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"The Boy Kings: A Journey into the Heart of the Social Network", a book sharing a work culture at Facebook Inc
From Facebook's company obsessed culture to its rowdy company parties, a former employee is airing some of the social network's dirty laundry in a new book that was released Tuesday.
Katherine Losse, a former employee who worked in customer service and eventually became the ghostwriter for company CEO Mark Zuckerberg, wrote the new book entitled The Boy Kings: A Journey into the Heart of the Social Network.
Losse, who worked at Facebook from 2005 to 2010, says in her book that Facebook employees were expected to be dedicated to the "the cause," a Facebook-centric way of life.
Employees would compete with their social profiles by rewarding the most-liked photos and posts with money, Losse says in her new book, according to a press release. Employees were also encouraged to live within a mile of the office and rewarded for doing so.
Losse also says employees would use a secret app built on the Facebook platform called Judgebook to quickly display images of Facebook users for company employees to score.
The Facebook culture seems to put an emphasis on attractiveness according to Losse, who says in her book during VIP parties in Las Vegas, Facebook employees would have bouncers bring women to their table, then turn them away for not being attractive enough.
Privacy is another subject Losse touches on in her book, claiming employees had access to every profile in the early days of Facebook.
From Facebook's company obsessed culture to its rowdy company parties, a former employee is airing some of the social network's dirty laundry in a new book that was released Tuesday.
Katherine Losse, a former employee who worked in customer service and eventually became the ghostwriter for company CEO Mark Zuckerberg, wrote the new book entitled The Boy Kings: A Journey into the Heart of the Social Network.
Losse, who worked at Facebook from 2005 to 2010, says in her book that Facebook employees were expected to be dedicated to the "the cause," a Facebook-centric way of life.
Employees would compete with their social profiles by rewarding the most-liked photos and posts with money, Losse says in her new book, according to a press release. Employees were also encouraged to live within a mile of the office and rewarded for doing so.
Losse also says employees would use a secret app built on the Facebook platform called Judgebook to quickly display images of Facebook users for company employees to score.
The Facebook culture seems to put an emphasis on attractiveness according to Losse, who says in her book during VIP parties in Las Vegas, Facebook employees would have bouncers bring women to their table, then turn them away for not being attractive enough.
Privacy is another subject Losse touches on in her book, claiming employees had access to every profile in the early days of Facebook.
Facebook has changed your email address. At least that's how many felt after a quiet but vast change in the way the company displays users' contact information.
Facebook replaced the email address users chose when they signed up and changed it to a facebook.com address. The Facebook email accounts allow users to communicate with outside email addresses via Facebook.
The changes were first pointed out by bloggers over the weekend and publicised by media outlets Monday, leading to gripes from users, usually on their Facebook pages.
The company said in a statement in April that it was "updating addresses on Facebook to make them consistent across our site."
Facebook spokeswoman Jillian Stefanki said the site is also rolling out a setting that allows people to decide which email addresses to show on their pages.
"Ever since the launch of timeline, people have had the ability to control what posts they want to show or hide on their own timelines, and today we're extending that to other information they post, starting with the Facebook address," Stefanki said in an email late Monday.
Facebook replaced the email address users chose when they signed up and changed it to a facebook.com address. The Facebook email accounts allow users to communicate with outside email addresses via Facebook.
The changes were first pointed out by bloggers over the weekend and publicised by media outlets Monday, leading to gripes from users, usually on their Facebook pages.
The company said in a statement in April that it was "updating addresses on Facebook to make them consistent across our site."
Facebook spokeswoman Jillian Stefanki said the site is also rolling out a setting that allows people to decide which email addresses to show on their pages.
"Ever since the launch of timeline, people have had the ability to control what posts they want to show or hide on their own timelines, and today we're extending that to other information they post, starting with the Facebook address," Stefanki said in an email late Monday.
The waitresses at Twin Peaks wear skimpy plaid tops that accentuate their chests. In case you didn't catch the joke, the chain's logo is an image of two pointy, snow-capped mountains. And the sports bar doesn't stop there: It promises "scenic views."
Twin Peaks owner Randy DeWitt downplays all of that and insists that the appeal of the restaurant goes beyond the obvious. Hearty meals and a focus on making customers feel special, he says, are what really keeps them coming back.
"We believe in feeding the ego before feeding the stomach," he says. Or as the website of the mountain lodge-themed restaurant states, "Twin Peaks is about you, `cause you're the man!"
Twin Peaks is part of a booming niche in the beleaguered restaurant industry known as "breastaurants," or sports bars that feature scantily clad waitresses. These small chains operate in the tradition of Hooters, which pioneered the concept in the 1980s but has struggled in recent years to stay fresh.
Instead of relying on lust alone, the new crop of restaurants is growing by offering new themes (think: rustic lodges and Celtic pubs) and varied menus (think: pot roast and shepherd's pie instead of just burgers and wings). In other words, they're hoping maybe people really are coming in for the food.
The nation's top three "breastaurant" chains behind Hooters each had sales growth of 30 percent or more last year, according to Technomic, a food industry research firm. They still represent less than 1 percent of the nation's top restaurants, but the upstart chains are benefitting as other mid-priced options like Applebee's and Bennigan's have experienced declines during the economic downturn.
"The younger crowds want to go to a newer place, not where mom and dad took them," says Darren Tristano, an analyst at Technomic.
Tovan Adams says he frequents Tilted Kilt Pub & Eatery in Tempe, Ariz., where waitresses wear matching tartan mini-skirts and bras that fit in with the restaurant's Celtic theme. He even brings his daughters, ages 6 and 9, with him for lunch.
"If you come in the evening, you'll see a lot of kids here," says Adams, an electric engineer who likes the menu's variety. "Everyone's still got their clothes on. If you go to the beach, it's a lot worse than being here."
Lynette Marmolejo, a college admissions worker, dropped in at the Tilted Kilt for the first time recently. She likes that the restaurant is dominated by the "corporate crowd" rather than the "college crowd." And she says the half-dressed waitresses don't bother her.
"Going to a restaurant should be an experience. We're entertainers." Rose Dimov
Waitress, Tilted Kilt
"Prices and the food - if those are good, I don't care what anybody's wearing," Marmolejo says.
Tilted Kilt, which serves dishes such as shepherd's pie and "Irish nachos" (potato chips instead of corn tortillas), had annual sales of $124 million last year, reflecting growth of 33 percent, according to Technomic. And by the end of this year, the company expects to have 95 locations, up from 57 at the end of last year.
That growth is one reason Tilted Kilt CEO Rod Lynch, bristles at the "breastaurant" moniker. He says the word implies that the company's success is based purely on sex appeal. To the contrary, he says his customers — about three-quarters of whom are men and of the average age of 36 consistently say the experience is about far more.
Tilted Kilt doesn't go so far to call itself a family restaurant. But Lynch understands the risks of crossing a certain line.
"We want to be very PG-13," he says. Its "class in all things" motto also means servers can't have tattoos, piercings or dyed hair.
Rose Dimov, a 22-year-old waitress at Tilted Kilt, says her job is no different from any other waitressing gig; make guests feel special and ensure they have a good time. As an aspiring ballroom dancer, she also says she's not fazed by the revealing outfit that comes with the job.
"Going to a restaurant should be an experience," Dimov says. "We're entertainers."
Although the name might suggest otherwise, the owner of Mugs N Jugs in Clearwater, Fla., says his place also is like any ordinary restaurant with entertainment. Sam Ahmad says his game room, pool table and karaoke are why 40 percent of his customers are families.
Sales at the restaurant grew to $3 million in 2008, from $700,000 in 1998, Ahmad says, but have since declined because of the recession. After selling a second location to a franchisee last year, Ahmad is looking to find others who want to open franchise locations under the Mugs N Jugs banner.
As for the tank tops and shorts the waitresses wear, Ahmad says they don't reveal too much. And those photos on the Mugs N Jugs website showing waitresses leaning over a pool table? Ahmad explains they are purely for marketing purposes.
"They're at an angle because they're at a pool table," he says. "When you're in the restaurant, you won't see that. She'll be standing."
Taking a cue from its much smaller rivals, Hooters is also making changes.
The company opened its first location in 1983 in Clearwater, Fla., with waitresses sporting the now famous tiny orange shorts and tight white tank tops. The chain grew rapidly at first but has struggled in recent years. Sales have fallen steadily since peaking in 2007 at $960 million, as the menu and decor grew stale.
Last year, a group of private investors bought the chain of 365 restaurants and decided to try to revive the business. In February, Hooters opened a renovated location in Atlanta to showcase its new look with upgraded TVs, an outdoor bar and a covered patio. Remodeling is slated for another six to eight restaurants this year.
In April, Hooters also beefed up its menu with items that include a Baja burger, buffalo chicken sliders and a spinach and shrimp salad. The idea is to offer dishes that draw new customers, says David Henninger, Hooters' chief marketing officer. Currently, more than three quarters of Hooters customers are male, with an average age of 45.
As part of the effort to improve its image, Henninger says Hooters is looking to showcase the life stories of its servers, many of whom are studying to go on to professional careers.
"The public can be misinformed about what we do," says Henninger, who was hired this year. "They jump to their own conclusions."
Without explaining how, he says the "curious" name of the restaurant could easily be misinterpreted. He says that the name is "part of the fun" and is about being "in on the joke."
No matter how hard they try to open their doors to a broader audience, Hooters and its rivals remain the subject of criticism. "If it's an adult entertainment business, that's fine," says Mona Lisa Wallace, president of the San Francisco chapter of the National Organization for Women. "Where they're crossing the line is when they expose young children to the objectification of women."
Not every chain is defensive about the reputation of breastaurants.
At Twin Peaks, based in Addison, Texas, sales last year grew 35 percent to $44 million from the previous year, according to Technomic. Owner DeWitt touts the 22-restaurant chain's amenities but is under no illusions about the main attraction.
Waitresses, for instance, vary their costumes for special occasions. Around the holidays, servers dress up like Santa's little helpers. Around Easter, they dress up like bunnies.
The owner of Tilted Kilt is just as frank. "We hire only spectacular talent," Lynch said. "They have to fit into that costume."
Twin Peaks owner Randy DeWitt downplays all of that and insists that the appeal of the restaurant goes beyond the obvious. Hearty meals and a focus on making customers feel special, he says, are what really keeps them coming back.
"We believe in feeding the ego before feeding the stomach," he says. Or as the website of the mountain lodge-themed restaurant states, "Twin Peaks is about you, `cause you're the man!"
Twin Peaks is part of a booming niche in the beleaguered restaurant industry known as "breastaurants," or sports bars that feature scantily clad waitresses. These small chains operate in the tradition of Hooters, which pioneered the concept in the 1980s but has struggled in recent years to stay fresh.
Instead of relying on lust alone, the new crop of restaurants is growing by offering new themes (think: rustic lodges and Celtic pubs) and varied menus (think: pot roast and shepherd's pie instead of just burgers and wings). In other words, they're hoping maybe people really are coming in for the food.
The nation's top three "breastaurant" chains behind Hooters each had sales growth of 30 percent or more last year, according to Technomic, a food industry research firm. They still represent less than 1 percent of the nation's top restaurants, but the upstart chains are benefitting as other mid-priced options like Applebee's and Bennigan's have experienced declines during the economic downturn.
"The younger crowds want to go to a newer place, not where mom and dad took them," says Darren Tristano, an analyst at Technomic.
Tovan Adams says he frequents Tilted Kilt Pub & Eatery in Tempe, Ariz., where waitresses wear matching tartan mini-skirts and bras that fit in with the restaurant's Celtic theme. He even brings his daughters, ages 6 and 9, with him for lunch.
"If you come in the evening, you'll see a lot of kids here," says Adams, an electric engineer who likes the menu's variety. "Everyone's still got their clothes on. If you go to the beach, it's a lot worse than being here."
Lynette Marmolejo, a college admissions worker, dropped in at the Tilted Kilt for the first time recently. She likes that the restaurant is dominated by the "corporate crowd" rather than the "college crowd." And she says the half-dressed waitresses don't bother her.
"Going to a restaurant should be an experience. We're entertainers." Rose Dimov
Waitress, Tilted Kilt
"Prices and the food - if those are good, I don't care what anybody's wearing," Marmolejo says.
Tilted Kilt, which serves dishes such as shepherd's pie and "Irish nachos" (potato chips instead of corn tortillas), had annual sales of $124 million last year, reflecting growth of 33 percent, according to Technomic. And by the end of this year, the company expects to have 95 locations, up from 57 at the end of last year.
That growth is one reason Tilted Kilt CEO Rod Lynch, bristles at the "breastaurant" moniker. He says the word implies that the company's success is based purely on sex appeal. To the contrary, he says his customers — about three-quarters of whom are men and of the average age of 36 consistently say the experience is about far more.
Tilted Kilt doesn't go so far to call itself a family restaurant. But Lynch understands the risks of crossing a certain line.
"We want to be very PG-13," he says. Its "class in all things" motto also means servers can't have tattoos, piercings or dyed hair.
Rose Dimov, a 22-year-old waitress at Tilted Kilt, says her job is no different from any other waitressing gig; make guests feel special and ensure they have a good time. As an aspiring ballroom dancer, she also says she's not fazed by the revealing outfit that comes with the job.
"Going to a restaurant should be an experience," Dimov says. "We're entertainers."
Although the name might suggest otherwise, the owner of Mugs N Jugs in Clearwater, Fla., says his place also is like any ordinary restaurant with entertainment. Sam Ahmad says his game room, pool table and karaoke are why 40 percent of his customers are families.
Sales at the restaurant grew to $3 million in 2008, from $700,000 in 1998, Ahmad says, but have since declined because of the recession. After selling a second location to a franchisee last year, Ahmad is looking to find others who want to open franchise locations under the Mugs N Jugs banner.
As for the tank tops and shorts the waitresses wear, Ahmad says they don't reveal too much. And those photos on the Mugs N Jugs website showing waitresses leaning over a pool table? Ahmad explains they are purely for marketing purposes.
"They're at an angle because they're at a pool table," he says. "When you're in the restaurant, you won't see that. She'll be standing."
Taking a cue from its much smaller rivals, Hooters is also making changes.
The company opened its first location in 1983 in Clearwater, Fla., with waitresses sporting the now famous tiny orange shorts and tight white tank tops. The chain grew rapidly at first but has struggled in recent years. Sales have fallen steadily since peaking in 2007 at $960 million, as the menu and decor grew stale.
Last year, a group of private investors bought the chain of 365 restaurants and decided to try to revive the business. In February, Hooters opened a renovated location in Atlanta to showcase its new look with upgraded TVs, an outdoor bar and a covered patio. Remodeling is slated for another six to eight restaurants this year.
In April, Hooters also beefed up its menu with items that include a Baja burger, buffalo chicken sliders and a spinach and shrimp salad. The idea is to offer dishes that draw new customers, says David Henninger, Hooters' chief marketing officer. Currently, more than three quarters of Hooters customers are male, with an average age of 45.
As part of the effort to improve its image, Henninger says Hooters is looking to showcase the life stories of its servers, many of whom are studying to go on to professional careers.
"The public can be misinformed about what we do," says Henninger, who was hired this year. "They jump to their own conclusions."
Without explaining how, he says the "curious" name of the restaurant could easily be misinterpreted. He says that the name is "part of the fun" and is about being "in on the joke."
No matter how hard they try to open their doors to a broader audience, Hooters and its rivals remain the subject of criticism. "If it's an adult entertainment business, that's fine," says Mona Lisa Wallace, president of the San Francisco chapter of the National Organization for Women. "Where they're crossing the line is when they expose young children to the objectification of women."
Not every chain is defensive about the reputation of breastaurants.
At Twin Peaks, based in Addison, Texas, sales last year grew 35 percent to $44 million from the previous year, according to Technomic. Owner DeWitt touts the 22-restaurant chain's amenities but is under no illusions about the main attraction.
Waitresses, for instance, vary their costumes for special occasions. Around the holidays, servers dress up like Santa's little helpers. Around Easter, they dress up like bunnies.
The owner of Tilted Kilt is just as frank. "We hire only spectacular talent," Lynch said. "They have to fit into that costume."
( Source : AP )
If you hold onto an investment for longer than five days, consider yourself the new millennium’s version of Benjamin Graham.
Benjamin Graham, the economist often considered the father of value investing.
The average holding period for the S&P 500 SPDR (SPY), the ETF which tracks the benchmark for U.S. stocks, is less than five days, according to shocking statistics in analyst Alan Newman’s latest Crosscurrents newsletter.
“Given recent average volume, the SPY trades its entire capitalization and then some each and every week,” wrote the always-provocative analyst. “Does anyone really wish to argue where valuation might enter the picture in this scenario? Value does not matter in the slightest.”
Analysts blame the hot potato market on the disappearance of the individual investor and the entry of the high-frequency trader. After three bear markets in the last decade, individual investors – especially baby boomers careening toward retirement – don’t have the risk tolerance to be burned once again.
“True liquidity has not come back and the pros and high frequency traders rule the world,” said Brian Stutland of Stutland Volatility Group. “Plus, if the average person ever comes back, then they won't have time to play all day long back and forth in the market. So, maybe buy and hold really is dead.”
Newman notes in his newsletter that the average holding period for all stocks was almost four years from 1926 through 1999. After a tech mania, a housing bubble, and the explosion in electronic trading, the average holding period sits at just 3.2 months today.
The decline in mutual funds and rise of short-term oriented hedge funds are also partly to blame for this trend, investors said.
“From the hedge fund perspective, we are judged on monthly performance, and three months is a lifetime,” said Brian Kelly of hedge fund Shelter Harbor Capital. “Ask any hedge fund or mutual fund manager for how long do they believe they can underperform the market and I guarantee they will tell you, ‘One quarter.’”
In one of the most extreme examples of our day-trading, computer-driven investment culture, Newman unveils this gem: “In the three months from the beginning of March to the end of May, transactions in Apple comprised one of every $16 traded in the U.S. market, very likely the most concentrated focus on one stock in stock market history.”
How many of the human beings or machines behind those trades looked at Apple’s price-earnings ratio?
“I speak with retail investors every day and I can tell you that more than ever, they believe that the stock market is a casino for the large and well-connected investors,” said Mitch Goldberg, ClientFirst Strategy in Woodbury, NY. “Of course, different investment styles go in and out of favor every so often, so to be a long term investor, you’d need a ton of patience and very thick skin. Eventually, the Graham and Buffett way will be back in favor and I think that is what will encourage the retail investor to step back into the market.”
( Source: CNBC )
The average holding period for the S&P 500 SPDR (SPY), the ETF which tracks the benchmark for U.S. stocks, is less than five days, according to shocking statistics in analyst Alan Newman’s latest Crosscurrents newsletter.
“Given recent average volume, the SPY trades its entire capitalization and then some each and every week,” wrote the always-provocative analyst. “Does anyone really wish to argue where valuation might enter the picture in this scenario? Value does not matter in the slightest.”
Analysts blame the hot potato market on the disappearance of the individual investor and the entry of the high-frequency trader. After three bear markets in the last decade, individual investors – especially baby boomers careening toward retirement – don’t have the risk tolerance to be burned once again.
“True liquidity has not come back and the pros and high frequency traders rule the world,” said Brian Stutland of Stutland Volatility Group. “Plus, if the average person ever comes back, then they won't have time to play all day long back and forth in the market. So, maybe buy and hold really is dead.”
Newman notes in his newsletter that the average holding period for all stocks was almost four years from 1926 through 1999. After a tech mania, a housing bubble, and the explosion in electronic trading, the average holding period sits at just 3.2 months today.
The decline in mutual funds and rise of short-term oriented hedge funds are also partly to blame for this trend, investors said.
“From the hedge fund perspective, we are judged on monthly performance, and three months is a lifetime,” said Brian Kelly of hedge fund Shelter Harbor Capital. “Ask any hedge fund or mutual fund manager for how long do they believe they can underperform the market and I guarantee they will tell you, ‘One quarter.’”
In one of the most extreme examples of our day-trading, computer-driven investment culture, Newman unveils this gem: “In the three months from the beginning of March to the end of May, transactions in Apple comprised one of every $16 traded in the U.S. market, very likely the most concentrated focus on one stock in stock market history.”
How many of the human beings or machines behind those trades looked at Apple’s price-earnings ratio?
“I speak with retail investors every day and I can tell you that more than ever, they believe that the stock market is a casino for the large and well-connected investors,” said Mitch Goldberg, ClientFirst Strategy in Woodbury, NY. “Of course, different investment styles go in and out of favor every so often, so to be a long term investor, you’d need a ton of patience and very thick skin. Eventually, the Graham and Buffett way will be back in favor and I think that is what will encourage the retail investor to step back into the market.”
( Source: CNBC )
Australian great Dennis Lillee on Monday recalled his first meeting with Sachin Tendulkar and said on a lighter note that he did the game a "favour" by rejecting the batsman when he went to the MRF Pace Foundation with an ambition to become a fast bowler in the late 80s.
Hoping to become a pacer, Tendulkar went to the MRF Pace Foundation in 1987. But his ambitions were crushed by the foundation's coaching director, Lillee who advised the then young Tendulkar to focus on his batting instead of bowling.
Asked about his first encounter with Tendulkar, Lillee, who is bidding adieu to the MRF Pace Foundation after 25 years of service, said: "I actually feel very embarrassed because I rejected him as a fast bowler. I think I did him and the game of cricket a favour. I am just joking, but I will never forget (the incident)."
"When he came back a year later he was just 15 years or so. I was there behind the nets. The first ball Sachin faced he hit it behind the bowler for a four. Sachin flicked the next ball for a four as well. The bowlers were not able to get Sachin and he was hitting them out of the park.
"When he was still batting with about 48 runs or so from 12 balls, I asked (the then head coach) TA Sekar who is this boy. Sekar laughed and replied you should know him, he is the boy whom you rejected when he wanted to become a fast bowler," he added.
Lillee said it was his fortune to have spotted Tendulkar before he made his foray into international cricket. "I was fortunate enough to see him before he made it to Test cricket and lucky enough to recognise him as the world's best.
"Sachin is a very humble man. He is the greatest player and batsman to have ever built played. He just amazes me on many counts, his eye for the game, hunger for the game and continued success," said the 62-year-old former cricketer.
Asked about the fast bowling talents he witnessed during his stint at the MRF Foundation, Lillee rated Zaheer Khan as the best, just ahead of cricketer-turned-match referee Javagal Srinath.
"To me number one is Zaheer Khan and number two is Srinath. As for Venkatesh Prasad I had always thought that he is going to be a Test player," he said.
"Irfan (Pathan), RP Singh and S Sreesanth were promising but sometimes I used to be disappointed with Munaf (Patel).
Munaf is one bowler who used to bowl at 150 plus but someone had suggested him to slow down. To me he had some natural gifts. Not many people are bestowed with such attributes."
Lillee also said that he was never on the same page with the Indian Cricket Board (BCCI). The Australian said that he loves to do things his way and that might be a reason why the BCCI never utilised his knowledge in the best possible manner.
"It was disappointing for me personally. Got to remember that I have the same relationship with the Cricket Australia too. I do not do anything unless I do them my way. I do not want other people pushing things on me," Lillee insisted.
( Source: Press Trust of India )
Hoping to become a pacer, Tendulkar went to the MRF Pace Foundation in 1987. But his ambitions were crushed by the foundation's coaching director, Lillee who advised the then young Tendulkar to focus on his batting instead of bowling.
Asked about his first encounter with Tendulkar, Lillee, who is bidding adieu to the MRF Pace Foundation after 25 years of service, said: "I actually feel very embarrassed because I rejected him as a fast bowler. I think I did him and the game of cricket a favour. I am just joking, but I will never forget (the incident)."
"When he came back a year later he was just 15 years or so. I was there behind the nets. The first ball Sachin faced he hit it behind the bowler for a four. Sachin flicked the next ball for a four as well. The bowlers were not able to get Sachin and he was hitting them out of the park.
"When he was still batting with about 48 runs or so from 12 balls, I asked (the then head coach) TA Sekar who is this boy. Sekar laughed and replied you should know him, he is the boy whom you rejected when he wanted to become a fast bowler," he added.
Lillee said it was his fortune to have spotted Tendulkar before he made his foray into international cricket. "I was fortunate enough to see him before he made it to Test cricket and lucky enough to recognise him as the world's best.
"Sachin is a very humble man. He is the greatest player and batsman to have ever built played. He just amazes me on many counts, his eye for the game, hunger for the game and continued success," said the 62-year-old former cricketer.
Asked about the fast bowling talents he witnessed during his stint at the MRF Foundation, Lillee rated Zaheer Khan as the best, just ahead of cricketer-turned-match referee Javagal Srinath.
"To me number one is Zaheer Khan and number two is Srinath. As for Venkatesh Prasad I had always thought that he is going to be a Test player," he said.
"Irfan (Pathan), RP Singh and S Sreesanth were promising but sometimes I used to be disappointed with Munaf (Patel).
Munaf is one bowler who used to bowl at 150 plus but someone had suggested him to slow down. To me he had some natural gifts. Not many people are bestowed with such attributes."
Lillee also said that he was never on the same page with the Indian Cricket Board (BCCI). The Australian said that he loves to do things his way and that might be a reason why the BCCI never utilised his knowledge in the best possible manner.
"It was disappointing for me personally. Got to remember that I have the same relationship with the Cricket Australia too. I do not do anything unless I do them my way. I do not want other people pushing things on me," Lillee insisted.
( Source: Press Trust of India )
Top Stories
Cyprus joins club seeking bailout in eurozone
Effectively barred from capital markets for more than a year, Cyprus is now the fifth European country to formally request a bailout. As much as 10 billion euros may be required to cover exposure to Greek private-sector debt and to backstop the second-largest lender, Cyprus Popular Bank. The request comes after Fitch's decision to downgrade the country's sovereign status to junk.
Spain reaches out to EU for aid to banks
With a Moody's downgrade probably hours away, Spain called on eurozone partners to come to the aid of its banks. Citing an audit that shows Spanish banks may need as much as 62 billion euros, Economy Minister Luis de Guindos said he now wished to take advantage of an EU aid offer of as much as 100 billion euros.
Greek finance minister resigns ahead of European summit
Greece's new finance minister asked to step down four days after his appointment, citing ill health. Prime Minister Antonis Samaras accepted the resignation of Vassilios Rapanos, 65, whose sudden illness and hospitalization had precluded his attendance at a summit of European leaders later this week.
EU summit to focus on tighter union
The pre-summit draft document prepared for European leaders meeting later this week outlines four "pillars" of economic and monetary union. Among the ideas to be discussed are a cross-border banking union, greater fiscal integration and a debt redemption fund. Banking regulation is also a high priority.
Bleak figures in store for U.K. economy
Two pieces of bad economic news are on the calendar this week in the U.K. A statistical report on taxes and benefits is expected to shed light on a worsening situation for consumers. And a third revision of GDP figures for the first quarter is likely to confirm that the country is in a double-dip recession.
Consumer pessimism grows in U.S., but housing improves
U.S. consumer pessimism deepened in the second quarter, weighed down by stubbornly high unemployment and persistently bad news out of the eurozone, according to a Nielsen survey. At the same time, the Commerce Department reported Monday that there is continued strength in the housing sector.
Central banks ready to ease, but stimulus may be called for
Although central banks around the world from Japan to Europe are signaling more monetary easing, any actions along these lines may be muted as policymakers scale back predictions of economic recovery. The situation recalls the persisting malaise in Japan since the real estate meltdown of the 1990s. "Japan's experience shows central banks can mitigate the worst effects of the current environment, but it's going to be very hard for them to stimulate demand," said Peter Dixon, global equities economist at Commerzbank in London.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
Investors in the U.S. and Europe focused Monday on the European summit later this week, with shares taking a tumble on both sides of the Atlantic as the outlook for a resolution to the euro crisis dimmed. The U.S. S&P 500 Index ended the day 1.6% lower, and the Stoxx Europe 600 Index was off a nearly identical 1.5%. Here is a continuously updated list of global stock indices.
Economic Trends & Outlook
China's state-owned companies are warned to shape up for hard times
China's state-owned enterprises are being formally warned to take steps in preparation for a period of markedly slower growth than the sustained double-digit gains they've become accustomed to over decades. "Against the current harsh economic situations both home and abroad, the SOEs must attach much importance to reducing costs ... and boosting efficiency," says Shao Ning, deputy director of the State-owned Assets Supervision and Administration Commission.
Moody's maintains stable rating outlook for India
India got a break from Moody's, which on Monday confirmed the country's sovereign rating. Moody's notes that many of the country's current economic problems are only an extension of years-long ills that have long been part of the current rating. The stable outlook comes after a previous downgrade by Standard & Poor's to negative.
Trade between Taiwan, EU returns to pre-crisis level
Trade between Taiwan and the EU totaling $50.05 billion last year put the two partners back where they were before the 2008-09 downturn, according to an EU-Taiwan fact file from the European Economic and Trade Office. Meanwhile, the EU remained the largest foreign investor in Taiwan in 2011, providing $30.24 billion in foreign direct investment stock, accounting for more than a quarter of the FDI total in Taiwan.
Capital Markets & Financial Products
In South Korea, institutional investors shun corporate bonds
A book-building attempt last week by South Korea's CJ E&M, an AA-stable company, failed to attract any institutional investors. Investors, for their part, said the rates offered were unreasonably low. But this and similar recent failures indicate that corporate financing in South Korea may be in for a difficult period, with local businesses facing the prospect of a liquidity crunch.
South Korea's Export-Import Bank plans foreign-currency unit
A new unit to handle foreign-currency assets is in store for the Export-Import Bank of Korea. The unit, which may become an asset management firm in the future, will diversify the bank's investment outlets, one source said.
Indonesia sets ground rules for greater-than-40% stakes in banks
Local institutions in Indonesia and foreign institutions that meet several requirements will be able to buy stakes in Indonesian banks greater than the 40% generally allowed, Bank Indonesia Deputy Gov. Halim Alamsyah said. Among the requirements is a willingness to buy contingent-convertible bonds from the banks involved, hold on to the purchases assets for a minimum period and commit to help improve the Indonesian economy.
Asian fund managers are sought in Australia
John Donovan, founder of Australia's AFM Investment Partners, predicts the country's pension funds soon "will be investing heavily into Asia." With that in mind, AFM is searching for Asian fund managers, Donovan says. The need is likely to be great, with bigger mandated pension contributions over the next few years and the funds' current overinvestment domestically.
Qatar will be able to claim leading status as a foreign investor in China's capital markets if it wins clearance for $5 billion in investments. The request on behalf of Qatar's sovereign wealth fund is five times China's current limit.
India raises upper limit for FII in government securities
India's ceiling for foreign institutional investors in government securities has been boosted by $5 billion, to $20 billion. The action by the Reserve Bank of India is accompanied by a move to add to the categories of long-term investors that can invest up to the $20 billion limit in government bonds.
Under new currency clearance, Taiwanese will be able to invest in China
Investors in Taiwan will soon be able to invest in Chinese stocks in a major relaxation of cross-strait financial exchanges. The investments will be enabled under a new currency clearance mechanism, with stock investments made possible through reconsignment with securities firms and issuance of renminbi-denominated mutual funds, insurance policies and structured notes.
People & Personalities
Liew plans exit as CEO at CapitaLand
Liew Mun Leong, co-founder and CEO of leading Southeast Asia developer CaptiLand, plans to step down next June. The decision comes as other management changes are afoot at the company and is not considered a surprise to the market. However, the "key question is who the successor is," said BNP Paribas analyst Chong Kang Ho.
Cyprus joins club seeking bailout in eurozone
Effectively barred from capital markets for more than a year, Cyprus is now the fifth European country to formally request a bailout. As much as 10 billion euros may be required to cover exposure to Greek private-sector debt and to backstop the second-largest lender, Cyprus Popular Bank. The request comes after Fitch's decision to downgrade the country's sovereign status to junk.
Spain reaches out to EU for aid to banks
With a Moody's downgrade probably hours away, Spain called on eurozone partners to come to the aid of its banks. Citing an audit that shows Spanish banks may need as much as 62 billion euros, Economy Minister Luis de Guindos said he now wished to take advantage of an EU aid offer of as much as 100 billion euros.
Greek finance minister resigns ahead of European summit
Greece's new finance minister asked to step down four days after his appointment, citing ill health. Prime Minister Antonis Samaras accepted the resignation of Vassilios Rapanos, 65, whose sudden illness and hospitalization had precluded his attendance at a summit of European leaders later this week.
EU summit to focus on tighter union
The pre-summit draft document prepared for European leaders meeting later this week outlines four "pillars" of economic and monetary union. Among the ideas to be discussed are a cross-border banking union, greater fiscal integration and a debt redemption fund. Banking regulation is also a high priority.
Bleak figures in store for U.K. economy
Two pieces of bad economic news are on the calendar this week in the U.K. A statistical report on taxes and benefits is expected to shed light on a worsening situation for consumers. And a third revision of GDP figures for the first quarter is likely to confirm that the country is in a double-dip recession.
Consumer pessimism grows in U.S., but housing improves
U.S. consumer pessimism deepened in the second quarter, weighed down by stubbornly high unemployment and persistently bad news out of the eurozone, according to a Nielsen survey. At the same time, the Commerce Department reported Monday that there is continued strength in the housing sector.
Central banks ready to ease, but stimulus may be called for
Although central banks around the world from Japan to Europe are signaling more monetary easing, any actions along these lines may be muted as policymakers scale back predictions of economic recovery. The situation recalls the persisting malaise in Japan since the real estate meltdown of the 1990s. "Japan's experience shows central banks can mitigate the worst effects of the current environment, but it's going to be very hard for them to stimulate demand," said Peter Dixon, global equities economist at Commerzbank in London.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
Investors in the U.S. and Europe focused Monday on the European summit later this week, with shares taking a tumble on both sides of the Atlantic as the outlook for a resolution to the euro crisis dimmed. The U.S. S&P 500 Index ended the day 1.6% lower, and the Stoxx Europe 600 Index was off a nearly identical 1.5%. Here is a continuously updated list of global stock indices.
Economic Trends & Outlook
China's state-owned companies are warned to shape up for hard times
China's state-owned enterprises are being formally warned to take steps in preparation for a period of markedly slower growth than the sustained double-digit gains they've become accustomed to over decades. "Against the current harsh economic situations both home and abroad, the SOEs must attach much importance to reducing costs ... and boosting efficiency," says Shao Ning, deputy director of the State-owned Assets Supervision and Administration Commission.
Moody's maintains stable rating outlook for India
India got a break from Moody's, which on Monday confirmed the country's sovereign rating. Moody's notes that many of the country's current economic problems are only an extension of years-long ills that have long been part of the current rating. The stable outlook comes after a previous downgrade by Standard & Poor's to negative.
Trade between Taiwan, EU returns to pre-crisis level
Trade between Taiwan and the EU totaling $50.05 billion last year put the two partners back where they were before the 2008-09 downturn, according to an EU-Taiwan fact file from the European Economic and Trade Office. Meanwhile, the EU remained the largest foreign investor in Taiwan in 2011, providing $30.24 billion in foreign direct investment stock, accounting for more than a quarter of the FDI total in Taiwan.
Capital Markets & Financial Products
In South Korea, institutional investors shun corporate bonds
A book-building attempt last week by South Korea's CJ E&M, an AA-stable company, failed to attract any institutional investors. Investors, for their part, said the rates offered were unreasonably low. But this and similar recent failures indicate that corporate financing in South Korea may be in for a difficult period, with local businesses facing the prospect of a liquidity crunch.
South Korea's Export-Import Bank plans foreign-currency unit
A new unit to handle foreign-currency assets is in store for the Export-Import Bank of Korea. The unit, which may become an asset management firm in the future, will diversify the bank's investment outlets, one source said.
Indonesia sets ground rules for greater-than-40% stakes in banks
Local institutions in Indonesia and foreign institutions that meet several requirements will be able to buy stakes in Indonesian banks greater than the 40% generally allowed, Bank Indonesia Deputy Gov. Halim Alamsyah said. Among the requirements is a willingness to buy contingent-convertible bonds from the banks involved, hold on to the purchases assets for a minimum period and commit to help improve the Indonesian economy.
Asian fund managers are sought in Australia
John Donovan, founder of Australia's AFM Investment Partners, predicts the country's pension funds soon "will be investing heavily into Asia." With that in mind, AFM is searching for Asian fund managers, Donovan says. The need is likely to be great, with bigger mandated pension contributions over the next few years and the funds' current overinvestment domestically.
Industry & Regulatory Update
Qatar requests clearance to invest $5 billion in China
Qatar requests clearance to invest $5 billion in China
Qatar will be able to claim leading status as a foreign investor in China's capital markets if it wins clearance for $5 billion in investments. The request on behalf of Qatar's sovereign wealth fund is five times China's current limit.
India raises upper limit for FII in government securities
India's ceiling for foreign institutional investors in government securities has been boosted by $5 billion, to $20 billion. The action by the Reserve Bank of India is accompanied by a move to add to the categories of long-term investors that can invest up to the $20 billion limit in government bonds.
Under new currency clearance, Taiwanese will be able to invest in China
Investors in Taiwan will soon be able to invest in Chinese stocks in a major relaxation of cross-strait financial exchanges. The investments will be enabled under a new currency clearance mechanism, with stock investments made possible through reconsignment with securities firms and issuance of renminbi-denominated mutual funds, insurance policies and structured notes.
People & Personalities
Liew plans exit as CEO at CapitaLand
Liew Mun Leong, co-founder and CEO of leading Southeast Asia developer CaptiLand, plans to step down next June. The decision comes as other management changes are afoot at the company and is not considered a surprise to the market. However, the "key question is who the successor is," said BNP Paribas analyst Chong Kang Ho.
A three-day U.S. crackdown on child prostitution resulted in 104 arrests, the FBI said.
The operation, conducted June 21 to June 23 in 57 cities, rescued 79 children as young as 13 years old being held against their will and forced to work as prostitutes, said Kevin Perkins, an FBI official, at a briefing today for reporters in Washington.
This is the sixth nationwide operation targeting child prostitution coordinated by the Federal Bureau of Investigation since 2008, Perkins said.
The operation, conducted June 21 to June 23 in 57 cities, rescued 79 children as young as 13 years old being held against their will and forced to work as prostitutes, said Kevin Perkins, an FBI official, at a briefing today for reporters in Washington.
This is the sixth nationwide operation targeting child prostitution coordinated by the Federal Bureau of Investigation since 2008, Perkins said.
The New York Times And Flipboard Partner For Paid Access
Starting Thursday, subscribers to the The New York Times will be able to flip through the full paper via the Flipboard social reader on an iPad.
Flipboard plugs into content streams of all kinds, from Twitter lists to RSS feeds to free material straight from a raft of publisher partners including Fast Company, but this is the first-time they have offered premium paid content. And the partnership kicks off a new strategy for the Times dubbed "NYT Everywhere"--a plan to bring the Times, originally accessibly only via its own mobile app, to a wider digital readership via third-party platforms. In other words, Flipboard is just the beginning.
Flipboard's intuitive and addictive user interface, designed by Marcos Weskamp (#42 on our Most Creative People list), has been picking up new allies lately. The recent addition of audio from SoundCloud and NPR, video from YouTube, sharing via Google+, and finally launching for all of Android last week likely make it the dominant player among iPad's many social news readers.
Update 11:45 a.m. EST: Ad Age reports that other publishers are responding to Flipboard's effective but free reach in a different way. Conde Nast has decided to pare down the amount of content from Wired and the New Yorker that it funnels into Flipboard's streams, prodding readers to click through to their website to read full stories. Their view, shared by others in the publishing world it seems, is that Flipboard seems to be a little too good at what it does: though its content may reach a wide audience, those readers prefer not to leave the app at all for the content providers' web pages. "... the question is, is it too beautiful?" a publishing executive told Ad Age.
Rumor: Jelly Bean Flavored Google Nexus 7 Tablet To Cost $199
Ahead of Google's I/O conference this week Gizmodo Australia got their hands on leaked documents that spill the (jelly)beans on Google's expected new Nexus tablet, supposedly called the Nexus 7. Two versions are expected, an 8GB model at $199 and a 16GB model at $249. According to the documents, the tablet will run the Jelly Bean version of the Android OS. The tablet will also be NFC-enabled, and Google Wallet compatible.
Facebook's "Find Friends Nearby" App Does Just What It Says - And More
Facebook quietly introduced a new service over the weekend called Find Friends Nearby, which connects you with other Facebook subscribers who are in close geographic proximity. The service is activated when a logged-in Facebook user visits the Find Friends page on their mobile device. The app uses GPS data to pinpoint your location and lists all other Facebook/Find Friend users in the vicinity, on or off your friend lists. Just based on how it's set up, the feature is opt-in only, restricted to users who seek out the Find Friends Nearby page on the web, or via the Facebook iOS or Android mobile app. Leave the page and you disappear from others' lists. And only public details are visible via the service--people still need to send you a friend request to see your full profile.
Facebook developer Ryan Patterson created the app (originally called "Friendshake") during a hackathon, he wrote in the comments section at TechCrunch where the app was first reported. "For me, the ideal use case for this product is the one where when you’re out with a group of people whom you’ve recently met and want to stay in contact with," Patterson explained.
Google Dramatically Cuts Price For Accessing Its Maps API
Google has announced that it's cutting the cost of third party access to its sophisticated Maps API by up to 88%, for clients on high-traffic sites and services. Google lets third party app developers and websites to access its Maps technology through an API, but had been charging a small but on insignificant fee of $4 per 1,000 map loads to these customers--a fee that eats into profits the company's make by offering the Maps as part of their own service. Google also revealed it would be changing who it charges these fees to, and offering negotiations on the matter. The price cut comes in the weeks since it was unofficially revealed that Apple had shunned Google's Map tech in its next iPhone operating system and was instead offering its own clever mapping solution.
Google TV Getting International Launch, Starting In U.K.
Google is finally taking its smart/connected TV system outside of the U.S., with Sony as the preferred launch partner. Sony Europe revealed the news this morning, explaining that the NSZ-GS7 "Internet Player with Google TV," which is a set-top box with a smart keyboard-toting remote control, will hit the U.K. in July for £200 ($311). Shortly after this the system will also launch in Canada, Australia, France, Germany, and the Netherlands, then Brazil and Mexico (with Sony Germany giving a September date for that nation). Sony's effort at bringing Internet TV to the masses is one of the most high profile, coming with Google's global reputation in tow, and it's being played out against a continuous backdrop of rumors that Google's rival Apple is planning on reinventing the whole market and as Amazon slowly expands its own Net content offering, with deals like a new one between Lovefilm and Fox in the U.K.
Starting Thursday, subscribers to the The New York Times will be able to flip through the full paper via the Flipboard social reader on an iPad.
Flipboard plugs into content streams of all kinds, from Twitter lists to RSS feeds to free material straight from a raft of publisher partners including Fast Company, but this is the first-time they have offered premium paid content. And the partnership kicks off a new strategy for the Times dubbed "NYT Everywhere"--a plan to bring the Times, originally accessibly only via its own mobile app, to a wider digital readership via third-party platforms. In other words, Flipboard is just the beginning.
Flipboard's intuitive and addictive user interface, designed by Marcos Weskamp (#42 on our Most Creative People list), has been picking up new allies lately. The recent addition of audio from SoundCloud and NPR, video from YouTube, sharing via Google+, and finally launching for all of Android last week likely make it the dominant player among iPad's many social news readers.
Update 11:45 a.m. EST: Ad Age reports that other publishers are responding to Flipboard's effective but free reach in a different way. Conde Nast has decided to pare down the amount of content from Wired and the New Yorker that it funnels into Flipboard's streams, prodding readers to click through to their website to read full stories. Their view, shared by others in the publishing world it seems, is that Flipboard seems to be a little too good at what it does: though its content may reach a wide audience, those readers prefer not to leave the app at all for the content providers' web pages. "... the question is, is it too beautiful?" a publishing executive told Ad Age.
Rumor: Jelly Bean Flavored Google Nexus 7 Tablet To Cost $199
Ahead of Google's I/O conference this week Gizmodo Australia got their hands on leaked documents that spill the (jelly)beans on Google's expected new Nexus tablet, supposedly called the Nexus 7. Two versions are expected, an 8GB model at $199 and a 16GB model at $249. According to the documents, the tablet will run the Jelly Bean version of the Android OS. The tablet will also be NFC-enabled, and Google Wallet compatible.
Facebook's "Find Friends Nearby" App Does Just What It Says - And More
Facebook quietly introduced a new service over the weekend called Find Friends Nearby, which connects you with other Facebook subscribers who are in close geographic proximity. The service is activated when a logged-in Facebook user visits the Find Friends page on their mobile device. The app uses GPS data to pinpoint your location and lists all other Facebook/Find Friend users in the vicinity, on or off your friend lists. Just based on how it's set up, the feature is opt-in only, restricted to users who seek out the Find Friends Nearby page on the web, or via the Facebook iOS or Android mobile app. Leave the page and you disappear from others' lists. And only public details are visible via the service--people still need to send you a friend request to see your full profile.
Facebook developer Ryan Patterson created the app (originally called "Friendshake") during a hackathon, he wrote in the comments section at TechCrunch where the app was first reported. "For me, the ideal use case for this product is the one where when you’re out with a group of people whom you’ve recently met and want to stay in contact with," Patterson explained.
Google Dramatically Cuts Price For Accessing Its Maps API
Google has announced that it's cutting the cost of third party access to its sophisticated Maps API by up to 88%, for clients on high-traffic sites and services. Google lets third party app developers and websites to access its Maps technology through an API, but had been charging a small but on insignificant fee of $4 per 1,000 map loads to these customers--a fee that eats into profits the company's make by offering the Maps as part of their own service. Google also revealed it would be changing who it charges these fees to, and offering negotiations on the matter. The price cut comes in the weeks since it was unofficially revealed that Apple had shunned Google's Map tech in its next iPhone operating system and was instead offering its own clever mapping solution.
Google TV Getting International Launch, Starting In U.K.
Google is finally taking its smart/connected TV system outside of the U.S., with Sony as the preferred launch partner. Sony Europe revealed the news this morning, explaining that the NSZ-GS7 "Internet Player with Google TV," which is a set-top box with a smart keyboard-toting remote control, will hit the U.K. in July for £200 ($311). Shortly after this the system will also launch in Canada, Australia, France, Germany, and the Netherlands, then Brazil and Mexico (with Sony Germany giving a September date for that nation). Sony's effort at bringing Internet TV to the masses is one of the most high profile, coming with Google's global reputation in tow, and it's being played out against a continuous backdrop of rumors that Google's rival Apple is planning on reinventing the whole market and as Amazon slowly expands its own Net content offering, with deals like a new one between Lovefilm and Fox in the U.K.
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