BANKMUSCAT OMAN: ACQUISITION

January 17, 2007 at 3:43 pm | Posted in Arabs, Economics, Financial, Globalization, History, India, Middle East | Leave a comment

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For Immediate Release

BANKMUSCAT ACQUIRES 43% IN INDIAN SECURITY HOUSE

Becomes first bank from the GCC region to take a stake in the Indian Securities Sector

For further information, please contact:

Nilesh Gavankar, Head -Corporate Finance & Advisory

E-mail: nileshg@bankmuscat.com

Ph: +968 24768209

Sukanti Ghosh, Head – Corporate Communications

E-mail: sukantig@bankmuscat.com

Ph: +968 24768590

Muscat. January 17, 2007.

BankMuscat SAOG, one of the leading banks in the Gulf Co-operative Council (GCC) region, has entered into an agreement with the Mangal Keshav Group to acquire a 43% stake in the holding company of the Mangal Keshav Group. The Mangal Keshav Group is head quartered in Mumbai and has 20 branches and 220 franchisees at 70 locations across India. The group was set up in 1939 and is one of the oldest security houses in India. With a growing presence in securities trading, commodities trading, insurance broking and IPO/Mutual fund distribution space, the Mangal Keshav Group is one of the top 20 brokers in the country (by market share) and is a member of the National Stock Exchange, The Bombay Stock Exchange, Multi Commodity Exchange of India Ltd, National Commodity & Derivatives Exchange and Dubai Gold & Commodities Exchange. The Group also has an office in Dubai.

With this acquisition, BankMuscat has become the first bank from across the GCC region to take a stake in the Indian Securities Sector.

Announcing the acquisition, AbdulRazak Ali Issa, chief executive of BankMuscat SAOG said:

“We are extremely excited about our partnership with Mangal Keshav. India has been a focal country for the Bank, as is evident from our commitment to the sub-continent over the past eight years. Having a presence in commercial banking in India through our investment in Centurion Bank of Punjab, we were exploring opportunities in other segments of the financial services sector. Mangal Keshav would be our vehicle for exposure to the high growth Indian securities market.”

As per Morgan Stanley research, the Indian equity markets are experiencing one of the strongest rallies and the trading volumes are expected to double to USD 3.2 trillion in 2010 from about USD 1.6 trillion currently. Morgan Stanley projects the Indian brokerage business revenues to grow to USD 3.9 billion by 2015. It is in recognition of these trends that several leading international banks — Citi, BNP, ABN Amro, etc — have announced their foray in the securities business in India.

“BankMuscat, on its part, has been scouting the Indian financial services environment for the past three years and has reviewed various investment opportunities. Mangal Keshav with its 70-year track record and strong retail presence fitted well with our objectives. In line with BankMuscat’s overall investment philosophy, the Bank views this acquisition as a long-term strategic partnership between the two organizations.” Mr AbdulRazak added.

Commenting on the partnership, Paresh Bhagat, chairman and managing director of the Mangal Keshav Group said:

“We have been speaking to other suitors including private equity funds for the last two years. What attracted us to BankMuscat was its investment philosophy of long-term strategic partnership.. BankMuscat is keen to partner Mangal Keshav in its growth and the Bank’s investment would jump-start the major expansion plans, which Mangal Keshav has drawn with respect to opening of new branches, getting more channel partners and also offering an online trading platform to its present and prospective clients. Mangal Keshav would also benefit from BankMuscat’s investment banking and asset management capabilities and its widespread presence across the Gulf region, which should give a boost to the NRI and Institutional business of Mangal Keshav.”

The financial due diligence on behalf of BankMuscat was conducted by PriceWaterhouse Coopers, India, while legal due diligence was done by Amarchand Mangaldas, one of the leading Indian legal firms. The transaction is expected to be completed during the first quarter of 2007.

….Ends….

About Mangal Keshav Securities Ltd:

Mangal Keshav Securities Ltd, is one of the pioneer members of Bombay Stock Exchange Limited (BSE) since 1939 and a member of National Stock Exchange of India Limited (NSE) since 1995 and also a participant of both the -depositories, viz. National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL). MKSL, through its group companies, is a member broker for National Commodity & Derivatives Exchange Limited {NCDEX) and Multi Commodity Exchange of India Limited (MCX) offering a platform for trading in commodities. The Group has presence in trading in the international commodities trading markets through its subsidiary, Mangal Keshav DMCC, which is a broker member of Dubai Gold and Commodities Exchange {DGCX). The Group is also engaged in distribution. Mutual Fund and Insurance products, thereby offering a bouquet of financial products across risk profiles.

The Mangal Keshav Group has a representative office in Dubai to cater to HNI and Institutional clients. The Group has plans to set up more offices in the Gulf.

About BankMuscat:

With assets worth over USD 6.2 billion, BankMuscat (SAOG) is the largest Bank in Oman today with a strong presence in Corporate Banking, Consumer Banking, Investment Banking, Treasury, Private Banking, Project Finance and Asset Management. The Bank has a network of 97 branches and 200 ATMs in Oman and a representative office in Dubai (UAE). BankMuscat also has a strategic stake in Centurion Bank of Punjab, the 7th largest private sector bank in India, and has a 49% stake in BankMuscat International (BMI), an independent banking entity in Bahrain that is focused on becoming a truly GCC regional bank.

BankMuscat made an impressive maiden entry into Global League Tables (mandates won) for Financial Advisors published by The Infrastructure Journal magazine late last year. The Bank was ranked 11th in the Global Financial Advisors list (overall 3rd in the Africa and Middle East region) in terms of mandates won.

The Bank was also ranked 2nd globally in the Power Sector. The rankings were based on the Bank’s having won four transactions amounting to USD 1.7 billon in the power, petrochemicals and waste sector.

This is the probably the first time that a bank from the Middle East and Africa has been ranked this high in the global financial advisory league tables.

The Bank also recently became the recipient of the single largest investment of the International Financial Corporation (IFC) in the MENA region, with IFC extending a USD 100 million subordinated loan to the Bank to help the Bank enhance its capital adequacy and lend further momentum to its housing loan operations in the Sultanate. The IFC has also signed a technical agreement with the Bank to help it grow the SME finance segment in the Sultanate.

For further information, please contact:

Nilesh Gavankar, Head -Corporate Finance & Advisory

E-mail: nileshg@bankmuscat.com

Ph: +968 24768209

Sukanti Ghosh, Head – Corporate Communications

E-mail: sukantig@bankmuscat.com

Ph: +968 24768590

BANKMUSCAT ACQUIRES 43% IN INDIAN SECURITY HOUSE

Neena Punnen Neena.Punnen@hillandknowlton.com

Wednesday, January 17, 2007

LONDON MIDDLE EAST INSTITUTE LECTURE: CHRISTIANS IN THE MIDDLE EAST

January 17, 2007 at 2:35 pm | Posted in Arabs, Globalization, History, Middle East | Leave a comment

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London Middle East Institute

lecture:

‘Caught in the Cross-Fire:

the life of Christians in the Middle East’

www.lmei.soas.ac.uk

Vincenzo Paci vp6@soas.ac.uk

Wednesday, January 17, 2007

Christians in the Middle East – John Pontifex – Thursday 18 January

Dear all,

Please see below and the attached for details of a lecture by John Pontifex, Head of Press and Information, Aid to the Church in Need, on Christians in the Middle East entitled, ‘Caught in the Cross-Fire: the life of Christians in the Middle East’.Organised by: SOAS Catholic Society

Date & Time: Thursday 18 January, 6.15pm

Venue: Room VG01, Vernon Square Campus.

Enquiries: soascathsoc@hotmail.com

Best regards,

Vincenzo Paci

Administrative Assistant

London Middle East Institute

M110

School of Oriental & African Studies

Russell Square

London

WC1H 0XG

E-mail: vp6@soas.ac.uk

Tel. No: 0207 898 4490

Fax: 0207 898 4329

Web: www.lmei.soas.ac.uk

Christians in the Middle East – John Pontifex – Thursday 18 January

Vincenzo Paci vp6@soas.ac.uk

vp6@soas.ac.uk

Wednesday, January 17, 2007

THE CONGO REPORT & CONRAD’S NOVEL “HEART OF DARKNESS” OF 1902

January 17, 2007 at 4:19 am | Posted in Africa, Books, Globalization, History, Literary, Third World, World-system | Leave a comment

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Roger Casement (1864-1916):

The Congo Report

Casement went to Africa for the first time in 1883, at the age of only nineteen, working in Congo Free State for several companies and for King Léopold II of Belgium‘s Association Internationale Africaine. While in Congo, he also met the famous explorer Henry Morton Stanley during the latter’s Emin Pasha Relief Expedition, and became acquainted with the young Joseph Conrad, who was a sailor but had not yet published his novella Heart of Darkness about the Congo.In 1892, Roger Casement left Congo to join the Colonial Office in Nigeria. In 1895 he became consul at Lourenço Marques (now Maputo).By 1900, he was back in Congo, at Matadi, and founded the first British consular post in that country. In his dispatches to the Foreign Office he denounced the mistreatment of indigenous people and the catastrophic consequences of the forced labour system. In 1903, after the British House of Commons, pressed by humanitarian activists, passed a resolution about Congo, Casement was charged to make an inquiry into the situation in the country. The result of his enquiry was his famous Congo Report.

Sir Roger David Casement CMG

(Irish: Ruairí Mac Easmainn[1]) (1 September 18643 August 1916) was an Irish patriot, poet, revolutionary and nationalist by inclination. He was a British diplomat by profession and is famous for his activities against abuses of the colonial system in Africa and Peru, but more well known for his dealings with Germany prior to Ireland’s Easter Rising in 1916.Casement was born in Dublin to a Protestant father, Captain Roger Casement of (The King’s Own) Regiment of Light Dragoons himself the son of a bankrupt Belfast shipping merchant (Hugh Casement) who later moved to Australia. Captain Casement served in the 1842 Afghan campaign. Casement’s mother Anne Jephson of Dublin (whose origins are obscure), had him rebaptised secretly as a Roman Catholic when aged three in Rhyl, and died in Worthing when her son was nine. By the time he was thirteen, his father was also dead, having ended his days dependent on the charity of relatives and Roger was afterwards raised by Protestant paternal relatives in Ulster. He lived in early childhood at Doyle’s Cottage, Lawson Terrace, Sandycove, County Dublin[2].

Casement in Africa

Casement went to Africa for the first time in 1883, at the age of only nineteen, working in Congo Free State for several companies and for King Léopold II of Belgium‘s Association Internationale Africaine.

While in Congo, he also met the famous explorer Henry Morton Stanley during the latter’s Emin Pasha Relief Expedition, and became acquainted with the young Joseph Conrad, who was a sailor but had not yet published his novella Heart of Darkness about the Congo.In 1892, Roger Casement left Congo to join the Colonial Office in Nigeria. In 1895 he became consul at Lourenço Marques (now Maputo).

By 1900, he was back in Congo, at Matadi, and founded the first British consular post in that country. In his dispatches to the Foreign Office he denounced the mistreatment of indigenous people and the catastrophic consequences of the forced labour system. In 1903, after the British House of Commons, pressed by humanitarian activists, passed a resolution about Congo, Casement was charged to make an inquiry into the situation in the country. The result of his enquiry was his famous Congo Report.The Report, issued in 1904 after an unsuccessful struggle to prevent the British government from keeping its names secret, provoked a huge scandal. A short time before the issuing of the report, Casement met the journalist E. D. Morel, who led the anti-Congo Free State campaign by members of the British press. It was the beginning of a profound relationship of friendship, admiration and collaboration on the Congo issue. Casement, who could not openly participate in the campaign due to his diplomatic status, persuaded Morel to found the Congo Reform Association. He was appointed CMG in 1905 for his consular work in exposing Belgian exploitation in the Congo and was knighted in 1911 for his government-commissioned report on the extermination of Amazonian Indians on the Putumayo in Peru.

The Putumayo

In 1906 Casement was sent as consul to Para, transferring to Santos, Brazil and lastly was promoted to consul-general in Rio de Janeiro. He had the occasion to do work similar to that which he had done in Congo among the Putumayo Indians of Peru when he was attached as a consular representative to a commission investigating murderous rubber slavery by the British-registered Peruvian Amazon Company effectively controlled by Julio Arana and his brother. This involved two visits to the region one in 1910 with a follow-up in 1911.After his return to Britain he repeated his extra-consular campaigning work by organising Anti-Slavery Society and mission interventions in the region which was disputed between Peru and Colombia. Some of the men exposed as killers in his report were charged by Peru and others fled. Conditions in the area undoubtedly improved as a result but the contemporary switch to farmed rubber in Malaya etc was a godsend to the Indians as well.

Casement wrote extensively (as always) in those two years including several of his notorious diaries, that for 1911 being unusually discursive. They and the 1903 diary were kept by him in London with other papers of the period presumably so they could be consulted in his continuing work as ‘Congo Casement’ and the saviour of the Putumayo Indians.

Casement Report

The Casement Report was a 1904 document by British diplomat Roger Casement (1864-1916) detailing abuses in the Congo Free State which was under the private ownership of King Leopold II of Belgium. This report was instrumental in Leopold finally reliquishing his private holdings in Africa. Leopold had ownership of the Congolese state since 1885 (granted to him by the Berlin Conference) in which he exploited its natural resources (mostly rubber) for his own private wealth.

Publicity 1895-1903

For many years prior to the Casement Report there were reports from the Congo alleging widespread human rights abuses and outright genocide of the native population. In 1895 the situation was reported to Dr Henry Guinness, a missionary. He established a mission and was promised action by Leopold II in late 1895, but nothing changed. Guinness then set up the Congo Reform Association in London in March 1904. H.R. Fox-Bourne of the Aborigines’ Protection Society had published Civilisation in Congoland in 1902. The journalist E. D. Morel who had written several articles about the atrocities in the Congo Free State. Casement had befriended Morel. Both men had spent some time in the Congo and witnessed the Congolese situation first hand, and they joined the Congo Reform Association. In 1903, after the British House of Commons passed a resolution about the Congo, Casement was charged to make a formal inquiry into the situation in the country.

The Report

The Casement Report comprises forty pages of the Parliamentary Papers, to which is appended another twenty pages of individual statements gathered by the Consul, including several detailing the grim tales of killings, mutilation, kidnapping and cruel beatings of the native population by soldiers of the Congo Administration of King Leopold. Copies of the Report were sent by the British government to the Belgian government as well as to nations who were signatories to the Berlin Agreement in 1885, under which much of Africa had been partitioned. The British Parliament demanded a meeting of the 14 signatory powers to review the 1885 Berlin Agreement. The Belgian Parliament, pushed by socialist leader Emile Vandervelde and other critics of the King’s Congolese policy, forced a reluctant Léopold to set up an independent commission of enquiry. Its findings confirmed Casement’s report in every damning detail. This led to the arrest and punishment of officials who had been responsible for murders during a rubber-collection expedition in 1903 (including one Belgian national who was given a five year sentence for causing the shooting of at least 122 Congolese natives}.

Reform by 1912

Despite these findings, Leopold managed to retain control of the Congo until 1908 when the Parliament of Belgium annexed the Congo Free State (Belgian Congo) and took over its administration. However the final push came from Leopold’s successor King Albert, and in 1912 the Congo Reform Association had the satisfaction of dissolving itself.

References

  • Gondola, Didier Ch. The History of Congo. Greenwood Press: Westport, CT (2002)
  • British Parliamentary Papers, 1904, LXII, Cd. 1933]

External link s

  • Excerpts of the Casement Report Retrieved from “http://en.wikipedia.org/wiki/Casement_Report
  • Heart of Darkness is a novella by Joseph Conrad. Before its 1902 publication, it appeared as a three-part series (1899) in Blackwood’s Magazine.In writing the novella, Conrad drew heavily on his own experience in the Congo: eight and a half years before writing the book, he had served as the captain of a Congo steamer. On a single trip upriver, he had witnessed so many atrocities that he quit immediately after. Some of Conrad’s experiences in the Congo, and the story’s historic background, including possible models for Kurtz, are recounted in Adam Hochschild‘s King Leopold’s Ghost.To emphasize also the theme of darkness within all of mankind, Marlow’s narration takes place on a yacht in the Thames tidal estuary. Early in the novella, Marlow recounts how London, the largest, most populous and wealthiest city in the world at the time (where Conrad wrote and where a large part of his audience lived), was itself a “dark” place in Roman times.

Controversy

African professor Chinua Achebe, author of Things Fall Apart (1958), famously criticized Conrad in 1975 for having a racist bias throughout the novella. Achebe objected to the treatment of Africans who are de-humanised, denied language and a culture, and reduced to a metaphorical extension of the dark and dangerous jungle into which the Europeans venture. Controversy over Heart of Darkness first appeared in Achebe’s 1975 lecture An Image of Africa: Racism in Conrad’s “Heart of Darkness”.”[1] In his lecture, Achebe branded Conrad “A bloody racist,” and emphasized the implicit and explicit statements of the inferiority of African people to the white explorers.

An Image of Africa: Racism in Conrad’s “Heart of Darkness” is part of the Postcolonial critical movement, which advocates considering the viewpoints of non-Westernized nations and people that are coping with the effects of colonization. At the time however he was met with dismay and outrage from one of his peers: “After I delivered my lecture at Harvard, a professor emeritus from the University of Massachusetts said, ‘How dare you?

How dare you upset everything we have taught, everything we teach? Heart of Darkness is the most widely taught text in the university in this country. So how dare you say it’s different?'” [2]. Others, such as Cedric Watts in A Bloody Racist: About Achebe’s View of Conrad, refute Achebe’s critique. (A quick ‘Point by Point’ refutation of Achebe’s critique to Watts’ rebuttal was done by one Alexis and Carla.)

Other critiques include Hugh Curtler‘s Achebe on Conrad: Racism and Greatness in Heart of Darkness.

In King Leopold’s Ghost (1998), Hochschild argues that literary scholars have made too much of the psychological aspects of Heart of Darkness while scanting the moral horror of Conrad’s accurate recounting of the methods and effects of colonialism.

AXIAL AGE

January 17, 2007 at 12:15 am | Posted in Books, Globalization, History, Literary, Philosophy | Leave a comment

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Axial Age

German philosopher Karl Jaspers coined the term the Axial Age (Achsenzeit in the German language original) to describe the period from 800 BCE to 200 BCE, during which, according to Jaspers, similarly revolutionary thinking appeared in China, India and the Occident. The period is also sometimes referred to as the Axis Age.[1]

Jaspers, in his Vom Ursprung und Ziel der Geschichte (The Origin and Goal of History), identified a number of key Axial Age thinkers as having had a profound influence on future philosophy and religion, and identified characteristics common to each area from which those thinkers emerged. Jaspers saw in these developments in religion and philosophy a striking parallel without any obvious direct transmission of ideas from one region to the other, having found no recorded proof of any extensive inter-communication between Ancient Greece, the Middle East, India and China. Jaspers held up this age as unique, and one which to compare the rest of the history of human thought to. Jaspers’ approach to the culture of the middle of the first millennium BCE has been adopted by other scholars and academics, and has become a point of discussion in the history of religion.

A Pivotal Age

Jaspers argued that during the Axial Age “the spiritual foundations of humanity were laid simultaneously and independently… And these are the foundations upon which humanity still subsists today”.[2] These foundations were laid by individual thinkers within a framework of a changing social environment.

Thinkers and movements

Jaspers’ axial shifts included the rise of Platonism, which would later become a major influence on the Western world through both Christian and secular thought throughout the Middle Ages and into the Renaissance.
Buddhism, another of the world’s most influential philosophies, was founded by Siddhartha Gautama, or the Buddha, who lived during this period. In China, Confucianism arose during this era, where it remains a profound influence on social and religious life.
Zoroastrianism, another of Jaspers’ examples, is crucial to the development of monotheism.[3] Jaspers also included the authors of the Upanishads, Laozi, Homer, Socrates, Parmenides, Heraclitus, Thucydides, Archimedes, Elijah, Isaiah, Jeremiah, and Deutero-Isaiah as Axial figures. Jaspers held Socrates, Confucius and Siddhartha Gautama in especially high regard, describing them as exemplary human beings, or as a “paradigmatic personality”.[4]

Characteristics of the Axial Age

Jaspers described the Axial Age as “an interregnum between two ages of great empire, a pause for liberty, a deep breath bringing the most lucid consciousness”.[5]
Jaspers was particularly interested in the similarities in circumstance and thought of the Age’s figures. These similarities included an engagement in the quest for human meaning.[6] and the rise of a new elite class of religious leaders and thinkers in China, India and the Occident.[7] The three regions all gave birth to, and then institutionalised, a tradition of travelling scholars, who roamed from city to city to exchange ideas. These scholars were largely from extant religious traditions; in China, Confucianism and Taoism; in India, Hinduism, Buddhism, Jainism; in the Occident, the religion of Zarathustra; in Canaan, Judaism; and in Greece, sophism and other classical philosophy.

Jaspers argues that these characteristics appeared under the same sociological circumstances: China, India and the Occident each comprised multiple small states engaged in internal and external struggles.

The term and the theory

The word axial in the phrase Axial Age means pivotal. The name comes from Jaspers’ use of the German word Achse, which means both “axis” and “pivot”.German sociologist Max Weber played an important role in Jaspers’ thinking.[8][9][10] Shmuel Eisenstadt argues in the introduction to The Origins and Diversity of Axial Age Civilizations that Max Weber‘s work in his The Religion of China: Confucianism and Taoism, The Religion of India: The Sociology of Hinduism and Buddhism and Ancient Judaism provided a background for the importance of the period, and notes parallels with Eric Voegelin‘s Order and History.[7] Wider acknowledgement of Jaspers’ work came after he presented it at a conference and published it in Dædalus in 1975, and Jaspers’ suggestion that the period was uniquely transformative and important generated discussion amongst other scholars, such as Johann Aranason.[10]

Religious historian Karen Armstrong explored the period in her The Great Transformation,[11] and the theory has been the focus of academic conferences.[12] Usage of the term has expanded beyond Jaspers’ original formulation. Armstrong argues that the Enlightenment was a “Second Axial Age”, including thinkers such as Isaac Newton, Sigmund Freud and Albert Einstein,[13] and that religion today needs to return to the transformative Axial insights.[14] In contrast, it has been suggested that the modern era is a new Axial Age, wherein traditional relationships between religion, secularity and traditional thought are changing.[15] The term has also appeared outside academia; it has been adopted by Axial Age Publishing.[16]

Further reading

  • Shmuel Eisenstadt
    (1982). The Axial Age: The Emergence of Transcendental Visions and the Rise of Clerics. European Journal of Sociology 23(2):294–314.

Notes and references


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