From Behind Bars
Subrata Roy, Founder, Sahara group (Photo: M Zhazo)
Having seen various ups and downs in his life, Sahara Group founder, Subrata Roy, has decided to write his life experiences from within the walls of Tihar jail, where he has been incarcerated for about two years now. Life Mantras is the first of the three books under the series titled Thoughts from Tihar. Roy's group firms were accused of unlawfully collecting millions from investors. Sahara has been trying to sell some of its prized assets, including New Yorks Plaza Hotel, the Grosvenor House in London, Sahara Star Hotel in Mumbai and its stake in a Formula One racing team, to free Roy from jail.
The Banker's Cure
Haruhiko Kuroda, Governor, Bank of Japan (Photo: Reuters)
Bank of Japan Governor Haruhiko Kuroda's recent decision to reduce key interest rates below zero could possibly help the country fight the long-drawn deflation battle. Interest rates are used as a tool by Central bank governors across the world to manage consumer prices. Less than zero interest rates mean that financial institutions will have to pay the Central bank to park their money beyond required reserve levels. Similar interest rate policies were announced by Central banks in Europe, Denmark and Switzerland. Kuroda's move is expected to encourage consumers to make big-ticket purchases.
Driving Home
T. Suzuki, COO, Suzuki Corporation
T. Suzuki, who was appointed as COO and President of the Japanese automaker Suzuki Corporation in July last year, was in India recently for the Auto Expo. He said that the largest carmaker, Maruti Suzuki, in which Suzuki has a majority stake, aims to reduce its dependence on India, and focus on markets such as Europe and South-East Asia. He also said that there is no possibility of an alliance with Toyota Motor Company for developing any technology or products.
Playing a Trump
Bernie Sanders, US presidential candidate
Bernie Sanders, a junior Senator from Vermont, gave Hillary Clinton a run for her money in the race to become the Democrat Presidential candidate. Sanders lost to Clinton by just 0.29 percentage points in the Iowa caucus, a margin thinner than predicted. His strong performance has led him to raise a record $3 million within 24 hours. "We had no money, no name, recognition, and we were taking on the most powerful political organisation in the United States of America," Sanders said, after the Iowa caucus.
The Ageless Banker
S. S. Tarapore, Former Deputy Governor, RBI
Few Central bankers manage to keep pace with financial sector developments after retirement. But noted economist and former RBI Governor Savak Sohrab Tarapore, 80, who passed away on February 2, was different. Not only did he make his points heard by regularly penning his thoughts on policy making in leading dailies, but also kept in touch with people at the Central bank. "He was one of the finest macro economists with a broad understanding of external issues, including currency and balance of payments," says G.N. Bajpai, former LIC and Sebi Chairman. Tarapore rose through the ranks in a career spanning three-and-a-half decades. He joined the bank as research officer. Former RBI Governor C. Rangarajan, under whom he worked as the deputy governor, called him a crusader in the fight against inflation. Raghuram Rajan, the incumbent, lauded his contribution as part of the two Narasimham committees, which set the tone for first-generation reforms in the financial market. In fact, Tarapore is best known for chairing the capital account convertibility (CAC) report, which was considered comprehensive and quite ahead of its time.
