Not so safe on Delhi streets


As a thriving metropolis, New Delhi is taking steps towards becoming a world-class city but the safety of its residents remains a concern — especially if you are a woman. A Thomson Reuters survey ranks India as the fourth most unsafe place for women in the world. And its capital is no safe haven for its female residents. But what makes New Delhi so unsafe? Experts differ on whether it’s the deep seated psyche of a male-dominated society, its socio-economic diversity or perhaps both. Molestation, sexual harassment and even rape have become so common that staying safe is often seen as the woman’s responsibility. Earlier this month, a woman travelling in an auto-rickshaw barely escaped when two men in a passing van tried to grab her. The auto-rickshaw driver was in cahoots with the kidnappers but the woman managed to evade them and jump out, leaving her bag behind. The woman, whose T-shirt was torn during her escape, sought refuge with a policeman who started questioning her, inadvertently letting the would-be rapists escape. The woman was dressed in a T-shirt and jeans. The incident took place around 8 in the evening. And there were many witnesses, who watched apathetically. In such cases, officials often blame the woman’s attire. Would the men not have attempted kidnapping the woman if she was wearing a saree, salwar-kameez or a burqa? The latter would probably lessen the chances. Is there a definition for appropriate attire, behaviour, a certain way of being — or all of them put together — to ensure no unwanted attention? So far as New Delhi is concerned, it is widely understood that the new-age woman, boldly breaking social mores and stepping into male domains, needs to be extremely cautious of the way she carries herself in public places. Why is a woman walking in the street seen as fair game if a man isn’t with her? Across the length and breadth of India, it is difficult to determine what state or city is more conservative than the other. A survey by Jagori, a women’s rights group, and the United Nations Development Fund for Women (UNIFEM) last year reveals that two out of every three women in New Delhi have been sexually harassed at least twice and up to five times in one year. Seventy percent of the men interviewed said they would rather not intervene. The establishment often forgets to ask what gives any man the licence to ogle, grope or rape a woman no matter what she may or may not be wearing. The question isn’t only about attire, it is in fact about a deep-seated mentality that runs into many centuries of an extremely sexually repressed India, where the repression translates itself into violence at various levels. Where do we draw the line between acceptable and unacceptable behaviour? Is there hope for New Delhi?

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Analysis: Colombia sees big gain from U.S. trade pact


The pact — which was stuck in the U.S. Congress since 2006 before passage on Wednesday — may help triple Colombian exports to the United States to $50 billion over five years and create 300,000 jobs, Trade Minister Sergio Diaz-Granados said.”It’s backing for what Colombia has done over the last 10 years to improve the country,” he told Reuters, referring to the South American nation’s economic stabilization and pushing back of left-wing rebels in recent times.As well as financial gain, the pact is intended to help curb violence against union leaders as it may help boost leverage to enforce human rights.The U.S. Congress also approved pacts with South Korea and Panama that are expected to lift American exports by about $13 billion a year.Shipments to Colombia could increase $1.1 billion from $12 billion in 2010, according to the U.S. government.Though some are concerned Colombian farmers could be overwhelmed by duty-free U.S. imports, analysts broadly view the deal as the latest sign of foreign confidence in Colombia in its efforts to fully quell five decades of guerrilla violence and tackle the illegal drugs trade.”This is a huge deal for Colombia,” said Eric Farnsworth, vice president of the Council of the Americas in Washington.”Unquestionably it’s another important step to raising Colombia in the global investor consciousness, in changing the narrative.“‘NEW ERA’The agreement would fix duty-free access for most of Colombia’s exports to the United States.Colombia, which has received about $6 billion in U.S. anti-narcotics aid since 2000, will now offer more investor certainty by fixing trade privileges that had been subject to renewal by the U.S. Congress, said Farnsworth, a specialist in Latin American trade.The pact, which may take more than a year to kick in, will serve as an “antidote” to shield Colombia from the impact of a global slowdown and help add as much as 1 percent to economic growth, already forecast to expand at least 5 percent in 2011, trade minister Granados-Diaz said.His boss, President Juan Manuel Santos, described the approval as “historic” and marking a “new era” in U.S. ties.”The free trade agreement ends the uncertainty that has been discouraging long-term investment and it now guarantees to all investors stability in the rules of the game,” he said.While it’s a “win-win” for both countries in the long term, commodity-rich Colombia may not benefit for several years, said Javier Diaz, head of the exporters’ association Analdex.Colombia received $10.77 billion in foreign direct investment through September, 84 percent of which came from oil, gas and mining. Now it is likely to benefit from investments in other goods and services.”Of course there are sectors that are highly sensitive because they are going to have competition they didn’t have before, which is true of the rice and poultry sectors. But it’s not like they are going to be wiped away because it’s going to take 18 years to gradually remove an 80 percent duty,” Diaz said.Tarsicio Mora, president of the Colombia United Workers Federation (CUT), rejected the accord and said it would hurt workers and some companies.”This will impact small and medium-sized companies, the agriculture sector and many workers, it will assure in one way or another that multinationals are able to place their products,” he told Reuters.For years U.S. Democratic lawmakers opposed the pact on grounds Colombia offered lax protection against violence for union leaders.”Colombia’s at war. We don’t have the right conditions for a free trade accord,” said Colombian opposition lawmaker Ivan Cepeda, whose father, also a congressman, was killed by a paramilitary hit squad in 1994.While 282 unionists were killed in Colombia between 2002 and 2010, the number of labor murders dropped steadily over that time.”With the FTA in place you have more leverage to enforce human rights,” said Susan Aaronson, a professor of trade policy at George Washington University in Washington.

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CORRECTED-TEXT-S&P raises rtgs on European CDO V’s class A1 & A2 notes


OVERVIEW— GSC European CDO V’s class A1 and A2 notes have repaid about EUR9.99 million since our previous review in December 2009.— In the same period, the portfolio’s proportions of defaulted assets and those rated in the ‘CCC’ category have decreased.— Considering these factors, we have raised our ratings on the class A1 and A2 notes to ‘AA- (sf)’ to reflect the increased credit enhancement.— GSC European CDO V is a cash flow CLO transaction that securitizes loans to primarily speculative-grade corporate firms.Standard & Poor’s Ratings Services today raised to ‘AA- (sf)’ its credit ratings on GSC European CDO V PLC’s outstanding EUR208.16 million class A1 and A2 notes (see list below).Since we last reviewed this transaction in December 2009 (see “Transaction Update: GSC European CDO V PLC,” published Dec. 17, 2009), the class A overcollateralization test, as described in the transaction documents, has been failing. As a result, the issuer has used interest proceeds to amortize the class A1 and A2 notes. These classes of notes, which rank pari-passu, have repaid about EUR9.99 million since our previous review.On the assets side, we note that the amount of assets that we consider as defaulted has reduced to 1.73% from 5.84% of the total collateral since our last review. Furthermore, our analysis also shows that the amount of assets rated in the ‘CCC’ category (‘CCC+’, ‘CCC’, or ‘CCC-‘) has decreased to 11.06% from 15.09% since our last review.As a result of the above factors, we consider that the level of credit enhancement available to the class A1 and A2 notes is now consistent with higher ratings than previously assigned. We have therefore raised our rating on these classes of notes to ‘AA- (sf)’ from ‘A+ (sf)’.We note that the issuer currently holds EUR2.46 million of unhedged non-euro-denominated assets. The portfolio manager has confirmed that it will not enter into any currency swap for these assets. Therefore, we did not give credit to these assets in our cash flow model.None of the ratings was affected by either the largest obligor default test or the largest industry default test-two supplemental stress tests that we introduced as part of our criteria update (see “Update To Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs,” published Sept. 17, 2009).BNP Paribas Securities Services (AA/Negative/A-1+) acts as account bank and custodian. Citibank N.A. (A+/Negative/A-1) and Credit Suisse International (A+/Stable/A-1) currently provide currency swaps on an aggregate of EUR20.2 million non-euro-denominated assets. We have applied our 2010 counterparty criteria and, in our view, the participants to the transaction are appropriately rated to support a ‘AA- (sf)’ rating (see “Counterparty and Supporting Obligations Methodology and Assumptions,” published on Dec. 6, 2010).GSC European CDO V is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms.