LATEST STORIES Kammuri turning to super typhoon less likely but possible — Pagasa Read Next NEXT BLOCK ASIA 2.0 introduces GURUS AWARDS to recognize and reward industry influencers Cleveland Cavaliers’ LeBron James (23) drives against Oklahoma City Thunder’s Paul George (13) in the first half of an NBA basketball game, Saturday, Jan. 20, 2018, in Cleveland. (AP Photo/Tony Dejak)NDEPENDENCE, Ohio — LeBron James knows the Cavaliers have a proven vaccine that could cure them of this midseason malaise: a larger dose of him.“I gotta be much better,” he said.ADVERTISEMENT Arsenal, United complete swap deal for Sanchez, Mkhitaryan 2 ‘newbie’ drug pushers fall in Lucena sting Slow and steady hope for near-extinct Bangladesh tortoises Police teams find crossbows, bows in HK university PLAY LIST 01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City Typhoon Kammuri accelerates, gains strength en route to PH John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Brace for potentially devastating typhoon approaching PH – NDRRMC “That hasn’t changed,” said James, who enters Tuesday’s game against the Spurs seven points shy of 30,000. “As a leader, the leader of this franchise, I have to do more, especially out on the floor. I have to pick it up for other guys and I haven’t been able to do that as of late. It’s not about them, it’s about me.”One of the reasons for James’ sinking stats is that he’s been trying to incorporate guard Isaiah Thomas into Cleveland’s offense. The All-Star has played seven games since returning from a hip injury that sidelined him since May, and he and James are still learning to work together.Thomas is most comfortable initiating offensive sets with the ball, and James has been sacrificing early touches in the 24-second shot clock to accommodate his teammate.James knows the Cavs need to get Thomas — and Derrick Rose, back from an ankle injury — up to speed. It’s taking time, and it’s going to require patience — and maybe some pain.“It’s a challenge that I’m willing to make and willing to do,” James said. “It’s definitely a fine line for me personally, but I’m willing to see if it works well for us or if it doesn’t work well for us.”ADVERTISEMENTlast_img read more

Read More »

Masterful Venus oldest Wimbledon finalist for 23 years

first_imgHotel says PH coach apologized for ‘kikiam for breakfast’ claim LONDON – Venus Williams became the oldest Wimbledon finalist for 23 years on Thursday as the American star ended Johanna Konta’s history bid with a masterful 6-4, 6-2 win.Twenty years after making her Wimbledon debut, five-time champion Williams is into her ninth final at the All England Club and her first since 2009.ADVERTISEMENT Lacson: SEA Games fund put in foundation like ‘Napoles case’ The 37-year-old’s sublime display of power-hitting on Centre Court stopped Konta becoming the first British woman to make the final for 40 years and set up a title match against Spain’s Garbine Muguruza. View comments Pagasa: Kammuri now a typhoon, may enter PAR by weekend FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool stars LATEST STORIES Venus Williams of the United States returns to Britain’s Johanna Konta, during their Women’s Singles semifinal match on day nine at the Wimbledon Tennis Championships in London Thursday, July 13, 2017. (AP Photo/Kirsty Wigglesworth) Sports Related Videospowered by AdSparcRead Next China furious as Trump signs bills in support of Hong Kong Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games MOST READ LOOK: Jane De Leon meets fellow ‘Darna’ Marian Rivera Muguruza reaches another Wimbledon final  Don’t miss out on the latest news and information. El Nido residents told to vacate beach homes Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Another vape smoker nabbed in Lucenalast_img read more

Read More »

Serena Williams on her first million-dollar check and the gender pay gap

first_imgLacson: SEA Games fund put in foundation like ‘Napoles case’ Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ She credits American tennis great Billie Jean King for making prize money equal in Grand Slam tournaments and wants to continue her path. “Venus and I definitely do a lot of work. At the Grand Slam, it’s definitely equal; at other tournaments it’s almost there, which is fine too, we’re getting there, but it’s a work in progress and we continue to fight the good fight.”At the Western & Southern Open in  2016, Williams received $495,000 while Roger Federer earned $731,000 for winning the same trophy.She explains, “If I were a man, it would be a different story. I feel like if I’ll be able to open the door for the next person, that means a lot for me too, and hopefully they’ll be able to do better than me.” Niña V. Guno/JBRELATED STORIES:Serena Williams cheered by netizens after answering John McEnroe’s backhanded complimentSerena Williams does a Demi Moore, 26 years later Image: INQUIRER.net Stock PhotoTop-ranked tennis player Serena Williams shared her views on money as one of the highest earning athletes in the world.She talked about making millions at a young age with sports business manager Maverick Carter on his video series “Kneading Dough”. The show is produced through Uninterrupted, LeBron James’ media company.ADVERTISEMENT National Coffee Research Development and Extension Center brews the 2nd National Coffee Education Congress Sports Related Videospowered by AdSparcRead Next Williams started playing pro when she was 13, and has been accepting professional-level sums since. But she says she’s never been too interested in money.“When I first turned pro, I had to go pick up my check. I never, never picked it up,” she relates. “So at the end of the year, the tournament directors would literally hand me the check because I would never go get it. I just played for the love of the sport.”FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsShe continues, “I’ve actually never played for money. I just thought you would go out there and hold a trophy. Not once did I think about a check.”When she received her first million dollars, she had no clue on what to do with it. “I never touched [the money] — just put it in the bank,” she shares, and admits she didn’t know how to properly deposit it. FEU Auditorium’s 70th year celebrated with FEU Theater Guild’s ‘The Dreamweavers’ Like PH, other countries also sent their B teams in Jones Cup Hotel says PH coach apologized for ‘kikiam for breakfast’ claim Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games MOST READ Don’t miss out on the latest news and information. “I remember I went through the drive-thru to deposit my check, and then they were like, ‘I think you need to come in for this.’”Her father who coached her and sister Venus allowed them to make their own financial decisions as teenagers. She credits her humble upbringing to never wanting for much.“I never ever, ever felt broke,” she tells Carter. “Looking back, I’m like, wow, we lived in a two-bedroom house with seven people… I don’t know how my parents were able to make me feel that way, but they did, and that was something really special. So I never felt when I came into money that I needed to go buy this [or that] because I never wanted it, so it was a great way [to grow up].”Even with 23 Grand Slam titles—not counting doubles titles with her sister—what matters to her is leveling the playing field between women and men in sports. She and Venus have been outspoken about the gender pay gap in tennis.“You sacrifice so much, just as much as the guy next to me that’s training everyday, but he gets to be paid more. How do you explain that? I could never really understand that.”ADVERTISEMENT El Nido residents told to vacate beach homes Church, environmentalists ask DENR to revoke ECC of Quezon province coal plant LATEST STORIES Trump strips away truth with hunky topless photo tweet View commentslast_img read more

Read More »

Japan, Kazakhstan take wins in AVC classification

first_imgRobredo should’ve resigned as drug czar after lack of trust issue – Panelo Trump signs bills in support of Hong Kong protesters The classification stage will be used to determine the eight teams’ seeding come the quarterfinals.Sports Related Videospowered by AdSparcRead Next Celebrity chef Gary Rhodes dies at 59 with wife by his side Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games View comments PHOTO from asianvolleyball.netBIÑAN, Laguna—Japan and Kazakhstan netted early wins in the classification stages of the AVC Asian Senior Women’s Volleyball Championship Sunday, gaining a head start for a better seeding in the quarterfinals.The Japanese swept Chinese-Taipei 25-19, 25-16, 25-20, to improve their record to 2-0 as the “carry-over” effect applies to the tournament.ADVERTISEMENT Resurgent Federer advances to Montreal final MOST READ NATO’s aging eye in the sky to get a last overhaul LATEST STORIES Lacson: SEA Games fund put in foundation like ‘Napoles case’ Don’t miss out on the latest news and information. NGCP on security risk: Chinese just technical advisers DILG, PNP back suspension of classes during SEA Games Robredo should’ve resigned as drug czar after lack of trust issue – Panelo Japan technically owns a 3-0 win-loss record but with Australia getting eliminated from the tournament the win over the Aussies won’t be counted in the classification rounds.Chinese-Taipei slipped to 1-1.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsThe Kazakhs had a slight slip-up in their game against Vietnam but prevailed in four sets, 21-25, 25-23, 25-22, 25-20, and improved to a 2-0 record in the classification stage.Vietnam is at 0-2 in the classification stage.last_img read more

Read More »

Japan downs Thailand to win AVC gold

first_imgRobredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Don’t miss out on the latest news and information. Sports Related Videospowered by AdSparcRead Next MOST READ Hotel says PH coach apologized for ‘kikiam for breakfast’ claim Pagasa: Storm intensifies as it nears PAR Robredo should’ve resigned as drug czar after lack of trust issue – Panelo Tournament MVP Risa Shinnabe put up a game-high 19 points, going on 17-of-33 in spike attempts, to lead Japan while Mami Uchiseto added 18. Japan captain Nana Iwasaka and Yurie Nabeya also finished in double digits with 13 and 11 points, respectively. FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSBoxers Pacquiao, Petecio torchbearers for SEA Games openingThailand had three players lead the team in scoring with Pimpichaya Kokram, Ajcharaporn Kongyot, and Chatchu-on Moksri each tallying 17 points. Trump signs bills in support of Hong Kong protesters LATEST STORIES NATO’s aging eye in the sky to get a last overhaul Lacson: SEA Games fund put in foundation like ‘Napoles case’ Fiba Asia Cup loss of ‘Gilas kuyas’ spurs SEAG-bound PH team on Celebrity chef Gary Rhodes dies at 59 with wife by his side CONTRIBUTED PHOTOBIÑAN, Laguna—Japan overcame a two-set deficit and humbled Thailand, 26-28, 20-25, 25-16, 25-16, 15-7, to take the gold medal in the AVC Asian Senior Women’s Volleyball Championship Thursday at Alonte Sports Arena here. Koyomi Tominaga dealt the title-winning blow as it glanced off the block of Thailand and ended Japan’s 10-year championship drought. ADVERTISEMENT Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ View commentslast_img read more

Read More »

AFC Cup: Heavy defeat leaves Ceres needing miracle

first_imgIstiklol got a goal each at from Akhtam Nazarov and Romish Dhzalilov in the first half, before a second half brace from Manuchehr Dhzalilov ensured the Tajiks go into the second leg on Sept. 12 at Panaad Stadium in Bacolod City with a comfortable advantage. A 5-0 win at home will allow the Busmen to advance, but a 4-0 scorline will send the tie to extra time. But with the way the Tajik champions dominated the first leg, it seems the Busmen would need a miracle for that to happen. FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSBoxers Pacquiao, Petecio torchbearers for SEA Games openingNazarov opened the scoring by converting a penalty in the 25th minute after Kota Kawase brought down Dimitri Barkov inside the area. Romish Dhzalilov doubled the lead at the stroke of halftime with a clinical strike that left Roland Muller with no chance. The Busmen hardly threatened in the first half as Istiklol controlled proceedings, pressing high and winning the ball early. It didn’t help that the Busmen missed their top defender Super Herrera to suspension as Kawase struggled to deal with Barkov. MOST READ Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Sports Related Videospowered by AdSparcRead Next Pagasa: Storm intensifies as it nears PAR Don’t miss out on the latest news and information. Lacson: SEA Games fund put in foundation like ‘Napoles case’ NATO’s aging eye in the sky to get a last overhaul Hotel says PH coach apologized for ‘kikiam for breakfast’ claim Trump signs bills in support of Hong Kong protesterscenter_img Celebrity chef Gary Rhodes dies at 59 with wife by his side Robredo should’ve resigned as drug czar after lack of trust issue – Panelo LATEST STORIES Photo from AFC Cup Twitter.HISOR – Filipino club Ceres-Negros absorbed a 0-4 drubbing at the hands of Tajikistan champion Istiklol in the first leg of their AFC Cup inter-zone semifinal tie on Tuesday, leaving the Busmen with a mountain to climb in the return leg in three weeks time. On a chilly night in the outskirts of the capital Dushanbe, the Busmen struggled to cope against a relentless Istiklol side that made the most of its physical advantage by hassling and harrying the visitors at Hisor Stadium.ADVERTISEMENT Coming out with renewed drive after the restart, the Busmen saw Bienvenido Maranon sending a long-range effort off target in the 51st minute, but cracks in the defense continued to show with Muller and Kawase colliding as Barkov pressed, before Junior Munoz made the clearance. As the Filipinos chased the game, Istiklol continued to find gaps in the defense with Manuchehr Dzhalilov scoring the first of his two goals from long range in the 67th minute. There was time for the Istiklol target man to score a fourth two minutes from time as the Busmen once again failed to deal with a cross, allowing Vadiev Dilshod to set up Dzhalilov who slotted home from close range. The Busmen fly home on Wednesday morning, but this was a tough reality check as they paid dearly for a sub-par away performance.ADVERTISEMENT View comments SEA Games: Cray settles for silver in 100m dash Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Gameslast_img read more

Read More »

San Sebastian repulses EAC to even slate at 5-5

first_imgFor the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity. “Praise God that Michael wasn’t thrown out (unlike in our first round game). He was really big for us,” said coach Egay Macaraya, as San Sebastian leveled its record to 5-5.JM Calma missed out on a double-double with 12 markers and nine boards, Ryan Costelo unfurled 11 points, five assists, and four rebounds, while Renzo Navarro went 3-of-5 from beyond the arc to wound up with 11 markers, four dimes, and two boards.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSBoxers Pacquiao, Petecio torchbearers for SEA Games opening“At least, we followed our game plan, but it was really tough facing them. Maybe, EAC just got tired because they have a short rotation,” said Macaraya.With the Generals fighting back and trimming the lead down to just two, 67-65 with 3:42 left, San Sebastian went on a 12-0 charge, capped off by a Costelo basket to put the game out of reach, 79-65, with 34.6 ticks remaining. Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Celebrity chef Gary Rhodes dies at 59 with wife by his side Robredo should’ve resigned as drug czar after lack of trust issue – Panelo Don’t miss out on the latest news and information. MOST READ Trump signs bills in support of Hong Kong protesters Francis Munsayac led EAC (4-6) with 14 points, five assists, and four rebounds, while Irvin Mendoza got 11 markers and three boards in the defeat.The Scores:SAN SEBASTIAN 81 – Calisaan 19, Calma 12, Costelo 11, Navarro 11, Bulanadi 9, Valdez 8, David 4, Baetiong 3, Mercado 2, Capobres 2, Gayosa 0, Ilagan 0, Are 0.EAC 69 – Munsayac 14, I. Mendoza 11, Bautista 10, Diego 10, Garcia 10, Onwubere 9, Bugarin 3, Pascua 2, Guzman 0, Corilla 0, J. Mendoza 0, Neri 0.Quarters: 21-16, 38-33. 53-52, 81-69.ADVERTISEMENT NATO’s aging eye in the sky to get a last overhaul San Sebastian’s Michael CalisaanSan Sebastian shut down Emilio Aguinaldo College in the clutch to eke out an 81-69 victory Friday in the NCAA Season 93 men’s basketball tournament at Filoil Flying V Centre in San Juan.Michael Calisaan finished the game this time out and unleashed 19 points and five rebounds to lead the Golden Stags, atoning for his ejection in the two team’s first round tiff.ADVERTISEMENT NBA: New Cav Jae Crowder recalls mother’s passing the same day he was traded Celebrity chef Gary Rhodes dies at 59 with wife by his side Lacson: SEA Games fund put in foundation like ‘Napoles case’ Sports Related Videospowered by AdSparcRead Next Hotel says PH coach apologized for ‘kikiam for breakfast’ claim Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ LATEST STORIES View commentslast_img read more

Read More »

Maroons nip Tigers on Desiderio triple; Archers escape

first_imgNATO’s aging eye in the sky to get a last overhaul MOST READ In the second game, defending champion La Salle rode the hot hands of Aljun Melecio as it turned back Far Eastern U,95-90, in their first meeting since their infamous brawl in Davao three weeks ago.Melecio waxed hot with 29 points, while Andrei Caracut and Kib Montalbo contributed 16 and 12 points, respectively, for the Archers who also got solid games from big men Abu Tratter and Prince Rivero in the absence of reigning MVP Ben Mbala.Mbala is away on international duty for Cameroon in the Fiba Afrobasket.The Archers came out aggressive, leading by as many as 23 points early on.While it was too close for comfort, the win was just the kind of game that Perasol liked since it achieved one of his targets when he took over the team last season.ADVERTISEMENT Robredo should’ve resigned as drug czar after lack of trust issue – Panelo View comments Lacson: SEA Games fund put in foundation like ‘Napoles case’ LATEST STORIES ‘Why even bother? UNHRC is a toothless tiger’ – Roque PLAY LIST 01:32‘Why even bother? UNHRC is a toothless tiger’ – Roque02:36Archers, Eagles favorites to win UAAP Season 8001:18Why some freed inmates prefer to stay in jail02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Don’t miss out on the latest news and information. “The UP community may not care what happened during the game, but it generated excitement,” said Perasol.The Maroons led by as many as 11 points in the second half only for the Tigers to come roaring back in the fourth period to dispel notions that they aren’t good enough to contend this season.“A lot of people are not giving UST a chance but it can give teams a fight,” Perasol said.UP 74 – UST 73UP 74—Desiderio 17, Vito 9, Webb 7, Gomez de Liano Ju 7, Manzo 6, Gomez de Liano Ja 6, Ouattara 4, Lim 4, Prado 4, Dario 4, Lao 4, Romero 2, Harris 0.UST 73—Lee 20, Akomo 15, Sta. Ana 11, Soriano 8, Huang 6, Garcia 5, Faundo 4, Arana 2, De Guzman 2, Basibas 0, Caunan 0, Kwawukumey 0, Macasaet 0, Romero 0.Quarters: 18-19, 42-33, 57-57, 74-73LA SALLE 95 – FEU 90DLSU 95—Melecio 29, Caracut 16, Montalbo 12, Tratter 11, Santillan 9, Ricci Rivero 7, Baltazar 4, Go 3, Prince Rivero 2, Paraiso 2, Capacio 0.FEU 90—Dennison 21, Comboy 13, Orizu 12, Tuffin 10, Cani 7, Tolentino 7, Parker 7, Iñigo 5, Escoto 5, Trinidad 3, Nunag 0, Ebona 0, Bienes 0.Quarters: 29-11, 47-32, 73-54, 95-90Sports Related Videospowered by AdSparcRead Nextcenter_img Celebrity chef Gary Rhodes dies at 59 with wife by his side Hotel says PH coach apologized for ‘kikiam for breakfast’ claim Celebrity chef Gary Rhodes dies at 59 with wife by his side Menor’s record win Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Finding his team trailing by two points after being in control for most of the game, Paul Desiderio’s voice resonated during University of the Philippines’ huddle with five seconds remaining.“Atin na ‘to, pasok to (This game is ours, I’m making the shot),” the swingman told his teammates.ADVERTISEMENT Trump signs bills in support of Hong Kong protesters Desiderio made good on his promise, hitting a fallaway triple off a well-designed inbound play as the Fighting Maroons eked out a 74-73 victory over a gritty University of Santo Tomas squad in UAAP Season 80 basketball tournament at Mall of Asia Arena in Pasay City.“During our last timeout, he called it,” said Perasol of his prized guard, who made just one of his 10 triples before the game winner. “He told me ‘coach, we will win, I’m making the shot’ because our instruction was if you’re open at the three-point area, take it.”FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSBoxers Pacquiao, Petecio torchbearers for SEA Games openingDesiderio’s shot with 1.4 ticks left capped a wild finish where both teams bungled possessions.“I was taking so many shots,” said the Cebuano guard, who made just six of his 20 shots. “Why would I shy away from taking the last shot?”last_img read more

Read More »