Global telcos extend network connectivity with “Bay of Bengal Gateway” system

The BBG submarine cable system, spanning nearly 8,000 km, will link Malaysia (through Penang) and Singapore to the Middle East (Oman and United Arab Emirates) with connections reaching out to India (Mumbai and Chennai) and Sri Lanka

International telecom carriers continue to play an integral role in providing connectivity, diversity and elevating the region’s telecommunications efficiency level when they formed a consortium for the establishment of the “Bay of Bengal Gateway” (BBG) submarine cable system. The collaboration was made official when the consortium members - Telekom Malaysia Berhad (TM) (Malaysia), Vodafone Group (UK), Omantel (Oman), Etisalat (UAE), Reliance Jio Infocomm (India) and Dialog Axiata (Sri Lanka)—signed the Construction and Maintenance Agreement (C&MA) and the Supply Contract for BBG in Kuala Lumpur today.

 

 

The BBG submarine cable system, spanning nearly 8,000 km, will link Malaysia (through Penang) and Singapore to the Middle East (Oman and United Arab Emirates) with connections reaching out to India (Mumbai and Chennai) and Sri Lanka.

 

The construction of BBG is planned not only to provide connectivity between South East Asia, South Asia and the Middle East, but also to Europe, Africa and to the Far East Asia through interconnections with other existing and newly built cable systems landing in India, the Middle East and the Far East Asia. BBG will also serve as an extraordinary opportunity for business growth as it will help supporting current and future high capacity requirements from the surrounding areas of the region as well as next generation Internet applications.

 

The construction of this cable system is a clear indication of the growing demand for bandwidth at the participating countries. The markets are expected to see strong growth with the continuous efforts in embracing the broadband technologies and infrastructure expansion.

 

The BBG cable system is designed to provide upgradable and transmission facilities by adopting the state-of-the-art 100Gbps technology. This cable system is expected to carry commercial traffic by the end of 2014.

User

Indian economy to grow at 6.1% in current fiscal: World Bank

The decline in the growth forecast is largely due to the decline in agriculture sector which is expected to grow at 2% during 2013-14 against the previous estimate of 2.7% despite normal monsoon projection

 

The World Bank today scaled down India’s growth forecast to 6.1% for the current fiscal from 7% projected six months ago.

 

The decline in the growth forecast is largely due to the decline in agriculture sector which is expected to grow at 2% during 2013-14 against the previous estimate of 2.7% despite normal monsoon projection.

 

However, the multilateral funding agency said that India is regaining economic momentum and growth is expected to recover gradually to its high long-term potential.

 

As per the latest India Development Update of the World Bank, the Indian economy would grow by 6.1% in 2013-14 on account of robust domestic demand, strong savings and investment rate.

 

Growth projections for 2013-14 have been arrived at by taking into account present internal and external factors.

 

“Economic growth is likely to accelerate to over 6% during the current financial year (April 2013-March 2014). Growth is expected to increase further to 6.7% in 2014-2015,” said Denis Medvedev, Senior Country Economist, World Bank, India.

 

“Recent data point to some improvements in economic activity: inflation and trade deficit came down in recent months, while private consumption and investment growth had accelerated in the third quarter of 2012-2013,” he said.

 

According to the Update, a twice yearly report on the Indian economy and its prospects, GDP growth during 2012-13 would be around 5%, the lowest in the decade.

 

As per the International Monetary Fund (IMF) report released on Monday India’s GDP is likely to improve to 5.7% during the calendar year ending December 2013 and further to 6.2% a year after.

User

Will Osian's Investors Finally Get Their Money?

Will Investors Finally Get Their Money?

A15th April order by the Securities and Exchange Board of India (SEBI) has finally closed a chapter on the liability of Osian’s Art Fund—an investment adventure backed by unprecedented media hype, mainly through the Page3 presence of art impresario Neville Tuli, its long-haired founder. So great was the hype, that when ABN Amro Bank began to sell the Fund, it found willing takers among CEOs of mutual funds, brokerage houses and partners in global consulting giants.

The three-year close-ended fund raised Rs102 crore in 2006 and was wound up in July 2009 with the promise to redeem the investment in 120 days with a paltry 6% return, which was never paid. Moneylife began to follow this Fund from November 2009 when it was clear that the payment wasn’t forthcoming. Initially, some investors received 40% and 100% using aggressive tactics. But soon, it was only promises.

Mr Tuli first reacted with anger and even had his lawyer send us a long note. But, to his credit, the firm responded to investors, even if it was with yet another promise to pay. We also pointed out that SEBI had failed to follow up on its initial show-cause notice to Osian’s. Finally, nearly four years later the sponsor company—Osian’s Connoisseurs of Art Private Limited—has been ordered to wind up the scheme and pay investors within three months.

This raises many interesting questions. The society pages of newspapers have reported many comeback attempts by Mr Tuli. Experts also point out that there may be a global financial crisis, but there is no slump in the value of artworks of artists like MF Hussian, Bikash Bhattacharjee, VS Gaitonde, Akbar Padamsee, Jogen Chaudhary, Somnath Hore and Tyeb Mehta, which were reportedly part of Osian’s investment. Three months down the line, we will tell you whether Osian’s complies with the order and liquidates its art to pay back investors or finds a way to buy more time. Or, more frighteningly, is it out of assets, money or artworks.

 

Editor's Note:

Moneylife has, by far, written the maximum number of articles on Osian's Art Fund which was launched, we argued, in violation of Sebi's rules for Collective Investment Schemes. Sebi has taken three years to finally move. Here is a partial list of our previous articles on Osian's.

 

  1. Osian's Art Fund: Some unit holders still awaiting first payment ...
  1. Osian's new promise: Will pay back by 29th May
  1. Osian Art Fund: Dirty canvass
  1. Osian's Art Fund is running late on payments
  1. Osian Art Fund failure: Mr Tuli's version
  1. Osian Art Fund failed to live up to expectations, says Tuli
  1. ABN AMRO investors in Osian Art Fund still await first payments ...
  1. The Osian saga continues
  1. Osian Art Fund delays payout
  1. Osian Art Fund investors get part payment
  1. Osian Art Fund to be redeemed
  1. How SEBI failed to regulate the Osian Art Fund
  1. Around 85 Osian Art Fund investors awaiting first payment
  1. ABN AMRO customers upset over their Osian Fund investment ...
  1. Undeterred by poor returns and liquidity, Osian Art plans another art ...

 

User

COMMENTS

choksi R

4 years ago

Hi,

I truly applaud Moneylife's efforts right from bringing to light Osian's dubious intentions to taking it forward all along till this level with their apt articles and updates.

I have been an investor in the Osian Art Fund. I have yet to receive the balance of my invested amount as well as the income/profits earned.

I have submitted a letter to their office asking them to return the money as per the SEBI order.

As far as my readings go, they have enough assets to pay back the investors. It is the intention which falls short. If he does not pay up then I guess it becomes a perfect case to file a criminal complaint with the police. Also, then his personal assets including the house at Carmichael road, offices across the country, his fleet of expensive cars, artworks at each location should be attached and auctioned. This will be more than enough to pay back with profit, each and every investor.

I, on behalf of investors, seek Moneylife's further guidance on what can be done next.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)